# EDGAR Filing Document

**Accession Number:** 0001027263
**File Stem:** 0001193125-26-095753
**Filing Date:** 2026-3
**Character Count:** 7844322
**Document Hash:** f7755b4b4e1859427396bc88a039d7fa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-095753.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001193125-26-095753

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 211

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07953
- **FILM NUMBER:** 26729560

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### EQ/JPMorgan Hedged Equity and Premium Income Portfolio (Series ID: S000052083)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? EQ Advisors Trust

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act File Number 811-07953

## EQ ADVISORS TRUST

#### (Exact name of registrant as specified in charter)

#### 1345 Avenue of the Americas

#### New York, New York 10105

#### (Address of principal executive offices)

#### SHANE DALY

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

#### Equitable Investment Management Group, LLC

#### 1345 Avenue of the Americas

#### New York, New York 10105

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

#### Copies to:

#### MARK AMOROSI, ESQ.

#### K&L Gates LLP

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

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

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

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

#### Date of reporting period: January 1, 2025 – December 31, 2025

------

Item 1. Reports to Stockholders.

Item 1(a):

------

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

## EQ/ALL ASSET GROWTH ALLOCATION PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/All Asset Growth Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class IB | $59 | 0.54% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 17.18% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• Exposure to precious metals contributed the most to the Portfolio's total return during the year, as gold and silver prices reached new all-time highs in 2025.<br>• The Portfolio's investment in the iShares Gold Trust was the top contributor to performance.<br>• The Portfolio's allocation to international equities also contributed, as international equities outperformed U.S. equities during the year.<br>• Within the fixed income asset class, the Portfolio's investment in the EQ/Core Plus Bond Portfolio contributed the most to total return.<br>**What detracted from performance during the year?**<br>• The Portfolio's allocation to the mid cap equity asset class detracted from the Portfolio's total return relative to the large cap equity asset class.<br>• Exposure to intermediate government bonds produced only modest positive returns.<br>• Within the alternative investments category, real estate contributed the least to the Portfolio's total return.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/All Asset Growth Allocation Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index, EQ/All Asset Growth Allocation Index and Bloomberg U.S. Intermediate Government/Credit Bond Index over the same period.

![LOGO](g897067g72a23.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/All Asset Growth Allocation Portfolio (Class IB) | 17.18% | 7.12% | 8.28% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;EQ/All Asset Growth Allocation Index | 13.37% | 6.87% | 7.51% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government/Credit Bond Index | 6.97% | 0.96% | 2.29% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $462346531 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 36 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $446510 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 12% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/All Asset Growth Allocation Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 86.2% |
| &nbsp;&nbsp;&nbsp;Equity | 52.9% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 19.5% |  |
| &nbsp;&nbsp;&nbsp;Alternatives | 13.8% |  |
| **Exchange Traded Funds** |  | 13.3% |
| &nbsp;&nbsp;&nbsp;Commodity | 7.1% |  |
| &nbsp;&nbsp;&nbsp;Equity | 4.1% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 2.1% |  |
| **Short-Term Investments** |  | 2.0% |
| **Cash and Other Assets Less Liabilities** |  | -1.5% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/MFS International Growth Portfolio | 7.8% |
| EQ/AB Small Cap Growth Portfolio | 7.4% |
| 1290 VT GAMCO Small Company Value Portfolio | 6.4% |
| 1290 VT GAMCO Mergers & Acquisitions Portfolio | 5.5% |
| iShares Gold Trust | 4.8% |
| EQ/Core Plus Bond Portfolio | 4.1% |
| EQ/JPMorgan Growth Stock Portfolio | 4.0% |
| EQ/Loomis Sayles Growth Portfolio | 4.0% |
| EQ/PIMCO Global Real Return Portfolio | 3.9% |
| EQ/JPMorgan Value Opportunities Portfolio | 3.8% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A030-B

146421_B

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

Annual Shareholder Report - December 31, 2025 3 EQ/All Asset Growth Allocation Portfolio (Class IB)

------

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

## EQ/ALL ASSET GROWTH ALLOCATION PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/All Asset Growth Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class K | $31 | 0.29% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 17.53% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• Exposure to precious metals contributed the most to the Portfolio's total return during the year, as gold and silver prices reached new all-time highs in 2025.<br>• The Portfolio's investment in the iShares Gold Trust was the top contributor to performance.<br>• The Portfolio's allocation to international equities also contributed, as international equities outperformed U.S. equities during the year.<br>• Within the fixed income asset class, the Portfolio's investment in the EQ/Core Plus Bond Portfolio contributed the most to total return.<br>**What detracted from performance during the year?**<br>• The Portfolio's allocation to the mid cap equity asset class detracted from the Portfolio's total return relative to the large cap equity asset class.<br>• Exposure to intermediate government bonds produced only modest positive returns.<br>• Within the alternative investments category, real estate contributed the least to the Portfolio's total return.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/All Asset Growth Allocation Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index, EQ/All Asset Growth Allocation Index and Bloomberg U.S. Intermediate Government/Credit Bond Index over the same period.

![LOGO](g897067g94k20.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/All Asset Growth Allocation Portfolio (Class K) | 17.53% | 7.40% | 8.55% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;EQ/All Asset Growth Allocation Index | 13.37% | 6.87% | 7.51% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government/Credit Bond Index | 6.97% | 0.96% | 2.29% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $462346531 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 36 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $446510 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 12% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/All Asset Growth Allocation Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 86.2% |
| &nbsp;&nbsp;&nbsp;Equity | 52.9% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 19.5% |  |
| &nbsp;&nbsp;&nbsp;Alternatives | 13.8% |  |
| **Exchange Traded Funds** |  | 13.3% |
| &nbsp;&nbsp;&nbsp;Commodity | 7.1% |  |
| &nbsp;&nbsp;&nbsp;Equity | 4.1% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 2.1% |  |
| **Short-Term Investments** |  | 2.0% |
| **Cash and Other Assets Less Liabilities** |  | -1.5% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/MFS International Growth Portfolio | 7.8% |
| EQ/AB Small Cap Growth Portfolio | 7.4% |
| 1290 VT GAMCO Small Company Value Portfolio | 6.4% |
| 1290 VT GAMCO Mergers & Acquisitions Portfolio | 5.5% |
| iShares Gold Trust | 4.8% |
| EQ/Core Plus Bond Portfolio | 4.1% |
| EQ/JPMorgan Growth Stock Portfolio | 4.0% |
| EQ/Loomis Sayles Growth Portfolio | 4.0% |
| EQ/PIMCO Global Real Return Portfolio | 3.9% |
| EQ/JPMorgan Value Opportunities Portfolio | 3.8% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A030-K

146421_K

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

Annual Shareholder Report - December 31, 2025 3 EQ/All Asset Growth Allocation Portfolio (Class K)

------

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

## EQ/ULTRA CONSERVATIVE STRATEGY PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Ultra Conservative Strategy Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class IB | $52 | 0.50% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 6.56% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Portfolio's average allocation of 90% to the fixed income asset class produced positive returns.<br>• The Portfolio's largest holding, the EQ/Intermediate Government Bond Portfolio, was the top contributor to total return.<br>• The Portfolio's investment in the EQ/Intermediate Corporate Bond Portfolio also contributed to total return, as investment grade credit outperformed U.S. Treasuries during the year.<br>**What detracted from performance during the year?**<br>• The Portfolio's small allocations to the mid cap and small cap equity asset classes detracted from the Portfolio's total return relative to the large cap equity asset class.<br>• The Portfolio's investment in the EQ/400 Managed Volatility Portfolio had a negligible impact on performance.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/Ultra Conservative Strategy Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg U.S. Aggregate Bond Index, EQ/Ultra Conservative Strategy Index, S&P 500<sup>®</sup> Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g08a01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Ultra Conservative Strategy Portfolio (Class IB) | 6.56% | 1.25% | 2.08% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| &nbsp;&nbsp;&nbsp;EQ/Ultra Conservative Strategy Index | 7.61% | 1.78% | 2.91% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $1752546892 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 7 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $1829712 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 27% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/Ultra Conservative Strategy Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 100.1% |
| &nbsp;&nbsp;&nbsp;Fixed Income | 89.6% |  |
| &nbsp;&nbsp;&nbsp;Equity | 10.5% |  |
| **Cash and Other Assets Less Liabilities** |  | -0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/Intermediate Government Bond Portfolio | 66.5% |
| EQ/Long-Term Bond Portfolio | 13.4% |
| EQ/Intermediate Corporate Bond Portfolio | 9.7% |
| EQ/500 Managed Volatility Portfolio | 6.2% |
| EQ/2000 Managed Volatility Portfolio | 2.3% |
| EQ/International Managed Volatility Portfolio | 1.5% |
| EQ/400 Managed Volatility Portfolio | 0.5% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A097-B

147365_B

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

Annual Shareholder Report - December 31, 2025 3 EQ/Ultra Conservative Strategy Portfolio (Class IB)

------

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

## EQ/CONSERVATIVE STRATEGY PORTFOLIO (CLASS IB)
<br> **Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Conservative Strategy Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br> investment | Costs paid as a percentage of a<br> $10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class IB | $54 | 0.52% |
|  <br> \* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br> \* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br> \* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br> **How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 7.86% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>•  The Portfolio's average allocation of 80% to the fixed income asset class produced positive returns.<br>•  The Portfolio's largest holding, the EQ/Core Bond Index Portfolio, was the top contributor to total return.<br>•  The Portfolio's investment in the EQ/Intermediate Corporate Bond Portfolio also contributed meaningfully to total return, as investment grade credit outperformed U.S. Treasuries during the year.<br>•  Within the equity asset class, the EQ/500 Managed Volatility Portfolio, which tracks the broad U.S. stock market, was the top contributor to total return.<br>**What detracted from performance during the year?**<br>•  Volatility management detracted from performance. In response to market volatility triggered by U.S. trade policy, the Portfolio de-equitized in April, which limited the Portfolio's participation in the subsequent equity market recovery.<br>•  The Portfolio's allocations to the mid cap and small cap equity asset classes detracted from performance relative to the large cap equity asset class. An investment in the EQ/400 Managed Volatility Portfolio did not contribute meaningfully to total return.<br>•  The Portfolio's investment in the EQ/AB Short Duration Government Bond Portfolio had a negligible impact on performance.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/Conservative Strategy Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg U.S. Aggregate Bond Index, EQ/Conservative Strategy Index, S&P 500<sup>®</sup> Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g11a01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Conservative Strategy Portfolio (Class IB) | 7.86% | 1.93% | 3.12% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| &nbsp;&nbsp;&nbsp;EQ/Conservative Strategy Index | 8.58% | 2.43% | 3.68% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br> **Portfolio Statistics**<br>(as of December 31, 2025) | <br> **Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp; Net Assets | $541467661 |
| &nbsp;&nbsp; Number of Portfolio Holdings | 9 |
| &nbsp;&nbsp; Total Investment Advisory Fees Paid | $541735 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 20% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/Conservative Strategy Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |  |
|  **Investment Companies** |  | 100.0% |  |
| &nbsp;&nbsp;&nbsp; Fixed Income | 79.5% |  |  |
| &nbsp;&nbsp;&nbsp; Equity | 20.5% |  |  |
|  **Cash and Other Assets Less Liabilities** |  | 0.0% | <sup>#</sup> |

---

---

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

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
|  EQ/Core Bond Index Portfolio | 30.6% |
|  EQ/Intermediate Government Bond Portfolio | 15.9% |
|  EQ/Intermediate Corporate Bond Portfolio | 15.6% |
|  EQ/500 Managed Volatility Portfolio | 12.1% |
|  EQ/Long-Term Bond Portfolio | 10.5% |
|  EQ/AB Short Duration Government Bond Portfolio | 6.9% |
|  EQ/2000 Managed Volatility Portfolio | 4.5% |
|  EQ/International Managed Volatility Portfolio | 2.9% |
|  EQ/400 Managed Volatility Portfolio | 1.0% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp; For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A040-B

146424_B

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

Annual Shareholder Report - December 31, 2025 3 EQ/Conservative Strategy Portfolio (Class IB)

------

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

## EQ/CONSERVATIVE GROWTH STRATEGY PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Conservative Growth Strategy Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class IB | $52 | 0.50% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 9.32% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Portfolio's average allocation of 24% to the U.S. large cap equity asset class was the largest contributor to total return.<br>• The Portfolio's largest holding, the EQ/500 Managed Volatility Portfolio, which tracks the broad U.S. stock market, was the top contributor to total return.<br>• The Portfolio's investment in the EQ/Core Bond Index Portfolio was the top contributor in the fixed income asset class.<br>**What detracted from performance during the year?**<br>• Volatility management detracted from performance. In response to market volatility triggered by U.S. trade policy, the Portfolio de-equitized in April, which limited the Portfolio's participation in the subsequent equity market recovery.<br>• The Portfolio's allocations to the mid cap and small cap equity asset classes detracted from performance relative to the large cap equity asset class. An investment in the EQ/400 Managed Volatility Portfolio did not contribute meaningfully to total return.<br>• The Portfolio's investment in the EQ/AB Short Duration Government Bond Portfolio had a negligible impact on performance.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/Conservative Growth Strategy Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg U.S. Aggregate Bond Index, EQ/Conservative Growth Strategy Index, S&P 500<sup>®</sup> Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g14a01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Conservative Growth Strategy Portfolio (Class IB) | 9.32% | 3.76% | 5.10% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| &nbsp;&nbsp;&nbsp;EQ/Conservative Growth Strategy Index | 10.81% | 4.47% | 5.78% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $1083164306 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 9 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $1071396 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 15% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/Conservative Growth Strategy Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |  |
| **Investment Companies** |  | 100.0% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 59.5% |  |  |
| &nbsp;&nbsp;&nbsp;Equity | 40.5% |  |  |
| **Cash and Other Assets Less Liabilities** |  | 0.0% | <sup>#</sup> |

---

---

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

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/500 Managed Volatility Portfolio | 23.9% |
| EQ/Core Bond Index Portfolio | 21.8% |
| EQ/Intermediate Corporate Bond Portfolio | 10.9% |
| EQ/Intermediate Government Bond Portfolio | 10.9% |
| EQ/Long-Term Bond Portfolio | 10.4% |
| EQ/2000 Managed Volatility Portfolio | 9.3% |
| EQ/International Managed Volatility Portfolio | 5.7% |
| EQ/AB Short Duration Government Bond Portfolio | 5.5% |
| EQ/400 Managed Volatility Portfolio | 1.6% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A039-B

146423_B

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

Annual Shareholder Report - December 31, 2025 3 EQ/Conservative Growth Strategy Portfolio (Class IB)

------

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

## EQ/BALANCED STRATEGY PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Balanced Strategy Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class IB | $51 | 0.49% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 10.05% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Portfolio's average allocation of 30% to the U.S. large cap equity asset class was the largest contributor to total return.<br>• The Portfolio's largest holding, the EQ/500 Managed Volatility Portfolio, which tracks the broad U.S. stock market, was the biggest single contributor to total return.<br>• The Portfolio's investment in the EQ/Core Bond Index Portfolio was the biggest contributor in the fixed income asset class.<br>**What detracted from performance during the year?**<br>• Volatility management detracted from performance. In response to market volatility triggered by U.S. trade policy, the Portfolio de-equitized in April, which limited the Portfolio's participation in the subsequent equity market recovery.<br>• The Portfolio's allocations to the mid cap and small cap equity asset classes detracted from performance relative to the large cap equity asset class. An investment in the EQ/400 Managed Volatility Portfolio did not contribute meaningfully to total return.<br>• The Portfolio's investment in the EQ/AB Short Duration Government Bond Portfolio had a negligible impact on performance.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/Balanced Strategy Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index, EQ/Balanced Strategy Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g17a01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Balanced Strategy Portfolio (Class IB) | 10.05% | 4.68% | 6.08% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;EQ/Balanced Strategy Index | 11.95% | 5.68% | 6.96% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $3129450985 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 9 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $2939989 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 15% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/Balanced Strategy Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |  |
| **Investment Companies** |  | 100.0% |  |
| &nbsp;&nbsp;&nbsp;Equity | 50.5% |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 49.5% |  |  |
| **Cash and Other Assets Less Liabilities** |  | 0.0% | <sup>#</sup> |

---

---

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

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/500 Managed Volatility Portfolio | 29.8% |
| EQ/Core Bond Index Portfolio | 17.9% |
| EQ/2000 Managed Volatility Portfolio | 11.7% |
| EQ/Long-Term Bond Portfolio | 9.8% |
| EQ/Intermediate Government Bond Portfolio | 8.9% |
| EQ/Intermediate Corporate Bond Portfolio | 8.9% |
| EQ/International Managed Volatility Portfolio | 7.1% |
| EQ/AB Short Duration Government Bond Portfolio | 4.0% |
| EQ/400 Managed Volatility Portfolio | 1.9% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A033-B

146422_B

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

Annual Shareholder Report - December 31, 2025 3 EQ/Balanced Strategy Portfolio (Class IB)

------

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

## EQ/MODERATE GROWTH STRATEGY PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Moderate Growth Strategy Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class IB | $51 | 0.48% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 10.83% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Portfolio's average allocation of 36% to the U.S. large cap equity asset class was the largest contributor to total return.<br>• The Portfolio's biggest holding, the EQ/500 Managed Volatility Portfolio, which tracks the broad U.S. stock market, was the top contributor to total return.<br>• The Portfolio's allocation to the international equity asset class also contributed to performance, as international equities outperformed U.S. equities during the year.<br>**What detracted from performance during the year?**<br>• Volatility management detracted from performance. In response to market volatility triggered by U.S. trade policy, the Portfolio de-equitized in April, which limited the Portfolio's participation in the subsequent equity market recovery.<br>• The Portfolio's allocation to the mid cap and small cap equity asset classes detracted from performance relative to the large cap equity asset class. An investment in the EQ/400 Managed Volatility Portfolio did not contribute meaningfully to total return.<br>• The Portfolio's investment in the EQ/AB Short Duration Government Bond Portfolio had a negligible impact on performance.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/Moderate Growth Strategy Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index, EQ/Moderate Growth Strategy Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g20a01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Moderate Growth Strategy Portfolio (Class IB) | 10.83% | 5.67% | 7.08% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;EQ/Moderate Growth Strategy Index | 13.05% | 6.75% | 8.00% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $5133977103 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 9 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $4778152 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 14% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/Moderate Growth Strategy Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |  |
| **Investment Companies** |  | 100.0% |  |
| &nbsp;&nbsp;&nbsp;Equity | 60.5% |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 39.5% |  |  |
| **Cash and Other Assets Less Liabilities** |  | 0.0% | <sup>#</sup> |

---

---

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

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/500 Managed Volatility Portfolio | 35.8% |
| EQ/Core Bond Index Portfolio | 14.3% |
| EQ/2000 Managed Volatility Portfolio | 14.0% |
| EQ/International Managed Volatility Portfolio | 8.4% |
| EQ/Long-Term Bond Portfolio | 8.3% |
| EQ/Intermediate Corporate Bond Portfolio | 7.2% |
| EQ/Intermediate Government Bond Portfolio | 7.2% |
| EQ/AB Short Duration Government Bond Portfolio | 2.5% |
| EQ/400 Managed Volatility Portfolio | 2.3% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A085-B

146426_B

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

Annual Shareholder Report - December 31, 2025 3 EQ/Moderate Growth Strategy Portfolio (Class IB)

------

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

## EQ/GROWTH STRATEGY PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Growth Strategy Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class IB | $51 | 0.48% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 11.44% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Portfolio's average allocation of 42% to the U.S. large cap equity asset class was the largest contributor to total return.<br>• The Portfolio's largest holding, the EQ/500 Managed Volatility Portfolio, which tracks the broad U.S. stock market, was the top contributor to total return.<br>• The Portfolio's allocation to the international equity asset class also contributed to performance, as international equities outperformed U.S. equities during the year.<br>**What detracted from performance during the year?**<br>• Volatility management detracted from performance. In response to market volatility triggered by U.S. trade policy, the Portfolio de-equitized in April, which limited the Portfolio's participation in the subsequent equity market recovery.<br>• The Portfolio's allocations to the mid cap and small cap equity asset classes detracted from performance relative to the large cap equity asset class. An investment in the EQ/400 Managed Volatility Portfolio did not contribute meaningfully to total return.<br>• The Portfolio's investment in the EQ/AB Short Duration Government Bond Portfolio had a negligible impact on performance.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/Growth Strategy Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index, EQ/Growth Strategy Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g00k23.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Growth Strategy Portfolio (Class IB) | 11.44% | 6.61% | 8.07% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;EQ/Growth Strategy Index | 14.15% | 7.83% | 9.04% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $4658302316 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 9 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $4262403 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 14% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/Growth Strategy Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |  |
| **Investment Companies** |  | 100.0% |  |
| &nbsp;&nbsp;&nbsp;Equity | 70.5% |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 29.5% |  |  |
| **Cash and Other Assets Less Liabilities** |  | 0.0% | <sup>#</sup> |

---

---

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

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/500 Managed Volatility Portfolio | 41.9% |
| EQ/2000 Managed Volatility Portfolio | 16.4% |
| EQ/Core Bond Index Portfolio | 10.4% |
| EQ/International Managed Volatility Portfolio | 9.8% |
| EQ/Long-Term Bond Portfolio | 6.7% |
| EQ/Intermediate Corporate Bond Portfolio | 5.2% |
| EQ/Intermediate Government Bond Portfolio | 5.2% |
| EQ/400 Managed Volatility Portfolio | 2.4% |
| EQ/AB Short Duration Government Bond Portfolio | 2.0% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A054-B

146425_B

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

Annual Shareholder Report - December 31, 2025 3 EQ/Growth Strategy Portfolio (Class IB)

------

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

## EQ/AGGRESSIVE GROWTH STRATEGY PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Aggressive Growth Strategy Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class IB | $51 | 0.48% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 12.17% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Portfolio's average allocation of 49% to the U.S. large cap equity asset class was the largest contributor to total return.<br>• The Portfolio's largest holding, the EQ/500 Managed Volatility Portfolio, which tracks the broad U.S. stock market, was the top contributor to total return.<br>• The Portfolio's exposure to the international equity asset class also contributed to performance, as international equities outperformed U.S. equities during the year.<br>**What detracted from performance during the year?**<br>• Volatility management detracted from the Portfolio's total return. In response to market volatility triggered by U.S. trade policy, the Portfolio de-equitized in April, which limited the Portfolio's participation in the subsequent equity market recovery.<br>• The Portfolio's allocations to the mid cap and small cap equity asset classes detracted from performance relative to the large cap equity asset class. An investment in the EQ/400 Managed Volatility Portfolio did not contribute meaningfully to total return.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/Aggressive Growth Strategy Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index, EQ/Aggressive Growth Strategy Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g00k26.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Aggressive Growth Strategy Portfolio (Class IB) | 12.17% | 7.61% | 9.04% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;EQ/Aggressive Growth Strategy Index | 15.28% | 9.11% | 10.22% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $5715488029 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 9 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $5074535 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 13% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/Aggressive Growth Strategy Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |  |
| **Investment Companies** |  | 100.0% |  |
| &nbsp;&nbsp;&nbsp;Equity | 80.6% |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 19.4% |  |  |
| **Cash and Other Assets Less Liabilities** |  | 0.0% | <sup>#</sup> |

---

---

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

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/500 Managed Volatility Portfolio | 48.1% |
| EQ/2000 Managed Volatility Portfolio | 18.7% |
| EQ/International Managed Volatility Portfolio | 11.1% |
| EQ/Core Bond Index Portfolio | 6.8% |
| EQ/Long-Term Bond Portfolio | 4.6% |
| EQ/Intermediate Corporate Bond Portfolio | 3.4% |
| EQ/Intermediate Government Bond Portfolio | 3.4% |
| EQ/400 Managed Volatility Portfolio | 2.7% |
| EQ/AB Short Duration Government Bond Portfolio | 1.2% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A029-B

148394_B

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

Annual Shareholder Report - December 31, 2025 3 EQ/Aggressive Growth Strategy Portfolio (Class IB)

------

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

## EQ/CONSERVATIVE ALLOCATION PORTFOLIO (CLASS IB)
<br> **Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Conservative Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br> investment | Costs paid as a percentage of a<br> $10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class IB | $50 | 0.48% |
|  <br> \* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br> \* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br> \* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br> **How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 7.48% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>•  The Portfolio's average allocation of 20% to the equity asset class produced attractive gains.<br>•  The Portfolio's investment in the EQ/Intermediate Government Bond Portfolio was the top contributor to performance.<br>•  The Portfolio's exposure to the international equity asset class also contributed to performance, as international equities outperformed U.S. equities during the year.<br>•  The Portfolio's average allocation of 80% to the fixed income asset class also produced positive returns.<br>**What detracted from performance during the year?**<br>•  Volatility management detracted from performance. In response to market volatility triggered by U.S. trade policy, the Portfolio de-equitized in April, which limited the Portfolio's participation in the subsequent equity market recovery.<br>•  The Portfolio's allocations to the small cap and mid cap equity asset classes detracted from performance.<br>•  Although the 1290 VT High Yield Bond Portfolio delivered strong returns, the investment did not contribute meaningfully to performance due to the small allocation to the high yield asset class.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/Conservative Allocation Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg U.S. Aggregate Bond Index, EQ/Conservative Allocation Index, S&P 500<sup>®</sup> Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g00k29.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Conservative Allocation Portfolio (Class IB) | 7.48% | 1.74% | 3.11% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| &nbsp;&nbsp;&nbsp;EQ/Conservative Allocation Index | 8.80% | 2.42% | 3.60% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br> **Portfolio Statistics**<br>(as of December 31, 2025) | <br> **Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp; Net Assets | $599819059 |
| &nbsp;&nbsp; Number of Portfolio Holdings | 34 |
| &nbsp;&nbsp; Total Investment Advisory Fees Paid | $294334 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 13% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/Conservative Allocation Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
|  **Investment Companies** |  | 100.5% |
| &nbsp;&nbsp;&nbsp; Fixed Income | 79.8% |  |
| &nbsp;&nbsp;&nbsp; Equity | 20.7% |  |
|  **Cash and Other Assets Less Liabilities** |  | -0.5% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
|  EQ/Intermediate Government Bond Portfolio | 19.4% |
|  EQ/Core Bond Index Portfolio | 16.0% |
|  EQ/PIMCO Ultra Short Bond Portfolio | 9.2% |
|  Multimanager Core Bond Portfolio | 8.0% |
|  ATM Large Cap Managed Volatility Portfolio | 6.7% |
|  EQ/Long-Term Bond Portfolio | 6.2% |
|  1290 VT DoubleLine Opportunistic Bond Portfolio | 6.0% |
|  EQ/Quality Bond PLUS Portfolio | 4.8% |
|  EQ/Core Plus Bond Portfolio | 4.7% |
|  1290 Diversified Bond Fund | 4.0% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp; For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A038-B

146402_B

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

Annual Shareholder Report - December 31, 2025 3 EQ/Conservative Allocation Portfolio (Class IB)

------

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

## EQ/CONSERVATIVE ALLOCATION PORTFOLIO (CLASS K)
<br> **Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Conservative Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br> investment | Costs paid as a percentage of a<br> $10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class K | $24 | 0.23% |
|  <br> \* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br> \* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br> \* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br> **How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 7.89% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>•  The Portfolio's average allocation of 20% to the equity asset class produced attractive gains.<br>•  The Portfolio's investment in the EQ/Intermediate Government Bond Portfolio was the top contributor to performance.<br>•  The Portfolio's exposure to the international equity asset class also contributed to performance, as international equities outperformed U.S. equities during the year.<br>•  The Portfolio's average allocation of 80% to the fixed income asset class also produced positive returns.<br>**What detracted from performance during the year?**<br>•  Volatility management detracted from performance. In response to market volatility triggered by U.S. trade policy, the Portfolio de-equitized in April, which limited the Portfolio's participation in the subsequent equity market recovery.<br>•  The Portfolio's allocations to the small cap and mid cap equity asset classes detracted from performance.<br>•  Although the 1290 VT High Yield Bond Portfolio delivered strong returns, the investment did not contribute meaningfully to performance due to the small allocation to the high yield asset class.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/Conservative Allocation Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg U.S. Aggregate Bond Index, EQ/Conservative Allocation Index, S&P 500<sup>®</sup> Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g00k32.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Conservative Allocation Portfolio (Class K) | 7.89% | 2.00% | 3.38% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| &nbsp;&nbsp;&nbsp;EQ/Conservative Allocation Index | 8.80% | 2.42% | 3.60% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br> **Portfolio Statistics**<br>(as of December 31, 2025) | <br> **Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp; Net Assets | $599819059 |
| &nbsp;&nbsp; Number of Portfolio Holdings | 34 |
| &nbsp;&nbsp; Total Investment Advisory Fees Paid | $294334 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 13% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/Conservative Allocation Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
|  **Investment Companies** |  | 100.5% |
| &nbsp;&nbsp;&nbsp; Fixed Income | 79.8% |  |
| &nbsp;&nbsp;&nbsp; Equity | 20.7% |  |
|  **Cash and Other Assets Less Liabilities** |  | -0.5% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
|  EQ/Intermediate Government Bond Portfolio | 19.4% |
|  EQ/Core Bond Index Portfolio | 16.0% |
|  EQ/PIMCO Ultra Short Bond Portfolio | 9.2% |
|  Multimanager Core Bond Portfolio | 8.0% |
|  ATM Large Cap Managed Volatility Portfolio | 6.7% |
|  EQ/Long-Term Bond Portfolio | 6.2% |
|  1290 VT DoubleLine Opportunistic Bond Portfolio | 6.0% |
|  EQ/Quality Bond PLUS Portfolio | 4.8% |
|  EQ/Core Plus Bond Portfolio | 4.7% |
|  1290 Diversified Bond Fund | 4.0% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp; For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A038-K

146402_K

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

Annual Shareholder Report - December 31, 2025 3 EQ/Conservative Allocation Portfolio (Class K)

------

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

## EQ/CONSERVATIVE-PLUS ALLOCATION PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Conservative-Plus Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class IB | $55 | 0.53% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 9.06% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Portfolio's average allocation of 41% to the equity asset class produced attractive gains.<br>• The Portfolio's investment in the ATM Large Cap Managed Volatility Portfolio, which tracks the broad U.S. stock market, was the top contributor to performance.<br>• The Portfolio's exposure to the international equity asset class also contributed to performance, as international equities outperformed U.S. equities during the year.<br>• The Portfolio's average allocation of 59% to the fixed income asset class also produced positive returns.<br>**What detracted from performance during the year?**<br>• Volatility management detracted from performance. In response to market volatility triggered by U.S. trade policy, the Portfolio de-equitized in April, which limited the Portfolio's participation in the subsequent equity market recovery.<br>• The Portfolio's allocations to the mid cap and small cap equity asset classes detracted from performance.<br>• Although the 1290 VT High Yield Bond Portfolio delivered strong returns, the investment did not contribute meaningfully to performance due to the small allocation to the high yield asset class.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/Conservative-Plus Allocation Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg U.S. Aggregate Bond Index, EQ/Conservative-Plus Allocation Index, S&P 500<sup>®</sup> Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g00k35.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Conservative-Plus Allocation Portfolio (Class IB) | 9.06% | 3.38% | 4.94% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| &nbsp;&nbsp;&nbsp;EQ/Conservative-Plus Allocation Index | 11.20% | 4.49% | 5.68% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $746811091 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 36 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $766094 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 13% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/Conservative-Plus Allocation Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 99.9% |
| &nbsp;&nbsp;&nbsp;Fixed Income | 59.3% |  |
| &nbsp;&nbsp;&nbsp;Equity | 40.6% |  |
| **Cash and Other Assets Less Liabilities** |  | 0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/Intermediate Government Bond Portfolio | 13.5% |
| ATM Large Cap Managed Volatility Portfolio | 11.5% |
| EQ/Core Bond Index Portfolio | 11.3% |
| EQ/Long-Term Bond Portfolio | 6.9% |
| EQ/PIMCO Ultra Short Bond Portfolio | 5.9% |
| Multimanager Core Bond Portfolio | 5.9% |
| 1290 VT DoubleLine Opportunistic Bond Portfolio | 4.5% |
| ATM International Managed Volatility Portfolio | 3.9% |
| EQ/Core Plus Bond Portfolio | 3.6% |
| EQ/Quality Bond PLUS Portfolio | 3.5% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A041-B

146403_B

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

Annual Shareholder Report - December 31, 2025 3 EQ/Conservative-Plus Allocation Portfolio (Class IB)

------

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

## EQ/CONSERVATIVE-PLUS ALLOCATION PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Conservative-Plus Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can ﬁnd additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class K | $29 | 0.28% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 9.32% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Portfolio's average allocation of 41% to the equity asset class produced attractive gains.<br>• The Portfolio's investment in the ATM Large Cap Managed Volatility Portfolio, which tracks the broad U.S. stock market, was the top contributor to performance.<br>• The Portfolio's exposure to the international equity asset class also contributed to performance, as international equities outperformed U.S. equities during the year.<br>• The Portfolio's average allocation of 59% to the ﬁxed income asset class also produced positive returns.<br>**What detracted from performance during the year?**<br>• Volatility management detracted from performance. In response to market volatility triggered by U.S. trade policy, the Portfolio de-equitized in April, which limited the Portfolio's participation in the subsequent equity market recovery.<br>• The Portfolio's allocations to the mid cap and small cap equity asset classes detracted from performance.<br>• Although the 1290 VT High Yield Bond Portfolio delivered strong returns, the investment did not contribute meaningfully to performance due to the small allocation to the high yield asset class.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/Conservative-Plus Allocation Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg U.S. Aggregate Bond Index, EQ/Conservative-Plus Allocation Index, S&P 500<sup>®</sup> Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g38g38.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Conservative-Plus Allocation Portfolio (Class K) | 9.32% | 3.64% | 5.19% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| &nbsp;&nbsp;&nbsp;EQ/Conservative-Plus Allocation Index | 11.20% | 4.49% | 5.68% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $746811091 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 36 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $766094 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 13% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/Conservative-Plus Allocation Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 99.9% |
| &nbsp;&nbsp;&nbsp;Fixed Income | 59.3% |  |
| &nbsp;&nbsp;&nbsp;Equity | 40.6% |  |
| **Cash and Other Assets Less Liabilities** |  | 0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/Intermediate Government Bond Portfolio | 13.5% |
| ATM Large Cap Managed Volatility Portfolio | 11.5% |
| EQ/Core Bond Index Portfolio | 11.3% |
| EQ/Long-Term Bond Portfolio | 6.9% |
| EQ/PIMCO Ultra Short Bond Portfolio | 5.9% |
| Multimanager Core Bond Portfolio | 5.9% |
| 1290 VT DoubleLine Opportunistic Bond Portfolio | 4.5% |
| ATM International Managed Volatility Portfolio | 3.9% |
| EQ/Core Plus Bond Portfolio | 3.6% |
| EQ/Quality Bond PLUS Portfolio | 3.5% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A041-K

146403_K

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

Annual Shareholder Report - December 31, 2025 3 EQ/Conservative-Plus Allocation Portfolio (Class K)

------

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

## EQ/MODERATE ALLOCATION PORTFOLIO (CLASS IA)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Moderate Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class IA | $51 | 0.49% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IA shares returned 10.20% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Portfolio's average allocation of 51% to the equity asset class produced attractive gains.<br>• The Portfolio's investment in the ATM Large Cap Managed Volatility Portfolio, which tracks the broad U.S. stock market, was the top contributor to performance.<br>• The Portfolio's exposure to the international equity asset class also contributed to performance, as international equities outperformed U.S. equities during the year.<br>• The Portfolio's average allocation of 49% to the ﬁxed income asset class also produced positive returns.<br>**What detracted from performance during the year?**<br>• Volatility management detracted from performance. In response to market volatility triggered by U.S. trade policy, the Portfolio de-equitized in April, which limited the Portfolio's participation in the subsequent equity market recovery.<br>• The Portfolio's allocations to the small cap and mid cap equity asset classes detracted from performance.<br>• Although the 1290 VT High Yield Bond Portfolio delivered strong returns, the investment did not contribute meaningfully to performance due to the small allocation to the high yield asset class.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/Moderate Allocation Portfolio (Class IA)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index, EQ/Moderate Allocation Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g41g41.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Moderate Allocation Portfolio (Class IA) | 10.20% | 4.12% | 5.77% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;EQ/Moderate Allocation Index | 12.79% | 5.41% | 6.57% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $5186316191 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 36 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $4820468 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 13% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/Moderate Allocation Portfolio (Class IA)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 99.9% |
| &nbsp;&nbsp;&nbsp;Equity | 50.7% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 49.2% |  |
| **Cash and Other Assets Less Liabilities** |  | 0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| ATM Large Cap Managed Volatility Portfolio | 12.5% |
| EQ/Intermediate Government Bond Portfolio | 10.7% |
| EQ/Core Bond Index Portfolio | 8.9% |
| EQ/Long-Term Bond Portfolio | 7.0% |
| ATM International Managed Volatility Portfolio | 6.1% |
| Multimanager Core Bond Portfolio | 4.9% |
| EQ/PIMCO Ultra Short Bond Portfolio | 4.7% |
| ATM Small Cap Managed Volatility Portfolio | 4.0% |
| 1290 VT DoubleLine Opportunistic Bond Portfolio | 3.7% |
| EQ/Quality Bond PLUS Portfolio | 3.0% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A084-A

146404_A

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

Annual Shareholder Report - December 31, 2025 3 EQ/Moderate Allocation Portfolio (Class IA)

------

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

## EQ/MODERATE ALLOCATION PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Moderate Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can ﬁnd additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class IB | $51 | 0.49% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 10.25% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Portfolio's average allocation of 51% to the equity asset class produced attractive gains.<br>• The Portfolio's investment in the ATM Large Cap Managed Volatility Portfolio, which tracks the broad U.S. stock market, was the top contributor to performance.<br>• The Portfolio's exposure to the international equity asset class also contributed to performance, as international equities outperformed U.S. equities during the year.<br>• The Portfolio's average allocation of 49% to the ﬁxed income asset class also produced positive returns.<br>**What detracted from performance during the year?**<br>• Volatility management detracted from performance. In response to market volatility triggered by U.S. trade policy, the Portfolio de-equitized in April, which limited the Portfolio's participation in the subsequent equity market recovery.<br>• The Portfolio's allocations to the small cap and mid cap equity asset classes detracted from performance.<br>• Although the 1290 VT High Yield Bond Portfolio delivered strong returns, the investment did not contribute meaningfully to performance due to the small allocation to the high yield asset class.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/Moderate Allocation Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index, EQ/Moderate Allocation Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g44g44.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Moderate Allocation Portfolio (Class IB) | 10.25% | 4.14% | 5.78% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;EQ/Moderate Allocation Index | 12.79% | 5.41% | 6.57% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $5186316191 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 36 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $4820468 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 13% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/Moderate Allocation Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 99.9% |
| &nbsp;&nbsp;&nbsp;Equity | 50.7% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 49.2% |  |
| **Cash and Other Assets Less Liabilities** |  | 0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| ATM Large Cap Managed Volatility Portfolio | 12.5% |
| EQ/Intermediate Government Bond Portfolio | 10.7% |
| EQ/Core Bond Index Portfolio | 8.9% |
| EQ/Long-Term Bond Portfolio | 7.0% |
| ATM International Managed Volatility Portfolio | 6.1% |
| Multimanager Core Bond Portfolio | 4.9% |
| EQ/PIMCO Ultra Short Bond Portfolio | 4.7% |
| ATM Small Cap Managed Volatility Portfolio | 4.0% |
| 1290 VT DoubleLine Opportunistic Bond Portfolio | 3.7% |
| EQ/Quality Bond PLUS Portfolio | 3.0% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A084-B

146404_B

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

Annual Shareholder Report - December 31, 2025 3 EQ/Moderate Allocation Portfolio (Class IB)

------

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

## EQ/MODERATE ALLOCATION PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Moderate Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class K | $25 | 0.24% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 10.45% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Portfolio's average allocation of 51% to the equity asset class produced attractive gains.<br>• The Portfolio's investment in the ATM Large Cap Managed Volatility Portfolio, which tracks the broad U.S. stock market, was the top contributor to performance.<br>• The Portfolio's exposure to the international equity asset class also contributed to performance, as international equities outperformed U.S. equities during the year.<br>• The Portfolio's average allocation of 49% to the ﬁxed income asset class also produced positive returns.<br>**What detracted from performance during the year?**<br>• Volatility management detracted from performance. In response to market volatility triggered by U.S. trade policy, the Portfolio de-equitized in April, which limited the Portfolio's participation in the subsequent equity market recovery.<br>• The Portfolio's allocations to the small cap and mid cap equity asset classes detracted from performance.<br>• Although the 1290 VT High Yield Bond Portfolio delivered strong returns, the investment did not contribute meaningfully to performance due to the small allocation to the high yield asset class.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/Moderate Allocation Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index, EQ/Moderate Allocation Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g00v01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Moderate Allocation Portfolio (Class K) | 10.45% | 4.40% | 6.04% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;EQ/Moderate Allocation Index | 12.79% | 5.41% | 6.57% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $5186316191 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 36 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $4820468 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 13% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/Moderate Allocation Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 99.9% |
| &nbsp;&nbsp;&nbsp;Equity | 50.7% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 49.2% |  |
| **Cash and Other Assets Less Liabilities** |  | 0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| ATM Large Cap Managed Volatility Portfolio | 12.5% |
| EQ/Intermediate Government Bond Portfolio | 10.7% |
| EQ/Core Bond Index Portfolio | 8.9% |
| EQ/Long-Term Bond Portfolio | 7.0% |
| ATM International Managed Volatility Portfolio | 6.1% |
| Multimanager Core Bond Portfolio | 4.9% |
| EQ/PIMCO Ultra Short Bond Portfolio | 4.7% |
| ATM Small Cap Managed Volatility Portfolio | 4.0% |
| 1290 VT DoubleLine Opportunistic Bond Portfolio | 3.7% |
| EQ/Quality Bond PLUS Portfolio | 3.0% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A084-K

146404_K

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

Annual Shareholder Report - December 31, 2025 3 EQ/Moderate Allocation Portfolio (Class K)

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

## EQ/MODERATE-PLUS ALLOCATION PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Moderate-Plus Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class IB | $51 | 0.48% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 11.50% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Portfolio's average allocation of 71% to the equity asset class produced attractive gains.<br>• The Portfolio's investment in the ATM Large Cap Managed Volatility Portfolio, which tracks the broad U.S. stock market, was the top contributor to performance.<br>• The Portfolio's exposure to the international equity asset class also contributed to performance, as international equities outperformed U.S. equities during the year.<br>• The Portfolio's average allocation of 29% to the ﬁxed income asset class also produced positive returns.<br>**What detracted from performance during the year?**<br>• Volatility management detracted from performance. In response to market volatility triggered by U.S. trade policy, the Portfolio de-equitized in April, which limited the Portfolio's participation in the subsequent equity market recovery.<br>• The Portfolio's allocations to the small cap and mid cap equity asset classes detracted from performance.<br>• Although the 1290 VT High Yield Bond Portfolio delivered strong returns, the investment did not contribute meaningfully to performance due to the small allocation to the high yield asset class.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/Moderate-Plus Allocation Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index, EQ/Moderate-Plus Allocation Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g00v02.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Moderate-Plus Allocation Portfolio (Class IB) | 11.50% | 5.88% | 7.67% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;EQ/Moderate-Plus Allocation Index | 15.24% | 7.56% | 8.62% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $6752839931 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 36 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $6120562 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 13% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/Moderate-Plus Allocation Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 99.9% |
| &nbsp;&nbsp;&nbsp;Equity | 70.8% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 29.1% |  |
| **Cash and Other Assets Less Liabilities** |  | 0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| ATM Large Cap Managed Volatility Portfolio | 17.3% |
| ATM International Managed Volatility Portfolio | 7.9% |
| ATM Small Cap Managed Volatility Portfolio | 7.2% |
| EQ/Intermediate Government Bond Portfolio | 5.9% |
| EQ/Long-Term Bond Portfolio | 5.1% |
| EQ/Core Bond Index Portfolio | 4.8% |
| EQ/AB Small Cap Growth Portfolio | 3.3% |
| EQ/Large Cap Core Managed Volatility Portfolio | 3.3% |
| EQ/MFS International Growth Portfolio | 3.1% |
| Multimanager Core Bond Portfolio | 2.9% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A086-B

146405_B

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

Annual Shareholder Report - December 31, 2025 3 EQ/Moderate-Plus Allocation Portfolio (Class IB)

------

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

## EQ/MODERATE-PLUS ALLOCATION PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Moderate-Plus Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class K | $25 | 0.23% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 11.74% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Portfolio's average allocation of 71% to the equity asset class produced attractive gains.<br>• The Portfolio's investment in the ATM Large Cap Managed Volatility Portfolio, which tracks the broad U.S. stock market, was the top contributor to performance.<br>• The Portfolio's exposure to the international equity asset class also contributed to performance, as international equities outperformed U.S. equities during the year.<br>• The Portfolio's average allocation of 29% to the fixed income asset class also produced positive returns.<br>**What detracted from performance during the year?**<br>• Volatility management detracted from performance. In response to market volatility triggered by U.S. trade policy, the Portfolio de-equitized in April, which limited the Portfolio's participation in the subsequent equity market recovery.<br>• The Portfolio's allocations to the small cap and mid cap equity asset classes detracted from performance.<br>• Although the 1290 VT High Yield Bond Portfolio delivered strong returns, the investment did not contribute meaningfully to performance due to the small allocation to the high yield asset class.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/Moderate-Plus Allocation Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index, EQ/Moderate-Plus Allocation Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g00v03.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Moderate-Plus Allocation Portfolio (Class K) | 11.74% | 6.16% | 7.94% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;EQ/Moderate-Plus Allocation Index | 15.24% | 7.56% | 8.62% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $6752839931 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 36 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $6120562 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 13% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/Moderate-Plus Allocation Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 99.9% |
| &nbsp;&nbsp;&nbsp;Equity | 70.8% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 29.1% |  |
| **Cash and Other Assets Less Liabilities** |  | 0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| ATM Large Cap Managed Volatility Portfolio | 17.3% |
| ATM International Managed Volatility Portfolio | 7.9% |
| ATM Small Cap Managed Volatility Portfolio | 7.2% |
| EQ/Intermediate Government Bond Portfolio | 5.9% |
| EQ/Long-Term Bond Portfolio | 5.1% |
| EQ/Core Bond Index Portfolio | 4.8% |
| EQ/AB Small Cap Growth Portfolio | 3.3% |
| EQ/Large Cap Core Managed Volatility Portfolio | 3.3% |
| EQ/MFS International Growth Portfolio | 3.1% |
| Multimanager Core Bond Portfolio | 2.9% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A086-K

146405_K

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

Annual Shareholder Report - December 31, 2025 3 EQ/Moderate-Plus Allocation Portfolio (Class K)

------

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

## EQ/AGGRESSIVE ALLOCATION PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Aggressive Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class IB | $52 | 0.49% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 12.97% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Portfolio's average allocation of 91% to the equity asset class produced attractive gains.<br>• The Portfolio's investment in the ATM Large Cap Managed Volatility Portfolio, which tracks the broad U.S. stock market, was the biggest single contributor to performance.<br>• The Portfolio's exposure to the international equity asset class also contributed to performance, as international equities outperformed U.S. equities during the year.<br>• The Portfolio's average allocation of 9% to the fixed income asset class also produced positive returns.<br>**What detracted from performance during the year?**<br>• Volatility management detracted from performance. In response to market volatility triggered by U.S. trade policy, the Portfolio de-equitized in April, which limited the Portfolio's participation in the subsequent equity market recovery.<br>• The Portfolio's allocations to the small cap and mid cap equity asset classes detracted from performance.<br>• The Portfolio's investments in the EQ/Janus Enterprise Portfolio and the EQ/American Century Mid Cap Value Portfolio did not contribute meaningfully to performance.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/Aggressive Allocation Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index, EQ/Aggressive Allocation Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g00v04.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Aggressive Allocation Portfolio (Class IB) | 12.97% | 7.79% | 9.47% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;EQ/Aggressive Allocation Index | 17.91% | 9.99% | 10.78% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $3271429255 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 36 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $2935487 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 11% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/Aggressive Allocation Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |  |
| **Investment Companies** |  | 100.0% |  |
| &nbsp;&nbsp;&nbsp;Equity | 91.0% |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 9.0% |  |  |
| **Cash and Other Assets Less Liabilities** |  | 0.0% | <sup>#</sup> |

---

---

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

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| ATM Large Cap Managed Volatility Portfolio | 24.4% |
| ATM International Managed Volatility Portfolio | 10.4% |
| ATM Small Cap Managed Volatility Portfolio | 7.7% |
| EQ/Large Cap Core Managed Volatility Portfolio | 4.5% |
| EQ/MFS International Growth Portfolio | 4.2% |
| EQ/Global Equity Managed Volatility Portfolio | 4.0% |
| EQ/AB Small Cap Growth Portfolio | 3.7% |
| EQ/ClearBridge Select Equity Managed Volatility Portfolio | 3.5% |
| EQ/International Value Managed Volatility Portfolio | 3.2% |
| EQ/Large Cap Value Managed Volatility Portfolio | 2.7% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A028-B

146401_B

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

Annual Shareholder Report - December 31, 2025 3 EQ/Aggressive Allocation Portfolio (Class IB)

------

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

## EQ/AGGRESSIVE ALLOCATION PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Aggressive Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class K | $26 | 0.24% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 13.21% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Portfolio's average allocation of 91% to the equity asset class produced attractive gains.<br>• The Portfolio's investment in the ATM Large Cap Managed Volatility Portfolio, which tracks the broad U.S. stock market, was the biggest single contributor to performance.<br>• The Portfolio's exposure to the international equity asset class also contributed to performance, as international equities outperformed U.S. equities during the year.<br>• The Portfolio's average allocation of 9% to the fixed income asset class also produced positive returns.<br>**What detracted from performance during the year?**<br>• Volatility management detracted from performance. In response to market volatility triggered by U.S. trade policy, the Portfolio de-equitized in April, which limited the Portfolio's participation in the subsequent equity market recovery.<br>• The Portfolio's allocations to the small cap and mid cap equity asset classes detracted from performance.<br>• The Portfolio's investments in the EQ/Janus Enterprise Portfolio and the EQ/American Century Mid Cap Value Portfolio did not contribute meaningfully to performance.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/Aggressive Allocation Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index, EQ/Aggressive Allocation Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g99a21.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Aggressive Allocation Portfolio (Class K) | 13.21% | 8.07% | 9.75% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;EQ/Aggressive Allocation Index | 17.91% | 9.99% | 10.78% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $3271429255 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 36 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $2935487 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 11% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/Aggressive Allocation Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |  |
| **Investment Companies** |  | 100.0% |  |
| &nbsp;&nbsp;&nbsp;Equity | 91.0% |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 9.0% |  |  |
| **Cash and Other Assets Less Liabilities** |  | 0.0% | <sup>#</sup> |

---

---

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

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| ATM Large Cap Managed Volatility Portfolio | 24.4% |
| ATM International Managed Volatility Portfolio | 10.4% |
| ATM Small Cap Managed Volatility Portfolio | 7.7% |
| EQ/Large Cap Core Managed Volatility Portfolio | 4.5% |
| EQ/MFS International Growth Portfolio | 4.2% |
| EQ/Global Equity Managed Volatility Portfolio | 4.0% |
| EQ/AB Small Cap Growth Portfolio | 3.7% |
| EQ/ClearBridge Select Equity Managed Volatility Portfolio | 3.5% |
| EQ/International Value Managed Volatility Portfolio | 3.2% |
| EQ/Large Cap Value Managed Volatility Portfolio | 2.7% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A028-K

146401_K

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

Annual Shareholder Report - December 31, 2025 3 EQ/Aggressive Allocation Portfolio (Class K)

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

## EQUITABLE CONSERVATIVE GROWTH MF/ETF PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the Equitable Conservative Growth MF/ETF Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class IB | $69 | 0.65% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 12.03% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Portfolio's average allocation of 56% to the fixed income asset class produced positive returns.<br>• The Portfolio's largest holding, the 1290 Diversified Bond Fund, was the top contributor to total return.<br>• Exposure to international equities, including emerging markets, also contributed to total return.<br>**What detracted from performance during the year?**<br>• Favoring U.S. equities over emerging market equities in the first six months of the year detracted from total return, as emerging markets outperformed the U.S. equity market during the period.<br>• The Portfolio's investment in the EQ/AB Small Cap Growth Portfolio did not contribute meaningfully to performance.<br>• The 1290 SmartBeta Equity Fund lagged its benchmark index and delivered only a small return relative to its weight in the Portfolio.<br>

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

Annual Shareholder Report - December 31, 2025 1 Equitable Conservative Growth MF/ETF Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the MSCI ACWI (Net) Index, Equitable Conservative Growth MF/ETF Index and Bloomberg U.S. Aggregate Bond Index over the same period.

![LOGO](g897067g99a22.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;Equitable Conservative Growth MF/ETF Portfolio (Class IB) | 12.03% | 4.95% | 6.85% |
| &nbsp;&nbsp;&nbsp;MSCI ACWI (Net) Index | 22.34% | 11.19% | 11.72% |
| &nbsp;&nbsp;&nbsp;Equitable Conservative Growth MF/ETF Index | 13.21% | 4.26% | 6.02% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance for periods prior to August 19, 2022, is that of the Portfolio when it invested directly in securities and other instruments, had a different investment objective, had different investment policies and strategies, and was managed by a sub-adviser.

Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $81008908 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 15 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $77527 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 52% |

---

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

Annual Shareholder Report - December 31, 2025 2 Equitable Conservative Growth MF/ETF Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 66.8% |
| &nbsp;&nbsp;&nbsp;Fixed Income | 44.0% |  |
| &nbsp;&nbsp;&nbsp;Equity | 22.8% |  |
| **Exchange Traded Funds** |  | 31.2% |
| &nbsp;&nbsp;&nbsp;Equity | 24.7% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 6.5% |  |
| **Cash and Other Assets Less Liabilities** |  | 2.0% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| 1290 Diversified Bond Fund | 35.1% |
| 1290 SmartBeta Equity Fund | 11.3% |
| 1290 High Yield Bond Fund | 8.9% |
| Vanguard FTSE Emerging Markets ETF | 6.7% |
| SPDR Portfolio Developed World ex-US ETF | 5.7% |
| iShares Core S&P U.S. Growth ETF | 4.9% |
| iShares MSCI Global Min Vol Factor ETF | 4.9% |
| 1290 GAMCO Small/Mid Cap Value Fund | 4.9% |
| 1290 Essex Small Cap Growth Fund | 3.8% |
| iShares Broad USD High Yield Corporate Bond ETF | 3.5% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A100-B

148392_B

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

Annual Shareholder Report - December 31, 2025 3 Equitable Conservative Growth MF/ETF Portfolio (Class IB)

------

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

## EQUITABLE CONSERVATIVE GROWTH MF/ETF PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the Equitable Conservative Growth MF/ETF Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class K | $43 | 0.40% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 12.36% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Portfolio's average allocation of 56% to the fixed income asset class produced positive returns.<br>• The Portfolio's largest holding, the 1290 Diversified Bond Fund, was the top contributor to total return.<br>• Exposure to international equities, including emerging markets, also contributed to total return.<br>**What detracted from performance during the year?**<br>• Favoring U.S. equities over emerging market equities in the first six months of the year detracted from total return, as emerging markets outperformed the U.S. equity market during the period.<br>• The Portfolio's investment in the EQ/AB Small Cap Growth Portfolio did not contribute meaningfully to performance.<br>• The 1290 SmartBeta Equity Fund lagged its benchmark index and delivered only a small return relative to its weight in the Portfolio.<br>

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

Annual Shareholder Report - December 31, 2025 1 Equitable Conservative Growth MF/ETF Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the MSCI ACWI (Net) Index, Equitable Conservative Growth MF/ETF Index and Bloomberg U.S. Aggregate Bond Index over the same period.

![LOGO](g897067g99a23.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;Equitable Conservative Growth MF/ETF Portfolio (Class K) | 12.36% | 5.22% | 7.12% |
| &nbsp;&nbsp;&nbsp;MSCI ACWI (Net) Index | 22.34% | 11.19% | 11.72% |
| &nbsp;&nbsp;&nbsp;Equitable Conservative Growth MF/ETF Index | 13.21% | 4.26% | 6.02% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance for periods prior to August 19, 2022, is that of the Portfolio when it invested directly in securities and other instruments, had a different investment objective, had different investment policies and strategies, and was managed by a sub-adviser.

Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $81008908 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 15 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $77527 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 52% |

---

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

Annual Shareholder Report - December 31, 2025 2 Equitable Conservative Growth MF/ETF Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 66.8% |
| &nbsp;&nbsp;&nbsp;Fixed Income | 44.0% |  |
| &nbsp;&nbsp;&nbsp;Equity | 22.8% |  |
| **Exchange Traded Funds** |  | 31.2% |
| &nbsp;&nbsp;&nbsp;Equity | 24.7% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 6.5% |  |
| **Cash and Other Assets Less Liabilities** |  | 2.0% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| 1290 Diversified Bond Fund | 35.1% |
| 1290 SmartBeta Equity Fund | 11.3% |
| 1290 High Yield Bond Fund | 8.9% |
| Vanguard FTSE Emerging Markets ETF | 6.7% |
| SPDR Portfolio Developed World ex-US ETF | 5.7% |
| iShares Core S&P U.S. Growth ETF | 4.9% |
| iShares MSCI Global Min Vol Factor ETF | 4.9% |
| 1290 GAMCO Small/Mid Cap Value Fund | 4.9% |
| 1290 Essex Small Cap Growth Fund | 3.8% |
| iShares Broad USD High Yield Corporate Bond ETF | 3.5% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, ﬁnancial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A100-K

148392_K

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

Annual Shareholder Report - December 31, 2025 3 Equitable Conservative Growth MF/ETF Portfolio (Class K)

------

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

## EQUITABLE MODERATE GROWTH MF/ETF PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the Equitable Moderate Growth MF/ETF Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class IB | $63 | 0.59% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 13.43% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Portfolio's average allocation of 64% to the equity asset class produced positive returns.<br>• The Portfolio's largest holding, the 1290 Diversified Bond Fund, was a top contributor to performance.<br>• The Portfolio's investment in the 1290 Essex Small Cap Growth Fund, which outperformed the broad U.S. equity market, also contributed to performance.<br>• Exposure to international equities, including emerging markets, also contributed to performance.<br>**What detracted from performance during the year?**<br>• Favoring U.S. equities over emerging market equities in the first six months of the year detracted from performance, as emerging markets outperformed the U.S. equity market during the period.<br>• Exposure to low volatility investments also detracted from performance.<br>• The 1290 SmartBeta Equity Fund lagged its benchmark index and delivered only a small return relative to its weight in the Portfolio.<br>

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

Annual Shareholder Report - December 31, 2025 1 Equitable Moderate Growth MF/ETF Portfolio (Class IB)

------

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

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the MSCI ACWI (Net) Index, Equitable Moderate Growth MF/ETF Index and Bloomberg U.S. Aggregate Bond Index over the same period.

![LOGO](g897067g99a24.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | Since<br>Inception\* |
| &nbsp;&nbsp;&nbsp;Equitable Moderate Growth MF/ETF Portfolio (Class IB) | 13.43% | 5.71% |
| &nbsp;&nbsp;&nbsp;MSCI ACWI (Net) Index | 22.34% | 11.16% |
| &nbsp;&nbsp;&nbsp;Equitable Moderate Growth MF/ETF Index | 16.22% | 7.15% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | 1.03% |

---

\* Date of inception: February 15, 2022

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $37737243 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 16 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid (net of waiver) | $0 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 43% |

---

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

Annual Shareholder Report - December 31, 2025 2 Equitable Moderate Growth MF/ETF Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 64.9% |
| &nbsp;&nbsp;&nbsp;Equity | 38.9% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 26.0% |  |
| **Exchange Traded Funds** |  | 33.1% |
| &nbsp;&nbsp;&nbsp;Equity | 28.7% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 4.4% |  |
| **Short-Term Investments** |  | 1.9% |
| **Cash and Other Assets Less Liabilities** |  | 0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| 1290 Diversified Bond Fund | 20.4% |
| 1290 SmartBeta Equity Fund | 19.8% |
| 1290 GAMCO Small/Mid Cap Value Fund | 8.1% |
| Vanguard FTSE Emerging Markets ETF | 8.0% |
| iShares MSCI Global Min Vol Factor ETF | 7.4% |
| 1290 Essex Small Cap Growth Fund | 6.2% |
| 1290 High Yield Bond Fund | 5.6% |
| SPDR Portfolio Developed World ex-US ETF | 5.6% |
| iShares Core S&P U.S. Growth ETF | 4.9% |
| 1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund | 2.8% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A102-B

162754_B

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

Annual Shareholder Report - December 31, 2025 3 Equitable Moderate Growth MF/ETF Portfolio (Class IB)

------

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

## EQUITABLE MODERATE GROWTH MF/ETF PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the Equitable Moderate Growth MF/ETF Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class K | $37 | 0.34% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 13.58% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Portfolio's average allocation of 64% to the equity asset class produced positive returns.<br>• The Portfolio's largest holding, the 1290 Diversified Bond Fund, was a top contributor to performance.<br>• The Portfolio's investment in the 1290 Essex Small Cap Growth Fund, which outperformed the broad U.S. equity market, also contributed to performance.<br>• Exposure to international equities, including emerging markets, also contributed to performance.<br>**What detracted from performance during the year?**<br>• Favoring U.S. equities over emerging market equities in the first six months of the year detracted from performance, as emerging markets outperformed the U.S. equity market during the period.<br>• Exposure to low volatility investments also detracted from performance.<br>• The 1290 SmartBeta Equity Fund lagged its benchmark index and delivered only a small return relative to its weight in the Portfolio.<br>

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

Annual Shareholder Report - December 31, 2025 1 Equitable Moderate Growth MF/ETF Portfolio (Class K)

------

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

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the MSCI ACWI (Net) Index, Equitable Moderate Growth MF/ETF Index and Bloomberg U.S. Aggregate Bond Index over the same period.

![LOGO](g897067g99a25.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | Since<br>Inception\* |
| &nbsp;&nbsp;&nbsp;Equitable Moderate Growth MF/ETF Portfolio (Class K) | 13.58% | 5.96% |
| &nbsp;&nbsp;&nbsp;MSCI ACWI (Net) Index | 22.34% | 11.16% |
| &nbsp;&nbsp;&nbsp;Equitable Moderate Growth MF/ETF Index | 16.22% | 7.15% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | 1.03% |

---

\* Date of inception: February 15, 2022

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $37737243 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 16 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid (net of waiver) | $0 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 43% |

---

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

Annual Shareholder Report - December 31, 2025 2 Equitable Moderate Growth MF/ETF Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 64.9% |
| &nbsp;&nbsp;&nbsp;Equity | 38.9% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 26.0% |  |
| **Exchange Traded Funds** |  | 33.1% |
| &nbsp;&nbsp;&nbsp;Equity | 28.7% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 4.4% |  |
| **Short-Term Investments** |  | 1.9% |
| **Cash and Other Assets Less Liabilities** |  | 0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| 1290 Diversified Bond Fund | 20.4% |
| 1290 SmartBeta Equity Fund | 19.8% |
| 1290 GAMCO Small/Mid Cap Value Fund | 8.1% |
| Vanguard FTSE Emerging Markets ETF | 8.0% |
| iShares MSCI Global Min Vol Factor ETF | 7.4% |
| 1290 Essex Small Cap Growth Fund | 6.2% |
| 1290 High Yield Bond Fund | 5.6% |
| SPDR Portfolio Developed World ex-US ETF | 5.6% |
| iShares Core S&P U.S. Growth ETF | 4.9% |
| 1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund | 2.8% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A102-K

162754_K

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

Annual Shareholder Report - December 31, 2025 3 Equitable Moderate Growth MF/ETF Portfolio (Class K)

------

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

## EQUITABLE GROWTH MF/ETF PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the Equitable Growth MF/ETF Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class IB | $62 | 0.58% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 14.37% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Portfolio's average allocation of 84% to the equity asset class produced positive returns.<br>• The Portfolio's investment in the 1290 Essex Small Cap Growth Fund, which outperformed the broad U.S. equity market, was a top contributor to performance.<br>• Exposure to international equities, including emerging markets, also contributed to performance.<br>**What detracted from performance during the year?**<br>• Favoring U.S. equities over emerging market equities in the first six months of the year detracted from performance, as emerging markets outperformed the U.S. equity market during the period.<br>• Exposure to low volatility investments also detracted from performance.<br>• The 1290 SmartBeta Equity Fund lagged its benchmark index and delivered only a small return relative to its weight in the Portfolio.<br>

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

Annual Shareholder Report - December 31, 2025 1 Equitable Growth MF/ETF Portfolio (Class IB)

------

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

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the MSCI ACWI (Net) Index, Equitable Growth MF/ETF Index and Bloomberg U.S. Aggregate Bond Index over the same period.

![LOGO](g897067g99a26.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | Since<br>Inception\* |
| &nbsp;&nbsp;&nbsp;Equitable Growth MF/ETF Portfolio (Class IB) | 14.37% | 7.30% |
| &nbsp;&nbsp;&nbsp;MSCI ACWI (Net) Index | 22.34% | 11.16% |
| &nbsp;&nbsp;&nbsp;Equitable Growth MF/ETF Index | 19.26% | 9.16% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | 1.03% |

---

\* Date of inception: February 15, 2022

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $38010252 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 15 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid (net of waiver) | $0 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 45% |

---

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

Annual Shareholder Report - December 31, 2025 2 Equitable Growth MF/ETF Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 64.5% |
| &nbsp;&nbsp;&nbsp;Equity | 55.7% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 8.8% |  |
| **Exchange Traded Funds** |  | 33.5% |
| &nbsp;&nbsp;&nbsp;Equity | 31.7% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 1.8% |  |
| **Short-Term Investments** |  | 2.1% |
| **Cash and Other Assets Less Liabilities** |  | -0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| 1290 SmartBeta Equity Fund | 30.3% |
| 1290 GAMCO Small/Mid Cap Value Fund | 10.6% |
| iShares MSCI Global Min Vol Factor ETF | 9.9% |
| Vanguard FTSE Emerging Markets ETF | 8.8% |
| 1290 Essex Small Cap Growth Fund | 8.1% |
| SPDR Portfolio Developed World ex-US ETF | 5.2% |
| iShares Core S&P U.S. Growth ETF | 4.9% |
| 1290 Diversified Bond Fund | 4.8% |
| 1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund | 4.1% |
| 1290 High Yield Bond Fund | 4.0% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A101-B

162755_B

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

Annual Shareholder Report - December 31, 2025 3 Equitable Growth MF/ETF Portfolio (Class IB)

------

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

## EQUITABLE GROWTH MF/ETF PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the Equitable Growth MF/ETF Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can ﬁnd additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class K | $35 | 0.33% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 14.63% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Portfolio's average allocation of 84% to the equity asset class produced positive returns.<br>• The Portfolio's investment in the 1290 Essex Small Cap Growth Fund, which outperformed the broad U.S. equity market, was a top contributor to performance.<br>• Exposure to international equities, including emerging markets, also contributed to performance.<br>**What detracted from performance during the year?**<br>• Favoring U.S. equities over emerging market equities in the ﬁrst six months of the year detracted from performance, as emerging markets outperformed the U.S. equity market during the period.<br>• Exposure to low volatility investments also detracted from performance.<br>• The 1290 SmartBeta Equity Fund lagged its benchmark index and delivered only a small return relative to its weight in the Portfolio.<br>

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

Annual Shareholder Report - December 31, 2025 1 Equitable Growth MF/ETF Portfolio (Class K)

------

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

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the MSCI ACWI (Net) Index, Equitable Growth MF/ETF Index and Bloomberg U.S. Aggregate Bond Index over the same period.

![LOGO](g897067g99a27.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | Since<br>Inception\* |
| &nbsp;&nbsp;&nbsp;Equitable Growth MF/ETF Portfolio (Class K) | 14.63% | 7.56% |
| &nbsp;&nbsp;&nbsp;MSCI ACWI (Net) Index | 22.34% | 11.16% |
| &nbsp;&nbsp;&nbsp;Equitable Growth MF/ETF Index | 19.26% | 9.16% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | 1.03% |

---

\* Date of inception: February 15, 2022

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $38010252 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 15 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid (net of waiver) | $0 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 45% |

---

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

Annual Shareholder Report - December 31, 2025 2 Equitable Growth MF/ETF Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 64.5% |
| &nbsp;&nbsp;&nbsp;Equity | 55.7% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 8.8% |  |
| **Exchange Traded Funds** |  | 33.5% |
| &nbsp;&nbsp;&nbsp;Equity | 31.7% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 1.8% |  |
| **Short-Term Investments** |  | 2.1% |
| **Cash and Other Assets Less Liabilities** |  | -0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| 1290 SmartBeta Equity Fund | 30.3% |
| 1290 GAMCO Small/Mid Cap Value Fund | 10.6% |
| iShares MSCI Global Min Vol Factor ETF | 9.9% |
| Vanguard FTSE Emerging Markets ETF | 8.8% |
| 1290 Essex Small Cap Growth Fund | 8.1% |
| SPDR Portfolio Developed World ex-US ETF | 5.2% |
| iShares Core S&P U.S. Growth ETF | 4.9% |
| 1290 Diversified Bond Fund | 4.8% |
| 1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund | 4.1% |
| 1290 High Yield Bond Fund | 4.0% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A101-K

162755_K

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

Annual Shareholder Report - December 31, 2025 3 Equitable Growth MF/ETF Portfolio (Class K)

------

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

## TARGET 2015 ALLOCATION PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the Target 2015 Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class IB | $58 | 0.55% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 9.41% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Portfolio's average allocation of 77% to the fixed income asset class contributed positive returns, led by the 1290 Diversified Bond Fund.<br>• The U.S. large cap equity asset category was the most significant contributor to total return.<br>• The Portfolio's investment in the EQ/Equity 500 Index Portfolio was the biggest single contributor to performance.<br>**What detracted from performance during the year?**<br>• The Portfolio's allocations to the small cap and mid cap equity asset classes detracted from total return relative to the large cap equity asset class.<br>• Investments in the EQ/Small Company Index Portfolio and EQ/American Century Mid Cap Value Portfolio contributed the least to total return.<br>

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

Annual Shareholder Report - December 31, 2025 1 Target 2015 Allocation Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg U.S. Aggregate Bond Index and S&P Target Date 2015 Index over the same period.

![LOGO](g897067g99a28.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;Target 2015 Allocation Portfolio (Class IB) | 9.41% | 2.84% | 5.08% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| &nbsp;&nbsp;&nbsp;S&P Target Date 2015 Index | 12.15% | 4.91% | 6.34% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $21466396 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 16 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid (net of waiver) | $0 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 17% |

---

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

Annual Shareholder Report - December 31, 2025 2 Target 2015 Allocation Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |  |
| **Investment Companies** |  | 100.0% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 78.3% |  |  |
| &nbsp;&nbsp;&nbsp;Equity | 21.7% |  |  |
| **Cash and Other Assets Less Liabilities** |  | 0.0% | <sup>#</sup> |

---

---

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

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/PIMCO Ultra Short Bond Portfolio | 16.1% |
| 1290 Diversified Bond Fund | 15.2% |
| EQ/Core Plus Bond Portfolio | 13.8% |
| 1290 VT High Yield Bond Portfolio | 10.2% |
| EQ/Equity 500 Index Portfolio | 9.0% |
| EQ/Core Bond Index Portfolio | 9.0% |
| EQ/Quality Bond PLUS Portfolio | 7.8% |
| EQ/Long-Term Bond Portfolio | 6.3% |
| EQ/International Equity Index Portfolio | 3.2% |
| EQ/MFS International Growth Portfolio | 1.8% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A106-B

146417_B

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

Annual Shareholder Report - December 31, 2025 3 Target 2015 Allocation Portfolio (Class IB)

------

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

## TARGET 2015 ALLOCATION PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the Target 2015 Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class K | $31 | 0.30% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 9.69% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Portfolio's average allocation of 77% to the fixed income asset class contributed positive returns, led by the 1290 Diversified Bond Fund.<br>• The U.S. large cap equity asset category was the most significant contributor to total return.<br>• The Portfolio's investment in the EQ/Equity 500 Index Portfolio was the biggest single contributor to performance.<br>**What detracted from performance during the year?**<br>• The Portfolio's allocations to the small cap and mid cap equity asset classes detracted from total return relative to the large cap equity asset class.<br>• Investments in the EQ/Small Company Index Portfolio and EQ/American Century Mid Cap Value Portfolio contributed the least to total return.<br>

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

Annual Shareholder Report - December 31, 2025 1 Target 2015 Allocation Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg U.S. Aggregate Bond Index and S&P Target Date 2015 Index over the same period.

![LOGO](g897067g99a29.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;Target 2015 Allocation Portfolio (Class K) | 9.69% | 3.09% | 5.33% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| &nbsp;&nbsp;&nbsp;S&P Target Date 2015 Index | 12.15% | 4.91% | 6.34% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $21466396 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 16 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid (net of waiver) | $0 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 17% |

---

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

Annual Shareholder Report - December 31, 2025 2 Target 2015 Allocation Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |  |
| **Investment Companies** |  | 100.0% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 78.3% |  |  |
| &nbsp;&nbsp;&nbsp;Equity | 21.7% |  |  |
| **Cash and Other Assets Less Liabilities** |  | 0.0% | <sup>#</sup> |

---

---

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

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/PIMCO Ultra Short Bond Portfolio | 16.1% |
| 1290 Diversified Bond Fund | 15.2% |
| EQ/Core Plus Bond Portfolio | 13.8% |
| 1290 VT High Yield Bond Portfolio | 10.2% |
| EQ/Equity 500 Index Portfolio | 9.0% |
| EQ/Core Bond Index Portfolio | 9.0% |
| EQ/Quality Bond PLUS Portfolio | 7.8% |
| EQ/Long-Term Bond Portfolio | 6.3% |
| EQ/International Equity Index Portfolio | 3.2% |
| EQ/MFS International Growth Portfolio | 1.8% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A106-K

146417_K

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

Annual Shareholder Report - December 31, 2025 3 Target 2015 Allocation Portfolio (Class K)

------

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

## TARGET 2025 ALLOCATION PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the Target 2025 Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class IB | $61 | 0.58% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 13.12% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The U.S. large cap equity asset category was the most signiﬁcant contributor to total return.<br>• With an average weighting of 23%, the Portfolio's investment in the EQ/Equity 500 Index Portfolio was the top contributor to performance.<br>• Exposure to international equities, including emerging markets, also contributed to total return.<br>• The Portfolio's average allocation of 48% to the ﬁxed income asset class contributed positive returns, led by the 1290 Diversiﬁed Bond Fund.<br>**What detracted from performance during the year?**<br>• The Portfolio's allocations to the small cap and mid cap equity asset classes detracted from total return relative to the large cap equity asset class.<br>• Investments in the EQ/Value Equity Portfolio and EQ/American Century Mid Cap Value Portfolio contributed the least to total return.<br>

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

Annual Shareholder Report - December 31, 2025 1 Target 2025 Allocation Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index and S&P Target Date 2025 Index over the same period.

![LOGO](g897067g99a30.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;Target 2025 Allocation Portfolio (Class IB) | 13.12% | 5.57% | 7.41% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;S&P Target Date 2025 Index | 13.98% | 6.07% | 7.57% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $136406876 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 16 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $95976 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 17% |

---

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

Annual Shareholder Report - December 31, 2025 2 Target 2025 Allocation Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 100.1% |
| &nbsp;&nbsp;&nbsp;Equity | 51.5% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 48.6% |  |
| **Cash and Other Assets Less Liabilities** |  | -0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/Equity 500 Index Portfolio | 22.8% |
| 1290 Diversified Bond Fund | 9.1% |
| EQ/PIMCO Ultra Short Bond Portfolio | 9.0% |
| EQ/Core Plus Bond Portfolio | 8.8% |
| EQ/International Equity Index Portfolio | 7.9% |
| 1290 VT High Yield Bond Portfolio | 7.1% |
| EQ/Small Company Index Portfolio | 5.0% |
| EQ/Core Bond Index Portfolio | 4.9% |
| EQ/Quality Bond PLUS Portfolio | 4.9% |
| EQ/Long-Term Bond Portfolio | 4.7% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A107-B

146418_B

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

Annual Shareholder Report - December 31, 2025 3 Target 2025 Allocation Portfolio (Class IB)

------

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

## TARGET 2025 ALLOCATION PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the Target 2025 Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can ﬁnd additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class K | $35 | 0.33% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 13.38% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The U.S. large cap equity asset category was the most signiﬁcant contributor to total return.<br>• With an average weighting of 23%, the Portfolio's investment in the EQ/Equity 500 Index Portfolio was the top contributor to performance.<br>• Exposure to international equities, including emerging markets, also contributed to total return.<br>• The Portfolio's average allocation of 48% to the ﬁxed income asset class contributed positive returns, led by the 1290 Diversiﬁed Bond Fund.<br>**What detracted from performance during the year?**<br>• The Portfolio's allocations to the small cap and mid cap equity asset classes detracted from total return relative to the large cap equity asset class.<br>• Investments in the EQ/Value Equity Portfolio and EQ/American Century Mid Cap Value Portfolio contributed the least to total return.<br>

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

Annual Shareholder Report - December 31, 2025 1 Target 2025 Allocation Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index and S&P Target Date 2025 Index over the same period.

![LOGO](g897067g01s06.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;Target 2025 Allocation Portfolio (Class K) | 13.38% | 5.82% | 7.68% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;S&P Target Date 2025 Index | 13.98% | 6.07% | 7.57% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $136406876 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 16 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $95976 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 17% |

---

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

Annual Shareholder Report - December 31, 2025 2 Target 2025 Allocation Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 100.1% |
| &nbsp;&nbsp;&nbsp;Equity | 51.5% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 48.6% |  |
| **Cash and Other Assets Less Liabilities** |  | -0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/Equity 500 Index Portfolio | 22.8% |
| 1290 Diversified Bond Fund | 9.1% |
| EQ/PIMCO Ultra Short Bond Portfolio | 9.0% |
| EQ/Core Plus Bond Portfolio | 8.8% |
| EQ/International Equity Index Portfolio | 7.9% |
| 1290 VT High Yield Bond Portfolio | 7.1% |
| EQ/Small Company Index Portfolio | 5.0% |
| EQ/Core Bond Index Portfolio | 4.9% |
| EQ/Quality Bond PLUS Portfolio | 4.9% |
| EQ/Long-Term Bond Portfolio | 4.7% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A107-K

146418_K

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

Annual Shareholder Report - December 31, 2025 3 Target 2025 Allocation Portfolio (Class K)

------

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

## TARGET 2035 ALLOCATION PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the Target 2035 Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class IB | $59 | 0.55% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 15.70% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The U.S. large cap equity asset category was the strongest contributor to total return.<br>• With an average weighting of 33%, the Portfolio's investment in the EQ/Equity 500 Index Portfolio was the top contributor to performance.<br>• Exposure to international equities, including emerging markets, also contributed to total return.<br>**What detracted from performance during the year?**<br>• The Portfolio's allocations to the small cap and mid cap equity asset classes detracted from total return relative to the large cap equity asset class.<br>• Within the equity asset class, the Portfolio's investments in the EQ/American Century Mid Cap Value Portfolio and EQ/Janus Enterprise Portfolio contributed the least to total return.<br>• The Portfolio's average allocation of 28% to the ﬁxed income asset class did not contribute meaningfully to total return.<br>

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

Annual Shareholder Report - December 31, 2025 1 Target 2035 Allocation Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index and S&P Target Date 2035 Index over the same period.

![LOGO](g897067g19a30.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;Target 2035 Allocation Portfolio (Class IB) | 15.70% | 7.50% | 8.95% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;S&P Target Date 2035 Index | 16.80% | 8.19% | 9.32% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $294609321 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 16 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $271159 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 12% |

---

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

Annual Shareholder Report - December 31, 2025 2 Target 2035 Allocation Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

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

---

---

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

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/Equity 500 Index Portfolio | 32.7% |
| EQ/International Equity Index Portfolio | 11.2% |
| EQ/Small Company Index Portfolio | 8.8% |
| EQ/MFS International Growth Portfolio | 6.1% |
| EQ/Emerging Markets Equity PLUS Portfolio | 5.2% |
| EQ/Core Plus Bond Portfolio | 5.2% |
| 1290 VT High Yield Bond Portfolio | 5.0% |
| 1290 Diversified Bond Fund | 4.5% |
| EQ/PIMCO Ultra Short Bond Portfolio | 4.3% |
| EQ/Long-Term Bond Portfolio | 3.5% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A108-B

146419_B

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

Annual Shareholder Report - December 31, 2025 3 Target 2035 Allocation Portfolio (Class IB)

------

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

## TARGET 2035 ALLOCATION PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the Target 2035 Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class K | $32 | 0.30% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 16.03% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The U.S. large cap equity asset category was the strongest contributor to total return.<br>• With an average weighting of 33%, the Portfolio's investment in the EQ/Equity 500 Index Portfolio was the top contributor to performance.<br>• Exposure to international equities, including emerging markets, also contributed to total return.<br>**What detracted from performance during the year?**<br>• The Portfolio's allocations to the small cap and mid cap equity asset classes detracted from total return relative to the large cap equity asset class.<br>• Within the equity asset class, the Portfolio's investments in the EQ/American Century Mid Cap Value Portfolio and EQ/Janus Enterprise Portfolio contributed the least to total return.<br>• The Portfolio's average allocation of 28% to the ﬁxed income asset class did not contribute meaningfully to total return.<br>

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

Annual Shareholder Report - December 31, 2025 1 Target 2035 Allocation Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index and S&P Target Date 2035 Index over the same period.

![LOGO](g897067g10a23.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;Target 2035 Allocation Portfolio (Class K) | 16.03% | 7.77% | 9.23% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;S&P Target Date 2035 Index | 16.80% | 8.19% | 9.32% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $294609321 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 16 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $271159 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 12% |

---

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

Annual Shareholder Report - December 31, 2025 2 Target 2035 Allocation Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

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

---

---

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

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/Equity 500 Index Portfolio | 32.7% |
| EQ/International Equity Index Portfolio | 11.2% |
| EQ/Small Company Index Portfolio | 8.8% |
| EQ/MFS International Growth Portfolio | 6.1% |
| EQ/Emerging Markets Equity PLUS Portfolio | 5.2% |
| EQ/Core Plus Bond Portfolio | 5.2% |
| 1290 VT High Yield Bond Portfolio | 5.0% |
| 1290 Diversified Bond Fund | 4.5% |
| EQ/PIMCO Ultra Short Bond Portfolio | 4.3% |
| EQ/Long-Term Bond Portfolio | 3.5% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A108-K

146419_K

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

Annual Shareholder Report - December 31, 2025 3 Target 2035 Allocation Portfolio (Class K)

------

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

## TARGET 2045 ALLOCATION PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the Target 2045 Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class IB | $60 | 0.55% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 16.81% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The U.S. large cap equity asset category was the strongest contributor to total return.<br>• With an average weighting of 38%, the Portfolio's investment in the EQ/Equity 500 Index Portfolio was the top contributor to performance.<br>• Exposure to international equities, including emerging markets, also contributed to total return.<br>**What detracted from performance during the year?**<br>• The Portfolio's allocations to the small cap and mid cap equity asset classes detracted from total return relative to the large cap equity asset class.<br>• Within the equity asset class, the Portfolio's investments in the EQ/Janus Enterprise Portfolio and EQ/American Century Mid Cap Value Portfolio contributed the least to total return.<br>• The Portfolio's average allocation of 18% to the fixed income asset class did not contribute meaningfully to total return.<br>

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

Annual Shareholder Report - December 31, 2025 1 Target 2045 Allocation Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index and S&P Target Date 2045 Index over the same period.

![LOGO](g897067g16a26.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;Target 2045 Allocation Portfolio (Class IB) | 16.81% | 8.58% | 9.86% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;S&P Target Date 2045 Index | 19.48% | 9.84% | 10.54% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $280752302 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 16 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $257571 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 11% |

---

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

Annual Shareholder Report - December 31, 2025 2 Target 2045 Allocation Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 100.1% |
| &nbsp;&nbsp;&nbsp;Equity | 81.3% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 18.8% |  |
| **Cash and Other Assets Less Liabilities** |  | -0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/Equity 500 Index Portfolio | 37.7% |
| EQ/International Equity Index Portfolio | 13.0% |
| EQ/Small Company Index Portfolio | 10.1% |
| EQ/MFS International Growth Portfolio | 6.9% |
| EQ/Emerging Markets Equity PLUS Portfolio | 5.9% |
| EQ/Core Plus Bond Portfolio | 3.3% |
| 1290 VT High Yield Bond Portfolio | 3.0% |
| EQ/Value Equity Portfolio | 2.9% |
| EQ/Core Bond Index Portfolio | 2.7% |
| 1290 Diversified Bond Fund | 2.6% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A109-B

146420_B

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

Annual Shareholder Report - December 31, 2025 3 Target 2045 Allocation Portfolio (Class IB)

------

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

## TARGET 2045 ALLOCATION PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the Target 2045 Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class K | $33 | 0.30% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 17.08% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The U.S. large cap equity asset category was the strongest contributor to total return.<br>• With an average weighting of 38%, the Portfolio's investment in the EQ/Equity 500 Index Portfolio was the top contributor to performance.<br>• Exposure to international equities, including emerging markets, also contributed to total return.<br>**What detracted from performance during the year?**<br>• The Portfolio's allocations to the small cap and mid cap equity asset classes detracted from total return relative to the large cap equity asset class.<br>• Within the equity asset class, the Portfolio's investments in the EQ/Janus Enterprise Portfolio and EQ/American Century Mid Cap Value Portfolio contributed the least to total return.<br>• The Portfolio's average allocation of 18% to the fixed income asset class did not contribute meaningfully to total return.<br>

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

Annual Shareholder Report - December 31, 2025 1 Target 2045 Allocation Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index and S&P Target Date 2045 Index over the same period.

![LOGO](g897067g00v05.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;Target 2045 Allocation Portfolio (Class K) | 17.08% | 8.85% | 10.14% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;S&P Target Date 2045 Index | 19.48% | 9.84% | 10.54% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $280752302 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 16 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $257571 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 11% |

---

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

Annual Shareholder Report - December 31, 2025 2 Target 2045 Allocation Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 100.1% |
| &nbsp;&nbsp;&nbsp;Equity | 81.3% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 18.8% |  |
| **Cash and Other Assets Less Liabilities** |  | -0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/Equity 500 Index Portfolio | 37.7% |
| EQ/International Equity Index Portfolio | 13.0% |
| EQ/Small Company Index Portfolio | 10.1% |
| EQ/MFS International Growth Portfolio | 6.9% |
| EQ/Emerging Markets Equity PLUS Portfolio | 5.9% |
| EQ/Core Plus Bond Portfolio | 3.3% |
| 1290 VT High Yield Bond Portfolio | 3.0% |
| EQ/Value Equity Portfolio | 2.9% |
| EQ/Core Bond Index Portfolio | 2.7% |
| 1290 Diversified Bond Fund | 2.6% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A109-K

146420_K

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

Annual Shareholder Report - December 31, 2025 3 Target 2045 Allocation Portfolio (Class K)

------

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

## TARGET 2055 ALLOCATION PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the Target 2055 Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class IB | $68 | 0.63% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 17.90% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The U.S. large cap equity asset category was the strongest contributor to total return.<br>• With an average weighting of 42%, the Portfolio's investment in the EQ/Equity 500 Index Portfolio was the top contributor to performance.<br>• Exposure to international equities, including emerging markets, also contributed to total return.<br>**What detracted from performance during the year?**<br>• The Portfolio's allocations to the small cap and mid cap equity asset classes detracted from total return relative to the large cap equity asset class.<br>• Within the equity asset class, the Portfolio's investments in the EQ/Janus Enterprise Portfolio and EQ/American Century Mid Cap Value Portfolio contributed the least to total return.<br>• The Portfolio's average allocation of 8% to the fixed income asset class did not contribute meaningfully to total return.<br>

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

Annual Shareholder Report - December 31, 2025 1 Target 2055 Allocation Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index and S&P Target Date 2055 Index over the same period.

![LOGO](g897067g00v06.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;Target 2055 Allocation Portfolio (Class IB) | 17.90% | 9.51% | 10.81% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;S&P Target Date 2055 Index | 20.06% | 10.27% | 10.91% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $162961414 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 16 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $142492 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 4% |

---

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

Annual Shareholder Report - December 31, 2025 2 Target 2055 Allocation Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |  |
| **Investment Companies** |  | 100.0% |  |
| &nbsp;&nbsp;&nbsp;Equity | 91.2% |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 8.8% |  |  |
| **Cash and Other Assets Less Liabilities** |  | 0.0% | <sup>#</sup> |

---

---

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

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/Equity 500 Index Portfolio | 41.4% |
| EQ/International Equity Index Portfolio | 14.4% |
| EQ/Small Company Index Portfolio | 12.0% |
| EQ/MFS International Growth Portfolio | 8.8% |
| EQ/Emerging Markets Equity PLUS Portfolio | 6.1% |
| EQ/Value Equity Portfolio | 4.1% |
| Multimanager Aggressive Equity Portfolio | 2.0% |
| 1290 VT High Yield Bond Portfolio | 1.9% |
| EQ/Core Plus Bond Portfolio | 1.6% |
| EQ/Long-Term Bond Portfolio | 1.4% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A110-B

153096_B

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

Annual Shareholder Report - December 31, 2025 3 Target 2055 Allocation Portfolio (Class IB)

------

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

## TARGET 2055 ALLOCATION PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the Target 2055 Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class K | $41 | 0.38% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 18.22% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The U.S. large cap equity asset category was the strongest contributor to total return.<br>• With an average weighting of 42%, the Portfolio's investment in the EQ/Equity 500 Index Portfolio was the top contributor to performance.<br>• Exposure to international equities, including emerging markets, also contributed to total return.<br>**What detracted from performance during the year?**<br>• The Portfolio's allocations to the small cap and mid cap equity asset classes detracted from total return relative to the large cap equity asset class.<br>• Within the equity asset class, the Portfolio's investments in the EQ/Janus Enterprise Portfolio and EQ/American Century Mid Cap Value Portfolio contributed the least to total return.<br>• The Portfolio's average allocation of 8% to the ﬁxed income asset class did not contribute meaningfully to total return.<br>

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

Annual Shareholder Report - December 31, 2025 1 Target 2055 Allocation Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index and S&P Target Date 2055 Index over the same period.

![LOGO](g897067g00v07.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;Target 2055 Allocation Portfolio (Class K) | 18.22% | 9.78% | 11.08% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;S&P Target Date 2055 Index | 20.06% | 10.27% | 10.91% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reﬂect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $162961414 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 16 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $142492 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 4% |

---

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

Annual Shareholder Report - December 31, 2025 2 Target 2055 Allocation Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |  |
| **Investment Companies** |  | 100.0% |  |
| &nbsp;&nbsp;&nbsp;Equity | 91.2% |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 8.8% |  |  |
| **Cash and Other Assets Less Liabilities** |  | 0.0% | <sup>#</sup> |

---

---

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

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/Equity 500 Index Portfolio | 41.4% |
| EQ/International Equity Index Portfolio | 14.4% |
| EQ/Small Company Index Portfolio | 12.0% |
| EQ/MFS International Growth Portfolio | 8.8% |
| EQ/Emerging Markets Equity PLUS Portfolio | 6.1% |
| EQ/Value Equity Portfolio | 4.1% |
| Multimanager Aggressive Equity Portfolio | 2.0% |
| 1290 VT High Yield Bond Portfolio | 1.9% |
| EQ/Core Plus Bond Portfolio | 1.6% |
| EQ/Long-Term Bond Portfolio | 1.4% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A110-K

153096_K

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

Annual Shareholder Report - December 31, 2025 3 Target 2055 Allocation Portfolio (Class K)

------

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

## 1290 VT MODERATE GROWTH ALLOCATION PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the 1290 VT Moderate Growth Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class IB | $111 | 1.04% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 13.34% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The international equity asset class provided the highest positive impact on performance, contributing approximately 5.6% to the Portfolio's total return during the year.<br>• The large cap equity asset class also had a positive impact, contributing approximately 5.1% to the Portfolio's total return.<br>• Maintaining an overweight position in equities throughout most of the year also contributed to performance, as equities outperformed ﬁxed income.<br>**What detracted from performance during the year?**<br>• Volatility management detracted from performance. In response to market volatility triggered by U.S. trade policy, the Portfolio de-equitized in April, which limited the Portfolio's participation in the subsequent equity market recovery.<br>• Cash equivalents had a negligible impact on performance, with a near zero-return contribution.<br>• The U.S. small cap equity asset class contributed a modest 0.3% to the Portfolio's total return.<br>

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

Annual Shareholder Report - December 31, 2025 1 1290 VT Moderate Growth Allocation Portfolio (Class IB)

------

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

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the S&P 500<sup>®</sup> Index, 1290 VT Moderate Growth Allocation Index and Bloomberg U.S. Credit Corporate 5-10 Year Index over the same period.

![LOGO](g897067g10a10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | Since<br>Inception\* |
| &nbsp;&nbsp;&nbsp;1290 VT Moderate Growth Allocation Portfolio (Class IB) | 13.34% | 6.32% | 7.46% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 16.22% |
| &nbsp;&nbsp;&nbsp;1290 VT Moderate Growth Allocation Index | 16.28% | 7.64% | 9.71% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Credit Corporate 5-10 Year Index | 9.58% | 0.86% | 3.58% |

---

\* Date of inception: February 1, 2019

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $244972422 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 10 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $1378904 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 35% |

---

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

Annual Shareholder Report - December 31, 2025 2 1290 VT Moderate Growth Allocation Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Exchange Traded Funds** |  | 99.6% |
| &nbsp;&nbsp;&nbsp;Equity | 64.4% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 35.2% |  |
| **Short-Term Investments** |  | 0.6% |
| **Cash and Other Assets Less Liabilities** |  | -0.2% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Vanguard Intermediate-Term Corporate Bond ETF | 35.2% |
| Vanguard S&P 500 ETF | 16.2% |
| iShares Core S&P 500 ETF | 16.0% |
| iShares Core MSCI EAFE ETF | 15.1% |
| Vanguard Large-Cap ETF | 5.4% |
| iShares Core S&P Mid-Cap ETF | 5.2% |
| iShares MSCI EAFE ETF | 4.4% |
| iShares Russell 2000 ETF | 1.1% |
| iShares Core S&P Small-Cap ETF | 1.0% |
| JPMorgan Prime Money Market Fund, IM Shares | 0.6% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A008-B

159931_B

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

Annual Shareholder Report - December 31, 2025 3 1290 VT Moderate Growth Allocation Portfolio (Class IB)

------

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

## 1290 VT MULTI-ALTERNATIVE STRATEGIES PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the 1290 VT Multi-Alternative Strategies Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class IB | $117 | 1.10% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 13.40% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Commodities asset category was the top contributor to performance, adding approximately 4.8% to the Portfolio's total return during the year. Commodities surged 31.4%, driven by a 72.8% gain in precious metals.<br>• The Convertible Securities asset category also delivered strong results, contributing 2.9% to the Portfolio's total return.<br>• The Managed Futures and Global Real Estate asset categories added 1.7% and 1.6%, respectively, beneﬁting from trend-following strategies and international property rebounds.<br>**What detracted from performance during the year?**<br>• The Real Return asset category contributed the least to performance.<br>• Within the Commodities asset category, exposures to energy and agriculture were minor detractors.<br>• The Portfolio's cash position was a negligible detractor.<br>

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

Annual Shareholder Report - December 31, 2025 1 1290 VT Multi-Alternative Strategies Portfolio (Class IB)

------

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

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the Bloomberg U.S. Aggregate Bond Index and ICE BofA U.S. 3-Month Treasury Bill Index over the same period.

![LOGO](g897067g10a13.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | Since<br>Inception\* |
| &nbsp;&nbsp;&nbsp;1290 VT Multi-Alternative Strategies Portfolio (Class IB) | 13.40% | 3.50% | 3.22% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 1.78% |
| &nbsp;&nbsp;&nbsp;ICE BofA U.S. 3-Month Treasury Bill Index | 4.21% | 3.19% | 2.57% |

---

\* Date of inception: November 13, 2017

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $10406734 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 12 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid (net of waiver) | $0 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 22% |

---

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

Annual Shareholder Report - December 31, 2025 2 1290 VT Multi-Alternative Strategies Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Asset Class (as a % of Net Assets) | Asset Class (as a % of Net Assets) | Asset Class (as a % of Net Assets) |
| **Exchange Traded Funds** |  | 99.5% |
| &nbsp;&nbsp;&nbsp;Fixed Income | 28.9% |  |
| &nbsp;&nbsp;&nbsp;Equity | 28.2% |  |
| &nbsp;&nbsp;&nbsp;Alternatives | 25.8% |  |
| &nbsp;&nbsp;&nbsp;Commodity | 16.6% |  |
| **Short-Term Investments** |  | 16.7% |
| **Cash and Other Assets Less Liabilities** |  | -16.2% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| iShares Convertible Bond ETF | 16.6% |
| NYLI Merger Arbitrage ETF | 13.5% |
| Vanguard Short-Term Inflation-Protected Securities ETF | 12.3% |
| iMGP DBi Managed Futures Strategy ETF | 12.3% |
| JPMorgan Equity Premium Income ETF | 9.4% |
| Invesco DB Precious Metals Fund | 8.3% |
| Vanguard Global ex-U.S. Real Estate ETF | 6.9% |
| iShares Core U.S. REIT ETF | 6.8% |
| JPMorgan Nasdaq Equity Premium Income ETF | 5.1% |
| Invesco DB Agriculture Fund | 4.2% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A009-B

157176_B

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

Annual Shareholder Report - December 31, 2025 3 1290 VT Multi-Alternative Strategies Portfolio (Class IB)

------

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

## 1290 VT MULTI-ALTERNATIVE STRATEGIES PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the 1290 VT Multi-Alternative Strategies Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class K | $91 | 0.85% |
|  <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | <br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 13.65% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Commodities asset category was the top contributor to performance, adding approximately 4.8% to the Portfolio's total return during the year. Commodities surged 31.4%, driven by a 72.8% gain in precious metals.<br>• The Convertible Securities asset category also delivered strong results, contributing 2.9% to the Portfolio's total return.<br>• The Managed Futures and Global Real Estate asset categories added 1.7% and 1.6%, respectively, beneﬁting from trend-following strategies and international property rebounds.<br>**What detracted from performance during the year?**<br>• The Real Return asset category contributed the least to performance.<br>• Within the Commodities asset category, exposures to energy and agriculture were minor detractors.<br>• The Portfolio's cash position was a negligible detractor.<br>

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

Annual Shareholder Report - December 31, 2025 1 1290 VT Multi-Alternative Strategies Portfolio (Class K)

------

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

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the Bloomberg U.S. Aggregate Bond Index and ICE BofA U.S. 3-Month Treasury Bill Index over the same period.

![LOGO](g897067g10a16.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | Since<br>Inception\* |
| &nbsp;&nbsp;&nbsp;1290 VT Multi-Alternative Strategies Portfolio (Class K) | 13.65% | 3.75% | 3.48% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 1.78% |
| &nbsp;&nbsp;&nbsp;ICE BofA U.S. 3-Month Treasury Bill Index | 4.21% | 3.19% | 2.57% |

---

\* Date of inception: November 13, 2017

#### The Portfolio's past performance is not a good predictor of the Por tfo lio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $10406734 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 12 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid (net of waiver) | $0 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 22% |

---

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

Annual Shareholder Report - December 31, 2025 2 1290 VT Multi-Alternative Strategies Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Asset Class (as a % of Net Assets) | Asset Class (as a % of Net Assets) | Asset Class (as a % of Net Assets) |
| **Exchange Traded Funds** |  | 99.5% |
| &nbsp;&nbsp;&nbsp;Fixed Income | 28.9% |  |
| &nbsp;&nbsp;&nbsp;Equity | 28.2% |  |
| &nbsp;&nbsp;&nbsp;Alternatives | 25.8% |  |
| &nbsp;&nbsp;&nbsp;Commodity | 16.6% |  |
| **Short-Term Investments** |  | 16.7% |
| **Cash and Other Assets Less Liabilities** |  | -16.2% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| iShares Convertible Bond ETF | 16.6% |
| NYLI Merger Arbitrage ETF | 13.5% |
| Vanguard Short-Term Inflation-Protected Securities ETF | 12.3% |
| iMGP DBi Managed Futures Strategy ETF | 12.3% |
| JPMorgan Equity Premium Income ETF | 9.4% |
| Invesco DB Precious Metals Fund | 8.3% |
| Vanguard Global ex-U.S. Real Estate ETF | 6.9% |
| iShares Core U.S. REIT ETF | 6.8% |
| JPMorgan Nasdaq Equity Premium Income ETF | 5.1% |
| Invesco DB Agriculture Fund | 4.2% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A009-K

157176_K

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

Annual Shareholder Report - December 31, 2025 3 1290 VT Multi-Alternative Strategies Portfolio (Class K)

------

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

## 1290 VT CONVERTIBLE SECURITIES PORTFOLIO (CLASS IB)
&nbsp;&nbsp; <br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the 1290 VT Convertible Securities Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $97 | 0.90% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 15.79% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• Convertible bonds delivered strong returns in 2025, outperforming the broader stock market and traditional investment-grade debt.<br>• In general, the decline in U.S. Treasury yields provided a favorable backdrop for ﬁxed income markets.<br>• The sectors that contributed the most to the Portfolio's performance were Industrials and Information Technology.<br>• Convertible preferred stock issued by The Boeing Company was the top contributor to performance.<br>**What detracted from performance during the year?**<br>• Sectors that detracted included Transportation, Insurance, and Brokerage, Asset Managers, and Exchanges.<br>• A small allocation to cash also detracted.<br>

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

Annual Shareholder Report - December 31, 2025 1 1290 VT Convertible Securities Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Convertible Liquid Bond Index over the same period.

![LOGO](g897067g10a19.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;1290 VT Convertible Securities Portfolio (Class IB) | 15.79% | 2.91% | 8.89% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Convertible Liquid Bond Index | 16.95% | 4.00% | 11.40% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $57277690 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 330 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $161379 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 39% |

---

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

Annual Shareholder Report - December 31, 2025 2 1290 VT Convertible Securities Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 34.5% |
| Consumer Discretionary | 13.9% |
| Health Care | 11.2% |
| Financials | 10.6% |
| Utilities | 10.5% |
| Industrials | 8.5% |
| Communication Services | 3.5% |
| Real Estate | 2.9% |
| Materials | 1.9% |
| Energy | 1.5% |
| Consumer Staples | 0.5% |
| Short-Term Investments | 0.3% |
| Cash and Other Assets Less Liabilities | 0.2% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Boeing Co. (The), 6.00% | 2.3% |
| Alibaba Group Holding Ltd., 0.50%, 6/1/31 | 2.3% |
| Western Digital Corp., 3.00%, 11/15/28 | 2.2% |
| Wells Fargo & Co., 7.50% | 1.4% |
| Bank of America Corp., 7.25% | 1.1% |
| Lumentum Holdings, Inc., 1.50%, 12/15/29 | 1.1% |
| Seagate HDD Cayman, 3.50%, 6/1/28 | 1.0% |
| DoorDash, Inc., 0.00%, 5/15/30 | 0.8% |
| Albemarle Corp., 7.25% | 0.8% |
| Lumentum Holdings, Inc., 0.38%, 3/15/32 | 0.8% |

---

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A001-B

152501_B

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

Annual Shareholder Report - December 31, 2025 3 1290 VT Convertible Securities Portfolio (Class IB)

------

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

## 1290 VT CONVERTIBLE SECURITIES PORTFOLIO (CLASS K)
&nbsp;&nbsp; <br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the 1290 VT Convertible Securities Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $70 | 0.65% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 16.09% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• Convertible bonds delivered strong returns in 2025, outperforming the broader stock market and traditional investment-grade debt.<br>• In general, the decline in U.S. Treasury yields provided a favorable backdrop for ﬁxed income markets.<br>• The sectors that contributed the most to the Portfolio's performance were Industrials and Information Technology.<br>• Convertible preferred stock issued by The Boeing Company was the top contributor to performance.<br>**What detracted from performance during the year?**<br>• Sectors that detracted included Transportation, Insurance, and Brokerage, Asset Managers, and Exchanges.<br>• A small allocation to cash also detracted.<br>

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

Annual Shareholder Report - December 31, 2025 1 1290 VT Convertible Securities Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Convertible Liquid Bond Index over the same period.

![LOGO](g897067g10a22.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;1290 VT Convertible Securities Portfolio (Class K) | 16.09% | 3.17% | 9.16% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Convertible Liquid Bond Index | 16.95% | 4.00% | 11.40% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $57277690 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 330 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $161379 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 39% |

---

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

Annual Shareholder Report - December 31, 2025 2 1290 VT Convertible Securities Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 34.5% |
| Consumer Discretionary | 13.9% |
| Health Care | 11.2% |
| Financials | 10.6% |
| Utilities | 10.5% |
| Industrials | 8.5% |
| Communication Services | 3.5% |
| Real Estate | 2.9% |
| Materials | 1.9% |
| Energy | 1.5% |
| Consumer Staples | 0.5% |
| Short-Term Investments | 0.3% |
| Cash and Other Assets Less Liabilities | 0.2% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Boeing Co. (The), 6.00% | 2.3% |
| Alibaba Group Holding Ltd., 0.50%, 6/1/31 | 2.3% |
| Western Digital Corp., 3.00%, 11/15/28 | 2.2% |
| Wells Fargo & Co., 7.50% | 1.4% |
| Bank of America Corp., 7.25% | 1.1% |
| Lumentum Holdings, Inc., 1.50%, 12/15/29 | 1.1% |
| Seagate HDD Cayman, 3.50%, 6/1/28 | 1.0% |
| DoorDash, Inc., 0.00%, 5/15/30 | 0.8% |
| Albemarle Corp., 7.25% | 0.8% |
| Lumentum Holdings, Inc., 0.38%, 3/15/32 | 0.8% |

---

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A001-K

152501_K

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

Annual Shareholder Report - December 31, 2025 3 1290 VT Convertible Securities Portfolio (Class K)

------

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

## 1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the 1290 VT DoubleLine Opportunistic Bond Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $92 | 0.89% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 7.25% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Portfolio's top performing sectors were emerging market local-currency debt and high yield bonds.<br>• Emerging market local-currency debt delivered strong performance in Q4 2025, buoyed by a softer U.S. dollar, improving emerging market growth fundamentals, and attractive yield differentials as global rate-cut expectations broadened<br>• High yield debt performed well in Q4 2025 as tight credit spreads, resilient corporate fundamentals, and strong coupon income supported returns, while falling front-end rates from consecutive Fed cuts helped reinforce demand for carry-oriented credit.<br>**What detracted from performance during the year?**<br>• While all sectors generated positive returns, U.S. Treasuries and emerging markets ﬁxed income lagged the most.<br>• Emerging markets ﬁxed income underperformed as rising long-maturity U.S. Treasury yields and a bear-steepening curve pressured hard-currency sovereign spreads, while ﬁscal and inﬂation uncertainty weighed more heavily on dollar-denominated emerging markets credit.<br>• U.S. Treasuries lagged as rising intermediate- and long-maturity yields led to a pronounced bear-steepening of the curve, with longer-duration government securities facing headwinds due to persistent ﬁscal and inﬂation uncertainty that muted total returns relative to credit-oriented sectors.<br>

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

Annual Shareholder Report - December 31, 2025 1 1290 VT DoubleLine Opportunistic Bond Portfolio (Class IB)

------

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

#### How did the Portfolio perf or m over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg U.S. Aggregate Bond Index over the same period.

![LOGO](g897067g01k25.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;1290 VT DoubleLine Opportunistic Bond Portfolio (Class IB) | 7.25% | 0.27% | 2.12% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $520706847 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 846 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $2552628 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 52% |

---

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

Annual Shareholder Report - December 31, 2025 2 1290 VT DoubleLine Opportunistic Bond Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |  |
| Mortgage-Backed Securities | 22.8% |  |
| Corporate Bonds | 22.6% |  |
| U.S. Treasury Obligations | 21.0% |  |
| Asset-Backed Securities | 16.5% |  |
| Collateralized Mortgage Obligations | 6.3% |  |
| Commercial Mortgage-Backed Securities | 5.5% |  |
| Investment Companies | 3.0% |  |
| Foreign Government Securities | 0.8% |  |
| Common Stocks | 0.0% | <sup>#</sup> |
| Short-Term Investments | 0.7% |  |
| Cash and Other Assets Less Liabilities | 0.8% |  |

---

---

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

---

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

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A002-B

153115_B

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

Annual Shareholder Report - December 31, 2025 3 1290 VT DoubleLine Opportunistic Bond Portfolio (Class IB)

------

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

## 1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the 1290 VT DoubleLine Opportunistic Bond Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $66 | 0.64% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 7.63% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Portfolio's top performing sectors were emerging market local-currency debt and high yield bonds.<br>• Emerging market local-currency debt delivered strong performance in Q4 2025, buoyed by a softer U.S. dollar, improving emerging market growth fundamentals, and attractive yield differentials as global rate-cut expectations broadened<br>• High yield debt performed well in Q4 2025 as tight credit spreads, resilient corporate fundamentals, and strong coupon income supported returns, while falling front-end rates from consecutive Fed cuts helped reinforce demand for carry-oriented credit.<br>**What detracted from performance during the year?**<br>• While all sectors generated positive returns, U.S. Treasuries and emerging markets fixed income lagged the most.<br>• Emerging markets fixed income underperformed as rising long-maturity U.S. Treasury yields and a bear-steepening curve pressured hard-currency sovereign spreads, while fiscal and inflation uncertainty weighed more heavily on dollar-denominated emerging markets credit.<br>• U.S. Treasuries lagged as rising intermediate- and long-maturity yields led to a pronounced bear-steepening of the curve, with longer-duration government securities facing headwinds due to persistent fiscal and inflation uncertainty that muted total returns relative to credit-oriented sectors.<br>

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

Annual Shareholder Report - December 31, 2025 1 1290 VT Doubleline Opportunistic Bond Portfolio (Class K)

------

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

#### How did the Portfolio pe rfo rm over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg U.S. Aggregate Bond Index over the same period.

![LOGO](g897067g01k28.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;1290 VT DoubleLine Opportunistic Bond Portfolio (Class K) | 7.63% | 0.52% | 2.38% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $520706847 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 846 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $2552628 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 52% |

---

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

Annual Shareholder Report - December 31, 2025 2 1290 VT DoubleLine Opportunistic Bond Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |  |
| Mortgage-Backed Securities | 22.8% |  |
| Corporate Bonds | 22.6% |  |
| U.S. Treasury Obligations | 21.0% |  |
| Asset-Backed Securities | 16.5% |  |
| Collateralized Mortgage Obligations | 6.3% |  |
| Commercial Mortgage-Backed Securities | 5.5% |  |
| Investment Companies | 3.0% |  |
| Foreign Government Securities | 0.8% |  |
| Common Stocks | 0.0% | <sup>#</sup> |
| Short-Term Investments | 0.7% |  |
| Cash and Other Assets Less Liabilities | 0.8% |  |

---

---

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

---

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

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A002-K

153115_K

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

Annual Shareholder Report - December 31, 2025 3 1290 VT DoubleLine Opportunistic Bond Portfolio (Class K)

------

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

## 1290 VT EQUITY INCOME PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the 1290 VT Equity Income Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $101 | 0.95% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 13.04% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• Overall, eight of eleven sectors contributed positively to the Portfolio's performance during the year.<br>• The Financials, Health Care, and Industrials sectors contributed the most to performance.<br>• 67% of the stocks in the Portfolio had a positive impact on performance. The top 5 contributors were CVS Health Corporation, JPMorgan Chase & Co., Philip Morris International Inc., Johnson Controls International PLC, and Smith & Nephew PLC.<br>**What detracted from performance during the year?**<br>• Three sectors had a negative impact on the Portfolio's performance during the year.<br>• The Consumer Discretionary, Materials, and Communication Services sectors detracted from performance.<br>• 33% of the stocks in the Portfolio had a negative impact on performance. The stocks that detracted the most were UnitedHealth Group Inc., Comcast Corporation, Fidelity National Information Services, Inc., Air Products and Chemicals, Inc., and Skyworks Solutions, Inc.<br>

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

Annual Shareholder Report - December 31, 2025 1 1290 VT Equity Income Portfolio (Class IB)

------

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

#### How did the Portfolio pe rfo rm over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and Russell 1000<sup>®</sup> Value Index over the same period.

![LOGO](g897067g01k31.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;1290 VT Equity Income Portfolio (Class IB) | 13.04% | 11.25% | 8.85% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $445757273 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 46 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $2618364 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 21% |

---

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

Annual Shareholder Report - December 31, 2025 2 1290 VT Equity Income Portfolio (Class IB)

------

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

#### What did the Portfolio inv est in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 20.1% |
| Health Care | 15.7% |
| Consumer Staples | 13.2% |
| Energy | 10.1% |
| Utilities | 8.5% |
| Industrials | 8.0% |
| Real Estate | 7.5% |
| Materials | 6.8% |
| Information Technology | 6.1% |
| Communication Services | 3.0% |
| Short-Term Investments | 2.4% |
| Cash and Other Assets Less Liabilities | -1.4% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Merck & Co., Inc. | 4.0% |
| JPMorgan Chase & Co. | 3.6% |
| Pinnacle West Capital Corp. | 3.1% |
| Chevron Corp. | 3.1% |
| Northern Trust Corp. | 3.0% |
| Xcel Energy, Inc. | 3.0% |
| Prologis, Inc. (REIT) | 3.0% |
| Wells Fargo & Co. | 2.9% |
| Unilever plc (ADR) | 2.9% |
| Air Products and Chemicals, Inc. | 2.9% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A003-B

146436_B

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

Annual Shareholder Report - December 31, 2025 3 1290 VT Equity Income Portfolio (Class IB)

------

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

## 1290 VT EQUITY INCOME PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the 1290 VT Equity Income Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $75 | 0.70% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 13.21% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• Overall, eight of eleven sectors contributed positively to the Portfolio's performance during the year.<br>• The Financials, Health Care, and Industrials sectors contributed the most to performance.<br>• 67% of the stocks in the Portfolio had a positive impact on performance. The top 5 contributors were CVS Health Corporation, JPMorgan Chase & Co., Philip Morris International Inc., Johnson Controls International PLC, and Smith & Nephew PLC.<br>**What detracted from performance during the year?**<br>• Three sectors had a negative impact on the Portfolio's performance during the year.<br>• The Consumer Discretionary, Materials, and Communication Services sectors detracted from performance.<br>• 33% of the stocks in the Portfolio had a negative impact on performance. The stocks that detracted the most were UnitedHealth Group Inc., Comcast Corporation, Fidelity National Information Services, Inc., Air Products and Chemicals, Inc., and Skyworks Solutions, Inc.<br>

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

Annual Shareholder Report - December 31, 2025 1 1290 VT Equity Income Portfolio (Class K)

------

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

#### How did the Portfolio perform o ver the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and Russell 1000<sup>®</sup> Value Index over the same period.

![LOGO](g897067g01k34.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;1290 VT Equity Income Portfolio (Class K) | 13.21% | 11.52% | 9.11% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $445757273 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 46 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $2618364 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 21% |

---

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

Annual Shareholder Report - December 31, 2025 2 1290 VT Equity Income Portfolio (Class K)

------

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

#### What did the P ort folio in ve st in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 20.1% |
| Health Care | 15.7% |
| Consumer Staples | 13.2% |
| Energy | 10.1% |
| Utilities | 8.5% |
| Industrials | 8.0% |
| Real Estate | 7.5% |
| Materials | 6.8% |
| Information Technology | 6.1% |
| Communication Services | 3.0% |
| Short-Term Investments | 2.4% |
| Cash and Other Assets Less Liabilities | -1.4% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Merck & Co., Inc. | 4.0% |
| JPMorgan Chase & Co. | 3.6% |
| Pinnacle West Capital Corp. | 3.1% |
| Chevron Corp. | 3.1% |
| Northern Trust Corp. | 3.0% |
| Xcel Energy, Inc. | 3.0% |
| Prologis, Inc. (REIT) | 3.0% |
| Wells Fargo & Co. | 2.9% |
| Unilever plc (ADR) | 2.9% |
| Air Products and Chemicals, Inc. | 2.9% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g897067g00v00.jpg) <br>|

---

A003-K

146436_K

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

Annual Shareholder Report - December 31, 2025 3 1290 VT Equity Income Portfolio (Class K)

------

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

## 1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the 1290 VT GAMCO Mergers & Acquisitions Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $135 | 1.25% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 15.91% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• A resurgence in deal activity helped drive performance during the year, with global M&A volume up nearly 50% to $4.6 trillion for 2025. Higher deal activity was underpinned by the need for scale in a world increasingly dominated by technology and the tech giants, lower financing costs and a more flexible regulatory environment.<br>• Communication Services was the highest contributor to return by sector on an absolute basis for the year.<br>• Millicom International Cellular SA, a Latin American wireless carrier, was a top contributor to performance. The company was up more than 150% during the year.<br>• Stock selection of small- and mid-capitalization holdings was the primary driver of returns by market capitalization during the period.<br>**What detracted from performance during the year?**<br>• Homebuilder Lennar Corporation was the biggest detractor from absolute performance. The company was down 22.8% during the year as the housing market faced challenges.<br>• The Portfolio's lower exposure to companies in the Information Technology sector was the primary detractor from relative performance.<br>• The Portfolio's underweight position in the Financials sector detracted from relative performance.<br>• Holdings of already announced deals detracted from performance relative to the broader market, as it was a strong period for the market in general.<br>

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

Annual Shareholder Report - December 31, 2025 1 1290 VT GAMCO Mergers & Acquisitions Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index and S&P Long-Only Merger Arbitrage Index over the same period.

![LOGO](g897067g01k37.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;1290 VT GAMCO Mergers & Acquisitions Portfolio (Class IB) | 15.91% | 7.70% | 5.38% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;S&P Long-Only Merger Arbitrage Index | 6.83% | 3.15% | 3.78% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $170767934 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 185 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $1367921 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 142% |

---

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

Annual Shareholder Report - December 31, 2025 2 1290 VT GAMCO Mergers & Acquisitions Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** |  |
| Communication Services | 19.9% |
| Industrials | 10.7% |
| Utilities | 10.6% |
| Materials | 9.2% |
| Information Technology | 6.3% |
| Health Care | 5.5% |
| Consumer Discretionary | 4.7% |
| Financials | 4.6% |
| Real Estate | 2.5% |
| Energy | 1.1% |
| Consumer Staples | 0.6% |
| Short-Term Investments | 22.3% |
| Cash and Other Assets Less Liabilities | 2.0% |

---

---

| | |
|:---|:---|
| **Top Holdings (as a % of Net Assets)** |  |
| JPMorgan Prime Money Market Fund, IM Shares | 19.5% |
| Conﬂuent, Inc., Class A | 4.2% |
| Fox Corp., Class B | 3.1% |
| Hillenbrand, Inc. | 2.8% |
| Southwest Gas Holdings, Inc. | 2.7% |
| National Fuel Gas Co. | 2.6% |
| Chart Industries, Inc. | 2.5% |
| TXNM Energy, Inc. | 2.5% |
| Vulcan Materials Co. | 2.3% |
| Atlanta Braves Holdings, Inc., Class A | 2.3% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A004-B

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

Annual Shareholder Report - December 31, 2025 3 1290 VT GAMCO Mergers & Acquisitions Portfolio (Class IB)

------

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

## 1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the 1290 VT GAMCO Mergers & Acquisitions Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $108 | 1.00% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 16.16% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• A resurgence in deal activity helped drive performance during the year, with global M&A volume up nearly 50% to $4.6 trillion for 2025. Higher deal activity was underpinned by the need for scale in a world increasingly dominated by technology and the tech giants, lower financing costs and a more flexible regulatory environment.<br>• Communication Services was the highest contributor to return by sector on an absolute basis for the year.<br>• Millicom International Cellular SA, a Latin American wireless carrier, was a top contributor to performance. The company was up more than 150% during the year.<br>• Stock selection of small- and mid-capitalization holdings was the primary driver of returns by market capitalization during the period.<br>**What detracted from performance during the year?**<br>• Homebuilder Lennar Corporation was the biggest detractor from absolute performance. The company was down 22.8% during the year as the housing market faced challenges.<br>• The Portfolio's lower exposure to companies in the Information Technology sector was the primary detractor from relative performance.<br>• The Portfolio's underweight position in the Financials sector detracted from relative performance.<br>• Holdings of already announced deals detracted from performance relative to the broader market, as it was a strong period for the market in general.<br>

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

Annual Shareholder Report - December 31, 2025 1 1290 VT GAMCO Mergers & Acquisitions Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index and S&P Long-Only Merger Arbitrage Index over the same period.

![LOGO](g897067g10a40.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;1290 VT GAMCO Mergers & Acquisitions Portfolio (Class K) | 16.16% | 7.96% | 5.65% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;S&P Long-Only Merger Arbitrage Index | 6.83% | 3.15% | 3.78% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $170767934 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 185 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $1367921 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 142% |

---

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

Annual Shareholder Report - December 31, 2025 2 1290 VT GAMCO Mergers & Acquisitions Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** |  |
| Communication Services | 19.9% |
| Industrials | 10.7% |
| Utilities | 10.6% |
| Materials | 9.2% |
| Information Technology | 6.3% |
| Health Care | 5.5% |
| Consumer Discretionary | 4.7% |
| Financials | 4.6% |
| Real Estate | 2.5% |
| Energy | 1.1% |
| Consumer Staples | 0.6% |
| Short-Term Investments | 22.3% |
| Cash and Other Assets Less Liabilities | 2.0% |

---

---

| | |
|:---|:---|
| **Top Holdings (as a % of Net Assets)** |  |
| JPMorgan Prime Money Market Fund, IM Shares | 19.5% |
| Conﬂuent, Inc., Class A | 4.2% |
| Fox Corp., Class B | 3.1% |
| Hillenbrand, Inc. | 2.8% |
| Southwest Gas Holdings, Inc. | 2.7% |
| National Fuel Gas Co. | 2.6% |
| Chart Industries, Inc. | 2.5% |
| TXNM Energy, Inc. | 2.5% |
| Vulcan Materials Co. | 2.3% |
| Atlanta Braves Holdings, Inc., Class A | 2.3% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A004-K

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

Annual Shareholder Report - December 31, 2025 3 1290 VT GAMCO Mergers & Acquisitions Portfolio (Class K)

------

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

## 1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the 1290 VT GAMCO Small Company Value Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $112 | 1.05% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 12.82% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Industrials sector was the largest contributor to the Portfolio's absolute performance during the year.<br>• Mueller Industries, Inc., a pipe and industrial component manufacturer, was the top contributor, up 46% during the year.<br>• Holdings in the Communication Services and Consumer Discretionary sectors were strong contributors, primarily driven by stock selection.<br>• Lower exposure to energy companies contributed slightly to relative returns.<br>**What detracted from performance during the year?**<br>• HERC Holdings, an equipment rental company, was the biggest detractor from absolute performance. The company was down about 20% during the year as the market digested its acquisition of H&E Equipment.<br>• An underweight position in the Financials sector detracted from relative performance.<br>• Lower exposure to companies in the Information Technology sector and a higher allocation to companies in the Consumer Staples sector also detracted from relative performance.<br>

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

Annual Shareholder Report - December 31, 2025 1 1290 VT GAMCO Small Company Value Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 3000<sup>®</sup> Index and Russell 2000<sup>®</sup> Value Index over the same period.

![LOGO](g897067g10a43.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;1290 VT GAMCO Small Company Value Portfolio (Class IB) | 12.82% | 11.24% | 10.77% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| &nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 9.27% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $3810087712 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 377 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $24780965 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 3% |

---

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

Annual Shareholder Report - December 31, 2025 2 1290 VT GAMCO Small Company Value Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Industrials | 46.5% |
| Consumer Discretionary | 14.3% |
| Communication Services | 9.2% |
| Materials | 5.0% |
| Utilities | 4.8% |
| Consumer Staples | 4.3% |
| Information Technology | 3.6% |
| Financials | 3.1% |
| Real Estate | 2.5% |
| Health Care | 2.1% |
| Energy | 1.4% |
| Short-Term Investments | 1.3% |
| Cash and Other Assets Less Liabilities | 1.9% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Mueller Industries, Inc. | 3.6% |
| GATX Corp. | 3.2% |
| Crane Co. | 2.5% |
| Herc Holdings, Inc. | 2.1% |
| AMETEK, Inc. | 1.7% |
| Modine Manufacturing Co. | 1.7% |
| Watts Water Technologies, Inc., Class A | 1.7% |
| Penske Automotive Group, Inc. | 1.6% |
| Republic Services, Inc. | 1.6% |
| Rush Enterprises, Inc., Class B | 1.6% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A005-B

146448_B

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

Annual Shareholder Report - December 31, 2025 3 1290 VT GAMCO Small Company Value Portfolio (Class IB)

------

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

## 1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the 1290 VT GAMCO Small Company Value Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $85 | 0.80% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 13.11% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Industrials sector was the largest contributor to the Portfolio's absolute performance during the year.<br>• Mueller Industries, Inc., a pipe and industrial component manufacturer, was the top contributor, up 46% during the year.<br>• Holdings in the Communication Services and Consumer Discretionary sectors were strong contributors, primarily driven by stock selection.<br>• Lower exposure to energy companies contributed slightly to relative returns.<br>**What detracted from performance during the year?**<br>• HERC Holdings, an equipment rental company, was the biggest detractor from absolute performance. The company was down about 20% during the year as the market digested its acquisition of H&E Equipment.<br>• An underweight position in the Financials sector detracted from relative performance.<br>• Lower exposure to companies in the Information Technology sector and a higher allocation to companies in the Consumer Staples sector also detracted from relative performance.<br>

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

Annual Shareholder Report - December 31, 2025 1 1290 VT GAMCO Small Company Value Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 3000<sup>®</sup> Index and Russell 2000<sup>®</sup> Value Index over the same period.

![LOGO](g897067g90j26.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;1290 VT GAMCO Small Company Value Portfolio (Class K) | 13.11% | 11.52% | 11.04% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| &nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 9.27% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $3810087712 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 377 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $24780965 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 3% |

---

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

Annual Shareholder Report - December 31, 2025 2 1290 VT GAMCO Small Company Value Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** |  |
| Industrials | 46.5% |
| Consumer Discretionary | 14.3% |
| Communication Services | 9.2% |
| Materials | 5.0% |
| Utilities | 4.8% |
| Consumer Staples | 4.3% |
| Information Technology | 3.6% |
| Financials | 3.1% |
| Real Estate | 2.5% |
| Health Care | 2.1% |
| Energy | 1.4% |
| Short-Term Investments | 1.3% |
| Cash and Other Assets Less Liabilities | 1.9% |

---

---

| | |
|:---|:---|
| **Top Holdings (as a % of Net Assets)** |  |
| Mueller Industries, Inc. | 3.6% |
| GATX Corp. | 3.2% |
| Crane Co. | 2.5% |
| Herc Holdings, Inc. | 2.1% |
| AMETEK, Inc. | 1.7% |
| Modine Manufacturing Co. | 1.7% |
| Watts Water Technologies, Inc., Class A | 1.7% |
| Penske Automotive Group, Inc. | 1.6% |
| Republic Services, Inc. | 1.6% |
| Rush Enterprises, Inc., Class B | 1.6% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A005-K

146448_K

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

Annual Shareholder Report - December 31, 2025 3 1290 VT GAMCO Small Company Value Portfolio (Class K)

------

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

## 1290 VT HIGH YIELD BOND PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the 1290 VT High Yield Bond Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $104 | 1.00% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 7.54% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• Credit selection and CCC-rated assets contributed to performance relative to the Portfolio's benchmark index.<br>• An underweight position and credit selection in the Energy sector contributed to relative performance.<br>• Credit selection, with a focus on higher quality, within the midstream and retail sectors also contributed to relative performance.<br>**What detracted from performance during the year?**<br>• Exposure to the Automotive industry was the primary detractor from relative performance during the year.<br>• An underweight position in the Communication Services sector, particularly within the Media and Entertainment industries, detracted from relative performance.<br>• The opportunistic allocation to loans underperformed and detracted from performance.<br>

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

Annual Shareholder Report - December 31, 2025 1 1290 VT High Yield Bond Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the ICE BofA U.S. High Yield Index over the same period.

![LOGO](g897067g55m04.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;1290 VT High Yield Bond Portfolio (Class IB) | 7.54% | 3.92% | 5.41% |
| &nbsp;&nbsp;&nbsp;ICE BofA U.S. High Yield Index | 8.59% | 4.55% | 6.48% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $415206033 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 475 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $1452436 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 38% |

---

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

Annual Shareholder Report - December 31, 2025 2 1290 VT High Yield Bond Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) |
| **Corporate Bonds** |  | 82.2% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 14.3% |  |
| &nbsp;&nbsp;&nbsp;Industrials | 12.2% |  |
| &nbsp;&nbsp;&nbsp;Financials | 11.9% |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 8.5% |  |
| &nbsp;&nbsp;&nbsp;Energy | 8.4% |  |
| &nbsp;&nbsp;&nbsp;Materials | 8.0% |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 7.7% |  |
| &nbsp;&nbsp;&nbsp;Health Care | 4.9% |  |
| &nbsp;&nbsp;&nbsp;Other | 6.3% |  |
| **Exchange Traded Funds** |  | 8.9% |
| **Loan Participations** |  | 4.6% |
| &nbsp;&nbsp;&nbsp;Information Technology | 2.5% |  |
| &nbsp;&nbsp;&nbsp;Financials | 1.5% |  |
| &nbsp;&nbsp;&nbsp;Other | 0.6% |  |
| **Common Stocks** |  | 0.0%# |
| **Short-Term Investments** |  | 5.6% |
| **Cash and Other Assets Less Liabilities** |  | -1.3% |

---

# Less than 0.05% 

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

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A006-B

148403_B

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

Annual Shareholder Report - December 31, 2025 3 1290 VT High Yield Bond Portfolio (Class IB)

------

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

## 1290 VT HIGH YIELD BOND PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the 1290 VT High Yield Bond Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $78 | 0.75% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 7.81% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• Credit selection and CCC-rated assets contributed to performance relative to the Portfolio's benchmark index.<br>• An underweight position and credit selection in the Energy sector contributed to relative performance.<br>• Credit selection, with a focus on higher quality, within the midstream and retail sectors also contributed to relative performance.<br>**What detracted from performance during the year?**<br>• Exposure to the Automotive industry was the primary detractor from relative performance during the year.<br>• An underweight position in the Communication Services sector, particularly within the Media and Entertainment industries, detracted from relative performance.<br>• The opportunistic allocation to loans underperformed and detracted from performance.<br>

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

Annual Shareholder Report - December 31, 2025 1 1290 VT High Yield Bond Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the ICE BofA U.S. High Yield Index over the same period.

![LOGO](g897067g55m05.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;1290 VT High Yield Bond Portfolio (Class K) | 7.81% | 4.20% | 5.69% |
| &nbsp;&nbsp;&nbsp;ICE BofA U.S. High Yield Index | 8.59% | 4.55% | 6.48% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $415206033 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 475 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $1452436 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 38% |

---

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

Annual Shareholder Report - December 31, 2025 2 1290 VT High Yield Bond Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) |
| **Corporate Bonds** |  | 82.2% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 14.3% |  |
| &nbsp;&nbsp;&nbsp;Industrials | 12.2% |  |
| &nbsp;&nbsp;&nbsp;Financials | 11.9% |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 8.5% |  |
| &nbsp;&nbsp;&nbsp;Energy | 8.4% |  |
| &nbsp;&nbsp;&nbsp;Materials | 8.0% |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 7.7% |  |
| &nbsp;&nbsp;&nbsp;Health Care | 4.9% |  |
| &nbsp;&nbsp;&nbsp;Other | 6.3% |  |
| **Exchange Traded Funds** |  | 8.9% |
| **Loan Participations** |  | 4.6% |
| &nbsp;&nbsp;&nbsp;Information Technology | 2.5% |  |
| &nbsp;&nbsp;&nbsp;Financials | 1.5% |  |
| &nbsp;&nbsp;&nbsp;Other | 0.6% |  |
| **Common Stocks** |  | 0.0%# |
| **Short-Term Investments** |  | 5.6% |
| **Cash and Other Assets Less Liabilities** |  | -1.3% |

---

# Less than 0.05% 

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

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A006-K

148403_K

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

Annual Shareholder Report - December 31, 2025 3 1290 VT High Yield Bond Portfolio (Class K)

------

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

## 1290 VT MICRO CAP PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the 1290 VT Micro Cap Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $124 | 1.15% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 16.42% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to the Portfolio's absolute performance were Health Care, Industrials and Financials.<br>• The stocks that contributed the most to performance were Cidara Therapeutics, Inc., a company that develops immunotherapies, Argan, Inc., a company that provides services to the power industry, and Willdan Group Inc., a professional consulting and technical services firm.<br>• In the actively managed portion of the Portfolio, security selection within the Industrials sector contributed to performance relative to the Portfolio's benchmark index, led by an allocation to Kratos Defense & Security Solutions, Inc., a software company that addresses the defense and national security markets. Security selection within the Communication Services sector also contributed, driven by an allocation to Sphere Entertainment Co., a live entertainment and media company.<br>**What detracted from performance during the year?**<br>• The sectors that detracted the most from the Portfolio's absolute performance were Consumer Discretionary and Communication Services.<br>• The stocks that detracted the most from performance were Grid Dynamics Holdings, Inc., a technology consulting and digital engineering firm, uniQure N.V., a company that develops treatments for rare diseases, and Weave Communications, Inc., a customer engagement platform.<br>• In the actively managed portion of the Portfolio, security selection within the Financials sector detracted, driven by an allocation to Sezzle, Inc., a fintech company that provides point-of-sale financing options and digital payment services.<br>

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

Annual Shareholder Report - December 31, 2025 1 1290 VT Micro Cap Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 3000<sup>®</sup> Index and Russell Microcap<sup>®</sup> Index over the same period.

![LOGO](g897067g55m01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;1290 VT Micro Cap Portfolio (Class IB) | 16.42% | 4.31% | 12.26% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| &nbsp;&nbsp;&nbsp;Russell Microcap<sup>®</sup> Index | 22.98% | 7.32% | 9.58% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $176860122 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1373 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $1064982 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 80% |

---

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

Annual Shareholder Report - December 31, 2025 2 1290 VT Micro Cap Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Health Care | 35.2% |
| Industrials | 17.2% |
| Information Technology | 16.3% |
| Financials | 13.0% |
| Consumer Discretionary | 6.0% |
| Energy | 3.5% |
| Consumer Staples | 2.1% |
| Communication Services | 2.1% |
| Materials | 1.9% |
| Real Estate | 1.3% |
| Utilities | 0.4% |
| Short-Term Investments | 5.0% |
| Cash and Other Assets Less Liabilities | -4.0% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Cogent Biosciences, Inc. | 2.7% |
| Terns Pharmaceuticals, Inc. | 1.7% |
| Adaptive Biotechnologies Corp. | 1.7% |
| Celcuity, Inc. | 1.7% |
| Applied Digital Corp. | 1.7% |
| Tarsus Pharmaceuticals, Inc. | 1.6% |
| Centrus Energy Corp., Class A | 1.5% |
| Praxis Precision Medicines, Inc. | 1.4% |
| Artivion, Inc. | 1.3% |
| Terawulf, Inc. | 1.3% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A007-B

153133_B

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

Annual Shareholder Report - December 31, 2025 3 1290 VT Micro Cap Portfolio (Class IB)

------

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

## 1290 VT MICRO CAP PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the 1290 VT Micro Cap Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $97 | 0.90% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 16.61% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to the Portfolio's absolute performance were Health Care, Industrials and Financials.<br>• The stocks that contributed the most to performance were Cidara Therapeutics, Inc., a company that develops immunotherapies, Argan, Inc., a company that provides services to the power industry, and Willdan Group Inc., a professional consulting and technical services firm.<br>• In the actively managed portion of the Portfolio, security selection within the Industrials sector contributed to performance relative to the Portfolio's benchmark index, led by an allocation to Kratos Defense & Security Solutions, Inc., a software company that addresses the defense and national security markets. Security selection within the Communication Services sector also contributed, driven by an allocation to Sphere Entertainment Co., a live entertainment and media company.<br>**What detracted from performance during the year?**<br>• The sectors that detracted the most from the Portfolio's absolute performance were Consumer Discretionary and Communication Services.<br>• The stocks that detracted the most from performance were Grid Dynamics Holdings, Inc., a technology consulting and digital engineering firm, uniQure N.V., a company that develops treatments for rare diseases, and Weave Communications, Inc., a customer engagement platform.<br>• In the actively managed portion of the Portfolio, security selection within the Financials sector detracted, driven by an allocation to Sezzle, Inc., a fintech company that provides point-of-sale financing options and digital payment services.<br>

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

Annual Shareholder Report - December 31, 2025 1 1290 VT Micro Cap Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 3000<sup>®</sup> Index and Russell Microcap<sup>®</sup> Index over the same period.

![LOGO](g897067g55m02.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;1290 VT Micro Cap Portfolio (Class K) | 16.61% | 4.56% | 12.51% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| &nbsp;&nbsp;&nbsp;Russell Microcap<sup>®</sup> Index | 22.98% | 7.32% | 9.58% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $176860122 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1373 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $1064982 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 80% |

---

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

Annual Shareholder Report - December 31, 2025 2 1290 VT Micro Cap Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Health Care | 35.2% |
| Industrials | 17.2% |
| Information Technology | 16.3% |
| Financials | 13.0% |
| Consumer Discretionary | 6.0% |
| Energy | 3.5% |
| Consumer Staples | 2.1% |
| Communication Services | 2.1% |
| Materials | 1.9% |
| Real Estate | 1.3% |
| Utilities | 0.4% |
| Short-Term Investments | 5.0% |
| Cash and Other Assets Less Liabilities | -4.0% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Cogent Biosciences, Inc. | 2.7% |
| Terns Pharmaceuticals, Inc. | 1.7% |
| Adaptive Biotechnologies Corp. | 1.7% |
| Celcuity, Inc. | 1.7% |
| Applied Digital Corp. | 1.7% |
| Tarsus Pharmaceuticals, Inc. | 1.6% |
| Centrus Energy Corp., Class A | 1.5% |
| Praxis Precision Medicines, Inc. | 1.4% |
| Artivion, Inc. | 1.3% |
| Terawulf, Inc. | 1.3% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A007-K

153133_K

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

Annual Shareholder Report - December 31, 2025 3 1290 VT Micro Cap Portfolio (Class K)

------

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

## 1290 VT NATURAL RESOURCES PORTFOLIO

## (CLASS IB)
&nbsp;&nbsp; <br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the 1290 VT Natural Resources Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $103 | 0.90% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 28.04% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sub-industries that contributed the most to performance were gold, integrated oil & gas, diversified metals & mining, copper and steel.<br>• The stocks that contributed the most to performance included Newmont Corporation, a gold mining company, Barrick Mining Corp., a mining company that produces gold and copper, and Agnico Eagle Mines Limited, a Canadian-based gold producer.<br>• Exxon Mobil Corp. and Shell plc also contributed to performance.<br>**What detracted from performance during the year?**<br>• The sub-industries that detracted the most from performance were forest products, precious metals & minerals, paper products, aluminum and silver.<br>• The stocks that detracted the most from performance were EOG Resources Inc., an energy company, Occidental Petroleum, Texas Pacific Land Corp., a real estate operating company, Hess Corp., and ConocoPhillips.<br>

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

Annual Shareholder Report - December 31, 2025 1 1290 VT Natural Resources Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the MSCI World (Net) Index and MSCI World Commodity Producers (Net) Index over the same period.

![LOGO](g897067g55m03.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;1290 VT Natural Resources Portfolio (Class IB) | 28.04% | 16.06% | 9.42% |
| &nbsp;&nbsp;&nbsp;MSCI World (Net) Index | 21.09% | 12.15% | 12.17% |
| &nbsp;&nbsp;&nbsp;MSCI World Commodity Producers (Net) Index | 28.64% | 16.61% | 9.96% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

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

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $37655409 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 81 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid (net of waiver) | $0 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 12% |

---

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

Annual Shareholder Report - December 31, 2025 2 1290 VT Natural Resources Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| United States | 52.6% |
| Canada | 16.6% |
| Australia | 13.4% |
| France | 3.8% |
| Japan | 1.8% |
| Brazil | 1.7% |
| South Africa | 1.3% |
| Italy | 1.1% |
| Norway | 1.1% |
| Chile | 0.9% |
| Other | 4.8% |

---

---

| | | |
|:---|:---|:---|
| Sector & Industry Weightings (as a % of Net Assets) | Sector & Industry Weightings (as a % of Net Assets) | Sector & Industry Weightings (as a % of Net Assets) |
| **Energy** |  | 57.7% |
| &nbsp;&nbsp;&nbsp;Integrated Oil & Gas | 42.1% |  |
| &nbsp;&nbsp;&nbsp;Oil & Gas Exploration & Production | 14.4% |  |
| &nbsp;&nbsp;&nbsp;Coal & Consumable Fuels | 1.2% |  |
| **Materials** |  | 40.1% |
| &nbsp;&nbsp;&nbsp;Gold | 14.3% |  |
| &nbsp;&nbsp;&nbsp;Diversified Metals & Mining | 13.5% |  |
| &nbsp;&nbsp;&nbsp;Steel | 4.3% |  |
| &nbsp;&nbsp;&nbsp;Copper | 3.6% |  |
| &nbsp;&nbsp;&nbsp;Fertilizers & Agricultural Chemicals | 2.9% |  |
| &nbsp;&nbsp;&nbsp;Paper Products | 0.7% |  |
| &nbsp;&nbsp;&nbsp;Aluminum | 0.3% |  |
| &nbsp;&nbsp;&nbsp;Silver | 0.3% |  |
| &nbsp;&nbsp;&nbsp;Forest Products | 0.2% |  |
| **Food, Beverage & Tobacco** |  | 1.3% |
| &nbsp;&nbsp;&nbsp;Agricultural Products & Services | 1.3% |  |
| **Short-Term Investments** |  | 0.7% |
| **Cash and Other Assets Less Liabilities** |  | 0.2% |

---

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A010-B

148388_B

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

Annual Shareholder Report - December 31, 2025 3 1290 VT Natural Resources Portfolio (Class IB)

------

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

## 1290 VT NATURAL RESOURCES PORTFOLIO (CLASS K)
&nbsp;&nbsp; <br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the 1290 VT Natural Resources Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $74 | 0.65% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 28.29% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sub-industries that contributed the most to performance were gold, integrated oil & gas, diversified metals & mining, copper and steel.<br>• The stocks that contributed the most to performance included Newmont Corporation, a gold mining company, Barrick Mining Corp., a mining company that produces gold and copper, and Agnico Eagle Mines Limited, a Canadian-based gold producer.<br>• Exxon Mobil Corp. and Shell plc also contributed to performance.<br>**What detracted from performance during the year?**<br>• The sub-industries that detracted the most from performance were forest products, precious metals & minerals, paper products, aluminum and silver.<br>• The stocks that detracted the most from performance were EOG Resources Inc., an energy company, Occidental Petroleum, Texas Pacific Land Corp., a real estate operating company, Hess Corp., and ConocoPhillips.<br>

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

Annual Shareholder Report - December 31, 2025 1 1290 VT Natural Resources Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the MSCI World (Net) Index and MSCI World Commodity Producers (Net) Index over the same period.

![LOGO](g897067g24m01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;1290 VT Natural Resources Portfolio (Class K) | 28.29% | 16.35% | 9.70% |
| &nbsp;&nbsp;&nbsp;MSCI World (Net) Index | 21.09% | 12.15% | 12.17% |
| &nbsp;&nbsp;&nbsp;MSCI World Commodity Producers (Net) Index | 28.64% | 16.61% | 9.96% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $37655409 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 81 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid (net of waiver) | $0 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 12% |

---

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

Annual Shareholder Report - December 31, 2025 2 1290 VT Natural Resources Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| United States | 52.6% |
| Canada | 16.6% |
| Australia | 13.4% |
| France | 3.8% |
| Japan | 1.8% |
| Brazil | 1.7% |
| South Africa | 1.3% |
| Italy | 1.1% |
| Norway | 1.1% |
| Chile | 0.9% |
| Other | 4.8% |

---

---

| | | |
|:---|:---|:---|
| Sector & Industry Weightings (as a % of Net Assets) | Sector & Industry Weightings (as a % of Net Assets) | Sector & Industry Weightings (as a % of Net Assets) |
| **Energy** |  | 57.7% |
| &nbsp;&nbsp;&nbsp;Integrated Oil & Gas | 42.1% |  |
| &nbsp;&nbsp;&nbsp;Oil & Gas Exploration & Production | 14.4% |  |
| &nbsp;&nbsp;&nbsp;Coal & Consumable Fuels | 1.2% |  |
| **Materials** |  | 40.1% |
| &nbsp;&nbsp;&nbsp;Gold | 14.3% |  |
| &nbsp;&nbsp;&nbsp;Diversified Metals & Mining | 13.5% |  |
| &nbsp;&nbsp;&nbsp;Steel | 4.3% |  |
| &nbsp;&nbsp;&nbsp;Copper | 3.6% |  |
| &nbsp;&nbsp;&nbsp;Fertilizers & Agricultural Chemicals | 2.9% |  |
| &nbsp;&nbsp;&nbsp;Paper Products | 0.7% |  |
| &nbsp;&nbsp;&nbsp;Aluminum | 0.3% |  |
| &nbsp;&nbsp;&nbsp;Silver | 0.3% |  |
| &nbsp;&nbsp;&nbsp;Forest Products | 0.2% |  |
| **Food, Beverage & Tobacco** |  | 1.3% |
| &nbsp;&nbsp;&nbsp;Agricultural Products & Services | 1.3% |  |
| **Short-Term Investments** |  | 0.7% |
| **Cash and Other Assets Less Liabilities** |  | 0.2% |

---

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A010-K

148388_K

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

Annual Shareholder Report - December 31, 2025 3 1290 VT Natural Resources Portfolio (Class K)

------

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

## 1290 VT REAL ESTATE PORTFOLIO (CLASS IB)
&nbsp;&nbsp; <br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the 1290 VT Real Estate Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $94 | 0.90% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 9.67% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sub-industries that contributed the most to performance were healthcare REITs, diversiﬁed real estate activities, retail REITs, industrial REITs and diversiﬁed REITs.<br>• The stocks that contributed the most to performance included Welltower Inc., a REIT that invests in healthcare infrastructure, Prologis Inc., a REIT that invests in logistics facilities, and Ventas, Inc., a REIT specializing in research, medicine and healthcare facilities.<br>• Mitsubishi Estate Co., Ltd. and Mitsui Fudosan Co. Ltd., real estate developers in Japan, also contributed to performance.<br>**What detracted from performance during the year?**<br>• The sub-industries that detracted the most from performance were data center REITs, multi-family residential REITs, self-storage REITs, other specialized REITs, and single-family residential REITs.<br>• The stocks that detracted the most from performance were Equinix, Inc., a digital infrastructure company, Alexandria Real Estate Equities, Inc., Digital Realty Trust, Iron Mountain, an information management services company, and AvalonBay Communities, Inc.<br>

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

Annual Shareholder Report - December 31, 2025 1 1290 VT Real Estate Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the MSCI World (Net) Index and FTSE EPRA/NAREIT Developed Index over the same period.

![LOGO](g897067g24m02.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;1290 VT Real Estate Portfolio (Class IB) | 9.67% | 2.69% | 3.28% |
| &nbsp;&nbsp;&nbsp;MSCI World (Net) Index | 21.09% | 12.15% | 12.17% |
| &nbsp;&nbsp;&nbsp;FTSE EPRA/NAREIT Developed Index | 10.70% | 3.78% | 4.25% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $38582672 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 363 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $3314 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 12% |

---

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

Annual Shareholder Report - December 31, 2025 2 1290 VT Real Estate Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Industry Group and Sub-Industry Weightings (as a% of Net Assets)** | **Industry Group and Sub-Industry Weightings (as a% of Net Assets)** | **Industry Group and Sub-Industry Weightings (as a% of Net Assets)** | **Industry Group and Sub-Industry Weightings (as a% of Net Assets)** |  |
| **Real Estate** |  |  | 98.0% |  |
| &nbsp;&nbsp;&nbsp;Retail REITs | 16.0% |  |  |  |
| &nbsp;&nbsp;&nbsp;Industrial REITs | 15.2% |  |  |  |
| &nbsp;&nbsp;&nbsp;Health Care REITs | 13.0% |  |  |  |
| &nbsp;&nbsp;&nbsp;Multi-Family Residential REITs | 7.5% |  |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate Operating Companies | 7.4% |  |  |  |
| &nbsp;&nbsp;&nbsp;Other | 38.9% |  |  |  |
| **Consumer Discretionary** |  |  | 0.0% | <sup>#</sup> |
| &nbsp;&nbsp;&nbsp;Hotels, Resorts & Cruise Lines | 0.0% | <sup>#</sup> |  |  |
| **Health Care** |  |  | 0.2% |  |
| &nbsp;&nbsp;&nbsp;Health Care Facilities | 0.2% |  |  |  |
| **Information Technology** |  |  | 0.3% |  |
| &nbsp;&nbsp;&nbsp;Internet Services & Infrastructure | 0.3% |  |  |  |

---

---

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

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Welltower, Inc. (REIT) | 6.8% |
| Prologis, Inc. (REIT) | 6.3% |
| Equinix, Inc. (REIT) | 4.0% |
| Simon Property Group, Inc. (REIT) | 3.2% |
| Digital Realty Trust, Inc. (REIT) | 2.8% |
| Realty Income Corp. (REIT) | 2.7% |
| Goodman Group (REIT) | 2.2% |
| Public Storage (REIT) | 2.2% |
| Ventas, Inc. (REIT) | 1.9% |
| VICI Properties, Inc. (REIT), Class A | 1.6% |

---

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A011-B

148389_B

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

Annual Shareholder Report - December 31, 2025 3 1290 VT Real Estate Portfolio (Class IB)

------

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

## 1290 VT REAL ESTATE PORTFOLIO (CLASS K)
&nbsp;&nbsp; <br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the 1290 VT Real Estate Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $68 | 0.65% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 9.87% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sub-industries that contributed the most to performance were healthcare REITs, diversiﬁed real estate activities, retail REITs, industrial REITs and diversiﬁed REITs.<br>• The stocks that contributed the most to performance included Welltower Inc., a REIT that invests in healthcare infrastructure, Prologis Inc., a REIT that invests in logistics facilities, and Ventas, Inc., a REIT specializing in research, medicine and healthcare facilities.<br>• Mitsubishi Estate Co., Ltd. and Mitsui Fudosan Co. Ltd., real estate developers in Japan, also contributed to performance.<br>**What detracted from performance during the year?**<br>• The sub-industries that detracted the most from performance were data center REITs, multi-family residential REITs, self-storage REITs, other specialized REITs, and single-family residential REITs.<br>• The stocks that detracted the most from performance were Equinix, Inc., a digital infrastructure company, Alexandria Real Estate Equities, Inc., Digital Realty Trust, Iron Mountain, an information management services company, and AvalonBay Communities, Inc.<br>

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

Annual Shareholder Report - December 31, 2025 1 1290 VT Real Estate Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the MSCI World (Net) Index and FTSE EPRA/NAREIT Developed Index over the same period.

![LOGO](g897067g00z70.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;1290 VT Real Estate Portfolio (Class K) | 9.87% | 2.94% | 3.52% |
| &nbsp;&nbsp;&nbsp;MSCI World (Net) Index | 21.09% | 12.15% | 12.17% |
| &nbsp;&nbsp;&nbsp;FTSE EPRA/NAREIT Developed Index | 10.70% | 3.78% | 4.25% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $38582672 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 363 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $3314 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 12% |

---

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

Annual Shareholder Report - December 31, 2025 2 1290 VT Real Estate Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Industry Group and Sub-Industry Weightings (as a% of Net Assets)** | **Industry Group and Sub-Industry Weightings (as a% of Net Assets)** | **Industry Group and Sub-Industry Weightings (as a% of Net Assets)** | **Industry Group and Sub-Industry Weightings (as a% of Net Assets)** |  |
| **Real Estate** |  |  | 98.0% |  |
| &nbsp;&nbsp;&nbsp;Retail REITs | 16.0% |  |  |  |
| &nbsp;&nbsp;&nbsp;Industrial REITs | 15.2% |  |  |  |
| &nbsp;&nbsp;&nbsp;Health Care REITs | 13.0% |  |  |  |
| &nbsp;&nbsp;&nbsp;Multi-Family Residential REITs | 7.5% |  |  |  |
| &nbsp;&nbsp;&nbsp;Data Center REITs | 7.4% |  |  |  |
| &nbsp;&nbsp;&nbsp;Other | 38.9% |  |  |  |
| **Consumer Discretionary** |  |  | 0.0% | <sup>#</sup> |
| &nbsp;&nbsp;&nbsp;Hotels, Resorts & Cruise Lines | 0.0% | <sup>#</sup> |  |  |
| **Health Care** |  |  | 0.2% |  |
| &nbsp;&nbsp;&nbsp;Health Care Facilities | 0.2% |  |  |  |
| **Information Technology** |  |  | 0.3% | <sup>#</sup> |
| &nbsp;&nbsp;&nbsp;Internet services and infrastructure | 0.3% | <sup>#</sup> |  |  |

---

---

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

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Welltower, Inc. (REIT) | 6.8% |
| Prologis, Inc. (REIT) | 6.3% |
| Equinix, Inc. (REIT) | 4.0% |
| Simon Property Group, Inc. (REIT) | 3.2% |
| Digital Realty Trust, Inc. (REIT) | 2.8% |
| Realty Income Corp. (REIT) | 2.7% |
| Goodman Group (REIT) | 2.2% |
| Public Storage (REIT) | 2.2% |
| Ventas, Inc. (REIT) | 1.9% |
| VICI Properties, Inc. (REIT), Class A | 1.6% |

---

#### Material Changes t o the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A011-K

148389_K

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

Annual Shareholder Report - December 31, 2025 3 1290 VT Real Estate Portfolio (Class K)

------

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

## 1290 VT SMALL CAP VALUE PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the 1290 VT Small Cap Value Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $119 | 1.15% |

---

&nbsp;&nbsp; <br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 6.11% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to the Portfolio's absolute performance were Materials, Industrials and Financials.<br>• Sandstorm Gold Ltd., a Canadian gold royalty and streaming company primarily focused on gold, was the top contributor to the Portfolio's absolute performance.<br>• AutoNation, Inc., one of the largest automotive retailers in the U.S., was also a top contributor.<br>**What detracted from performance during the year?**<br>• The sectors that detracted the most from performance were Energy, Real Estate, and Consumer Staples.<br>• Texas Paciﬁc Land Corporation, an energy royalty company with signiﬁcant surface land ownership in the Permian Basin of West Texas, was the largest detractor from the Portfolio's absolute performance.<br>• LandBridge Company LLC, a company that owns and actively manages large surface acreage across Texas and New Mexico, also detracted.<br>

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

Annual Shareholder Report - December 31, 2025 1 1290 VT Small Cap Value Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 3000<sup>®</sup> Index and Russell 2000<sup>®</sup> Value Index over the same period.

![LOGO](g897067g00z73.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;1290 VT Small Cap Value Portfolio (Class IB) | 6.11% | 13.44% | 11.19% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| &nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 9.27% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $399619778 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1455 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $2817547 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 20% |

---

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

Annual Shareholder Report - December 31, 2025 2 1290 VT Small Cap Value Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 16.4% |
| Industrials | 15.5% |
| Consumer Discretionary | 14.6% |
| Energy | 14.4% |
| Real Estate | 9.6% |
| Health Care | 5.6% |
| Utilities | 5.3% |
| Materials | 4.5% |
| Information Technology | 3.9% |
| Communication Services | 3.3% |
| Consumer Staples | 2.3% |
| Short-Term Investments | 4.5% |
| Cash and Other Assets Less Liabilities | 0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Texas Pacific Land Corp. | 8.8% |
| AutoNation, Inc. | 4.8% |
| Penske Automotive Group, Inc. | 3.7% |
| JPMorgan Prime Money Market Fund, IM Shares | 3.6% |
| Landbridge Co. LLC, Class A | 3.2% |
| Hawaiian Electric Industries, Inc. | 2.4% |
| Oshkosh Corp. | 1.7% |
| Mesabi Trust | 1.7% |
| CACI International, Inc., Class A | 1.6% |
| Interparfums, Inc. | 1.5% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A012-B

153132_B

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

Annual Shareholder Report - December 31, 2025 3 1290 VT Small Cap Value Portfolio (Class IB)

------

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

## 1290 VT SMALL CAP VALUE PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the 1290 VT Small Cap Value Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $93 | 0.90% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 6.37% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to the Portfolio's absolute performance were Materials, Industrials and Financials.<br>• Sandstorm Gold Ltd., a Canadian gold royalty and streaming company primarily focused on gold, was the top contributor to the Portfolio's absolute performance.<br>• AutoNation, Inc., one of the largest automotive retailers in the U.S., was also a top contributor.<br>**What detracted from performance during the year?**<br>• The sectors that detracted the most from performance were Energy, Real Estate, and Consumer Staples.<br>• Texas Pacific Land Corporation, an energy royalty company with significant surface land ownership in the Permian Basin of West Texas, was the largest detractor from the Portfolio's absolute performance.<br>• LandBridge Company LLC, a company that owns and actively manages large surface acreage across Texas and New Mexico, also detracted.<br>

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

Annual Shareholder Report - December 31, 2025 1 1290 VT Small Cap Value Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 3000<sup>®</sup> Index and Russell 2000<sup>®</sup> Value Index over the same period.

![LOGO](g897067g00z76.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;1290 VT Small Cap Value Portfolio (Class K) | 6.37% | 13.74% | 11.47% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| &nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 9.27% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $399619778 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1455 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $2817547 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 20% |

---

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

Annual Shareholder Report - December 31, 2025 2 1290 VT Small Cap Value Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 16.4% |
| Industrials | 15.5% |
| Consumer Discretionary | 14.6% |
| Energy | 14.4% |
| Real Estate | 9.6% |
| Health Care | 5.6% |
| Utilities | 5.3% |
| Materials | 4.5% |
| Information Technology | 3.9% |
| Communication Services | 3.3% |
| Consumer Staples | 2.3% |
| Short-Term Investments | 4.5% |
| Cash and Other Assets Less Liabilities | 0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Texas Pacific Land Corp. | 8.8% |
| AutoNation, Inc. | 4.8% |
| Penske Automotive Group, Inc. | 3.7% |
| JPMorgan Prime Money Market Fund, IM Shares | 3.6% |
| Landbridge Co. LLC, Class A | 3.2% |
| Hawaiian Electric Industries, Inc. | 2.4% |
| Oshkosh Corp. | 1.7% |
| Mesabi Trust | 1.7% |
| CACI International, Inc., Class A | 1.6% |
| Interparfums, Inc. | 1.5% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A012-K

153132_K

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

Annual Shareholder Report - December 31, 2025 3 1290 VT Small Cap Value Portfolio (Class K)

------

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

## 1290 VT SMARTBETA EQUITY ESG PORTFOLIO (CLASS IB)
<br> **Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the 1290 VT SmartBeta Equity ESG Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br> investment | Costs paid as a percentage of a<br> $10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $118 | 1.10% |

---

<br> **How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 13.95% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>•  The sectors that contributed the most to the Portfolio's absolute performance were Financials, Information Technology, and Communication Services.<br>•  The stocks that contributed the most to performance were Alphabet Inc., NVIDIA Corporation, and Microsoft Corp.<br>•  When U.S. tariffs went into effect in April, resulting in increased market volatility, the Portfolio's allocation to low volatility companies contributed to performance.<br>**What detracted from performance during the year?**<br>•  The sector that detracted the most from the Portfolio's absolute performance was Real Estate.<br>•  A small cash position also detracted from performance.<br>•  The stocks that detracted the most from performance were UnitedHealth Group, Inc., Fiserv, Inc., a ﬁnancial technology company, and Accenture plc, a professional services company.<br>

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

Annual Shareholder Report - December 31, 2025 1 1290 VT SmartBeta Equity ESG Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the MSCI World (Net) Index over the same period.

![LOGO](g897067g00z79.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;1290 VT SmartBeta Equity ESG Portfolio (Class IB) | 13.95% | 10.21% | 10.74% |
| &nbsp;&nbsp;&nbsp;MSCI World (Net) Index | 21.09% | 12.15% | 12.17% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br> **Portfolio Statistics**<br>(as of December 31, 2025) | <br> **Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp; Net Assets | $376497142 |
| &nbsp;&nbsp; Number of Portfolio Holdings | 279 |
| &nbsp;&nbsp; Total Investment Advisory Fees Paid | $2565476 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 29% |

---

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

Annual Shareholder Report - December 31, 2025 2 1290 VT SmartBeta Equity ESG Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
|  Financials | 22.0% |
|  Information Technology | 20.3% |
|  Industrials | 14.0% |
|  Consumer Staples | 10.7% |
|  Health Care | 8.4% |
|  Consumer Discretionary | 8.3% |
|  Communication Services | 7.6% |
|  Utilities | 3.6% |
|  Materials | 2.4% |
|  Real Estate | 1.2% |
|  Energy | 1.0% |
|  Short-Term Investments | 0.2% |
|  Cash and Other Assets Less Liabilities | 0.3% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
|  NVIDIA Corp. | 4.7% |
|  Apple, Inc. | 4.4% |
|  Microsoft Corp. | 4.1% |
|  Alphabet, Inc., Class A | 3.9% |
|  Amazon.com, Inc. | 1.8% |
|  Broadcom, Inc. | 1.4% |
|  Visa, Inc., Class A | 1.4% |
|  Royal Bank of Canada | 1.2% |
|  Costco Wholesale Corp. | 1.1% |
|  Mastercard, Inc., Class A | 1.1% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp; For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A013-B

152479_B

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

Annual Shareholder Report - December 31, 2025 3 1290 VT SmartBeta Equity ESG Portfolio (Class IB)

------

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

## 1290 VT SMARTBETA EQUITY ESG PORTFOLIO

## (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the 1290 VT SmartBeta Equity ESG Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $91 | 0.85% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 14.31% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to the Portfolio's absolute performance were Financials, Information Technology, and Communication Services.<br>• The stocks that contributed the most to performance were Alphabet Inc., NVIDIA Corporation, and Microsoft Corp.<br>• When U.S. tariffs went into effect in April, resulting in increased market volatility, the Portfolio's allocation to low volatility companies contributed to performance.<br>**What detracted from performance during the year?**<br>• The sector that detracted the most from the Portfolio's absolute performance was Real Estate.<br>• A small cash position also detracted from performance.<br>• The stocks that detracted the most from performance were UnitedHealth Group, Inc., Fiserv, Inc., a financial technology company, and Accenture plc, a professional services company.<br>

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

Annual Shareholder Report - December 31, 2025 1 1290 VT SmartBeta Equity ESG Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the MSCI World (Net) Index over the same period.

![LOGO](g897067g00z82.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;1290 VT SmartBeta Equity ESG Portfolio (Class K) | 14.31% | 10.49% | 11.01% |
| &nbsp;&nbsp;&nbsp;MSCI World (Net) Index | 21.09% | 12.15% | 12.17% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $376497142 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 279 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $2565476 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 29% |

---

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

Annual Shareholder Report - December 31, 2025 2 1290 VT SmartBeta Equity ESG Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 22.0% |
| Information Technology | 20.3% |
| Industrials | 14.0% |
| Consumer Staples | 10.7% |
| Health Care | 8.4% |
| Consumer Discretionary | 8.3% |
| Communication Services | 7.6% |
| Utilities | 3.6% |
| Materials | 2.4% |
| Real Estate | 1.2% |
| Energy | 1.0% |
| Short-Term Investments | 0.2% |
| Cash and Other Assets Less Liabilities | 0.3% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| NVIDIA Corp. | 4.7% |
| Apple, Inc. | 4.4% |
| Microsoft Corp. | 4.1% |
| Alphabet, Inc., Class A | 3.9% |
| Amazon.com, Inc. | 1.8% |
| Broadcom, Inc. | 1.4% |
| Visa, Inc., Class A | 1.4% |
| Royal Bank of Canada | 1.2% |
| Costco Wholesale Corp. | 1.1% |
| Mastercard, Inc., Class A | 1.1% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A013-K

152479_K

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

Annual Shareholder Report - December 31, 2025 3 1290 VT SmartBeta Equity ESG Portfolio (Class K)

------

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

## 1290 VT SOCIALLY RESPONSIBLE PORTFOLIO (CLASS IB)
<br> **Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the 1290 VT Socially Responsible Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br> investment | Costs paid as a percentage of a<br> $10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $98 | 0.90% |

---

<br> **How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 17.23% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>•  The Communications Services sector contributed the most to performance, with a return of 57.08% for the year.<br>•  The Information Technology and Utilities sectors also contributed, with returns of 22.19% and 14.35%, respectively.<br>•  NVIDIA Corporation was the top contributor to performance.<br>**What detracted from performance during the year?**<br>•  The Consumer Staples sector detracted from performance, with a negative return of -5.14%.<br>•  The Consumer Discretionary and Real Estate sectors lagged, with returns of 4.25% and 7.36%, respectively.<br>•  Salesforce, Inc., a cloud-based software company, was the biggest detractor from performance.<br>

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

Annual Shareholder Report - December 31, 2025 1 1290 VT Socially Responsible Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index, MSCI KLD 400 Social Index and Russell 1000<sup>®</sup> Growth Index over the same period.

![LOGO](g897067g18a01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;1290 VT Socially Responsible Portfolio (Class IB) | 17.23% | 13.04% | 13.83% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;MSCI KLD 400 Social Index | 18.23% | 14.06% | 14.89% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br> **Portfolio Statistics**<br>(as of December 31, 2025) | <br> **Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp; Net Assets | $279499489 |
| &nbsp;&nbsp; Number of Portfolio Holdings | 396 |
| &nbsp;&nbsp; Total Investment Advisory Fees Paid | $1323062 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 2% |

---

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

Annual Shareholder Report - December 31, 2025 2 1290 VT Socially Responsible Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
|  Information Technology | 39.4% |
|  Communication Services | 12.3% |
|  Financials | 11.9% |
|  Consumer Discretionary | 9.1% |
|  Industrials | 8.1% |
|  Health Care | 7.8% |
|  Consumer Staples | 4.3% |
|  Real Estate | 2.5% |
|  Materials | 2.4% |
|  Energy | 1.2% |
|  Utilities | 0.9% |
|  Short-Term Investments | 0.0% |
|  Cash and Other Assets Less Liabilities | 0.1% |

---

---

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

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
|  NVIDIA Corp. | 14.3% |
|  Microsoft Corp. | 10.8% |
|  Alphabet, Inc., Class A | 5.7% |
|  Alphabet, Inc., Class C | 4.8% |
|  Tesla, Inc. | 4.0% |
|  Visa, Inc., Class A | 1.9% |
|  Mastercard, Inc., Class A | 1.5% |
|  AbbVie, Inc. | 1.3% |
|  Advanced Micro Devices, Inc. | 1.1% |
|  Home Depot, Inc. (The) | 1.1% |

---

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp; For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A014-B

146437_B

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

Annual Shareholder Report - December 31, 2025 3 1290 VT Socially Responsible Portfolio (Class IB)

------

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

## ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the ATM Large Cap Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $63 | 0.59% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 12.15% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to absolute performance were Information Technology, Communication Services, and Financials.<br>• The stocks that contributed the most to performance were Alphabet Inc., NVIDIA Corp., Broadcom Inc., and Microsoft Corp.<br>**What detracted from performance during the year?**<br>• The sectors that contributed the least to performance were Real Estate and Materials.<br>• The stocks that detracted the most from performance were UnitedHealth Group, Fiserv, Inc., a financial technology company, Salesforce, Inc., a cloud-based software company, and ServiceNow, Inc., a cloud computing platform.<br>• Volatility management detracted from performance. In response to market volatility in April, the Portfolio de-equitized, which limited the Portfolio's participation in the subsequent equity market recovery.<br>

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

Annual Shareholder Report - December 31, 2025 1 ATM Large Cap Managed Volatility Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index over the same period.

![LOGO](g897067g18a02.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;ATM Large Cap Managed Volatility Portfolio (Class K) | 12.15% | 12.25% | 13.09% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $2739417842 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 507 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $12124483 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 3% |

---

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

Annual Shareholder Report - December 31, 2025 2 ATM Large Cap Managed Volatility Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 31.0% |
| Financials | 12.1% |
| Consumer Discretionary | 9.4% |
| Communication Services | 9.3% |
| Health Care | 8.7% |
| Industrials | 7.4% |
| Consumer Staples | 4.3% |
| Energy | 2.5% |
| Utilities | 2.0% |
| Materials | 1.7% |
| Real Estate | 1.6% |
| Short-Term Investments | 3.0% |
| Cash and Other Assets Less Liabilities | 7.0% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| NVIDIA Corp. | 7.0% |
| Apple, Inc. | 6.2% |
| Microsoft Corp. | 5.5% |
| Amazon.com, Inc. | 3.5% |
| JPMorgan Prime Money Market Fund, IM Shares | 3.0% |
| Alphabet, Inc., Class A | 2.7% |
| Broadcom, Inc. | 2.5% |
| Meta Platforms, Inc., Class A | 2.2% |
| Alphabet, Inc., Class C | 2.1% |
| Tesla, Inc. | 2.0% |

---

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to lower the asset levels required to reach a certain breakpoint in, and to add a new breakpoint to, the contractual advisory fee rate schedule for the Portfolio. These changes are intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A016-K

800063_K

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

Annual Shareholder Report - December 31, 2025 3 ATM Large Cap Managed Volatility Portfolio (Class K)

------

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

## ATM MID CAP MANAGED VOLATILITY PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the ATM Mid Cap Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $61 | 0.60% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 2.17% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to absolute performance were Industrials, Information Technology, and Financials.<br>• The stocks that contributed the most to performance were Ciena Corporation, a networking systems, services and software company, Lumentum Holdings Inc., a manufacturer of optical and photonic products, Comfort Systems USA, Inc., a mechanical and electrical contracting services company, and Coherent Corp., a manufacturer of optical materials and semiconductors.<br>**What detracted from performance during the year?**<br>• The sectors that detracted the most from performance were Consumer Discretionary and Consumer Staples.<br>• The stocks that detracted the most from performance were Sarepta Therapeutics, a biopharmaceutical company, Avantor, Inc., a provider of products and services to the biopharmaceutical industry, and Nutanix, Inc., an infrastructure platform provider.<br>• Volatility management detracted from performance. In response to market volatility in April, the Portfolio de-equitized, which limited the Portfolio's participation in the subsequent equity market recovery.<br>

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

Annual Shareholder Report - December 31, 2025 1 ATM Mid Cap Managed Volatility Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and S&P MidCap 400<sup>®</sup> Index over the same period.

![LOGO](g897067g18a03.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;ATM Mid Cap Managed Volatility Portfolio (Class K) | 2.17% | 6.84% | 9.19% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;S&P MidCap 400<sup>®</sup> Index | 7.50% | 9.12% | 10.72% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reﬂect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $295570285 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 406 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $1191176 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 18% |

---

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

Annual Shareholder Report - December 31, 2025 2 ATM Mid Cap Managed Volatility Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Industrials | 21.3% |
| Financials | 15.0% |
| Information Technology | 12.7% |
| Consumer Discretionary | 10.4% |
| Health Care | 8.0% |
| Real Estate | 5.8% |
| Materials | 4.9% |
| Consumer Staples | 3.9% |
| Energy | 3.6% |
| Utilities | 3.0% |
| Communication Services | 1.8% |
| Exchange Traded Fund | 0.2% |
| Short-Term Investments | 6.2% |
| Cash and Other Assets Less Liabilities | 3.2% |

---

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

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to lower the asset levels required to reach a certain breakpoint in, and to add a new breakpoint to, the contractual advisory fee rate schedule for the Portfolio. These changes are intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A017-K

800064_K

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

Annual Shareholder Report - December 31, 2025 3 ATM Mid Cap Managed Volatility Portfolio (Class K)

------

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

## ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

## (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the ATM Small Cap Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $63 | 0.60% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 8.54% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to absolute performance were Health Care, Industrials, and Financials.<br>• The stocks that contributed the most to performance were Bloom Energy Corp., a manufacturer of power generators, EchoStar Corporation, a telecommunications company, and Credo Technology Group Holding Ltd.<br>**What detracted from performance during the year?**<br>• The sectors that detracted the most from performance were Consumer Staples, Energy, and Consumer Discretionary.<br>• The stocks that detracted the most from performance were Vaxcyte, Inc., a vaccine company, SPS Commerce Inc., a provider of a cloud-based retail network, Six Flags Entertainment, SoundHound AI, a voice AI company, and Sweetgreen, a restaurant chain.<br>• Volatility management detracted from performance. In response to market volatility in April, the Portfolio de-equitized, which limited the Portfolio's participation in the subsequent equity market recovery.<br>

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

Annual Shareholder Report - December 31, 2025 1 ATM Small Cap Managed Volatility Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 3000<sup>®</sup> Index and Russell 2000<sup>®</sup> Index over the same period.

![LOGO](g897067g18a04.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;ATM Small Cap Managed Volatility Portfolio (Class K) | 8.54% | 4.44% | 8.38% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| &nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $971660838 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1973 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $4165480 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 14% |

---

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

Annual Shareholder Report - December 31, 2025 2 ATM Small Cap Managed Volatility Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Health Care | 16.9% |
| Financials | 16.0% |
| Industrials | 15.7% |
| Information Technology | 13.3% |
| Consumer Discretionary | 8.1% |
| Real Estate | 5.1% |
| Energy | 4.3% |
| Materials | 4.0% |
| Utilities | 2.7% |
| Communication Services | 2.5% |
| Consumer Staples | 1.7% |
| Short-Term Investments | 6.9% |
| Cash and Other Assets Less Liabilities | 2.8% |

---

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

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to lower the asset levels required to reach a certain breakpoint in, and to add a new breakpoint to, the contractual advisory fee rate schedule for the Portfolio. These changes are intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A018-K

800065_K

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

Annual Shareholder Report - December 31, 2025 3 ATM Small Cap Managed Volatility Portfolio (Class K)

------

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

## ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO (CLASS K)
<br> **Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the ATM International Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>This report describes changes to the Portfolio that occurred during the reporting period. <br>

---

| | | |
|:---|:---|:---|
| <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br> investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $72 | 0.64% |

---

<br> **How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 24.26% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>•  The sectors that contributed the most to absolute performance were Financials and Industrials.<br>•  The stocks that contributed the most to performance were ASML Holding NV, a leading supplier of photolithography systems, HSBC Holdings PLC, Banco Santander SA, and Roche Holding AG, a Swiss healthcare company.<br>**What detracted from performance during the year?**<br>•  The sectors that contributed the least to absolute performance were Real Estate and Energy.<br>•  The stock that detracted the most from performance was Novo Nordisk A/S, a Danish pharmaceutical company.<br>•  Other detractors included CSL, a supplier of construction products, Recruit Holdings Co., Ltd., an HR technology company, Diageo plc, a British alcoholic beverage company, and Wolters Kluwer, N.V., a company that provides information, software, and services for professionals.<br>•  Volatility management detracted from performance. In response to market volatility in April, the Portfolio de-equitized, which limited the Portfolio's participation in the subsequent equity market recovery.<br>

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

Annual Shareholder Report - December 31, 2025 1 ATM International Managed Volatility Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the MSCI EAFE<sup>®</sup> Index over the same period.

![LOGO](g897067g18a05.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;ATM International Managed Volatility Portfolio (Class K) | 24.26% | 7.22% | 6.93% |
| &nbsp;&nbsp;&nbsp; MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br> **Portfolio Statistics**<br>(as of December 31, 2025) | <br> **Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp; Net Assets | $1227141618 |
| &nbsp;&nbsp; Number of Portfolio Holdings | 706 |
| &nbsp;&nbsp; Total Investment Advisory Fees Paid | $5341289 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 3% |

---

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

Annual Shareholder Report - December 31, 2025 2 ATM International Managed Volatility Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
|  Japan | 19.8% |
|  United Kingdom | 10.2% |
|  Germany | 8.7% |
|  United States | 8.5% |
|  France | 8.2% |
|  Australia | 6.3% |
|  Switzerland | 4.5% |
|  Netherlands | 4.0% |
|  Spain | 3.4% |
|  Italy | 3.0% |
|  Other | 13.1% |

---

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
|  Financials | 22.7% |
|  Industrials | 17.2% |
|  Health Care | 10.2% |
|  Consumer Discretionary | 8.8% |
|  Information Technology | 7.5% |
|  Consumer Staples | 6.6% |
|  Materials | 5.0% |
|  Communication Services | 3.9% |
|  Utilities | 3.3% |
|  Energy | 2.8% |
|  Real Estate | 1.7% |
|  Short-Term Investments | 1.2% |
|  Cash and Other Assets Less Liabilities | 9.1% |

---

&nbsp;&nbsp; <br> **Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to lower the asset levels required to reach a certain breakpoint in, and to add a new breakpoint to, the contractual advisory fee rate schedule for the Portfolio. These changes are intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp; For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A015-K

800062_K

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

Annual Shareholder Report - December 31, 2025 3 ATM International Managed Volatility Portfolio (Class K)

------

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

## EQ/500 MANAGED VOLATILITY PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/500 Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $85 | 0.80% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 13.33% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to absolute performance were Information Technology, Communication Services, and Financials.<br>• The stocks that contributed the most to performance were Alphabet Inc., NVIDIA Corp., Broadcom Inc., and Microsoft Corp.<br>**What detracted from performance during the year?**<br>• The sectors that contributed the least to performance were Real Estate and Materials.<br>• The stocks that detracted the most from performance were UnitedHealth Group, Fiserv, Inc., a financial technology company, Salesforce, Inc., a cloud-based software company, and ServiceNow, Inc., a cloud computing platform.<br>• Volatility management detracted from performance. In response to market volatility in April, the Portfolio de-equitized, which limited the Portfolio's participation in the subsequent equity market recovery.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/500 Managed Volatility Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index over the same period.

![LOGO](g897067g31a33.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/500 Managed Volatility Portfolio (Class IB) | 13.33% | 12.43% | 13.15% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $8154761500 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 506 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $32957572 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 2% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/500 Managed Volatility Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 31.1% |
| Financials | 12.1% |
| Communication Services | 9.6% |
| Consumer Discretionary | 9.4% |
| Health Care | 8.7% |
| Industrials | 7.4% |
| Consumer Staples | 4.3% |
| Energy | 2.5% |
| Utilities | 2.0% |
| Materials | 1.7% |
| Real Estate | 1.6% |
| Short-Term Investments | 3.2% |
| Cash and Other Assets Less Liabilities | 6.4% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| NVIDIA Corp. | 7.0% |
| Apple, Inc. | 6.2% |
| Microsoft Corp. | 5.6% |
| Amazon.com, Inc. | 3.5% |
| JPMorgan Prime Money Market Fund, IM Shares | 3.2% |
| Alphabet, Inc., Class A | 2.8% |
| Broadcom, Inc. | 2.5% |
| Alphabet, Inc., Class C | 2.3% |
| Meta Platforms, Inc., Class A | 2.2% |
| Tesla, Inc. | 2.0% |

---

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to lower the asset levels required to reach a certain breakpoint in, and to add a new breakpoint to, the contractual advisory fee rate schedule for the Portfolio. These changes are intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A020-B

146428_B

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

Annual Shareholder Report - December 31, 2025 3 EQ/500 Managed Volatility Portfolio (Class IB)

------

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

## EQ/500 MANAGED VOLATILITY PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/500 Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $58 | 0.55% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 13.62% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to absolute performance were Information Technology, Communication Services, and Financials.<br>• The stocks that contributed the most to performance were Alphabet Inc., NVIDIA Corp., Broadcom Inc., and Microsoft Corp.<br>**What detracted from performance during the year?**<br>• The sectors that contributed the least to performance were Real Estate and Materials.<br>• The stocks that detracted the most from performance were UnitedHealth Group, Fiserv, Inc., a financial technology company, Salesforce, Inc., a cloud-based software company, and ServiceNow, Inc., a cloud computing platform.<br>• Volatility management detracted from performance. In response to market volatility in April, the Portfolio de-equitized, which limited the Portfolio's participation in the subsequent equity market recovery.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/500 Managed Volatility Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index over the same period.

![LOGO](g897067g95s04.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/500 Managed Volatility Portfolio (Class K) | 13.62% | 12.70% | 13.43% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $8154761500 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 506 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $32957572 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 2% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/500 Managed Volatility Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 31.1% |
| Financials | 12.1% |
| Communication Services | 9.6% |
| Consumer Discretionary | 9.4% |
| Health Care | 8.7% |
| Industrials | 7.4% |
| Consumer Staples | 4.3% |
| Energy | 2.5% |
| Utilities | 2.0% |
| Materials | 1.7% |
| Real Estate | 1.6% |
| Short-Term Investments | 3.2% |
| Cash and Other Assets Less Liabilities | 6.4% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| NVIDIA Corp. | 7.0% |
| Apple, Inc. | 6.2% |
| Microsoft Corp. | 5.6% |
| Amazon.com, Inc. | 3.5% |
| JPMorgan Prime Money Market Fund, IM Shares | 3.2% |
| Alphabet, Inc., Class A | 2.8% |
| Broadcom, Inc. | 2.5% |
| Alphabet, Inc., Class C | 2.3% |
| Meta Platforms, Inc., Class A | 2.2% |
| Tesla, Inc. | 2.0% |

---

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to lower the asset levels required to reach a certain breakpoint in, and to add a new breakpoint to, the contractual advisory fee rate schedule for the Portfolio. These changes are intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A020-K

146428_K

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

Annual Shareholder Report - December 31, 2025 3 EQ/500 Managed Volatility Portfolio (Class K)

------

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

## EQ/400 MANAGED VOLATILITY PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/400 Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can ﬁnd additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $86 | 0.85% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 3.31% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to absolute performance were Industrials, Information Technology, and Financials.<br>• The stocks that contributed the most to performance were Ciena Corporation, a networking systems, services and software company, Lumentum Holdings Inc., a manufacturer of optical and photonic products, Comfort Systems USA, Inc., a mechanical and electrical contracting services company, and Coherent Corp., a manufacturer of optical materials and semiconductors.<br>**What detracted from performance during the year?**<br>• The sectors that detracted the most from performance were Consumer Discretionary and Consumer Staples.<br>• The stocks that detracted the most from performance were Sarepta Therapeutics, a biopharmaceutical company, Avantor, Inc., a provider of products and services to the biopharmaceutical industry, Nutanix, Inc., an infrastructure platform provider, and BellRing Brands, Inc., a nutrition products company.<br>• Volatility management detracted from performance. In response to market volatility in April, the Portfolio de-equitized, which limited the Portfolio's participation in the subsequent equity market recovery.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/400 Managed Volatility Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and S&P MidCap 400<sup>®</sup> Index over the same period.

![LOGO](g897067g15w70.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/400 Managed Volatility Portfolio (Class IB) | 3.31% | 7.06% | 9.21% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;S&P MidCap 400<sup>®</sup> Index | 7.50% | 9.12% | 10.72% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $770172392 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 403 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $3454371 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 14% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/400 Managed Volatility Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Industrials | 21.4% |
| Financials | 15.1% |
| Information Technology | 12.7% |
| Consumer Discretionary | 10.5% |
| Health Care | 8.0% |
| Real Estate | 5.8% |
| Materials | 4.9% |
| Consumer Staples | 3.9% |
| Energy | 3.6% |
| Utilities | 3.0% |
| Communication Services | 1.8% |
| Short-Term Investments | 4.5% |
| Cash and Other Assets Less Liabilities | 4.8% |

---

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

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to lower the asset levels required to reach a certain breakpoint in, and to add a new breakpoint to, the contractual advisory fee rate schedule for the Portfolio. These changes are intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A019-B

146427_B

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

Annual Shareholder Report - December 31, 2025 3 EQ/400 Managed Volatility Portfolio (Class IB)

------

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

## EQ/400 MANAGED VOLATILITY PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/400 Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $61 | 0.60% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 3.55% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to absolute performance were Industrials, Information Technology, and Financials.<br>• The stocks that contributed the most to performance were Ciena Corporation, a networking systems, services and software company, Lumentum Holdings Inc., a manufacturer of optical and photonic products, Comfort Systems USA, Inc., a mechanical and electrical contracting services company, and Coherent Corp., a manufacturer of optical materials and semiconductors.<br>**What detracted from performance during the year?**<br>• The sectors that detracted the most from performance were Consumer Discretionary and Consumer Staples.<br>• The stocks that detracted the most from performance were Sarepta Therapeutics, a biopharmaceutical company, Avantor, Inc., a provider of products and services to the biopharmaceutical industry, Nutanix, Inc., an infrastructure platform provider, and BellRing Brands, Inc., a nutrition products company.<br>• Volatility management detracted from performance. In response to market volatility in April, the Portfolio de-equitized, which limited the Portfolio's participation in the subsequent equity market recovery.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/400 Managed Volatility Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and S&P MidCap 400<sup>®</sup> Index over the same period.

![LOGO](g897067g82q22.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/400 Managed Volatility Portfolio (Class K) | 3.55% | 7.33% | 9.48% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;S&P MidCap 400<sup>®</sup> Index | 7.50% | 9.12% | 10.72% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reﬂect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $770172392 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 403 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $3454371 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 14% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/400 Managed Volatility Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Industrials | 21.4% |
| Financials | 15.1% |
| Information Technology | 12.7% |
| Consumer Discretionary | 10.5% |
| Health Care | 8.0% |
| Real Estate | 5.8% |
| Materials | 4.9% |
| Consumer Staples | 3.9% |
| Energy | 3.6% |
| Utilities | 3.0% |
| Communication Services | 1.8% |
| Short-Term Investments | 4.5% |
| Cash and Other Assets Less Liabilities | 4.8% |

---

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

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to lower the asset levels required to reach a certain breakpoint in, and to add a new breakpoint to, the contractual advisory fee rate schedule for the Portfolio. These changes are intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, ﬁnancial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A019-K

146427_K

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

Annual Shareholder Report - December 31, 2025 3 EQ/400 Managed Volatility Portfolio (Class K)

------

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

## EQ/2000 MANAGED VOLATILITY PORTFOLIO (CLASS IB)
<br> **Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/2000 Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br> investment | Costs paid as a percentage of a<br> $10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $88 | 0.84% |

---

<br> **How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 9.32% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>•  The sectors that contributed the most to absolute performance were Health Care, Industrials, and Financials.<br>•  The stocks that contributed the most to performance were Bloom Energy Corp., a manufacturer of power generators, EchoStar Corporation, a telecommunications company, Credo Technology Group Holding Ltd., Hecla Mining Co., and manufacturer Fabrinet.<br>**What detracted from performance during the year?**<br>•  The only sector that detracted from absolute performance was Consumer Staples.<br>•  The stocks that detracted the most from absolute performance were Vaxcyte, Inc., a vaccine company, SPS Commerce Inc., a provider of a cloud-based retail network, Six Flags Entertainment Corporation, and SoundHound AI, a voice AI company.<br>•  Volatility management detracted from performance. In response to market volatility in April, the Portfolio de-equitized, which limited the Portfolio's participation in the subsequent equity market recovery.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/2000 Managed Volatility Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 3000<sup>®</sup> Index and Russell 2000<sup>®</sup> Index over the same period.

![LOGO](g897067g15k54.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/2000 Managed Volatility Portfolio (Class IB) | 9.32% | 4.40% | 8.33% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| &nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reﬂect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br> **Portfolio Statistics**<br>(as of December 31, 2025) | <br> **Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp; Net Assets | $3474354287 |
| &nbsp;&nbsp; Number of Portfolio Holdings | 1968 |
| &nbsp;&nbsp; Total Investment Advisory Fees Paid | $14773197 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 14% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/2000 Managed Volatility Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
|  Health Care | 16.9% |
|  Financials | 16.0% |
|  Industrials | 15.7% |
|  Information Technology | 13.3% |
|  Consumer Discretionary | 8.1% |
|  Real Estate | 5.1% |
|  Energy | 4.4% |
|  Materials | 4.0% |
|  Utilities | 2.7% |
|  Communication Services | 2.5% |
|  Consumer Staples | 1.7% |
|  Short-Term Investments | 6.8% |
|  Cash and Other Assets Less Liabilities | 2.8% |

---

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

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to lower the asset levels required to reach a certain breakpoint in, and to add a new breakpoint to, the contractual advisory fee rate schedule for the Portfolio. These changes are intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp; For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A021-B

146429_B

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

Annual Shareholder Report - December 31, 2025 3 EQ/2000 Managed Volatility Portfolio (Class IB)

------

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

## EQ/2000 MANAGED VOLATILITY PORTFOLIO (CLASS K)
<br> **Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/2000 Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>This report describes changes to the Portfolio that occurred during the reporting period. <br>

---

| | | |
|:---|:---|:---|
| <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br> investment | Costs paid as a percentage of a<br> $10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $62 | 0.59% |

---

<br> **How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 9.60% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>•  The sectors that contributed the most to absolute performance were Health Care, Industrials, and Financials.<br>•  The stocks that contributed the most to performance were Bloom Energy Corp., a manufacturer of power generators, EchoStar Corporation, a telecommunications company, Credo Technology Group Holding Ltd., Hecla Mining Co., and manufacturer Fabrinet.<br>**What detracted from performance during the year?**<br>•  The only sector that detracted from absolute performance was Consumer Staples.<br>•  The stocks that detracted the most from absolute performance were Vaxcyte, Inc., a vaccine company, SPS Commerce Inc., a provider of a cloud-based retail network, Six Flags Entertainment Corporation, and SoundHound AI, a voice AI company.<br>•  Volatility management detracted from performance. In response to market volatility in April, the Portfolio de-equitized, which limited the Portfolio's participation in the subsequent equity market recovery.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/2000 Managed Volatility Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 3000<sup>®</sup> Index and Russell 2000<sup>®</sup> Index over the same period.

![LOGO](g897067g08v45.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/2000 Managed Volatility Portfolio (Class K) | 9.60% | 4.67% | 8.60% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| &nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reﬂect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br> **Portfolio Statistics**<br>(as of December 31, 2025) | <br> **Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp; Net Assets | $3474354287 |
| &nbsp;&nbsp; Number of Portfolio Holdings | 1968 |
| &nbsp;&nbsp; Total Investment Advisory Fees Paid | $14773197 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 14% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/2000 Managed Volatility Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
|  Health Care | 16.9% |
|  Financials | 16.0% |
|  Industrials | 15.7% |
|  Information Technology | 13.3% |
|  Consumer Discretionary | 8.1% |
|  Real Estate | 5.1% |
|  Energy | 4.4% |
|  Materials | 4.0% |
|  Utilities | 2.7% |
|  Communication Services | 2.5% |
|  Consumer Staples | 1.7% |
|  Short-Term Investments | 6.8% |
|  Cash and Other Assets Less Liabilities | 2.8% |

---

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to lower the asset levels required to reach a certain breakpoint in, and to add a new breakpoint to, the contractual advisory fee rate schedule for the Portfolio. These changes are intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp; For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A021-K

146429_K

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

Annual Shareholder Report - December 31, 2025 3 EQ/2000 Managed Volatility Portfolio (Class K)

------

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

## EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/International Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $98 | 0.86% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 25.90% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to absolute performance were Financials, Industrials, and Information Technology.<br>• The stocks that contributed the most to absolute performance were ASML Holdings NV, a leading supplier of photolithography systems, HSBC Holdings PLC, Banco Santander SA, and Roche Holding AG, a Swiss healthcare company.<br>**What detracted from performance during the year?**<br>• The sectors that contributed the least to absolute performance were Real Estate and Energy.<br>• The stock that detracted the most from performance was Novo Nordisk A/S, a Danish pharmaceutical company.<br>• Volatility management detracted from performance. In response to market volatility in April, the Portfolio de-equitized, which limited the Portfolio's participation in the subsequent equity market recovery.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/International Managed Volatility Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the MSCI EAFE<sup>®</sup> Index over the same period.

![LOGO](g897067g21r45.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/International Managed Volatility Portfolio (Class IB) | 25.90% | 7.28% | 6.92% |
| &nbsp;&nbsp;&nbsp;MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $1937353283 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 707 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $8437381 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 4% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/International Managed Volatility Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| Japan | 19.9% |
| United Kingdom | 10.2% |
| Germany | 8.7% |
| United States | 8.5% |
| France | 8.2% |
| Australia | 6.3% |
| Switzerland | 4.5% |
| Netherlands | 4.1% |
| Spain | 3.4% |
| Italy | 3.0% |
| Other | 13.1% |

---

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 22.8% |
| Industrials | 17.3% |
| Health Care | 10.2% |
| Consumer Discretionary | 8.8% |
| Information Technology | 7.5% |
| Consumer Staples | 6.6% |
| Materials | 5.0% |
| Communication Services | 3.9% |
| Utilities | 3.3% |
| Energy | 2.8% |
| Real Estate | 1.7% |
| Short-Term Investments | 1.1% |
| Cash and Other Assets Less Liabilities | 9.0% |

---

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to lower the asset levels required to reach a certain breakpoint in, and to add a new breakpoint to, the contractual advisory fee rate schedule for the Portfolio. These changes are intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A059-B

146430_B

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

Annual Shareholder Report - December 31, 2025 3 EQ/International Managed Volatility Portfolio (Class IB)

------

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

## EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/International Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $70 | 0.61% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 26.18% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to absolute performance were Financials, Industrials, and Information Technology.<br>• The stocks that contributed the most to absolute performance were ASML Holdings NV, a leading supplier of photolithography systems, HSBC Holdings PLC, Banco Santander SA, and Roche Holding AG, a Swiss healthcare company.<br>**What detracted from performance during the year?**<br>• The sectors that contributed the least to absolute performance were Real Estate and Energy.<br>• The stock that detracted the most from performance was Novo Nordisk A/S, a Danish pharmaceutical company.<br>• Volatility management detracted from performance. In response to market volatility in April, the Portfolio de-equitized, which limited the Portfolio's participation in the subsequent equity market recovery.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/International Managed Volatility Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the MSCI EAFE<sup>®</sup> Index over the same period.

![LOGO](g897067g47e63.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/International Managed Volatility Portfolio (Class K) | 26.18% | 7.56% | 7.19% |
| &nbsp;&nbsp;&nbsp;MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Portfolio Statistics** |  |
| (as of December 31, 2025)<br>|  |
| &nbsp;&nbsp;Net Assets | $1937353283 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 707 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $8437381 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 4% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/International Managed Volatility Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| Japan | 19.9% |
| United Kingdom | 10.2% |
| Germany | 8.7% |
| United States | 8.5% |
| France | 8.2% |
| Australia | 6.3% |
| Switzerland | 4.5% |
| Netherlands | 4.1% |
| Spain | 3.4% |
| Italy | 3.0% |
| Other | 13.1% |

---

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 22.8% |
| Industrials | 17.3% |
| Health Care | 10.2% |
| Consumer Discretionary | 8.8% |
| Information Technology | 7.5% |
| Consumer Staples | 6.6% |
| Materials | 5.0% |
| Communication Services | 3.9% |
| Utilities | 3.3% |
| Energy | 2.8% |
| Real Estate | 1.7% |
| Short-Term Investments | 1.1% |
| Cash and Other Assets Less Liabilities | 9.0% |

---

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to lower the asset levels required to reach a certain breakpoint in, and to add a new breakpoint to, the contractual advisory fee rate schedule for the Portfolio. These changes are intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A059-K

146430_K

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

Annual Shareholder Report - December 31, 2025 3 EQ/International Managed Volatility Portfolio (Class K)

------

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

## EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/AB Dynamic Aggressive Growth Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $121 | 1.12% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 16.06% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• An overweight allocation to international large-cap equities contributed to the Portfolio's absolute performance.<br>• An overweight allocation to U.S. large-cap equities also contributed to absolute performance.<br>• Security selection within the international equity asset class contributed to performance.<br>**What detracted from performance during the year?**<br>• Tactical currency tilts detracted from the Portfolio's absolute performance.<br>• An underweight allocation to U.S. bonds also detracted from absolute performance.<br>• Adjustments to equity exposure to address market volatility detracted from performance.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/AB Dynamic Aggressive Growth Portfolio (Class IB)

------

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

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the S&P 500<sup>®</sup> Index, EQ/AB Dynamic Aggressive Growth Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g24m03.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | **Since**<br>Inception\* |
| &nbsp;&nbsp;&nbsp;EQ/AB Dynamic Aggressive Growth Portfolio (Class IB) | 16.06% | 8.69% | 7.23% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.60% |
| &nbsp;&nbsp;&nbsp;EQ/AB Dynamic Aggressive Growth Index | 17.94% | 9.81% | 9.98% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.88% |

---

\* Date of inception: November 13, 2017

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $1023396607 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1303 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $6183326 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 6% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/AB Dynamic Aggressive Growth Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) |
| **Common Stocks** |  | 57.6% |
| &nbsp;&nbsp;&nbsp;Information Technology | 14.8% |  |
| &nbsp;&nbsp;&nbsp;Financials | 10.0% |  |
| &nbsp;&nbsp;&nbsp;Industrials | 6.8% |  |
| &nbsp;&nbsp;&nbsp;Health Care | 5.9% |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 5.9% |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 4.9% |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 3.2% |  |
| &nbsp;&nbsp;&nbsp;Materials | 1.8% |  |
| &nbsp;&nbsp;&nbsp;Energy | 1.7% |  |
| &nbsp;&nbsp;&nbsp;Utilities | 1.6% |  |
| &nbsp;&nbsp;&nbsp;Real Estate | 1.0% |  |
| **U.S. Treasury Obligations** |  | 13.7% |
| **Exchange Traded Funds** |  | 4.4% |
| **Short-Term Investments** |  | 23.4% |
| **Cash and Other Assets Less Liabilities** |  | 0.9% |

---

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

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A022-B

157174_B

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

Annual Shareholder Report - December 31, 2025 3 EQ/AB Dynamic Aggressive Growth Portfolio (Class IB)

------

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

## EQ/AB DYNAMIC GROWTH PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/AB Dynamic Growth Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $122 | 1.14% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 14.89% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• An overweight allocation to international large-cap equities contributed to the Portfolio's absolute performance.<br>• An overweight allocation to U.S. large-cap equities also contributed to absolute performance.<br>• Security selection within the international equity asset class contributed to performance.<br>**What detracted from performance during the year?**<br>• Tactical currency tilts detracted from the Portfolio's absolute performance.<br>• An underweight allocation to U.S. bonds also detracted from absolute performance.<br>• Adjustments to equity exposure to address market volatility detracted from performance.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/AB Dynamic Growth Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index, EQ/AB Dynamic Growth Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g24m04.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/AB Dynamic Growth Portfolio (Class IB) | 14.89% | 7.60% | 6.95% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;EQ/AB Dynamic Growth Index | 16.55% | 8.73% | 9.35% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $1030879353 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1307 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $7019663 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 10% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/AB Dynamic Growth Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) |
| **Common Stocks** |  | 67.5% |
| &nbsp;&nbsp;&nbsp;Information Technology | 17.6% |  |
| &nbsp;&nbsp;&nbsp;Financials | 11.6% |  |
| &nbsp;&nbsp;&nbsp;Industrials | 7.9% |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 6.9% |  |
| &nbsp;&nbsp;&nbsp;Health Care | 6.9% |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 5.8% |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 3.8% |  |
| &nbsp;&nbsp;&nbsp;Materials | 2.0% |  |
| &nbsp;&nbsp;&nbsp;Energy | 2.0% |  |
| &nbsp;&nbsp;&nbsp;Utilities | 1.8% |  |
| &nbsp;&nbsp;&nbsp;Real Estate | 1.2% |  |
| **U.S. Treasury Obligations** |  | 25.7% |
| **Exchange Traded Funds** |  | 3.9% |
| **U.S. Government Agency Securities** |  | 1.8% |
| **Short-Term Investments** |  | 0.3% |
| **Cash and Other Assets Less Liabilities** |  | 0.8% |

---

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

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A023-B

153118_B

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

Annual Shareholder Report - December 31, 2025 3 EQ/AB Dynamic Growth Portfolio (Class IB)

------

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

## EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/AB Dynamic Moderate Growth Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $121 | 1.13% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 13.46% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• An overweight allocation to international large-cap equities contributed to the Portfolio's absolute performance.<br>• An overweight allocation to U.S. large-cap equities also contributed to absolute performance.<br>• Security selection within the international equity asset class contributed to performance.<br>**What detracted from performance during the year?**<br>• Tactical currency tilts detracted from the Portfolio's absolute performance.<br>• An underweight allocation to U.S. bonds also detracted from absolute performance.<br>• Adjustments to equity exposure to address market volatility detracted from performance.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/AB Dynamic Moderate Growth Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index, EQ/AB Dynamic Moderate Growth Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g24m05.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/AB Dynamic Moderate Growth Portfolio (Class IB) | 13.46% | 6.31% | 6.12% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;EQ/AB Dynamic Moderate Growth Index | 15.00% | 7.52% | 8.26% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $1536712103 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1307 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $11071233 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 11% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/AB Dynamic Moderate Growth Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) |
| **Common Stocks** |  | 55.0% |
| &nbsp;&nbsp;&nbsp;Information Technology | 13.9% |  |
| &nbsp;&nbsp;&nbsp;Financials | 9.7% |  |
| &nbsp;&nbsp;&nbsp;Industrials | 6.7% |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 5.6% |  |
| &nbsp;&nbsp;&nbsp;Health Care | 5.6% |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 4.6% |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 3.1% |  |
| &nbsp;&nbsp;&nbsp;Materials | 1.7% |  |
| &nbsp;&nbsp;&nbsp;Energy | 1.6% |  |
| &nbsp;&nbsp;&nbsp;Utilities | 1.5% |  |
| &nbsp;&nbsp;&nbsp;Real Estate | 1.0% |  |
| **U.S. Treasury Obligations** |  | 37.7% |
| **Exchange Traded Funds** |  | 4.0% |
| **U.S. Government Agency Securities** |  | 2.5% |
| **Short-Term Investments** |  | 1.9% |
| **Cash and Other Assets Less Liabilities** |  | -1.1% |

---

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

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g01q92.jpg) <br>|

---

A024-B

146975_B

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

Annual Shareholder Report - December 31, 2025 3 EQ/AB Dynamic Moderate Growth Portfolio (Class IB)

------

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

## EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/AB Short Duration Government Bond Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $78 | 0.77% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 4.17% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• From a duration perspective, the Portfolio's overweight exposure in the one- to two-year, two- to three-year, and three- to four-year parts of the curve contributed to performance.<br>• From a sector allocation perspective, the Portfolio's exposure to commercial mortgage-backed securities, investment grade corporate bonds, and agency securities contributed.<br>**What detracted from performance during the year?**<br>• From a duration perspective, the Portfolio's underweight exposure in the less-than-one-year part of the curve was the only significant detractor from performance.<br>• From a sector allocation perspective, the Portfolio's exposure to asset-backed securities was the only significant detractor.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/AB Short Duration Government Bond Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg U.S. Aggregate Bond Index and ICE BofA 1-Year U.S. Treasury Note Index over the same period.

![LOGO](g897067g18a06.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/AB Short Duration Government Bond Portfolio (Class IB) | 4.17% | 2.11% | 1.56% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| &nbsp;&nbsp;&nbsp;ICE BofA 1-Year U.S. Treasury Note Index | 4.38% | 2.59% | 2.09% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $859836130 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 260 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $3519441 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 35% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/AB Short Duration Government Bond Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| U.S. Government Agency Securities | 35.1% |
| U.S. Treasury Obligations | 15.5% |
| Corporate Bonds | 9.7% |
| Asset-Backed Securities | 4.5% |
| Collateralized Mortgage Obligations | 3.6% |
| Commercial Mortgage-Backed Securities | 0.5% |
| Mortgage-Backed Securities | 0.4% |
| Municipal Bonds | 0.1% |
| Short-Term Investments | 28.8% |
| Cash and Other Assets Less Liabilities | 1.8% |

---

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

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A025-B

150083_B

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

Annual Shareholder Report - December 31, 2025 3 EQ/AB Short Duration Government Bond Portfolio (Class IB)

------

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

## EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/AB Short Duration Government Bond Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $53 | 0.52% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 4.40% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• From a duration perspective, the Portfolio's overweight exposure in the one- to two-year, two- to three-year, and three- to four-year parts of the curve contributed to performance.<br>• From a sector allocation perspective, the Portfolio's exposure to commercial mortgage-backed securities, investment grade corporate bonds, and agency securities contributed.<br>**What detracted from performance during the year?**<br>• From a duration perspective, the Portfolio's underweight exposure in the less-than-one-year part of the curve was the only significant detractor from performance.<br>• From a sector allocation perspective, the Portfolio's exposure to asset-backed securities was the only significant detractor.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/AB Short Duration Government Bond Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg U.S. Aggregate Bond Index and ICE BofA 1-Year U.S. Treasury Note Index over the same period.

![LOGO](g897067g18a07.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/AB Short Duration Government Bond Portfolio (Class K) | 4.40% | 2.36% | 1.80% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| &nbsp;&nbsp;&nbsp;ICE BofA 1-Year U.S. Treasury Note Index | 4.38% | 2.59% | 2.09% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $859836130 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 260 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $3519441 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 35% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/AB Short Duration Government Bond Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| U.S. Government Agency Securities | 35.1% |
| U.S. Treasury Obligations | 15.5% |
| Corporate Bonds | 9.7% |
| Asset-Backed Securities | 4.5% |
| Collateralized Mortgage Obligations | 3.6% |
| Commercial Mortgage-Backed Securities | 0.5% |
| Mortgage-Backed Securities | 0.4% |
| Municipal Bonds | 0.1% |
| Short-Term Investments | 28.8% |
| Cash and Other Assets Less Liabilities | 1.8% |

---

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

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A025-K

150083_K

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

Annual Shareholder Report - December 31, 2025 3 EQ/AB Short Duration Government Bond Portfolio (Class K)

------

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

## EQ/AB SMALL CAP GROWTH PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/AB Small Cap Growth Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $96 | 0.92% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 9.21% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to the Portfolio's absolute performance were Health Care, Industrials, and Information Technology.<br>• Stock selection in the Information Technology, Health Care and Communication Services sectors contributed to performance.<br>• Top contributors included Comfort Systems USA, Inc., a mechanical and electrical contracting services company, Credo Technology Group Holding Ltd., Celestica Inc., an electronics manufacturing services provider, Insmed, Inc., a biopharmaceutical company, and Bridgebio Pharma, Inc.<br>**What detracted from performance during the year?**<br>• The only sectors that detracted from the Portfolio's absolute performance were Consumer Discretionary and Consumer Staples.<br>• Stock selection within the Consumer Discretionary, Financials and Industrials sectors detracted from performance.<br>• Individual detractors included PROCEPT BioRobotics Corp., retailer RH (formerly, Restoration Hardware), Vaxcyte, Inc., a vaccine company, and Saia, Inc., a transportation and logistics company.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/AB Small Cap Growth Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 3000<sup>®</sup> Index and Russell 2000<sup>®</sup> Growth Index over the same period.

![LOGO](g897067g18a08.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/AB Small Cap Growth Portfolio (Class IB) | 9.21% | 3.43% | 10.10% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| &nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.57% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $1974829403 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1978 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $9744994 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 54% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/AB Small Cap Growth Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Industrials | 20.4% |
| Health Care | 20.3% |
| Information Technology | 19.0% |
| Financials | 13.9% |
| Consumer Discretionary | 9.7% |
| Communication Services | 3.6% |
| Energy | 2.9% |
| Real Estate | 2.9% |
| Materials | 2.3% |
| Utilities | 2.1% |
| Consumer Staples | 1.6% |
| Short-Term Investments | 2.6% |
| Cash and Other Assets Less Liabilities | -1.3% |

---

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

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A026-B

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

Annual Shareholder Report - December 31, 2025 3 EQ/AB Small Cap Growth Portfolio (Class IB)

------

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

## EQ/AB SMALL CAP GROWTH PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/AB Small Cap Growth Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $70 | 0.67% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 9.52% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to the Portfolio's absolute performance were Health Care, Industrials, and Information Technology.<br>• Stock selection in the Information Technology, Health Care and Communication Services sectors contributed to performance.<br>• Top contributors included Comfort Systems USA, Inc., a mechanical and electrical contracting services company, Credo Technology Group Holding Ltd., Celestica Inc., an electronics manufacturing services provider, Insmed, Inc., a biopharmaceutical company, and Bridgebio Pharma, Inc.<br>**What detracted from performance during the year?**<br>• The only sectors that detracted from the Portfolio's absolute performance were Consumer Discretionary and Consumer Staples.<br>• Stock selection within the Consumer Discretionary, Financials and Industrials sectors detracted from performance.<br>• Individual detractors included PROCEPT BioRobotics Corp., retailer RH (formerly, Restoration Hardware), Vaxcyte, Inc., a vaccine company, and Saia, Inc., a transportation and logistics company.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/AB Small Cap Growth Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 3000<sup>®</sup> Index and Russell 2000<sup>®</sup> Growth Index over the same period.

![LOGO](g897067g18a09.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/AB Small Cap Growth Portfolio (Class K) | 9.52% | 3.69% | 10.37% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| &nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.57% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $1974829403 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1978 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $9744994 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 54% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/AB Small Cap Growth Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Industrials | 20.4% |
| Health Care | 20.3% |
| Information Technology | 19.0% |
| Financials | 13.9% |
| Consumer Discretionary | 9.7% |
| Communication Services | 3.6% |
| Energy | 2.9% |
| Real Estate | 2.9% |
| Materials | 2.3% |
| Utilities | 2.1% |
| Consumer Staples | 1.6% |
| Short-Term Investments | 2.6% |
| Cash and Other Assets Less Liabilities | -1.3% |

---

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

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A026-K

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

Annual Shareholder Report - December 31, 2025 3 EQ/AB Small Cap Growth Portfolio (Class K)

------

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

## EQ/AB SUSTAINABLE U.S. THEMATIC PORTFOLIO (CLASS IB)
<br> **Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/AB Sustainable U.S. Thematic Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br> investment | Costs paid as a percentage of a<br> $10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $103 | 1.00% |

---

<br> **How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 5.37% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>•  Underweight allocations to the Consumer Discretionary and Consumer Staples sectors, along with an overweight allocation to the Technology sector, contributed to the Portfolio's performance relative to its benchmark index.<br>•  Stock selection in the Consumer Discretionary and Utilities sectors contributed to relative performance.<br>•  The Portfolio's investments in Flex Ltd., a global manufacturing company, and TE Connectivity plc, a technology company, contributed to relative performance.<br>•  An underweight position in Apple Inc. contributed to the Portfolio's performance relative to its benchmark index.<br>**What detracted from performance during the year?**<br>•  An underweight allocation to the Communication Services sector and an overweight allocation to the Health Care and Utilities sectors, detracted from the Portfolio's performance relative to its benchmark index.<br>•  Stock selection within the Health Care, Financials, and Technology sectors detracted from performance.<br>•  The Portfolio's investments in Jefferies Financial Group Inc., an investment bank and financial services firm, Salesforce, Inc., a cloud-based software company, and Fiserv, Inc., a financial technology company, detracted from performance.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/AB Sustainable U.S. Thematic Portfolio (Class IB)

------

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

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the S&P 500<sup>®</sup> Index over the same period.

![LOGO](g897067g00z45.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | **Since**<br> **Inception\*** |
| &nbsp;&nbsp;&nbsp;EQ/AB Sustainable U.S. Thematic Portfolio (Class IB) | 5.37% | 4.88% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 13.30% |

---

\* Date of inception: February 15, 2022

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br> **Portfolio Statistics**<br>(as of December 31, 2025) | <br> **Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp; Net Assets | $12216199 |
| &nbsp;&nbsp; Number of Portfolio Holdings | 39 |
| &nbsp;&nbsp; Total Investment Advisory Fees Paid (net of waiver) | $0 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 70% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/AB Sustainable U.S. Thematic Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
|  Information Technology | 41.7% |
|  Health Care | 18.9% |
|  Industrials | 14.4% |
|  Financials | 11.9% |
|  Utilities | 2.8% |
|  Communication Services | 2.1% |
|  Consumer Discretionary | 1.7% |
|  Energy | 1.4% |
|  Short-Term Investments | 2.9% |
|  Cash and Other Assets Less Liabilities | 2.2% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
|  Apple, Inc. | 6.1% |
|  Microsoft Corp. | 5.1% |
|  NVIDIA Corp. | 4.5% |
|  Broadcom, Inc. | 3.9% |
|  AbbVie, Inc. | 3.8% |
|  Veralto Corp. | 3.5% |
|  Rockwell Automation, Inc. | 3.5% |
|  TE Connectivity plc | 3.4% |
|  Visa, Inc., Class A | 3.3% |
|  Johnson & Johnson | 3.1% |

---

&nbsp;&nbsp; <br> **Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025. For more complete information, you may review the Portfolio's current prospectus, dated May 1, 2025, as supplemented December 3, 2025, at https://equitable-funds.com or upon request by calling 1-877-222-2144.<br>At a meeting held on December 1-2, 2025, the Board of Trustees of EQ Advisors Trust approved the liquidation and termination of the Portfolio, effective on or before April 30, 2026.<br>

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp; For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A027-B

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

Annual Shareholder Report - December 31, 2025 3 EQ/AB Sustainable U.S. Thematic Portfolio (Class IB)

------

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

## EQ/AB SUSTAINABLE U.S. THEMATIC PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/AB Sustainable U.S. Thematic Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $77 | 0.75% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 5.62% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• Underweight allocations to the Consumer Discretionary and Consumer Staples sectors, along with an overweight allocation to the Technology sector, contributed to the Portfolio's performance relative to its benchmark index.<br>• Stock selection in the Consumer Discretionary and Utilities sectors contributed to relative performance.<br>• The Portfolio's investments in Flex Ltd., a global manufacturing company, and TE Connectivity plc, a technology company, contributed to relative performance.<br>• An underweight position in Apple Inc. contributed to the Portfolio's performance relative to its benchmark index.<br>**What detracted from performance during the year?**<br>• An underweight allocation to the Communication Services sector and an overweight allocation to the Health Care and Utilities sectors, detracted from the Portfolio's performance relative to its benchmark index.<br>• Stock selection within the Health Care, Financials, and Technology sectors detracted from performance.<br>• The Portfolio's investments in Jefferies Financial Group Inc., an investment bank and financial services firm, Salesforce, Inc., a cloud-based software company, and Fiserv, Inc., a financial technology company, detracted from performance.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/AB Sustainable U.S. Thematic Portfolio (Class K)

------

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

#### How did the Portfolio perform since inception ?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the S&P 500<sup>®</sup> Index over the same period.

![LOGO](g897067g00z48.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | **Since**<br>**Inception\*** |
| &nbsp;&nbsp;&nbsp;EQ/AB Sustainable U.S. Thematic Portfolio (Class K) | 5.62% | 5.13% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 13.30% |

---

\* Date of inception: February 15, 2022

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $12216199 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 39 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid (net of waiver) | $0 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 70% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/AB Sustainable U.S. Thematic Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 41.7% |
| Health Care | 18.9% |
| Industrials | 14.4% |
| Financials | 11.9% |
| Utilities | 2.8% |
| Communication Services | 2.1% |
| Consumer Discretionary | 1.7% |
| Energy | 1.4% |
| Short-Term Investments | 2.9% |
| Cash and Other Assets Less Liabilities | 2.2% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Apple, Inc. | 6.1% |
| Microsoft Corp. | 5.1% |
| NVIDIA Corp. | 4.5% |
| Broadcom, Inc. | 3.9% |
| AbbVie, Inc. | 3.8% |
| Veralto Corp. | 3.5% |
| Rockwell Automation, Inc. | 3.5% |
| TE Connectivity plc | 3.4% |
| Visa, Inc., Class A | 3.3% |
| Johnson & Johnson | 3.1% |

---

&nbsp;&nbsp; <br>**Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025. For more complete information, you may review the Portfolio's current prospectus, dated May 1, 2025, as supplemented December 3, 2025, at https://equitable-funds.com or upon request by calling 1-877-222-2144.<br>At a meeting held on December 1-2, 2025, the Board of Trustees of EQ Advisors Trust approved the liquidation and termination of the Portfolio, effective on or before April 30, 2026.<br>

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A027-K

162756_K

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

Annual Shareholder Report - December 31, 2025 3 EQ/AB Sustainable U.S. Thematic Portfolio (Class K)

------

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

## EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/American Century Mid Cap Value Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $104 | 1.00% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 8.72% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• Stock selection in the Industrials sector contributed to performance. Within the sector, overweight positions in the machinery industry buoyed performance.<br>• Stock selection in the Real Estate sector also helped the Portfolio's results. Real estate faced headwinds from still-elevated interest rates, so the Portfolio's limited exposure to these equities was beneficial.<br>• Teradyne, Inc. was the top contributing security on an absolute basis. The semiconductor company benefited from secular demand tailwinds for its artificial intelligence-related computer, networking and memory segments.<br>**What detracted from performance during the year?**<br>• Stock selection in the Information Technology sector detracted from performance.<br>• Stock selection in the Materials sector also weighed on performance.<br>• The Portfolio's limited exposure to the metals and mining industry detracted as precious and base metals did well during the year. Positions in the containers and packaging industry detracted as slowing consumer spending and weak volumes negatively affected these businesses.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/American Century Mid Cap Value Portfolio (Class IB)

------

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

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the Russell 1000<sup>®</sup> Index and Russell Midcap<sup>®</sup> Value Index over the same period.

![LOGO](g897067g00z51.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | **Since**<br>**Inception\*** |
| &nbsp;&nbsp;&nbsp;EQ/American Century Mid Cap Value Portfolio (Class IB) | 8.72% | 8.64% | 8.24% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 15.00% |
| &nbsp;&nbsp;&nbsp;Russell Midcap<sup>®</sup> Value Index | 11.05% | 9.83% | 9.39% |

---

\* Date of inception: October 22, 2018

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $620864388 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 123 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $3745294 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 73% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/American Century Mid Cap Value Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Industrials | 16.8% |
| Financials | 14.7% |
| Health Care | 14.4% |
| Consumer Staples | 10.4% |
| Utilities | 8.6% |
| Real Estate | 8.4% |
| Information Technology | 7.2% |
| Energy | 6.4% |
| Materials | 5.6% |
| Consumer Discretionary | 3.7% |
| Communication Services | 1.3% |
| Short-Term Investments | 1.0% |
| Cash and Other Assets Less Liabilities | 1.5% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Zimmer Biomet Holdings, Inc. | 2.5% |
| Henry Schein, Inc. | 1.9% |
| Commerce Bancshares, Inc. | 1.8% |
| Baker Hughes Co. | 1.7% |
| Willis Towers Watson plc | 1.6% |
| Reinsurance Group of America, Inc. | 1.6% |
| US Bancorp | 1.6% |
| Labcorp Holdings, Inc. | 1.6% |
| Kenvue, Inc. | 1.6% |
| Becton Dickinson & Co. | 1.5% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A031-B

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

Annual Shareholder Report - December 31, 2025 3 EQ/American Century Mid Cap Value Portfolio (Class IB)

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

## EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/American Century Mid Cap Value Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $78 | 0.75% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 8.98% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• Stock selection in the Industrials sector contributed to performance. Within the sector, overweight positions in the machinery industry buoyed performance.<br>• Stock selection in the Real Estate sector also helped the Portfolio's results. Real estate faced headwinds from still-elevated interest rates, so the Portfolio's limited exposure to these equities was beneficial.<br>• Teradyne, Inc. was the top contributing security on an absolute basis. The semiconductor company benefited from secular demand tailwinds for its artificial intelligence-related computer, networking and memory segments.<br>**What detracted from performance during the year?**<br>• Stock selection in the Information Technology sector detracted from performance.<br>• Stock selection in the Materials sector also weighed on performance.<br>• The Portfolio's limited exposure to the metals and mining industry detracted as precious and base metals did well during the year. Positions in the containers and packaging industry detracted as slowing consumer spending and weak volumes negatively affected these businesses.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/American Century Mid Cap Value Portfolio (Class K)

------

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

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the Russell 1000<sup>®</sup> Index and Russell Midcap<sup>®</sup> Value Index over the same period.

![LOGO](g897067g00z54.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | **Since**<br>**Inception\*** |
| &nbsp;&nbsp;&nbsp;EQ/American Century Mid Cap Value Portfolio (Class K) | 8.98% | 8.91% | 10.42% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 15.77% |
| &nbsp;&nbsp;&nbsp;Russell Midcap<sup>®</sup> Value Index | 11.05% | 9.83% | 11.58% |

---

\* Date of inception: June 8, 2020

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $620864388 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 123 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $3745294 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 73% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/American Century Mid Cap Value Portfolio (Class K)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Industrials | 16.8% |
| Financials | 14.7% |
| Health Care | 14.4% |
| Consumer Staples | 10.4% |
| Utilities | 8.6% |
| Real Estate | 8.4% |
| Information Technology | 7.2% |
| Energy | 6.4% |
| Materials | 5.6% |
| Consumer Discretionary | 3.7% |
| Communication Services | 1.3% |
| Short-Term Investments | 1.0% |
| Cash and Other Assets Less Liabilities | 1.5% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Zimmer Biomet Holdings, Inc. | 2.5% |
| Henry Schein, Inc. | 1.9% |
| Commerce Bancshares, Inc. | 1.8% |
| Baker Hughes Co. | 1.7% |
| Willis Towers Watson plc | 1.6% |
| Reinsurance Group of America, Inc. | 1.6% |
| US Bancorp | 1.6% |
| Labcorp Holdings, Inc. | 1.6% |
| Kenvue, Inc. | 1.6% |
| Becton Dickinson & Co. | 1.5% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A031-K

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

Annual Shareholder Report - December 31, 2025 3 EQ/American Century Mid Cap Value Portfolio (Class K)

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

## EQ/AMERICAN CENTURY MODERATE GROWTH ALLOCATION PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/American Century Moderate Growth Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $117 | 1.10% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 12.37% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• Every asset category contributed to the Portfolio's absolute performance during the year.<br>• The Portfolio's allocation to U.S. large cap equities contributed the most to absolute performance.<br>**What detracted from performance during the year?**<br>• Volatility management detracted from the Portfolio's performance relative to its benchmark index. The Portfolio de-risked to manage tariff-related volatility in the second quarter. As a result, the Portfolio was underweight U.S. large cap equities during the ensuing V-shaped recovery.<br>• The Portfolio's positioning between U.S. and non-U.S. equities detracted slightly. On average, the Portfolio overweighted U.S. equities during the period.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/American Century Moderate Growth Allocation Portfolio (Class IB)

------

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

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the S&P 500<sup>®</sup> Index, EQ/American Century Moderate Growth Allocation Index and Bloomberg U.S. Credit Corporate 5-10 Year Index over the same period.

![LOGO](g897067g00z57.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | **Since**<br>**Inception\*** |
| &nbsp;&nbsp;&nbsp;EQ/American Century Moderate Growth Allocation Portfolio (Class IB) | 12.37% | 5.35% | 6.55% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 16.22% |
| &nbsp;&nbsp;&nbsp;EQ/American Century Moderate Growth Allocation Index | 16.44% | 7.67% | 9.75% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Credit Corporate 5-10 Year Index | 9.58% | 0.86% | 3.58% |

---

\* Date of inception: February 1, 2019

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $194520914 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 10 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $1160905 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 100% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/American Century Moderate Growth Allocation Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Exchange Traded Funds** |  | 99.5% |
| &nbsp;&nbsp;&nbsp;Equity | 64.9% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 34.6% |  |
| **Short-Term Investments** |  | 1.0% |
| **Cash and Other Assets Less Liabilities** |  | -0.5% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Vanguard Intermediate-Term Corporate Bond ETF | 34.6% |
| iShares Core MSCI EAFE ETF | 15.6% |
| iShares Core S&P 500 ETF | 13.9% |
| State Street SPDR Portfolio S&P 500 ETF | 13.9% |
| Vanguard S&P 500 ETF | 13.9% |
| iShares Russell 2000 ETF | 3.9% |
| iShares Core S&P Mid-Cap ETF | 3.6% |
| JPMorgan Prime Money Market Fund, IM Shares | 0.5% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A032-B

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

Annual Shareholder Report - December 31, 2025 3 EQ/American Century Moderate Growth Allocation Portfolio (Class IB)

------

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

## EQ/CAPITAL GROUP RESEARCH PORTFOLIO (CLASS IB)
<br> **Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Capital Group Research Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br> investment | Costs paid as a percentage of a<br> $10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $104 | 0.95% |

---

<br> **How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 19.83% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>•  Stock selection in the Information Technology sector contributed to performance.<br>•  Investment decisions in the Industrials and Utilities sectors also contributed to performance.<br>•  Micron Technology, Inc. was a top contributor to performance. The company's stock price rose on soaring demand for its memory chips.<br>•  Specialty materials producer ATI, Inc. rallied on strong earnings, driven by aerospace and defense sales.<br>•  Constellation Energy Corporation benefited from policy support for clean energy and growing investor enthusiasm for nuclear energy.<br>**What detracted from performance during the year?**<br>•  Stock selection in the Health Care and Financials sectors detracted from performance.<br>•  Stock selection in the Communication Services sector also detracted.<br>•  Investor concerns about competitive threats from artificial intelligence (AI) hindered several software holdings, including Atlassian Corp., Salesforce, Inc., and ServiceNow Inc.<br>•  Although KKR & Co. Inc. beat profit expectations, its shares declined amid valuation concerns and what many investors believed was a challenging environment for private equity.<br>•  Air-conditioning and refrigeration specialist Carrier Global Corp. fell sharply as European sales stagnated and demand in U.S. residential markets remained soft.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/Capital Group Research Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index over the same period.

![LOGO](g897067g00z60.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Capital Group Research Portfolio (Class IB) | 19.83% | 13.80% | 15.00% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br> **Portfolio Statistics**<br>(as of December 31, 2025) | <br> **Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp; Net Assets | $725923904 |
| &nbsp;&nbsp; Number of Portfolio Holdings | 69 |
| &nbsp;&nbsp; Total Investment Advisory Fees Paid | $3980831 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 18% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/Capital Group Research Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
|  Information Technology | 32.2% |
|  Financials | 14.9% |
|  Consumer Discretionary | 10.6% |
|  Industrials | 10.3% |
|  Communication Services | 9.2% |
|  Health Care | 7.0% |
|  Utilities | 5.9% |
|  Consumer Staples | 4.9% |
|  Real Estate | 1.9% |
|  Materials | 1.5% |
|  Energy | 0.5% |
|  Cash and Other Assets Less Liabilities | 1.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
|  Broadcom, Inc. | 7.5% |
|  Alphabet, Inc., Class C | 5.0% |
|  Microsoft Corp. | 4.5% |
|  NVIDIA Corp. | 4.3% |
|  Amazon.com, Inc. | 3.5% |
|  Micron Technology, Inc. | 3.2% |
|  Meta Platforms, Inc., Class A | 3.1% |
|  Philip Morris International, Inc. | 2.8% |
|  Apple, Inc. | 2.7% |
|  JPMorgan Chase & Co. | 2.4% |

---

&nbsp;&nbsp; <br> **Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the contractual limit on the annual operating expenses of the Portfolio's Class IB shares was lowered from 0.97% to 0.95%. The expense limit includes amounts payable pursuant to Rule 12b-1 under the 1940 Act, but excludes certain other expenses, such as taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses.<br>This change is intended to reduce the Portfolio's expenses. For more complete information, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp; For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A034-B

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

Annual Shareholder Report - December 31, 2025 3 EQ/Capital Group Research Portfolio (Class IB)

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

## EQ/CLEARBRIDGE LARGE CAP GROWTH ESG PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/ClearBridge Large Cap Growth ESG Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $104 | 1.00% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 7.69% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to the Portfolio's performance were Information Technology, Consumer Discretionary, and Communication Services.<br>• Stock selection in the Consumer Discretionary sector and an underweight position in the Consumer Staples sector contributed to performance relative to the Portfolio's benchmark index.<br>• Top contributors to relative performance included ASML Holding NV, a leading supplier of photolithography systems, and Taiwan Semiconductor Manufacturing Co. Ltd. Not owning Costco Wholesale Corp. and underweighting Apple Inc. and Tesla, Inc. also contributed to relative performance.<br>**What detracted from performance during the year?**<br>• The sectors that detracted the most from the Portfolio's performance were Health Care, Materials and Real Estate.<br>• Stock selection and sector allocation detracted from the Portfolio's performance relative to its benchmark index.<br>• UnitedHealth Group, Inc., PayPal Holdings, Inc., an online payment system, Oracle Corp., a technology company, Salesforce, Inc., a cloud-based software company, and Accenture plc, a professional services company, detracted the most from relative performance.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/ClearBridge Large Cap Growth ESG Portfolio (Class IB)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and Russell 1000<sup>®</sup> Growth Index over the same period.

![LOGO](g897067g00z63.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/ClearBridge Large Cap Growth ESG Portfolio (Class IB) | 7.69% | 10.47% | 13.63% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $449422644 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 39 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $2791885 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 22% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/ClearBridge Large Cap Growth ESG Portfolio (Class IB)

------

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

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 44.6% |
| Consumer Discretionary | 13.3% |
| Communication Services | 12.5% |
| Industrials | 8.2% |
| Health Care | 7.8% |
| Financials | 7.4% |
| Materials | 2.8% |
| Real Estate | 1.4% |
| Consumer Staples | 1.3% |
| Cash and Other Assets Less Liabilities | 0.7% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| NVIDIA Corp. | 12.9% |
| Amazon.com, Inc. | 7.8% |
| Microsoft Corp. | 7.3% |
| Meta Platforms, Inc., Class A | 6.0% |
| Apple, Inc. | 5.8% |
| Visa, Inc., Class A | 4.1% |
| Netflix, Inc. | 3.5% |
| Alphabet, Inc., Class A | 3.0% |
| Intuitive Surgical, Inc. | 2.7% |
| Palo Alto Networks, Inc. | 2.4% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A035-B

146477_B

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

Annual Shareholder Report - December 31, 2025 3 EQ/ClearBridge Large Cap Growth ESG Portfolio (Class IB)

------

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

## EQ/CLEARBRIDGE LARGE CAP GROWTH ESG PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/ClearBridge Large Cap Growth ESG Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $78 | 0.75% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 7.96% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to the Portfolio's performance were Information Technology, Consumer Discretionary, and Communication Services.<br>• Stock selection in the Consumer Discretionary sector and an underweight position in the Consumer Staples sector contributed to performance relative to the Portfolio's benchmark index.<br>• Top contributors to relative performance included ASML Holding NV, a leading supplier of photolithography systems, and Taiwan Semiconductor Manufacturing Co. Ltd. Not owning Costco Wholesale Corp. and underweighting Apple Inc. and Tesla, Inc. also contributed to relative performance.<br>**What detracted from performance during the year?**<br>• The sectors that detracted the most from the Portfolio's performance were Health Care, Materials and Real Estate.<br>• Stock selection and sector allocation detracted from the Portfolio's performance relative to its benchmark index.<br>• UnitedHealth Group, Inc., PayPal Holdings, Inc., an online payment system, Oracle Corp., a technology company, Salesforce, Inc., a cloud-based software company, and Accenture plc, a professional services company, detracted the most from relative performance.<br>

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

Annual Shareholder Report - December 31, 2025 1 EQ/ClearBridge Large Cap Growth ESG Portfolio (Class K)

------

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

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and Russell 1000<sup>®</sup> Growth Index over the same period.

![LOGO](g897067g00z66.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/ClearBridge Large Cap Growth ESG Portfolio (Class K) | 7.96% | 10.75% | 13.91% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $449422644 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 39 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $2791885 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 22% |

---

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

Annual Shareholder Report - December 31, 2025 2 EQ/ClearBridge Large Cap Growth ESG Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 44.6% |
| Consumer Discretionary | 13.3% |
| Communication Services | 12.5% |
| Industrials | 8.2% |
| Health Care | 7.8% |
| Financials | 7.4% |
| Materials | 2.8% |
| Real Estate | 1.4% |
| Consumer Staples | 1.3% |
| Cash and Other Assets Less Liabilities | 0.7% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| NVIDIA Corp. | 12.9% |
| Amazon.com, Inc. | 7.8% |
| Microsoft Corp. | 7.3% |
| Meta Platforms, Inc., Class A | 6.0% |
| Apple, Inc. | 5.8% |
| Visa, Inc., Class A | 4.1% |
| Netflix, Inc. | 3.5% |
| Alphabet, Inc., Class A | 3.0% |
| Intuitive Surgical, Inc. | 2.7% |
| Palo Alto Networks, Inc. | 2.4% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A035-K

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/ClearBridge Large Cap Growth ESG Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Clearbridge Select Equity Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $109 | 1.05% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 7.66% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to absolute performance were Information Technology, Communication Services, and Industrials.<br>• The stocks that contributed the most to performance were NVIDIA Corp., AppLovin Corp., a mobile technology company, Microsoft Corp., and Comfort Systems USA, Inc., a mechanical and electrical contracting services company.<br>**What detracted from performance during the year?**<br>• The sectors that contributed the least to performance were Materials and Utilities.<br>• The stocks that detracted the most from performance were ServiceNow, Inc., a cloud computing platform, HubSpot, Inc., a customer relationship management platform, and Copart, Inc., an online auction company.<br>• Volatility management detracted from performance. In response to market volatility in April, the Portfolio de-equitized, which limited the Portfolio's participation in the subsequent equity market recovery.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Clearbridge Select Equity Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index over the same period.

![LOGO](g897067g00z69.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Clearbridge Select Equity Managed Volatility Portfolio (Class IB) | 7.66% | 8.42% | 12.21% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $644523924 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 553 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $4078608 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Clearbridge Select Equity Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 32.9% |
| Industrials | 10.7% |
| Health Care | 9.6% |
| Consumer Discretionary | 8.8% |
| Financials | 8.2% |
| Communication Services | 5.9% |
| Consumer Staples | 5.6% |
| Energy | 3.0% |
| Real Estate | 2.2% |
| Materials | 1.4% |
| Utilities | 1.1% |
| Short-Term Investments | 9.7% |
| Cash and Other Assets Less Liabilities | 0.9% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| JPMorgan Prime Money Market Fund, IM Shares | 9.3% |
| NVIDIA Corp. | 6.8% |
| Microsoft Corp. | 5.8% |
| Apple, Inc. | 5.2% |
| Amazon.com, Inc. | 1.6% |
| MercadoLibre, Inc. | 1.6% |
| AppLovin Corp., Class A | 1.5% |
| Casey's General Stores, Inc. | 1.5% |
| ServiceNow, Inc. | 1.5% |
| Shopify, Inc., Class A | 1.4% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A036-B

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Clearbridge Select Equity Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Clearbridge Select Equity Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $83 | 0.80% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 7.92% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to absolute performance were Information Technology, Communication Services, and Industrials.<br>• The stocks that contributed the most to performance were NVIDIA Corp., AppLovin Corp., a mobile technology company, Microsoft Corp., and Comfort Systems USA, Inc., a mechanical and electrical contracting services company.<br>**What detracted from performance during the year?**<br>• The sectors that contributed the least to performance were Materials and Utilities.<br>• The stocks that detracted the most from performance were ServiceNow, Inc., a cloud computing platform, HubSpot, Inc., a customer relationship management platform, and Copart, Inc., an online auction company.<br>• Volatility management detracted from performance. In response to market volatility in April, the Portfolio de-equitized, which limited the Portfolio's participation in the subsequent equity market recovery.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Clearbridge Select Equity Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the S&P 500<sup>®</sup> Index over the same period.

![LOGO](g897067g00z72.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | Since<br>Inception\* |
| &nbsp;&nbsp;&nbsp;EQ/Clearbridge Select Equity Managed Volatility Portfolio (Class K) | 7.92% | 5.11% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 11.77% |

---

\* Date of inception: October 26, 2021

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $644523924 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 553 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $4078608 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Clearbridge Select Equity Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 32.9% |
| Industrials | 10.7% |
| Health Care | 9.6% |
| Consumer Discretionary | 8.8% |
| Financials | 8.2% |
| Communication Services | 5.9% |
| Consumer Staples | 5.6% |
| Energy | 3.0% |
| Real Estate | 2.2% |
| Materials | 1.4% |
| Utilities | 1.1% |
| Short-Term Investments | 9.7% |
| Cash and Other Assets Less Liabilities | 0.9% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| JPMorgan Prime Money Market Fund, IM Shares | 9.3% |
| NVIDIA Corp. | 6.8% |
| Microsoft Corp. | 5.8% |
| Apple, Inc. | 5.2% |
| Amazon.com, Inc. | 1.6% |
| MercadoLibre, Inc. | 1.6% |
| AppLovin Corp., Class A | 1.5% |
| Casey's General Stores, Inc. | 1.5% |
| ServiceNow, Inc. | 1.5% |
| Shopify, Inc., Class A | 1.4% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A036-K

146468_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Clearbridge Select Equity Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/COMMON STOCK INDEX PORTFOLIO (CLASS IA)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Common Stock Index Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IA | $72 | 0.67% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IA shares returned 16.30% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to performance were Information Technology, Communication Services, and Financials.<br>• The stocks that contributed the most to performance were NVIDIA Corp., Alphabet Inc., Broadcom Inc., and Microsoft Corp.<br>**What detracted from performance during the year?**<br>• The sectors that detracted the most from performance were Real Estate, Consumer Staples, and Energy.<br>• The stocks that detracted the most from performance were UnitedHealth Group, Inc., Fiserv, Inc., a financial technology company, Salesforce, Inc., a cloud-based software company, ServiceNow, Inc., a cloud computing platform, and Accenture plc, a professional services company.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Common Stock Index Portfolio (Class IA)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 3000<sup>®</sup> Index over the same period.

![LOGO](g897067g55a35.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Common Stock Index Portfolio (Class IA) | 16.30% | 12.50% | 13.54% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $7921280253 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1486 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $22403964 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Common Stock Index Portfolio (Class IA)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 31.6% |
| Financials | 13.9% |
| Consumer Discretionary | 10.4% |
| Health Care | 10.0% |
| Communication Services | 10.0% |
| Industrials | 9.4% |
| Consumer Staples | 4.4% |
| Energy | 3.0% |
| Utilities | 2.2% |
| Real Estate | 2.2% |
| Materials | 2.2% |
| Short-Term Investments | 0.1% |
| Cash and Other Assets Less Liabilities | 0.6% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| NVIDIA Corp. | 6.6% |
| Apple, Inc. | 6.0% |
| Microsoft Corp. | 5.4% |
| Amazon.com, Inc. | 3.4% |
| Alphabet, Inc., Class A | 2.8% |
| Broadcom, Inc. | 2.4% |
| Alphabet, Inc., Class C | 2.3% |
| Meta Platforms, Inc., Class A | 2.2% |
| Tesla, Inc. | 1.9% |
| Berkshire Hathaway, Inc., Class B | 1.4% |

---

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A037-A

146440_A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Common Stock Index Portfolio (Class IA)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/COMMON STOCK INDEX PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Common Stock Index Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $72 | 0.67% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 16.28% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to performance were Information Technology, Communication Services, and Financials.<br>• The stocks that contributed the most to performance were NVIDIA Corp., Alphabet Inc., Broadcom Inc., and Microsoft Corp.<br>**What detracted from performance during the year?**<br>• The sectors that detracted the most from performance were Real Estate, Consumer Staples, and Energy.<br>• The stocks that detracted the most from performance were UnitedHealth Group, Inc., Fiserv, Inc., a financial technology company, Salesforce, Inc., a cloud-based software company, ServiceNow, Inc., a cloud computing platform, and Accenture plc, a professional services company.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Common Stock Index Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 3000<sup>®</sup> Index over the same period.

![LOGO](g897067g12k01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Common Stock Index Portfolio (Class IB) | 16.28% | 12.50% | 13.55% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
| <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| Net Assets | $7921280253 |
| Number of Portfolio Holdings | 1486 |
| Total Investment Advisory Fees Paid | $22403964 |
| Portfolio Turnover Rate | 3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Common Stock Index Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 31.6% |
| Financials | 13.9% |
| Consumer Discretionary | 10.4% |
| Health Care | 10.0% |
| Communication Services | 10.0% |
| Industrials | 9.4% |
| Consumer Staples | 4.4% |
| Energy | 3.0% |
| Utilities | 2.2% |
| Real Estate | 2.2% |
| Materials | 2.2% |
| Short-Term Investments | 0.1% |
| Cash and Other Assets Less Liabilities | 0.6% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| NVIDIA Corp. | 6.6% |
| Apple, Inc. | 6.0% |
| Microsoft Corp. | 5.4% |
| Amazon.com, Inc. | 3.4% |
| Alphabet, Inc., Class A | 2.8% |
| Broadcom, Inc. | 2.4% |
| Alphabet, Inc., Class C | 2.3% |
| Meta Platforms, Inc., Class A | 2.2% |
| Tesla, Inc. | 1.9% |
| Berkshire Hathaway, Inc., Class B | 1.4% |

---

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A037-B

146440_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Common Stock Index Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/CORE BOND INDEX PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Core Bond Index Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $64 | 0.62% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 6.43% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Federal Reserve monetary policy was the most significant driver of performance. The series of three interest rate cuts that began in September supported price appreciation for bonds and led to strong overall performance for the index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate credit spreads tightened throughout much of the year, largely driven by positive corporate sentiment, contributing to returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The corporate bond sectors that contributed the most were Financials, Utilities, and Industrials.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allocations to U.S. Government Agency securities, U.S. Treasury Obligations, and Supranational bonds detracted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Core Bond Index Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Intermediate Government/Credit Bond Index over the same period.

![LOGO](g897067g00g01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Core Bond Index Portfolio (Class IB) | 6.43% | 0.35% | 1.70% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government/Credit Bond Index | 6.97% | 0.96% | 2.29% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

#### Portfolio Statistics
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Net Assets | $| 5006629762 |
| &nbsp;&nbsp;Number of Portfolio Holdings |  | 2849 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid |  | $13335419 |
| &nbsp;&nbsp;Portfolio Turnover Rate |  | 17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Core Bond Index Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| **Security Type (as a % of Net Assets)** | **Security Type (as a % of Net Assets)** |  |
| &nbsp;&nbsp;U.S. Treasury Obligations | 53.9% |  |
| &nbsp;&nbsp;Corporate Bonds | 30.8% |  |
| &nbsp;&nbsp;Exchange Traded Funds | 8.1% |  |
| &nbsp;&nbsp;Supranational | 2.5% |  |
| &nbsp;&nbsp;Foreign Government Securities | 2.2% |  |
| &nbsp;&nbsp;U.S. Government Agency Securities | 1.3% |  |
| &nbsp;&nbsp;Municipal Bonds | 0.1% |  |
| &nbsp;&nbsp;Asset-Backed Securities | 0.0% | <sup>#</sup> |
| &nbsp;&nbsp;Preferred Stocks | 0.0% | <sup>#</sup> |
| &nbsp;&nbsp;Short-Term Investments | 1.2% |  |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | -0.1% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%  |

---

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the contractual limit on the annual operating expenses of the Portfolio's Class IB shares was lowered from 0.64% to 0.62%. The expense limit includes amounts payable pursuant to Rule 12b-1 under the 1940 Act, but excludes certain other expenses, such as taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses.

This change is intended to reduce the Portfolio's expenses. For more complete information, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

#### Additional Information

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg)  |

---

A042-B

146441_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Core Bond Index Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/CORE BOND INDEX PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Core Bond Index Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $38 | 0.37% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 6.59% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• Federal Reserve monetary policy was the most significant driver of performance. The series of three interest rate cuts that began in September supported price appreciation for bonds and led to strong overall performance for the index.<br>• Corporate credit spreads tightened throughout much of the year, largely driven by positive corporate sentiment, contributing to returns.<br>• The corporate bond sectors that contributed the most were Financials, Utilities, and Industrials.<br>**What detracted from performance during the year?**<br>• Allocations to U.S. Government Agency securities, U.S. Treasury Obligations, and Supranational bonds detracted.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Core Bond Index Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Intermediate Government/Credit Bond Index over the same period.

![LOGO](g897067g00g02.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Core Bond Index Portfolio (Class K) | 6.59% | 0.60% | 1.95% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government/Credit Bond Index | 6.97% | 0.96% | 2.29% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $5006629762 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 2849 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $13335419 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Core Bond Index Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |  |
| U.S. Treasury Obligations | 53.9% |  |
| Corporate Bonds | 30.8% |  |
| Exchange Traded Funds | 8.1% |  |
| Supranational | 2.5% |  |
| Foreign Government Securities | 2.2% |  |
| U.S. Government Agency Securities | 1.3% |  |
| Municipal Bonds | 0.1% |  |
| Asset-Backed Securities | 0.0% | <sup>#</sup> |
| Preferred Stocks | 0.0% | <sup>#</sup> |
| Short-Term Investments | 1.2% |  |
| Cash and Other Assets Less Liabilities | -0.1% |  |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%  |

---

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the contractual limit on the annual operating expenses of the Portfolio's Class K shares was lowered from 0.39% to 0.37%. The expense limit excludes certain expenses, such as taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses.

This change is intended to reduce the Portfolio's expenses. For more complete information, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A042-K

146441_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Core Bond Index Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/CORE PLUS BOND PORTFOLIO (CLASS IA)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Core Plus Bond Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IA | $97 | 0.93% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IA shares returned 8.53% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• Overweighting German bonds contributed to the Portfolio's performance relative to its benchmark index.<br>• Overweighting Canadian government bonds also contributed to relative performance.<br>• Overweighting Mexican sovereign debt was accretive during the year.<br>• A long position in the Euro also was accretive during the year.<br>**What detracted from performance during the year?**<br>• The Portfolio's U.S. Treasury yield curve positioning detracted from performance.<br>• Overweighting Colombian government bonds detracted from performance.<br>• A long position in the Japanese yen and a short position in the Swiss franc detracted from performance.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Core Plus Bond Portfolio (Class IA)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg U.S. Aggregate Bond Index over the same period.

![LOGO](g897067g00g03.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Core Plus Bond Portfolio (Class IA) | 8.53% | -0.74% | 2.16% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $750747225 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 887 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $3575390 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 177% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Core Plus Bond Portfolio (Class IA)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| Corporate Bonds | 26.2% |
| U.S. Treasury Obligations | 23.6% |
| Mortgage-Backed Securities | 13.7% |
| Asset-Backed Securities | 11.4% |
| Foreign Government Securities | 10.7% |
| Commercial Mortgage-Backed Securities | 4.9% |
| Collateralized Mortgage Obligations | 1.9% |
| Convertible Bonds | 0.1% |
| Short-Term Investments | 3.5% |
| Cash and Other Assets Less Liabilities | 4.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A043-A

146413_A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Core Plus Bond Portfolio (Class IA)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/CORE PLUS BOND PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Core Plus Bond Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $97 | 0.93% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 8.58% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overweighting German bonds contributed to the Portfolio's performance relative to its benchmark index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overweighting Canadian government bonds also contributed to relative performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overweighting Mexican sovereign debt was accretive during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A long position in the Euro also was accretive during the year.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Portfolio's U.S. Treasury yield curve positioning detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overweighting Colombian government bonds detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A long position in the Japanese yen and a short position in the Swiss franc detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Core Plus Bond Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg U.S. Aggregate Bond Index over the same period.

![LOGO](g897067g00g04.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Core Plus Bond Portfolio (Class IB) | 8.58% | -0.68% | 2.17% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of December 31, 2025) | **Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $750747225 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 887 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $3575390 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 177% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Core Plus Bond Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type (as a % of Net Assets)** | **Security Type (as a % of Net Assets)** |
| Corporate Bonds | 26.2% |
| U.S. Treasury Obligations | 23.6% |
| Mortgage-Backed Securities | 13.7% |
| Asset-Backed Securities | 11.4% |
| Foreign Government Securities | 10.7% |
| Commercial Mortgage-Backed Securities | 4.9% |
| Collateralized Mortgage Obligations | 1.9% |
| Convertible Bonds | 0.1% |
| Short-Term Investments | 3.5% |
| Cash and Other Assets Less Liabilities | 4.0% |

---

---

| | |
|:---|:---|
| **Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code.<br>| ![LOGO](g897067g00v00.jpg) |

---

A043-B

146413_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Core Plus Bond Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/CORE PLUS BOND PORTFOLIO (CLASS K)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Core Plus Bond Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $71 | 0.68% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class K shares returned 8.76% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overweighting German bonds contributed to the Portfolio's performance relative to its benchmark index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overweighting Canadian government bonds also contributed to relative performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overweighting Mexican sovereign debt was accretive during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A long position in the Euro also was accretive during the year.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Portfolio's U.S. Treasury yield curve positioning detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overweighting Colombian government bonds detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A long position in the Japanese yen and a short position in the Swiss franc detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Core Plus Bond Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg U.S. Aggregate Bond Index over the same period.

![LOGO](g897067g00g05.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Core Plus Bond Portfolio (Class K) | 8.76% | -0.44% | 2.43% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of December 31, 2025) | **Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $750747225 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 887 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $3575390 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 177% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Core Plus Bond Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type (as a % of Net Assets)** | **Security Type (as a % of Net Assets)** |
| Corporate Bonds | 26.2% |
| U.S. Treasury Obligations | 23.6% |
| Mortgage-Backed Securities | 13.7% |
| Asset-Backed Securities | 11.4% |
| Foreign Government Securities | 10.7% |
| Commercial Mortgage-Backed Securities | 4.9% |
| Collateralized Mortgage Obligations | 1.9% |
| Convertible Bonds | 0.1% |
| Short-Term Investments | 3.5% |
| Cash and Other Assets Less Liabilities | 4.0% |

---

---

| | |
|:---|:---|
| **Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) |

---

A043-K

146413_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Core Plus Bond Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Emerging Markets Equity PLUS Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $140 | 1.20% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 33.46% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to absolute performance were Information Technology, Financials, and Materials.<br>• The stocks that contributed the most to absolute performance were Taiwan Semiconductor Manufacturing Co. Ltd., Samsung Electronics Co. Ltd., Tencent Holdings Ltd., a Chinese technology and entertainment conglomerate, SK Hynix, Inc., a South Korean supplier of memory chips, and Jiangxi Copper Co. Ltd., China's largest copper producer.<br>**What detracted from performance during the year?**<br>• The sectors that contributed the least to performance were Real Estate and Utilities.<br>• The stocks that detracted the most from performance were Micro-Star International Ltd., a Taiwanese technology company, Meituan, a Chinese super-app that provides on-demand services, Infosys Ltd., a digital services company, Tata Consultancy Services Ltd., an Indian IT services company, and ACWA Power Co.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Emerging Markets Equity Plus Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the MSCI Emerging Markets (Gross Dividends) Index over the same period.

![LOGO](g897067g00v08.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Emerging Markets Equity PLUS Portfolio (Class IB) | 33.46% | 4.64% | 7.73% |
| &nbsp;&nbsp;&nbsp;MSCI Emerging Markets (Gross Dividends) Index | 34.36% | 4.67% | 8.86% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $122625494 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 940 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $528269 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Emerging Markets Equity Plus Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| China | 26.9% |
| Taiwan | 22.8% |
| India | 11.7% |
| South Korea | 11.7% |
| Brazil | 5.3% |
| South Africa | 3.4% |
| Mexico | 2.0% |
| Saudi Arabia | 1.9% |
| Thailand | 1.7% |
| Indonesia | 1.7% |
| Other | 9.3% |

---

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Information Technology | 28.9% |
| &nbsp;&nbsp;Financials | 23.5% |
| &nbsp;&nbsp;Consumer Discretionary | 10.3% |
| &nbsp;&nbsp;Communication Services | 8.6% |
| &nbsp;&nbsp;Materials | 6.9% |
| &nbsp;&nbsp;Industrials | 6.2% |
| &nbsp;&nbsp;Consumer Staples | 4.6% |
| &nbsp;&nbsp;Energy | 3.6% |
| &nbsp;&nbsp;Health Care | 2.9% |
| &nbsp;&nbsp;Utilities | 1.5% |
| &nbsp;&nbsp;Real Estate | 1.4% |
| &nbsp;&nbsp;Short-Term Investments | 0.9% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.7% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A044-B

148386_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Emerging Markets Equity Plus Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Emerging Markets Equity PLUS Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $111 | 0.95% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 33.75% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to absolute performance were Information Technology, Financials, and Materials.<br>• The stocks that contributed the most to absolute performance were Taiwan Semiconductor Manufacturing Co. Ltd., Samsung Electronics Co. Ltd., Tencent Holdings Ltd., a Chinese technology and entertainment conglomerate, SK Hynix, Inc., a South Korean supplier of memory chips, and Jiangxi Copper Co. Ltd., China's largest copper producer.<br>**What detracted from performance during the year?**<br>• The sectors that contributed the least to performance were Real Estate and Utilities.<br>• The stocks that detracted the most from performance were Micro-Star International Ltd., a Taiwanese technology company, Meituan, a Chinese super-app that provides on-demand services, Infosys Ltd., a digital services company, Tata Consultancy Services Ltd., an Indian IT services company, and ACWA Power Co.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Emerging Markets Equity Plus Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the MSCI Emerging Markets (Gross Dividends) Index over the same period.

![LOGO](g897067g00v09.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Emerging Markets Equity PLUS Portfolio (Class K) | 33.75% | 4.89% | 8.01% |
| &nbsp;&nbsp;&nbsp;MSCI Emerging Markets (Gross Dividends) Index | 34.36% | 4.67% | 8.86% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $122625494 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 940 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $528269 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Emerging Markets Equity Plus Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Country Weightings (as a % of Net Assets)** | **Country Weightings (as a % of Net Assets)** |
| China | 26.9% |
| Taiwan | 22.8% |
| India | 11.7% |
| South Korea | 11.7% |
| Brazil | 5.3% |
| South Africa | 3.4% |
| Mexico | 2.0% |
| Saudi Arabia | 1.9% |
| Thailand | 1.7% |
| Indonesia | 1.7% |
| Other | 9.3% |

---

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| &nbsp;&nbsp;Information Technology | 28.9% |
| &nbsp;&nbsp;Financials | 23.5% |
| &nbsp;&nbsp;Consumer Discretionary | 10.3% |
| &nbsp;&nbsp;Communication Services | 8.6% |
| &nbsp;&nbsp;Materials | 6.9% |
| &nbsp;&nbsp;Industrials | 6.2% |
| &nbsp;&nbsp;Consumer Staples | 4.6% |
| &nbsp;&nbsp;Energy | 3.6% |
| &nbsp;&nbsp;Health Care | 2.9% |
| &nbsp;&nbsp;Utilities | 1.5% |
| &nbsp;&nbsp;Real Estate | 1.4% |
| &nbsp;&nbsp;Short-Term Investments | 0.9% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.7% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A044-K

148386_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Emerging Markets Equity Plus Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/EQUITY 500 INDEX PORTFOLIO (CLASS IA)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Equity 500 Index Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IA | $58 | 0.54% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IA shares returned 17.24% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sectors that contributed the most to performance were Information Technology, Communication Services, and Financials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that contributed the most to performance were NVIDIA Corp., Alphabet Inc., Broadcom Inc., and Microsoft Corp.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sectors that detracted the most from performance were Real Estate, Materials, and Consumer Staples.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that detracted the most from performance were UnitedHealth Group, Inc., Fiserv, Inc., a financial technology company, Salesforce, Inc., a cloud-based software company, ServiceNow, Inc., a cloud computing platform, and Accenture plc, a professional services company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Equity 500 Index Portfolio (Class IA)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index over the same period.

![LOGO](g897067g00v10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Equity 500 Index Portfolio (Class IA) | 17.24% | 13.79% | 14.16% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

#### Portfolio Statistics
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Net Assets | $| 12340332286 |
| &nbsp;&nbsp;Number of Portfolio Holdings |  | 506 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid |  | $20019170 |
| &nbsp;&nbsp;Portfolio Turnover Rate |  | 3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Equity 500 Index Portfolio (Class IA)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| Information Technology | 34.1% |
| Financials | 13.2% |
| Communication Services | 10.5% |
| Consumer Discretionary | 10.3% |
| Health Care | 9.5% |
| Industrials | 8.1% |
| Consumer Staples | 4.6% |
| Energy | 2.8% |
| Utilities | 2.2% |
| Materials | 1.8% |
| Real Estate | 1.8% |
| Short-Term Investments | 0.1% |
| Cash and Other Assets Less Liabilities | 1.0% |

---

---

| | |
|:---|:---|
| **Top Holdings (as a % of Net Assets)** | **Top Holdings (as a % of Net Assets)** |
| &nbsp;&nbsp;NVIDIA Corp. | 7.7% |
| &nbsp;&nbsp;Apple, Inc. | 6.8% |
| &nbsp;&nbsp;Microsoft Corp. | 6.1% |
| &nbsp;&nbsp;Amazon.com, Inc. | 3.8% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | 3.1% |
| &nbsp;&nbsp;Broadcom, Inc. | 2.8% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | 2.5% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | 2.4% |
| &nbsp;&nbsp;Tesla, Inc. | 2.1% |
| &nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | 1.6% |

---

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the contractual limit on the annual operating expenses of the Portfolio's Class IA shares was lowered from 0.54% to 0.5375%. The expense limit includes amounts payable pursuant to Rule 12b-1 under the 1940 Act, but excludes certain other expenses, such as taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses. In addition, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio.

These changes are intended to reduce the Portfolio's expenses. For more complete information, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

#### Additional Information

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg)  |

---

A045-A

146443_A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Equity 500 Index Portfolio (Class IA)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/EQUITY 500 INDEX PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Equity 500 Index Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $58 | 0.54% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 17.23% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sectors that contributed the most to performance were Information Technology, Communication Services, and Financials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that contributed the most to performance were NVIDIA Corp., Alphabet Inc., Broadcom Inc., and Microsoft Corp.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sectors that detracted the most from performance were Real Estate, Materials, and Consumer Staples.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that detracted the most from performance were UnitedHealth Group, Inc., Fiserv, Inc., a financial technology company, Salesforce, Inc., a cloud-based software company, ServiceNow, Inc., a cloud computing platform, and Accenture plc, a professional services company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Equity 500 Index Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index over the same period.

![LOGO](g897067g00v11.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Equity 500 Index Portfolio (Class IB) | 17.23% | 13.79% | 14.15% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

#### Portfolio Statistics
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Net Assets | $| 12340332286 |
| &nbsp;&nbsp;Number of Portfolio Holdings |  | 506 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid |  | $20019170 |
| &nbsp;&nbsp;Portfolio Turnover Rate |  | 3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Equity 500 Index Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| &nbsp;&nbsp;Information Technology | 34.1% |
| &nbsp;&nbsp;Financials | 13.2% |
| &nbsp;&nbsp;Communication Services | 10.5% |
| &nbsp;&nbsp;Consumer Discretionary | 10.3% |
| &nbsp;&nbsp;Health Care | 9.5% |
| &nbsp;&nbsp;Industrials | 8.1% |
| &nbsp;&nbsp;Consumer Staples | 4.6% |
| &nbsp;&nbsp;Energy | 2.8% |
| &nbsp;&nbsp;Utilities | 2.2% |
| &nbsp;&nbsp;Materials | 1.8% |
| &nbsp;&nbsp;Real Estate | 1.8% |
| &nbsp;&nbsp;Short-Term Investments | 0.1% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 1.0% |

---

---

| | |
|:---|:---|
| **Top Holdings (as a % of Net Assets)** | **Top Holdings (as a % of Net Assets)** |
| &nbsp;&nbsp;NVIDIA Corp. | 7.7% |
| &nbsp;&nbsp;Apple, Inc. | 6.8% |
| &nbsp;&nbsp;Microsoft Corp. | 6.1% |
| &nbsp;&nbsp;Amazon.com, Inc. | 3.8% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | 3.1% |
| &nbsp;&nbsp;Broadcom, Inc. | 2.8% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | 2.5% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | 2.4% |
| &nbsp;&nbsp;Tesla, Inc. | 2.1% |
| &nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | 1.6% |

---

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the contractual limit on the annual operating expenses of the Portfolio's Class IB shares was lowered from 0.54% to 0.5375%. The expense limit includes amounts payable pursuant to Rule 12b-1 under the 1940 Act, but excludes certain other expenses, such as taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses. In addition, effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio.

These changes are intended to reduce the Portfolio's expenses. For more complete information, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A045-B

146443_B

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Annual Shareholder Report - December 31, 2025 3 EQ/Equity 500 Index Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/EQUITY 500 INDEX PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Equity 500 Index Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $31 | 0.29% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 17.53% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to performance were Information Technology, Communication Services, and Financials.<br>• The stocks that contributed the most to performance were NVIDIA Corp., Alphabet Inc., Broadcom Inc., and Microsoft Corp.<br>**What detracted from performance during the year?**<br>• The sectors that detracted the most from performance were Real Estate, Materials, and Consumer Staples.<br>• The stocks that detracted the most from performance were UnitedHealth Group, Inc., Fiserv, Inc., a financial technology company, Salesforce, Inc., a cloud-based software company, ServiceNow, Inc., a cloud computing platform, and Accenture plc, a professional services company.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Equity 500 Index Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index over the same period.

![LOGO](g897067g00v12.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Equity 500 Index Portfolio (Class K) | 17.53% | 14.08% | 14.44% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $12340332286 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 506 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $20019170 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Equity 500 Index Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 34.1% |
| Financials | 13.2% |
| Communication Services | 10.5% |
| Consumer Discretionary | 10.3% |
| Health Care | 9.5% |
| Industrials | 8.1% |
| Consumer Staples | 4.6% |
| Energy | 2.8% |
| Utilities | 2.2% |
| Materials | 1.8% |
| Real Estate | 1.8% |
| Short-Term Investments | 0.1% |
| Cash and Other Assets Less Liabilities | 1.0% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| NVIDIA Corp. | 7.7% |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 6.1% |
| Amazon.com, Inc. | 3.8% |
| Alphabet, Inc., Class A | 3.1% |
| Broadcom, Inc. | 2.8% |
| Alphabet, Inc., Class C | 2.5% |
| Meta Platforms, Inc., Class A | 2.4% |
| Tesla, Inc. | 2.1% |
| Berkshire Hathaway, Inc., Class B | 1.6% |

---

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the contractual limit on the annual operating expenses of the Portfolio's Class K shares was lowered from 0.29% to 0.2875%. The expense limit excludes certain expenses, such as taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses. In addition, effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio.

These changes are intended to reduce the Portfolio's expenses. For more complete information, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A045-K

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Annual Shareholder Report - December 31, 2025 3 EQ/Equity 500 Index Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/FIDELITY INSTITUTIONAL AM <sup>®</sup> LARGE CAP PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Fidelity Institutional AM<sup>®</sup> Large Cap Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $95 | 0.87% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 18.34% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Portfolio generated positive gross returns in all sectors during the year. The top contributing sector to performance was Information Technology, which contributed 7.71% to the Portfolio's gross return. The Communication Services and Financials sectors rounded out the top three contributors, which collectively represented nearly three-quarters of the Portfolio's overall return for the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The top individual contributor to performance was the Portfolio's position in advertising giant, and parent of the Google search engine, Alphabet Inc. Shares in Alphabet rose over 65% in the period as the firm continued to execute on its artificial intelligence strategy and produce solid financial results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Portfolio's stake in semiconductor firm NVIDIA Corp. was another top contributor to absolute returns over the twelve-month period. NVIDIA shares rose over 38% in the past year amid an ongoing surge of investment in artificial intelligence that has triggered huge demand for its products.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No sector detracted from absolute returns during the year. The weakest contributors were Real Estate, Consumer Staples, and Materials, which collectively contributed less than 0.5% to the Portfolio's gross return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Portfolio's position in insurance firm UnitedHealth Group Inc. was the top detractor from absolute returns. Shares of UnitedHealth slid nearly 33%, as it faced headwinds stemming from its Medicare Advantage and Optum Care businesses, both of which face rising costs and technical debt issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Portfolio's investment in Gartner Inc. was another top three detractor from absolute performance. Shares of Gartner dropped nearly 49% as the IT research and consulting firm faced multiple coinciding business challenges, including substantial contract terminations related to cuts stemming from Department of Government Efficiency efforts to restrain Federal spending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Fidelity Institutional AM<sup>®</sup> Large Cap Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the S&P 500<sup>®</sup> Index over the same period.

![LOGO](g897067g00s20.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | Since<br>Inception\* |
| &nbsp;&nbsp;&nbsp;EQ/Fidelity Institutional AM<sup>®</sup> Large Cap Portfolio (Class IB) | 18.34% | 13.86% | 15.45% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 15.26% |

---

\* Date of inception: October 22, 2018

#### The Portfolio's past performance is not a good p red ictor of the Portfolio's future perfor m ance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of December 31, 2025) | **Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $1469488688 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 317 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $6645569 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 62% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Fidelity Institutional AM<sup>®</sup> Large Cap Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |  |
| Information Technology | 34.0% |  |
| Financials | 13.2% |  |
| Communication Services | 10.6% |  |
| Consumer Discretionary | 10.4% |  |
| Health Care | 9.4% |  |
| Industrials | 8.2% |  |
| Consumer Staples | 4.6% |  |
| Energy | 2.8% |  |
| Utilities | 2.1% |  |
| Real Estate | 1.7% |  |
| Materials | 1.7% |  |
| Exchange Traded Funds | 0.7% |  |
| Short-Term Investments | 0.0% | <sup>#</sup> |
| Cash and Other Assets Less Liabilities | 0.6% |  |

---

---

| | |
|:---|:---|
| **Top Holdings (as a % of Net Assets)** | **Top Holdings (as a % of Net Assets)** |
| &nbsp;&nbsp;NVIDIA Corp. | 8.2% |
| &nbsp;&nbsp;Apple, Inc. | 7.1% |
| &nbsp;&nbsp;Microsoft Corp. | 6.5% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | 5.3% |
| &nbsp;&nbsp;Amazon.com, Inc. | 4.3% |
| &nbsp;&nbsp;Broadcom, Inc. | 3.3% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | 2.4% |
| &nbsp;&nbsp;Tesla, Inc. | 2.0% |
| &nbsp;&nbsp;Mastercard, Inc., Class A | 1.8% |
| &nbsp;&nbsp;Eli Lilly & Co. | 1.8% |

---

# Less than 0.05%

---

| | |
|:---|:---|
| **Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | <br> ![LOGO](g897067g00v00.jpg) <br>|

---

A046-B

158941_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Fidelity Institutional AM<sup>®</sup> Large Cap Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/FIDELITY INSTITUTIONAL AM <sup>®</sup> LARGE CAP PORTFOLIO (CLASS K)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Fidelity Institutional AM<sup>®</sup> Large Cap Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $68 | 0.62% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class K shares returned 18.64% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Portfolio generated positive gross returns in all sectors during the year. The top contributing sector to performance was Information Technology, which contributed 7.71% to the Portfolio's gross return. The Communication Services and Financials sectors rounded out the top three contributors, which collectively represented nearly three-quarters of the Portfolio's overall return for the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The top individual contributor to performance was the Portfolio's position in advertising giant, and parent of the Google search engine, Alphabet Inc. Shares in Alphabet rose over 65% in the period as the firm continued to execute on its artificial intelligence strategy and produce solid financial results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Portfolio's stake in semiconductor firm NVIDIA Corp. was another top contributor to absolute returns over the twelve-month period. NVIDIA shares rose over 38% in the past year amid an ongoing surge of investment in artificial intelligence that has triggered huge demand for its products.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No sector detracted from absolute returns during the year. The weakest contributors were Real Estate, Consumer Staples, and Materials, which collectively contributed less than 0.5% to the Portfolio's gross return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Portfolio's position in insurance firm UnitedHealth Group Inc. was the top detractor from absolute returns. Shares of UnitedHealth slid nearly 33%, as it faced headwinds stemming from its Medicare Advantage and Optum Care businesses, both of which face rising costs and technical debt issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Portfolio's investment in Gartner Inc. was another top three detractor from absolute performance. Shares of Gartner dropped nearly 49% as the IT research and consulting firm faced multiple coinciding business challenges, including substantial contract terminations related to cuts stemming from Department of Government Efficiency efforts to restrain Federal spending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Fidelity Institutional AM<sup>®</sup> Large Cap Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the S&P 500<sup>®</sup> Index over the same period.

![LOGO](g897067g13k02.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | Since<br>Inception\* |
| &nbsp;&nbsp;&nbsp;EQ/Fidelity Institutional AM<sup>®</sup> Large Cap Portfolio (Class K) | 18.64% | 14.14% | 15.73% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 15.26% |

---

\* Date of inception: October 22, 2018

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio Statistics**<br>(as of December 31, 2025) | &nbsp;&nbsp;**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $1469488688 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 317 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $6645569 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 62% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Fidelity Institutional AM<sup>®</sup> Large Cap Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| Information Technology | 34.0% |
| Financials | 13.2% |
| Communication Services | 10.6% |
| Consumer Discretionary | 10.4% |
| Health Care | 9.4% |
| Industrials | 8.2% |
| Consumer Staples | 4.6% |
| Energy | 2.8% |
| Utilities | 2.1% |
| Real Estate | 1.7% |
| Materials | 1.7% |
| Exchange Traded Funds | 0.7% |
| Short-Term Investments | 0.0%# |
| Cash and Other Assets Less Liabilities | 0.6% |

---

---

| | |
|:---|:---|
| **Top Holdings (as a % of Net Assets)** | **Top Holdings (as a % of Net Assets)** |
| &nbsp;&nbsp;NVIDIA Corp. | 8.2% |
| &nbsp;&nbsp;Apple, Inc. | 7.1% |
| &nbsp;&nbsp;Microsoft Corp. | 6.5% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | 5.3% |
| &nbsp;&nbsp;Amazon.com, Inc. | 4.3% |
| &nbsp;&nbsp;Broadcom, Inc. | 3.3% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | 2.4% |
| &nbsp;&nbsp;Tesla, Inc. | 2.0% |
| &nbsp;&nbsp;Mastercard, Inc., Class A | 1.8% |
| &nbsp;&nbsp;Eli Lilly & Co. | 1.8% |

---

# Less than 0.05% 

---

| | |
|:---|:---|
| Additional Information  |  |
| For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) |

---

A046-K

158941_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Fidelity Institutional AM<sup>®</sup> Large Cap Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/FRANKLIN RISING DIVIDENDS PORTFOLIO (CLASS IB)
<br> **Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Franklin Rising Dividends Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $92 | 0.87% |

---

<br> **How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 11.84% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>•  Stock selection in the Financials and Industrials sectors contributed to performance.<br>•  Semiconductor giant Broadcom Inc. rallied as rising demand for generative AI infrastructure helped drive record revenue, earnings and bookings, bolstered by AI chip deals and accelerating AI-related revenue growth.<br>•  Rising global defense spending drove strong organic sales growth, margin expansion and a record project backlog for RTX Corporation, an aerospace and defense conglomerate, which raised full-year guidance amid robust aerospace aftermarket demand.<br>•  An underweight position in Apple Inc. contributed to performance relative to the Portfolio's benchmark index.<br>**What detracted from performance during the year?**<br>•  Stock selection, especially in the Information Technology and Health Care sectors, detracted from performance.<br>•  A lack of exposure to the Communication Services sector weighed heavily on relative returns.<br>•  Among portfolio holdings, the largest detractor was consulting firm Accenture plc, as worries about the potential impact of AI and US federal cost-cutting weighed on the stock.<br>•  Health insurer UnitedHealth Group Inc.'s stock declined sharply amid rising medical costs, elevated utilization trends in their Medicare Advantage business and management turnover. Heightened regulatory scrutiny also added pressure.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Franklin Rising Dividends Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the S&P 500<sup>®</sup> Index over the same period.

![LOGO](g897067g00s21.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | Since<br>Inception\* |
| &nbsp;&nbsp;&nbsp;EQ/Franklin Rising Dividends Portfolio (Class IB) | 11.84% | 9.50% | 11.59% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 15.26% |

---

\* Date of inception: October 22, 2018

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br> **Portfolio Statistics**<br>(as of December 31, 2025) | <br> **Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp; Net Assets | $355769951 |
| &nbsp;&nbsp; Number of Portfolio Holdings | 57 |
| &nbsp;&nbsp; Total Investment Advisory Fees Paid | $1681273 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Franklin Rising Dividends Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp; Information Technology | 29.9% |
| &nbsp;&nbsp; Financials | 16.7% |
| &nbsp;&nbsp; Health Care | 15.4% |
| &nbsp;&nbsp; Industrials | 13.9% |
| &nbsp;&nbsp; Consumer Staples | 6.7% |
| &nbsp;&nbsp; Consumer Discretionary | 6.7% |
| &nbsp;&nbsp; Materials | 4.6% |
| &nbsp;&nbsp; Energy | 2.7% |
| &nbsp;&nbsp; Utilities | 1.7% |
| &nbsp;&nbsp; Short-Term Investments | 1.9% |
| &nbsp;&nbsp; Cash and Other Assets Less Liabilities | -0.2% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| &nbsp;&nbsp; Microsoft Corp. | 8.7% |
| &nbsp;&nbsp; Broadcom, Inc. | 5.3% |
| &nbsp;&nbsp; Apple, Inc. | 3.9% |
| &nbsp;&nbsp; Visa, Inc., Class A | 3.4% |
| &nbsp;&nbsp; JPMorgan Chase & Co. | 3.3% |
| &nbsp;&nbsp; Walmart, Inc. | 3.0% |
| &nbsp;&nbsp; Eli Lilly & Co. | 2.8% |
| &nbsp;&nbsp; Linde plc | 2.6% |
| &nbsp;&nbsp; Oracle Corp. | 2.6% |
| &nbsp;&nbsp; Morgan Stanley | 2.6% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp; For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A048-B

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Franklin Rising Dividends Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Franklin Small Cap Value Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $109 | 1.05% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 7.06% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to the Portfolio's absolute performance were Financials, Health Care, and Information Technology.<br>• Stock selection in the Energy sector contributed to performance.<br>• Babcock International Group plc, an aerospace and defense company, contributed on optimism that it may benefit from a step-up in European defense spending.<br>• MKS, Inc., which offers technological solutions to semiconductor manufacturing, bolstered relative performance amid ongoing momentum in its electronics and packaging equipment business, driven by artificial intelligence applications and stronger semiconductor growth.<br>• Sanmina Corporation, an electronics manufacturing services company, contributed on solid execution and its growing exposure to the artificial intelligence market.<br>**What detracted from performance during the year?**<br>• The only sectors that detracted from the Portfolio's absolute performance were Communication Services and Consumer Staples.<br>• Stock selection in the Materials sector detracted from performance.<br>• Stocks that detracted the most from absolute performance included Willscot Holdings Corp., Cable One, Inc., and Avient Corporation.<br>• WillScot Holdings Corp., a modular office and portable storage container provider, detracted as utilization rates declined due to a weak non-residential construction market.<br>• Avient Corporation, a specialty chemicals company, detracted from relative results as worries about tariffs and slower growth raised concerns about its business.<br>• Volatility management detracted from performance. In response to market volatility in April, the Portfolio de-equitized, which limited the Portfolio's participation in the subsequent equity market recovery.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Franklin Small Cap Value Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 3000<sup>®</sup> Index and Russell 2000<sup>®</sup> Value Index over the same period.

![LOGO](g897067g00s23.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Franklin Small Cap Value Managed Volatility Portfolio (Class IB) | 7.06% | 6.11% | 8.71% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index\* | 17.15% | 13.15% | 14.29% |
| &nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 9.27% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $244315428 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1993 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $1388855 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 35% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Franklin Small Cap Value Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Financials | 21.4% |
| &nbsp;&nbsp;Industrials | 17.6% |
| &nbsp;&nbsp;Information Technology | 12.6% |
| &nbsp;&nbsp;Consumer Discretionary | 10.2% |
| &nbsp;&nbsp;Health Care | 9.6% |
| &nbsp;&nbsp;Materials | 6.7% |
| &nbsp;&nbsp;Energy | 4.1% |
| &nbsp;&nbsp;Real Estate | 3.3% |
| &nbsp;&nbsp;Utilities | 1.8% |
| &nbsp;&nbsp;Communication Services | 1.1% |
| &nbsp;&nbsp;Consumer Staples | 0.7% |
| &nbsp;&nbsp;Short-Term Investments | 7.1% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 3.8% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A049-B

146433_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Franklin Small Cap Value Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Franklin Small Cap Value Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $83 | 0.80% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 7.24% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to the Portfolio's absolute performance were Financials, Health Care, and Information Technology.<br>• Stock selection in the Energy sector contributed to performance.<br>• Babcock International Group plc, an aerospace and defense company, contributed on optimism that it may benefit from a step-up in European defense spending.<br>• MKS, Inc., which offers technological solutions to semiconductor manufacturing, bolstered relative performance amid ongoing momentum in its electronics and packaging equipment business, driven by artificial intelligence applications and stronger semiconductor growth.<br>• Sanmina Corporation, an electronics manufacturing services company, contributed on solid execution and its growing exposure to the artificial intelligence market.<br>**What detracted from performance during the year?**<br>• The only sectors that detracted from the Portfolio's absolute performance were Communication Services and Consumer Staples.<br>• Stock selection in the Materials sector detracted from performance.<br>• Stocks that detracted the most from absolute performance included Willscot Holdings Corp., Cable One, Inc., and Avient Corporation.<br>• WillScot Holdings Corp., a modular office and portable storage container provider, detracted as utilization rates declined due to a weak non-residential construction market.<br>• Avient Corporation, a specialty chemicals company, detracted from relative results as worries about tariffs and slower growth raised concerns about its business.<br>• Volatility management detracted from performance. In response to market volatility in April, the Portfolio de-equitized, which limited the Portfolio's participation in the subsequent equity market recovery.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Franklin Small Cap Value Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 3000<sup>®</sup> Index and Russell 2000<sup>®</sup> Value Index over the same period.

![LOGO](g897067g00s22.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Franklin Small Cap Value Managed Volatility Portfolio (Class K) | 7.24% | 6.36% | 8.98% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| &nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 9.27% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $244315428 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1993 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $1388855 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 35% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Franklin Small Cap Value Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 21.4% |
| Industrials | 17.6% |
| Information Technology | 12.6% |
| Consumer Discretionary | 10.2% |
| Health Care | 9.6% |
| Materials | 6.7% |
| Energy | 4.1% |
| Real Estate | 3.3% |
| Utilities | 1.8% |
| Communication Services | 1.1% |
| Consumer Staples | 0.7% |
| Short-Term Investments | 7.1% |
| Cash and Other Assets Less Liabilities | 3.8% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A049-K

146433_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Franklin Small Cap Value Managed Volatility Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Global Equity Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio c osts for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $120 | 1.09% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 19.14% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sectors that contributed the most to absolute performance were Information Technology, Communication Services, and Financials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that contributed the most to absolute performance were Taiwan Semiconductor Manufacturing Co., Ltd., Alphabet, Inc., Samsung Electronics Co. Ltd., Tencent Holdings Ltd., a Chinese technology and entertainment conglomerate, and Lam Research Corp., a global supplier of wafer fabrication equipment and services.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The only sector that detracted from absolute performance was Real Estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that detracted the most from performance were Marvell Technology, Inc., a semiconductor company, DLF Ltd., a leading Indian real estate developer, Novo Nordisk A/S, a Danish pharmaceutical company, J.D.com, a Chinese e-commerce company, and Nice Ltd., a global enterprise software company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volatility management detracted from performance. In response to market volatility in April, the Portfolio de-equitized, which limited the Portfolio's participation in the subsequent equity m ark et recovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Global Equity Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the MSCI ACWI (Net) Index over the same period.

![LOGO](g897067g75q55.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Global Equity Managed Volatility Portfolio (Class IB) | 19.14% | 8.33% | 9.47% |
| &nbsp;&nbsp;&nbsp;MSCI ACWI (Net) Index | 22.34% | 11.19% | 11.72% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

#### Portfolio Statistics
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Net Assets | $| 1737354893 |
| Number of Portfolio Holdings |  | 1309 |
| Total Investment Advisory Fees Paid |  | $10911670 |
| Portfolio Turnover Rate |  | 12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Global Equity Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Country Weightings (as a % of Net Assets)** | **Country Weightings (as a % of Net Assets)** |
| United States | 39.0% |
| Japan | 5.4% |
| Taiwan | 4.5% |
| India | 4.0% |
| China | 3.8% |
| France | 3.0% |
| United Kingdom | 2.6% |
| Germany | 2.6% |
| South Korea | 2.1% |
| Australia | 1.6% |
| Other | 12.1% |

---

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| Information Technology | 21.7% |
| Financials | 15.1% |
| Consumer Discretionary | 8.5% |
| Industrials | 8.5% |
| Communication Services | 8.4% |
| Health Care | 7.5% |
| Consumer Staples | 3.7% |
| Materials | 2.5% |
| Energy | 1.8% |
| Real Estate | 1.6% |
| Utilities | 1.4% |
| Short-Term Investments | 5.4% |
| Cash and Other Assets Less Liabilities | 13.9% |

---

---

| | |
|:---|:---|
| **Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) |

---

A050-B

146450_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Global Equity Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Global Equity Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $93 | 0.84% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 19.42% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to absolute performance were Information Technology, Communication Services, and Financials.<br>• The stocks that contributed the most to absolute performance were Taiwan Semiconductor Manufacturing Co., Ltd., Alphabet, Inc., Samsung Electronics Co. Ltd., Tencent Holdings Ltd., a Chinese technology and entertainment conglomerate, and Lam Research Corp., a global supplier of wafer fabrication equipment and services.<br>**What detracted from performance during the year?**<br>• The only sector that detracted from absolute performance was Real Estate.<br>• The stocks that detracted the most from performance were Marvell Technology, Inc., a semiconductor company, DLF Ltd., a leading Indian real estate developer, Novo Nordisk A/S, a Danish pharmaceutical company, J.D.com, a Chinese e-commerce company, and Nice Ltd., a global enterprise software company.<br>• Volatility management detracted from performance. In response to market volatility in April, the Portfolio de-equitized, which limited the Portfolio's participation in the subsequent equity market recovery.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Global Equity Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the MSCI ACWI (Net) Index over the same period.

![LOGO](g897067g52y53.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Global Equity Managed Volatility Portfolio (Class K) | 19.42% | 8.59% | 9.74% |
| &nbsp;&nbsp;&nbsp;MSCI ACWI (Net) Index | 22.34% | 11.19% | 11.72% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $1737354893 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1309 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $10911670 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Global Equity Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| United States | 39.0% |
| Japan | 5.4% |
| Taiwan | 4.5% |
| India | 4.0% |
| China | 3.8% |
| France | 3.0% |
| United Kingdom | 2.6% |
| Germany | 2.6% |
| South Korea | 2.1% |
| Australia | 1.6% |
| Other | 12.1% |

---

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 21.7% |
| Financials | 15.1% |
| Consumer Discretionary | 8.5% |
| Industrials | 8.5% |
| Communication Services | 8.4% |
| Health Care | 7.5% |
| Consumer Staples | 3.7% |
| Materials | 2.5% |
| Energy | 1.8% |
| Real Estate | 1.6% |
| Utilities | 1.4% |
| Short-Term Investments | 5.4% |
| Cash and Other Assets Less Liabilities | 13.9% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A050-K

146450_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Global Equity Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/GOLDMAN SACHS GROWTH ALLOCATION PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Goldman Sachs Growth Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $112 | 1.06% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 12.09% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Portfolio's allocation to U.S. large cap equity contributed to returns.<br>• Exposure to non-U.S. equities also contributed to performance.<br>**What detracted from performance during the year?**<br>• U.S. large-cap stocks outperformed small-cap and mid-cap stocks during the period. As a result, the Portfolio's overweight of U.S. small-cap and mid-cap stocks detracted from returns relative to the benchmark index.<br>• Volatility management detracted from performance. In response to market volatility triggered by tariff concerns, equity exposure was reduced in April. The reduction had a negative impact on the Portfolio's return versus the benchmark.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Goldman Sachs Growth Allocation Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the S&P 500<sup>®</sup> Index, EQ/Goldman Sachs Growth Allocation Index and Bloomberg U.S. Credit Corporate 5-10 Year Index over the same period.

![LOGO](g897067g78b86.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | Since<br>Inception\* |
| &nbsp;&nbsp;&nbsp;EQ/Goldman Sachs Growth Allocation Portfolio (Class IB) | 12.09% | 7.29% | 7.88% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 16.22% |
| &nbsp;&nbsp;&nbsp;EQ/Goldman Sachs Growth Allocation Index | 16.22% | 9.79% | 11.47% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Credit Corporate 5-10 Year Index | 9.58% | 0.86% | 3.58% |

---

\* Date of inception: February 1, 2019

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $786387578 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 20 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $4488966 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Goldman Sachs Growth Allocation Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Exchange Traded Funds** |  | 61.8% |
| &nbsp;&nbsp;&nbsp;Equity | 32.0% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 29.8% |  |
| **Short-Term Investments** |  | 48.8% |
| **Cash and Other Assets Less Liabilities** |  | -10.6% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A051-B

159929_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Goldman Sachs Growth Allocation Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/GOLDMAN SACHS MID CAP VALUE PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Goldman Sachs Mid Cap Value Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $114 | 1.09% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 9.22% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The top performing sectors were Industrials and Information Technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in the Industrials and Consumer Discretionary sectors contributed to the Portfolio's returns relative to its benchmark index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Western Digital Corp., a global provider of solutions for digital content collection, storage, management, protection, and use, was a top contributor to returns. Western Digital Corp.'s stock price rose as the company benefited from continued strong demand within its cloud segment, alongside increasing needs for artificial intelligence-driven data storage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GE Vernova, Inc., an energy equipment manufacturing and services company, was also a top contributor to returns. The company's stock price soared as the market maintained confidence in the management team's ability to execute operationally and increase order quantities to scale alongside the artificial intelligence growth narrative. The company's strong balance sheet and history of outperformance further underpinned this positive momentum.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Real Estate and Materials were the worst performing sectors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in the Financials and Materials sectors detracted from relative returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Marvell Technology, Inc., a provider of semiconductor solutions for data infrastructure, detracted from performance this year as investors grew concerned with the company's decelerating data center growth, strategic partnerships, order lumpiness, and increasingly competitive landscape, ultimately leading the stock to underperform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Portfolio's underweight position in financial service company and electronic trading platform Robinhood Markets, Inc. was a top detractor from relative returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Goldman Sachs Mid Cap Value Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the Russell 1000® Index and Russell Midcap® Value Index over the same period.

![LOGO](g897067g14f57.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | Since<br>Inception\* |
| &nbsp;&nbsp;&nbsp;EQ/Goldman Sachs Mid Cap Value Portfolio (Class IB) | 9.22% | 9.66% | 10.42% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 15.00% |
| &nbsp;&nbsp;&nbsp;Russell Midcap<sup>®</sup> Value Index | 11.05% | 9.83% | 9.39% |

---

\* Date of inception: October 22, 2018

#### The Portfolio's past per form ance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of December 31, 2025) | **Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $171190114 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 96 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $1083934 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 97% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Goldman Sachs Mid Cap Value Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| Financials | 17.4% |
| Industrials | 17.3% |
| Consumer Discretionary | 8.9% |
| Information Technology | 8.7% |
| Energy | 8.2% |
| Real Estate | 8.0% |
| Health Care | 7.7% |
| Utilities | 7.7% |
| Materials | 7.2% |
| Consumer Staples | 4.9% |
| Communication Services | 2.2% |
| Short-Term Investments | 0.7% |
| Cash and Other Assets Less Liabilities | 1.1% |

---

---

| | |
|:---|:---|
| **Top Holdings (as a % of Net Assets)** | **Top Holdings (as a % of Net Assets)** |
| Ross Stores, Inc. | 2.4% |
| Rockwell Automation, Inc. | 2.4% |
| Coca-Cola Europacific Partners plc | 2.3% |
| United Rentals, Inc. | 2.2% |
| United Airlines Holdings, Inc. | 2.2% |
| Martin Marietta Materials, Inc. | 2.1% |
| AMETEK, Inc. | 1.7% |
| L3Harris Technologies, Inc. | 1.7% |
| Cencora, Inc. | 1.7% |
| Phillips 66 | 1.6% |

---

---

| | |
|:---|:---|
| **Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | <br> ![LOGO](g897067g00v00.jpg) <br>|

---

A052-B

158944_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Goldman Sachs Mid Cap Value Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Goldman Sachs Moderate Growth Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $117 | 1.11% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 10.02% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Portfolio's allocation to U.S. large cap equity contributed to returns.<br>• The Portfolio's allocation to non-U.S. equity also contributed to returns.<br>**What detracted from performance during the year?**<br>• U.S. large-cap stocks outperformed small-cap and mid-cap stocks during the period. As a result, the Portfolio's overweight of U.S. small-cap and mid-cap stocks detracted from returns relative to the benchmark index.<br>• Volatility management detracted from performance. In response to market volatility triggered by tariff concerns, equity exposure was reduced in April. The reduction had a negative impact on the Portfolio's return versus the benchmark.<br>• The Portfolio's exposure to U.S. Treasuries did not contribute meaningfully to returns.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Goldman Sachs Moderate Growth Allocation Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index, EQ/Goldman Sachs Moderate Growth Allocation Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g43o56.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Goldman Sachs Moderate Growth Allocation Portfolio (Class IB) | 10.02% | 5.02% | 5.76% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;EQ/Goldman Sachs Moderate Growth Allocation Index | 14.83% | 7.45% | 8.48% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $859769203 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 515 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $5602607 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 254% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Goldman Sachs Moderate Growth Allocation Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) |  |
| **U.S. Treasury Obligations** |  | 41.0% |  |
| **Common Stocks** |  | 30.3% |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 10.5% |  |  |
| &nbsp;&nbsp;&nbsp;Financials | 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;Health Care | 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;Industrials | 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Energy | 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Utilities | 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate | 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Materials | 0.5% |  |  |
| **Rights** |  | 0.0% | <sup>#</sup> |
| **Short-Term Investments** |  | 24.3% |  |
| **Cash and Other Assets Less Liabilities** |  | 4.4% |  |

---

# Less than 0.05%

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A053-B

153116_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Goldman Sachs Moderate Growth Allocation Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INTERMEDIATE CORPORATE BOND PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Intermediate Corporate Bond Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $68 | 0.65% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 9.06% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From a duration perspective, the Portfolio's overweight exposure in the six- to seven-year and three- to four-year parts of the curve contributed to performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From a sector allocation perspective, an overweight to high-yield corporate bonds contributed to performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security selection within investment-grade corporate bonds contributed to performance.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From a duration perspective, the Portfolio's underweight exposure in the four- to five-year and seven- to ten-year parts of the curve detracted, as did the overweight exposure in the five- to six-year part of the curve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From a sector allocation perspective, exposure to U.S. Treasuries was the only significant detractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Intermediate Corporate Bond Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Credit Corporate 5-10 Year Index over the same period.

![LOGO](g897067g03k41.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | Since<br>Inception\* |
| &nbsp;&nbsp;&nbsp;EQ/Intermediate Corporate Bond Portfolio (Class IB) | 9.06% | 5.50% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | 3.83% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Credit Corporate 5-10 Year Index | 9.58% | 6.25% |

---

\* Date of inception: April 3, 2023

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio Statistics**<br>(as of December 31, 2025)<br>|  |
| &nbsp;&nbsp;Net Assets | $1463008712 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 433 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $4178544 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 44% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Intermediate Corporate Bond Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio i nve st in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| &nbsp;&nbsp;Financials | 31.6% |
| &nbsp;&nbsp;Health Care | 10.5% |
| &nbsp;&nbsp;Energy | 9.5% |
| &nbsp;&nbsp;Utilities | 9.0% |
| &nbsp;&nbsp;Information Technology | 8.5% |
| &nbsp;&nbsp;Industrials | 6.7% |
| &nbsp;&nbsp;Consumer Staples | 5.5% |
| &nbsp;&nbsp;Communication Services | 5.1% |
| &nbsp;&nbsp;Real Estate | 4.6% |
| &nbsp;&nbsp;Consumer Discretionary | 4.5% |
| &nbsp;&nbsp;Materials | 2.5% |
| &nbsp;&nbsp;Short-Term Investments | 3.0% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | -1.0% |

---

\* Includes U.S. Treasury Obligations of 0.2%.

---

| | |
|:---|:---|
| **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) |

---

A055-B

800020_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Intermediate Corporate Bond Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INTERMEDIATE CORPORATE BOND PORTFOLIO (CLASS K)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Intermediate Corporate Bond Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $42 | 0.40% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class K shares returned 9.21% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From a duration perspective, the Portfolio's overweight exposure in the six- to seven-year and three- to four-year parts of the curve contributed to performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From a sector allocation perspective, an overweight to high-yield corporate bonds contributed to performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security selection within investment-grade corporate bonds contributed to performance.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From a duration perspective, the Portfolio's underweight exposure in the four- to five-year and seven- to ten-year parts of the curve detracted, as did the overweight exposure in the five- to six-year part of the curve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From a sector allocation perspective, exposure to U.S. Treasuries was the only significant detractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Intermediate Corporate Bond Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Credit Corporate 5-10 Year Index over the same period.

![LOGO](g897067g03k44.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | Since<br>Inception\* |
| &nbsp;&nbsp;&nbsp;EQ/Intermediate Corporate Bond Portfolio (Class K) | 9.21% | 5.75% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | 3.83% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Credit Corporate 5-10 Year Index | 9.58% | 6.25% |

---

\* Date of inception: April 3, 2023

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio Statistics**<br>(as of December 31, 2025)<br>|  |
| &nbsp;&nbsp;Net Assets | $1463008712 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 433 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $4178544 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 44% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Intermediate Corporate Bond Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| Financials | 31.6% |
| Health Care | 10.5% |
| Energy | 9.5% |
| Utilities | 9.0% |
| Information Technology | 8.5% |
| Industrials | 6.7% |
| Consumer Staples | 5.5% |
| Communication Services | 5.1% |
| Real Estate | 4.6% |
| Consumer Discretionary | 4.5% |
| Materials | 2.5% |
| Short-Term Investments | 3.0% |
| Cash and Other Assets Less Liabilities | -1.0% \* |

---

\* Includes U.S. Treasury Obligations of 0.2%.

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A055-K

800020_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Intermediate Corporate Bond Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO (CLASS IA)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Intermediate Government Bond Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IA | $64 | 0.62% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IA shares returned 5.51% for the year ended December 31, 2025.

#### What contributed to performance during the year ?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Despite volatility in the first half of the year, the second half proved stronger, and intermediate-term government bonds generally delivered positive returns for the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The allocation to U.S. Treasury Obligations contributed to performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From a duration perspective, exposure to the 1- to 3-year segment of the market contributed to performance.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The allocation to U.S. Government Agency securities detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Intermediate Government Bond Portfolio (Class IA)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g03k47.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Intermediate Government Bond Portfolio (Class IA) | 5.51% | 0.30% | 1.14% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

#### Portfolio Statistics
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Net Assets | $| 4015553933 |
| &nbsp;&nbsp;Number of Portfolio Holdings |  | 224 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid |  | $10855759 |
| &nbsp;&nbsp;Portfolio Turnover Rate |  | 38% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Intermediate Government Bond Portfolio (Class IA)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type (as a % of Net Assets)** | **Security Type (as a % of Net Assets)** |
| &nbsp;&nbsp;U.S. Government Agency Securities | 49.0% |
| &nbsp;&nbsp;U.S. Treasury Obligations | 42.1% |
| &nbsp;&nbsp;Exchange Traded Funds | 7.4% |
| &nbsp;&nbsp;Corporate Bonds | 0.3% |
| &nbsp;&nbsp;Short-Term Investments | 0.6% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.6% |

---

---

| |
|:---|
| <br>**Material Changes to the Portfolio**<br>|
| &nbsp;&nbsp;The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the contractual limit on the annual operating expenses of the Portfolio's Class IA shares was lowered from 0.64% to 0.62%. The expense limit includes amounts payable pursuant to Rule 12b-1 under the 1940 Act, but excludes certain other expenses, such as taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses.<br>This change is intended to reduce the Portfolio's expenses. For more complete information, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.<br>|

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A056-A

146451_A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Intermediate Government Bond Portfolio (Class IA)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Intermediate Government Bond Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $64 | 0.62% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 5.54% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Despite volatility in the first half of the year, the second half proved stronger, and intermediate-term government bonds generally delivered positive returns for the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The allocation to U.S. Treasury Obligations contributed to performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From a duration perspective, exposure to the 1- to 3-year segment of the market contributed to performance.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The allocation to U.S. Government Agency securities detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Intermediate Government Bond Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g03k50.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Intermediate Government Bond Portfolio (Class IB) | 5.54% | 0.30% | 1.15% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index  | 7.30% | -0.36% | 2.01% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

#### Portfolio Statistics
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Net Assets | $| 4015553933 |
| &nbsp;&nbsp;Number of Portfolio Holdings |  | 224 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid |  | $10855759 |
| &nbsp;&nbsp;Portfolio Turnover Rate |  | 38% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Intermediate Government Bond Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type (as a % of Net Assets)** | **Security Type (as a % of Net Assets)** |
| &nbsp;&nbsp;U.S. Government Agency Securities | 49.0% |
| &nbsp;&nbsp;U.S. Treasury Obligations | 42.1% |
| &nbsp;&nbsp;Exchange Traded Funds | 7.4% |
| &nbsp;&nbsp;Corporate Bonds | 0.3% |
| &nbsp;&nbsp;Short-Term Investments | 0.6% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.6% |

---

---

| |
|:---|
| <br> **Material Changes to the Portfolio**<br>|
| &nbsp;&nbsp;The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the contractual limit on the annual operating expenses of the Portfolio's Class IB shares was lowered from 0.64% to 0.62%. The expense limit includes amounts payable pursuant to Rule 12b-1 under the 1940 Act, but excludes certain other expenses, such as taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses.<br>This change is intended to reduce the Portfolio's expenses. For more complete information, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.<br>|

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) |

---

A056-B

146451_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Intermediate Government Bond Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Intermediate Government Bond Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $38 | 0.37% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 5.87% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• Despite volatility in the first half of the year, the second half proved stronger, and intermediate-term government bonds generally delivered positive returns for the year.<br>• The allocation to U.S. Treasury Obligations contributed to performance.<br>• From a duration perspective, exposure to the 1- to 3-year segment of the market contributed to performance.<br>**What detracted from performance during the year?**<br>• The allocation to U.S. Government Agency securities detracted from performance.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Intermediate Government Bond Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g03k53.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Intermediate Government Bond Portfolio (Class K) | 5.87% | 0.56% | 1.40% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $4015553933 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 224 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $10855759 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 38% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Intermediate Government Bond Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| U.S. Government Agency Securities | 49.0% |
| U.S. Treasury Obligations | 42.1% |
| Exchange Traded Funds | 7.4% |
| Corporate Bonds | 0.3% |
| Short-Term Investments | 0.6% |
| Cash and Other Assets Less Liabilities | 0.6% |

---

---

| |
|:---|
| <br> **Material Changes to the Portfolio**<br>|
| &nbsp;&nbsp;The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the contractual limit on the annual operating expenses of the Portfolio's Class K shares was lowered from 0.39% to 0.37%. The expense limit excludes certain expenses, such as taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses.<br>This change is intended to reduce the Portfolio's expenses. For more complete information, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144. |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A056-K

146451_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Intermediate Government Bond Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/International Core Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $118 | 1.04% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 26.12% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sectors that contributed the most to absolute performance were Financials, Industrials, and Information Technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that contributed the most to absolute performance were Taiwan Semiconductor Manufacturing Co. Ltd., Leonardo SpA, an aerospace, defense, and security company, Barclays plc, a British bank, Samsung Electronics Co. Ltd., a South Korean technology and electronics company, and ASML Holdings NV, a manufacturer of photolithography machines.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sectors that contributed the least to absolute performance were Real Estate and Energy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that detracted the most from performance were Novo Nordisk A/S, a Danish pharmaceutical company, and Diageo plc, a British alcoholic beverage company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volatility management detracted from performance. In response to market volatility in April, the Portfolio de-equitized, which limited the Portfolio's participation in the subsequent equity market recovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/International Core Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the MSCI EAFE<sup>®</sup> Index over the same period.

![LOGO](g897067g03k56.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/International Core Managed Volatility Portfolio (Class IB) | 26.12% | 7.52% | 7.48% |
| &nbsp;&nbsp;&nbsp;MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

#### Portfolio Statistics
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Net Assets | $| 1208261126 |
| Number of Portfolio Holdings |  | 801 |
| Total Investment Advisory Fees Paid |  | $6931743 |
| Portfolio Turnover Rate |  | 13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/International Core Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Country Weightings (as a % of Net Assets)** | **Country Weightings (as a % of Net Assets)** |
| Japan | 14.7% |
| United Kingdom | 10.2% |
| United States | 8.1% |
| France | 7.5% |
| Germany | 7.4% |
| Australia | 4.0% |
| Netherlands | 3.4% |
| Switzerland | 3.1% |
| Spain | 2.4% |
| Italy | 2.4% |
| Other | 17.2% |

---

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| Financials | 18.4% |
| Industrials | 15.6% |
| Information Technology | 9.4% |
| Health Care | 9.1% |
| Consumer Discretionary | 8.4% |
| Consumer Staples | 5.4% |
| Materials | 5.4% |
| Communication Services | 3.1% |
| Energy | 2.3% |
| Utilities | 2.2% |
| Real Estate | 1.1% |
| Exchange Traded Funds | 9.1% |
| Short-Term Investments | 1.9% |
| Cash and Other Assets Less Liabilities | 8.6% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A057-B

146452_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/International Core Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/International Core Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $89 | 0.79% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 26.31% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to absolute performance were Financials, Industrials, and Information Technology.<br>• The stocks that contributed the most to absolute performance were Taiwan Semiconductor Manufacturing Co. Ltd., Leonardo SpA, an aerospace, defense, and security company, Barclays plc, a British bank, Samsung Electronics Co. Ltd., a South Korean technology and electronics company, and ASML Holdings NV, a manufacturer of photolithography machines.<br>**What detracted from performance during the year?**<br>• The sectors that contributed the least to absolute performance were Real Estate and Energy.<br>• The stocks that detracted the most from performance were Novo Nordisk A/S, a Danish pharmaceutical company, and Diageo plc, a British alcoholic beverage company.<br>• Volatility management detracted from performance. In response to market volatility in April, the Portfolio de-equitized, which limited the Portfolio's participation in the subsequent equity market recovery.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/International Core Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the MSCI EAFE<sup>®</sup> Index over the same period.

![LOGO](g897067g03k59.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/International Core Managed Volatility Portfolio (Class K) | 26.31% | 7.77% | 7.74% |
| &nbsp;&nbsp;&nbsp;MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $1208261126 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 801 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $6931743 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/International Core Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| Japan | 14.7% |
| United Kingdom | 10.2% |
| United States | 8.1% |
| France | 7.5% |
| Germany | 7.4% |
| Australia | 4.0% |
| Netherlands | 3.4% |
| Switzerland | 3.1% |
| Spain | 2.4% |
| Italy | 2.4% |
| Other | 17.2% |

---

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 18.4% |
| Industrials | 15.6% |
| Information Technology | 9.4% |
| Health Care | 9.1% |
| Consumer Discretionary | 8.4% |
| Consumer Staples | 5.4% |
| Materials | 5.4% |
| Communication Services | 3.1% |
| Energy | 2.3% |
| Utilities | 2.2% |
| Real Estate | 1.1% |
| Exchange Traded Funds | 9.1% |
| Short-Term Investments | 1.9% |
| Cash and Other Assets Less Liabilities | 8.6% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A057-K

146452_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/International Core Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO (CLASS IA)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/International Equity Index Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IA | $83 | 0.72% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IA shares returned 31.53% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sectors that contributed the most to performance were Financials, Industrials, and Information Technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that contributed the most to performance were ASML Holding NV, a leading supplier of photolithography systems, Banco Santander, S.A., HSBC Holdings plc, Banco Bilbao Vizcaya Argentaria, S.A., a multinational financial services group, and AstraZeneca, a biopharmaceutical company.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sectors that detracted the most from performance were Real Estate, Communication Services, and Energy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that detracted the most from performance were Diageo plc, a British alcoholic beverage company, CSL, a supplier of construction products, Wolters Kluwer, N.V., a company that provides information, software, and services for professionals, Recruit Holdings Co., Ltd., an HR technology company, and Rheinmetall AG, a German defense technology company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/International Equity Index Portfolio (Class IA)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the MSCI EAFE<sup>®</sup> Index and International Proxy Index over the same period.

![LOGO](g897067g03k62.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/International Equity Index Portfolio (Class IA) | 31.53% | 9.91% | 8.07% |
| &nbsp;&nbsp;&nbsp;MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |
| &nbsp;&nbsp;&nbsp;International Proxy Index | 32.07% | 10.61% | 8.75% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

#### Portfolio Statistics
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Net Assets | $| 2122321515 |
| Number of Portfolio Holdings |  | 1209 |
| Total Investment Advisory Fees Paid |  | $6117156 |
| Portfolio Turnover Rate |  | 8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/International Equity Index Portfolio (Class IA)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Country Weightings (as a % of Net Assets)** | **Country Weightings (as a % of Net Assets)** |
| Japan | 24.2% |
| United Kingdom | 18.8% |
| Germany | 12.0% |
| France | 11.1% |
| Australia | 10.3% |
| United States | 6.3% |
| Netherlands | 5.3% |
| Spain | 4.2% |
| Italy | 3.3% |
| China | 0.6% |
| Other | 2.1% |

---

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| &nbsp;&nbsp;Financials | 23.9% |
| &nbsp;&nbsp;Industrials | 19.2% |
| &nbsp;&nbsp;Consumer Discretionary | 10.9% |
| &nbsp;&nbsp;Information Technology | 9.5% |
| &nbsp;&nbsp;Health Care | 8.0% |
| &nbsp;&nbsp;Consumer Staples | 7.6% |
| &nbsp;&nbsp;Materials | 6.5% |
| &nbsp;&nbsp;Energy | 4.4% |
| &nbsp;&nbsp;Communication Services | 3.5% |
| &nbsp;&nbsp;Utilities | 3.3% |
| &nbsp;&nbsp;Real Estate | 1.4% |
| &nbsp;&nbsp;Other | 0.4% |
| &nbsp;&nbsp;Short-Term Investments | 0.5% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.9% |

---

---

| |
|:---|
| <br> **Material Changes to the Portfolio**<br>|
| &nbsp;&nbsp;The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144. |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A058-A

146431_A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/International Equity Index Portfolio (Class IA)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/International Equity Index Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $83 | 0.72% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 31.46% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sectors that contributed the most to performance were Financials, Industrials, and Information Technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that contributed the most to performance were ASML Holding NV, a leading supplier of photolithography systems, Banco Santander, S.A., HSBC Holdings plc, Banco Bilbao Vizcaya Argentaria, S.A., a multinational financial services group, and AstraZeneca, a biopharmaceutical company.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sectors that detracted the most from performance were Real Estate, Communication Services, and Energy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that detracted the most from performance were Diageo plc, a British alcoholic beverage company, CSL, a supplier of construction products, Wolters Kluwer, N.V., a company that provides information, software, and services for professionals, Recruit Holdings Co., Ltd., an HR technology company, and Rheinmetall AG, a German defense technology company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/International Equity Index Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the MSCI EAFE<sup>®</sup> Index and International Proxy Index over the same period.

![LOGO](g897067g03k65.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/International Equity Index Portfolio (Class IB) | 31.46% | 9.91% | 8.07% |
| &nbsp;&nbsp;&nbsp;MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |
| &nbsp;&nbsp;&nbsp;International Proxy Index | 32.07% | 10.61% | 8.75% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of December 31, 2025) | **Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $2122321515 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1209 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $6117156 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/International Equity Index Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Country Weightings (as a % of Net Assets)** | **Country Weightings (as a % of Net Assets)** |
| Japan | 24.2% |
| United Kingdom | 18.8% |
| Germany | 12.0% |
| France | 11.1% |
| Australia | 10.3% |
| United States | 6.3% |
| Netherlands | 5.3% |
| Spain | 4.2% |
| Italy | 3.3% |
| China | 0.6% |
| Other | 2.1% |

---

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| Financials | 23.9% |
| Industrials | 19.2% |
| Consumer Discretionary | 10.9% |
| Information Technology | 9.5% |
| Health Care | 8.0% |
| Consumer Staples | 7.6% |
| Materials | 6.5% |
| Energy | 4.4% |
| Communication Services | 3.5% |
| Utilities | 3.3% |
| Real Estate | 1.4% |
| Other | 0.4% |
| Short-Term Investments | 0.5% |
| Cash and Other Assets Less Liabilities | 0.9% |

---

---

| |
|:---|
| <br> **Material Changes to the Portfolio**<br>|
| &nbsp;&nbsp;The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144. |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A058-B

146431_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/International Equity Index Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/International Equity Index Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $54 | 0.47% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 31.79% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to performance were Financials, Industrials, and Information Technology.<br>• The stocks that contributed the most to performance were ASML Holding NV, a leading supplier of photolithography systems, Banco Santander, S.A., HSBC Holdings plc, Banco Bilbao Vizcaya Argentaria, S.A., a multinational financial services group, and AstraZeneca, a biopharmaceutical company.<br>**What detracted from performance during the year?**<br>• The sectors that detracted the most from performance were Real Estate, Communication Services, and Energy.<br>• The stocks that detracted the most from performance were Diageo plc, a British alcoholic beverage company, CSL, a supplier of construction products, Wolters Kluwer, N.V., a company that provides information, software, and services for professionals, Recruit Holdings Co., Ltd., an HR technology company, and Rheinmetall AG, a German defense technology company.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/International Equity Index Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the MSCI EAFE<sup>®</sup> Index and International Proxy Index over the same period.

![LOGO](g897067g03k68.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/International Equity Index Portfolio (Class K) | 31.79% | 10.20% | 8.35% |
| &nbsp;&nbsp;&nbsp;MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |
| &nbsp;&nbsp;&nbsp;International Proxy Index | 32.07% | 10.61% | 8.75% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $2122321515 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1209 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $6117156 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/International Equity Index Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| Japan | 24.2% |
| United Kingdom | 18.8% |
| Germany | 12.0% |
| France | 11.1% |
| Australia | 10.3% |
| United States | 6.3% |
| Netherlands | 5.3% |
| Spain | 4.2% |
| Italy | 3.3% |
| China | 0.6% |
| Other | 2.1% |

---

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 23.9% |
| Industrials | 19.2% |
| Consumer Discretionary | 10.9% |
| Information Technology | 9.5% |
| Health Care | 8.0% |
| Consumer Staples | 7.6% |
| Materials | 6.5% |
| Energy | 4.4% |
| Communication Services | 3.5% |
| Utilities | 3.3% |
| Real Estate | 1.4% |
| Other | 0.4% |
| Short-Term Investments | 0.5% |
| Cash and Other Assets Less Liabilities | 0.9% |

---

---

| |
|:---|
| <br> **Material Changes to the Portfolio**<br>|
| &nbsp;&nbsp;The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144. |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A058-K

146431_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/International Equity Index Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/International Value Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $118 | 1.04% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 26.66% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sectors that contributed the most to absolute performance were Financials, Industrials, and Consumer Discretionary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that contributed the most to absolute performance were ASML Holdings NV, a leading supplier of photolithography systems, Bayer AG, a global life science company, and BNP Paribas SA, a European bank.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sectors that contributed the least to absolute performance were Real Estate and Communication Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that detracted the most from performance were WPP plc, an advertising company, and Diageo plc, a British alcoholic beverage company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volatility management detracted from performance. In response to market volatility in April, the Portfolio de-equitized, which limited the Portfolio's participation in the subsequent equity market recovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/International Value Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the MSCI EAFE<sup>®</sup> Index and International Proxy Index over the same period.

![LOGO](g897067g03a71.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/International Value Managed Volatility Portfolio (Class IB) | 26.66% | 7.75% | 6.77% |
| &nbsp;&nbsp;&nbsp;MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |
| &nbsp;&nbsp;&nbsp;International Proxy Index | 32.07% | 10.61% | 8.75% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of December 31, 2025) | **Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $1028778198 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1626 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $5883985 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 23% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/International Value Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Country Weightings (as a % of Net Assets)** | **Country Weightings (as a % of Net Assets)** |
| Japan | 16.4% |
| United Kingdom | 15.3% |
| Germany | 13.4% |
| France | 13.3% |
| Australia | 7.0% |
| Netherlands | 5.2% |
| United States | 5.1% |
| Italy | 2.6% |
| Spain | 2.5% |
| China | 1.4% |
| Other | 6.9% |

---

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| Financials | 18.9% |
| Industrials | 18.0% |
| Consumer Discretionary | 12.7% |
| Information Technology | 8.9% |
| Consumer Staples | 8.2% |
| Health Care | 8.1% |
| Materials | 6.0% |
| Communication Services | 2.7% |
| Energy | 2.6% |
| Utilities | 2.0% |
| Real Estate | 1.0% |
| Other | 0.2% |
| Short-Term Investments | 1.1% |
| Cash and Other Assets Less Liabilities | 9.6% |

---

---

| | |
|:---|:---|
| **Additional Information** |  |
| For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg)  |

---

A060-B

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/International Value Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/International Value Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $90 | 0.79% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 27.00% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to absolute performance were Financials, Industrials, and Consumer Discretionary.<br>• The stocks that contributed the most to absolute performance were ASML Holdings NV, a leading supplier of photolithography systems, Bayer AG, a global life science company, and BNP Paribas SA, a European bank.<br>**What detracted from performance during the year?**<br>• The sectors that contributed the least to absolute performance were Real Estate and Communication Services.<br>• The stocks that detracted the most from performance were WPP plc, an advertising company, and Diageo plc, a British alcoholic beverage company.<br>• Volatility management detracted from performance. In response to market volatility in April, the Portfolio de-equitized, which limited the Portfolio's participation in the subsequent equity market recovery.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/International Value Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the MSCI EAFE<sup>®</sup> Index and International Proxy Index over the same period.

![LOGO](g897067g03a74.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/International Value Managed Volatility Portfolio (Class K) | 27.00% | 8.01% | 7.04% |
| &nbsp;&nbsp;&nbsp;MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |
| &nbsp;&nbsp;&nbsp;International Proxy Index | 32.07% | 10.61% | 8.75% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $1028778198 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1626 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $5883985 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 23% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/International Value Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| Japan | 16.4% |
| United Kingdom | 15.3% |
| Germany | 13.4% |
| France | 13.3% |
| Australia | 7.0% |
| Netherlands | 5.2% |
| United States | 5.1% |
| Italy | 2.6% |
| Spain | 2.5% |
| Chain | 1.4% |
| Other | 6.9% |

---

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 18.9% |
| Industrials | 18.0% |
| Consumer Discretionary | 12.7% |
| Information Technology | 8.9% |
| Consumer Staples | 8.2% |
| Health Care | 8.1% |
| Materials | 6.0% |
| Communication Services | 2.7% |
| Energy | 2.6% |
| Utilities | 2.0% |
| Real Estate | 1.0% |
| Other | 0.2% |
| Short-Term Investments | 1.1% |
| Cash and Other Assets Less Liabilities | 9.6% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A060-K

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/International Value Managed Volatility Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INVESCO COMSTOCK PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Invesco Comstock Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $108 | 1.00% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 16.93% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Financials, Health Care, and Consumer Discretionary sectors contributed the most to the Portfolio's return relative to its benchmark index.<br>• Within the Financials sector, large diversified and regional banks performed well amid resilient credit quality, stabilizing net interest margins, improved capital return expectations, and easing regulatory pressures. Holdings such as Bank of America Corp., Wells Fargo & Co., Citizens Financial Group, Inc., and Huntington Bancshares, Inc. benefited from improved earnings visibility and stronger investor sentiment.<br>• Within the Health Care sector, CVS Health Corp. and Elevance Health, Inc., a health insurance company, were top contributors. CVS Health benefited from improved execution across its healthcare services platform, including stabilization in pharmacy operations and progress integrating care delivery and benefits.<br>• Within the Consumer Discretionary sector, eBay Inc. was a top contributor.<br>**What detracted from performance during the year?**<br>• Stock selection in the Information Technology, Communication Services, and Consumer Staples sectors detracted from the Portfolio's return relative to its benchmark index.<br>• Within the Information Technology sector, not holding certain stocks (including Micron Technology, Inc., Advanced Micro Devices, Inc., Applied Materials, Inc., and Analog Devices, Inc.) detracted from relative performance.<br>• Within the Communication Services sector, Alphabet Inc. and Charter Communications, Inc. detracted due to weaker than expected advertising trends, competitive pressures, and ongoing subscriber losses.<br>• The Portfolio's cash position also detracted from performance.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Invesco Comstock Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and Russell 1000<sup>®</sup> Value Index over the same period.

![LOGO](g897067g03a77.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Invesco Comstock Portfolio (Class IB) | 16.93% | 14.99% | 11.71% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
| <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| Net Assets | $329945792 |
| Number of Portfolio Holdings | 83 |
| Total Investment Advisory Fees Paid | $1894918 |
| Portfolio Turnover Rate | 21% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Invesco Comstock Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 20.4% |
| Health Care | 17.8% |
| Information Technology | 11.6% |
| Industrials | 10.5% |
| Consumer Staples | 8.3% |
| Communication Services | 8.1% |
| Energy | 6.8% |
| Consumer Discretionary | 5.7% |
| Utilities | 3.7% |
| Materials | 2.7% |
| Real Estate | 0.8% |
| Short-Term Investments | 1.7% |
| Cash and Other Assets Less Liabilities | 1.9% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Bank of America Corp. | 3.7% |
| Alphabet, Inc., Class A | 3.4% |
| Microsoft Corp. | 2.7% |
| Wells Fargo & Co. | 2.7% |
| CVS Health Corp. | 2.7% |
| Cisco Systems, Inc. | 2.6% |
| Chevron Corp. | 2.3% |
| State Street Corp. | 2.2% |
| FedEx Corp. | 2.0% |
| Citigroup, Inc. | 1.8% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A061-B

146476_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Invesco Comstock Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INVESCO COMSTOCK PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Invesco Comstock Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $81 | 0.75% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 17.20% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Financials, Health Care, and Consumer Discretionary sectors contributed the most to the Portfolio's return relative to its benchmark index.<br>• Within the Financials sector, large diversified and regional banks performed well amid resilient credit quality, stabilizing net interest margins, improved capital return expectations, and easing regulatory pressures. Holdings such as Bank of America Corp., Wells Fargo & Co., Citizens Financial Group, Inc., and Huntington Bancshares, Inc. benefited from improved earnings visibility and stronger investor sentiment.<br>• Within the Health Care sector, CVS Health Corp. and Elevance Health, Inc., a health insurance company, were top contributors. CVS Health benefited from improved execution across its healthcare services platform, including stabilization in pharmacy operations and progress integrating care delivery and benefits.<br>• Within the Consumer Discretionary sector, eBay Inc. was a top contributor.<br>**What detracted from performance during the year?**<br>• Stock selection in the Information Technology, Communication Services, and Consumer Staples sectors detracted from the Portfolio's return relative to its benchmark index.<br>• Within the Information Technology sector, not holding certain stocks (including Micron Technology, Inc., Advanced Micro Devices, Inc., Applied Materials, Inc., and Analog Devices, Inc.) detracted from relative performance.<br>• Within the Communication Services sector, Alphabet Inc. and Charter Communications, Inc. detracted due to weaker than expected advertising trends, competitive pressures, and ongoing subscriber losses.<br>• The Portfolio's cash position also detracted from performance.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Invesco Comstock Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and Russell 1000<sup>®</sup> Value Index over the same period.

![LOGO](g897067g03a80.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Invesco Comstock Portfolio (Class K) | 17.20% | 15.27% | 11.98% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $329945792 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 83 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $1894918 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 21% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Invesco Comstock Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 20.4% |
| Health Care | 17.8% |
| Information Technology | 11.6% |
| Industrials | 10.5% |
| Consumer Staples | 8.3% |
| Communication Services | 8.1% |
| Energy | 6.8% |
| Consumer Discretionary | 5.7% |
| Utilities | 3.7% |
| Materials | 2.7% |
| Real Estate | 0.8% |
| Short-Term Investments | 1.7% |
| Cash and Other Assets Less Liabilities | 1.9% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Bank of America Corp. | 3.7% |
| Alphabet, Inc., Class A | 3.4% |
| Microsoft Corp. | 2.7% |
| Wells Fargo & Co. | 2.7% |
| CVS Health Corp. | 2.7% |
| Cisco Systems, Inc. | 2.6% |
| Chevron Corp. | 2.3% |
| State Street Corp. | 2.2% |
| FedEx Corp. | 2.0% |
| Citigroup, Inc. | 1.8% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A061-K

146476_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Invesco Comstock Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INVESCO GLOBAL PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Invesco Global Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $118 | 1.10% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 15.40% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Portfolio's underweight position in the Consumer Staples sector contributed to the Portfolio's performance relative to its benchmark index.<br>• Lam Research Corporation, a leading provider of wafer fabrication equipment for the semiconductor industry, was a top contributor. The company benefited from strong demand for advanced semiconductor tools.<br>• Not holding Apple Inc. contributed to the Portfolio's performance relative to its benchmark index, as the company underperformed during the year.<br>**What detracted from performance during the year?**<br>• Stock selection in the Information Technology and Real Estate sectors detracted the most from the Portfolio's return relative to its benchmark index. The Portfolio's overweight position in Real Estate further weighed on performance, as it was the weakest sector during the period.<br>• Marvell Technology, Inc., a global semiconductor company, detracted from performance. During the year, the company faced uncertainty relating to the timing and magnitude of AI-related revenues.<br>• DLF Ltd., a leading Indian real estate developer, also detracted. The company's stock declined due to overall sector weakness and mixed financial performance.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Invesco Global Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the MSCI ACWI (Net) Index and MSCI ACWI Growth (Net) Index over the same period.

![LOGO](g897067g03a83.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Invesco Global Portfolio (Class IB) | 15.40% | 6.95% | 10.59% |
| &nbsp;&nbsp;&nbsp;MSCI ACWI (Net) Index | 22.34% | 11.19% | 11.72% |
| &nbsp;&nbsp;&nbsp;MSCI ACWI Growth (Net) Index | 22.44% | 11.12% | 13.99% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $522207846 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 62 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $3444550 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 26% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Invesco Global Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| United States | 67.1% |
| France | 5.9% |
| Taiwan | 4.9% |
| India | 4.5% |
| Canada | 2.4% |
| Netherlands | 2.4% |
| Germany | 2.4% |
| China | 2.3% |
| Switzerland | 2.1% |
| Japan | 1.9% |
| Other | 3.5% |

---

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 33.4% |
| Communication Services | 21.8% |
| Health Care | 13.0% |
| Financials | 12.0% |
| Consumer Discretionary | 10.5% |
| Industrials | 4.9% |
| Real Estate | 2.9% |
| Materials | 0.9% |
| Short-Term Investments | 0.5% |
| Cash and Other Assets Less Liabilities | 0.1% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A062-B

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Invesco Global Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INVESCO GLOBAL REAL ASSETS PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Invesco Global Real Assets Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $125 | 1.16% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 15.93% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the Infrastructure sector was the largest contributor to the Portfolio's return relative to its benchmark index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the Natural Resources sector and a slight underweight position in the sector also contributed to relative return.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the Real Estate sector, as well as an overweight position in the sector, provided positive absolute returns, but detracted from the Portfolio's return relative to its benchmark index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the Timber sector detracted from relative returns and was the only sector to detract from absolute returns in the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Invesco Global Real Assets Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the MSCI World (Net) Index and S&P Real Assets Equity (Net) Index over the same period.

![LOGO](g897067g03a86.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | Since<br>Inception\* |
| &nbsp;&nbsp;&nbsp;EQ/Invesco Global Real Assets Portfolio (Class IB) | 15.93% | 7.11% | 5.77% |
| &nbsp;&nbsp;&nbsp;MSCI World (Net) Index | 21.09% | 12.15% | 12.97% |
| &nbsp;&nbsp;&nbsp;S&P Real Assets Equity (Net) Index | 14.49% | 7.15% | 5.93% |

---

\* Date of inception: October 22, 2018

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

#### Portfolio Statistics
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Net Assets | $| 220906831 |
| &nbsp;&nbsp;Number of Portfolio Holdings |  | 106 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid |  | $1571716 |
| &nbsp;&nbsp;Portfolio Turnover Rate |  | 112% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Invesco Global Real Assets Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Country Weightings (as a % of Net Assets)** | **Country Weightings (as a % of Net Assets)** |
| United States | 57.4% |
| Canada | 10.6% |
| United Kingdom | 7.5% |
| France | 6.8% |
| Australia | 2.2% |
| Germany | 2.0% |
| Japan | 1.7% |
| Italy | 1.5% |
| China | 1.2% |
| Hong Kong | 1.1% |
| Other | 6.8% |

---

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| Real Estate | 42.8% |
| Energy | 19.1% |
| Materials | 14.7% |
| Utilities | 13.7% |
| Industrials | 5.5% |
| Communication Services | 1.8% |
| Consumer Staples | 1.0% |
| Consumer Discretionary | 0.2% |
| Short-Term Investments | 1.5% |
| Cash and Other Assets Less Liabilities | -0.3% |

---

---

| | |
|:---|:---|
| **Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | <br> ![LOGO](g897067g00v00.jpg) <br>|

---

A063-B

158945_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Invesco Global Real Assets Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INVESCO MODERATE ALLOCATION PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Invesco Moderate Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $119 | 1.13% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 9.42% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Portfolio's allocation to international equities was the main driver of absolute return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allocations to fixed income, U.S. Large Cap, U.S. Small Cap, and U.S. Mid Cap equities also contributed to absolute performance.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Implementation of the volatility management strategy was a drag on performance during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Market volatility was sharp but short-lived, resulting in V-shaped recoveries of the equity markets, during which hedging detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Invesco Moderate Allocation Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index, EQ/Invesco Moderate Allocation Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g03a89.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Invesco Moderate Allocation Portfolio (Class IB) | 9.42% | 4.61% | 5.29% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;EQ/Invesco Moderate Allocation Index | 14.15% | 6.10% | 6.87% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

#### Portfolio Statistics
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Net Assets | $| 377104260 |
| &nbsp;&nbsp;Number of Portfolio Holdings |  | 574 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid |  | $2643347 |
| &nbsp;&nbsp;Portfolio Turnover Rate |  | 74% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Invesco Moderate Allocation Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| **Security Type & Sector (as a % of Net Assets)** | **Security Type & Sector (as a % of Net Assets)** | **Security Type & Sector (as a % of Net Assets)** |
| **U.S. Treasury Obligations** |  | 49.5% |
| **Common Stocks** |  | 32.4% |
| &nbsp;&nbsp;Information Technology | 11.2% |  |
| &nbsp;&nbsp;Financials | 4.3% |  |
| &nbsp;&nbsp;Communication Services | 3.4% |  |
| &nbsp;&nbsp;Consumer Discretionary | 3.4% |  |
| &nbsp;&nbsp;Health Care | 3.1% |  |
| &nbsp;&nbsp;Industrials | 2.7% |  |
| &nbsp;&nbsp;Consumer Staples | 1.5% |  |
| &nbsp;&nbsp;Energy | 0.9% |  |
| &nbsp;&nbsp;Utilities | 0.7% |  |
| &nbsp;&nbsp;Materials | 0.6% |  |
| &nbsp;&nbsp;Real Estate | 0.6% |  |
| **Rights** |  | 0.0%# |
| **Short-Term Investments** |  | 14.8% |
| **Cash and Other Assets Less Liabilities** |  | 3.3% |

---

# Less than 0.05% 

---

| | |
|:---|:---|
| Additional Information  |  |
| For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) |

---

A064-B

153117_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Invesco Moderate Allocation Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Invesco Moderate Growth Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $119 | 1.12% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 12.63% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Portfolio's allocation to international equities was the main driver of absolute return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allocations to fixed income, U.S. Large Cap, U.S. Small Cap, and U.S. Mid Cap equities also contributed to absolute performance.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Implementation of the volatility management strategy was a drag on performance during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Market volatility was sharp but short-lived, resulting in V-shaped recoveries of the equity markets, during which hedging detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Invesco Moderate Growth Allocation Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the S&P 500<sup>®</sup> Index, EQ/Invesco Moderate Growth Allocation Index and Bloomberg U.S. Credit Corporate 5-10 Year Index over the same period.

![LOGO](g897067g03a92.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | Since<br>Inception\* |
| &nbsp;&nbsp;&nbsp;EQ/Invesco Moderate Growth Allocation Portfolio (Class IB) | 12.63% | 5.89% | 7.54% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 16.22% |
| &nbsp;&nbsp;&nbsp;EQ/Invesco Moderate Growth Allocation Index | 17.04% | 7.22% | 9.25% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Credit Corporate 5-10 Year Index | 9.58% | 0.86% | 3.58% |

---

\* Date of inception: February 1, 2019

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

#### Portfolio Statistics
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Net Assets | $| 424550102 |
| &nbsp;&nbsp;Number of Portfolio Holdings |  | 938 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid |  | $2741061 |
| &nbsp;&nbsp;Portfolio Turnover Rate |  | 28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Invesco Moderate Growth Allocation Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) |
| **Corporate Bonds** |  | 39.2% |
| &nbsp;&nbsp;&nbsp;Financials | 13.4% |  |
| &nbsp;&nbsp;&nbsp;Health Care | 4.7% |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 3.5% |  |
| &nbsp;&nbsp;&nbsp;Utilities | 3.2% |  |
| &nbsp;&nbsp;&nbsp;Energy | 3.0% |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 3.0% |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 2.5% |  |
| &nbsp;&nbsp;&nbsp;Industrials | 2.1% |  |
| &nbsp;&nbsp;&nbsp;Other | 3.8% |  |
| **Common Stocks** |  | 36.7% |
| &nbsp;&nbsp;&nbsp;Information Technology | 12.7% |  |
| &nbsp;&nbsp;&nbsp;Financials | 4.9% |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 3.9% |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 3.8% |  |
| &nbsp;&nbsp;&nbsp;Health Care | 3.5% |  |
| &nbsp;&nbsp;&nbsp;Industrials | 3.0% |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 1.7% |  |
| &nbsp;&nbsp;&nbsp;Energy | 1.0% |  |
| &nbsp;&nbsp;&nbsp;Other | 2.2% |  |
| **Rights** |  | 0.0% |
| **Short-Term Investments** |  | 23.5% |
| **Cash and Other Assets Less Liabilities** |  | 0.6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%  |

---

#### Additional Information

---

| | |
|:---|:---|
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg)  |

---

A065-B

159934_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Invesco Moderate Growth Allocation Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/JANUS ENTERPRISE PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Janus Enterprise Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $108 | 1.04% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 8.05% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• Investments in the Information Technology sector were strong drivers of performance.<br>• Holdings in the Industrials sector also contributed to performance.<br>• AppLovin Corp., a mobile technology company, Flex Ltd., a manufacturing company, and Ryanair Holdings plc, Europe's largest low-cost airline, were notable contributors.<br>**What detracted from performance during the year?**<br>• Investments in the Real Estate sector detracted from performance.<br>• Holdings in the Health Care and Energy sectors were modest detractors from performance.<br>• Constellation Software, Inc., CarMax, Inc., and Teleflex Incorporated, a provider of specialty medical devices, were the largest detractors from absolute returns.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Janus Enterprise Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and Russell Midcap<sup>®</sup> Growth Index over the same period.

![LOGO](g897067g03a95.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Janus Enterprise Portfolio (Class IB) | 8.05% | 7.06% | 10.61% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.65% | 12.49% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
| <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| Net Assets | $1464925379 |
| Number of Portfolio Holdings | 77 |
| Total Investment Advisory Fees Paid | $9669650 |
| Portfolio Turnover Rate | 20% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Janus Enterprise Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| <br>**Sector Weightings (as a % of Net Assets)** | <br>**Sector Weightings (as a % of Net Assets)** |
| Industrials | 28.0% |
| Information Technology | 22.7% |
| Health Care | 16.1% |
| Financials | 9.7% |
| Consumer Discretionary | 7.8% |
| Utilities | 4.8% |
| Real Estate | 3.0% |
| Communication Services | 2.6% |
| Materials | 1.4% |
| Consumer Staples | 0.6% |
| Energy | 0.4% |
| Short-Term Investments | 1.3% |
| Cash and Other Assets Less Liabilities | 1.6% |

---

---

| | |
|:---|:---|
| <br>**Top Holdings (as a % of Net Assets)** | <br>**Top Holdings (as a % of Net Assets)** |
| AppLovin Corp., Class A | 4.0% |
| Flex Ltd. | 3.5% |
| Ferguson Enterprises, Inc. | 3.0% |
| SS&C Technologies Holdings, Inc. | 2.9% |
| LPL Financial Holdings, Inc. | 2.7% |
| JB Hunt Transport Services, Inc. | 2.4% |
| Revvity, Inc. | 2.4% |
| Constellation Software, Inc. | 2.4% |
| Boston Scientific Corp. | 2.3% |
| Intact Financial Corp. | 2.2% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A066-B

146467_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Janus Enterprise Portfolio (Class IB)

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## EQ/JANUS ENTERPRISE PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Janus Enterprise Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $83 | 0.79% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 8.34% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• Investments in the Information Technology sector were strong drivers of performance.<br>• Holdings in the Industrials sector also contributed to performance.<br>• AppLovin Corp., a mobile technology company, Flex Ltd., a manufacturing company, and Ryanair Holdings plc, Europe's largest low-cost airline, were notable contributors.<br>**What detracted from performance during the year?**<br>• Investments in the Real Estate sector detracted from performance.<br>• Holdings in the Health Care and Energy sectors were modest detractors from performance.<br>• Constellation Software, Inc., CarMax, Inc., and Teleflex Incorporated, a provider of specialty medical devices, were the largest detractors from absolute returns.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Janus Enterprise Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and Russell Midcap<sup>®</sup> Growth Index over the same period.

![LOGO](g897067g03a98.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Janus Enterprise Portfolio (Class K) | 8.34% | 7.34% | 10.89% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.65% | 12.49% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $1464925379 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 77 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $9669650 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 20% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Janus Enterprise Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Industrials | 28.0% |
| Information Technology | 22.7% |
| Health Care | 16.1% |
| Financials | 9.7% |
| Consumer Discretionary | 7.8% |
| Utilities | 4.8% |
| Real Estate | 3.0% |
| Communication Services | 2.6% |
| Materials | 1.4% |
| Consumer Staples | 0.6% |
| Energy | 0.4% |
| Short-Term Investments | 1.3% |
| Cash and Other Assets Less Liabilities | 1.6% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| AppLovin Corp., Class A | 4.0% |
| Flex Ltd. | 3.5% |
| Ferguson Enterprises, Inc. | 3.0% |
| SS&C Technologies Holdings, Inc. | 2.9% |
| LPL Financial Holdings, Inc. | 2.7% |
| JB Hunt Transport Services, Inc. | 2.4% |
| Revvity, Inc. | 2.4% |
| Constellation Software, Inc. | 2.4% |
| Boston Scientific Corp. | 2.3% |
| Intact Financial Corp. | 2.2% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A066-K

146467_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Janus Enterprise Portfolio (Class K)

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## EQ/JPMORGAN GROWTH ALLOCATION PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/JPMorgan Growth Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $117 | 1.11% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 10.81% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Portfolio's exposure to developed non-U.S. equities contributed to performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Portfolio's allocation to the U.S. large cap equity asset class also contributed to performance.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Portfolio's strategic asset allocation detracted from performance, primarily due to positioning in the U.S. small cap asset class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security selection and adjustments to the Portfolio's equity allocation in connection with the implementation of the risk management framework also detracted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/JPMorgan Growth Allocation Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the S&P 500<sup>®</sup> Index, EQ/JPMorgan Growth Allocation Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g99t01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | Since<br>Inception\* |
| &nbsp;&nbsp;&nbsp;EQ/JPMorgan Growth Allocation Portfolio (Class IB) | 10.81% | 6.54% | 6.56% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.60% |
| &nbsp;&nbsp;&nbsp;EQ/JPMorgan Growth Allocation Index | 14.64% | 9.11% | 9.16% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.88% |

---

\* Date of inception: November 13, 2017

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of December 31, 2025) | **Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $940858314 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 197 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $6044244 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 67% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/JPMorgan Growth Allocation Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| **Security Type & Asset Class (as a % of Net Assets)** | **Security Type & Asset Class (as a % of Net Assets)** | **Security Type & Asset Class (as a % of Net Assets)** |
| **Exchange Traded Funds** |  | 49.7% |
| &nbsp;&nbsp;&nbsp;Equity | 49.7% |  |
| **U.S. Treasury Obligations** |  | 35.7% |
| **Cash and Other Assets Less Liabilities** |  | 14.6% |

---

---

| | |
|:---|:---|
| **Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) |

---

A067-B

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Annual Shareholder Report - December 31, 2025 3 EQ/JPMorgan Growth Allocation Portfolio (Class IB)

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## EQ/JPMORGAN GROWTH STOCK PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/JPMorgan Growth Stock Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br> investment | Costs paid as a percentage of a<br> $10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $103 | 0.96% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 14.76% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consumer Discretionary and Financials were the biggest contributing sectors, driven primarily by stock selection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An underweight position in Apple Inc. was the top contributor to performance relative to the Portfolio's benchmark index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An overweight position in Insmed Incorporated also contributed. The company's outperformance was driven by the successful launch of Brinsupri, a treatment for non-cystic fibrosis bronchiectasis.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in the Information Technology and Industrials sectors detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An overweight position in Oracle Corp. was a top detractor. In the fourth quarter, mixed results of better-than-expected cloud revenue were offset by a miss on operating margins. Capital expenditures were also higher than expected, which, coupled with further skepticism around OpenAI's ability to fund its future commitments, also weighed on the stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not owning enough of the best performing stocks in the Portfolio's benchmark index detracted from relative performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/JPMorgan Growth Stock Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and Russell 1000<sup>®</sup> Growth Index over the same period.

![LOGO](g897067g99t02.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/JPMorgan Growth Stock Portfolio (Class IB) | 14.76% | 9.43% | 14.08% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

#### Portfolio Statistics
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Net Assets | $| 2966204726 |
| Number of Portfolio Holdings |  | 76 |
| Total Investment Advisory Fees Paid |  | $16911869 |
| Portfolio Turnover Rate |  | 64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/JPMorgan Growth Stock Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| Information Technology | 46.8% |
| Consumer Discretionary | 13.0% |
| Communication Services | 11.1% |
| Health Care | 9.5% |
| Financials | 8.0% |
| Industrials | 6.3% |
| Consumer Staples | 3.2% |
| Utilities | 0.3% |
| Energy | 0.1% |
| Exchange Traded Funds | 0.2% |
| Cash and Other Assets Less Liabilities | 1.5% |

---

---

| | |
|:---|:---|
| **Top Holdings (as a % of Net Assets)** | **Top Holdings (as a % of Net Assets)** |
| &nbsp;&nbsp; NVIDIA Corp. | 10.8% |
| &nbsp;&nbsp; Microsoft Corp. | 8.9% |
| &nbsp;&nbsp; Apple, Inc. | 7.1% |
| &nbsp;&nbsp; Alphabet, Inc., Class C | 6.6% |
| &nbsp;&nbsp; Broadcom, Inc. | 5.8% |
| &nbsp;&nbsp; Amazon.com, Inc. | 3.9% |
| &nbsp;&nbsp; Tesla, Inc. | 3.9% |
| &nbsp;&nbsp; Meta Platforms, Inc., Class A | 3.2% |
| &nbsp;&nbsp; Mastercard, Inc., Class A | 2.8% |
| &nbsp;&nbsp; Eli Lilly & Co. | 2.1% |

---

---

| | |
|:---|:---|
| **Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg)  |

---

A095-B

146473_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/JPMorgan Growth Stock Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/JPMORGAN GROWTH STOCK PORTFOLIO (CLASS K)
<br> **Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/JPMorgan Growth Stock Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br> investment | Costs paid as a percentage of a<br> $10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $76 | 0.71% |

---

<br> **How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 15.03% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>•  Consumer Discretionary and Financials were the biggest contributing sectors, driven primarily by stock selection.<br>•  An underweight position in Apple Inc. was the top contributor to performance relative to the Portfolio's benchmark index.<br>•  An overweight position in Insmed Incorporated also contributed. The company's outperformance was driven by the successful launch of Brinsupri, a treatment for non-cystic fibrosis bronchiectasis.<br>**What detracted from performance during the year?**<br>•  Stock selection in the Information Technology and Industrials sectors detracted from performance.<br>•  An overweight position in Oracle Corp. was a top detractor. In the fourth quarter, mixed results of better-than-expected cloud revenue were offset by a miss on operating margins. Capital expenditures were also higher than expected, which, coupled with further skepticism around OpenAI's ability to fund its future commitments, also weighed on the stock.<br>•  Not owning enough of the best performing stocks in the Portfolio's benchmark index detracted from relative performance.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/JPMorgan Growth Stock Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and Russell 1000<sup>®</sup> Growth Index over the same period.

![LOGO](g897067g99t03.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/JPMorgan Growth Stock Portfolio (Class K) | 15.03% | 9.70% | 14.37% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br> **Portfolio Statistics**<br>(as of December 31, 2025) | <br> **Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp; Net Assets | $2966204726 |
| &nbsp;&nbsp; Number of Portfolio Holdings | 76 |
| &nbsp;&nbsp; Total Investment Advisory Fees Paid | $16911869 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/JPMorgan Growth Stock Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
|  Information Technology | 46.8% |
|  Consumer Discretionary | 13.0% |
|  Communication Services | 11.1% |
|  Health Care | 9.5% |
|  Financials | 8.0% |
|  Industrials | 6.3% |
|  Consumer Staples | 3.2% |
|  Utilities | 0.3% |
|  Energy | 0.1% |
|  Exchange Traded Funds | 0.2% |
|  Cash and Other Assets Less Liabilities | 1.5% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
|  NVIDIA Corp. | 10.8% |
|  Microsoft Corp. | 8.9% |
|  Apple, Inc. | 7.1% |
|  Alphabet, Inc., Class C | 6.6% |
|  Broadcom, Inc. | 5.8% |
|  Amazon.com, Inc. | 3.9% |
|  Tesla, Inc. | 3.9% |
|  Meta Platforms, Inc., Class A | 3.2% |
|  Mastercard, Inc., Class A | 2.8% |
|  Eli Lilly & Co. | 2.1% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp; For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A095-K

146473_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/JPMorgan Growth Stock Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/JPMORGAN HEDGED EQUITY AND PREMIUM INCOME PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/JPMorgan Hedged Equity and Premium Income Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment\* |
| &nbsp;&nbsp;&nbsp;Class IB | $113 | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>\* Excludes fees and expenses of the underlying funds in which the Portfolio invests. |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 12.41% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• During the period before investment strategy changes were implemented on October 27, 2025, the Portfolio's allocation to the U.S. large cap equity asset class contributed to performance. An underweight allocation to the U.S. mid cap equity asset class and a modest underweight to U.S. Treasuries also contributed to the Portfolio's performance relative to its benchmark during that period.<br>• During the period October 27, 2025 to December 31, 2025, the Portfolio's investment in the JPMorgan Equity Premium Income ETF was the top contributor to performance.<br>**What detracted from performance during the year?**<br>• During the period before investment strategy changes were implemented on October 27, 2025, the Portfolio's cash position detracted from performance. An underweight allocation to international equities also detracted from the Portfolio's performance relative to its benchmark during that period.<br>• The use of futures contracts to manage volatility in the second quarter detracted from performance.<br>• During the period October 27, 2025 to December 31, 2025, the Portfolio's investment in the JPMorgan Hedged Equity 2 Fund contributed the least to performance.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/JPMorgan Hedged Equity and Premium Income Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the S&P 500<sup>®</sup> Index, EQ/JPMorgan Hedged Equity and Premium Income Index, ICE BofA U.S. 3-Month Treasury Bill Index, EQ/Franklin Moderate Allocation Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g99t04.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | Since<br>Inception\* |
| &nbsp;&nbsp;&nbsp;EQ/JPMorgan Hedged Equity and Premium Income Portfolio (Class IB) | 12.41% | 4.65% | 5.22% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 15.75% |
| &nbsp;&nbsp;&nbsp;EQ/JPMorgan Hedged Equity and Premium Income Index | 12.37% | 10.10% | 10.45% |
| &nbsp;&nbsp;&nbsp;ICE BofA U.S. 3-Month Treasury Bill Index | 4.21% | 3.19% | 2.22% |
| &nbsp;&nbsp;&nbsp;EQ/Franklin Moderate Allocation Index | 15.47% | 5.99% | 7.41% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.57% |

---

\* Date of inception: February 22, 2016

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance for periods prior to October 27, 2025, is that of the Portfolio when it invested directly in securities and other instruments, had a different investment objective, had different investment policies and strategies, and was managed by a sub-adviser under the name "EQ/Franklin Moderate Allocation Portfolio". Effective October 27, 2025, in connection with the changes to the Portfolio's investment policies and strategies, the ICE BofA U.S. 3-Month Treasury Bill Index replaced the Bloomberg U.S. Intermediate Government Bond Index as an additional securities market index comparison, and the EQ/JPMorgan Hedged Equity and Premium Income Index replaced the EQ/Franklin Moderate Allocation Index as a composite index comparison.

Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/JPMorgan Hedged Equity and Premium Income Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $346550549 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 8 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $1627989 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 120% |

---

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| Investment Companies | 49.9% |
| Exchange Traded Funds | 49.3% |
| Short-Term Investments | 10.9% |
| Cash and Other Assets Less Liabilities | -10.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| JPMorgan Equity Premium Income ETF | 29.5% |
| JPMorgan Nasdaq Equity Premium Income ETF | 19.8% |
| JPMorgan Hedged Equity 3 Fund | 16.7% |
| JPMorgan Hedged Equity Fund | 16.7% |
| JPMorgan Hedged Equity 2 Fund | 16.5% |

---

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025. For more complete information, you may review the Portfolio's current prospectus, dated May 1, 2025, as supplemented July 28, 2025, or the Portfolio's next prospectus, which we expect to be available by May 1, 2026, at https://equitable-funds.com or upon request by calling 1-877-222-2144.

Effective October 27, 2025, the name of the Portfolio changed from EQ/Franklin Moderate Allocation Portfolio to EQ/JPMorgan Hedged Equity and Premium Income Portfolio; the Portfolio changed from a sub-advised fund that invested directly in equity and fixed income securities to a fund-of-funds managed by Equitable Investment Management Group, LLC ("EIM"), the Portfolio's investment adviser; Franklin Advisers, Inc. ("Franklin") was terminated as the investment sub-adviser to the Portfolio; and the Portfolio's investment objective and principal investment strategy changed. Effective October 27, 2025, the Portfolio's investment objective is to seek to provide long-term capital appreciation and current income, and the Portfolio pursues that objective by investing in mutual funds and exchange-traded funds ("Underlying Funds") managed by J.P. Morgan Investment Management Inc. ("JPMorgan") that provide exposure to broad U.S. equity markets while hedging overall market exposure and provide incremental current income by selling call options through investments in equity-linked notes. JPMorgan is not an affiliate of EIM and is not the investment adviser or an investment sub-adviser to the Portfolio. In connection with the changes to the Portfolio's principal investment strategy, the principal risks of investing in the Portfolio have been updated to reflect new risks associated with the Portfolio's investments in the Underlying Funds. In addition, effective October 27, 2025, EIM agreed to reduce the advisory fee rate at each breakpoint level in the contractual advisory fee rate schedule for the Portfolio. As a result of these changes, during the last year, the Portfolio's Management Fee decreased and Acquired Fund Fees and Expenses increased; however, the Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement (as a percentage of the value of your investment) remained the same.

**"J.P. Morgan" and "JPMorgan" are registered trademarks of J.P. Morgan Chase Bank, NA ("JPMC") and have been licensed for use by Equitable Investment Management Group, LLC. EQ/JPMorgan Hedged Equity and Premium Income Portfolio is not sponsored, endorsed, or promoted by JPMC and JPMC makes no representation regarding the advisability of investing in EQ/JPMorgan Hedged Equity and Premium Income Portfolio.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/JPMorgan Hedged Equity and Premium Income Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A047-B

154173_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 4 EQ/JPMorgan Hedged Equity and Premium Income Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/JPMorgan Value Opportunities Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $102 | 0.95% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 15.40% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strong stock selection in the Information Technology sector was a key driver of performance, with 4 of the top 5 contributors coming from the sector. Data storage companies like Western Digital Corp. stood out. The company reported strong results and guidance, fueled by rising AI adoption and demand for advanced computing infrastructure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strong stock selection in the Consumer Staples sector also contributed to performance. Philip Morris International Inc. was a top contributor. While offering defensive characteristics, the company also delivered excellent results, primarily driven by robust growth in their smoke-free nicotine products, which are now approximately 40% of the business mix.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Weak stock selection in the Materials and Health Care sectors detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Health Care sector was under pressure early in the year due to renewed political pressures and uncertainty in a risk-on environment. UnitedHealth Group Incorporated was a notable detractor after an earnings miss and the withdrawal of guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in Materials was challenged by FMC Corporation, a chemical manufacturer. Despite solid volume growth and significant cost reductions, FMC's shares declined as management expressed caution about the financial health of Brazilian farmers, extended inventory destocking, higher tariffs, and persistent pricing pressure from generics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/JPMorgan Value Opportunities Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and Russell 1000<sup>®</sup> Value Index over the same period.

![LOGO](g897067g99t05.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/JPMorgan Value Opportunities Portfolio (Class IB) | 15.40% | 12.77% | 12.08% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

#### Portfolio Statistics
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Net Assets | $| 1245033015 |
| &nbsp;&nbsp;Number of Portfolio Holdings |  | 106 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid |  | $6763901 |
| &nbsp;&nbsp;Portfolio Turnover Rate |  | 203% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/JPMorgan Value Opportunities Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| &nbsp;&nbsp;Financials | 21.6% |
| &nbsp;&nbsp;Health Care | 16.6% |
| &nbsp;&nbsp;Industrials | 12.2% |
| &nbsp;&nbsp;Information Technology | 12.1% |
| &nbsp;&nbsp;Consumer Discretionary | 7.7% |
| &nbsp;&nbsp;Communication Services | 7.7% |
| &nbsp;&nbsp;Materials | 6.5% |
| &nbsp;&nbsp;Utilities | 4.0% |
| &nbsp;&nbsp;Consumer Staples | 4.0% |
| &nbsp;&nbsp;Energy | 3.9% |
| &nbsp;&nbsp;Real Estate | 2.7% |
| &nbsp;&nbsp;Short-Term Investments | 1.0% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.0% |

---

---

| | |
|:---|:---|
| **Top Holdings (as a % of Net Assets)** | **Top Holdings (as a % of Net Assets)** |
| &nbsp;&nbsp;Alphabet, Inc., Class C | 3.9% |
| &nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | 3.2% |
| &nbsp;&nbsp;Bank of America Corp. | 3.0% |
| &nbsp;&nbsp;Wells Fargo & Co. | 2.7% |
| &nbsp;&nbsp;Humana, Inc. | 2.5% |
| &nbsp;&nbsp;Amazon.com, Inc. | 2.1% |
| &nbsp;&nbsp;Western Digital Corp. | 1.9% |
| &nbsp;&nbsp;Micron Technology, Inc. | 1.8% |
| &nbsp;&nbsp;Emerson Electric Co. | 1.7% |
| &nbsp;&nbsp;Vertex Pharmaceuticals, Inc. | 1.6% |

---

# Less than 0.05%

#### Additional Information

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg)  |

---

A068-B

146455_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/JPMorgan Value Opportunities Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/JPMorgan Value Opportunities Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $75 | 0.70% |

---

&nbsp;&nbsp; <br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 15.66% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• Strong stock selection in the Information Technology sector was a key driver of performance, with 4 of the top 5 contributors coming from the sector. Data storage companies like Western Digital Corp. stood out. The company reported strong results and guidance, fueled by rising AI adoption and demand for advanced computing infrastructure.<br>• Strong stock selection in the Consumer Staples sector also contributed to performance. Philip Morris International Inc. was a top contributor. While offering defensive characteristics, the company also delivered excellent results, primarily driven by robust growth in their smoke-free nicotine products, which are now approximately 40% of the business mix.<br>**What detracted from performance during the year?**<br>• Weak stock selection in the Materials and Health Care sectors detracted from performance.<br>• The Health Care sector was under pressure early in the year due to renewed political pressures and uncertainty in a risk-on environment. UnitedHealth Group Incorporated was a notable detractor after an earnings miss and the withdrawal of guidance.<br>• Stock selection in Materials was challenged by FMC Corporation, a chemical manufacturer. Despite solid volume growth and significant cost reductions, FMC's shares declined as management expressed caution about the financial health of Brazilian farmers, extended inventory destocking, higher tariffs, and persistent pricing pressure from generics.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/JPMorgan Value Opportunities Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and Russell 1000<sup>®</sup> Value Index over the same period.

![LOGO](g897067g99t06.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/JPMorgan Value Opportunities Portfolio (Class K) | 15.66% | 13.05% | 12.36% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $1245033015 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 106 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $6763901 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 203% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/JPMorgan Value Opportunities Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 21.6% |
| Health Care | 16.6% |
| Industrials | 12.2% |
| Information Technology | 12.1% |
| Consumer Discretionary | 7.7% |
| Communication Services | 7.7% |
| Materials | 6.5% |
| Utilities | 4.0% |
| Consumer Staples | 4.0% |
| Energy | 3.9% |
| Real Estate | 2.7% |
| Short-Term Investments | 1.0% |
| Cash and Other Assets Less Liabilities | 0.0% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Alphabet, Inc., Class C | 3.9% |
| Berkshire Hathaway, Inc., Class B | 3.2% |
| Bank of America Corp. | 3.0% |
| Wells Fargo & Co. | 2.7% |
| Humana, Inc. | 2.5% |
| Amazon.com, Inc. | 2.1% |
| Western Digital Corp. | 1.9% |
| Micron Technology, Inc. | 1.8% |
| Emerson Electric Co. | 1.7% |
| Vertex Pharmaceuticals, Inc. | 1.6% |

---

# Less than 0.05%

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A068-K

146455_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/JPMorgan Value Opportunities Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Large Cap Core Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $93 | 0.88% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 10.88% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sectors that contributed the most to absolute performance were Information Technology, Financials, and Communication Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that contributed the most to absolute performance were Alphabet Inc., NVIDIA Corp., Broadcom Inc., and Microsoft Corp.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sectors that contributed the least to the Portfolio's absolute performance were Real Estate, Energy, and Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that detracted the most from performance were UnitedHealth Group, ServiceNow, Inc., a cloud computing platform, and Becton Dickinson & Co., a medical technology company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volatility management detracted from performance. In response to market volatility in April, the Portfolio de-equitized, which limited the Portfolio's participation in the subsequent equity market recovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Large Cap Core Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index over the same period.

![LOGO](g897067g99t07.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Large Cap Core Managed Volatility Portfolio (Class IB) | 10.88% | 12.03% | 12.83% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

#### Portfolio Statistics
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Net Assets | $| 1918259955 |
| &nbsp;&nbsp;Number of Portfolio Holdings |  | 536 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid |  | $9211503 |
| &nbsp;&nbsp;Portfolio Turnover Rate |  | 30% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Large Cap Core Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| &nbsp;&nbsp;Information Technology | 24.6% |
| &nbsp;&nbsp;Financials | 12.1% |
| &nbsp;&nbsp;Communication Services | 8.7% |
| &nbsp;&nbsp;Health Care | 7.5% |
| &nbsp;&nbsp;Consumer Discretionary | 7.5% |
| &nbsp;&nbsp;Industrials | 6.3% |
| &nbsp;&nbsp;Consumer Staples | 4.9% |
| &nbsp;&nbsp;Utilities | 3.9% |
| &nbsp;&nbsp;Energy | 2.8% |
| &nbsp;&nbsp;Materials | 1.5% |
| &nbsp;&nbsp;Real Estate | 1.1% |
| &nbsp;&nbsp;Exchange Traded Funds | 9.0% |
| &nbsp;&nbsp;Short-Term Investments | 4.3% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 5.8% |

---

---

| | |
|:---|:---|
| **Top Holdings (as a % of Net Assets)** | **Top Holdings (as a % of Net Assets)** |
| &nbsp;&nbsp;NVIDIA Corp. | 5.1% |
| &nbsp;&nbsp;Apple, Inc. | 4.2% |
| &nbsp;&nbsp;Microsoft Corp. | 4.2% |
| &nbsp;&nbsp;JPMorgan Prime Money Market Fund, IM Shares | 4.1% |
| &nbsp;&nbsp;iShares Core S&P 500 ETF | 3.1% |
| &nbsp;&nbsp;Amazon.com, Inc. | 3.0% |
| &nbsp;&nbsp;Broadcom, Inc. | 2.6% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | 2.3% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | 2.0% |
| &nbsp;&nbsp;iShares Russell 1000 ETF | 1.9% |

---

#### Additional Information

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg)  |

---

A069-B

146456_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Large Cap Core Managed Volatility Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Large Cap Core Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $67 | 0.63% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 11.12% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to absolute performance were Information Technology, Financials, and Communication Services.<br>• The stocks that contributed the most to absolute performance were Alphabet Inc., NVIDIA Corp., Broadcom Inc., and Microsoft Corp.<br>**What detracted from performance during the year?**<br>• The sectors that contributed the least to the Portfolio's absolute performance were Real Estate, Energy, and Materials.<br>• The stocks that detracted the most from performance were UnitedHealth Group, ServiceNow, Inc., a cloud computing platform, and Becton Dickinson & Co., a medical technology company.<br>• Volatility management detracted from performance. In response to market volatility in April, the Portfolio de-equitized, which limited the Portfolio's participation in the subsequent equity market recovery.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Large Cap Core Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the S&P 500<sup>®</sup> Index over the same period.

![LOGO](g897067g99t08.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Large Cap Core Managed Volatility Portfolio (Class K) | 11.12% | 12.31% | 13.11% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $1918259955 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 536 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $9211503 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 30% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Large Cap Core Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Information Technology | 24.6% |
| &nbsp;&nbsp;Financials | 12.1% |
| &nbsp;&nbsp;Communication Services | 8.7% |
| &nbsp;&nbsp;Health Care | 7.5% |
| &nbsp;&nbsp;Consumer Discretionary | 7.5% |
| &nbsp;&nbsp;Industrials | 6.3% |
| &nbsp;&nbsp;Consumer Staples | 4.9% |
| &nbsp;&nbsp;Utilities | 3.9% |
| &nbsp;&nbsp;Energy | 2.8% |
| &nbsp;&nbsp;Materials | 1.5% |
| &nbsp;&nbsp;Real Estate | 1.1% |
| &nbsp;&nbsp;Exchange Traded Funds | 9.0% |
| &nbsp;&nbsp;Short-Term Investments | 4.3% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 5.8% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| &nbsp;&nbsp;NVIDIA Corp. | 5.1% |
| &nbsp;&nbsp;Apple, Inc. | 4.2% |
| &nbsp;&nbsp;Microsoft Corp. | 4.2% |
| &nbsp;&nbsp;JPMorgan Prime Money Market Fund, IM Shares | 4.1% |
| &nbsp;&nbsp;iShares Core S&P 500 ETF | 3.1% |
| &nbsp;&nbsp;Amazon.com, Inc. | 3.0% |
| &nbsp;&nbsp;Broadcom, Inc. | 2.6% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | 2.3% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | 2.0% |
| &nbsp;&nbsp;iShares Russell 1000 ETF | 1.9% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A069-K

146456_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Large Cap Core Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/LARGE CAP GROWTH INDEX PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Large Cap Growth Index Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $78 | 0.71% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 17.74% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sectors that contributed the most to performance were Information Technology, Communication Services, and Health Care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that contributed the most to performance were NVIDIA Corp., Broadcom Inc., Microsoft Corp., and Alphabet Inc.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sectors that detracted the most from performance were Consumer Staples, Energy, and Real Estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that detracted the most from performance were ServiceNow, Inc., a cloud computing platform, Merck & Co., a biopharmaceutical company, Salesforce, Inc., a cloud-based software company, Adobe Inc., a software company, and Trade Desk, Inc., a technology platform for advertising.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Large Cap Growth Index Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and Russell 1000<sup>®</sup> Growth Index over the same period.

![LOGO](g897067g99t09.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Large Cap Growth Index Portfolio (Class IB) | 17.74% | 14.51% | 17.26% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

#### Portfolio Statistics
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Net Assets | $| 2834149682 |
| &nbsp;&nbsp; Number of Portfolio Holdings |  | 393 |
| &nbsp;&nbsp; Total Investment Advisory Fees Paid |  | $8920601 |
| &nbsp;&nbsp; Portfolio Turnover Rate |  | 15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Large Cap Growth Index Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| <br> **Sector Weightings (as a % of Net Assets)** | <br> **Sector Weightings (as a % of Net Assets)** |
| &nbsp;&nbsp; Information Technology | 50.0% |
| &nbsp;&nbsp; Consumer Discretionary | 13.3% |
| &nbsp;&nbsp; Communication Services | 12.0% |
| &nbsp;&nbsp; Health Care | 8.1% |
| &nbsp;&nbsp; Financials | 6.4% |
| &nbsp;&nbsp; Industrials | 5.9% |
| &nbsp;&nbsp; Consumer Staples | 2.4% |
| &nbsp;&nbsp; Real Estate | 0.4% |
| &nbsp;&nbsp; Materials | 0.3% |
| &nbsp;&nbsp; Energy | 0.3% |
| &nbsp;&nbsp; Utilities | 0.3% |
| &nbsp;&nbsp; Short-Term Investments | 0.0%# |
| &nbsp;&nbsp; Cash and Other Assets Less Liabilities | 0.6% |

---

---

| | |
|:---|:---|
| <br> **Top Holdings (as a % of Net Assets)** | <br> **Top Holdings (as a % of Net Assets)** |
| &nbsp;&nbsp; NVIDIA Corp. | 12.2% |
| &nbsp;&nbsp; Apple, Inc. | 11.1% |
| &nbsp;&nbsp; Microsoft Corp. | 10.1% |
| &nbsp;&nbsp; Broadcom, Inc. | 4.7% |
| &nbsp;&nbsp; Amazon.com, Inc. | 4.5% |
| &nbsp;&nbsp; Tesla, Inc. | 3.8% |
| &nbsp;&nbsp; Meta Platforms, Inc., Class A | 3.6% |
| &nbsp;&nbsp; Alphabet, Inc., Class A | 3.4% |
| &nbsp;&nbsp; Eli Lilly & Co. | 2.9% |
| &nbsp;&nbsp; Alphabet, Inc., Class C | 2.8% |

---

# Less than 0.05% 

**Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| **Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | <br> ![LOGO](g897067g00v00.jpg) <br>|

---

A070-B

146457_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Large Cap Growth Index Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/LARGE CAP GROWTH INDEX PORTFOLIO (CLASS K)
<br> **Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Large Cap Growth Index Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br> investment | Costs paid as a percentage of a<br> $10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $50 | 0.46% |

---

<br> **How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 18.00% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>•  The sectors that contributed the most to performance were Information Technology, Communication Services, and Health Care.<br>•  The stocks that contributed the most to performance were NVIDIA Corp., Broadcom Inc., Microsoft Corp., and Alphabet Inc.<br>**What detracted from performance during the year?**<br>•  The sectors that detracted the most from performance were Consumer Staples, Energy, and Real Estate.<br>•  The stocks that detracted the most from performance were ServiceNow, Inc., a cloud computing platform, Merck & Co., a biopharmaceutical company, Salesforce, Inc., a cloud-based software company, Adobe Inc., a software company, and Trade Desk, Inc., a technology platform for advertising.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Large Cap Growth Index Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and Russell 1000<sup>®</sup> Growth Index over the same period.

![LOGO](g897067g99t10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Large Cap Growth Index Portfolio (Class K) | 18.00% | 14.80% | 17.55% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br> **Portfolio Statistics**<br>(as of December 31, 2025) | <br> **Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp; Net Assets | $2834149682 |
| &nbsp;&nbsp; Number of Portfolio Holdings | 393 |
| &nbsp;&nbsp; Total Investment Advisory Fees Paid | $8920601 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Large Cap Growth Index Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp; Information Technology | 50.0% |
| &nbsp;&nbsp; Consumer Discretionary | 13.3% |
| &nbsp;&nbsp; Communication Services | 12.0% |
| &nbsp;&nbsp; Health Care | 8.1% |
| &nbsp;&nbsp; Financials | 6.4% |
| &nbsp;&nbsp; Industrials | 5.9% |
| &nbsp;&nbsp; Consumer Staples | 2.4% |
| &nbsp;&nbsp; Real Estate | 0.4% |
| &nbsp;&nbsp; Materials | 0.3% |
| &nbsp;&nbsp; Energy | 0.3% |
| &nbsp;&nbsp; Utilities | 0.3% |
| &nbsp;&nbsp; Short-Term Investments | 0.0% |
| &nbsp;&nbsp; Cash and Other Assets Less Liabilities | 0.6% |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%  |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| &nbsp;&nbsp; NVIDIA Corp. | 12.2% |
| &nbsp;&nbsp; Apple, Inc. | 11.1% |
| &nbsp;&nbsp; Microsoft Corp. | 10.1% |
| &nbsp;&nbsp; Broadcom, Inc. | 4.7% |
| &nbsp;&nbsp; Amazon.com, Inc. | 4.5% |
| &nbsp;&nbsp; Tesla, Inc. | 3.8% |
| &nbsp;&nbsp; Meta Platforms, Inc., Class A | 3.6% |
| &nbsp;&nbsp; Alphabet, Inc., Class A | 3.4% |
| &nbsp;&nbsp; Eli Lilly & Co. | 2.9% |
| &nbsp;&nbsp; Alphabet, Inc., Class C | 2.8% |

---

---

| |
|:---|
| <br> **Material Changes to the Portfolio**<br>|
| &nbsp;&nbsp; The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.<br>|

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp; For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A070-K

146457_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Large Cap Growth Index Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Large Cap Growth Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $90 | 0.85% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 11.06% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sectors that contributed the most to the Portfolio's absolute performance were Information Technology, Communication Services, and Health Care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that contributed the most to absolute performance were NVIDIA Corp., Alphabet Inc., Broadcom Inc., Microsoft Corp., and Meta Platforms, Inc.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Real Estate and Energy sectors detracted slightly from the Portfolio's absolute performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that detracted the most from absolute performance were ServiceNow, Inc., a cloud computing platform, Lululemon Athletica, Inc., an athletic apparel company, PayPal Holdings, Inc., a digital payment platform operator, Salesforce, Inc., a cloud-based software company, and Doximity, Inc., a network for healthcare professionals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volatility management detracted from performance. In response to market volatility in April, the Portfolio de-equitized, which limited the Portfolio's participation in the subsequent equity market recovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Large Cap Growth Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and Russell 1000<sup>®</sup> Growth Index over the same period.

![LOGO](g897067g88a01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Large Cap Growth Managed Volatility Portfolio (Class IB) | 11.06% | 11.64% | 15.01% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $4600833354 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 439 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $20618535 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Large Cap Growth Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| &nbsp;&nbsp;Information Technology | 30.5% |
| &nbsp;&nbsp;Consumer Discretionary | 9.6% |
| &nbsp;&nbsp;Communication Services | 9.0% |
| &nbsp;&nbsp;Health Care | 7.4% |
| &nbsp;&nbsp;Financials | 5.5% |
| &nbsp;&nbsp;Industrials | 4.2% |
| &nbsp;&nbsp;Consumer Staples | 1.9% |
| &nbsp;&nbsp;Real Estate | 0.3% |
| &nbsp;&nbsp;Utilities | 0.1% |
| &nbsp;&nbsp;Energy | 0.1% |
| &nbsp;&nbsp;Materials | 0.1% |
| &nbsp;&nbsp;Exchange Traded Funds | 21.0% |
| &nbsp;&nbsp;Short-Term Investments | 4.6% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 5.7% |

---

---

| | |
|:---|:---|
| **Top Holdings (as a % of Net Assets)** | **Top Holdings (as a % of Net Assets)** |
| &nbsp;&nbsp;Vanguard Russell 1000 Growth ETF | 7.0% |
| &nbsp;&nbsp;NVIDIA Corp. | 6.8% |
| &nbsp;&nbsp;Microsoft Corp. | 5.5% |
| &nbsp;&nbsp;iShares Morningstar Growth ETF | 5.2% |
| &nbsp;&nbsp;Apple, Inc. | 5.1% |
| &nbsp;&nbsp;JPMorgan Prime Money Market Fund, IM Shares | 4.6% |
| &nbsp;&nbsp;Vanguard Growth ETF | 4.2% |
| &nbsp;&nbsp;Amazon.com, Inc. | 3.4% |
| &nbsp;&nbsp;Broadcom, Inc. | 3.2% |
| &nbsp;&nbsp;State Street SPDR Portfolio S&P 500 Growth ETF | 3.1% |

---

---

| |
|:---|
| <br> **Material Changes to the Portfolio**<br>|
| &nbsp;&nbsp;The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>H.S. Management Partners, LLC is no longer a sub-adviser to the Portfolio.<br>|

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>| |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg)  |

---

A071-B

146458_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Large Cap Growth Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Large Cap Growth Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $63 | 0.60% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 11.34% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to the Portfolio's absolute performance were Information Technology, Communication Services, and Health Care.<br>• The stocks that contributed the most to absolute performance were NVIDIA Corp., Alphabet Inc., Broadcom Inc., Microsoft Corp., and Meta Platforms, Inc.<br>**What detracted from performance during the year?**<br>• The Real Estate and Energy sectors detracted slightly from the Portfolio's absolute performance.<br>• The stocks that detracted the most from absolute performance were ServiceNow, Inc., a cloud computing platform, Lululemon Athletica, Inc., an athletic apparel company, PayPal Holdings, Inc., a digital payment platform operator, Salesforce, Inc., a cloud-based software company, and Doximity, Inc., a network for healthcare professionals.<br>• Volatility management detracted from performance. In response to market volatility in April, the Portfolio de-equitized, which limited the Portfolio's participation in the subsequent equity market recovery.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Large Cap Growth Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and Russell 1000<sup>®</sup> Growth Index over the same period.

![LOGO](g897067g88a02.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Large Cap Growth Managed Volatility Portfolio (Class K) | 11.34% | 11.91% | 15.30% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $4600833354 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 439 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $20618535 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Large Cap Growth Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 30.5% |
| Consumer Discretionary | 9.6% |
| Communication Services | 9.0% |
| Health Care | 7.4% |
| Financials | 5.5% |
| Industrials | 4.2% |
| Consumer Staples | 1.9% |
| Real Estate | 0.3% |
| Utilities | 0.1% |
| Energy | 0.1% |
| Materials | 0.1% |
| Exchange Traded Funds | 21.0% |
| Short-Term Investments | 4.6% |
| Cash and Other Assets Less Liabilities | 5.7% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Vanguard Russell 1000 Growth ETF | 7.0% |
| NVIDIA Corp. | 6.8% |
| Microsoft Corp. | 5.5% |
| iShares Morningstar Growth ETF | 5.2% |
| Apple, Inc. | 5.1% |
| JPMorgan Prime Money Market Fund, IM Shares | 4.6% |
| Vanguard Growth ETF | 4.2% |
| Amazon.com, Inc. | 3.4% |
| Broadcom, Inc. | 3.2% |
| State Street SPDR Portfolio S&P 500 Growth ETF | 3.1% |

---

---

| |
|:---|
| <br> **Material Changes to the Portfolio**<br>|
| &nbsp;&nbsp;The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>H.S. Management Partners, LLC is no longer a sub-adviser to the Portfolio. |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A071-K

146458_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Large Cap Growth Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/LARGE CAP VALUE INDEX PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Large Cap Value Index Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $80 | 0.74% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 15.04% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sectors that contributed the most to performance were Financials, Industrials, and Information Technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that contributed the most to performance were Alphabet Inc., JPMorgan Chase & Co., Micron Technology, Inc., and Johnson & Johnson.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sectors that detracted the most from performance were Real Estate, Consumer Staples, and Consumer Discretionary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that detracted the most from performance were UnitedHealth Group, Inc., Fiserv, Inc., a financial technology company, Accenture plc, a professional services company, and Procter & Gamble Co.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Large Cap Value Index Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and Russell 1000<sup>®</sup> Value Index over the same period.

![LOGO](g897067g88a03.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Large Cap Value Index Portfolio (Class IB) | 15.04% | 10.52% | 9.77% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

#### Portfolio Statistics
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Net Assets | $| 978303158 |
| &nbsp;&nbsp;Number of Portfolio Holdings |  | 876 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid |  | $3077079 |
| &nbsp;&nbsp;Portfolio Turnover Rate |  | 18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Large Cap Value Index Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| <br>**Sector Weightings (as a % of Net Assets)** | <br>**Sector Weightings (as a % of Net Assets)** |
| &nbsp;&nbsp;Financials | 22.2% |
| &nbsp;&nbsp;Industrials | 12.9% |
| &nbsp;&nbsp;Health Care | 12.1% |
| &nbsp;&nbsp;Information Technology | 11.2% |
| &nbsp;&nbsp;Communication Services | 8.4% |
| &nbsp;&nbsp;Consumer Discretionary | 7.4% |
| &nbsp;&nbsp;Consumer Staples | 7.2% |
| &nbsp;&nbsp;Energy | 5.7% |
| &nbsp;&nbsp;Utilities | 4.3% |
| &nbsp;&nbsp;Materials | 4.0% |
| &nbsp;&nbsp;Real Estate | 3.9% |
| &nbsp;&nbsp;Short-Term Investments | 0.2% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.5% |

---

---

| | |
|:---|:---|
| <br>**Top Holdings (as a % of Net Assets)** | <br>**Top Holdings (as a % of Net Assets)** |
| &nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | 3.1% |
| &nbsp;&nbsp;JPMorgan Chase & Co. | 2.9% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | 2.1% |
| &nbsp;&nbsp;Amazon.com, Inc. | 2.0% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | 1.8% |
| &nbsp;&nbsp;Exxon Mobil Corp. | 1.7% |
| &nbsp;&nbsp;Johnson & Johnson | 1.7% |
| &nbsp;&nbsp;Walmart, Inc. | 1.5% |
| &nbsp;&nbsp;Bank of America Corp. | 1.1% |
| &nbsp;&nbsp;Procter & Gamble Co. (The) | 1.1% |

---

#### Material Changes to the Portfolio
&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.<br>

#### Additional Information

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg)  |

---

A072-B

146459_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Large Cap Value Index Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/LARGE CAP VALUE INDEX PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Large Cap Value Index Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $53 | 0.49% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 15.31% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to performance were Financials, Industrials, and Information Technology.<br>• The stocks that contributed the most to performance were Alphabet Inc., JPMorgan Chase & Co., Micron Technology, Inc., and Johnson & Johnson.<br>**What detracted from performance during the year?**<br>• The sectors that detracted the most from performance were Real Estate, Consumer Staples, and Consumer Discretionary.<br>• The stocks that detracted the most from performance were UnitedHealth Group, Inc., Fiserv, Inc., a financial technology company, Accenture plc, a professional services company, and Procter & Gamble Co.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Large Cap Value Index Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and Russell 1000<sup>®</sup> Value Index over the same period.

![LOGO](g897067g88a04.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Large Cap Value Index Portfolio (Class K) | 15.31% | 10.80% | 10.05% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $978303158 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 876 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $3077079 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Large Cap Value Index Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 22.2% |
| Industrials | 12.9% |
| Health Care | 12.1% |
| Information Technology | 11.2% |
| Communication Services | 8.4% |
| Consumer Discretionary | 7.4% |
| Consumer Staples | 7.2% |
| Energy | 5.7% |
| Utilities | 4.3% |
| Materials | 4.0% |
| Real Estate | 3.9% |
| Short-Term Investments | 0.2% |
| Cash and Other Assets Less Liabilities | 0.5% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Berkshire Hathaway, Inc., Class B | 3.1% |
| JPMorgan Chase & Co. | 2.9% |
| Alphabet, Inc., Class A | 2.1% |
| Amazon.com, Inc. | 2.0% |
| Alphabet, Inc., Class C | 1.8% |
| Exxon Mobil Corp. | 1.7% |
| Johnson & Johnson | 1.7% |
| Walmart, Inc. | 1.5% |
| Bank of America Corp. | 1.1% |
| Procter & Gamble Co. (The) | 1.1% |

---

---

| |
|:---|
| <br> **Material Changes to the Portfolio**<br>|
| &nbsp;&nbsp;The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144. |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A072-K

146459_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Large Cap Value Index Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Large Cap Value Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $90 | 0.86% |

---

#### How did the Portfolio perform last year and w hat affected its performance?
The Portfolio's Class IB shares returned 10.62% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sectors that contributed the most to the Portfolio's absolute performance were Information Technology, Financials, and Industrials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that contributed the most to absolute performance were Alphabet Inc., NVIDIA Corp., JPMorgan Chase & Co., RTX Corp., an aerospace and defense conglomerate, and Microsoft Corp.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sectors that contributed the least to the Portfolio's absolute performance were Real Estate and Consumer Staples.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that detracted the most from performance were UnitedHealth Group, home builder Lennar Corp., Adobe, Inc., a software company, Fiserv, Inc., a financial technology company, and Constellation Brands, Inc., a beverage distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volatility management detracted from performance. In response to market volatility in April, the Portfolio de-equitized, which limited the Portfolio's participation in the subsequent equity market recovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Large Cap Value Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and Russell 1000<sup>®</sup> Value Index over the same period.

![LOGO](g897067g88a05.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Large Cap Value Managed Volatility Portfolio (Class IB) | 10.62% | 9.69% | 9.56% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

#### Portfolio Statistics
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Net Assets | $| 3590784040 |
| &nbsp;&nbsp;Number of Portfolio Holdings |  | 940 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid |  | $16474894 |
| &nbsp;&nbsp;Portfolio Turnover Rate |  | 14% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Large Cap Value Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| Financials | 18.4% |
| Information Technology | 11.6% |
| Industrials | 10.3% |
| Health Care | 10.1% |
| Communication Services | 6.1% |
| Consumer Discretionary | 5.8% |
| Consumer Staples | 5.3% |
| Energy | 4.2% |
| Utilities | 4.0% |
| Materials | 3.7% |
| Real Estate | 2.6% |
| Exchange Traded Funds | 9.1% |
| Short-Term Investments | 3.3% |
| Cash and Other Assets Less Liabilities | 5.5% |

---

---

| | |
|:---|:---|
| **Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | <br> ![LOGO](g897067g00v00.jpg) <br>|

---

A073-B

146460_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Large Cap Value Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Large Cap Value Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $64 | 0.61% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 10.86% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to the Portfolio's absolute performance were Information Technology, Financials, and Industrials.<br>• The stocks that contributed the most to absolute performance were Alphabet Inc., NVIDIA Corp., JPMorgan Chase & Co., RTX Corp., an aerospace and defense conglomerate, and Microsoft Corp.<br>**What detracted from performance during the year?**<br>• The sectors that contributed the least to the Portfolio's absolute performance were Real Estate and Consumer Staples.<br>• The stocks that detracted the most from performance were UnitedHealth Group, home builder Lennar Corp., Adobe, Inc., a software company, Fiserv, Inc., a financial technology company, and Constellation Brands, Inc., a beverage distributor.<br>• Volatility management detracted from performance. In response to market volatility in April, the Portfolio de-equitized, which limited the Portfolio's participation in the subsequent equity market recovery.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Large Cap Value Managed Volatility Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and Russell 1000<sup>®</sup> Value Index over the same period.

![LOGO](g897067g88a06.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Large Cap Value Managed Volatility Portfolio (Class K) | 10.86% | 9.96% | 9.82% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $3590784040 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 940 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $16474894 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 14% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Large Cap Value Managed Volatility Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 18.4% |
| Information Technology | 11.6% |
| Industrials | 10.3% |
| Health Care | 10.1% |
| Communication Services | 6.1% |
| Consumer Discretionary | 5.8% |
| Consumer Staples | 5.3% |
| Energy | 4.2% |
| Utilities | 4.0% |
| Materials | 3.7% |
| Real Estate | 2.6% |
| Exchange Traded Funds | 9.1% |
| Short-Term Investments | 3.3% |
| Cash and Other Assets Less Liabilities | 5.5% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A073-K

146460_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Large Cap Value Managed Volatility Portfolio (Class K)

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## EQ/LAZARD EMERGING MARKETS EQUITY PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Lazard Emerging Markets Equity Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $163 | 1.35% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 42.06% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• Stock selection in the Financials and Consumer Discretionary sectors contributed to performance.<br>• Stock selection in Indonesia and Taiwan contributed to performance.<br>• SK Hynix, Inc., a South Korean manufacturer of semiconductors, reported record third quarter earnings on the back of high AI-related demand for its chips.<br>• Taiwan Semiconductor Manufacturing Co. Ltd. reported better than expected third quarter results and management raised its 2025 sales growth forecast.<br>• OTP Bank Nyrt., a Hungarian bank, reported third quarter earnings that beat market expectations with growth in net interest income, highlighting strong core banking performance.<br>• Shares of Alibaba Group Holding Ltd. rose on investor enthusiasm over potential improving growth prospects for the China-based e-commerce giant's cloud and AI business segments.<br>**What detracted from performance during the year?**<br>• Stock selection in the Materials sector detracted from performance.<br>• Stock selection in Brazil and South Africa detracted from performance.<br>• Shares of drugmaker Sinopharm Group Co. Ltd. fell as part of a broader decline in Chinese health care stocks to start 2025.<br>• Tata Consultancy Services Ltd., an Indian IT services company, underperformed due to concerns around growth.<br>• BIM Birlesik Magazalar A/S, a Turkish retail company, underperformed as persistent inflation and currency weakness in Turkey pressured consumer purchasing power, weighing on same-store sales growth. At the same time, rising operating costs, particularly from higher wages and imported goods, squeezed margins.<br>• Novatek Microelectronics Corp., a Taiwanese chip-designer, underperformed following a drop in net profits.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Lazard Emerging Markets Equity Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the MSCI Emerging Markets (Net Dividends) Index over the same period.

![LOGO](g897067g88a07.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | Since<br>Inception\* |
| &nbsp;&nbsp;&nbsp;EQ/Lazard Emerging Markets Equity Portfolio (Class IB) | 42.06% | 10.84% | 9.61% |
| &nbsp;&nbsp;&nbsp;MSCI Emerging Markets (Net Dividends) Index | 33.57% | 4.20% | 7.80% |

---

\* Date of inception: October 22, 2018

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of December 31, 2025) | **Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $575796929 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 90 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $4298554 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Lazard Emerging Markets Equity Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| China | 19.8% |
| Taiwan | 15.0% |
| South Korea | 11.5% |
| Brazil | 11.0% |
| South Africa | 7.8% |
| India | 7.0% |
| Mexico | 6.1% |
| Indonesia | 4.8% |
| Hungary | 2.5% |
| Greece | 2.5% |
| Other | 9.6% |

---

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 26.1% |
| Information Technology | 23.4% |
| Consumer Discretionary | 9.4% |
| Communication Services | 8.1% |
| Industrials | 7.8% |
| Consumer Staples | 6.5% |
| Energy | 5.8% |
| Materials | 5.5% |
| Health Care | 3.3% |
| Utilities | 1.7% |
| Short-Term Investments | 2.8% |
| Cash and Other Assets Less Liabilities | -0.4% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A074-B

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Annual Shareholder Report - December 31, 2025 3 EQ/Lazard Emerging Markets Equity Portfolio (Class IB)

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## EQ/LONG-TERM BOND PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Long-Term Bond Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $67 | 0.65% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 5.85% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From a duration perspective, the Portfolio's overweight exposure in the long end of the curve contributed to performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From a sector allocation perspective, the Portfolio's exposure to high-yield corporate bonds contributed to performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From a security selection perspective, selection within local municipal bonds contributed to performance.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From a duration perspective, the Portfolio's underweight exposure in the 7- to 10-year part of the curve detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From a security selection perspective, selection within investment-grade corporate bonds and government sovereign bonds detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Long-Term Bond Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Long Government/Credit Bond Index over the same period.

![LOGO](g897067g88a08.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | Since<br>Inception\* |
| &nbsp;&nbsp;&nbsp;EQ/Long-Term Bond Portfolio (Class IB) | 5.85% | -5.74% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.30% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Long Government/Credit Bond Index | 6.62% | -5.09% |

---

\* Date of inception: August 2, 2021

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

#### Portfolio Statistics
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Net Assets | $| 2598730001 |
| &nbsp;&nbsp;Number of Portfolio Holdings |  | 543 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid |  | $7303537 |
| &nbsp;&nbsp;Portfolio Turnover Rate |  | 53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Long-Term Bond Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type (as a % of Net Assets)** | **Security Type (as a % of Net Assets)** |
| U.S. Treasury Obligations | 50.3% |
| Corporate Bonds | 43.5% |
| Foreign Government Securities | 2.5% |
| Municipal Bonds | 1.3% |
| U.S. Government Agency Securities | 0.5% |
| Supranational | 0.1% |
| Short-Term Investments | 0.9% |
| Cash and Other Assets Less Liabilities | 0.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Additional Information

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg)  |

---

A075-B

162745_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Long-Term Bond Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/LONG-TERM BOND PORTFOLIO (CLASS K)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Long-Term Bond Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $41 | 0.40% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class K shares returned 6.11% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From a duration perspective, the Portfolio's overweight exposure in the long end of the curve contributed to performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From a sector allocation perspective, the Portfolio's exposure to high-yield corporate bonds contributed to performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From a security selection perspective, selection within local municipal bonds contributed to performance.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From a duration perspective, the Portfolio's underweight exposure in the 7- to 10-year part of the curve detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From a security selection perspective, selection within investment-grade corporate bonds and government sovereign bonds detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Long-Term Bond Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Long Government/Credit Bond Index over the same period.

![LOGO](g897067g88a09.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | Since<br>Inception\* |
| &nbsp;&nbsp;&nbsp;EQ/Long-Term Bond Portfolio (Class K) | 6.11% | -5.51% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.30% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Long Government/Credit Bond Index | 6.62% | -5.09% |

---

\* Date of inception: August 2, 2021

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

#### Portfolio Statistics
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Net Assets | $| 2598730001 |
| &nbsp;&nbsp;Number of Portfolio Holdings |  | 543 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid |  | $7303537 |
| &nbsp;&nbsp;Portfolio Turnover Rate |  | 53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Long-Term Bond Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| U.S. Treasury Obligations | 50.3% |
| Corporate Bonds | 43.5% |
| Foreign Government Securities | 2.5% |
| Municipal Bonds | 1.3% |
| U.S. Government Agency Securities | 0.5% |
| Supranational | 0.1% |
| Short-Term Investments | 0.9% |
| Cash and Other Assets Less Liabilities | 0.9% |

---

---

| | |
|:---|:---|
| **Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | <br> ![LOGO](g897067g00v00.jpg) <br>|

---

A075-K

162745_K

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Annual Shareholder Report - December 31, 2025 3 EQ/Long-Term Bond Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/LOOMIS SAYLES GROWTH PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Loomis Sayles Growth Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $111 | 1.04% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 13.08% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Portfolio's positions in Alphabet Inc., NVIDIA Corporation, and Alnylam Pharmaceuticals, Inc. contributed the most to performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in the Consumer Staples, Industrials, and Consumer Discretionary sectors contributed to performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allocations in the Communication Services and Health Care sectors also contributed positively.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Portfolio's positions in Novo Nordisk A/S, a Danish pharmaceutical company, Salesforce, Inc., a software company, and Mobileye Global, Inc., an autonomous driving company, detracted the most from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in the Health Care, Information Technology, Financials, and Communication Services sectors detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allocations in the Information Technology, Consumer Discretionary, Consumer Staples, and Financials sectors also detracted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Loomis Sayles Growth Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and Russell 3000<sup>®</sup> Growth Index over the same period.

![LOGO](g897067g88a10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Loomis Sayles Growth Portfolio (Class IB) | 13.08% | 12.72% | 15.87% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Growth Index | 18.15% | 14.59% | 17.59% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

#### Portfolio Statistics
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Net Assets | $| 893535718 |
| &nbsp;&nbsp;Number of Portfolio Holdings |  | 44 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid |  | $5959160 |
| &nbsp;&nbsp;Portfolio Turnover Rate |  | 4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Loomis Sayles Growth Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| Information Technology | 26.5% |
| Communication Services | 22.6% |
| Consumer Discretionary | 17.4% |
| Health Care | 14.2% |
| Financials | 8.0% |
| Industrials | 6.4% |
| Consumer Staples | 4.2% |
| Short-Term Investments | 0.6% |
| Cash and Other Assets Less Liabilities | 0.1% |

---

---

| | |
|:---|:---|
| **Top Holdings (as a % of Net Assets)** | **Top Holdings (as a % of Net Assets)** |
| NVIDIA Corp. | 7.8% |
| Alphabet, Inc., Class A | 7.7% |
| Tesla, Inc. | 7.4% |
| Meta Platforms, Inc., Class A | 7.0% |
| Amazon.com, Inc. | 6.1% |
| Netflix, Inc. | 5.7% |
| Oracle Corp. | 4.8% |
| Boeing Co. (The) | 4.3% |
| Visa, Inc., Class A | 3.9% |
| Monster Beverage Corp. | 3.8% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A076-B

146466_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Loomis Sayles Growth Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/LOOMIS SAYLES GROWTH PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Loomis Sayles Growth Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $85 | 0.79% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 13.31% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The Portfolio's positions in Alphabet Inc., NVIDIA Corporation, and Alnylam Pharmaceuticals, Inc. contributed the most to performance.<br>• Stock selection in the Consumer Staples, Industrials, and Consumer Discretionary sectors contributed to performance.<br>• Allocations in the Communication Services and Health Care sectors also contributed positively.<br>**What detracted from performance during the year?**<br>• The Portfolio's positions in Novo Nordisk A/S, a Danish pharmaceutical company, Salesforce, Inc., a software company, and Mobileye Global, Inc., an autonomous driving company, detracted the most from performance.<br>• Stock selection in the Health Care, Information Technology, Financials, and Communication Services sectors detracted from performance.<br>• Allocations in the Information Technology, Consumer Discretionary, Consumer Staples, and Financials sectors also detracted.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Loomis Sayles Growth Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and Russell 3000<sup>®</sup> Growth Index over the same period.

![LOGO](g897067g88a11.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Loomis Sayles Growth Portfolio (Class K) | 13.31% | 12.99% | 16.15% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Growth Index | 18.15% | 14.59% | 17.59% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $893535718 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 44 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $5959160 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Loomis Sayles Growth Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 26.5% |
| Communication Services | 22.6% |
| Consumer Discretionary | 17.4% |
| Health Care | 14.2% |
| Financials | 8.0% |
| Industrials | 6.4% |
| Consumer Staples | 4.2% |
| Short-Term Investments | 0.6% |
| Cash and Other Assets Less Liabilities | 0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| NVIDIA Corp. | 7.8% |
| Alphabet, Inc., Class A | 7.7% |
| Tesla, Inc. | 7.4% |
| Meta Platforms, Inc., Class A | 7.0% |
| Amazon.com, Inc. | 6.1% |
| Netflix, Inc. | 5.7% |
| Oracle Corp. | 4.8% |
| Boeing Co. (The) | 4.3% |
| Visa, Inc., Class A | 3.9% |
| Monster Beverage Corp. | 3.8% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A076-K

146466_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Loomis Sayles Growth Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/MFS INTERNATIONAL GROWTH PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/MFS International Growth Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $121 | 1.10% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 20.90% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holding stocks in the Information Technology and Industrials sectors contributed to the Portfolio's absolute performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Positions in the Materials and Financials sectors further aided absolute results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taiwan Semiconductor Manufacturing Co. Ltd., Agnico Eagle Mines Ltd., a Canadian-based gold producer, and Roche Holding AG, a Swiss healthcare company, were top contributors.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holding stocks in the Utilities sector detracted from absolute performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Positions in Novo Nordisk A/S, a Danish pharmaceutical company, Diageo plc, a British alcoholic beverage company, and James Hardie Industries plc, a manufacturer of building materials, detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/MFS International Growth Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the MSCI ACWI ex USA (Net) Index and MSCI ACWI ex USA Growth (Net) Index over the same period.

![LOGO](g897067g88a12.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/MFS International Growth Portfolio (Class IB) | 20.90% | 6.90% | 9.61% |
| &nbsp;&nbsp;&nbsp;MSCI ACWI ex USA (Net) Index | 32.38% | 7.91% | 8.41% |
| &nbsp;&nbsp;&nbsp;MSCI ACWI ex USA Growth (Net) Index | 25.65% | 4.01% | 7.92% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $1440029678 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 86 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $9802711 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 14% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/MFS International Growth Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Country Weightings (as a % of Net Assets)** | **Country Weightings (as a % of Net Assets)** |
| &nbsp;&nbsp;United States | 16.2% |
| &nbsp;&nbsp;United Kingdom | 10.4% |
| &nbsp;&nbsp;Japan | 9.1% |
| &nbsp;&nbsp;France | 8.8% |
| &nbsp;&nbsp;Germany | 8.4% |
| &nbsp;&nbsp;Canada | 7.8% |
| &nbsp;&nbsp;Taiwan | 6.2% |
| &nbsp;&nbsp;China | 4.2% |
| &nbsp;&nbsp;Netherlands | 3.8% |
| &nbsp;&nbsp;India | 3.4% |
| &nbsp;&nbsp;Other | 20.9% |

---

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| &nbsp;&nbsp;Information Technology | 16.7% |
| &nbsp;&nbsp;Industrials | 16.5% |
| &nbsp;&nbsp;Materials | 13.6% |
| &nbsp;&nbsp;Financials | 12.9% |
| &nbsp;&nbsp;Health Care | 12.8% |
| &nbsp;&nbsp;Consumer Discretionary | 11.8% |
| &nbsp;&nbsp;Consumer Staples | 9.2% |
| &nbsp;&nbsp;Communication Services | 3.7% |
| &nbsp;&nbsp;Energy | 1.7% |
| &nbsp;&nbsp;Utilities | 0.3% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.8% |

---

---

| | |
|:---|:---|
| **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A077-B

146454_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/MFS International Growth Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/MFS INTERNATIONAL GROWTH PORTFOLIO (CLASS K)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/MFS International Growth Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| Class k | $94 | 0.85% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class K shares returned 21.38% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holding stocks in the Information Technology and Industrials sectors contributed to the Portfolio's absolute performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Positions in the Materials and Financials sectors further aided absolute results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taiwan Semiconductor Manufacturing Co. Ltd., Agnico Eagle Mines Ltd., a Canadian-based gold producer, and Roche Holding AG, a Swiss healthcare company, were top contributors.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holding stocks in the Utilities sector detracted from absolute performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Positions in Novo Nordisk A/S, a Danish pharmaceutical company, Diageo plc, a British alcoholic beverage company, and James Hardie Industries plc, a manufacturer of building materials, detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/MFS International Growth Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the MSCI ACWI ex USA (Net) Index and MSCI ACWI ex USA Growth (Net) Index over the same period.

![LOGO](g897067g88a13.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/MFS International Growth Portfolio (Class K) | 21.38% | 7.19% | 9.88% |
| &nbsp;&nbsp;&nbsp;MSCI ACWI ex USA (Net) Index | 32.38% | 7.91% | 8.41% |
| &nbsp;&nbsp;&nbsp;MSCI ACWI ex USA Growth (Net) Index | 25.65% | 4.01% | 7.92% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reﬂect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $1440029678 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 86 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $9802711 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 14% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/MFS International Growth Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Country Weightings (as a % of Net Assets)** | **Country Weightings (as a % of Net Assets)** |
| &nbsp;&nbsp;United States | 16.2% |
| &nbsp;&nbsp;United Kingdom | 10.4% |
| &nbsp;&nbsp;Japan | 9.1% |
| &nbsp;&nbsp;France | 8.8% |
| &nbsp;&nbsp;Germany | 8.4% |
| &nbsp;&nbsp;Canada | 7.8% |
| &nbsp;&nbsp;Taiwan | 6.2% |
| &nbsp;&nbsp;China | 4.2% |
| &nbsp;&nbsp;Netherlands | 3.8% |
| &nbsp;&nbsp;India | 3.4% |
| &nbsp;&nbsp;Other | 20.9% |

---

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| &nbsp;&nbsp;Information Technology | 16.7% |
| &nbsp;&nbsp;Industrials | 16.5% |
| &nbsp;&nbsp;Materials | 13.6% |
| &nbsp;&nbsp;Financials | 12.9% |
| &nbsp;&nbsp;Health Care | 12.8% |
| &nbsp;&nbsp;Consumer Discretionary | 11.8% |
| &nbsp;&nbsp;Consumer Staples | 9.2% |
| &nbsp;&nbsp;Communication Services | 3.7% |
| &nbsp;&nbsp;Energy | 1.7% |
| &nbsp;&nbsp;Utilities | 0.3% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.8% |

---

---

| | |
|:---|:---|
| **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, ﬁnancial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A077-K

146454_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/MFS International Growth Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/MFS INTERNATIONAL INTRINSIC VALUE PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/MFS International Intrinsic Value Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| Class IB | $134 | 1.15% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 32.95% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holding stocks in the Financials sector contributed to the Portfolio's absolute performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holding stocks in the Industrials sector further supported returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Positions in CaixaBank SA, a Spanish financial group, Franco-Nevada Corporation, a gold-focused royalty and streaming company, and NatWest Group plc, a UK banking group, contributed to absolute performance.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holding stocks in the Consumer Staples sector detracted from absolute performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Positions in Diageo plc, a British alcoholic beverage company, Wolters Kluwer N.V., a company that provides information, software, and services for professionals, and Dassault Systemes SE, a French software company, detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/MFS International Intrinsic Value Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the MSCI EAFE<sup>®</sup> Index and MSCI EAFE<sup>®</sup> Value (Net) Index over the same period.

![LOGO](g897067g88a14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | **Since**<br>**Inception\*** |
| &nbsp;&nbsp;&nbsp;EQ/MFS International Intrinsic Value Portfolio (Class IB) | 32.95% | 6.99% | 10.32% |
| &nbsp;&nbsp;&nbsp;MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 9.18% |
| &nbsp;&nbsp;&nbsp;MSCI EAFE<sup>®</sup> Value (Net) Index | 42.25% | 13.36% | 9.82% |

---

\* Date of inception: October 22, 2018

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $1453363515 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 87 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $10171001 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 19% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/MFS International Intrinsic Value Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Country Weightings (as a % of Net Assets)** | **Country Weightings (as a % of Net Assets)** |
| &nbsp;&nbsp;United States | 16.0% |
| &nbsp;&nbsp;Japan | 12.0% |
| &nbsp;&nbsp;United Kingdom | 11.2% |
| &nbsp;&nbsp;France | 9.8% |
| &nbsp;&nbsp;Germany | 6.8% |
| &nbsp;&nbsp;Switzerland | 6.6% |
| &nbsp;&nbsp;Canada | 5.3% |
| &nbsp;&nbsp;Ireland | 4.3% |
| &nbsp;&nbsp;Spain | 3.8% |
| &nbsp;&nbsp;Taiwan | 3.2% |
| &nbsp;&nbsp;Other | 18.1% |

---

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| &nbsp;&nbsp;Financials | 24.9% |
| &nbsp;&nbsp;Industrials | 17.4% |
| &nbsp;&nbsp;Materials | 16.0% |
| &nbsp;&nbsp;Health Care | 12.1% |
| &nbsp;&nbsp;Information Technology | 11.7% |
| &nbsp;&nbsp;Consumer Staples | 7.3% |
| &nbsp;&nbsp;Energy | 4.6% |
| &nbsp;&nbsp;Consumer Discretionary | 3.1% |
| &nbsp;&nbsp;Short-Term Investments | 1.0% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 1.9% |

---

---

| | |
|:---|:---|
| **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A078-B

158951_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/MFS International Intrinsic Value Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/MFS MID CAP FOCUSED GROWTH PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/MFS Mid Cap Focused Growth Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can ﬁnd additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| Class IB | $113 | 1.10% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 5.60% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Communication Services and Industrials sectors were the primary contributors to the Portfolio's absolute performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the Industrials sector, a position in Howmet Aerospace Inc. contributed to performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the Communication Services sector, a position in Spotify Technology SA, a digital audio streaming service, contributed to performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Health Care sector also contributed to performance. Exact Sciences, a molecular diagnostics company, was a top contributor.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Information Technology and Consumer Discretionary sectors were the primary detractors from the Portfolio's performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Positions in HubSpot, Inc., a developer of software products for marketing, sales, and customer service, Manhattan Associates, Inc., a supplier of supply chain and inventory software solutions, and Tyler Technologies, Inc., a software company, detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security selection and sector allocation detracted from the Portfolio's performance relative to the Russell Midcap <sup>®</sup> Growth Index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/MFS Mid Cap Focused Growth Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the Russell 1000<sup>®</sup> Index and Russell Midcap<sup>®</sup> Growth Index over the same period.

![LOGO](g897067g88a15.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | **Since**<br>**Inception\*** |
| &nbsp;&nbsp;&nbsp;EQ/MFS Mid Cap Focused Growth Portfolio (Class IB) | 5.60% | 5.09% | 10.61% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 15.00% |
| &nbsp;&nbsp;&nbsp;Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.65% | 12.57% |

---

\* Date of inception: October 22, 2018

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reﬂect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br>**Portfolio Statistics**<br>(as of December 31, 2025) | &nbsp;&nbsp;&nbsp; <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $531423663 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 49 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $3892249 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 60% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/MFS Mid Cap Focused Growth Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| &nbsp;&nbsp;Information Technology | 19.2% |
| &nbsp;&nbsp;Consumer Discretionary | 17.7% |
| &nbsp;&nbsp;Health Care | 17.4% |
| &nbsp;&nbsp;Industrials | 13.1% |
| &nbsp;&nbsp;Communication Services | 12.0% |
| &nbsp;&nbsp;Financials | 10.7% |
| &nbsp;&nbsp;Energy | 2.9% |
| &nbsp;&nbsp;Real Estate | 2.4% |
| &nbsp;&nbsp;Utilities | 2.3% |
| &nbsp;&nbsp;Materials | 2.0% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.3% |

---

---

| | |
|:---|:---|
| **Top Holdings (as a % of Net Assets)** | **Top Holdings (as a % of Net Assets)** |
| &nbsp;&nbsp;Howmet Aerospace, Inc. | 5.9% |
| &nbsp;&nbsp;Take-Two Interactive Software, Inc. | 4.0% |
| &nbsp;&nbsp;Natera, Inc. | 3.6% |
| &nbsp;&nbsp;Exact Sciences Corp. | 3.4% |
| &nbsp;&nbsp;Monolithic Power Systems, Inc. | 3.3% |
| &nbsp;&nbsp;Guidewire Software, Inc. | 3.2% |
| &nbsp;&nbsp;TKO Group Holdings, Inc., Class A | 3.1% |
| &nbsp;&nbsp;Quanta Services, Inc. | 2.9% |
| &nbsp;&nbsp;LPL Financial Holdings, Inc. | 2.7% |
| &nbsp;&nbsp;Live Nation Entertainment, Inc. | 2.7% |

---

---

| | |
|:---|:---|
| **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, ﬁnancial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

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Annual Shareholder Report - December 31, 2025 3 EQ/MFS Mid Cap Focused Growth Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/MFS TECHNOLOGY PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/MFS Technology Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can ﬁnd additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $119 | 1.10% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 16.24% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holding stocks in the Electronics, Interactive Media Services, and Computer Systems industries contributed the most to the Portfolio's absolute performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that contributed the most to absolute performance were Alphabet Inc., Broadcom Inc., and NVIDIA Corp.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holding stocks in the Business Services and Internet industries weighed on the Portfolio's absolute performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that detracted the most were Salesforce, Inc., a cloud-based software company, Accenture plc, a professional services company, and Marvell Technology, Inc., a global semiconductor company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/MFS Technology Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the S&P 500<sup>®</sup> Index and S&P North American Technology Sector Index over the same period.

![LOGO](g897067g88a16.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | Since<br>Inception\* |
| &nbsp;&nbsp;&nbsp;EQ/MFS Technology Portfolio (Class IB) | 16.24% | 12.06% | 17.34% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 15.26% |
| &nbsp;&nbsp;&nbsp;S&P North American Technology Sector Index | 27.82% | 18.02% | 22.32% |

---

\* Date of inception: October 22, 2018

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reﬂect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $1247047160 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 51 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $8238928 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 69% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/MFS Technology Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| &nbsp;&nbsp;Information Technology | 81.9% |
| &nbsp;&nbsp;Communication Services | 14.0% |
| &nbsp;&nbsp;Industrials | 2.7% |
| &nbsp;&nbsp;Financials | 0.5% |
| &nbsp;&nbsp;Short-Term Investments | 0.5% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.4% |

---

---

| | |
|:---|:---|
| **Top Holdings (as a % of Net Assets)** | **Top Holdings (as a % of Net Assets)** |
| &nbsp;&nbsp;NVIDIA Corp. | 9.9% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | 9.2% |
| &nbsp;&nbsp;Apple, Inc. | 8.4% |
| &nbsp;&nbsp;Microsoft Corp. | 8.3% |
| &nbsp;&nbsp;Broadcom, Inc. | 7.7% |
| &nbsp;&nbsp;Shopify, Inc., Class A | 5.1% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | 4.7% |
| &nbsp;&nbsp;Advanced Micro Devices, Inc. | 3.3% |
| &nbsp;&nbsp;Lam Research Corp. | 2.5% |
| &nbsp;&nbsp;Oracle Corp. | 2.4% |

---

---

| | |
|:---|:---|
| **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, ﬁnancial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

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Annual Shareholder Report - December 31, 2025 3 EQ/MFS Technology Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/MFS UTILITIES SERIES PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/MFS Utilities Series Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can ﬁnd additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| Class IB | $113 | 1.05% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 14.65% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holding stocks in the independent power and renewable electricity producers industry contributed to the Portfolio's absolute performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holding stocks in the water utilities and gas utilities industries also contributed to absolute performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The individual holdings that contributed the most to absolute performance were three companies focused on renewable energy: Constellation Energy Corporation, RWE AG, and Enel Group SpA.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holding stocks in the electrical equipment industry weighed on the Portfolio's absolute performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The individual holdings that detracted the most from absolute performance were PG&E Corporation, a U.S. utility company, Edison International, an electric utility holding company, and Generac Holdings, Inc., a manufacturer of power generation and energy management solutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/MFS Utilities Series Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the S&P 500<sup>®</sup> Index and MSCI ACWI Utilities (Net) Index over the same period.

![LOGO](g897067g88a17.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | **Since**<br>**Inception\*** |
| &nbsp;&nbsp;&nbsp;EQ/MFS Utilities Series Portfolio (Class IB) | 14.65% | 7.33% | 8.61% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 15.26% |
| &nbsp;&nbsp;&nbsp;MSCI ACWI Utilities (Net) Index | 23.47% | 7.79% | 8.71% |

---

\* Date of inception: October 22, 2018

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $230854090 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 52 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $1389131 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 20% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/MFS Utilities Series Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| **Sector & Industry Weightings (as a % of Net<br>Assets)** | **Sector & Industry Weightings (as a % of Net<br>Assets)** | **Sector & Industry Weightings (as a % of Net<br>Assets)** |
| **Utilities** |  | 98.5% |
| &nbsp;&nbsp;&nbsp;Electric Utilities | 59.9% |  |
| &nbsp;&nbsp;&nbsp;Multi-Utilities | 26.3% |  |
| &nbsp;&nbsp;&nbsp;Independent Power and Renewable Electricity Producers | 9.1% |  |
| &nbsp;&nbsp;&nbsp;Gas Utilities | 2.0% |  |
| &nbsp;&nbsp;&nbsp;Water Utilities | 1.2% |  |
| **Industrials** |  | 0.3% |
| &nbsp;&nbsp;&nbsp;Electrical Equipment | 0.3% |  |
| **Cash and Other Assets Less Liabilities** |  | 1.2% |

---

---

| | |
|:---|:---|
| **Top Holdings (as a % of Net Assets)** | **Top Holdings (as a % of Net Assets)** |
| &nbsp;&nbsp;NextEra Energy, Inc. | 11.1% |
| &nbsp;&nbsp;Constellation Energy Corp. | 8.4% |
| &nbsp;&nbsp;PG&E Corp. | 5.8% |
| &nbsp;&nbsp;Xcel Energy, Inc. | 5.1% |
| &nbsp;&nbsp;Sempra | 4.9% |
| &nbsp;&nbsp;Vistra Corp. | 4.2% |
| &nbsp;&nbsp;DTE Energy Co. | 3.9% |
| &nbsp;&nbsp;Dominion Energy, Inc. | 3.9% |
| &nbsp;&nbsp;American Electric Power Co., Inc. | 3.8% |
| &nbsp;&nbsp;Ameren Corp. | 3.8% |

---

---

| | |
|:---|:---|
| **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, ﬁnancial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/MFS Utilities Series Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/MFS UTILITIES SERIES PORTFOLIO (CLASS K)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/MFS Utilities Series Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can ﬁnd additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $86 | 0.80% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class K shares returned 14.94% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holding stocks in the independent power and renewable electricity producers industry contributed to the Portfolio's absolute performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holding stocks in the water utilities and gas utilities industries also contributed to absolute performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The individual holdings that contributed the most to absolute performance were three companies focused on renewable energy: Constellation Energy Corporation, RWE AG, and Enel Group SpA.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holding stocks in the electrical equipment industry weighed on the Portfolio's absolute performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The individual holdings that detracted the most from absolute performance were PG&E Corporation, a U.S. utility company, Edison International, an electric utility holding company, and Generac Holdings, Inc., a manufacturer of power generation and energy management solutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/MFS Utilities Series Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the S&P 500<sup>®</sup> Index and MSCI ACWI Utilities (Net) Index over the same period.

![LOGO](g897067g88a18.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | Since<br>Inception\* |
| &nbsp;&nbsp;&nbsp;EQ/MFS Utilities Series Portfolio (Class K) | 14.94% | 7.61% | 8.89% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 15.26% |
| &nbsp;&nbsp;&nbsp;MSCI ACWI Utilities (Net) Index | 23.47% | 7.79% | 8.71% |

---

\* Date of inception: October 22, 2018

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reﬂect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $230854090 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 52 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $1389131 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 20% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/MFS Utilities Series Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| **Sector & Industry Weightings (as a % of Net Assets)** | **Sector & Industry Weightings (as a % of Net Assets)** | **Sector & Industry Weightings (as a % of Net Assets)** |
| &nbsp;&nbsp;**Utilities** |  | 98.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric Utilities | 59.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Multi-Utilities | 26.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Power and Renewable Electricity Producers | 9.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas Utilities | 2.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Water Utilities | 1.2% |  |
| &nbsp;&nbsp;**Industrials** |  | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electrical Equipment | 0.3% |  |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities |  | 1.2% |

---

---

| | |
|:---|:---|
| **Top Holdings (as a % of Net Assets)** | **Top Holdings (as a % of Net Assets)** |
| &nbsp;&nbsp;NextEra Energy, Inc. | 11.1% |
| &nbsp;&nbsp;Constellation Energy Corp. | 8.4% |
| &nbsp;&nbsp;PG&E Corp. | 5.8% |
| &nbsp;&nbsp;Xcel Energy, Inc. | 5.1% |
| &nbsp;&nbsp;Sempra | 4.9% |
| &nbsp;&nbsp;Vistra Corp. | 4.2% |
| &nbsp;&nbsp;DTE Energy Co. | 3.9% |
| &nbsp;&nbsp;Dominion Energy, Inc. | 3.9% |
| &nbsp;&nbsp;American Electric Power Co., Inc. | 3.8% |
| &nbsp;&nbsp;Ameren Corp. | 3.8% |

---

---

| | |
|:---|:---|
| Additional Information  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, ﬁnancial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A081-K

158953_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/MFS Utilities Series Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/MID CAP INDEX PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Mid Cap Index Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $66 | 0.64% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 6.80% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sectors that contributed the most to performance were Industrials, Information Technology, and Financials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that contributed the most to performance were Ciena Corporation, a networking systems, services and software company, Lumentum Holdings Inc., a manufacturer of optical and photonic products, Comfort Systems USA, Inc., a mechanical and electrical contracting services company, Coherent Corp., a manufacturer of optical materials and semiconductors, and EchoStar Corporation, a telecommunications company.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sectors that detracted the most from performance were Consumer Discretionary, Consumer Staples, and Energy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that detracted the most from performance were Sarepta Therapeutics, Inc., a biopharmaceutical company, Avantor, Inc., a provider of products and services to the biopharmaceutical industry, Nutanix, Inc., an infrastructure platform provider, BellRing Brands, Inc., a nutritional products company, and Manhattan Associates, Inc., a supplier of supply chain and inventory software solutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Mid Cap Index Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and S&P MidCap 400<sup>®</sup> Index over the same period.

![LOGO](g897067g88a19.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Mid Cap Index Portfolio (Class IB) | 6.80% | 8.42% | 9.99% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;S&P MidCap 400<sup>®</sup> Index | 7.50% | 9.12% | 10.72% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

#### Portfolio Statistics
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Net Assets | $| 2626135967 |
| &nbsp;&nbsp;Number of Portfolio Holdings |  | 407 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid |  | $6938418 |
| &nbsp;&nbsp;Portfolio Turnover Rate |  | 17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Mid Cap Index Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| &nbsp;&nbsp;Industrials | 23.4% |
| &nbsp;&nbsp;Financials | 16.6% |
| &nbsp;&nbsp;Information Technology | 13.9% |
| &nbsp;&nbsp;Consumer Discretionary | 11.4% |
| &nbsp;&nbsp;Health Care | 8.8% |
| &nbsp;&nbsp;Real Estate | 6.3% |
| &nbsp;&nbsp;Materials | 5.4% |
| &nbsp;&nbsp;Consumer Staples | 4.3% |
| &nbsp;&nbsp;Energy | 3.9% |
| &nbsp;&nbsp;Utilities | 3.3% |
| &nbsp;&nbsp;Communication Services | 2.0% |
| &nbsp;&nbsp;Short-Term Investments | 0.7% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.0%<sup>#</sup> |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%  |

---

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the contractual limit on the annual operating expenses of the Portfolio's Class IB shares was lowered from 0.65% to 0.64%. The expense limit includes amounts payable pursuant to Rule 12b-1 under the 1940 Act, but excludes certain other expenses, such as taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses. In addition, effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio.

These changes are intended to reduce the Portfolio's expenses. For more complete information, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A082-B

146463_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Mid Cap Index Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/MID CAP INDEX PORTFOLIO (CLASS K)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Mid Cap Index Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| Class K | $40 | 0.39% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class K shares returned 7.10% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sectors that contributed the most to performance were Industrials, Information Technology, and Financials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that contributed the most to performance were Ciena Corporation, a networking systems, services and software company, Lumentum Holdings Inc., a manufacturer of optical and photonic products, Comfort Systems USA, Inc., a mechanical and electrical contracting services company, Coherent Corp., a manufacturer of optical materials and semiconductors, and EchoStar Corporation, a telecommunications company.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sectors that detracted the most from performance were Consumer Discretionary, Consumer Staples, and Energy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that detracted the most from performance were Sarepta Therapeutics, Inc., a biopharmaceutical company, Avantor, Inc., a provider of products and services to the biopharmaceutical industry, Nutanix, Inc., an infrastructure platform provider, BellRing Brands, Inc., a nutritional products company, and Manhattan Associates, Inc., a supplier of supply chain and inventory software solutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Mid Cap Index Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and S&P MidCap 400<sup>®</sup> Index over the same period.

![LOGO](g897067g88a20.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Mid Cap Index Portfolio (Class K) | 7.10% | 8.69% | 10.26% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;S&P MidCap 400<sup>®</sup> Index | 7.50% | 9.12% | 10.72% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $2626135967 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 407 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $6938418 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Mid Cap Index Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |  |
| Industrials | 23.4% |  |
| Financials | 16.6% |  |
| Information Technology | 13.9% |  |
| Consumer Discretionary | 11.4% |  |
| Health Care | 8.8% |  |
| Real Estate | 6.3% |  |
| Materials | 5.4% |  |
| Consumer Staples | 4.3% |  |
| Energy | 3.9% |  |
| Utilities | 3.3% |  |
| Communication Services | 2.0% |  |
| Short-Term Investments | 0.7% |  |
| Cash and Other Assets Less Liabilities | 0.0% | <sup>#</sup> |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%  |

---

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the contractual limit on the annual operating expenses of the Portfolio's Class K shares was lowered from 0.40% to 0.39%. The expense limit excludes certain expenses, such as taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses. In addition, effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio.

These changes are intended to reduce the Portfolio's expenses. For more complete information, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, ﬁnancial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A082-K

146463_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Mid Cap Index Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Mid Cap Value Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| Class IB | $97 | 0.95% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 4.98% for the year ended December 31, 2025.

#### What contrib u ted to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sectors that contributed the most to the Portfolio's absolute performance were Financials, Industrials, and Information Technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that contributed the most to absolute performance were Mr Cooper Group, Inc., a mortgage company, Huntington Ingalls Industries, Inc., a military ship building company, WESCO International, Inc., a logistics company, and Ciena Corporation, a networking systems, services and software company.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sectors that detracted the most from the Portfolio's absolute performance were Health Care and Consumer Staples.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that detracted the most from absolute performance were Perrigo Co. plc, a manufacturer of personal care products, Civitas Resources, Inc., an energy company, Teleflex, Inc., a manufacturer of specialty medical devices, and Charles River Laboratories International, Inc., a scientific research and development company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volatility management detracted from performance. In response to market volatility in April, the Portfolio de-equitized, which limited the Portfolio's participation in the subsequent equity market recovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Mid Cap Value Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and Russell Midcap<sup>®</sup> Value Index over the same period.

![LOGO](g897067g04g92.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Mid Cap Value Managed Volatility Portfolio (Class IB) | 4.98% | 7.62% | 8.20% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;Russell Midcap<sup>®</sup> Value Index | 11.05% | 9.83% | 9.78% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reﬂect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $1517366556 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 789 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $8187963 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 41% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Mid Cap Value Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2024)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| &nbsp;&nbsp;Industrials | 15.8% |
| &nbsp;&nbsp;Financials | 13.8% |
| &nbsp;&nbsp;Information Technology | 8.2% |
| &nbsp;&nbsp;Real Estate | 7.6% |
| &nbsp;&nbsp;Health Care | 7.2% |
| &nbsp;&nbsp;Consumer Discretionary | 6.8% |
| &nbsp;&nbsp;Materials | 5.2% |
| &nbsp;&nbsp;Energy | 4.4% |
| &nbsp;&nbsp;Utilities | 4.2% |
| &nbsp;&nbsp;Consumer Staples | 3.9% |
| &nbsp;&nbsp;Communication Services | 2.2% |
| &nbsp;&nbsp;Exchange Traded Funds | 10.3% |
| &nbsp;&nbsp;Short-Term Investments | 4.3% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 6.1% |

---

---

| | |
|:---|:---|
| **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, ﬁnancial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A083-B

146464_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Mid Cap Value Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Mid Cap Value Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $71 | 0.70% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 5.20% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to the Portfolio's absolute performance were Financials, Industrials, and Information Technology.<br>• The stocks that contributed the most to absolute performance were Mr Cooper Group, Inc., a mortgage company, Huntington Ingalls Industries, Inc., a military ship building company, WESCO International, Inc., a logistics company, and Ciena Corporation, a networking systems, services and software company.<br>**What detracted from performance during the year?**<br>• The sectors that detracted the most from the Portfolio's absolute performance were Health Care and Consumer Staples.<br>• The stocks that detracted the most from absolute performance were Perrigo Co. plc, a manufacturer of personal care products, Civitas Resources, Inc., an energy company, Teleflex, Inc., a manufacturer of specialty medical devices, and Charles River Laboratories International, Inc., a scientific research and development company.<br>• Volatility management detracted from performance. In response to market volatility in April, the Portfolio de-equitized, which limited the Portfolio's participation in the subsequent equity market recovery.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Mid Cap Value Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and Russell Midcap<sup>®</sup> Value Index over the same period.

![LOGO](g897067g04g95.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Mid Cap Value Managed Volatility Portfolio (Class K) | 5.20% | 7.89% | 8.47% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;Russell Midcap<sup>®</sup> Value Index | 11.05% | 9.83% | 9.78% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $1517366556 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 789 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $8187963 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 41% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Mid Cap Value Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Industrials | 15.8% |
| Financials | 13.8% |
| Information Technology | 8.2% |
| Real Estate | 7.6% |
| Health Care | 7.2% |
| Consumer Discretionary | 6.8% |
| Materials | 5.2% |
| Energy | 4.4% |
| Utilities | 4.2% |
| Consumer Staples | 3.9% |
| Communication Services | 2.2% |
| Exchange Traded Funds | 10.3% |
| Short-Term Investments | 4.3% |
| Cash and Other Assets Less Liabilities | 6.1% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A083-K

146464_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Mid Cap Value Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/MONEY MARKET PORTFOLIO (CLASS IA)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Money Market Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IA | $68 | 0.67% |

---

#### How did the Portfolio perform last year?
The Portfolio's Class IA shares returned 3.66% for the year ended December 31, 2025.

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the ICE BofA U.S. 3-Month Treasury Bill Index over the same period.

![LOGO](g897067g04g97.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Money Market Portfolio (Class IA)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Money Market Portfolio (Class IA) | 3.66% | 2.79% | 1.73% |
| &nbsp;&nbsp;&nbsp;ICE BofA U.S. 3-Month Treasury Bill Index | 4.21% | 3.19% | 2.19% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

#### Portfolio Statistics
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Net Assets | $2806280458 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 85 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $8316609 |

---

#### What did the Portfolio invest in ?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type (as a % of Net Assets)** | **Security Type (as a % of Net Assets)** |
| &nbsp;&nbsp;Repurchase Agreements | 55.6% |
| &nbsp;&nbsp;U.S. Treasury Obligations | 31.8% |
| &nbsp;&nbsp;U.S. Government Agency Securities | 13.4% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | -0.8% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A087-A

146465_A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Money Market Portfolio (Class IA)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/MONEY MARKET PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Money Market Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $68 | 0.67% |

---

#### How did the Portfolio perform last year?
The Portfolio's Class IB shares returned 3.66% for the year ended December 31, 2025.

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the ICE BofA U.S. 3-Month Treasury Bill Index over the same period.

![LOGO](g897067g04g99.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Money Market Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Money Market Portfolio (Class IB) | 3.66% | 2.79% | 1.73% |
| &nbsp;&nbsp;&nbsp;ICE BofA U.S. 3-Month Treasury Bill Index | 4.21% | 3.19% | 2.19% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

#### Portfolio Statistics
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Net Assets | $2806280458 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 85 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $8316609 |

---

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type (as a % of Net Assets)** | **Security Type (as a % of Net Assets)** |
| &nbsp;&nbsp;Repurchase Agreements | 55.6% |
| &nbsp;&nbsp;U.S. Treasury Obligations | 31.8% |
| &nbsp;&nbsp;U.S. Government Agency Securities | 13.4% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | -0.8% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A087-B

146465_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Money Market Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Morgan Stanley Small Cap Growth Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at<br>1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $119 | 1.15% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 7.39% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The greatest positive contributors to the Portfolio's absolute performance were the Information Technology, Consumer Staples, and Materials sectors.<br>• The largest individual contributors to absolute performance were Cloudflare, Inc., a website security and performance company, Celsius Holdings, Inc., a distributor of energy drinks, Roivant Sciences Ltd., a biopharmaceutical company, MP Materials Corp., a producer of rare earth materials, and Strategy, Inc., a bitcoin treasury company.<br>• On a relative performance basis, stock selection in the Consumer Staples, Information Technology and Materials sectors added the most to performance versus the benchmark.<br>**What detracted from performance during the year?**<br>• The greatest detractors from the Portfolio's absolute performance were the Consumer Discretionary, Financials, and Real Estate sectors.<br>• The largest individual detractors from absolute performance were Global-e Online Ltd., an e-commerce platform, Aurora Innovation, Inc., a self-driving technology company, Semler Scientific, Inc., Affirm Holdings, Inc., a financial technology company, and Agilon Health, Inc., a healthcare services company.<br>• On a relative performance basis, stock selection and an average overweight in the Consumer Discretionary sector and stock selection in the Health Care and Financials sectors detracted the most from performance versus the benchmark.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Morgan Stanley Small Cap Growth Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 3000<sup>®</sup> Index and Russell 2000<sup>®</sup> Growth Index over the same period.

![LOGO](g897067g05g02.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Morgan Stanley Small Cap Growth Portfolio (Class IB) | 7.39% | -0.01% | 12.95% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index<sup>\*</sup> | 17.15% | 13.15% | 14.29% |
| &nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.57% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $426651139 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1118 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $3076887 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 63% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Morgan Stanley Small Cap Growth Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Health Care | 27.4% |
| Information Technology | 24.0% |
| Industrials | 14.0% |
| Consumer Discretionary | 10.0% |
| Financials | 7.6% |
| Real Estate | 4.2% |
| Consumer Staples | 3.3% |
| Energy | 2.8% |
| Materials | 1.8% |
| Communication Services | 1.2% |
| Utilities | 0.3% |
| Short-Term Investments | 7.1% |
| Cash and Other Assets Less Liabilities | -3.7% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Cloudflare, Inc., Class A | 6.0% |
| Roivant Sciences Ltd. | 4.3% |
| JPMorgan Prime Money Market Fund, IM Shares | 3.0% |
| IonQ, Inc. | 2.9% |
| Oddity Tech Ltd., Class A | 2.2% |
| Landbridge Co. LLC, Class A | 1.9% |
| BitMine Immersion Technologies, Inc. | 1.6% |
| Cheesecake Factory, Inc. (The) | 1.6% |
| Arbutus Biopharma Corp. | 1.5% |
| Immunovant, Inc. | 1.4% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A088-B

153134_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Morgan Stanley Small Cap Growth Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Morgan Stanley Small Cap Growth Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us<br>at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $93 | 0.90% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 7.67% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The greatest positive contributors to the Portfolio's absolute performance were the Information Technology, Consumer Staples, and Materials sectors.<br>• The largest individual contributors to absolute performance were Cloudflare, Inc., a website security and performance company, Celsius Holdings, Inc., a distributor of energy drinks, Roivant Sciences Ltd., a biopharmaceutical company, MP Materials Corp., a producer of rare earth materials, and Strategy, Inc., a bitcoin treasury company.<br>• On a relative performance basis, stock selection in the Consumer Staples, Information Technology and Materials sectors added the most to performance versus the benchmark.<br>**What detracted from performance during the year?**<br>• The greatest detractors from the Portfolio's absolute performance were the Consumer Discretionary, Financials, and Real Estate sectors.<br>• The largest individual detractors from absolute performance were Global-e Online Ltd., an e-commerceplatform, Aurora Innovation, Inc., a self-driving technology company, Semler Scientific, Inc., Affirm Holdings, Inc., a financial technology company, and Agilon Health, Inc., a healthcare services company.<br>• On a relative performance basis, stock selection and an average overweight in the Consumer Discretionary sector and stock selection in the Health Care and Financials sectors detracted the most from performance versus the benchmark.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Morgan Stanley Small Cap Growth Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 3000<sup>®</sup> Index and Russell 2000<sup>®</sup> Growth Index over the same period.

![LOGO](g897067g55g05.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Morgan Stanley Small Cap Growth Portfolio (Class K) | 7.67% | 0.25% | 13.24% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index\* | 17.15% | 13.15% | 14.29% |
| &nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.57% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of December 31, 2025) | **Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $426651139 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1118 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $3076887 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 63% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Morgan Stanley Small Cap Growth Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Health Care | 27.4% |
| Information Technology | 24.0% |
| Industrials | 14.0% |
| Consumer Discretionary | 10.0% |
| Financials | 7.6% |
| Real Estate | 4.2% |
| Consumer Staples | 3.3% |
| Energy | 2.8% |
| Materials | 1.8% |
| Communication Services | 1.2% |
| Utilities | 0.3% |
| Short-Term Investments | 7.1% |
| Cash and Other Assets Less Liabilities | -3.7% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Cloudflare, Inc., Class A | 6.0% |
| Roivant Sciences Ltd. | 4.3% |
| JPMorgan Prime Money Market Fund, IM Shares | 3.0% |
| IonQ, Inc. | 2.9% |
| Oddity Tech Ltd., Class A | 2.2% |
| Landbridge Co. LLC, Class A | 1.9% |
| BitMine Immersion Technologies, Inc. | 1.6% |
| Cheesecake Factory, Inc. (The) | 1.6% |
| Arbutus Biopharma Corp. | 1.5% |
| Immunovant, Inc. | 1.4% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, ﬁnancial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A088-K

153134_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Morgan Stanley Small Cap Growth Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/PIMCO Global Real Return Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $281 | 2.74% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 5.52% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• Interest rate strategies in the U.S., U.K., and Eurozone contributed to the Portfolio's performance during the year.<br>• Exposure to securitized assets contributed to performance.<br>• Exposure to government-related assets, particularly supranational bonds, contributed positively.<br>• Long exposure to Japanese breakeven inflation contributed positively.<br>**What detracted from performance during the year?**<br>• Long exposure to breakeven inflation in the U.K. detracted from performance.<br>• Interest rate strategies in the dollar bloc, specifically Canada and Australia, detracted.<br>• Interest rate strategies in Japan and Denmark also detracted.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/PIMCO Global Real Return Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg Global Aggregate Index and Bloomberg World Government Inflation-Linked Bond Index over the same period.

![LOGO](g897067g55g08.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/PIMCO Global Real Return Portfolio (Class IB) | 5.52% | -0.90% | 2.48% |
| &nbsp;&nbsp;&nbsp;Bloomberg Global Aggregate Index  | 8.17% | -2.15% | 1.26% |
| &nbsp;&nbsp;&nbsp;Bloomberg World Government Inflation-Linked Bond Index | 4.67% | -0.91% | 2.63% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $107758556 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 260 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $319715 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 175% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/PIMCO Global Real Return Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type (as a % of Net Assets)** | **Security Type (as a % of Net Assets)** |
| &nbsp;&nbsp;Foreign Government Securities | 72.8% |
| &nbsp;&nbsp;U.S. Treasury Obligations | 61.2% |
| &nbsp;&nbsp;Mortgage-Backed Securities | 16.1% |
| &nbsp;&nbsp;Supranational | 4.6% |
| &nbsp;&nbsp;Collateralized Mortgage Obligations | 4.4% |
| &nbsp;&nbsp;Corporate Bonds | 3.8% |
| &nbsp;&nbsp;Asset-Backed Securities | 2.5% |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities | 0.1% |
| &nbsp;&nbsp;Short-Term Investments | 0.1% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities<sup>\*</sup> | -65.6% |

---

\* Liabilities include payable amounts for sale-buyback financing transactions and forward settling transactions, and the impact of the Portfolio's open positions in derivatives (other than options purchased), if any. 

---

| | |
|:---|:---|
| **Country Weightings (as a % of Net Assets)** | **Country Weightings (as a % of Net Assets)** |
| &nbsp;&nbsp;United States | 78.7% |
| &nbsp;&nbsp;United Kingdom | 36.8% |
| &nbsp;&nbsp;Italy | 11.1% |
| &nbsp;&nbsp;France | 10.6% |
| &nbsp;&nbsp;Spain | 7.1% |
| &nbsp;&nbsp;Japan | 5.2% |
| &nbsp;&nbsp;Supranational | 4.6% |
| &nbsp;&nbsp;Germany | 3.3% |
| &nbsp;&nbsp;Australia | 2.0% |
| &nbsp;&nbsp;Canada | 1.4% |
| &nbsp;&nbsp;Other | 4.8% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, ﬁnancial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A089-B

148391_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/PIMCO Global Real Return Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO (CLASS K)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/PIMCO Global Real Return Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $256 | 2.49% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class K shares returned 5.75% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest rate strategies in the U.S., U.K., and Eurozone contributed to the Portfolio's performance during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exposure to securitized assets contributed to performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exposure to government-related assets, particularly supranational bonds, contributed positively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Long exposure to Japanese breakeven inflation contributed positively.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Long exposure to breakeven inflation in the U.K. detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest rate strategies in the dollar bloc, specifically Canada and Australia, detracted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest rate strategies in Japan and Denmark also detracted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/PIMCO Global Real Return Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg Global Aggregate Index and Bloomberg World Government Inflation-Linked Bond Index over the same period.

![LOGO](g897067g05g11.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/PIMCO Global Real Return Portfolio (Class K) | 5.75% | -0.68% | 2.73% |
| &nbsp;&nbsp;&nbsp;Bloomberg Global Aggregate Index | 8.17% | -2.15% | 1.26% |
| &nbsp;&nbsp;&nbsp;Bloomberg World Government Inflation-Linked Bond Index | 4.67% | -0.91% | 2.63% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

#### Portfolio Statistics
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Net Assets | $| 107758556 |
| &nbsp;&nbsp;Number of Portfolio Holdings |  | 260 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid |  | $319715 |
| &nbsp;&nbsp;Portfolio Turnover Rate |  | 175% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/PIMCO Global Real Return Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type (as a % of Net Assets)** | **Security Type (as a % of Net Assets)** |
| &nbsp;&nbsp;Foreign Government Securities | 72.8% |
| &nbsp;&nbsp;U.S. Treasury Obligations | 61.2% |
| &nbsp;&nbsp;Mortgage-Backed Securities | 16.1% |
| &nbsp;&nbsp;Supranational | 4.6% |
| &nbsp;&nbsp;Collateralized Mortgage Obligations | 4.4% |
| &nbsp;&nbsp;Corporate Bonds | 3.8% |
| &nbsp;&nbsp;Asset-Backed Securities | 2.5% |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities | 0.1% |
| &nbsp;&nbsp;Short-Term Investments | 0.1% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities\* | -65.6% |

---

---

| | |
|:---|:---|
| **Country Weightings (as a % of Net Assets)** | **Country Weightings (as a % of Net Assets)** |
| &nbsp;&nbsp;United States | 78.7% |
| &nbsp;&nbsp;United Kingdom | 36.8% |
| &nbsp;&nbsp;Italy | 11.1% |
| &nbsp;&nbsp;France | 10.6% |
| &nbsp;&nbsp;Spain | 7.1% |
| &nbsp;&nbsp;Japan | 5.2% |
| &nbsp;&nbsp;Supranational | 4.6% |
| &nbsp;&nbsp;Germany | 3.3% |
| &nbsp;&nbsp;Australia | 2.0% |
| &nbsp;&nbsp;Canada | 1.4% |
| &nbsp;&nbsp;Other | 4.8% |

---

\* Liabilities include payable amounts for sale-buyback financing transactions and forward settling transactions, and the impact of the Portfolio's open positions in derivatives (other than options purchased), if any. 

---

| | |
|:---|:---|
| **Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | <br> ![LOGO](g897067g00v00.jpg) <br>|

---

A089-K

148391_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/PIMCO Global Real Return Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/PIMCO REAL RETURN PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/PIMCO Real Return Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $231 | 2.22% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 7.95% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• Interest rate strategies in the U.S., Eurozone, and U.K. contributed to the Portfolio's performance during the year.<br>• Exposure to securitized assets contributed to performance.<br>• Breakeven inflation strategies in the U.S. and Japan contributed to performance.<br>**What detracted from performance during the year?**<br>• There were no notable detractors from performance.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/PIMCO Real Return Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Treasury Inflation-Linked Bond Index over the same period.

![LOGO](g897067g05g14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | Since<br>Inception<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;EQ/PIMCO Real Return Portfolio (Class IB) | 7.95% | 1.24% | 3.57% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index  | 7.30% | -0.36% | 2.29% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Treasury Inflation-Linked Bond Index | 7.01% | 1.12% | 3.53% |

---

\* Date of inception: October 22, 2018

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $85670480 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 248 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $128736 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 117% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/PIMCO Real Return Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| U.S. Treasury Obligations | 112.2% |
| Mortgage-Backed Securities | 12.8% |
| Collateralized Mortgage Obligations | 8.2% |
| Asset-Backed Securities | 5.5% |
| Foreign Government Securities | 3.3% |
| Commercial Mortgage-Backed Securities | 0.6% |
| Corporate Bonds | 0.6% |
| Short-Term Investments | 62.2% |
| Cash and Other Assets Less Liabilities\* | -105.4% |

---

<sup>\*</sup> Liabilities include payable amounts for securities purchased and sale-buyback financing transactions, and the impact of the Portfolio's open positions in derivatives (other than options purchased), if any. 

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A090-B

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/PIMCO Real Return Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/PIMCO TOTAL RETURN ESG PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/PIMCO Total Return ESG Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $78 | 0.75% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 8.70% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. duration positioning contributed to the Portfolio's performance during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Long exposure to securitized credit, including agency mortgage-backed securities (Agency MBS), residential mortgage-backed securities (RMBS), and commercial mortgage-backed securities (CMBS) contributed to performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holdings of investment grade corporate credit contributed to performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exposure to select emerging market currencies in Latin America, particularly the Brazilian Real and Mexican Peso, and exposure to emerging market external debt also contributed.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Short exposure to select developed market currencies, particularly the British Pound Sterling and the Euro, detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest rate strategies in Australia and interest rate strategies in Japan detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Long exposure to U.S. Treasury Inflation-Protected Securities (TIPS) detracted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  Annual Shareholder Report - December 31, 2025 | 1 | EQ/PIMCO Total Return ESG Portfolio (Class IB) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the Bloomberg U.S. Aggregate Bond Index over the same period.

![LOGO](g897067g05g17.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | Since Inception\* |
| &nbsp;&nbsp;&nbsp; EQ/PIMCO Total Return ESG Portfolio (Class IB) | 8.70% | -0.14% | 2.46% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.29% |

---

\* Date of inception: October 22, 2018

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Portfolio Statistics**<br> (as of December 31, 2025)<br>|  |
| &nbsp;&nbsp; Net Assets | $262125120 |
| &nbsp;&nbsp; Number of Portfolio Holdings | 703 |
| &nbsp;&nbsp; Total Investment Advisory Fees Paid | $769222 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 330% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  Annual Shareholder Report - December 31, 2025 | 2.0 | EQ/PIMCO Total Return ESG Portfolio (Class IB) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| **Security Type (as a % of Net Assets)** | **Security Type (as a % of Net Assets)** |  |
|  Mortgage-Backed Securities | 41.6% |  |
|  Corporate Bonds | 29.1% |  |
|  U.S. Treasury Obligations | 17.3% |  |
|  Asset-Backed Securities | 10.8% |  |
|  Foreign Government Securities | 5.8% |  |
|  Commercial Mortgage-Backed Securities | 4.4% |  |
|  Collateralized Mortgage Obligations | 2.2% |  |
|  Municipal Bonds | 1.1% |  |
|  Supranational | 0.7% |  |
|  Options Purchased | 0.0% | <sup>#</sup> |
|  Short-Term Investments | 6.9% |  |
|  Cash and Other Assets Less Liabilities\* | -19.9% |  |

---

# Less than 0.05% 

\* Liabilities include payable amounts for sale-buyback financing transactions and forward settling transactions, and the impact of the Portfolio's open positions in derivatives (other than options purchased), if any. 

#### Additional Information

---

| | |
|:---|:---|
| &nbsp;&nbsp; For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A091-B

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  Annual Shareholder Report - December 31, 2025 | 3.0 | EQ/PIMCO Total Return ESG Portfolio (Class IB) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/PIMCO ULTRA SHORT BOND PORTFOLIO (CLASS IB)
<br> **Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/PIMCO Ultra Short Bond Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br> investment | Costs paid as a percentage of a<br> $10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $82 | 0.80% |

---

<br> **How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 4.47% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>•  Holdings of investment grade corporate credit, particularly financials, contributed to the Portfolio's performance during the year.<br>•  U.S. duration positioning contributed to performance.<br>•  Holdings of agency mortgage-backed securities (Agency MBS) contributed positively.<br>•  Select holdings of securitized credit, particularly asset-backed securities (ABS) and collateralized debt and collateralized loan obligations (CDO/CLO) also contributed.<br>**What detracted from performance during the year?**<br>•  There were no notable detractors from performance.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/PIMCO Ultra Short Bond Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg U.S. Aggregate Bond Index and ICE BofA U.S. 3-Month Treasury Bill Index over the same period.

![LOGO](g897067g00v13.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/PIMCO Ultra Short Bond Portfolio (Class IB) | 4.47% | 2.93% | 2.32% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| &nbsp;&nbsp;&nbsp;ICE BofA U.S. 3-Month Treasury Bill Index | 4.21% | 3.19% | 2.19% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br> **Portfolio Statistics**<br>(as of December 31, 2025) | <br> **Portfolio Statistics**<br>(as of December 31, 2025) |
|  Net Assets | $798796207 |
|  Number of Portfolio Holdings | 490 |
|  Total Investment Advisory Fees Paid | $3300272 |
|  Portfolio Turnover Rate | 65% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/PIMCO Ultra Short Bond Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
|  Corporate Bonds | 45.6% |
|  Asset-Backed Securities | 23.5% |
|  Collateralized Mortgage Obligations | 18.4% |
|  U.S. Government Agency Securities | 5.9% |
|  Foreign Government Securities | 0.9% |
|  Commercial Mortgage-Backed Securities | 0.6% |
|  U.S. Treasury Obligations | 0.4% |
|  Mortgage-Backed Securities | 0.2% |
|  Municipal Bonds | 0.2% |
|  Short-Term Investments | 2.9% |
|  Cash and Other Assets Less Liabilities | 1.4% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp; For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings,and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A092-B

146470_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/PIMCO Ultra Short Bond Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/PIMCO ULTRA SHORT BOND PORTFOLIO (CLASS K)
<br> **Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/PIMCO Ultra Short Bond Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br> investment | Costs paid as a percentage of a<br> $10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $56 | 0.55% |

---

<br> **How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 4.73% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>•  Holdings of investment grade corporate credit, particularly financials, contributed to the Portfolio's performance during the year.<br>•  U.S. duration positioning contributed to performance.<br>•  Holdings of agency mortgage-backed securities (Agency MBS) contributed positively.<br>•  Select holdings of securitized credit, particularly asset-backed securities (ABS) and collateralized debt and collateralized loan obligations (CDO/CLO) also contributed.<br>**What detracted from performance during the year?**<br>•  There were no notable detractors from performance.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/PIMCO Ultra Short Bond Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg U.S. Aggregate Bond Index and ICE BofA U.S. 3-Month Treasury Bill Index over the same period.

![LOGO](g897067g00v14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/PIMCO Ultra Short Bond Portfolio (Class K) | 4.73% | 3.19% | 2.57% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| &nbsp;&nbsp;&nbsp;ICE BofA U.S. 3-Month Treasury Bill Index | 4.21% | 3.19% | 2.19% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br> **Portfolio Statistics**<br>(as of December 31, 2025) | <br> **Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp; Net Assets | $798796207 |
| &nbsp;&nbsp; Number of Portfolio Holdings | 490 |
| &nbsp;&nbsp; Total Investment Advisory Fees Paid | $3300272 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 65% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/PIMCO Ultra Short Bond Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
|  Corporate Bonds | 45.6% |
|  Asset-Backed Securities | 23.5% |
|  Collateralized Mortgage Obligations | 18.4% |
|  U.S. Government Agency Securities | 5.9% |
|  Foreign Government Securities | 0.9% |
|  Commercial Mortgage-Backed Securities | 0.6% |
|  U.S. Treasury Obligations | 0.4% |
|  Mortgage-Backed Securities | 0.2% |
|  Municipal Bonds | 0.2% |
|  Short-Term Investments | 2.9% |
|  Cash and Other Assets Less Liabilities | 1.4% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp; For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A092-K

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/PIMCO Ultra Short Bond Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/QUALITY BOND PLUS PORTFOLIO (CLASS IA)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Quality Bond PLUS Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IA | $85 | 0.82% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IA shares returned 6.29% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. duration positioning contributed to the Portfolio's performance during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Long exposure to securitized credit, including agency mortgage-backed securities (Agency MBS), residential mortgage-backed securities (RMBS), and commercial mortgage-backed securities (CMBS) contributed to performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holdings of investment grade corporate credit contributed to performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exposure to emerging market external debt and exposure to select emerging market currencies in Latin America, particularly the Brazilian Real and Mexican Peso, also contributed.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest rate strategies in Japan detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest rate strategies in the Eurozone also detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Long exposure to U.S. Treasury Inflation-Protected Securities (TIPS) detracted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Quality Bond PLUS Portfolio (Class IA)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g00v15.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Quality Bond PLUS Portfolio (Class IA) | 6.29% | -0.17% | 1.31% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

#### Portfolio Statistics
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Net Assets | $| 996584172 |
| &nbsp;&nbsp;Number of Portfolio Holdings |  | 874 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid |  | $4189362 |
| &nbsp;&nbsp;Portfolio Turnover Rate |  | 170% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Quality Bond PLUS Portfolio (Class IA)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type (as a % of Net Assets)** | **Security Type (as a % of Net Assets)** |
| &nbsp;&nbsp;U.S. Government Agency Securities | 41.6% |
| &nbsp;&nbsp;U.S. Treasury Obligations | 35.7% |
| &nbsp;&nbsp;Corporate Bonds | 11.7% |
| &nbsp;&nbsp;Mortgage-Backed Securities | 11.6% |
| &nbsp;&nbsp;Asset-Backed Securities | 2.2% |
| &nbsp;&nbsp;Collateralized Mortgage Obligations | 1.9% |
| &nbsp;&nbsp;Foreign Government Securities | 1.1% |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities | 0.8% |
| &nbsp;&nbsp;Municipal Bonds | 0.2% |
| &nbsp;&nbsp;Short-Term Investments | 0.3% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | -7.1% |

---

---

| | |
|:---|:---|
| **Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | <br> ![LOGO](g897067g00v00.jpg) <br>|

---

A093-A

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Quality Bond PLUS Portfolio (Class IA)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/QUALITY BOND PLUS PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Quality Bond PLUS Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $85 | 0.82% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 6.32% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. duration positioning contributed to the Portfolio's performance during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Long exposure to securitized credit, including agency mortgage-backed securities (Agency MBS), residential mortgage-backed securities (RMBS), and commercial mortgage-backed securities (CMBS) contributed to performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holdings of investment grade corporate credit contributed to performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exposure to emerging market external debt and exposure to select emerging market currencies in Latin America, particularly the Brazilian Real and Mexican Peso, also contributed.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest rate strategies in Japan detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest rate strategies in the Eurozone also detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Long exposure to U.S. Treasury Inflation-Protected Securities (TIPS) detracted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Quality Bond PLUS Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g00v16.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Quality Bond PLUS Portfolio (Class IB) | 6.32% | -0.19% | 1.31% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

#### Portfolio Statistics
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Net Assets | $| 996584172 |
| &nbsp;&nbsp;Number of Portfolio Holdings |  | 874 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid |  | $4189362 |
| &nbsp;&nbsp;Portfolio Turnover Rate |  | 170% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Quality Bond PLUS Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type (as a % of Net Assets)** | **Security Type (as a % of Net Assets)** |
| &nbsp;&nbsp;U.S. Government Agency Securities | 41.6% |
| &nbsp;&nbsp;U.S. Treasury Obligations | 35.7% |
| &nbsp;&nbsp;Corporate Bonds | 11.7% |
| &nbsp;&nbsp;Mortgage-Backed Securities | 11.6% |
| &nbsp;&nbsp;Asset-Backed Securities | 2.2% |
| &nbsp;&nbsp;Collateralized Mortgage Obligations | 1.9% |
| &nbsp;&nbsp;Foreign Government Securities | 1.1% |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities | 0.8% |
| &nbsp;&nbsp;Municipal Bonds | 0.2% |
| &nbsp;&nbsp;Short-Term Investments | 0.3% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | -7.1% |

---

---

| | |
|:---|:---|
| **Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | <br> ![LOGO](g897067g00v00.jpg) <br>|

---

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Annual Shareholder Report - December 31, 2025 3 EQ/Quality Bond PLUS Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/QUALITY BOND PLUS PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Quality Bond PLUS Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $59 | 0.57% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 6.41% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• U.S. duration positioning contributed to the Portfolio's performance during the year.<br>• Long exposure to securitized credit, including agency mortgage-backed securities (Agency MBS), residential mortgage-backed securities (RMBS), and commercial mortgage-backed securities (CMBS) contributed to performance.<br>• Holdings of investment grade corporate credit contributed to performance.<br>• Exposure to emerging market external debt and exposure to select emerging market currencies in Latin America, particularly the Brazilian Real and Mexican Peso, also contributed.<br>**What detracted from performance during the year?**<br>• Interest rate strategies in Japan detracted from performance.<br>• Interest rate strategies in the Eurozone also detracted from performance.<br>• Long exposure to U.S. Treasury Inflation-Protected Securities (TIPS) detracted.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2024 1 EQ/Quality Bond PLUS Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Intermediate Government Bond Index over the same period.

![LOGO](g897067g00v17.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Quality Bond PLUS Portfolio (Class K) | 6.41% | 0.05% | 1.56% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $996584172 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 874 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $4189362 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 170% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Quality Bond PLUS Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| U.S. Government Agency Securities | 41.6% |
| U.S. Treasury Obligations | 35.7% |
| Corporate Bonds | 11.7% |
| Mortgage-Backed Securities | 11.6% |
| Asset-Backed Securities | 2.2% |
| Collateralized Mortgage Obligations | 1.9% |
| Foreign Government Securities | 1.1% |
| Commercial Mortgage-Backed Securities | 0.8% |
| Municipal Bonds | 0.2% |
| Short-Term Investments | 0.3% |
| Cash and Other Assets Less Liabilities | -7.1% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

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Annual Shareholder Report - December 31, 2025 3 EQ/Quality Bond PLUS Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/SMALL COMPANY INDEX PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Small Company Index Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| Class IB | $67 | 0.63% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 12.57% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sectors that contributed the most to performance were Health Care, Industrials, and Information Technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that contributed the most to performance were Bloom Energy Corp., Credo Technology Group Holding Ltd., EchoStar Corporation, a telecommunications company, Fabrinet, a contract manufacturer specializing in optical components, and Guardant Health, Inc.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sectors that detracted the most from performance were Consumer Staples, Energy, and Consumer Discretionary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that detracted the most from performance were Vaxcyte, Inc., a vaccine company, SPS Commerce Inc., a provider of a cloud-based retail network, Six Flags Entertainment Corporation, and SoundHound AI, Inc., a voice AI company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Small Company Index Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 3000<sup>®</sup> Index and Russell 2000<sup>®</sup> Index over the same period.

![LOGO](g897067g00g06.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Small Company Index Portfolio (Class IB) | 12.57% | 6.16% | 9.44% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index  | 17.15% | 13.15% | 14.29% |
| &nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

#### Portfolio Statistics
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Net Assets | $| 1599630956 |
| Number of Portfolio Holdings |  | 1924 |
| Total Investment Advisory Fees Paid |  | $3695624 |
| Portfolio Turnover Rate |  | 13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Small Company Index Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| Health Care | 18.6% |
| Financials | 17.6% |
| Industrials | 17.1% |
| Information Technology | 14.6% |
| Consumer Discretionary | 8.8% |
| Real Estate | 5.6% |
| Energy | 4.8% |
| Materials | 4.4% |
| Utilities | 3.0% |
| Communication Services | 2.7% |
| Consumer Staples | 1.8% |
| Short-Term Investments | 2.3% |
| Cash and Other Assets Less Liabilities | -1.3% |

---

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| **Additional Information**<br>|  |
| For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg)  |

---

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Annual Shareholder Report - December 31, 2025 3 EQ/Small Company Index Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/SMALL COMPANY INDEX PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Small Company Index Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $41 | 0.38% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 12.82% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to performance were Health Care, Industrials, and Information Technology.<br>• The stocks that contributed the most to performance were Bloom Energy Corp., Credo Technology Group Holding Ltd., EchoStar Corporation, a telecommunications company, Fabrinet, a contract manufacturer specializing in optical components, and Guardant Health, Inc.<br>**What detracted from performance during the year?**<br>• The sectors that detracted the most from performance were Consumer Staples, Energy, and Consumer Discretionary.<br>• The stocks that detracted the most from performance were Vaxcyte, Inc., a vaccine company, SPS Commerce Inc., a provider of a cloud-based retail network, Six Flags Entertainment Corporation, and SoundHound AI, Inc., a voice AI company.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Small Company Index Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 3000<sup>®</sup> Index and Russell 2000<sup>®</sup> Index over the same period.

![LOGO](g897067g00g07.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Small Company Index Portfolio (Class K) | 12.82% | 6.41% | 9.70% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| &nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $1599630956 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1924 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $3695624 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Small Company Index Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Health Care | 18.6% |
| Financials | 17.6% |
| Industrials | 17.1% |
| Information Technology | 14.6% |
| Consumer Discretionary | 8.8% |
| Real Estate | 5.6% |
| Energy | 4.8% |
| Materials | 4.4% |
| Utilities | 3.0% |
| Communication Services | 2.7% |
| Consumer Staples | 1.8% |
| Short-Term Investments | 2.3% |
| Cash and Other Assets Less Liabilities | -1.3% |

---

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A094-K

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Small Company Index Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/T. ROWE PRICE HEALTH SCIENCES PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/T. Rowe Price Health Sciences Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $132 | 1.20% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 19.21% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• Overall, stock selection drove the Portfolio's performance.<br>• Biotechnology was a major contributor to performance due to positive stock selection and an overweight position relative to the Portfolio's benchmark index.<br>• Insmed Incorporated, a biopharmaceutical company focused on developing and commercializing therapies for patients with serious lung diseases, was a top contributor.<br>• Diagnostics company Guardant Health, Inc. outperformed during the period due to consecutive strong earnings reports.<br>**What detracted from performance during the year?**<br>• The Portfolio's underweight allocation to the pharmaceuticals sub-sector detracted meaningfully from the Portfolio's performance relative to its benchmark index.<br>• The Portfolio's modest overweight allocation to the life sciences sub-sector also detracted. An uncertain and rapidly evolving U.S. policy environment weighed on the segment during the first half of the year.<br>• The Portfolio's investment in UnitedHealth Group, Inc. was the top detractor from the Portfolio's absolute performance.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/T. Rowe Price Health Sciences Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the Russell 3000<sup>®</sup> Index, Russell 3000<sup>®</sup> Health Care Index and S&P 500<sup>®</sup> Index over the same period.

![LOGO](g897067g00g08.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | Since<br>Inception<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;EQ/T. Rowe Price Health Sciences Portfolio (Class IB) | 19.21% | 3.62% | 8.06% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.59% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Health Care Index | 14.56% | 6.31% | 8.96% |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 15.26% |

---

\* Date of inception: October 22, 2018

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $176068151 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 169 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $1260033 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 67% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/T. Rowe Price Health Sciences Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Sector & Industry Weightings (as a % of Net Assets) | Sector & Industry Weightings (as a % of Net Assets) | Sector & Industry Weightings (as a % of Net Assets) |
| **Health Care** |  | 99.6% |
| &nbsp;&nbsp;&nbsp;Biotechnology | 42.7% |  |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 22.1% |  |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies | 13.3% |  |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services | 12.5% |  |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services | 8.9% |  |
| &nbsp;&nbsp;&nbsp;Health Care Technology | 0.1% |  |
| **Short-Term Investments** |  | 0.7% |
| **Cash and Other Assets Less Liabilities** |  | -0.3% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Eli Lilly & Co. | 12.4% |
| Intuitive Surgical, Inc. | 4.5% |
| Thermo Fisher Scientific, Inc. | 4.3% |
| Argenx SE (ADR) | 3.9% |
| Stryker Corp. | 3.6% |
| UnitedHealth Group, Inc. | 3.3% |
| AstraZeneca plc (ADR) | 2.9% |
| AbbVie, Inc. | 2.8% |
| Danaher Corp. | 2.8% |
| Regeneron Pharmaceuticals, Inc. | 2.6% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A096-B

158956_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/T. Rowe Price Health Sciences Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/VALUE EQUITY PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Value Equity Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $96 | 0.91% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 11.01% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security selection within the Industrials sector contributed the most to the Portfolio's performance relative to its benchmark index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From a sector allocation perspective, an overweight allocation to Information Technology was the largest contributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Parker-Hannifin Corporation, a manufacturer of motion control technologies, Capital One Financial Corporation, and Mitsubishi UFJ Financial Group, Inc., a Japanese financial services holding company, were the largest individual contributors during the year.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security selection within the Information Technology sector detracted from performance relative to the benchmark index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From a sector allocation perspective, an underweight allocation to Communication Services detracted from relative performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lennar Corporation, one of the largest homebuilders in the U.S., Adobe Inc., a software company, and Ameriprise Financial, Inc. were the largest individual detractors during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Value Equity Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and Russell 1000<sup>®</sup> Value Index over the same period.

![LOGO](g897067g00g09.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Value Equity Portfolio (Class IB) | 11.01% | 8.65% | 8.47% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

 <br>**Portfolio Statistics**<br>(as of December 31, 2025)<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Net Assets | $| 1519841396 |
| &nbsp;&nbsp;Number of Portfolio Holdings |  | 47 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid |  | $8320289 |
| &nbsp;&nbsp;Portfolio Turnover Rate |  | 12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Value Equity Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| &nbsp;&nbsp;Financials | 21.6% |
| &nbsp;&nbsp;Information Technology | 14.4% |
| &nbsp;&nbsp;Materials | 12.1% |
| &nbsp;&nbsp;Industrials | 11.4% |
| &nbsp;&nbsp;Health Care | 9.5% |
| &nbsp;&nbsp;Consumer Discretionary | 6.8% |
| &nbsp;&nbsp;Utilities | 6.3% |
| &nbsp;&nbsp;Communication Services | 5.8% |
| &nbsp;&nbsp;Consumer Staples | 4.5% |
| &nbsp;&nbsp;Energy | 3.7% |
| &nbsp;&nbsp;Real Estate | 1.3% |
| &nbsp;&nbsp;Short-Term Investments | 0.3% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 2.3% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| &nbsp;&nbsp;Parker-Hannifin Corp. | 5.6% |
| &nbsp;&nbsp;Microsoft Corp. | 4.0% |
| &nbsp;&nbsp;Capital One Financial Corp. | 3.9% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | 3.9% |
| &nbsp;&nbsp;Corteva, Inc. | 3.2% |
| &nbsp;&nbsp;Martin Marietta Materials, Inc. | 2.9% |
| &nbsp;&nbsp;Sony Group Corp. (ADR) | 2.8% |
| &nbsp;&nbsp;Ameriprise Financial, Inc. | 2.7% |
| &nbsp;&nbsp;US Bancorp | 2.5% |
| &nbsp;&nbsp;Amgen, Inc. | 2.5% |

---

---

| | |
|:---|:---|
| Additional Information  |  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A098-B

146434_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Value Equity Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/VALUE EQUITY PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the EQ/Value Equity Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $70 | 0.66% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 11.31% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• Security selection within the Industrials sector contributed the most to the Portfolio's performance relative to its benchmark index.<br>• From a sector allocation perspective, an overweight allocation to Information Technology was the largest contributor.<br>• Parker-Hannifin Corporation, a manufacturer of motion control technologies, Capital One Financial Corporation, and Mitsubishi UFJ Financial Group, Inc., a Japanese financial services holding company, were the largest individual contributors during the year.<br>**What detracted from performance during the year?**<br>• Security selection within the Information Technology sector detracted from performance relative to the benchmark index.<br>• From a sector allocation perspective, an underweight allocation to Communication Services detracted from relative performance.<br>• Lennar Corporation, one of the largest homebuilders in the U.S., Adobe Inc., a software company, and Ameriprise Financial, Inc. were the largest individual detractors during the year.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Value Equity Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and Russell 1000<sup>®</sup> Value Index over the same period.

![LOGO](g897067g00g10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;EQ/Value Equity Portfolio (Class K) | 11.31% | 8.93% | 8.74% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $1519841396 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 47 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $8320289 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Value Equity Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 21.6% |
| Information Technology | 14.4% |
| Materials | 12.1% |
| Industrials | 11.4% |
| Health Care | 9.5% |
| Consumer Discretionary | 6.8% |
| Utilities | 6.3% |
| Communication Services | 5.8% |
| Consumer Staples | 4.5% |
| Energy | 3.7% |
| Real Estate | 1.3% |
| Short-Term Investments | 0.3% |
| Cash and Other Assets Less Liabilities | 2.3% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Parker-Hannifin Corp. | 5.6% |
| Microsoft Corp. | 4.0% |
| Capital One Financial Corp. | 3.9% |
| Alphabet, Inc., Class C | 3.9% |
| Corteva, Inc. | 3.2% |
| Martin Marietta Materials, Inc. | 2.9% |
| Sony Group Corp. (ADR) | 2.8% |
| Ameriprise Financial, Inc. | 2.7% |
| US Bancorp | 2.5% |
| Amgen, Inc. | 2.5% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A098-K

146434_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Value Equity Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/WELLINGTON ENERGY PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the EQ/Wellington Energy Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $126 | 1.19% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class IB shares returned 12.17% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Integrated oils and utilities were the top performing sectors for the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Portfolio's investment in Shell plc, a British multinational integrated oil company, contributed to performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Portfolio's investment in TotalEnergies SE, a French multinational integrated oil company, also contributed to performance.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Metals & minerals was the bottom contributing sector for the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Portfolio's investment in ONEOK, Inc., an American oil and gas midstream operator, detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Portfolio's investment in EOG Resources, a U.S.-based oil and gas producer, also detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 EQ/Wellington Energy Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed since inception compared to the MSCI World (Net) Index and MSCI ACWI Energy (Net) Index over the same period.

![LOGO](g897067g14k03.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | Since<br>Inception\* |
| &nbsp;&nbsp;&nbsp;EQ/Wellington Energy Portfolio (Class IB) | 12.17% | 17.90% | -0.37% |
| &nbsp;&nbsp;&nbsp;MSCI World (Net) Index | 21.09% | 12.15% | 12.97% |
| &nbsp;&nbsp;&nbsp;MSCI ACWI Energy (Net) Index | 13.71% | 17.04% | 5.71% |

---

\* Date of inception: October 22, 2018

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio Statistics**<br>(as of December 31, 2025) | &nbsp;&nbsp;**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $138889370 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 44 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $991989 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 EQ/Wellington Energy Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| **Sector & Industry Weightings (as a % of Net Assets)** | **Sector & Industry Weightings (as a % of Net Assets)** | **Sector & Industry Weightings (as a % of Net Assets)** |
| **Energy** |  | 87.1% |
| &nbsp;&nbsp;Oil, Gas & Consumable Fuels | 82.8% |  |
| &nbsp;&nbsp;Energy Equipment & Services | 4.3% |  |
| **Utilities** |  | 11.6% |
| &nbsp;&nbsp;Multi-Utilities | 6.5% |  |
| &nbsp;&nbsp;Electric Utilities | 5.1% |  |
| **Short-Term Investments** |  | 1.8% |
| **Cash and Other Assets Less Liabilities** |  | -0.5% |

---

---

| | |
|:---|:---|
| **Top Holdings (as a % of Net Assets)** | **Top Holdings (as a % of Net Assets)** |
| &nbsp;&nbsp;Shell plc | 9.5% |
| &nbsp;&nbsp;Chevron Corp. | 8.5% |
| &nbsp;&nbsp;Exxon Mobil Corp. | 6.8% |
| &nbsp;&nbsp;Marathon Petroleum Corp. | 4.9% |
| &nbsp;&nbsp;Diamondback Energy, Inc. | 4.7% |
| &nbsp;&nbsp;TotalEnergies SE (Paris Stock Exchange) | 4.6% |
| &nbsp;&nbsp;Coterra Energy, Inc. | 4.5% |
| &nbsp;&nbsp;Williams Cos., Inc. (The) | 4.5% |
| &nbsp;&nbsp;Targa Resources Corp. | 3.6% |
| &nbsp;&nbsp;ONEOK, Inc. | 3.0% |

---

---

| | |
|:---|:---|
| **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) |

---

A099-B

158947_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 EQ/Wellington Energy Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO (CLASS IA)
<br> **Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the Multimanager Aggressive Equity Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br> **What were the Portfolio costs for the last year?**<br> (Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br> (Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br> (Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br> investment | Costs paid as a percentage of a<br> $10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IA | $104 | 0.96% |

---

<br> **How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IA shares returned 16.32% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>•  The sectors that contributed the most to the Portfolio's absolute performance were Information Technology and Communication Services.<br>•  The stocks that contributed the most to absolute performance were NVIDIA Corp., Alphabet Inc., Broadcom Inc., Lumentum Holdings Inc., a manufacturer of optical and photonic products, and AppLovin Corp., a mobile technology company.<br>**What detracted from performance during the year?**<br>•  The sector that detracted the most from absolute performance was Consumer Staples.<br>•  The stocks that detracted the most from performance were ServiceNow, Inc., a cloud computing platform, Confluent Inc., a data streaming platform provider, Trade Desk, Inc., a technology platform for advertising, GitLab, Inc., a software development platform, and Celsius Holdings, Inc., a distributor of energy drinks.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 Multimanager Aggressive Equity Portfolio (Class IA)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 3000<sup>®</sup> Index and Russell 3000<sup>®</sup> Growth Index over the same period.

![LOGO](g897067g00s24.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp; Multimanager Aggressive Equity Portfolio (Class IA) | 16.32% | 11.47% | 15.67% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Growth Index | 18.15% | 14.59% | 17.59% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br> **Portfolio Statistics**<br> (as of December 31, 2025) | <br> **Portfolio Statistics**<br> (as of December 31, 2025) |
| &nbsp;&nbsp; Net Assets | $1879580777 |
| &nbsp;&nbsp; Number of Portfolio Holdings | 824 |
| &nbsp;&nbsp; Total Investment Advisory Fees Paid | $10000877 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 118% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 Multimanager Aggressive Equity Portfolio (Class IA)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
|  Information Technology | 39.2% |
|  Communication Services | 8.1% |
|  Consumer Discretionary | 7.6% |
|  Health Care | 7.2% |
|  Financials | 5.8% |
|  Industrials | 3.9% |
|  Consumer Staples | 0.5% |
|  Real Estate | 0.1% |
|  Materials | 0.1% |
|  Energy | 0.1% |
|  Utilities | 0.1% |
|  Exchange Traded Funds | 7.3% |
|  Short-Term Investments | 19.0% |
|  Cash and Other Assets Less Liabilities | 1.0% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
|  JPMorgan Prime Money Market Fund, IM Shares | 19.0% |
|  NVIDIA Corp. | 7.1% |
|  Microsoft Corp. | 5.8% |
|  Apple, Inc. | 5.1% |
|  Vanguard Growth ETF | 3.7% |
|  Alphabet, Inc., Class A | 3.3% |
|  Broadcom, Inc. | 3.0% |
|  Amazon.com, Inc. | 2.9% |
|  Eli Lilly & Co. | 2.5% |
|  Meta Platforms, Inc., Class A | 2.4% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp; For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A103-A

146406_A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 Multimanager Aggressive Equity Portfolio (Class IA)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO (CLASS IB)

#### Annual Shareholder Report - December 31, 2025
EQ Advisors Trust

This annual shareholder report contains important information about the Multimanager Aggressive Equity Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $104 | 0.96% |

---

&nbsp;&nbsp; <br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 16.30% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• The sectors that contributed the most to the Portfolio's absolute performance were Information Technology and Communication Services.<br>• The stocks that contributed the most to absolute performance were NVIDIA Corp., Alphabet Inc., Broadcom Inc., Lumentum Holdings Inc., a manufacturer of optical and photonic products, and AppLovin Corp., a mobile technology company.<br>**What detracted from performance during the year?**<br>• The sector that detracted the most from absolute performance was Consumer Staples.<br>• The stocks that detracted the most from performance were ServiceNow, Inc., a cloud computing platform, Confluent Inc., a data streaming platform provider, Trade Desk, Inc., a technology platform for advertising, GitLab, Inc., a software development platform, and Celsius Holdings, Inc., a distributor of energy drinks.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 Multimanager Aggressive Equity Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 3000<sup>®</sup> Index and Russell 3000<sup>®</sup> Growth Index over the same period.

![LOGO](g897067g00s25.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;Multimanager Aggressive Equity Portfolio (Class IB) | 16.30% | 11.47% | 15.66% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Growth Index | 18.15% | 14.59% | 17.59% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

#### Portfolio Statistics
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Net Assets | $| 1879580777 |
| &nbsp;&nbsp;Number of Portfolio Holdings |  | 824 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid |  | $10000877 |
| &nbsp;&nbsp;Portfolio Turnover Rate |  | 118% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 Multimanager Aggressive Equity Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Sector Weightings (as a % of Net Assets)** | &nbsp;&nbsp;**Sector Weightings (as a % of Net Assets)** |
| &nbsp;&nbsp;&nbsp;Information Technology | 39.2% |
| &nbsp;&nbsp;&nbsp;Communication Services | 8.1% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 7.6% |
| &nbsp;&nbsp;&nbsp;Health Care | 7.2% |
| &nbsp;&nbsp;&nbsp;Financials | 5.8% |
| &nbsp;&nbsp;&nbsp;Industrials | 3.9% |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 0.5% |
| &nbsp;&nbsp;&nbsp;Real Estate | 0.1% |
| &nbsp;&nbsp;&nbsp;Materials | 0.1% |
| &nbsp;&nbsp;&nbsp;Energy | 0.1% |
| &nbsp;&nbsp;&nbsp;Utilities | 0.1% |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | 7.3% |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 19.0% |
| &nbsp;&nbsp;&nbsp;Cash and Other Assets Less Liabilities | 1.0% |

---

---

| | |
|:---|:---|
| **Top Holdings (as a % of Net Assets)** | **Top Holdings (as a % of Net Assets)** |
| JPMorgan Prime Money Market Fund, IM Shares | 19.0% |
| NVIDIA Corp. | 7.1% |
| Microsoft Corp. | 5.8% |
| Apple, Inc. | 5.1% |
| Vanguard Growth ETF | 3.7% |
| Alphabet, Inc., Class A | 3.3% |
| Broadcom, Inc. | 3.0% |
| Amazon.com, Inc. | 2.9% |
| Eli Lilly & Co. | 2.5% |
| Meta Platforms, Inc., Class A | 2.4% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A103-B

146406_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 Multimanager Aggressive Equity Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO (CLASS K)
&nbsp;&nbsp; <br> **Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the Multimanager Aggressive Equity Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br> investment | Costs paid as a percentage of a<br> $10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $77 | 0.71% |

---

&nbsp;&nbsp; <br> **How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 16.60% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>•  The sectors that contributed the most to the Portfolio's absolute performance were Information Technology and Communication Services.<br>•  The stocks that contributed the most to absolute performance were NVIDIA Corp., Alphabet Inc., Broadcom Inc., Lumentum Holdings Inc., a manufacturer of optical and photonic products, and AppLovin Corp., a mobile technology company.<br>**What detracted from performance during the year?**<br>•  The sector that detracted the most from absolute performance was Consumer Staples.<br>•  The stocks that detracted the most from performance were ServiceNow, Inc., a cloud computing platform, Confluent Inc., a data streaming platform provider, Trade Desk, Inc., a technology platform for advertising, GitLab, Inc., a software development platform, and Celsius Holdings, Inc., a distributor of energy drinks.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 Multimanager Aggressive Equity Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 3000<sup>®</sup> Index and Russell 3000<sup>®</sup> Growth Index over the same period.

![LOGO](g897067g00s26.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp; Multimanager Aggressive Equity Portfolio (Class K) | 16.60% | 11.75% | 15.95% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Growth Index | 18.15% | 14.59% | 17.59% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Portfolio Statistics**<br> (as of December 31, 2025) | &nbsp;&nbsp; **Portfolio Statistics**<br> (as of December 31, 2025) |
| &nbsp;&nbsp; Net Assets | $1879580777 |
| &nbsp;&nbsp; Number of Portfolio Holdings | 824 |
| &nbsp;&nbsp; Total Investment Advisory Fees Paid | $10000877 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 118% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 Multimanager Aggressive Equity Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| &nbsp;&nbsp; Information Technology | 39.2% |
| &nbsp;&nbsp; Communication Services | 8.1% |
| &nbsp;&nbsp; Consumer Discretionary | 7.6% |
| &nbsp;&nbsp; Health Care | 7.2% |
| &nbsp;&nbsp; Financials | 5.8% |
| &nbsp;&nbsp; Industrials | 3.9% |
| &nbsp;&nbsp; Consumer Staples | 0.5% |
| &nbsp;&nbsp; Real Estate | 0.1% |
| &nbsp;&nbsp; Materials | 0.1% |
| &nbsp;&nbsp; Energy | 0.1% |
| &nbsp;&nbsp; Utilities | 0.1% |
| &nbsp;&nbsp; Exchange Traded Funds | 7.3% |
| &nbsp;&nbsp; Short-Term Investments | 19.0% |
| &nbsp;&nbsp; Cash and Other Assets Less Liabilities | 1.0% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
|  JPMorgan Prime Money Market Fund, IM Shares | 19.0% |
|  NVIDIA Corp. | 7.1% |
|  Microsoft Corp. | 5.8% |
|  Apple, Inc. | 5.1% |
|  Vanguard Growth ETF | 3.7% |
|  Alphabet, Inc., Class A | 3.3% |
|  Broadcom, Inc. | 3.0% |
|  Amazon.com, Inc. | 2.9% |
|  Eli Lilly & Co. | 2.5% |
|  Meta Platforms, Inc., Class A | 2.4% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp; For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A103-K

146406_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 Multimanager Aggressive Equity Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## MULTIMANAGER CORE BOND PORTFOLIO (CLASS IB)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the Multimanager Core Bond Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

#### What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $96 | 0.93% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 7.11% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• From a sector allocation perspective, U.S. Treasuries and U.S. Agency mortgage-backed securities contributed to performance.<br>• Duration positioning also contributed to performance.<br>**What detracted from performance during the year?**<br>• Long exposure to Treasury Inflation-Protected Securities (TIPS) detracted from performance.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 Multimanager Core Bond Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg U.S. Aggregate Bond Index over the same period.

![LOGO](g897067g62s62.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;Multimanager Core Bond Portfolio (Class IB) | 7.11% | -0.27% | 1.72% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $802802634 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 2868 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $3149844 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 246% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 Multimanager Core Bond Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type (as a % of Net Assets)** | **Security Type (as a % of Net Assets)** |
| &nbsp;&nbsp;Mortgage-Backed Securities | 27.0% |
| &nbsp;&nbsp;Corporate Bonds | 26.9% |
| &nbsp;&nbsp;U.S. Treasury Obligations | 26.7% |
| &nbsp;&nbsp;Collateralized Mortgage Obligations | 10.7% |
| &nbsp;&nbsp;Asset-Backed Securities | 9.7% |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities | 6.5% |
| &nbsp;&nbsp;Foreign Government Securities | 2.1% |
| &nbsp;&nbsp;U.S. Government Agency Securities | 0.7% |
| &nbsp;&nbsp;Supranational | 0.6% |
| &nbsp;&nbsp;Municipal Bonds | 0.3% |
| &nbsp;&nbsp;Short-Term Investments | 1.8% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | -13.0% |

---

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A104-B

146407_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 Multimanager Core Bond Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## MULTIMANAGER CORE BOND PORTFOLIO (CLASS K)
<br>**Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the Multimanager Core Bond Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $70 | 0.68% |

---

<br>**How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class K shares returned 7.40% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>• From a sector allocation perspective, U.S. Treasuries and U.S. Agency mortgage-backed securities contributed to performance.<br>• Duration positioning also contributed to performance.<br>**What detracted from performance during the year?**<br>• Long exposure to Treasury Inflation-Protected Securities (TIPS) detracted from performance.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 Multimanager Core Bond Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Bloomberg U.S. Aggregate Bond Index over the same period.

![LOGO](g897067g99t11.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;Multimanager Core Bond Portfolio (Class K) | 7.40% | 0.00% | 1.97% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of December 31, 2025) | <br>**Portfolio Statistics**<br>(as of December 31, 2025) |
| &nbsp;&nbsp;Net Assets | $802802634 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 2868 |
| &nbsp;&nbsp;Total Investment Advisory Fees Paid | $3149844 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 246% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 Multimanager Core Bond Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| &nbsp;&nbsp;Mortgage-Backed Securities | 27.0% |
| &nbsp;&nbsp;Corporate Bonds | 26.9% |
| &nbsp;&nbsp;U.S. Treasury Obligations | 26.7% |
| &nbsp;&nbsp;Collateralized Mortgage Obligations | 10.7% |
| &nbsp;&nbsp;Asset-Backed Securities | 9.7% |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities | 6.5% |
| &nbsp;&nbsp;Foreign Government Securities | 2.1% |
| &nbsp;&nbsp;U.S. Government Agency Securities | 0.7% |
| &nbsp;&nbsp;Supranational | 0.6% |
| &nbsp;&nbsp;Municipal Bonds | 0.3% |
| &nbsp;&nbsp;Short-Term Investments | 1.8% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | -13.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | <br> ![LOGO](g897067g00v00.jpg) <br>|

---

A104-K

146407_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 Multimanager Core Bond Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## MULTIMANAGER TECHNOLOGY PORTFOLIO (CLASS IB)
&nbsp;&nbsp; <br> **Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the Multimanager Technology Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

**What were the Portfolio costs for the last year?**<br> (Based on a hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br> $10,000 investment |
| &nbsp;&nbsp;&nbsp;Class IB | $132 | 1.17% |

---

&nbsp;&nbsp; <br> **How did the Portfolio perform last year and what affected its performance?**<br>The Portfolio's Class IB shares returned 25.87% for the year ended December 31, 2025.<br>**What contributed to performance during the year?**<br>•  Semiconductors and Internet Services & Infrastructure (sub-sectors of the Information Technology sector) and Interactive Media & Services (a sub-sector of the Communication Services sector) contributed the most to the Portfolio's absolute performance.<br>•  The stocks that contributed the most to absolute performance were Alphabet Inc., Taiwan Semiconductor Manufacturing Co. Ltd., NVIDIA Corp., and Broadcom, Inc.<br>**What detracted from performance during the year?**<br>•  The sub-sectors that detracted the most from absolute performance were Transaction & Payment Processing Services and Application Software.<br>•  The stocks that detracted the most from performance were ServiceNow, Inc., a cloud computing platform, Silergy Corp., a company that designs analog power chips, Oracle Corp., a technology company, Worldline SA, a digital payment company, and Arista Networks, Inc., a provider of cloud networking solutions.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 Multimanager Technology Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and S&P North American Technology Sector Index over the same period.

![LOGO](g897067g99t12.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;Multimanager Technology Portfolio (Class IB) | 25.87% | 12.46% | 19.41% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;S&P North American Technology Sector Index | 27.82% | 18.02% | 22.54% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

#### Portfolio Statistics
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
|  Net Assets | $| 2109230972 |
|  Number of Portfolio Holdings |  | 366 |
|  Total Investment Advisory Fees Paid |  | $14563151 |
|  Portfolio Turnover Rate |  | 40% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 Multimanager Technology Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |  |
| &nbsp;&nbsp; Information Technology | 52.9% |  |
| &nbsp;&nbsp; Communication Services | 9.8% |  |
| &nbsp;&nbsp; Consumer Discretionary | 3.5% |  |
| &nbsp;&nbsp; Financials | 1.7% |  |
| &nbsp;&nbsp; Industrials | 0.8% |  |
| &nbsp;&nbsp; Real Estate | 0.4% |  |
| &nbsp;&nbsp; Energy | 0.3% |  |
| &nbsp;&nbsp; Consumer Staples | 0.0% | <sup>#</sup> |
| &nbsp;&nbsp; Exchange Traded Funds | 30.2% |  |
| &nbsp;&nbsp; Short-Term Investments | 0.3% |  |
| &nbsp;&nbsp; Cash and Other Assets Less Liabilities | 0.1% |  |

---

<sup>#</sup> Less than 0.05%

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| &nbsp;&nbsp; iShares Expanded Tech Sector ETF | 10.4% |
| &nbsp;&nbsp; Vanguard Information Technology ETF | 10.0% |
| &nbsp;&nbsp; State Street Technology Select Sector SPDR ETF | 9.9% |
| &nbsp;&nbsp; Alphabet, Inc., Class A | 5.0% |
| &nbsp;&nbsp; Microsoft Corp. | 5.0% |
| &nbsp;&nbsp; NVIDIA Corp. | 4.8% |
| &nbsp;&nbsp; Apple, Inc. | 4.7% |
| &nbsp;&nbsp; Broadcom, Inc. | 3.8% |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. | 2.7% |
| &nbsp;&nbsp; Meta Platforms, Inc., Class A | 2.2% |

---

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the contractual limit on the annual operating expenses of the Portfolio's Class IB shares was lowered from 1.18% to 1.17%. The expense limit includes amounts payable pursuant to Rule 12b-1 under the 1940 Act, but excludes certain other expenses, such as taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses.

This change is intended to reduce the Portfolio's expenses. For more complete information, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| <br> **Additional Information**<br>|  |
| &nbsp;&nbsp; For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A105-B

146416_B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 Multimanager Technology Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## MULTIMANAGER TECHNOLOGY PORTFOLIO (CLASS K)
&nbsp;&nbsp; <br> **Annual Shareholder Report - December 31, 2025**<br>EQ Advisors Trust<br>This annual shareholder report contains important information about the Multimanager Technology Portfolio (the "Portfolio") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://equitable-funds.com. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br> investment | Costs paid as a percentage of a<br> $10,000 investment |
| &nbsp;&nbsp;&nbsp;Class K | $104 | 0.92% |

---

#### How did the Portfolio perform last year and what affected its performance?
The Portfolio's Class K shares returned 26.21% for the year ended December 31, 2025.

#### What contributed to performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Semiconductors and Internet Services & Infrastructure (sub-sectors of the Information Technology sector) and Interactive Media & Services (a sub-sector of the Communication Services sector) contributed the most to the Portfolio's absolute performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that contributed the most to absolute performance were Alphabet Inc., Taiwan Semiconductor Manufacturing Co. Ltd., NVIDIA Corp., and Broadcom, Inc.

#### What detracted from performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sub-sectors that detracted the most from absolute performance were Transaction & Payment Processing Services and Application Software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The stocks that detracted the most from performance were ServiceNow, Inc., a cloud computing platform, Silergy Corp., a company that designs analog power chips, Oracle Corp., a technology company, Worldline SA, a digital payment company, and Arista Networks, Inc., a provider of cloud networking solutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 1 Multimanager Technology Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Portfolio perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Portfolio would have performed over the past 10 years compared to the Russell 1000<sup>®</sup> Index and S&P North American Technology Sector Index over the same period.

![LOGO](g897067g99t13.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 12/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;Multimanager Technology Portfolio (Class K) | 26.21% | 12.74% | 19.71% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp;S&P North American Technology Sector Index | 27.82% | 18.02% | 22.54% |

---

#### The Portfolio's past performance is not a good predictor of the Portfolio's future performance.
Performance results do not reflect any Contract-related fees and expenses, which would reduce performance results.

---

| | |
|:---|:---|
|  <br> **Portfolio Statistics**<br> (as of December 31, 2025) | <br> **Portfolio Statistics**<br> (as of December 31, 2025) |
| &nbsp;&nbsp; Net Assets | $2109230972 |
| &nbsp;&nbsp; Number of Portfolio Holdings | 366 |
| &nbsp;&nbsp; Total Investment Advisory Fees Paid | $14563151 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 40% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 2 Multimanager Technology Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### What did the Portfolio invest in?
(as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |  |
|  Information Technology | 52.9% |  |
|  Communication Services | 9.8% |  |
|  Consumer Discretionary | 3.5% |  |
|  Financials | 1.7% |  |
|  Industrials | 0.8% |  |
|  Real Estate | 0.4% |  |
|  Energy | 0.3% |  |
|  Consumer Staples | 0.0% | <sup>#</sup> |
|  Exchange Traded Funds | 30.2% |  |
|  Short-Term Investments | 0.3% |  |
|  Cash and Other Assets Less Liabilities | 0.1% |  |

---

# Less than 0.05%

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
|  iShares Expanded Tech Sector ETF | 10.4% |
|  Vanguard Information Technology ETF | 10.0% |
|  State Street Technology Select Sector SPDR ETF | 9.9% |
|  Alphabet, Inc., Class A | 5.0% |
|  Microsoft Corp. | 5.0% |
|  NVIDIA Corp. | 4.8% |
|  Apple, Inc. | 4.7% |
|  Broadcom, Inc. | 3.8% |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 2.7% |
|  Meta Platforms, Inc., Class A | 2.2% |

---

Material Changes to the Portfolio

The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the contractual limit on the annual operating expenses of the Portfolio's Class K shares was lowered from 0.93% to 0.92%. The expense limit excludes certain expenses, such as taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses.

This change is intended to reduce the Portfolio's expenses. For more complete information, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| Additional Information |  |
| &nbsp;&nbsp; For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com, call 1-877-222-2144, or scan the adjacent QR code. | ![LOGO](g897067g00v00.jpg) <br>|

---

A105-K

146416_K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Shareholder Report - December 31, 2025 3 Multimanager Technology Portfolio (Class K)

------

Item 1(b):

Not applicable.

Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a "code of ethics," as defined in Item 2, that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of the registrant's code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

The registrant's board of trustees has determined that Michael Clement and Donald E. Foley serve on its audit committee as "audit committee financial experts" as defined in Item 3. Messrs. Clement and Foley are considered to be "independent" for purposes of Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

(a) <u>Audit Fees.</u> The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the Auditor in connection with statutory and regulatory filings or engagements were $4,751,702 in 2025 and $4,754,309 for 2024.

(b) <u>Audit-Related Fees.</u> The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $0 in 2025 and $0 in 2024. These services consisted of review of the registrant's various regulatory filings and semi-annual financial statements.

(c) <u>Tax Fees.</u> The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were $2,344,581 in 2025 and $1,891,475 in 2024. These services consisted of: (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments; (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held, and (iv) determination of Passive Foreign Investment Companies.

(d) <u>All Other Fees.</u> The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item 4, were $0 in 2025 and $0 in 2024.

(e)(1) The registrant's Audit Committee has adopted policies and procedures relating to the pre-approval of services performed by the registrant's principal accountant. Audit, audit-related and non-audit services (including tax services) provided to the registrant require pre-approval by the Audit Committee. In the event that the estimated fees for such pre-approved audit, audit-related and non-audit services exceed the pre-approved estimated fees for such services, the excess amount must be approved by the Audit Committee or its delegate prior to payment.

(e)(2) None of the services included in (b) – (d) above were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the Auditor in each of the last two fiscal years for services to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant were $4,168,581 in 2025 and $3,649,510 in 2024.

(h) The registrant's Audit Committee has considered and determined that the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) A schedule of investments for each series of the registrant is included in the financial statements under Item 7 of this Form N-CSR.

(b) Not applicable.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

## EQ Advisors Trust

## Annual Financial Statements and Additional Information

## December 31, 2025

------

#### EQ Advisors Trust Annual Report

#### December 31, 2025
**Table of Contents**

#### Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies

---

| | |
|:---|:---|
| **Portfolios** |  |
| [EQ/All Asset Growth Allocation](#fintoc897067_1) | 1 |
| [EQ/Ultra Conservative Strategy](#fintoc897067_2) | 8 |
| [EQ/Conservative Strategy](#fintoc897067_3) | 13 |
| [EQ/Conservative Growth Strategy](#fintoc897067_4) | 18 |
| [EQ/Balanced Strategy](#fintoc897067_5) | 23 |
| [EQ/Moderate Growth Strategy](#fintoc897067_6) | 28 |
| [EQ/Growth Strategy](#fintoc897067_7) | 33 |
| [EQ/Aggressive Growth Strategy](#fintoc897067_8) | 38 |
| [EQ/Conservative Allocation](#fintoc897067_9) | 43 |
| [EQ/Conservative-Plus Allocation](#fintoc897067_10) | 49 |
| [EQ/Moderate Allocation](#fintoc897067_11) | 56 |
| [EQ/Moderate-Plus Allocation](#fintoc897067_12) | 63 |
| [EQ/Aggressive Allocation](#fintoc897067_13) | 70 |
| [Equitable Conservative Growth MF/ETF](#fintoc897067_14) | 78 |
| [Equitable Moderate Growth MF/ETF](#fintoc897067_15) | 84 |
| [Equitable Growth MF/ETF](#fintoc897067_16) | 89 |
| [Target 2015 Allocation](#fintoc897067_17) | 95 |
| [Target 2025 Allocation](#fintoc897067_18) | 101 |
| [Target 2035 Allocation](#fintoc897067_19) | 106 |
| [Target 2045 Allocation](#fintoc897067_20) | 111 |
| [Target 2055 Allocation](#fintoc897067_21) | 116 |
| [1290 VT Moderate Growth Allocation](#fintoc897067_22) | 122 |
| [1290 VT Multi-Alternative Strategies](#fintoc897067_23) | 126 |
| [1290 VT Convertible Securities](#fintoc897067_24) | 131 |
| [1290 VT DoubleLine Opportunistic Bond](#fintoc897067_25) | 142 |
| [1290 VT Equity Income](#fintoc897067_26) | 165 |
| [1290 VT GAMCO Mergers & Acquisitions](#fintoc897067_27) | 171 |
| [1290 VT GAMCO Small Company Value](#fintoc897067_28) | 180 |
| [1290 VT High Yield Bond](#fintoc897067_29) | 191 |
| [1290 VT Micro Cap](#fintoc897067_30) | 206 |
| [1290 VT Natural Resources](#fintoc897067_31) | 226 |
| [1290 VT Real Estate](#fintoc897067_32) | 233 |
| [1290 VT Small Cap Value](#fintoc897067_33) | 242 |
| [1290 VT SmartBeta Equity ESG](#fintoc897067_34) | 263 |
| [1290 VT Socially Responsible](#fintoc897067_35) | 272 |
| [ATM Large Cap Managed Volatility](#fintoc897067_36) | 282 |
| [ATM Mid Cap Managed Volatility](#fintoc897067_37) | 294 |
| [ATM Small Cap Managed Volatility](#fintoc897067_38) | 305 |
| [ATM International Managed Volatility](#fintoc897067_39) | 330 |
| [EQ/500 Managed Volatility](#fintoc897067_40) | 344 |
| [EQ/400 Managed Volatility](#fintoc897067_41) | 356 |
| [EQ/2000 Managed Volatility](#fintoc897067_42) | 367 |
| [EQ/International Managed Volatility](#fintoc897067_43) | 392 |
| [EQ/AB Dynamic Aggressive Growth](#fintoc897067_44) | 406 |
| [EQ/AB Dynamic Growth](#fintoc897067_45) | 426 |
| [EQ/AB Dynamic Moderate Growth](#fintoc897067_46) | 447 |
| [EQ/AB Short Duration Government Bond](#fintoc897067_47) | 468 |
| [EQ/AB Small Cap Growth](#fintoc897067_48) | 480 |
| [EQ/AB Sustainable U.S. Thematic](#fintoc897067_49) | 505 |
| [EQ/American Century Mid Cap Value](#fintoc897067_50) | 511 |
| [EQ/American Century Moderate Growth Allocation](#fintoc897067_51) | 520 |
| [EQ/Capital Group Research](#fintoc897067_52) | 525 |
| [EQ/ClearBridge Large Cap Growth ESG](#fintoc897067_53) | 531 |
| [EQ/ClearBridge Select Equity Managed Volatility](#fintoc897067_54) | 536 |
| [EQ/Common Stock Index](#fintoc897067_55) | 550 |
| [EQ/Core Bond Index](#fintoc897067_56) | 570 |
| [EQ/Core Plus Bond](#fintoc897067_57) | 612 |

---

------

---

| | |
|:---|:---|
| [EQ/Emerging Markets Equity PLUS](#fintoc897067_58) | 638 |
| [EQ/Equity 500 Index](#fintoc897067_59) | 654 |
| [EQ/Fidelity Institutional AM<sup>®</sup> Large Cap](#fintoc897067_60) | 667 |
| [EQ/Franklin Rising Dividends](#fintoc897067_62) | 677 |
| [EQ/Franklin Small Cap Value Managed Volatility](#fintoc897067_63) | 683 |
| [EQ/Global Equity Managed Volatility](#fintoc897067_64) | 708 |
| [EQ/Goldman Sachs Growth Allocation](#fintoc897067_65) | 729 |
| [EQ/Goldman Sachs Mid Cap Value](#fintoc897067_66) | 735 |
| [EQ/Goldman Sachs Moderate Growth Allocation](#fintoc897067_67) | 741 |
| [EQ/Intermediate Corporate Bond](#fintoc897067_68) | 753 |
| [EQ/Intermediate Government Bond](#fintoc897067_69) | 766 |
| [EQ/International Core Managed Volatility](#fintoc897067_70) | 774 |
| [EQ/International Equity Index](#fintoc897067_71) | 790 |
| [EQ/International Value Managed Volatility](#fintoc897067_72) | 808 |
| [EQ/Invesco Comstock](#fintoc897067_73) | 830 |
| [EQ/Invesco Global](#fintoc897067_74) | 838 |
| [EQ/Invesco Global Real Assets](#fintoc897067_75) | 843 |
| [EQ/Invesco Moderate Allocation](#fintoc897067_76) | 849 |
| [EQ/Invesco Moderate Growth Allocation](#fintoc897067_77) | 862 |
| [EQ/Janus Enterprise](#fintoc897067_78) | 882 |
| [EQ/JPMorgan Growth Allocation](#fintoc897067_79) | 888 |
| [EQ/JPMorgan Growth Stock](#fintoc897067_80) | 895 |
| [EQ/JPMorgan Hedged Equity and Premium Income (formerly EQ/Franklin Moderate Allocation)](#fintoc897067_500) | 901 |
| [EQ/JPMorgan Value Opportunities](#fintoc897067_81) | 906 |
| [EQ/Large Cap Core Managed Volatility](#fintoc897067_82) | 913 |
| [EQ/Large Cap Growth Index](#fintoc897067_83) | 925 |
| [EQ/Large Cap Growth Managed Volatility](#fintoc897067_84) | 936 |
| [EQ/Large Cap Value Index](#fintoc897067_85) | 947 |
| [EQ/Large Cap Value Managed Volatility](#fintoc897067_86) | 962 |
| [EQ/Lazard Emerging Markets Equity](#fintoc897067_87) | 978 |
| [EQ/Long-Term Bond](#fintoc897067_88) | 984 |
| [EQ/Loomis Sayles Growth](#fintoc897067_89) | 998 |
| [EQ/MFS International Growth](#fintoc897067_90) | 1003 |
| [EQ/MFS International Intrinsic Value](#fintoc897067_91) | 1009 |
| [EQ/MFS Mid Cap Focused Growth](#fintoc897067_92) | 1015 |
| [EQ/MFS Technology](#fintoc897067_93) | 1021 |
| [EQ/MFS Utilities Series](#fintoc897067_94) | 1026 |
| [EQ/Mid Cap Index](#fintoc897067_95) | 1033 |
| [EQ/Mid Cap Value Managed Volatility](#fintoc897067_96) | 1044 |
| [EQ/Money Market](#fintoc897067_97) | 1059 |
| [EQ/Morgan Stanley Small Cap Growth](#fintoc897067_98) | 1065 |
| [EQ/PIMCO Global Real Return](#fintoc897067_99) | 1084 |
| [EQ/PIMCO Real Return](#fintoc897067_100) | 1098 |
| [EQ/PIMCO Total Return ESG](#fintoc897067_101) | 1115 |
| [EQ/PIMCO Ultra Short Bond](#fintoc897067_102) | 1139 |
| [EQ/Quality Bond PLUS](#fintoc897067_103) | 1156 |
| [EQ/Small Company Index](#fintoc897067_104) | 1181 |
| [EQ/T. Rowe Price Health Sciences](#fintoc897067_105) | 1206 |
| [EQ/Value Equity](#fintoc897067_106) | 1212 |
| [EQ/Wellington Energy](#fintoc897067_107) | 1218 |
| [Multimanager Aggressive Equity](#fintoc897067_108) | 1223 |
| [Multimanager Core Bond](#fintoc897067_109) | 1239 |
| [Multimanager Technology](#fintoc897067_110) | 1291 |
| **[Notes to Financial Statements](#fintoc897067_111)** | 1300 |
| **[Report of Independent Registered Public Accounting Firm](#fintoc897067_112)** | 1346 |
| **[Federal Income Tax Information (Unaudited)](#fintoc897067_113)** | 1349 |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fintoc897067_114)** | 1351 |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#fintoc897067_115)** | 1351 |
| **[Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fintoc897067_116)** | 1351 |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#fintoc897067_117)** | 1352 |

---

------

#### EQ ADVISORS TRUST
EQ/ALL ASSET GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Commodity (7.1%)** | **Commodity (7.1%)** | **Commodity (7.1%)** |
|  Invesco DB Precious Metals Fund\*‡ | 104990 | $10794022 |
|  iShares Gold Trust\* | 273500 | 22199995 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commodity** |  | 32994017 |
|  **Equity (4.1%)** | **Equity (4.1%)** | **Equity (4.1%)** |
|  iShares China Large-Cap ETF | 55285 | 2116863 |
|  iShares MSCI EAFE Small-Cap ETF (x) | 94170 | 7301000 |
|  SPDR S&P Emerging Asia Pacific ETF | 15550 | 2157873 |
|  SPDR S&P Emerging Markets SmallCap ETF (x) | 37945 | 2491324 |
|  Vanguard Global ex-U.S. Real Estate ETF | 101100 | 4634424 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 18701484 |
|  **Fixed Income (2.1%)** | **Fixed Income (2.1%)** | **Fixed Income (2.1%)** |
|  iShares JP Morgan USD Emerging Markets Bond ETF | 100960 | 9720429 |
|  **Total Exchange Traded Funds (13.3%)**<br> *(Cost $31,607,189)* | **Total Exchange Traded Funds (13.3%)**<br> *(Cost $31,607,189)* | 61415930 |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Alternatives (13.8%)** | **Alternatives (13.8%)** | **Alternatives (13.8%)** |
|  1290 VT Convertible Securities Portfolio‡ | 1224186 | 13686398 |
|  1290 VT GAMCO Mergers & Acquisitions Portfolio‡ | 1836570 | 25454855 |
|  1290 VT Natural Resources Portfolio‡ | 671881 | 7498189 |
|  1290 VT Real Estate Portfolio‡ | 2843894 | 17205561 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Alternatives** |  | 63845003 |
|  **Equity (52.9%)** | **Equity (52.9%)** | **Equity (52.9%)** |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund‡ | 419914 | 8977756 |
|  1290 VT Equity Income Portfolio‡ | 1894686 | 9189228 |
|  1290 VT GAMCO Small Company Value Portfolio‡ | 387222 | 29483100 |
|  1290 VT SmartBeta Equity ESG Portfolio‡ | 611299 | 11926435 |
|  EQ/AB Small Cap Growth Portfolio‡ | 1925499 | 34081330 |
|  EQ/Emerging Markets Equity PLUS Portfolio‡ | 777397 | 9087774 |
|  EQ/International Equity Index Portfolio‡ | 870610 | 12092778 |
|  EQ/Invesco Comstock Portfolio‡ | 787384 | 17369683 |
|  EQ/Janus Enterprise Portfolio\*‡ | 207617 | 4667238 |
|  EQ/JPMorgan Growth Stock Portfolio\*‡ | 246477 | 18710092 |
|  EQ/JPMorgan Value Opportunities Portfolio‡ | 856914 | 17403919 |
|  EQ/Loomis Sayles Growth Portfolio\*‡ | 1524574 | 18645542 |
|  EQ/MFS International Growth Portfolio‡ | 4424173 | 36145494 |
|  EQ/Value Equity Portfolio‡ | 709500 | 17020909 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 244801278 |
|  **Fixed Income (19.5%)** | **Fixed Income (19.5%)** | **Fixed Income (19.5%)** |
|  1290 Diversified Bond Fund‡ | 937108 | 7815479 |
|  1290 VT DoubleLine Opportunistic Bond Portfolio‡ | 1114667 | 9653012 |
|  1290 VT High Yield Bond Portfolio‡ | 1447415 | 13185949 |
|  EQ/Core Plus Bond Portfolio‡ | 5550076 | 18981260 |
|  EQ/Intermediate Government Bond Portfolio‡ | 515503 | 5010691 |
|  EQ/PIMCO Global Real Return Portfolio‡ | 2345802 | 18203423 |
|  EQ/PIMCO Ultra Short Bond Portfolio‡ | 899225 | 8857365 |
|  Multimanager Core Bond Portfolio‡ | 943017 | 8260825 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 89968004 |
|  **Total Investment Companies (86.2%)**<br> *(Cost $377,232,633)* | **Total Investment Companies (86.2%)**<br> *(Cost $377,232,633)* | 398614285 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (2.0%)** | **Investment Companies (2.0%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 9018326 | 9018326 |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 118172 | 118219 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 9136545 |
|  **Total Short-Term Investments (2.0%)**<br> *(Cost $9,136,545)* | **Total Short-Term Investments (2.0%)**<br> *(Cost $9,136,545)* | 9136545 |
|  **Total Investments in Securities (101.5%)**<br> *(Cost $417,976,367)* | **Total Investments in Securities (101.5%)**<br> *(Cost $417,976,367)* | 469166760 |
|  **Other Assets Less Liabilities (-1.5%)** | **Other Assets Less Liabilities (-1.5%)** | (6820229) |
|  **Net Assets (100%)** |  | $462346531 |

---

*\** *Non-income producing.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $8,809,770. This was collateralized by cash of $9,018,326 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

The holdings in affiliated Investment Companies are all Class K shares except for the following: 1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund and 1290 Diversified Bond Fund are Class I shares.

See Notes to Financial Statements.

------

EQ/ALL ASSET GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss)<br>($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |  |  |  |  |  |  |  |
|  **Commodity** |  |  |  |  |  |  |  |  |  |
|  Invesco DB Precious Metals Fund\* | 104990 | 16979501 |  | (14063408) | 6041658 | 1836271 | 10794022 |  |  |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Alternatives** |  |  |  |  |  |  |  |  |  |
|  1290 VT Convertible Securities Portfolio | 1224186 | 13102715 | 350016 | (1542782) | (12361) | 1788810 | 13686398 | 226597 |  |
|  1290 VT GAMCO Mergers & Acquisitions Portfolio | 1836570 | 23913959 | 2226548 | (2865167) | 97630 | 2081885 | 25454855 | 749918 | 747423 |
|  1290 VT Natural Resources Portfolio | 671881 | 5812830 | 1078409 | (881590) | 2331 | 1486209 | 7498189 | 207883 |  |
|  1290 VT Real Estate Portfolio | 2843894 | 15497126 | 2639172 | (1983577) | 31067 | 1021773 | 17205561 | 480490 |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund | 419914 | 9726310 | 429082 | (2541789) | 453833 | 910320 | 8977756 | 3641 | 146100 |
|  1290 VT Equity Income Portfolio | 1894686 | 9246732 | 1031509 | (1291789) | 50391 | 152385 | 9189228 | 216402 | 735766 |
|  1290 VT GAMCO Small Company Value Portfolio | 387222 | 27338080 | 3950986 | (3195763) | 17024 | 1372773 | 29483100 | 244090 | 1751242 |
|  1290 VT SmartBeta Equity ESG Portfolio | 611299 | 10945774 | 1833947 | (1322385) | 32882 | 436217 | 11926435 | 113289 | 914869 |
|  EQ/AB Small Cap Growth Portfolio | 1925499 | 29242279 | 8209072 | (3636558) | (57576) | 324113 | 34081330 | 107652 | 2710503 |
|  EQ/Emerging Markets Equity PLUS Portfolio | 777397 | 8973713 | 287663 | (2701987) | 110545 | 2417840 | 9087774 | 199507 |  |
|  EQ/International Equity Index Portfolio | 870610 | 10503510 | 532070 | (1672385) | 328926 | 2400657 | 12092778 | 426282 |  |
|  EQ/Invesco Comstock Portfolio | 787384 | 16987351 | 1754249 | (2473378) | 231517 | 869944 | 17369683 | 250463 | 1353920 |
|  EQ/Janus Enterprise Portfolio\* | 207617 | 4704854 | 416218 | (440795) | 1960 | (14999) | 4667238 |  | 380955 |
|  EQ/JPMorgan Growth Stock Portfolio\* | 246477 | 20278441 | 2820470 | (4493776) | 95008 | 9949 | 18710092 |  | 2652972 |
|  EQ/JPMorgan Value Opportunities Portfolio | 856914 | 16687907 | 1770355 | (1873378) | 16969 | 802066 | 17403919 | 214269 | 1406220 |
|  EQ/Loomis Sayles Growth Portfolio\* | 1524574 | 21922997 | 1610084 | (6093776) | 484441 | 721796 | 18645542 |  | 1442587 |
|  EQ/MFS International Growth Portfolio | 4424173 | 33912247 | 3719925 | (4967154) | (4961) | 3485437 | 36145494 | 414927 | 2987634 |
|  EQ/Value Equity Portfolio | 709500 | 14563124 | 3341910 | (1873378) | 49640 | 939613 | 17020909 | 283855 | 408189 |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 937108 | 7115506 | 1359625 | (881590) | (2721) | 224659 | 7815479 | 539099 |  |
|  1290 VT DoubleLine Opportunistic Bond Portfolio | 1114667 | 9463729 | 1037404 | (1101987) | 17864 | 236002 | 9653012 | 449249 |  |
|  1290 VT High Yield Bond Portfolio | 1447415 | 13121838 | 1189065 | (1542782) | 3263 | 414565 | 13185949 | 565647 |  |
|  EQ/Core Plus Bond Portfolio | 5550076 | 19266232 | 1164747 | (2093776) | (237123) | 881180 | 18981260 | 997248 |  |
|  EQ/Intermediate Government Bond Portfolio | 515503 | 4034402 | 1457079 | (550994) | 5178 | 65026 | 5010691 | 163000 |  |
|  EQ/PIMCO Global Real Return Portfolio | 2345802 | 15049417 | 4487517 | (1983577) | 1099 | 648967 | 18203423 | 228834 |  |

---

See Notes to Financial Statements.

------

EQ/ALL ASSET GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security**<br> **Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  EQ/PIMCO Ultra Short Bond Portfolio | 899225 | 7662534 | 2212510 | (991789) | 4184 | (30074) | 8857365 | 383169 |  |
|  Multimanager Core Bond Portfolio | 943017 | 7990133 | 873898 | (881590) | 8922 | 269462 | 8260825 | 303373 |  |
|  **Total** |  | **394043241** | **51783530** | **(69942900)** | **7771590** | **25752846** | **409408307** | **7768884** | **17638380** |

---

*\** *Non-income producing.* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Exchange Traded Funds** |  |  |  |  |
|  Exchange Traded Funds | $61415930 | $— | $— | $61415930 |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | 398614285 |  |  | 398614285 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 9136545 |  |  | 9136545 |
|  **Total Assets** | $**469166760** | $**—** | $**—** | $**469166760** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**469166760** | $**—** | $**—** | $**469166760** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $52217542.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $71864899.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $73260674 |
|  Aggregate gross unrealized depreciation | (26889777) |
|  Net unrealized appreciation | $46370897 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $422795863 |

---

See Notes to Financial Statements.

------

EQ/ALL ASSET GROWTH ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $380,786,771) | $409408307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $37,189,596) | 59758453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 2535046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 112684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 45560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 4872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 4435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 471871226 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 9018326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 209884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 97544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 48669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 39303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 110665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 9524695 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $462346531 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $401688062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 60658469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $462346531 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $458,980,397 / 22,454,639 shares outstanding (unlimited amount authorized: $0.01 par value) | $20.44 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $3,366,134 / 165,918 shares outstanding (unlimited amount authorized: $0.01 par value) | $20.29 |

---

*(x)* *Includes value of securities on loan of $8,809,770.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($7,768,884 of dividend income received from affiliates) | $8898388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 91259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 79576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 9069223 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1108408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 557528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 446510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 171100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 55395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 37262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 15103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 10488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2401794 |
|  **NET INVESTMENT INCOME (LOSS)** | 6667429 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities ($7,771,590 realized gain (loss) from affiliates) | 8653060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 17638380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 26291440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities ($25,752,846 of change in unrealized appreciation (depreciation) from affiliates) | 38090743 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 64382183 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $71049612 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/ALL ASSET GROWTH ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $6667429 | $6237124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 26291440 | 20084043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 38090743 | 22200902 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 71049612 | 48522069 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (33239967) | (21514550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (247516) | (158119) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (33487483) | (21672669) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 24,471 shares, respectively ] |  | 438250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (2864057) shares, respectively ] |  | (53276033) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (218369) shares, respectively ] |  | (3957507) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (56795290) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 946,381 and 923,893 shares, respectively ] | 18867651 | 17333667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 2,852,201 shares, respectively ] |  | 53276033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,610,933 and 1,121,604 shares, respectively ] | 33239967 | 21514550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3136229) and (3923271) shares, respectively ] | (62705451) | (74781406) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (10597833) | 17342844 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 21,498 and 40,155 shares, respectively ] | 423123 | 750017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 12,079 and 8,307 shares, respectively ] | 247516 | 158119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (34265) and (21976) shares, respectively ] | (664749) | (404283) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 5890 | 503853 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (10591943) | (38948593) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 26970186 | (12099193) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 435376345 | 447475538 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $462346531 | $435376345 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/ALL ASSET GROWTH ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $18.77 | $17.73 | $16.10 | $20.69 | $22.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.30 | 0.28 | 0.20 | 0.22 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.92 | 1.71 | 2.04 | (3.25) | 2.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.22 | 1.99 | 2.24 | (3.03) | 2.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.42) | (0.44) | (0.28) | (0.23) | (0.85) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.13) | (0.51) | (0.33) | (1.33) | (3.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.55) | (0.95) | (0.61) | (1.56) | (4.04) |
|  Net asset value, end of year | $20.44 | $18.77 | $17.73 | $16.10 | $20.69 |
|  Total return | 17.18% | 11.16% | 14.15% | (14.46)% | 10.92% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $458980 | $432272 | $391027 | $373194 | $454964 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.54 %(j) | 0.54 %(k) | 0.55 %(m) | 0.53 %(n) | 0.53 %(n) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.54% | 0.54% | 0.55% | 0.53% | 0.53% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(x) | 1.49% | 1.48% | 1.18% | 1.23% | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(x) | 1.49% | 1.48% | 1.18% | 1.23% | 1.12% |
|  Portfolio turnover rate^ | 12% | 12% | 10% | 15% | 14% |
| **Class K** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $18.63 | $17.60 | $15.99 | $20.56 | $22.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.36 | 0.35 | 0.23 | 0.28 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.90 | 1.68 | 2.04 | (3.25) | 2.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.26 | 2.03 | 2.27 | (2.97) | 2.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.47) | (0.49) | (0.33) | (0.27) | (0.90) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.13) | (0.51) | (0.33) | (1.33) | (3.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.60) | (1.00) | (0.66) | (1.60) | (4.09) |
|  Net asset value, end of year | $20.29 | $18.63 | $17.60 | $15.99 | $20.56 |
|  Total return | 17.53% | 11.46% | 14.39% | (14.24)% | 11.21% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $3366 | $3104 | $2467 | $2332 | $2530 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.29 %(j) | 0.29 %(k) | 0.30 %(m) | 0.28 %(n) | 0.28 %(n) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.29% | 0.29% | 0.30% | 0.28% | 0.28% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(x) | 1.79% | 1.87% | 1.37% | 1.57% | 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(x) | 1.79% | 1.87% | 1.37% | 1.57% | 1.37% |
|  Portfolio turnover rate^ | 12% | 12% | 10% | 15% | 14% |

---

See Notes to Financial Statements.

------

EQ/ALL ASSET GROWTH ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.22% for Class IB and 0.97% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.23% for Class IB and 0.98% for Class K.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.24% for Class IB and 0.99% for Class K.* 

*(n)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.21% for Class IB and 0.96% for Class K.* 

*(x)* *Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.* 

See Notes to Financial Statements.

------

EQ/ULTRA CONSERVATIVE STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: |  |  |
|  **Equity (10.5%)** |  |  |
|  EQ/2000 Managed Volatility Portfolio‡ | 1921448 | $40023760 |
|  EQ/400 Managed Volatility Portfolio‡ | 410963 | 9152139 |
|  EQ/500 Managed Volatility Portfolio‡ | 3583229 | 108858495 |
|  EQ/International Managed Volatility Portfolio‡ | 1557617 | 25747415 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 183781809 |
|  **Fixed Income (89.6%)** |  |  |
|  EQ/Intermediate Corporate Bond Portfolio‡ | 16933630 | 169336299 |
|  EQ/Intermediate Government Bond Portfolio‡ | 119929757 | 1165717234 |
|  EQ/Long-Term Bond Portfolio‡ | 35242539 | 234715308 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 1569768841 |
|  **Total Investments in Securities (100.1%)**<br> *(Cost $1,739,484,760)* |  | 1753550650 |
|  **Other Assets Less Liabilities (-0.1%)** | **Other Assets Less Liabilities (-0.1%)** | (1003758) |
|  **Net Assets (100%)** |  | $1752546892 |

---

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security<br>Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income**<br>**($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/2000 Managed Volatility Portfolio | 1921448 | 41145088 | 16306922 | (21003005) | 1416687 | 2158068 | 40023760 | 465183 | 1349854 |
|  EQ/400 Managed Volatility Portfolio | 410963 | 6993613 | 3792202 | (1510300) | 9979 | (133355) | 9152139 | 103788 | 709225 |
|  EQ/500 Managed Volatility Portfolio | 3583229 | 116116979 | 47032410 | (56157513) | 3049165 | (1182546) | 108858495 | 1074726 | 14677971 |
|  EQ/International Managed Volatility Portfolio | 1557617 | 23791068 | 9719153 | (12961803) | 1436494 | 3762503 | 25747415 | 602671 | 941353 |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  EQ/Intermediate Corporate Bond Portfolio | 16933630 | 187844983 | 47436549 | (70170819) | 2104832 | 2120754 | 169336299 | 8971431 | 3214333 |
|  EQ/Intermediate Government Bond Portfolio | 119929757 | 1215164665 | 321813600 | (404760539) | (615382) | 34114890 | 1165717234 | 38141082 |  |
|  EQ/Long-Term Bond Portfolio | 35242539 | 241393768 | 70360771 | (81556228) | 534523 | 3982474 | 234715308 | 10534591 |  |
|  **Total** |  | **1832450164** | **516461607** | **(648120207)** | **7936298** | **44822788** | **1753550650** | **59893472** | **20892736** |

---

See Notes to Financial Statements.

------

EQ/ULTRA CONSERVATIVE STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $1753550650 | $— | $— | $1753550650 |
|  **Total Assets** | $**1753550650** | $**—** | $**—** | $**1753550650** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**1753550650** | $**—** | $**—** | $**1753550650** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $516461607.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $648120207.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $57672235 |
|  Aggregate gross unrealized depreciation | (44854863) |
|  Net unrealized appreciation | $12817372 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $1740733278 |

---

See Notes to Financial Statements.

------

EQ/ULTRA CONSERVATIVE STRATEGY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $1,739,484,760) | $1753550650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1272461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 31732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 9903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1754864894 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Overdraft payable | 1180269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 374311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 304657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 185404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 144863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 128498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2318002 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1752546892 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1723255966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 29290926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1752546892 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,752,546,892 / 195,277,527 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.97 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $59893472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 65262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 59958734 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 4743336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 2371469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1829712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 183600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 118524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 106430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 64443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recoupment fees | 54712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 39205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 9511431 |
|  **NET INVESTMENT INCOME (LOSS)** | 50447303 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | 7936298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 20892736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 28829034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 44822788 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 73651822 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $124099125 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/ULTRA CONSERVATIVE STRATEGY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $50447303 | $45366263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 28829034 | 47270921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 44822788 | (32969291) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 124099125 | 59667893 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (81475363) | (85367094) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 47,832,559 and 32,663,807 shares, respectively ] | 425570796 | 293197008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 9,021,437 and 9,597,952 shares, respectively ] | 81475363 | 85367094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (69209033) and (85217690) shares, respectively ] | (628268844) | (777926998) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (121222685) | (399362896) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (78598923) | (425062097) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1831145815 | 2256207912 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1752546892 | $1831145815 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/ULTRA CONSERVATIVE STRATEGY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $8.82 | $9.00 | $8.66 | $9.68 | $10.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.24 | 0.21 | 0.19 | 0.11 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.34 | 0.04 | 0.40 | (0.99) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.58 | 0.25 | 0.59 | (0.88) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.27) | (0.25) | (0.21) | (0.08) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.16) | (0.18) | (0.04) | (0.06) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.43) | (0.43) | (0.25) | (0.14) | (0.38) |
|  Net asset value, end of year | $8.97 | $8.82 | $9.00 | $8.66 | $9.68 |
|  Total return | 6.56% | 2.81% | 6.80% | (9.09)% | 0.02 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $1752547 | $1831146 | $2256208 | $2437281 | $932729 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.50 %(j) | 0.51 %(k) | 0.51 %(k) | 0.49 %(j) | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.50% | 0.51% | 0.52% | 0.49% | 0.49 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(x) | 2.66% | 2.27% | 2.14% | 1.18% | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(x) | 2.66% | 2.27% | 2.14% | 1.18% | 0.49 |
|  Portfolio turnover rate^ | 27% | 21% | 74% | 60% | 26 |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.90% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.92% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.91% for Class IB.* 

*(x)* *Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.* 

See Notes to Financial Statements.

------

EQ/CONSERVATIVE STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: |  |  |
|  **Equity (20.5%)** |  |  |
|  EQ/2000 Managed Volatility Portfolio‡ | 1165603 | $24279515 |
|  EQ/400 Managed Volatility Portfolio‡ | 251032 | 5590489 |
|  EQ/500 Managed Volatility Portfolio‡ | 2155267 | 65477003 |
|  EQ/International Managed Volatility Portfolio‡ | 938484 | 15513147 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 110860154 |
|  **Fixed Income (79.5%)** |  |  |
|  EQ/AB Short Duration Government Bond Portfolio‡ | 3772275 | 37307804 |
|  EQ/Core Bond Index Portfolio‡ | 17476851 | 165855320 |
|  EQ/Intermediate Corporate Bond Portfolio‡ | 8452293 | 84522932 |
|  EQ/Intermediate Government Bond Portfolio‡ | 8858486 | 86104483 |
|  EQ/Long-Term Bond Portfolio‡ | 8565112 | 57043647 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 430834186 |
|  **Total Investments in Securities (100.0%)**<br> *(Cost $531,539,219)* |  | 541694340 |
|  **Other Assets Less Liabilities (0.0%)†** | **Other Assets Less Liabilities (0.0%)†** | (226679) |
|  **Net Assets (100%)** |  | $541467661 |

---

*†* *Percent shown is less than 0.05%.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/<br>Interest<br>Income**<br>**($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/2000 Managed Volatility Portfolio | 1165603 | 24173265 | 7002775 | (8569557) | 637962 | 1035070 | 24279515 | 277640 | 806008 |
|  EQ/400 Managed Volatility Portfolio | 251032 | 6005845 | 1167602 | (1282124) | 304 | (301138) | 5590489 | 63426 | 435482 |
|  EQ/500 Managed Volatility Portfolio | 2155267 | 69477410 | 19807220 | (23285485) | 335512 | (857654) | 65477003 | 643516 | 8799368 |
|  EQ/International Managed Volatility Portfolio | 938484 | 14646898 | 3520944 | (5346371) | 650723 | 2040953 | 15513147 | 357044 | 557815 |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  EQ/AB Short Duration Government Bond Portfolio | 3772275 | 40157053 | 5938401 | (8974866) | 20288 | 166928 | 37307804 | 1457539 |  |
|  EQ/Core Bond Index Portfolio | 17476851 | 175433619 | 24085273 | (39104773) | (1138320) | 6579521 | 165855320 | 5340087 |  |
|  EQ/Intermediate Corporate Bond Portfolio | 8452293 | 88117687 | 14869230 | (19872918) | 254633 | 1154300 | 84522932 | 4456033 | 1598429 |
|  EQ/Intermediate Government Bond Portfolio | 8858486 | 99867729 | 11625806 | (27772918) | (1207657) | 3591523 | 86104483 | 2811037 |  |
|  EQ/Long-Term Bond Portfolio | 8565112 | 51417326 | 19043847 | (14103361) | (220569) | 906404 | 57043647 | 2488206 |  |
|  **Total** |  | **569296832** | **107061098** | **(148312373)** | **(667124)** | **14315907** | **541694340** | **17894528** | **12197102** |

---

See Notes to Financial Statements.

------

EQ/CONSERVATIVE STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets<br>for Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $541694340 | $— | $— | $541694340 |
|  **Total Assets** | $**541694340** | $**—** | $**—** | $**541694340** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**541694340** | $**—** | $**—** | $**541694340** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $107061098.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $148312373.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $53262205 |
|  Aggregate gross unrealized depreciation | (43589702) |
|  Net unrealized appreciation | $9672503 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $532021837 |

---

See Notes to Financial Statements.

------

EQ/CONSERVATIVE STRATEGY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $531,539,219) | $541694340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 218987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 214823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 47590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 542178940 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 441918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 115605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 57262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 49057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 47437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 711279 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $541467661 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $521931779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 19535882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $541467661 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $541,467,661 / 46,389,487 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.67 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All of dividend income received from affiliates) | $17894528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 17262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 17911790 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1364877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 681634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 545947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 81800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 60768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 37776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 18703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recoupment fees | 12585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 12124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 2816214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiverfrom investment manager | (4212) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2812002 |
|  **NET INVESTMENT INCOME (LOSS)** | 15099788 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | (667124) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 12197102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 11529978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 14315907 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 25845885 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $40945673 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/CONSERVATIVE STRATEGY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $15099788 | $14821633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 11529978 | 26570605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 14315907 | (13652141) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 40945673 | 27740097 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (30641382) | (23413538) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 10,022,480 and 11,824,413 shares, respectively ] | 117976403 | 138890251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 2,599,462 and 2,042,211 shares, respectively ] | 30641382 | 23413538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (15914819) and (17975431) shares, respectively ] | (186429232) | (210542195) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (37811447) | (48238406) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (27507156) | (43911847) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 568974817 | 612886664 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $541467661 | $568974817 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/CONSERVATIVE STRATEGY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $11.45 | $11.39 | $10.72 | $12.72 | $12.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.33 | 0.29 | 0.18 | 0.11 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.57 | 0.26 | 0.70 | (1.67) | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.90 | 0.55 | 0.88 | (1.56) | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.35) | (0.36) | (0.19) | (0.12) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.33) | (0.13) | (0.02) | (0.32) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.68) | (0.49) | (0.21) | (0.44) | (0.55) |
|  Net asset value, end of year | $11.67 | $11.45 | $11.39 | $10.72 | $12.72 |
|  Total return | 7.86% | 4.80% | 8.23% | (12.26)% | 2.50% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $541468 | $568975 | $612887 | $618222 | $837813 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.52 %(k) | 0.51 %(k) | 0.52 %(j) | 0.50 %(k) | 0.50 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.52% | 0.51% | 0.52% | 0.50% | 0.50% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(x) | 2.77% | 2.49% | 1.59% | 0.91% | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(x) | 2.77% | 2.49% | 1.59% | 0.91% | 0.56% |
|  Portfolio turnover rate^ | 20% | 20% | 30% | 17% | 27% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.94% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.95% for Class IB.* 

*(x)* *Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.* 

See Notes to Financial Statements.

------

EQ/CONSERVATIVE GROWTH STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (40.5%)** | **Equity (40.5%)** | **Equity (40.5%)** |
|  EQ/2000 Managed Volatility Portfolio‡ | 4852004 | $101067246 |
|  EQ/400 Managed Volatility Portfolio‡ | 790193 | 17597606 |
|  EQ/500 Managed Volatility Portfolio‡ | 8504769 | 258374890 |
|  EQ/International Managed Volatility Portfolio‡ | 3700323 | 61166346 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 438206088 |
|  **Fixed Income (59.5%)** | **Fixed Income (59.5%)** | **Fixed Income (59.5%)** |
|  EQ/AB Short Duration Government Bond Portfolio‡ | 5981860 | 59160598 |
|  EQ/Core Bond Index Portfolio‡ | 24911571 | 236410810 |
|  EQ/Intermediate Corporate Bond Portfolio‡ | 11857006 | 118570064 |
|  EQ/Intermediate Government Bond Portfolio‡ | 12164210 | 118236125 |
|  EQ/Long-Term Bond Portfolio‡ | 16838155 | 112142110 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 644519707 |
|  **Total Investments in Securities (100.0%)**<br> *(Cost $956,966,082)* | **Total Investments in Securities (100.0%)**<br> *(Cost $956,966,082)* | 1082725795 |
|  **Other Assets Less Liabilities (0.0%)†** | **Other Assets Less Liabilities (0.0%)†** | 438511 |
|  **Net Assets (100%)** |  | $1083164306 |

---

*†* *Percent shown is less than 0.05%.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/<br>Interest<br>Income**<br>**($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/2000 Managed Volatility Portfolio | 4852004 | 104707363 | 16002498 | (24977857) | 635087 | 4700155 | 101067246 | 1140597 | 3308834 |
|  EQ/400 Managed Volatility Portfolio | 790193 | 18816315 | 2688094 | (2962976) | (24556) | (919271) | 17597606 | 199044 | 1363538 |
|  EQ/500 Managed Volatility Portfolio | 8504769 | 269576501 | 58887848 | (67107619) | 290378 | (3272218) | 258374890 | 2523434 | 34456225 |
|  EQ/International Managed Volatility Portfolio | 3700323 | 58384970 | 7275295 | (14851905) | 2293386 | 8064600 | 61166346 | 1394720 | 2178528 |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  EQ/AB Short Duration Government Bond Portfolio | 5981860 | 63614124 | 6916599 | (11647579) | 5480 | 271974 | 59160598 | 2293056 |  |
|  EQ/Core Bond Index Portfolio | 24911571 | 250740504 | 26034026 | (48035992) | (482145) | 8154417 | 236410810 | 7568357 |  |
|  EQ/Intermediate Corporate Bond Portfolio | 11857006 | 126634899 | 13281454 | (23395159) | 101069 | 1947801 | 118570064 | 6143195 | 2201172 |
|  EQ/Intermediate Government Bond Portfolio | 12164210 | 132336293 | 12923078 | (30145159) | (1369594) | 4491507 | 118236125 | 3815992 |  |
|  EQ/Long-Term Bond Portfolio | 16838155 | 107078423 | 21392132 | (17940833) | (304551) | 1916939 | 112142110 | 4913549 |  |
|  **Total** |  | **1131889392** | **165401024** | **(241065079)** | **1144554** | **25355904** | **1082725795** | **29991944** | **43508297** |

---

See Notes to Financial Statements.

------

EQ/CONSERVATIVE GROWTH STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $1082725795 | $— | $— | $1082725795 |
|  **Total Assets** | $**1082725795** | $**—** | $**—** | $**1082725795** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**1082725795** | $**—** | $**—** | $**1082725795** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $165401024.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $241065079.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $192338135 |
|  Aggregate gross unrealized depreciation | (69049124) |
|  Net unrealized appreciation | $123289011 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $959436784 |

---

See Notes to Financial Statements.

------

EQ/CONSERVATIVE GROWTH STRATEGY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $956,966,082) | $1082725795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 815487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 212028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 4504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1083758791 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 230211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 114028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 102911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 91549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 7923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 47863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 594485 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1083164306 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $925533776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 157630530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1083164306 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,083,164,306 / 78,000,219 shares outstanding (unlimited amount authorized: $0.01 par value) | $13.89 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $29991944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 17449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 30009393 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 2692986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1344679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1071396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 80977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 75400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 62621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 37042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 20299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 5385400 |
|  **NET INVESTMENT INCOME (LOSS)** | 24623993 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | 1144554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 43508297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 44652851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 25355904 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 70008755 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $94632748 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/CONSERVATIVE GROWTH STRATEGY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $24623993 | $25505025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 44652851 | 86481441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 25355904 | (27662373) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 94632748 | 84324093 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (83765495) | (71108419) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 6,756,609 and 8,673,604 shares, respectively ] | 95089901 | 123090240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 5,951,616 and 5,127,250 shares, respectively ] | 83765495 | 71108419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (17129115) and (16028564) shares , respectively] | (238637281) | (226514272) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (59781885) | (32315613) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (48914632) | (19099939) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1132078938 | 1151178877 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1083164306 | $1132078938 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/CONSERVATIVE GROWTH STRATEGY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $13.74 | $13.60 | $12.55 | $15.72 | $15.67 |
|  **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.32 | 0.31 | 0.20 | 0.12 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.95 | 0.74 | 1.24 | (2.40) | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.27 | 1.05 | 1.44 | (2.28) | 1.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.35) | (0.40) | (0.21) | (0.13) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.77) | (0.51) | (0.18) | (0.76) | (0.80) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.12) | (0.91) | (0.39) | (0.89) | (1.05) |
|  Net asset value, end of year | $13.89 | $13.74 | $13.60 | $12.55 | $15.72 |
|  Total return | 9.32% | 7.66% | 11.55% | (14.46)% | 7.08% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $1083164 | $1132079 | $1151179 | $1106575 | $1595539 |
|  Ratio of expenses to average net assets (f) | 0.50 %(j) | 0.50 %(j) | 0.50 %(j) | 0.49 %(k) | 0.48 %(o) |
|  Ratio of net investment income (loss) to average net assets (f)(x) | 2.29% | 2.21% | 1.49% | 0.84% | 0.57% |
|  Portfolio turnover rate^ | 15% | 16% | 26% | 16% | 22% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.97% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.96% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.95% for Class IB.* 

*(x)* *Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.* 

See Notes to Financial Statements.

------

EQ/BALANCED STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (50.5%)** | **Equity (50.5%)** | **Equity (50.5%)** |
|  EQ/2000 Managed Volatility Portfolio‡ | 17538323 | $365323275 |
|  EQ/400 Managed Volatility Portfolio‡ | 2719327 | 60559404 |
|  EQ/500 Managed Volatility Portfolio‡ | 30740069 | 933883283 |
|  EQ/International Managed Volatility Portfolio‡ | 13340448 | 220517601 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 1580283563 |
|  **Fixed Income (49.5%)** | **Fixed Income (49.5%)** | **Fixed Income (49.5%)** |
|  EQ/AB Short Duration Government Bond Portfolio‡ | 12527628 | 123898245 |
|  EQ/Core Bond Index Portfolio‡ | 58852245 | 558507801 |
|  EQ/Intermediate Corporate Bond Portfolio‡ | 27913352 | 279133519 |
|  EQ/Intermediate Government Bond Portfolio‡ | 28776608 | 279708631 |
|  EQ/Long-Term Bond Portfolio‡ | 46262347 | 308107233 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 1549355429 |
|  **Total Investments in Securities (100.0%)**<br> *(Cost $2,672,173,737)* | **Total Investments in Securities (100.0%)**<br> *(Cost $2,672,173,737)* | 3129638992 |
|  **Other Assets Less Liabilities (0.0%)†** | **Other Assets Less Liabilities (0.0%)†** | (188007) |
|  **Net Assets (100%)** |  | $3129450985 |

---

*†* *Percent shown is less than 0.05%.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss)**<br>**($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/<br>Interest<br>Income**<br>**($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/2000 Managed Volatility Portfolio | 17538323 | 371533818 | 51575557 | (77383562) | (120969) | 19718431 | 365323275 | 4129346 | 11987856 |
|  EQ/400 Managed Volatility Portfolio | 2719327 | 65881363 | 7353667 | (9315193) | (41001) | (3319432) | 60559404 | 687937 | 4727848 |
|  EQ/500 Managed Volatility Portfolio | 30740069 | 971782224 | 182934013 | (209827896) | 417641 | (11422699) | 933883283 | 9136410 | 124979364 |
|  EQ/International Managed Volatility Portfolio | 13340448 | 205424633 | 22379408 | (44706974) | 3195941 | 34224593 | 220517601 | 5029370 | 7857979 |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  EQ/AB Short Duration Government Bond Portfolio | 12527628 | 135195778 | 15994106 | (27930386) | 28419 | 610328 | 123898245 | 4818340 |  |
|  EQ/Core Bond Index Portfolio | 58852245 | 593329909 | 62733424 | (116082940) | 147847 | 18379561 | 558507801 | 17851951 |  |
|  EQ/Intermediate Corporate Bond Portfolio | 27913352 | 296318666 | 33264403 | (55368369) | 505274 | 4413545 | 279133519 | 14567061 | 5226869 |
|  EQ/Intermediate Government Bond Portfolio | 28776608 | 298198524 | 34735076 | (60468369) | (1927303) | 9170703 | 279708631 | 9014604 |  |
|  EQ/Long-Term Bond Portfolio | 46262347 | 298661388 | 47856240 | (43075965) | (303739) | 4969309 | 308107233 | 13516828 |  |
|  **Total** |  | **3236326303** | **458825894** | **(644159654)** | **1902110** | **76744339** | **3129638992** | **78751847** | **154779916** |

---

See Notes to Financial Statements.

------

EQ/BALANCED STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $3129638992 | $— | $— | $3129638992 |
|  **Total Assets** | $**3129638992** | $**—** | $**—** | $**3129638992** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**3129638992** | $**—** | $**—** | $**3129638992** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $458825894.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $644159654.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $631009869 |
|  Aggregate gross unrealized depreciation | (179479449) |
|  Net unrealized appreciation | $451530420 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $2678108572 |

---

See Notes to Financial Statements.

------

EQ/BALANCED STRATEGY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $2,672,173,737) | $3129638992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 774503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1047150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 391138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 190248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 13042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3132055073 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1263444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 667941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 330845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 251075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 90783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2604088 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $3129450985 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $2556542896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 572908089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $3129450985 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $3,129,450,985 / 196,059,520 shares outstanding (unlimited amount authorized: $0.01 par value) | $15.96 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $78751847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 24995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 78776842 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 7819418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 3904539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2939989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 159261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 159251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 107429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 92900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 48371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 15231158 |
|  **NET INVESTMENT INCOME (LOSS)** | 63545684 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities ($1,902,110 realized gain (loss) from affiliates) | 1926512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 154779916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 156706428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 76744339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 22420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 76766759 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 233473187 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $297018871 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/BALANCED STRATEGY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $63545684 | $66960561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 156706428 | 289627822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 76766759 | (67967391) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 297018871 | 288620992 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (266513870) | (222827874) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 9,730,525 and 13,292,738 shares, respectively ] | 156862696 | 215802966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 16,471,133 and 13,932,424 shares,<br>respectively ] | 266513870 | 222827874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (35011888) and (32833925) shares, respectively ] | (560652614) | (534641027) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (137276048) | (96010187) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (137276048) | (96010187) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (106771047) | (30217069) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 3236222032 | 3266439101 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $3129450985 | $3236222032 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/BALANCED STRATEGY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $15.80 | $15.52 | $14.05 | $17.65 | $17.07 |
|  **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.33 | 0.33 | 0.21 | 0.13 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.25 | 1.10 | 1.63 | (2.89) | 1.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.58 | 1.43 | 1.84 | (2.76) | 1.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.37) | (0.44) | (0.23) | (0.14) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.05) | (0.71) | (0.14) | (0.70) | (0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.42) | (1.15) | (0.37) | (0.84) | (1.02) |
|  Net asset value, end of year | $15.96 | $15.80 | $15.52 | $14.05 | $17.65 |
|  Total return | 10.05% | 9.16% | 13.22% | (15.57)% | 9.48% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $3129451 | $3236222 | $3266439 | $3124608 | $4414758 |
|  Ratio of expenses to average net assets (f) | 0.49 %(j) | 0.49 %(k) | 0.49 %(k) | 0.49 %(k) | 0.48 %(g)(j) |
|  Ratio of net investment income (loss) to average net assets (f)(x) | 2.03% | 2.03% | 1.42% | 0.82% | 0.65% |
|  Portfolio turnover rate^ | 15% | 16% | 21% | 13% | 24% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of less than 0.005%.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.97% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.98% for Class IB.* 

*(x)* *Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.* 

See Notes to Financial Statements.

------

EQ/MODERATE GROWTH STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (60.5%)** | **Equity (60.5%)** | **Equity (60.5%)** |
|  EQ/2000 Managed Volatility Portfolio‡ | 34433016 | $717239719 |
|  EQ/400 Managed Volatility Portfolio‡ | 5259685 | 117133184 |
|  EQ/500 Managed Volatility Portfolio‡ | 60560020 | 1839813395 |
|  EQ/International Managed Volatility Portfolio‡ | 26208013 | 433218447 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 3107404745 |
|  **Fixed Income (39.5%)** | **Fixed Income (39.5%)** | **Fixed Income (39.5%)** |
|  EQ/AB Short Duration Government Bond Portfolio‡ | 12858311 | 127168695 |
|  EQ/Core Bond Index Portfolio‡ | 77472609 | 735215058 |
|  EQ/Intermediate Corporate Bond Portfolio‡ | 36816229 | 368162295 |
|  EQ/Intermediate Government Bond Portfolio‡ | 37872396 | 368119687 |
|  EQ/Long-Term Bond Portfolio‡ | 64345575 | 428541526 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 2027207261 |
|  **Total Investments in Securities (100.0%)**<br> *(Cost $4,017,322,197)* | **Total Investments in Securities (100.0%)**<br> *(Cost $4,017,322,197)* | 5134612006 |
|  **Other Assets Less Liabilities (0.0%)†** | **Other Assets Less Liabilities (0.0%)†** | (634903) |
|  **Net Assets (100%)** |  | $5133977103 |

---

*†* *Percent shown is less than 0.05%.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds**<br>**from**<br>**Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/<br>Interest<br>Income**<br>**($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/2000 Managed Volatility Portfolio | 34433016 | 736287921 | 96611481 | (154413343) | (461019) | 39214679 | 717239719 | 8109544 | 23556942 |
|  EQ/400 Managed Volatility Portfolio | 5259685 | 136607706 | 10595365 | (22964105) | (95562) | (7010220) | 117133184 | 1331782 | 9178007 |
|  EQ/500 Managed Volatility Portfolio | 60560020 | 1965305222 | 327463956 | (430383105) | 5396099 | (27968777) | 1839813395 | 17947668 | 245883992 |
|  EQ/International Managed Volatility Portfolio | 26208013 | 411068536 | 39837339 | (92170776) | 16740507 | 57742841 | 433218447 | 9844472 | 15384794 |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  EQ/AB Short Duration Government Bond Portfolio | 12858311 | 143275602 | 18515045 | (35364105) | 41174 | 700979 | 127168695 | 4929469 |  |
|  EQ/Core Bond Index Portfolio | 77472609 | 798987782 | 90737174 | (179498985) | (263928) | 25253015 | 735215058 | 23457948 |  |
|  EQ/Intermediate Corporate Bond Portfolio | 36816229 | 403973664 | 48394685 | (91145903) | 791889 | 6147960 | 368162295 | 19125794 | 6870720 |
|  EQ/Intermediate Government Bond Portfolio | 37872396 | 402991689 | 50442455 | (95145903) | (1971484) | 11802930 | 368119687 | 11844285 |  |
|  EQ/Long-Term Bond Portfolio | 64345575 | 422141736 | 70848040 | (71277955) | (496131) | 7325836 | 428541526 | 18757082 |  |
|  **Total** |  | **5420639858** | **753445540** | **(1172364180)** | **19681545** | **113209243** | **5134612006** | **115348044** | **300874455** |

---

See Notes to Financial Statements.

------

EQ/MODERATE GROWTH STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $5134612006 | $— | $— | $5134612006 |
|  **Total Assets** | $**5134612006** | $**—** | $**—** | $**5134612006** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**5134612006** | $**—** | $**—** | $**5134612006** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $753445540.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $1172364180.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1360687681 |
|  Aggregate gross unrealized depreciation | (249561734) |
|  Net unrealized appreciation | $1111125947 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $4023486059 |

---

See Notes to Financial Statements.

------

EQ/MODERATE GROWTH STRATEGY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $4,017,322,197) | $5134612006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1149011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 2486387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 161527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 3023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 21532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 5138433486 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 2264782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 1097253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 543492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 405273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 145583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 4456383 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $5133977103 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $3781944555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1352032548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $5133977103 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $5,133,977,103 / 309,833,182 shares outstanding (unlimited amount authorized: $0.01 par value) | $16.57 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $115348044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 42042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 115390086 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 12938607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 6460639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4778152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 255155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 236905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 178641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 91700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 80130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 25019929 |
|  **NET INVESTMENT INCOME (LOSS)** | 90370157 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | 19681545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 300874455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 320556000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 113209243 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 433765243 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $524135400 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/MODERATE GROWTH STRATEGY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $90370157 | $101319973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 320556000 | 618816617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 113209243 | (150914379) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 524135400 | 569222211 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (509727815) | (457179255) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 8,708,812 and 14,244,113 shares, respectively ] | 146280312 | 244547309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 30,319,938 and 27,246,906 shares,<br>respectively ] | 509727815 | 457179255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (57253901) and (55181362) shares, respectively ] | (956809039) | (948082000) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (300800912) | (246355436) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (286393327) | (134312480) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 5420370430 | 5554682910 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $5133977103 | $5420370430 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/MODERATE GROWTH STRATEGY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $16.52 | $16.25 | $14.71 | $19.35 | $18.86 |
|  **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.29 | 0.31 | 0.21 | 0.13 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.48 | 1.44 | 1.95 | (3.34) | 2.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.77 | 1.75 | 2.16 | (3.21) | 2.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.34) | (0.44) | (0.23) | (0.15) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.38) | (1.04) | (0.39) | (1.28) | (1.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.72) | (1.48) | (0.62) | (1.43) | (1.72) |
|  Net asset value, end of year | $16.57 | $16.52 | $16.25 | $14.71 | $19.35 |
|  Total return | 10.83% | 10.76% | 14.86% | (16.51)% | 11.91% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $5133977 | $5420370 | $5554683 | $5311101 | $7448672 |
|  Ratio of expenses to average net assets (f) | 0.48 %(j) | 0.49 %(k) | 0.49 %(k) | 0.48 %(j) | 0.47 %(o) |
|  Ratio of net investment income (loss) to average net assets (f)(x) | 1.75% | 1.82% | 1.33% | 0.79% | 0.56% |
|  Portfolio turnover rate^ | 14% | 16% | 17% | 12% | 20% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.98% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.00% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.97% for Class IB.* 

*(x)* *Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.* 

See Notes to Financial Statements.

------

EQ/GROWTH STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (70.5%)** | **Equity (70.5%)** | **Equity (70.5%)** |
|  EQ/2000 Managed Volatility Portfolio‡ | 36700227 | $764465724 |
|  EQ/400 Managed Volatility Portfolio‡ | 5098693 | 113547899 |
|  EQ/500 Managed Volatility Portfolio‡ | 64233164 | 1951403525 |
|  EQ/International Managed Volatility Portfolio‡ | 27624843 | 456638663 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 3286055811 |
|  **Fixed Income (29.5%)** | **Fixed Income (29.5%)** | **Fixed Income (29.5%)** |
|  EQ/AB Short Duration Government Bond Portfolio‡ | 9250674 | 91489167 |
|  EQ/Core Bond Index Portfolio‡ | 51091737 | 484860585 |
|  EQ/Intermediate Corporate Bond Portfolio‡ | 24302237 | 243022374 |
|  EQ/Intermediate Government Bond Portfolio‡ | 24996807 | 242968964 |
|  EQ/Long-Term Bond Portfolio‡ | 46478115 | 309544243 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 1371885333 |
|  **Total Investments in Securities (100.0%)**<br> *(Cost $3,633,475,359)* | **Total Investments in Securities (100.0%)**<br> *(Cost $3,633,475,359)* | 4657941144 |
|  **Other Assets Less Liabilities (0.0%)†** | **Other Assets Less Liabilities (0.0%)†** | 361172 |
|  **Net Assets (100%)** |  | $4658302316 |

---

*†* *Percent shown is less than 0.05%.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from Sales<br>($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/<br>Interest<br>Income**<br>**($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/2000 Managed Volatility Portfolio | 36700227 | 754089490 | 93982505 | (124540932) | 155709 | 40778952 | 764465724 | 8632318 | 25062081 |
|  EQ/400 Managed Volatility Portfolio | 5098693 | 128420853 | 10280058 | (18418552) | (100243) | (6634217) | 113547899 | 1289170 | 8868804 |
|  EQ/500 Managed Volatility Portfolio | 64233164 | 2019467715 | 308873357 | (349063479) | (1358588) | (26515480) | 1951403525 | 18944086 | 259175823 |
|  EQ/International Managed Volatility Portfolio | 27624843 | 411821314 | 41789267 | (72989019) | 9767126 | 66249975 | 456638663 | 10311572 | 16111557 |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  EQ/AB Short Duration Government Bond Portfolio | 9250674 | 100637863 | 14607981 | (24240765) | 15271 | 468817 | 91489167 | 3519193 |  |
|  EQ/Core Bond Index Portfolio | 51091737 | 508647306 | 66374283 | (106046423) | 1230608 | 14654811 | 484860585 | 15419244 |  |
|  EQ/Intermediate Corporate Bond Portfolio | 24302237 | 257892285 | 34753780 | (53844509) | 232805 | 3988013 | 243022374 | 12562512 | 4508202 |
|  EQ/Intermediate Government Bond Portfolio | 24996807 | 255882479 | 35961971 | (55094509) | (318384) | 6537407 | 242968964 | 7778903 |  |
|  EQ/Long-Term Bond Portfolio | 46478115 | 294411278 | 50984691 | (40300083) | (210609) | 4658966 | 309544243 | 13485033 |  |
|  **Total** |  | **4731270583** | **657607893** | **(844538271)** | **9413695** | **104187244** | **4657941144** | **91942031** | **313726467** |

---

See Notes to Financial Statements.

------

EQ/GROWTH STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $4657941144 | $— | $— | $4657941144 |
|  **Total Assets** | $**4657941144** | $**—** | $**—** | $**4657941144** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**4657941144** | $**—** | $**—** | $**4657941144** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $657607893.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $844538271.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1185417273 |
|  Aggregate gross unrealized depreciation | (165095050) |
|  Net unrealized appreciation | $1020322223 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $3637618921 |

---

See Notes to Financial Statements.

------

EQ/GROWTH STRATEGY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $3,633,475,359) | $4657941144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1383100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1049214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 739198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 18896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 4661132486 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 994232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 830446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 492464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 368542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 144486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2830170 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $4658302316 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $3392976817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1265325499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $4658302316 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $4,658,302,316 / 239,696,890 shares outstanding (unlimited amount authorized: $0.01 par value) | $19.43 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $91942031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 24094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 91966125 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 11492712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 5738819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4262403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 228243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 215090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 157668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 89700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 72873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 22257508 |
|  **NET INVESTMENT INCOME (LOSS)** | 69708617 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | 9413695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 313726467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 323140162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 104187244 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 427327406 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $497036023 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/GROWTH STRATEGY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $69708617 | $78676151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 323140162 | 527244552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 104187244 | (47976300) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 497036023 | 557944403 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (471939748) | (361686632) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (87162) shares,<br>respectively ] |  | (1725971) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (1652) shares ] |  | (31243) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (1757214) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 8,701,024 and 12,827,432 shares, respectively ] | 168940819 | 254007384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 87,048 shares, respectively ] |  | 1725971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 23,957,356 and 18,412,933 shares,<br>respectively ] | 471939748 | 361686632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (37855338) and (38572794) shares, respectively ] | (737979463) | (765791685) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (97098896) | (148371698) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (97098896) | (150128912) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (72002621) | 46128859 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 4730304937 | 4684176078 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $4658302316 | $4730304937 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/GROWTH STRATEGY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $19.32 | $18.57 | $16.53 | $21.99 | $20.84 |
|  **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.30 | 0.33 | 0.22 | 0.14 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.89 | 1.98 | 2.47 | (3.99) | 2.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.19 | 2.31 | 2.69 | (3.85) | 2.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.36) | (0.48) | (0.25) | (0.16) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.72) | (1.08) | (0.40) | (1.45) | (1.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.08) | (1.56) | (0.65) | (1.61) | (1.79) |
|  Net asset value, end of year | $19.43 | $19.32 | $18.57 | $16.53 | $21.99 |
|  Total return | 11.44% | 12.42% | 16.47% | (17.40)% | 14.28% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $4658302 | $4730305 | $4682529 | $4360770 | $6010718 |
|  Ratio of expenses to average net assets (f) | 0.48 %(j) | 0.49 %(k) | 0.49 %(o) | 0.48 %(j) | 0.47 %(jj) |
|  Ratio of net investment income (loss) to average net assets (f)(x) | 1.52% | 1.64% | 1.26% | 0.75% | 0.56% |
|  Portfolio turnover rate^ | 14% | 17% | 15% | 11% | 19% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.00% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.01% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.02% for Class IB.* 

*(x)* *Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.* 

*(jj)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.99% for Class IB.* 

See Notes to Financial Statements.

------

EQ/AGGRESSIVE GROWTH STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (80.6%)** | **Equity (80.6%)** | **Equity (80.6%)** |
|  EQ/2000 Managed Volatility Portfolio‡ | 51448445 | $1071671106 |
|  EQ/400 Managed Volatility Portfolio‡ | 6867909 | 152948330 |
|  EQ/500 Managed Volatility Portfolio‡ | 90419756 | 2746952199 |
|  EQ/International Managed Volatility Portfolio‡ | 38453970 | 635644117 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 4607215752 |
|  **Fixed Income (19.4%)** | **Fixed Income (19.4%)** | **Fixed Income (19.4%)** |
|  EQ/AB Short Duration Government Bond Portfolio‡ | 7024957 | 69476827 |
|  EQ/Core Bond Index Portfolio‡ | 40988268 | 388978660 |
|  EQ/Intermediate Corporate Bond Portfolio‡ | 19467965 | 194679649 |
|  EQ/Intermediate Government Bond Portfolio‡ | 20014895 | 194544775 |
|  EQ/Long-Term Bond Portfolio‡ | 39389428 | 262333591 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 1110013502 |
|  **Total Investments in Securities (100.0%)**<br> *(Cost $4,759,632,193)* | **Total Investments in Securities (100.0%)**<br> *(Cost $4,759,632,193)* | 5717229254 |
|  **Other Assets Less Liabilities (0.0%)†** | **Other Assets Less Liabilities (0.0%)†** | (1741225) |
|  **Net Assets (100%)** |  | $5715488029 |

---

*†* *Percent shown is less than 0.05%.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/<br>Interest<br>Income**<br>**($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/2000 Managed Volatility Portfolio | 51448445 | 1005363318 | 117476457 | (109603069) | 270477 | 58163923 | 1071671106 | 12096995 | 35084513 |
|  EQ/400 Managed Volatility Portfolio | 6867909 | 162991699 | 15383884 | (16823383) | (4238) | (8599632) | 152948330 | 1735825 | 11897498 |
|  EQ/500 Managed Volatility Portfolio | 90419756 | 2727091178 | 411559331 | (346474133) | 2041027 | (47265204) | 2746952199 | 26544021 | 362306306 |
|  EQ/International Managed Volatility Portfolio | 38453970 | 546020273 | 57249905 | (70493533) | 6191009 | 96676463 | 635644117 | 14343844 | 22403810 |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  EQ/AB Short Duration Government Bond Portfolio | 7024957 | 75580940 | 11085725 | (17543076) | 11253 | 341985 | 69476827 | 2664658 |  |
|  EQ/Core Bond Index Portfolio | 40988268 | 392301901 | 55431970 | (70983997) | 607089 | 11621697 | 388978660 | 12322417 |  |
|  EQ/Intermediate Corporate Bond Portfolio | 19467965 | 197558008 | 29379560 | (35260614) | 47551 | 2955144 | 194679649 | 10028090 | 3592480 |
|  EQ/Intermediate Government Bond Portfolio | 20014895 | 195551828 | 29965489 | (35710614) | 469859 | 4268213 | 194544775 | 6206499 |  |
|  EQ/Long-Term Bond Portfolio | 39389428 | 236690613 | 47260625 | (25053690) | (90676) | 3526719 | 262333591 | 11380567 |  |
|  **Total** |  | **5539149758** | **774792946** | **(727946109)** | **9543351** | **121689308** | **5717229254** | **97322916** | **435284607** |

---

See Notes to Financial Statements.

------

EQ/AGGRESSIVE GROWTH STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $5717229254 | $— | $— | $5717229254 |
|  **Total Assets** | $**5717229254** | $**—** | $**—** | $**5717229254** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**5717229254** | $**—** | $**—** | $**5717229254** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $774792946.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $727946109.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1071676739 |
|  Aggregate gross unrealized depreciation | (124488089) |
|  Net unrealized appreciation | $947188650 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $4770040604 |

---

See Notes to Financial Statements.

------

EQ/AGGRESSIVE GROWTH STRATEGY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $4,759,632,193) | $5717229254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 2004330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 27996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 22427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 5719284727 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 1220442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 910992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 604510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 448392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Overdraft payable | 364754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 247608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3796698 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $5715488029 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $4429746793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1285741236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $5715488029 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $5,715,488,029 / 325,225,216 shares outstanding (unlimited amount authorized: $0.01 par value) | $17.57 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $97322916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 25198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 97348114 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 13784474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 6883220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 5074535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 270215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 250514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 187606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 116200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 85197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 26651961 |
|  **NET INVESTMENT INCOME (LOSS)** | 70696153 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | 9543351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 435284607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 444827958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 121689308 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 566517266 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $637213419 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/AGGRESSIVE GROWTH STRATEGY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $70696153 | $81131075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 444827958 | 537514599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 121689308 | 92789121 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 637213419 | 711434795 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (578511341) | (322116075) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 19,247,057 and 30,746,556 shares, respectively ] | 336242144 | 535380024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 32,512,730 and 18,252,200 shares,<br>respectively ] | 578511341 | 322116075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (45264449) and (48368232) shares, respectively ] | (795414137) | (844585675) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 119339348 | 12910424 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 178041426 | 402229144 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 5537446603 | 5135217459 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $5715488029 | $5537446603 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/AGGRESSIVE GROWTH STRATEGY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $17.37 | $16.14 | $14.15 | $19.04 | $17.63 |
|  **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.23 | 0.26 | 0.18 | 0.11 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.86 | 2.02 | 2.36 | (3.62) | 2.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.09 | 2.28 | 2.54 | (3.51) | 2.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.28) | (0.40) | (0.20) | (0.13) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.61) | (0.65) | (0.35) | (1.25) | (1.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.89) | (1.05) | (0.55) | (1.38) | (1.51) |
|  Net asset value, end of year | $17.57 | $17.37 | $16.14 | $14.15 | $19.04 |
|  Total return | 12.17% | 14.11% | 18.17% | (18.34)% | 16.82% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $5715488 | $5537447 | $5135217 | $4604592 | $6110815 |
|  Ratio of expenses to average net assets (f) | 0.48 %(j) | 0.49 %(k) | 0.49 %(k) | 0.48 %(j) | 0.47 %(o) |
|  Ratio of net investment income (loss) to average net assets (f)(x) | 1.28% | 1.49% | 1.20% | 0.71% | 0.58% |
|  Portfolio turnover rate^ | 13% | 13% | 11% | 8% | 16% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.01% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.03% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.00% for Class IB.* 

*(x)* *Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.* 

See Notes to Financial Statements.

------

EQ/CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (20.7%)** | **Equity (20.7%)** | **Equity (20.7%)** |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund‡ | 100981 | $2158971 |
|  1290 VT Equity Income Portfolio‡ | 487757 | 2365621 |
|  1290 VT GAMCO Small Company Value Portfolio‡ | 19079 | 1452638 |
|  1290 VT Micro Cap Portfolio‡ | 140059 | 1698916 |
|  ATM International Managed Volatility Portfolio‡ | 726652 | 8683494 |
|  ATM Large Cap Managed Volatility Portfolio‡ | 2893279 | 40332305 |
|  ATM Mid Cap Managed Volatility Portfolio‡ | 1506220 | 11658144 |
|  ATM Small Cap Managed Volatility Portfolio‡ | 400155 | 4497743 |
|  EQ/AB Small Cap Growth Portfolio‡ | 143615 | 2541987 |
|  EQ/American Century Mid Cap Value Portfolio‡ | 101337 | 2194959 |
|  EQ/ClearBridge Select Equity Managed Volatility Portfolio‡ | 461106 | 6049705 |
|  EQ/Global Equity Managed Volatility Portfolio‡ | 181484 | 3128786 |
|  EQ/International Core Managed Volatility Portfolio‡ | 166334 | 2044248 |
|  EQ/International Equity Index Portfolio‡ | 75439 | 1047844 |
|  EQ/International Value Managed Volatility Portfolio‡ | 204715 | 3072766 |
|  EQ/Janus Enterprise Portfolio\*‡ | 203384 | 4572072 |
|  EQ/JPMorgan Growth Stock Portfolio\*‡ | 51200 | 3886567 |
|  EQ/JPMorgan Value Opportunities Portfolio‡ | 115795 | 2351806 |
|  EQ/Large Cap Core Managed Volatility Portfolio‡ | 699787 | 7319775 |
|  EQ/Large Cap Value Managed Volatility Portfolio‡ | 165003 | 3021213 |
|  EQ/Loomis Sayles Growth Portfolio\*‡ | 306309 | 3746153 |
|  EQ/MFS International Growth Portfolio‡ | 300839 | 2457852 |
|  EQ/Morgan Stanley Small Cap Growth Portfolio‡ | 147463 | 1434814 |
|  EQ/Value Equity Portfolio‡ | 97215 | 2332184 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 124050563 |
|  **Fixed Income (79.8%)** | **Fixed Income (79.8%)** | **Fixed Income (79.8%)** |
|  1290 Diversified Bond Fund‡ | 2880798 | 24025856 |
|  1290 VT DoubleLine Opportunistic Bond Portfolio‡ | 4121741 | 35694278 |
|  1290 VT High Yield Bond Portfolio‡ | 1060271 | 9659066 |
|  EQ/Core Bond Index Portfolio‡ | 10132422 | 96156686 |
|  EQ/Core Plus Bond Portfolio‡ | 8325579 | 28473480 |
|  EQ/Intermediate Government Bond Portfolio‡ | 11981199 | 116457254 |
|  EQ/Long-Term Bond Portfolio‡ | 5564273 | 37058055 |
|  EQ/PIMCO Ultra Short Bond Portfolio‡ | 5584925 | 55011512 |
|  EQ/Quality Bond PLUS Portfolio‡ | 3666687 | 28636824 |
|  Multimanager Core Bond Portfolio‡ | 5460471 | 47833730 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 479006741 |
|  **Total Investments in Securities (100.5%)**<br> *(Cost $621,363,936)* | **Total Investments in Securities (100.5%)**<br> *(Cost $621,363,936)* | 603057304 |
|  **Other Assets Less Liabilities (-0.5%)** | **Other Assets Less Liabilities (-0.5%)** | (3238245) |
|  **Net Assets (100%)** |  | $599819059 |

---

*\** *Non-income producing.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

The holdings in affiliated Investment Companies are all Class K shares except for the following: 1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund and 1290 Diversified Bond Fund are Class I shares.

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from**<br>**Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund | 100981 | 2462621 | 330178 | (954630) | 104733 | 216069 | 2158971 | 880 | 35337 |
|  1290 VT Equity Income Portfolio | 487757 | 2804524 | 504417 | (1032751) | 186318 | (96887) | 2365621 | 56292 | 191523 |
|  1290 VT GAMCO Small Company Value Portfolio | 19079 | 1615117 | 178626 | (416376) | 11220 | 64051 | 1452638 | 12098 | 88226 |
|  1290 VT Micro Cap Portfolio | 140059 | 1695332 | 87800 | (316376) | (2835) | 234995 | 1698916 | 9493 | 6 |
|  ATM International Managed Volatility Portfolio | 726652 | 8245422 | 1628951 | (2513428) | 351540 | 971009 | 8683494 | 155153 | 450974 |
|  ATM Large Cap Managed Volatility Portfolio | 2893279 | 42578019 | 11398040 | (12737490) | 192782 | (1099046) | 40332305 | 386229 | 5741647 |
|  ATM Mid Cap Managed Volatility Portfolio | 1506220 | 12200055 | 2415514 | (2467729) | 27685 | (517381) | 11658144 | 132989 | 721779 |
|  ATM Small Cap Managed Volatility Portfolio | 400155 | 4625924 | 397386 | (632751) | (45) | 107229 | 4497743 | 49928 | 190856 |

---

See Notes to Financial Statements.

------

EQ/CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from Sales<br>($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  EQ/AB Small Cap Growth Portfolio | 143615 | 3133716 | 388299 | (982751) | 40732 | (38009) | 2541987 | 8655 | 223042 |
|  EQ/American Century Mid Cap Value Portfolio | 101337 | 2487434 | 284289 | (579651) | 64859 | (61972) | 2194959 | 37626 | 152703 |
|  EQ/ClearBridge Select Equity Managed Volatility Portfolio | 461106 | 6451509 | 338152 | (1138952) | 43880 | 355116 | 6049705 | 21819 | 34449 |
|  EQ/Global Equity Managed Volatility Portfolio | 181484 | 3063067 | 494471 | (632751) | 57480 | 146519 | 3128786 | 31482 | 306387 |
|  EQ/International Core Managed Volatility Portfolio | 166334 | 2032256 | 277261 | (579651) | 125309 | 189073 | 2044248 | 32055 | 151244 |
|  EQ/International Equity Index Portfolio | 75439 | 795060 | 36807 |  |  | 215977 | 1047844 | 36806 |  |
|  EQ/International Value Managed Volatility Portfolio | 204715 | 2992363 | 395768 | (822751) | 132340 | 375046 | 3072766 | 73653 | 165513 |
|  EQ/Janus Enterprise Portfolio\* | 203384 | 5094190 | 910974 | (1474127) | 146885 | (105850) | 4572072 |  | 376072 |
|  EQ/JPMorgan Growth Stock Portfolio\* | 51200 | 3891953 | 1135526 | (1209301) | 175675 | (107286) | 3886567 |  | 547604 |
|  EQ/JPMorgan Value Opportunities Portfolio | 115795 | 2826302 | 687188 | (1332751) | 162218 | 8849 | 2351806 | 30478 | 200109 |
|  EQ/Large Cap Core Managed Volatility Portfolio | 699787 | 7835861 | 1445264 | (1681878) | (18303) | (261169) | 7319775 | 73508 | 980251 |
|  EQ/Large Cap Value Managed Volatility Portfolio | 165003 | 3766114 | 1015210 | (1832576) | 178671 | (106206) | 3021213 | 50193 | 261436 |
|  EQ/Loomis Sayles Growth Portfolio\* | 306309 | 4019617 | 871260 | (1434301) | 113615 | 175962 | 3746153 |  | 283338 |
|  EQ/MFS International Growth Portfolio | 300839 | 2960449 | 722748 | (1564301) | 406472 | (67516) | 2457852 | 28569 | 206256 |
|  EQ/Morgan Stanley Small Cap Growth Portfolio | 147463 | 1736141 | 85228 | (491376) | (23881) | 128702 | 1434814 | 6928 |  |
|  EQ/Value Equity Portfolio | 97215 | 2766977 | 553150 | (1197751) | 326850 | (117042) | 2332184 | 39293 | 57255 |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 2880798 | 27851233 | 3116962 | (7702009) | (418336) | 1178006 | 24025856 | 1864147 |  |
|  1290 VT DoubleLine Opportunistic Bond Portfolio | 4121741 | 38691611 | 3552866 | (7593014) | (464825) | 1507640 | 35694278 | 1673644 |  |
|  1290 VT High Yield Bond Portfolio | 1060271 | 11210890 | 918477 | (2804804) | (32859) | 367362 | 9659066 | 417351 |  |
|  EQ/Core Bond Index Portfolio | 10132422 | 101921582 | 11202189 | (20248037) | 161746 | 3119206 | 96156686 | 3090930 |  |
|  EQ/Core Plus Bond Portfolio | 8325579 | 30508984 | 3010667 | (6074411) | (573128) | 1601368 | 28473480 | 1507290 |  |
|  EQ/Intermediate Government Bond Portfolio | 11981199 | 124891792 | 14813153 | (26334391) | 28793 | 3057907 | 116457254 | 3795304 |  |

---

See Notes to Financial Statements.

------

EQ/CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from Sales<br>($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income ($)** | **Capital Gain<br>Distributions<br>($)** |
|  EQ/Long-Term Bond Portfolio | 5564273 | 40579812 | 4002565 | (8126114) | (1819165) | 2420957 | 37058055 | 1660703 |  |
|  EQ/PIMCO Ultra Short Bond Portfolio | 5584925 | 60053448 | 7679078 | (12942621) | (13150) | 234757 | 55011512 | 2397605 |  |
|  EQ/Quality Bond PLUS Portfolio | 3666687 | 30905924 | 3500020 | (6574411) | (266504) | 1071795 | 28636824 | 1056642 |  |
|  Multimanager Core Bond Portfolio | 5460471 | 51385499 | 4886809 | (10124019) | (656146) | 2341587 | 47833730 | 1841179 |  |
|  **Total** |  | **650080798** | **83265293** | **(146550231)** | **(1249374)** | **17510818** | **603057304** | **20578922** | **11366007** |

---

*\** *Non-income producing.* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $603057304 | $— | $— | $603057304 |
|  **Total Assets** | $**603057304** | $**—** | $**—** | $**603057304** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**603057304** | $**—** | $**—** | $**603057304** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $83265293.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $146550231.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $40974466 |
|  Aggregate gross unrealized depreciation | (60601658) |
|  Net unrealized depreciation | $(19627192) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $622684496 |

---

See Notes to Financial Statements.

------

EQ/CONSERVATIVE ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $621,363,936) | $603057304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1338785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 780582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 2347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 605181778 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 5018671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 128040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 63830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 34600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 28888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 88690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5362719 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $599819059 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $610944515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (11125456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $599819059 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $595,942,714 / 71,870,252 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.29 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $3,876,345 / 468,918 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.27 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $20578922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 40668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 20619590 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1555955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 782465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 626572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 220100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 65385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 43575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 21595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 13807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 3329454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiverfrom investment manager | (332238) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2997216 |
|  **NET INVESTMENT INCOME (LOSS)** | 17622374 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | (1249374) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 11366007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 10116633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 17510818 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 27627451 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $45249825 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/CONSERVATIVE ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $17622374 | $18379378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 10116633 | 22969386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 17510818 | (9079216) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 45249825 | 32269548 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (32194516) | (32167736) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (222982) | (232711) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (32417498) | (32400447) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 57,962 shares, respectively ] |  | 476594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (1215848) shares,<br>respectively ] |  | (10148070) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (84067) shares, respectively ] |  | (688472) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (10359948) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 9,360,318 and 5,756,899 shares, respectively ] | 78264756 | 48223189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 1,215,051 shares, respectively ] |  | 10148070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 3,847,889 and 3,916,156 shares, respectively ] | 32194516 | 32167736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (20753790) and (20729951) shares, respectively ] | (173623332) | (173768433) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (63164060) | (83229438) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 61,739 and 50,477 shares, respectively ] | 516502 | 422432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 26,706 and 28,425 shares, respectively ] | 222982 | 232711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (172942) and (404390) shares, respectively ] | (1443567) | (3328404) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (704083) | (2673261) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (63868143) | (96262647) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (51035816) | (96393546) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 650854875 | 747248421 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $599819059 | $650854875 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/CONSERVATIVE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $8.14 | $8.18 | $7.82 | $9.45 | $9.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.24 | 0.22 | 0.17 | 0.11 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.37 | 0.16 | 0.45 | (1.31) | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.61 | 0.38 | 0.62 | (1.20) | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.26) | (0.26) | (0.19) | (0.12) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.20) | (0.16) | (0.07) | (0.31) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.46) | (0.42) | (0.26) | (0.43) | (0.50) |
|  Net asset value, end of year | $8.29 | $8.14 | $8.18 | $7.82 | $9.45 |
|  Total return | 7.48% | 4.61% | 8.02% | (12.62)% | 2.70% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $595943 | $646364 | $729932 | $787249 | $1021690 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.48 %(j) | 0.47 %(j) | 0.47 %(j) | 0.48 %(j) | 0.48 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.53% | 0.53% | 0.54% | 0.51% | 0.50% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(x) | 2.81% | 2.63% | 2.14% | 1.28% | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(x) | 2.76% | 2.57% | 2.07% | 1.25% | 0.70% |
|  Portfolio turnover rate^ | 13% | 10% | 8% | 9% | 26% |
| **Class K** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $8.11 | $8.15 | $7.80 | $9.43 | $9.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.25 | 0.23 | 0.20 | 0.14 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.39 | 0.17 | 0.43 | (1.32) | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.64 | 0.40 | 0.63 | (1.18) | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.28) | (0.28) | (0.21) | (0.14) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.20) | (0.16) | (0.07) | (0.31) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.48) | (0.44) | (0.28) | (0.45) | (0.52) |
|  Net asset value, end of year | $8.27 | $8.11 | $8.15 | $7.80 | $9.43 |
|  Total return | 7.89% | 4.88% | 8.17% | (12.42)% | 2.97% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $3876 | $4491 | $7166 | $7464 | $8807 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.23 %(j) | 0.22 %(j) | 0.22 %(j) | 0.23 %(j) | 0.23 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.28% | 0.28% | 0.29% | 0.26% | 0.26% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(x) | 2.95% | 2.76% | 2.44% | 1.60% | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(x) | 2.89% | 2.70% | 2.37% | 1.57% | 0.87% |
|  Portfolio turnover rate^ | 13% | 10% | 8% | 9% | 26% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.00% for Class IB and 0.75% for Class K.* 

*(x)* *Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.* 

See Notes to Financial Statements.

------

EQ/CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (40.6%)** | **Equity (40.6%)** | **Equity (40.6%)** |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund‡ | 197148 | $4215028 |
|  1290 VT Equity Income Portfolio‡ | 1159255 | 5622385 |
|  1290 VT GAMCO Small Company Value Portfolio‡ | 50987 | 3882126 |
|  1290 VT Micro Cap Portfolio‡ | 349052 | 4234007 |
|  1290 VT Small Cap Value Portfolio‡ | 302763 | 3372780 |
|  ATM International Managed Volatility Portfolio‡ | 2438521 | 29140322 |
|  ATM Large Cap Managed Volatility Portfolio‡ | 6137625 | 85558489 |
|  ATM Mid Cap Managed Volatility Portfolio‡ | 2483228 | 19220185 |
|  ATM Small Cap Managed Volatility Portfolio‡ | 1761339 | 19797450 |
|  EQ/AB Small Cap Growth Portfolio‡ | 539113 | 9542298 |
|  EQ/American Century Mid Cap Value Portfolio‡ | 125778 | 2724352 |
|  EQ/ClearBridge Select Equity Managed Volatility Portfolio‡ | 998428 | 13099373 |
|  EQ/Franklin Small Cap Value Managed Volatility Portfolio‡ | 141059 | 1953667 |
|  EQ/Global Equity Managed Volatility Portfolio‡ | 598038 | 10310168 |
|  EQ/International Core Managed Volatility Portfolio‡ | 551641 | 6779666 |
|  EQ/International Equity Index Portfolio‡ | 103091 | 1431928 |
|  EQ/International Value Managed Volatility Portfolio‡ | 682146 | 10239010 |
|  EQ/Janus Enterprise Portfolio\*‡ | 345502 | 7766875 |
|  EQ/JPMorgan Growth Stock Portfolio\*‡ | 102384 | 7771942 |
|  EQ/JPMorgan Value Opportunities Portfolio‡ | 277195 | 5629834 |
|  EQ/Large Cap Core Managed Volatility Portfolio‡ | 1506645 | 15759508 |
|  EQ/Large Cap Value Managed Volatility Portfolio‡ | 395275 | 7237485 |
|  EQ/Loomis Sayles Growth Portfolio\*‡ | 615571 | 7528433 |
|  EQ/MFS International Growth Portfolio‡ | 1253581 | 10241753 |
|  EQ/Morgan Stanley Small Cap Growth Portfolio‡ | 505494 | 4918454 |
|  EQ/Value Equity Portfolio‡ | 231787 | 5560573 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 303538091 |
|  **Fixed Income (59.3%)** | **Fixed Income (59.3%)** | **Fixed Income (59.3%)** |
|  1290 Diversified Bond Fund‡ | 2641375 | 22029068 |
|  1290 VT DoubleLine Opportunistic Bond Portfolio‡ | 3869619 | 33510901 |
|  1290 VT High Yield Bond Portfolio‡ | 974534 | 8878006 |
|  EQ/Core Bond Index Portfolio‡ | 8876422 | 84237246 |
|  EQ/Core Plus Bond Portfolio‡ | 7836534 | 26800948 |
|  EQ/Intermediate Government Bond Portfolio‡ | 10374544 | 100840563 |
|  EQ/Long-Term Bond Portfolio‡ | 7737141 | 51529362 |
|  EQ/PIMCO Ultra Short Bond Portfolio‡ | 4491766 | 44243896 |
|  EQ/Quality Bond PLUS Portfolio‡ | 3374382 | 26353924 |
|  Multimanager Core Bond Portfolio‡ | 5045110 | 44195165 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 442619079 |
|  **Total Investments in Securities (99.9%)**<br> *(Cost $711,848,340)* | **Total Investments in Securities (99.9%)**<br> *(Cost $711,848,340)* | 746157170 |
|  **Other Assets Less Liabilities (0.1%)** | **Other Assets Less Liabilities (0.1%)** | 653921 |
|  **Net Assets (100%)** |  | $746811091 |

---

*\** *Non-income producing.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

The holdings in affiliated Investment Companies are all Class K shares except for the following: 1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund and 1290 Diversified Bond Fund are Class I shares.

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases at<br>Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund | 197148 | 4076029 | 339139 | (799881) | 89606 | 510135 | 4215028 | 1715 | 68800 |
|  1290 VT Equity Income Portfolio | 1159255 | 6668347 | 780513 | (2009735) | 370991 | (187731) | 5622385 | 133379 | 455231 |
|  1290 VT GAMCO Small Company Value Portfolio | 50987 | 4336365 | 296893 | (949824) | 389727 | (191035) | 3882126 | 32303 | 236653 |
|  1290 VT Micro Cap Portfolio | 349052 | 3991950 | 142271 | (499882) | 11265 | 588403 | 4234007 | 23631 | 15 |
|  1290 VT Small Cap Value Portfolio | 302763 | 4263607 | 431251 | (1124853) | 272375 | (469600) | 3372780 | 50962 | 357009 |
|  ATM International Managed Volatility Portfolio | 2438521 | 28078054 | 3223475 | (6448883) | 989013 | 3298663 | 29140322 | 523587 | 1522957 |
|  ATM Large Cap Managed Volatility Portfolio | 6137625 | 90879030 | 19643579 | (22821706) | 144688 | (2287102) | 85558489 | 818581 | 12203522 |

---

See Notes to Financial Statements.

------

EQ/CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases at<br>Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  ATM Mid Cap Managed Volatility Portfolio | 2483228 | 19364163 | 3572216 | (2999294) | 4817 | (721717) | 19220185 | 218706 | 1191769 |
|  ATM Small Cap Managed Volatility Portfolio | 1761339 | 20822548 | 2693882 | (4374177) | (62790) | 717987 | 19797450 | 220227 | 843286 |
|  EQ/AB Small Cap Growth Portfolio | 539113 | 10119655 | 1461291 | (2199647) | 194298 | (33299) | 9542298 | 30117 | 775301 |
|  EQ/American Century Mid Cap Value Portfolio | 125778 | 3163167 | 255906 | (699882) | 165669 | (160508) | 2724352 | 46838 | 190445 |
|  EQ/ClearBridge Select Equity Managed Volatility Portfolio | 998428 | 14049523 | 196147 | (1999530) | 96101 | 757132 | 13099373 | 47171 | 74477 |
|  EQ/Franklin Small Cap Value Managed Volatility Portfolio | 141059 | 2393809 | 195945 | (574882) | 185960 | (247165) | 1953667 | 21967 | 155354 |
|  EQ/Global Equity Managed Volatility Portfolio | 598038 | 10153409 | 1177682 | (1687103) | 219036 | 447144 | 10310168 | 103566 | 1011258 |
|  EQ/International Core Managed Volatility Portfolio | 551641 | 6650259 | 638873 | (1524735) | 424732 | 590537 | 6779666 | 104307 | 492660 |
|  EQ/International Equity Index Portfolio | 103091 | 1086487 | 50296 |  |  | 295145 | 1431928 | 50296 |  |
|  EQ/International Value Managed Volatility Portfolio | 682146 | 9829025 | 841661 | (2087103) | 231890 | 1423537 | 10239010 | 239610 | 539194 |
|  EQ/Janus Enterprise Portfolio\* | 345502 | 7866663 | 1982315 | (2187221) | 136290 | (31172) | 7766875 |  | 638082 |
|  EQ/JPMorgan Growth Stock Portfolio\* | 102384 | 8211679 | 1635792 | (2149735) | 425819 | (351613) | 7771942 |  | 1093888 |
|  EQ/JPMorgan Value Opportunities Portfolio | 277195 | 6691190 | 1133337 | (2559735) | 323670 | 41372 | 5629834 | 71352 | 470081 |
|  EQ/Large Cap Core Managed Volatility Portfolio | 1506645 | 17015942 | 2392569 | (3024382) | (58699) | (565922) | 15759508 | 159735 | 2135059 |
|  EQ/Large Cap Value Managed Volatility Portfolio | 395275 | 9070131 | 1493815 | (3429647) | 883537 | (780351) | 7237485 | 118698 | 619246 |
|  EQ/Loomis Sayles Growth Portfolio\* | 615571 | 8318324 | 1111166 | (2399735) | 237752 | 260926 | 7528433 |  | 569262 |
|  EQ/MFS International Growth Portfolio | 1253581 | 11215786 | 2150937 | (4349530) | 1132990 | 91570 | 10241753 | 118406 | 858034 |
|  EQ/Morgan Stanley Small Cap Growth Portfolio | 505494 | 5642580 | 351609 | (1499824) | 3403 | 420686 | 4918454 | 23673 |  |
|  EQ/Value Equity Portfolio | 231787 | 6533663 | 871641 | (2299735) | 849543 | (394539) | 5560573 | 93397 | 136340 |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 2641375 | 24226536 | 2538210 | (5424109) | (166437) | 854868 | 22029068 | 1648530 |  |
|  1290 VT DoubleLine Opportunistic Bond Portfolio | 3869619 | 35361621 | 3670027 | (6473677) | (380394) | 1333324 | 33510901 | 1535504 |  |
|  1290 VT High Yield Bond Portfolio | 974534 | 9978916 | 438814 | (1849647) | (24309) | 334232 | 8878006 | 382941 |  |
|  EQ/Core Bond Index Portfolio | 8876422 | 89496247 | 9087730 | (17196647) | 160097 | 2689819 | 84237246 | 2706942 |  |
|  EQ/Core Plus Bond Portfolio | 7836534 | 28011768 | 2747220 | (4898941) | (467167) | 1408068 | 26800948 | 1379602 |  |

---

See Notes to Financial Statements.

------

EQ/CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases at<br>Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income ($)** | **Capital Gain<br>Distributions<br>($)** |
|  EQ/Intermediate Government Bond Portfolio | 10374544 | 108161157 | 11626989 | (21608554) | 81839 | 2579132 | 100840563 | 3275752 |  |
|  EQ/Long-Term Bond Portfolio | 7737141 | 55659909 | 4055902 | (9072941) | (2045479) | 2931971 | 51529362 | 2304980 |  |
|  EQ/PIMCO Ultra Short Bond Portfolio | 4491766 | 48060599 | 5668314 | (9648235) | (151571) | 314789 | 44243896 | 1913951 |  |
|  EQ/Quality Bond PLUS Portfolio | 3374382 | 29668067 | 2763411 | (6848941) | (330437) | 1101824 | 26353924 | 970794 |  |
|  Multimanager Core Bond Portfolio | 5045110 | 47196770 | 4390358 | (8948235) | (554530) | 2110802 | 44195165 | 1685996 |  |
|  **Total** |  | **796312975** | **96051176** | **(168670588)** | **3783295** | **18680312** | **746157170** | **21057216** | **26637923** |

---

*\** *Non-income producing.* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $746157170 | $— | $— | $746157170 |
|  **Total Assets** | $**746157170** | $**—** | $**—** | $**746157170** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**746157170** | $**—** | $**—** | $**746157170** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $96051176.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $168670588.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $99236872 |
|  Aggregate gross unrealized depreciation | (66374626) |
|  Net unrealized appreciation | $32862246 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $713294924 |

---

See Notes to Financial Statements.

------

EQ/CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $711,848,340) | $746157170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1136224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 269014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 51396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 2752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 747619848 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 414781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 156454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 78931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 63741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 94850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 808757 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $746811091 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $692704323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 54106768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $746811091 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $733,542,919 / 88,343,404 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.30 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $13,268,172 / 1,598,058 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.30 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $21057216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 38425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 21095641 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1879373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 956494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 766094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 221100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 71520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 49845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 26399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recoupment fees | 23767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 15929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 4010521 |
|  **NET INVESTMENT INCOME (LOSS)** | 17085120 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | 3783295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 26637923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 30421218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 18680312 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 49101530 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $66186650 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $17085120 | $18245833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 30421218 | 55142538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 18680312 | (15878132) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 66186650 | 57510239 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (55591589) | (52578002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (1077974) | (1061156) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (56669563) | (53639158) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 86,112 shares, respectively ] |  | 716997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (1532981) shares,<br>respectively ] |  | (13021461) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (99418) shares, respectively ] |  | (824849) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (13129313) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 4,127,964 and 4,116,479 shares, respectively ] | 34840092 | 35053097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 1,531,727 shares, respectively ] |  | 13021461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 6,597,259 and 6,306,303 shares, respectively ] | 55591589 | 52578002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (17618775) and (18190739) shares, respectively ] | (148373624) | (155092507) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (57941943) | (54439947) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 202,639 and 56,036 shares, respectively ] | 1694151 | 474980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 127,891 and 127,305 shares, respectively ] | 1077974 | 1061156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (580617) and (584601) shares, respectively ] | (4791961) | (5031177) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (2019836) | (3495041) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (59961779) | (71064301) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (50444692) | (67193220) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 797255783 | 864449003 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $746811091 | $797255783 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $8.21 | $8.21 | $7.73 | $9.88 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.19 | 0.19 | 0.14 | 0.10 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.55 | 0.39 | 0.69 | (1.54) | 0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.74 | 0.58 | 0.83 | (1.44) | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.21) | (0.24) | (0.17) | (0.11) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.44) | (0.34) | (0.18) | (0.60) | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.65) | (0.58) | (0.35) | (0.71) | (0.79) |
|  Net asset value, end of year | $8.30 | $8.21 | $8.21 | $7.73 | $9.88 |
|  Total return | 9.06% | 7.02% | 10.86% | (14.52)% | 6.76% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $733543 | $782082 | $833294 | $861730 | $1158085 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.53 %(j) | 0.54 %(k) | 0.53 %(k) | 0.51 %(o) | 0.50 %(jj) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.53% | 0.54% | 0.54% | 0.51% | 0.50% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(x) | 2.23% | 2.18% | 1.79% | 1.11% | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(x) | 2.23% | 2.18% | 1.78% | 1.11% | 0.66% |
|  Portfolio turnover rate^ | 13% | 13% | 9% | 10% | 27% |
| **Class K** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $8.21 | $8.21 | $7.72 | $9.88 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.20 | 0.19 | 0.16 | 0.12 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.56 | 0.41 | 0.70 | (1.55) | 0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.76 | 0.60 | 0.86 | (1.43) | 0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.23) | (0.26) | (0.19) | (0.13) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.44) | (0.34) | (0.18) | (0.60) | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.67) | (0.60) | (0.37) | (0.73) | (0.81) |
|  Net asset value, end of year | $8.30 | $8.21 | $8.21 | $7.72 | $9.88 |
|  Total return | 9.32% | 7.28% | 11.27% | (14.40)% | 7.02% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $13268 | $15174 | $18467 | $20846 | $29647 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.28 %(j) | 0.29 %(k) | 0.28 %(k) | 0.26 %(o) | 0.25 %(jj) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.28% | 0.29% | 0.29% | 0.26% | 0.25% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(x) | 2.41% | 2.27% | 1.97% | 1.36% | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(x) | 2.41% | 2.27% | 1.96% | 1.36% | 0.92% |
|  Portfolio turnover rate^ | 13% | 13% | 9% | 10% | 27% |

---

See Notes to Financial Statements.

------

EQ/CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.09% for Class IB and 0.84% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.10% for Class IB and 0.85% for Class K.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.07% for Class IB and 0.82% for Class K.* 

*(jj)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.06% for Class IB and 0.81% for Class K.* 

*(x)* *Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.* 

See Notes to Financial Statements.

------

EQ/MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (50.7%)** | **Equity (50.7%)** | **Equity (50.7%)** |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund‡ | 1352706 | $28920849 |
|  1290 VT Equity Income Portfolio‡ | 9875180 | 47894621 |
|  1290 VT GAMCO Small Company Value Portfolio‡ | 571181 | 43489725 |
|  1290 VT Micro Cap Portfolio‡ | 3191561 | 38713636 |
|  1290 VT Small Cap Value Portfolio‡ | 3240309 | 36097039 |
|  ATM International Managed Volatility Portfolio‡ | 26387710 | 315333135 |
|  ATM Large Cap Managed Volatility Portfolio‡ | 46441725 | 647397641 |
|  ATM Mid Cap Managed Volatility Portfolio‡ | 12822944 | 99249584 |
|  ATM Small Cap Managed Volatility Portfolio‡ | 18662764 | 209769465 |
|  EQ/AB Small Cap Growth Portfolio‡ | 5937907 | 105100957 |
|  EQ/American Century Mid Cap Value Portfolio‡ | 935857 | 20270652 |
|  EQ/ClearBridge Select Equity Managed Volatility Portfolio‡ | 7854013 | 103044655 |
|  EQ/Franklin Small Cap Value Managed Volatility Portfolio‡ | 2134046 | 29556533 |
|  EQ/Global Equity Managed Volatility Portfolio‡ | 6517777 | 112366479 |
|  EQ/International Core Managed Volatility Portfolio‡ | 6074406 | 74654445 |
|  EQ/International Equity Index Portfolio‡ | 711440 | 9881895 |
|  EQ/International Value Managed Volatility Portfolio‡ | 7446709 | 111775098 |
|  EQ/Janus Enterprise Portfolio\*‡ | 1783569 | 40094628 |
|  EQ/JPMorgan Growth Stock Portfolio\*‡ | 709564 | 53863005 |
|  EQ/JPMorgan Value Opportunities Portfolio‡ | 2358929 | 47909850 |
|  EQ/Large Cap Core Managed Volatility Portfolio‡ | 11601238 | 121348950 |
|  EQ/Large Cap Value Managed Volatility Portfolio‡ | 3361223 | 61543999 |
|  EQ/Loomis Sayles Growth Portfolio\*‡ | 4263609 | 52143938 |
|  EQ/MFS International Growth Portfolio‡ | 14549124 | 118866342 |
|  EQ/Morgan Stanley Small Cap Growth Portfolio‡ | 5626897 | 54749704 |
|  EQ/Value Equity Portfolio‡ | 1970464 | 47271426 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 2631308251 |
|  **Fixed Income (49.2%)** | **Fixed Income (49.2%)** | **Fixed Income (49.2%)** |
|  1290 Diversified Bond Fund‡ | 15272909 | 127376060 |
|  1290 VT DoubleLine Opportunistic Bond Portfolio‡ | 22152082 | 191837026 |
|  1290 VT High Yield Bond Portfolio‡ | 5563483 | 50683329 |
|  EQ/Core Bond Index Portfolio‡ | 48426514 | 459567619 |
|  EQ/Core Plus Bond Portfolio‡ | 44838859 | 153348898 |
|  EQ/Intermediate Government Bond Portfolio‡ | 57190604 | 555892667 |
|  EQ/Long-Term Bond Portfolio‡ | 54335196 | 361872403 |
|  EQ/PIMCO Ultra Short Bond Portfolio‡ | 24581303 | 242125833 |
|  EQ/Quality Bond PLUS Portfolio‡ | 19650491 | 153470335 |
|  Multimanager Core Bond Portfolio‡ | 29187976 | 255686671 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 2551860841 |
|  **Total Investments in Securities (99.9%)**<br> *(Cost $4,736,155,474)* | **Total Investments in Securities (99.9%)**<br> *(Cost $4,736,155,474)* | 5183169092 |
|  **Other Assets Less Liabilities (0.1%)** | **Other Assets Less Liabilities (0.1%)** | 3147099 |
|  **Net Assets (100%)** |  | $5186316191 |

---

*\** *Non-income producing.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

The holdings in affiliated Investment Companies are all Class K shares except for the following: 1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund and 1290 Diversified Bond Fund are Class I shares.

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost<br>($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund | 1352706 | 26537411 | 1837205 | (3537177) | 453426 | 3629984 | 28920849 | 11751 | 471516 |
|  1290 VT Equity Income Portfolio | 9875180 | 54195034 | 6999812 | (14736746) | 1715655 | (279134) | 47894621 | 1132416 | 3858210 |
|  1290 VT GAMCO Small Company Value Portfolio | 571181 | 47357737 | 3005155 | (9074354) | 3520841 | (1319654) | 43489725 | 360754 | 2636525 |
|  1290 VT Micro Cap Portfolio | 3191561 | 37125844 | 1521598 | (5587033) | (49216) | 5702443 | 38713636 | 215775 | 135 |
|  1290 VT Small Cap Value Portfolio | 3240309 | 41646678 | 4348138 | (7811961) | 835913 | (2921729) | 36097039 | 542265 | 3799310 |
|  ATM International Managed Volatility Portfolio | 26387710 | 294465895 | 28601666 | (52995691) | 5407614 | 39853651 | 315333135 | 5642099 | 16407067 |

---

See Notes to Financial Statements.

------

EQ/MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  ATM Large Cap Managed Volatility Portfolio | 46441725 | 668753136 | 138133708 | (142516166) | 988678 | (17961715) | 647397641 | 6183829 | 92092256 |
|  ATM Mid Cap Managed Volatility Portfolio | 12822944 | 97274477 | 18681748 | (13161099) | 7728 | (3553270) | 99249584 | 1127364 | 6137322 |
|  ATM Small Cap Managed Volatility Portfolio | 18662764 | 210982096 | 24973993 | (33821912) | (441086) | 8076374 | 209769465 | 2327580 | 8908789 |
|  EQ/AB Small Cap Growth Portfolio | 5937907 | 107462940 | 15465376 | (19698563) | 1308132 | 563072 | 105100957 | 331391 | 8516487 |
|  EQ/American Century Mid Cap Value Portfolio | 935857 | 22035483 | 1755078 | (3524784) | (24986) | 29861 | 20270652 | 346309 | 1406145 |
|  EQ/ClearBridge Select Equity Managed Volatility Portfolio | 7854013 | 107123905 | 969948 | (11811243) | 659405 | 6102640 | 103044655 | 370209 | 584427 |
|  EQ/Franklin Small Cap Value Managed Volatility Portfolio | 2134046 | 33755035 | 2661920 | (5987033) | 192206 | (1065595) | 29556533 | 330615 | 2325617 |
|  EQ/Global Equity Managed Volatility Portfolio | 6517777 | 107248321 | 12123319 | (14173492) | 545912 | 6622419 | 112366479 | 1125910 | 10979037 |
|  EQ/International Core Managed Volatility Portfolio | 6074406 | 71953371 | 6506122 | (14748994) | 4176036 | 6767910 | 74654445 | 1135008 | 5358865 |
|  EQ/International Equity Index Portfolio | 711440 | 7497970 | 347100 |  |  | 2036825 | 9881895 | 347100 |  |
|  EQ/International Value Managed Volatility Portfolio | 7446709 | 103037605 | 8526109 | (17373492) | 1939331 | 15645545 | 111775098 | 2618563 | 5889171 |
|  EQ/Janus Enterprise Portfolio\* | 1783569 | 39438475 | 7392962 | (7061961) | 181781 | 143371 | 40094628 |  | 3286399 |
|  EQ/JPMorgan Growth Stock Portfolio\* | 709564 | 52762629 | 10968659 | (10324354) | 1382690 | (926619) | 53863005 |  | 7560784 |
|  EQ/JPMorgan Value Opportunities Portfolio | 2358929 | 54496646 | 9606958 | (19186746) | 2061023 | 931969 | 47909850 | 606874 | 3990896 |
|  EQ/Large Cap Core Managed Volatility Portfolio | 11601238 | 126576992 | 17477149 | (18023348) | (285377) | (4396466) | 121348950 | 1216271 | 16240753 |
|  EQ/Large Cap Value Managed Volatility Portfolio | 3361223 | 74707923 | 11653862 | (25623923) | 6993732 | (6187595) | 61543999 | 988179 | 5152559 |
|  EQ/Loomis Sayles Growth Portfolio\* | 4263609 | 55455752 | 5938029 | (12424354) | 541458 | 2633053 | 52143938 |  | 3930154 |
|  EQ/MFS International Growth Portfolio | 14549124 | 122829824 | 18274828 | (35398276) | 6604411 | 6555555 | 118866342 | 1369168 | 9884662 |
|  EQ/Morgan Stanley Small Cap Growth Portfolio | 5626897 | 57548170 | 5771747 | (13649282) | 6253 | 5072816 | 54749704 | 262997 |  |
|  EQ/Value Equity Portfolio | 1970464 | 53806592 | 7254554 | (17586746) | 5750726 | (1953700) | 47271426 | 791353 | 1154012 |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 15272909 | 131708770 | 15255419 | (23373204) | (301856) | 4086931 | 127376060 | 9283544 |  |
|  1290 VT DoubleLine Opportunistic Bond Portfolio | 22152082 | 197511801 | 21697005 | (32672343) | (1254430) | 6554993 | 191837026 | 8814630 |  |
|  1290 VT High Yield Bond Portfolio | 5563483 | 54988250 | 2189566 | (8249282) | (75448) | 1830243 | 50683329 | 2180816 |  |
|  EQ/Core Bond Index Portfolio | 48426514 | 478800507 | 52467274 | (86868608) | 450829 | 14717617 | 459567619 | 14739402 |  |
|  EQ/Core Plus Bond Portfolio | 44838859 | 156006093 | 17452141 | (25247845) | (1462088) | 6600597 | 153348898 | 7925892 |  |

---

See Notes to Financial Statements.

------

EQ/MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income ($)** | **Capital Gain<br>Distributions<br>($)** |
|  EQ/Intermediate Government Bond Portfolio | 57190604 | 579985216 | 68444680 | (106717315) | 336770 | 13843316 | 555892667 | 18001059 |  |
|  EQ/Long-Term Bond Portfolio | 54335196 | 371890596 | 33872457 | (49844972) | (7795557) | 13749879 | 361872403 | 16011210 |  |
|  EQ/PIMCO Ultra Short Bond Portfolio | 24581303 | 254242406 | 32900023 | (45721624) | (310085) | 1015113 | 242125833 | 10458899 |  |
|  EQ/Quality Bond PLUS Portfolio | 19650491 | 160771118 | 19223254 | (30747845) | (963690) | 5187498 | 153470335 | 5547006 |  |
|  Multimanager Core Bond Portfolio | 29187976 | 263488903 | 28442540 | (45046409) | (2001483) | 10803120 | 255686671 | 9548792 |  |
|  **Total** |  | **5325469601** | **662741102** | **(984328177)** | **31095248** | **148191318** | **5183169092** | **131895030** | **220571098** |

---

*\** *Non-income producing.* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $5183169092 | $— | $— | $5183169092 |
|  **Total Assets** | $**5183169092** | $**—** | $**—** | $**5183169092** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**5183169092** | $**—** | $**—** | $**5183169092** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $662741102.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $984328177.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $822131372 |
|  Aggregate gross unrealized depreciation | (396196692) |
|  Net unrealized appreciation | $425934680 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $4757234412 |

---

See Notes to Financial Statements.

------

EQ/MODERATE ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $4,736,155,474) | $5183169092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 6434391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1601580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 222473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 15576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 22253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 5191465365 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 2864642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 724206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 547405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 408039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 332217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 272665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5149174 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $5186316191 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $4588217767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 598098424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $5186316191 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $1,561,738,083 / 127,138,627 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.28 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $3,396,668,586 / 280,298,461 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.12 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $227,909,522 / 18,532,285 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.30 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $131895030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 223774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 132118804 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 8590857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 6521759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4820468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 3889300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 264382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 253399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 243381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 179137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 90713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 24853396 |
|  **NET INVESTMENT INCOME (LOSS)** | 107265408 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities ($31,095,248 realized gain (loss) from affiliates) | 31095359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 220571098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 251666457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 148191318 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 399857775 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $507123183 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/MODERATE ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $107265408 | $114449586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 251666457 | 396059115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 148191318 | (86490315) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 507123183 | 424018386 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (123655713) | (104450183) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (273899655) | (236806545) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (18619669) | (16344772) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (416175037) | (357601500) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,141,031 and 1,892,332 shares, respectively ] | 26461802 | 23561373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 9,919,223 and 8,510,387 shares, respectively ] | 123655713 | 104450183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (15194264) and (15939643) shares, respectively ] | (188548141) | (199753595) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (38430626) | (71742039) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 8,208,152 and 10,162,602 shares, respectively ] | 100260777 | 125154224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 22,256,040 and 19,535,032 shares,<br>respectively ] | 273899655 | 236806545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (45362746) and (46858959) shares, respectively ] | (556621153) | (578599492) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (182460721) | (216638723) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 491,088 and 514,720 shares, respectively ] | 6089615 | 6380010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,491,189 and 1,330,521 shares, respectively ] | 18619669 | 16344772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3156933) and (3293153) shares, respectively ] | (39308497) | (41428586) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (14599213) | (18703804) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (235490560) | (307084566) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (144542414) | (240667680) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 5330858605 | 5571526285 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $5186316191 | $5330858605 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/MODERATE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IA** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $12.07 | $11.96 | $11.09 | $14.48 | $14.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.26 | 0.26 | 0.20 | 0.14 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.96 | 0.69 | 1.16 | (2.40) | 1.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.22 | 0.95 | 1.36 | (2.26) | 1.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.29) | (0.34) | (0.23) | (0.15) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.72) | (0.50) | (0.26) | (0.98) | (0.90) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.01) | (0.84) | (0.49) | (1.13) | (1.29) |
|  Net asset value, end of year | $12.28 | $12.07 | $11.96 | $11.09 | $14.48 |
|  Total return | 10.20% | 7.91% | 12.35% | (15.47)% | 8.35% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $1561738 | $1572932 | $1624820 | $1579282 | $2021935 |
|  Ratio of expenses to average net assets (f) | 0.49 %(j) | 0.49 %(k) | 0.51 %(o) | 0.49 %(j) | 0.48 %(jj) |
|  Ratio of net investment income (loss) to average net assets (f)(x) | 2.06% | 2.07% | 1.69% | 1.12% | 0.70% |
|  Portfolio turnover rate^ | 13% | 13% | 9% | 10% | 25% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $11.92 | $11.82 | $10.97 | $14.34 | $14.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.25 | 0.25 | 0.19 | 0.14 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.96 | 0.69 | 1.15 | (2.38) | 1.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.21 | 0.94 | 1.34 | (2.24) | 1.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.29) | (0.34) | (0.23) | (0.15) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.72) | (0.50) | (0.26) | (0.98) | (0.90) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.01) | (0.84) | (0.49) | (1.13) | (1.29) |
|  Net asset value, end of year | $12.12 | $11.92 | $11.82 | $10.97 | $14.34 |
|  Total return | 10.25% | 7.92% | 12.31% | (15.48)% | 8.43% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $3396669 | $3519766 | $3693421 | $3726401 | $4956863 |
|  Ratio of expenses to average net assets (f) | 0.49 %(j) | 0.49 %(k) | 0.51 %(o) | 0.49 %(j) | 0.48 %(jj) |
|  Ratio of net investment income (loss) to average net assets (f)(x) | 2.03% | 2.06% | 1.66% | 1.09% | 0.69% |
|  Portfolio turnover rate^ | 13% | 13% | 9% | 10% | 25% |

---

See Notes to Financial Statements.

------

EQ/MODERATE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $12.09 | $11.97 | $11.10 | $14.49 | $14.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.28 | 0.28 | 0.23 | 0.17 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.97 | 0.71 | 1.16 | (2.40) | 1.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.25 | 0.99 | 1.39 | (2.23) | 1.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.32) | (0.37) | (0.26) | (0.18) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.72) | (0.50) | (0.26) | (0.98) | (0.90) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.04) | (0.87) | (0.52) | (1.16) | (1.33) |
|  Net asset value, end of year | $12.30 | $12.09 | $11.97 | $11.10 | $14.49 |
|  Total return | 10.45% | 8.25% | 12.61% | (15.24)% | 8.68% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $227910 | $238161 | $253286 | $247941 | $316250 |
|  Ratio of expenses to average net assets (f) | 0.24 %(j) | 0.24 %(k) | 0.26 %(o) | 0.24 %(j) | 0.23 %(jj) |
|  Ratio of net investment income (loss) to average net assets (f)(x) | 2.28% | 2.28% | 1.94% | 1.38% | 0.95% |
|  Portfolio turnover rate^ | 13% | 13% | 9% | 10% | 25% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.07% for Class IA, 1.07% for Class IB and 0.82% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.08% for Class IA, 1.08% for Class IB and 0.83% for Class K.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.10% for Class IA, 1.10% for Class IB and 0.85% for Class K.* 

*(jj)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.06% for Class IA, 1.06% for Class IB and 0.81% for Class K.* 

*(x)* *Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.* 

See Notes to Financial Statements.

------

EQ/MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (70.8%)** | **Equity (70.8%)** | **Equity (70.8%)** |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund‡ | 2138958 | $45730926 |
|  1290 VT Equity Income Portfolio‡ | 20287244 | 98393133 |
|  1290 VT GAMCO Small Company Value Portfolio‡ | 1325099 | 100893025 |
|  1290 VT Micro Cap Portfolio‡ | 6669861 | 80905410 |
|  1290 VT Small Cap Value Portfolio‡ | 5802037 | 64634689 |
|  ATM International Managed Volatility Portfolio‡ | 44757596 | 534853267 |
|  ATM Large Cap Managed Volatility Portfolio‡ | 83775330 | 1167828096 |
|  ATM Mid Cap Managed Volatility Portfolio‡ | 14703617 | 113805999 |
|  ATM Small Cap Managed Volatility Portfolio‡ | 43257023 | 486208943 |
|  EQ/AB Small Cap Growth Portfolio‡ | 12510040 | 221427703 |
|  EQ/American Century Mid Cap Value Portfolio‡ | 1091389 | 23639493 |
|  EQ/ClearBridge Select Equity Managed Volatility Portfolio‡ | 13217707 | 173416313 |
|  EQ/Franklin Small Cap Value Managed Volatility Portfolio‡ | 5000216 | 69252989 |
|  EQ/Global Equity Managed Volatility Portfolio‡ | 11381975 | 196225242 |
|  EQ/International Core Managed Volatility Portfolio‡ | 10479443 | 128792358 |
|  EQ/International Equity Index Portfolio‡ | 708238 | 9837421 |
|  EQ/International Value Managed Volatility Portfolio‡ | 12834358 | 192643712 |
|  EQ/Janus Enterprise Portfolio\*‡ | 2038957 | 45835758 |
|  EQ/JPMorgan Growth Stock Portfolio\*‡ | 1118296 | 84889874 |
|  EQ/JPMorgan Value Opportunities Portfolio‡ | 4850470 | 98513043 |
|  EQ/Large Cap Core Managed Volatility Portfolio‡ | 21073302 | 220426737 |
|  EQ/Large Cap Value Managed Volatility Portfolio‡ | 6875565 | 125891588 |
|  EQ/Loomis Sayles Growth Portfolio\*‡ | 6603608 | 80762123 |
|  EQ/MFS International Growth Portfolio‡ | 25331825 | 206961009 |
|  EQ/Morgan Stanley Small Cap Growth Portfolio‡ | 11741564 | 114245419 |
|  EQ/Value Equity Portfolio‡ | 4049443 | 97146145 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 4783160415 |
|  **Fixed Income (29.1%)** | **Fixed Income (29.1%)** | **Fixed Income (29.1%)** |
|  1290 Diversified Bond Fund‡ | 11733167 | 97854616 |
|  1290 VT DoubleLine Opportunistic Bond Portfolio‡ | 17047903 | 147634839 |
|  1290 VT High Yield Bond Portfolio‡ | 4256046 | 38772583 |
|  EQ/Core Bond Index Portfolio‡ | 34160364 | 324181857 |
|  EQ/Core Plus Bond Portfolio‡ | 34537701 | 118118938 |
|  EQ/Intermediate Government Bond Portfolio‡ | 41069594 | 399196453 |
|  EQ/Long-Term Bond Portfolio‡ | 51461410 | 342732989 |
|  EQ/PIMCO Ultra Short Bond Portfolio‡ | 18444612 | 181679433 |
|  EQ/Quality Bond PLUS Portfolio‡ | 15126874 | 118140885 |
|  Multimanager Core Bond Portfolio‡ | 22441375 | 196586442 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 1964899035 |
|  **Total Investments in Securities (99.9%)**<br> *(Cost $5,596,880,544)* | **Total Investments in Securities (99.9%)**<br> *(Cost $5,596,880,544)* | 6748059450 |
|  **Other Assets Less Liabilities (0.1%)** | **Other Assets Less Liabilities (0.1%)** | 4780481 |
|  **Net Assets (100%)** |  | $6752839931 |

---

*\** *Non-income producing.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

The holdings in affiliated Investment Companies are all Class K shares except for the following: 1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund and 1290 Diversified Bond Fund are Class I shares.

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain**<br>**(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund | 2138958 | 43297871 | 3066660 | (7116720) | 872439 | 5610676 | 45730926 | 18583 | 745662 |
|  1290 VT Equity Income Portfolio | 20287244 | 107918511 | 10263716 | (22593505) | 2365192 | 439219 | 98393133 | 2327675 | 7928310 |
|  1290 VT GAMCO Small Company Value Portfolio | 1325099 | 105904982 | 6959520 | (17150161) | 5166373 | 12311 | 100893025 | 837498 | 6114773 |
|  1290 VT Micro Cap Portfolio | 6669861 | 76933480 | 2657100 | (10376785) | (35986) | 11727601 | 80905410 | 451502 | 282 |
|  1290 VT Small Cap Value Portfolio | 5802037 | 74022162 | 7779489 | (13433440) | 1361002 | (5094524) | 64634689 | 971225 | 6803433 |
|  ATM International Managed Volatility Portfolio | 44757596 | 496496161 | 38300793 | (75295852) | 7210770 | 68141395 | 534853267 | 9534822 | 27727560 |
|  ATM Large Cap Managed Volatility Portfolio | 83775330 | 1216263073 | 211196665 | (222498520) | 457657 | (37590779) | 1167828096 | 11093268 | 165219808 |

---

See Notes to Financial Statements.

------

EQ/MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost<br>($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain**<br>**(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  ATM Mid Cap Managed Volatility Portfolio | 14703617 | 115016346 | 19342723 | (16036849) | (124981) | (4391240) | 113805999 | 1293565 | 7040944 |
|  ATM Small Cap Managed Volatility Portfolio | 43257023 | 520464555 | 32405625 | (78730836) | 66396 | 12003203 | 486208943 | 5399774 | 20668163 |
|  EQ/AB Small Cap Growth Portfolio | 12510040 | 222156814 | 31352868 | (35800321) | 1922281 | 1796061 | 221427703 | 698732 | 17939642 |
|  EQ/American Century Mid Cap Value Portfolio | 1091389 | 23114039 | 5048392 | (4830032) | (15021) | 322115 | 23639493 | 404434 | 1642508 |
|  EQ/ClearBridge Select Equity Managed Volatility Portfolio | 13217707 | 183048944 | 1619762 | (22640257) | 1241443 | 10146421 | 173416313 | 623622 | 984544 |
|  EQ/Franklin Small Cap Value Managed Volatility Portfolio | 5000216 | 77282984 | 6228651 | (12376785) | (125853) | (1756008) | 69252989 | 775175 | 5448161 |
|  EQ/Global Equity Managed Volatility Portfolio | 11381975 | 195249782 | 21159877 | (32941961) | 1206942 | 11550602 | 196225242 | 1967237 | 19179352 |
|  EQ/International Core Managed Volatility Portfolio | 10479443 | 117907136 | 11062444 | (18201865) | 4764811 | 13259832 | 128792358 | 1931934 | 9121569 |
|  EQ/International Equity Index Portfolio | 708238 | 7464225 | 345538 |  |  | 2027658 | 9837421 | 345538 |  |
|  EQ/International Value Managed Volatility Portfolio | 12834358 | 175012940 | 14547255 | (26691961) | 2130040 | 27645438 | 192643712 | 4473422 | 10060546 |
|  EQ/Janus Enterprise Portfolio\* | 2038957 | 43213266 | 10962200 | (9131736) | 519767 | 272261 | 45835758 |  | 3759060 |
|  EQ/JPMorgan Growth Stock Portfolio\* | 1118296 | 76845012 | 17619422 | (9983440) | 717630 | (308750) | 84889874 |  | 11914591 |
|  EQ/JPMorgan Value Opportunities Portfolio | 4850470 | 108584270 | 16067272 | (32243505) | 2807173 | 3297833 | 98513043 | 1248907 | 8210635 |
|  EQ/Large Cap Core Managed Volatility Portfolio | 21073302 | 228724378 | 31234832 | (31187009) | (570037) | (7775427) | 220426737 | 2175054 | 29044317 |
|  EQ/Large Cap Value Managed Volatility Portfolio | 6875565 | 146363444 | 18612185 | (40681897) | 9451623 | (7853767) | 125891588 | 2044620 | 10657176 |
|  EQ/Loomis Sayles Growth Portfolio\* | 6603608 | 80892448 | 9591062 | (14433440) | 91617 | 4620436 | 80762123 |  | 6086231 |
|  EQ/MFS International Growth Portfolio | 25331825 | 207832057 | 30522163 | (53487009) | 12750420 | 9343378 | 206961009 | 2385647 | 17221054 |
|  EQ/Morgan Stanley Small Cap Growth Portfolio | 11741564 | 124385794 | 6756181 | (26550161) | 421780 | 9231825 | 114245419 | 548934 |  |
|  EQ/Value Equity Portfolio | 4049443 | 107233416 | 10307415 | (28043505) | 9829944 | (2181125) | 97146145 | 1627218 | 2372466 |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 11733167 | 99692394 | 14231301 | (18950161) | (156269) | 3037351 | 97854616 | 7049053 |  |
|  1290 VT DoubleLine Opportunistic Bond Portfolio | 17047903 | 152164883 | 20654597 | (29153569) | (487689) | 4456617 | 147634839 | 6793967 |  |
|  1290 VT High Yield Bond Portfolio | 4256046 | 40776555 | 4347713 | (7560064) | 18448 | 1189931 | 38772583 | 1669814 |  |
|  EQ/Core Bond Index Portfolio | 34160364 | 340289503 | 45924411 | (72673858) | 783487 | 9858314 | 324181857 | 10350736 |  |
|  EQ/Core Plus Bond Portfolio | 34537701 | 121541973 | 16623169 | (23958521) | (173531) | 4085848 | 118118938 | 6114714 |  |
|  EQ/Intermediate Government Bond Portfolio | 41069594 | 417999217 | 60454177 | (89385627) | 219502 | 9909184 | 399196453 | 12825911 |  |
|  EQ/Long-Term Bond Portfolio | 51461410 | 351264981 | 40740710 | (54803890) | (470565) | 6001753 | 342732989 | 14965585 |  |
|  EQ/PIMCO Ultra Short Bond Portfolio | 18444612 | 192100195 | 29304092 | (40241961) | (229783) | 746890 | 181679433 | 7790804 |  |

---

See Notes to Financial Statements.

------

EQ/MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds from<br>Sales ($)** | **Net<br>Realized<br>Gain**<br>**(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/<br>Interest<br>Income ($)** | **Capital Gain<br>Distributions<br>($)** |
|  EQ/Quality Bond PLUS Portfolio | 15126874 | 123818166 | 17396805 | (26258521) | (684558) | 3868993 | 118140885 | 4288349 |  |
|  Multimanager Core Bond Portfolio | 22441375 | 203743348 | 27013829 | (40900321) | (1139760) | 7869346 | 196586442 | 7299336 |  |
|  **Total** |  | **6925019305** | **851700614** | **(1266344045)** | **62162704** | **175520872** | **6748059450** | **132326655** | **395890787** |

---

*\** *Non-income producing.* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $6748059450 | $— | $— | $6748059450 |
|  **Total Assets** | $**6748059450** | $**—** | $**—** | $**6748059450** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**6748059450** | $**—** | $**—** | $**6748059450** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $851700614.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $1266344045.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1405777147 |
|  Aggregate gross unrealized depreciation | (317324277) |
|  Net unrealized appreciation | $1088452870 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $5659606580 |

---

See Notes to Financial Statements.

------

EQ/MODERATE-PLUS ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $5,596,880,544) | $6748059450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 5684649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 3961859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 582709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 18470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 28254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 6758335391 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 2489409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 1432121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 713593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 525472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 334865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5495460 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $6752839931 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $5355264620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1397575311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $6752839931 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $6,712,944,318 / 695,562,272 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.65 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $39,895,613 / 4,130,313 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.66 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $132326655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 245852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 132572507 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 16763468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 8425174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 6154951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 331518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 297636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 231976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 227600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 113478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 32545801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Voluntarywaiver from investment manager | (34389) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 32511412 |
|  **NET INVESTMENT INCOME (LOSS)** | 100061095 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | 62162704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 395890787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 458053491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 175520872 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 633574363 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $733635458 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/MODERATE-PLUS ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $100061095 | $115226347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 458053491 | 696868222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 175520872 | (82681672) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 733635458 | 729412897 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (641192833) | (551177788) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (3909071) | (4008500) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (645101904) | (555186288) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 393,113 shares, respectively ] |  | 3748909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (20598780) shares, respectively ] |  | (202598768) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (1102142) shares, respectively ] |  | (10519941) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (209369800) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 10,636,206 and 10,755,772 shares, respectively ] | 103984976 | 106380645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 20,586,971 shares, respectively ] |  | 202598768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 65,295,880 and 56,668,720 shares, respectively ] | 641192833 | 551177788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (102424139) and (99808424) shares, respectively ] | (1000927257) | (986512423) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (255749448) | (126355222) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 120,886 and 126,700 shares, respectively ] | 1188309 | 1245747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 397,373 and 411,835 shares, respectively ] | 3909071 | 4008500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1477494) and (901999) shares, respectively ] | (14448260) | (8960103) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (9350880) | (3705856) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (265100328) | (339430878) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (176566774) | (165204269) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 6929406705 | 7094610974 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $6752839931 | $6929406705 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/MODERATE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $9.53 | $9.33 | $8.47 | $11.61 | $11.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.14 | 0.16 | 0.12 | 0.09 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.95 | 0.84 | 1.16 | (2.10) | 1.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.09 | 1.00 | 1.28 | (2.01) | 1.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.24) | (0.15) | (0.10) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.78) | (0.56) | (0.27) | (1.03) | (0.92) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.97) | (0.80) | (0.42) | (1.13) | (1.34) |
|  Net asset value, end of year | $9.65 | $9.53 | $9.33 | $8.47 | $11.61 |
|  Total return | 11.50% | 10.75% | 15.36% | (17.08)% | 12.67% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $6712944 | $6880877 | $6845088 | $6684718 | $8960367 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.48 %(i)(j) | 0.49 %(k) | 0.50 %(m) | 0.49 %(n) | 0.48 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.48% | 0.49% | 0.50% | 0.49% | 0.48% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(x) | 1.48% | 1.65% | 1.33% | 0.90% | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(x) | 1.48% | 1.65% | 1.33% | 0.90% | 0.63% |
|  Portfolio turnover rate^ | 13% | 15% | 8% | 9% | 23% |
| **Class K** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $9.54 | $9.33 | $8.47 | $11.61 | $11.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.16 | 0.18 | 0.14 | 0.12 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.95 | 0.86 | 1.16 | (2.11) | 1.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.11 | 1.04 | 1.30 | (1.99) | 1.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.21) | (0.27) | (0.17) | (0.12) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.78) | (0.56) | (0.27) | (1.03) | (0.92) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.99) | (0.83) | (0.44) | (1.15) | (1.37) |
|  Net asset value, end of year | $9.66 | $9.54 | $9.33 | $8.47 | $11.61 |
|  Total return | 11.74% | 11.13% | 15.62% | (16.86)% | 12.95% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $39896 | $48529 | $50886 | $52619 | $65780 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.23 %(i)(j) | 0.24 %(k) | 0.25 %(m) | 0.24 %(n) | 0.23 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.23% | 0.24% | 0.25% | 0.24% | 0.23% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(x) | 1.61% | 1.84% | 1.59% | 1.18% | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(x) | 1.61% | 1.84% | 1.59% | 1.18% | 0.87% |
|  Portfolio turnover rate^ | 13% | 15% | 8% | 9% | 23% |

---

See Notes to Financial Statements.

------

EQ/MODERATE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(i)* *Includes voluntary waiver from investment manager of less than 0.005%.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.11% for Class IB and 0.86% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.12% for Class IB and 0.87% for Class K.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.13% for Class IB and 0.88% for Class K.* 

*(n)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.10% for Class IB and 0.85% for Class K.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.09% for Class IB and 0.84% for Class K.* 

*(x)* *Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.* 

See Notes to Financial Statements.

------

EQ/AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (91.0%)** | **Equity (91.0%)** | **Equity (91.0%)** |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund‡ | 1178326 | $25192606 |
|  1290 VT Equity Income Portfolio‡ | 13981241 | 67809020 |
|  1290 VT GAMCO Small Company Value Portfolio‡ | 1049457 | 79905652 |
|  1290 VT Micro Cap Portfolio‡ | 3348154 | 40613110 |
|  1290 VT Small Cap Value Portfolio‡ | 3222073 | 35893889 |
|  ATM International Managed Volatility Portfolio‡ | 28359256 | 338893110 |
|  ATM Large Cap Managed Volatility Portfolio‡ | 57203271 | 797413595 |
|  ATM Mid Cap Managed Volatility Portfolio‡ | 6649156 | 51464466 |
|  ATM Small Cap Managed Volatility Portfolio‡ | 22395767 | 251728420 |
|  EQ/AB Small Cap Growth Portfolio‡ | 6761237 | 119673901 |
|  EQ/American Century Mid Cap Value Portfolio‡ | 574210 | 12437378 |
|  EQ/ClearBridge Select Equity Managed Volatility Portfolio‡ | 8726266 | 114488609 |
|  EQ/Franklin Small Cap Value Managed Volatility Portfolio‡ | 2969006 | 41120729 |
|  EQ/Global Equity Managed Volatility Portfolio‡ | 7515458 | 129566502 |
|  EQ/International Core Managed Volatility Portfolio‡ | 6019702 | 73982143 |
|  EQ/International Equity Index Portfolio‡ | 520277 | 7226646 |
|  EQ/International Value Managed Volatility Portfolio‡ | 6899603 | 103563040 |
|  EQ/Janus Enterprise Portfolio\*‡ | 730813 | 16428679 |
|  EQ/JPMorgan Growth Stock Portfolio\*‡ | 608540 | 46194301 |
|  EQ/JPMorgan Value Opportunities Portfolio‡ | 3350664 | 68051978 |
|  EQ/Large Cap Core Managed Volatility Portfolio‡ | 14230845 | 148854643 |
|  EQ/Large Cap Value Managed Volatility Portfolio‡ | 4809604 | 88063854 |
|  EQ/Loomis Sayles Growth Portfolio\*‡ | 4166887 | 50961025 |
|  EQ/MFS International Growth Portfolio‡ | 16960384 | 138566338 |
|  EQ/Morgan Stanley Small Cap Growth Portfolio‡ | 6251700 | 60829039 |
|  EQ/Value Equity Portfolio‡ | 2821222 | 67681111 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 2976603784 |
|  **Fixed Income (9.0%)** | **Fixed Income (9.0%)** | **Fixed Income (9.0%)** |
|  1290 Diversified Bond Fund‡ | 1757423 | 14656908 |
|  1290 VT DoubleLine Opportunistic Bond Portfolio‡ | 2536596 | 21966920 |
|  1290 VT High Yield Bond Portfolio‡ | 646642 | 5890913 |
|  EQ/Core Bond Index Portfolio‡ | 4793963 | 45494708 |
|  EQ/Core Plus Bond Portfolio‡ | 5140177 | 17579405 |
|  EQ/Intermediate Government Bond Portfolio‡ | 5745746 | 55848654 |
|  EQ/Long-Term Bond Portfolio‡ | 8758020 | 58328412 |
|  EQ/PIMCO Ultra Short Bond Portfolio‡ | 2681479 | 26412571 |
|  EQ/Quality Bond PLUS Portfolio‡ | 2268569 | 17717527 |
|  Multimanager Core Bond Portfolio‡ | 3363893 | 29467699 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 293363717 |
|  **Total Investments in Securities (100.0%)**<br> *(Cost $2,543,026,897)* | **Total Investments in Securities (100.0%)**<br> *(Cost $2,543,026,897)* | 3269967501 |
|  **Other Assets Less Liabilities (0.0%)†** | **Other Assets Less Liabilities (0.0%)†** | 1461754 |
|  **Net Assets (100%)** |  | $3271429255 |

---

*\* Non-income producing.* 

*† Percent shown is less than 0.05%.* 

*‡ Affiliated company as defined under the Investment Company Act of 1940.* 

The holdings in affiliated Investment Companies are all Class K shares except for the following: 1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund and 1290 Diversified Bond Fund are Class I shares.

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund | 1178326 | 23586220 | 430847 | (2155658) | 275533 | 3055664 | 25192606 | 10223 | 410217 |
|  1290 VT Equity Income Portfolio | 13981241 | 71863184 | 7081256 | (12858718) | 1223961 | 499337 | 67809020 | 1600320 | 5441907 |
|  1290 VT GAMCO Small Company Value Portfolio | 1049457 | 78925530 | 5526831 | (8622633) | 936429 | 3139495 | 79905652 | 662234 | 4822967 |
|  1290 VT Micro Cap Portfolio | 3348154 | 39487992 | 248876 | (4670593) | (11576) | 5558411 | 40613110 | 226184 | 142 |
|  1290 VT Small Cap Value Portfolio | 3222073 | 37597785 | 4312609 | (3952040) | 15656 | (2080121) | 35893889 | 536533 | 3756996 |
|  ATM International Managed Volatility Portfolio | 28359256 | 305790325 | 23716983 | (37185105) | 3352225 | 43218682 | 338893110 | 6024403 | 17513048 |
|  ATM Large Cap Managed Volatility Portfolio | 57203271 | 794242953 | 118302151 | (85672481) | 415406 | (29874434) | 797413595 | 7428759 | 110471831 |
|  ATM Mid Cap Managed Volatility Portfolio | 6649156 | 56771786 | 3788057 | (6287337) | (35373) | (2772667) | 51464466 | 584023 | 3173678 |

---

See Notes to Financial Statements.

------

EQ/AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost<br>($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  ATM Small Cap Managed Volatility Portfolio | 22395767 | 265773048 | 13632912 | (33592341) | 15213 | 5899588 | 251728420 | 2791132 | 10679595 |
|  EQ/AB Small Cap Growth Portfolio | 6761237 | 107253573 | 21996642 | (12196844) | (214884) | 2835414 | 119673901 | 378060 | 9663075 |
|  EQ/American Century Mid Cap Value Portfolio | 574210 | 12445583 | 1078491 | (1077829) | (1764) | (7103) | 12437378 | 212173 | 861115 |
|  EQ/ClearBridge Select Equity Managed Volatility Portfolio | 8726266 | 117569427 | 1116011 | (11676482) | 622882 | 6856771 | 114488609 | 410945 | 648691 |
|  EQ/Franklin Small Cap Value Managed Volatility Portfolio | 2969006 | 43046394 | 3703027 | (4670593) | (9546) | (948553) | 41120729 | 459559 | 3220919 |
|  EQ/Global Equity Managed Volatility Portfolio | 7515458 | 120966410 | 13975612 | (13413588) | 8755 | 8029313 | 129566502 | 1296185 | 12616114 |
|  EQ/International Core Managed Volatility Portfolio | 6019702 | 66140945 | 6341750 | (8622633) | 1877446 | 8244635 | 73982143 | 1101405 | 5198715 |
|  EQ/International Equity Index Portfolio | 520277 | 6126942 | 253835 | (750000) | 251993 | 1343876 | 7226646 | 253835 |  |
|  EQ/International Value Managed Volatility Portfolio | 6899603 | 93021097 | 7836159 | (13113588) | 11098 | 15808274 | 103563040 | 2392812 | 5380034 |
|  EQ/Janus Enterprise Portfolio\* | 730813 | 17608836 | 1360032 | (2514935) | 115328 | (140582) | 16428679 |  | 1347889 |
|  EQ/JPMorgan Growth Stock Portfolio\* | 608540 | 41237042 | 9191960 | (4311317) | 177996 | (101380) | 46194301 |  | 6471144 |
|  EQ/JPMorgan Value Opportunities Portfolio | 3350664 | 69927609 | 6573472 | (11983718) | 192591 | 3342024 | 68051978 | 864010 | 5670433 |
|  EQ/Large Cap Core Managed Volatility Portfolio | 14230845 | 154283688 | 21437588 | (21128522) | (294925) | (5443186) | 148854643 | 1490206 | 19871926 |
|  EQ/Large Cap Value Managed Volatility Portfolio | 4809604 | 96976217 | 8890005 | (18553291) | 3105743 | (2354820) | 88063854 | 1423661 | 7414306 |
|  EQ/Loomis Sayles Growth Portfolio\* | 4166887 | 53164078 | 3847547 | (8761317) | 140789 | 2569928 | 50961025 |  | 3826733 |
|  EQ/MFS International Growth Portfolio | 16960384 | 126613809 | 15331392 | (16339608) | 1350038 | 11610707 | 138566338 | 1593284 | 11465254 |
|  EQ/Morgan Stanley Small Cap Growth Portfolio | 6251700 | 62511711 | 319451 | (6248422) | (5265) | 4251564 | 60829039 | 291696 |  |
|  EQ/Value Equity Portfolio | 2821222 | 69023761 | 2817100 | (8683718) | 2945420 | 1578548 | 67681111 | 1130948 | 1647124 |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 1757423 | 14050759 | 2651208 | (2446382) | (29776) | 431099 | 14656908 | 1012535 |  |
|  1290 VT DoubleLine Opportunistic Bond Portfolio | 2536596 | 21631443 | 3608317 | (3814935) | 13438 | 528657 | 21966920 | 996174 |  |
|  1290 VT High Yield Bond Portfolio | 646642 | 6615016 | 828098 | (1718553) | 550 | 165802 | 5890913 | 244629 |  |

---

See Notes to Financial Statements.

------

EQ/AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income ($)** | **Capital Gain<br>Distributions<br>($)** |
|  EQ/Core Bond Index Portfolio | 4793963 | 45630080 | 7104810 | (8629869) | 21348 | 1368339 | 45494708 | 1430525 |  |
|  EQ/Core Plus Bond Portfolio | 5140177 | 17310759 | 2885647 | (3155658) | (15529) | 554186 | 17579405 | 895240 |  |
|  EQ/Intermediate Government Bond Portfolio | 5745746 | 56017539 | 9102430 | (10587337) | 28625 | 1287397 | 55848654 | 1772075 |  |
|  EQ/Long-Term Bond Portfolio | 8758020 | 57381408 | 6741994 | (6646613) | (72156) | 923779 | 58328412 | 2509903 |  |
|  EQ/PIMCO Ultra Short Bond Portfolio | 2681479 | 26646726 | 4242380 | (4524211) | 463 | 47213 | 26412571 | 1118504 |  |
|  EQ/Quality Bond PLUS Portfolio | 2268569 | 17579277 | 2976095 | (3276020) | 9081 | 429094 | 17717527 | 626555 |  |
|  Multimanager Core Bond Portfolio | 3363893 | 29069736 | 4677333 | (5233487) | 6497 | 947620 | 29467699 | 1051722 |  |
|  **Total** |  | **3223888688** | **347928908** | **(409076376)** | **16423710** | **90802571** | **3269967501** | **44820452** | **251573853** |

---

*\** *Non-income producing.* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant<br>Unobservable Inputs<br>(including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of<br>investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $3269967501 | $— | $— | $3269967501 |
|  **Total Assets** | $**3269967501** | $**—** | $**—** | $**3269967501** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**3269967501** | $**—** | $**—** | $**3269967501** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $347928908.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $409076376.0 |

---

See Notes to Financial Statements.

------

EQ/AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $748454300 |
|  Aggregate gross unrealized depreciation | (51546932) |
|  Net unrealized appreciation | $696907368 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $2573060133 |

---

See Notes to Financial Statements.

------

EQ/AGGRESSIVE ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $2,543,026,897) | $3269967501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 2895113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 527430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 290675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 6362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 13019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3273700100 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 784774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 691803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 345300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 261581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 187387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2270845 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $3271429255 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $2380180855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 891248400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $3271429255 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $3,246,711,710 / 306,889,873 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.58 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $24,717,545 / 2,332,743 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.60 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $44820452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 83613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 44904065 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 7896384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 3974209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2990116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 229300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 162592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 162537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 108802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 52804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 15576744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Voluntarywaiver from investment manager | (54629) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 15522115 |
|  **NET INVESTMENT INCOME (LOSS)** | 29381950 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | 16423710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 251573853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 267997563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 90802571 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 358800134 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $388182084 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/AGGRESSIVE ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $29381950 | $37804272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 267997563 | 355304379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 90802571 | 24628869 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 388182084 | 417737520 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (336558948) | (236637463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (2654268) | (2022851) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (339213216) | (238660314) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 203,478 shares, respectively ] |  | 2102974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (7708608) shares, respectively ] |  | (81572915) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (654193) shares, respectively ] |  | (6717376) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (86187317) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 7,107,583 and 7,233,404 shares, respectively ] | 75626182 | 76952574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 7,706,586 shares, respectively ] |  | 81572915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 31,348,454 and 22,243,539 shares,<br>respectively ] | 336558948 | 236637463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (38734884) and (39057216) shares, respectively ] | (412480081) | (415903301) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (294951) | (20740349) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 144,671 and 239,626 shares, respectively ] | 1517634 | 2536297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 246,606 and 189,936 shares, respectively ] | 2654268 | 2022851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (637347) and (868449) shares, respectively ] | (6773510) | (9152002) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (2601608) | (4592854) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (2896559) | (111520520) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 46072309 | 67556686 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 3225356946 | 3157800260 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $3271429255 | $3225356946 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/AGGRESSIVE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $10.41 | $9.86 | $8.70 | $12.51 | $12.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.10 | 0.13 | 0.10 | 0.07 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.24 | 1.23 | 1.47 | (2.41) | 1.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.34 | 1.36 | 1.57 | (2.34) | 2.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.15) | (0.23) | (0.13) | (0.08) | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.02) | (0.58) | (0.28) | (1.39) | (1.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.17) | (0.81) | (0.41) | (1.47) | (1.57) |
|  Net asset value, end of year | $10.58 | $10.41 | $9.86 | $8.70 | $12.51 |
|  Total return | 12.97% | 13.73% | 18.37% | (18.31)% | 17.14% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $3246712 | $3198472 | $3047571 | $2805155 | $3712223 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.49 %(i)(j) | 0.49 %(k) | 0.51 %(m) | 0.49 %(n) | 0.48 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.49% | 0.49% | 0.51% | 0.49% | 0.48% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(x) | 0.92% | 1.18% | 1.03% | 0.72% | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(x) | 0.92% | 1.18% | 1.03% | 0.72% | 0.55% |
|  Portfolio turnover rate^ | 11% | 15% | 6% | 7% | 17% |
| **Class K** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $10.43 | $9.87 | $8.70 | $12.52 | $12.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.12 | 0.14 | 0.12 | 0.10 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.25 | 1.26 | 1.48 | (2.42) | 1.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.37 | 1.40 | 1.60 | (2.32) | 2.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.18) | (0.26) | (0.15) | (0.11) | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.02) | (0.58) | (0.28) | (1.39) | (1.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.20) | (0.84) | (0.43) | (1.50) | (1.61) |
|  Net asset value, end of year | $10.60 | $10.43 | $9.87 | $8.70 | $12.52 |
|  Total return | 13.21% | 14.09% | 18.76% | (18.16)% | 17.41% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $24718 | $26885 | $29788 | $28391 | $37698 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.24 %(i)(j) | 0.24 %(k) | 0.26 %(m) | 0.24 %(n) | 0.23 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.24% | 0.24% | 0.26% | 0.24% | 0.23% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(x) | 1.14% | 1.34% | 1.26% | 0.97% | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(x) | 1.14% | 1.34% | 1.26% | 0.97% | 0.78% |
|  Portfolio turnover rate^ | 11% | 15% | 6% | 7% | 17% |

---

See Notes to Financial Statements.

------

EQ/AGGRESSIVE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(i)* *Includes voluntary waiver from investment manager of less than 0.005%.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.16% for Class IB and 0.91% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.15% for Class IB and 0.90% for Class K.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.18% for Class IB and 0.93% for Class K.* 

*(n)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.14% for Class IB and 0.89% for Class K.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.12% for Class IB and 0.87% for Class K.* 

*(x)* *Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.* 

See Notes to Financial Statements.

------

EQUITABLE CONSERVATIVE GROWTH MF/ETF PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (24.7%)** | **Equity (24.7%)** | **Equity (24.7%)** |
|  iShares Core S&P Total U.S. Stock Market ETF | 12900 | $1918101 |
|  iShares Core S&P U.S. Growth ETF | 23900 | 4013766 |
|  iShares MSCI Global Min Vol Factor ETF (x) | 33800 | 4013750 |
|  SPDR Portfolio Developed World ex-US ETF | 104900 | 4658609 |
|  Vanguard FTSE Emerging Markets ETF | 100900 | 5424384 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 20028610 |
|  **Fixed Income (6.5%)** | **Fixed Income (6.5%)** | **Fixed Income (6.5%)** |
|  iShares Broad USD High Yield Corporate Bond ETF | 75600 | 2827062 |
|  Vanguard Intermediate-Term Corporate Bond ETF (x) | 15700 | 1314875 |
|  Vanguard Total Bond Market ETF | 15100 | 1118457 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 5260394 |
|  **Total Exchange Traded Funds (31.2%)**<br> *(Cost $21,460,416)* |  | 25289004 |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (22.8%)** | **Equity (22.8%)** | **Equity (22.8%)** |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund‡ | 63513 | 1357917 |
|  1290 Essex Small Cap Growth Fund\*‡ | 181130 | 3059286 |
|  1290 GAMCO Small/Mid Cap Value Fund‡ | 210648 | 3934908 |
|  1290 SmartBeta Equity Fund‡ | 452215 | 9134751 |
|  AB Small Cap Growth Portfolio\*‡ | 12598 | 978509 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 18465371 |
|  **Fixed Income (44.0%)** | **Fixed Income (44.0%)** | **Fixed Income (44.0%)** |
|  1290 Diversified Bond Fund‡ | 3413747 | 28470652 |
|  1290 High Yield Bond Fund‡ | 835428 | 7193037 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 35663689 |
|  **Total Investment Companies (66.8%)**<br> *(Cost $52,588,307)* |  | 54129060 |
|  **Total Investments in Securities (98.0%)**<br> *(Cost $74,048,723)* |  | 79418064 |
|  **Other Assets Less Liabilities (2.0%)** | **Other Assets Less Liabilities (2.0%)** | 1590844 |
|  **Net Assets (100%)** |  | $81008908 |

---

*\** *Non-income producing.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

*(x)* *All or a portion of security is on loan at December 31, 2025, the Portfolio had loaned securities with a total value of $1,325,888. This was collateralized by $1,359,960 of various U.S. Government Treasury Securities, ranging from 0.125% – 6.250%, maturing 1/15/26 – 5/15/54.* 

The holdings in affiliated Investment Companies are all Class I shares except for AB Small Cap Growth Portfolio which are Class Z shares.

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund | 63513 | 1260322 | 130073 | (203019) | 14820 | 155721 | 1357917 | 541 | 21713 |
|  1290 Essex Small Cap Growth Fund\* | 181130 | 3065154 | 464815 | (1184997) | 177266 | 537048 | 3059286 |  | 48690 |
|  1290 GAMCO Small/Mid Cap Value Fund | 210648 | 3761955 | 645717 | (812882) | 15489 | 324629 | 3934908 | 48783 | 98604 |
|  1290 SmartBeta Equity Fund | 452215 | 7980891 | 2557434 | (1979705) | 212486 | 363645 | 9134751 | 73436 | 337788 |
|  AB Small Cap Growth Portfolio\* | 12598 | 963865 | 202028 | (242087) | 18855 | 35848 | 978509 |  |  |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 3413747 | 26849705 | 5633885 | (4775104) | 755 | 761411 | 28470652 | 1974360 |  |
|  1290 High Yield Bond Fund | 835428 | 7050247 | 1281381 | (1233731) | 3912 | 91228 | 7193037 | 434384 |  |
|  **Total** |  | **50932139** | **10915333** | **(10431525)** | **443583** | **2269530** | **54129060** | **2531504** | **506795** |

---

*\** *Non-income producing.* 

See Notes to Financial Statements.

------

EQUITABLE CONSERVATIVE GROWTH MF/ETF PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Exchange Traded Funds** |  |  |  |  |
|  Exchange Traded Funds | $25289004 | $— | $— | $25289004 |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | 54129060 |  |  | 54129060 |
|  **Total Assets** | $**79418064** | $**—** | $**—** | $**79418064** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**79418064** | $**—** | $**—** | $**79418064** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $39521241.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $42177399.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $8041760 |
|  Aggregate gross unrealized depreciation | (2777054) |
|  Net unrealized appreciation | $5264706 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $74153358 |

---

See Notes to Financial Statements.

------

EQUITABLE CONSERVATIVE GROWTH MF/ETF PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $52,588,307) | $54129060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $21,460,416) | 25289004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 3578743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 5259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 4300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 83007259 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 1887826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 34124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 16396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 8329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 6120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 45556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1998351 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $81008908 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $75158509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 5850399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $81008908 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $77,126,920 / 6,208,457 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.42 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $3,881,988 / 312,062 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.44 |

---

*(x)* *Includes value of securities on loan of $1,325,888.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($2,531,504 of dividend income received from affiliates) | $3337075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 61363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 8641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 3407079 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 187242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 116172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 96716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 63500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 44496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 19607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 2664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 4879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 535276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiverfrom investment manager | (38645) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 496631 |
|  **NET INVESTMENT INCOME (LOSS)** | 2910448 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities $443,583 realized gain (loss) from affiliates) | 2898387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 506795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3405182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities ($2,269,530 of change in unrealized appreciation (depreciation) from affiliates) | 2417093 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 5822275 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $8732723 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQUITABLE CONSERVATIVE GROWTH MF/ETF PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2910448 | $2437115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3405182 | 1649560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2417093 | 1239315 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 8732723 | 5325990 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (6045040) | (3029160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (152745) | (157565) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (6197785) | (3186725) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 812,704 and 1,139,886 shares, respectively ] | 10359817 | 13957539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 484,893 and 250,860 shares, respectively ] | 6045040 | 3029160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1296734) and (1094995) shares, respectively ] | (16325128) | (13529966) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 79729 | 3456733 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 190,836 and 71,128 shares, respectively ] | 2394944 | 886923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 12,247 and 13,037 shares, respectively ] | 152745 | 157565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (196694) and (38289) shares, respectively ] | (2442323) | (454327) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 105366 | 590161 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 185095 | 4046894 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 2720033 | 6186159 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 78288875 | 72102716 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $81008908 | $78288875 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQUITABLE CONSERVATIVE GROWTH MF/ETF PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $12.02 | $11.68 | $10.91 | $13.04 | $12.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.47 | 0.39 | 0.29 | 0.18 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.98 | 0.46 | 0.78 | (1.80) | 1.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.45 | 0.85 | 1.07 | (1.62) | 1.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.48) | (0.39) | (0.30) | (0.20) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.57) | (0.12) |  | (0.31) | (1.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.05) | (0.51) | (0.30) | (0.51) | (1.08) |
|  Net asset value, end of year | $12.42 | $12.02 | $11.68 | $10.91 | $13.04 |
|  Total return | 12.03% | 7.25% | 9.86% | (12.40)% | 10.10% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $77127 | $74611 | $69065 | $65986 | $73621 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.65 %(j) | 0.65 %(j) | 0.65 %(j) | 0.99 %(k) | 1.16 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.70% | 0.69% | 0.71% | 1.07% | 1.26% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 3.75% | 3.16% | 2.56% | 1.56 %(x) | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 3.70% | 3.12% | 2.49% | 1.48 %(x) | 0.51% |
|  Portfolio turnover rate^ | 52% | 29% | 62% | 194 %(h) | 131% |
| **Class K** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $12.03 | $11.69 | $10.92 | $13.05 | $12.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.51 | 0.43 | 0.31 | 0.20 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.98 | 0.45 | 0.79 | (1.79) | 1.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.49 | 0.88 | 1.10 | (1.59) | 1.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.51) | (0.42) | (0.33) | (0.23) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.57) | (0.12) |  | (0.31) | (1.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.08) | (0.54) | (0.33) | (0.54) | (1.11) |
|  Net asset value, end of year | $12.44 | $12.03 | $11.69 | $10.92 | $13.05 |
|  Total return | 12.36% | 7.50% | 10.11% | (12.17)% | 10.42% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $3882 | $3677 | $3038 | $2881 | $3397 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.40 %(j) | 0.40 %(j) | 0.40 %(j) | 0.74 %(k) | 0.91 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.45% | 0.44% | 0.46% | 0.82% | 1.00% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 4.07% | 3.49% | 2.78% | 1.75 %(x) | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 4.02% | 3.45% | 2.72% | 1.68 %(x) | 0.75% |
|  Portfolio turnover rate^ | 52% | 29% | 62% | 194 %(h) | 131% |

---

See Notes to Financial Statements.

------

EQUITABLE CONSERVATIVE GROWTH MF/ETF PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(h)* *The portfolio turnover rate calculation includes purchases and sales made as a result of the replacement of the sub-adviser.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.10% for Class IB and 0.85% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.17% for Class IB and 0.92% for Class K.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB and 0.95% for Class K.* 

*(x)* *Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.* 

See Notes to Financial Statements.

------

EQUITABLE MODERATE GROWTH MF/ETF PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (28.7%)** | **Equity (28.7%)** | **Equity (28.7%)** |
|  iShares Core S&P Total U.S. Stock Market ETF | 7100 | $1055699 |
|  iShares Core S&P U.S. Growth ETF | 11140 | 1870851 |
|  iShares MSCI Global Min Vol Factor ETF | 23500 | 2790625 |
|  SPDR Portfolio Developed World ex-US ETF (x) | 47570 | 2112584 |
|  Vanguard FTSE Emerging Markets ETF | 56080 | 3014861 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 10844620 |
|  **Fixed Income (4.4%)** | **Fixed Income (4.4%)** | **Fixed Income (4.4%)** |
|  iShares Broad USD High Yield Corporate Bond ETF | 25870 | 967409 |
|  Vanguard Intermediate-Term Corporate Bond ETF (x) | 8200 | 686750 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 1654159 |
|  **Total Exchange Traded Funds (33.1%)**<br> *(Cost $11,014,128)*  |  | 12498779 |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Investment Companies (64.9%)** | **Investment Companies (64.9%)** |  |
|  **Equity (38.9%)** | **Equity (38.9%)** | **Equity (38.9%)** |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund‡ | 49408 | 1056342 |
|  1290 Essex Small Cap Growth Fund\*‡ | 139132 | 2349946 |
|  1290 GAMCO Small/Mid Cap Value Fund‡ | 163813 | 3060035 |
|  1290 SmartBeta Equity Fund‡ | 369194 | 7457711 |
|  AB Small Cap Growth Portfolio \*‡ | 9812 | 762091 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 14686125 |
|  **Fixed Income (26.0%)** | **Fixed Income (26.0%)** | **Fixed Income (26.0%)** |
|  1290 Diversified Bond Fund‡ | 921286 | 7683523 |
|  1290 High Yield Bond Fund ‡ | 245740 | 2115822 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 9799345 |
|  **Total Investment Companies (64.9%)**<br> *(Cost $22,817,111)* |  | 24485470 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (1.9%)** | **Investment Companies (1.9%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 30852 | 30852 |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 682277 | 682550 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | 713402 |
|  **Total Short-Term Investments (1.9%)**<br> *(Cost $713,345)* |  | 713402 |
|  **Total Investments in Securities (99.9%)**<br> *(Cost $34,544,584)* |  | 37697651 |
|  **Other Assets Less Liabilities (0.1%)** |  | 39592 |
|  **Net Assets (100%)** |  | $37737243 |

---

*\** *Non-income producing.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $663,422. This was collateralized by $648,962 of various U.S. Government Treasury Securities, ranging from 0.250% – 4.625%, maturing 5/31/27 – 2/15/52 and by cash of $30,852 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

The holdings in affiliated Investment Companies are all Class I shares except for AB Small Cap Growth Portfolio which are Class Z shares.

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund | 49408 | 721930 | 317970 | (99917) | 4540 | 111819 | 1056342 | 429 | 17220 |
|  1290 Essex Small Cap Growth Fund\* | 139132 | 1660252 | 743052 | (506582) | 52654 | 400570 | 2349946 |  | 38175 |
|  1290 GAMCO Small/Mid Cap Value Fund | 163813 | 2030445 | 1033009 | (227645) | 1762 | 222464 | 3060035 | 38720 | 78263 |
|  1290 SmartBeta Equity Fund | 369194 | 4735900 | 2864945 | (489725) | (531) | 347122 | 7457711 | 61239 | 281684 |
|  AB Small Cap Growth Portfolio\* | 9812 | 516112 | 264409 | (60188) | (47) | 41805 | 762091 |  |  |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 921286 | 5021872 | 4126723 | (1612957) | 922 | 146963 | 7683523 | 484333 |  |
|  1290 High Yield Bond Fund | 245740 | 1422191 | 761012 | (88757) | 35 | 21341 | 2115822 | 105086 |  |
|  **Total** |  | **16108702** | **10111120** | **(3085771)** | **59335** | **1292084** | **24485470** | **689807** | **415342** |

---

*\** *Non-income producing.* 

See Notes to Financial Statements.

------

EQUITABLE MODERATE GROWTH MF/ETF PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Exchange Traded Funds** |  |  |  |  |
|  Exchange Traded Funds | $12498779 | $— | $— | $12498779 |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | 24485470 |  |  | 24485470 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 713402 |  |  | 713402 |
|  **Total Assets** | $**37697651** | $**—** | $**—** | $**37697651** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**37697651** | $**—** | $**—** | $**37697651** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $21967848.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $12362086.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $3755426 |
|  Aggregate gross unrealized depreciation | (632784) |
|  Net unrealized appreciation | $3122642 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $34575009 |

---

See Notes to Financial Statements.

------

EQUITABLE MODERATE GROWTH MF/ETF PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $22,817,111) | $24485470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $11,727,473) | 13212181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 128679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 7432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment manager | 5128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 2583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 37841911 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 30852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 22765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 5386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 44716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 104668 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $37737243 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $34157158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 3580085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $37737243 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $25,342,958 / 2,252,709 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.25 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $12,394,285 / 1,101,243 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.25 |

---

*(x)* *Includes value of securities on loan of $663,422.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($689,807 of dividend income received from affiliates) | $1006856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 4711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 2901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 1014468 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 55300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 44550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 44380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 44057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 36659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 20979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 250798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (80716) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment manager | (24953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 145129 |
|  **NET INVESTMENT INCOME (LOSS)** | 869339 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities ($59,335 realized gain (loss) from affiliates) | 689920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 415342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1105262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities ($1,292,084 of change in unrealized appreciation (depreciation) from affiliates) | 1696076 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 2801338 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $3670677 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQUITABLE MODERATE GROWTH MF/ETF PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $869339 | $532423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1105262 | 380970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1696076 | 1137751 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 3670677 | 2051144 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (1064352) | (282296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (556942) | (237660) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (1621294) | (519956) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 967,269 and 694,788 shares, respectively ] | 10957574 | 7141967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 94,494 and 27,111 shares, respectively ] | 1064352 | 282296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (217256) and (235414) shares, respectively ] | (2390066) | (2319089) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 9631860 | 5105174 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 49,412 and 22,822 shares, respectively ] | 556942 | 237660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 556942 | 237660 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 10188802 | 5342834 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 12238185 | 6874022 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 25499058 | 18625036 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $37737243 | $25499058 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQUITABLE MODERATE GROWTH MF/ETF PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **February 15, 2022\* to**<br> **December 31, 2022** |
| **Class IB** | **2025** | **2024** | **2023** | **February 15, 2022\* to**<br> **December 31, 2022** |
|  Net asset value, beginning of period | $10.36 | $9.55 | $8.68 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.33 | 0.25 | 0.24 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.06 | 0.77 | 0.80 | (1.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.39 | 1.02 | 1.04 | (1.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.25) | (0.21) | (0.17) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.25) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.50) | (0.21) | (0.17) | (0.14) |
|  Net asset value, end of period | $11.25 | $10.36 | $9.55 | $8.68 |
|  Total return (b) | 13.43% | 10.62% | 12.01% | (11.78)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $25343 | $14595 | $8800 | $1212 |
|  Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.59 %(j) | 0.61 %(j) | 0.61 %(j) | 0.59 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 0.95% | 1.04% | 1.41% | 2.62% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f)(x) | 2.97% | 2.47% | 2.60% | 2.47 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f)(x) | 2.61% | 2.03% | 1.80% | 0.43 %(l) |
|  Portfolio turnover rate^ | 43% | 27% | 60% | 50 %(z) |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **February 15, 2022\* to**<br> **December 31, 2022** |
| **Class K** | **2025** | **2024** | **2023** | **February 15, 2022\* to**<br> **December 31, 2022** |
|  Net asset value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;10.37 | $9.55 | $8.68 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.32 | 0.26 | 0.21 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.09 | 0.79 | 0.85 | (1.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.41 | 1.05 | 1.06 | (1.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.28) | (0.23) | (0.19) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.25) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.53) | (0.23) | (0.19) | (0.16) |
|  Net asset value, end of period | $11.25 | $10.37 | $9.55 | $8.68 |
|  Total return (b) | 13.58% | 11.00% | 12.27% | (11.59)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $12394 | $10904 | $9825 | $8749 |
|  Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.34 %(j) | 0.36 %(j) | 0.35 %(j) | 0.34 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 0.70% | 0.80% | 1.11% | 2.10% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f)(x) | 2.94% | 2.50% | 2.36% | 1.96 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f)(x) | 2.58% | 2.06% | 1.60% | 0.20 %(l) |
|  Portfolio turnover rate^ | 43% | 27% | 60% | 50 %(z) |

---

*\** *Commencement of operations.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.10% for Class IB and 0.85% for Class K.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

*(x)* *Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

EQUITABLE GROWTH MF/ETF PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |
|  **Equity (31.7%)** |  |  |
|  iShares Core S&P Total U.S. Stock Market ETF | 7500 | $1115175 |
|  iShares Core S&P U.S. Growth ETF | 11200 | 1880928 |
|  iShares MSCI Global Min Vol Factor ETF | 31560 | 3747750 |
|  SPDR Portfolio Developed World ex-US ETF | 44170 | 1961590 |
|  Vanguard FTSE Emerging Markets ETF | 62160 | 3341721 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 12047164 |
|  **Fixed Income (1.8%)** |  |  |
|  Vanguard Intermediate-Term Corporate Bond ETF (x) | 8100 | 678375 |
|  **Total Exchange Traded Funds (33.5%)**<br> *(Cost $10,906,466)* | **Total Exchange Traded Funds (33.5%)**<br> *(Cost $10,906,466)* | 12725539 |
|  INVESTMENT COMPANIES: |  |  |
|  **Investment Companies (64.5%)** |  |  |
|  **Equity (55.7%)** |  |  |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund‡ | 73949 | 1581030 |
|  1290 Essex Small Cap Growth Fund\*‡ | 183509 | 3099463 |
|  1290 GAMCO Small/Mid Cap Value Fund‡ | 215253 | 4020929 |
|  1290 SmartBeta Equity Fund‡ | 569573 | 11505365 |
|  AB Small Cap Growth Portfolio \*‡ | 12899 | 1001835 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 21208622 |
|  **Fixed Income (8.8%)** |  |  |
|  1290 Diversified Bond Fund‡ | 217504 | 1813981 |
|  1290 High Yield Bond Fund ‡ | 175138 | 1507935 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 3321916 |
|  **Total Investment Companies (64.5%)**<br> *(Cost $20,677,854)* |  | 24530538 |
|  SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (2.1%)** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 13026 | 13026 |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 765749 | 766056 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | 779082 |
|  **Total Short-Term Investments (2.1%)**<br> *(Cost $779,048)* |  | 779082 |
|  **Total Investments in Securities (100.1%)**<br> *(Cost $32,363,368)* |  | 38035159 |
|  **Other Assets Less Liabilities (-0.1%)** |  | (24907) |
|  **Net Assets (100%)** |  | $38010252 |

---

*\** *Non-income producing.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $547,893. This was collateralized by $548,330 of various U.S. Government Treasury Securities, ranging from 0.250% - 4.625%, maturing 5/31/27 - 2/15/52 and by cash of $13,026 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

The holdings in affiliated Investment Companies are all Class I shares except for AB Small Cap Growth Portfolio which are Class Z shares.

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change**<br>**in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain**<br>**Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund | 73949 | 1294082 | 275517 | (191189) | 4888 | 197732 | 1581030 | 639 | 25630 |
|  1290 Essex Small Cap Growth Fund\* | 183509 | 2478778 | 675596 | (763106) | 70047 | 638148 | 3099463 |  | 50083 |
|  1290 GAMCO Small/Mid Cap Value Fund | 215253 | 2936744 | 1054312 | (316770) | 1524 | 345119 | 4020929 | 50598 | 102273 |
|  1290 SmartBeta Equity Fund | 569573 | 8575023 | 3204690 | (987176) | (230) | 713058 | 11505365 | 93942 | 432110 |
|  AB Small Cap Growth Portfolio\* | 12899 | 816426 | 219883 | (92045) | (142) | 57713 | 1001835 |  |  |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 217504 | 1226518 | 3066955 | (2559888) | 31413 | 48983 | 1813981 | 179389 |  |
|  1290 High Yield Bond Fund | 175138 | 1681807 | 1080058 | (1263468) | (2796) | 12334 | 1507935 | 100790 |  |
|  **Total** |  | **19009378** | **9577011** | **(6173642)** | **104704** | **2013087** | **24530538** | **425358** | **610096** |

---

*\** *Non-income producing.* 

See Notes to Financial Statements.

------

EQUITABLE GROWTH MF/ETF PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Exchange Traded Funds** |  |  |  |  |
|  Exchange Traded Funds | $12725539 | $— | $— | $12725539 |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | 24530538 |  |  | 24530538 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 779082 |  |  | 779082 |
|  **Total Assets** | $**38035159** | $**—** | $**—** | $**38035159** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**38035159** | $**—** | $**—** | $**38035159** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $19851338.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $14763209.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $5771665 |
|  Aggregate gross unrealized depreciation | (125199) |
|  Net unrealized appreciation | $5646466 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $32388693 |

---

See Notes to Financial Statements.

------

EQUITABLE GROWTH MF/ETF PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $20,677,854) | $24530538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $11,685,514) | 13504621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 104272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 6725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment manager | 5384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 2646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 38154606 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 80133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 13026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 5251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 45024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 144354 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $38010252 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $31714699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 6295553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $38010252 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $24,878,211 / 2,044,382 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.17 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $13,132,041 / 1,078,710 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.17 |

---

*(x)* *Includes value of securities on loan of $547,893.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($425,358 of dividend income received from affiliates) | $706510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 4663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 3370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 714543 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 55200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class IB | 52400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 49646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 44487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 41319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 21070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 1109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 4799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 270030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiverfrom investment manager | (90965) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment manager | (18121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 160944 |
|  **NET INVESTMENT INCOME (LOSS)** | 553599 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities ($104,704 realized gain (loss) from affiliates) | 825006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 610096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1435102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities ($2,013,087 of change in unrealized appreciation (depreciation) from affiliates) | 2581190 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 4016292 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $4569891 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQUITABLE GROWTH MF/ETF PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $553599 | $367215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1435102 | 506768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2581190 | 2181960 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 4569891 | 3055943 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (978782) | (197004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (550522) | (155433) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (1529304) | (352437) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 605,986 and 741,262 shares, respectively ] | 7078553 | 8003191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 80,205 and 17,689 shares, respectively ] | 978782 | 197004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (262589) and (93494) shares, respectively ] | (3051120) | (1014458) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 5006215 | 7185737 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 45,072 and 13,955 shares, respectively ] | 550522 | 155433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 550522 | 155433 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 5556737 | 7341170 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 8597324 | 10044676 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 29412928 | 19368252 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $38010252 | $29412928 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQUITABLE GROWTH MF/ETF PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **February 15, 2022\* to<br>December 31, 2022** |
| **Class IB** | **2025** | **2024** | **2023** | **February 15, 2022\* to<br>December 31, 2022** |
|  Net asset value, beginning of period | $11.08 | $9.81 | $8.71 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.19 | 0.16 | 0.18 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.40 | 1.24 | 1.06 | (1.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.59 | 1.40 | 1.24 | (1.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.16) | (0.13) | (0.14) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.34) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.50) | (0.13) | (0.14) | (0.10) |
|  Net asset value, end of period | $12.17 | $11.08 | $9.81 | $8.71 |
|  Total return (b) | 14.37% | 14.22% | 14.23% | (11.95)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $24878 | $17958 | $9368 | $2525 |
|  Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.58 %(j) | 0.59 %(j) | 0.59 %(j) | 0.57 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 0.91% | 0.96% | 1.32% | 2.43% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f)(x) | 1.61% | 1.50% | 1.95% | 2.23 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f)(x) | 1.28% | 1.13% | 1.23% | 0.36 %(l) |
|  Portfolio turnover rate^ | 45% | 20% | 58% | 47 %(z) |
| **Class K** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **February 15, 2022\* to<br>December 31, 2022** |
| **Class K** | **2025** | **2024** | **2023** | **February 15, 2022\* to<br>December 31, 2022** |
|  Net asset value, beginning of period | $11.08 | $9.81 | $8.71 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.21 | 0.16 | 0.17 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.41 | 1.26 | 1.09 | (1.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.62 | 1.42 | 1.26 | (1.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.15) | (0.16) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.34) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.53) | (0.15) | (0.16) | (0.12) |
|  Net asset value, end of period | $12.17 | $11.08 | $9.81 | $8.71 |
|  Total return (b) | 14.63% | 14.49% | 14.49% | (11.75)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $13132 | $11455 | $10000 | $8736 |
|  Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.33 %(j) | 0.34 %(j) | 0.34 %(j) | 0.31 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 0.66% | 0.72% | 1.03% | 1.98% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f)(x) | 1.78% | 1.53% | 1.80% | 1.40 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f)(x) | 1.45% | 1.15% | 1.10% | (0.27)%(l) |
|  Portfolio turnover rate^ | 45% | 20% | 58% | 47 %(z) |

---

See Notes to Financial Statements.

------

EQUITABLE GROWTH MF/ETF PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*\** *Commencement of operations.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized. Certain non-recurring expenses incurred by the Portfolio are not annualized for periods less than one year.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.15% for Class IB and 0.90% for Class K.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

*(x)* *Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

TARGET 2015 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: |  |  |
|  **Equity (21.7%)** | **Equity (21.7%)** | **Equity (21.7%)** |
|  EQ/American Century Mid Cap Value Portfolio‡ | 12861 | $278572 |
|  EQ/Emerging Markets Equity PLUS Portfolio‡ | 28714 | 335671 |
|  EQ/Equity 500 Index Portfolio‡ | 20081 | 1935576 |
|  EQ/International Equity Index Portfolio‡ | 49557 | 688354 |
|  EQ/Janus Enterprise Portfolio\*‡ | 14726 | 331042 |
|  EQ/MFS International Growth Portfolio‡ | 46795 | 382311 |
|  EQ/Small Company Index Portfolio‡ | 17291 | 214061 |
|  EQ/Value Equity Portfolio‡ | 10059 | 241313 |
|  Multimanager Aggressive Equity Portfolio‡ | 3344 | 252618 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 4659518 |
|  **Fixed Income (78.3%)** | **Fixed Income (78.3%)** | **Fixed Income (78.3%)** |
|  1290 Diversified Bond Fund‡ | 390334 | 3255387 |
|  1290 VT High Yield Bond Portfolio‡ | 240530 | 2191232 |
|  EQ/Core Bond Index Portfolio‡ | 203194 | 1928311 |
|  EQ/Core Plus Bond Portfolio‡ | 863833 | 2954309 |
|  EQ/Long-Term Bond Portfolio‡ | 202850 | 1350979 |
|  EQ/PIMCO Ultra Short Bond Portfolio‡ | 352069 | 3467877 |
|  EQ/Quality Bond PLUS Portfolio‡ | 213265 | 1665597 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 16813692 |
|  **Total Investments in Securities (100.0%)**<br> *(Cost $21,922,196)* |  | 21473210 |
|  **Other Assets Less Liabilities (0.0%)†** | **Other Assets Less Liabilities (0.0%)†** | (6814) |
|  **Net Assets (100%)** |  | $21466396 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

The holdings in affiliated Investment Companies are all Class K shares except for the following: 1290 Diversified Bond Fund are Class I shares.

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/American Century Mid Cap Value Portfolio | 12861 | 345168 | 40686 | (109419) | 37576 | (35439) | 278572 | 4760 | 19351 |
|  EQ/Emerging Markets Equity PLUS Portfolio | 28714 | 454906 | 27924 | (252667) | 33443 | 72065 | 335671 | 7361 |  |
|  EQ/Equity 500 Index Portfolio | 20081 | 2520053 | 282148 | (1142865) | 666118 | (389878) | 1935576 | 17891 | 50586 |
|  EQ/International Equity Index Portfolio | 49557 | 801803 | 71910 | (372050) | 88854 | 97837 | 688354 | 24257 |  |
|  EQ/Janus Enterprise Portfolio\* | 14726 | 720466 | 99096 | (504055) | 156888 | (141353) | 331042 |  | 29019 |
|  EQ/MFS International Growth Portfolio | 46795 | 489647 | 60244 | (219201) | 33247 | 18374 | 382311 | 4388 | 32017 |
|  EQ/Small Company Index Portfolio | 17291 | 356201 | 24241 | (174527) | (4228) | 12374 | 214061 | 2199 | 7003 |
|  EQ/Value Equity Portfolio | 10059 | 296952 | 32658 | (107921) | 8341 | 11283 | 241313 | 4019 | 5852 |
|  Multimanager Aggressive Equity Portfolio | 3344 | 331362 | 95460 | (177813) | 60632 | (57023) | 252618 | 1114 | 40020 |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 390334 | 3621250 | 524600 | (995851) | (9339) | 114727 | 3255387 | 250387 |  |
|  1290 VT High Yield Bond Portfolio | 240530 | 2595648 | 292299 | (776153) | (48722) | 128160 | 2191232 | 93527 |  |
|  EQ/Core Bond Index Portfolio | 203194 | 2077032 | 360125 | (578267) | 5079 | 64342 | 1928311 | 62155 |  |
|  EQ/Core Plus Bond Portfolio | 863833 | 3337477 | 417039 | (914847) | (143681) | 258321 | 2954309 | 153065 |  |
|  EQ/Long-Term Bond Portfolio | 202850 | 1690707 | 122390 | (489429) | (156746) | 184057 | 1350979 | 60072 |  |
|  EQ/PIMCO Ultra Short Bond Portfolio | 352069 | 3225435 | 1246635 | (1012463) | 687 | 7583 | 3467877 | 149983 |  |
|  EQ/Quality Bond PLUS Portfolio | 213265 | 1926950 | 212631 | (525418) | (22668) | 74102 | 1665597 | 60974 |  |
|  **Total** |  | **24791057** | **3910086** | **(8352946)** | **705481** | **419532** | **21473210** | **896152** | **183848** |

---

*\** *Non-income producing.* 

See Notes to Financial Statements.

------

TARGET 2015 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $21473210 | $— | $— | $21473210 |
|  **Total Assets** | $**21473210** | $**—** | $**—** | $**21473210** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**21473210** | $**—** | $**—** | $**21473210** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $3910086.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $8352946.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $2774564 |
|  Aggregate gross unrealized depreciation | (3292688) |
|  Net unrealized depreciation | $(518124) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $21991334 |

---

See Notes to Financial Statements.

------

TARGET 2015 ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $21,922,196) | $21473210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 33338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from Adviser | 13584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 4559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 21524867 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 4542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 3205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 3051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 2230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 45443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 58471 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $21466396 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $21811412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (345016) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $21466396 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $14,433,018 / 2,255,253 shares outstanding (unlimited amount authorized: $0.01 par value) | $6.40 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $7,033,378 / 1,099,838 shares outstanding (unlimited amount authorized: $0.01 par value) | $6.39 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $896152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 897222 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 92300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 44472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 37601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 32500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 22987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 18318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 249837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiverfrom investment manager | (55487) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment manager | (87751) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 106599 |
|  **NET INVESTMENT INCOME (LOSS)** | 790623 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | 705481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 183848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 889329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 419532 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 1308861 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $2099484 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
TARGET 2015 ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $790623 | $881860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 889329 | 1859770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 419532 | (1480278) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 2099484 | 1261352 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (1287830) | (1560348) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (646864) | (982381) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (1934694) | (2542729) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 231,624 and 182,624 shares, respectively ] | 1530904 | 1294500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 198,676 and 240,496 shares, respectively ] | 1287830 | 1560348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (564444) and (446762) shares, respectively ] | (3774530) | (3149430) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (955796) | (294582) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 4,952 shares, respectively ] |  | 31772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 99,929 and 151,552 shares, respectively ] | 646864 | 982381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (479289) and (305921) shares, respectively ] | (3168965) | (2128675) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (2522101) | (1114522) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (3477897) | (1409104) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (3313107) | (2690481) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 24779503 | 27469984 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $21466396 | $24779503 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
TARGET 2015 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $6.41 | $6.80 | $6.66 | $8.48 | $8.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.23 | 0.23 | 0.15 | 0.12 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.38 | 0.09 | 0.50 | (1.33) | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.61 | 0.32 | 0.65 | (1.21) | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.26) | (0.25) | (0.17) | (0.14) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.36) | (0.46) | (0.34) | (0.47) | (0.86) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.62) | (0.71) | (0.51) | (0.61) | (1.02) |
|  Net asset value, end of year | $6.40 | $6.41 | $6.80 | $6.66 | $8.48 |
|  Total return | 9.41% | 4.77% | 9.96% | (14.13)% | 6.27% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $14433 | $15309 | $16406 | $17497 | $22951 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f) | 0.55 %(j) | 0.55 %(j) | 0.55 %(j) | 0.55 %(j) | 0.57 %(k)(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f) | 1.18% | 1.01% | 1.04% | 0.85% | 0.77% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f)(x) | 3.43% | 3.28% | 2.21% | 1.64% | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f)(x) | 2.80% | 2.82% | 1.71% | 1.34% | 0.75% |
|  Portfolio turnover rate^ | 17% | 15% | 12% | 14% | 33% |
| **Class K** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $6.40 | $6.79 | $6.65 | $8.47 | $8.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.23 | 0.24 | 0.16 | 0.13 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.39 | 0.10 | 0.51 | (1.32) | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.62 | 0.34 | 0.67 | (1.19) | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.27) | (0.27) | (0.19) | (0.16) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.36) | (0.46) | (0.34) | (0.47) | (0.86) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.63) | (0.73) | (0.53) | (0.63) | (1.04) |
|  Net asset value, end of year | $6.39 | $6.40 | $6.79 | $6.65 | $8.47 |
|  Total return | 9.69% | 5.02% | 10.23% | (13.93)% | 6.54% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $7033 | $9470 | $11064 | $13861 | $19573 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f) | 0.30 %(j) | 0.30 %(j) | 0.30 %(j) | 0.30 %(j) | 0.32 %(k)(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f) | 0.92% | 0.76% | 0.79% | 0.60% | 0.52% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f)(x) | 3.46% | 3.47% | 2.35% | 1.76% | 1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f)(x) | 2.84% | 3.01% | 1.86% | 1.46% | 1.09% |
|  Portfolio turnover rate^ | 17% | 15% | 12% | 14% | 33% |

---

See Notes to Financial Statements.

------

TARGET 2015 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.10% for Class IB and 0.85% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.12% for Class IB and 0.87% for Class K.* 

*(o)* *Includes extraordinary expenses of 0.02% and 0.02% for Class IB and Class K, respectively.* 

*(x)* *Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.* 

See Notes to Financial Statements.

------

TARGET 2025 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (51.5%)** | **Equity (51.5%)** | **Equity (51.5%)** |
|  EQ/American Century Mid Cap Value Portfolio‡ | 130003 | $2815863 |
|  EQ/Emerging Markets Equity PLUS Portfolio‡ | 435393 | 5089747 |
|  EQ/Equity 500 Index Portfolio‡ | 323255 | 31158593 |
|  EQ/International Equity Index Portfolio‡ | 773144 | 10738971 |
|  EQ/Janus Enterprise Portfolio\*‡ | 155860 | 3503734 |
|  EQ/MFS International Growth Portfolio‡ | 733527 | 5992914 |
|  EQ/Small Company Index Portfolio‡ | 547765 | 6781327 |
|  EQ/Value Equity Portfolio‡ | 90934 | 2181512 |
|  Multimanager Aggressive Equity Portfolio‡ | 26596 | 2009051 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 70271712 |
|  **Fixed Income (48.6%)** | **Fixed Income (48.6%)** | **Fixed Income (48.6%)** |
|  1290 Diversified Bond Fund‡ | 1497752 | 12491255 |
|  1290 VT High Yield Bond Portfolio‡ | 1067157 | 9721803 |
|  EQ/Core Bond Index Portfolio‡ | 711048 | 6747848 |
|  EQ/Core Plus Bond Portfolio‡ | 3523720 | 12051123 |
|  EQ/Long-Term Bond Portfolio‡ | 963185 | 6414815 |
|  EQ/PIMCO Ultra Short Bond Portfolio‡ | 1242369 | 12237338 |
|  EQ/Quality Bond PLUS Portfolio‡ | 854364 | 6672584 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 66336766 |
|  **Total Investments in Securities (100.1%)**<br> *(Cost $108,130,577)* | **Total Investments in Securities (100.1%)**<br> *(Cost $108,130,577)* | 136608478 |
|  **Other Assets Less Liabilities (-0.1%)** | **Other Assets Less Liabilities (-0.1%)** | (201602) |
|  **Net Assets (100%)** |  | $136406876 |

---

*\** *Non-income producing.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

The holdings in affiliated Investment Companies are all Class K shares except for the following: 1290 Diversified Bond Fund are Class I shares.

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from Sales<br>($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/American Century Mid Cap Value Portfolio | 130003 | 3098632 | 597313 | (893728) | 75305 | (61659) | 2815863 | 47899 | 194451 |
|  EQ/Emerging Markets Equity PLUS Portfolio | 435393 | 4978191 | 272029 | (1501609) | 60034 | 1281102 | 5089747 | 112286 |  |
|  EQ/Equity 500 Index Portfolio | 323255 | 33025726 | 3927621 | (9924505) | 4514291 | (384540) | 31158593 | 284399 | 802091 |
|  EQ/International Equity Index Portfolio | 773144 | 10334640 | 824531 | (2969828) | 666125 | 1883503 | 10738971 | 377488 |  |
|  EQ/Janus Enterprise Portfolio\* | 155860 | 4943292 | 830844 | (2365846) | 285928 | (190484) | 3503734 |  | 294570 |
|  EQ/MFS International Growth Portfolio | 733527 | 6403191 | 770452 | (1835337) | 131721 | 522887 | 5992914 | 68615 | 493225 |
|  EQ/Small Company Index Portfolio | 547765 | 7963949 | 527831 | (2139828) | 39446 | 389929 | 6781327 | 69557 | 221244 |
|  EQ/Value Equity Portfolio | 90934 | 2200892 | 315118 | (494999) | 30047 | 130454 | 2181512 | 36274 | 52753 |
|  Multimanager Aggressive Equity Portfolio | 26596 | 1971375 | 684467 | (676949) | 94225 | (64067) | 2009051 | 8834 | 315566 |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 1497752 | 11598248 | 2839217 | (2291756) | 1191 | 344355 | 12491255 | 892109 |  |
|  1290 VT High Yield Bond Portfolio | 1067157 | 9906093 | 1710814 | (2186015) | 11371 | 279540 | 9721803 | 413264 |  |
|  EQ/Core Bond Index Portfolio | 711048 | 8198331 | 1026659 | (2709660) | (7614) | 240132 | 6747848 | 216968 |  |
|  EQ/Core Plus Bond Portfolio | 3523720 | 11172627 | 2842726 | (2306439) | 10220 | 331989 | 12051123 | 623123 |  |

---

See Notes to Financial Statements.

------

TARGET 2025 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from Sales<br>($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  EQ/Long-Term Bond Portfolio | 963185 | 6337177 | 1421216 | (1453050) | (124923) | 234395 | 6414815 | 280161 |  |
|  EQ/PIMCO Ultra Short Bond Portfolio | 1242369 | 10782578 | 3491654 | (2038896) | 994 | 1008 | 12237338 | 519325 |  |
|  EQ/Quality Bond PLUS Portfolio | 854364 | 7036607 | 1253329 | (1789660) | (69254) | 241562 | 6672584 | 243638 |  |
|  **Total** |  | **139951549** | **23335821** | **(37578105)** | **5719107** | **5180106** | **136608478** | **4193940** | **2373900** |

---

\* *Non-income producing.*

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $136608478 | $— | $— | $136608478 |
|  **Total Assets** | $**136608478** | $**—** | $**—** | $**136608478** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**136608478** | $**—** | $**—** | $**136608478** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $23335821.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $37578105.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $38668302 |
|  Aggregate gross unrealized depreciation | (10355109) |
|  Net unrealized appreciation | $28313193 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $108295285 |

---

See Notes to Financial Statements.

------

TARGET 2025 ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $108,130,577) | $136608478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 93442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 28852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from Adviser | 10740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 136742263 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 208484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 23989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 20562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 17508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 14303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 50541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 335387 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $136406876 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $106204176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 30202700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $136406876 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $113,323,908 / 10,832,052 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.46 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $23,082,968 / 2,206,054 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.46 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $4193940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 4196020 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 281702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 169523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 135764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 100100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 48754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 19884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 4689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 765091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (39788) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 725303 |
|  **NET INVESTMENT INCOME (LOSS)** | 3470717 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | 5719107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 2373900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 8093007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 5180106 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 13273113 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $16743830 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
TARGET 2025 ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3470717 | $3417233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 8093007 | 12027061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 5180106 | (2991960) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 16743830 | 12452334 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (10915847) | (10977446) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (2273418) | (2294081) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (13189265) | (13271527) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,000,433 and 1,017,935 shares, respectively ] | 10697791 | 11067148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,028,155 and 1,060,453 shares, respectively ] | 10915847 | 10977446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2565243) and (2247298) shares, respectively ] | (27362782) | (24583348) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (5749144) | (2538754) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 214,106 and 221,659 shares, respectively ] | 2273418 | 2294081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (331766) and (543268) shares ] | (3523274) | (6021201) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (1249856) | (3727120) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (6999000) | (6265874) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (3444435) | (7085067) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 139851311 | 146936378 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $136406876 | $139851311 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
TARGET 2025 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $10.21 | $10.36 | $9.62 | $12.50 | $12.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.27 | 0.25 | 0.18 | 0.16 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.06 | 0.65 | 1.10 | (2.07) | 1.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.33 | 0.90 | 1.28 | (1.91) | 1.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.30) | (0.28) | (0.20) | (0.17) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.78) | (0.77) | (0.34) | (0.80) | (0.85) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.08) | (1.05) | (0.54) | (0.97) | (1.09) |
|  Net asset value, end of year | $10.46 | $10.21 | $10.36 | $9.62 | $12.50 |
|  Total return | 13.12% | 8.65% | 13.58% | (15.23)% | 10.80% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $113324 | $116118 | $119533 | $112328 | $138483 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.58 %(j) | 0.58 %(j) | 0.57 %(j) | 0.57 %(j) | 0.56 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.61% | 0.59% | 0.62% | 0.58% | 0.56% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(x) | 2.52% | 2.33% | 1.82% | 1.46% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(x) | 2.49% | 2.31% | 1.78% | 1.46% | 1.00% |
|  Portfolio turnover rate^ | 17% | 17% | 11% | 15% | 30% |
| **Class K** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $10.21 | $10.36 | $9.61 | $12.49 | $12.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.30 | 0.26 | 0.20 | 0.17 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.06 | 0.67 | 1.12 | (2.05) | 1.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.36 | 0.93 | 1.32 | (1.88) | 1.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.33) | (0.31) | (0.23) | (0.20) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.78) | (0.77) | (0.34) | (0.80) | (0.85) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.11) | (1.08) | (0.57) | (1.00) | (1.13) |
|  Net asset value, end of year | $10.46 | $10.21 | $10.36 | $9.61 | $12.49 |
|  Total return | 13.38% | 8.92% | 13.97% | (15.03)% | 10.98% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $23083 | $23734 | $27404 | $28738 | $43095 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.33 %(j) | 0.33 %(j) | 0.32 %(j) | 0.32 %(j) | 0.31 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.36% | 0.34% | 0.37% | 0.33% | 0.31% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(x) | 2.76% | 2.42% | 1.98% | 1.57% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(x) | 2.73% | 2.41% | 1.94% | 1.56% | 1.15% |
|  Portfolio turnover rate^ | 17% | 17% | 11% | 15% | 30% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.10% for Class IB and 0.85% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.08% for Class IB and 0.83% for Class K.* 

*(x)* *Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.* 

See Notes to Financial Statements.

------

TARGET 2035 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (71.2%)** | **Equity (71.2%)** | **Equity (71.2%)** |
|  EQ/American Century Mid Cap Value Portfolio‡ | 186795 | $4045976 |
|  EQ/Emerging Markets Equity PLUS Portfolio‡ | 1307510 | 15284792 |
|  EQ/Equity 500 Index Portfolio‡ | 1000135 | 96402984 |
|  EQ/International Equity Index Portfolio‡ | 2368485 | 32898254 |
|  EQ/Janus Enterprise Portfolio\*‡ | 281640 | 6331276 |
|  EQ/MFS International Growth Portfolio‡ | 2203442 | 18002118 |
|  EQ/Small Company Index Portfolio‡ | 2081935 | 25774358 |
|  EQ/Value Equity Portfolio‡ | 281614 | 6755921 |
|  Multimanager Aggressive Equity Portfolio‡ | 55529 | 4194645 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 209690324 |
|  **Fixed Income (28.8%)** | **Fixed Income (28.8%)** | **Fixed Income (28.8%)** |
|  1290 Diversified Bond Fund‡ | 1605480 | 13389702 |
|  1290 VT High Yield Bond Portfolio‡ | 1628704 | 14837494 |
|  EQ/Core Bond Index Portfolio‡ | 989597 | 9391279 |
|  EQ/Core Plus Bond Portfolio‡ | 4438114 | 15178349 |
|  EQ/Long-Term Bond Portfolio‡ | 1559231 | 10384476 |
|  EQ/PIMCO Ultra Short Bond Portfolio‡ | 1299365 | 12798744 |
|  EQ/Quality Bond PLUS Portfolio‡ | 1146246 | 8952185 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 84932229 |
|  **Total Investments in Securities (100.0%)**<br> *(Cost $204,351,249)* |  | 294622553 |
|  **Other Assets Less Liabilities (0.0%)†** | **Other Assets Less Liabilities (0.0%)†** | (13232) |
|  **Net Assets (100%)** |  | $294609321 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

The holdings in affiliated Investment Companies are all Class K shares except for the following: 1290 Diversified Bond Fund are Class I shares.

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/American Century Mid Cap Value Portfolio | 186795 | 4150849 | 732388 | (823597) | (1075) | (12589) | 4045976 | 68189 | 276446 |
|  EQ/Emerging Markets Equity PLUS Portfolio | 1307510 | 12157818 | 1165642 | (1693582) | 4912 | 3650002 | 15284792 | 334154 |  |
|  EQ/Equity 500 Index Portfolio | 1000135 | 85294493 | 11980278 | (12711675) | 841706 | 10998182 | 96402984 | 870121 | 2453309 |
|  EQ/International Equity Index Portfolio | 2368485 | 26093636 | 3003310 | (3175518) | 218488 | 6758338 | 32898254 | 1150716 |  |
|  EQ/Janus Enterprise Portfolio\* | 281640 | 5931643 | 1414843 | (1038597) | (701) | 24088 | 6331276 |  | 512090 |
|  EQ/MFS International Growth Portfolio | 2203442 | 15697959 | 2818498 | (2115252) | 4356 | 1596557 | 18002118 | 205023 | 1465307 |
|  EQ/Small Company Index Portfolio | 2081935 | 22969647 | 3119407 | (2217771) | 4001 | 1899074 | 25774358 | 263161 | 835512 |
|  EQ/Value Equity Portfolio | 281614 | 5555860 | 1107052 | (338058) | (707) | 431774 | 6755921 | 111885 | 162506 |
|  Multimanager Aggressive Equity Portfolio | 55529 | 3584896 | 1191980 | (554203) | (5083) | (22945) | 4194645 | 18349 | 653122 |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 1605480 | 10669393 | 3517098 | (1107732) | 56 | 310887 | 13389702 | 886502 |  |
|  1290 VT High Yield Bond Portfolio | 1628704 | 12470505 | 3547506 | (1535198) | (4172) | 358853 | 14837494 | 625743 |  |
|  EQ/Core Bond Index Portfolio | 989597 | 9056437 | 2082525 | (2015334) | (77) | 267728 | 9391279 | 300431 |  |
|  EQ/Core Plus Bond Portfolio | 4438114 | 11897301 | 4218726 | (1277003) | 2447 | 336878 | 15178349 | 779956 |  |
|  EQ/Long-Term Bond Portfolio | 1559231 | 8349960 | 2777378 | (874954) | (2337) | 134429 | 10384476 | 448750 |  |
|  EQ/PIMCO Ultra Short Bond Portfolio | 1299365 | 9891868 | 3770493 | (838112) | 773 | (26278) | 12798744 | 541430 |  |
|  EQ/Quality Bond PLUS Portfolio | 1146246 | 7879528 | 2368409 | (1476601) | 11423 | 169426 | 8952185 | 319398 |  |
|  **Total** |  | **251651793** | **48815533** | **(33793187)** | **1074010** | **26874404** | **294622553** | **6923808** | **6358292** |

---

*\** *Non-income producing.* 

See Notes to Financial Statements.

------

TARGET 2035 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $294622553 | $— | $— | $294622553 |
|  **Total Assets** | $**294622553** | $**—** | $**—** | $**294622553** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**294622553** | $**—** | $**—** | $**294622553** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $48815533 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33793187 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $98524627 |
|  Aggregate gross unrealized depreciation | (8487243) |
|  Net unrealized appreciation | $90037384 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204585169 |

---

See Notes to Financial Statements.

------

TARGET 2035 ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $204,351,249) | $294622553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 105522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 176090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 294905521 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 82708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 58488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 43527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 30800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 24871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 55806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 296200 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $294609321 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $200043748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 94565573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $294609321 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $277,218,721 / 17,715,261 shares outstanding (unlimited amount authorized: $0.01 par value) | $15.65 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $17,390,600 / 1,110,641 shares outstanding (unlimited amount authorized: $0.01 par value) | $15.66 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $6923808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 7596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 6931404 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 634244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 338575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 271159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 97850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 51499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 26263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 9023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 7393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1436006 |
|  **NET INVESTMENT INCOME (LOSS)** | 5495398 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | 1074010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 6358292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 7432302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 26874404 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 34306706 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $39802104 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
TARGET 2035 ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $5495398 | $4718877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 7432302 | 10187610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 26874404 | 11249248 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 39802104 | 26155735 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (13170655) | (10020281) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (871419) | (806008) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (14042074) | (10826289) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,011,339 and 1,949,528 shares, respectively ] | 30216559 | 27657033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 837,222 and 698,311 shares, respectively ] | 13170655 | 10020281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1724508) and (1523660) shares, respectively ] | (25780514) | (21768421) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 17606700 | 15908893 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 55,335 and 56,141 shares, respectively ] | 871419 | 806008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (192317) and (257128) shares ] | (2924716) | (3727397) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (2053297) | (2921389) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 15553403 | 12987504 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 41313433 | 28316950 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 253295888 | 224978938 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $294609321 | $253295888 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
TARGET 2035 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $14.20 | $13.30 | $11.80 | $14.90 | $13.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.30 | 0.28 | 0.21 | 0.17 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.92 | 1.25 | 1.72 | (2.62) | 1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.22 | 1.53 | 1.93 | (2.45) | 1.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.33) | (0.29) | (0.22) | (0.17) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.44) | (0.34) | (0.21) | (0.48) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.77) | (0.63) | (0.43) | (0.65) | (0.73) |
|  Net asset value, end of year | $15.65 | $14.20 | $13.30 | $11.80 | $14.90 |
|  Total return | 15.70% | 11.49% | 16.56% | (16.32)% | 14.10% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $277219 | $235575 | $205708 | $167325 | $188064 |
|  Ratio of expenses to average net assets (f) | 0.55 %(j) | 0.55 %(j) | 0.59 %(k) | 0.56 %(o) | 0.55 %(m) |
|  Ratio of net investment income (loss) to average net assets (f)(x) | 2.02% | 1.93% | 1.63% | 1.35% | 0.97% |
|  Portfolio turnover rate^ | 12% | 13% | 8% | 10% | 20% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $14.20 | $13.30 | $11.80 | $14.90 | $13.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.31 | 0.29 | 0.22 | 0.18 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.96 | 1.28 | 1.74 | (2.59) | 1.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.27 | 1.57 | 1.96 | (2.41) | 1.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.37) | (0.33) | (0.25) | (0.21) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.44) | (0.34) | (0.21) | (0.48) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.81) | (0.67) | (0.46) | (0.69) | (0.77) |
|  Net asset value, end of year | $15.66 | $14.20 | $13.30 | $11.80 | $14.90 |
|  Total return | 16.03% | 11.76% | 16.83% | (16.10)% | 14.38% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $17391 | $17721 | $19271 | $18983 | $27388 |
|  Ratio of expenses to average net assets (f) | 0.30 %(j) | 0.30 %(j) | 0.34 %(k) | 0.31 %(o) | 0.30 %(m) |
|  Ratio of net investment income (loss) to average net assets (f)(x) | 2.09% | 2.00% | 1.72% | 1.42% | 1.12% |
|  Portfolio turnover rate^ | 12% | 13% | 8% | 10% | 20% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.04% for Class IB and 0.79% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.09% for Class IB and 0.84% for Class K.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.05% for Class IB and 0.80% for Class K.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.03% for Class IB and 0.78% for Class K.* 

*(x)* *Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.* 

See Notes to Financial Statements.

------

TARGET 2045 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (81.3%)** | **Equity (81.3%)** | **Equity (81.3%)** |
|  EQ/American Century Mid Cap Value Portfolio‡ | 233807 | $5064262 |
|  EQ/Emerging Markets Equity PLUS Portfolio‡ | 1409189 | 16473423 |
|  EQ/Equity 500 Index Portfolio‡ | 1098288 | 105864008 |
|  EQ/International Equity Index Portfolio‡ | 2616188 | 36338847 |
|  EQ/Janus Enterprise Portfolio\*‡ | 217495 | 4889287 |
|  EQ/MFS International Growth Portfolio‡ | 2361485 | 19293336 |
|  EQ/Small Company Index Portfolio‡ | 2299486 | 28467637 |
|  EQ/Value Equity Portfolio‡ | 338955 | 8131523 |
|  Multimanager Aggressive Equity Portfolio‡ | 48450 | 3659893 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 228182216 |
|  **Fixed Income (18.8%)** | **Fixed Income (18.8%)** | **Fixed Income (18.8%)** |
|  1290 Diversified Bond Fund‡ | 875013 | 7297604 |
|  1290 VT High Yield Bond Portfolio‡ | 930391 | 8475865 |
|  EQ/Core Bond Index Portfolio‡ | 803704 | 7627146 |
|  EQ/Core Plus Bond Portfolio‡ | 2720077 | 9302663 |
|  EQ/Long-Term Bond Portfolio‡ | 1084530 | 7222967 |
|  EQ/PIMCO Ultra Short Bond Portfolio‡ | 737459 | 7263967 |
|  EQ/Quality Bond PLUS Portfolio‡ | 713578 | 5573041 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 52763253 |
|  **Total Investments in Securities (100.1%)**<br> *(Cost $187,999,946)* | **Total Investments in Securities (100.1%)**<br> *(Cost $187,999,946)* | 280945469 |
|  **Other Assets Less Liabilities (-0.1%)** | **Other Assets Less Liabilities (-0.1%)** | (193167) |
|  **Net Assets (100%)** |  | $280752302 |

---

*\** *Non-income producing.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

The holdings in affiliated Investment Companies are all Class K shares except for the following: 1290 Diversified Bond Fund are Class I shares.

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/American Century Mid Cap Value Portfolio | 233807 | 4880008 | 669598 | (470074) | (418) | (14852) | 5064262 | 85748 | 347487 |
|  EQ/Emerging Markets Equity PLUS Portfolio | 1409189 | 12962231 | 969128 | (1318703) | 3826 | 3856941 | 16473423 | 359784 |  |
|  EQ/Equity 500 Index Portfolio | 1098288 | 94600579 | 9987323 | (11530803) | 781151 | 12025758 | 105864008 | 955568 | 2691031 |
|  EQ/International Equity Index Portfolio | 2616188 | 29021659 | 2666552 | (3023736) | 146374 | 7527998 | 36338847 | 1274391 |  |
|  EQ/Janus Enterprise Portfolio\* | 217495 | 4796047 | 682666 | (570074) | (2078) | (17274) | 4889287 |  | 396302 |
|  EQ/MFS International Growth Portfolio | 2361485 | 16334067 | 2628388 | (1297710) | 43 | 1628548 | 19293336 | 220374 | 1573150 |
|  EQ/Small Company Index Portfolio | 2299486 | 27063243 | 2391578 | (2923139) | 5527 | 1930428 | 28467637 | 291408 | 924846 |
|  EQ/Value Equity Portfolio | 338955 | 7063962 | 1029982 | (474578) | 154 | 512003 | 8131523 | 134929 | 195929 |
|  Multimanager Aggressive Equity Portfolio | 48450 | 3308716 | 908819 | (519196) | (7190) | (31256) | 3659893 | 16053 | 570974 |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 875013 | 6132513 | 1821910 | (827326) | (138) | 170645 | 7297604 | 484183 |  |
|  1290 VT High Yield Bond Portfolio | 930391 | 7314321 | 1821982 | (863511) | (1818) | 204891 | 8475865 | 358699 |  |
|  EQ/Core Bond Index Portfolio | 803704 | 6274495 | 1987430 | (827326) | (502) | 193049 | 7627146 | 244687 |  |
|  EQ/Core Plus Bond Portfolio | 2720077 | 7407754 | 2661114 | (966711) | 1773 | 198733 | 9302663 | 480308 |  |
|  EQ/Long-Term Bond Portfolio | 1084530 | 6120894 | 1791187 | (789460) | (1702) | 102048 | 7222967 | 311762 |  |
|  EQ/PIMCO Ultra Short Bond Portfolio | 737459 | 5631399 | 2288139 | (636566) | 509 | (19514) | 7263967 | 305268 |  |
|  EQ/Quality Bond PLUS Portfolio | 713578 | 4493471 | 1541752 | (561448) | 1650 | 97616 | 5573041 | 198579 |  |
|  **Total** |  | **243405359** | **35847548** | **(27600361)** | **927161** | **28365762** | **280945469** | **5721741** | **6699719** |

---

*\** *Non-income producing.* 

See Notes to Financial Statements.

------

TARGET 2045 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $280945469 | $— | $— | $280945469 |
|  **Total Assets** | $**280945469** | $**—** | $**—** | $**280945469** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**280945469** | $**—** | $**—** | $**280945469** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $35847548.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $27600361.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $97272027 |
|  Aggregate gross unrealized depreciation | (4443370) |
|  Net unrealized appreciation | $92828657 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $188116812 |

---

See Notes to Financial Statements.

------

TARGET 2045 ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $187,999,946) | $280945469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 85003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 140619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 281172526 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 218138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 57605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 38155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 29439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 23773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 53114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 420224 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $280752302 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $183246435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 97505867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $280752302 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $272,295,150 / 15,805,729 shares outstanding (unlimited amount authorized: $0.01 par value) | $17.23 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $8,457,152 / 490,879 shares outstanding (unlimited amount authorized: $0.01 par value) | $17.23 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $5721741.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 4067.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 5725808.0 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 621836.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 321597.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 257571.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 98350.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 53459.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 25559.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 8593.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 6342.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1393307.0 |
|  **NET INVESTMENT INCOME (LOSS)** | 4332501.0 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | 927161.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 6699719.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 7626880.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 28365762.0 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 35992642.0 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $40325143.0 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
TARGET 2045 ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4332501 | $3782173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 7626880 | 7757156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 28365762 | 15857364 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 40325143 | 27396693 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (11838588) | (7783630) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (406763) | (357735) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (12245351) | (8141365) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,399,165 and 1,648,448 shares, respectively ] | 22866941 | 25074973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 684,698 and 499,258 shares, respectively ] | 11838588 | 7783630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1414327) and (878316) shares, respectively ] | (22940034) | (13475074) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 11765495 | 19383529 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 23,510 and 22,947 shares, respectively ] | 406763 | 357735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (174248) and (132688) shares ] | (2814931) | (2059659) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (2408168) | (1701924) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 9357327 | 17681605 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 37437119 | 36936933 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 243315183 | 206378250 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $280752302 | $243315183 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
TARGET 2045 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $15.42 | $14.12 | $12.35 | $15.64 | $14.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.28 | 0.25 | 0.19 | 0.17 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.31 | 1.58 | 2.02 | (2.80) | 2.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.59 | 1.83 | 2.21 | (2.63) | 2.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.31) | (0.27) | (0.21) | (0.17) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.47) | (0.26) | (0.23) | (0.49) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.78) | (0.53) | (0.44) | (0.66) | (0.66) |
|  Net asset value, end of year | $17.23 | $15.42 | $14.12 | $12.35 | $15.64 |
|  Total return | 16.81% | 12.95% | 18.11% | (16.73)% | 16.29% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $272295 | $233422 | $195773 | $158103 | $178632 |
|  Ratio of expenses to average net assets (f) | 0.55 %(j) | 0.55 %(j) | 0.60 %(k) | 0.57 %(o) | 0.56 %(j) |
|  Ratio of net investment income (loss) to average net assets (f)(x) | 1.68% | 1.65% | 1.43% | 1.23% | 0.93% |
|  Portfolio turnover rate^ | 11% | 10% | 8% | 7% | 10% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $15.42 | $14.11 | $12.34 | $15.64 | $14.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.28 | 0.25 | 0.21 | 0.18 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.35 | 1.63 | 2.03 | (2.79) | 2.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.63 | 1.88 | 2.24 | (2.61) | 2.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.35) | (0.31) | (0.24) | (0.20) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.47) | (0.26) | (0.23) | (0.49) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.82) | (0.57) | (0.47) | (0.69) | (0.70) |
|  Net asset value, end of year | $17.23 | $15.42 | $14.11 | $12.34 | $15.64 |
|  Total return | 17.08% | 13.30% | 18.40% | (16.58)% | 16.65% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $8457 | $9893 | $10605 | $10127 | $14021 |
|  Ratio of expenses to average net assets (f) | 0.30 %(j) | 0.30 %(j) | 0.35 %(k) | 0.32 %(o) | 0.31 %(j) |
|  Ratio of net investment income (loss) to average net assets (f)(x) | 1.71% | 1.66% | 1.55% | 1.31% | 1.12% |
|  Portfolio turnover rate^ | 11% | 10% | 8% | 7% | 10% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.03% for Class IB and 0.78% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.08% for Class IB and 0.83% for Class K.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.04% for Class IB and 0.79% for Class K.* 

*(x)* *Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.* 

See Notes to Financial Statements.

------

TARGET 2055 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: |  |  |
|  **Equity (91.2%)** | **Equity (91.2%)** | **Equity (91.2%)** |
|  EQ/American Century Mid Cap Value Portfolio‡ | 99436 | $2153787 |
|  EQ/Emerging Markets Equity PLUS Portfolio‡ | 844354 | 9870499 |
|  EQ/Equity 500 Index Portfolio‡ | 700087 | 67481351 |
|  EQ/International Equity Index Portfolio‡ | 1691524 | 23495272 |
|  EQ/Janus Enterprise Portfolio\*‡ | 84711 | 1904301 |
|  EQ/MFS International Growth Portfolio‡ | 1746659 | 14270204 |
|  EQ/Small Company Index Portfolio‡ | 1581061 | 19573538 |
|  EQ/Value Equity Portfolio‡ | 278941 | 6691794 |
|  Multimanager Aggressive Equity Portfolio‡ | 42977 | 3246462 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 148687208 |
|  **Fixed Income (8.8%)** | **Fixed Income (8.8%)** | **Fixed Income (8.8%)** |
|  1290 Diversified Bond Fund‡ | 200093 | 1668777 |
|  1290 VT High Yield Bond Portfolio‡ | 348572 | 3175495 |
|  EQ/Core Bond Index Portfolio‡ | 158907 | 1508032 |
|  EQ/Core Plus Bond Portfolio‡ | 740211 | 2531522 |
|  EQ/Long-Term Bond Portfolio‡ | 345231 | 2299236 |
|  EQ/PIMCO Ultra Short Bond Portfolio‡ | 161174 | 1587568 |
|  EQ/Quality Bond PLUS Portfolio‡ | 191020 | 1491869 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 14262499 |
|  **Total Investments in Securities (100.0%)**<br> *(Cost $124,320,914)* |  | 162949707 |
|  **Other Assets Less Liabilities (0.0%)†** |  | 11707 |
|  **Net Assets (100%)** |  | $162961414 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

The holdings in affiliated Investment Companies are all Class K shares except for the following: 1290 Diversified Bond Fund are Class I shares.

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/American Century Mid Cap Value Portfolio | 99436 | 1769046 | 460942 | (61191) | 9 | (15019) | 2153787 | 36181 | 146253 |
|  EQ/Emerging Markets Equity PLUS Portfolio | 844354 | 7277257 | 1083732 | (781480) | 1301 | 2289689 | 9870499 | 215681 |  |
|  EQ/Equity 500 Index Portfolio | 700087 | 54217584 | 8127942 | (2454146) | (4212) | 7594183 | 67481351 | 605238 | 1696232 |
|  EQ/International Equity Index Portfolio | 1691524 | 16498915 | 2828237 | (442175) | 434 | 4609861 | 23495272 | 821755 |  |
|  EQ/Janus Enterprise Portfolio\* | 84711 | 1547719 | 431403 | (61191) | (8) | (13622) | 1904301 |  | 152894 |
|  EQ/MFS International Growth Portfolio | 1746659 | 11270988 | 2556635 | (683400) | (97) | 1126078 | 14270204 | 162602 | 1153831 |
|  EQ/Small Company Index Portfolio | 1581061 | 16446699 | 2549664 | (804018) | 227 | 1380966 | 19573538 | 199916 | 633212 |
|  EQ/Value Equity Portfolio | 278941 | 5510436 | 951853 | (150024) | 31 | 379498 | 6691794 | 110704 | 160378 |
|  Multimanager Aggressive Equity Portfolio | 42977 | 2698222 | 768847 | (160272) | 53 | (60388) | 3246462 | 14214 | 503823 |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 200093 | 1269002 | 392159 | (31524) | 7 | 39133 | 1668777 | 108863 |  |
|  1290 VT High Yield Bond Portfolio | 348572 | 2325339 | 843926 | (58232) | (4) | 64466 | 3175495 | 134266 |  |
|  EQ/Core Bond Index Portfolio | 158907 | 1147112 | 354569 | (26648) |  | 32999 | 1508032 | 48229 |  |
|  EQ/Core Plus Bond Portfolio | 740211 | 1588011 | 955233 | (45399) |  | 33677 | 2531522 | 128384 |  |
|  EQ/Long-Term Bond Portfolio | 345231 | 1570370 | 761007 | (45399) | (8) | 13266 | 2299236 | 99159 |  |
|  EQ/PIMCO Ultra Short Bond Portfolio | 161174 | 967564 | 657338 | (26648) | 4 | (10690) | 1587568 | 65999 |  |
|  EQ/Quality Bond PLUS Portfolio | 191020 | 940125 | 560473 | (26648) | (4) | 17923 | 1491869 | 54133 |  |
|  **Total** |  | **127044389** | **24283960** | **(5858395)** | **(2267)** | **17482020** | **162949707** | **2805324** | **4446623** |

---

*\** *Non-income producing.* 

See Notes to Financial Statements.

------

TARGET 2055 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $162949707 | $— | $— | $162949707 |
|  **Total Assets** | $**162949707** | $**—** | $**—** | $**162949707** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**162949707** | $**—** | $**—** | $**162949707** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24283960 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $5858395 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $39218895 |
|  Aggregate gross unrealized depreciation | (687267) |
|  Net unrealized appreciation | $38531628 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124418079 |

---

See Notes to Financial Statements.

------

TARGET 2055 ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $124,320,914) | $162949707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 134440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 136063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 163222199 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 127339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 34360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 32413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 17045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 49277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 260785 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $162961414 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $121499543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 41461871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $162961414 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $162,746,971 / 8,647,368 shares outstanding (unlimited amount authorized: $0.01 par value) | $18.82 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $214,443 / 11,384 shares outstanding (unlimited amount authorized: $0.01 par value) | $18.84 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $2805324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 3629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 2808953 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 355668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 177923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 142492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 91500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 49086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recoupment fees | 45776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 20135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 4552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 891805 |
|  **NET INVESTMENT INCOME (LOSS)** | 1917148 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | (2267) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 4446623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4444356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 17482020 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 21926376 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $23843524 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
TARGET 2055 ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1917148 | $1482225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4444356 | 3714000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 17482020 | 9759314 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 23843524 | 14955539 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (6290124) | (3148902) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (9450) | (5904) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (6299574) | (3154806) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,226,525 and 1,248,175 shares, respectively ] | 21774434 | 20228846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 333,476 and 187,473 shares, respectively ] | 6290124 | 3148902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (545137) and (541965) shares, respectively ] | (9620535) | (8765715) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 18444023 | 14612033 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 500 and 351 shares, respectively ] | 9450 | 5904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2011) and (4827) shares ] | (37933) | (79820) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (28483) | (73916) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 18415540 | 14538117 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 35959490 | 26338850 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 127001924 | 100663074 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $162961414 | $127001924 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
TARGET 2055 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $16.61 | $14.90 | $12.74 | $16.32 | $14.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.24 | 0.21 | 0.19 | 0.15 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.73 | 1.92 | 2.32 | (3.03) | 2.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.97 | 2.13 | 2.51 | (2.88) | 2.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.28) | (0.23) | (0.20) | (0.15) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.48) | (0.19) | (0.15) | (0.55) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.76) | (0.42) | (0.35) | (0.70) | (0.51) |
|  Net asset value, end of year | $18.82 | $16.61 | $14.90 | $12.74 | $16.32 |
|  Total return | 17.90% | 14.31% | 19.82% | (17.56)% | 18.30% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162747 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126788 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100404 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69933 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70752 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.63 %(j) | 0.65 %(j) | 0.62 %(j) | 0.64 %(j) | 0.66 %(k)(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.63% | 0.65% | 0.69% | 0.67% | 0.68% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(x) | 1.34% | 1.26% | 1.35% | 1.09% | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(x) | 1.34% | 1.26% | 1.28% | 1.06% | 0.80% |
|  Portfolio turnover rate^ | 4% | 8% | 4% | 5% | 6% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $16.62 | $14.91 | $12.74 | $16.33 | $14.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.27 | 0.19 | 0.16 | 0.17 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.76 | 1.99 | 2.39 | (3.03) | 2.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.03 | 2.18 | 2.55 | (2.86) | 2.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.33) | (0.28) | (0.23) | (0.18) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.48) | (0.19) | (0.15) | (0.55) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.81) | (0.47) | (0.38) | (0.73) | (0.55) |
|  Net asset value, end of year | $18.84 | $16.62 | $14.91 | $12.74 | $16.33 |
|  Total return | 18.22% | 14.57% | 20.17% | (17.40)% | 18.57% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $214 | $214 | $259 | $363 | $457 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.38 %(j) | 0.39 %(j) | 0.37 %(j) | 0.39 %(j) | 0.41 %(k)(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.38% | 0.40% | 0.43% | 0.42% | 0.44% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(x) | 1.52% | 1.15% | 1.16% | 1.19% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(x) | 1.52% | 1.14% | 1.10% | 1.16% | 0.72% |
|  Portfolio turnover rate^ | 4% | 8% | 4% | 5% | 6% |

---

See Notes to Financial Statements.

------

TARGET 2055 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.10% for Class IB and 0.85% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.12% for Class IB and 0.87% for Class K.* 

*(o)* *Includes extraordinary expenses of 0.02% and 0.02% for Class IB and Class K, respectively.* 

*(x)* *Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.* 

See Notes to Financial Statements.

------

1290 VT MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |
|  **Equity (64.4%)** |  |  |
|  iShares Core MSCI EAFE ETF | 413870 | $37024810 |
|  iShares Core S&P 500 ETF | 57238 | 39204595 |
|  iShares Core S&P Mid-Cap ETF | 195150 | 12879900 |
|  iShares Core S&P Small-Cap ETF | 20750 | 2493735 |
|  iShares MSCI EAFE ETF (x) | 111760 | 10732313 |
|  iShares Russell 2000 ETF | 10825 | 2664682 |
|  Vanguard Large-Cap ETF | 42160 | 13271968 |
|  Vanguard S&P 500 ETF | 63170 | 39615802 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 157887805 |
|  **Fixed Income (35.2%)** |  |  |
|  Vanguard Intermediate-Term Corporate Bond ETF (x) | 1028457 | 86133274 |
|  **Total Exchange Traded Funds (99.6%)**<br> *(Cost $200,517,521)* | **Total Exchange Traded Funds (99.6%)**<br> *(Cost $200,517,521)* | 244021079 |
|  SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (0.6%)** |  |  |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 1544736 | 1545354 |
|  **Total Short-Term Investments (0.6%)**<br> *(Cost $1,545,472)* | **Total Short-Term Investments (0.6%)**<br> *(Cost $1,545,472)* | 1545354 |
|  **Total Investments in Securities (100.2%)**<br> *(Cost $202,062,993)* | **Total Investments in Securities (100.2%)**<br> *(Cost $202,062,993)* | 245566433 |
|  **Other Assets Less Liabilities (-0.2%)** | **Other Assets Less Liabilities (-0.2%)** | (594011) |
|  **Net Assets (100%)** |  | $244972422 |

---

*(x)* *All or a portion of security is on loan at December 31, 2025, the Portfolio had loaned securities with a total value of $68,668,053. This was collateralized by $70,921,441 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/15/26 – 8/15/55.* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Exchange Traded Funds** | $244021079 | $— | $— | $244021079 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 1545354 |  |  | 1545354 |
|  **Total Assets** | $**245566433** | $**—** | $**—** | $**245566433** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**245566433** | $**—** | $**—** | $**245566433** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93788293 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $77089055 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $42737146 |
|  Aggregate gross unrealized depreciation | (118) |
|  Net unrealized appreciation | $42737028 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202829405 |

---

See Notes to Financial Statements.

------

1290 VT MODERATE GROWTH ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $202,062,993) | $245566433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 149998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 14979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 4946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 245738087 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 449825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 131521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 51618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 47740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 25568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 59393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 765665 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $244972422 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $201751647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 43220775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $244972422 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $244,972,422 / 17,333,464 shares outstanding (unlimited amount authorized: $0.01 par value) | $14.13 |

---

*(x)* *Includes value of securities on loan of $68,668,053.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $6821096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 6624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 172399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 7000119 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1551940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 554263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 277033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 57421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 23650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 9500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 7343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 5392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 2486542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (173036) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2313506 |
|  **NET INVESTMENT INCOME (LOSS)** | 4686613 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 10257784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 13338669 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 23596453 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $28283066 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT MODERATE GROWTH ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4686613 | $3486372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 10257784 | 490888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 13338669 | 14868686 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 28283066 | 18845946 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (14573349) | (3533906) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,925,823 and 2,504,305 shares, respectively ] | 26899082 | 32454976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,033,303 and 260,427 shares, respectively ] | 14573349 | 3533906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1063872) and (1148847) shares, respectively ] | (14844944) | (14912677) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 26627487 | 21076205 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 26627487 | 21076205 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 40337204 | 36388245 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 204635218 | 168246973 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $244972422 | $204635218 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT MODERATE GROWTH ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $13.26 | $12.17 | $10.63 | $13.12 | $11.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.29 | 0.24 | 0.21 | 0.16 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.48 | 1.09 | 1.52 | (2.43) | 1.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.77 | 1.33 | 1.73 | (2.27) | 1.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.27) | (0.23) | (0.18) | (0.13) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.63) | (0.01) | (0.01) | (0.09) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.90) | (0.24) | (0.19) | (0.22) | (0.10) |
|  Net asset value, end of year | $14.13 | $13.26 | $12.17 | $10.63 | $13.12 |
|  Total return | 13.34% | 10.84% | 16.31% | (17.36)% | 12.51% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244972 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204635 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168247 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118850 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80300 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.04 %(j) | 1.04 %(j) | 1.05 %(j) | 1.04 %(j) | 1.04 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.12% | 1.14% | 1.14% | 1.16% | 1.18% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(x) | 2.11% | 1.84% | 1.80% | 1.40% | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(x) | 2.04% | 1.75% | 1.71% | 1.28% | 0.98% |
|  Portfolio turnover rate^ | 35% | 3% | 16% | 73% | 7% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.10% for Class IB.* 

*(x)* *Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.* 

See Notes to Financial Statements.

------

1290 VT MULTI-ALTERNATIVE STRATEGIES PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Alternatives (25.8%)** | **Alternatives (25.8%)** | **Alternatives (25.8%)** |
|  iMGP DBi Managed Futures Strategy ETF (x) | 45410 | $1274205 |
|  NYLI Merger Arbitrage ETF (x)\* | 39380 | 1409410 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Alternatives** |  | 2683615 |
|  **Commodity (16.6%)** | **Commodity (16.6%)** | **Commodity (16.6%)** |
|  Invesco DB Agriculture Fund\* | 17280 | 440986 |
|  Invesco DB Energy Fund\* | 24470 | 427368 |
|  Invesco DB Precious Metals Fund\* | 8400 | 863604 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commodity** |  | 1731958 |
|  **Equity (28.2%)** | **Equity (28.2%)** | **Equity (28.2%)** |
|  iShares Core U.S. REIT ETF | 12400 | 706304 |
|  JPMorgan Equity Premium Income ETF | 17110 | 979376 |
|  JPMorgan Nasdaq Equity Premium Income ETF (x) | 9140 | 531217 |
|  Vanguard Global ex-U.S. Real Estate ETF | 15560 | 713270 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 2930167 |
|  **Fixed Income (28.9%)** | **Fixed Income (28.9%)** | **Fixed Income (28.9%)** |
|  iShares Convertible Bond ETF (x) | 17480 | 1721780 |
|  Vanguard Short-Term Inflation-Protected Securities ETF | 25950 | 1283487 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 3005267 |
|  **Total Exchange Traded Funds (99.5%)**<br> *(Cost $9,323,437)* | **Total Exchange Traded Funds (99.5%)**<br> *(Cost $9,323,437)* | 10351007 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (16.7%)** | **Investment Companies (16.7%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 1741482 | 1741482 |
|  **Total Short-Term Investments (16.7%)**<br> *(Cost $1,741,482)* | **Total Short-Term Investments (16.7%)**<br> *(Cost $1,741,482)* | 1741482 |
|  **Total Investments in Securities (116.2%)**<br> *(Cost $11,064,919)* | **Total Investments in Securities (116.2%)**<br> *(Cost $11,064,919)* | 12092489 |
|  **Other Assets Less Liabilities (-16.2%)** | **Other Assets Less Liabilities (-16.2%)** | (1685755) |
|  **Net Assets (100%)** |  | $10406734 |

---

*\** *Non-income producing.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $1,695,483. This was collateralized by $3,666 of various U.S. Government Treasury Securities, ranging from 0.125% – 4.750%, maturing 10/15/26 – 5/15/55 and by cash of $1,741,482 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:*

*REIT* *— Real Estate Investment Trust* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Exchange Traded Funds** |  |  |  |  |
|  Exchange Traded Funds | $10351007 | $— | $— | $10351007 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 1741482 |  |  | 1741482 |
|  **Total Assets** | $**12092489** | $**—** | $**—** | $**12092489** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**12092489** | $**—** | $**—** | $**12092489** |

---

See Notes to Financial Statements.

------

1290 VT MULTI-ALTERNATIVE STRATEGIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $2389247 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2154094 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $934172 |
|  Aggregate gross unrealized depreciation | (157184) |
|  Net unrealized appreciation | $776988 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11315501 |

---

See Notes to Financial Statements.

------

1290 VT MULTI-ALTERNATIVE STRATEGIES PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $11,064,919) | $12092489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 131869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 12789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 1227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 12242711 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 1741482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 50897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 42053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1835977 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $10406734 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $9990498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 416236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $10406734 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $3,935,530 / 392,707 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.02 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $6,471,204 / 645,369 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.03 |

---

*(x)* *Includes value of securities on loan of $1,695,483.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $333308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 2529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 5211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 341048 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 48968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 41829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 30003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 16464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 9371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 8900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 6321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 162210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (69562) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 92648 |
|  **NET INVESTMENT INCOME (LOSS)** | 248400 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 131948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 870443 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 1002391 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1250791 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT MULTI-ALTERNATIVE STRATEGIES PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $248400 | $230668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 131948 | 41473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 870443 | 501950 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 1250791 | 774091 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (72074) | (79571) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (132425) | (142459) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (204499) | (222030) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 103,307 and 86,001 shares, respectively ] | 978951 | 766811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 7,204 and 8,709 shares, respectively ] | 72074 | 79571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (109801) and (56712) shares, respectively ] | (1044952) | (507010) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 6073 | 339372 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 13,233 and 15,588 shares, respectively ] | 132425 | 142459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 132425 | 142459 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 138498 | 481831 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 1184790 | 1033892 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 9221944 | 8188052 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $10406734 | $9221944 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT MULTI-ALTERNATIVE STRATEGIES PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $9.00 | $8.44 | $8.34 | $9.98 | $10.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.23 | 0.23 | 0.14 | 0.17 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.98 | 0.54 | 0.28 | (1.30) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.21 | 0.77 | 0.42 | (1.13) | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.21) | (0.16) | (0.18) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  | (0.14) | (0.33) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.19) | (0.21) | (0.32) | (0.51) | (0.79) |
|  Net asset value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02 | $9.00 | $8.44 | $8.34 | $9.98 |
|  Total return | 13.40% | 9.07% | 5.13% | (11.40)% | 3.09% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3936 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3529 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2986 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2288 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f) | 1.10% | 1.10% | 1.10% | 1.10% | 1.14 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f) | 1.81% | 1.84% | 2.19% | 2.08% | 2.08% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f)(x) | 2.36% | 2.54% | 1.69% | 1.83% | 3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f)(x) | 1.66% | 1.80% | 0.60% | 0.85% | 2.28% |
|  Portfolio turnover rate^ | 22% | 28% | 67% | 32% | 61% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $9.01 | $8.44 | $8.34 | $9.98 | $10.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.25 | 0.24 | 0.16 | 0.18 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.98 | 0.56 | 0.28 | (1.29) | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.23 | 0.80 | 0.44 | (1.11) | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.21) | (0.23) | (0.17) | (0.20) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  | (0.14) | (0.33) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.03) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.21) | (0.23) | (0.34) | (0.53) | (0.81) |
|  Net asset value, end of year | $10.03 | $9.01 | $8.44 | $8.34 | $9.98 |
|  Total return | 13.65% | 9.45% | 5.38% | (11.17)% | 3.22% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $6471 | $5693 | $5202 | $4939 | $5558 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f) | 0.85% | 0.85% | 0.85% | 0.85% | 0.89 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f) | 1.56% | 1.59% | 1.91% | 1.76% | 1.76% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f)(x) | 2.64% | 2.69% | 1.85% | 1.91% | 2.98% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f)(x) | 1.93% | 1.96% | 0.78% | 1.00% | 2.11% |
|  Portfolio turnover rate^ | 22% | 28% | 67% | 32% | 61% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.50% for Class IB and 1.25% for Class K.* 

*(x)* *Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.* 

See Notes to Financial Statements.

------

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCK: | COMMON STOCK: | COMMON STOCK: |
|  **Utilities (0.0%)†** | **Utilities (0.0%)†** | **Utilities (0.0%)†** |
|  ***Multi-Utilities (0.0%)†*** | ***Multi-Utilities (0.0%)†*** | ***Multi-Utilities (0.0%)†*** |
|  Dominion Energy, Inc. (*Cost $—*) | 2 | $117 |
|  CONVERTIBLE PREFERRED STOCKS: | CONVERTIBLE PREFERRED STOCKS: | CONVERTIBLE PREFERRED STOCKS: |
|  **Financials (4.6%)** | **Financials (4.6%)** | **Financials (4.6%)** |
|  ***Banks (2.5%)*** | ***Banks (2.5%)*** | ***Banks (2.5%)*** |
|  Bank of America Corp.<br>7.250% (y) | 520 | 651040 |
|  Wells Fargo & Co.<br>7.500% (y) | 645 | 781740 |
|  |  | 1432780 |
|  ***Capital Markets (1.2%)*** | ***Capital Markets (1.2%)*** | ***Capital Markets (1.2%)*** |
|  Ares Management Corp.<br>6.750% | 5167 | 260417 |
|  KKR & Co., Inc.<br>6.250% | 8200 | 425088 |
|  |  | 685505 |
|  ***Financial Services (0.9%)*** | ***Financial Services (0.9%)*** | ***Financial Services (0.9%)*** |
|  Apollo Global Management, Inc.<br>6.750% | 4960 | 374579 |
|  Shift4 Payments, Inc.<br>6.000% | 1575 | 126016 |
|  |  | 500595 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 2618880 |
|  **Health Care (0.5%)** | **Health Care (0.5%)** | **Health Care (0.5%)** |
|  ***Health Care Providers & Services (0.2%)*** | ***Health Care Providers & Services (0.2%)*** | ***Health Care Providers & Services (0.2%)*** |
|  BrightSpring Health Services, Inc.<br>6.750% | 1000 | 126210 |
|  ***Life Sciences Tools & Services (0.3%)*** | ***Life Sciences Tools & Services (0.3%)*** | ***Life Sciences Tools & Services (0.3%)*** |
|  Bruker Corp.<br>6.375% | 390 | 142740 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 268950 |
|  **Industrials (2.5%)** | **Industrials (2.5%)** | **Industrials (2.5%)** |
|  ***Aerospace & Defense (2.3%)*** | ***Aerospace & Defense (2.3%)*** | ***Aerospace & Defense (2.3%)*** |
|  Boeing Co. (The)<br>6.000% | 19050 | 1315593 |
|  ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** |
|  QXO, Inc.<br>5.500% | 2100 | 115815 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 1431408 |
|  **Information Technology (1.6%)** |  |  |
|  ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** |
|  Novanta, Inc.<br>6.500% (x)\* | 1850 | 101713 |
|  ***Semiconductors & Semiconductor Equipment (0.5%)*** | ***Semiconductors & Semiconductor Equipment (0.5%)*** | ***Semiconductors & Semiconductor Equipment (0.5%)*** |
|  Microchip Technology, Inc.<br>7.500% (x) | 5200 | 303056 |
|  ***Software (0.3%)*** | ***Software (0.3%)*** | ***Software (0.3%)*** |
|  Strategy, Inc.<br>8.000% (y) | 2000 | 157520 |
|  ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** |
|  Hewlett Packard Enterprise Co.<br>7.625% | 5500 | 366795 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 929084 |
|  **Materials (0.8%)** | **Materials (0.8%)** | **Materials (0.8%)** |
|  ***Chemicals (0.8%)*** | ***Chemicals (0.8%)*** | ***Chemicals (0.8%)*** |
|  Albemarle Corp.<br>7.250% | 8000 | 475120 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 475120 |
|  **Utilities (2.0%)** | **Utilities (2.0%)** | **Utilities (2.0%)** |
|  ***Electric Utilities (2.0%)*** | ***Electric Utilities (2.0%)*** | ***Electric Utilities (2.0%)*** |
|  NextEra Energy, Inc.<br>7.299% | 11500 | 581765 |
|  PG&E Corp.<br>6.000% | 5000 | 205000 |
|  Southern Co. (The)<br>7.125%\* | 7000 | 352520 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 1139285 |
|  **Total Convertible Preferred Stocks (12.0%)**<br> *(Cost $6,505,861)* | **Total Convertible Preferred Stocks (12.0%)**<br> *(Cost $6,505,861)* | 6862727 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Convertible Bonds (87.5%)** | **Convertible Bonds (87.5%)** | **Convertible Bonds (87.5%)** |
|  **Communication Services (3.5%)** | **Communication Services (3.5%)** |  |
|  ***Diversified Telecommunication Services (0.6%)*** | ***Diversified Telecommunication Services (0.6%)*** | ***Diversified Telecommunication Services (0.6%)*** |
|  AST SpaceMobile, Inc.<br>2.375%, 10/15/32§ | $107000 | 140973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/15/36§ | 188000 | 187304 |
|  |  | 328277 |
|  ***Entertainment (1.8%)*** | ***Entertainment (1.8%)*** | ***Entertainment (1.8%)*** |
|  Liberty Live Holdings, Inc.<br>2.375%, 9/30/53§ | 195000 | 281678 |
|  Liberty Media Corp.-Liberty Formula One<br>2.250%, 8/15/27 | 78000 | 98670 |
|  Live Nation Entertainment, Inc.<br>3.125%, 1/15/29 | 148000 | 215044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 1/15/30 | 204000 | 214302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 10/15/31§ | 247000 | 242677 |
|  |  | 1052371 |
|  ***Interactive Media & Services (0.5%)*** | ***Interactive Media & Services (0.5%)*** | ***Interactive Media & Services (0.5%)*** |
|  Snap, Inc.<br>0.125%, 3/1/28 | 75000 | 67972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 5/1/30 | 125000 | 109000 |
|  Trump Media & Technology Group Corp.<br>(Zero Coupon), 5/29/28§ | 150000 | 142594 |
|  |  | 319566 |
|  ***Media (0.6%)*** | ***Media (0.6%)*** | ***Media (0.6%)*** |
|  Cable One, Inc.<br>(Zero Coupon), 3/15/26 | 90000 | 88650 |
|  Liberty Broadband Corp.<br>3.125%, 3/31/53§ | 175000 | 173075 |
|  Sirius XM Holdings, Inc.<br>3.750%, 3/15/28 | 75000 | 75300 |
|  |  | 337025 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 2037239 |

---

See Notes to Financial Statements.

------

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Consumer Discretionary (13.9%)** | **Consumer Discretionary (13.9%)** | **Consumer Discretionary (13.9%)** |
|  ***Automobile Components (0.2%)*** | ***Automobile Components (0.2%)*** | ***Automobile Components (0.2%)*** |
|  LCI Industries<br>3.000%, 3/1/30§ | $92000 | $108790 |
|  ***Automobiles (2.9%)*** | ***Automobiles (2.9%)*** | ***Automobiles (2.9%)*** |
|  Ford Motor Co.<br>(Zero Coupon), 3/15/26 | 405000 | 420593 |
|  Li Auto, Inc.<br>0.250%, 5/1/28 | 155000 | 156240 |
|  Lucid Group, Inc.<br>5.000%, 4/1/30§ | 175000 | 101609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 11/1/31§ | 150000 | 113325 |
|  NIO, Inc.<br>3.875%, 10/15/29 | 70000 | 65912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 10/15/30 | 95000 | 83600 |
|  Rivian Automotive, Inc.<br>4.625%, 3/15/29 | 275000 | 345469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 10/15/30 | 270000 | 302400 |
|  Winnebago Industries, Inc.<br>3.250%, 1/15/30 | 60000 | 56250 |
|  |  | 1645398 |
|  ***Broadline Retail (4.3%)*** |  |  |
|  Alibaba Group Holding Ltd.<br>0.500%, 6/1/31 | 840000 | 1304520 |
|  Etsy, Inc.<br>0.125%, 10/1/26 | 125000 | 126075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 9/1/27 | 60000 | 55410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 6/15/28 | 205000 | 182860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 6/15/30§ | 100000 | 101300 |
|  JD.com, Inc.<br>0.250%, 6/1/29 | 335000 | 334832 |
|  Liberty Interactive LLC<br>4.000%, 11/15/29 | 50000 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 2/15/30 | 60000 | 3600 |
|  Match Group Financeco 2, Inc.<br>0.875%, 6/15/26§ | 80000 | 78504 |
|  Match Group Financeco 3, Inc.<br>2.000%, 1/15/30§ | 95000 | 84930 |
|  Sea Ltd.<br>0.250%, 9/15/26 | 220000 | 213290 |
|  |  | 2488321 |
|  ***Diversified Consumer Services (0.2%)*** | ***Diversified Consumer Services (0.2%)*** | ***Diversified Consumer Services (0.2%)*** |
|  Stride, Inc.<br>1.125%, 9/1/27 | 65000 | 88595 |
|  ***Hotels, Restaurants & Leisure (4.0%)*** | ***Hotels, Restaurants & Leisure (4.0%)*** | ***Hotels, Restaurants & Leisure (4.0%)*** |
|  Airbnb, Inc.<br>(Zero Coupon), 3/15/26 | 315000 | 311692 |
|  Cheesecake Factory, Inc. (The)<br>2.000%, 3/15/30§ | 87000 | 85217 |
|  DoorDash, Inc.<br>(Zero Coupon), 5/15/30§ | 456000 | 476292 |
|  DraftKings Holdings, Inc.<br>(Zero Coupon), 3/15/28 | 200000 | 182700 |
|  Expedia Group, Inc.<br>(Zero Coupon), 2/15/26 | 200000 | 223100 |
|  H World Group Ltd.<br>3.000%, 5/1/26 | 75000 | 95475 |
|  MakeMyTrip Ltd.<br>(Zero Coupon), 7/1/30§ | 225000 | 220275 |
|  Marriott Vacations Worldwide Corp.<br>3.250%, 12/15/27 | $80000 | 76000 |
|  NCL Corp. Ltd.<br>0.875%, 4/15/30§ | 100000 | 111312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 9/15/30§ | 180000 | 173592 |
|  Trip.com Group Ltd.<br>0.750%, 6/15/29 | 268000 | 329506 |
|  |  | 2285161 |
|  ***Household Durables (0.1%)*** |  |  |
|  Meritage Homes Corp.<br>1.750%, 5/15/28 | 80000 | 78680 |
|  ***Leisure Products (0.2%)*** |  |  |
|  Peloton Interactive, Inc.<br>5.500%, 12/1/29 | 60000 | 99750 |
|  ***Specialty Retail (2.0%)*** |  |  |
|  GameStop Corp.<br>(Zero Coupon), 4/1/30§ | 270000 | 266976 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 6/15/32§ | 445000 | 434098 |
|  Guess?, Inc.<br>3.750%, 4/15/28 | 75000 | 74250 |
|  Wayfair, Inc.<br>3.250%, 9/15/27 | 67000 | 111473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/15/28 | 120000 | 274620 |
|  |  | 1161417 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 7956112 |
|  **Consumer Staples (0.5%)** |  |  |
|  ***Food Products (0.4%)*** |  |  |
|  Freshpet, Inc.<br>3.000%, 4/1/28 | 70000 | 81830 |
|  Post Holdings, Inc.<br>2.500%, 8/15/27 | 119000 | 128044 |
|  |  | 209874 |
|  ***Household Products (0.1%)*** |  |  |
|  Spectrum Brands, Inc.<br>3.375%, 6/1/29 | 64000 | 60448 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 270322 |
|  **Energy (1.5%)** |  |  |
|  ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** |
|  Solaris Energy Infrastructure, Inc.<br>0.250%, 10/1/31 | 125000 | 135156 |
|  ***Oil, Gas & Consumable Fuels (1.3%)*** | ***Oil, Gas & Consumable Fuels (1.3%)*** | ***Oil, Gas & Consumable Fuels (1.3%)*** |
|  Centrus Energy Corp.<br>2.250%, 11/1/30 | 58000 | 155469 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 8/15/32§ | 130000 | 167115 |
|  Energy Fuels, Inc.<br>0.750%, 11/1/31§ | 113000 | 116729 |
|  Golar LNG Ltd.<br>2.750%, 12/15/30§ | 100000 | 96300 |
|  Kosmos Energy Ltd.<br>3.125%, 3/15/30 | 80000 | 33800 |
|  Northern Oil & Gas, Inc.<br>3.625%, 4/15/29 | 93000 | 89606 |
|  World Kinect Corp.<br>3.250%, 7/1/28 | 50000 | 52465 |
|  |  | 711484 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 846640 |

---

See Notes to Financial Statements.

------

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  **Financials (6.0%)** |  |  |  |  |
|  ***Banks (0.4%)*** |  |  |  |  |
|  Barclays Bank plc<br>Series MSFT<br>1.000%, 2/16/29 | $| 125000 | $| 132978 |
|  BofA Finance LLC<br>0.600%, 5/25/27 |  | 100000 |  | 108550 |
|  |  |  |  | 241528 |
|  ***Capital Markets (2.2%)*** |  |  |  |  |
|  Coinbase Global, Inc.<br>0.500%, 6/1/26 |  | 245000 |  | 244388 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 10/1/29§ |  | 229000 |  | 212466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 4/1/30 |  | 197000 |  | 201531 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 10/1/32§ |  | 252000 |  | 225414 |
|  Galaxy Digital Holdings LP<br>0.500%, 5/1/31§ |  | 190000 |  | 143545 |
|  HAT Holdings I LLC<br>3.750%, 8/15/28§ |  | 61000 |  | 77543 |
|  JPMorgan Chase Financial Co. LLC<br>0.500%, 6/15/27 |  | 40000 |  | 46225 |
|  Twenty One Capital, Inc.<br>1.000%, 12/1/30§ |  | 40000 |  | 36863 |
|  WisdomTree, Inc.<br>4.625%, 8/15/30§ |  | 70000 |  | 71645 |
|  |  |  |  | 1259620 |
|  ***Consumer Finance (1.5%)*** |  |  |  |  |
|  Qfin Holdings, Inc.<br>0.500%, 4/1/30§ |  | 85000 |  | 72887 |
|  SoFi Technologies, Inc.<br>(Zero Coupon), 10/15/26§ |  | 98000 |  | 126391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 3/15/29§ |  | 142000 |  | 401860 |
|  Upstart Holdings, Inc.<br>2.000%, 10/1/29 |  | 70000 |  | 88200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 11/15/30 |  | 104000 |  | 90610 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 2/15/32§ |  | 110000 |  | 90816 |
|  |  |  |  | 870764 |
|  ***Financial Services (1.6%)*** |  |  |  |  |
|  Affirm Holdings, Inc.<br>0.750%, 12/15/29 |  | 133000 |  | 147164 |
|  Block, Inc.<br>(Zero Coupon), 5/1/26 |  | 90000 |  | 88317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 11/1/27 |  | 140000 |  | 129430 |
|  Euronet Worldwide, Inc.<br>0.625%, 10/1/30§ |  | 145000 |  | 132222 |
|  Global Payments, Inc.<br>1.500%, 3/1/31 |  | 313000 |  | 280761 |
|  Shift4 Payments, Inc.<br>0.500%, 8/1/27 |  | 129000 |  | 123969 |
|  |  |  |  | 901863 |
|  ***Insurance (0.1%)*** |  |  |  |  |
|  Oscar Health, Inc.<br>2.250%, 9/1/30§ |  | 80000 |  | 78032 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.2%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.2%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.2%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.2%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.2%)*** |
|  PennyMac Corp. (REIT)<br>8.500%, 6/1/29 |  | 50000 |  | 52900 |
|  Starwood Property Trust, Inc. (REIT)<br>6.750%, 7/15/27 |  | 50000 |  | 51650 |
|  |  |  |  | 104550 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  |  | 3456357 |
|  **Health Care (10.7%)** |  |  |  |  |
|  ***Biotechnology (4.9%)*** |  |  |  |  |
|  Alnylam Pharmaceuticals, Inc.<br>1.000%, 9/15/27 |  | 167000 |  | 245540 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 9/15/28§ |  | 107000 |  | 103121 |
|  Ascendis Pharma A/S<br>2.250%, 4/1/28 |  | 117000 |  | 165754 |
|  BioMarin Pharmaceutical, Inc.<br>1.250%, 5/15/27 |  | 105000 |  | 100579 |
|  Bridgebio Pharma, Inc.<br>2.500%, 3/15/27 |  | 135000 |  | 254610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/1/29 |  | 100000 |  | 112250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 3/1/31§ |  | 89000 |  | 154526 |
|  Cytokinetics, Inc.<br>1.750%, 10/1/31§ |  | 133000 |  | 165532 |
|  Exact Sciences Corp.<br>0.375%, 3/15/27 |  | 110000 |  | 114807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 3/1/28 |  | 120000 |  | 123000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/30§ |  | 90000 |  | 124416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 4/15/31§ |  | 100000 |  | 122050 |
|  Halozyme Therapeutics, Inc.<br>1.000%, 8/15/28 |  | 83000 |  | 110141 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 2/15/31§ |  | 125000 |  | 124975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 11/15/32§ |  | 125000 |  | 126875 |
|  Immunocore Holdings plc<br>2.500%, 2/1/30 |  | 70000 |  | 63263 |
|  Ionis Pharmaceuticals, Inc.<br>(Zero Coupon), 4/1/26 |  | 105000 |  | 143850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 6/15/28 |  | 100000 |  | 158830 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 12/1/30§ |  | 136000 |  | 144840 |
|  Sarepta Therapeutics, Inc.<br>4.875%, 9/1/30 |  | 150000 |  | 120075 |
|  |  |  |  | 2779034 |
|  ***Health Care Equipment & Supplies (2.6%)*** | ***Health Care Equipment & Supplies (2.6%)*** | ***Health Care Equipment & Supplies (2.6%)*** | ***Health Care Equipment & Supplies (2.6%)*** | ***Health Care Equipment & Supplies (2.6%)*** |
|  Alphatec Holdings, Inc.<br>0.750%, 3/15/30§ |  | 62000 |  | 94841 |
|  CONMED Corp.<br>2.250%, 6/15/27 |  | 115000 |  | 110112 |
|  Dexcom, Inc.<br>0.375%, 5/15/28 |  | 215000 |  | 197693 |
|  Enovis Corp.<br>3.875%, 10/15/28 |  | 101000 |  | 98526 |
|  Envista Holdings Corp.<br>1.750%, 8/15/28 |  | 70000 |  | 67113 |
|  Haemonetics Corp.<br>(Zero Coupon), 3/1/26 |  | 55000 |  | 54312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 6/1/29 |  | 138000 |  | 142927 |
|  Integer Holdings Corp.<br>1.875%, 3/15/30§ |  | 183000 |  | 168909 |
|  iRhythm Technologies, Inc.<br>1.500%, 9/1/29 |  | 109000 |  | 152055 |
|  Lantheus Holdings, Inc.<br>2.625%, 12/15/27 |  | 105000 |  | 120173 |
|  Merit Medical Systems, Inc.<br>3.000%, 2/1/29§ |  | 135000 |  | 162945 |
|  TransMedics Group, Inc.<br>1.500%, 6/1/28 |  | 89000 |  | 133117 |
|  |  |  |  | 1502723 |

---

See Notes to Financial Statements.

------

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Health Care Providers & Services (0.8%)*** | ***Health Care Providers & Services (0.8%)*** | ***Health Care Providers & Services (0.8%)*** |
|  Guardant Health, Inc.<br>(Zero Coupon), 11/15/27 | $85000 | $91418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 2/15/31 | 100000 | 182910 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 5/15/33§ | 62000 | 67967 |
|  Hims & Hers Health, Inc.<br>(Zero Coupon), 5/15/30§ | 156000 | 134082 |
|  |  | 476377 |
|  ***Health Care Technology (0.5%)*** |  |  |
|  Evolent Health, Inc.<br>3.500%, 12/1/29 | 90000 | 60300 |
|  Teladoc Health, Inc.<br>1.250%, 6/1/27 (x) | 200000 | 190000 |
|  |  | 250300 |
|  ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** |
|  Repligen Corp.<br>1.000%, 12/15/28 | 88000 | 96140 |
|  Tempus AI, Inc.<br>0.750%, 7/15/30§ | 136000 | 144908 |
|  |  | 241048 |
|  ***Pharmaceuticals (1.5%)*** |  |  |
|  Jazz Investments I Ltd.<br>2.000%, 6/15/26 | 190000 | 219640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 9/15/30 | 165000 | 219615 |
|  Ligand Pharmaceuticals, Inc.<br>0.750%, 10/1/30§ | 80000 | 93672 |
|  Zoetis, Inc.<br>0.250%, 6/15/29§ | 336000 | 345240 |
|  |  | 878167 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 6127649 |
|  **Industrials (6.0%)** |  |  |
|  ***Aerospace & Defense (0.7%)*** |  |  |
|  AeroVironment, Inc.<br>(Zero Coupon), 7/15/30 | 125000 | 135625 |
|  BWX Technologies, Inc.<br>(Zero Coupon), 11/1/30§ | 210000 | 200130 |
|  Voyager Technologies, Inc.<br>0.750%, 11/15/30§ | 83000 | 87026 |
|  |  | 422781 |
|  ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** |
|  Tetra Tech, Inc.<br>2.250%, 8/15/28 | 100000 | 108370 |
|  ***Construction & Engineering (0.7%)*** |  |  |
|  Fluor Corp.<br>1.125%, 8/15/29 | 110000 | 125312 |
|  Granite Construction, Inc.<br>3.750%, 5/15/28 | 50000 | 126850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/15/30 | 85000 | 135575 |
|  |  | 387737 |
|  ***Electrical Equipment (1.4%)*** |  |  |
|  Array Technologies, Inc.<br>1.000%, 12/1/28 | 50000 | 45274 |
|  Bloom Energy Corp.<br>(Zero Coupon), 11/15/30§ | 410000 | 356700 |
|  Enovix Corp.<br>4.750%, 9/15/30§ | 60000 | 57720 |
|  Eos Energy Enterprises, Inc.<br>1.750%, 12/1/31§ | 82000 | 79335 |
|  Fluence Energy, Inc.<br>2.250%, 6/15/30 | 65000 | 78528 |
|  Plug Power, Inc.<br>6.750%, 12/1/33§ | 60000 | 59760 |
|  Sunrun, Inc.<br>4.000%, 3/1/30 | 75000 | 106163 |
|  |  | 783480 |
|  ***Ground Transportation (1.4%)*** |  |  |
|  Hertz Corp. (The)<br>5.500%, 10/1/30§ | 60000 | 46125 |
|  Lyft, Inc.<br>0.625%, 3/1/29 | 96000 | 115401 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 9/15/30§ | 58000 | 65424 |
|  Uber Technologies, Inc.<br>(Zero Coupon), 5/15/28§ | 204000 | 198676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 12/1/28 | 315000 | 408555 |
|  |  | 834181 |
|  ***Machinery (0.4%)*** |  |  |
|  Greenbrier Cos., Inc. (The)<br>2.875%, 4/15/28 | 40000 | 42972 |
|  JBT Marel Corp.<br>0.250%, 5/15/26 | 50000 | 51060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 9/15/30§ | 146000 | 151183 |
|  |  | 245215 |
|  ***Passenger Airlines (0.2%)*** |  |  |
|  JetBlue Airways Corp.<br>0.500%, 4/1/26 | 60000 | 58710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/1/29 | 60000 | 58050 |
|  |  | 116760 |
|  ***Professional Services (1.0%)*** |  |  |
|  CSG Systems International, Inc.<br>3.875%, 9/15/28 | 55000 | 65010 |
|  Dayforce, Inc.<br>0.250%, 3/15/26 | 120000 | 118800 |
|  Parsons Corp.<br>2.625%, 3/1/29 | 125000 | 128500 |
|  Planet Labs PBC<br>0.500%, 10/15/30§ | 92000 | 171235 |
|  Upwork, Inc.<br>0.250%, 8/15/26 | 86000 | 83807 |
|  |  | 567352 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 3465876 |
|  **Information Technology (32.9%)** |  |  |
|  ***Communications Equipment (2.9%)*** | ***Communications Equipment (2.9%)*** | ***Communications Equipment (2.9%)*** |
|  Lumentum Holdings, Inc.<br>0.500%, 12/15/26 | 65000 | 241111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 6/15/28 | 125000 | 354813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 12/15/29 | 120000 | 637440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 3/15/32§ | 210000 | 449400 |
|  |  | 1682764 |
|  ***Electronic Equipment, Instruments & Components (1.7%)*** | ***Electronic Equipment, Instruments & Components (1.7%)*** | ***Electronic Equipment, Instruments & Components (1.7%)*** |
|  Advanced Energy Industries, Inc.<br>2.500%, 9/15/28 | 100000 | 163950 |
|  Avnet, Inc.<br>1.750%, 9/1/30§ | 107000 | 105448 |

---

See Notes to Financial Statements.

------

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Itron, Inc.<br>(Zero Coupon), 3/15/26 | $| 110000 | $| 108790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 7/15/30 |  | 154000 |  | 155636 |
|  Mirion Technologies, Inc.<br>0.250%, 6/1/30§ |  | 70000 |  | 86660 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 10/1/31§ |  | 62000 |  | 66960 |
|  OSI Systems, Inc.<br>2.250%, 8/1/29 |  | 56000 |  | 83048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 2/1/31§ |  | 83000 |  | 81606 |
|  Vishay Intertechnology, Inc.<br>2.250%, 9/15/30 |  | 125000 |  | 112188 |
|  |  |  |  | 964286 |
|  ***IT Services (5.9%)*** |  |  |  |  |
|  Akamai Technologies, Inc.<br>0.375%, 9/1/27 |  | 148000 |  | 148370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 2/15/29 |  | 225000 |  | 222300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 5/15/33§ |  | 334000 |  | 369237 |
|  Applied Digital Corp.<br>2.750%, 6/1/30 |  | 70000 |  | 188737 |
|  Cloudflare, Inc.<br>(Zero Coupon), 8/15/26 |  | 250000 |  | 293475 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 6/15/30§ |  | 305000 |  | 331535 |
|  CoreWeave, Inc.<br>1.750%, 12/1/31§ |  | 351000 |  | 332134 |
|  DigitalOcean Holdings, Inc.<br>(Zero Coupon), 12/1/26 |  | 69000 |  | 66440 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 8/15/30§ |  | 110000 |  | 155595 |
|  GDS Holdings Ltd.<br>2.250%, 6/1/32§ |  | 100000 |  | 131400 |
|  Okta, Inc.<br>0.375%, 6/15/26 |  | 60000 |  | 58560 |
|  Snowflake, Inc.<br>(Zero Coupon), 10/1/27 |  | 212000 |  | 314926 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 10/1/29 |  | 181000 |  | 279464 |
|  Spotify USA, Inc.<br>(Zero Coupon), 3/15/26 |  | 260000 |  | 295100 |
|  Wix.com Ltd.<br>(Zero Coupon), 9/15/30§ |  | 196000 |  | 173166 |
|  |  |  |  | 3360439 |
|  ***Semiconductors & Semiconductor Equipment (2.5%)*** | ***Semiconductors & Semiconductor Equipment (2.5%)*** | ***Semiconductors & Semiconductor Equipment (2.5%)*** | ***Semiconductors & Semiconductor Equipment (2.5%)*** | ***Semiconductors & Semiconductor Equipment (2.5%)*** |
|  Camtek Ltd.<br>(Zero Coupon), 9/15/30§ |  | 73000 |  | 84130 |
|  Enphase Energy, Inc.<br>(Zero Coupon), 3/1/26 |  | 80000 |  | 79000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/1/28 |  | 135000 |  | 117450 |
|  Microchip Technology, Inc.<br>0.750%, 6/1/30 |  | 230000 |  | 225423 |
|  MKS, Inc.<br>1.250%, 6/1/30 |  | 213000 |  | 271681 |
|  Nova Ltd.<br>(Zero Coupon), 9/15/30§ |  | 134000 |  | 166629 |
|  ON Semiconductor Corp.<br>(Zero Coupon), 5/1/27 |  | 130000 |  | 154765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 3/1/29 |  | 230000 |  | 217580 |
|  Semtech Corp.<br>(Zero Coupon), 10/15/30§ |  | 62000 |  | 65689 |
|  Synaptics, Inc.<br>0.750%, 12/1/31 |  | 53000 |  | 55809 |
|  |  |  |  | 1438156 |
|  ***Software (15.5%)*** |  |  |  |  |
|  Alarm.com Holdings, Inc.<br>2.250%, 6/1/29 |  | 80000 |  | 76160 |
|  Bentley Systems, Inc.<br>0.375%, 7/1/27 |  | 100000 |  | 94050 |
|  BILL Holdings, Inc.<br>(Zero Coupon), 4/1/30 |  | 237000 |  | 217661 |
|  Bitdeer Technologies Group<br>4.875%, 7/1/31§ |  | 100000 |  | 103640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/31§ |  | 50000 |  | 46185 |
|  Bitfarms Ltd.<br>1.375%, 1/15/31§ |  | 94000 |  | 58459 |
|  BlackLine, Inc.<br>1.000%, 6/1/29 |  | 109000 |  | 114842 |
|  Box, Inc.<br>1.500%, 9/15/29 |  | 85000 |  | 82662 |
|  Check Point Software Technologies Ltd.<br>(Zero Coupon), 12/15/30§ |  | 340000 |  | 339150 |
|  Cipher Mining, Inc.<br>(Zero Coupon), 10/1/31§ |  | 221000 |  | 262437 |
|  Cleanspark, Inc.<br>(Zero Coupon), 6/15/30 |  | 100000 |  | 103440 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 2/15/32§ |  | 210000 |  | 157395 |
|  Commvault Systems, Inc.<br>(Zero Coupon), 9/15/30§ |  | 160000 |  | 141520 |
|  Confluent, Inc.<br>(Zero Coupon), 1/15/27 |  | 208000 |  | 201968 |
|  Core Scientific, Inc.<br>3.000%, 9/1/29§ |  | 80000 |  | 125200 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 6/15/31§ |  | 123000 |  | 129236 |
|  CyberArk Software Ltd.<br>(Zero Coupon), 6/15/30§ |  | 178000 |  | 190193 |
|  Datadog, Inc.<br>(Zero Coupon), 12/1/29 |  | 193000 |  | 192518 |
|  Dropbox, Inc.<br>(Zero Coupon), 3/1/26 |  | 135000 |  | 133718 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/1/28 |  | 100000 |  | 100800 |
|  Five9, Inc.<br>1.000%, 3/15/29 |  | 125000 |  | 112188 |
|  Guidewire Software, Inc.<br>1.250%, 11/1/29 |  | 129000 |  | 141836 |
|  InterDigital, Inc.<br>3.500%, 6/1/27 |  | 81000 |  | 333760 |
|  IREN Ltd.<br>(Zero Coupon), 7/1/31§ |  | 163000 |  | 120701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 6/1/32§ |  | 190000 |  | 176225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 33<br>1.000%, 6/1/33§ |  | 190000 |  | 177175 |
|  Jamf Holding Corp.<br>0.125%, 9/1/26 |  | 66000 |  | 64878 |
|  MARA Holdings, Inc.<br>(Zero Coupon), 3/1/30 |  | 180000 |  | 141120 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 6/1/31 |  | 160000 |  | 133120 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 8/1/32§ |  | 152000 |  | 103299 |
|  Nebius Group NV<br>2.000%, 6/5/29§ |  | 80000 |  | 146080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 9/15/30§ |  | 260000 |  | 254670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/5/31§ |  | 80000 |  | 147833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 9/15/32§ |  | 260000 |  | 248820 |
|  Nutanix, Inc.<br>0.250%, 10/1/27 |  | 110000 |  | 123530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 12/15/29 |  | 144000 |  | 138888 |

---

See Notes to Financial Statements.

------

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  PagerDuty, Inc.<br>1.500%, 10/15/28 | $| 90000 | $| 85545 |
|  Progress Software Corp.<br>1.000%, 4/15/26 |  | 40000 |  | 39720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/30 |  | 75000 |  | 75787 |
|  Rapid7, Inc.<br>0.250%, 3/15/27 |  | 105000 |  | 98963 |
|  RingCentral, Inc.<br>(Zero Coupon), 3/15/26 |  | 120000 |  | 118560 |
|  Riot Platforms, Inc.<br>0.750%, 1/15/30 |  | 100000 |  | 112875 |
|  Rubrik, Inc.<br>(Zero Coupon), 6/15/30§ |  | 205000 |  | 201413 |
|  Strategy, Inc.<br>0.625%, 9/15/28 |  | 105000 |  | 122220 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 12/1/29 |  | 500000 |  | 409300 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/1/30§ |  | 310000 |  | 267375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 3/15/30 |  | 183000 |  | 230397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 3/15/31 |  | 133000 |  | 136657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/15/32 |  | 135000 |  | 149243 |
|  Terawulf, Inc.<br>2.750%, 2/1/30§ |  | 100000 |  | 163230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 9/1/31§ |  | 150000 |  | 176925 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 5/1/32§ |  | 164000 |  | 141860 |
|  Tyler Technologies, Inc.<br>0.250%, 3/15/26 |  | 105000 |  | 106155 |
|  Unity Software, Inc.<br>(Zero Coupon), 11/15/26 |  | 104000 |  | 100360 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/15/30§ |  | 123000 |  | 177735 |
|  Varonis Systems, Inc.<br>1.000%, 9/15/29 |  | 80000 |  | 74280 |
|  Workiva, Inc.<br>1.250%, 8/15/28 |  | 144000 |  | 141912 |
|  Zscaler, Inc.<br>(Zero Coupon), 7/15/28§ |  | 301000 |  | 281585 |
|  |  |  |  | 8847454 |
|  ***Technology Hardware, Storage & Peripherals (4.4%)*** | ***Technology Hardware, Storage & Peripherals (4.4%)*** | ***Technology Hardware, Storage & Peripherals (4.4%)*** | ***Technology Hardware, Storage & Peripherals (4.4%)*** | ***Technology Hardware, Storage & Peripherals (4.4%)*** |
|  Seagate HDD Cayman<br>3.500%, 6/1/28 |  | 170000 |  | 570945 |
|  Super Micro Computer, Inc.<br>2.250%, 7/15/28§ |  | 100000 |  | 95100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/29 |  | 325000 |  | 288827 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 6/15/30§ |  | 390000 |  | 328770 |
|  Western Digital Corp.<br>3.000%, 11/15/28 |  | 270000 |  | 1237626 |
|  Xerox Holdings Corp.<br>3.750%, 3/15/30 |  | 75000 |  | 21938 |
|  |  |  |  | 2543206 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  |  | 18836305 |
|  **Materials (1.1%)** |  |  |  |  |
|  ***Metals & Mining (1.1%)*** |  |  |  |  |
|  B2Gold Corp.<br>2.750%, 2/1/30§ |  | 87000 |  | 138982 |
|  Endeavour Silver Corp.<br>0.250%, 1/15/31§ |  | 61000 |  | 66185 |
|  First Majestic Silver Corp.<br>0.125%, 1/15/31§ |  | 41000 |  | 45182 |
|  MP Materials Corp.<br>3.000%, 3/1/30§ |  | 144000 |  | 359064 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  |  | 609413 |
|  **Real Estate (2.9%)** |  |  |  |  |
|  ***Diversified REITs (0.3%)*** |  |  |  |  |
|  Digital Realty Trust LP (REIT)<br>1.875%, 11/15/29§ |  | 191000 |  | 193674 |
|  ***Health Care REITs (1.5%)*** | ***Health Care REITs (1.5%)*** | ***Health Care REITs (1.5%)*** | ***Health Care REITs (1.5%)*** | ***Health Care REITs (1.5%)*** |
|  Ventas Realty LP (REIT)<br>3.750%, 6/1/26 |  | 150000 |  | 211800 |
|  Welltower OP LLC (REIT)<br>2.750%, 5/15/28§ |  | 170000 |  | 332945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 7/15/29§ |  | 191000 |  | 288410 |
|  |  |  |  | 833155 |
|  ***Hotel & Resort REITs (0.2%)*** |  |  |  |  |
|  Pebblebrook Hotel Trust (REIT)<br>1.750%, 12/15/26 |  | 50000 |  | 48250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 1/15/30§ |  | 60000 |  | 58230 |
|  |  |  |  | 106480 |
|  ***Industrial REITs (0.3%)*** |  |  |  |  |
|  Rexford Industrial Realty LP (REIT)<br>4.375%, 3/15/27§ |  | 113000 |  | 112379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/15/29§ |  | 63000 |  | 62792 |
|  |  |  |  | 175171 |
|  ***Office REITs (0.3%)*** |  |  |  |  |
|  Boston Properties LP (REIT)<br>2.000%, 10/1/30§ |  | 175000 |  | 168962 |
|  ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** |
|  Redfin Corp.<br>0.500%, 4/1/27 |  | 80000 |  | 74880 |
|  ***Retail REITs (0.2%)*** |  |  |  |  |
|  Federal Realty OP LP (REIT)<br>3.250%, 1/15/29§ |  | 108000 |  | 109026 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  |  | 1661348 |
|  **Utilities (8.5%)** |  |  |  |  |
|  ***Electric Utilities (5.3%)*** |  |  |  |  |
|  Alliant Energy Corp.<br>3.875%, 3/15/26 |  | 105000 |  | 109095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/30/28§ |  | 79000 |  | 80612 |
|  Duke Energy Corp.<br>4.125%, 4/15/26 |  | 300000 |  | 309000 |
|  Evergy, Inc.<br>4.500%, 12/15/27 |  | 225000 |  | 273825 |
|  Exelon Corp.<br>3.250%, 3/15/29§ |  | 174000 |  | 173478 |
|  FirstEnergy Corp.<br>4.000%, 5/1/26 |  | 70000 |  | 71505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 1/15/29§ |  | 206000 |  | 218463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 1/15/31§ |  | 170000 |  | 182920 |
|  NextEra Energy Capital Holdings, Inc.<br>3.000%, 3/1/27 |  | 190000 |  | 235790 |
|  PG&E Corp.<br>4.250%, 12/1/27 |  | 356000 |  | 365826 |
|  Pinnacle West Capital Corp.<br>4.750%, 6/15/27 |  | 87000 |  | 92872 |
|  PPL Capital Funding, Inc.<br>2.875%, 3/15/28 |  | 145000 |  | 159137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/30§ |  | 196000 |  | 196300 |
|  Southern Co. (The)<br>4.500%, 6/15/27 |  | 215000 |  | 229405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/15/28§ |  | 223000 |  | 222554 |

---

See Notes to Financial Statements.

------

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  TXNM Energy, Inc.<br>5.750%, 6/1/54 | $| 101000 | $135471 |
|  |  |  | 3056253 |
|  ***Gas Utilities (0.3%)*** |  |  |  |
|  UGI Corp.<br>5.000%, 6/1/28 |  | 124000 | 175708 |
|  ***Independent Power and Renewable Electricity Producers (0.4%)*** | ***Independent Power and Renewable Electricity Producers (0.4%)*** | ***Independent Power and Renewable Electricity Producers (0.4%)*** | ***Independent Power and Renewable Electricity Producers (0.4%)*** |
|  Ormat Technologies, Inc.<br>2.500%, 7/15/27 |  | 93000 | 124713 |
|  XPLR Infrastructure LP<br>2.500%, 6/15/26§ |  | 100000 | 98130 |
|  |  |  | 222843 |
|  ***Multi-Utilities (2.1%)*** |  |  |  |
|  CenterPoint Energy, Inc.<br>4.250%, 8/15/26 |  | 175000 | 191362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/28§ |  | 150000 | 151830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.369%, 9/15/29 (e) |  | 200000 | 71771 |
|  CMS Energy Corp.<br>3.375%, 5/1/28 |  | 113000 | 120854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 5/1/31§ |  | 184000 | 181847 |
|  WEC Energy Group, Inc.<br>4.375%, 6/1/27 |  | 169000 | 190886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 6/1/28§ |  | 139000 | 140807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 6/1/29 |  | 135000 | 157477 |
|  |  |  | 1206834 |
|  ***Water Utilities (0.4%)*** |  |  |  |
|  American Water Capital Corp.<br>3.625%, 6/15/26 |  | 200000 | 199160 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 4860798 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Convertible Bonds** |  |  | 50128059 |
|  **Total Long-Term Debt Securities (87.5%)**<br> *(Cost $45,498,672)* | **Total Long-Term Debt Securities (87.5%)**<br> *(Cost $45,498,672)* | **Total Long-Term Debt Securities (87.5%)**<br> *(Cost $45,498,672)* | 50128059 |
|  | **Number of<br>Warrants** | **Number of<br>Warrants** | **Value<br>(Note 1)** |
|  WARRANTS: |  |  |  |
|  **Consumer Discretionary (0.0%)†** |  |  |  |
|  ***Specialty Retail (0.0%)†*** |  |  |  |
|  GameStop Corp., expiring 10/30/26\*<br>*(Cost $—)* |  | 2356 | 7091 |
|  | **Number of<br>Shares** | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: |  |  |  |
|  ***Investment Companies (0.3%)*** |  |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund 3.65% (7 day yield) (xx) |  | 100000 | 100000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) |  | 82818 | 82818 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 182818 |
|  **Total Short-Term Investments (0.3%)**<br> *(Cost $182,818)* | **Total Short-Term Investments (0.3%)**<br> *(Cost $182,818)* | **Total Short-Term Investments (0.3%)**<br> *(Cost $182,818)* | 182818 |
|  **Total Investments in Securities (99.8%)**<br> *(Cost $52,187,351)* | **Total Investments in Securities (99.8%)**<br> *(Cost $52,187,351)* | **Total Investments in Securities (99.8%)**<br> *(Cost $52,187,351)* | 57180812 |
|  **Other Assets Less Liabilities (0.2%)** | **Other Assets Less Liabilities (0.2%)** | **Other Assets Less Liabilities (0.2%)** | 96878 |
|  **Net Assets (100%)** |  |  | $57277690 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2025, the market value of these securities amounted to $20,271,134 or 35.4% of net assets.*  |

---

*(e)* *Step Bond – Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of December 31, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(y)* *Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $177,639. This was collateralized by cash of $182,818 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*REIT* *— Real Estate Investment Trust* 

See Notes to Financial Statements.

------

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Utilities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 |
|  **Convertible Bonds** |  |  |  |  |
|  Communication Services |  | 2037239 |  | 2037239 |
|  Consumer Discretionary |  | 7956112 |  | 7956112 |
|  Consumer Staples |  | 270322 |  | 270322 |
|  Energy |  | 846640 |  | 846640 |
|  Financials |  | 3456357 |  | 3456357 |
|  Health Care |  | 6127649 |  | 6127649 |
|  Industrials |  | 3465876 |  | 3465876 |
|  Information Technology |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18836305 |  | 18836305 |
|  Materials |  | 609413 |  | 609413 |
|  Real Estate |  | 1661348 |  | 1661348 |
|  Utilities |  | 4860798 |  | 4860798 |
|  **Convertible Preferred Stocks** |  |  |  |  |
|  Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2618880 |  |  | 2618880 |
|  Health Care | 268950 |  |  | 268950 |
|  Industrials | 1431408 |  |  | 1431408 |
|  Information Technology | 929084 |  |  | 929084 |
|  Materials | 475120 |  |  | 475120 |
|  Utilities | 1139285 |  |  | 1139285 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 182818 |  |  | 182818 |
|  **Warrants** |  |  |  |  |
|  Consumer Discretionary | 7091 |  |  | 7091 |
|  **Total Assets** | $**7052753** | $**50128059** | $**—** | $**57180812** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**7052753** | $**50128059** | $**—** | $**57180812** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $22440334 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20139628 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $7530734 |
|  Aggregate gross unrealized depreciation | (2975972) |
|  Net unrealized appreciation | $4554762 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52626050 |

---

See Notes to Financial Statements.

------

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $52,187,351) | $57180812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 210379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 718256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 168614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 11442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 58290544 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 713281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 182818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 29618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 14978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 7334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 4397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 60428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1012854 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $57277690 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $54622387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 2655303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $57277690 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $34,426,724 / 3,073,324 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.20 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $22,850,966 / 2,044,400 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.18 |

---

*(x)* *Includes value of securities on loan of $177,639.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $748751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 379724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 8912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 1137387 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 260090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 75167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 67705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 47094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 21400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 18822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 1733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 20111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 512122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (98711) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 413411 |
|  **NET INVESTMENT INCOME (LOSS)** | 723976 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 1500338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 5397070 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 6897408 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $7621384 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT CONVERTIBLE SECURITIES PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $723976 | $696759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1500338 | (560338) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 5397070 | 4179017 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 7621384 | 4315438 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (486533) | (460909) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (377789) | (414984) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (864322) | (875893) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 632,776 and 445,218 shares, respectively ] | 6770703 | 4184684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 42,957 and 45,452 shares, respectively ] | 486533 | 460909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (336985) and (342398) shares, respectively ] | (3525272) | (3184918) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 3731964 | 1460675 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 11,925 and 76,347 shares, respectively ] | 123419 | 699596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 33,445 and 41,017 shares, respectively ] | 377789 | 414984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (146287) and (214179) shares, respectively ] | (1542782) | (2024607) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (1041574) | (910027) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 2690390 | 550648 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 9447452 | 3990193 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 47830238 | 43840045 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $57277690 | $47830238 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT CONVERTIBLE SECURITIES PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $9.81 | $9.09 | $8.19 | $10.50 | $15.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.14 | 0.13 | 0.15 | 0.09 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.41 | 0.76 | 0.97 | (2.29) | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.55 | 0.89 | 1.12 | (2.20) | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.16) | (0.17) | (0.22) | (0.10) | (1.89) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.01) | (3.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.16) | (0.17) | (0.22) | (0.11) | (5.23) |
|  Net asset value, end of year | $11.20 | $9.81 | $9.09 | $8.19 | $10.50 |
|  Total return | 15.79% | 9.76% | 13.73% | (20.99)% | 1.04% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $34427 | $26831 | $23510 | $19546 | $22507 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.90% | 0.90% | 0.90% | 0.90% | 0.96 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.09% | 1.13% | 1.13% | 1.19% | 1.21% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.28% | 1.43% | 1.70% | 1.08% | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.09% | 1.20% | 1.46% | 0.79% | 0.02% |
|  Portfolio turnover rate^ | 39% | 40% | 33% | 20% | 209 %(h) |
| **Class K** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $9.79 | $9.07 | $8.17 | $10.47 | $15.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.16 | 0.16 | 0.17 | 0.12 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.42 | 0.76 | 0.97 | (2.28) | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.58 | 0.92 | 1.14 | (2.16) | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.20) | (0.24) | (0.13) | (1.93) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.01) | (3.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.19) | (0.20) | (0.24) | (0.14) | (5.27) |
|  Net asset value, end of year | $11.18 | $9.79 | $9.07 | $8.17 | $10.47 |
|  Total return | 16.09% | 10.03% | 14.04% | (20.74)% | 1.25% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $22851 | $20999 | $20330 | $18700 | $22146 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.65% | 0.65% | 0.65% | 0.65% | 0.71 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.84% | 0.88% | 0.88% | 0.94% | 0.96% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.54% | 1.68% | 1.94% | 1.33% | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.35% | 1.45% | 1.71% | 1.04% | 0.26% |
|  Portfolio turnover rate^ | 39% | 40% | 33% | 20% | 209 %(h) |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(h)* *The portfolio turnover rate calculation includes purchases and sales made as a result of the replacement of the sub- adviser. Excluding such transactions, the portfolio turnover rate would have been 28%.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.01% for Class IB and 0.76% for Class K.* 

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
|  LONG-TERM DEBT SECURITIES: |  |  |
|  **Asset-Backed Securities (16.5%)** |  |  |
|  AASET Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A A<br>5.522%, 2/16/50§ | $481858 | $485044 |
|  AASET Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A B<br>6.900%, 5/16/49§ | 817000 | 830489 |
|  ABFC Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-WMC1 A1A<br>5.096%, 6/25/37 (l) | 2234192 | 1612305 |
|  ACE Securities Corp. Home Equity Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-ASP5 A2D<br>4.366%, 10/25/36 (l) | 2066023 | 638519 |
|  Affirm Asset Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A<br>5.610%, 2/15/29§ | 525000 | 525851 |
|  Aligned Data Centers Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A B<br>2.482%, 8/15/46§ | 1000000 | 982545 |
|  Amortizing Residential Collateral Trust, | Amortizing Residential Collateral Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-BC10 M1<br>5.346%, 1/25/33 (l) | 1983142 | 1801035 |
|  AREIT Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CRE9 B<br>6.288%, 5/17/41 (l)§ | 400000 | 399003 |
|  Bain Capital Credit CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A A1R<br>5.204%, 7/18/38 (l)§ | 1000000 | 1002467 |
|  Balboa Bay Loan Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A A1<br>4.981%, 1/20/39 (l)§ | 1000000 | 1000000 |
|  Bayswater Park CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A1R<br>4.944%, 1/20/39 (l)§ | 1000000 | 1000000 |
|  BDS LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL11 B<br>6.081%, 3/19/39 (l)§ | 500000 | 501061 |
|  Benefit Street Partners CLO 46 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-46A A<br>0.000%, 1/25/39 (l)§ | 500000 | 500000 |
|  Benefit Street Partners CLO XXXII Ltd., | Benefit Street Partners CLO XXXII Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-32A AR<br>5.070%, 10/25/38 (l)§ | 1000000 | 1000006 |
|  Blackbird Capital II Aircraft Lease Ltd., | Blackbird Capital II Aircraft Lease Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A B<br>3.446%, 7/15/46§ | 1273653 | 1224080 |
|  Bridge Street CLO II Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A1A<br>5.376%, 7/20/34 (l)§ | 500000 | 500516 |
|  BSPRT Issuer Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FL10 B<br>7.015%, 9/15/35 (l)§ | 530000 | 530982 |
|  Canyon Capital CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1A CR<br>6.850%, 1/30/31 (l)§ | 500000 | 501962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A DR<br>7.166%, 7/15/30 (l)§ | 500000 | 500339 |
|  Canyon CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A DR2<br>7.005%, 7/15/34 (l)§ | 500000 | 499980 |
|  Carlyle Global Market Strategies CLO Ltd., | Carlyle Global Market Strategies CLO Ltd., | Carlyle Global Market Strategies CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3A DRRR<br>6.734%, 7/20/34 (l)§ | 1000000 | 996535 |
|  Carlyle US CLO, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4A D<br>7.084%, 7/20/37 (l)§ | 500000 | 503330 |
|  Cathedral Lake VIII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-8A D1<br>7.566%, 1/20/35 (l)§ | 1000000 | 1000342 |
|  CIFC Funding 2025-VII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-7A D1<br>6.369%, 1/22/39 (l)§ | 500000 | 500297 |
|  CLI Funding VIII LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A 1<br>.640%, 2/18/46§ | 475452 | 441294 |
|  Clover CLO LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A DR<br>6.408%, 1/25/35 (l)§ | 500000 | 496188 |
|  Crown Point CLO IV Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-4A C<br>6.046%, 4/20/31 (l)§ | 500000 | 501063 |
|  CyrusOne Data Centers Issuer I LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A A2<br>4.650%, 5/20/49§ | 500000 | 479704 |
|  DataBank Issuer, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A2<br>2.060%, 2/27/51§ | 500000 | 497839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A B<br>2.650%, 2/27/51§ | 1500000 | 1493479 |
|  Dryden 41 Senior Loan Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-41A DR<br>6.766%, 4/15/31 (l)§ | 500000 | 500932 |
|  Dryden 43 Senior Loan Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-43A DR3 7.<br>396%, 4/20/34 (l)§ | 500000 | 497829 |
|  FMC GMSR Issuer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GT1 A<br> 4.450%, 1/25/26 (l)§ | 2000000 | 1994714 |
|  Fremont Home Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-D 1A1<br>4.126%, 11/25/36 (l) | 4133177 | 2335824 |
|  Gilead Aviation LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A B<br>6.524%, 3/15/50§ | 484346 | 492339 |
|  Goldentree Loan Management US CLO Ltd., | Goldentree Loan Management US CLO Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-17A AR<br>5.164%, 1/20/39 (l)§ | 500000 | 500934 |
|  Goodgreen Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A A<br>2.630%, 4/15/55§ | 219866 | 183153 |
|  GoodLeap Home Improvement Solutions Trust, | GoodLeap Home Improvement Solutions Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A B<br>5.980%, 6/20/49§ | 578503 | 583971 |
|  GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A D<br>5.150%, 12/27/60§ | 300000 | 300058 |
|  Hilton Grand Vacations Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3EXT B<br>4.900%, 10/25/44§ | 400000 | 400995 |
|  ICG US CLO I Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A AR<br>5.264%, 7/18/38 (l)§ | 500000 | 501633 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
|  JOL Air Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 A<br>3.967%, 4/15/44§ | $253298 | $252085 |
|  Kennedy Lewis CLO 12 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-12A AR<br>5.613%, 7/20/38 (l)§ | 1000000 | 1001806 |
|  Kennedy Lewis CLO 13 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-13A A1<br>5.670%, 1/20/37 (l)§ | 500000 | 500200 |
|  Kestrel Aircraft Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A A<br>4.250%, 12/15/38§ | 117594 | 117652 |
|  KREF Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL2 AS<br>5.150%, 2/15/39 (l)§ | 410000 | 405975 |
|  LCM 28 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 28A D<br>7.096%, 10/20/30 (l)§ | 500000 | 493061 |
|  MACH 1 Cayman Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 A<br>3.474%, 10/15/39§ | 235124 | 233088 |
|  Madison Park Funding LXIII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-63A A1R<br>5.270%, 7/21/38 (l)§ | 500000 | 501208 |
|  Magnetite XLII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-42A D1<br>6.658%, 1/25/38 (l)§ | 500000 | 502435 |
|  Magnetite XXIII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-23A DR<br>7.170%, 1/25/35 (l)§ | 500000 | 501528 |
|  Magnetite XXXI Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-31A E<br>10.166%, 7/15/34 (l)§ | 500000 | 500000 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE4 A2C<br>4.146%, 7/25/37 (l) | 4924280 | 957994 |
|  MF1 LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FL14 AS<br>5.971%, 3/19/39 (l)§ | 530000 | 530993 |
|  MF1 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL7 A<br>4.929%, 10/16/36 (l)§ | 110581 | 110514 |
|  MF1 Multifamily Housing Mortgage Loan Trust, | MF1 Multifamily Housing Mortgage Loan Trust, | MF1 Multifamily Housing Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FL15 A<br>5.422%, 8/18/41 (l)§ | 530000 | 530993 |
|  MidOcean Credit CLO III, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-3A BR<br>5.932%, 4/21/31 (l)§ | 128092 | 128113 |
|  Mosaic Solar Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A A<br>4.010%, 6/22/43§ | 111030 | 106483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2GS A<br>4.200%, 2/22/44§ | 181527 | 170591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A B<br>3.280%, 9/20/40§ | 140515 | 127725 |
|  Nassau Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-IA A<br>5.316%, 7/15/31 (l)§ | 10813 | 10813 |
|  Neighborly Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A2<br>3.584%, 4/30/51§ | 3103750 | 2980634 |
|  Neuberger Berman CLO XVII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-17A AR3<br>5.257%, 7/22/38 (l)§ | 500000 | 501118 |
|  NP SPE II LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A A1<br>3.372%, 10/21/47§ | 213501 | 206991 |
|  Octagon 53 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A E<br>10.666%, 4/15/34 (l)§ | 1000000 | 911154 |
|  Octagon Investment Partners 34 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A D<br>6.646%, 1/20/30 (l)§ | 500000 | 500400 |
|  Option One Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1 M2<br>4.416%, 1/25/36 (l) | 3164000 | 2523695 |
|  Ownit Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3 M1<br>4.341%, 3/25/37 (l) | 2311399 | 2349306 |
|  Progress Residential Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR5 A<br>4.451%, 6/17/39§ | 1123669 | 1120816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR4 D<br>3.325%, 7/17/41§ | 5000000 | 4715942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR5 C<br>3.250%, 8/9/29 (l)§ | 2800000 | 2660142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR3 D<br>3.390%, 7/17/42§ | 1400000 | 1289280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR4 A<br>4.300%, 8/17/42§ | 6250000 | 6188332 |
|  Retained Vantage Data Centers Issuer LLC, | Retained Vantage Data Centers Issuer LLC, | Retained Vantage Data Centers Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A B<br>5.750%, 9/15/48§ | 1500000 | 1498944 |
|  Rockland Park CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A1R<br>5.184%, 7/20/38 (l)§ | 500000 | 501082 |
|  SoFi Consumer Loan Program Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 B<br> 4.970%, 6/25/34§ | 700000 | 705656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3 C<br>5.040%, 8/15/34§ | 200000 | 201404 |
|  Sound Point CLO XX Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A C<br>6.070%, 7/26/31 (l)§ | 500000 | 501070 |
|  Sound Point CLO XXIV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A DR<br>7.620%, 10/25/34 (l)§ | 500000 | 470877 |
|  Sound Point CLO XXVI Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A DR<br>7.496%, 7/20/34 (l)§ | 500000 | 488818 |
|  Sound Point CLO XXXII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A D<br>7.520%, 10/25/34 (l)§ | 500000 | 481042 |
|  Stellantis Financial Underwritten Enhanced Lease Trust, | Stellantis Financial Underwritten Enhanced Lease Trust, | Stellantis Financial Underwritten Enhanced Lease Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CA C<br>4.440%, 8/20/30§ | 400000 | 400789 |
|  Storm King Park CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A AR<br>5.265%, 10/15/37 (l)§ | 1000000 | 1002871 |
|  Subway Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A23<br>6.505%, 7/30/54§ | 247500 | 255882 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
|  Sunrun Atlas Issuer LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2 A<br>3.610%, 2/1/55§ | $| 403477 | $389012 |
|  Switch ABS Issuer LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A2<br>5.436%, 6/25/54§ |  | 220000 | 220285 |
|  TAL Advantage VII LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A A<br>2.050%, 9/20/45§ |  | 179500 | 171777 |
|  THL Credit Wind River CLO Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2A DR<br>7.066%, 1/15/31 (l)§ |  | 500000 | 500454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2A ER<br>9.916%, 1/15/31 (l)§ |  | 500000 | 435195 |
|  Trestles CLO VI Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-6A A1R<br>5.038%, 4/25/38 (l)§ |  | 500000 | 498787 |
|  Trestles CLO VIII Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-8A A1<br>5.627%, 6/11/35 (l)§ |  | 1000000 | 1002127 |
|  Tricon Residential Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR2 A<br>5.200%, 8/17/44§ |  | 2223080 | 2259676 |
|  Triton Container Finance VIII LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A A<br>2.110%, 9/20/45§ |  | 276875 | 261151 |
|  Triumph Rail Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 A<br>2.150%, 6/19/51§ |  | 387860 | 374950 |
|  Upland CLO Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A CR<br>7.046%, 4/20/31 (l)§ |  | 1000000 | 1001246 |
|  Upstart Securitization Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 A2<br>5.220%, 6/20/35§ |  | 235807 | 237006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3 A2<br>4.600%, 9/20/35§ |  | 400000 | 400838 |
|  USQ Rail II LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A A<br>2.210%, 6/28/51§ |  | 412394 | 396965 |
|  Vantage Data Centers Issuer LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A B<br>6.000%, 11/15/55§ |  | 500000 | 499124 |
|  Vivint Solar Financing V LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A A<br>4.730%, 4/30/48§ |  | 801845 | 773005 |
|  Voya CLO Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-4A DR<br>10.123%, 7/14/31 (l)§ |  | 1000000 | 988711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A1R<br>4.958%, 1/20/39 (l)§ |  | 500000 | 500328 |
|  Warwick Capital CLO 1 Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A AR<br>5.251%, 10/20/38 (l)§ |  | 1500000 | 1502252 |
|  WAVE LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 A<br>3.597%, 9/15/44§ |  | 443933 | 435982 |
|  Willis Engine Structured Trust IX, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B A<br>5.159%, 12/15/50§ |  | 370000 | 370979 |
|  Wind River CLO Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-3A DR2<br>7.519%, 10/22/31 (l)§ |  | 1500000 | 1502758 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  |  | 86100747 |
|  **Collateralized Mortgage Obligations (6.3%)** | **Collateralized Mortgage Obligations (6.3%)** | **Collateralized Mortgage Obligations (6.3%)** |  |
|  Alternative Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-19CB A15<br>6.000%, 8/25/36 |  | 360673 | 199450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-6CB 2A10<br>6.000%, 5/25/36 |  | 1614726 | 584466 |
|  Asset-Backed Certificates Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-IM1 A2<br>4.326%, 4/25/36 (l) |  | 590350 | 545148 |
|  Banc of America Funding Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-6 1A8<br>6.000%, 10/25/35 |  | 143459 | 121250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-5 3A1<br>6.000%, 7/25/37 |  | 1228671 | 1043648 |
|  Banc of America Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3 2A8<br>7.000%, 9/25/37 |  | 1705194 | 1443995 |
|  CHL Mortgage Pass-Through Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-21 A2<br>6.000%, 2/25/37 |  | 1628181 | 703177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J4 A5<br>6.250%, 9/25/36 |  | 303505 | 105967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-14 A18<br>6.000%, 9/25/37 |  | 1359023 | 646271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY1 1A1<br>4.589%, 4/25/37 (l) |  | 115355 | 107533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY1 2A1<br>4.040%, 3/25/37 (l) |  | 46329 | 41430 |
|  Citigroup Mortgage Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR2 1A2<br>5.367%, 3/25/36 (l) |  | 49559 | 48551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR7 2A3A<br>4.583%, 11/25/36 (l) |  | 76566 | 73670 |
|  CitiMortgage Alternative Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A2 1A4<br>6.000%, 2/25/37 |  | 899238 | 815991 |
|  COLT Mortgage Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2 A1<br>6.596%, 7/25/68 (e)§ |  | 1332390 | 1339093 |
|  FHLMC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5057 AX<br>2.000%, 12/25/50 |  | 1248033 | 806264 |
|  Figure Line of Credit Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A<br>4.040%, 9/25/49 (l)§ |  | 320443 | 313090 |
|  FNMA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-54 NP<br>2.500%, 3/25/43 |  | 235667 | 224514 |
|  GNMA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-188<br>2.000%, 12/20/50 IO |  | 2103571 | 247431 |
|  GreenPoint Mortgage Funding Trust, | GreenPoint Mortgage Funding Trust, | GreenPoint Mortgage Funding Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR2 1A3<br>4.326%, 4/25/47 (l) |  | 1891126 | 1678650 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  HomeBanc Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-4 M4<br>4.821%, 10/25/35 (l) | $| 7066300 | $| 6470864 |
|  Imperial Fund Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM4 M1<br>3.446%, 1/25/57 (l)§ |  | 1500000 |  | 1201237 |
|  OBX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM4 A1<br>6.113%, 3/25/63 (e)§ |  | 1306103 |  | 1307717 |
|  PRPM LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4 A1<br>6.179%, 6/25/30 (e)§ |  | 647513 |  | 648742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5 A1<br>5.729%, 7/25/30 (e)§ |  | 2785379 |  | 2787617 |
|  PRPM Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3 A1<br>6.255%, 5/25/30 (e)§ |  | 900015 |  | 901718 |
|  RALI Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QS17 A7<br>6.000%, 12/25/36 |  | 1181739 |  | 993622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QS8 A10<br>6.000%, 6/25/37 |  | 748111 |  | 615625 |
|  RBSGC Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A 3A<br>6.000%, 4/25/35 |  | 1380958 |  | 472057 |
|  RFMSI Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-S6 A14<br>6.000%, 7/25/36 |  | 101585 |  | 88201 |
|  Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-19XS 1A2A<br>4.726%, 10/25/35 (l) |  | 679480 |  | 658894 |
|  Suntrust Alternative Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-1F 2A8<br>6.000%, 12/25/35 |  | 80120 |  | 74773 |
|  Towd Point Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 M1<br>3.750%, 3/25/58 (l)§ |  | 2500000 |  | 2193111 |
|  Verus Securitization Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3 M1<br>2.397%, 6/25/66 (l)§ |  | 2500000 |  | 1908781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3 M1<br>6.887%, 4/25/69 (l)§ |  | 750000 |  | 761404 |
|  Wells Fargo Alternative Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-PA2 1A1<br>6.000%, 6/25/37 |  | 101201 |  | 93073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-PA6 A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 12/28/37 (l) |  | 682596 |  | 626717 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** |  | 32893742 |
|  **Commercial Mortgage-Backed Securities (5.5%)** | **Commercial Mortgage-Backed Securities (5.5%)** | **Commercial Mortgage-Backed Securities (5.5%)** | **Commercial Mortgage-Backed Securities (5.5%)** | **Commercial Mortgage-Backed Securities (5.5%)** |
|  BAMLL Commercial Mortgage Securities Trust, | BAMLL Commercial Mortgage Securities Trust, | BAMLL Commercial Mortgage Securities Trust, | BAMLL Commercial Mortgage Securities Trust, | BAMLL Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ISQ C<br>3.606%, 8/14/34 (l)§ |  | 516000 |  | 269075 |
|  BANK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK5 B<br>3.896%, 6/15/60 (l) |  | 557000 |  | 542363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN23 A3<br>2.920%, 12/15/52 |  | 550000 |  | 520825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN35 A5<br>2.285%, 6/15/64 |  | 343000 |  | 304620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN37 C<br>3.106%, 11/15/64 (l) |  | 412000 |  | 327637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK39 AS<br>3.181%, 2/15/55 |  | 530000 |  | 481973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK39 E<br>2.500%, 2/15/55§ |  | 174000 |  | 116980 |
|  BANK5, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5YR10 AS<br>5.637%, 10/15/57 |  | 526000 |  | 540687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5YR9 A3<br>5.614%, 8/15/57 |  | 529000 |  | 550611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5YR18 A3<br>5.145%, 12/15/58 |  | 470000 |  | 483141 |
|  BBCMS Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C6 F5TC<br>3.688%, 2/15/53 (l)§ |  | 644000 |  | 416368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C12 A5<br>2.689%, 11/15/54 |  | 653000 |  | 585900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C12 XD<br>1.023%, 11/15/54 IO (l)§ |  | 9899000 |  | 521042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C9 A5<br>2.299%, 2/15/54 |  | 668000 |  | 601749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C29 A3<br>5.208%, 9/15/57 |  | 527000 |  | 541749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C37 AS<br>5.382%, 9/15/58 (l) |  | 473000 |  | 482645 |
|  Benchmark Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B13 A3<br>2.701%, 8/15/57 |  | 525000 |  | 498249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B23 XA<br>1.255%, 2/15/54 IO (l) |  | 4784137 |  | 223451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B32 AS<br>3.409%, 1/15/55 (l) |  | 530000 |  | 461884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V10 A3<br>5.277%, 9/15/57 |  | 530000 |  | 545333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11 A3<br>5.909%, 11/15/57 (l) |  | 239000 |  | 251044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V8 A2<br>5.707%, 7/15/57 |  | 528000 |  | 548218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V8 A3<br>6.189%, 7/15/57 (l) |  | 454000 |  | 479549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V9 A3<br>5.602%, 8/15/57 |  | 528000 |  | 548266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V15 AS<br>6.175%, 6/15/58 |  | 302000 |  | 317003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V16 A3<br>5.439%, 8/15/58 (l) |  | 160000 |  | 166279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V17 A3<br>5.075%, 9/15/58 |  | 473000 |  | 484735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V18 AS<br>5.593%, 10/15/58 |  | 471000 |  | 485119 |
|  BMO Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C3 AS<br>6.286%, 2/15/57 (l) |  | 516000 |  | 538025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C6 A3<br>5.316%, 9/15/57 |  | 527000 |  | 542807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C11 AS<br>5.938%, 7/15/58 |  | 459000 |  | 479200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C12 AS<br>5.557%, 10/15/58 |  | 472000 |  | 483380 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
|  BX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11 D<br>3.944%, 12/9/41 (l)§ | $350000 | $333320 |
|  Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF1 65C<br>4.123%, 5/15/52 (l)§ | 502000 | 50200 |
|  CENT Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CITY A<br>4.920%, 7/10/40 (l)§ | 312000 | 315378 |
|  CFCRE Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C6 B<br>3.804%, 11/10/49 | 900000 | 854399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C8 B<br>4.199%, 6/15/50 (l) | 514000 | 498948 |
|  Citigroup Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GC36 B<br>4.644%, 2/10/49 (l) | 504000 | 471349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P4 XA<br>1.880%, 7/10/49 IO (l) | 638719 | 1253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41 B<br> 3.199%, 8/10/56 | 276000 | 244572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-420K D<br> 3.312%, 11/10/42 (l)§ | 350000 | 312315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC46 B<br> 3.150%, 2/15/53 (l) | 401000 | 351409 |
|  Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR16 C<br> 4.777%, 4/10/47 (l) | 900000 | 864921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-DC1 C<br> 4.289%, 2/10/48 (l) | 100000 | 89917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-DC2 XA<br>0.769%, 2/10/49 IO (l) | 159612 | 10 |
|  CSAIL Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C1 XA<br>0.170%, 4/15/50 IO (l) | 75128 |  |
|  CSMC Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B33 B<br>3.645%, 10/10/43 (l)§ | 620000 | 555347 |
|  GS Mortgage Securities Corp. Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RIVR C<br>5.297%, 7/15/35 (l)§ | 272000 | 2720 |
|  GS Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC26 D<br> 4.400%, 11/10/47 (l)§ | 100000 | 55385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GS1 B<br>4.238%, 11/10/48 (l) | 526123 | 496341 |
|  JP Morgan Chase Commercial Mortgage Securities Trust, | JP Morgan Chase Commercial Mortgage Securities Trust, | JP Morgan Chase Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-JP1 XA<br>0.808%, 1/15/49 IO (l) | 104593 | 2 |
|  JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP6 C<br>3.696%, 7/15/50 (l) | 600000 | 537804 |
|  JPMDB Commercial Mortgage Securities Trust, | JPMDB Commercial Mortgage Securities Trust, | JPMDB Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C2 AS<br>3.484%, 6/15/49 | 800000 | 760709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C2 XA<br>1.480%, 6/15/49 IO (l) | 473056 | 1519 |
|  LCCM Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-LC26 C<br>4.706%, 7/12/50§ | 400000 | 378806 |
|  LSTAR Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-4 C<br>4.683%, 3/10/49 (l)§ | 72000 | 71042 |
|  Morgan Stanley Bank of America Merrill Lynch Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31 B<br>3.880%, 11/15/49 (l) | 500000 | 479313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C33 B<br>4.105%, 5/15/50 | 753000 | 725297 |
|  Morgan Stanley Capital I Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB11 XA<br>1.426%, 8/15/49 IO (l) | 683513 | 2072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L7 XD<br>0.921%, 10/15/54 IO (l)§ | 11180000 | 536661 |
|  NJ Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-GSP A<br>6.481%, 1/6/29 (l)§ | 500000 | 523550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-WBRK A<br>5.867%, 3/5/35 (l)§ | 230000 | 238657 |
|  SG Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C5 XA<br>1.806%, 10/10/48 IO (l) | 417380 | 1642 |
|  SLG Office Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-OVA E<br>2.851%, 7/15/41§ | 380000 | 324178 |
|  UBS Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C6 B<br>4.154%, 12/15/50 (l) | 343000 | 322715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C7 C<br>4.571%, 12/15/50 (l) | 500000 | 473509 |
|  VEGAS Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-TI A<br>5.518%, 11/10/39§ | 181000 | 183885 |
|  Velocity Commercial Capital Loan Trust, | Velocity Commercial Capital Loan Trust, | Velocity Commercial Capital Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 M1<br>3.940%, 3/25/49 (l)§ | 292804 | 277893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 M2<br>4.010%, 3/25/49 (l)§ | 159392 | 147204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 M3<br>4.120%, 3/25/49 (l)§ | 131113 | 115977 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31 C<br>4.720%, 11/15/48 (l) | 36315 | 35670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS6 XA<br>1.540%, 11/15/49 IO (l) | 665025 | 2641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-RC1 XA<br>1.370%, 1/15/60 IO (l) | 697453 | 7663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C50 C<br>4.345%, 5/15/52 | 412000 | 365205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C58 B<br>2.704%, 7/15/53 | 550000 | 461352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C4 A3<br>5.673%, 5/15/58 | 451000 | 471753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C5 AS<br>5.918%, 7/15/58 | 465000 | 483112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C6 C<br>5.830%, 10/15/58 (l) | 472000 | 471854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C7 B<br>5.855%, 12/15/58 (l) | 470000 | 484227 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Securities** | 28723603 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
|  **Corporate Bonds (22.6%)** | **Corporate Bonds (22.6%)** | **Corporate Bonds (22.6%)** |
|  **Communication Services (1.4%)** | **Communication Services (1.4%)** | **Communication Services (1.4%)** |
|  ***Diversified Telecommunication Services (0.7%)*** | ***Diversified Telecommunication Services (0.7%)*** | ***Diversified Telecommunication Services (0.7%)*** |
|  Altice France SA<br>6.875%, 7/15/32§ | $60000 | $57225 |
|  AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 2/15/30 | 500000 | 500746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/15/53 | 825000 | 554005 |
|  Bell Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.39%), 6.875%, 9/15/55 (k) | 172000 | 177375 |
|  CCO Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 5/1/27§ | 100000 | 99780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/1/30§ | 150000 | 143296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/1/32 (x)§ | 105000 | 95944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/15/34 (x)§ | 60000 | 51037 |
|  Cipher Compute LLC<br>7.125%, 11/15/30§ | 85000 | 86685 |
|  Flash Compute LLC<br>7.250%, 12/31/30§ | 105000 | 104113 |
|  Level 3 Financing, Inc.<br>6.875%, 6/30/33§ | 185000 | 189312 |
|  TELUS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.71%), 7.000%, 10/15/55 (k)(x) | 287000 | 297404 |
|  Uniti Group LP<br>8.625%, 6/15/32§ | 75000 | 73826 |
|  Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.401%, 7/2/37§ | 475000 | 479491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 11/30/45 | 368000 | 366184 |
|  Windstream Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 10/1/31§ | 55000 | 57700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 10/15/33§ | 45000 | 46259 |
|  |  | 3380382 |
|  **Entertainment (0.1%)** |  |  |
|  Netflix, Inc.<br>5.400%, 8/15/54 | 211000 | 205060 |
|  Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.054%, 3/15/29 | 80000 | 77400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279%, 3/15/32 | 35000 | 30712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 3/15/42 | 55000 | 38933 |
|  |  | 352105 |
|  **Interactive Media & Services (0.1%)** | **Interactive Media & Services (0.1%)** | **Interactive Media & Services (0.1%)** |
|  Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/15/45 | 152000 | 147810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 8/15/52 | 320000 | 260716 |
|  |  | 408526 |
|  **Media (0.3%)** |  |  |
|  Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 6/1/29 (x)§ | 70000 | 69377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 2/15/31§ | 135000 | 141252 |
|  Directv Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 8/15/27§ | 87000 | 87423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 2/1/30§ | 115000 | 116480 |
|  DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 12/1/28§ | 100000 | 97224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/1/29 | 65000 | 57362 |
|  EchoStar Corp.<br>10.750%, 11/30/29 | 80000 | 88530 |
|  Gray Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, 7/15/32§ | 95000 | 98562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 8/15/33§ | 95000 | 97078 |
|  Lamar Media Corp.<br>5.375%, 11/1/33§ | 110000 | 109312 |
|  McGraw-Hill Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 8/1/28§ | 105000 | 105320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 9/1/31§ | 40000 | 42158 |
|  Neptune Bidco US, Inc.<br>10.375%, 5/15/31§ | 70000 | 71758 |
|  Sirius XM Radio LLC<br>5.500%, 7/1/29§ | 105000 | 105861 |
|  Univision Communications, Inc.<br>7.375%, 6/30/30§ | 100000 | 101593 |
|  Videotron Ltd.<br>5.700%, 1/15/35§ | 283000 | 289304 |
|  |  | 1678594 |
|  **Wireless Telecommunication Services (0.2%)** | **Wireless Telecommunication Services (0.2%)** | **Wireless Telecommunication Services (0.2%)** |
|  Digicel Group Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2B14<br>(Zero Coupon), 12/31/30 (r)§ | 14052 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4B14<br>(Zero Coupon), 12/31/30 (r)§ | 40405 | 203 |
|  Millicom International Cellular SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 1/15/28 (m) | 360000 | 358989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 3/25/29 (m)(x) | 360000 | 361260 |
|  T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 10/15/52 | 320000 | 215281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/15/55 | 185000 | 169057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/15/55 | 178000 | 177911 |
|  |  | 1283195 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 7102802 |
|  **Consumer Discretionary (1.5%)** | **Consumer Discretionary (1.5%)** | **Consumer Discretionary (1.5%)** |
|  ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** |
|  American Axle & Manufacturing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 10/15/32§ | 85000 | 86316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 10/15/33§ | 55000 | 56038 |
|  Clarios Global LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 2/15/30§ | 190000 | 198333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 9/15/32§ | 225000 | 233161 |
|  Dornoch Debt Merger Sub, Inc.<br>6.625%, 10/15/29 (x)§ | 55000 | 47568 |
|  |  | 621416 |
|  ***Automobiles (0.1%)*** |  |  |
|  Hyundai Capital America<br>5.300%, 1/8/29§ | 559000 | 572595 |
|  Nissan Motor Acceptance Co. LLC<br>6.125%, 9/30/30§ | 100000 | 99914 |
|  |  | 672509 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  ***Broadline Retail (0.0%)†*** |  |  |  |  |
|  Wayfair LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 10/31/29§ | $| 75000 | $| 78106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 11/15/32§ |  | 70000 |  | 71873 |
|  |  |  |  | 149979 |
|  ***Distributors (0.1%)*** |  |  |  |  |
|  Dealer Tire LLC<br>8.000%, 2/1/28§ |  | 100000 |  | 99375 |
|  Vamos Europe SA<br>9.200%, 1/26/31 (x)§ |  | 200000 |  | 191812 |
|  |  |  |  | 291187 |
|  ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** |
|  Graham Holdings Co.<br>5.625%, 12/1/33§ |  | 155000 |  | 156339 |
|  Mavis Tire Express Services Topco Corp.<br>6.500%, 5/15/29 (x)§ |  | 60000 |  | 59400 |
|  Rentokil Terminix Funding LLC<br>5.000%, 4/28/30§ |  | 200000 |  | 203366 |
|  Wand NewCo 3, Inc.<br>7.625%, 1/30/32§ |  | 115000 |  | 121497 |
|  |  |  |  | 540602 |
|  ***Hotels, Restaurants & Leisure (0.7%)*** | ***Hotels, Restaurants & Leisure (0.7%)*** | ***Hotels, Restaurants & Leisure (0.7%)*** | ***Hotels, Restaurants & Leisure (0.7%)*** | ***Hotels, Restaurants & Leisure (0.7%)*** |
|  Acushnet Co.<br>5.625%, 12/1/33§ |  | 100000 |  | 101000 |
|  Caesars Entertainment, Inc.<br>6.000%, 10/15/32 (x)§ |  | 155000 |  | 150457 |
|  Carnival Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 5/1/29§ |  | 100000 |  | 101122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 8/1/32§ |  | 190000 |  | 194987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 2/15/33§ |  | 99000 |  | 102218 |
|  Expedia Group, Inc.<br>3.800%, 2/15/28 |  | 293000 |  | 291311 |
|  Fertitta Entertainment LLC<br>6.750%, 1/15/30 (x)§ |  | 60000 |  | 56896 |
|  Full House Resorts, Inc.<br>8.250%, 2/15/28 (x)§ |  | 80000 |  | 69511 |
|  Life Time, Inc.<br>6.000%, 11/15/31§ |  | 200000 |  | 204846 |
|  Light & Wonder International, Inc.<br>6.250%, 10/1/33§ |  | 125000 |  | 126315 |
|  Lindblad Expeditions LLC<br>7.000%, 9/15/30§ |  | 95000 |  | 99081 |
|  Marriott International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/15/31 |  | 294000 |  | 294727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 5/15/34 |  | 283000 |  | 292440 |
|  McDonald's Corp.<br>4.450%, 3/1/47 |  | 325000 |  | 278830 |
|  NCL Corp. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 1/15/31§ |  | 55000 |  | 54713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 9/15/33§ |  | 55000 |  | 54897 |
|  Rivers Enterprise Borrower LLC<br>6.625%, 2/1/33§ |  | 285000 |  | 291384 |
|  Rivers Enterprise Lender LLC<br>6.250%, 10/15/30§ |  | 50000 |  | 50938 |
|  Royal Caribbean Cruises Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 7/15/27§ |  | 148000 |  | 149162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 1/15/36 |  | 128000 |  | 128742 |
|  Sabre GLBL, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750%, 11/15/29§ |  | 45000 |  | 38250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750%, 3/15/30§ |  | 64000 |  | 52560 |
|  Viking Cruises Ltd.<br>5.875%, 10/15/33§ |  | 185000 |  | 187492 |
|  Voyager Parent LLC<br>9.250%, 7/1/32§ |  | 95000 |  | 100755 |
|  |  |  |  | 3472634 |
|  ***Household Durables (0.1%)*** |  |  |  |  |
|  Newell Brands, Inc.<br>6.375%, 5/15/30 (x) |  | 60000 |  | 58576 |
|  Taylor Morrison Communities, Inc.<br>5.750%, 11/15/32§ |  | 100000 |  | 102781 |
|  Whirlpool Corp.<br>6.500%, 6/15/33 |  | 95000 |  | 91899 |
|  |  |  |  | 253256 |
|  ***Leisure Products (0.0%)†*** |  |  |  |  |
|  Mattel, Inc.<br>5.000%, 11/17/30 |  | 120000 |  | 120616 |
|  ***Specialty Retail (0.3%)*** |  |  |  |  |
|  AutoZone, Inc.<br>5.125%, 6/15/30 |  | 274000 |  | 282612 |
|  Cougar JV Subsidiary LLC<br>8.000%, 5/15/32§ |  | 100000 |  | 106783 |
|  InRetail Consumer<br>3.250%, 3/22/28 (m) |  | 600000 |  | 581658 |
|  Lowe's Cos., Inc.<br>5.625%, 4/15/53 |  | 169000 |  | 164100 |
|  Michaels Cos., Inc. (The)<br>5.250%, 5/1/28§ |  | 50000 |  | 48070 |
|  O'Reilly Automotive, Inc.<br>5.000%, 8/19/34 |  | 147000 |  | 148210 |
|  Staples, Inc.<br>10.750%, 9/1/29§ |  | 100000 |  | 99470 |
|  Victra Holdings LLC<br>8.750%, 9/15/29 (x)§ |  | 265000 |  | 279366 |
|  |  |  |  | 1710269 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  |  | 7832468 |
|  **Consumer Staples (0.9%)** |  |  |  |  |
|  ***Beverages (0.1%)*** |  |  |  |  |
|  Diageo Investment Corp.<br>5.125%, 8/15/30 |  | 235000 |  | 243496 |
|  ***Consumer Staples Distribution & Retail (0.3%)*** | ***Consumer Staples Distribution & Retail (0.3%)*** | ***Consumer Staples Distribution & Retail (0.3%)*** | ***Consumer Staples Distribution & Retail (0.3%)*** | ***Consumer Staples Distribution & Retail (0.3%)*** |
|  Cencosud SA<br>4.375%, 7/17/27 (m) |  | 600000 |  | 600000 |
|  Kroger Co. (The)<br>5.650%, 9/15/64 |  | 301000 |  | 287887 |
|  United Natural Foods, Inc.<br>6.750%, 10/15/28§ |  | 415000 |  | 414428 |
|  US Foods, Inc.<br>5.750%, 4/15/33§ |  | 260000 |  | 264750 |
|  |  |  |  | 1567065 |
|  ***Food Products (0.3%)*** |  |  |  |  |
|  Bunge Ltd. Finance Corp.<br>4.650%, 9/17/34 |  | 349000 |  | 341859 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Campbell's Co. (The)<br>5.400%, 3/21/34 | $| 144000 | $| 146711 |
|  Flowers Foods, Inc.<br>5.750%, 3/15/35 |  | 289000 |  | 289811 |
|  JBS USA Holding Lux Sarl<br>3.750%, 12/1/31 |  | 227000 |  | 215318 |
|  Mars, Inc.<br>5.700%, 5/1/55§ |  | 299000 |  | 299057 |
|  Minerva Luxembourg SA<br>8.875%, 9/13/33§ |  | 200000 |  | 218000 |
|  Post Holdings, Inc.<br>6.375%, 3/1/33§ |  | 150000 |  | 151341 |
|  |  |  |  | 1662097 |
|  ***Household Products (0.0%)†*** |  |  |  |  |
|  Energizer Holdings, Inc.<br>6.000%, 9/15/33§ |  | 100000 |  | 95750 |
|  ***Tobacco (0.2%)*** |  |  |  |  |
|  BAT Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/15/35 (x) |  | 283000 |  | 295048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540%, 8/15/47 |  | 257000 |  | 213390 |
|  Philip Morris International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 2/15/33 |  | 275000 |  | 287778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 2/13/34 |  | 255000 |  | 263640 |
|  |  |  |  | 1059856 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  |  | 4628264 |
|  **Energy (2.4%)** |  |  |  |  |
|  ***Energy Equipment & Services (0.3%)*** | ***Energy Equipment & Services (0.3%)*** | ***Energy Equipment & Services (0.3%)*** | ***Energy Equipment & Services (0.3%)*** | ***Energy Equipment & Services (0.3%)*** |
|  Archrock Partners LP<br>6.625%, 9/1/32§ |  | 190000 |  | 195537 |
|  Guara Norte Sarl<br>5.198%, 6/15/34 (m) |  | 147330 |  | 143794 |
|  Kodiak Gas Services LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 2/15/29§ |  | 190000 |  | 197317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/1/33§ |  | 55000 |  | 56204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 10/1/35§ |  | 55000 |  | 56358 |
|  Nabors Industries, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.125%, 1/31/30§ |  | 75000 |  | 78783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 11/15/32§ |  | 70000 |  | 68687 |
|  WBI Operating LLC<br>6.500%, 10/15/33§ |  | 175000 |  | 174069 |
|  Weatherford International Ltd.<br>6.750%, 10/15/33§ |  | 195000 |  | 199415 |
|  |  |  |  | 1170164 |
|  ***Oil, Gas & Consumable Fuels (2.1%)*** | ***Oil, Gas & Consumable Fuels (2.1%)*** | ***Oil, Gas & Consumable Fuels (2.1%)*** | ***Oil, Gas & Consumable Fuels (2.1%)*** | ***Oil, Gas & Consumable Fuels (2.1%)*** |
|  Acu Petroleo Luxembourg Sarl<br>7.500%, 1/13/32 (m) |  | 221049 |  | 225251 |
|  Adani Renewable Energy RJ Ltd.<br>4.625%, 10/15/39 m) |  | 164250 |  | 139202 |
|  Antero Midstream Partners LP<br>5.750%, 7/1/34§ |  | 106000 |  | 106849 |
|  BPRL International Singapore Pte. Ltd.<br>4.375%, 1/18/27 (m) |  | 500000 |  | 500100 |
|  Buckeye Partners LP<br>6.875%, 7/1/29§ |  | 95000 |  | 98678 |
|  Cheniere Energy Partners LP<br>4.000%, 3/1/31 |  | 154000 |  | 149733 |
|  Cheniere Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 10/15/28 |  | 288000 |  | 287758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 4/15/34 |  | 149000 |  | 154500 |
|  Chord Energy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/1/30§ |  | 75000 |  | 75714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 3/15/33§ |  | 120000 |  | 123702 |
|  CNX Resources Corp.<br>6.000%, 1/15/29§ |  | 100000 |  | 100534 |
|  Colonial Enterprises, Inc.<br>5.627%, 11/15/35§ |  | 173000 |  | 174377 |
|  Cosan Luxembourg SA<br>5.500%, 9/20/29 (m) |  | 200000 |  | 195626 |
|  Cosan Overseas Ltd.<br>8.250%, 2/5/26 (m)(y) |  | 500000 |  | 501460 |
|  DT Midstream, Inc.<br>4.125%, 6/15/29§ |  | 152000 |  | 149821 |
|  Eastern Energy Gas Holdings LLC<br>5.650%, 10/15/54 |  | 301000 |  | 290688 |
|  Ecopetrol SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 5/28/45 |  | 100000 |  | 74262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/2/51 |  | 650000 |  | 467187 |
|  Enterprise Products Operating LLC<br>5.550%, 2/16/55 |  | 286000 |  | 277233 |
|  Expand Energy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 4/15/29§ |  | 86000 |  | 86538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/1/32 |  | 147000 |  | 144868 |
|  Fermaca Enterprises S de RL de CV<br>6.375%, 3/30/38 (m) |  | 368835 |  | 374600 |
|  Florida Gas Transmission Co. LLC<br>5.750%, 7/15/35§ |  | 122000 |  | 126541 |
|  Galaxy Pipeline Assets Bidco Ltd.<br>2.940%, 9/30/40 (m) |  | 173276 |  | 147444 |
|  GNL Quintero SA<br>4.634%, 7/31/29 (m) |  | 376640 |  | 376877 |
|  Gulfport Energy Operating Corp.<br>6.750%, 9/1/29§ |  | 190000 |  | 195863 |
|  Gulfstream Natural Gas System LLC<br>5.600%, 7/23/35§ |  | 177000 |  | 181532 |
|  Harvest Midstream I LP<br>7.500%, 5/15/32§ |  | 180000 |  | 187423 |
|  Hilcorp Energy I LP<br>7.250%, 2/15/35§ |  | 85000 |  | 80753 |
|  Kinder Morgan Energy Partners LP<br>6.950%, 1/15/38 |  | 129000 |  | 145560 |
|  Matador Resources Co.<br>6.500%, 4/15/32§ |  | 100000 |  | 101189 |
|  NGL Energy Operating LLC<br>8.125%, 2/15/29§ |  | 50000 |  | 51847 |
|  NGPL PipeCo LLC<br>3.250%, 7/15/31§ |  | 332000 |  | 305288 |
|  ONGC Videsh Vankorneft Pte. Ltd.<br>3.750%, 7/27/26 (m) |  | 800000 |  | 797552 |
|  Permian Resources Operating LLC<br>6.250%, 2/1/33§ |  | 144000 |  | 147646 |
|  Pertamina Persero PT<br>1.400%, 2/9/26 (m) |  | 600000 |  | 598038 |
|  Peru LNG Srl 5.375%,<br>3/22/30 (m) |  | 450060 |  | 434105 |
|  Petrobras Global Finance BV<br>5.125%, 9/10/30 |  | 300000 |  | 294339 |
|  Petroleos Mexicanos<br>6.750%, 9/21/47 |  | 100000 |  | 82020 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
|  Raizen Fuels Finance SA<br>5.700%, 1/17/35 (m) | $400000 | $309876 |
|  Reliance Industries Ltd.<br>3.667%, 11/30/27 (m) | 250000 | 247735 |
|  SM Energy Co.<br>7.000%, 8/1/32§ | 105000 | 102999 |
|  Sunoco LP<br>6.000%, 4/15/27 | 90000 | 89987 |
|  Tallgrass Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 2/15/29 (x)§ | 95000 | 98086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 3/15/34§ | 55000 | 54914 |
|  TransCanada PipeLines Ltd.<br>4.625%, 3/1/34 | 500000 | 486253 |
|  Ultrapar International SA<br>5.250%, 10/6/26 (m) | 200000 | 199134 |
|  Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 6/1/28§ | 55000 | 55578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 6/1/31§ | 65000 | 64613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 2/1/32§ | 45000 | 46494 |
|  Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 12/15/30§ | 50000 | 50925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 5/1/33§ | 35000 | 37706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 1/15/34§ | 110000 | 112637 |
|  Viper Energy Partners LLC<br>4.900%, 8/1/30 | 105000 | 106092 |
|  Vital Energy, Inc.<br>7.875%, 4/15/32 (x)§ | 35000 | 34467 |
|  |  | 11050194 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 12220358 |
|  **Financials (3.5%)** |  |  |
|  ***Banks (1.5%)*** |  |  |
|  Banco Industrial SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.44%), 4.875%, 1/29/31 (k)(m) | 500000 | 496700 |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.68%), 6.625%, 5/1/30 (k)(y) | 149000 | 154774 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%), 2.572%, 10/20/32 (k) | 236000 | 212905 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.65%), 5.468%, 1/23/35 (k) | 227000 | 236728 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.70%), 5.744%, 2/12/36 (k) | 248000 | 258426 |
|  Barclays plc<br>(SOFR + 1.83%), 5.860%, 8/11/46 (k) | 301000 | 308329 |
|  Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%), 3.070%, 2/24/28 (k) | 118000 | 116659 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.46%), 4.952%, 5/7/31 (k) | 246000 | 251243 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.17%), 4.503%, 9/11/31 (k) | 173000 | 173286 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.66%), 6.174%, 5/25/34 (k) | 141000 | 150057 |
|  Series GG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.89%), 6.875%, 8/15/30 (k)(y) | 148000 | 151152 |
|  Credit Agricole SA<br>(SOFR + 1.36%), 4.818%, 9/25/33 (k)§ | 305000 | 304787 |
|  Intercorp Financial Services, Inc.<br>4.125%, 10/19/27 (m) | 300000 | 297832 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.01%), 5.140%, 1/24/31 (k) | 247000 | 255524 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.44%), 5.103%, 4/22/31 (k) | 277000 | 286122 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.93%), 4.255%, 10/22/31(k) | 153000 | 152565 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.46%), 5.294%, 7/22/35 (k) | 549000 | 566785 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.64%), 5.576%, 7/23/36 (k) | 186000 | 192651 |
|  Lloyds Banking Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 6.068%, 6/13/36 (k) | 351000 | 368982 |
|  NatWest Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 5.115%, 5/23/31 (k) | 348000 | 357291 |
|  PNC Financial Services Group, Inc. (The)<br>(SOFR + 1.42%), 5.373%, 7/21/36 (k) | 99000 | 101836 |
|  Royal Bank of Canada<br>(SOFR + 0.98%), 4.305%, 11/3/31 (k) | 449000 | 446911 |
|  Societe Generale SA<br>(SOFR + 1.73%), 5.439%, 10/3/36 (k)§ | 308000 | 308897 |
|  Toronto-Dominion Bank (The)<br>4.928%, 10/15/35 | 152000 | 152328 |
|  Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.45%), 7.161%, 10/30/29 (k) | 123000 | 132702 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.57%), 5.153%, 8/5/32 (k) | 279000 | 288075 |
|  Wells Fargo & Co.<br>(SOFR + 1.50%), 5.150%, 4/23/31 (k) | 574000 | 592369 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.06%), 6.491%, 10/23/34 (k) | 418000 | 462746 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%), 4.892%, 9/15/36 (k) | 126000 | 125682 |
|  |  | 7904344 |
|  ***Capital Markets (0.4%)*** |  |  |
|  Bank of New York Mellon Corp. (The)<br>(SOFR + 1.23%), 5.060%, 7/22/32 (k) | 254000 | 262703 |
|  Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.46%), 6.850%, 2/10/30 (k)(y) | 137000 | 142137 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.06%), 4.369%, 10/21/31 (k) | $| 300000 | $| 299203 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.55%), 5.330%, 7/23/35 (k) |  | 274000 |  | 281395 |
|  Morgan Stanley |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.43%), 5.948%, 1/19/38 (k) |  | 144000 |  | 151779 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.80%), 5.942%, 2/7/39 (k) |  | 277000 |  | 290286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I<br>(SOFR + 1.07%), 4.356%, 10/22/31 (k) |  | 151000 |  | 150511 |
|  SURA Asset Management SA<br>6.350%, 5/13/32§ |  | 200000 |  | 213266 |
|  UBS Group AG<br>(SOFR + 1.34%), 5.010%, 3/23/37 (k)§ |  | 306000 |  | 303906 |
|  |  |  |  | 2095186 |
|  ***Consumer Finance (0.7%)*** |  |  |  |  |
|  AerCap Ireland Capital DAC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 1/19/29 |  | 225000 |  | 230056 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.72%), 6.950%, 3/10/55 (k) |  | 310000 |  | 324725 |
|  Aircastle Ltd.<br>5.250%, 3/15/30§ |  | 284000 |  | 289692 |
|  American Express Co.<br>(SOFR + 1.44%), 5.016%,<br>4/25/31 (k) |  | 612000 |  | 630597 |
|  Avilease Capital Ltd.<br>4.750%, 11/12/30§ |  | 303000 |  | 301085 |
|  Avolon Holdings Funding Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 3/1/29§ |  | 258000 |  | 266991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 11/15/29§ |  | 309000 |  | 320124 |
|  Azorra Finance Ltd.<br>7.250%, 1/15/31 (x)§ |  | 190000 |  | 198894 |
|  GGAM Finance Ltd.<br>6.875%, 4/15/29§ |  | 190000 |  | 196907 |
|  Macquarie Airfinance Holdings Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 3/27/28§ |  | 152000 |  | 154232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/17/30§ |  | 149000 |  | 150825 |
|  OneMain Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 5/15/31 (x) |  | 95000 |  | 100009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 3/15/33 |  | 140000 |  | 141053 |
|  |  |  |  | 3305190 |
|  ***Financial Services (0.3%)*** |  |  |  |  |
|  Block Financial LLC<br>5.375%, 9/15/32 |  | 312000 |  | 314528 |
|  Fiserv, Inc.<br>5.450%, 3/15/34 |  | 270000 |  | 273485 |
|  Freedom Mortgage Holdings LLC<br>8.375%, 4/1/32§ |  | 45000 |  | 47438 |
|  Global Payments, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 8/15/27 |  | 289000 |  | 292382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 11/15/35 |  | 147000 |  | 146219 |
|  Nationwide Building Society<br>(SOFR + 1.65%), 5.537%, 7/14/36 (k)§ |  | 342000 |  | 353453 |
|  PennyMac Financial Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 12/15/29 (x)§ |  | 110000 |  | 116958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 5/15/32§ |  | 70000 |  | 73137 |
|  Rocket Cos., Inc.<br>6.375%, 8/1/33§ |  | 95000 |  | 99063 |
|  |  |  |  | 1716663 |
|  ***Insurance (0.6%)*** |  |  |  |  |
|  200 Park Funding Trust<br>5.740%, 2/15/55§ |  | 347000 |  | 345127 |
|  Acrisure LLC<br>6.750%, 7/1/32§ |  | 160000 |  | 164443 |
|  Alliant Holdings Intermediate LLC<br>6.500%, 10/1/31§ |  | 110000 |  | 113357 |
|  APH Somerset Investor 2 LLC<br>7.875%, 11/1/29§ |  | 80000 |  | 80926 |
|  Arthur J Gallagher & Co.<br>4.850%, 12/15/29 |  | 169000 |  | 172839 |
|  Athene Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.349%, 7/9/27§ |  | 233000 |  | 236882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.721%, 10/8/29§ |  | 148000 |  | 147904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.033%, 7/17/30§ |  | 163000 |  | 164344 |
|  Brown & Brown, Inc.<br>6.250%, 6/23/55 |  | 123000 |  | 128417 |
|  Guardian Life Global Funding<br>4.798%, 4/28/30§ |  | 247000 |  | 252103 |
|  HUB International Ltd.<br>7.250%, 6/15/30§ |  | 80000 |  | 83817 |
|  MetLife, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.08%), 6.350%, 3/15/55 (k) |  | 247000 |  | 259445 |
|  New York Life Insurance Co.<br>6.750%, 11/15/39§ |  | 130000 |  | 148214 |
|  Panther Escrow Issuer LLC<br>7.125%, 6/1/31§ |  | 150000 |  | 155493 |
|  Prudential Financial, Inc.<br>5.200%, 3/14/35 (x) |  | 184000 |  | 188774 |
|  Travelers Cos., Inc. (The)<br>5.700%, 7/24/55 |  | 118000 |  | 120466 |
|  Willis North America, Inc.<br>4.550%, 3/15/31 |  | 167000 |  | 167240 |
|  |  |  |  | 2929791 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** |
|  Starwood Property Trust, Inc. (REIT)<br>5.250%, 10/15/28§ |  | 165000 |  | 166157 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  |  | 18117331 |
|  **Health Care (1.1%)** |  |  |  |  |
|  ***Biotechnology (0.2%)*** |  |  |  |  |
|  AbbVie, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 5/14/45 |  | 303000 |  | 274185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/15/64 |  | 170000 |  | 165025 |
|  Amgen, Inc.<br>5.750%, 3/2/63 |  | 407000 |  | 397927 |
|  Biogen, Inc.<br>5.050%, 1/15/31 |  | 276000 |  | 284674 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Gilead Sciences, Inc.<br>5.550%, 10/15/53 | $| 152000 | $| 151601 |
|  |  |  |  | 1273412 |
|  ***Health Care Equipment & Supplies (0.3%)*** | ***Health Care Equipment & Supplies (0.3%)*** | ***Health Care Equipment & Supplies (0.3%)*** | ***Health Care Equipment & Supplies (0.3%)*** | ***Health Care Equipment & Supplies (0.3%)*** |
|  180 Medical, Inc.<br>5.300%, 10/8/35§ |  | 200000 |  | 199395 |
|  Bausch + Lomb Corp.<br>8.375%, 10/1/28§ |  | 240000 |  | 250350 |
|  GE HealthCare Technologies, Inc.<br>4.800%, 1/15/31 |  | 288000 |  | 293548 |
|  Medline Borrower LP<br>5.250%, 10/1/29§ |  | 160000 |  | 160889 |
|  VSP Optical Group, Inc.<br>5.450%, 12/1/35§ |  | 108000 |  | 108813 |
|  Zimmer Biomet Holdings, Inc.<br>5.200%, 9/15/34 |  | 281000 |  | 286985 |
|  |  |  |  | 1299980 |
|  ***Health Care Providers & Services (0.3%)*** | ***Health Care Providers & Services (0.3%)*** | ***Health Care Providers & Services (0.3%)*** | ***Health Care Providers & Services (0.3%)*** | ***Health Care Providers & Services (0.3%)*** |
|  Cardinal Health, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 3/15/43 |  | 285000 |  | 249926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/44 |  | 41000 |  | 35126 |
|  Community Health Systems, Inc.<br>6.000%, 1/15/29 (x)§ |  | 110000 |  | 109696 |
|  Elevance Health, Inc.<br>4.550%, 5/15/52 |  | 82000 |  | 68159 |
|  Laboratory Corp. of America Holdings<br>4.800%, 10/1/34 |  | 606000 |  | 601304 |
|  LifePoint Health, Inc.<br>10.000%, 6/1/32§ |  | 95000 |  | 100694 |
|  Quest Diagnostics, Inc.<br>5.000%, 12/15/34 |  | 283000 |  | 286011 |
|  Radiology Partners, Inc.<br>8.500%, 7/15/32§ |  | 145000 |  | 150800 |
|  Tenet Healthcare Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/15/32§ |  | 15000 |  | 15189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/15/33§ |  | 15000 |  | 15410 |
|  |  |  |  | 1632315 |
|  ***Health Care Technology (0.0%)†*** |  |  |  |  |
|  IQVIA, Inc.<br>6.250%, 2/1/29 |  | 195000 |  | 205505 |
|  ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** |
|  Illumina, Inc.<br>4.750%, 12/12/30 |  | 245000 |  | 247447 |
|  ***Pharmaceuticals (0.2%)*** |  |  |  |  |
|  Bausch Health Cos., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 1/30/30§ |  | 50000 |  | 35076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.000%, 10/15/30§ |  | 5000 |  | 5025 |
|  Merck & Co., Inc.<br>5.700%, 9/15/55 |  | 363000 |  | 367733 |
|  Royalty Pharma plc<br>5.950%, 9/25/55 |  | 179000 |  | 177791 |
|  Takeda US Financing, Inc.<br>5.900%, 7/7/55 |  | 299000 |  | 303342 |
|  Zoetis, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 8/17/28 |  | 289000 |  | 290416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 2/1/43 |  | 117000 |  | 107638 |
|  |  |  |  | 1287021 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  |  | 5945680 |
|  **Industrials (3.7%)** |  |  |  |  |
|  ***Aerospace & Defense (0.3%)*** |  |  |  |  |
|  AAR Escrow Issuer LLC<br>6.750%, 3/15/29§ |  | 115000 |  | 119072 |
|  Goat Holdco LLC<br>6.750%, 2/1/32§ |  | 110000 |  | 112705 |
|  Lockheed Martin Corp.<br>5.000%, 8/15/35 |  | 287000 |  | 292392 |
|  Northrop Grumman Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.030%, 10/15/47 |  | 178000 |  | 142607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 6/1/54 (x) |  | 295000 |  | 276392 |
|  Textron, Inc.<br>5.500%, 5/15/35 |  | 281000 |  | 291415 |
|  TransDigm, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 5/31/33§ |  | 185000 |  | 189775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 1/31/34§ |  | 15000 |  | 15544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 1/31/34§ |  | 20000 |  | 20817 |
|  |  |  |  | 1460719 |
|  ***Building Products (0.4%)*** |  |  |  |  |
|  Amrize Finance US LLC<br>4.950%, 4/7/30 |  | 129000 |  | 131975 |
|  Builders FirstSource, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 3/1/34§ |  | 235000 |  | 243068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 5/15/35§ |  | 100000 |  | 104586 |
|  Carlisle Cos., Inc.<br>5.550%, 9/15/40 |  | 119000 |  | 120657 |
|  Cornerstone Building Brands, Inc.<br>9.500%, 8/15/29§ |  | 70000 |  | 51450 |
|  CRH SMW Finance DAC<br>5.125%, 1/9/30 |  | 370000 |  | 381521 |
|  EMRLD Borrower LP<br>6.625%, 12/15/30§ |  | 185000 |  | 192807 |
|  Griffon Corp.<br>5.750%, 3/1/28 |  | 235000 |  | 234859 |
|  Miter Brands Acquisition Holdco, Inc.<br>6.750%, 4/1/32§ |  | 190000 |  | 194176 |
|  Owens Corning<br>5.700%, 6/15/34 |  | 135000 |  | 142144 |
|  Quikrete Holdings, Inc.<br>6.750%, 3/1/33§ |  | 165000 |  | 172222 |
|  Standard Building Solutions, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 8/15/32§ |  | 95000 |  | 97804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 3/15/34§ |  | 65000 |  | 65178 |
|  |  |  |  | 2132447 |
|  ***Commercial Services & Supplies (0.5%)*** | ***Commercial Services & Supplies (0.5%)*** | ***Commercial Services & Supplies (0.5%)*** |  |  |
|  Allied Universal Holdco LLC<br>7.875%, 2/15/31§ |  | 280000 |  | 295078 |
|  Element Fleet Management Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.319%, 12/4/28§ |  | 273000 |  | 287919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.037%, 3/25/30§ |  | 280000 |  | 285854 |
|  Garda World Security Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 1/15/31§ |  | 85000 |  | 86878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 8/1/32§ |  | 280000 |  | 283794 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Madison IAQ LLC<br>5.875%, 6/30/29§ | $| 305000 | $| 302298 |
|  Republic Services, Inc.<br>5.150%, 3/15/35 |  | 280000 |  | 289550 |
|  Rollins, Inc.<br>5.250%, 2/24/35 |  | 296000 |  | 302344 |
|  Veralto Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 9/18/28 |  | 100000 |  | 103043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 9/18/33 |  | 144000 |  | 150277 |
|  Veritiv Operating Co.<br>10.500%, 11/30/30§ |  | 95000 |  | 102133 |
|  Waste Connections, Inc.<br>5.250%, 9/1/35 |  | 235000 |  | 243739 |
|  |  |  |  | 2732907 |
|  ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** |
|  Bioceanico Sovereign Certificate Ltd.<br>(Zero Coupon), 6/5/34 (m) |  | 620187 |  | 506227 |
|  MasTec, Inc.<br>5.900%, 6/15/29 |  | 285000 |  | 297549 |
|  Mexico City Airport Trust<br>3.875%, 4/30/28 (m) |  | 300000 |  | 293064 |
|  Quanta Services, Inc.<br>5.250%, 8/9/34 |  | 246000 |  | 252880 |
|  |  |  |  | 1349720 |
|  ***Electrical Equipment (0.1%)*** |  |  |  |  |
|  Hubbell, Inc.<br>4.800%, 11/15/35 |  | 170000 |  | 169080 |
|  Molex Electronic Technologies LLC<br>5.250%, 4/30/32§ |  | 312000 |  | 320424 |
|  Vertiv Group Corp.<br>4.125%, 11/15/28§ |  | 147000 |  | 145068 |
|  |  |  |  | 634572 |
|  ***Ground Transportation (0.9%)*** |  |  |  |  |
|  Ashtead Capital, Inc.<br>5.550%, 5/30/33§ |  | 243000 |  | 251087 |
|  Burlington Northern Santa Fe LLC<br>5.200%, 4/15/54 |  | 403000 |  | 379779 |
|  CSX Corp.<br>3.800%, 11/1/46 |  | 717000 |  | 562858 |
|  Dcli Bidco LLC<br>7.750%, 11/15/29§ |  | 140000 |  | 143860 |
|  Genesee & Wyoming, Inc.<br>6.250%, 4/15/32§ |  | 195000 |  | 201222 |
|  Lima Metro Line 2 Finance Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 7/5/34 (m) |  | 304964 |  | 315644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 4/5/36 (m) |  | 344129 |  | 333392 |
|  Movida Europe SA<br>7.850%, 4/11/29 (m) |  | 400000 |  | 378600 |
|  Penske Truck Leasing Co. LP<br>5.250%, 2/1/30§ |  | 290000 |  | 298644 |
|  Simpar Europe SA<br>5.200%, 1/26/31 (m) |  | 200000 |  | 160302 |
|  Star Leasing Co. LLC<br>7.625%, 2/15/30§ |  | 60000 |  | 55880 |
|  Uber Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/15/29§ |  | 321000 |  | 321359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 9/15/34 |  | 288000 |  | 287392 |
|  Union Pacific Corp.<br>3.700%, 3/1/29 |  | 500000 |  | 496216 |
|  Watco Cos. LLC<br>7.125%, 8/1/32§ |  | 95000 |  | 99273 |
|  XPO, Inc.<br>7.125%, 6/1/31§ |  | 200000 |  | 208590 |
|  |  |  |  | 4494098 |
|  ***Machinery (0.0%)†*** |  |  |  |  |
|  Westinghouse Air Brake Technologies Corp.<br>4.900%, 5/29/30 |  | 278000 |  | 284319 |
|  ***Marine Transportation (0.2%)*** |  |  |  |  |
|  MISC Capital Two Labuan Ltd.<br>3.750%, 4/6/27 (m) |  | 200000 |  | 198592 |
|  MV24 Capital BV<br>6.748%, 6/1/34 (m) |  | 416418 |  | 413062 |
|  Yinson Bergenia Production BV<br>8.498%, 1/31/45 (x)§ |  | 200000 |  | 210126 |
|  |  |  |  | 821780 |
|  ***Passenger Airlines (0.0%)†*** |  |  |  |  |
|  American Airlines, Inc.<br>8.500%, 5/15/29 (x)§ |  | 95000 |  | 99156 |
|  JetBlue Airways Corp.<br>9.875%, 9/20/31 (x)§ |  | 35000 |  | 35263 |
|  |  |  |  | 134419 |
|  ***Professional Services (0.2%)*** |  |  |  |  |
|  Amentum Holdings, Inc.<br>7.250%, 8/1/32§ |  | 80000 |  | 84155 |
|  Jacobs Engineering Group, Inc.<br>5.900%, 3/1/33 |  | 200000 |  | 210661 |
|  Paychex, Inc.<br>5.350%, 4/15/32 |  | 548000 |  | 567654 |
|  Verisk Analytics, Inc.<br>5.250%, 6/5/34 |  | 279000 |  | 285724 |
|  VT Topco, Inc.<br>8.500%, 8/15/30 (x)§ |  | 80000 |  | 83362 |
|  |  |  |  | 1231556 |
|  ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** |
|  Aviation Capital Group LLC<br>5.375%, 7/15/29§ |  | 212000 |  | 217004 |
|  FTAI Aviation Investors LLC<br>5.875%, 4/15/33§ |  | 50000 |  | 50786 |
|  GATX Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 6/15/35 |  | 169000 |  | 173638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 3/15/44 |  | 125000 |  | 118047 |
|  Herc Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 6/15/30§ |  | 100000 |  | 105201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 3/15/31§ |  | 35000 |  | 35536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 3/15/34§ |  | 35000 |  | 35446 |
|  QXO Building Products, Inc.<br>6.750%, 4/30/32§ |  | 70000 |  | 73135 |
|  United Rentals North America, Inc.<br>5.375%, 11/15/33§ |  | 70000 |  | 69944 |
|  WESCO Distribution, Inc.<br>6.375%, 3/15/33§ |  | 25000 |  | 26049 |
|  |  |  |  | 904786 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
|  ***Transportation Infrastructure (0.6%)*** | ***Transportation Infrastructure (0.6%)*** | ***Transportation Infrastructure (0.6%)*** |
|  Adani International Container Terminal Pvt. Ltd.<br>3.000%, 2/16/31§ | $229500 | $211129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/16/31 (m) | 459000 | 422257 |
|  Adani Ports & Special Economic Zone Ltd.<br>4.000%, 7/30/27§ | 250000 | 245781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/3/29 (m) | 200000 | 193750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 2/2/31 (m) | 200000 | 177400 |
|  Fideicomiso PA Pacifico Tres<br>8.250%, 1/15/35 (m) | 160900 | 167791 |
|  JSW Infrastructure Ltd.<br>4.950%, 1/21/29 (m) | 400000 | 399500 |
|  Prumo Participacoes e Investimentos S/A<br>7.500%, 12/31/31 (m) | 675433 | 691245 |
|  Rutas 2 & 7 Finance Ltd.<br>(Zero Coupon), 9/30/36 (m) | 806666 | 610292 |
|  Seaspan Corp.<br>5.500%, 8/1/29§ | 150000 | 142875 |
|  |  | 3262020 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 19443343 |
|  **Information Technology (1.7%)** |  |  |
|  ***Communications Equipment (0.0%)†*** | ***Communications Equipment (0.0%)†*** | ***Communications Equipment (0.0%)†*** |
|  CommScope LLC<br>9.500%, 12/15/31 (x)§ | 30000 | 30300 |
|  Motorola Solutions, Inc.<br>5.200%, 8/15/32 | 234000 | 241368 |
|  |  | 271668 |
|  ***Electronic Equipment, Instruments & Components (0.1%)*** | ***Electronic Equipment, Instruments & Components (0.1%)*** | ***Electronic Equipment, Instruments & Components (0.1%)*** |
|  Amphenol Corp.<br>5.300%, 11/15/55 | 215000 | 206289 |
|  Arrow Electronics, Inc.<br>5.150%, 8/21/29 | 283000 | 289550 |
|  Flex Ltd.<br>5.375%, 11/13/35 | 151000 | 150767 |
|  |  | 646606 |
|  ***IT Services (0.2%)*** | ***IT Services (0.2%)*** | ***IT Services (0.2%)*** |
|  CoreWeave, Inc.<br>9.250%, 6/1/30§ | 60000 | 55800 |
|  Kyndryl Holdings, Inc.<br>4.100%, 10/15/41 (x) | 538000 | 426902 |
|  VeriSign, Inc.<br>5.250%, 6/1/32 | 361000 | 370289 |
|  Wipro IT Services LLC<br>1.500%, 6/23/26 (m) | 200000 | 197416 |
|  |  | 1050407 |
|  ***Semiconductors & Semiconductor Equipment (0.8%)*** | ***Semiconductors & Semiconductor Equipment (0.8%)*** | ***Semiconductors & Semiconductor Equipment (0.8%)*** |
|  Broadcom, Inc.<br>3.500%, 2/15/41 | 722000 | 587071 |
|  Foundry JV Holdco LLC<br>6.150%, 1/25/32§ | 500000 | 535966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 1/25/34§ | 250000 | 257350 |
|  Marvell Technology, Inc.<br>5.950%, 9/15/33 | 538000 | 575362 |
|  NXP BV<br>4.850%, 8/19/32 | 233000 | 234037 |
|  Qnity Electronics, Inc.<br>6.250%, 8/15/33§ | 80000 | 82960 |
|  Qorvo, Inc.<br>3.375%, 4/1/31 (x)§ | 169000 | 156224 |
|  Renesas Electronics Corp.<br>2.170%, 11/25/26§ | 660000 | 647998 |
|  SK hynix, Inc.<br>4.250%, 9/11/28§ | 969000 | 971801 |
|  |  | 4048769 |
|  ***Software (0.4%)*** | ***Software (0.4%)*** | ***Software (0.4%)*** |
|  AppLovin Corp.<br>5.375%, 12/1/31 | 143000 | 148197 |
|  AthenaHealth Group, Inc.<br>6.500%, 2/15/30§ | 145000 | 145143 |
|  Atlassian Corp.<br>5.250%, 5/15/29 | 233000 | 239295 |
|  Cloud Software Group, Inc.<br>9.000%, 9/30/29§ | 55000 | 57234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 8/15/33§ | 70000 | 69301 |
|  Ellucian Holdings, Inc.<br>6.500%, 12/1/29§ | 95000 | 96800 |
|  Intuit, Inc.<br>5.500%, 9/15/53 | 245000 | 241279 |
|  Oracle Corp.<br>5.200%, 9/26/35 | 153000 | 147011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 9/26/45 | 239000 | 215771 |
|  Roper Technologies, Inc.<br>4.250%, 9/15/28 | 88000 | 88309 |
|  UKG, Inc.<br>6.875%, 2/1/31§ | 95000 | 97627 |
|  Workday, Inc.<br>3.700%, 4/1/29 | 270000 | 266186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 4/1/32 | 157000 | 150000 |
|  |  | 1962153 |
|  ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** |
|  Dell, Inc.<br>6.500%, 4/15/38 | 132000 | 141598 |
|  Hewlett Packard Enterprise Co.<br>5.000%, 10/15/34 | 584000 | 579087 |
|  NetApp, Inc.<br>5.500%, 3/17/32 | 139000 | 144720 |
|  |  | 865405 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 8845008 |
|  **Materials (1.3%)** | **Materials (1.3%)** | **Materials (1.3%)** |
|  ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** |
|  Celanese US Holdings LLC<br>6.500%, 4/15/30 | 40000 | 40075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 4/15/33 (x) | 40000 | 39730 |
|  EQUATE Petrochemical Co. KSC<br>4.250%, 11/3/26 (m) | 200000 | 199687 |
|  OCP SA<br>6.750%, 5/2/34 (m) | 400000 | 431380 |
|  Olin Corp.<br>6.625%, 4/1/33§ | 70000 | 69365 |
|  Orbia Advance Corp. SAB de CV<br>6.750%, 9/19/42 (m) | 200000 | 173376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 9/17/44 (m) | 200000 | 155106 |
|  Solstice Advanced Materials, Inc.<br>5.625%, 9/30/33§ | 20000 | 20168 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
|  Unigel Luxembourg SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (0.00%), 13.500%,<br>12/31/27 PIK (k)§ | 22114 | 15259 |
| &nbsp;&nbsp;&nbsp;&nbsp; (0.00%), 13.500%,<br>12/31/27 PIK (k) (m) | 31056 | 21428 |
| &nbsp;&nbsp;&nbsp;&nbsp; (0.00%), 11.000%,<br>12/31/28 PIK (k) (m) | 111125 | 13854 |
| &nbsp;&nbsp;&nbsp;&nbsp; (0.00%), 11.000%,<br>12/31/28 PIK (k)§ | 25841 | 3221 |
|  Unigel Netherlands Holding Corp. BV<br>15.000%, 12/31/44 PIK (m) | 131402 | 2902 |
|  WR Grace Holdings LLC<br>5.625%, 8/15/29§ | 125000 | 118291 |
|  |  | 1303842 |
|  ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** |
|  CCL Industries, Inc.<br>3.050%, 6/1/30 (x)§ | 306000 | 288667 |
|  Clydesdale Acquisition Holdings, Inc.<br>6.750%, 4/15/32§ | 190000 | 195090 |
|  Smurfit Kappa Treasury ULC<br>5.200%, 1/15/30 | 335000 | 345462 |
|  Sonoco Products Co.<br>4.600%, 9/1/29 | 149000 | 150376 |
|  Trident TPI Holdings, Inc.<br>12.750%, 12/31/28§ | 75000 | 76623 |
|  |  | 1056218 |
|  ***Metals & Mining (0.8%)*** | ***Metals & Mining (0.8%)*** | ***Metals & Mining (0.8%)*** |
|  AngloGold Ashanti Holdings plc<br>3.375%, 11/1/28 | 500000 | 485350 |
|  Aris Mining Corp.<br>8.000%, 10/31/29§ | 200000 | 208686 |
|  CAP SA<br>3.900%, 4/27/31 (m) | 300000 | 246093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 4/27/31§ | 400000 | 328124 |
|  Corp. Nacional del Cobre de Chile<br>3.000%, 9/30/29 (m) | 700000 | 664781 |
|  CSN Resources SA<br>5.875%, 4/8/32 (m) | 600000 | 471246 |
|  Freeport-McMoRan, Inc.<br>4.375%, 8/1/28 | 300000 | 299628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 9/1/29 | 200000 | 203256 |
|  Gold Fields Orogen Holdings BVI Ltd.<br>6.125%, 5/15/29 (m) | 400000 | 420500 |
|  Minsur SA<br>4.500%, 10/28/31 (m) | 400000 | 382260 |
|  Novelis Corp.<br>6.875%, 1/30/30§ | 70000 | 72479 |
|  Rio Tinto Finance USA plc<br>5.750%, 3/14/55 | 171000 | 174428 |
|  Vale Overseas Ltd.<br>6.400%, 6/28/54 | 114000 | 116337 |
|  Volcan Cia Minera SAA<br>8.500%, 10/28/32§ | 300000 | 307839 |
|  |  | 4381007 |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Suzano Netherlands BV<br>5.500%, 1/15/36 | 169000 | 167476 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 6908543 |
|  **Real Estate (1.1%)** | **Real Estate (1.1%)** | **Real Estate (1.1%)** |
|  ***Diversified REITs (0.2%)*** | ***Diversified REITs (0.2%)*** | ***Diversified REITs (0.2%)*** |
|  Digital Realty Trust LP (REIT)<br>3.700%, 8/15/27 | 750000 | 745726 |
|  Equinix Europe 2 Financing Corp. LLC (REIT)<br>4.600%, 11/15/30 | 152000 | 152293 |
|  VICI Properties LP (REIT)<br>4.625%, 12/1/29§ | 295000 | 294540 |
|  |  | 1192559 |
|  ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** |
|  Omega Healthcare Investors, Inc. (REIT)<br>3.375%, 2/1/31 | 161000 | 150429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/15/33 (x) | 171000 | 151949 |
|  Sabra Health Care LP (REIT)<br>3.200%, 12/1/31 | 141000 | 129035 |
|  |  | 431413 |
|  ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** |
|  Park Intermediate Holdings LLC (REIT)<br>7.000%, 2/1/30 (x)§ | 155000 | 158858 |
|  RHP Hotel Properties LP (REIT)<br>6.500%, 6/15/33§ | 160000 | 166222 |
|  |  | 325080 |
|  ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** |
|  First Industrial LP (REIT)<br>5.250%, 1/15/31 | 359000 | 366712 |
|  Lineage OP LP (REIT)<br>5.250%, 7/15/30§ | 284000 | 286715 |
|  |  | 653427 |
|  ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** |
|  Anywhere Real Estate Group LLC<br>5.250%, 4/15/30§ | 80000 | 74068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 4/15/30§ | 85000 | 84633 |
|  |  | 158701 |
|  ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** |
|  American Homes 4 Rent LP (REIT)<br>5.500%, 2/1/34 | 411000 | 423944 |
|  Essential Properties LP (REIT)<br>5.400%, 12/1/35 | 161000 | 161614 |
|  Sun Communities Operating LP (REIT)<br>2.700%, 7/15/31 | 338000 | 306953 |
|  |  | 892511 |
|  ***Retail REITs (0.0%)†*** | ***Retail REITs (0.0%)†*** | ***Retail REITs (0.0%)†*** |
|  Phillips Edison Grocery Center Operating Partnership I LP (REIT)<br>5.750%, 7/15/34 | 219000 | 229299 |
|  ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** |
|  American Tower Corp. (REIT)<br>3.375%, 10/15/26 | 700000 | 695203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 7/15/33 | 141000 | 147805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 10/15/49 | 105000 | 77740 |
|  Crown Castle, Inc. (REIT)<br>3.700%, 6/15/26 | 300000 | 299549 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 9/1/27 | $| 200000 | $| 198447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1/15/31 |  | 200000 |  | 178850 |
|  Extra Space Storage LP (REIT)<br>5.400%, 2/1/34 |  | 283000 |  | 290836 |
|  |  |  |  | 1888430 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  |  | 5771420 |
|  **Utilities (4.0%)** | **Utilities (4.0%)** | **Utilities (4.0%)** | **Utilities (4.0%)** | **Utilities (4.0%)** |
|  ***Electric Utilities (2.8%)*** | ***Electric Utilities (2.8%)*** | ***Electric Utilities (2.8%)*** | ***Electric Utilities (2.8%)*** | ***Electric Utilities (2.8%)*** |
|  Adani Electricity Mumbai Ltd.<br>3.949%, 2/12/3 (m) |  | 200000 |  | 186312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.867%, 7/22/31 (m) |  | 200000 |  | 180000 |
|  Adani Transmission Step-One Ltd.<br>4.250%, 5/21/36 (m) |  | 465500 |  | 416623 |
|  AEP Texas, Inc.<br>5.450%, 5/15/29 |  | 167000 |  | 172782 |
|  AES Espana BV<br>5.700%, 5/4/28§ |  | 200000 |  | 197088 |
|  Alliant Energy Corp.<br>(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.08%),<br>5.750%, 4/1/56 (k) |  | 149000 |  | 148255 |
|  Arizona Public Service Co.<br>5.900%, 8/15/55 |  | 593000 |  | 603850 |
|  Buffalo Energy Mexico Holdings<br>7.875%, 2/15/39§ |  | 397964 |  | 434900 |
|  Chile Electricity Lux Mpc II Sarl<br>5.672%, 10/20/35§ |  | 194174 |  | 200778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.672%, 10/20/35 (m) |  | 388348 |  | 401556 |
|  Chile Electricity Lux MPC Sarl<br>6.010%, 1/20/33 (m) |  | 358000 |  | 375116 |
|  Chile Electricity PEC SpA<br>(Zero Coupon), 1/25/28§ |  | 636572 |  | 571056 |
|  Comision Federal de Electricidad<br>4.688%, 5/15/29 (m) |  | 200000 |  | 197720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450%, 1/24/35§ |  | 400000 |  | 410408 |
|  Commonwealth Edison Co.<br>5.950%, 6/1/55 |  | 280000 |  | 290739 |
|  Duke Energy Corp.<br>3.150%, 8/15/27 |  | 300000 |  | 296702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 8/15/47 |  | 369000 |  | 283814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/15/52 |  | 99000 |  | 87490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 6/15/54 |  | 208000 |  | 206047 |
|  Duquesne Light Holdings, Inc.<br>3.616%, 8/1/27§ |  | 345000 |  | 340104 |
|  Enel Finance International NV<br>4.125%, 9/30/28§ |  | 200000 |  | 199553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/26/29§ |  | 200000 |  | 205122 |
|  Entergy Arkansas LLC<br>5.750%, 6/1/54 |  | 145000 |  | 146242 |
|  Entergy Corp.<br>(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.67%),<br>7.125%, 12/1/54 (k) |  | 278000 |  | 290987 |
|  Evergy Kansas Central, Inc.<br>5.700%, 3/15/53 |  | 293000 |  | 289856 |
|  Exelon Corp.<br>4.050%, 4/15/30 |  | 750000 |  | 742461 |
|  ITC Holdings Corp.<br>5.400%, 6/1/33§ |  | 250000 |  | 257342 |
|  JSW Hydro Energy Ltd.<br>4.125%, 5/18/31 (m) |  | 556000 |  | 518122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 5/18/31§ |  | 139000 |  | 129531 |
|  Kentucky Utilities Co.<br>5.850%, 8/15/55 |  | 120000 |  | 121032 |
|  Mexico Generadora de Energia S de rl<br>5.500%, 12/6/32 (m) |  | 519620 |  | 528121 |
|  Minejesa Capital BV<br>4.625%, 8/10/30 (m) |  | 575360 |  | 572662 |
|  Mong Duong Finance Holdings BV<br>5.125%, 5/7/29 (m) |  | 289691 |  | 287067 |
|  NextEra Energy Capital Holdings, Inc.<br>2.440%, 1/15/32 |  | 500000 |  | 445368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 3/15/55 |  | 145000 |  | 146838 |
|  Niagara Mohawk Power Corp.<br>4.647%, 10/3/30§ |  | 148000 |  | 148790 |
|  NRG Energy, Inc.<br>6.000%, 2/1/33§ |  | 110000 |  | 112201 |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara<br>4.125%, 5/15/27 (m) |  | 600000 |  | 598312 |
|  Southern Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.07%),<br>6.375%, 3/15/55 (k) |  | 198000 |  | 206168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series<br>A 3.700%, 4/30/30 |  | 500000 |  | 487898 |
|  Tierra Mojada Luxembourg II Sarl<br>5.750%, 12/1/40 (m) |  | 168684 |  | 165808 |
|  Trans-Allegheny Interstate Line Co.<br>5.000%, 1/15/31§ |  | 547000 |  | 561616 |
|  Transelec SA<br>3.875%, 1/12/29 (m) |  | 500000 |  | 488437 |
|  Virginia Electric and Power Co.<br>5.550%, 8/15/54 |  | 103000 |  | 99968 |
|  Series A<br>3.500%, 3/15/27 |  | 300000 |  | 298399 |
|  Series D<br>5.600%, 9/15/55 |  | 149000 |  | 144906 |
|  Vistra Operations Co. LLC<br>4.375%, 5/1/29§ |  | 151000 |  | 148948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 10/15/31§ |  | 120000 |  | 127140 |
|  |  |  |  | 14470235 |
|  ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** |
|  National Fuel Gas Co.<br>5.950%, 3/15/35 |  | 121000 |  | 126730 |
|  Southern Natural Gas Co. LLC<br>5.450%, 8/1/35§ |  | 77000 |  | 78872 |
|  |  |  |  | 205602 |
|  ***Independent Power and Renewable Electricity Producers (0.3%)*** | ***Independent Power and Renewable Electricity Producers (0.3%)*** | ***Independent Power and Renewable Electricity Producers (0.3%)*** | ***Independent Power and Renewable Electricity Producers (0.3%)*** | ***Independent Power and Renewable Electricity Producers (0.3%)*** |
|  Cometa Energia SA de CV<br>6.375%, 4/24/35 (m) |  | 147000 |  | 153931 |
|  Emirates Semb Corp. Water & Power Co. PJSC<br>4.450%, 8/1/35§ |  | 500000 |  | 485625 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Empresa Electrica Angamos SA<br>4.875%, 5/25/29 (m) | $| 60800 | $| 54338 |
|  FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple<br>7.250%, 1/31/41 (m) |  | 198101 |  | 208106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 1/31/41§ |  | 198101 |  | 208105 |
|  PSEG Power LLC<br>5.200%, 5/15/30§ |  | 98000 |  | 100270 |
|  Saavi Energia Sarl<br>8.875%, 2/10/35§ |  | 200000 |  | 216285 |
|  Southern Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B<br>4.900%, 10/1/35 |  | 164000 |  | 162121 |
|  Talen Energy Supply LLC<br>6.250%, 2/1/34§ |  | 85000 |  | 86698 |
|  |  |  |  | 1675479 |
|  ***Multi-Utilities (0.9%)*** | ***Multi-Utilities (0.9%)*** | ***Multi-Utilities (0.9%)*** | ***Multi-Utilities (0.9%)*** | ***Multi-Utilities (0.9%)*** |
|  Ameren Corp.<br>3.650%, 2/15/26 |  | 550000 |  | 549628 |
|  Black Hills Corp.<br>6.000%, 1/15/35 |  | 268000 |  | 285525 |
|  CMS Energy Corp.<br>(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.96%),<br>6.500%, 6/1/55 (k) |  | 146000 |  | 150015 |
|  Consumers Energy Co.<br>4.500%, 1/15/31 |  | 168000 |  | 170092 |
|  Dominion Energy, Inc. |  |  |  |  |
|  Series C<br>3.375%, 4/1/30 |  | 300000 |  | 289341 |
|  DTE Energy Co.<br>2.850%, 10/1/26 |  | 300000 |  | 297312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 6/1/34 |  | 436000 |  | 465140 |
|  Empresas Publicas de Medellin ESP<br>4.375%, 2/15/31 (m) |  | 400000 |  | 364824 |
|  NiSource, Inc.<br>3.490%, 5/15/27 |  | 500000 |  | 496716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 4/1/34 |  | 285000 |  | 293603 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.45%),<br>6.950%, 11/30/54 (k) |  | 142000 |  | 147858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 4/1/55 |  | 246000 |  | 245700 |
|  Sempra<br>5.500%, 8/1/33 |  | 500000 |  | 522081 |
|  WEC Energy Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.91%),<br>5.625%, 5/15/56 (k) |  | 213000 |  | 214065 |
|  |  |  |  | 4491900 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  |  | 20843216 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  |  |  | 117658433 |
|  ***Foreign Government Securities (0.8%)*** | ***Foreign Government Securities (0.8%)*** | ***Foreign Government Securities (0.8%)*** | ***Foreign Government Securities (0.8%)*** | ***Foreign Government Securities (0.8%)*** |
|  Dominican Republic Government Bond<br>5.950%, 1/25/27 (m) |  | 300000 |  | 303000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/22/29 (m) |  | 300000 |  | 303450 |
|  Federative Republic of Brazil<br>4.750%, 1/14/50 |  | 200000 |  | 145300 |
|  Kingdom of Morocco<br>2.375%, 12/15/27 (m) |  | 400000 |  | 384000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/15/32 (m) |  | 300000 |  | 263322 |
|  Republic of Colombia<br>4.125%, 5/15/51 |  | 450000 |  | 277988 |
|  Republic of Guatemala<br>4.375%, 6/5/27 (m) |  | 500000 |  | 496500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 2/13/28 (m) |  | 200000 |  | 200438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 8/10/29 (m) |  | 300000 |  | 302625 |
|  Republic of Paraguay<br>4.700%, 3/27/27 (m) |  | 543000 |  | 545986 |
|  United Mexican States<br>4.500%, 4/22/29 |  | 300000 |  | 301837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.338%, 5/4/53 |  | 500000 |  | 475750 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** |  |  |  | 4000196 |
|  **Mortgage-Backed Securities (22.8%)** | **Mortgage-Backed Securities (22.8%)** | **Mortgage-Backed Securities (22.8%)** | **Mortgage-Backed Securities (22.8%)** | **Mortgage-Backed Securities (22.8%)** |
|  FHLMC<br>4.650%, 12/1/28 |  | 2727000 |  | 2767957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/1/43 |  | 192870 |  | 172011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/1/45 |  | 155325 |  | 141835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/45 |  | 246513 |  | 225077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/47 |  | 701784 |  | 637346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/48 |  | 138126 |  | 133203 |
|  FHLMC UMBS<br>2.000%, 5/1/51 |  | 1687622 |  | 1377512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/1/51 |  | 3078332 |  | 2552114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/52 |  | 3692218 |  | 3320346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/1/52 |  | 3623835 |  | 3127895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/1/52 |  | 3662686 |  | 3162573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/1/52 |  | 1827946 |  | 1836040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/1/53 |  | 4405575 |  | 4444357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/1/53 |  | 2590519 |  | 2627895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/1/53 |  | 1110118 |  | 1142380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/1/53 |  | 2505664 |  | 2628330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/1/54 |  | 4322756 |  | 4456466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 4/1/54 |  | 2418267 |  | 2513794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 5/1/54 |  | 2034777 |  | 2092640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 9/1/54 |  | 1663025 |  | 1725600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 4/1/55 |  | 3429420 |  | 3546458 |
|  FNMA<br>4.900%, 4/1/30 |  | 2522000 |  | 2567627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.480%, 6/1/30 |  | 2499407 |  | 2564343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.460%, 4/1/32 |  | 2157590 |  | 1938170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/45 |  | 87784 |  | 78284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/1/46 |  | 206573 |  | 184089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.225%, 12/1/50 |  | 3217096 |  | 2279064 |
|  FNMA UMBS<br>3.000%, 3/1/43 |  | 762397 |  | 699429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/1/44 |  | 1081664 |  | 1103634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/1/46 |  | 457783 |  | 415825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/1/46 |  | 1447047 |  | 1314417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/46 |  | 995814 |  | 903298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/1/46 |  | 727393 |  | 685094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/1/47 |  | 1551699 |  | 1407538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/48 |  | 1874129 |  | 1702355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/50 |  | 2577765 |  | 2409337 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/1/51 | $| 6049970 | $5002538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/51 |  | 3805191 | 3429075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/1/52 |  | 2167432 | 1859970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/1/52 |  | 6898817 | 5923419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/1/52 |  | 1446389 | 1454601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/1/52 |  | 2568175 | 2521576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/1/53 |  | 2491282 | 2588915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/1/53 |  | 1292687 | 1295584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/1/54 |  | 2095315 | 2154899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 6/1/54 |  | 2646416 | 2731596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 6/1/54 |  | 1620072 | 1685985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/1/54 |  | 1247124 | 1288045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 8/1/54 |  | 716393 | 747155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 8/1/55 |  | 1207564 | 1236998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 9/1/55 |  | 1365401 | 1389158 |
|  GNMA<br>3.500%, 6/15/42 |  | 2390489 | 2259499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/20/48 |  | 3410531 | 3173241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/20/50 |  | 2867102 | 2465368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/20/51 |  | 2042030 | 1854351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/20/51 |  | 3177126 | 2743866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/20/51 |  | 2258409 | 1949728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/20/52 |  | 2028284 | 1751690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/20/52 |  | 2709616 | 2428404 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** |  |  | 118819994 |
|  **U.S. Treasury Obligations (21.0%)** | **U.S. Treasury Obligations (21.0%)** | **U.S. Treasury Obligations (21.0%)** | **U.S. Treasury Obligations (21.0%)** |
|  U.S. Treasury Bonds<br>1.375%, 11/15/40 |  | 66200000 | 43123090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 8/15/41 |  | 9000000 | 6096094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 5/15/50 |  | 6400000 | 3080000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/51 |  | 12600000 | 7072932 |
|  U.S. Treasury Inflation Linked Notes<br>0.375%, 7/15/27 TIPS |  | 1597284 | 1579009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 10/15/27 TIPS |  | 2066421 | 2082328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 1/15/28 TIPS |  | 1610424 | 1582499 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes<br>3.875%, 8/15/34 |  | 45250000 | 44642071 |
|  **Total U.S. Treasury Obligations** |  |  | 109258023 |
|  ***Total Long-Term Debt Securities (95.5%)*** | ***Total Long-Term Debt Securities (95.5%)*** | ***Total Long-Term Debt Securities (95.5%)*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $510,690,893)* |  |  | 497454738 |
|  | **Number of<br>Shares** | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Consumer Discretionary (0.0%)** | **Consumer Discretionary (0.0%)** | **Consumer Discretionary (0.0%)** | **Consumer Discretionary (0.0%)** |
|  ***Diversified Consumer Services (0.0%)*** | ***Diversified Consumer Services (0.0%)*** | ***Diversified Consumer Services (0.0%)*** | ***Diversified Consumer Services (0.0%)*** |
|  Stichting Administratiekantoor Unigel Creditors (ADR) (r)\* |  | 355 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  |  |
|  **Materials (0.0%)** | **Materials (0.0%)** | **Materials (0.0%)** | **Materials (0.0%)** |
|  ***Chemicals (0.0%)*** | ***Chemicals (0.0%)*** | ***Chemicals (0.0%)*** | ***Chemicals (0.0%)*** |
|  Unigel Luxembourg SA (r)\* |  | 130 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  |  |
|  **Total Common Stocks (0.0%)†** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $–)* |  |  |  |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  ***Fixed Income (3.0%)*** |  |  |  |
|  DoubleLine Emerging Markets Local Currency Bond Fund , Class I‡ |  | 1085409 | 10430784 |
|  DoubleLine Global Bond Fund, Class I‡ |  | 590381 | 5207158 |
|  **Total Investment Companies (3.0%)** | **Total Investment Companies (3.0%)** | **Total Investment Companies (3.0%)** | **Total Investment Companies (3.0%)** |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $16,063,850)* |  |  | 15637942 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |
|  **Investment Companies (0.7%)** |  |  |  |
|  BlackRock Liquidity FedFund, Institutional Shares<br>3.65% (7 day yield) (xx) |  | 300000 | 300000 |
|  Invesco Government & Agency Portfolio, Institutional Shares<br>3.68% (7 day yield) (xx) |  | 2903170 | 2903170 |
|  JPMorgan Prime Money Market Fund, IM Shares<br>3.92% (7 day yield) |  | 215693 | 215779 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 3418949 |
|  **Total Short-Term Investments (0.7%)** | **Total Short-Term Investments (0.7%)** | **Total Short-Term Investments (0.7%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $3,418,949)* |  |  | 3418949 |
|  **Total Investments in Securities (99.2%)** | **Total Investments in Securities (99.2%)** | **Total Investments in Securities (99.2%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $530,173,692)* |  |  | 516511629 |
|  **Other Assets Less Liabilities (0.8%)** | **Other Assets Less Liabilities (0.8%)** | **Other Assets Less Liabilities (0.8%)** | 4195218 |
|  **Net Assets (100%)** |  |  | $520706847 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2025, the market value of these securities amounted to $131,626,842 or 25.3% of net assets.*  |

---

*(e)* *Step Bond – Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of December 31, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of December 31, 2025.* 

*(l)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of December 31, 2025.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $25,024,756 or 4.8% of net assets.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(y)* *Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of December 31, 2025.* 

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $3,098,990. This was collateralized by cash of $3,203,170 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CLO* *— Collateralized Loan Obligation* 

*FHLMC* *— Federal Home Loan Mortgage Corp.* 

*FNMA* *— Federal National Mortgage Association* 

*GNMA* *— Government National Mortgage Association* 

*IO* *— Interest Only* 

*PIK* *— Payment-in Kind Security* 

*REIT* *— Real Estate Investment Trust* 

*SOFR* *— Secured Overnight Financing Rate* 

*TIPS* *— Treasury Inflation Protected Security* 

*UMBS* *— Uniform Mortgage-Backed Securities* 

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  DoubleLine Emerging Markets Local Currency Bond Fund, Class I | 1085409 |  | 10200000 |  |  | 230784 | 10430784 | 217205 |  |
|  DoubleLine Floating Rate Fund, Class I |  | 4810711 |  | (4771544) | (549925) | 510758 |  | 53710 |  |
|  DoubleLine Global Bond Fund, Class I | 590381 | 3545203 | 1400000 |  |  | 261955 | 5207158 | 122976 |  |
|  **Total** |  | **8355914** | **11600000** | **(4771544)** | **(549925)** | **1003497** | **15637942** | **393891** |  |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Asset-Backed Securities** | $— | $86100747 | $— | $86100747 |
|  **Collateralized Mortgage Obligations** |  | 32893742 |  | 32893742 |
|  **Commercial Mortgage-Backed Securities** |  | 28723603 |  | 28723603 |
|  **Common Stocks** |  |  |  |  |
|  Consumer Discretionary |  |  | — (a) | — (a) |
|  Materials |  |  | — (a) | — (a) |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services |  | 7102105 | 697 | 7102802 |
|  Consumer Discretionary |  | 7832468 |  | 7832468 |
|  Consumer Staples |  | 4628264 |  | 4628264 |
|  Energy |  | 12220358 |  | 12220358 |
|  Financials |  | 18117331 |  | 18117331 |
|  Health Care |  | 5945680 |  | 5945680 |
|  Industrials |  | 19443343 |  | 19443343 |
|  Information Technology |  | 8845008 |  | 8845008 |
|  Materials |  | 6908543 |  | 6908543 |
|  Real Estate |  | 5771420 |  | 5771420 |
|  Utilities |  | 20843216 |  | 20843216 |
|  **Foreign Government Securities** |  | 4000196 |  | 4000196 |
|  **Investment Companies** | 15637942 |  |  | 15637942 |
|  **Mortgage-Backed Securities** |  | 118819994 |  | 118819994 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | $3418949 | $— | $— | $3418949 |
|  **U.S. Treasury Obligations** |  | 109258023 |  | 109258023 |
|  **Total Assets** | $**19056891** | $**497454041** | $**697** | $**516511629** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**19056891** | $**497454041** | $**697** | $**516511629** |

---

(a) Value is zero.

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $193550399.0 |
|  Long-term U.S. government debt securities | 71126204.0 |
|  | $264676603.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $209910339.0 |
|  Long-term U.S. government debt securities | 81335516.0 |
|  | $291245855.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $6940930 |
|  Aggregate gross unrealized depreciation | (21156971) |
|  Net unrealized depreciation | $(14216041) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $530727670 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $16,063,850) | $15637942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $514,109,842) | 500873687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 4512531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $21) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 3949282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 22347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 524999662 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 3203170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 215287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 188361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 39469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 17003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 129189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 4292815 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $520706847 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $608112543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (87405696) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $520706847 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $80,459,216 / 9,297,766 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.65 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $440,247,631 / 50,842,607 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.66 |

---

*(x)* *Includes value of securities on loan of $3,098,990.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $26227721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($393,891 of dividend income received from affiliates) | 565290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 20318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 26813329 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3106389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 468657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 190270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 95945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 41500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 40555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 17696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 83661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 4044673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (488893) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voluntary waiver from investment manager | (64868) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3490912 |
|  **NET INVESTMENT INCOME (LOSS)** | 23322417 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities ($(549925) realized gain (loss) from affiliates) | (6095263) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($1,003,497 of change in unrealized appreciation (depreciation) from affiliates) | 20385095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 20385097 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 14289834 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $37612251 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $23322417 | $24820095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (6095263) | (7645472) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 20385097 | (774299) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 37612251 | 16400324 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (3545915) | (3297277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (20263609) | (21998177) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (23809524) | (25295454) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (3120) | (5368) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (17833) | (35817) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total tax return of capital | (20953) | (41185) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,790,491 and 1,910,611 shares, respectively ] | 15633431 | 16694208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 412,199 and 388,389 shares, respectively ] | 3549035 | 3302645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1410919) and (1563155) shares, respectively ] | (12304469) | (13623223) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 6877997 | 6373630 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,910,062 and 4,454,301 shares, respectively ] | 33957139 | 38722997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 2,355,568 and 2,590,081 shares, respectively ] | 20281442 | 22033994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (9280561) and (7602869) shares, respectively ] | (80809524) | (66583627) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (26570943) | (5826636) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (19692946) | 546994 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (5911172) | (8389321) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 526618019 | 535007340 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $520706847 | $526618019 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $8.44 | $8.60 | $8.42 | $10.06 | $10.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.37 | 0.38 | 0.35 | 0.25 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.24 | (0.13) | 0.20 | (1.60) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.61 | 0.25 | 0.55 | (1.35) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.40) | (0.41) | (0.37) | (0.28) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.40) | (0.41) | (0.37) | (0.29) | (0.21) |
|  Net asset value, end of year | $8.65 | $8.44 | $8.60 | $8.42 | $10.06 |
|  Total return | 7.25 | 2.82 | 6.60% | (13.46)% | (0.36)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $80459 | $71793 | $66822 | $58792 | $64627 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.89 | 0.89 | 0.89% | 0.89% | 0.92 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.99 | 0.99 | 0.99% | 0.99% | 0.98% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 4.29 | 4.40 | 4.05% | 2.74% | 1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 4.18 | 4.29 | 3.94% | 2.64% | 1.72% |
|  Portfolio turnover rate^ | 52 | 89 | 129% | 116% | 156% |
| **Class K** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $8.44 | $8.60 | $8.43 | $10.06 | $10.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.40 | 0.41 | 0.37 | 0.27 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.24 | (0.14) | 0.19 | (1.59) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.64 | 0.27 | 0.56 | (1.32) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.42) | (0.43) | (0.39) | (0.30) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.42) | (0.43) | (0.39) | (0.31) | (0.24) |
|  Net asset value, end of year | $8.66 | $8.44 | $8.60 | $8.43 | $10.06 |
|  Total return | 7.63 | 3.06 | 6.73% | (13.14)% | (0.23)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $440248 | $454825 | $468186 | $458947 | $577963 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.64 | 0.64 | 0.64% | 0.64% | 0.67 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.74 | 0.74 | 0.74% | 0.74% | 0.73% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 4.54 | 4.65 | 4.30% | 2.97% | 2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 4.44 | 4.54 | 4.19% | 2.87% | 1.97% |
|  Portfolio turnover rate^ | 52 | 89 | 129% | 116% | 156% |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(i)* *Includes voluntary waiver from investment manager of 0.01%.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.94% for Class IB and 0.69% for Class K.* 

See Notes to Financial Statements.

------

1290 VT EQUITY INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  COMMON STOCKS: |  |  |  |
|  **Communication Services (3.0%)** |  |  |  |
|  ***Entertainment (1.3%)*** |  |  |  |
|  Warner Music Group Corp., Class A | 189565 | $| 5813959 |
|  ***Media (1.7%)*** |  |  |  |
|  Comcast Corp., Class A | 261459 |  | 7815009 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  |  | 13628968 |
|  **Consumer Staples (13.2%)** |  |  |  |
|  ***Beverages (4.1%)*** |  |  |  |
|  Coca-Cola Europacific Partners plc | 127470 |  | 11561529 |
|  Molson Coors Beverage Co., Class B | 141172 |  | 6589909 |
|  |  |  | 18151438 |
|  ***Food Products (2.5%)*** |  |  |  |
|  Kraft Heinz Co. (The) | 207537 |  | 5032772 |
|  Tyson Foods, Inc., Class A | 109170 |  | 6399546 |
|  |  |  | 11432318 |
|  ***Household Products (1.6%)*** |  |  |  |
|  Procter & Gamble Co. (The) | 50976 |  | 7305371 |
|  ***Personal Care Products (2.9%)*** |  |  |  |
|  Unilever plc (ADR) (x) | 195776 |  | 12803750 |
|  ***Tobacco (2.1%)*** |  |  |  |
|  Philip Morris International, Inc. | 57896 |  | 9286518 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 58979395 |
|  **Energy (7.6%)** |  |  |  |
|  ***Oil, Gas & Consumable Fuels (7.6%)*** | ***Oil, Gas & Consumable Fuels (7.6%)*** | ***Oil, Gas & Consumable Fuels (7.6%)*** | ***Oil, Gas & Consumable Fuels (7.6%)*** |
|  Chevron Corp. | 89727 |  | 13675292 |
|  Enbridge, Inc. | 205619 |  | 9834757 |
|  Phillips 66 | 79082 |  | 10204741 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 33714790 |
|  **Financials (20.1%)** |  |  |  |
|  ***Banks (8.5%)*** |  |  |  |
|  Bank of Nova Scotia (The) | 121996 |  | 8989885 |
|  JPMorgan Chase & Co. | 49939 |  | 16091345 |
|  Wells Fargo & Co. | 139001 |  | 12954893 |
|  |  |  | 38036123 |
|  ***Capital Markets (3.0%)*** |  |  |  |
|  Northern Trust Corp. | 96858 |  | 13229834 |
|  ***Financial Services (2.3%)*** |  |  |  |
|  Fidelity National Information |  |  |  |
|  Services, Inc. | 156181 |  | 10379789 |
|  ***Insurance (6.3%)*** |  |  |  |
|  Chubb Ltd. | 39760 |  | 12409891 |
|  Everest Group Ltd. | 21805 |  | 7399527 |
|  First American Financial Corp. | 130233 |  | 8001516 |
|  |  |  | 27810934 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 89456680 |
|  **Health Care (15.7%)** |  |  |  |
|  ***Health Care Equipment & Supplies (4.2%)*** | ***Health Care Equipment & Supplies (4.2%)*** |  |  |
|  GE HealthCare Technologies, Inc. | 81548 |  | 6688567 |
|  Medtronic plc | 127672 |  | 12264172 |
|  |  |  | 18952739 |
|  ***Health Care Providers & Services (4.6%)*** | ***Health Care Providers & Services (4.6%)*** |  |  |
|  Humana, Inc. | 45474 |  | 11647256 |
|  UnitedHealth Group, Inc. | 26363 |  | 8702690 |
|  |  |  | 20349946 |
|  ***Pharmaceuticals (6.9%)*** |  |  |  |
|  Merck & Co., Inc. | 170711 |  | 17969040 |
|  Sanofi SA (ADR) | 263701 |  | 12778950 |
|  |  |  | 30747990 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 70050675 |
|  **Industrials (8.0%)** |  |  |  |
|  ***Aerospace & Defense (4.4%)*** |  |  |  |
|  General Dynamics Corp. | 33553 |  | 11295953 |
|  L3Harris Technologies, Inc. | 28084 |  | 8244620 |
|  |  |  | 19540573 |
|  ***Building Products (1.7%)*** |  |  |  |
|  Johnson Controls International plc | 62644 |  | 7501619 |
|  ***Machinery (1.9%)*** |  |  |  |
|  Fortive Corp. | 155881 |  | 8606190 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 35648382 |
|  **Information Technology (6.1%)** |  |  |  |
|  ***Semiconductors & Semiconductor Equipment (3.2%)*** | ***Semiconductors & Semiconductor Equipment (3.2%)*** | ***Semiconductors & Semiconductor Equipment (3.2%)*** | ***Semiconductors & Semiconductor Equipment (3.2%)*** |
|  Microchip Technology, Inc. | 130934 |  | 8343114 |
|  Qnity Electronics, Inc. | 73946 |  | 6037691 |
|  |  |  | 14380805 |
|  ***Software (1.3%)*** |  |  |  |
|  Oracle Corp. | 29921 |  | 5831902 |
|  ***Technology Hardware, Storage & Peripherals (1.6%)*** | ***Technology Hardware, Storage & Peripherals (1.6%)*** | ***Technology Hardware, Storage & Peripherals (1.6%)*** | ***Technology Hardware, Storage & Peripherals (1.6%)*** |
|  Hewlett Packard Enterprise Co. | 283647 |  | 6813201 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 27025908 |
|  **Materials (6.8%)** |  |  |  |
|  ***Chemicals (6.8%)*** |  |  |  |
|  Air Products and Chemicals, Inc. | 51793 |  | 12793907 |
|  DuPont de Nemours, Inc. | 274657 |  | 11041211 |
|  International Flavors & Fragrances, Inc. | 97786 |  | 6589799 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 30424917 |
|  **Real Estate (7.5%)** |  |  |  |
|  ***Industrial REITs (3.0%)*** |  |  |  |
|  Prologis, Inc. (REIT) | 103219 |  | 13176938 |
|  ***Residential REITs (2.0%)*** |  |  |  |
|  Mid-America Apartment Communities, Inc. (REIT) | 65281 |  | 9068184 |
|  ***Specialized REITs (2.5%)*** |  |  |  |
|  Public Storage (REIT) | 43335 |  | 11245432 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 33490554 |
|  **Utilities (8.5%)** |  |  |  |
|  ***Electric Utilities (8.5%)*** |  |  |  |
|  Entergy Corp. | 120301 |  | 11119421 |
|  Pinnacle West Capital Corp. | 154177 |  | 13675500 |
|  Xcel Energy, Inc. | 178466 |  | 13181499 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 37976420 |
|  **Total Common Stocks (96.5%)**<br> *(Cost $340,711,210)* |  |  | 430396689 |

---

See Notes to Financial Statements.

------

1290 VT EQUITY INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  MASTER LIMITED PARTNERSHIP: |  |  |
|  **Energy (2.5%)** |  |  |
|  ***Oil, Gas & Consumable Fuels (2.5%)*** |  |  |
|  Plains GP Holdings LP, Class A<br>(*Cost $6,996,460*) | 587969 | $11253726 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (2.4%)** | **Investment Companies (2.4%)** |  |
|  Dreyfus Treasury Obligations Cash Management Fund 3.65% (7 day yield) (xx) | 1000000 | 1000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 9541462 | 9541462 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 10541462 |
|  **Total Short-Term Investments (2.4%)**<br> *(Cost $10,541,462)* | **Total Short-Term Investments (2.4%)**<br> *(Cost $10,541,462)* | 10541462 |
|  **Total Investments in Securities (101.4%)**<br> *(Cost $358,249,132)* | **Total Investments in Securities (101.4%)**<br> *(Cost $358,249,132)* | 452191877 |
|  **Other Assets Less Liabilities (-1.4%)** | **Other Assets Less Liabilities (-1.4%)** | (6434604) |
|  **Net Assets (100%)** |  | $445757273 |

---

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $10,087,361. This was collateralized by cash of $10,541,462 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*REIT* *— Real Estate Investment Trust* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $13628968 | $— | $— | $13628968 |
|  Consumer Staples | 58979395 |  |  | 58979395 |
|  Energy | 33714790 |  |  | 33714790 |
|  Financials | 89456680 |  |  | 89456680 |
|  Health Care | 70050675 |  |  | 70050675 |
|  Industrials | 35648382 |  |  | 35648382 |
|  Information Technology | 27025908 |  |  | 27025908 |
|  Materials | 30424917 |  |  | 30424917 |
|  Real Estate | 33490554 |  |  | 33490554 |
|  Utilities | 37976420 |  |  | 37976420 |
|  **Master Limited Partnerships** |  |  |  |  |
|  Energy | 11253726 |  |  | 11253726 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 10541462 |  |  | 10541462 |
|  **Total Assets** | $**452191877** | $**—** | $**—** | $**452191877** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**452191877** | $**—** | $**—** | $**452191877** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

See Notes to Financial Statements.

------

1290 VT EQUITY INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $93945379 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152724269 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $115632916 |
|  Aggregate gross unrealized depreciation | (21812456) |
|  Net unrealized appreciation | $93820460 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358371417 |

---

See Notes to Financial Statements.

------

1290 VT EQUITY INCOME PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $358,249,132) | $452191877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 3897845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 692906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 52638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 3820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 456841110 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 10541462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 216934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 180433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 44665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 33852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 66491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 11083837 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $445757273 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $348620756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 97136517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $445757273 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $211,490,788 / 43,203,386 shares outstanding (unlimited amount authorized: $0.01 par value) | $4.90 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $234,266,485 / 48,347,121 shares outstanding (unlimited amount authorized: $0.01 par value) | $4.85 |

---

*(x)* *Includes value of securities on loan of $10,087,361.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $280,414 foreign withholding tax) | $13318778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 114163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 99163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 13532104 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3443265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 525538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 415663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 69952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 43800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 37935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 16075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 12234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 4564462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (824901) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3739561 |
|  **NET INVESTMENT INCOME (LOSS)** | 9792543 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 31632160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 14728245 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 46360405 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $56152948 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT EQUITY INCOME PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $9792543 | $9962631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 31632160 | 40040110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 14728245 | (3099653) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 56152948 | 46903088 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (21324024) | (20375519) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (24422639) | (26628975) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (45746663) | (47004494) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 62,250 shares, respectively ] |  | 307859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (5526585) shares, respectively ] |  | (28023355) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (532942) shares, respectively ] |  | (2635779) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (30351275) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,549,535 and 1,573,501 shares, respectively ] | 12869313 | 8161791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 5,473,845 shares, respectively ] |  | 28023355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 4,306,667 and 4,062,451 shares, respectively ] | 21324024 | 20375519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (5916067) and (4579707) shares, respectively ] | (30220842) | (23846028) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 3972495 | 32714637 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 752,983 and 160,384 shares, respectively ] | 3674341 | 821319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 4,982,804 and 5,358,099 shares, respectively ] | 24422639 | 26628975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (11156053) and (12669069) shares, respectively ] | (56654939) | (64710270) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (28557959) | (37259976) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (24585464) | (34896614) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (14179179) | (34998020) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 459936452 | 494934472 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $445757273 | $459936452 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT EQUITY INCOME PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $4.81 | $4.85 | $5.00 | $5.22 | $4.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.10 | 0.10 | 0.09 | 0.08 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.52 | 0.39 | 0.17 | 0.09 | 1.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.62 | 0.49 | 0.26 | 0.17 | 1.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.11) | (0.11) | (0.10) | (0.10) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.42) | (0.42) | (0.31) | (0.29) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.53) | (0.53) | (0.41) | (0.39) | (0.08) |
|  Net asset value, end of year | $4.90 | $4.81 | $4.85 | $5.00 | $5.22 |
|  Total return | 13.04% | 9.67% | 5.49% | 3.09% | 26.40% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $211491 | $203475 | $173263 | $178719 | $179232 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.13% | 1.13% | 1.13% | 1.13% | 1.12% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.99% | 1.90% | 1.81% | 1.62% | 1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.82% | 1.72% | 1.63% | 1.45% | 1.24% |
|  Portfolio turnover rate^ | 21% | 26% | 26% | 20% | 28% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $4.77 | $4.81 | $4.96 | $5.18 | $4.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.11 | 0.11 | 0.10 | 0.09 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.51 | 0.39 | 0.18 | 0.09 | 1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.62 | 0.50 | 0.28 | 0.18 | 1.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.12) | (0.12) | (0.12) | (0.11) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.42) | (0.42) | (0.31) | (0.29) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.54) | (0.54) | (0.43) | (0.40) | (0.09) |
|  Net asset value, end of year | $4.85 | $4.77 | $4.81 | $4.96 | $5.18 |
|  Total return | 13.21% | 10.04% | 5.78% | 3.36% | 26.62% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $234266 | $256461 | $292870 | $312826 | $376351 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.88% | 0.88% | 0.88% | 0.88% | 0.87% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 2.25% | 2.16% | 2.06% | 1.85% | 1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 2.07% | 1.98% | 1.87% | 1.67% | 1.48% |
|  Portfolio turnover rate^ | 21% | 26% | 26% | 20% | 28% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

------

1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: |  |  |
|  **Communication Services (19.9%)** |  |  |
|  ***Diversified Telecommunication Services (3.3%)*** | ***Diversified Telecommunication Services (3.3%)*** | ***Diversified Telecommunication Services (3.3%)*** |
|  Altaba, Inc.\* | 102200 | $137970 |
|  Frontier Communications Parent, Inc.\* | 28500 | 1084995 |
|  Koninklijke KPN NV | 90000 | 420533 |
|  Liberty Global Ltd., Class A\* | 75000 | 835500 |
|  Liberty Global Ltd., Class C\* | 20000 | 220800 |
|  Telesat Corp.\* | 101500 | 2953650 |
|  |  | 5653448 |
|  ***Entertainment (4.3%)*** |  |  |
|  Atlanta Braves Holdings, Inc., Class A (x)\* | 91000 | 3866590 |
|  Electronic Arts, Inc. | 2000 | 408660 |
|  Eventbrite, Inc., Class A\* | 2000 | 8900 |
|  Madison Square Garden Sports Corp.\* | 11500 | 2974475 |
|  |  | 7258625 |
|  ***Interactive Media & Services (0.0%)†*** | ***Interactive Media & Services (0.0%)†*** | ***Interactive Media & Services (0.0%)†*** |
|  Grindr, Inc.\* | 300 | 4062 |
|  ***Media (7.4%)*** |  |  |
|  Beasley Broadcast Group, Inc., Class A\* | 11500 | 57615 |
|  Clear Channel Outdoor Holdings, Inc.\* | 800000 | 1768000 |
|  EchoStar Corp., Class A\* | 15600 | 1695720 |
|  EW Scripps Co. (The), Class A\* | 110000 | 438900 |
|  Fox Corp., Class B | 81700 | 5304781 |
|  Lee Enterprises, Inc. (x)\* | 90000 | 431100 |
|  TEGNA, Inc. | 148000 | 2872680 |
|  |  | 12568796 |
|  ***Wireless Telecommunication Services (4.9%)*** | ***Wireless Telecommunication Services (4.9%)*** |  |
|  Array Digital Infrastructure, Inc. (x) | 55000 | 2949100 |
|  Millicom International Cellular SA | 60000 | 3326400 |
|  Orange Belgium SA\* | 30000 | 680441 |
|  Telephone and Data Systems, Inc. | 36000 | 1476000 |
|  |  | 8431941 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 33916872 |
|  **Consumer Discretionary (4.7%)** |  |  |
|  ***Automobile Components (0.3%)*** |  |  |
|  Dowlais Group plc | 400000 | 452911 |
|  ***Broadline Retail (0.1%)*** |  |  |
|  Macy's, Inc. | 8500 | 187425 |
|  ***Distributors (0.0%)†*** |  |  |
|  Bapcor Ltd. (x) | 50000 | 69071 |
|  ***Hotels, Restaurants & Leisure (1.0%)*** | ***Hotels, Restaurants & Leisure (1.0%)*** | ***Hotels, Restaurants & Leisure (1.0%)*** |
|  Denny's Corp.\* | 100000 | 622000 |
|  Entain plc | 25000 | 258334 |
|  Golden Entertainment, Inc. | 25000 | 679750 |
|  Playtech plc | 6000 | 22929 |
|  Soho House & Co., Inc., Class A\* | 10000 | 89600 |
|  Target Hospitality Corp.\* | 3500 | 28035 |
|  |  | 1700648 |
|  ***Household Durables (2.9%)*** |  |  |
|  Lennar Corp., Class B | 25000 | 2378000 |
|  Nobility Homes, Inc. | 16500 | 415635 |
|  Sony Group Corp. (ADR) (x) | 83500 | 2137600 |
|  |  | 4931235 |
|  ***Specialty Retail (0.2%)*** |  |  |
|  Advance Auto Parts, Inc. | 3000 | 117900 |
|  Sportsman's Warehouse Holdings, Inc.\* | 192000 | 280320 |
|  Yamada Holdings Co. Ltd. | 12400 | 41125 |
|  |  | 439345 |
|  ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** |  |
|  Capri Holdings Ltd.\* | 14000 | 341600 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 8122235 |
|  **Consumer Staples (0.6%)** |  |  |
|  ***Consumer Staples Distribution & Retail (0.5%)*** | ***Consumer Staples Distribution & Retail (0.5%)*** |  |
|  Albertsons Cos., Inc., Class A | 42000 | 721140 |
|  GrainCorp Ltd., Class A (x) | 6000 | 28750 |
|  |  | 749890 |
|  ***Food Products (0.1%)*** |  |  |
|  TreeHouse Foods, Inc.\* | 10000 | 235900 |
|  ***Personal Care Products (0.0%)†*** |  |  |
|  Kenvue, Inc. | 1500 | 25875 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 1011665 |
|  **Energy (1.1%)** |  |  |
|  ***Energy Equipment & Services (0.8%)*** | ***Energy Equipment & Services (0.8%)*** | ***Energy Equipment & Services (0.8%)*** |
|  DMC Global, Inc.\* | 8000 | 53520 |
|  Gulf Island Fabrication, Inc.\* | 5000 | 59850 |
|  SLB Ltd. | 30500 | 1170590 |
|  |  | 1283960 |
|  ***Oil, Gas & Consumable Fuels (0.3%)*** | ***Oil, Gas & Consumable Fuels (0.3%)*** | ***Oil, Gas & Consumable Fuels (0.3%)*** |
|  Alvopetro Energy Ltd. | 88200 | 449177 |
|  Cool Co. Ltd.\* | 10000 | 96500 |
|  Gulf Coast Ultra Deep Royalty Trust\* | 550000 | 16225 |
|  |  | 561902 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 1845862 |
|  **Financials (4.6%)** |  |  |
|  ***Banks (2.3%)*** |  |  |
|  Cadence Bank | 16000 | 685440 |
|  Dogwood State Bank\* | 3000 | 69990 |
|  First Horizon Corp. | 60000 | 1434000 |
|  Flushing Financial Corp. | 65000 | 986050 |
|  Horizon Bancorp, Inc. | 13000 | 220480 |
|  Renasant Corp. | 5000 | 176100 |
|  SouthState Bank Corp. | 1200 | 112932 |
|  Synovus Financial Corp. | 3000 | 150150 |
|  |  | 3835142 |
|  ***Capital Markets (1.8%)*** |  |  |
|  BKF Capital Group, Inc.\* | 2434 | 110041 |
|  Forge Global Holdings, Inc.\* | 55000 | 2450800 |
|  Guardian Capital Group Ltd. | 2000 | 98110 |
|  Janus Henderson Group plc | 10000 | 475700 |
|  |  | 3134651 |

---

See Notes to Financial Statements.

------

1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  ***Consumer Finance (0.1%)*** |  |  |  |
|  Capital One Financial Corp. | 815 | $| 197523 |
|  ***Financial Services (0.3%)*** |  |  |  |
|  Cantaloupe, Inc.\* | 15000 |  | 159300 |
|  International Money Express, Inc.\* | 12000 |  | 184320 |
|  Sony Financial Group, Inc. (ADR)\* | 18000 |  | 94140 |
|  |  |  | 437760 |
|  ***Insurance (0.1%)*** |  |  |  |
|  Aspen Insurance Holdings Ltd., Class A (x)\* | 6000 |  | 222600 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 7827676 |
|  **Health Care (5.3%)** |  |  |  |
|  ***Biotechnology (3.5%)*** |  |  |  |
|  Amicus Therapeutics, Inc.\* | 3000 |  | 42720 |
|  Astria Therapeutics, Inc.\* | 4000 |  | 52360 |
|  Avidity Biosciences, Inc.\* | 3500 |  | 252455 |
|  Cidara Therapeutics, Inc.\* | 12500 |  | 2761125 |
|  Dynavax Technologies Corp.\* | 25000 |  | 384500 |
|  Exact Sciences Corp.\* | 19000 |  | 1929640 |
|  GRAIL, Inc.\* | 400 |  | 34236 |
|  Grifols SA (ADR) | 24000 |  | 224400 |
|  Mersana Therapeutics, Inc.\* | 10000 |  | 289300 |
|  |  |  | 5970736 |
|  ***Health Care Equipment & Supplies (1.4%)*** | ***Health Care Equipment & Supplies (1.4%)*** |  |  |
|  Bioventus, Inc., Class A\* | 2000 |  | 14880 |
|  Globus Medical, Inc., Class A\* | 12500 |  | 1091375 |
|  Hologic, Inc.\* | 3500 |  | 260715 |
|  ICU Medical, Inc.\* | 500 |  | 71335 |
|  Innocoll Biotherapeutics Holdings Ltd. (r)\* | 125000 |  |  |
|  LENSAR, Inc. (x)\* | 30000 |  | 348900 |
|  QuidelOrtho Corp.\* | 12000 |  | 342720 |
|  STAAR Surgical Co.\* | 15000 |  | 346350 |
|  |  |  | 2476275 |
|  ***Health Care Providers & Services (0.1%)*** | ***Health Care Providers & Services (0.1%)*** |  |  |
|  Cross Country Healthcare, Inc.\* | 23500 |  | 190350 |
|  ***Life Sciences Tools & Services (0.0%)†*** | ***Life Sciences Tools & Services (0.0%)†*** | ***Life Sciences Tools & Services (0.0%)†*** | ***Life Sciences Tools & Services (0.0%)†*** |
|  Illumina, Inc.\* | 200 |  | 26232 |
|  ***Pharmaceuticals (0.3%)*** |  |  |  |
|  Avadel Pharmaceuticals plc (ADR)\* | 1000 |  | 21550 |
|  Viatris, Inc. | 36000 |  | 448200 |
|  |  |  | 469750 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 9133343 |
|  **Industrials (10.7%)** |  |  |  |
|  ***Aerospace & Defense (1.3%)*** |  |  |  |
|  Boeing Co. (The)\* | 5700 |  | 1237584 |
|  Hexcel Corp. | 13000 |  | 960700 |
|  |  |  | 2198284 |
|  ***Ground Transportation (0.0%)†*** |  |  |  |
|  Norfolk Southern Corp. | 200 |  | 57744 |
|  ***Machinery (8.0%)*** |  |  |  |
|  CFT SpA (r)\* | 25000 |  | 101361 |
|  Chart Industries, Inc.\* | 21000 |  | 4330830 |
|  Crane Co. | 800 |  | 147544 |
|  Crawford United Corp., Class A\* | 800 |  | 64968 |
|  Hillenbrand, Inc. | 150000 |  | 4758000 |
|  Mueller Industries, Inc. | 9200 |  | 1056160 |
|  Mueller Water Products, Inc., Class A | 10000 |  | 238200 |
|  Nilfisk Holding A/S\* | 30000 |  | 655165 |
|  Park-Ohio Holdings Corp. | 25000 |  | 523500 |
|  Stratasys Ltd.\* | 41000 |  | 355880 |
|  Valmet OYJ | 13000 |  | 432814 |
|  Velan, Inc. (x) | 75000 |  | 1019089 |
|  |  |  | 13683511 |
|  ***Professional Services (0.5%)*** |  |  |  |
|  CSG Systems International, Inc. | 1300 |  | 99697 |
|  Dayforce, Inc.\* | 10000 |  | 691600 |
|  Ework Group AB | 1441 |  | 15010 |
|  |  |  | 806307 |
|  ***Trading Companies & Distributors (0.9%)*** | ***Trading Companies & Distributors (0.9%)*** |  |  |
|  Air Lease Corp., Class A | 3000 |  | 192690 |
|  Herc Holdings, Inc. | 2500 |  | 370950 |
|  McGrath RentCorp | 9200 |  | 965356 |
|  |  |  | 1528996 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 18274842 |
|  **Information Technology (6.3%)** |  |  |  |
|  ***Electronic Equipment, Instruments & Components (0.8%)*** | ***Electronic Equipment, Instruments & Components (0.8%)*** | ***Electronic Equipment, Instruments & Components (0.8%)*** | ***Electronic Equipment, Instruments & Components (0.8%)*** |
|  CTS Corp. | 1500 |  | 64305 |
|  Rogers Corp.\* | 14200 |  | 1300294 |
|  |  |  | 1364599 |
|  ***IT Services (0.1%)*** |  |  |  |
|  Datagroup SE | 3000 |  | 247144 |
|  ***Semiconductors & Semiconductor Equipment (0.1%)*** | ***Semiconductors & Semiconductor Equipment (0.1%)*** | ***Semiconductors & Semiconductor Equipment (0.1%)*** | ***Semiconductors & Semiconductor Equipment (0.1%)*** |
|  QUALCOMM, Inc. | 165 |  | 28446 |
|  Veeco Instruments, Inc.\* | 2000 |  | 57160 |
|  |  |  | 85606 |
|  ***Software (5.3%)*** |  |  |  |
|  Clearwater Analytics Holdings, Inc., |  |  |  |
|  Class A\* | 1000 |  | 24120 |
|  Confluent, Inc., Class A\* | 235000 |  | 7106400 |
|  Gen Digital, Inc. | 24500 |  | 666155 |
|  Jamf Holding Corp.\* | 3000 |  | 39030 |
|  Pinewood Technologies Group plc(x)\* | 11000 |  | 53083 |
|  PSI Software SE (x)\* | 1000 |  | 50651 |
|  SEMrush Holdings, Inc., Class A\* | 91634 |  | 1089528 |
|  Synchronoss Technologies, Inc.\* | 2000 |  | 17120 |
|  Yext, Inc.\* | 7000 |  | 56420 |
|  |  |  | 9102507 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 10799856 |
|  **Materials (9.1%)** |  |  |  |
|  ***Chemicals (0.3%)*** |  |  |  |
|  Mativ Holdings, Inc. | 38500 |  | 467775 |
|  ***Construction Materials (2.3%)*** |  |  |  |
|  Vulcan Materials Co. | 13800 |  | 3936036 |
|  ***Containers & Packaging (4.2%)*** |  |  |  |
|  Amcor plc | 326250 |  | 2720925 |

---

See Notes to Financial Statements.

------

1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Myers Industries, Inc. | 52000 | $| 973440 |
|  Sealed Air Corp. | 85000 |  | 3521550 |
|  |  |  | 7215915 |
|  ***Metals & Mining (2.3%)*** |  |  |  |
|  Kinross Gold Corp. | 5960 |  | 167873 |
|  Newmont Corp. | 12500 |  | 1248125 |
|  Orogen Royalties, Inc. (x)\* | 12500 |  | 23587 |
|  Pan American Silver Corp. | 25000 |  | 1296128 |
|  Probe Gold, Inc.\* | 60000 |  | 160431 |
|  Royal Gold, Inc. | 3700 |  | 822473 |
|  Tredegar Corp.\* | 24000 |  | 172320 |
|  |  |  | 3890937 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 15510663 |
|  **Real Estate (2.5%)** |  |  |  |
|  ***Diversified REITs (1.2%)*** |  |  |  |
|  Alexander & Baldwin, Inc. (REIT) | 95000 |  | 1960800 |
|  ***Hotel & Resort REITs (0.4%)*** |  |  |  |
|  Ryman Hospitality Properties, Inc. (REIT) | 7500 |  | 709650 |
|  ***Industrial REITs (0.4%)*** |  |  |  |
|  Plymouth Industrial REIT, Inc. (REIT) | 33000 |  | 722040 |
|  ***Office REITs (0.2%)*** |  |  |  |
|  City Office REIT, Inc. (REIT) | 50000 |  | 349500 |
|  ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** |
|  Corem Property Group AB, Class B | 7500 |  | 3541 |
|  ***Specialized REITs (0.3%)*** |  |  |  |
|  Millrose Properties, Inc. (REIT) | 16000 |  | 477920 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 4223451 |
|  **Utilities (10.6%)** |  |  |  |
|  ***Electric Utilities (3.4%)*** |  |  |  |
|  Evergy, Inc. | 16500 |  | 1196085 |
|  Portland General Electric Co. | 10000 |  | 479900 |
|  TXNM Energy, Inc. | 71000 |  | 4180480 |
|  |  |  | 5856465 |
|  ***Gas Utilities (5.2%)*** |  |  |  |
|  National Fuel Gas Co. | 54400 |  | 4355264 |
|  Southwest Gas Holdings, Inc. | 56500 |  | 4521130 |
|  |  |  | 8876394 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  Alerion Cleanpower SpA (x) | 8000 |  | 173366 |
|  ***Multi-Utilities (1.3%)*** |  |  |  |
|  Avista Corp. | 56000 |  | 2158240 |
|  Northwestern Energy Group, Inc. | 1000 |  | 64540 |
|  |  |  | 2222780 |
|  ***Water Utilities (0.6%)*** |  |  |  |
|  Essential Utilities, Inc. | 1000 |  | 38360 |
|  Severn Trent plc | 26000 |  | 977452 |
|  |  |  | 1015812 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 18144817 |
|  **Total Common Stocks (75.4%)**<br> *(Cost $106,080,161)* |  |  | 128811282 |
|  RIGHTS: |  |  |  |
|  **Consumer Staples (0.0%)†** |  |  |  |
|  ***Food Products (0.0%)†*** |  |  |  |
|  Contraf-Nicotex-Tobacco GmbH, CVR\* | 15000 |  | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 3000 |
|  **Health Care (0.2%)** |  |  |  |
|  ***Biotechnology (0.2%)*** |  |  |  |
|  89bio, Inc., CVR (r)\* | 25000 |  | 6375 |
|  Adamas Pharmaceuticals, Inc., CVR\* | 54000 |  | 675 |
|  Akero Therapeutics, Inc., CVR (r)\* | 15000 |  | 7313 |
|  Akouos, Inc., CVR (x)\* | 141148 |  | 70574 |
|  Albireo Pharma, Inc., CVR\* | 3000 |  | 6750 |
|  Ambit Biosciences Corp., CVR (r)\* | 20000 |  |  |
|  Blueprint Medicines Corp., CVR\* | 22200 |  | 8880 |
|  Checkpoint Therapeutics, Inc., CVR (r)\* | 10000 |  | 1200 |
|  Chinook Therapeutics, Inc., CVR\* | 125000 |  | 24999 |
|  Epizyme, Inc., CVR\* | 10000 |  | 200 |
|  Fusion Pharmaceuticals, Inc., CVR\* | 6000 |  | 3000 |
|  Gracell Biotechnologies, Inc., CVR\* | 100000 |  | 4000 |
|  Icosavax, Inc., CVR\* | 30000 |  | 9000 |
|  Metsera, Inc., CVR (r)(x)\* | 4000 |  | 14700 |
|  Mirati Therapeutics, Inc., CVR (r)\* | 70000 |  | 26250 |
|  Poseida Therapeutics, Inc., CVR (r)\* | 20000 |  | 7500 |
|  Regulus Therapeutics, Inc., CVR\* | 40000 |  | 40000 |
|  Sage Therapeutics, Inc., CVR\* | 100000 |  | 35000 |
|  Sigilon Therapeutics, Inc., CVR (r)\* | 500 |  | 2831 |
|  Verve Therapeutics, Inc., CVR\* | 30000 |  | 15000 |
|  Vigil Neuroscience, Inc., CVR (r)\* | 75000 |  | 2813 |
|  |  |  | 287060 |
|  ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** |  |  |
|  ABIOMED, Inc., CVR\* | 21000 |  | 33600 |
|  Monogram Technologies, Inc., CVR (r)\* | 2000 |  | 2940 |
|  |  |  | 36540 |
|  ***Pharmaceuticals (0.0%)†*** |  |  |  |
|  Alimera Sciences, Inc., CVR (x)\* | 100000 |  | 1000 |
|  Landos Biopharma, Inc., CVR (r)\* | 4000 |  | 7530 |
|  Opiant Pharmaceuticals, Inc., CVR\* | 10000 |  | 5000 |
|  scPharmaceuticals, Inc., CVR (r)\* | 14000 |  | 3360 |
|  |  |  | 16890 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 340490 |
|  **Information Technology (0.0%)†** |  |  |  |
|  ***IT Services (0.0%)†*** |  |  |  |
|  Flexion, Inc., CVR\* | 1000 |  | 100 |
|  ***Software (0.0%)†*** |  |  |  |
|  Gen Digital, Inc., CVR, expiring 4/21/30\* | 18000 |  | 79380 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 79480 |
|  **Materials (0.1%)** |  |  |  |
|  ***Metals & Mining (0.0%)†*** |  |  |  |
|  Kinross Gold Corp., expiring 2/25/32\* | 14000 |  | 23380 |
|  ***Paper & Forest Products (0.1%)*** |  |  |  |
|  Resolute Forest Products, Inc., CVR\* | 45000 |  | 67500 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 90880 |
|  **Total Rights (0.3%)**<br> *(Cost $439,020)* |  |  | 513850 |

---

See Notes to Financial Statements.

------

1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (22.3%)** |  |  |
|  BlackRock Liquidity FedFund, Institutional Shares 3.65% (7 day yield) (xx) | 100000 | $100000 |
|  Dreyfus Treasury Obligations Cash Management Fund 3.65% (7 day yield) (xx) | 100000 | 100000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 4489877 | 4489877 |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 33355947 | 33369289 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38059166 |
|  **Total Short-Term Investments (22.3%)**<br> *(Cost $38,044,457)* | **Total Short-Term Investments (22.3%)**<br> *(Cost $38,044,457)* | 38059166 |
|  **Total Investments in Securities (98.0%)**<br> *(Cost $144,563,638)* | **Total Investments in Securities (98.0%)**<br> *(Cost $144,563,638)* | 167384298 |
|  **Other Assets Less Liabilities (2.0%)** |  | 3383636 |
|  **Net Assets (100%)** |  | $170767934 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $7,160,864. This was collateralized by $2,923,175 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/29/26 – 8/15/55 and by cash of $4,689,877 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $32677928 | $1238944 | $— | $33916872 |
|  Consumer Discretionary | 7277865 | 844370 |  | 8122235 |
|  Consumer Staples | 982915 | 28750 |  | 1011665 |
|  Energy | 1845862 |  |  | 1845862 |
|  Financials | 7717635 | 110041 |  | 7827676 |
|  Health Care | 9133343 |  | — (a) | 9133343 |
|  Industrials | 17070492 | 1102989 | 101361 | 18274842 |
|  Information Technology | 10420532 | 379324 |  | 10799856 |
|  Materials | 15510663 |  |  | 15510663 |
|  Real Estate | 4219910 | 3541 |  | 4223451 |
|  Utilities | 16993999 | 1150818 |  | 18144817 |
|  **Rights** |  |  |  |  |
|  Consumer Staples |  | 3000 |  | 3000 |
|  Health Care |  | 257678 | 82812 | 340490 |
|  Information Technology | 79380 | 100 |  | 79480 |
|  Materials | 23380 | 67500 |  | 90880 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 38059166 |  |  | 38059166 |
|  **Total Assets** | $**162013070** | $**5187055** | $**184173** | $**167384298** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**162013070** | $**5187055** | $**184173** | $**167384298** |

---

(a) Value is zero.

See Notes to Financial Statements.

------

1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $161241596 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164328485 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $30562269 |
|  Aggregate gross unrealized depreciation | (8550627) |
|  Net unrealized appreciation | $22011642 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145372656 |

---

See Notes to Financial Statements.

------

1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $144,563,638) | $167384298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 7476474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $19,247) | 19427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 957632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 322012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 5595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 2302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 176168447 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 4689877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 383436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 120653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 107315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 30527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 13035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 55305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5400513 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $170767934 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $147638818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 23129116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $170767934 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $143,523,435 / 10,588,050 shares outstanding (unlimited amount authorized: $0.01 par value) | $13.56 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $27,244,499 / 1,966,162 shares outstanding (unlimited amount authorized: $0.01 par value) | $13.86 |

---

*(x)* *Includes value of securities on loan of $7,160,864.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $89,194 foreign withholding tax) | $5864656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 313817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 96614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 6275087 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1497948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 351179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 150690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 57812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 44200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 23813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 5674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 14785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 2146101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (130027) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2016074 |
|  **NET INVESTMENT INCOME (LOSS)** | 4259013 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 5437782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (7905) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5429877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 14952026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 4257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 14956283 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 20386160 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $24645173 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4259013 | $2735763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5429877 | 6708646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 14956283 | 5123133 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 24645173 | 14567542 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (8358931) | (8693917) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (1601372) | (1594814) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (9960303) | (10288731) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 21,275 shares, respectively ] |  | 260910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (630862) shares, respectively ] |  | (7791071) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (65257) shares, respectively ] |  | (799006) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (8329167) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 493,812 and 689,428 shares, respectively ] | 6476022 | 8619018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 635,001 shares, respectively ] |  | 7791071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 614,058 and 690,343 shares,<br>respectively ] | 8358931 | 8693917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1925665) and (1650035) shares, respectively ] | (25216583) | (20652970) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (10381630) | 4451036 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 95,138 and 80,881 shares, respectively ] | 1277826 | 1023411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 115,095 and 124,071 shares,<br>respectively ] | 1601372 | 1594814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (247580) and (313671) shares, respectively ] | (3327454) | (4047006) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (448256) | (1428781) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (10829886) | (5306912) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 3854984 | (1028101) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 166912950 | 167941051 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $170767934 | $166912950 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $12.41 | $12.11 | $11.60 | $12.78 | $11.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.33 | 0.20 | 0.21 | 0.01 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.65 | 0.90 | 0.89 | (0.78) | 1.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.98 | 1.10 | 1.10 | (0.77) | 1.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.40) | (0.24) | (0.23) | (0.04) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.43) | (0.56) | (0.36) | (0.37) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.83) | (0.80) | (0.59) | (0.41) | (0.45) |
|  Net asset value, end of year | $13.56 | $12.41 | $12.11 | $11.60 | $12.78 |
|  Total return | 15.91 | 9.02 %(bb) | 9.53 %(cc) | (5.97)% | 11.34 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $143523 | $141536 | $133656 | $138464 | $166650 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.25 | 1.25% | 1.25% | 1.25% | 1.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.33 | 1.34% | 1.33% | 1.33% | 1.31 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 2.52 | 1.59% | 1.77% | 0.11% | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 2.44 | 1.50% | 1.69% | 0.03% | 0.44 |
|  Portfolio turnover rate^ | 142 | 177% | 204% | 155% | 190 |
| **Class K** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $12.67 | $12.34 | $11.81 | $13.01 | $12.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.37 | 0.24 | 0.25 | 0.05 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.68 | 0.92 | 0.90 | (0.81) | 1.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.05 | 1.16 | 1.15 | (0.76) | 1.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.43) | (0.27) | (0.26) | (0.07) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.43) | (0.56) | (0.36) | (0.37) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.86) | (0.83) | (0.62) | (0.44) | (0.48) |
|  Net asset value, end of year | $13.86 | $12.67 | $12.34 | $11.81 | $13.01 |
|  Total return | 16.16 | 9.35 %(bb) | 9.79 %(cc) | (5.78)% | 11.65 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $27244 | $25376 | $26062 | $24848 | $26209 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.00 | 1.00% | 1.00% | 1.00% | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.08 | 1.09% | 1.08% | 1.08% | 1.06 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 2.78 | 1.85% | 2.04% | 0.38% | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 2.70 | 1.76% | 1.96% | 0.30% | 0.70 |
|  Portfolio turnover rate^ | 142 | 177% | 204% | 155% | 190 |

---

See Notes to Financial Statements.

------

1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.02 and $0.05 for Class IB and Class K, respectively.* 

*(2)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.04 and $0.08 Class IB and Class K, respectively.* 

*(3)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.21 and $0.25 Class IB and Class K, respectively.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(aa)* *Includes income resulting from a litigation payment. Without this income, the total return would have been 15.48% for Class IB and 15.74% for Class K.* 

*(bb)* *Includes income resulting from a litigation payment. Without this income, the total return would have been 8.75% for Class IB and 9.09% for Class K.* 

*(cc)* *Includes income resulting from a litigation payment. Without this income, the total return would have been 9.26% for Class IB and 9.52% for Class K.* 

*(dd)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.91% lower.* 

*(ee)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.34% lower.* 

*(ff)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.14% lower.* 

See Notes to Financial Statements.

------

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (9.2%)** | **Communication Services (9.2%)** | **Communication Services (9.2%)** |
|  ***Diversified Telecommunication Services (1.2%)*** | ***Diversified Telecommunication Services (1.2%)*** | ***Diversified Telecommunication Services (1.2%)*** |
|  Anterix, Inc.\* | 270000 | $5894100 |
|  Liberty Global Ltd., Class A\* | 155000 | 1726700 |
|  Liberty Global Ltd., Class C\* | 230000 | 2539200 |
|  Liberty Latin America Ltd., Class A\* | 750000 | 5542500 |
|  Liberty Latin America Ltd., Class C\* | 13000 | 96980 |
|  Shenandoah Telecommunications Co. | 263126 | 3041736 |
|  Sunrise Communications AG, Class A (x) | 52000 | 2784800 |
|  Telesat Corp.\* | 676000 | 19671600 |
|  Verizon Communications, Inc. | 45000 | 1832850 |
|  |  | 43130466 |
|  ***Entertainment (5.0%)*** | ***Entertainment (5.0%)*** | ***Entertainment (5.0%)*** |
|  Atlanta Braves Holdings, Inc., Class A (x)\* | 375000 | 15933750 |
|  Atlanta Braves Holdings, Inc., Class C\* | 255000 | 10059750 |
|  IMAX Corp.\* | 56000 | 2069760 |
|  Lionsgate Studios Corp.\* | 345000 | 3149850 |
|  Live Nation Entertainment, Inc.\* | 238000 | 33915000 |
|  Madison Square Garden Entertainment Corp., Class A\* | 296000 | 15951440 |
|  Madison Square Garden Sports Corp.\* | 175500 | 45393075 |
|  Manchester United plc, Class A\* | 20000 | 318400 |
|  Marcus Corp. (The) | 660000 | 10236600 |
|  Reading International, Inc., Class A\* | 285000 | 299250 |
|  Reading International, Inc., Class B\* | 34000 | 389300 |
|  Sphere Entertainment Co. (x)\* | 339000 | 32232120 |
|  Starz Entertainment Corp. | 26000 | 304200 |
|  Take-Two Interactive Software, Inc.\* | 57000 | 14593710 |
|  TKO Group Holdings, Inc., Class A | 21000 | 4389000 |
|  Warner Bros Discovery, Inc.\* | 46500 | 1340130 |
|  |  | 190575335 |
|  ***Interactive Media & Services (0.0%)†*** | ***Interactive Media & Services (0.0%)†*** | ***Interactive Media & Services (0.0%)†*** |
|  Cars.com, Inc.\* | 20000 | 244000 |
|  ***Media (2.1%)*** | ***Media (2.1%)*** | ***Media (2.1%)*** |
|  AMC Networks, Inc., Class A\* | 214000 | 2037280 |
|  Beasley Broadcast Group, Inc., Class A (x)\*‡ | 33000 | 165330 |
|  Clear Channel Outdoor Holdings, Inc.\* | 4255000 | 9403550 |
|  Corus Entertainment, Inc., Class B\* | 100000 | 2550 |
|  EchoStar Corp., Class A\* | 38400 | 4174080 |
|  Entravision Communications Corp., Class A | 570000 | 1670100 |
|  EW Scripps Co. (The), Class A\* | 1235000 | 4927650 |
|  Gray Media, Inc. | 319300 | 1545412 |
|  Gray Media, Inc., Class A | 60000 | 720000 |
|  Grupo Televisa SAB (ADR) | 4450000 | 12949500 |
|  Lee Enterprises, Inc. (x)\* | 222720 | 1066829 |
|  Nexstar Media Group, Inc., Class A | 34600 | 7025530 |
|  Omnicom Group, Inc. | 137000 | 11062750 |
|  Salem Media Group, Inc., Class A (x)\* | 143000 | 62920 |
|  Sinclair, Inc. | 1160000 | 17748000 |
|  Sirius XM Holdings, Inc. | 114200 | 2283429 |
|  TEGNA, Inc. | 145000 | 2814450 |
|  Townsquare Media, Inc., Class A | 236000 | 1213040 |
|  |  | 80872400 |
|  ***Wireless Telecommunication Services (0.9%)*** | ***Wireless Telecommunication Services (0.9%)*** | ***Wireless Telecommunication Services (0.9%)*** |
|  Array Digital Infrastructure, Inc. | 195300 | 10471986 |
|  Gogo, Inc.\* | 330000 | 1537800 |
|  Rogers Communications, Inc., Class B (x) | 200000 | 7546000 |
|  Telephone and Data Systems, Inc. | 354000 | 14514000 |
|  |  | 34069786 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 348891987 |
|  **Consumer Discretionary (14.3%)** | **Consumer Discretionary (14.3%)** | **Consumer Discretionary (14.3%)** |
|  ***Automobile Components (2.8%)*** | ***Automobile Components (2.8%)*** | ***Automobile Components (2.8%)*** |
|  BorgWarner, Inc. | 240000 | 10814400 |
|  Brembo NV (x) | 1000088 | 11065482 |
|  Dana, Inc. | 910000 | 21621600 |
|  Garrett Motion, Inc. | 1080000 | 18824400 |
|  Gentex Corp. | 200000 | 4654000 |
|  Phinia, Inc. | 54500 | 3416605 |
|  Standard Motor Products, Inc. | 450000 | 16582500 |
|  Stoneridge, Inc.\* | 200000 | 1158000 |
|  Strattec Security Corp.\*‡ | 226600 | 17253324 |
|  |  | 105390311 |
|  ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** |
|  Thor Industries, Inc. | 4000 | 410680 |
|  Winnebago Industries, Inc. | 166000 | 6726320 |
|  |  | 7137000 |
|  ***Diversified Consumer Services (0.6%)*** | ***Diversified Consumer Services (0.6%)*** | ***Diversified Consumer Services (0.6%)*** |
|  Matthews International Corp., Class A | 754000 | 19694480 |
|  Universal Technical Institute, Inc.\* | 182000 | 4755660 |
|  |  | 24450140 |
|  ***Hotels, Restaurants & Leisure (3.1%)*** | ***Hotels, Restaurants & Leisure (3.1%)*** | ***Hotels, Restaurants & Leisure (3.1%)*** |
|  Biglari Holdings, Inc., Class A (x)\*‡ | 10000 | 17400500 |
|  Boyd Gaming Corp. | 221000 | 18838040 |
|  Brightstar Lottery plc | 60000 | 928800 |
|  Canterbury Park Holding Corp. (x)‡ | 319000 | 4851990 |
|  Cheesecake Factory, Inc. (The) (x) | 317000 | 16002160 |
|  Churchill Downs, Inc. | 153000 | 17408340 |
|  Cracker Barrel Old Country Store, Inc. (x) | 73000 | 1854200 |
|  Denny's Corp.\* | 358000 | 2226760 |
|  Full House Resorts, Inc.\* | 535000 | 1396350 |
|  Golden Entertainment, Inc. | 325000 | 8836750 |
|  Inspired Entertainment, Inc.\* | 275000 | 2574000 |
|  Krispy Kreme, Inc. (x) | 50000 | 201000 |
|  Las Vegas Sands Corp. | 50000 | 3254500 |
|  Nathan's Famous, Inc.‡ | 205500 | 19228635 |
|  Ollamani SAB (x)\* | 775300 | 3315180 |
|  Rock Field Co. Ltd. (x) | 206000 | 1770148 |
|  |  | 120087353 |
|  ***Household Durables (2.1%)*** | ***Household Durables (2.1%)*** | ***Household Durables (2.1%)*** |
|  Bassett Furniture Industries, Inc. | 394000 | 6603440 |
|  Cavco Industries, Inc.\* | 64700 | 38220878 |
|  Champion Homes, Inc.\* | 163000 | 13773500 |
|  Ethan Allen Interiors, Inc. | 25000 | 571000 |
|  La-Z-Boy, Inc. | 133000 | 4956910 |

---

See Notes to Financial Statements.

------

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Lennar Corp., Class B | 100000 | $| 9512000 |
|  Lifetime Brands, Inc. | 178000 |  | 703100 |
|  Nobility Homes, Inc.‡ | 218000 |  | 5491420 |
|  |  |  | 79832248 |
|  ***Leisure Products (0.6%)*** | ***Leisure Products (0.6%)*** | ***Leisure Products (0.6%)*** | ***Leisure Products (0.6%)*** |
|  American Outdoor Brands, Inc.\* | 275000 |  | 2125750 |
|  Brunswick Corp. | 56500 |  | 4194560 |
|  Clarus Corp. | 315000 |  | 1055250 |
|  Johnson Outdoors, Inc., Class A | 298000 |  | 12650100 |
|  Marine Products Corp. | 253000 |  | 2216280 |
|  Sturm Ruger & Co., Inc. | 18000 |  | 587700 |
|  Universal Entertainment Corp. (x)\* | 55000 |  | 279494 |
|  |  |  | 23109134 |
|  ***Specialty Retail (4.7%)*** | ***Specialty Retail (4.7%)*** | ***Specialty Retail (4.7%)*** | ***Specialty Retail (4.7%)*** |
|  1-800-Flowers.com, Inc., Class A (x)\* | 985000 |  | 3871050 |
|  Advance Auto Parts, Inc. | 70000 |  | 2751000 |
|  Arko Corp. | 80000 |  | 363200 |
|  AutoNation, Inc.\* | 270500 |  | 55852840 |
|  Bowlin Travel Centers, Inc.\* | 94000 |  | 361900 |
|  Lands' End, Inc.\* | 298000 |  | 4326960 |
|  Monro, Inc. | 537000 |  | 10761480 |
|  O'Reilly Automotive, Inc.\* | 150000 |  | 13681500 |
|  Penske Automotive Group, Inc. | 393500 |  | 62287115 |
|  Pets at Home Group plc | 184000 |  | 491085 |
|  Sally Beauty Holdings, Inc.\* | 675000 |  | 9625500 |
|  Sportsman's Warehouse Holdings, Inc.\* | 450000 |  | 657000 |
|  Tractor Supply Co. | 236500 |  | 11827365 |
|  Valvoline, Inc.\* | 90000 |  | 2615400 |
|  |  |  | 179473395 |
|  ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** |
|  Capri Holdings Ltd.\* | 5000 |  | 122000 |
|  Gildan Activewear, Inc. | 7000 |  | 437220 |
|  Movado Group, Inc. | 220000 |  | 4536400 |
|  Wolverine World Wide, Inc. | 53500 |  | 971025 |
|  |  |  | 6066645 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 545546226 |
|  **Consumer Staples (4.3%)** | **Consumer Staples (4.3%)** | **Consumer Staples (4.3%)** | **Consumer Staples (4.3%)** |
|  ***Beverages (0.2%)*** | ***Beverages (0.2%)*** | ***Beverages (0.2%)*** | ***Beverages (0.2%)*** |
|  Boston Beer Co., Inc. (The), Class A\* | 5800 |  | 1131754 |
|  Brown-Forman Corp., Class A | 86000 |  | 2262660 |
|  Crimson Wine Group Ltd.\* | 369000 |  | 1808100 |
|  Davide Campari-Milano NV (x) | 380000 |  | 2473138 |
|  |  |  | 7675652 |
|  ***Consumer Staples Distribution & Retail (1.0%)*** | ***Consumer Staples Distribution & Retail (1.0%)*** | ***Consumer Staples Distribution & Retail (1.0%)*** | ***Consumer Staples Distribution & Retail (1.0%)*** |
|  Ingles Markets, Inc., Class A‡ | 464000 |  | 31807200 |
|  Village Super Market, Inc., Class A | 145500 |  | 5149973 |
|  |  |  | 36957173 |
|  ***Food Products (1.2%)*** | ***Food Products (1.2%)*** | ***Food Products (1.2%)*** | ***Food Products (1.2%)*** |
|  Calavo Growers, Inc. | 315000 |  | 6851250 |
|  Canada Packers, Inc. | 33000 |  | 386849 |
|  Farmer Bros Co.\* | 600000 |  | 876000 |
|  Flowers Foods, Inc. | 60000 |  | 652800 |
|  Hain Celestial Group, Inc. (The)\* | 190000 |  | 203300 |
|  Ingredion, Inc. | 13500 |  | 1488510 |
|  J & J Snack Foods Corp. | 43000 |  | 3885910 |
|  John B Sanfilippo & Son, Inc. | 125000 |  | 8825000 |
|  Lifeway Foods, Inc.\* | 122500 |  | 2968175 |
|  Limoneira Co. | 269000 |  | 3396125 |
|  Maple Leaf Foods, Inc. (x) | 140000 |  | 2542858 |
|  Post Holdings, Inc.\* | 92000 |  | 9112600 |
|  Premier Foods plc | 1048000 |  | 2438237 |
|  Simply Good Foods Co. (The)\* | 6000 |  | 120480 |
|  Tootsie Roll Industries, Inc. | 70000 |  | 2564100 |
|  |  |  | 46312194 |
|  ***Household Products (1.7%)*** | ***Household Products (1.7%)*** | ***Household Products (1.7%)*** | ***Household Products (1.7%)*** |
|  Church & Dwight Co., Inc. | 100000 |  | 8385000 |
|  Energizer Holdings, Inc. | 470000 |  | 9348300 |
|  Oil-Dri Corp. of America‡ | 726000 |  | 35530440 |
|  Spectrum Brands Holdings, Inc. | 78000 |  | 4608240 |
|  WD-40 Co. | 37500 |  | 7383750 |
|  |  |  | 65255730 |
|  ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** |
|  BellRing Brands, Inc.\* | 77000 |  | 2058210 |
|  Edgewell Personal Care Co. | 215000 |  | 3665750 |
|  United-Guardian, Inc. | 155000 |  | 954800 |
|  |  |  | 6678760 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 162879509 |
|  **Energy (1.4%)** | **Energy (1.4%)** | **Energy (1.4%)** | **Energy (1.4%)** |
|  ***Energy Equipment & Services (0.8%)*** | ***Energy Equipment & Services (0.8%)*** | ***Energy Equipment & Services (0.8%)*** | ***Energy Equipment & Services (0.8%)*** |
|  Innovex International, Inc.\* | 786200 |  | 17194194 |
|  KLX Energy Services Holdings, Inc. (x)\* | 40000 |  | 75600 |
|  Oceaneering International, Inc.\* | 185000 |  | 4445550 |
|  RPC, Inc. | 1445000 |  | 7860800 |
|  |  |  | 29576144 |
|  ***Oil, Gas & Consumable Fuels (0.6%)*** | ***Oil, Gas & Consumable Fuels (0.6%)*** | ***Oil, Gas & Consumable Fuels (0.6%)*** | ***Oil, Gas & Consumable Fuels (0.6%)*** |
|  APA Corp. | 67200 |  | 1643712 |
|  CNX Resources Corp.\* | 190000 |  | 6986300 |
|  Navigator Holdings Ltd. | 405000 |  | 7014600 |
|  ONEOK, Inc. | 131500 |  | 9665250 |
|  |  |  | 25309862 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 54886006 |
|  **Financials (3.1%)** | **Financials (3.1%)** | **Financials (3.1%)** | **Financials (3.1%)** |
|  ***Banks (1.6%)*** | ***Banks (1.6%)*** | ***Banks (1.6%)*** | ***Banks (1.6%)*** |
|  Ameris Bancorp | 33300 |  | 2473191 |
|  Atlantic Union Bankshares Corp. | 148000 |  | 5224400 |
|  Cadence Bank | 43000 |  | 1842120 |
|  Capital City Bank Group, Inc. | 4700 |  | 200079 |
|  Capitol Federal Financial, Inc. | 39500 |  | 268995 |
|  Colony Bankcorp, Inc. | 12800 |  | 228096 |
|  Eagle Bancorp, Inc. | 172000 |  | 3684240 |
|  Farmers & Merchants Bank of Long Beach | 180 |  | 1502817 |
|  FB Financial Corp. | 12000 |  | 669600 |
|  First Bancorp (Nasdaq Stock Exchange) | 10000 |  | 507900 |
|  First Bancorp (New York Stock Exchange) | 84000 |  | 1741320 |
|  First Busey Corp. | 28500 |  | 678015 |
|  First Horizon Corp. | 93500 |  | 2234650 |
|  Flushing Financial Corp. | 638000 |  | 9678460 |
|  FNB Corp. | 46000 |  | 786600 |

---

See Notes to Financial Statements.

------

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Hanover Bancorp, Inc. | 5000 | $| 115550 |
|  HomeTrust Bancshares, Inc. | 5000 |  | 214700 |
|  Hope Bancorp, Inc. | 570000 |  | 6247200 |
|  Huntington Bancshares, Inc. | 250000 |  | 4337500 |
|  OceanFirst Financial Corp. | 120000 |  | 2154000 |
|  Peapack-Gladstone Financial Corp. | 38000 |  | 1058300 |
|  Renasant Corp. | 22000 |  | 774840 |
|  Seacoast Banking Corp. of Florida | 37000 |  | 1162540 |
|  ServisFirst Bancshares, Inc. | 26000 |  | 1866540 |
|  Southern First Bancshares, Inc.\* | 24000 |  | 1236480 |
|  SouthState Bank Corp. | 18200 |  | 1712802 |
|  Synovus Financial Corp. | 65000 |  | 3253250 |
|  Thomasville Bancshares, Inc. | 16000 |  | 1614400 |
|  Towne Bank | 11000 |  | 367070 |
|  TrustCo Bank Corp. | 2000 |  | 82660 |
|  Trustmark Corp. | 12000 |  | 467400 |
|  United Community Banks, Inc. | 23000 |  | 718060 |
|  USCB Financial Holdings, Inc. | 8000 |  | 147360 |
|  Webster Financial Corp. | 28000 |  | 1762320 |
|  |  |  | 61013455 |
|  ***Capital Markets (1.4%)*** | ***Capital Markets (1.4%)*** | ***Capital Markets (1.4%)*** | ***Capital Markets (1.4%)*** |
|  BKF Capital Group, Inc.\* | 12800 |  | 578688 |
|  Charles Schwab Corp. (The) | 25000 |  | 2497750 |
|  Cohen & Steers, Inc. | 214700 |  | 13478866 |
|  Federated Hermes, Inc., Class B | 77000 |  | 4009390 |
|  GAM Holding AG (x)\* | 1500000 |  | 277427 |
|  Janus Henderson Group plc | 244000 |  | 11607080 |
|  KKR & Co., Inc. | 147000 |  | 18739560 |
|  PJT Partners, Inc., Class A | 2500 |  | 418000 |
|  |  |  | 51606761 |
|  ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** |
|  Medallion Financial Corp. | 158000 |  | 1625820 |
|  PROG Holdings, Inc. | 74000 |  | 2182260 |
|  |  |  | 3808080 |
|  ***Financial Services (0.0%)†*** | ***Financial Services (0.0%)†*** | ***Financial Services (0.0%)†*** | ***Financial Services (0.0%)†*** |
|  Crazy Woman Creek Bancorp, Inc. | 6100 |  | 177022 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 116605318 |
|  **Health Care (2.1%)** | **Health Care (2.1%)** | **Health Care (2.1%)** | **Health Care (2.1%)** |
|  ***Biotechnology (0.1%)*** | ***Biotechnology (0.1%)*** | ***Biotechnology (0.1%)*** | ***Biotechnology (0.1%)*** |
|  Dynavax Technologies Corp.\* | 10000 |  | 153800 |
|  GRAIL, Inc.\* | 20000 |  | 1711800 |
|  |  |  | 1865600 |
|  ***Health Care Equipment & Supplies (1.7%)*** | ***Health Care Equipment & Supplies (1.7%)*** | ***Health Care Equipment & Supplies (1.7%)*** | ***Health Care Equipment & Supplies (1.7%)*** |
|  Align Technology, Inc.\* | 300 |  | 46845 |
|  CONMED Corp. | 57000 |  | 2314200 |
|  Cooper Cos., Inc. (The)\* | 44000 |  | 3606240 |
|  Dexcom, Inc.\* | 52000 |  | 3451240 |
|  Electromed, Inc.\* | 142000 |  | 4135040 |
|  Globus Medical, Inc., Class A\* | 111000 |  | 9691410 |
|  ICU Medical, Inc.\* | 21000 |  | 2996070 |
|  Masimo Corp.\* | 83000 |  | 10794980 |
|  Neogen Corp.\* | 66000 |  | 461340 |
|  Neuronetics, Inc. (x)\* | 75000 |  | 103500 |
|  Orthofix Medical, Inc.\* | 155000 |  | 2349800 |
|  QuidelOrtho Corp.\* | 162000 |  | 4626720 |
|  STERIS plc | 84000 |  | 21295680 |
|  |  |  | 65873065 |
|  ***Health Care Providers & Services (0.1%)*** | ***Health Care Providers & Services (0.1%)*** | ***Health Care Providers & Services (0.1%)*** | ***Health Care Providers & Services (0.1%)*** |
|  Chemed Corp. | 1200 |  | 513432 |
|  Henry Schein, Inc.\* | 20000 |  | 1511600 |
|  NeoGenomics, Inc.\* | 16000 |  | 188160 |
|  OPKO Health, Inc.\* | 175000 |  | 220500 |
|  |  |  | 2433692 |
|  ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** |
|  Evolent Health, Inc., Class A\* | 185000 |  | 740000 |
|  ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** |
|  Bio-Rad Laboratories, Inc., Class A\* | 20000 |  | 6059800 |
|  Lifecore Biomedical, Inc.\* | 78000 |  | 638040 |
|  |  |  | 6697840 |
|  ***Pharmaceuticals (0.0%)†*** | ***Pharmaceuticals (0.0%)†*** | ***Pharmaceuticals (0.0%)†*** | ***Pharmaceuticals (0.0%)†*** |
|  Perrigo Co. plc | 95000 |  | 1322400 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 78932597 |
|  **Industrials (46.5%)** | **Industrials (46.5%)** | **Industrials (46.5%)** | **Industrials (46.5%)** |
|  ***Aerospace & Defense (6.6%)*** | ***Aerospace & Defense (6.6%)*** | ***Aerospace & Defense (6.6%)*** | ***Aerospace & Defense (6.6%)*** |
|  AAR Corp.\* | 110500 |  | 9148295 |
|  Astronics Corp.\* | 11000 |  | 596640 |
|  Astronics Corp., Class B (x)\* | 49800 |  | 2699160 |
|  ATI, Inc.\* | 377000 |  | 43264520 |
|  Curtiss-Wright Corp. | 95000 |  | 52370650 |
|  Ducommun, Inc.\* | 139500 |  | 13270635 |
|  HEICO Corp. | 120700 |  | 39057313 |
|  HEICO Corp., Class A | 3200 |  | 807776 |
|  Innovative Solutions and Support, Inc.\* | 125000 |  | 2367500 |
|  Moog, Inc., Class A | 66600 |  | 16220430 |
|  Moog, Inc., Class B | 34221 |  | 8496732 |
|  National Presto Industries, Inc. | 30000 |  | 3202800 |
|  Park Aerospace Corp. | 684200 |  | 14600828 |
|  Textron, Inc. | 282000 |  | 24581940 |
|  Woodward, Inc. | 68700 |  | 20769384 |
|  |  |  | 251454603 |
|  ***Building Products (3.4%)*** | ***Building Products (3.4%)*** | ***Building Products (3.4%)*** | ***Building Products (3.4%)*** |
|  A.O. Smith Corp. | 70500 |  | 4715040 |
|  AZZ, Inc. | 164500 |  | 17631110 |
|  Burnham Holdings, Inc., Class A | 56500 |  | 1416455 |
|  Fortune Brands Innovations, Inc. | 8800 |  | 440176 |
|  Gibraltar Industries, Inc.\* | 59000 |  | 2916960 |
|  Griffon Corp. | 359000 |  | 26440350 |
|  Johnson Controls International plc | 102000 |  | 12214500 |
|  Modine Manufacturing Co.\* | 485500 |  | 64819105 |
|  |  |  | 130593696 |
|  ***Commercial Services & Supplies (4.1%)*** | ***Commercial Services & Supplies (4.1%)*** |  |  |
|  ACCO Brands Corp. | 150000 |  | 559500 |
|  Casella Waste Systems, Inc., Class A\* | 97500 |  | 9549150 |
|  Loomis AB, Class B | 192000 |  | 8141726 |
|  OPENLANE, Inc.\* | 432000 |  | 12864960 |
|  Pitney Bowes, Inc. | 300000 |  | 3171000 |
|  RB Global, Inc. | 55000 |  | 5657850 |
|  Republic Services, Inc. | 288000 |  | 61035840 |
|  Rollins, Inc. | 929500 |  | 55788590 |
|  |  |  | 156768616 |
|  ***Construction & Engineering (0.5%)*** | ***Construction & Engineering (0.5%)*** | ***Construction & Engineering (0.5%)*** | ***Construction & Engineering (0.5%)*** |
|  Arcosa, Inc. | 87500 |  | 9303000 |
|  Centuri Holdings, Inc.\* | 190000 |  | 4797500 |

---

See Notes to Financial Statements.

------

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Granite Construction, Inc. | 15000 | $| 1730250 |
|  Valmont Industries, Inc. | 8700 |  | 3500184 |
|  |  |  | 19330934 |
|  ***Electrical Equipment (2.9%)*** | ***Electrical Equipment (2.9%)*** | ***Electrical Equipment (2.9%)*** | ***Electrical Equipment (2.9%)*** |
|  Allient, Inc. | 174000 |  | 9352500 |
|  AMETEK, Inc. | 324000 |  | 66520440 |
|  Rockwell Automation, Inc. | 83500 |  | 32487345 |
|  |  |  | 108360285 |
|  ***Ground Transportation (0.0%)†*** | ***Ground Transportation (0.0%)†*** | ***Ground Transportation (0.0%)†*** | ***Ground Transportation (0.0%)†*** |
|  Hertz Global Holdings, Inc. (x)\* | 325000 |  | 1670500 |
|  ***Machinery (21.3%)*** | ***Machinery (21.3%)*** | ***Machinery (21.3%)*** | ***Machinery (21.3%)*** |
|  Aebi Schmidt Holding AG | 232000 |  | 2934800 |
|  Albany International Corp., Class A | 120000 |  | 6084000 |
|  Astec Industries, Inc. | 646000 |  | 27984720 |
|  Blue Bird Corp.\* | 24700 |  | 1160900 |
|  Chart Industries, Inc.\* | 113000 |  | 23303990 |
|  CNH Industrial NV | 2680000 |  | 24709600 |
|  Commercial Vehicle Group, Inc.\* | 167000 |  | 240480 |
|  Crane Co. | 512200 |  | 94465046 |
|  Donaldson Co., Inc. | 203000 |  | 17997980 |
|  Eastern Co. (The) | 282627 |  | 5564926 |
|  Enerpac Tool Group Corp., Class A | 132500 |  | 5066800 |
|  Enpro, Inc. | 182000 |  | 38971660 |
|  Federal Signal Corp. | 300000 |  | 32577000 |
|  Flowserve Corp. | 103000 |  | 7146140 |
|  Franklin Electric Co., Inc. | 241000 |  | 23022730 |
|  Gencor Industries, Inc.\* | 210000 |  | 2721600 |
|  Gorman-Rupp Co. (The) | 483000 |  | 23063250 |
|  Graco, Inc. | 382000 |  | 31312540 |
|  Graham Corp.\* | 77000 |  | 4945710 |
|  Greenbrier Cos., Inc. (The) | 148000 |  | 6917520 |
|  Hyster-Yale, Inc. | 315000 |  | 9358650 |
|  IDEX Corp. | 83500 |  | 14857990 |
|  Interpump Group SpA (x) | 200000 |  | 10995171 |
|  Iveco Group NV | 480000 |  | 10590902 |
|  Kennametal, Inc. | 212000 |  | 6022920 |
|  L B Foster Co., Class A\*‡ | 546000 |  | 14714700 |
|  Lincoln Electric Holdings, Inc. | 89500 |  | 21447780 |
|  Lindsay Corp. | 54000 |  | 6364980 |
|  Manitowoc Co., Inc. (The)\* | 270000 |  | 3237300 |
|  Middleby Corp. (The)\* | 4800 |  | 713616 |
|  Mueller Industries, Inc. | 1181000 |  | 135578800 |
|  Mueller Water Products, Inc., Class A | 1305000 |  | 31085100 |
|  Nordson Corp. | 38200 |  | 9184426 |
|  Park-Ohio Holdings Corp. | 624000 |  | 13066560 |
|  Standex International Corp. | 72000 |  | 15644160 |
|  Stratasys Ltd.\* | 50000 |  | 434000 |
|  Tennant Co. | 400000 |  | 29480000 |
|  Titan International, Inc.\* | 65000 |  | 508950 |
|  Toro Co. (The) | 47000 |  | 3699840 |
|  Trinity Industries, Inc. | 633000 |  | 16736520 |
|  Twin Disc, Inc. | 702000 |  | 11709360 |
|  Watts Water Technologies, Inc., Class A | 232000 |  | 64036640 |
|  |  |  | 809659757 |
|  ***Trading Companies & Distributors (7.7%)*** | ***Trading Companies & Distributors (7.7%)*** | ***Trading Companies & Distributors (7.7%)*** | ***Trading Companies & Distributors (7.7%)*** |
|  Distribution Solutions Group, Inc.\* | 213000 |  | 5834070 |
|  GATX Corp. | 718500 |  | 121857600 |
|  Herc Holdings, Inc. | 532600 |  | 79027188 |
|  McGrath RentCorp | 24000 |  | 2518320 |
|  Rush Enterprises, Inc., Class B‡ | 1049000 |  | 59016740 |
|  Titan Machinery, Inc.\* | 260000 |  | 3910400 |
|  United Rentals, Inc. | 26500 |  | 21446980 |
|  |  |  | 293611298 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 1771449689 |
|  **Information Technology (3.6%)** |  |  |  |
|  ***Communications Equipment (0.0%)†*** | ***Communications Equipment (0.0%)†*** | ***Communications Equipment (0.0%)†*** | ***Communications Equipment (0.0%)†*** |
|  Applied Optoelectronics, Inc.\* | 8700 |  | 303282 |
|  ***Electronic Equipment, Instruments & Components (2.6%)*** | ***Electronic Equipment, Instruments & Components (2.6%)*** | ***Electronic Equipment, Instruments & Components (2.6%)*** | ***Electronic Equipment, Instruments & Components (2.6%)*** |
|  Badger Meter, Inc. | 85000 |  | 14824850 |
|  Bel Fuse, Inc., Class A‡ | 61500 |  | 9335700 |
|  Crane NXT Co. | 30000 |  | 1412100 |
|  CTS Corp. | 950000 |  | 40726500 |
|  Daktronics, Inc.\* | 182500 |  | 3608025 |
|  Itron, Inc.\* | 51000 |  | 4735860 |
|  Landis+Gyr Group AG | 30500 |  | 1979169 |
|  Littelfuse, Inc. | 35000 |  | 8852200 |
|  Napco Security Technologies, Inc. | 171000 |  | 7130700 |
|  Rogers Corp.\* | 81000 |  | 7417170 |
|  Trans-Lux Corp. (r)\* | 120060 |  | 7204 |
|  |  |  | 100029478 |
|  ***IT Services (0.0%)†*** | ***IT Services (0.0%)†*** | ***IT Services (0.0%)†*** | ***IT Services (0.0%)†*** |
|  Alithya Group, Inc., Class A (x)\* | 770000 |  | 930160 |
|  ***Software (1.0%)*** | ***Software (1.0%)*** | ***Software (1.0%)*** | ***Software (1.0%)*** |
|  Fortinet, Inc.\* | 100000 |  | 7941000 |
|  Roper Technologies, Inc. | 26200 |  | 11662406 |
|  Tyler Technologies, Inc.\* | 36000 |  | 16342200 |
|  |  |  | 35945606 |
|  ***Technology Hardware, Storage & Peripherals (0.0%)†*** | ***Technology Hardware, Storage & Peripherals (0.0%)†*** | ***Technology Hardware, Storage & Peripherals (0.0%)†*** | ***Technology Hardware, Storage & Peripherals (0.0%)†*** |
|  TransAct Technologies, Inc.\* | 145000 |  | 580000 |
|  Xerox Holdings Corp. (x) | 350000 |  | 829500 |
|  |  |  | 1409500 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 138618026 |
|  **Materials (5.0%)** |  |  |  |
|  ***Chemicals (2.4%)*** | ***Chemicals (2.4%)*** | ***Chemicals (2.4%)*** | ***Chemicals (2.4%)*** |
|  Ashland, Inc. | 57500 |  | 3373525 |
|  Core Molding Technologies, Inc.\* | 300000 |  | 6015000 |
|  Element Solutions, Inc. | 67000 |  | 1674330 |
|  FMC Corp. | 220000 |  | 3051400 |
|  Hawkins, Inc. | 44000 |  | 6250640 |
|  HB Fuller Co. | 329000 |  | 19562340 |
|  Huntsman Corp. | 262000 |  | 2620000 |
|  Mativ Holdings, Inc. | 58000 |  | 704700 |
|  Minerals Technologies, Inc. | 225000 |  | 13713750 |
|  NewMarket Corp. | 14500 |  | 9965270 |
|  Olin Corp. | 115000 |  | 2395450 |
|  Quaker Chemical Corp. | 4700 |  | 645357 |
|  Scotts Miracle-Gro Co. (The) | 77000 |  | 4492950 |
|  Sensient Technologies Corp. | 154100 |  | 14477695 |
|  Takasago International Corp. (x) | 142500 |  | 1340941 |
|  |  |  | 90283348 |
|  ***Containers & Packaging (1.4%)*** | ***Containers & Packaging (1.4%)*** | ***Containers & Packaging (1.4%)*** | ***Containers & Packaging (1.4%)*** |
|  Ardagh Metal Packaging SA | 200000 |  | 820000 |
|  Greif, Inc., Class A | 208500 |  | 14115450 |

---

See Notes to Financial Statements.

------

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Myers Industries, Inc. | 1735000 | $32479200 |
|  Sonoco Products Co. | 155000 | 6764200 |
|  |  | 54178850 |
|  ***Metals & Mining (1.2%)*** | ***Metals & Mining (1.2%)*** | ***Metals & Mining (1.2%)*** |
|  Ampco-Pittsburgh Corp.\*‡ | 990000 | 5276700 |
|  Barrick Mining Corp. | 24000 | 1045200 |
|  Kinross Gold Corp. | 45000 | 1267200 |
|  Materion Corp. | 181200 | 22526784 |
|  Metallus, Inc.\* | 208000 | 3569280 |
|  Tredegar Corp.\* | 1670000 | 11990600 |
|  |  | 45675764 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 190137962 |
|  **Real Estate (2.5%)** |  |  |
|  ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** |
|  Alexander & Baldwin, Inc. (REIT) | 50000 | 1032000 |
|  ***Hotel & Resort REITs (1.3%)*** | ***Hotel & Resort REITs (1.3%)*** | ***Hotel & Resort REITs (1.3%)*** |
|  Ryman Hospitality Properties, Inc. (REIT) | 514500 | 48681990 |
|  ***Real Estate Management & Development (1.1%)*** | ***Real Estate Management & Development (1.1%)*** | ***Real Estate Management & Development (1.1%)*** |
|  Capital Properties, Inc., Class A | 85000 | 1015750 |
|  Gyrodyne LLC\* | 14411 | 129987 |
|  Seritage Growth Properties, Class A (x)\* | 120000 | 390000 |
|  St Joe Co. (The) | 547500 | 32505075 |
|  Tejon Ranch Co.\* | 552000 | 8705040 |
|  |  | 42745852 |
|  ***Specialized REITs (0.1%)*** |  |  |
|  Millrose Properties, Inc. (REIT) | 49000 | 1463630 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 93923472 |
|  **Utilities (4.8%)** |  |  |
|  ***Electric Utilities (1.6%)*** | ***Electric Utilities (1.6%)*** | ***Electric Utilities (1.6%)*** |
|  Evergy, Inc. | 145500 | 10547295 |
|  Hawaiian Electric Industries, Inc.\* | 120000 | 1476000 |
|  Otter Tail Corp. | 224500 | 18141845 |
|  TXNM Energy, Inc. | 549000 | 32325120 |
|  |  | 62490260 |
|  ***Gas Utilities (1.9%)*** | ***Gas Utilities (1.9%)*** | ***Gas Utilities (1.9%)*** |
|  Chesapeake Utilities Corp. | 5600 | 698656 |
|  National Fuel Gas Co. | 185500 | 14851130 |
|  Northwest Natural Holding Co. | 363000 | 16966620 |
|  ONE Gas, Inc. | 33500 | 2587875 |
|  RGC Resources, Inc. | 378900 | 8070570 |
|  Southwest Gas Holdings, Inc. | 393000 | 31447860 |
|  |  | 74622711 |
|  ***Independent Power and Renewable Electricity Producers (0.4%)*** | ***Independent Power and Renewable Electricity Producers (0.4%)*** | ***Independent Power and Renewable Electricity Producers (0.4%)*** |
|  AES Corp. (The) | 240000 | 3441600 |
|  Ormat Technologies, Inc. | 82700 | 9135869 |
|  XPLR Infrastructure LP\* | 140000 | 1400000 |
|  |  | 13977469 |
|  ***Multi-Utilities (0.8%)*** | ***Multi-Utilities (0.8%)*** | ***Multi-Utilities (0.8%)*** |
|  Black Hills Corp. | 172500 | 11974950 |
|  Northwestern Energy Group, Inc. | 264000 | 17038560 |
|  |  | 29013510 |
|  ***Water Utilities (0.1%)*** |  |  |
|  Cadiz, Inc.\* | 8500 | 47685 |
|  H2O America | 47500 | 2327025 |
|  York Water Co. (The) | 43500 | 1385040 |
|  |  | 3759750 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 183863700 |
|  **Total Common Stocks (96.8%)**<br> *(Cost $1,248,487,097)* | **Total Common Stocks (96.8%)**<br> *(Cost $1,248,487,097)* | 3685734492 |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: |
|  **Materials (0.0%)†** | **Materials (0.0%)†** | **Materials (0.0%)†** |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Resolute Forest Products, Inc., CVR\*<br>*(Cost $106,500)* | 100000 | 150000 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |
|  **Investment Companies (1.3%)** | **Investment Companies (1.3%)** | **Investment Companies (1.3%)** |
|  Allspring Government Money Market Fund, Select Shares 3.72% (7 day yield) (xx) | 10000000 | 10000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 4822980 | 4822980 |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 25865834 | 25876180 |
|  Morgan Stanley Institutional Liquidity Fund - Government Portfolio 3.69%<br>(7 day yield) (xx) | 10000000 | 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | 50699160 |
|  **Total Short-Term Investments (1.3%)**<br> *(Cost $50,701,747)* | **Total Short-Term Investments (1.3%)**<br> *(Cost $50,701,747)* | 50699160 |
|  **Total Investments in Securities (98.1%)**<br> *(Cost $1,299,295,344)* | **Total Investments in Securities (98.1%)**<br> *(Cost $1,299,295,344)* | 3736583652 |
|  **Other Assets Less Liabilities (1.9%)** | **Other Assets Less Liabilities (1.9%)** | 73504060 |
|  **Net Assets (100%)** |  | $3810087712 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $49,126,812. This was collateralized by $26,225,831 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/13/26 – 8/15/55 and by cash of $24,822,980 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

See Notes to Financial Statements.

------

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Communication Services** |  |  |  |  |  |  |  |  |  |
|  **Media** |  |  |  |  |  |  |  |  |  |
|  Beasley Broadcast Group, Inc., Class A (x)\*<sup>,</sup>\*\* | 33000 | 298816 | 94954 | (101490) | (240985) | 114035 | 165330 |  |  |
|  **Consumer Discretionary** |  |  |  |  |  |  |  |  |  |
|  **Automobile Components** |  |  |  |  |  |  |  |  |  |
|  Strattec Security Corp.\* | 226600 | 9640800 |  | (501918) | 123083 | 7991359 | 17253324 |  |  |
|  **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |  |
|  Biglari Holdings, Inc., Class A (x)\* | 10000 | 14279888 |  | (1716322) | 607959 | 4228975 | 17400500 |  |  |
|  Canterbury Park Holding Corp. (x) | 319000 | 6702190 |  |  |  | (1850200) | 4851990 | 89320 |  |
|  Nathan's Famous, Inc. | 205500 | 16350880 |  | (275109) | 85257 | 3067607 | 19228635 | 927100 |  |
|  **Household Durables** |  |  |  |  |  |  |  |  |  |
|  Nobility Homes, Inc. | 218000 | 6840900 | 309112 |  |  | (1658592) | 5491420 | 259125 |  |
|  **Consumer Staples** |  |  |  |  |  |  |  |  |  |
|  **Consumer Staples Distribution & Retail** |  |  |  |  |  |  |  |  |  |
|  Ingles Markets, Inc., Class A | 464000 | 29964600 |  | (67205) | (1695) | 1911500 | 31807200 | 306735 |  |
|  **Household Products** |  |  |  |  |  |  |  |  |  |
|  Oil-Dri Corp. of America | 726000 | 32382980 |  | (677065) | 566891 | 3257634 | 35530440 | 490726 |  |
|  **Industrials** |  |  |  |  |  |  |  |  |  |
|  **Machinery** |  |  |  |  |  |  |  |  |  |
|  L B Foster Co., Class A\* | 546000 | 14795000 |  | (107731) | 20382 | 7049 | 14714700 |  |  |
|  **Trading Companies & Distributors** |  |  |  |  |  |  |  |  |  |
|  Rush Enterprises, Inc., Class B | 1049000 | 57760840 |  | (688197) | 607739 | 1336358 | 59016740 | 781636 |  |
|  **Information Technology** |  |  |  |  |  |  |  |  |  |
|  **Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |  |  |
|  Bel Fuse, Inc., Class A | 61500 | 8107200 |  | (3109813) | 2545406 | 1792907 | 9335700 | 18858 |  |
|  **Materials** |  |  |  |  |  |  |  |  |  |
|  **Metals & Mining** |  |  |  |  |  |  |  |  |  |
|  Ampco-Pittsburgh Corp.\* | 990000 | 2044020 | 49617 | (29329) | 536 | 3211856 | 5276700 |  |  |
|  **Total** |  | **199168114** | **453683** | **(7274179)** | **4314573** | **23410488** | **220072679** | **2873500** |  |

---

*\** *Non-income producing.* 

*\*\** *Not affiliated at December 31, 2025.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

See Notes to Financial Statements.

------

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $345387187 | $3504800 | $— | $348891987 |
|  Consumer Discretionary | 526726127 | 18820099 |  | 545546226 |
|  Consumer Staples | 157968134 | 4911375 |  | 162879509 |
|  Energy | 54886006 |  |  | 54886006 |
|  Financials | 112454964 | 4150354 |  | 116605318 |
|  Health Care | 78932597 |  |  | 78932597 |
|  Industrials | 1730525998 | 40923691 |  | 1771449689 |
|  Information Technology | 136631653 | 1979169 | 7204 | 138618026 |
|  Materials | 188797021 | 1340941 |  | 190137962 |
|  Real Estate | 92777735 | 1145737 |  | 93923472 |
|  Utilities | 183863700 |  |  | 183863700 |
|  **Rights** |  |  |  |  |
|  Materials |  | 150000 |  | 150000 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 50699160 |  |  | 50699160 |
|  **Total Assets** | $**3659650282** | $**76926166** | $**7204** | $**3736583652** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**3659650282** | $**76926166** | $**7204** | $**3736583652** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $88664496.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $319864863.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $2572471107 |
|  Aggregate gross unrealized depreciation | (139052254) |
|  Net unrealized appreciation | $2433418853 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $1303164799 |

---

See Notes to Financial Statements.

------

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $59,987,183) | $219907349.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $1,239,308,161) | 3516676303.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 94818548.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $1,044,447) | 1187333.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 4474575.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 2474320.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 360398.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 29675.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 14337.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3839942838.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 24822980.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 2238581.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1105926.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 731061.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 494750.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 293126.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 168702.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 29855126.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $3810087712.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1336618564.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 2473469148.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $3810087712.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $3,414,748,800 / 44,796,470 shares outstanding (unlimited amount authorized: $0.01 par value) | $76.23 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $395,338,912 / 5,192,414 shares outstanding (unlimited amount authorized: $0.01 par value) | $76.14 |

---

*(x)* *Includes value of securities on loan of $49,126,812.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($2,873,500 of dividend income received from affiliates) (net of $257,801 foreign withholding tax) | $58323609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 2495964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 233923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 61053496 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 24780965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 8028261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 3259678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 191860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 182622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 123591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 119700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 78334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 36765011 |
|  **NET INVESTMENT INCOME (LOSS)** | 24288485 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($4,314,573 realized gain (loss) from affiliates) | 212195168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 40495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 212235663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($23,410,488 of change in unrealized appreciation (depreciation) from affiliates) | 201005597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 97436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 201103033 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 413338696 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $437627181 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $24288485 | $20747384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 212235663 | 288053720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 201103033 | 87020350 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 437627181 | 395821454 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (225035312) | (254859796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (27233522) | (33440814) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (252268834) | (288300610) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 33,343 shares, respectively ] |  | 2373823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (2702188) shares, respectively ] |  | (190492915) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (294583) shares, respectively ] |  | (21065176) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (209184268) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,390,999 and 1,429,252 shares, respectively ] | 182301504 | 105489551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 2,695,177 shares, respectively ] |  | 190492915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 2,892,797 and 3,347,311 shares, respectively ] | 225035312 | 254859796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (4926649) and (4529864) shares, respectively ] | (367147018) | (336624556) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 40189798 | 214217706 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 172,166 and 180,354 shares, respectively ] | 12893259 | 13177256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 350,428 and 439,757 shares, respectively ] | 27233522 | 33440814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (978368) and (998879) shares, respectively ] | (72319820) | (73463095) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (32193039) | (26845025) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 7996759 | (21811587) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 193355106 | 85709257 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 3616732606 | 3531023349 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $3810087712 | $3616732606 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $72.22 | $69.96 | $62.33 | $73.76 | $63.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.48 | 0.40 | 0.39 | 0.30 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 8.82 | 7.97 | 12.59 | (8.19) | 15.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 9.30 | 8.37 | 12.98 | (7.89) | 15.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.48) | (0.45) | (0.44) | (0.35) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (4.81) | (5.66) | (4.91) | (3.19) | (5.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (5.29) | (6.11) | (5.35) | (3.54) | (5.77) |
|  Net asset value, end of year | $76.23 | $72.22 | $69.96 | $62.33 | $73.76 |
|  Total return | 12.82 | 11.59% | 21.04% | (10.67) | 25.15 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $3414749 | $3209374 | $2903212 | $2542134 | $2995792 |
|  Ratio of expenses to average net assets (f) | 1.05 | 1.05% | 1.06% | 1.05 | 1.05 |
|  Ratio of net investment income (loss) to average net assets (f) | 0.65 | 0.54% | 0.57% | 0.46 | 0.47 |
|  Portfolio turnover rate^ | 3 | 4% | 5% | 3 | 4 |
| **Class K** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $72.12 | $69.86 | $62.23 | $73.64 | $63.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.67 | 0.59 | 0.55 | 0.47 | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 8.83 | 7.97 | 12.60 | (8.17) | 15.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 9.50 | 8.56 | 13.15 | (7.70) | 16.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.67) | (0.64) | (0.61) | (0.52) | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (4.81) | (5.66) | (4.91) | (3.19) | (5.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (5.48) | (6.30) | (5.52) | (3.71) | (5.93) |
|  Net asset value, end of year | $76.14 | $72.12 | $69.86 | $62.23 | $73.64 |
|  Total return | 13.11 | 11.86% | 21.35% | (10.45) | 25.45 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $395339 | $407358 | $421024 | $403431 | $500683 |
|  Ratio of expenses to average net assets (f) | 0.80 | 0.80% | 0.81% | 0.80 | 0.80 |
|  Ratio of net investment income (loss) to average net assets (f) | 0.90 | 0.80% | 0.82% | 0.71 | 0.72 |
|  Portfolio turnover rate^ | 3 | 4% | 5% | 3 | 4 |

---

See Notes to Financial Statements.

------

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.19 and $0.37 for Class IB and Class K, respectively.* 

*(2)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.19 and $0.37 for Class IB and Class K, respectively.* 

*(3)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.22 and $0.39 for Class IB and Class K, respectively.* 

*(4)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.39 and $0.57 for Class IB and Class K, respectively.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.22% lower.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.22% lower.* 

*(cc)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.12% lower.* 

*(dd)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.13% lower.* 

See Notes to Financial Statements.

------

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Corporate Bonds (82.2%)** | **Corporate Bonds (82.2%)** | **Corporate Bonds (82.2%)** |
|  **Communication Services (7.7%)** | **Communication Services (7.7%)** |  |
|  ***Diversified Telecommunication Services (2.7%)*** | ***Diversified Telecommunication Services (2.7%)*** | ***Diversified Telecommunication Services (2.7%)*** |
|  CCO Holdings LLC<br>5.500%, 5/1/26§ | $240000 | $240225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/1/28§ | 225000 | 222883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 9/1/29§ | 804000 | 812096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/1/30§ | 600000 | 573186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/1/32 (x)§ | 999000 | 912836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/1/32 (x) | 1799000 | 1612354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/1/33 (x)§ | 1208000 | 1057181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/15/34 (x)§ | 775000 | 659235 |
|  Flash Compute LLC<br>7.250%, 12/31/30§ | 575000 | 570141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Level 3 Financing, Inc.<br>6.875%, 6/30/33§ | 986500 | 1009495 |
|  Virgin Media Finance plc<br>5.000%, 7/15/30§ | 400000 | 352332 |
|  Virgin Media Secured Finance plc<br>5.500%, 5/15/29§ | 2025000 | 1992985 |
|  Windstream Services LLC<br>8.250%, 10/1/31§ | 553000 | 580147 |
|  WULF Compute LLC<br>7.750%, 10/15/30§ | 300000 | 309180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc.<br>5.750%, 3/9/30 PIK§ | 522047 | 495270 |
|  |  | 11399546 |
|  ***Entertainment (1.3%)*** | ***Entertainment (1.3%)*** | ***Entertainment (1.3%)*** |
|  Cinemark USA, Inc.<br>5.250%, 7/15/28§ | 1775000 | 1774237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 8/1/32§ | 1000000 | 1036380 |
|  Live Nation Entertainment, Inc.<br>6.500%, 5/15/27§ | 452000 | 455213 |
|  Playtika Holding Corp.<br>4.250%, 3/15/29§ | 2100000 | 1882393 |
|  Warnermedia Holdings, Inc.<br>5.050%, 3/15/42 | 368000 | 260496 |
|  |  | 5408719 |
|  ***Media (3.7%)*** | ***Media (3.7%)*** | ***Media (3.7%)*** |
|  CSC Holdings LLC<br>7.500%, 4/1/28§ | 450000 | 263209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750%, 1/31/29§ | 524000 | 387671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 2/1/29§ | 450000 | 293922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/31(x)§ | 300000 | 180333 |
|  DISH Network Corp.<br>11.750%, 11/15/27§ | 725000 | 754537 |
|  Gray Media, Inc.<br>10.500%, 7/15/29§ | 215000 | 230908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 10/15/30(x)§ | 1045000 | 809666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, 7/15/32§ | 370000 | 383875 |
|  Lamar Media Corp.<br>5.375%, 11/1/33§ | 150000 | 149063 |
|  McGraw-Hill Education, Inc.<br>8.000%, 8/1/29§ | 974000 | 983526 |
|  Neptune Bidco US, Inc.<br>9.290%, 4/15/29§ | 1432000 | 1433575 |
|  Nexstar Media, Inc.<br>5.625%, 7/15/27§ | 526000 | 526747 |
|  Outfront Media Capital LLC<br>5.000%, 8/15/27§ | 1590000 | 1587376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/15/29§ | 1350000 | 1316493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/15/30§ | 750000 | 730493 |
|  Sinclair Television Group, Inc.<br>5.500%, 3/1/30§ | 494000 | 444076 |
|  Sirius XM Radio LLC<br>3.125%, 9/1/26§ | 634000 | 627749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/15/28§ | 475000 | 464070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 7/1/30§ | 75000 | 71281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/1/31§ | 1096000 | 1007553 |
|  Stagwell Global LLC<br>5.625%, 8/15/29§ | 921000 | 897901 |
|  Univision Communications, Inc.<br>8.000%, 8/15/28§ | 500000 | 516690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 7/31/31§ | 1122000 | 1169820 |
|  |  | 15230534 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 32038799 |
|  **Consumer Discretionary (14.3%)** | **Consumer Discretionary (14.3%)** |  |
|  ***Automobile Components (1.7%)*** | ***Automobile Components (1.7%)*** | ***Automobile Components (1.7%)*** |
|  Clarios Global LP<br>6.750%, 5/15/28§ | 1204000 | 1232234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 2/15/30§ | 1920000 | 2004211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 9/15/32§ | 936000 | 969949 |
|  Forvia SE<br>8.000%, 6/15/30 (x)§ | 649000 | 693262 |
|  Icahn Enterprises LP<br>9.750%, 1/15/29 | 125000 | 124614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/1/29 | 1050000 | 903094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 6/15/30 | 525000 | 499406 |
|  IHO Verwaltungs GmbH<br>8.000%, 11/15/32 PIK (x)§ | 375000 | 393281 |
|  ZF North America Capital, Inc.<br>7.500%, 3/24/31§ | 475000 | 480168 |
|  |  | 7300219 |
|  ***Broadline Retail (0.3%)*** | ***Broadline Retail (0.3%)*** | ***Broadline Retail (0.3%)*** |
|  Getty Images, Inc.<br>14.000%, 3/1/28§ | 858000 | 808665 |
|  Match Group Holdings II LLC<br>6.125%, 9/15/33§ | 500000 | 505570 |
|  |  | 1314235 |
|  ***Distributors (1.1%)*** | ***Distributors (1.1%)*** | ***Distributors (1.1%)*** |
|  RB Global Holdings, Inc.<br>6.750%, 3/15/28§ | 863000 | 880812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 3/15/31§ | 839000 | 876235 |
|  Resideo Funding, Inc.<br>6.500%, 7/15/32§ | 1244000 | 1273545 |
|  Velocity Vehicle Group LLC<br>8.000%, 6/1/29§ | 398000 | 377431 |
|  Windsor Holdings III LLC<br>8.500%, 6/15/30§ | 1104000 | 1166498 |
|  |  | 4574521 |
|  ***Diversified Consumer Services (0.8%)*** | ***Diversified Consumer Services (0.8%)*** | ***Diversified Consumer Services (0.8%)*** |
|  Champions Financing, Inc.<br>8.750%, 2/15/29 (x)§ | 1025000 | 1007575 |
|  Matthews International Corp.<br>8.625%, 10/1/27§ | 631000 | 650618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Corp. International<br>5.750%, 10/15/32 | 469000 | 477512 |

---

See Notes to Financial Statements.

------

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Wand NewCo 3, Inc.<br>7.625%, 1/30/32§ | $| 990000 | $| 1045925 |
|  |  |  |  | 3181630 |
|  ***Hotels, Restaurants & Leisure (7.1%)*** | ***Hotels, Restaurants & Leisure (7.1%)*** | ***Hotels, Restaurants & Leisure (7.1%)*** | ***Hotels, Restaurants & Leisure (7.1%)*** | ***Hotels, Restaurants & Leisure (7.1%)*** |
|  1011778 BC ULC<br>3.875%, 1/15/28§ |  | 680000 |  | 669365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 9/15/29§ |  | 707000 |  | 719853 |
|  4.000%, 10/15/30§ |  | 1300000 |  | 1236417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boyd Gaming Corp.<br>4.750%, 6/15/31§ |  | 650000 |  | 635369 |
|  Brightstar Lottery plc<br>5.750%, 1/15/33§ |  | 600000 |  | 595638 |
|  Caesars Entertainment, Inc.<br>4.625%, 10/15/29 (x)§ |  | 700000 |  | 670544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 2/15/30§ |  | 3985000 |  | 4124196 |
|  Carnival Corp.<br>7.000%, 8/15/29§ |  | 518000 |  | 542605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 8/1/32§ |  | 814000 |  | 835368 |
|  Churchill Downs, Inc.<br>5.750%, 4/1/30§ |  | 1060000 |  | 1069752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 5/1/31§ |  | 350000 |  | 362800 |
|  Flutter Treasury DAC<br>6.375%, 4/29/29§ |  | 449000 |  | 462501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 6/4/31§ |  | 511000 |  | 518103 |
|  Great Canadian Gaming Corp.<br>8.750%, 11/15/29§ |  | 753000 |  | 759757 |
|  Hilton Domestic Operating Co., Inc.<br>5.875%, 3/15/33§ |  | 423000 |  | 434708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/31/34§ |  | 508000 |  | 511922 |
|  Hilton Grand Vacations Borrower LLC<br>6.625%, 1/15/32§ |  | 175000 |  | 178885 |
|  Kingpin Intermediate Holdings LLC<br>7.250%, 10/15/32 (x)§ |  | 608000 |  | 574560 |
|  Light & Wonder International, Inc.<br>7.500%, 9/1/31§ |  | 975000 |  | 1019021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 10/1/33§ |  | 175000 |  | 176841 |
|  Lindblad Expeditions LLC<br>7.000%, 9/15/30§ |  | 545000 |  | 568413 |
|  NCL Corp. Ltd.<br>6.750%, 2/1/32§ |  | 1550000 |  | 1587153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 9/15/33§ |  | 534000 |  | 532999 |
|  Ontario Gaming GTA LP<br>8.000%, 8/1/30§ |  | 845000 |  | 799581 |
|  Rivers Enterprise Borrower LLC<br>6.625%, 2/1/33§ |  | 1250000 |  | 1278000 |
|  Royal Caribbean Cruises Ltd.<br>5.375%, 7/15/27§ |  | 601000 |  | 605718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/1/33§ |  | 740000 |  | 760340 |
|  Sabre GLBL, Inc.<br>11.125%, 7/15/30§ |  | 710000 |  | 591835 |
|  Scientific Games Holdings LP<br>6.625%, 3/1/30§ |  | 570000 |  | 506409 |
|  Six Flags Entertainment Corp.<br>6.625%, 5/1/32§ |  | 871000 |  | 876923 |
|  Station Casinos LLC<br>4.500%, 2/15/28§ |  | 490000 |  | 485467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/1/31 (x)§ |  | 2219000 |  | 2106608 |
|  Voyager Parent LLC<br>9.250%, 7/1/32§ |  | 1944000 |  | 2061768 |
|  Wyndham Hotels & Resorts, Inc.<br>4.375%, 8/15/28§ |  | 474000 |  | 467610 |
|  |  |  |  | 29327029 |
|  ***Household Durables (0.5%)*** | ***Household Durables (0.5%)*** | ***Household Durables (0.5%)*** | ***Household Durables (0.5%)*** | ***Household Durables (0.5%)*** |
|  Century Communities, Inc.<br>6.625%, 9/15/33§ |  | 547000 |  | 550761 |
|  Newell Brands, Inc.<br>8.500%, 6/1/28§ |  | 446000 |  | 466975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 5/15/32 (x) |  | 656000 |  | 634326 |
|  Whirlpool Corp.<br>6.500%, 6/15/33 |  | 657000 |  | 635555 |
|  |  |  |  | 2287617 |
|  ***Specialty Retail (1.9%)*** | ***Specialty Retail (1.9%)*** | ***Specialty Retail (1.9%)*** | ***Specialty Retail (1.9%)*** | ***Specialty Retail (1.9%)*** |
|  Asbury Automotive Group, Inc.<br>5.000%, 2/15/32§ |  | 1000000 |  | 970230 |
|  EG Global Finance plc<br>12.000%, 11/30/28§ |  | 994000 |  | 1077784 |
|  Global Auto Holdings Ltd.<br>8.375%, 1/15/29§ |  | 964000 |  | 940980 |
|  LBM Acquisition LLC<br>9.500%, 6/15/31§ |  | 478000 |  | 495925 |
|  LCM Investments Holdings II LLC<br>8.250%, 8/1/31§ |  | 425000 |  | 448664 |
|  Lithia Motors, Inc.<br>4.375%, 1/15/31§ |  | 750000 |  | 720210 |
|  Park River Holdings, Inc.<br>8.000%, 3/15/31§ |  | 519000 |  | 535120 |
|  Upbound Group, Inc.<br>6.375%, 2/15/29§ |  | 750000 |  | 738458 |
|  Victra Holdings LLC<br>8.750%, 9/15/29(x)§ |  | 1550000 |  | 1634025 |
|  White Cap Supply Holdings LL<br>C 7.375%, 11/15/30§ |  | 333000 |  | 344106 |
|  |  |  |  | 7905502 |
|  ***Textiles, Apparel & Luxury Goods (0.9%)*** | ***Textiles, Apparel & Luxury Goods (0.9%)*** | ***Textiles, Apparel & Luxury Goods (0.9%)*** | ***Textiles, Apparel & Luxury Goods (0.9%)*** | ***Textiles, Apparel & Luxury Goods (0.9%)*** |
|  Beach Acquisition Bidco LLC<br>10.000%, 7/15/33 PIK§ |  | 1325000 |  | 1391894 |
|  Champ Acquisition Corp.<br>8.375%, 12/1/31§ |  | 618000 |  | 666970 |
|  S&S Holdings LLC<br>8.375%, 10/1/31§ |  | 987000 |  | 947007 |
|  William Carter Co. (The)<br>7.375%, 2/15/31§ |  | 616000 |  | 634505 |
|  |  |  |  | 3640376 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  |  | 59531129 |
|  **Consumer Staples (3.9%)** | **Consumer Staples (3.9%)** | **Consumer Staples (3.9%)** |  |  |
|  ***Beverages (0.1%)*** | ***Beverages (0.1%)*** | ***Beverages (0.1%)*** | ***Beverages (0.1%)*** | ***Beverages (0.1%)*** |
|  Primo Water Holdings, Inc.<br>4.375%, 4/30/29§ |  | 575000 |  | 559757 |
|  ***Consumer Staples Distribution & Retail (1.1%)*** | ***Consumer Staples Distribution & Retail (1.1%)*** | ***Consumer Staples Distribution & Retail (1.1%)*** | ***Consumer Staples Distribution & Retail (1.1%)*** | ***Consumer Staples Distribution & Retail (1.1%)*** |
|  Albertsons Cos., Inc.<br>5.750%, 3/31/34§ |  | 950000 |  | 953886 |
|  Performance Food Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/15/27§ |  | 275000 |  | 274961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 9/15/32§ |  | 1117000 |  | 1150555 |
|  US Foods, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/1/30§ |  | 641000 |  | 631263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 1/15/32§ |  | 496000 |  | 520299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 4/15/33§ |  | 900000 |  | 916443 |
|  |  |  |  | 4447407 |

---

See Notes to Financial Statements.

------

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Food Products (2.3%)*** | ***Food Products (2.3%)*** | ***Food Products (2.3%)*** |
|  Chobani LLC<br>7.625%, 7/1/29§ | $50000 | $52083 |
|  Darling Ingredients, Inc.<br>6.000%, 6/15/30§ | 1320000 | 1339008 |
|  Fiesta Purchaser, Inc.<br>9.625%, 9/15/32§ | 530000 | 554433 |
|  Froneri Lux FinCo. Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 8/1/32§ | 625000 | 739889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 8/1/32§ | $1944000 | 1968611 |
|  Lamb Weston Holdings, Inc.<br>4.375%, 1/31/32§ | 475000 | 452228 |
|  Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/31§ | 1588000 | 1500422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 2/15/32§ | 476000 | 489090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 3/15/36§ | 1082000 | 1083796 |
|  Simmons Foods, Inc.<br>4.625%, 3/1/29§ | 306000 | 294831 |
|  Viking Baked Goods Acquisition Corp.<br>8.625%, 11/1/31§ | 1255000 | 1261840 |
|  |  | 9736231 |
|  ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** |
|  Energizer Holdings, Inc.<br>4.750%, 6/15/28§ | 636000 | 628540 |
|  ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** |
|  Opal Bidco SAS<br>6.500%, 3/31/32§ | 400000 | 408708 |
|  Prestige Brands, Inc.<br>3.750%, 4/1/31 (x)§ | 500000 | 467415 |
|  |  | 876123 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 16248058 |
|  **Energy (8.4%)** | **Energy (8.4%)** | **Energy (8.4%)** |
|  ***Energy Equipment & Services (0.6%)*** | ***Energy Equipment & Services (0.6%)*** | ***Energy Equipment & Services (0.6%)*** |
|  Transocean International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 2/15/30§ | 350250 | 364176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 4/15/31 (x) | 875000 | 829063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800%, 3/15/38 (x) | 275000 | 236654 |
|  WBI Operating LLC<br>6.500%, 10/15/33§ | 974000 | 968818 |
|  |  | 2398711 |
|  ***Oil, Gas & Consumable Fuels (7.8%)*** | ***Oil, Gas & Consumable Fuels (7.8%)*** | ***Oil, Gas & Consumable Fuels (7.8%)*** |
|  Antero Midstream Partners LP<br>5.750%, 7/1/34§ | 792000 | 798344 |
|  Ascent Resources Utica Holdings LLC<br>6.625%, 10/15/32§ | 368000 | 380313 |
|  Blue Racer Midstream LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 7/15/26§ | 494000 | 494267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 7/15/32§ | 1073000 | 1137380 |
|  Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 11/15/43 | 425000 | 397567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 10/15/44 | 75000 | 67778 |
|  CNX Midstream Partners LP<br>4.750%, 4/15/30§ | 1200000 | 1161804 |
|  Comstock Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 3/1/29§ | 575000 | 574408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 1/15/30§ | 1450000 | 1402672 |
|  Crescent Energy Finance LLC<br>7.625%, 4/1/32§ | 1141000 | 1107101 |
|  DBR Land Holdings LLC<br>6.250%, 12/1/30§ | 400000 | 408032 |
|  Delek Logistics Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 3/15/29§ | 1045000 | 1093269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 6/30/33§ | 557000 | 567761 |
|  Genesis Energy LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 2/1/28 | 1079000 | 1082129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 1/15/29 | 150000 | 155625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 4/15/30 | 200000 | 209336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 5/15/32 | 1125000 | 1170743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 5/15/33 | 400000 | 414336 |
|  Harvest Midstream I LP<br>7.500%, 5/15/32§ | 300000 | 312372 |
|  Hilcorp Energy I LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 4/15/32(x)§ | 550000 | 517203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 11/1/33§ | 175000 | 178259 |
|  Kinetik Holdings LP<br>5.875%, 6/15/30§ | 967000 | 973140 |
|  Matador Resources Co.<br>6.250%, 4/15/33§ | 1225000 | 1223395 |
|  NGL Energy Operating LLC<br>8.375%, 2/15/32§ | 1387000 | 1434643 |
|  Northern Oil & Gas, Inc.<br>7.875%, 10/15/33§ | 616000 | 597853 |
|  NuStar Logistics LP<br>6.000%, 6/1/26 | 400000 | 400308 |
|  Permian Resources Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 7/1/29§ | 412000 | 413413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 2/1/33§ | 502000 | 514711 |
|  Prairie Acquiror LP<br>9.000%, 8/1/29§ | 1150000 | 1192791 |
|  SM Energy Co.<br>7.000%, 8/1/32§ | 1000000 | 980940 |
|  Summit Midstream Holdings LLC<br>8.625%, 10/31/29§ | 1622000 | 1675169 |
|  Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 5/1/32§ | 526000 | 555587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/1/33§ | 524000 | 536036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 3/15/34§ | 1875000 | 1870313 |
|  Tallgrass Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 9/1/31§ | 300000 | 296193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 3/15/34§ | 625000 | 624019 |
|  Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 1/15/30 (x)§ | 150000 | 144232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 6/1/31§ | 1350000 | 1341968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 2/1/32 (x)§ | 700000 | 723240 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 5/1/35§ | 600000 | 654114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 1/15/36§ | 500000 | 511250 |
|  Western Midstream Operating LP<br>7.250%, 4/1/30§ | 584000 | 621365 |
|  Wildfire Intermediate Holdings LLC<br>7.500%, 10/15/29 (x)§ | 1575000 | 1591364 |
|  |  | 32506743 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 34905454 |
|  **Financials (11.9%)** | **Financials (11.9%)** | **Financials (11.9%)** |
|  ***Banks (0.2%)*** | ***Banks (0.2%)*** | ***Banks (0.2%)*** |
|  Armor Holdco, Inc.<br>8.500%, 11/15/29§ | 997000 | 998047 |

---

See Notes to Financial Statements.

------

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Capital Markets (1.3%)*** | ***Capital Markets (1.3%)*** | ***Capital Markets (1.3%)*** |
|  Aretec Group, Inc.<br>10.000%, 8/15/30§ | $335000 | $360507 |
|  HAT Holdings I LLC<br>3.750%, 9/15/30§ | 1225000 | 1134415 |
|  Jane Street Group<br>6.750%, 5/1/33§ | 875000 | 912494 |
|  MSCI, Inc.<br>3.250%, 8/15/33§ | 1302000 | 1167557 |
|  Osaic Holdings, Inc.<br>6.750%, 8/1/32§ | 256000 | 267039 |
|  Stonex Escrow Issuer LLC<br>6.875%, 7/15/32§ | 1225000 | 1264812 |
|  StoneX Group, Inc.<br>7.875%, 3/1/31§ | 400000 | 423732 |
|  |  | 5530556 |
|  ***Consumer Finance (2.9%)*** | ***Consumer Finance (2.9%)*** | ***Consumer Finance (2.9%)*** |
|  Ally Financial, Inc.<br>6.700%, 2/14/33 | 1675000 | 1748941 |
|  Azorra Finance Ltd.<br>7.750%, 4/15/30§ | 1775000 | 1874844 |
|  Bread Financial Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 5/15/31§ | 375000 | 388256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 6/15/35§ | 825000 | 852431 |
|  Credit Acceptance Corp.<br>9.250%, 12/15/28§ | 675000 | 705375 |
|  Enova International, Inc.<br>9.125%, 8/1/29§ | 889000 | 942056 |
|  GGAM Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 2/15/27§ | 364000 | 372452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 6/15/28§ | 674000 | 712593 |
|  goeasy Ltd.<br>6.875%, 5/15/30§ | 300000 | 286440 |
|  OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 3/15/30 | 125000 | 131961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/15/30 (x) | 2100000 | 1965495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 5/15/31 (x) | 300000 | 315819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 11/15/31 | 350000 | 364935 |
|  PROG Holdings, Inc.<br>6.000%, 11/15/29 (x)§ | 1250000 | 1233650 |
|  |  | 11895248 |
|  ***Financial Services (2.6%)*** | ***Financial Services (2.6%)*** | ***Financial Services (2.6%)*** |
|  Block, Inc.<br>6.000%, 8/15/33§ | 314000 | 321976 |
|  Freedom Mortgage Holdings LLC<br>9.250%, 2/1/29§ | 604000 | 632630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 4/1/32§ | 710000 | 748468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 4/1/33§ | 825000 | 854122 |
|  ION Platform Finance US, Inc.<br>7.875%, 9/30/32§ | 200000 | 189844 |
|  Rocket Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 8/1/29§ | 525000 | 541900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 8/1/30§ | 100000 | 103211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 2/1/32§ | 200000 | 210224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 8/1/33§ | 742000 | 773735 |
|  Rocket Mortgage LLC<br>3.875%, 3/1/31§ | 1525000 | 1443961 |
|  Shift4 Payments LLC<br>6.750%, 8/15/32§ | 2489000 | 2567926 |
|  WEX, Inc.<br>6.500%, 3/15/33§ | 2175000 | 2225569 |
|  |  | 10613566 |
|  ***Insurance (4.7%)*** | ***Insurance (4.7%)*** | ***Insurance (4.7%)*** |
|  Acrisure LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 2/1/29§ | 2311000 | 2393919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/15/29§ | 275000 | 267404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 11/6/30§ | 650000 | 675981 |
|  Alliant Holdings Intermediate LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 10/15/27§ | 936000 | 937713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/1/31§ | 2150000 | 2215618 |
|  AmWINS Group, Inc.<br>4.875%, 6/30/29§ | 1925000 | 1892602 |
|  Amynta Agency Borrower, Inc. and Amynta Warranty Borrower, Inc.<br>7.500%, 7/15/33§ | 1375000 | 1395625 |
|  Ardonagh Finco Ltd.<br>7.750%, 2/15/31§ | 250000 | 261869 |
|  Ardonagh Group Finance Ltd.<br>8.875%, 2/15/32§ | 2487000 | 2579168 |
|  Asurion LLC and Asurion Co-Issuer, Inc.<br>8.000%, 12/31/32§ | 598000 | 620276 |
|  Broadstreet Partners Group LLC<br>5.875%, 4/15/29§ | 576000 | 574036 |
|  Howden UK Refinance plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 2/15/31(x)§ | 875000 | 901198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 2/15/32(x)§ | 850000 | 875508 |
|  HUB International Ltd.<br>7.250%, 6/15/30§ | 738000 | 773210 |
|  Nassau Cos. of New York (The)<br>7.875%, 7/15/30§ | 1750000 | 1657031 |
|  Panther Escrow Issuer LLC<br>7.125%, 6/1/31§ | 1575000 | 1632676 |
|  |  | 19653834 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.2%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.2%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.2%)*** |
|  Starwood Property Trust, Inc. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 7/1/30§ | 334000 | 348485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 1/15/31§ | 294000 | 297640 |
|  |  | 646125 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 49337376 |
|  **Health Care (4.9%)** | **Health Care (4.9%)** | **Health Care (4.9%)** |
|  ***Biotechnology (0.1%)*** |  |  |
|  Grifols SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/15/28§ | 225000 | 259576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 10/15/28§ | $275000 | 271455 |
|  |  | 531031 |
|  ***Health Care Equipment & Supplies (0.8%)*** | ***Health Care Equipment & Supplies (0.8%)*** | ***Health Care Equipment & Supplies (0.8%)*** |
|  Medline Borrower LP<br>5.250%, 10/1/29§ | 1174000 | 1180527 |
|  Neogen Food Safety Corp.<br>8.625%, 7/20/30§ | 1395000 | 1486693 |
|  Varex Imaging Corp.<br>7.875%, 10/15/27§ | 503000 | 511632 |
|  |  | 3178852 |

---

See Notes to Financial Statements.

------

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Health Care Providers & Services (3.0%)*** | ***Health Care Providers & Services (3.0%)*** | ***Health Care Providers & Services (3.0%)*** |
|  Acadia Healthcare Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/1/28§ | $250000 | $247778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/15/29§ | 150000 | 144162 |
|  AdaptHealth LLC<br>5.125%, 3/1/30§ | 478000 | 465964 |
|  Concentra Health Services, Inc.<br>6.875%, 7/15/32§ | 525000 | 549486 |
|  DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/1/30§ | 525000 | 510200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 2/15/31§ | 500000 | 461105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 9/1/32§ | 125000 | 129893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 7/15/33§ | 775000 | 804155 |
|  HealthEquity, Inc.<br>4.500%, 10/1/29§ | 971000 | 951648 |
|  Heartland Dental LLC<br>10.500%, 4/30/28§ | 229000 | 239330 |
|  LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 8/15/30§ | 200000 | 215002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, 10/15/30§ | 425000 | 466353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 6/1/32(x)§ | 1175000 | 1245429 |
|  Select Medical Corp.<br>6.250%, 12/1/32 (x)§ | 1075000 | 1050103 |
|  Star Parent, Inc.<br>9.000%, 10/1/30§ | 713000 | 761063 |
|  Surgery Center Holdings, Inc.<br>7.250%, 4/15/32§ | 1850000 | 1873514 |
|  Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 10/1/28 | 490000 | 491896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/15/32§ | 425000 | 430342 |
|  US Acute Care Solutions LLC<br>9.750%, 5/15/29§ | 1386000 | 1396395 |
|  |  | 12433818 |
|  ***Health Care Technology (0.8%)*** | ***Health Care Technology (0.8%)*** | ***Health Care Technology (0.8%)*** |
|  IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/15/27§ | 200000 | 199758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 5/15/28 | 810000 | 834692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 2/1/29 | 1048000 | 1104460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 6/1/32§ | 1261000 | 1317745 |
|  |  | 3456655 |
|  ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** |
|  Charles River Laboratories International, Inc.<br>4.000%, 3/15/31§ | 800000 | 758432 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 20358788 |
|  **Industrials (12.2%)** |  |  |
|  ***Aerospace & Defense (1.1%)*** | ***Aerospace & Defense (1.1%)*** | ***Aerospace & Defense (1.1%)*** |
|  Goat Holdco LLC<br>6.750%, 2/1/32§ | 832000 | 852459 |
|  Rolls-Royce plc<br>5.750%, 10/15/27§ | 732000 | 750626 |
|  TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 12/1/31§ | 325000 | 340593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 5/31/33§ | 2400000 | 2461944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 1/31/34§ | 300000 | 312258 |
|  |  | 4717880 |
|  ***Building Products (1.3%)*** | ***Building Products (1.3%)*** | ***Building Products (1.3%)*** |
|  Advanced Drainage Systems, Inc.<br>6.375%, 6/15/30§ | 439000 | 447780 |
|  AmeriTex HoldCo Intermediate LLC<br>7.625%, 8/15/33§ | 550000 | 576477 |
|  Camelot Return Merger Sub, Inc.<br>8.750%, 8/1/28§ | 704000 | 546480 |
|  EMRLD Borrower LP<br>6.625%, 12/15/30§ | 964000 | 1004681 |
|  New Enterprise Stone & Lime Co., Inc.<br>5.250%, 7/15/28§ | 389000 | 387784 |
|  Quikrete Holdings, Inc.<br>6.750%, 3/1/33§ | 625000 | 652356 |
|  Smyrna Ready Mix Concrete LLC<br>6.000%, 11/1/28§ | 1125000 | 1127419 |
|  Standard Building Solutions, Inc.<br>5.875%, 3/15/34§ | 585000 | 586597 |
|  |  | 5329574 |
|  ***Commercial Services & Supplies (3.8%)*** | ***Commercial Services & Supplies (3.8%)*** | ***Commercial Services & Supplies (3.8%)*** |
|  ACCO Brands Corp.<br>4.250%, 3/15/29§ | 396000 | 366819 |
|  ADT Security Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 7/15/32§ | 1000000 | 965625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 10/15/33§ | 1163000 | 1178363 |
|  Allied Universal Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 6/1/29§ | 151000 | 149209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 6/15/30§ | 782000 | 812889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 2/15/31§ | 658000 | 693434 |
|  Aramark Services, Inc.<br>5.000%, 2/1/28§ | 1222000 | 1219788 |
|  Clarivate Science Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 7/1/28§ | 275000 | 266836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 7/1/29§ | 1025000 | 966780 |
|  Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 6/1/29§ | 500000 | 490000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 1/15/31§ | 379000 | 387376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 8/1/32§ | 615000 | 623333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 11/15/32§ | 1125000 | 1145441 |
|  Madison IAQ LLC<br>5.875%, 6/30/29§ | 1331000 | 1319207 |
|  Raven Acquisition Holdings LLC<br>6.875%, 11/15/31§ | 859000 | 885182 |
|  Reworld Holding Corp.<br>4.875%, 12/1/29§ | 350000 | 336081 |
|  Veritiv Operating Co.<br>10.500%, 11/30/30§ | 1116000 | 1199789 |
|  Waste Pro USA, Inc.<br>7.000%, 2/1/33§ | 1961000 | 2015712 |
|  Williams Scotsman, Inc.<br>7.375%, 10/1/31§ | 708000 | 738798 |
|  |  | 15760662 |
|  ***Construction & Engineering (0.7%)*** | ***Construction & Engineering (0.7%)*** | ***Construction & Engineering (0.7%)*** |
|  AECOM<br>6.000%, 8/1/33§ | 654000 | 669376 |
|  Arcosa, Inc.<br>6.875%, 8/15/32§ | 497000 | 523435 |
|  Brand Industrial Services, Inc.<br>10.375%, 8/1/30 (x)§ | 650000 | 638216 |
|  Dycom Industries, Inc.<br>4.500%, 4/15/29§ | 623000 | 613991 |
|  Weekley Homes LLC<br> 4.875%, 9/15/28§ | 392000 | 385042 |
|  |  | 2830060 |

---

See Notes to Financial Statements.

------

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** |
|  EnerSys<br>6.625%, 1/15/32§ | $437000 | $453645 |
|  ***Ground Transportation (1.1%)*** | ***Ground Transportation (1.1%)*** | ***Ground Transportation (1.1%)*** |
|  Beacon Mobility Corp.<br>7.250%, 8/1/30§ | 482000 | 504162 |
|  Genesee & Wyoming, Inc.<br>6.250%, 4/15/32§ | 370000 | 381807 |
|  NESCO Holdings II, Inc.<br>5.500%, 4/15/29§ | 914000 | 901396 |
|  RXO, Inc.<br>7.500%, 11/15/27§ | 516000 | 525629 |
|  Synergy Infrastructure Holdings LLC<br>7.875%, 12/1/30§ | 369000 | 382376 |
|  Watco Cos. LLC<br>7.125%, 8/1/32§ | 1203000 | 1257111 |
|  XPO, Inc.<br>7.125%, 6/1/31§ | 598000 | 623684 |
|  |  | 4576165 |
|  ***Machinery (1.1%)*** | ***Machinery (1.1%)*** | ***Machinery (1.1%)*** |
|  ATS Corp.<br>4.125%, 12/15/28§ | 758000 | 737443 |
|  Chart Industries, Inc.<br>7.500%, 1/1/30§ | 1342000 | 1398324 |
|  Enpro, Inc.<br>6.125%, 6/1/33§ | 365000 | 375870 |
|  Hillenbrand, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 2/15/29 | 634000 | 647669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 3/1/31 | 210000 | 209893 |
|  Husky Injection Molding Systems Ltd. 9.000%, 2/15/29§ | 634000 | 663512 |
|  Terex Corp.<br>6.250%, 10/15/32§ | 571000 | 585458 |
|  |  | 4618169 |
|  ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** |
|  American Airlines, Inc.<br>5.750%, 4/20/29§ | 325000 | 330525 |
|  ***Professional Services (1.0%)*** | ***Professional Services (1.0%)*** | ***Professional Services (1.0%)*** |
|  Amentum Holdings, Inc.<br>7.250%, 8/1/32§ | 1000000 | 1051930 |
|  CACI International, Inc.<br>6.375%, 6/15/33§ | 490000 | 506053 |
|  VT Topco, Inc.<br>8.500%, 8/15/30 (x)§ | 2576000 | 2684269 |
|  |  | 4242252 |
|  ***Trading Companies & Distributors (1.9%)*** | ***Trading Companies & Distributors (1.9%)*** | ***Trading Companies & Distributors (1.9%)*** |
|  FTAI Aviation Investors LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 5/1/31§ | 750000 | 787275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 6/15/32§ | 525000 | 550505 |
|  Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 6/15/30§ | 400000 | 420804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 3/15/34§ | 1977000 | 2002167 |
|  QXO Building Products, Inc.<br>6.750%, 4/30/32§ | 500000 | 522395 |
|  United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/15/29§ | 658000 | 675055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/15/33§ | 500000 | 499600 |
|  WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 6/15/28§ | 862000 | 873241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 3/15/32§ | 649000 | 678497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 3/15/33§ | 845000 | 880473 |
|  |  | 7890012 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 50748944 |
|  **Information Technology (8.5%)** |  |  |
|  ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** |
|  CommScope LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 3/1/27 (x)§ | 504000 | 504711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 9/1/29§ | 594000 | 592886 |
|  |  | 1097597 |
|  ***Electronic Equipment, Instruments & Components (0.1%)*** | ***Electronic Equipment, Instruments & Components (0.1%)*** | ***Electronic Equipment, Instruments & Components (0.1%)*** |
|  Insight Enterprises, Inc.<br>6.625%, 5/15/32§ | 175000 | 179594 |
|  Zebra Technologies Corp.<br>6.500%, 6/1/32§ | 421000 | 434956 |
|  |  | 614550 |
|  ***IT Services (1.2%)*** |  |  |
|  Ahead DB Holdings LLC<br>6.625%, 5/1/28§ | 1040000 | 1044555 |
|  ASGN, Inc.<br>4.625%, 5/15/28§ | 875000 | 859688 |
|  ION Platform Finance US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 5/1/28§ | 442000 | 406640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 5/15/28§ | 1290000 | 1222404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 5/1/29§ | 490000 | 496468 |
|  Unisys Corp.<br>10.625%, 1/15/31 (x)§ | 874000 | 889400 |
|  |  | 4919155 |
|  ***Semiconductors & Semiconductor Equipment (0.7%)*** | ***Semiconductors & Semiconductor Equipment (0.7%)*** | ***Semiconductors & Semiconductor Equipment (0.7%)*** |
|  Amkor Technology, Inc.<br>5.875%, 10/1/33 (x)§ | 659000 | 674038 |
|  Qnity Electronics, Inc.<br>6.250%, 8/15/33§ | 2081000 | 2157997 |
|  |  | 2832035 |
|  ***Software (6.2%)*** | ***Software (6.2%)*** | ***Software (6.2%)*** |
|  AthenaHealth Group, Inc.<br>6.500%, 2/15/30§ | 1932000 | 1933913 |
|  Camelot Finance SA<br>4.500%, 11/1/26§ | 50000 | 49474 |
|  Capstone Borrower, Inc.<br>8.000%, 6/15/30§ | 2881000 | 2966422 |
|  Central Parent LLC<br>8.000%, 6/15/29§ | 300000 | 259932 |
|  Central Parent, Inc.<br>7.250%, 6/15/29§ | 671000 | 569484 |
|  Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 3/31/29§ | 374000 | 378911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 9/30/29§ | 1458000 | 1517231 |
|  Dye & Durham Ltd.<br>8.625%, 4/15/29(x)§ | 1025000 | 965858 |
|  Ellucian Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 12/1/29§ | 1444000 | 1471364 |
|  Fair Isaac Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 5/15/33§ | 700000 | 717514 |

---

See Notes to Financial Statements.

------

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Gen Digital, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 9/30/30§ | $| 867000 | $| 895377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 4/1/33§ |  | 660000 |  | 678150 |
|  McAfee Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 2/15/30§ |  | 1232000 |  | 1074033 |
|  NCR Voyix Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/1/28§ |  | 569000 |  | 563794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 4/15/29§ |  | 288000 |  | 285425 |
|  Open Text Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.900%, 12/1/27§ |  | 620000 |  | 644391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/1/29§ |  | 75000 |  | 71203 |
|  Open Text Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 12/1/31§ |  | 792000 |  | 738548 |
|  Rocket Software, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 11/28/28§ |  | 630000 |  | 647627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 2/15/29§ |  | 416000 |  | 407422 |
|  SS&C Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 9/30/27§ |  | 1072000 |  | 1071925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 6/1/32§ |  | 2227000 |  | 2313029 |
|  UKG, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 2/1/31§ |  | 2499000 |  | 2568097 |
|  ZoomInfo Technologies LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/1/29§ |  | 3241000 |  | 3058823 |
|  |  |  |  | 25847947 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  |  | 35311284 |
|  **Materials (8.0%)** |  |  |  |  |
|  ***Chemicals (2.8%)*** |  |  |  |  |
|  Avient Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 8/1/30 (x)§ |  | 549000 |  | 563356 |
|  Axalta Coating Systems LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 6/15/27§ |  | 570000 |  | 567623 |
|  Celanese US Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 4/15/33 (x) |  | 1040000 |  | 1032980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200%, 11/15/33 (e) |  | 364000 |  | 384318 |
|  HB Fuller Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/15/28 |  | 602000 |  | 594457 |
|  Illuminate Buyer LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 7/1/28§ |  | 360000 |  | 360184 |
|  INEOS Quattro Finance 2 plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, 3/15/29§ |  | 970000 |  | 675266 |
|  Maxam Prill Sarl |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 7/15/30§ |  | 736000 |  | 760840 |
|  Minerals Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/1/28§ |  | 1170000 |  | 1163015 |
|  NOVA Chemicals Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 11/15/28§ |  | 885000 |  | 926763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 2/15/30§ |  | 186000 |  | 198287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 12/1/31§ |  | 287000 |  | 305297 |
|  Nufarm Australia Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/27/30§ |  | 1020000 |  | 938053 |
|  Olympus Water US Holding Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/1/28§ |  | 646000 |  | 623519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 10/1/29§ |  | 200000 |  | 193818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 6/15/31§ |  | 600000 |  | 613404 |
|  Solstice Advanced Materials, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 9/30/33§ |  | 370000 |  | 373112 |
|  WR Grace Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/15/29§ |  | 1577000 |  | 1492362 |
|  |  |  |  | 11766654 |
|  **Containers & Packaging (2.8%)** |  |  |  |  |
|  Ardagh Metal Packaging Finance USA LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/1/29§ |  | 2284000 |  | 2143580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 1/30/31§ |  | 881000 |  | 899809 |
|  Clydesdale Acquisition Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 4/15/30 (x)§ |  | 1388000 |  | 1408431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 4/15/32§ |  | 386000 |  | 396341 |
|  Graphic Packaging International LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 7/15/32 (x)§ |  | 370000 |  | 376320 |
|  LABL, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/1/28 (x)§ |  | 693000 |  | 434858 |
|  Mauser Packaging Solutions Holding Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 4/15/30§ |  | 596000 |  | 593830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 4/15/30§ |  | 1860000 |  | 1785340 |
|  Owens-Brockway Glass Container, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 5/13/27§ |  | 673000 |  | 674144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 5/15/31§ |  | 418000 |  | 425599 |
|  Sealed Air Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 2/1/28§ |  | 292000 |  | 296380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 2/15/31§ |  | 350000 |  | 363426 |
|  Toucan FinCo Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, 5/15/30§ |  | 728000 |  | 726297 |
|  Trivium Packaging Finance BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 7/15/30§ |  | 360000 |  | 384829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.250%, 1/15/31§ |  | 426000 |  | 462210 |
|  |  |  |  | 11371394 |
|  **Metals & Mining (1.9%)** |  |  |  |  |
|  Arsenal AIC Parent LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 10/1/30§ |  | 900000 |  | 954414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500%, 10/1/31§ |  | 500000 |  | 548890 |
|  Commercial Metals Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/15/35§ |  | 417000 |  | 427946 |
|  Constellium SE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/15/29§ |  | 75000 |  | 72331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 8/15/32§ |  | 950000 |  | 978585 |
|  Kaiser Aluminum Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/1/31 (x)§ |  | 792000 |  | 764692 |
|  Novelis Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 1/30/30§ |  | 1300000 |  | 1254058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 1/30/30§ |  | 281000 |  | 290951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 8/15/33§ |  | 1114000 |  | 1128415 |
|  SunCoke Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 6/30/29§ |  | 1750000 |  | 1623125 |
|  |  |  |  | 8043407 |
|  **Paper & Forest Products (0.5%)** |  |  |  |  |
|  Magnera Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/15/29 (x)§ |  | 575000 |  | 531760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 11/15/31§ |  | 1438000 |  | 1411037 |
|  |  |  |  | 1942797 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  |  | 33124252 |
|  **Real Estate (1.8%)** | **Real Estate (1.8%)** | **Real Estate (1.8%)** | **Real Estate (1.8%)** | **Real Estate (1.8%)** |
|  ***Diversified REITs (0.1%)*** | ***Diversified REITs (0.1%)*** | ***Diversified REITs (0.1%)*** | ***Diversified REITs (0.1%)*** | ***Diversified REITs (0.1%)*** |
|  VICI Properties LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/1/26§ |  | 470000 |  | 470104 |

---

See Notes to Financial Statements.

------

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  ***Health Care REITs (0.4%)*** |  |  |  |  |
|  MPT Operating Partnership LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/15/27 | $| 375000 | $| 360607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/15/31 |  | 925000 |  | 671874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 2/15/32§ |  | 675000 |  | 720778 |
|  |  |  |  | 1753259 |
|  ***Hotel & Resort REITs (0.7%)*** |  |  |  |  |
|  Park Intermediate Holdings LLC (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 10/1/28§ |  | 576000 |  | 575171 |
|  Pebblebrook Hotel LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 10/15/29§ |  | 372000 |  | 380459 |
|  RHP Hotel Properties LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 6/15/33§ |  | 1050000 |  | 1090834 |
|  Service Properties Trust (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 11/15/31§ |  | 750000 |  | 786743 |
|  |  |  |  | 2833207 |
|  ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** |
|  Cushman & Wakefield US Borrower LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 5/15/28§ |  | 736000 |  | 738951 |
|  Greystar Real Estate Partners LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 9/1/30§ |  | 524000 |  | 549873 |
|  |  |  |  | 1288824 |
|  ***Specialized REITs (0.3%)*** |  |  |  |  |
|  Iron Mountain, Inc. (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/15/28§ |  | 621000 |  | 618001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 1/15/33§ |  | 300000 |  | 302250 |
|  SBA Communications Corp. (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/15/27 |  | 164000 |  | 162573 |
|  |  |  |  | 1082824 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  |  | 7428218 |
|  **Utilities (0.6%)** |  |  |  |  |
|  ***Electric Utilities (0.3%)*** |  |  |  |  |
|  VoltaGrid LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 11/1/30§ |  | 1200000 |  | 1188732 |
|  ***Gas Utilities (0.1%)*** |  |  |  |  |
|  Suburban Propane Partners LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/1/31§ |  | 500000 |  | 480060 |
|  ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** |
|  Lightning Power LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 8/15/32§ |  | 600000 |  | 637686 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  |  | 2306478 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  |  |  | 341338780 |
|  **Loan Participations (4.6%)** |  |  |  |  |
|  **Communication Services (0.0%)†** |  |  |  |  |
|  ***Media (0.0%)†*** |  |  |  |  |
|  Loyalty Ventures, Inc., 1st Lien Term Loan B (US Prime Rate + 5.50%),<br>13.500%, 11/3/26 (k) |  | 305297 |  | 24424 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  |  |  | 24424 |
|  **Consumer Discretionary (0.2%)** |  |  |  |  |
|  ***Automobile Components (0.0%)†*** |  |  |  |  |
|  Clarios Global LP, 1st Lien Term Loan (CME Term SOFR 1 Month + 2.50%),<br>6.216%, 5/6/30 (k) |  | 223308 |  | 223643 |
|  First Brands Group LLC, 1st Lien Incremental Term Loan (CME Term SOFR 1 Month + 7.00%),<br>10.987%, 3/30/27 (k) |  | 985 |  | 3 |
|  First Brands Group LLC, 1st Lien Term Loan (CME Term SOFR 1 Month + 1.55%),<br>5.393%, 6/29/26 PIK (k) |  | 7792 |  | 1420 |
|  (CME Term SOFR 1 Month + 7.00%),<br>10.843%, 6/29/26 PIK(k) |  | 1724 |  | 34 |
|  (CME Term SOFR 1 Month + 7.00%),<br>10.987%, 3/30/27 PIK(k) |  | 4043 |  | 10 |
|  First Brands Group LLC, 2nd Lien Term Loan (CME Term SOFR 1 Month + 10.50%),<br>14.487%, 3/30/28 PIK (k) |  | 3531 |  | 5 |
|  |  |  |  | 225115 |
|  ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Champions Financing, Inc., 1st Lien Initial Term Loan (CME Term SOFR 3 Month + 4.75%),<br>8.572%, 2/6/29 (k) |  | 570666 |  | 539457 |
|  ***Specialty Retail (0.1%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Victra Holdings LLC, 1st Lien Incremental Term Loan (CME Term SOFR 3 Month + 3.75%),<br>7.422%, 3/30/29 (k) |  | 234686 |  | 234979 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  |  | 999551 |
|  **Consumer Staples (0.2%)** |  |  |  |  |
|  ***Beverages (0.2%)*** | ***Beverages (0.2%)*** | ***Beverages (0.2%)*** | ***Beverages (0.2%)*** | ***Beverages (0.2%)*** |
|  Arterra Wines Canada, Inc., 1st Lien Initial Term Loan B1<br>(CME Term SOFR 3 Month + 3.50%), 7.763%, 11/25/27 (k) |  | 770941 |  | 759377 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  |  | 759377 |
|  **Financials (1.5%)** |  |  |  |  |
|  ***Capital Markets (0.8%)*** |  |  |  |  |
|  Nexus Buyer LLC, 1st Lien Initial Term Loan<br>(CME Term SOFR 1 Month + 3.50%), 7.216%, 7/31/31(k) |  | 770999 |  | 759434 |
|  Nexus Buyer LLC, 2nd Lien Initial Term Loan<br>(CME Term SOFR 1 Month + 5.75%), 9.466%, 2/16/32 (k) |  | 2350000 |  | 2316707 |
|  |  |  |  | 3076141 |
|  ***Financial Services (0.1%)*** |  |  |  |  |
|  Jump Financial LLC, 1st Lien Term Loan B<br>(CME Term SOFR 3 Month + 3.50%), 7.172%, 2/26/32 (k) |  | 573001 |  | 562974 |

---

See Notes to Financial Statements.

------

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Insurance (0.6%)*** |  |  |  |
|  Acrisure LLC, 1st Lien Term Loan B6<br>(CME Term SOFR 1 Month + 3.00%), 6.716%, 11/6/30 (k) | $| 198496 | $198165 |
|  Asurion LLC, 2nd Lien Term Loan B3<br>(CME Term SOFR 1 Month + 5.25%), 9.081%, 1/31/28 (k) |  | 1275000 | 1268944 |
|  Asurion LLC, 2nd Lien Term Loan B4<br>(CME Term SOFR 1 Month + 5.25%), 9.081%, 1/19/29 (k) |  | 800000 | 784200 |
|  Truist Insurance Holdings LLC, 2nd Lien Initial Term Loan<br>(CME Term SOFR 3 Month + 4.75%), 8.752%, 5/6/32 (k) |  | 355263 | 359112 |
|  |  |  | 2610421 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 6249536 |
|  **Health Care (0.1%)** |  |  |  |
|  ***Health Care Providers & Services (0.1%)*** | ***Health Care Providers & Services (0.1%)*** | ***Health Care Providers & Services (0.1%)*** |  |
|  Sound Inpatient Physicians, Inc., 1st Lien Term Loan C<br>(CME Term SOFR 3 Month + 6.75%), 11.013%, 6/28/29 PIK (k) |  | 277333 | 262080 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 262080 |
|  **Industrials (0.1%)** |  |  |  |
|  ***Commercial Services & Supplies (0.0%)†*** | ***Commercial Services & Supplies (0.0%)†*** | ***Commercial Services & Supplies (0.0%)†*** |  |
|  Anticimex Global AB, 1st Lien Term Loan<br>(CME Term SOFR 1 Day + 2.90%), 6.810%, 11/17/31(k) |  | 249375 | 250466 |
|  ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** |  |
|  Tecta America Corp., 1st Lien Term Loan B<br>(CME Term SOFR 1 Month + 2.75%), 6.466%, 2/18/32 (k) |  | 298500 | 299993 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 550459 |
|  **Information Technology (2.5%)** |  |  |  |
|  ***Software (2.5%)*** |  |  |  |
|  Applied Systems, Inc., 2nd Lien Term Loan<br>(CME Term SOFR 3 Month + 4.50%), 8.172%, 2/23/32 (k) |  | 975000 | 989625 |
|  Ascend Learning LLC, 1st Lien Initial Term Loan<br>(CME Term SOFR 1 Month + 3.00%), 6.716%, 12/11/28 (k) |  | 1541866 | 1545721 |
|  AthenaHealth Group, Inc., 1st Lien Initial Term Loan<br>(CME Term SOFR 1 Month + 2.75%), 6.466%, 2/15/29 (k) |  | 995991 | 997485 |
|  Cast & Crew LLC, 1st Lien Incremental Term Loan<br>(CME Term SOFR 1 Month + 3.75%), 7.466%, 12/29/28 (k) |  | 615517 | 358319 |
|  Darktrace Finco U.S. LLC, 1st Lien Initial Term Loan<br>(CME Term SOFR 3 Month + 3.25%), 7.185%, 10/9/31 (k) |  | 1045243 | 1048509 |
|  Darktrace Finco U.S. LLC, 2nd Lien Initial Term Loan<br>(CME Term SOFR 3 Month + 5.25%), 9.185%, 10/11/32 (k) |  | 875000 | 866615 |
|  Dawn Bidco LLC, 1st Lien Term Loan<br>(CME Term SOFR 12 Month + 3.50%), 7.259%, 8/20/32 (k) |  | 1075000 | 1070834 |
|  Ellucian Holdings, Inc., 2nd Lien Initial Term Loan<br>(CME Term SOFR 1 Month + 4.75%), 8.466%, 11/15/32 (k) |  | 350000 | 351969 |
|  Kaseya, Inc., 1st Lien Initial Term Loan<br>(CME Term SOFR 1 Month + 3.00%), 6.716%, 3/22/32 (k) |  | 722222 | 722223 |
|  Kaseya, Inc., 2nd Lien Initial Term Loan<br>(CME Term SOFR 1 Month + 5.00%), 8.716%, 3/22/32 (k) |  | 525000 | 512039 |
|  KnowBe4, Inc., 1st Lien Term Loan<br>(CME Term SOFR 3 Month + 3.75%), 7.590%, 7/23/32 (k) |  | 500000 | 499688 |
|  Modena Buyer LLC, 1st Lien Initial Term Loan<br>(CME Term SOFR 3 Month + 4.25%), 8.090%, 7/1/31 (k) |  | 569250 | 565336 |
|  Planview Parent, Inc., 1st Lien Incremental Term Loan B<br>(CME Term SOFR 3 Month + 3.50%), 7.180%, 12/17/27 (k) |  | 124058 | 118630 |
|  Proofpoint, Inc., 1st Lien Refinancing Term Loan<br>(CME Term SOFR 1 Month + 3.00%), 6.916%, 8/31/28 (k) |  | 125000 | 125500 |
|  Red Planet Borrower LLC, 1st Lien Initial Term Loan<br>(CME Term SOFR 1 Month + 4.00%), 7.916%, 9/8/32 (k) |  | 550000 | 550573 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 10323066 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Loan Participations** |  |  | 19168493 |
|  **Total Long-Term Debt Securities (86.8%)**<br> *(Cost $359,240,629)* | **Total Long-Term Debt Securities (86.8%)**<br> *(Cost $359,240,629)* | **Total Long-Term Debt Securities (86.8%)**<br> *(Cost $359,240,629)* | 360507273 |
|  | **Number of<br>Shares** | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCK: |  |  |  |
|  **Health Care (0.0%)†** |  |  |  |
|  ***Health Care Providers & Services (0.0%)†*** | ***Health Care Providers & Services (0.0%)†*** | ***Health Care Providers & Services (0.0%)†*** |  |
|  Sound Inpatient Physicians, Inc., Class A (r)\* |  | 377134 | 49047 |
|  Sound Inpatient Physicians, Inc., Class A2 (r)\* |  | 16883 | 12662 |
|  **Total Common Stocks (0.0%)†**<br> *(Cost $–)* |  |  | 61709 |

---

See Notes to Financial Statements.

------

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br>of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |
|  **Fixed Income (8.9%)** |  |  |
|  iShares Broad USD High Yield Corporate Bond ETF | 412550 | $15427307 |
|  iShares iBoxx $ High Yield Corporate Bond ETF (x) | 37700 | 3039751 |
|  State Street SPDR Bloomberg High Yield Bond ETF (x) | 32334 | 3143188 |
|  State Street SPDR Portfolio High Yield Bond ETF | 652930 | 15454853 |
|  **Total Exchange Traded Funds (8.9%)<br>(***Cost $38,910,265***)** |  | 37065099 |
|  SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (5.6%)** |  |  |
|  BlackRock Liquidity FedFund, Institutional Shares<br>3.65% (7 day yield) (xx) | 7000000 | 7000000 |
|  Goldman Sachs Financial Square Government Fund<br>3.67% (7 day yield) (xx) | 1000000 | 1000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares<br>3.68% (7 day yield) (xx) | 4368295 | 4368295 |
|  JPMorgan Prime Money Market Fund, IM Shares<br>3.92% (7 day yield) | 7546076 | 7549094 |
|  Morgan Stanley Institutional Liquidity Fund - Government Portfolio<br>3.69% (7 day yield) (xx) | 1000000 | 1000000 |
|  Western Asset Institutional Government Reserves Fund, Institutional Shares<br>3.66% (7 day yield) (xx) | 2150417 | 2150417 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 23067806 |
|  **Total Short-Term Investments (5.6%)**<br> *(Cost $23,067,523)* |  | 23067806 |
|  **Total Investments in Securities (101.3%)**<br> *(Cost $421,218,417)* |  | 420701887 |
|  **Other Assets Less Liabilities (-1.3%)** | **Other Assets Less Liabilities (-1.3%)** | (5495854) |
|  **Net Assets (100%)** |  | $415206033 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2025, the market value of these securities amounted to $320,205,314 or 77.1% of net assets.*  |

---

*(e)* *Step Bond – Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of December 31, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of December 31, 2025.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $20,917,240. This was collateralized by $5,825,919 of various U.S. Government Treasury Securities, ranging from 0.125% – 4.750%, maturing 10/15/26 – 5/15/55 and by cash of $15,518,712 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*CME* *— Chicago Mercantile Exchange* 

*EUR* *— European Currency Unit* 

*PIK* *— Payment-in Kind Security* 

*REIT* *— Real Estate Investment Trust* 

*SOFR* *— Secured Overnight Financing Rate* 

*USD* *— United States Dollar* 

Forward Foreign Currency Contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
| USD | 1001827 | EUR | 861000 | JPMorgan Securities, Inc. | 2/20/2026 | (12216) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (12216) |

---

See Notes to Financial Statements.

------

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Health Care | $— | $— | $61709 | $61709 |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services |  | 32038799 |  | 32038799 |
|  Consumer Discretionary |  | 59531129 |  | 59531129 |
|  Consumer Staples |  | 16248058 |  | 16248058 |
|  Energy |  | 34905454 |  | 34905454 |
|  Financials |  | 49337376 |  | 49337376 |
|  Health Care |  | 20358788 |  | 20358788 |
|  Industrials |  | 50748944 |  | 50748944 |
|  Information Technology |  | 35311284 |  | 35311284 |
|  Materials |  | 33124252 |  | 33124252 |
|  Real Estate |  | 7428218 |  | 7428218 |
|  Utilities |  | 2306478 |  | 2306478 |
|  **Exchange Traded Funds** | 37065099 |  |  | 37065099 |
|  **Loan Participations** |  |  |  |  |
|  Communication Services |  | 24424 |  | 24424 |
|  Consumer Discretionary |  | 999551 |  | 999551 |
|  Consumer Staples |  | 759377 |  | 759377 |
|  Financials |  | 6249536 |  | 6249536 |
|  Health Care |  | 262080 |  | 262080 |
|  Industrials |  | 550459 |  | 550459 |
|  Information Technology |  | 10323066 |  | 10323066 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 23067806 |  |  | 23067806 |
|  **Total Assets** | $**60132905** | $**360507273** | $**61709** | $**420701887** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(12216) | $— | $(12216) |
|  **Total Liabilities** | $**—** | $**(12216)** | $**—** | $**(12216)** |
|  **Total** | $**60132905** | $**360495057** | $**61709** | $**420689671** |

---

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | $(12216) |
|  **Total** |  | $(12216) |

---

See Notes to Financial Statements.

------

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $(51157) | $(51157) |
|  **Total** | $(51157) | $(51157) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $(27862) | $(27862) |
|  **Total** | $(27862) | $(27862) |

---

^ The Portfolio held forward foreign currency contracts for hedging.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** |  |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $24000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 1019000.0 |

---

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  JPMorgan Securities, Inc. | $12216 | $— | $— | $12216 |
|  **Total** | $12216 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $12216 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $260948065.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $103928541.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $5134863 |
|  Aggregate gross unrealized depreciation | (5840538) |
|  Net unrealized depreciation | $(705675) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $421395346 |

---

See Notes to Financial Statements.

------

1290 VT HIGH YIELD BOND PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $421,218,417) | $420701887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 5469698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $3,780) | 3632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 6128885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 237700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 175283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 15671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 432733813 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 15518712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 1414129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 214563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 190079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 52616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 43401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 12216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 82064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 17527780 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $415206033 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $441419481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (26213448) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $415206033 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $249,775,601 / 27,416,271 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.11 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $165,430,432 / 18,163,746 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.11 |

---

*(x)* *Includes value of securities on loan of $20,917,240.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $17452187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1894554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 162726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 19509467 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1676304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 348599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 283689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 101100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 82210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 29632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 8675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 72762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 2602971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (223868) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2379103 |
|  **NET INVESTMENT INCOME (LOSS)** | 17130364 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (2090346) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (51157) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 31847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (2109656) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 4742360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (27862) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 4714874 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 2605218 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $19735582 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT HIGH YIELD BOND PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $17130364 | $15055430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (2109656) | (1526174) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 4714874 | 4709881 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 19735582 | 18239137 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (10027929) | (4567868) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (7086696) | (10541458) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (17114625) | (15109326) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (4524) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (3197) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total tax return of capital | (7721) |  |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 20,107,998 and 2,569,702 shares, respectively ] | 188368831 | 23263065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 1,106,043 and 513,974 shares, respectively ] | 10032453 | 4567868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2653230) and (1421792) shares, respectively ] | (24318906) | (12820906) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 174082378 | 15010027 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,198,261 and 1,250,821 shares, respectively ] | 11041563 | 11118033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 782,409 and 1,186,482 shares, respectively ] | 7089893 | 10541458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3214185) and (2507161) shares, respectively ] | (29144240) | (22777627) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (11012784) | (1118136) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 163069594 | 13891891 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 165682830 | 17021702 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 249523203 | 232501501 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $415206033 | $249523203 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT HIGH YIELD BOND PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $8.83 | $8.72 | $8.24 | $9.70 | $9.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.55 | 0.54 | 0.52 | 0.46 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.11 | 0.12 | 0.50 | (1.45) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.66 | 0.66 | 1.02 | (0.99) | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.38) | (0.55) | (0.54) | (0.47) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.38) | (0.55) | (0.54) | (0.47) | (0.43) |
|  Net asset value, end of year | $9.11 | $8.83 | $8.72 | $8.24 | $9.70 |
|  Total return | 7.54 | 7.56% | 12.39% | (10.30)% | 3.95% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $249776 | $78220 | $62748 | $51671 | $57218 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.00 | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.08 | 1.07% | 1.07% | 1.06% | 1.04% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 5.97 | 6.02% | 5.98% | 5.14% | 4.31% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 5.90 | 5.94% | 5.91% | 5.08% | 4.26% |
|  Portfolio turnover rate^ | 38 | 39% | 26% | 26% | 53% |
| **Class K** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $8.83 | $8.72 | $8.24 | $9.69 | $9.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.57 | 0.57 | 0.54 | 0.48 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.12 | 0.12 | 0.50 | (1.44) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.69 | 0.69 | 1.04 | (0.96) | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.41) | (0.58) | (0.56) | (0.49) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.41) | (0.58) | (0.56) | (0.49) | (0.45) |
|  Net asset value, end of year | $9.11 | $8.83 | $8.72 | $8.24 | $9.69 |
|  Total return | 7.81 | 7.83% | 12.66% | (9.99)% | 4.19% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $165430 | $171303 | $169753 | $157636 | $186707 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.75 | 0.75% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.83 | 0.82% | 0.82% | 0.81% | 0.79% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 6.24 | 6.26% | 6.22% | 5.38% | 4.56% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 6.16 | 6.19% | 6.15% | 5.32% | 4.51% |
|  Portfolio turnover rate^ | 38 | 39% | 26% | 26% | 53% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: |  |  |
|  **Communication Services (2.1%)** |  |  |
|  ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** |
|  Anterix, Inc.\* | 2164 | $47240 |
|  ATN International, Inc. | 1832 | 41770 |
|  Bandwidth, Inc., Class A\* | 5179 | 80015 |
|  IDT Corp., Class B | 3046 | 155986 |
|  |  | 325011 |
|  ***Entertainment (1.1%)*** |  |  |
|  Cineverse Corp., Class A\* | 2642 | 5575 |
|  CuriosityStream, Inc. | 7569 | 28762 |
|  Eventbrite, Inc., Class A\* | 13993 | 62269 |
|  Gaia, Inc., Class A\* | 3498 | 12698 |
|  Golden Matrix Group, Inc. (x)\* | 2846 | 2279 |
|  IMAX Corp.\* | 24106 | 890958 |
|  Marcus Corp. (The) | 4239 | 65747 |
|  Playstudios, Inc.\* | 18504 | 12055 |
|  PodcastOne, Inc.\* | 850 | 2099 |
|  Reservoir Media, Inc. (x)\* | 3996 | 30250 |
|  Skillz, Inc., Class A\* | 1492 | 6430 |
|  Sphere Entertainment Co. (x)\* | 7798 | 741434 |
|  Starz Entertainment Corp. | 2213 | 25892 |
|  |  | 1886448 |
|  ***Interactive Media & Services (0.5%)*** | ***Interactive Media & Services (0.5%)*** | ***Interactive Media & Services (0.5%)*** |
|  Angi, Inc., Class A\* | 6751 | 87290 |
|  Arena Group Holdings, Inc. (The)\* | 2643 | 10572 |
|  BuzzFeed, Inc., Class A\* | 4146 | 3856 |
|  DHI Group, Inc.\* | 8543 | 13242 |
|  EverQuote, Inc., Class A\* | 5481 | 147987 |
|  fuboTV, Inc.\* | 62557 | 157644 |
|  Giftify, Inc.\* | 3825 | 4207 |
|  IZEA Worldwide, Inc.\* | 2241 | 9816 |
|  MediaAlpha, Inc., Class A\* | 6343 | 82142 |
|  Nextdoor Holdings, Inc.\* | 40740 | 85554 |
|  PSQ Holdings, Inc. (x)\* | 6276 | 6464 |
|  QuinStreet, Inc.\* | 10341 | 148600 |
|  Teads Holding Co. (x)\* | 7732 | 5443 |
|  Travelzoo\* | 1254 | 8928 |
|  TrueCar, Inc.\* | 15402 | 34808 |
|  Zedge, Inc., Class B | 2242 | 7354 |
|  |  | 813907 |
|  ***Media (0.3%)*** |  |  |
|  Boston Omaha Corp., Class A (x)\* | 4035 | 49913 |
|  Cardlytics, Inc. (x)\* | 9281 | 10673 |
|  Emerald Holding, Inc. | 2998 | 13401 |
|  Entravision Communications Corp., Class A | 11314 | 33150 |
|  EW Scripps Co. (The), Class A\* | 11776 | 46986 |
|  Fluent, Inc.\* | 2143 | 5143 |
|  Gambling.com Group Ltd.\* | 3190 | 17418 |
|  Harte Hanks, Inc.\* | 1239 | 3729 |
|  iHeartMedia, Inc., Class A\* | 22823 | 94944 |
|  Lee Enterprises, Inc. (x)\* | 910 | 4359 |
|  Marchex, Inc., Class B\* | 4459 | 7402 |
|  National CineMedia, Inc. | 12308 | 47878 |
|  Nexxen International Ltd. (x)\* | 6426 | 42026 |
|  Saga Communications, Inc., Class A | 948 | 10817 |
|  Thryv Holdings, Inc.\* | 7160 | 43318 |
|  Townsquare Media, Inc., Class A | 2871 | 14757 |
|  Urban One, Inc., Class A\* | 1527 | 1573 |
|  USA TODAY Co., Inc.(x)\* | 26428 | 136104 |
|  |  | 583591 |
|  ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** |
|  KORE Group Holdings, Inc. (x)\* | 982 | 4144 |
|  Spok Holdings, Inc. | 3797 | 50083 |
|  SurgePays, Inc.\* | 2896 | 4836 |
|  |  | 59063 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 3668020 |
|  **Consumer Discretionary (6.0%)** |  |  |
|  ***Automobile Components (0.2%)*** |  |  |
|  Cooper-Standard Holdings, Inc.\* | 3176 | 104268 |
|  Holley, Inc.\* | 14211 | 58691 |
|  Motorcar Parts of America, Inc.\* | 2568 | 31689 |
|  Solid Power, Inc. (x)\* | 28953 | 123050 |
|  Stoneridge, Inc.\* | 5016 | 29043 |
|  Strattec Security Corp.\* | 746 | 56800 |
|  Sypris Solutions, Inc.\* | 2083 | 5083 |
|  |  | 408624 |
|  ***Automobiles (0.0%)†*** |  |  |
|  Faraday Future Intelligent Electric, Inc., Class A (x)\* | 26362 | 26889 |
|  Massimo Group (x)\* | 1027 | 4088 |
|  |  | 30977 |
|  ***Broadline Retail (0.7%)*** |  |  |
|  1stdibs.com, Inc.\* | 4370 | 26176 |
|  Groupon, Inc.\* | 4759 | 83806 |
|  Pattern Group, Inc., Class A\* | 101343 | 1169498 |
|  |  | 1279480 |
|  ***Distributors (0.1%)*** |  |  |
|  AMCON Distributing Co. | 24 | 1890 |
|  Gold.com, Inc. | 3568 | 121490 |
|  Weyco Group, Inc. | 1120 | 34261 |
|  |  | 157641 |
|  ***Diversified Consumer Services (1.2%)*** | ***Diversified Consumer Services (1.2%)*** | ***Diversified Consumer Services (1.2%)*** |
|  American Public Education, Inc.\* | 3262 | 123304 |
|  Carriage Services, Inc., Class A | 2643 | 111799 |
|  European Wax Center, Inc., Class A\* | 5595 | 20142 |
|  Legacy Education, Inc.\* | 1745 | 17781 |
|  Lincoln Educational Services Corp.\* | 34325 | 828949 |
|  Nerdy, Inc. (x)\* | 12124 | 12609 |
|  Regis Corp.\* | 419 | 11627 |
|  Universal Technical Institute, Inc.\* | 38245 | 999342 |
|  Zspace, Inc.\* | 320 | 151 |
|  |  | 2125704 |
|  ***Hotels, Restaurants & Leisure (1.8%)*** | ***Hotels, Restaurants & Leisure (1.8%)*** | ***Hotels, Restaurants & Leisure (1.8%)*** |
|  Allied Gaming & Entertainment, Inc.\* | 2522 | 988 |
|  Ark Restaurants Corp.\* | 437 | 2930 |
|  Bally's Corp. (x)\* | 1765 | 29158 |
|  Biglari Holdings, Inc., Class B\* | 124 | 41221 |
|  BJ's Restaurants, Inc.\* | 3773 | 148656 |
|  Black Rock Coffee Bar, Inc., Class A\* | 11661 | 259457 |
|  Canterbury Park Holding Corp. | 412 | 6267 |
|  Century Casinos, Inc.\* | 5461 | 7263 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Denny's Corp.\* | 9439 | $| 58711 |
|  El Pollo Loco Holdings, Inc.\* | 5273 |  | 55156 |
|  FAT Brands, Inc., Class A (x)\* | 1087 |  | 342 |
|  Flanigan's Enterprises, Inc. | 74 |  | 2109 |
|  Full House Resorts, Inc.\* | 6207 |  | 16200 |
|  Genius Sports Ltd.\* | 61224 |  | 674688 |
|  Golden Entertainment, Inc. | 3617 |  | 98346 |
|  Inspired Entertainment, Inc.\* | 4580 |  | 42869 |
|  Kura Sushi USA, Inc., Class A (x)\* | 1167 |  | 61069 |
|  Lindblad Expeditions Holdings, Inc.\* | 83599 |  | 1205498 |
|  Nathan's Famous, Inc. | 541 |  | 50621 |
|  ONE Group Hospitality, Inc. (The)\* | 5320 |  | 9310 |
|  Pursuit Attractions and Hospitality, Inc.\* | 3971 |  | 133743 |
|  Rave Restaurant Group, Inc. (x)\* | 2019 |  | 6663 |
|  RCI Hospitality Holdings, Inc. | 1484 |  | 35379 |
|  Red Robin Gourmet Burgers, Inc.\* | 3019 |  | 12227 |
|  Serve Robotics, Inc. (x)\* | 11723 |  | 121685 |
|  |  |  | 3080556 |
|  ***Household Durables (0.3%)*** | ***Household Durables (0.3%)*** |  |  |
|  Bassett Furniture Industries, Inc. | 1590 |  | 26648 |
|  Beazer Homes USA, Inc.\* | 5121 |  | 103803 |
|  Ethan Allen Interiors, Inc. | 4297 |  | 98143 |
|  Flexsteel Industries, Inc. | 659 |  | 26024 |
|  Hamilton Beach Brands Holding Co., Class A | 1326 |  | 21813 |
|  Hooker Furnishings Corp. | 1944 |  | 21948 |
|  Hovnanian Enterprises, Inc., Class A\* | 901 |  | 87883 |
|  Koss Corp.\* | 1055 |  | 4368 |
|  Legacy Housing Corp.\* | 1653 |  | 32267 |
|  Lifetime Brands, Inc. | 2448 |  | 9670 |
|  Live Ventures, Inc. (x)\* | 225 |  | 3368 |
|  Lovesac Co. (The)\* | 2561 |  | 37775 |
|  Traeger, Inc.\* | 6647 |  | 7179 |
|  United Homes Group, Inc.\* | 1708 |  | 2664 |
|  Universal Electronics, Inc.\* | 2564 |  | 9256 |
|  |  |  | 492809 |
|  ***Leisure Products (0.2%)*** |  |  |  |
|  American Outdoor Brands, Inc. (x)\* | 2383 |  | 18421 |
|  Clarus Corp. | 5693 |  | 19071 |
|  Escalade, Inc. | 1875 |  | 25294 |
|  Funko, Inc., Class A\* | 7383 |  | 25102 |
|  JAKKS Pacific, Inc. | 1743 |  | 29422 |
|  Johnson Outdoors, Inc., Class A | 1050 |  | 44572 |
|  Latham Group, Inc.\* | 8398 |  | 53327 |
|  Marine Products Corp. | 1701 |  | 14901 |
|  MasterCraft Boat Holdings, Inc.\* | 2924 |  | 55293 |
|  Smith & Wesson Brands, Inc. | 8224 |  | 81171 |
|  |  |  | 366574 |
|  ***Specialty Retail (1.4%)*** |  |  |  |
|  1-800-Flowers.com, Inc., Class A (x)\* | 4194 |  | 16482 |
|  aka Brands Holding Corp.\* | 96 |  | 1027 |
|  America's Car-Mart, Inc. (x)\* | 1328 |  | 33545 |
|  BARK, Inc. (x)\* | 17591 |  | 10599 |
|  Barnes & Noble Education, Inc.\* | 3130 |  | 28765 |
|  Bed Bath & Beyond, Inc.\* | 12773 |  | 69741 |
|  Build-A-Bear Workshop, Inc. (x) | 2327 |  | 142575 |
|  Caleres, Inc. | 6172 |  | 75113 |
|  Cato Corp. (The), Class A\* | 3127 |  | 9662 |
|  Children's Place, Inc. (The) (x)\* | 1331 |  | 5297 |
|  Citi Trends, Inc.\* | 927 |  | 38526 |
|  Designer Brands, Inc., Class A (x) | 6192 |  | 46007 |
|  Destination XL Group, Inc.\* | 9568 |  | 8798 |
|  Duluth Holdings, Inc., Class B\* | 2768 |  | 5757 |
|  Envela Corp.\* | 1291 |  | 17274 |
|  Genesco, Inc.\* | 1808 |  | 44784 |
|  Grove Collaborative Holdings\* | 4516 |  | 4968 |
|  GrowGeneration Corp.\* | 11105 |  | 16657 |
|  Haverty Furniture Cos., Inc. | 2494 |  | 58260 |
|  J Jill, Inc. | 1401 |  | 19222 |
|  Lands' End, Inc.\* | 1726 |  | 25062 |
|  MarineMax, Inc.\* | 3537 |  | 85702 |
|  Newegg Commerce, Inc., Class A (x)\* | 229 |  | 11624 |
|  OneWater Marine, Inc., Class A\* | 2200 |  | 23804 |
|  Outdoor Holding Co.\* | 15986 |  | 27336 |
|  PetMed Express, Inc.\* | 2641 |  | 8451 |
|  RealReal, Inc. (The)\* | 18817 |  | 296932 |
|  RideNow Group, Inc., Class B\* | 4110 |  | 22687 |
|  Shoe Carnival, Inc. | 3363 |  | 56767 |
|  Sleep Number Corp. (x)\* | 3661 |  | 30972 |
|  Sportsman's Warehouse Holdings, Inc.\* | 7064 |  | 10313 |
|  Stitch Fix, Inc., Class A\* | 20829 |  | 109352 |
|  ThredUp, Inc., Class A\* | 117993 |  | 753975 |
|  Tilly's, Inc., Class A (x)\* | 3049 |  | 6068 |
|  Torrid Holdings, Inc. (x)\* | 6247 |  | 6112 |
|  Winmark Corp. | 558 |  | 225957 |
|  Zumiez, Inc.\* | 2470 |  | 64344 |
|  |  |  | 2418517 |
|  ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** |
|  Allbirds, Inc., Class A (x)\* | 1117 |  | 4580 |
|  Crown Crafts, Inc. | 1742 |  | 4825 |
|  Culp, Inc.\* | 2105 |  | 7494 |
|  Fossil Group, Inc. (x)\* | 9193 |  | 34566 |
|  Jerash Holdings US, Inc. | 1177 |  | 3590 |
|  Lakeland Industries, Inc. (x) | 1451 |  | 12827 |
|  Movado Group, Inc. | 2812 |  | 57983 |
|  Playboy, Inc.\* | 12231 |  | 22994 |
|  Rocky Brands, Inc. | 1309 |  | 38393 |
|  Superior Group of Cos., Inc. | 2018 |  | 19534 |
|  Unifi, Inc.\* | 3151 |  | 11029 |
|  Vera Bradley, Inc.\* | 4326 |  | 10469 |
|  |  |  | 228284 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 10589166 |
|  **Consumer Staples (2.1%)** |  |  |  |
|  ***Beverages (0.8%)*** |  |  |  |
|  Vita Coco Co., Inc. (The)\* | 27385 |  | 1451679 |
|  Willamette Valley Vineyards, Inc.\* | 623 |  | 1900 |
|  Zevia PBC, Class A\* | 10213 |  | 23694 |
|  |  |  | 1477273 |
|  ***Consumer Staples Distribution & Retail (0.3%)*** | ***Consumer Staples Distribution & Retail (0.3%)*** | ***Consumer Staples Distribution & Retail (0.3%)*** | ***Consumer Staples Distribution & Retail (0.3%)*** |
|  Chefs' Warehouse, Inc. (The)\* | 7529 |  | 469282 |
|  HF Foods Group, Inc.\* | 7751 |  | 16665 |
|  Natural Grocers by Vitamin Cottage, Inc. | 2386 |  | 59769 |
|  Village Super Market, Inc., Class A | 1711 |  | 60561 |
|  |  |  | 606277 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Food Products (0.3%)*** |  |  |
|  Alico, Inc. | 1026 | $37326 |
|  Barfresh Food Group, Inc.\* | 1235 | 3619 |
|  Beyond Meat, Inc. (x)\* | 71366 | 58520 |
|  Bridgford Foods Corp.\* | 296 | 2309 |
|  Calavo Growers, Inc. | 3139 | 68273 |
|  Farmer Bros Co.\* | 3021 | 4411 |
|  Forafric Global plc (x)\* | 945 | 10423 |
|  Laird Superfood, Inc.\* | 1638 | 3636 |
|  Lifeway Foods, Inc.\* | 998 | 24181 |
|  Limoneira Co. | 3119 | 39377 |
|  Mama's Creations, Inc.\* | 6867 | 92636 |
|  Seneca Foods Corp., Class A\* | 874 | 96691 |
|  SunOpta, Inc.\* | 17937 | 68161 |
|  |  | 509563 |
|  ***Household Products (0.1%)*** |  |  |
|  Oil-Dri Corp. of America | 1863 | 91175 |
|  ***Personal Care Products (0.4%)*** |  |  |
|  AXIL Brands, Inc.\* | 420 | 2911 |
|  Beauty Health Co. (The) (x)\* | 20809 | 28924 |
|  FitLife Brands, Inc. (x)\* | 772 | 12560 |
|  Honest Co., Inc. (The) (x)\* | 17517 | 45194 |
|  Lifevantage Corp. (x) | 2022 | 12456 |
|  Medifast, Inc. (x)\* | 2112 | 22556 |
|  Natural Health Trends Corp. | 1508 | 4660 |
|  Nature's Sunshine Products, Inc.\* | 3115 | 67222 |
|  Oddity Tech Ltd., Class A\* | 13783 | 553801 |
|  United-Guardian, Inc. | 544 | 3351 |
|  |  | 753635 |
|  ***Tobacco (0.2%)*** |  |  |
|  Ispire Technology, Inc.\* | 3634 | 10175 |
|  Turning Point Brands, Inc. | 3256 | 352951 |
|  |  | 363126 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 3801049 |
|  **Energy (3.5%)** |  |  |
|  ***Energy Equipment & Services (0.7%)*** | ***Energy Equipment & Services (0.7%)*** |  |
|  Bristow Group, Inc., Class A\* | 5326 | 195038 |
|  Dawson Geophysical Co.\* | 1144 | 1785 |
|  DMC Global, Inc.\* | 3710 | 24820 |
|  Drilling Tools International Corp.\* | 3588 | 8790 |
|  Energy Services of America Corp. (x) | 2234 | 18252 |
|  Forum Energy Technologies, Inc.\* | 1924 | 71092 |
|  Geospace Technologies Corp.\* | 2160 | 36526 |
|  Gulf Island Fabrication, Inc.\* | 2646 | 31673 |
|  KLX Energy Services Holdings, Inc.\* | 2778 | 5250 |
|  Mammoth Energy Services, Inc.\* | 5076 | 9390 |
|  MIND Technology, Inc. (x)\* | 1619 | 14231 |
|  National Energy Services Reunited Corp.\* | 11431 | 179009 |
|  Natural Gas Services Group, Inc. | 1909 | 64238 |
|  NCS Multistage Holdings, Inc.\* | 154 | 6081 |
|  Oil States International, Inc.\* | 10562 | 71505 |
|  Ranger Energy Services, Inc., Class A | 3702 | 51754 |
|  SEACOR Marine Holdings, Inc.\* | 3942 | 23731 |
|  Select Water Solutions, Inc., Class A | 17729 | 186509 |
|  Smart Sand, Inc. | 5669 | 22676 |
|  TETRA Technologies, Inc.\* | 23826 | 223250 |
|  |  | 1245600 |
|  ***Oil, Gas & Consumable Fuels (2.8%)*** | ***Oil, Gas & Consumable Fuels (2.8%)*** |  |
|  Aemetis, Inc. (x)\* | 11077 | 15397 |
|  Amplify Energy Corp. (x)\* | 6569 | 30020 |
|  Ardmore Shipping Corp. | 6459 | 68401 |
|  Centrus Energy Corp., Class A (x)\* | 10928 | 2652881 |
|  Comstock, Inc.\* | 9230 | 34705 |
|  Diversified Energy Co. | 11590 | 167823 |
|  Empire Petroleum Corp. (x)\* | 3060 | 9302 |
|  Encore Energy Corp.\* | 34662 | 85962 |
|  Energy Fuels, Inc. (x)\* | 42835 | 622821 |
|  Epsilon Energy Ltd. | 3856 | 17892 |
|  Evolution Petroleum Corp. (x) | 6065 | 21470 |
|  FutureFuel Corp. | 5156 | 16448 |
|  Gevo, Inc. (x)\* | 43505 | 87010 |
|  Granite Ridge Resources, Inc. | 10442 | 49077 |
|  Green Plains, Inc.\* | 12465 | 122157 |
|  Kolibri Global Energy, Inc.\* | 5802 | 22802 |
|  Lightbridge Corp.\* | 5009 | 63314 |
|  NACCO Industries, Inc., Class A | 743 | 36437 |
|  NextNRG, Inc. (x)\* | 6337 | 9189 |
|  Nordic American Tankers Ltd. | 38564 | 132660 |
|  OPAL Fuels, Inc., Class A\* | 4294 | 10112 |
|  Prairie Operating Co. (x)\* | 4520 | 7639 |
|  PrimeEnergy Resources Corp. (x)\* | 67 | 11457 |
|  REX American Resources Corp.\* | 5401 | 174560 |
|  Riley Exploration Permian, Inc. | 2699 | 71254 |
|  SandRidge Energy, Inc. | 6806 | 98211 |
|  Stabilis Solutions, Inc.\* | 359 | 1633 |
|  Summit Midstream Corp.\* | 1808 | 48237 |
|  Teekay Corp. Ltd. | 9926 | 89632 |
|  US Energy Corp.\* | 732 | 676 |
|  VAALCO Energy, Inc. | 19215 | 69943 |
|  Verde Clean Fuels, Inc.\* | 530 | 1092 |
|  W&T Offshore, Inc. (x) | 19429 | 31669 |
|  XCF Global, Inc., Class A (x)\* | 6024 | 1644 |
|  |  | 4883527 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 6129127 |
|  **Financials (13.0%)** |  |  |
|  ***Banks (7.3%)*** |  |  |
|  ACNB Corp. | 1941 | 93847 |
|  Affinity Bancshares, Inc. | 835 | 17351 |
|  Amalgamated Financial Corp. | 4303 | 137825 |
|  Amerant Bancorp, Inc., Class A | 6866 | 133956 |
|  AmeriServ Financial, Inc. | 2264 | 7222 |
|  Ames National Corp. (x) | 1614 | 37057 |
|  Arrow Financial Corp. | 3073 | 96492 |
|  Auburn National Bancorp, Inc. | 445 | 11993 |
|  Avidbank Holdings, Inc.\* | 421 | 11182 |
|  Bank First Corp. | 1703 | 207459 |
|  Bank of Marin Bancorp | 2738 | 71215 |
|  Bank of the James Financial Group, Inc. | 773 | 14362 |
|  Bank7 Corp. | 840 | 34423 |
|  BankFinancial Corp. | 2053 | 24636 |
|  Bankwell Financial Group, Inc. | 1316 | 60299 |
|  Bar Harbor Bankshares | 2986 | 92715 |
|  BayCom Corp. | 2001 | 58829 |
|  Bayfirst Financial Corp. | 653 | 5126 |
|  BCB Bancorp, Inc. | 3021 | 24379 |
|  Blue Foundry Bancorp\* | 3373 | 41926 |
|  Blue Ridge Bankshares, Inc. | 12639 | 53969 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Bogota Financial Corp.\* | 870 | $7386 |
|  Bridgewater Bancshares, Inc.\* | 3899 | 68349 |
|  Broadway Financial Corp.\* | 755 | 5587 |
|  Burke & Herbert Financial Services Corp. | 2553 | 159077 |
|  Business First Bancshares, Inc. | 5334 | 139431 |
|  BV Financial, Inc.\* | 1569 | 28462 |
|  Byline Bancorp, Inc. | 5752 | 167671 |
|  C&F Financial Corp. | 600 | 43554 |
|  California Bancorp | 4202 | 78451 |
|  Camden National Corp. | 3173 | 137645 |
|  Capital Bancorp, Inc. | 2186 | 61580 |
|  Capital City Bank Group, Inc. | 2566 | 109235 |
|  Carter Bankshares, Inc.\* | 4167 | 81923 |
|  Catalyst Bancorp, Inc.\* | 614 | 9671 |
|  CB Financial Services, Inc. (x) | 852 | 29701 |
|  Central Pacific Financial Corp. | 4868 | 151687 |
|  Central Plains Bancshares, Inc.\* | 621 | 10507 |
|  CF Bankshares, Inc. | 723 | 18039 |
|  Chain Bridge Bancorp, Inc., Class A\* | 468 | 16212 |
|  Chemung Financial Corp. | 793 | 44249 |
|  ChoiceOne Financial Services, Inc. | 2685 | 79261 |
|  Citizens & Northern Corp. | 2934 | 59179 |
|  Citizens Community Bancorp, Inc. | 1781 | 31737 |
|  Citizens Financial Services, Inc. | 859 | 48980 |
|  Civista Bancshares, Inc. | 3554 | 78970 |
|  CNB Financial Corp. | 5466 | 143045 |
|  Coastal Financial Corp.\* | 2422 | 277537 |
|  CoastalSouth Bancshares, Inc.\* | 887 | 20623 |
|  Colony Bankcorp, Inc. | 3131 | 55794 |
|  Commercial Bancgroup, Inc.\* | 1168 | 28686 |
|  Community Trust Bancorp, Inc. | 2989 | 168878 |
|  Community West Bancshares | 3106 | 69885 |
|  ConnectOne Bancorp, Inc. | 8926 | 234040 |
|  Dime Community Bancshares, Inc. | 7456 | 224351 |
|  Eagle Bancorp Montana, Inc. | 1418 | 28218 |
|  Eagle Financial Services, Inc. | 861 | 34263 |
|  ECB Bancorp, Inc. (x)\* | 1395 | 24259 |
|  Equity Bancshares, Inc., Class A | 2805 | 125243 |
|  Esquire Financial Holdings, Inc. | 1367 | 139530 |
|  Farmers & Merchants Bancorp, Inc. | 2483 | 61380 |
|  Farmers National Banc Corp. | 6753 | 89950 |
|  FB Bancorp, Inc.\* | 3213 | 41287 |
|  Fidelity D&D Bancorp, Inc. | 931 | 40526 |
|  Fifth District Bancorp, Inc.\* | 997 | 14955 |
|  Financial Institutions, Inc. | 3735 | 116420 |
|  Finward Bancorp | 664 | 23366 |
|  Finwise Bancorp\* | 1785 | 32023 |
|  First Bancorp, Inc. (The) | 2036 | 53832 |
|  First Bank | 3999 | 65824 |
|  First Business Financial Services, Inc. | 1499 | 81396 |
|  First Capital, Inc. | 633 | 37474 |
|  First Community Bankshares, Inc. | 2934 | 98964 |
|  First Community Corp. | 1374 | 40739 |
|  First Financial Corp. | 2129 | 128634 |
|  First Foundation, Inc.\* | 11816 | 72787 |
|  First Guaranty Bancshares, Inc. | 1170 | 6283 |
|  First Internet Bancorp | 1487 | 31034 |
|  First Mid Bancshares, Inc. | 4065 | 158535 |
|  First National Corp. | 1508 | 38062 |
|  First Northwest Bancorp | 1508 | 14145 |
|  First Savings Financial Group, Inc. | 1080 | 34409 |
|  First Seacoast Bancorp\* | 603 | 7960 |
|  First United Corp. | 1126 | 42157 |
|  First US Bancshares, Inc. | 997 | 13928 |
|  First Western Financial, Inc.\* | 1518 | 40698 |
|  Five Star Bancorp | 2957 | 105801 |
|  Flushing Financial Corp. | 6053 | 91824 |
|  Franklin Financial Services Corp. | 778 | 39056 |
|  FS Bancorp, Inc. | 1214 | 49980 |
|  FVCBankcorp, Inc. | 3019 | 41994 |
|  GBank Financial Holdings, Inc. (x)\* | 1672 | 56664 |
|  Great Southern Bancorp, Inc. | 1557 | 95849 |
|  Greene County Bancorp, Inc. | 1369 | 30433 |
|  Hanmi Financial Corp. | 5604 | 151476 |
|  Hanover Bancorp, Inc. | 904 | 20891 |
|  Hawthorn Bancshares, Inc. | 1131 | 39449 |
|  HBT Financial, Inc. | 2230 | 57646 |
|  Heritage Commerce Corp. | 11201 | 134524 |
|  Hingham Institution For Savings (The) (x) | 315 | 89447 |
|  Home Bancorp, Inc. | 1294 | 74793 |
|  Home Federal Bancorp, Inc. of Louisiana | 435 | 7830 |
|  HomeTrust Bancshares, Inc. | 2990 | 128391 |
|  Horizon Bancorp, Inc. | 9141 | 155031 |
|  IF Bancorp, Inc. | 376 | 10137 |
|  Independent Bank Corp. | 3711 | 120719 |
|  Investar Holding Corp. | 1690 | 45157 |
|  John Marshall Bancorp, Inc. | 2509 | 50155 |
|  Kearny Financial Corp. | 10709 | 79354 |
|  Lake Shore Bancorp, Inc. | 820 | 12021 |
|  Landmark Bancorp, Inc. (x) | 985 | 25797 |
|  LCNB Corp. | 2682 | 43958 |
|  LINKBANCORP, Inc. | 4353 | 35956 |
|  Magyar Bancorp, Inc. | 1162 | 20352 |
|  MainStreet Bancshares, Inc. (x) | 1363 | 27751 |
|  Mechanics Bancorp | 9027 | 132065 |
|  Mercantile Bank Corp. | 2976 | 143146 |
|  Meridian Corp. | 1715 | 30150 |
|  Metrocity Bankshares, Inc. | 3710 | 98463 |
|  Metropolitan Bank Holding Corp. | 1720 | 131339 |
|  Mid Penn Bancorp, Inc. | 3663 | 113626 |
|  Middlefield Banc Corp. | 1364 | 47113 |
|  Midland States Bancorp, Inc. | 3866 | 81843 |
|  MidWestOne Financial Group, Inc. | 3075 | 118388 |
|  MVB Financial Corp. | 2114 | 54605 |
|  National Bankshares, Inc. | 1267 | 42483 |
|  NB Bancorp, Inc. | 7475 | 148155 |
|  Northeast Bank | 1401 | 145606 |
|  Northeast Community Bancorp, Inc. | 2332 | 52727 |
|  Northfield Bancorp, Inc. | 6886 | 78707 |
|  Northpointe Bancshares, Inc. | 3694 | 61985 |
|  Northrim Bancorp, Inc. | 4107 | 109287 |
|  Norwood Financial Corp. | 1601 | 44908 |
|  NSTS Bancorp, Inc.\* | 791 | 10243 |
|  Oak Valley Bancorp | 1333 | 40070 |
|  Ohio Valley Banc Corp. | 727 | 29065 |
|  Old Second Bancorp, Inc. | 9419 | 183671 |
|  OP Bancorp | 2144 | 30273 |
|  OptimumBank Holdings, Inc.\* | 1671 | 7102 |
|  Orange County Bancorp, Inc. | 2230 | 63667 |
|  Origin Bancorp, Inc. | 5540 | 208359 |
|  Orrstown Financial Services, Inc. | 3479 | 123226 |
|  Parke Bancorp, Inc. | 1821 | 45598 |
|  Pathfinder Bancorp, Inc. | 600 | 8466 |
|  Patriot National Bancorp, Inc.\* | 12418 | 22601 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  PB Bankshares, Inc.\* | 440 | $9306 |
|  PCB Bancorp | 2089 | 45227 |
|  Peapack-Gladstone Financial Corp. | 2985 | 83132 |
|  Peoples Bancorp of North Carolina, Inc. | 857 | 31023 |
|  Peoples Bancorp, Inc. | 6480 | 194594 |
|  Peoples Financial Services Corp. | 1764 | 85924 |
|  Pioneer Bancorp, Inc.\* | 2210 | 29791 |
|  Plumas Bancorp | 1193 | 53315 |
|  Ponce Financial Group, Inc.\* | 3650 | 59678 |
|  Preferred Bank | 1963 | 185366 |
|  Primis Financial Corp. | 3973 | 55264 |
|  Princeton Bancorp, Inc. | 1084 | 37604 |
|  Provident Financial Holdings, Inc. | 1103 | 17549 |
|  QCR Holdings, Inc. | 3101 | 258313 |
|  RBB Bancorp | 3053 | 63014 |
|  Red River Bancshares, Inc. | 928 | 66287 |
|  Rhinebeck Bancorp, Inc.\* | 895 | 10758 |
|  Richmond Mutual Bancorp, Inc. | 1664 | 23363 |
|  Riverview Bancorp, Inc. | 4089 | 20527 |
|  SB Financial Group, Inc. | 1145 | 25499 |
|  Shore Bancshares, Inc. | 5850 | 103428 |
|  Sierra Bancorp | 2315 | 75654 |
|  SmartFinancial, Inc. | 2703 | 99984 |
|  Sound Financial Bancorp, Inc. | 390 | 17016 |
|  South Plains Financial, Inc. | 2422 | 93974 |
|  Southern First Bancshares, Inc.\* | 1465 | 75477 |
|  Southern Missouri Bancorp, Inc. | 1817 | 107421 |
|  SR Bancorp, Inc. (x) | 1346 | 21186 |
|  Sterling Bancorp, Inc. (r)\* | 3894 |  |
|  Summit State Bank (x)\* | 957 | 11130 |
|  Texas Community Bancshares, Inc. | 436 | 7835 |
|  Third Coast Bancshares, Inc.\* | 2417 | 91870 |
|  Timberland Bancorp, Inc. | 1459 | 52232 |
|  TrustCo Bank Corp. | 3454 | 142754 |
|  Union Bankshares, Inc.(x) | 769 | 18248 |
|  United Bancorp, Inc. | 1079 | 15484 |
|  United Security Bancshares | 2779 | 27985 |
|  Unity Bancorp, Inc. | 1370 | 70856 |
|  Univest Financial Corp. | 5282 | 172933 |
|  USCB Financial Holdings, Inc. | 2093 | 38553 |
|  Virginia National Bankshares Corp. | 929 | 37021 |
|  Washington Trust Bancorp, Inc. | 3600 | 106380 |
|  West Bancorp, Inc. | 2854 | 63330 |
|  Western New England Bancorp, Inc. | 3496 | 44120 |
|  |  | 12963705 |
|  ***Capital Markets (1.5%)*** |  |  |
|  Aether Holdings, Inc.\* | 418 | 2592 |
|  ALT5 Sigma Corp.\* | 17599 | 19359 |
|  AlTi Global, Inc. (x)\* | 8255 | 38303 |
|  B Riley Financial, Inc. (x)\* | 3823 | 17853 |
|  Bakkt Holdings, Inc., Class A (x)\* | 2666 | 26767 |
|  Binah Capital Group, Inc.\* | 717 | 2065 |
|  Diamond Hill Investment Group, Inc. | 469 | 79496 |
|  Dominari Holdings, Inc. (x) | 1457 | 7212 |
|  Fold Holdings, Inc. (x)\* | 940 | 2453 |
|  Forge Global Holdings, Inc.\* | 2074 | 92417 |
|  Great Elm Group, Inc.\* | 3025 | 7714 |
|  Hennessy Advisors, Inc. | 890 | 8544 |
|  Heritage Global, Inc.\* | 6544 | 8115 |
|  Innventure, Inc. (x)\* | 5046 | 21092 |
|  MarketWise, Inc. | 342 | 5137 |
|  Miami International Holdings, Inc. (x)\* | 22063 | 979156 |
|  Open Lending Corp.\* | 18750 | 29063 |
|  Piper Sandler Cos. | 3652 | 1240621 |
|  Siebert Financial Corp.\* | 2773 | 9733 |
|  Silvercrest Asset Management Group, Inc., Class A | 1312 | 19929 |
|  Value Line, Inc. | 154 | 5918 |
|  Westwood Holdings Group, Inc. | 1482 | 25505 |
|  |  | 2649044 |
|  ***Consumer Finance (1.2%)*** |  |  |
|  Atlanticus Holdings Corp.\* | 994 | 66548 |
|  Consumer Portfolio Services, Inc.\* | 1965 | 18333 |
|  Dave, Inc.\* | 7025 | 1555405 |
|  DeFi Development Corp. (x)\* | 4036 | 20382 |
|  LendingTree, Inc.\* | 2094 | 111171 |
|  Medallion Financial Corp. | 3219 | 33124 |
|  NerdWallet, Inc., Class A\* | 8020 | 108671 |
|  Oportun Financial Corp.\* | 7511 | 39733 |
|  OppFi, Inc. | 5084 | 53179 |
|  Regional Management Corp. | 1694 | 65643 |
|  Vroom, Inc.\* | 197 | 3916 |
|  World Acceptance Corp.\* | 552 | 77495 |
|  |  | 2153600 |
|  ***Financial Services (1.4%)*** |  |  |
|  Acacia Research Corp.\* | 6194 | 23166 |
|  Alerus Financial Corp. | 4397 | 99021 |
|  Better Home & Finance Holding Co.\* | 1018 | 33167 |
|  Cantaloupe, Inc.\* | 10426 | 110724 |
|  Cass Information Systems, Inc. | 2241 | 93046 |
|  Finance of America Cos., Inc., Class A (x)\* | 941 | 22782 |
|  International Money Express, Inc.\* | 5134 | 78858 |
|  loanDepot, Inc., Class A (x)\* | 17034 | 35260 |
|  NewtekOne, Inc. | 4293 | 48726 |
|  Onity Group, Inc.\* | 1242 | 56871 |
|  Paymentus Holdings, Inc., Class A\* | 49960 | 1578236 |
|  Paysign, Inc.\* | 6749 | 34757 |
|  Priority Technology Holdings, Inc. (x)\* | 4928 | 26858 |
|  Security National Financial Corp., Class A\* | 2959 | 26661 |
|  SWK Holdings Corp.(x) | 637 | 10956 |
|  Triller Group, Inc.(x)\* | 20571 | 658 |
|  Usio, Inc.\* | 3761 | 5115 |
|  Velocity Financial, Inc.\* | 2063 | 42828 |
|  Waterstone Financial, Inc. | 2828 | 46803 |
|  XBP Global Holdings, Inc. (x)\* | 1362 | 9275 |
|  |  | 2383768 |
|  ***Insurance (1.0%)*** |  |  |
|  Abacus Global Management, Inc. | 7591 | 64903 |
|  American Coastal Insurance Corp. | 4521 | 57100 |
|  American Integrity Insurance Group, Inc.\* | 1450 | 30204 |
|  Atlantic American Corp. | 904 | 2558 |
|  Citizens, Inc., Class A (x)\* | 8505 | 41079 |
|  Crawford & Co., Class A | 3164 | 35595 |
|  Donegal Group, Inc., Class A | 3102 | 61978 |
|  eHealth, Inc.\* | 5390 | 24794 |
|  GoHealth, Inc., Class A\* | 893 | 1920 |
|  Greenlight Capital Re Ltd., Class A\* | 4817 | 70232 |
|  Heritage Insurance Holdings, Inc.\* | 4604 | 134713 |
|  Hippo Holdings, Inc.\* | 3356 | 100948 |
|  Investors Title Co. | 265 | 66155 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  James River Group Holdings, Inc. | 6905 | $| 43916 |
|  Kestrel Group Ltd. (x) | 491 |  | 5028 |
|  Kingstone Cos., Inc. | 2142 |  | 36050 |
|  Kingsway Financial Services, Inc.\* | 4060 |  | 54607 |
|  MBIA, Inc. (x)\* | 8534 |  | 61103 |
|  Neptune Insurance Holdings, Inc., Class A\* | 14897 |  | 434397 |
|  NI Holdings, Inc.\* | 1293 |  | 17197 |
|  Octave Specialty Group, Inc.\* | 8372 |  | 65134 |
|  Selectquote, Inc.\* | 26313 |  | 37101 |
|  Tiptree, Inc., Class A | 4411 |  | 80589 |
|  United Fire Group, Inc. | 3938 |  | 143146 |
|  Universal Insurance Holdings, Inc. | 4756 |  | 160753 |
|  |  |  | 1831200 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.6%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.6%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.6%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.6%)*** |
|  ACRES Commercial Realty Corp. (REIT) (x)\* | 1218 |  | 25992 |
|  Advanced Flower Capital, Inc. (REIT) (x) | 3324 |  | 9473 |
|  Angel Oak Mortgage REIT, Inc. (REIT) | 2381 |  | 20500 |
|  Ares Commercial Real Estate Corp. (REIT) (x) | 9879 |  | 47222 |
|  Cherry Hill Mortgage Investment Corp. (REIT) | 6774 |  | 17274 |
|  Chicago Atlantic Real Estate Finance, Inc. (REIT) | 3476 |  | 42616 |
|  Ellington Financial, Inc. (REIT) | 18158 |  | 246586 |
|  Franklin BSP Realty Trust, Inc. (REIT) | 15385 |  | 154312 |
|  Granite Point Mortgage Trust, Inc. (REIT) | 8807 |  | 21137 |
|  Invesco Mortgage Capital, Inc. (REIT) (x) | 13199 |  | 111004 |
|  Lument Finance Trust, Inc. (REIT) (x) | 8590 |  | 12112 |
|  Manhattan Bridge Capital, Inc. (REIT) | 1766 |  | 8212 |
|  Nexpoint Real Estate Finance, Inc. (REIT) | 1365 |  | 19219 |
|  Orchid Island Capital, Inc. (REIT) (x) | 28300 |  | 203760 |
|  Rithm Property Trust, Inc. (REIT) | 1270 |  | 21054 |
|  Sachem Capital Corp. (REIT) | 8460 |  | 8798 |
|  Seven Hills Realty Trust (REIT) | 4155 |  | 36979 |
|  Sunrise Realty Trust, Inc. (REIT) | 1930 |  | 18200 |
|  TPG Mortgage Investment Trust, Inc. (REIT) | 5574 |  | 47490 |
|  |  |  | 1071940 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 23053257 |
|  **Health Care (35.2%)** |  |  |  |
|  ***Biotechnology (18.2%)*** |  |  |  |
|  4D Molecular Therapeutics, Inc.\* | 7537 |  | 56527 |
|  Abeona Therapeutics, Inc. (x)\* | 8135 |  | 42871 |
|  Absci Corp. (x)\* | 25935 |  | 90513 |
|  Achieve Life Sciences, Inc. (x)\* | 7954 |  | 39531 |
|  Acrivon Therapeutics, Inc.\* | 3569 |  | 8601 |
|  Actinium Pharmaceuticals, Inc.\* | 5849 |  | 7955 |
|  Actuate Therapeutics, Inc. (x)\* | 1700 |  | 10404 |
|  Acumen Pharmaceuticals, Inc.\* | 6824 |  | 14399 |
|  ADC Therapeutics SA\* | 16068 |  | 56720 |
|  Agenus, Inc.\* | 5809 |  | 18240 |
|  Akebia Therapeutics, Inc.\* | 47578 |  | 76601 |
|  Aldeyra Therapeutics, Inc.\* | 10445 |  | 54105 |
|  Alector, Inc.\* | 15240 |  | 23774 |
|  Altimmune, Inc. (x)\* | 16762 |  | 60511 |
|  AnaptysBio, Inc.\* | 3464 |  | 167935 |
|  Anavex Life Sciences Corp.\* | 15691 |  | 55860 |
|  Anika Therapeutics, Inc.\* | 2368 |  | 22756 |
|  Anixa Biosciences, Inc.\* | 5728 |  | 17871 |
|  Annexon, Inc.\* | 18919 |  | 94973 |
|  Arbutus Biopharma Corp.\* | 28430 |  | 136748 |
|  Arcellx, Inc.\* | 13506 |  | 880591 |
|  Arcturus Therapeutics Holdings, Inc. (x)\* | 4692 |  | 28762 |
|  Armata Pharmaceuticals, Inc.\* | 1977 |  | 12416 |
|  ArriVent Biopharma, Inc. (x)\* | 5520 |  | 111062 |
|  Artiva Biotherapeutics, Inc. (x)\* | 915 |  | 3925 |
|  Assembly Biosciences, Inc.\* | 1778 |  | 60470 |
|  Astria Therapeutics, Inc.\* | 7745 |  | 101382 |
|  Atara Biotherapeutics, Inc.\* | 776 |  | 14038 |
|  aTyr Pharma, Inc. (x)\* | 17199 |  | 13469 |
|  Aura Biosciences, Inc.\* | 8261 |  | 45022 |
|  Avalo Therapeutics, Inc.\* | 1961 |  | 35612 |
|  Avita Medical, Inc. (x)\* | 2318 |  | 7997 |
|  Benitec Biopharma, Inc. (x)\* | 2817 |  | 37945 |
|  Beyondspring, Inc. (x)\* | 6039 |  | 9844 |
|  Biomea Fusion, Inc. (x)\* | 11477 |  | 14231 |
|  Black Diamond Therapeutics, Inc.\* | 8773 |  | 21318 |
|  Boundless Bio, Inc.\* | 2961 |  | 3553 |
|  Bright Minds Biosciences, Inc.\* | 944 |  | 73670 |
|  C4 Therapeutics, Inc.\* | 13199 |  | 25210 |
|  Cabaletta Bio, Inc.\* | 16320 |  | 35741 |
|  CAMP4 Therapeutics Corp. (x)\* | 853 |  | 5229 |
|  Candel Therapeutics, Inc. (x)\* | 8314 |  | 46974 |
|  Capricor Therapeutics, Inc. (x)\* | 7225 |  | 208513 |
|  Cardiff Oncology, Inc. (x)\* | 11980 |  | 33664 |
|  CareDx, Inc.\* | 9766 |  | 183991 |
|  Cartesian Therapeutics, Inc. (x)\* | 1947 |  | 14038 |
|  Celcuity, Inc.\* | 30227 |  | 3014841 |
|  Celularity, Inc., Class A (x)\* | 2156 |  | 2393 |
|  CervoMed, Inc.\* | 1068 |  | 8437 |
|  CG oncology, Inc.\* | 16640 |  | 690893 |
|  Cibus, Inc., Class A (x)\* | 5754 |  | 10012 |
|  Cidara Therapeutics, Inc.\* | 3675 |  | 811771 |
|  Citius Oncology, Inc. (x)\* | 2491 |  | 2491 |
|  Climb Bio, Inc.\* | 5644 |  | 22576 |
|  Cogent Biosciences, Inc.\* | 131565 |  | 4673189 |
|  Coherus Oncology, Inc. (x)\* | 19743 |  | 28035 |
|  Compass Therapeutics, Inc.\* | 24486 |  | 131490 |
|  Corbus Pharmaceuticals Holdings, Inc.\* | 1953 |  | 15897 |
|  Corvus Pharmaceuticals, Inc.\* | 10763 |  | 82875 |
|  Coya Therapeutics, Inc.\* | 3497 |  | 20283 |
|  Cullinan Therapeutics, Inc.\* | 10094 |  | 104473 |
|  Design Therapeutics, Inc.\* | 4381 |  | 41094 |
|  DiaMedica Therapeutics, Inc. (x)\* | 6373 |  | 50729 |
|  Dianthus Therapeutics, Inc.\* | 4584 |  | 188907 |
|  Dyadic International, Inc.\* | 3140 |  | 2952 |
|  Editas Medicine, Inc.\* | 16765 |  | 34368 |
|  Eledon Pharmaceuticals, Inc.\* | 10486 |  | 15834 |
|  Elicio Therapeutics, Inc. (x)\* | 1719 |  | 13683 |
|  Elutia, Inc.\* | 4319 |  | 2992 |
|  Emergent BioSolutions, Inc.\* | 9764 |  | 120683 |
|  Enanta Pharmaceuticals, Inc.\* | 5087 |  | 80222 |
|  Entrada Therapeutics, Inc.\* | 5318 |  | 54669 |
|  Erasca, Inc.\* | 32633 |  | 121395 |
|  Estrella Immunopharma, Inc. (x)\* | 2373 |  | 3702 |
|  Exagen, Inc.\* | 2815 |  | 17115 |
|  Exicure, Inc. (x)\* | 284 |  | 1539 |
|  eXoZymes, Inc.\* | 443 |  | 4829 |
|  Fate Therapeutics, Inc.\* | 19857 |  | 19511 |
|  Fennec Pharmaceuticals, Inc.\* | 4604 |  | 35451 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Fibrobiologics, Inc. (x)\* | 5089 | $| 1145 |
|  Foghorn Therapeutics, Inc.\* | 6364 |  | 34366 |
|  Forte Biosciences, Inc.\* | 1979 |  | 53967 |
|  Fortress Biotech, Inc. (x)\* | 4839 |  | 17711 |
|  Gain Therapeutics, Inc. (x)\* | 6513 |  | 20972 |
|  Galectin Therapeutics, Inc.\* | 8571 |  | 35655 |
|  Genelux Corp.(x)\* | 6096 |  | 26579 |
|  Gossamer Bio, Inc.\* | 36112 |  | 111947 |
|  Greenwich Lifesciences, Inc. (x)\* | 1162 |  | 24414 |
|  Heron Therapeutics, Inc. (x)\* | 28288 |  | 36774 |
|  Humacyte, Inc. (x)\* | 28525 |  | 27398 |
|  Immix Biopharma, Inc.\* | 3944 |  | 20627 |
|  ImmuCell Corp.\* | 1094 |  | 6728 |
|  Immuneering Corp., Class A(x)\* | 10127 |  | 66636 |
|  Immunic, Inc. (x)\* | 18110 |  | 9665 |
|  Immunome, Inc.\* | 17736 |  | 380969 |
|  Inhibikase Therapeutics, Inc.\* | 12250 |  | 25112 |
|  Inhibrx Biosciences, Inc.\* | 1702 |  | 134458 |
|  Inmune Bio, Inc. (x)\* | 3509 |  | 5474 |
|  Inovio Pharmaceuticals, Inc. (x)\* | 9619 |  | 16737 |
|  Insight Molecular Diagnostics, Inc.\* | 2330 |  | 17475 |
|  Instil Bio, Inc.\* | 726 |  | 7986 |
|  Ironwood Pharmaceuticals, Inc., Class A\* | 30027 |  | 101191 |
|  Jade Biosciences, Inc. (x) | 8649 |  | 133454 |
|  Jasper Therapeutics, Inc. (x)\* | 4665 |  | 8537 |
|  Kalaris Therapeutics, Inc.\* | 907 |  | 7655 |
|  KalVista Pharmaceuticals, Inc. (x)\* | 7209 |  | 116425 |
|  Karyopharm Therapeutics, Inc.\* | 2637 |  | 19408 |
|  Kezar Life Sciences, Inc.\* | 1195 |  | 7517 |
|  Kodiak Sciences, Inc.\* | 6146 |  | 171842 |
|  Korro Bio, Inc. (x)\* | 1296 |  | 10381 |
|  Kyverna Therapeutics, Inc. (x)\* | 4638 |  | 43597 |
|  Lantern Pharma, Inc. (x)\* | 1685 |  | 5106 |
|  Larimar Therapeutics, Inc.\* | 8898 |  | 33901 |
|  Lexeo Therapeutics, Inc.\* | 11785 |  | 117025 |
|  MacroGenics, Inc.\* | 10632 |  | 17118 |
|  MAIA Biotechnology, Inc. (x)\* | 4673 |  | 7150 |
|  MapLight Therapeutics, Inc.\* | 3136 |  | 55084 |
|  MDxHealth SA\* | 7575 |  | 27043 |
|  MediciNova, Inc.\* | 9049 |  | 11854 |
|  Medicus Pharma Ltd. (x)\* | 2737 |  | 4188 |
|  MeiraGTx Holdings plc\* | 8359 |  | 66454 |
|  Metagenomi, Inc.\* | 5198 |  | 8421 |
|  MiMedx Group, Inc.\* | 22171 |  | 150098 |
|  Mineralys Therapeutics, Inc.\* | 50417 |  | 1829633 |
|  Mirum Pharmaceuticals, Inc.\* | 24093 |  | &nbsp;&nbsp;&nbsp;&nbsp;1903106 |
|  Monopar Therapeutics, Inc.\* | 852 |  | 55636 |
|  Monte Rosa Therapeutics, Inc.\* | 8755 |  | 137278 |
|  Neurogene, Inc. (x)\* | 1801 |  | 37101 |
|  Newamsterdam Pharma Co. NV (x)\* | 19300 |  | 677044 |
|  Nkarta, Inc.\* | 8059 |  | 14909 |
|  Nurix Therapeutics, Inc.\* | 18779 |  | 356238 |
|  Nuvectis Pharma, Inc.\* | 3007 |  | 22703 |
|  Olema Pharmaceuticals, Inc.\* | 11171 |  | 279275 |
|  OnKure Therapeutics, Inc., Class A (x)\* | 1762 |  | 5110 |
|  Organogenesis Holdings, Inc., Class A\* | 12806 |  | 66335 |
|  ORIC Pharmaceuticals, Inc.(x)\* | 88130 |  | 720903 |
|  Oruka Therapeutics, Inc. (x)\* | 7223 |  | 218929 |
|  OS Therapies, Inc.(x)\* | 4080 |  | 5712 |
|  Outlook Therapeutics, Inc. (x)\* | 5471 |  | 8644 |
|  Palvella Therapeutics, Inc. (x)\* | 1353 |  | 141619 |
|  PDS Biotechnology Corp. (x)\* | 9304 |  | 7162 |
|  PepGen, Inc.\* | 8195 |  | 53349 |
|  Perspective Therapeutics, Inc.\* | 10805 |  | 29714 |
|  PMV Pharmaceuticals, Inc.\* | 8718 |  | 10898 |
|  Praxis Precision Medicines, Inc.\* | 8355 |  | 2462553 |
|  Precigen, Inc. (x)\* | 33679 |  | 140778 |
|  Precision BioSciences, Inc.\* | 1746 |  | 7263 |
|  Prime Medicine, Inc. (x)\* | 18606 |  | 64563 |
|  Protalix BioTherapeutics, Inc.\* | 13944 |  | 25099 |
|  Protara Therapeutics, Inc.\* | 6464 |  | 34453 |
|  PTC Therapeutics, Inc.\* | 21133 |  | 1605263 |
|  Puma Biotechnology, Inc.\* | 7936 |  | 47219 |
|  Pyxis Oncology, Inc.\* | 8875 |  | 10206 |
|  Quince Therapeutics, Inc.\* | 8668 |  | 29038 |
|  Rein Therapeutics, Inc.\* | 3982 |  | 4619 |
|  Replimune Group, Inc.\* | 12991 |  | 126273 |
|  Rezolute, Inc.\* | 15265 |  | 36025 |
|  Rhythm Pharmaceuticals, Inc.\* | 14918 |  | 1596823 |
|  Rigel Pharmaceuticals, Inc.\* | 3302 |  | 141425 |
|  Sagimet Biosciences, Inc., Class A\* | 6522 |  | 38610 |
|  Savara, Inc.\* | 26496 |  | 159771 |
|  SELLAS Life Sciences Group, Inc. (x)\* | 23079 |  | 87008 |
|  Senti Biosciences, Inc. (x)\* | 1452 |  | 1510 |
|  Sera Prognostics, Inc., Class A (x)\* | 5374 |  | 15853 |
|  Seres Therapeutics, Inc.\* | 1315 |  | 19567 |
|  Serina Therapeutics, Inc. (x)\* | 658 |  | 1259 |
|  Sionna Therapeutics, Inc.\* | 3003 |  | 123543 |
|  Skye Bioscience, Inc.\* | 3385 |  | 2538 |
|  Solid Biosciences, Inc.\* | 11107 |  | 62643 |
|  Stoke Therapeutics, Inc.\* | 8417 |  | 267156 |
|  Surrozen, Inc.\* | 902 |  | 20385 |
|  Sutro Biopharma, Inc.\* | 1480 |  | 17124 |
|  Tango Therapeutics, Inc.(x)\* | 19899 |  | 176305 |
|  Taysha Gene Therapies, Inc.\* | 41457 |  | 228013 |
|  Tectonic Therapeutic, Inc.(x)\* | 2037 |  | 42492 |
|  Tevogen Bio Holdings, Inc.(x)\* | 5850 |  | 1937 |
|  Tonix Pharmaceuticals Holding Corp.(x)\* | 2173 |  | 33942 |
|  Travere Therapeutics, Inc.\* | 18247 |  | 697218 |
|  TriSalus Life Sciences, Inc. (x)\* | 5623 |  | 39249 |
|  TScan Therapeutics, Inc.\* | 7907 |  | 7907 |
|  TuHURA Biosciences, Inc.\* | 5171 |  | 3913 |
|  Tyra Biosciences, Inc.\* | 4874 |  | 128137 |
|  UroGen Pharma Ltd. (x)\* | 6923 |  | 162137 |
|  Vanda Pharmaceuticals, Inc.\* | 10462 |  | 92275 |
|  Verastem, Inc.\* | 10010 |  | 77277 |
|  Viridian Therapeutics, Inc.\* | 14978 |  | 466115 |
|  Vistagen Therapeutics, Inc. (x)\* | 5930 |  | 3925 |
|  Voyager Therapeutics, Inc.\* | 9080 |  | 35684 |
|  vTv Therapeutics, Inc., Class A (x)\* | 310 |  | 12397 |
|  Whitehawk Therapeutics, Inc.\* | 7688 |  | 18605 |
|  XBiotech, Inc. (x)\* | 3866 |  | 9240 |
|  XOMA Royalty Corp.\* | 1808 |  | 48075 |
|  Zenas Biopharma, Inc. (x)\* | 3534 |  | 128320 |
|  Zentalis Pharmaceuticals, Inc.\* | 11776 |  | 15898 |
|  Zura Bio Ltd., Class A (x)\* | 7768 |  | 40704 |
|  Zymeworks, Inc.\* | 9354 |  | 246291 |
|  |  |  | 32167058 |
|  ***Health Care Equipment & Supplies (4.8%)*** | ***Health Care Equipment & Supplies (4.8%)*** | ***Health Care Equipment & Supplies (4.8%)*** | ***Health Care Equipment & Supplies (4.8%)*** |
|  Accuray, Inc.\* | 19373 |  | 15975 |
|  Acme United Corp. (x) | 665 |  | 26806 |
|  AngioDynamics, Inc.\* | 7347 |  | 94335 |
|  Anteris Technologies Global Corp. (x)\* | 6441 |  | 32141 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Apyx Medical Corp.\* | 6555 | $| 22942 |
|  Artivion, Inc.\* | 51396 |  | 2344172 |
|  Axogen, Inc.\* | 8332 |  | 272706 |
|  Beta Bionics, Inc.\* | 57921 |  | 1764853 |
|  Bioventus, Inc., Class A (x)\* | 8539 |  | 63530 |
|  Butterfly Network, Inc., Class A (x)\* | 36780 |  | 139764 |
|  CapsoVision, Inc.(x)\* | 1116 |  | 11930 |
|  Carlsmed, Inc. (x)\* | 1230 |  | 15190 |
|  Ceribell, Inc.\* | 27392 |  | 600707 |
|  Cerus Corp.\* | 34767 |  | 71620 |
|  ClearPoint Neuro, Inc. (x)\* | 4935 |  | 67511 |
|  CVRx, Inc.\* | 3058 |  | 21712 |
|  CytoSorbents Corp. (x)\* | 11258 |  | 7196 |
|  Delcath Systems, Inc.\* | 5503 |  | 55580 |
|  ElectroCore, Inc.\* | 1267 |  | 5682 |
|  Electromed, Inc.\* | 1233 |  | 35905 |
|  Envoy Medical, Inc.\* | 1182 |  | 781 |
|  enVVeno Medical Corp.\* | 3607 |  | 1157 |
|  Femasys, Inc. (x)\* | 7808 |  | 4499 |
|  FONAR Corp.\* | 1241 |  | 23033 |
|  Fractyl Health, Inc.\* | 20376 |  | 44827 |
|  HeartBeam, Inc. (x)\* | 5013 |  | 12031 |
|  Inogen, Inc.\* | 4622 |  | 31060 |
|  InspireMD, Inc.\* | 3827 |  | 6812 |
|  iRadimed Corp. | 1525 |  | 148352 |
|  Kestra Medical Technologies Ltd. (x)\* | 25913 |  | 687213 |
|  Kewaunee Scientific Corp.\* | 404 |  | 15114 |
|  KORU Medical Systems, Inc.\* | 8170 |  | 47468 |
|  LENSAR, Inc.(x)\* | 1796 |  | 20887 |
|  Lucid Diagnostics, Inc. (x)\* | 16685 |  | 18187 |
|  Microbot Medical, Inc. (x)\* | 12461 |  | 24922 |
|  Modular Medical, Inc.\* | 9543 |  | 3475 |
|  Myomo, Inc. (x)\* | 6835 |  | 6220 |
|  Neuronetics, Inc. (x)\* | 6875 |  | 9487 |
|  NeuroPace, Inc.\* | 4738 |  | 73155 |
|  Odysight.ai, Inc. (x)\* | 1188 |  | 3920 |
|  OraSure Technologies, Inc.\* | 13330 |  | 32259 |
|  Orchestra BioMed Holdings, Inc.\* | 7348 |  | 30494 |
|  Orthofix Medical, Inc.\* | 7247 |  | 109865 |
|  OrthoPediatrics Corp.\* | 3171 |  | 56317 |
|  Outset Medical, Inc.\* | 3182 |  | 11805 |
|  Owlet, Inc.\* | 2777 |  | 44960 |
|  Picard Medical, Inc. (x)\* | 1159 |  | 2028 |
|  Precision Optics Corp., Inc.\* | 1048 |  | 4386 |
|  Pro-Dex, Inc. (x)\* | 380 |  | 14622 |
|  Pulmonx Corp.\* | 7093 |  | 15676 |
|  Pulse Biosciences, Inc. (x)\* | 3571 |  | 49030 |
|  Rockwell Medical, Inc.\* | 6059 |  | 5050 |
|  Sanara Medtech, Inc.\* | 635 |  | 14827 |
|  SANUWAVE Health, Inc.\* | 1400 |  | 41776 |
|  Semler Scientific, Inc.\* | 2405 |  | 36772 |
|  Sensus Healthcare, Inc.\* | 2971 |  | 11825 |
|  Shoulder Innovations, Inc. (x)\* | 849 |  | 12141 |
|  SI-BONE, Inc.\* | 7223 |  | 142438 |
|  Sight Sciences, Inc.\* | 7756 |  | 61505 |
|  Spectral AI, Inc. (x)\* | 3419 |  | 4855 |
|  Stereotaxis, Inc.\* | 11094 |  | 25516 |
|  Tactile Systems Technology, Inc.\* | 4138 |  | 120002 |
|  Tela Bio, Inc.\* | 6142 |  | 7248 |
|  TransMedics Group, Inc.\* | 6782 |  | 825030 |
|  Utah Medical Products, Inc. | 572 |  | 32009 |
|  Vicarious Surgical, Inc., Class A (x)\* | 609 |  | 1322 |
|  Vivani Medical, Inc.\* | 6125 |  | 7534 |
|  |  |  | 8574149 |
|  ***Health Care Providers & Services (2.8%)*** | ***Health Care Providers & Services (2.8%)*** | ***Health Care Providers & Services (2.8%)*** | ***Health Care Providers & Services (2.8%)*** |
|  AirSculpt Technologies, Inc. (x)\* | 3101 |  | 6140 |
|  Aveanna Healthcare Holdings, Inc.\* | 12987 |  | 106104 |
|  Billiontoone, Inc., Class A\* | 6342 |  | 519029 |
|  Castle Biosciences, Inc.\* | 5326 |  | 207181 |
|  Cross Country Healthcare, Inc.\* | 5837 |  | 47280 |
|  Cryo-Cell International, Inc. | 1052 |  | 3619 |
|  DocGo, Inc.\* | 17823 |  | 15645 |
|  GeneDx Holdings Corp., Class A\* | 15250 |  | 1983415 |
|  Hinge Health, Inc., Class A\* | 11893 |  | 552430 |
|  InfuSystem Holdings, Inc.\* | 3624 |  | 32507 |
|  Joint Corp. (The) (x)\* | 2656 |  | 23160 |
|  Nano-X Imaging Ltd. (x)\* | 12288 |  | 34406 |
|  National Research Corp. | 2231 |  | 41876 |
|  Nutex Health, Inc.\* | 644 |  | 106015 |
|  Omada Health, Inc.\* | 43182 |  | 681412 |
|  Oncology Institute, Inc. (The) (x)\* | 12680 |  | 45141 |
|  P3 Health Partners, Inc.\* | 252 |  | 882 |
|  Pennant Group, Inc. (The)\* | 6344 |  | 178584 |
|  Prenetics Global Ltd., Class A\* | 2276 |  | 35847 |
|  Quipt Home Medical Corp.\* | 6831 |  | 24113 |
|  SBC Medical Group Holdings, Inc.(x)\* | 1882 |  | 8111 |
|  Sonida Senior Living, Inc.\* | 1061 |  | 34599 |
|  Strata Critical Medical, Inc.\* | 12865 |  | 61881 |
|  Talkspace, Inc.\* | 27025 |  | 98101 |
|  Viemed Healthcare, Inc.\* | 6367 |  | 47307 |
|  |  |  | 4894785 |
|  ***Health Care Technology (0.7%)*** |  |  |  |
|  CareCloud, Inc.\* | 7166 |  | 20925 |
|  Claritev Corp. (x)\* | 1418 |  | 60619 |
|  Firefly Neuroscience, Inc.\* | 1338 |  | 1171 |
|  Forian, Inc.\* | 3232 |  | 6852 |
|  Health Catalyst, Inc.\* | 13221 |  | 31598 |
|  HealthStream, Inc. | 4419 |  | 101946 |
|  HeartFlow, Inc. (x)\* | 28089 |  | 818794 |
|  LifeMD, Inc. (x)\* | 7277 |  | 24815 |
|  OptimizeRx Corp. (x)\* | 3064 |  | 37565 |
|  Simulations Plus, Inc. (x)\* | 3126 |  | 56987 |
|  TruBridge, Inc.\* | 1850 |  | 40829 |
|  |  |  | 1202101 |
|  ***Life Sciences Tools & Services (2.1%)*** | ***Life Sciences Tools & Services (2.1%)*** | ***Life Sciences Tools & Services (2.1%)*** | ***Life Sciences Tools & Services (2.1%)*** |
|  Adaptive Biotechnologies Corp.\* | 187118 |  | 3038796 |
|  Alpha Teknova, Inc.\* | 2304 |  | 8755 |
|  Atlantic International Corp. (x)\* | 1868 |  | 2484 |
|  BioLife Solutions, Inc.\* | 7672 |  | 185509 |
|  Champions Oncology, Inc.\* | 1755 |  | 12127 |
|  Codexis, Inc.\* | 16439 |  | 26796 |
|  Ginkgo Bioworks Holdings, Inc., Class A (x)\* | 7696 |  | 63954 |
|  Inotiv, Inc. (x)\* | 5300 |  | 2979 |
|  Lifecore Biomedical, Inc.\* | 5105 |  | 41759 |
|  MaxCyte, Inc.\* | 19566 |  | 30327 |
|  Niagen Bioscience, Inc.\* | 9939 |  | 63212 |
|  OmniAb, Inc.\* | 19303 |  | 35711 |
|  Personalis, Inc.\* | 9420 |  | 74983 |
|  Quanterix Corp.\* | 8390 |  | 53360 |
|  Quantum-Si, Inc. (x)\* | 29011 |  | 31912 |
|  Rapid Micro Biosystems, Inc., Class A\* | 5923 |  | 17177 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Seer, Inc., Class A\* | 9079 | $| 16615 |
|  Standard BioTools, Inc.\* | 56320 |  | 72090 |
|  |  |  | 3778546 |
|  ***Pharmaceuticals (6.6%)*** |  |  |  |
|  Aardvark Therapeutics, Inc. (x)\* | 2359 |  | 30962 |
|  Aclaris Therapeutics, Inc.\* | 17201 |  | 51775 |
|  Alto Neuroscience, Inc.\* | 4120 |  | 73336 |
|  Alumis, Inc. (x)\* | 10617 |  | 103622 |
|  Amylyx Pharmaceuticals, Inc.\* | 16621 |  | 200782 |
|  AN2 Therapeutics, Inc.\* | 5334 |  | 6081 |
|  Anebulo Pharmaceuticals, Inc.\* | 1872 |  | 1891 |
|  Aquestive Therapeutics, Inc. (x)\* | 19549 |  | 126287 |
|  Atea Pharmaceuticals, Inc.\* | 13380 |  | 47767 |
|  BioAge Labs, Inc. (x)\* | 4463 |  | 59045 |
|  Biote Corp., Class A\* | 5350 |  | 13910 |
|  Cadrenal Therapeutics, Inc. (x)\* | 264 |  | 1790 |
|  Cassava Sciences, Inc.\* | 8527 |  | 16883 |
|  Collegium Pharmaceutical, Inc.\* | 5885 |  | 272475 |
|  Contineum Therapeutics, Inc., Class A\* | 3157 |  | 36084 |
|  CorMedix, Inc. (x)\* | 13910 |  | 161773 |
|  Cumberland Pharmaceuticals, Inc.\* | 1488 |  | 5922 |
|  Enliven Therapeutics, Inc. (x)\* | 7414 |  | 114176 |
|  Esperion Therapeutics, Inc. (x)\* | 43799 |  | 162056 |
|  Eton Pharmaceuticals, Inc.\* | 4818 |  | 81472 |
|  Evolus, Inc.\* | 9750 |  | 64837 |
|  EyePoint, Inc.\* | 14157 |  | 258648 |
|  Fulcrum Therapeutics, Inc.\* | 8089 |  | 91487 |
|  Harrow, Inc. (x)\* | 5919 |  | 290031 |
|  ImageneBio, Inc. (x)\* | 1629 |  | 11240 |
|  Journey Medical Corp. (x)\* | 2503 |  | 19298 |
|  LB Pharmaceuticals, Inc.\* | 3422 |  | 76174 |
|  LENZ Therapeutics, Inc. (x)\* | 2975 |  | 47600 |
|  Liquidia Corp.\* | 12046 |  | 415467 |
|  Maze Therapeutics, Inc.\* | 4016 |  | 166383 |
|  MBX Biosciences, Inc. (x)\* | 5332 |  | 168171 |
|  MediWound Ltd. (x)\* | 1795 |  | 33136 |
|  Mind Medicine MindMed, Inc. (x)\* | 17622 |  | 235959 |
|  Neonc Technologies Holdings, Inc.\* | 1612 |  | 13331 |
|  NRX Therapeutics, Inc. (x)\* | 4246 |  | 11507 |
|  Nutriband, Inc.\* | 668 |  | 3033 |
|  Nutriband, Inc. (Preference) (q)(r)\* | 167 |  |  |
|  Nuvation Bio, Inc.\* | 45249 |  | 405431 |
|  Omeros Corp. (x)\* | 12364 |  | 212352 |
|  Oramed Pharmaceuticals, Inc.\* | 7025 |  | 20021 |
|  Phathom Pharmaceuticals, Inc. (x)\* | 7464 |  | 123828 |
|  Phibro Animal Health Corp., Class A | 3835 |  | 143276 |
|  Pliant Therapeutics, Inc.\* | 11562 |  | 14106 |
|  Rafael Holdings, Inc., Class B\* | 3161 |  | 3730 |
|  Rani Therapeutics Holdings, Inc., Class A (x)\* | 13605 |  | 18367 |
|  Rapport Therapeutics, Inc.\* | 5325 |  | 161560 |
|  Scilex Holding Co.\* | 1044 |  | 12737 |
|  SIGA Technologies, Inc. | 7675 |  | 46894 |
|  Tarsus Pharmaceuticals, Inc.\* | 33614 |  | 2752314 |
|  Telomir Pharmaceuticals, Inc. (x)\* | 3635 |  | 4835 |
|  Terns Pharmaceuticals, Inc.\* | 75543 |  | 3051937 |
|  Theravance Biopharma, Inc.\* | 7105 |  | 132935 |
|  Third Harmonic Bio, Inc. (r)\* | 5280 |  |  |
|  Trevi Therapeutics, Inc.\* | 17032 |  | 213241 |
|  Tvardi Therapeutics, Inc.\* | 891 |  | 3831 |
|  Ventyx Biosciences, Inc.\* | 12147 |  | 109687 |
|  WaVe Life Sciences Ltd.\* | 21708 |  | 369036 |
|  Xeris Biopharma Holdings, Inc.\* | 28797 |  | 226056 |
|  Zevra Therapeutics, Inc. (x)\* | 10421 |  | 93372 |
|  |  |  | 11593937 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 62210576 |
|  **Industrials (17.2%)** | **Industrials (17.2%)** | **Industrials (17.2%)** | **Industrials (17.2%)** |
|  ***Aerospace & Defense (3.2%)*** | ***Aerospace & Defense (3.2%)*** | ***Aerospace & Defense (3.2%)*** | ***Aerospace & Defense (3.2%)*** |
|  AerSale Corp.\* | 6186 |  | 43983 |
|  AIRO Group Holdings, Inc. (x)\* | 1407 |  | 11509 |
|  Astronics Corp.\* | 5759 |  | 312368 |
|  Byrna Technologies, Inc. (x)\* | 3372 |  | 56616 |
|  Cadre Holdings, Inc. | 5335 |  | 217882 |
|  CPI Aerostructures, Inc.\* | 2163 |  | 8566 |
|  Ducommun, Inc.\* | 2586 |  | 246006 |
|  Innovative Solutions and Support, Inc.\* | 2840 |  | 53790 |
|  Mercury Systems, Inc.\* | 19891 |  | 1452242 |
|  National Presto Industries, Inc. | 976 |  | 104198 |
|  Optex Systems Holdings, Inc.\* | 1052 |  | 14917 |
|  Park Aerospace Corp. | 3409 |  | 72748 |
|  Redwire Corp. (x)\* | 13694 |  | 104074 |
|  Safe Pro Group, Inc. (x)\* | 2026 |  | 8428 |
|  Satellogic, Inc., Class A (x)\* | 15645 |  | 29256 |
|  TAT Technologies Ltd. (x)\* | 35056 |  | 1565601 |
|  Virgin Galactic Holdings, Inc. (x)\* | 10695 |  | 34331 |
|  VirTra, Inc.\* | 2291 |  | 9622 |
|  VSE Corp. | 7807 |  | 1348815 |
|  |  |  | 5694952 |
|  ***Air Freight & Logistics (0.0%)†*** |  |  |  |
|  Air T, Inc.\* | 285 |  | 5361 |
|  Arrive AI, Inc.\* | 734 |  | 1930 |
|  Freightos Ltd.\* | 5732 |  | 13069 |
|  Radiant Logistics, Inc.\* | 6320 |  | 40006 |
|  |  |  | 60366 |
|  ***Building Products (0.2%)*** |  |  |  |
|  Alpha Pro Tech Ltd.\* | 2064 |  | 9164 |
|  Caesarstone Ltd.\* | 4061 |  | 7553 |
|  Insteel Industries, Inc. | 3492 |  | 110592 |
|  Quanex Building Products Corp. | 8641 |  | 132899 |
|  |  |  | 260208 |
|  ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** |
|  ACCO Brands Corp. | 16306 |  | 60821 |
|  Bridger Aerospace Group Holdings, Inc.\* | 6597 |  | 12073 |
|  CompX International, Inc. | 311 |  | 7237 |
|  Ennis, Inc. | 4471 |  | 80523 |
|  Enviri Corp.\* | 14258 |  | 255503 |
|  Interface, Inc., Class A | 10860 |  | 303211 |
|  Knightscope, Inc., Class A (x)\* | 1896 |  | 7034 |
|  Liquidity Services, Inc.\* | 4359 |  | 132121 |
|  Mobile Infrastructure Corp., Class A(x)\* | 2856 |  | 7283 |
|  NL Industries, Inc. | 1686 |  | 9223 |
|  Odyssey Marine Exploration, Inc., Class B (x)\* | 8545 |  | 16748 |
|  Perma-Fix Environmental Services, Inc. (x)\* | 3205 |  | 40351 |
|  Quad/Graphics, Inc. | 5568 |  | 34911 |
|  Quest Resource Holding Corp.\* | 3342 |  | 6216 |
|  Team, Inc.\* | 548 |  | 7743 |
|  Virco Mfg. Corp. | 1991 |  | 12723 |
|  |  |  | 993721 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  ***Construction & Engineering (4.0%)*** |  |  |  |
|  Argan, Inc. | 1458 | $| 456820 |
|  Bowman Consulting Group Ltd., Class A\* | 2635 |  | 87008 |
|  Cardinal Infrastructure Group, Inc., Class A (x)\* | 52814 |  | 1277042 |
|  Concrete Pumping Holdings, Inc. | 4033 |  | 27061 |
|  Great Lakes Dredge & Dock Corp.\* | 12440 |  | 163213 |
|  INNOVATE Corp.\* | 1036 |  | 4683 |
|  JFB Construction Holdings, Class A (x)\* | 212 |  | 3099 |
|  Legence Corp., Class A\* | 22244 |  | 957382 |
|  Limbach Holdings, Inc.\* | 1989 |  | 154844 |
|  Matrix Service Co.\* | 5082 |  | 59459 |
|  NWPX Infrastructure, Inc.\* | 1771 |  | 110670 |
|  Orion Group Holdings, Inc.\* | 7070 |  | 70276 |
|  Primoris Services Corp. | 14769 |  | 1833424 |
|  Shimmick Corp.\* | 774 |  | 2260 |
|  Southland Holdings, Inc.\* | 2394 |  | 7948 |
|  Sterling Infrastructure, Inc.\* | 4456 |  | 1364561 |
|  Tutor Perini Corp. | 8350 |  | 559617 |
|  |  |  | 7139367 |
|  ***Electrical Equipment (1.3%)*** |  |  |  |
|  Allient, Inc. | 2707 |  | 145501 |
|  American Superconductor Corp.\* | 8195 |  | 235852 |
|  Amprius Technologies, Inc.\* | 20684 |  | 163197 |
|  Broadwind, Inc.\* | 3695 |  | 10457 |
|  Espey Mfg. & Electronics Corp. | 431 |  | 20313 |
|  FTC Solar, Inc.\* | 1708 |  | 18634 |
|  FuelCell Energy, Inc. (x)\* | 6064 |  | 44328 |
|  Hyliion Holdings Corp.\* | 23989 |  | 44140 |
|  Ideal Power, Inc.\* | 1366 |  | 4221 |
|  KULR Technology Group, Inc.(x)\* | 6964 |  | 20613 |
|  LSI Industries, Inc. | 5090 |  | 93249 |
|  NANO Nuclear Energy, Inc. (x)\* | 7507 |  | 180243 |
|  NeoVolta, Inc. (x)\* | 5948 |  | 18082 |
|  Powell Industries, Inc. (x) | 1892 |  | 603132 |
|  Power Solutions International, Inc. (x)\* | 1600 |  | 91424 |
|  Preformed Line Products Co. | 479 |  | 99014 |
|  SKYX Platforms Corp. (x)\* | 13650 |  | 29621 |
|  SolarMax Technology, Inc.\* | 5474 |  | 4493 |
|  SunPower, Inc. (x)\* | 11121 |  | 17460 |
|  T1 Energy, Inc. (x)\* | 24978 |  | 166853 |
|  Thermon Group Holdings, Inc.\* | 6155 |  | 228720 |
|  Ultralife Corp.\* | 2146 |  | 12275 |
|  Zeo Energy Corp.\* | 3290 |  | 3586 |
|  |  |  | 2255408 |
|  ***Ground Transportation (0.1%)*** | ***Ground Transportation (0.1%)*** | ***Ground Transportation (0.1%)*** | ***Ground Transportation (0.1%)*** |
|  Armlogi Holding Corp. (x)\* | 1926 |  | 1002 |
|  Covenant Logistics Group, Inc., Class A | 2843 |  | 62660 |
|  FTAI Infrastructure, Inc. (x) | 20610 |  | 95012 |
|  PAMT Corp.\* | 931 |  | 11247 |
|  Proficient Auto Logistics, Inc. (x)\* | 4641 |  | 44739 |
|  Universal Logistics Holdings, Inc. (x) | 1318 |  | 20020 |
|  |  |  | 234680 |
|  ***Machinery (2.8%)*** | ***Machinery (2.8%)*** | ***Machinery (2.8%)*** | ***Machinery (2.8%)*** |
|  3D Systems Corp. (x)\* | 23381 |  | 41384 |
|  Aebi Schmidt Holding AG | 6975 |  | 88234 |
|  AirJoule Technologies Corp.\* | 4895 |  | 19286 |
|  Blue Bird Corp.\* | 5937 |  | 279039 |
|  CECO Environmental Corp.\* | 32693 |  | 1956676 |
|  Columbus McKinnon Corp. | 5300 |  | 91425 |
|  Commercial Vehicle Group, Inc.\* | 5375 |  | 7740 |
|  Douglas Dynamics, Inc. | 4224 |  | 137914 |
|  Eastern Co. (The) | 1054 |  | 20753 |
|  FreightCar America, Inc.\* | 2600 |  | 28782 |
|  Gencor Industries, Inc.\* | 1964 |  | 25453 |
|  Graham Corp.\* | 1955 |  | 125570 |
|  Hurco Cos., Inc.\* | 1177 |  | 18185 |
|  Hyster-Yale, Inc. | 2194 |  | 65184 |
|  L B Foster Co., Class A\* | 1853 |  | 49938 |
|  Laser Photonics Corp. (x)\* | 2285 |  | 5644 |
|  Luxfer Holdings plc | 4952 |  | 67001 |
|  Manitowoc Co., Inc. (The)\* | 6455 |  | 77395 |
|  Mayville Engineering Co., Inc.\* | 2463 |  | 46107 |
|  Microvast Holdings, Inc.\* | 37333 |  | 104532 |
|  Miller Industries, Inc. | 2076 |  | 77580 |
|  Nauticus Robotics, Inc.\* | 787 |  | 604 |
|  NN, Inc.\* | 8806 |  | 11272 |
|  Novusterra, Inc. (r)(x)\* | 957 |  |  |
|  Palladyne AI Corp. (x)\* | 5607 |  | 23886 |
|  Park-Ohio Holdings Corp. | 1872 |  | 39200 |
|  Perma-Pipe International Holdings, Inc.\* | 1421 |  | 43142 |
|  Rain Enhancement Technologies Holdco, Inc., Class A (x)\* | 406 |  | 2371 |
|  Richtech Robotics, Inc., Class B (x)\* | 28664 |  | 92585 |
|  Standex International Corp. | 5129 |  | 1114429 |
|  Taylor Devices, Inc.\* | 590 |  | 34491 |
|  Titan International, Inc.\* | 9125 |  | 71449 |
|  Twin Disc, Inc. | 2249 |  | 37513 |
|  Wabash National Corp. | 7373 |  | 63776 |
|  Xos, Inc. (x)\* | 734 |  | 1329 |
|  |  |  | 4869869 |
|  ***Marine Transportation (0.2%)*** | ***Marine Transportation (0.2%)*** | ***Marine Transportation (0.2%)*** | ***Marine Transportation (0.2%)*** |
|  Costamare Bulkers Holdings Ltd.\* | 1579 |  | 24332 |
|  Genco Shipping & Trading Ltd. | 5931 |  | 109308 |
|  Himalaya Shipping Ltd. (x) | 5291 |  | 48148 |
|  Pangaea Logistics Solutions Ltd. | 5463 |  | 37586 |
|  Safe Bulkers, Inc. | 9678 |  | 46648 |
|  |  |  | 266022 |
|  ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** |
|  flyExclusive, Inc.\* | 775 |  | 3185 |
|  Republic Airways Holdings, Inc.\* | 428 |  | 7862 |
|  Surf Air Mobility, Inc. (x)\* | 6657 |  | 12915 |
|  |  |  | 23962 |
|  ***Professional Services (3.4%)*** | ***Professional Services (3.4%)*** | ***Professional Services (3.4%)*** | ***Professional Services (3.4%)*** |
|  Asure Software, Inc.\* | 4754 |  | 44783 |
|  Barrett Business Services, Inc. | 4648 |  | 168304 |
|  BGSF, Inc. (x) | 2027 |  | 9385 |
|  BlackSky Technology, Inc., Class A (x)\* | 50550 |  | 947813 |
|  CRA International, Inc. | 1200 |  | 240834 |
|  DLH Holdings Corp.\* | 2528 |  | 14283 |
|  Forrester Research, Inc.\* | 2154 |  | 17490 |
|  Franklin Covey Co.\* | 2035 |  | 34147 |
|  HireQuest, Inc. | 1027 |  | 10794 |
|  Huron Consulting Group, Inc.\* | 6932 |  | 1198612 |
|  IBEX Holdings Ltd.\* | 1879 |  | 71740 |
|  Innodata, Inc. (x)\* | 10788 |  | 549649 |
|  Kelly Services, Inc., Class A | 5711 |  | 50257 |
|  Mastech Digital, Inc.\* | 806 |  | 5626 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Mistras Group, Inc.\* | 2331 | $| 29487 |
|  Nixxy, Inc. (x)\* | 3174 |  | 3049 |
|  RCM Technologies, Inc.\* | 940 |  | 19218 |
|  Resolute Holdings Management, Inc. (x)\* | 798 |  | 164731 |
|  Resources Connection, Inc. | 5866 |  | 29565 |
|  Skillsoft Corp. (x)\* | 921 |  | 8565 |
|  Spire Global, Inc. (x)\* | 5170 |  | 38775 |
|  TrueBlue, Inc.\* | 5611 |  | 25530 |
|  TTEC Holdings, Inc.\* | 3503 |  | 12611 |
|  Where Food Comes From, Inc.\* | 649 |  | 7457 |
|  Willdan Group, Inc.\* | 22314 |  | 2313069 |
|  |  |  | 6015774 |
|  ***Trading Companies & Distributors (1.4%)*** | ***Trading Companies & Distributors (1.4%)*** | ***Trading Companies & Distributors (1.4%)*** | ***Trading Companies & Distributors (1.4%)*** |
|  Alta Equipment Group, Inc. | 3935 |  | 18101 |
|  BlueLinx Holdings, Inc.\* | 1434 |  | 88091 |
|  EVI Industries, Inc. | 979 |  | 24123 |
|  Hudson Technologies, Inc.\* | 7065 |  | 48395 |
|  Karat Packaging, Inc. | 1576 |  | 35570 |
|  Marwynn Holdings, Inc. (x)\* | 3207 |  | 2690 |
|  NPK International, Inc.\* | 15301 |  | 182388 |
|  Titan Machinery, Inc.\* | 3955 |  | 59483 |
|  Transcat, Inc.\* | 1721 |  | 97632 |
|  Willis Lease Finance Corp. | 528 |  | 71618 |
|  Xometry, Inc., Class A (x)\* | 31728 |  | 1886864 |
|  |  |  | 2514955 |
|  ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** |
|  Sky Harbour Group Corp.\* | 4204 |  | 37710 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 30366994 |
|  **Information Technology (16.3%)** | **Information Technology (16.3%)** | **Information Technology (16.3%)** | **Information Technology (16.3%)** |
|  ***Communications Equipment (2.4%)*** | ***Communications Equipment (2.4%)*** | ***Communications Equipment (2.4%)*** | ***Communications Equipment (2.4%)*** |
|  ADTRAN Holdings, Inc.\* | 13964 |  | 121347 |
|  Applied Optoelectronics, Inc. (x)\* | 11321 |  | 394650 |
|  Aviat Networks, Inc.\* | 2163 |  | 46245 |
|  BK Technologies Corp.\* | 538 |  | 40129 |
|  Calix, Inc.\* | 28560 |  | 1511681 |
|  Clearfield, Inc.\* | 2152 |  | 62731 |
|  CommScope Holding Co., Inc.\* | 40923 |  | 741934 |
|  Comtech Telecommunications Corp.\* | 4705 |  | 24890 |
|  Digi International, Inc.\* | 6836 |  | 295930 |
|  Franklin Wireless Corp. | 1953 |  | 8535 |
|  Genasys, Inc.\* | 8644 |  | 18541 |
|  Gilat Satellite Networks Ltd. (x)\* | 51868 |  | 671172 |
|  Inseego Corp. (x)\* | 2389 |  | 24535 |
|  KVH Industries, Inc.\* | 2333 |  | 16261 |
|  Lantronix, Inc.\* | 5703 |  | 33420 |
|  NETGEAR, Inc.\* | 5118 |  | 125545 |
|  Ribbon Communications, Inc.\* | 17238 |  | 49645 |
|  |  |  | 4187191 |
|  ***Electronic Equipment, Instruments & Components (5.0%)*** | ***Electronic Equipment, Instruments & Components (5.0%)*** | ***Electronic Equipment, Instruments & Components (5.0%)*** | ***Electronic Equipment, Instruments & Components (5.0%)*** |
|  908 Devices, Inc. (x)\* | 5376 |  | 28224 |
|  Aeva Technologies, Inc. (x)\* | 7016 |  | 93172 |
|  Airgain, Inc.\* | 1835 |  | 7450 |
|  AmpliTech Group, Inc.\* | 3317 |  | 9918 |
|  Arlo Technologies, Inc.\* | 100123 |  | 1400721 |
|  Bel Fuse, Inc., Class A | 306 |  | 46451 |
|  Bel Fuse, Inc., Class B | 10033 |  | 1701898 |
|  Climb Global Solutions, Inc. | 732 |  | 75242 |
|  Coda Octopus Group, Inc.\* | 1065 |  | 9904 |
|  Daktronics, Inc.\* | 7154 |  | 141435 |
|  Evolv Technologies Holdings, Inc.\* | 28603 |  | 204797 |
|  Focus Universal, Inc. (x)\* | 571 |  | 463 |
|  Frequency Electronics, Inc. (x)\* | 1205 |  | 64877 |
|  Identiv, Inc.\* | 3726 |  | 14308 |
|  Kimball Electronics, Inc.\* | 4560 |  | 126859 |
|  LGL Group, Inc. (The)\* | 588 |  | 3381 |
|  LightPath Technologies, Inc., Class A\* | 7476 |  | 80741 |
|  Methode Electronics, Inc. | 6436 |  | 42735 |
|  MicroVision, Inc. (x)\* | 55886 |  | 46279 |
|  M-Tron Industries, Inc.\* | 539 |  | 28686 |
|  Neonode, Inc.\* | 2090 |  | 3637 |
|  nLight, Inc.\* | 39449 |  | 1479732 |
|  OSI Systems, Inc.\* | 5727 |  | 1460729 |
|  Ouster, Inc.\* | 48280 |  | 1044779 |
|  Powerfleet, Inc.\* | 23366 |  | 124307 |
|  Red Cat Holdings, Inc. (x)\* | 19179 |  | 152089 |
|  Research Frontiers, Inc.\* | 5313 |  | 6960 |
|  RF Industries Ltd.\* | 1728 |  | 9988 |
|  Richardson Electronics Ltd. | 2328 |  | 25329 |
|  ScanSource, Inc.\* | 4095 |  | 159951 |
|  Sono-Tek Corp.\* | 1057 |  | 4365 |
|  Syntec Optics Holdings, Inc. (x)\* | 1674 |  | 4788 |
|  Unusual Machines, Inc. (x)\* | 5821 |  | 74159 |
|  Vishay Precision Group, Inc.\* | 2242 |  | 86317 |
|  Vuzix Corp.(x)\* | 12288 |  | 46449 |
|  Wrap Technologies, Inc. (x)\* | 7146 |  | 17007 |
|  |  |  | 8828127 |
|  ***IT Services (2.4%)*** | ***IT Services (2.4%)*** | ***IT Services (2.4%)*** | ***IT Services (2.4%)*** |
|  Applied Digital Corp. (x)\* | 120641 |  | 2958117 |
|  Backblaze, Inc., Class A\* | 10580 |  | 49303 |
|  BigBear.ai Holdings, Inc. (x)\* | 81319 |  | 439123 |
|  Cloudastructure, Inc., Class A\* | 2661 |  | 2143 |
|  Crexendo, Inc.\* | 2987 |  | 19326 |
|  CSP, Inc. (x) | 1304 |  | 16300 |
|  Grid Dynamics Holdings, Inc.\* | 57862 |  | 522494 |
|  Hackett Group, Inc. (The) | 4679 |  | 91849 |
|  Information Services Group, Inc. | 6796 |  | 39281 |
|  Rackspace Technology, Inc. (x)\* | 15552 |  | 15099 |
|  Research Solutions, Inc.\* | 5334 |  | 15682 |
|  TSS, Inc. (x)\* | 3993 |  | 28230 |
|  Tucows, Inc., Class A\* | 1291 |  | 28944 |
|  Unisys Corp.\* | 12770 |  | 35245 |
|  WidePoint Corp.\* | 1512 |  | 8119 |
|  |  |  | 4269255 |
|  ***Semiconductors & Semiconductor Equipment (1.3%)*** | ***Semiconductors & Semiconductor Equipment (1.3%)*** | ***Semiconductors & Semiconductor Equipment (1.3%)*** | ***Semiconductors & Semiconductor Equipment (1.3%)*** |
|  Aehr Test Systems\* | 5351 |  | 108037 |
|  Aeluma, Inc. (x)\* | 2436 |  | 41826 |
|  Alpha & Omega Semiconductor Ltd.\* | 4694 |  | 92988 |
|  Ambarella, Inc.\* | 10429 |  | 738790 |
|  Ambiq Micro, Inc.\* | 888 |  | 25308 |
|  Amtech Systems, Inc.\* | 2532 |  | 31777 |
|  Atomera, Inc. (x)\* | 5412 |  | 11960 |
|  AXT, Inc.\* | 8168 |  | 133547 |
|  Blaize Holdings, Inc. (x)\* | 14673 |  | 28612 |
|  CEVA, Inc.\* | 4386 |  | 94387 |
|  Everspin Technologies, Inc.\* | 3595 |  | 33362 |
|  GCT Semiconductor Holding, Inc. (x)\* | 6599 |  | 7919 |
|  GSI Technology, Inc.\* | 4853 |  | 30137 |
|  Ichor Holdings Ltd.\* | 6377 |  | 117528 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  indie Semiconductor, Inc., Class A (x)\* | 36814 | $| 129953 |
|  inTEST Corp.\* | 2022 |  | 15104 |
|  Kopin Corp. (x)\* | 33443 |  | 78257 |
|  Maxeon Solar Technologies Ltd.\* | 1228 |  | 3377 |
|  Navitas Semiconductor Corp., Class A (x)\* | 29972 |  | 214000 |
|  NVE Corp. | 904 |  | 53634 |
|  Penguin Solutions, Inc.\* | 9760 |  | 190906 |
|  QuickLogic Corp. (x)\* | 3068 |  | 18439 |
|  SkyWater Technology, Inc.\* | 5685 |  | 103240 |
|  |  |  | 2303088 |
|  ***Software (5.0%)*** | ***Software (5.0%)*** | ***Software (5.0%)*** | ***Software (5.0%)*** |
|  8x8, Inc.\* | 24716 |  | 48690 |
|  A10 Networks, Inc. | 13459 |  | 238090 |
|  ACCESS Newswire, Inc.\* | 580 |  | 5394 |
|  Agilysys, Inc.\* | 12414 |  | 1475280 |
|  Airship AI Holdings, Inc. (x)\* | 4601 |  | 13297 |
|  Arteris, Inc.\* | 5623 |  | 87156 |
|  AudioEye, Inc.\* | 1519 |  | 15175 |
|  authID, Inc.\* | 2084 |  | 1823 |
|  Aware, Inc.\* | 2352 |  | 4375 |
|  Bit Digital, Inc. (x)\* | 59772 |  | 112969 |
|  Blend Labs, Inc., Class A\* | 37068 |  | 112687 |
|  BTCS, Inc. (r)\* | 650 |  |  |
|  BTCS, Inc. (Nasdaq Stock Exchange)\* | 7082 |  | 18696 |
|  Cerence, Inc.\* | 7602 |  | 81265 |
|  Chaince Digital Holdings, Inc. (x)\* | 6135 |  | 30491 |
|  Cipher Mining, Inc. (x)\* | 60853 |  | 898190 |
|  Consensus Cloud Solutions, Inc.\* | 3524 |  | 76894 |
|  CS Disco, Inc.\* | 4719 |  | 36619 |
|  Daily Journal Corp. (x)\* | 237 |  | 115495 |
|  Datacentrex, Inc. (x)\* | 1898 |  | 5219 |
|  Digimarc Corp. (x)\* | 2996 |  | 19654 |
|  Digital Turbine, Inc.\* | 20239 |  | 101195 |
|  Domo, Inc., Class B\* | 6185 |  | 52140 |
|  Duos Technologies Group, Inc. (x)\* | 3151 |  | 35449 |
|  D-Wave Quantum, Inc. (x)\* | 16501 |  | 431501 |
|  eGain Corp.\* | 3018 |  | 31055 |
|  Expensify, Inc., Class A\* | 11371 |  | 17170 |
|  Fatpipe, Inc. (x)\* | 1242 |  | 2509 |
|  I3 Verticals, Inc., Class A (x)\* | 4401 |  | 110861 |
|  Intellicheck, Inc.\* | 3519 |  | 23507 |
|  Intellinetics, Inc.\* | 496 |  | 3957 |
|  Kaltura, Inc.\* | 16928 |  | 27762 |
|  Mitek Systems, Inc.\* | 8325 |  | 87829 |
|  Nukkleus, Inc. (x)\* | 2067 |  | 8330 |
|  ON24, Inc.\* | 7232 |  | 57567 |
|  OneSpan, Inc. | 6747 |  | 86631 |
|  Ooma, Inc.\* | 4719 |  | 55354 |
|  Pagaya Technologies Ltd., Class A\* | 9563 |  | 199867 |
|  Phunware, Inc. (x)\* | 4186 |  | 7744 |
|  Porch Group, Inc.\* | 16221 |  | 148098 |
|  Red Violet, Inc. | 15352 |  | 874296 |
|  Rekor Systems, Inc. (x)\* | 22942 |  | 31660 |
|  ReposiTrak, Inc. (x) | 2126 |  | 26299 |
|  Rezolve AI plc (x)\* | 33501 |  | 86098 |
|  Rimini Street, Inc.\* | 9100 |  | 35308 |
|  Roadzen, Inc.\* | 6568 |  | 15829 |
|  Silvaco Group, Inc. (x)\* | 1621 |  | 6565 |
|  SoundThinking, Inc.\* | 1822 |  | 14631 |
|  SRAX, Inc. (x)\* | 4308 |  |  |
|  Synchronoss Technologies, Inc.\* | 1756 |  | 15031 |
|  Telos Corp.\* | 9999 |  | 50995 |
|  Terawulf, Inc. (x)\* | 201988 |  | 2320842 |
|  Upland Software, Inc.\* | 3750 |  | 5362 |
|  Veea, Inc.\* | 1387 |  | 884 |
|  Veritone, Inc. (x)\* | 13920 |  | 64728 |
|  Viant Technology, Inc., Class A\* | 2830 |  | 34073 |
|  VirnetX Holding Corp.\* | 683 |  | 11399 |
|  Weave Communications, Inc.\* | 11610 |  | 88120 |
|  WM Technology, Inc.\* | 16534 |  | 13642 |
|  Xperi, Inc.\* | 8416 |  | 49318 |
|  Yext, Inc.\* | 19016 |  | 153269 |
|  ZenaTech, Inc.\* | 1366 |  | 4371 |
|  |  |  | 8788705 |
|  ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** |
|  AstroNova, Inc.\* | 1212 |  | 10484 |
|  CompoSecure, Inc., Class A\* | 10748 |  | 207221 |
|  CPI Card Group, Inc.\* | 1074 |  | 15766 |
|  Eastman Kodak Co.\* | 9064 |  | 76681 |
|  Foxx Development Holdings, Inc. (x)\* | 406 |  | 1884 |
|  Immersion Corp. | 5130 |  | 34884 |
|  One Stop Systems, Inc.\* | 3820 |  | 27428 |
|  Quantum Corp. (x)\* | 1942 |  | 12526 |
|  TransAct Technologies, Inc.\* | 1793 |  | 7172 |
|  Turtle Beach Corp.\* | 2985 |  | 41880 |
|  |  |  | 435926 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 28812292 |
|  **Materials (1.9%)** |  |  |  |
|  ***Chemicals (0.3%)*** |  |  |  |
|  AdvanSix, Inc. | 4858 |  | 84043 |
|  American Vanguard Corp.\* | 5009 |  | 19134 |
|  Arq, Inc.\* | 5884 |  | 19241 |
|  ASP Isotopes, Inc. (x)\* | 17307 |  | 92592 |
|  Aspen Aerogels, Inc.\* | 12791 |  | 36199 |
|  Core Molding Technologies, Inc.\* | 1526 |  | 30596 |
|  Flexible Solutions International, Inc. (x) | 1320 |  | 8877 |
|  Flotek Industries, Inc. (x)\* | 2760 |  | 47555 |
|  Intrepid Potash, Inc.\* | 2003 |  | 55543 |
|  Koppers Holdings, Inc. | 3506 |  | 94943 |
|  Northern Technologies International Corp. | 1548 |  | 12121 |
|  Rayonier Advanced Materials, Inc.\* | 12060 |  | 71033 |
|  Solesence, Inc.\* | 3821 |  | 6095 |
|  Trinseo plc (x) | 6822 |  | 3391 |
|  Valhi, Inc. | 444 |  | 5350 |
|  |  |  | 586713 |
|  ***Construction Materials (0.0%)†*** |  |  |  |
|  Smith-Midland Corp.\* | 522 |  | 18969 |
|  ***Containers & Packaging (0.1%)*** |  |  |  |
|  Myers Industries, Inc. | 6944 |  | 129992 |
|  Ranpak Holdings Corp., Class A\* | 8807 |  | 47646 |
|  |  |  | 177638 |
|  ***Metals & Mining (1.4%)*** |  |  |  |
|  5E Advanced Materials, Inc. (x)\* | 887 |  | 2705 |
|  American Battery Technology Co. (x)\* | 21210 |  | 70842 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  American Infrastructure Corp. (r)(x)\* | 1723 | $|  |
|  Ampco-Pittsburgh Corp.\* | 3301 |  | 17594 |
|  Ascent Industries Co.\* | 1447 |  | 23427 |
|  Caledonia Mining Corp. plc | 3113 |  | 81467 |
|  Contango ORE, Inc.\* | 2080 |  | 54933 |
|  Critical Metals Corp. (x)\* | 8497 |  | 58969 |
|  Dakota Gold Corp.\* | 16749 |  | 95134 |
|  Ferroglobe plc | 22559 |  | 104674 |
|  Friedman Industries, Inc. | 1305 |  | 26740 |
|  Hycroft Mining Holding Corp., Class A\* | 10358 |  | 246210 |
|  Idaho Strategic Resources, Inc. (x)\* | 2687 |  | 108286 |
|  Ivanhoe Electric, Inc.\* | 19982 |  | 319312 |
|  Lifezone Metals Ltd. (x)\* | 5300 |  | 22631 |
|  Metallus, Inc.\* | 6835 |  | 117289 |
|  NioCorp Developments Ltd.\* | 20107 |  | 106567 |
|  Olympic Steel, Inc. | 1826 |  | 78126 |
|  Perpetua Resources Corp.\* | 15948 |  | 386101 |
|  Ramaco Resources, Inc., Class A\* | 7760 |  | 139680 |
|  ReElement Technologies Corp. (x)\* | 3055 |  |  |
|  SunCoke Energy, Inc. | 15936 |  | 114739 |
|  Tredegar Corp.\* | 4906 |  | 35225 |
|  United States Antimony Corp. (x)\* | 22312 |  | 112006 |
|  US Gold Corp. (x)\* | 2229 |  | 43265 |
|  US Goldmining, Inc.\* | 339 |  | 2990 |
|  Vox Royalty Corp. | 11134 |  | 52775 |
|  |  |  | 2421687 |
|  ***Paper & Forest Products (0.1%)*** |  |  |  |
|  Clearwater Paper Corp.\* | 2890 |  | 50286 |
|  Magnera Corp.\* | 5989 |  | 90673 |
|  |  |  | 140959 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 3345966 |
|  **Real Estate (1.3%)** |  |  |  |
|  ***Diversified REITs (0.2%)*** |  |  |  |
|  Alpine Income Property Trust, Inc. (REIT) | 2476 |  | 41399 |
|  CTO Realty Growth, Inc. (REIT) | 5877 |  | 108195 |
|  Gladstone Commercial Corp. (REIT) | 8667 |  | 92477 |
|  Modiv Industrial, Inc. (REIT), Class C (x) | 1829 |  | 26319 |
|  NexPoint Diversified Real Estate Trust (REIT) | 6847 |  | 26224 |
|  |  |  | 294614 |
|  ***Health Care REITs (0.2%)*** |  |  |  |
|  Diversified Healthcare Trust (REIT) | 41204 |  | 199839 |
|  Global Medical REIT, Inc. (REIT) | 2383 |  | 80403 |
|  Strawberry Fields REIT, Inc. (REIT) | 1309 |  | 17148 |
|  Universal Health Realty Income Trust (REIT) | 2410 |  | 94496 |
|  |  |  | 391886 |
|  ***Hotel & Resort REITs (0.0%)†*** |  |  |  |
|  Ashford Hospitality Trust, Inc. (REIT)\* | 1110 |  | 4729 |
|  Braemar Hotels & Resorts, Inc. (REIT) (x) | 10348 |  | 29699 |
|  Chatham Lodging Trust (REIT) | 8636 |  | 58811 |
|  |  |  | 93239 |
|  ***Industrial REITs (0.2%)*** |  |  |  |
|  Industrial Logistics Properties Trust (REIT) | 9883 |  | 54752 |
|  One Liberty Properties, Inc. (REIT) | 3371 |  | 68398 |
|  Plymouth Industrial REIT, Inc. (REIT) | 7882 |  | 172458 |
|  |  |  | 295608 |
|  ***Office REITs (0.2%)*** |  |  |  |
|  City Office REIT, Inc. (REIT) | 7289 |  | 50950 |
|  Franklin Street Properties Corp. (REIT) | 14588 |  | 13797 |
|  NET Lease Office Properties (REIT) | 2747 |  | 70845 |
|  Orion Properties, Inc. (REIT) | 10138 |  | 22912 |
|  Peakstone Realty Trust (REIT) | 6885 |  | 98800 |
|  Postal Realty Trust, Inc. (REIT), Class A | 4386 |  | 70790 |
|  |  |  | 328094 |
|  ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** |
|  American Realty Investors, Inc.\* | 258 |  | 4143 |
|  AMREP Corp.\* | 607 |  | 11412 |
|  Comstock Holding Cos., Inc., Class A\* | 614 |  | 7135 |
|  Douglas Elliman, Inc.\* | 13338 |  | 31611 |
|  FRP Holdings, Inc.\* | 2146 |  | 48907 |
|  JW Mays, Inc.\* | 69 |  | 2756 |
|  Linkhome Holdings, Inc. (x)\* | 289 |  | 2208 |
|  Logistic Properties of The Americas(x)\* | 574 |  | 1567 |
|  Maui Land & Pineapple Co., Inc.\* | 1388 |  | 23513 |
|  Offerpad Solutions, Inc. (x)\* | 4574 |  | 5535 |
|  RE/MAX Holdings, Inc., Class A\* | 3393 |  | 25753 |
|  Real Brokerage, Inc. (The)\* | 24651 |  | 89976 |
|  Seaport Entertainment Group, Inc. (x)\* | 1372 |  | 27124 |
|  Star Holdings\* | 2704 |  | 22254 |
|  Stratus Properties, Inc.\* | 1246 |  | 30128 |
|  Tejon Ranch Co.\* | 3912 |  | 61692 |
|  Transcontinental Realty Investors, Inc.\* | 371 |  | 21748 |
|  |  |  | 417462 |
|  ***Residential REITs (0.0%)†*** |  |  |  |
|  Bluerock Homes Trust, Inc. (REIT) | 674 |  | 7192 |
|  BRT Apartments Corp. (REIT) | 2139 |  | 31443 |
|  Clipper Realty, Inc. (REIT) | 2954 |  | 11284 |
|  |  |  | 49919 |
|  ***Retail REITs (0.2%)*** |  |  |  |
|  CBL & Associates Properties, Inc. (REIT) | 3412 |  | 126244 |
|  FrontView REIT, Inc. (REIT) (x) | 3869 |  | 57106 |
|  Whitestone REIT (REIT) | 8409 |  | 116801 |
|  |  |  | 300151 |
|  ***Specialized REITs (0.1%)*** |  |  |  |
|  Farmland Partners, Inc. (REIT) | 7207 |  | 69836 |
|  Gladstone Land Corp. (REIT) (x) | 6350 |  | 58102 |
|  Global Self Storage, Inc. (REIT) | 2068 |  | 10547 |
|  |  |  | 138485 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 2309458 |
|  **Utilities (0.4%)** |  |  |  |
|  ***Electric Utilities (0.0%)†*** |  |  |  |
|  Genie Energy Ltd., Class B | 3919 |  | 54004 |
|  ***Gas Utilities (0.0%)†*** |  |  |  |
|  RGC Resources, Inc. | 1588 |  | 33824 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  Hallador Energy Co.\* | 5837 | $111137 |
|  Spruce Power Holding Corp. (x)\* | 3458 | 17601 |
|  |  | 128738 |
|  ***Multi-Utilities (0.1%)*** |  |  |
|  Unitil Corp. | 3277 | 158738 |
|  ***Water Utilities (0.2%)*** |  |  |
|  Cadiz, Inc.\* | 10358 | 58108 |
|  Consolidated Water Co. Ltd. | 2846 | 100435 |
|  Global Water Resources, Inc. | 2598 | 21953 |
|  Pure Cycle Corp.\* | 3879 | 42630 |
|  York Water Co. (The) | 2722 | 86669 |
|  |  | 309795 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 685099 |
|  **Total Common Stocks (99.0%)**<br> *(Cost $137,813,938)* |  | 174971004 |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  RIGHTS: |  |  |
|  **Health Care (0.0%)†** |  |  |
|  ***Biotechnology (0.0%)†*** |  |  |
|  Aduro Biotech, Inc., CVR (r)\* | 1755 |  |
|  Icosavax, Inc., CVR \* | 4644 | 1392 |
|  Ikena Oncology Securities Corp., CVR (r)\* | 6638 |  |
|  Sanofi Aatd, Inc., CVR (r)\* | 5676 | 2756 |
|  Vigil Neuroscience, Inc., CVR (r)\* | 5880 | 221 |
|  |  | 4369 |
|  ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** |  |
|  Monogram Technologies, Inc., CVR (r)\* | 2887 | 4244 |
|  **Total Rights (0.0%)†**<br> *(Cost $8,300)* |  | 8613 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (5.0%)** |  |  |
|  BlackRock Liquidity FedFund, Institutional Shares<br>3.65% (7 day yield) (xx) | 5000000 | 5000000 |
|  Dreyfus Treasury Obligations Cash Management Fund<br>3.65% (7 day yield) (xx) | 1000000 | 1000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares<br>3.68% (7 day yield) (xx) | 2918622 | 2918622 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 8918622 |
|  **Total Short-Term Investments (5.0%)**<br> *(Cost $8,918,622)* | **Total Short-Term Investments (5.0%)**<br> *(Cost $8,918,622)* | 8918622 |
|  **Total Investments in Securities (104.0%)**<br> *(Cost $146,740,860)* | **Total Investments in Securities (104.0%)**<br> *(Cost $146,740,860)* | 183898239 |
|  **Other Assets Less Liabilities (-4.0%)** | **Other Assets Less Liabilities (-4.0%)** | (7038117) |
|  **Net Assets (100%)** |  | $176860122 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $24,705,862. This was collateralized by $16,511,331 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/15/26 – 8/15/55 and by cash of $8,918,766 of which $8,918,622 was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Russell 2000 Micro E-Mini Index | 51 | 3/2026 | USD | 636990 | (15776) |
|  |  |  |  |  | (15776) |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $3668020 | $— | $— | $3668020 |
|  Consumer Discretionary | 10582899 | 6267 |  | 10589166 |
|  Consumer Staples | 3801049 |  |  | 3801049 |
|  Energy | 6129127 |  |  | 6129127 |
|  Financials | 23053257 |  | — (a) | 23053257 |
|  Health Care | 62210576 |  | — (a) | 62210576 |
|  Industrials | 30366994 |  | — (a) | 30366994 |
|  Information Technology | 28812292 | — (a) | — (a) | 28812292 |
|  Materials | 3345966 | — (a) | — (a) | 3345966 |
|  Real Estate | 2309458 |  |  | 2309458 |
|  Utilities | 685099 |  |  | 685099 |
|  **Rights** |  |  |  |  |
|  Health Care |  | 1392 | 7221 | 8613 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 8918622 |  |  | 8918622 |
|  **Total Assets** | $**183883359** | $**7659** | $**7221** | $**183898239** |
|  **Liabilities:** |  |  |  |  |
|  **Futures** | $(15776) | $— | $— | $(15776) |
|  **Total Liabilities** | $**(15776)** | $**—** | $**—** | $**(15776)** |
|  **Total** | $**183867583** | $**7659** | $**7221** | $**183882463** |

---

(a) Value is zero.

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(15776) |
|  **Total** |  | $(15776) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $5278 | $5278 |
|  **Total** | $5278 | $5278 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $13338 | $13338 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;13338 | $&nbsp;&nbsp;&nbsp;&nbsp;13338 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments**  | **Average Balances of Outstanding Derivative Financial Instruments**  |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $553000 |

---

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $128106509.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $144777974.0 |

---

During the year ended December 31, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases**<br>**(affiliated 2%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 8%)\*** | **Net Realized<br>Gain (Loss)** |
| $2727741 | $11855247 | $4969977 |

---

\* Represents percentage/amount of total Purchases and/or Sales.

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $55551271 |
|  Aggregate gross unrealized depreciation | (19658776) |
|  Net unrealized appreciation | $35892495 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $147989968 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $146,740,860) | $183898239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1998590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 56200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 62755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 28022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 2147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 186046570 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 8918622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 116605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 62594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 19019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 5321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 2805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 2234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 59248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 9186448 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $176860122 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $138387514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 38472608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $176860122 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $10,664,599 / 886,675 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.03 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $166,195,523 / 13,698,688 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.13 |

---

*(x)* *Includes value of securities on loan of $24,705,862.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $324 foreign withholding tax) | $1158679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 91232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 353816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 1603727 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1372267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 201479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 91800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 60983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 23369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 22824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 5493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 5537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1783752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (307285) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1476467 |
|  **NET INVESTMENT INCOME (LOSS)** | 127260 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 11019291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 5278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 11024569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 14961762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 13338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 14975100 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 25999669 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $26126929 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT MICRO CAP PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $127260 | $96752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 11024569 | 18260477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 14975100 | 11255881 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 26126929 | 29613110 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (37428) | (25586) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (958872) | (767256) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (996300) | (792842) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (13700) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total tax return of capital |  | (14157) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 271,512 and 1,060,611 shares, respectively ] | 2937494 | 9594898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 3,018 and 2,441 shares, respectively ] | 37428 | 26043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (285659) and (1198234) shares, respectively ] | (3031317) | (10901979) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (56395) | (1281038) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 449,350 and 1,750,219 shares, respectively ] | 3730477 | 15773683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 76,649 and 72,611 shares, respectively ] | 958872 | 780956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2053673) and (2192922) shares, respectively ] | (21450668) | (20596188) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (16761319) | (4041549) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (16817714) | (5322587) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 8312915 | 23483524 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 168547207 | 145063683 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $176860122 | $168547207 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT MICRO CAP PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $10.37 | $8.66 | $8.09 | $11.27 | $13.80 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations†:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.02) | (0.02) | (0.01) |  | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.72 | 1.76 | 0.63 | (2.93) | 1.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.70 | 1.74 | 0.62 | (2.93) | 1.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.04) | (0.03) | (0.05) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.24) | (3.97) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.04) | (0.03) | (0.05) | (0.25) | (3.97) |
|  Net asset value, end of year | $12.03 | $10.37 | $8.66 | $8.09 | $11.27 |
|  Total return | 16.42 | 20.06 | 7.62% | (26.00) | 10.96 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $10665 | $9312 | $8945 | $8138 | $11220 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.15 | 1.15 | 1.15% | 1.15 | 1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.34 | 1.38 | 1.36% | 1.34 | 1.30 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.16) | (0.18) | (0.17)% | (0.02) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.35) | (0.41) | (0.38)% | (0.21) | (0.59) |
|  Portfolio turnover rate^ | 80 | 90 | 88% | 78 | 62 |
| **Class K** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $10.46 | $8.73 | $8.16 | $11.35 | $13.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations†:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.01 | 0.01 | 0.01 | 0.02 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.73 | 1.77 | 0.63 | (2.93) | 1.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.74 | 1.78 | 0.64 | (2.91) | 1.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.07) | (0.05) | (0.07) | (0.04) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.24) | (3.97) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.07) | (0.05) | (0.07) | (0.28) | (3.97) |
|  Net asset value, end of year | $12.13 | $10.46 | $8.73 | $8.16 | $11.35 |
|  Total return | 16.61 | 20.39 | 7.82% | (25.71) | 11.13 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $166196 | $159235 | $136119 | $143894 | $194975 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.90 | 0.90 | 0.90% | 0.90 | 0.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.09 | 1.13 | 1.11% | 1.09 | 1.05 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.09 | 0.08 | 0.07% | 0.23 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.10) | (0.16) | (0.13)% | 0.04 | (0.38) |
|  Portfolio turnover rate^ | 80 | 90 | 88% | 78 | 62 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*†* *The amount shown for a share outstanding throughout the period may not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.* 

*\** *The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

------

1290 VT NATURAL RESOURCES PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br>**(Note 1)** |
|  COMMON STOCKS: |  |  |
|  **Food, Beverage & Tobacco (1.3%)** |  |  |
|  ***Agricultural Products & Services (1.3%)*** | ***Agricultural Products & Services (1.3%)*** | ***Agricultural Products & Services (1.3%)*** |
|  Archer-Daniels-Midland Co. | 5227 | $300500 |
|  Bunge Global SA | 1524 | 135758 |
|  Wilmar International Ltd. | 20944 | 50185 |
|  |  | 486443 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Food, Beverage & Tobacco** |  | 486443 |
|  **Energy (57.7%)** |  |  |
|  ***Coal & Consumable Fuels (1.2%)*** |  |  |
|  Cameco Corp. | 4737 | 433752 |
|  ***Integrated Oil & Gas (42.1%)*** |  |  |
|  BP plc | 171174 | 998617 |
|  Cenovus Energy, Inc. (x) | 15418 | 260833 |
|  Chevron Corp. | 20974 | 3196647 |
|  Eni SpA (x) | 22253 | 422089 |
|  Equinor ASA | 8346 | 196230 |
|  Exxon Mobil Corp. | 46383 | 5581730 |
|  Galp Energia SGPS SA | 4540 | 78057 |
|  Imperial Oil Ltd. (x) | 1892 | 163457 |
|  Occidental Petroleum Corp. | 8033 | 330317 |
|  OMV AG | 1602 | 89465 |
|  Repsol SA | 12276 | 229746 |
|  Shell plc | 63020 | 2327570 |
|  Suncor Energy, Inc. | 13154 | 583834 |
|  TotalEnergies SE (Paris Stock Exchange) | 21606 | 1411506 |
|  |  | 15870098 |
|  ***Oil & Gas Exploration & Production (14.4%)*** | ***Oil & Gas Exploration & Production (14.4%)*** | ***Oil & Gas Exploration & Production (14.4%)*** |
|  Aker BP ASA | 3438 | 87621 |
|  ARC Resources Ltd. (x) | 6326 | 118680 |
|  Canadian Natural Resources Ltd. | 22725 | 769724 |
|  ConocoPhillips | 13588 | 1271973 |
|  Coterra Energy, Inc. | 8303 | 218535 |
|  Devon Energy Corp. | 6561 | 240329 |
|  Diamondback Energy, Inc. | 2047 | 307726 |
|  EOG Resources, Inc. | 5940 | 623759 |
|  EQT Corp. | 6790 | 363944 |
|  Expand Energy Corp. | 2591 | 285943 |
|  Inpex Corp. | 9633 | 192303 |
|  Santos Ltd. | 35336 | 145498 |
|  Texas Pacific Land Corp. | 639 | 183534 |
|  Tourmaline Oil Corp. | 4000 | 179433 |
|  Whitecap Resources, Inc. (x) | 13205 | 110639 |
|  Woodside Energy Group Ltd. | 20683 | 325608 |
|  |  | 5425249 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 21729099 |
|  **Materials (40.1%)** |  |  |
|  ***Aluminum (0.3%)*** |  |  |
|  Norsk Hydro ASA | 15068 | 116897 |
|  ***Copper (3.6%)*** |  |  |
|  Antofagasta plc | 4291 | 189659 |
|  First Quantum Minerals Ltd.\* | 7715 | 206850 |
|  Freeport-McMoRan, Inc. | 15621 | 793390 |
|  Lundin Mining Corp. | 7452 | 160165 |
|  |  | 1350064 |
|  ***Diversified Metals & Mining (13.5%)*** | ***Diversified Metals & Mining (13.5%)*** | ***Diversified Metals & Mining (13.5%)*** |
|  Anglo American plc | 12176 | 506330 |
|  BHP Group Ltd. | 55257 | 1677478 |
|  Boliden AB\* | 3092 | 173030 |
|  Glencore plc | 109364 | 599325 |
|  Ivanhoe Mines Ltd., Class A\* | 8494 | 96602 |
|  JX Advanced Metals Corp. | 6100 | 76328 |
|  Lynas Rare Earths Ltd.\* | 9856 | 81823 |
|  Rio Tinto Ltd. | 4039 | 395743 |
|  Rio Tinto plc | 12280 | 992176 |
|  South32 Ltd. | 48956 | 116308 |
|  Sumitomo Metal Mining Co. Ltd. | 2696 | 109413 |
|  Teck Resources Ltd., Class B | 4975 | 238175 |
|  |  | 5062731 |
|  ***Fertilizers & Agricultural Chemicals (2.9%)*** | ***Fertilizers & Agricultural Chemicals (2.9%)*** | ***Fertilizers & Agricultural Chemicals (2.9%)*** |
|  CF Industries Holdings, Inc. | 1762 | 136273 |
|  Corteva, Inc. | 7388 | 495217 |
|  ICL Group Ltd. | 8426 | 48420 |
|  Nutrien Ltd. (x) | 5279 | 325844 |
|  Yara International ASA | 1801 | 73970 |
|  |  | 1079724 |
|  ***Forest Products (0.2%)*** |  |  |
|  Svenska Cellulosa AB SCA, Class B | 6610 | 88023 |
|  ***Gold (14.3%)*** |  |  |
|  Agnico Eagle Mines Ltd. | 5470 | 927614 |
|  Alamos Gold, Inc., Class A | 4574 | 176622 |
|  Barrick Mining Corp. | 18526 | 807016 |
|  Endeavour Mining plc | 2101 | 109657 |
|  Evolution Mining Ltd. | 22092 | 186942 |
|  Franco-Nevada Corp. | 2097 | 434678 |
|  Kinross Gold Corp. | 13191 | 371545 |
|  Lundin Gold, Inc. | 1181 | 98108 |
|  Newmont Corp. | 11951 | 1193307 |
|  Northern Star Resources Ltd. | 14788 | 263792 |
|  Pan American Silver Corp. | 4592 | 238073 |
|  Wheaton Precious Metals Corp. | 4939 | 580640 |
|  |  | 5387994 |
|  ***Paper Products (0.7%)*** |  |  |
|  Holmen AB, Class B | 766 | 29487 |
|  Stora Enso OYJ, Class R (x) | 6337 | 79723 |
|  UPM-Kymmene OYJ (x) | 5742 | 167283 |
|  |  | 276493 |
|  ***Silver (0.3%)*** |  |  |
|  Fresnillo plc | 2405 | 108082 |
|  ***Steel (4.3%)*** |  |  |
|  ArcelorMittal SA | 5103 | 234424 |
|  Fortescue Ltd. | 18424 | 270619 |
|  JFE Holdings, Inc. (x) | 6245 | 79637 |
|  Nippon Steel Corp. (x) | 52605 | 215538 |
|  Nucor Corp. | 2497 | 407286 |
|  Reliance, Inc. | 572 | 165234 |
|  Steel Dynamics, Inc. | 1521 | 257733 |
|  |  | 1630471 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 15100479 |

---

See Notes to Financial Statements.

------

1290 VT NATURAL RESOURCES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br>**(Note 1)** |
|  **Total Common Stocks (99.1%)**<br> *(Cost $25,894,100)* |  | $37316021 |
|  SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (0.7%)** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 260203 | 260203 |
|  **Total Short-Term Investments (0.7%)**<br> *(Cost $260,203)* |  | 260203 |
|  **Total Investments in Securities (99.8%)**<br> *(Cost $26,154,303)* | **Total Investments in Securities (99.8%)**<br> *(Cost $26,154,303)* | 37576224 |
|  **Other Assets Less Liabilities (0.2%)** | **Other Assets Less Liabilities (0.2%)** | 79185 |
|  **Net Assets (100%)** |  | $37655409 |

---

*\** *Non-income producing.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $1,347,862. This was collateralized by $1,175,052 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/15/26 – 8/15/55 and by cash of $260,203 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Country Diversification**<br> As a Percentage of Total Net Assets | &nbsp;&nbsp;&nbsp; **Country Diversification**<br> As a Percentage of Total Net Assets |
| &nbsp;&nbsp;&nbsp; Australia | 13.4% |
| &nbsp;&nbsp;&nbsp; Austria | 0.2 |
| &nbsp;&nbsp;&nbsp; Brazil | 1.7 |
| &nbsp;&nbsp;&nbsp; Canada | 16.6 |
| &nbsp;&nbsp;&nbsp; Chile | 0.9 |
| &nbsp;&nbsp;&nbsp; China | 0.1 |
| &nbsp;&nbsp;&nbsp; Congo, the Democratic Republic of the | 0.3 |
| &nbsp;&nbsp;&nbsp; Finland | 0.7 |
| &nbsp;&nbsp;&nbsp; France | 3.8 |
| &nbsp;&nbsp;&nbsp; Israel | 0.1 |
| &nbsp;&nbsp;&nbsp; Italy | 1.1 |
| &nbsp;&nbsp;&nbsp; Ivory Coast | 0.3 |
| &nbsp;&nbsp;&nbsp; Japan | 1.8 |
| &nbsp;&nbsp;&nbsp; Luxembourg | 0.6 |
| &nbsp;&nbsp;&nbsp; Mexico | 0.3 |
| &nbsp;&nbsp;&nbsp; Norway | 1.1 |
| &nbsp;&nbsp;&nbsp; Portugal | 0.2 |
| &nbsp;&nbsp;&nbsp; South Africa | 1.3 |
| &nbsp;&nbsp;&nbsp; Spain | 0.6 |
| &nbsp;&nbsp;&nbsp; Sweden | 0.8 |
| &nbsp;&nbsp;&nbsp; United States | 53.3 |
| &nbsp;&nbsp;&nbsp; Zambia | 0.6 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 0.2 |
|  | 100.0% |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Consumer Staples | $436258 | $50185 | $— | $486443 |
|  Energy | 15224789 | 6504310 |  | 21729099 |
|  Materials | 8110372 | 6990107 |  | 15100479 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 260203 |  |  | 260203 |
|  **Total Assets** | $**24031622** | $**13544602** | $**—** | $**37576224** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**24031622** | $**13544602** | $**—** | $**37576224** |

---

See Notes to Financial Statements.

------

1290 VT NATURAL RESOURCES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $4822891.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $3936593.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $11648168 |
|  Aggregate gross unrealized depreciation | (841839) |
|  Net unrealized appreciation | $10806329 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $26769895 |

---

See Notes to Financial Statements.

------

1290 VT NATURAL RESOURCES PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $26,154,303) | $37576224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 227687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $59,592) | 60126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 44970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment manager | 5327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 5054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 54788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 37975036 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 260203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 9234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 6318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 43864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 319627 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $37655409 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $31520882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 6134527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $37655409 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $30,158,563 / 2,705,038 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.15 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $7,496,846 / 671,881 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.16 |

---

*(x)* *Includes value of securities on loan of $1,347,862.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $52,111 foreign withholding tax) | $1130726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 7476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 2614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 1140816 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 163694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Licensing fees | 85931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 67280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 65461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 52500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 30012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 17519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 12517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 496020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (193706) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment manager | (23877) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 278437 |
|  **NET INVESTMENT INCOME (LOSS)** | 862379 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (304170) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 6174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (297996) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 7715133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 1829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 7716962 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 7418966 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $8281345 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT NATURAL RESOURCES PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $862379 | $926262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (297996) | (127980) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 7716962 | (2374693) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 8281345 | (1576411) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (770792) | (730203) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (207884) | (198266) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (978676) | (928469) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (577) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (157) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total tax return of capital |  | (734) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 632,885 and 418,881 shares, respectively ] | 6343679 | 4118799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 70,136 and 78,725 shares, respectively ] | 770792 | 730780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (633032) and (695865) shares, respectively ] | (6335321) | (6910298) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 779150 | (2060719) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 92,141 and 5,705 shares, respectively ] | 870525 | 56912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 18,898 and 21,368 shares, respectively ] | 207884 | 198423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (88879) and (115245) shares, respectively ] | (881590) | (1156919) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 196819 | (901584) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 975969 | (2962303) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 8278638 | (5467917) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 29376771 | 34844688 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $37655409 | $29376771 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT NATURAL RESOURCES PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $8.94 | $9.76 | $10.00 | $7.81 | $6.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.26 | 0.27 | 0.30 | 0.36 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.24 | (0.80) | (0.19) | 2.17 | 1.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.50 | (0.53) | 0.11 | 2.53 | 1.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.29) | (0.29) | (0.35) | (0.34) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.29) | (0.29) | (0.35) | (0.34) | (0.27) |
|  Net asset value, end of year | $11.15 | $8.94 | $9.76 | $10.00 | $7.81 |
|  Total return | 28.04% | (5.56) | 1.17% | 32.35% | 30.04 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $30159 | $23564 | $27642 | $33318 | $14009 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f) | 0.90 %(j) | 0.90 | 0.90 %(j) | 0.90 %(j) | 0.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f) | 1.56% | 1.51 | 1.28% | 1.33% | 1.56 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f) | 2.58% | 2.72 | 3.08% | 3.79% | 3.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f) | 1.92% | 2.11 | 2.69% | 3.37% | 3.25 |
|  Portfolio turnover rate^ | 12% | 4 | 11% | 15% | 32 |
| **Class K** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $8.95 | $9.76 | $10.01 | $7.81 | $6.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.28 | 0.30 | 0.33 | 0.39 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.25 | (0.80) | (0.20) | 2.17 | 1.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.53 | (0.50) | 0.13 | 2.56 | 1.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.32) | (0.31) | (0.38) | (0.36) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.32) | (0.31) | (0.38) | (0.36) | (0.29) |
|  Net asset value, end of year | $11.16 | $8.95 | $9.76 | $10.01 | $7.81 |
|  Total return | 28.29% | (5.21) | 1.32% | 32.79% | 30.32 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $7497 | $5813 | $7203 | $8514 | $8507 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f) | 0.65 %(j) | 0.65 | 0.65 %(j) | 0.65 %(j) | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f) | 1.31% | 1.26 | 1.04% | 1.07% | 1.31 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f) | 2.83% | 2.98 | 3.29% | 4.15% | 4.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f) | 2.16% | 2.36 | 2.91% | 3.73% | 3.48 |
|  Portfolio turnover rate^ | 12% | 4 | 11% | 15% | 32 |

---

See Notes to Financial Statements.

------

1290 VT NATURAL RESOURCES PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.27 and $0.29 for Class IB and Class K, respectively.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of 0.02%.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.90% for Class IB and 0.65% for Class K.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.30% lower.* 

See Notes to Financial Statements.

------

1290 VT REAL ESTATE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Consumer Discretionary (0.0%)†** | **Consumer Discretionary (0.0%)†** | **Consumer Discretionary (0.0%)†** |
|  ***Hotels, Resorts & Cruise Lines (0.0%)†*** | ***Hotels, Resorts & Cruise Lines (0.0%)†*** | ***Hotels, Resorts & Cruise Lines (0.0%)†*** |
|  PPHE Hotel Group Ltd. | 469 | $11354 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 11354 |
|  **Health Care (0.2%)** | **Health Care (0.2%)** | **Health Care (0.2%)** |
|  ***Health Care Facilities (0.2%)*** | ***Health Care Facilities (0.2%)*** | ***Health Care Facilities (0.2%)*** |
|  Chartwell Retirement Residences | 6178 | 90472 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 90472 |
|  **Information Technology (0.3%)** | **Information Technology (0.3%)** | **Information Technology (0.3%)** |
|  ***Internet Services & Infrastructure (0.3%)*** | ***Internet Services & Infrastructure (0.3%)*** | ***Internet Services & Infrastructure (0.3%)*** |
|  NEXTDC Ltd.\* | 12995 | 108663 |
|  SUNeVision Holdings Ltd. (x) | 12000 | 7092 |
|  |  | 115755 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 115755 |
|  **Real Estate (98.0%)** |  |  |
|  ***Data Center REITs (7.0%)*** |  |  |
|  DigiCo Infrastructure REIT (REIT) (x) | 8496 | 15649 |
|  Digital Core REIT Management Pte. Ltd. (REIT) | 17420 | 8884 |
|  Digital Realty Trust, Inc. (REIT) | 7025 | 1086838 |
|  Equinix, Inc. (REIT) | 1996 | 1529255 |
|  Keppel DC REIT (REIT) | 39573 | 69270 |
|  |  | 2709896 |
|  ***Diversified Real Estate Activities (5.8%)*** | ***Diversified Real Estate Activities (5.8%)*** |  |
|  Allreal Holding AG (Registered) | 300 | 77263 |
|  City Developments Ltd. | 8092 | 50362 |
|  Heiwa Real Estate Co. Ltd. | 790 | 11267 |
|  Investis Holding SA(m) | 40 | 7297 |
|  Mitsubishi Estate Co. Ltd. | 22227 | 542195 |
|  Mitsui Fudosan Co. Ltd. | 53305 | 605909 |
|  New World Development Co. Ltd.\* | 27996 | 26152 |
|  Nomura Real Estate Holdings, Inc. | 10640 | 65685 |
|  Peach Property Group AG\* | 889 | 7059 |
|  Sumitomo Realty & Development Co. Ltd. | 13362 | 335415 |
|  Sun Hung Kai Properties Ltd. | 28259 | 343856 |
|  Tokyo Tatemono Co. Ltd. | 3952 | 89465 |
|  UOL Group Ltd. | 9336 | 63479 |
|  |  | 2225404 |
|  ***Diversified REITs (7.1%)*** |  |  |
|  Activia Properties, Inc. (REIT) | 42 | 37753 |
|  AEW UK REIT plc (REIT)(m) | 2497 | 3628 |
|  Alexander & Baldwin, Inc. (REIT) | 1475 | 30444 |
|  American Assets Trust, Inc. (REIT) | 1051 | 19895 |
|  Argosy Property Ltd. (REIT) | 15372 | 11019 |
|  Aspen Group Ltd. (REIT) | 4180 | 16151 |
|  British Land Co. plc (The) (REIT) | 19841 | 107995 |
|  Broadstone Net Lease, Inc. (REIT) | 3834 | 66597 |
|  CapitaLand Integrated Commercial Trust (REIT) | 120887 | 224770 |
|  Charter Hall Group (REIT) | 9577 | 156265 |
|  Charter Hall Long Wale REIT (REIT) | 13855 | 37724 |
|  Covivio SA (REIT) | 1099 | 73166 |
|  Custodian Property Income REIT plc (REIT) | 8469 | 9875 |
|  Daiwa House REIT Investment Corp. (REIT) | 84 | 76793 |
|  Essential Properties Realty Trust, Inc. (REIT) | 4015 | 119085 |
|  Global Net Lease, Inc. (REIT) | 4005 | 34443 |
|  GPT Group (The) (REIT) | 39177 | 141705 |
|  Growthpoint Properties Australia Ltd. (REIT) | 5325 | 8671 |
|  H&R REIT (REIT) | 5290 | 39428 |
|  Hankyu Hanshin REIT, Inc. (REIT) | 13 | 13802 |
|  Heiwa Real Estate REIT, Inc. (REIT) | 21 | 21075 |
|  Hulic REIT, Inc. (REIT) | 25 | 28170 |
|  Icade (REIT)(x) | 933 | 24122 |
|  KDX Realty Investment Corp. (REIT) | 76 | 85345 |
|  Land Securities Group plc (REIT) | 15146 | 126988 |
|  Mapletree Pan Asia Commercial Trust (REIT) | 45886 | 52476 |
|  Merlin Properties SOCIMI SA (REIT) | 7688 | 112304 |
|  Mirai Corp. (REIT) | 36 | 11583 |
|  MIRARTH Real Estate Investment Corp. (REIT) | 17 | 10147 |
|  Mirvac Group (REIT) | 80346 | 109919 |
|  Mori Trust REIT, Inc. (REIT) | 48 | 23932 |
|  NIPPON REIT Investment Corp. (REIT) | 33 | 20815 |
|  Nomura Real Estate Master Fund, Inc. (REIT) | 84 | 92827 |
|  NTT UD REIT Investment Corp. (REIT) | 26 | 23304 |
|  OUE REIT (REIT) | 45363 | 12705 |
|  Schroder REIT Ltd. (REIT) | 9045 | 6620 |
|  Sekisui House REIT, Inc. (REIT) | 78 | 44816 |
|  Shaftesbury Capital plc (REIT) | 29962 | 58561 |
|  SK REITs Co. Ltd. (REIT) | 3943 | 15848 |
|  Star Asia Investment Corp. (REIT) | 49 | 19301 |
|  Stockland (REIT) | 49244 | 188305 |
|  Stoneweg Europe Stapled Trust (REIT) | 7413 | 14200 |
|  Stride Property Group (REIT) | 9798 | 7785 |
|  Sunlight REIT (REIT) | 19781 | 5973 |
|  Suntec REIT (REIT) | 42678 | 47811 |
|  United Urban Investment Corp. (REIT) | 62 | 72434 |
|  WP Carey, Inc. (REIT) | 4425 | 284793 |
|  |  | 2751368 |
|  ***Health Care REITs (13.0%)*** |  |  |
|  Aedifica SA (REIT) | 972 | 77105 |
|  Alexandria Real Estate Equities, Inc. (REIT) | 3502 | 171388 |
|  American Healthcare REIT, Inc. (REIT) | 3417 | 160804 |
|  Care Property Invest NV (REIT) | 863 | 12028 |
|  CareTrust REIT, Inc. (REIT) | 4543 | 164275 |
|  Cofinimmo SA (REIT) | 779 | 72506 |
|  Health Care & Medical Investment Corp. (REIT) | 7 | 5260 |
|  Healthcare Realty Trust, Inc. (REIT), Class A | 6699 | 113548 |
|  Healthpeak Properties, Inc. (REIT) | 14151 | 227548 |
|  Life Science REIT plc (REIT)\* | 5852 | 3108 |
|  LTC Properties, Inc. (REIT) | 919 | 31595 |
|  Medical Properties Trust, Inc. (REIT)(x) | 10185 | 50925 |
|  National Health Investors, Inc. (REIT) | 950 | 72552 |
|  Northwest Healthcare Properties REIT (REIT) | 4495 | 16735 |
|  Omega Healthcare Investors, Inc. (REIT) | 6023 | 267060 |
|  Parkway Life REIT (REIT) | 8800 | 27932 |

---

See Notes to Financial Statements.

------

1290 VT REAL ESTATE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Primary Health Properties plc (REIT) | 51374 | $| 67795 |
|  Sabra Health Care REIT, Inc. (REIT) | 4805 |  | 91007 |
|  Sila Realty Trust, Inc. (REIT) | 1124 |  | 26201 |
|  Target Healthcare REIT plc (REIT) | 12682 |  | 16684 |
|  Ventas, Inc. (REIT) | 9560 |  | 739753 |
|  Vital Healthcare Property Trust (REIT) | 9044 |  | 10388 |
|  Welltower, Inc. (REIT) | 14040 |  | 2605964 |
|  |  |  | 5032161 |
|  ***Hotel & Resort REITs (2.1%)*** |  |  |  |
|  Apple Hospitality REIT, Inc. (REIT) | 4526 |  | 53633 |
|  CapitaLand Ascott Trust (REIT) | 53375 |  | 39656 |
|  CDL Hospitality Trusts (REIT) | 16177 |  | 10509 |
|  DiamondRock Hospitality Co. (REIT) | 4167 |  | 37336 |
|  Far East Hospitality Trust (REIT) | 19469 |  | 9239 |
|  Hoshino Resorts REIT, Inc. (REIT) | 11 |  | 18343 |
|  Host Hotels & Resorts, Inc. (REIT) | 13999 |  | 248202 |
|  Invincible Investment Corp. (REIT) (x) | 148 |  | 60848 |
|  Japan Hotel REIT Investment Corp. (REIT) | 99 |  | 51699 |
|  Park Hotels & Resorts, Inc. (REIT) (x) | 4009 |  | 41934 |
|  Pebblebrook Hotel Trust (REIT) | 2376 |  | 26896 |
|  RLJ Lodging Trust (REIT) | 2775 |  | 20674 |
|  Ryman Hospitality Properties, Inc. (REIT) | 1248 |  | 118086 |
|  Sunstone Hotel Investors, Inc. (REIT) | 3676 |  | 32863 |
|  Xenia Hotels & Resorts, Inc. (REIT) | 1920 |  | 27149 |
|  |  |  | 797067 |
|  ***Industrial REITs (15.2%)*** |  |  |  |
|  AIMS APAC REIT (REIT) | 12293 |  | 14345 |
|  Americold Realty Trust, Inc. (REIT) (x) | 5821 |  | 74858 |
|  ARGAN SA (REIT) | 335 |  | 25984 |
|  CapitaLand Ascendas REIT (REIT) | 76087 |  | 167517 |
|  Centuria Industrial REIT (REIT) (x) | 12688 |  | 28027 |
|  CRE Logistics REIT, Inc. (REIT) | 12 |  | 12916 |
|  Dexus Industria REIT (REIT) | 6490 |  | 11651 |
|  Dream Industrial REIT (REIT) | 5818 |  | 53324 |
|  EastGroup Properties, Inc. (REIT) | 1081 |  | 192569 |
|  ESR Kendall Square REIT Co. Ltd. (REIT) | 3400 |  | 10066 |
|  ESR-REIT (REIT) | 11524 |  | 24296 |
|  First Industrial Realty Trust, Inc. (REIT) | 2613 |  | 149647 |
|  Frasers Logistics & Commercial Trust (REIT)(m) | 56369 |  | 43634 |
|  GLP J-REIT (REIT) | 89 |  | 84602 |
|  Goodman Group (REIT) | 40514 |  | 837607 |
|  Goodman Property Trust (REIT) | 19693 |  | 22280 |
|  Granite REIT (REIT) | 1231 |  | 73283 |
|  Industrial & Infrastructure Fund Investment Corp. (REIT) | 48 |  | 47252 |
|  Innovative Industrial Properties, Inc. (REIT) | 561 |  | 26569 |
|  Japan Logistics Fund, Inc. (REIT) | 52 |  | 34558 |
|  LaSalle Logiport REIT (REIT) | 33 |  | 33413 |
|  Lineage, Inc. (REIT) | 1442 |  | 50470 |
|  LondonMetric Property plc (REIT) | 45695 |  | 116845 |
|  LXP Industrial Trust (REIT) | 1178 |  | 58405 |
|  Mapletree Industrial Trust (REIT) | 42299 |  | 68447 |
|  Mapletree Logistics Trust (REIT) | 68966 |  | 70822 |
|  Mitsubishi Estate Logistics REIT Investment Corp. (REIT)(x) | 27 |  | 22908 |
|  Mitsui Fudosan Logistics Park, Inc. (REIT) | 61 |  | 47549 |
|  Montea NV (REIT) | 425 |  | 36561 |
|  Nippon Prologis REIT, Inc. (REIT) | 147 |  | 87183 |
|  Prologis, Inc. (REIT) | 18939 |  | 2417753 |
|  Rexford Industrial Realty, Inc. (REIT) | 4759 |  | 184269 |
|  Segro plc (REIT) | 27539 |  | 267421 |
|  SOSiLA Logistics REIT, Inc. (REIT) | 13 |  | 10482 |
|  STAG Industrial, Inc. (REIT) | 3811 |  | 140092 |
|  Terreno Realty Corp. (REIT) | 2067 |  | 121354 |
|  Tritax Big Box REIT plc (REIT) | 49851 |  | 102273 |
|  Warehouses De Pauw CVA (REIT) | 3768 |  | 97951 |
|  |  |  | 5869183 |
|  ***Multi-Family Residential REITs (7.5%)*** | ***Multi-Family Residential REITs (7.5%)*** | ***Multi-Family Residential REITs (7.5%)*** | ***Multi-Family Residential REITs (7.5%)*** |
|  Advance Residence Investment Corp. (REIT) | 53 |  | 57994 |
|  Altarea SCA (REIT) (x) | 130 |  | 16744 |
|  Apartment Investment and Management Co. (REIT), Class A | 2668 |  | 15848 |
|  AvalonBay Communities, Inc. (REIT) | 2903 |  | 526343 |
|  Boardwalk REIT (REIT) | 825 |  | 38757 |
|  Camden Property Trust (REIT) | 2155 |  | 237223 |
|  Canadian Apartment Properties REIT (REIT) | 3203 |  | 86040 |
|  Centerspace (REIT) | 340 |  | 22685 |
|  Comforia Residential REIT, Inc. (REIT) | 13 |  | 27678 |
|  Daiwa Securities Living Investments Corp. (REIT) | 39 |  | 28409 |
|  Elme Communities (REIT) | 1778 |  | 30937 |
|  Empiric Student Property plc (REIT) | 13571 |  | 14250 |
|  Equity Residential (REIT) | 7732 |  | 487425 |
|  Essex Property Trust, Inc. (REIT) | 1301 |  | 340446 |
|  Home Invest Belgium SA (REIT) | 197 |  | 4255 |
|  Home REIT plc (REIT) (r)\* | 17110 |  |  |
|  Independence Realty Trust, Inc. (REIT) | 4862 |  | 84988 |
|  Ingenia Communities Group (REIT) | 8258 |  | 28492 |
|  InterRent REIT (REIT) | 2733 |  | 26264 |
|  Irish Residential Properties REIT plc (REIT) | 10367 |  | 11428 |
|  Killam Apartment REIT (REIT) | 2447 |  | 29238 |
|  Mid-America Apartment Communities, Inc. (REIT) | 2375 |  | 329911 |
|  Mitsui Fudosan Accommodations Fund, Inc. (REIT) | 48 |  | 41185 |
|  NexPoint Residential Trust, Inc. (REIT) | 454 |  | 13665 |
|  Residential Secure Income plc (REIT) (m) | 3766 |  | 2934 |
|  Samty Residential Investment Corp. (REIT) | 7 |  | 5206 |
|  Social Housing REIT plc (REIT) (m) | 7583 |  | 7053 |
|  Starts Proceed Investment Corp. (REIT) | 5 |  | 6438 |
|  UDR, Inc. (REIT) | 6744 |  | 247370 |
|  UNITE Group plc (The) (REIT) (x) | 8489 |  | 64022 |
|  Veris Residential, Inc. (REIT) | 1525 |  | 22692 |
|  Xior Student Housing NV (REIT) (m) | 791 |  | 26912 |
|  |  |  | 2882832 |
|  ***Office REITs (4.8%)*** |  |  |  |
|  Abacus Group (REIT) | 8528 |  | 6886 |
|  Allied Properties REIT (REIT) (x) | 2580 |  | 25132 |
|  BXP, Inc. (REIT) | 3233 |  | 218163 |
|  Centuria Office REIT (REIT) (x) | 10104 |  | 7754 |
|  Champion REIT (REIT) | 36814 |  | 12062 |
|  Colonial SFL SOCIMI SA (REIT) | 7719 |  | 49575 |
|  COPT Defense Properties (REIT) | 2303 |  | 64024 |
|  Cousins Properties, Inc. (REIT) | 3407 |  | 87833 |
|  Cromwell Property Group (REIT) | 33218 |  | 10197 |
|  Daiwa Office Investment Corp. (REIT) | 10 |  | 23908 |
|  Derwent London plc (REIT) | 2170 |  | 50867 |
|  Dexus (REIT) | 21520 |  | 99524 |
|  Douglas Emmett, Inc. (REIT) | 3274 |  | 35981 |
|  Easterly Government Properties, Inc. (REIT), Class A | 858 |  | 18181 |

---

See Notes to Financial Statements.

------

1290 VT REAL ESTATE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Empire State Realty Trust, Inc. (REIT), Class A | 2827 | $| 18432 |
|  Gecina SA (REIT) | 1044 |  | 99257 |
|  Global One Real Estate Investment Corp. (REIT) | 19 |  | 16715 |
|  Great Portland Estates plc (REIT) | 7911 |  | 33964 |
|  Helical plc (REIT) | 2147 |  | 5458 |
|  Highwoods Properties, Inc. (REIT) | 2206 |  | 56959 |
|  Ichigo Office REIT Investment Corp. (REIT) | 18 |  | 11181 |
|  Japan Excellent, Inc. (REIT) | 22 |  | 20927 |
|  Japan Prime Realty Investment Corp. (REIT) (x) | 73 |  | 49260 |
|  Japan Real Estate Investment Corp. (REIT) | 137 |  | 114487 |
|  JBG SMITH Properties (REIT) | 1209 |  | 20565 |
|  JR Global REIT (REIT) | 3810 |  | 7406 |
|  Keppel REIT (REIT) | 61238 |  | 46450 |
|  Kilroy Realty Corp. (REIT) | 2395 |  | 89501 |
|  Mori Hills REIT Investment Corp. (REIT) | 28 |  | 26634 |
|  Nippon Building Fund, Inc. (REIT) (x) | 161 |  | 146878 |
|  NSI NV (REIT) | 310 |  | 7060 |
|  One REIT, Inc. (REIT) | 13 |  | 7544 |
|  Orix JREIT, Inc. (REIT) | 107 |  | 72613 |
|  Piedmont Realty Trust, Inc. (REIT) | 2511 |  | 20942 |
|  Precinct Properties Group (REIT) | 34250 |  | 23663 |
|  Prosperity REIT (REIT) | 26999 |  | 4961 |
|  Regional REIT Ltd. (REIT) (m) | 2555 |  | 3678 |
|  Sankei Real Estate, Inc. (REIT) | 8 |  | 5307 |
|  Shinhan Alpha REIT Co. Ltd. (REIT) | 2350 |  | 9119 |
|  SL Green Realty Corp. (REIT) | 1452 |  | 66603 |
|  Tokyu REIT, Inc. (REIT) | 17 |  | 22476 |
|  Vornado Realty Trust (REIT) | 3680 |  | 122471 |
|  Workspace Group plc (REIT) | 2662 |  | 14317 |
|  |  |  | 1854915 |
|  ***Other Specialized REITs (4.0%)*** |  |  |  |
|  Arena REIT (REIT) | 7970 |  | 18935 |
|  Charter Hall Social Infrastructure REIT (REIT) | 6752 |  | 13878 |
|  EPR Properties (REIT) | 1523 |  | 75998 |
|  Four Corners Property Trust, Inc. (REIT) | 2140 |  | 49348 |
|  Gaming and Leisure Properties, Inc. (REIT) | 5543 |  | 247717 |
|  Iron Mountain, Inc. (REIT) | 5990 |  | 496871 |
|  Safehold, Inc. (REIT) | 1134 |  | 15524 |
|  VICI Properties, Inc. (REIT), Class A | 21811 |  | 613325 |
|  |  |  | 1531596 |
|  ***Real Estate Development (0.5%)*** |  |  |  |
|  Henderson Land Development Co. Ltd. | 27000 |  | 97624 |
|  Lifestyle Communities Ltd.\* | 1957 |  | 6596 |
|  Sino Land Co. Ltd. | 74333 |  | 97612 |
|  |  |  | 201832 |
|  ***Real Estate Operating Companies (7.4%)*** | ***Real Estate Operating Companies (7.4%)*** | ***Real Estate Operating Companies (7.4%)*** | ***Real Estate Operating Companies (7.4%)*** |
|  Abrdn European Logistics Income plc (REIT) (m) | 6671 |  | 2392 |
|  Amot Investments Ltd. | 4886 |  | 38357 |
|  Aroundtown SA\* | 14497 |  | 45114 |
|  Atrium Ljungberg AB, Class B | 4677 |  | 16874 |
|  Azrieli Group Ltd. | 748 |  | 84676 |
|  CA Immobilien Anlagen AG | 618 |  | 16356 |
|  CapitaLand Investment Ltd. | 46410 |  | 97846 |
|  Castellum AB (x) | 7002 |  | 80922 |
|  Catena AB | 860 |  | 42110 |
|  Cibus Nordic Real Estate AB publ (x) | 1573 |  | 25108 |
|  Citycon OYJ\* | 1586 |  | 7429 |
|  Corem Property Group AB, Class B | 16244 |  | 7668 |
|  Deutsche EuroShop AG (x) | 208 |  | 4605 |
|  Deutsche Wohnen SE | 1007 |  | 24497 |
|  Dios Fastigheter AB | 2056 |  | 14661 |
|  Entra ASA (m) | 901 |  | 10333 |
|  Fabege AB (x) | 3847 |  | 34494 |
|  Fastighets AB Balder, Class B\* | 14137 |  | 104724 |
|  FastPartner AB, Class A | 957 |  | 4932 |
|  Grainger plc (REIT) | 14343 |  | 35226 |
|  Grand City Properties SA\* | 1393 |  | 16109 |
|  Heba Fastighets AB, Class B | 1034 |  | 3448 |
|  Hiag Immobilien Holding AG | 86 |  | 12877 |
|  Hongkong Land Holdings Ltd. | 20782 |  | 144435 |
|  Hufvudstaden AB, Class A | 2069 |  | 27867 |
|  Hulic Co. Ltd. | 9491 |  | 103884 |
|  Hysan Development Co. Ltd. | 12280 |  | 29822 |
|  Intea Fastigheter AB, Class B\* | 1292 |  | 9269 |
|  Intershop Holding AG | 110 |  | 22830 |
|  Kennedy-Wilson Holdings, Inc. | 2444 |  | 23633 |
|  Kojamo OYJ (x)\* | 3110 |  | 37389 |
|  LEG Immobilien SE | 1545 |  | 113026 |
|  Logistea AB, Class B | 5651 |  | 8802 |
|  Melisron Ltd. | 493 |  | 63983 |
|  Mobimo Holding AG (Registered) | 152 |  | 70234 |
|  Neobo Fastigheter AB\* | 1778 |  | 3575 |
|  NP3 Fastigheter AB | 642 |  | 18061 |
|  Nyfosa AB | 3254 |  | 26261 |
|  Pandox AB, Class B | 2161 |  | 47649 |
|  Platzer Fastigheter Holding AB, Class B | 1281 |  | 10366 |
|  PSP Swiss Property AG (Registered) | 932 |  | 168845 |
|  Public Property Invest A/S | 3118 |  | 7207 |
|  Sagax AB, Class B | 4354 |  | 93450 |
|  Samhallsbyggnadsbolaget i Norden AB\* | 19520 |  | 9817 |
|  Sirius Real Estate Ltd. (REIT) | 30216 |  | 39223 |
|  Stendorren Fastigheter AB, Class B\* | 347 |  | 7614 |
|  StorageVault Canada, Inc. | 4563 |  | 15525 |
|  Sveafastigheter AB\* | 1136 |  | 5032 |
|  Swedish Logistic Property AB, Class B\* | 3445 |  | 15510 |
|  Swire Properties Ltd. | 19982 |  | 53866 |
|  Swiss Prime Site AG (Registered) | 1553 |  | 241547 |
|  TAG Immobilien AG | 3685 |  | 57294 |
|  VGP NV (x) | 274 |  | 31717 |
|  Vonovia SE | 14548 |  | 419556 |
|  Wallenstam AB, Class B(x) | 6727 |  | 30235 |
|  Wharf Real Estate Investment Co. Ltd. | 32064 |  | 101267 |
|  Wihlborgs Fastigheter AB | 5505 |  | 54563 |
|  |  |  | 2844112 |
|  ***Retail REITs (16.0%)*** |  |  |  |
|  Acadia Realty Trust (REIT) | 2667 |  | 54780 |
|  AEON REIT Investment Corp. (REIT) | 35 |  | 30679 |
|  Agree Realty Corp. (REIT) | 2309 |  | 166317 |
|  Ascencio (REIT) | 121 |  | 7593 |
|  Brixmor Property Group, Inc. (REIT) | 6215 |  | 162957 |
|  BWP Property Group Ltd. (REIT) | 11416 |  | 30017 |
|  Carmila SA (REIT) | 1287 |  | 25712 |
|  Charter Hall Retail REIT (REIT) | 11569 |  | 31423 |
|  Choice Properties REIT (REIT) (x) | 5647 |  | 60932 |

---

See Notes to Financial Statements.

------

1290 VT REAL ESTATE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Crombie REIT (REIT) | 2205 | $24531 |
|  Curbline Properties Corp. (REIT) | 1951 | 45283 |
|  Eurocommercial Properties NV (REIT) | 858 | 26267 |
|  Federal Realty Investment Trust (REIT) | 1737 | 175090 |
|  First Capital REIT (REIT) | 4325 | 59555 |
|  Fortune REIT (REIT) | 31391 | 19723 |
|  Frasers Centrepoint Trust (REIT) | 26098 | 47307 |
|  Frontier Real Estate Investment Corp. (REIT) | 50 | 29686 |
|  Fukuoka REIT Corp. (REIT) | 15 | 18022 |
|  Getty Realty Corp. (REIT) | 1092 | 29888 |
|  Hamborner REIT AG (REIT) | 1461 | 7692 |
|  Hammerson plc (REIT) | 10429 | 46391 |
|  HomeCo Daily Needs REIT (REIT) (m) | 35964 | 32761 |
|  Immobiliare Grande Distribuzione SIIQ SpA (REIT) | 1109 | 4522 |
|  InvenTrust Properties Corp. (REIT) | 1577 | 44487 |
|  Japan Metropolitan Fund Invest (REIT) | 137 | 108540 |
|  Kimco Realty Corp. (REIT) | 13642 | 276523 |
|  Kite Realty Group Trust (REIT) | 4396 | 105372 |
|  Kiwi Property Group Ltd. (REIT) | 29122 | 17689 |
|  Klepierre SA (REIT) | 4236 | 167963 |
|  Lendlease Global Commercial REIT (REIT) | 35187 | 16972 |
|  Link REIT (REIT) | 52837 | 235851 |
|  LOTTE REIT Co. Ltd. (REIT) | 3050 | 8384 |
|  Macerich Co. (The) (REIT) | 5133 | 94755 |
|  Mercialys SA (REIT) | 1902 | 24677 |
|  NETSTREIT Corp. (REIT) (x) | 1699 | 29970 |
|  NewRiver REIT plc (REIT) | 8025 | 7475 |
|  NNN REIT, Inc. (REIT) | 3817 | 151268 |
|  Phillips Edison & Co., Inc. (REIT) | 2552 | 90775 |
|  Primaris REIT (REIT) | 2408 | 27351 |
|  Realty Income Corp. (REIT) | 18697 | 1053950 |
|  Regency Centers Corp. (REIT) | 3688 | 254583 |
|  Region Group (REIT) | 23536 | 36911 |
|  Retail Estates NV (REIT) | 236 | 17695 |
|  RioCan REIT (REIT) | 6061 | 82577 |
|  Scentre Group (REIT) | 106316 | 297990 |
|  Simon Property Group, Inc. (REIT) | 6615 | 1224503 |
|  SmartCentres REIT (REIT) | 2631 | 49359 |
|  Starhill Global REIT (REIT) | 28759 | 13312 |
|  Supermarket Income REIT plc (REIT) | 25098 | 27572 |
|  Tanger, Inc. (REIT) | 2259 | 75383 |
|  Unibail-Rodamco-Westfield (REIT) | 2483 | 270676 |
|  Urban Edge Properties (REIT) | 2571 | 49337 |
|  Vastned NV (REIT)\* | 165 | 6030 |
|  Vicinity Ltd. (REIT) | 78332 | 133824 |
|  Waypoint REIT Ltd. (REIT) | 12664 | 21551 |
|  Wereldhave NV (REIT) | 742 | 16795 |
|  |  | 6177228 |
|  ***Self-Storage REITs (4.6%)*** |  |  |
|  Abacus Storage King (REIT) (x) | 8193 | 8311 |
|  Big Yellow Group plc (REIT) | 3783 | 53339 |
|  CubeSmart (REIT) | 4621 | 166587 |
|  Extra Space Storage, Inc. (REIT) | 4301 | 560076 |
|  National Storage Affiliates Trust (REIT) | 1438 | 40566 |
|  National Storage REIT (REIT) | 24758 | 45106 |
|  Public Storage (REIT) | 3225 | 836887 |
|  Safestore Holdings plc (REIT) | 4342 | 43076 |
|  Shurgard Self Storage Ltd. (REIT) | 664 | 22864 |
|  |  | 1776812 |
|  ***Single-Family Residential REITs (3.0%)*** | ***Single-Family Residential REITs (3.0%)*** | ***Single-Family Residential REITs (3.0%)*** |
|  American Homes 4 Rent (REIT), Class A | 6975 | 223898 |
|  Equity LifeStyle Properties, Inc. (REIT) | 3922 | 237712 |
|  Invitation Homes, Inc. (REIT) | 12490 | 347097 |
|  Sun Communities, Inc. (REIT) | 2500 | 309775 |
|  UMH Properties, Inc. (REIT) | 1623 | 25822 |
|  |  | 1144304 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 37798710 |
|  **Total Common Stocks (98.5%)**<br> *(Cost $35,264,051)* |  | 38016291 |
|  CLOSED END FUND**:** | CLOSED END FUND**:** | CLOSED END FUND**:** |
|  Picton Property Income Ltd. (REIT) | 10632 | 10620 |
|  **Total Closed End Funds (0.0%)†**<br> *(Cost $10,629)* | **Total Closed End Funds (0.0%)†**<br> *(Cost $10,629)* | 10620 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Investment Funds (0.9%)** |  |  |
|  iShares U.S. Real Estate ETF (x) | 2041 | 191629 |
|  Vanguard Global ex-U.S. Real Estate ETF | 2858 | 131011 |
|  **Total Exchange Traded Funds (0.9%)**<br> *(Cost $320,864)* |  | 322640 |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  RIGHTS: |  |  |
|  **Equity Real Estate Investment Trusts (REITs) (0.0%)†** |  |  |
|  ***Office REITs (0.0%)†*** |  |  |
|  Keppel REIT, expiring 1/9/26<br>*(Cost $–)\** | 11163 | 130 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (1.1%)** | **Investment Companies (1.1%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 417143 | 417143 |
|  **Total Short-Term Investments (1.1%)**<br> *(Cost $417,143)* | **Total Short-Term Investments (1.1%)**<br> *(Cost $417,143)* | 417143 |
|  **Total Investments in Securities (100.5%)**<br> *(Cost $35,922,530)* | **Total Investments in Securities (100.5%)**<br> *(Cost $35,922,530)* | 38766824 |
|  **Other Assets Less Liabilities (-0.5%)** | **Other Assets Less Liabilities (-0.5%)** | (184152) |
|  **Net Assets (100%)** |  | $38582672 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $140,622 or 0.4% of net assets.* 

See Notes to Financial Statements.

------

1290 VT REAL ESTATE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $726,899. This was collateralized by $347,625 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 1/15/26 – 8/15/55 and by cash of $417,143 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*CVA* *— Dutch Certification* 

*REIT* *— Real Estate Investment Trust* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Closed End Fund** | $— | $10620 | $— | $10620 |
|  **Common Stocks** |  |  |  |  |
|  Consumer Discretionary |  | 11354 |  | 11354 |
|  Health Care | 90472 |  |  | 90472 |
|  Information Technology |  | 115755 |  | 115755 |
|  Real Estate | 24160005 | 13638705 | — (a) | 37798710 |
|  **Exchange Traded Funds** | 322640 |  |  | 322640 |
|  **Rights** |  |  |  |  |
|  Real Estate |  | 130 |  | 130 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 417143 |  |  | 417143 |
|  **Total Assets** | $**24990260** | $**13776564** | $**—** | $**38766824** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**24990260** | $**13776564** | $**—** | $**38766824** |

---

(a) Value is zero.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $6710056.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $4495843.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $7392548 |
|  Aggregate gross unrealized depreciation | (5125640) |
|  Net unrealized appreciation | $2266908 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $36499916 |

---

See Notes to Financial Statements.

------

1290 VT REAL ESTATE PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $35,922,530) | $38766824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 93054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $33,900) | 33939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 160748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 86567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 39142990 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 417143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 49878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 6434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 4505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 2927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 78609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 560318 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $38582672 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $37004386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1578286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $38582672 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $21,366,932 / 3,554,986 shares outstanding (unlimited amount authorized: $0.01 par value) | $6.01 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $17,215,740 / 2,843,894 shares outstanding (unlimited amount authorized: $0.01 par value) | $6.05 |

---

*(x)* *Includes value of securities on loan of $726,899.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $53,740 foreign withholding tax) | $1212318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 2582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 3273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 1218173 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 181383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 77800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 61606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 50141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 32827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Licensing fees | 28820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 17668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 12553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 464060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (178069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 285991 |
|  **NET INVESTMENT INCOME (LOSS)** | 932182 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (63504) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 2401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (61103) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 2477924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 2278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2480202 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 2419099 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $3351281 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT REAL ESTATE PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $932182 | $989082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (61103) | (389455) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2480202 | (138032) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 3351281 | 461595 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (581879) | (561787) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (505371) | (508231) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (1087250) | (1070018) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (20402) | (29475) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (17720) | (26665) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total tax return of capital | (38122) | (56140) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 708,591 and 554,263 shares, respectively ] | 4220066 | 3157880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 101,053 and 100,494 shares, respectively ] | 602281 | 591262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (555507) and (745157) shares, respectively ] | (3279269) | (4315985) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 1543078 | (566843) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 359,821 and 127,872 shares, respectively ] | 2158681 | 728052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 87,182 and 90,324 shares, respectively ] | 523091 | 534896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (331777) and (436888) shares, respectively ] | (1983577) | (2603067) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 698195 | (1340119) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 2241273 | (1906962) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 4467182 | (2571525) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 34115490 | 36687015 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $38582672 | $34115490 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT REAL ESTATE PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $5.64 | $5.77 | $5.42 | $7.24 | $10.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.15 | 0.15 | 0.17 | 0.15 | 0.22 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.39 | (0.10) | 0.34 | (1.96) | 2.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.54 | 0.05 | 0.51 | (1.81) | 2.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.16) | (0.17) | (0.16) | (0.01) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (2.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.01) | (0.01) |  |  | (2.83) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.17) | (0.18) | (0.16) | (0.01) | (5.66) |
|  Net asset value, end of year | $6.01 | $5.64 | $5.77 | $5.42 | $7.24 |
|  Total return | 9.67% | 0.83% | 9.46% | (24.99) | 25.80% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $21367 | $18618 | $19568 | $16950 | $19746 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f) | 0.90% | 0.90% | 0.90% | 0.90 | 0.90 %(g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f) | 1.39% | 1.42% | 1.27% | 1.57 | 1.23 %(g) |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f) | 2.46% | 2.65% | 3.07% | 2.40 | 1.96 %(bb) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f) | 1.97% | 2.13% | 2.70% | 1.73 | 1.62 %(bb) |
|  Portfolio turnover rate^ | 12% | 19% | 14% | 25 | 25% |
| **Class K** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $5.68 | $5.81 | $5.45 | $7.29 | $10.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.16 | 0.17 | 0.18 | 0.16 | 0.25 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.40 | (0.10) | 0.35 | (1.97) | 2.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.56 | 0.07 | 0.53 | (1.81) | 2.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.18) | (0.19) | (0.17) | (0.03) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (2.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.01) | (0.01) |  |  | (2.83) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.19) | (0.20) | (0.17) | (0.03) | (5.68) |
|  Net asset value, end of year | $6.05 | $5.68 | $5.81 | $5.45 | $7.29 |
|  Total return | 9.87% | 1.07% | 9.84% | (24.89) | 26.17% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $17216 | $15497 | $17119 | $16811 | $21582 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f) | 0.65% | 0.65% | 0.65% | 0.65 | 0.65 %(g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f) | 1.14% | 1.17% | 1.02% | 1.32 | 0.98 %(g) |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f) | 2.70% | 2.89% | 3.30% | 2.63 | 2.18 %(bb) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f) | 2.21% | 2.38% | 2.92% | 1.97 | 2.18 %(bb) |
|  Portfolio turnover rate^ | 12% | 19% | 14% | 25 | 25% |

---

See Notes to Financial Statements.

------

1290 VT REAL ESTATE PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of less than 0.005%.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.18 and $0.20 for Class IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.41% lower.* 

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (3.3%)** | **Communication Services (3.3%)** | **Communication Services (3.3%)** |
|  ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** |
|  ATN International, Inc. | 1524 | $34747 |
|  Bandwidth, Inc., Class A\* | 3316 | 51232 |
|  IDT Corp., Class B | 604 | 30931 |
|  Liberty Latin America Ltd., Class A\* | 2960 | 21875 |
|  Liberty Latin America Ltd., Class C\* | 20105 | 149983 |
|  Lumen Technologies, Inc.\* | 16352 | 127055 |
|  Shenandoah Telecommunications Co. | 7242 | 83718 |
|  Uniti Group, Inc. | 24342 | 170637 |
|  |  | 670178 |
|  ***Entertainment (1.9%)*** | ***Entertainment (1.9%)*** | ***Entertainment (1.9%)*** |
|  AMC Entertainment Holdings, Inc., Class A(x)\* | 74746 | 116604 |
|  Eventbrite, Inc., Class A\* | 11703 | 52078 |
|  Gaia, Inc., Class A\* | 2389 | 8672 |
|  IG Port, Inc.(x) | 40200 | 336198 |
|  Lionsgate Studios Corp.\* | 30213 | 275845 |
|  Live Nation Entertainment, Inc.\* | 30800 | 4389000 |
|  Madison Square Garden Entertainment Corp., Class A\* | 7000 | 377230 |
|  Madison Square Garden Sports Corp.\* | 2200 | 569030 |
|  Marcus Corp. (The) | 3472 | 53851 |
|  Playstudios, Inc.\* | 14346 | 9347 |
|  Playtika Holding Corp. | 6893 | 27227 |
|  Reservoir Media, Inc. (x)\* | 2732 | 20681 |
|  Sphere Entertainment Co. (x)\* | 11128 | 1058050 |
|  Starz Entertainment Corp. | 1526 | 17854 |
|  Toei Animation Co. Ltd. (x) | 11200 | 194842 |
|  Vivid Seats, Inc., Class A\* | 177 | 1276 |
|  |  | 7507785 |
|  ***Interactive Media & Services (0.2%)*** | ***Interactive Media & Services (0.2%)*** | ***Interactive Media & Services (0.2%)*** |
|  Angi, Inc., Class A\* | 5262 | 68038 |
|  Bumble, Inc., Class A\* | 8967 | 32012 |
|  Cars.com, Inc.\* | 7866 | 95965 |
|  Getty Images Holdings, Inc. (x)\* | 17132 | 22957 |
|  Nextdoor Holdings, Inc.\* | 33368 | 70073 |
|  Rumble, Inc. (x)\* | 11666 | 73729 |
|  Shutterstock, Inc. | 3482 | 66506 |
|  Teads Holding Co. (x)\* | 5890 | 4146 |
|  TripAdvisor, Inc. (x)\* | 8859 | 128987 |
|  TrueCar, Inc.\* | 11802 | 26673 |
|  Webtoon Entertainment, Inc. (x)\* | 2837 | 36966 |
|  Ziff Davis, Inc.\* | 5942 | 208861 |
|  |  | 834913 |
|  ***Media (0.9%)*** | ***Media (0.9%)*** | ***Media (0.9%)*** |
|  Advantage Solutions, Inc.\* | 14374 | 12649 |
|  AMC Networks, Inc., Class A\* | 4640 | 44173 |
|  Boston Omaha Corp., Class A (x)\* | 2817 | 34846 |
|  Cable One, Inc. | 746 | 84186 |
|  EchoStar Corp., Class A (x)\* | 19958 | 2169435 |
|  Entravision Communications Corp., Class A | 7700 | 22561 |
|  EW Scripps Co. (The), Class A\* | 9417 | 37574 |
|  Gray Media, Inc. | 13065 | 63235 |
|  iHeartMedia, Inc., Class A\* | 17953 | 74684 |
|  John Wiley & Sons, Inc., Class A | 417 | 12773 |
|  National CineMedia, Inc. | 10531 | 40965 |
|  Newsmax, Inc., Class B (x)\* | 6813 | 52664 |
|  Nexxen International Ltd. (x)\* | 5273 | 34485 |
|  Optimum Communications, Inc., Class A\* | 32966 | 54394 |
|  PubMatic, Inc., Class A\* | 5349 | 47446 |
|  Scholastic Corp. | 2953 | 87497 |
|  Sinclair, Inc. | 5566 | 85160 |
|  TechTarget, Inc.\* | 3730 | 20142 |
|  TEGNA, Inc. | 23631 | 458678 |
|  USA TODAY Co., Inc.(x)\* | 2079 | 10707 |
|  |  | 3448254 |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** |
|  Spok Holdings, Inc. | 3054 | 40282 |
|  Telephone and Data Systems, Inc. | 14585 | 597985 |
|  |  | 638267 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 13099397 |
|  **Consumer Discretionary (14.6%)** | **Consumer Discretionary (14.6%)** | **Consumer Discretionary (14.6%)** |
|  ***Automobile Components (0.9%)*** | ***Automobile Components (0.9%)*** | ***Automobile Components (0.9%)*** |
|  Adient plc\* | 11956 | 229196 |
|  American Axle & Manufacturing Holdings, Inc. (x)\* | 17696 | 113431 |
|  Cooper-Standard Holdings, Inc.\* | 2450 | 80433 |
|  Dana, Inc. | 17351 | 412260 |
|  Dorman Products, Inc.\* | 1800 | 221742 |
|  Fox Factory Holding Corp.\* | 4500 | 76995 |
|  Garrett Motion, Inc. | 23379 | 407496 |
|  Gentherm, Inc.\* | 4451 | 161883 |
|  Goodyear Tire & Rubber Co. (The)\* | 40480 | 354605 |
|  Holley, Inc.\* | 10932 | 45149 |
|  LCI Industries | 3116 | 378095 |
|  Motorcar Parts of America, Inc.\* | 2096 | 25865 |
|  Phinia, Inc. | 5603 | 351252 |
|  Solid Power, Inc.\* | 20799 | 88396 |
|  Standard Motor Products, Inc. | 3183 | 117294 |
|  Strattec Security Corp.\* | 562 | 42791 |
|  Visteon Corp. | 4021 | 382397 |
|  |  | 3489280 |
|  ***Automobiles (0.0%)†*** | ***Automobiles (0.0%)†*** | ***Automobiles (0.0%)†*** |
|  Faraday Future Intelligent Electric, Inc., Class A (x)\* | 19393 | 19781 |
|  Winnebago Industries, Inc. | 3937 | 159527 |
|  |  | 179308 |
|  ***Broadline Retail (0.1%)*** | ***Broadline Retail (0.1%)*** | ***Broadline Retail (0.1%)*** |
|  Kohl's Corp. | 15924 | 325009 |
|  Savers Value Village, Inc.\* | 563 | 5258 |
|  |  | 330267 |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** |
|  GigaCloud Technology, Inc., Class A\* | 3559 | 139798 |
|  Gold.com, Inc. | 2757 | 93876 |
|  Weyco Group, Inc. | 892 | 27286 |
|  |  | 260960 |
|  ***Diversified Consumer Services (0.4%)*** | ***Diversified Consumer Services (0.4%)*** | ***Diversified Consumer Services (0.4%)*** |
|  American Public Education, Inc.\* | 215 | 8127 |
|  European Wax Center, Inc., Class A\* | 357 | 1285 |
|  Graham Holdings Co., Class B | 472 | 518539 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Laureate Education, Inc.\* | 12223 | $| 411549 |
|  Matthews International Corp., Class A (x) | 4335 |  | 113230 |
|  McGraw Hill, Inc.\* | 1221 |  | 20147 |
|  Mister Car Wash, Inc.\* | 1881 |  | 10458 |
|  Perdoceo Education Corp. | 9596 |  | 281451 |
|  Phoenix Education Partners, Inc.\* | 184 |  | 5575 |
|  Strategic Education, Inc. | 3400 |  | 272680 |
|  |  |  | 1643041 |
|  ***Hotels, Restaurants & Leisure (0.9%)*** | ***Hotels, Restaurants & Leisure (0.9%)*** | ***Hotels, Restaurants & Leisure (0.9%)*** | ***Hotels, Restaurants & Leisure (0.9%)*** |
|  Biglari Holdings, Inc., Class B\* | 112 |  | 37232 |
|  BJ's Restaurants, Inc.\* | 1088 |  | 42867 |
|  Black Rock Coffee Bar, Inc., Class A\* | 295 |  | 6564 |
|  Bloomin' Brands, Inc. | 5208 |  | 32133 |
|  Brightstar Lottery plc | 15398 |  | 238361 |
|  Carnival Corp.\* | 32000 |  | 977280 |
|  Cracker Barrel Old Country Store, Inc. (x) | 2394 |  | 60808 |
|  Denny's Corp.\* | 7241 |  | 45039 |
|  Dine Brands Global, Inc. (x) | 1930 |  | 62030 |
|  El Pollo Loco Holdings, Inc.\* | 3793 |  | 39675 |
|  Global Business Travel Group I (x)\* | 2174 |  | 16631 |
|  Golden Entertainment, Inc. | 2926 |  | 79558 |
|  Jack in the Box, Inc. (x) | 460 |  | 8717 |
|  Krispy Kreme, Inc. (x) | 10768 |  | 43287 |
|  Marriott Vacations Worldwide Corp. (x) | 4115 |  | 237394 |
|  Nathan's Famous, Inc. | 18 |  | 1684 |
|  Navan, Inc., Class A\* | 997 |  | 17029 |
|  Papa John's International, Inc. | 4371 |  | 168240 |
|  Portillo's, Inc., Class A (x)\* | 9043 |  | 41055 |
|  Pursuit Attractions and Hospitality, Inc.\* | 3024 |  | 101848 |
|  RCI Hospitality Holdings, Inc. (x) | 331 |  | 7891 |
|  Red Rock Resorts, Inc., Class A | 3232 |  | 200223 |
|  Sabre Corp.\* | 40177 |  | 54641 |
|  Serve Robotics, Inc. (x)\* | 839 |  | 8709 |
|  Six Flags Entertainment Corp. (x)\* | 2723 |  | 41771 |
|  Target Hospitality Corp.\* | 5167 |  | 41388 |
|  United Parks & Resorts, Inc. (x)\* | 170 |  | 6171 |
|  Wendy's Co. (The) (x) | 144000 |  | 1199520 |
|  |  |  | 3817746 |
|  ***Household Durables (1.5%)*** | ***Household Durables (1.5%)*** | ***Household Durables (1.5%)*** | ***Household Durables (1.5%)*** |
|  Bassett Furniture Industries, Inc. | 1148 |  | 19240 |
|  Beazer Homes USA, Inc.\* | 3904 |  | 79134 |
|  Century Communities, Inc. | 3793 |  | 225114 |
|  Cricut, Inc., Class A | 7755 |  | 38387 |
|  Dream Finders Homes, Inc., Class A\* | 3386 |  | 57901 |
|  Ethan Allen Interiors, Inc. | 3290 |  | 75144 |
|  Flexsteel Industries, Inc. | 540 |  | 21325 |
|  Green Brick Partners, Inc.\* | 3006 |  | 188356 |
|  Hamilton Beach Brands Holding Co., Class A | 1260 |  | 20727 |
|  Helen of Troy Ltd.\* | 3388 |  | 71995 |
|  Hovnanian Enterprises, Inc., Class A\* | 744 |  | 72570 |
|  KB Home | 9305 |  | 524895 |
|  La-Z-Boy, Inc. | 6142 |  | 228912 |
|  Legacy Housing Corp.\* | 1378 |  | 26899 |
|  Leggett & Platt, Inc. | 19575 |  | 215325 |
|  LGI Homes, Inc.\* | 3045 |  | 130813 |
|  Lovesac Co. (The)\* | 826 |  | 12183 |
|  M/I Homes, Inc.\* | 3843 |  | 491712 |
|  Meritage Homes Corp. | 10137 |  | 667015 |
|  Sonos, Inc.\* | 1416 |  | 24865 |
|  Taylor Morrison Home Corp., Class A\* | 14100 |  | 830067 |
|  Traeger, Inc.\* | 5050 |  | 5454 |
|  Tri Pointe Homes, Inc.\* | 60433 |  | 1901826 |
|  |  |  | 5929859 |
|  ***Leisure Products (0.3%)*** | ***Leisure Products (0.3%)*** | ***Leisure Products (0.3%)*** | ***Leisure Products (0.3%)*** |
|  American Outdoor Brands, Inc.\* | 1982 |  | 15321 |
|  Clarus Corp. | 3731 |  | 12499 |
|  Escalade, Inc. | 1476 |  | 19911 |
|  Funko, Inc., Class A\* | 5600 |  | 19040 |
|  JAKKS Pacific, Inc. | 1464 |  | 24712 |
|  Johnson Outdoors, Inc., Class A | 786 |  | 33366 |
|  Latham Group, Inc.\* | 1110 |  | 7049 |
|  Malibu Boats, Inc., Class A\* | 2835 |  | 79975 |
|  Marine Products Corp. | 628 |  | 5501 |
|  MasterCraft Boat Holdings, Inc.\* | 2432 |  | 45989 |
|  Peloton Interactive, Inc., Class A\* | 37439 |  | 230624 |
|  Polaris, Inc. | 7816 |  | 494362 |
|  Smith & Wesson Brands, Inc. | 6374 |  | 62912 |
|  Sturm Ruger & Co., Inc. | 1291 |  | 42151 |
|  Topgolf Callaway Brands Corp.\* | 19468 |  | 227192 |
|  |  |  | 1320604 |
|  ***Specialty Retail (10.0%)*** | ***Specialty Retail (10.0%)*** | ***Specialty Retail (10.0%)*** | ***Specialty Retail (10.0%)*** |
|  1-800-Flowers.com, Inc., Class A (x)\* | 3413 |  | 13413 |
|  Academy Sports & Outdoors, Inc. | 9727 |  | 485961 |
|  Advance Auto Parts, Inc. (x) | 8898 |  | 349691 |
|  American Eagle Outfitters, Inc. | 23458 |  | 618587 |
|  America's Car-Mart, Inc. (x)\* | 1018 |  | 25715 |
|  Arko Corp. | 10228 |  | 46435 |
|  Asbury Automotive Group, Inc.\* | 2849 |  | 662478 |
|  AutoNation, Inc.\* | 93600 |  | 19326528 |
|  BARK, Inc. (x)\* | 7089 |  | 4271 |
|  Barnes & Noble Education, Inc. (x)\* | 2347 |  | 21569 |
|  Bed Bath & Beyond, Inc.\* | 9865 |  | 53863 |
|  Buckle, Inc. (The) | 310 |  | 16560 |
|  Caleres, Inc. | 4839 |  | 58891 |
|  Citi Trends, Inc.\* | 678 |  | 28178 |
|  Designer Brands, Inc., Class A (x) | 5024 |  | 37328 |
|  EVgo, Inc., Class A\* | 15945 |  | 46400 |
|  Genesco, Inc.\* | 1369 |  | 33910 |
|  Group 1 Automotive, Inc. | 1015 |  | 399200 |
|  Haverty Furniture Cos., Inc. | 1964 |  | 45879 |
|  J Jill, Inc. | 1156 |  | 15860 |
|  Lands' End, Inc.\* | 1303 |  | 18920 |
|  MarineMax, Inc.\* | 2728 |  | 66099 |
|  Monro, Inc. | 4463 |  | 89439 |
|  National Vision Holdings, Inc.\* | 11551 |  | 298247 |
|  OneWater Marine, Inc., Class A (x)\* | 1747 |  | 18903 |
|  Outdoor Holding Co. (x)\* | 13565 |  | 23196 |
|  Penske Automotive Group, Inc. | 93600 |  | 14815944 |
|  Petco Health & Wellness Co., Inc., Class A (x)\* | 11581 |  | 32543 |
|  RealReal, Inc. (The)\* | 11168 |  | 176231 |
|  Sally Beauty Holdings, Inc.\* | 14526 |  | 207141 |
|  Shoe Carnival, Inc. | 2840 |  | 47939 |
|  Signet Jewelers Ltd. | 5864 |  | 486008 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Sleep Number Corp. (x)\* | 2833 | $| 23967 |
|  Sonic Automotive, Inc., Class A | 1459 |  | 90254 |
|  Stitch Fix, Inc., Class A\* | 15418 |  | 80944 |
|  Torrid Holdings, Inc. (x)\* | 3575 |  | 3498 |
|  Upbound Group, Inc. | 4875 |  | 85605 |
|  Urban Outfitters, Inc.\* | 5840 |  | 439518 |
|  Victoria's Secret & Co.\* | 7289 |  | 394845 |
|  Winmark Corp. | 434 |  | 175744 |
|  Zumiez, Inc.\* | 1903 |  | 49573 |
|  |  |  | 39915275 |
|  ***Textiles, Apparel & Luxury Goods (0.4%)*** | ***Textiles, Apparel & Luxury Goods (0.4%)*** | ***Textiles, Apparel & Luxury Goods (0.4%)*** | ***Textiles, Apparel & Luxury Goods (0.4%)*** |
|  Capri Holdings Ltd.\* | 17231 |  | 420436 |
|  Carter's, Inc. | 5188 |  | 168247 |
|  G-III Apparel Group Ltd. | 5270 |  | 152619 |
|  Kontoor Brands, Inc. | 1515 |  | 92551 |
|  Lakeland Industries, Inc. (x) | 1363 |  | 12049 |
|  Movado Group, Inc. | 14218 |  | 293175 |
|  Oxford Industries, Inc. (x) | 2148 |  | 73462 |
|  Rocky Brands, Inc. | 1133 |  | 33231 |
|  Steven Madden Ltd. | 9693 |  | 403617 |
|  Superior Group of Cos., Inc. | 1831 |  | 17724 |
|  |  |  | 1667111 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 58553451 |
|  **Consumer Staples (2.3%)** | **Consumer Staples (2.3%)** | **Consumer Staples (2.3%)** | **Consumer Staples (2.3%)** |
|  ***Beverages (0.0%)†*** | ***Beverages (0.0%)†*** | ***Beverages (0.0%)†*** | ***Beverages (0.0%)†*** |
|  Crimson Wine Group Ltd.\* | 25200 |  | 123480 |
|  MGP Ingredients, Inc. | 2018 |  | 49038 |
|  |  |  | 172518 |
|  ***Consumer Staples Distribution & Retail (0.3%)*** | ***Consumer Staples Distribution & Retail (0.3%)*** | ***Consumer Staples Distribution & Retail (0.3%)*** | ***Consumer Staples Distribution & Retail (0.3%)*** |
|  Andersons, Inc. (The) | 4874 |  | 259151 |
|  Grocery Outlet Holding Corp. (x)\* | 13698 |  | 138350 |
|  HF Foods Group, Inc.\* | 6494 |  | 13962 |
|  Ingles Markets, Inc., Class A | 2159 |  | 147999 |
|  United Natural Foods, Inc.\* | 8873 |  | 298754 |
|  Village Super Market, Inc., Class A | 1433 |  | 50721 |
|  Weis Markets, Inc. | 1981 |  | 126962 |
|  |  |  | 1035899 |
|  ***Food Products (0.3%)*** | ***Food Products (0.3%)*** | ***Food Products (0.3%)*** | ***Food Products (0.3%)*** |
|  Alico, Inc. | 699 |  | 25430 |
|  B&G Foods, Inc. (x) | 11074 |  | 47618 |
|  Beyond Meat, Inc. (x)\* | 49832 |  | 40862 |
|  Calavo Growers, Inc. | 312 |  | 6786 |
|  Dole plc | 12001 |  | 179895 |
|  Fresh Del Monte Produce, Inc. | 4900 |  | 174587 |
|  Hain Celestial Group, Inc. (The)\* | 14304 |  | 15305 |
|  John B Sanfilippo & Son, Inc. | 463 |  | 32688 |
|  Limoneira Co. | 2499 |  | 31550 |
|  Mission Produce, Inc.\* | 6181 |  | 71700 |
|  Seneca Foods Corp., Class A\* | 687 |  | 76003 |
|  Simply Good Foods Co. (The)\* | 4794 |  | 96263 |
|  TreeHouse Foods, Inc.\* | 7444 |  | 175604 |
|  Utz Brands, Inc. | 10471 |  | 108689 |
|  |  |  | 1082980 |
|  ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | ***Household Products (0.1%)*** |
|  Central Garden & Pet Co.\* | 1643 |  | 52822 |
|  Central Garden & Pet Co., Class A\* | 7065 |  | 206227 |
|  Energizer Holdings, Inc. | 1947 |  | 38726 |
|  Oil-Dri Corp. of America | 353 |  | 17276 |
|  Spectrum Brands Holdings, Inc. | 3424 |  | 202290 |
|  |  |  | 517341 |
|  ***Personal Care Products (1.6%)*** | ***Personal Care Products (1.6%)*** | ***Personal Care Products (1.6%)*** | ***Personal Care Products (1.6%)*** |
|  Beauty Health Co. (The)\* | 3066 |  | 4262 |
|  Edgewell Personal Care Co. | 6711 |  | 114423 |
|  Herbalife Ltd.\* | 3897 |  | 50232 |
|  Honest Co., Inc. (The) (x)\* | 7868 |  | 20300 |
|  Interparfums, Inc. | 69800 |  | 5921134 |
|  Medifast, Inc. (x)\* | 1745 |  | 18637 |
|  Nature's Sunshine Products, Inc.\* | 1773 |  | 38261 |
|  Nu Skin Enterprises, Inc., Class A | 7141 |  | 68696 |
|  Olaplex Holdings, Inc.\* | 22527 |  | 30186 |
|  USANA Health Sciences, Inc.\* | 1532 |  | 30073 |
|  Waldencast plc, Class A (x)\* | 6440 |  | 12107 |
|  |  |  | 6308311 |
|  ***Tobacco (0.0%)†*** | ***Tobacco (0.0%)†*** | ***Tobacco (0.0%)†*** | ***Tobacco (0.0%)†*** |
|  Turning Point Brands, Inc. | 259 |  | 28076 |
|  Universal Corp. | 3502 |  | 184730 |
|  |  |  | 212806 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 9329855 |
|  **Energy (14.4%)** | **Energy (14.4%)** | **Energy (14.4%)** | **Energy (14.4%)** |
|  ***Energy Equipment & Services (2.7%)*** | ***Energy Equipment & Services (2.7%)*** | ***Energy Equipment & Services (2.7%)*** | ***Energy Equipment & Services (2.7%)*** |
|  Atlas Energy Solutions, Inc. (x) | 3501 |  | 32979 |
|  Borr Drilling Ltd. (x) | 38702 |  | 155969 |
|  Bristow Group, Inc., Class A\* | 4242 |  | 155342 |
|  Core Laboratories, Inc. | 6743 |  | 108090 |
|  DMC Global, Inc.\* | 2267 |  | 15166 |
|  Expro Group Holdings NV\* | 13135 |  | 175352 |
|  Flowco Holdings, Inc., Class A | 1011 |  | 18946 |
|  Forum Energy Technologies, Inc.\* | 1466 |  | 54169 |
|  Helix Energy Solutions Group, Inc.\* | 15362 |  | 96320 |
|  Helmerich & Payne, Inc. | 14339 |  | 411243 |
|  Innovex International, Inc.\* | 5894 |  | 128902 |
|  Liberty Energy, Inc., Class A | 23510 |  | 433995 |
|  Mammoth Energy Services, Inc.\* | 3693 |  | 6832 |
|  Nabors Industries Ltd.\* | 2073 |  | 112564 |
|  National Energy Services Reunited Corp.\* | 8278 |  | 129633 |
|  Natural Gas Services Group, Inc. | 1040 |  | 34996 |
|  Noble Corp. plc (x) | 18525 |  | 523146 |
|  Oceaneering International, Inc.\* | 1538 |  | 36958 |
|  Oil States International, Inc.\* | 8307 |  | 56238 |
|  Patterson-UTI Energy, Inc. | 51845 |  | 316773 |
|  ProFrac Holding Corp., Class A (x)\* | 3777 |  | 14693 |
|  ProPetro Holding Corp.\* | 11518 |  | 109536 |
|  Ranger Energy Services, Inc., Class A | 3077 |  | 43016 |
|  RPC, Inc. | 13150 |  | 71536 |
|  SEACOR Marine Holdings, Inc.\* | 2764 |  | 16639 |
|  Seadrill Ltd.\* | 5790 |  | 200334 |
|  Select Water Solutions, Inc., Class A | 13347 |  | 140410 |
|  Subsea 7 SA (ADR) (x) | 96400 |  | 1944388 |
|  TETRA Technologies, Inc.\* | 18691 |  | 175135 |
|  Tidewater, Inc.\* | 443 |  | 22376 |
|  Transocean Ltd.\* | 135681 |  | 560363 |
|  Valaris Ltd.\* | 9217 |  | 464537 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  WaterBridge Infrastructure LLC, Class A\* | 198065 | $| 3963281 |
|  |  |  | 10729857 |
|  ***Oil, Gas & Consumable Fuels (11.7%)*** | ***Oil, Gas & Consumable Fuels (11.7%)*** | ***Oil, Gas & Consumable Fuels (11.7%)*** | ***Oil, Gas & Consumable Fuels (11.7%)*** |
|  Ardmore Shipping Corp. | 5230 |  | 55386 |
|  BKV Corp.\* | 3247 |  | 88156 |
|  California Resources Corp. | 10911 |  | 487831 |
|  Calumet, Inc. (x)\* | 8915 |  | 177141 |
|  Centrus Energy Corp., Class A\* | 558 |  | 135460 |
|  Clean Energy Fuels Corp.\* | 26031 |  | 54665 |
|  CNX Resources Corp.\* | 19186 |  | 705469 |
|  Comstock Resources, Inc. (x)\* | 3422 |  | 79322 |
|  Core Natural Resources, Inc. | 4903 |  | 433965 |
|  Crescent Energy Co., Class A | 34995 |  | 293608 |
|  DHT Holdings, Inc. | 19564 |  | 238876 |
|  Diversified Energy Co. | 8913 |  | 129060 |
|  Dorian LPG Ltd. | 5538 |  | 134795 |
|  Encore Energy Corp. (x)\* | 27523 |  | 68257 |
|  Energy Fuels, Inc. (x)\* | 24619 |  | 357960 |
|  Epsilon Energy Ltd. | 2392 |  | 11099 |
|  Excelerate Energy, Inc., Class A | 3518 |  | 98680 |
|  FLEX LNG Ltd. (x) | 3929 |  | 98029 |
|  FutureFuel Corp. | 4174 |  | 13315 |
|  Gevo, Inc.\* | 34471 |  | 68942 |
|  Golar LNG Ltd. | 14321 |  | 532884 |
|  Granite Ridge Resources, Inc. | 8323 |  | 39118 |
|  Green Plains, Inc.\* | 9872 |  | 96746 |
|  HighPeak Energy, Inc. (x) | 2882 |  | 13661 |
|  Infinity Natural Resources, Inc., Class A\* | 1839 |  | 27089 |
|  International Seaways, Inc. | 5956 |  | 289164 |
|  Kinetik Holdings, Inc., Class A (x) | 1792 |  | 64602 |
|  Kolibri Global Energy, Inc.\* | 3492 |  | 13724 |
|  Kosmos Energy Ltd.\* | 73714 |  | 66888 |
|  Magnolia Oil & Gas Corp., Class A | 21179 |  | 463608 |
|  Murphy Oil Corp. | 19857 |  | 620531 |
|  NACCO Industries, Inc., Class A | 667 |  | 32710 |
|  Navigator Holdings Ltd. | 4702 |  | 81439 |
|  New Fortress Energy, Inc. (x)\* | 27608 |  | 31473 |
|  NextNRG, Inc.(x)\* | 1956 |  | 2836 |
|  Nordic American Tankers Ltd. (x) | 30722 |  | 105684 |
|  Northern Oil & Gas, Inc. (x) | 14201 |  | 304895 |
|  Par Pacific Holdings, Inc.\* | 5227 |  | 183677 |
|  PBF Energy, Inc., Class A | 12431 |  | 337129 |
|  Peabody Energy Corp. | 17949 |  | 533085 |
|  Permian Basin Royalty Trust | 25900 |  | 439782 |
|  Prairie Operating Co. (x)\* | 3115 |  | 5264 |
|  PrairieSky Royalty Ltd. (x) | 91000 |  | 1792088 |
|  PrimeEnergy Resources Corp. (x)\* | 50 |  | 8550 |
|  REX American Resources Corp.\* | 3138 |  | 101420 |
|  Riley Exploration Permian, Inc. | 1717 |  | 45329 |
|  SandRidge Energy, Inc. | 5446 |  | 78586 |
|  Scorpio Tankers, Inc. | 6594 |  | 335173 |
|  SFL Corp. Ltd. (x) | 17861 |  | 139494 |
|  SM Energy Co. | 16746 |  | 313150 |
|  Summit Midstream Corp.\* | 1309 |  | 34924 |
|  Talos Energy, Inc.\* | 18797 |  | 207143 |
|  Teekay Corp. Ltd. | 7826 |  | 70669 |
|  Teekay Tankers Ltd., Class A | 3550 |  | 189641 |
|  Texas Pacific Land Corp. | 122010 |  | 35043712 |
|  VAALCO Energy, Inc. | 13712 |  | 49912 |
|  Vitesse Energy, Inc. (x) | 4086 |  | 78696 |
|  W&T Offshore, Inc. | 15329 |  | 24986 |
|  World Kinect Corp. | 7096 |  | 166259 |
|  XCF Global, Inc., Class A\* | 4939 |  | 1348 |
|  |  |  | 46697085 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 57426942 |
|  **Financials (16.4%)** | **Financials (16.4%)** | **Financials (16.4%)** | **Financials (16.4%)** |
|  ***Banks (9.1%)*** | ***Banks (9.1%)*** | ***Banks (9.1%)*** | ***Banks (9.1%)*** |
|  1st Source Corp. | 2752 |  | 171972 |
|  ACNB Corp. | 1607 |  | 77698 |
|  Amalgamated Financial Corp. | 3321 |  | 106372 |
|  Amerant Bancorp, Inc., Class A | 3371 |  | 65768 |
|  Ameris Bancorp | 9778 |  | 726212 |
|  Ames National Corp. (x) | 1311 |  | 30101 |
|  Arrow Financial Corp. | 2272 |  | 71341 |
|  Associated Banc-Corp. | 24670 |  | 635499 |
|  Atlantic Union Bankshares Corp. | 21078 |  | 744053 |
|  Avidbank Holdings, Inc.\* | 228 |  | 6056 |
|  Axos Financial, Inc.\* | 6990 |  | 602258 |
|  Banc of California, Inc. | 17845 |  | 344230 |
|  BancFirst Corp. | 270 |  | 28625 |
|  Bank First Corp. | 1119 |  | 136317 |
|  Bank of Hawaii Corp. | 1274 |  | 87103 |
|  Bank of Marin Bancorp | 2290 |  | 59563 |
|  Bank of NT Butterfield & Son Ltd. (The) | 6117 |  | 304749 |
|  Bank7 Corp. | 682 |  | 27948 |
|  BankFinancial Corp. | 1232 |  | 14784 |
|  BankUnited, Inc. | 11093 |  | 494415 |
|  Bankwell Financial Group, Inc. | 977 |  | 44766 |
|  Banner Corp. | 5020 |  | 314553 |
|  Bar Harbor Bankshares | 2363 |  | 73371 |
|  BayCom Corp. | 1683 |  | 49480 |
|  BCB Bancorp, Inc. | 2350 |  | 18964 |
|  Beacon Financial Corp. | 12286 |  | 323982 |
|  Blue Foundry Bancorp\* | 2772 |  | 34456 |
|  Blue Ridge Bankshares, Inc. | 9584 |  | 40924 |
|  Bridgewater Bancshares, Inc.\* | 1668 |  | 29240 |
|  Burke & Herbert Financial Services Corp. | 2016 |  | 125617 |
|  Business First Bancshares, Inc. | 4186 |  | 109422 |
|  BV Financial, Inc.\* | 1269 |  | 23020 |
|  Byline Bancorp, Inc. | 4374 |  | 127502 |
|  C&F Financial Corp. | 483 |  | 35061 |
|  Cadence Bank | 27152 |  | 1163192 |
|  California Bancorp | 2943 |  | 54946 |
|  Camden National Corp. | 2462 |  | 106802 |
|  Capital Bancorp, Inc. | 1432 |  | 40339 |
|  Capital City Bank Group, Inc. | 2088 |  | 88886 |
|  Capitol Federal Financial, Inc. | 18120 |  | 123397 |
|  Carter Bankshares, Inc.\* | 2643 |  | 51961 |
|  Cathay General Bancorp | 9726 |  | 470641 |
|  CB Financial Services, Inc. (x) | 658 |  | 22938 |
|  Central Pacific Financial Corp. | 3833 |  | 119436 |
|  CF Bankshares, Inc. | 543 |  | 13548 |
|  Chain Bridge Bancorp, Inc., Class A\* | 347 |  | 12020 |
|  Chemung Financial Corp. | 550 |  | 30690 |
|  ChoiceOne Financial Services, Inc. | 2174 |  | 64176 |
|  Citizens & Northern Corp. | 2339 |  | 47178 |
|  Citizens Community Bancorp, Inc. | 1360 |  | 24235 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Citizens Financial Services, Inc. | 726 | $41396 |
|  City Holding Co. | 766 | 91307 |
|  Civista Bancshares, Inc. | 2876 | 63905 |
|  CNB Financial Corp. | 4089 | 107009 |
|  CoastalSouth Bancshares, Inc.\* | 626 | 14554 |
|  Colony Bankcorp, Inc. | 2559 | 45601 |
|  Columbia Financial, Inc.\* | 3751 | 58291 |
|  Commercial Bancgroup, Inc.\* | 582 | 14294 |
|  Community Financial System, Inc. | 6037 | 346765 |
|  Community Trust Bancorp, Inc. | 2270 | 128255 |
|  Community West Bancshares | 2103 | 47317 |
|  ConnectOne Bancorp, Inc. | 5348 | 140225 |
|  Customers Bancorp, Inc.\* | 4314 | 315440 |
|  CVB Financial Corp. | 18960 | 352656 |
|  Dime Community Bancshares, Inc. | 4854 | 146057 |
|  Eagle Bancorp Montana, Inc. | 1032 | 20537 |
|  Eagle Bancorp, Inc. | 3170 | 67901 |
|  Eagle Financial Services, Inc. | 564 | 22444 |
|  Eastern Bankshares, Inc. | 32556 | 600007 |
|  ECB Bancorp, Inc. (x)\* | 959 | 16677 |
|  Enterprise Financial Services Corp. | 5351 | 288954 |
|  Equity Bancshares, Inc., Class A | 2101 | 93810 |
|  Farmers & Merchants Bancorp, Inc. | 2151 | 53173 |
|  Farmers National Banc Corp. | 5322 | 70889 |
|  FB Bancorp, Inc.\* | 2708 | 34798 |
|  FB Financial Corp. | 6167 | 344119 |
|  Fidelity D&D Bancorp, Inc. | 746 | 32473 |
|  Financial Institutions, Inc. | 2902 | 90455 |
|  Finward Bancorp | 447 | 15730 |
|  Finwise Bancorp\* | 552 | 9903 |
|  First Bancorp (Nasdaq Stock Exchange) | 5949 | 302150 |
|  First Bancorp (New York Stock Exchange) | 10677 | 221334 |
|  First Bancorp, Inc. (The) | 1802 | 47645 |
|  First Bank | 3167 | 52129 |
|  First Busey Corp. | 12238 | 291142 |
|  First Business Financial Services, Inc. | 1186 | 64400 |
|  First Capital, Inc. | 507 | 30014 |
|  First Commonwealth Financial Corp. | 15204 | 256339 |
|  First Community Bankshares, Inc. | 2479 | 83617 |
|  First Community Corp. | 742 | 22000 |
|  First Financial Bancorp | 14054 | 351631 |
|  First Financial Corp. | 1509 | 91174 |
|  First Foundation, Inc.\* | 9873 | 60818 |
|  First Internet Bancorp | 734 | 15319 |
|  First Interstate BancSystem, Inc., Class A | 13115 | 453779 |
|  First Merchants Corp. | 7837 | 293731 |
|  First Mid Bancshares, Inc. | 3269 | 127491 |
|  First National Corp. | 1033 | 26073 |
|  First Savings Financial Group, Inc. | 825 | 26284 |
|  First United Corp. | 950 | 35568 |
|  First Western Financial, Inc.\* | 923 | 24746 |
|  Firstsun Capital Bancorp (x)\* | 1827 | 68759 |
|  Five Star Bancorp | 952 | 34063 |
|  Flagstar Bank NA | 44551 | 560897 |
|  Flushing Financial Corp. | 4815 | 73044 |
|  Franklin Financial Services Corp. | 625 | 31375 |
|  FS Bancorp, Inc. | 1116 | 45946 |
|  Fulton Financial Corp. | 27104 | 523920 |
|  FVCBankcorp, Inc. | 2837 | 39463 |
|  GBank Financial Holdings, Inc. (x)\* | 1217 | 41244 |
|  German American Bancorp, Inc. | 5184 | 203109 |
|  Glacier Bancorp, Inc. | 15173 | 668371 |
|  Great Southern Bancorp, Inc. | 1264 | 77812 |
|  Greene County Bancorp, Inc. | 343 | 7625 |
|  Hancock Whitney Corp. | 12466 | 793835 |
|  Hanmi Financial Corp. | 4425 | 119608 |
|  Hanover Bancorp, Inc. | 536 | 12387 |
|  Hawthorn Bancshares, Inc. | 889 | 31008 |
|  HBT Financial, Inc. | 1852 | 47874 |
|  Heritage Commerce Corp. | 8576 | 102998 |
|  Heritage Financial Corp. | 4955 | 117186 |
|  Hilltop Holdings, Inc. | 6346 | 215383 |
|  Hingham Institution For Savings (The) (x) | 226 | 64175 |
|  Home Bancorp, Inc. | 1066 | 61615 |
|  Home BancShares, Inc. | 27248 | 756949 |
|  HomeTrust Bancshares, Inc. | 2476 | 106319 |
|  Hope Bancorp, Inc. | 16989 | 186199 |
|  Horizon Bancorp, Inc. | 6555 | 111173 |
|  Independent Bank Corp. | 3005 | 97753 |
|  Independent Bank Corp./MA | 7322 | 535092 |
|  International Bancshares Corp. | 7165 | 476043 |
|  Investar Holding Corp. | 1437 | 38397 |
|  John Marshall Bancorp, Inc. | 1937 | 38721 |
|  Kearny Financial Corp. | 8894 | 65905 |
|  Lakeland Financial Corp. | 1562 | 89128 |
|  Landmark Bancorp, Inc. (x) | 703 | 18412 |
|  LCNB Corp. | 1923 | 31518 |
|  LINKBANCORP, Inc. | 3194 | 26382 |
|  Live Oak Bancshares, Inc. | 2979 | 102329 |
|  MainStreet Bancshares, Inc. | 952 | 19383 |
|  Mechanics Bancorp | 6985 | 102191 |
|  Mercantile Bank Corp. | 2331 | 112121 |
|  Meridian Corp. | 1141 | 20059 |
|  Metrocity Bankshares, Inc. | 1084 | 28769 |
|  Metropolitan Bank Holding Corp. | 1059 | 80865 |
|  Mid Penn Bancorp, Inc. (x) | 2950 | 91509 |
|  Middlefield Banc Corp. | 1070 | 36958 |
|  Midland States Bancorp, Inc. | 3103 | 65690 |
|  MidWestOne Financial Group, Inc. | 2339 | 90051 |
|  MVB Financial Corp. | 1675 | 43265 |
|  National Bank Holdings Corp., Class A | 5607 | 213122 |
|  National Bankshares, Inc. | 962 | 32256 |
|  NB Bancorp, Inc. | 5959 | 118107 |
|  NBT Bancorp, Inc. | 6967 | 289270 |
|  Nicolet Bankshares, Inc. | 1419 | 172125 |
|  Northeast Bank | 446 | 46353 |
|  Northeast Community Bancorp, Inc. | 1876 | 42416 |
|  Northfield Bancorp, Inc. | 5021 | 57390 |
|  Northpointe Bancshares, Inc. | 2583 | 43343 |
|  Northrim Bancorp, Inc. | 1512 | 40234 |
|  Northwest Bancshares, Inc. | 21492 | 257904 |
|  Norwood Financial Corp. | 1150 | 32257 |
|  Oak Valley Bancorp | 1174 | 35290 |
|  OceanFirst Financial Corp. | 8349 | 149865 |
|  OFG Bancorp | 6391 | 261903 |
|  Ohio Valley Banc Corp. | 591 | 23628 |
|  Old National Bancorp | 45576 | 1016801 |
|  Old Second Bancorp, Inc. | 7290 | 142155 |
|  OP Bancorp | 1671 | 23594 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Orange County Bancorp, Inc. | 1305 | $| 37258 |
|  Origin Bancorp, Inc. | 4189 |  | 157548 |
|  Orrstown Financial Services, Inc. | 2765 |  | 97936 |
|  Park National Corp. | 2201 |  | 334948 |
|  Parke Bancorp, Inc. | 1575 |  | 39438 |
|  PCB Bancorp | 1636 |  | 35419 |
|  Peapack-Gladstone Financial Corp. | 1444 |  | 40215 |
|  Peoples Bancorp of North Carolina, Inc. | 706 |  | 25557 |
|  Peoples Bancorp, Inc. | 4928 |  | 147988 |
|  Peoples Financial Services Corp. | 1209 |  | 58890 |
|  Pioneer Bancorp, Inc.\* | 1697 |  | 22876 |
|  Plumas Bancorp | 877 |  | 39193 |
|  Ponce Financial Group, Inc.\* | 3122 |  | 51045 |
|  Preferred Bank | 1227 |  | 115866 |
|  Primis Financial Corp. | 3294 |  | 45820 |
|  Princeton Bancorp, Inc. | 881 |  | 30562 |
|  Provident Financial Services, Inc. | 15728 |  | 310628 |
|  QCR Holdings, Inc. | 2454 |  | 204418 |
|  RBB Bancorp | 2326 |  | 48009 |
|  Red River Bancshares, Inc. | 734 |  | 52430 |
|  Renasant Corp. | 13854 |  | 487938 |
|  Republic Bancorp, Inc., Class A | 1323 |  | 91274 |
|  Rhinebeck Bancorp, Inc.\* | 491 |  | 5902 |
|  Richmond Mutual Bancorp, Inc. | 1126 |  | 15809 |
|  Riverview Bancorp, Inc. | 2942 |  | 14769 |
|  S&T Bancorp, Inc. | 5632 |  | 221619 |
|  SB Financial Group, Inc. | 884 |  | 19687 |
|  Seacoast Banking Corp. of Florida | 12690 |  | 398720 |
|  Shore Bancshares, Inc. | 3798 |  | 67149 |
|  Sierra Bancorp | 1884 |  | 61569 |
|  Simmons First National Corp., Class A | 20600 |  | 388310 |
|  SmartFinancial, Inc. | 1763 |  | 65213 |
|  Sound Financial Bancorp, Inc. | 264 |  | 11518 |
|  South Plains Financial, Inc. | 1952 |  | 75738 |
|  Southern First Bancshares, Inc.\* | 1229 |  | 63318 |
|  Southern Missouri Bancorp, Inc. | 1291 |  | 76324 |
|  Southside Bancshares, Inc. | 4100 |  | 124599 |
|  SR Bancorp, Inc. (x) | 907 |  | 14276 |
|  Stellar Bancorp, Inc. | 6909 |  | 213764 |
|  Sterling Bancorp, Inc. (r)\* | 3185 |  |  |
|  Stock Yards Bancorp, Inc. | 164 |  | 10652 |
|  Texas Capital Bancshares, Inc.\* | 5794 |  | 524589 |
|  Third Coast Bancshares, Inc.\* | 1892 |  | 71915 |
|  Timberland Bancorp, Inc. | 1332 |  | 47686 |
|  Tompkins Financial Corp. | 2048 |  | 148521 |
|  Towne Bank | 10888 |  | 363333 |
|  TriCo Bancshares | 4499 |  | 213118 |
|  Triumph Financial, Inc.\* | 1847 |  | 115678 |
|  TrustCo Bank Corp. | 2665 |  | 110144 |
|  Trustmark Corp. | 8314 |  | 323830 |
|  UMB Financial Corp. | 9780 |  | 1125091 |
|  United Bankshares, Inc. | 20326 |  | 780518 |
|  United Community Banks, Inc. | 18146 |  | 566518 |
|  United Security Bancshares | 1781 |  | 17935 |
|  Unity Bancorp, Inc. | 599 |  | 30980 |
|  Univest Financial Corp. | 4222 |  | 138228 |
|  USCB Financial Holdings, Inc. | 1203 |  | 22159 |
|  Valley National Bancorp | 53981 |  | 630498 |
|  Virginia National Bankshares Corp. | 653 |  | 26022 |
|  WaFd, Inc. | 11366 |  | 364053 |
|  Washington Trust Bancorp, Inc. | 2771 |  | 81883 |
|  WesBanco, Inc. | 13114 |  | 435909 |
|  West Bancorp, Inc. | 2044 |  | 45356 |
|  Westamerica Bancorp | 3444 |  | 164727 |
|  Western New England Bancorp, Inc. | 2606 |  | 32888 |
|  WSFS Financial Corp. | 8234 |  | 454846 |
|  |  |  | 36543641 |
|  ***Capital Markets (2.1%)*** | ***Capital Markets (2.1%)*** | ***Capital Markets (2.1%)*** | ***Capital Markets (2.1%)*** |
|  AlTi Global, Inc. (x)\* | 6465 |  | 29998 |
|  Artisan Partners Asset Management, Inc., Class A | 4061 |  | 165445 |
|  Associated Capital Group, Inc., Class A‡ | 46500 |  | 1757700 |
|  Bakkt Holdings, Inc., Class A (x)\* | 101812 |  | 1022193 |
|  Cohen & Steers, Inc. | 378 |  | 23731 |
|  Diamond Hill Investment Group, Inc. | 289 |  | 48986 |
|  DigitalBridge Group, Inc. | 25999 |  | 398825 |
|  Donnelley Financial Solutions, Inc.\* | 1080 |  | 50425 |
|  Fairfax India Holdings Corp. (m)\* | 5000 |  | 86450 |
|  Federated Hermes, Inc., Class B | 5400 |  | 281178 |
|  Forge Global Holdings, Inc.\* | 1629 |  | 72588 |
|  Galaxy Digital, Inc., Class A (x)\* | 25000 |  | 559719 |
|  GAMCO Investors, Inc., Class A | 31900 |  | 777084 |
|  GCM Grosvenor, Inc., Class A | 744 |  | 8422 |
|  Innventure, Inc. (x)\* | 3183 |  | 13305 |
|  Marex Group plc | 2473 |  | 94864 |
|  MarketWise, Inc. | 365 |  | 5482 |
|  Miami International Holdings, Inc. (x)\* | 48177 |  | 2138095 |
|  Onex Corp. | 1000 |  | 82270 |
|  Open Lending Corp.\* | 15919 |  | 24674 |
|  OTC Markets Group, Inc., Class A | 100 |  | 5130 |
|  Siebert Financial Corp.\* | 2299 |  | 8070 |
|  Silvercrest Asset Management Group, Inc., Class A | 1142 |  | 17347 |
|  Urbana Corp. | 18400 |  | 130169 |
|  Urbana Corp. (Non-Voting) (x) | 24400 |  | 162661 |
|  Virtus Investment Partners, Inc. | 923 |  | 150587 |
|  Webull Corp.\* | 34789 |  | 270311 |
|  Westwood Holdings Group, Inc. | 1116 |  | 19206 |
|  |  |  | 8404915 |
|  ***Consumer Finance (0.5%)*** | ***Consumer Finance (0.5%)*** | ***Consumer Finance (0.5%)*** | ***Consumer Finance (0.5%)*** |
|  Atlanticus Holdings Corp.\* | 711 |  | 47601 |
|  Bread Financial Holdings, Inc. | 5975 |  | 442329 |
|  Consumer Portfolio Services, Inc.\* | 1457 |  | 13594 |
|  Encore Capital Group, Inc.\* | 3294 |  | 179029 |
|  Green Dot Corp., Class A\* | 8102 |  | 103786 |
|  Jefferson Capital, Inc. (x) | 930 |  | 20776 |
|  LendingClub Corp.\* | 16773 |  | 317681 |
|  LendingTree, Inc.\* | 147 |  | 7804 |
|  Medallion Financial Corp. | 2861 |  | 29440 |
|  Navient Corp. | 9703 |  | 126139 |
|  Nelnet, Inc., Class A | 1657 |  | 220315 |
|  Oportun Financial Corp.\* | 6244 |  | 33031 |
|  PRA Group, Inc.\* | 5922 |  | 104760 |
|  PROG Holdings, Inc. | 5775 |  | 170305 |
|  Regional Management Corp. | 1120 |  | 43400 |
|  Vroom, Inc.\* | 208 |  | 4135 |
|  World Acceptance Corp.\* | 425 |  | 59666 |
|  |  |  | 1923791 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Financial Services (1.5%)*** | ***Financial Services (1.5%)*** | ***Financial Services (1.5%)*** |
|  Acacia Research Corp.\* | 5621 | $21023 |
|  Alerus Financial Corp. | 3361 | 75690 |
|  Banco Latinoamericano de Comercio Exterior SA, Class E | 4202 | 187409 |
|  Better Home & Finance Holding Co. (x)\* | 850 | 27693 |
|  Burford Capital Ltd. | 10879 | 97041 |
|  Cannae Holdings, Inc. | 6772 | 106524 |
|  Cass Information Systems, Inc. | 70 | 2906 |
|  Compass Diversified Holdings | 9762 | 46858 |
|  Enact Holdings, Inc. | 4216 | 167122 |
|  Essent Group Ltd. | 13927 | 905394 |
|  Federal Agricultural Mortgage Corp., Class C | 144 | 25282 |
|  Finance of America Cos., Inc., Class A (x)\* | 706 | 17092 |
|  Flywire Corp.\* | 1835 | 25984 |
|  HA Sustainable Infrastructure Capital, Inc. | 17968 | 564734 |
|  Jackson Financial, Inc., Class A | 10212 | 1089110 |
|  loanDepot, Inc., Class A (x)\* | 12314 | 25490 |
|  Marqeta, Inc., Class A\* | 29267 | 139018 |
|  Merchants Bancorp | 3835 | 130620 |
|  NewtekOne, Inc. | 3682 | 41791 |
|  NMI Holdings, Inc., Class A\* | 11502 | 469167 |
|  Onity Group, Inc.\* | 1081 | 49499 |
|  Pagseguro Digital Ltd., Class A | 10409 | 100343 |
|  Paysafe Ltd. (x)\* | 4551 | 36818 |
|  PennyMac Financial Services, Inc. | 4298 | 566648 |
|  Radian Group, Inc. | 19959 | 718324 |
|  Repay Holdings Corp., Class A\* | 10942 | 39938 |
|  Security National Financial Corp., Class A\* | 2495 | 22480 |
|  Sezzle, Inc. (x)\* | 220 | 13964 |
|  SWK Holdings Corp. | 665 | 11438 |
|  Triller Group, Inc.\* | 16387 | 524 |
|  Velocity Financial, Inc.\* | 1481 | 30746 |
|  Walker & Dunlop, Inc. | 4841 | 291186 |
|  Waterstone Financial, Inc. | 2242 | 37105 |
|  |  | 6084961 |
|  ***Insurance (2.3%)*** | ***Insurance (2.3%)*** | ***Insurance (2.3%)*** |
|  Abacus Global Management, Inc. | 4008 | 34268 |
|  American Coastal Insurance Corp. | 2090 | 26397 |
|  American Integrity Insurance Group, Inc.\* | 516 | 10748 |
|  AMERISAFE, Inc. | 1348 | 51777 |
|  Aspen Insurance Holdings Ltd., Class A (x)\* | 850 | 31535 |
|  Ategrity Specialty Holdings LLC (x)\* | 306 | 6429 |
|  Citizens, Inc., Class A (x)\* | 7439 | 35930 |
|  CNO Financial Group, Inc. | 14225 | 604136 |
|  Donegal Group, Inc., Class A | 2495 | 49850 |
|  eHealth, Inc.\* | 4484 | 20626 |
|  Employers Holdings, Inc. | 3228 | 139353 |
|  F&G Annuities & Life, Inc. | 5108 | 157582 |
|  Fidelis Insurance Holdings Ltd. | 8355 | 163507 |
|  Genworth Financial, Inc., Class A\* | 60339 | 544861 |
|  GoHealth, Inc., Class A\* | 670 | 1440 |
|  Goosehead Insurance, Inc., Class A | 721 | 53102 |
|  Greenlight Capital Re Ltd., Class A\* | 4099 | 59763 |
|  Hamilton Insurance Group Ltd., Class B\* | 6671 | 186121 |
|  Heritage Insurance Holdings, Inc.\* | 879 | 25720 |
|  Hippo Holdings, Inc.\* | 1158 | 34833 |
|  Horace Mann Educators Corp. | 5964 | 275418 |
|  Investors Title Co. | 177 | 44186 |
|  James River Group Holdings, Inc. | 5150 | 32754 |
|  Kestrel Group Ltd. (x) | 149 | 1526 |
|  Kingstone Cos., Inc. | 162 | 2726 |
|  MBIA, Inc. (x)\* | 6581 | 47120 |
|  Mercury General Corp. | 3973 | 373700 |
|  NI Holdings, Inc.\* | 873 | 11611 |
|  Octave Specialty Group, Inc.\* | 6814 | 53013 |
|  ProAssurance Corp.\* | 7491 | 180983 |
|  Safety Insurance Group, Inc. | 2198 | 171246 |
|  Selective Insurance Group, Inc. | 1050 | 87853 |
|  Selectquote, Inc.\* | 7163 | 10100 |
|  SiriusPoint Ltd.\* | 11821 | 258762 |
|  Slide Insurance Holdings, Inc.\* | 2452 | 47765 |
|  Stewart Information Services Corp. | 4145 | 291228 |
|  Tiptree, Inc., Class A | 2519 | 46022 |
|  United Fire Group, Inc. | 3101 | 112721 |
|  Universal Insurance Holdings, Inc. | 2887 | 97581 |
|  White Mountains Insurance Group Ltd. | 2296 | 4771157 |
|  |  | 9155450 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.9%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.9%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.9%)*** |
|  ACRES Commercial Realty Corp. (REIT) (x)\* | 974 | 20785 |
|  Adamas Trust, Inc. (REIT) | 13308 | 97148 |
|  Advanced Flower Capital, Inc. (REIT) (x) | 3065 | 8735 |
|  Angel Oak Mortgage REIT, Inc. (REIT) | 691 | 5950 |
|  Apollo Commercial Real Estate Finance, Inc. (REIT) | 10068 | 97458 |
|  Arbor Realty Trust, Inc. (REIT) (x) | 28020 | 217435 |
|  Ares Commercial Real Estate Corp. (REIT) (x) | 8387 | 40090 |
|  ARMOUR Residential REIT, Inc. (REIT) (x) | 16387 | 289886 |
|  Blackstone Mortgage Trust, Inc. (REIT), Class A | 23513 | 449804 |
|  BrightSpire Capital, Inc. (REIT), Class A(x) | 19900 | 111440 |
|  Chicago Atlantic Real Estate Finance, Inc. (REIT) | 2856 | 35015 |
|  Chimera Investment Corp. (REIT) | 11998 | 149135 |
|  Claros Mortgage Trust, Inc. (REIT)\* | 13433 | 41105 |
|  Dynex Capital, Inc. (REIT) | 21503 | 301257 |
|  Ellington Financial, Inc. (REIT) | 14161 | 192306 |
|  Franklin BSP Realty Trust, Inc. (REIT) | 11916 | 119517 |
|  Invesco Mortgage Capital, Inc. (REIT)(x) | 10500 | 88305 |
|  KKR Real Estate Finance Trust, Inc. (REIT) | 7799 | 64108 |
|  Ladder Capital Corp. (REIT) | 16972 | 186522 |
|  Lument Finance Trust, Inc. (REIT) (x) | 7058 | 9952 |
|  MFA Financial, Inc. (REIT) | 15171 | 141242 |
|  Nexpoint Real Estate Finance, Inc. (REIT) | 1397 | 19670 |
|  Orchid Island Capital, Inc. (REIT) (x) | 21220 | 152784 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  PennyMac Mortgage Investment Trust (REIT) | 13488 | $| 169274 |
|  Ready Capital Corp. (REIT) (x) | 21156 |  | 46120 |
|  Redwood Trust, Inc. (REIT) | 19115 |  | 105706 |
|  Rithm Property Trust, Inc. (REIT) | 1014 |  | 16815 |
|  Seven Hills Realty Trust (REIT) | 3304 |  | 29406 |
|  Sunrise Realty Trust, Inc. (REIT) | 1623 |  | 15305 |
|  TPG Mortgage Investment Trust, Inc. (REIT) | 4699 |  | 40035 |
|  TPG RE Finance Trust, Inc. (REIT) | 10443 |  | 89914 |
|  Two Harbors Investment Corp. (REIT) | 7627 |  | 80084 |
|  |  |  | 3432308 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 65545066 |
|  **Health Care (5.6%)** | **Health Care (5.6%)** | **Health Care (5.6%)** | **Health Care (5.6%)** |
|  ***Biotechnology (2.9%)*** | ***Biotechnology (2.9%)*** | ***Biotechnology (2.9%)*** | ***Biotechnology (2.9%)*** |
|  4D Molecular Therapeutics, Inc.\* | 5744 |  | 43080 |
|  Absci Corp. (x)\* | 3276 |  | 11433 |
|  Agios Pharmaceuticals, Inc.\* | 8300 |  | 225926 |
|  Akebia Therapeutics, Inc.\* | 34049 |  | 54819 |
|  Aldeyra Therapeutics, Inc.\* | 2162 |  | 11199 |
|  Alector, Inc.\* | 11039 |  | 17221 |
|  Alkermes plc\* | 6035 |  | 168859 |
|  Allogene Therapeutics, Inc.\* | 23989 |  | 32865 |
|  Anika Therapeutics, Inc.\* | 1919 |  | 18442 |
|  Annexon, Inc.\* | 14046 |  | 70511 |
|  Arbutus Biopharma Corp.\* | 1625 |  | 7816 |
|  Arcturus Therapeutics Holdings, Inc. (x)\* | 2488 |  | 15252 |
|  Arcus Biosciences, Inc.\* | 3022 |  | 72014 |
|  Astria Therapeutics, Inc.\* | 6119 |  | 80098 |
|  aTyr Pharma, Inc. (x)\* | 1109 |  | 869 |
|  Aura Biosciences, Inc.\* | 4547 |  | 24781 |
|  Avidity Biosciences, Inc.\* | 1383 |  | 99756 |
|  Bicara Therapeutics, Inc.\* | 4345 |  | 73126 |
|  Candel Therapeutics, Inc. (x)\* | 1214 |  | 6859 |
|  Cardiff Oncology, Inc. (x)\* | 5879 |  | 16520 |
|  Cartesian Therapeutics, Inc. (x)\* | 1175 |  | 8472 |
|  Celcuity, Inc.\* | 220 |  | 21943 |
|  Celldex Therapeutics, Inc.\* | 9752 |  | 264864 |
|  Cidara Therapeutics, Inc.\* | 2883 |  | 636826 |
|  Cogent Biosciences, Inc.\* | 1185 |  | 42091 |
|  Coherus Oncology, Inc. (x)\* | 11956 |  | 16978 |
|  Compass Therapeutics, Inc.\* | 8889 |  | 47734 |
|  CRISPR Therapeutics AG (x)\* | 12797 |  | 671075 |
|  Cullinan Therapeutics, Inc.\* | 8118 |  | 84021 |
|  Cytokinetics, Inc.\* | 15264 |  | 969875 |
|  Day One Biopharmaceuticals, Inc.\* | 10942 |  | 101979 |
|  Denali Therapeutics, Inc.\* | 18407 |  | 303900 |
|  Design Therapeutics, Inc.\* | 3777 |  | 35428 |
|  Dianthus Therapeutics, Inc.\* | 3271 |  | 134798 |
|  Dyne Therapeutics, Inc.\* | 12325 |  | 241077 |
|  Editas Medicine, Inc.\* | 13120 |  | 26896 |
|  Eledon Pharmaceuticals, Inc.\* | 8452 |  | 12763 |
|  Emergent BioSolutions, Inc.\* | 7554 |  | 93368 |
|  Enanta Pharmaceuticals, Inc.\* | 3926 |  | 61913 |
|  Entrada Therapeutics, Inc.\* | 3969 |  | 40801 |
|  Erasca, Inc.\* | 25868 |  | 96229 |
|  Fate Therapeutics, Inc.\* | 17774 |  | 17465 |
|  Fennec Pharmaceuticals, Inc.\* | 2612 |  | 20112 |
|  Foghorn Therapeutics, Inc.\* | 1449 |  | 7825 |
|  GRAIL, Inc.\* | 5170 |  | 442500 |
|  Heron Therapeutics, Inc. (x)\* | 21678 |  | 28181 |
|  Humacyte, Inc. (x)\* | 15208 |  | 14607 |
|  Ideaya Biosciences, Inc.\* | 11875 |  | 410519 |
|  ImmunityBio, Inc. (x)\* | 6800 |  | 13464 |
|  Inhibikase Therapeutics, Inc.\* | 8942 |  | 18331 |
|  Inhibrx Biosciences, Inc. (x)\* | 1348 |  | 106492 |
|  Intellia Therapeutics, Inc. (x)\* | 14802 |  | 133070 |
|  Iovance Biotherapeutics, Inc. (x)\* | 44281 |  | 120887 |
|  Ironwood Pharmaceuticals, Inc., Class A\* | 1201 |  | 4047 |
|  Jade Biosciences, Inc. (x) | 6724 |  | 103751 |
|  Janux Therapeutics, Inc.\* | 3983 |  | 54965 |
|  Keros Therapeutics, Inc.\* | 4276 |  | 87059 |
|  Kodiak Sciences, Inc.\* | 4895 |  | 136864 |
|  Korro Bio, Inc. (x)\* | 940 |  | 7529 |
|  Kura Oncology, Inc.\* | 11846 |  | 123080 |
|  Larimar Therapeutics, Inc.\* | 6605 |  | 25165 |
|  Lexeo Therapeutics, Inc.\* | 9134 |  | 90701 |
|  MapLight Therapeutics, Inc.\* | 1099 |  | 19304 |
|  MeiraGTx Holdings plc\* | 1774 |  | 14103 |
|  Monte Rosa Therapeutics, Inc. (x)\* | 7028 |  | 110199 |
|  Myriad Genetics, Inc.\* | 13602 |  | 83652 |
|  Neurogene, Inc. (x)\* | 1552 |  | 31971 |
|  Nkarta, Inc.\* | 7802 |  | 14434 |
|  Novavax, Inc. (x)\* | 4420 |  | 29702 |
|  Nurix Therapeutics, Inc.\* | 14687 |  | 278612 |
|  Olema Pharmaceuticals, Inc.\* | 8761 |  | 219025 |
|  ORIC Pharmaceuticals, Inc.\* | 7035 |  | 57546 |
|  Oruka Therapeutics, Inc. (x)\* | 5642 |  | 171009 |
|  Palvella Therapeutics, Inc.\* | 86 |  | 9002 |
|  Perspective Therapeutics, Inc.\* | 9361 |  | 25743 |
|  Praxis Precision Medicines, Inc.\* | 3045 |  | 897483 |
|  Precigen, Inc. (x)\* | 1216 |  | 5083 |
|  Prime Medicine, Inc.\* | 14291 |  | 49590 |
|  Protara Therapeutics, Inc.\* | 4884 |  | 26032 |
|  Prothena Corp. plc\* | 5651 |  | 53967 |
|  PTC Therapeutics, Inc.\* | 2117 |  | 160807 |
|  Puma Biotechnology, Inc.\* | 6702 |  | 39877 |
|  REGENXBIO, Inc.\* | 7006 |  | 100886 |
|  Relay Therapeutics, Inc.\* | 20577 |  | 174081 |
|  Replimune Group, Inc.\* | 10059 |  | 97774 |
|  Rezolute, Inc.\* | 1388 |  | 3276 |
|  Rocket Pharmaceuticals, Inc.\* | 11330 |  | 39768 |
|  Sana Biotechnology, Inc. (x)\* | 21305 |  | 86711 |
|  Scholar Rock Holding Corp.\* | 934 |  | 41143 |
|  Solid Biosciences, Inc.\* | 8993 |  | 50721 |
|  Spyre Therapeutics, Inc. (x)\* | 3312 |  | 108501 |
|  Syndax Pharmaceuticals, Inc.\* | 910 |  | 19119 |
|  Tango Therapeutics, Inc. (x)\* | 15504 |  | 137365 |
|  Tectonic Therapeutic, Inc. (x)\* | 1430 |  | 29830 |
|  Tevogen Bio Holdings, Inc. (x)\* | 2420 |  | 801 |
|  Tonix Pharmaceuticals Holding Corp.\* | 1643 |  | 25664 |
|  Travere Therapeutics, Inc.\* | 803 |  | 30683 |
|  TriSalus Life Sciences, Inc. (x)\* | 3196 |  | 22308 |
|  Tyra Biosciences, Inc.\* | 3780 |  | 99376 |
|  Upstream Bio, Inc.\* | 4857 |  | 131868 |
|  UroGen Pharma Ltd.\* | 859 |  | 20118 |
|  Vanda Pharmaceuticals, Inc.\* | 8709 |  | 76813 |
|  Vaxcyte, Inc.\* | 16820 |  | 776075 |
|  Verastem, Inc.\* | 3215 |  | 24820 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Vir Biotechnology, Inc.\* | 12539 | $| 75610 |
|  Viridian Therapeutics, Inc.\* | 2426 |  | 75497 |
|  Voyager Therapeutics, Inc.\* | 7663 |  | 30116 |
|  Xencor, Inc.\* | 10232 |  | 156652 |
|  XOMA Royalty Corp.\* | 466 |  | 12391 |
|  Zenas Biopharma, Inc. (x)\* | 2768 |  | 100506 |
|  |  |  | 11776705 |
|  ***Health Care Equipment & Supplies (0.7%)*** | ***Health Care Equipment & Supplies (0.7%)*** | ***Health Care Equipment & Supplies (0.7%)*** | ***Health Care Equipment & Supplies (0.7%)*** |
|  Acme United Corp. (x) | 508 |  | 20477 |
|  AngioDynamics, Inc.\* | 4446 |  | 57087 |
|  Artivion, Inc.\* | 1169 |  | 53318 |
|  Avanos Medical, Inc.\* | 6275 |  | 70468 |
|  Beta Bionics, Inc.\* | 676 |  | 20598 |
|  Carlsmed, Inc.\* | 413 |  | 5100 |
|  CONMED Corp. | 4656 |  | 189034 |
|  Embecta Corp. | 7813 |  | 92818 |
|  Enovis Corp.\* | 8242 |  | 219567 |
|  ICU Medical, Inc.\* | 886 |  | 126406 |
|  Inogen, Inc.\* | 3903 |  | 26228 |
|  Integra LifeSciences Holdings Corp.\* | 9954 |  | 123629 |
|  Kestra Medical Technologies Ltd.(x)\* | 334 |  | 8858 |
|  LivaNova plc\* | 8076 |  | 496916 |
|  Lucid Diagnostics, Inc. (x)\* | 5053 |  | 5508 |
|  Merit Medical Systems, Inc.\* | 640 |  | 56410 |
|  Neogen Corp.\* | 32035 |  | 223925 |
|  Omnicell, Inc.\* | 6708 |  | 303872 |
|  OraSure Technologies, Inc.\* | 9840 |  | 23813 |
|  Orthofix Medical, Inc.\* | 5531 |  | 83850 |
|  OrthoPediatrics Corp.\* | 1639 |  | 29109 |
|  Outset Medical, Inc.\* | 1706 |  | 6329 |
|  QuidelOrtho Corp.\* | 5632 |  | 160850 |
|  Semler Scientific, Inc.\* | 1536 |  | 23485 |
|  Shoulder Innovations, Inc. (x)\* | 381 |  | 5448 |
|  STAAR Surgical Co.\* | 1140 |  | 26322 |
|  Tactile Systems Technology, Inc.\* | 3249 |  | 94221 |
|  Utah Medical Products, Inc. | 385 |  | 21545 |
|  Varex Imaging Corp.\* | 6104 |  | 71112 |
|  |  |  | 2646303 |
|  ***Health Care Providers & Services (0.6%)*** | ***Health Care Providers & Services (0.6%)*** | ***Health Care Providers & Services (0.6%)*** | ***Health Care Providers & Services (0.6%)*** |
|  AdaptHealth Corp., Class A\* | 14950 |  | 148902 |
|  Addus HomeCare Corp.\* | 1361 |  | 146158 |
|  AirSculpt Technologies, Inc.\* | 1145 |  | 2267 |
|  AMN Healthcare Services, Inc.\* | 5476 |  | 86302 |
|  Ardent Health, Inc.\* | 3435 |  | 30331 |
|  Aveanna Healthcare Holdings, Inc.\* | 2386 |  | 19494 |
|  Brookdale Senior Living, Inc.\* | 4201 |  | 45329 |
|  Castle Biosciences, Inc.\* | 4144 |  | 161202 |
|  Community Health Systems, Inc. (x)\* | 6914 |  | 21572 |
|  Concentra Group Holdings Parent, Inc. | 831 |  | 16354 |
|  Cross Country Healthcare, Inc.\* | 4810 |  | 38961 |
|  DocGo, Inc.\* | 14730 |  | 12930 |
|  Enhabit, Inc.\* | 7123 |  | 65674 |
|  Fulgent Genetics, Inc.\* | 3079 |  | 80885 |
|  Innovage Holding Corp.\* | 1749 |  | 9077 |
|  LifeStance Health Group, Inc.\* | 10656 |  | 75018 |
|  Nano-X Imaging Ltd. (x)\* | 7749 |  | 21697 |
|  National HealthCare Corp. | 1869 |  | 256221 |
|  NeoGenomics, Inc.\* | 17084 |  | 200908 |
|  Omada Health, Inc.\* | 485 |  | 7653 |
|  OPKO Health, Inc.\* | 62261 |  | 78449 |
|  Owens & Minor, Inc.\* | 12110 |  | 33908 |
|  PACS Group, Inc.\* | 483 |  | 18542 |
|  Pediatrix Medical Group, Inc.\* | 12654 |  | 270669 |
|  RadNet, Inc.\* | 1904 |  | 135850 |
|  SBC Medical Group Holdings, Inc. (x)\* | 1379 |  | 5944 |
|  Select Medical Holdings Corp. | 15705 |  | 233219 |
|  Sonida Senior Living, Inc.\* | 314 |  | 10240 |
|  Strata Critical Medical, Inc.\* | 9124 |  | 43886 |
|  Surgery Partners, Inc.\* | 11582 |  | 178942 |
|  US Physical Therapy, Inc. | 895 |  | 69891 |
|  |  |  | 2526475 |
|  ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** |
|  Definitive Healthcare Corp., Class A\* | 6049 |  | 17361 |
|  Evolent Health, Inc., Class A\* | 12137 |  | 48548 |
|  Health Catalyst, Inc.\* | 10673 |  | 25508 |
|  HealthStream, Inc. | 1999 |  | 46117 |
|  HeartFlow, Inc. (x)\* | 1232 |  | 35913 |
|  LifeMD, Inc. (x)\* | 2005 |  | 6837 |
|  Teladoc Health, Inc. (x)\* | 21321 |  | 149247 |
|  Waystar Holding Corp.\* | 2429 |  | 79550 |
|  |  |  | 409081 |
|  ***Life Sciences Tools & Services (0.3%)*** | ***Life Sciences Tools & Services (0.3%)*** | ***Life Sciences Tools & Services (0.3%)*** | ***Life Sciences Tools & Services (0.3%)*** |
|  10X Genomics, Inc., Class A\* | 11918 |  | 194383 |
|  Azenta, Inc.\* | 5983 |  | 198995 |
|  Codexis, Inc.\* | 3238 |  | 5278 |
|  CryoPort, Inc.\* | 5485 |  | 52656 |
|  Cytek Biosciences, Inc.\* | 17633 |  | 89047 |
|  Fortrea Holdings, Inc.\* | 13506 |  | 232978 |
|  Ginkgo Bioworks Holdings, Inc., Class A (x)\* | 5176 |  | 43013 |
|  Lifecore Biomedical, Inc.\* | 1428 |  | 11681 |
|  Maravai LifeSciences Holdings, Inc., Class A\* | 16826 |  | 54684 |
|  MaxCyte, Inc.\* | 17325 |  | 26854 |
|  OmniAb, Inc.\* | 13791 |  | 25513 |
|  Pacific Biosciences of California, Inc.(x)\* | 40666 |  | 76045 |
|  Personalis, Inc.\* | 7315 |  | 58227 |
|  Quanterix Corp.\* | 5844 |  | 37168 |
|  Quantum-Si, Inc. (x)\* | 22900 |  | 25190 |
|  Standard BioTools, Inc.\* | 43646 |  | 55867 |
|  |  |  | 1187579 |
|  ***Pharmaceuticals (1.0%)*** | ***Pharmaceuticals (1.0%)*** | ***Pharmaceuticals (1.0%)*** | ***Pharmaceuticals (1.0%)*** |
|  Aardvark Therapeutics, Inc. (x)\* | 823 |  | 10802 |
|  Aclaris Therapeutics, Inc.\* | 13682 |  | 41183 |
|  Alumis, Inc.\* | 8343 |  | 81428 |
|  Amneal Pharmaceuticals, Inc.\* | 2737 |  | 34486 |
|  Amphastar Pharmaceuticals, Inc.\* | 5061 |  | 135534 |
|  Amylyx Pharmaceuticals, Inc.\* | 2946 |  | 35588 |
|  Aquestive Therapeutics, Inc. (x)\* | 10002 |  | 64613 |
|  Arvinas, Inc.\* | 8805 |  | 104427 |
|  Atea Pharmaceuticals, Inc.\* | 11265 |  | 40216 |
|  BioAge Labs, Inc. (x)\* | 3682 |  | 48713 |
|  Biote Corp., Class A\* | 2864 |  | 7446 |
|  Esperion Therapeutics, Inc. (x)\* | 22473 |  | 83150 |
|  EyePoint, Inc.\* | 11064 |  | 202139 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Fulcrum Therapeutics, Inc.\* | 5652 | $| 63924 |
|  Indivior plc\* | 2675 |  | 95979 |
|  Innoviva, Inc.\* | 991 |  | 19810 |
|  LB Pharmaceuticals, Inc.\* | 1194 |  | 26578 |
|  Ligand Pharmaceuticals, Inc.\* | 2530 |  | 478347 |
|  Maze Therapeutics, Inc.\* | 2928 |  | 121307 |
|  MBX Biosciences, Inc. (x)\* | 4155 |  | 131049 |
|  Mind Medicine MindMed, Inc.\* | 9428 |  | 126241 |
|  Nuvation Bio, Inc.\* | 32704 |  | 293028 |
|  Omeros Corp. (x)\* | 944 |  | 16213 |
|  Pacira BioSciences, Inc.\* | 5966 |  | 154400 |
|  Phathom Pharmaceuticals, Inc.(x)\* | 4483 |  | 74373 |
|  Prestige Consumer Healthcare, Inc.\* | 5979 |  | 368845 |
|  Rapport Therapeutics, Inc.\* | 4146 |  | 125790 |
|  Septerna, Inc.\* | 3148 |  | 87766 |
|  SIGA Technologies, Inc. | 1057 |  | 6458 |
|  Supernus Pharmaceuticals, Inc.\* | 7312 |  | 363406 |
|  Terns Pharmaceuticals, Inc.\* | 12579 |  | 508192 |
|  Theravance Biopharma, Inc.\* | 1048 |  | 19608 |
|  Third Harmonic Bio, Inc. (r)\* | 4365 |  |  |
|  Tvardi Therapeutics, Inc.\* | 645 |  | 2773 |
|  WaVe Life Sciences Ltd.\* | 1834 |  | 31178 |
|  |  |  | 4004990 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 22551133 |
|  **Industrials (15.5%)** | **Industrials (15.5%)** | **Industrials (15.5%)** | **Industrials (15.5%)** |
|  ***Aerospace & Defense (0.4%)*** | ***Aerospace & Defense (0.4%)*** | ***Aerospace & Defense (0.4%)*** | ***Aerospace & Defense (0.4%)*** |
|  AAR Corp.\* | 4292 |  | 355335 |
|  AerSale Corp.\* | 5042 |  | 35849 |
|  Astronics Corp.\* | 457 |  | 24788 |
|  Ducommun, Inc.\* | 2087 |  | 198536 |
|  Firefly Aerospace, Inc. (x)\* | 1038 |  | 23220 |
|  Intuitive Machines, Inc. (x)\* | 15414 |  | 250169 |
|  Mercury Systems, Inc.\* | 5929 |  | 432876 |
|  National Presto Industries, Inc. | 793 |  | 84661 |
|  Park Aerospace Corp. | 1187 |  | 25331 |
|  Satellogic, Inc., Class A (x)\* | 2215 |  | 4142 |
|  V2X, Inc.\* | 3084 |  | 168232 |
|  Voyager Technologies, Inc., Class A\* | 525 |  | 13723 |
|  VSE Corp. | 477 |  | 82411 |
|  |  |  | 1699273 |
|  ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** |
|  Forward Air Corp. (x)\* | 2046 |  | 51150 |
|  Hub Group, Inc., Class A | 8714 |  | 371303 |
|  Radiant Logistics, Inc.\* | 4987 |  | 31568 |
|  |  |  | 454021 |
|  ***Building Products (0.6%)*** | ***Building Products (0.6%)*** | ***Building Products (0.6%)*** | ***Building Products (0.6%)*** |
|  American Woodmark Corp.\* | 2143 |  | 115508 |
|  Apogee Enterprises, Inc. | 3087 |  | 112398 |
|  Gibraltar Industries, Inc.\* | 4395 |  | 217289 |
|  Insteel Industries, Inc. | 1188 |  | 37624 |
|  Janus International Group, Inc.\* | 12265 |  | 80213 |
|  JELD-WEN Holding, Inc.\* | 13575 |  | 33394 |
|  Masterbrand, Inc. (x)\* | 18657 |  | 205973 |
|  Quanex Building Products Corp. | 6682 |  | 102769 |
|  Resideo Technologies, Inc.\* | 19014 |  | 667772 |
|  UFP Industries, Inc. | 8069 |  | 734682 |
|  |  |  | 2307622 |
|  ***Commercial Services & Supplies (3.0%)*** | ***Commercial Services & Supplies (3.0%)*** | ***Commercial Services & Supplies (3.0%)*** | ***Commercial Services & Supplies (3.0%)*** |
|  ABM Industries, Inc. | 8951 |  | 378627 |
|  ACCO Brands Corp. | 11992 |  | 44730 |
|  BrightView Holdings, Inc.\* | 10511 |  | 133174 |
|  Cimpress plc\* | 1996 |  | 132914 |
|  Civeo Corp. | 175600 |  | 4015972 |
|  CoreCivic, Inc.\* | 13140 |  | 251105 |
|  Deluxe Corp. | 6437 |  | 143738 |
|  Ennis, Inc. | 3396 |  | 61162 |
|  Enviri Corp.\* | 11081 |  | 198572 |
|  Healthcare Services Group, Inc.\* | 5685 |  | 108697 |
|  HNI Corp. | 5494 |  | 230968 |
|  Interface, Inc., Class A | 7568 |  | 211299 |
|  MillerKnoll, Inc. | 10177 |  | 186036 |
|  Mobile Infrastructure Corp., Class A\* | 2196 |  | 5600 |
|  Montrose Environmental Group, Inc.\* | 4764 |  | 118290 |
|  NL Industries, Inc. | 1271 |  | 6952 |
|  OPENLANE, Inc.\* | 69329 |  | 2064618 |
|  Perma-Fix Environmental Services, Inc. (x)\* | 2322 |  | 29234 |
|  Pitney Bowes, Inc. | 12516 |  | 132294 |
|  Quad/Graphics, Inc. | 1973 |  | 12371 |
|  RB Global, Inc. | 30600 |  | 3147822 |
|  UniFirst Corp. | 2161 |  | 416857 |
|  Vestis Corp. (x) | 17376 |  | 115898 |
|  Virco Mfg. Corp. | 1770 |  | 11310 |
|  |  |  | 12158240 |
|  ***Construction & Engineering (0.7%)*** | ***Construction & Engineering (0.7%)*** | ***Construction & Engineering (0.7%)*** | ***Construction & Engineering (0.7%)*** |
|  Ameresco, Inc., Class A\* | 4748 |  | 139069 |
|  Arcosa, Inc. | 5127 |  | 545103 |
|  Bowman Consulting Group Ltd., Class A\* | 57 |  | 1882 |
|  Concrete Pumping Holdings, Inc. | 3274 |  | 21969 |
|  Fluor Corp.\* | 23691 |  | 938874 |
|  Granite Construction, Inc. | 934 |  | 107737 |
|  Great Lakes Dredge & Dock Corp.\* | 9701 |  | 127277 |
|  Legence Corp., Class A\* | 2288 |  | 98476 |
|  Matrix Service Co.\* | 2998 |  | 35077 |
|  NWPX Infrastructure, Inc.\* | 1435 |  | 89673 |
|  Orion Group Holdings, Inc.\* | 4449 |  | 44223 |
|  Primoris Services Corp. | 496 |  | 61573 |
|  Southland Holdings, Inc.\* | 1774 |  | 5890 |
|  Tutor Perini Corp. | 6525 |  | 437305 |
|  |  |  | 2654128 |
|  ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** |
|  Allient, Inc. | 1956 |  | 105135 |
|  Array Technologies, Inc. (x)\* | 17854 |  | 164614 |
|  Atkore, Inc. | 4975 |  | 314669 |
|  EnerSys | 5191 |  | 761779 |
|  Fluence Energy, Inc., Class A (x)\* | 1797 |  | 35545 |
|  Hyliion Holdings Corp.\* | 18673 |  | 34358 |
|  LSI Industries, Inc. | 932 |  | 17074 |
|  NANO Nuclear Energy, Inc. (x)\* | 288 |  | 6915 |
|  Net Power, Inc. (x)\* | 5646 |  | 12873 |
|  Nextpower, Inc., Class A\* | 4341 |  | 378144 |
|  Plug Power, Inc. (x)\* | 164915 |  | 324882 |
|  Power Solutions International, Inc. (x)\* | 91 |  | 5200 |
|  Preformed Line Products Co. | 332 |  | 68628 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Shoals Technologies Group, Inc., Class A\* | 21148 | $| 179758 |
|  SunPower, Inc. (x)\* | 7305 |  | 11469 |
|  Sunrun, Inc.\* | 32879 |  | 604974 |
|  T1 Energy, Inc. (x)\* | 19471 |  | 130066 |
|  Thermon Group Holdings, Inc.\* | 4256 |  | 158153 |
|  |  |  | 3314236 |
|  ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** |
|  ArcBest Corp. | 3352 |  | 248685 |
|  Covenant Logistics Group, Inc., Class A | 1903 |  | 41942 |
|  Heartland Express, Inc. | 6804 |  | 61440 |
|  Marten Transport Ltd. | 8288 |  | 94317 |
|  PAMT Corp.\* | 966 |  | 11669 |
|  Proficient Auto Logistics, Inc. (x)\* | 3593 |  | 34637 |
|  RXO, Inc.\* | 22606 |  | 285740 |
|  Universal Logistics Holdings, Inc. | 1121 |  | 17028 |
|  Werner Enterprises, Inc. | 7369 |  | 221144 |
|  |  |  | 1016602 |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** |
|  Brookfield Business Corp., Class A | 2220 |  | 79654 |
|  ***Machinery (3.0%)*** | ***Machinery (3.0%)*** | ***Machinery (3.0%)*** | ***Machinery (3.0%)*** |
|  3D Systems Corp. (x)\* | 17682 |  | 31297 |
|  Aebi Schmidt Holding AG | 5314 |  | 67222 |
|  AirJoule Technologies Corp.\* | 3383 |  | 13329 |
|  Alamo Group, Inc. | 1046 |  | 175592 |
|  Albany International Corp., Class A | 2976 |  | 150883 |
|  Alliance Laundry Holdings, Inc.\* | 4738 |  | 96418 |
|  Astec Industries, Inc. | 3344 |  | 144862 |
|  Atmus Filtration Technologies, Inc. | 1251 |  | 64939 |
|  Columbus McKinnon Corp. | 4014 |  | 69242 |
|  Douglas Dynamics, Inc. | 480 |  | 15672 |
|  Eastern Co. (The) | 888 |  | 17485 |
|  Enpro, Inc. | 2699 |  | 577937 |
|  Gencor Industries, Inc.\* | 1552 |  | 20114 |
|  Greenbrier Cos., Inc. (The) | 4447 |  | 207853 |
|  Helios Technologies, Inc. | 4901 |  | 262154 |
|  Hillenbrand, Inc. | 10426 |  | 330713 |
|  Hillman Solutions Corp.\* | 29211 |  | 252967 |
|  Hyster-Yale, Inc. | 1761 |  | 52319 |
|  JBT Marel Corp. | 3976 |  | 599064 |
|  Kennametal, Inc. | 11099 |  | 315323 |
|  L B Foster Co., Class A\* | 1618 |  | 43605 |
|  Luxfer Holdings plc | 4062 |  | 54959 |
|  Manitowoc Co., Inc. (The)\* | 5052 |  | 60573 |
|  Mayville Engineering Co., Inc.\* | 1738 |  | 32535 |
|  Microvast Holdings, Inc. (x)\* | 11454 |  | 32071 |
|  Miller Industries, Inc. | 1613 |  | 60278 |
|  Oshkosh Corp. | 54000 |  | 6784020 |
|  Palladyne AI Corp. (x)\* | 4075 |  | 17360 |
|  Park-Ohio Holdings Corp. | 1583 |  | 33148 |
|  Proto Labs, Inc.\* | 3449 |  | 174485 |
|  Standex International Corp. | 327 |  | 71051 |
|  Tennant Co. | 2728 |  | 201054 |
|  Terex Corp. | 9566 |  | 510633 |
|  Titan International, Inc.\* | 7106 |  | 55640 |
|  Trinity Industries, Inc. | 6149 |  | 162580 |
|  Wabash National Corp. | 5616 |  | 48578 |
|  Worthington Enterprises, Inc. | 3128 |  | 161311 |
|  |  |  | 11969266 |
|  ***Marine Transportation (2.9%)*** | ***Marine Transportation (2.9%)*** | ***Marine Transportation (2.9%)*** | ***Marine Transportation (2.9%)*** |
|  Clarkson plc | 103000 |  | 5296702 |
|  Costamare Bulkers Holdings Ltd.\* | 1251 |  | 19278 |
|  Costamare, Inc. | 6742 |  | 106456 |
|  Genco Shipping & Trading Ltd. | 4580 |  | 84409 |
|  Himalaya Shipping Ltd. (x) | 3942 |  | 35872 |
|  Matson, Inc. | 4622 |  | 571048 |
|  Pangaea Logistics Solutions Ltd. | 4576 |  | 31483 |
|  Safe Bulkers, Inc. | 8414 |  | 40556 |
|  Stolt-Nielsen Ltd. | 168400 |  | 5446270 |
|  |  |  | 11632074 |
|  ***Passenger Airlines (0.3%)*** | ***Passenger Airlines (0.3%)*** | ***Passenger Airlines (0.3%)*** | ***Passenger Airlines (0.3%)*** |
|  Allegiant Travel Co.\* | 1745 |  | 148796 |
|  Frontier Group Holdings, Inc.\* | 4485 |  | 21124 |
|  JetBlue Airways Corp.\* | 43458 |  | 197734 |
|  SkyWest, Inc.\* | 5932 |  | 595632 |
|  Sun Country Airlines Holdings, Inc.\* | 3166 |  | 45559 |
|  |  |  | 1008845 |
|  ***Professional Services (2.7%)*** | ***Professional Services (2.7%)*** | ***Professional Services (2.7%)*** | ***Professional Services (2.7%)*** |
|  Alight, Inc., Class A | 64655 |  | 126077 |
|  Asure Software, Inc.\* | 4046 |  | 38113 |
|  Booz Allen Hamilton Holding Corp. | 6400 |  | 539904 |
|  CACI International, Inc., Class A\* | 12000 |  | 6393720 |
|  Conduent, Inc.\* | 23975 |  | 46032 |
|  CSG Systems International, Inc. | 440 |  | 33744 |
|  Falcon's Beyond Global, Inc., Class A (x)\* | 520 |  | 7805 |
|  First Advantage Corp. (x)\* | 3988 |  | 57946 |
|  Forrester Research, Inc.\* | 1719 |  | 13958 |
|  Franklin Covey Co.\* | 256 |  | 4296 |
|  HireQuest, Inc. (x) | 583 |  | 6127 |
|  ICF International, Inc. | 2700 |  | 230310 |
|  Kelly Services, Inc., Class A | 4272 |  | 37594 |
|  Kforce, Inc. | 404 |  | 12492 |
|  Korn Ferry | 4148 |  | 273851 |
|  Mistras Group, Inc.\* | 1818 |  | 22998 |
|  Resolute Holdings Management, Inc. (x)\* | 395 |  | 81540 |
|  Resources Connection, Inc. | 4156 |  | 20946 |
|  Science Applications International Corp. | 24000 |  | 2415840 |
|  Skillsoft Corp. (x)\* | 631 |  | 5868 |
|  TIC Solutions, Inc.\* | 22370 |  | 226161 |
|  TrueBlue, Inc.\* | 4481 |  | 20388 |
|  TTEC Holdings, Inc.\* | 3415 |  | 12294 |
|  Willdan Group, Inc.\* | 659 |  | 68312 |
|  |  |  | 10696316 |
|  ***Trading Companies & Distributors (0.6%)*** | ***Trading Companies & Distributors (0.6%)*** | ***Trading Companies & Distributors (0.6%)*** | ***Trading Companies & Distributors (0.6%)*** |
|  Alta Equipment Group, Inc. | 2788 |  | 12825 |
|  BlueLinx Holdings, Inc.\* | 1101 |  | 67634 |
|  Boise Cascade Co. | 5588 |  | 411277 |
|  Custom Truck One Source, Inc.\* | 9433 |  | 54334 |
|  Distribution Solutions Group, Inc.\* | 203 |  | 5560 |
|  DNOW, Inc.\* | 27281 |  | 361473 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  EVI Industries, Inc. | 750 | $| 18480 |
|  GATX Corp. | 4865 |  | 825104 |
|  Hudson Technologies, Inc.\* | 5839 |  | 39997 |
|  McGrath RentCorp | 870 |  | 91289 |
|  NPK International, Inc.\* | 11853 |  | 141288 |
|  Rush Enterprises, Inc., Class A | 4166 |  | 224714 |
|  Rush Enterprises, Inc., Class B | 684 |  | 38482 |
|  Titan Machinery, Inc.\* | 3168 |  | 47647 |
|  Transcat, Inc.\* | 719 |  | 40789 |
|  Willis Lease Finance Corp. | 360 |  | 48830 |
|  |  |  | 2429723 |
|  ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** |
|  Braemar plc (x) | 125600 |  | 364000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 61784000 |
|  **Information Technology (3.9%)** | **Information Technology (3.9%)** | **Information Technology (3.9%)** | **Information Technology (3.9%)** |
|  ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** |
|  Applied Optoelectronics, Inc.\* | 1816 |  | 63306 |
|  Aviat Networks, Inc.\* | 1695 |  | 36239 |
|  Clearfield, Inc.\* | 898 |  | 26177 |
|  CommScope Holding Co., Inc.\* | 12165 |  | 220551 |
|  Digi International, Inc.\* | 5367 |  | 232337 |
|  Harmonic, Inc.\* | 12284 |  | 121489 |
|  Inseego Corp. (x)\* | 1536 |  | 15775 |
|  NETGEAR, Inc.\* | 4154 |  | 101898 |
|  NetScout Systems, Inc.\* | 10343 |  | 279882 |
|  Ribbon Communications, Inc.\* | 15289 |  | 44032 |
|  Viasat, Inc.\* | 18174 |  | 626276 |
|  |  |  | 1767962 |
|  ***Electronic Equipment, Instruments & Components (1.2%)*** | ***Electronic Equipment, Instruments & Components (1.2%)*** | ***Electronic Equipment, Instruments & Components (1.2%)*** | ***Electronic Equipment, Instruments & Components (1.2%)*** |
|  908 Devices, Inc.\* | 1190 |  | 6247 |
|  Bel Fuse, Inc., Class A | 262 |  | 39772 |
|  Bel Fuse, Inc., Class B | 1526 |  | 258855 |
|  Benchmark Electronics, Inc. | 5331 |  | 227954 |
|  CTS Corp. | 3655 |  | 156690 |
|  Daktronics, Inc.\* | 4687 |  | 92662 |
|  ePlus, Inc. | 3868 |  | 339224 |
|  Insight Enterprises, Inc.\* | 2891 |  | 235530 |
|  Itron, Inc.\* | 3469 |  | 322131 |
|  Kimball Electronics, Inc.\* | 3561 |  | 99067 |
|  Knowles Corp.\* | 11639 |  | 249424 |
|  Methode Electronics, Inc. | 4745 |  | 31507 |
|  MicroVision, Inc. (x)\* | 14267 |  | 11814 |
|  Neonode, Inc.\* | 272 |  | 473 |
|  nLight, Inc.\* | 6379 |  | 239276 |
|  PC Connection, Inc. | 1658 |  | 95766 |
|  Plexus Corp.\* | 294 |  | 43218 |
|  Powerfleet, Inc.\* | 18713 |  | 99553 |
|  Richardson Electronics Ltd. | 1820 |  | 19802 |
|  Rogers Corp.\* | 2624 |  | 240280 |
|  Sanmina Corp.\* | 4255 |  | 638548 |
|  ScanSource, Inc.\* | 3189 |  | 124562 |
|  TTM Technologies, Inc.\* | 15078 |  | 1040382 |
|  Vishay Intertechnology, Inc. | 17940 |  | 259951 |
|  Vishay Precision Group, Inc.\* | 1781 |  | 68568 |
|  Vuzix Corp. (x)\* | 744 |  | 2812 |
|  |  |  | 4944068 |
|  ***IT Services (0.3%)*** | ***IT Services (0.3%)*** | ***IT Services (0.3%)*** | ***IT Services (0.3%)*** |
|  Applied Digital Corp. (x)\* | 8438 |  | 206900 |
|  ASGN, Inc.\* | 6106 |  | 294126 |
|  BigBear.ai Holdings, Inc. (x)\* | 48785 |  | 263439 |
|  CSP, Inc. | 161 |  | 2013 |
|  Fastly, Inc., Class A\* | 20189 |  | 205524 |
|  Grid Dynamics Holdings, Inc.\* | 2131 |  | 19243 |
|  Hackett Group, Inc. (The) | 264 |  | 5182 |
|  Information Services Group, Inc. | 4166 |  | 24080 |
|  Rackspace Technology, Inc. (x)\* | 9900 |  | 9612 |
|  Tucows, Inc., Class A\* | 908 |  | 20357 |
|  Unisys Corp.\* | 2687 |  | 7416 |
|  Whitefiber, Inc. (x)\* | 519 |  | 8200 |
|  |  |  | 1066092 |
|  ***Semiconductors & Semiconductor Equipment (0.8%)*** | ***Semiconductors & Semiconductor Equipment (0.8%)*** | ***Semiconductors & Semiconductor Equipment (0.8%)*** | ***Semiconductors & Semiconductor Equipment (0.8%)*** |
|  ACM Research, Inc., Class A\* | 7494 |  | 295638 |
|  Aehr Test Systems (x)\* | 880 |  | 17767 |
|  Aeluma, Inc.\* | 1774 |  | 30460 |
|  Alpha & Omega Semiconductor Ltd.\* | 3695 |  | 73198 |
|  Ambiq Micro, Inc. (x)\* | 217 |  | 6184 |
|  Axcelis Technologies, Inc.\* | 4220 |  | 339035 |
|  Blaize Holdings, Inc. (x)\* | 3527 |  | 6878 |
|  CEVA, Inc.\* | 357 |  | 7683 |
|  Cohu, Inc.\* | 6709 |  | 156118 |
|  Diodes, Inc.\* | 6793 |  | 335167 |
|  FormFactor, Inc.\* | 2866 |  | 159865 |
|  Ichor Holdings Ltd.\* | 5077 |  | 93569 |
|  indie Semiconductor, Inc., Class A (x)\* | 17822 |  | 62912 |
|  Kulicke & Soffa Industries, Inc. | 3203 |  | 145929 |
|  MaxLinear, Inc., Class A\* | 10711 |  | 186693 |
|  Navitas Semiconductor Corp., Class A (x)\* | 19454 |  | 138901 |
|  Penguin Solutions, Inc.\* | 7600 |  | 148656 |
|  Photronics, Inc.\* | 8390 |  | 268480 |
|  Synaptics, Inc.\* | 5178 |  | 383275 |
|  Ultra Clean Holdings, Inc.\* | 6032 |  | 152791 |
|  Veeco Instruments, Inc.\* | 8683 |  | 248160 |
|  |  |  | 3257359 |
|  ***Software (1.1%)*** | ***Software (1.1%)*** | ***Software (1.1%)*** | ***Software (1.1%)*** |
|  8x8, Inc.\* | 20303 |  | 39997 |
|  A10 Networks, Inc. | 1758 |  | 31099 |
|  Adeia, Inc. | 2251 |  | 38830 |
|  Airship AI Holdings, Inc.\* | 1094 |  | 3162 |
|  Arteris, Inc.\* | 3985 |  | 61767 |
|  Bit Digital, Inc. (x)\* | 46730 |  | 88320 |
|  Blackbaud, Inc.\* | 1046 |  | 66233 |
|  Box, Inc., Class A\* | 4686 |  | 140158 |
|  Cerence, Inc.\* | 4346 |  | 46459 |
|  Chaince Digital Holdings, Inc. (x)\* | 4469 |  | 22211 |
|  Cipher Mining, Inc. (x)\* | 47751 |  | 704805 |
|  Cleanspark, Inc. (x)\* | 41148 |  | 416418 |
|  Consensus Cloud Solutions, Inc.\* | 2705 |  | 59023 |
|  Core Scientific, Inc.\* | 7035 |  | 102429 |
|  CS Disco, Inc.\* | 934 |  | 7248 |
|  Daily Journal Corp. (x)\* | 46 |  | 22417 |
|  Digital Turbine, Inc.\* | 5960 |  | 29800 |
|  Domo, Inc., Class B\* | 719 |  | 6061 |
|  eGain Corp.\* | 918 |  | 9446 |
|  Expensify, Inc., Class A\* | 4229 |  | 6386 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Hut 8 Corp.\* | 14146 | $| 649867 |
|  I3 Verticals, Inc., Class A (x)\* | 3326 |  | 83782 |
|  MARA Holdings, Inc. (x)\* | 55053 |  | 494376 |
|  Mitek Systems, Inc.\* | 5607 |  | 59154 |
|  N-able, Inc.\* | 10246 |  | 76640 |
|  NCR Voyix Corp.\* | 20692 |  | 211058 |
|  ON24, Inc.\* | 5704 |  | 45404 |
|  OneSpan, Inc. | 4642 |  | 59603 |
|  PAR Technology Corp. (x)\* | 2384 |  | 86491 |
|  Porch Group, Inc.\* | 2519 |  | 22998 |
|  Rimini Street, Inc.\* | 6759 |  | 26225 |
|  Riot Platforms, Inc.\* | 51234 |  | 649135 |
|  Silvaco Group, Inc.(x)\* | 1618 |  | 6553 |
|  Telos Corp.\* | 8218 |  | 41912 |
|  Terawulf, Inc. (x)\* | 2511 |  | 28851 |
|  Via Transportation, Inc., Class A\* | 263 |  | 7630 |
|  Xperi, Inc.\* | 6541 |  | 38330 |
|  |  |  | 4490278 |
|  ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** |
|  CompoSecure, Inc., Class A\* | 936 |  | 18046 |
|  Corsair Gaming, Inc.\* | 6672 |  | 39632 |
|  Diebold Nixdorf, Inc.\* | 247 |  | 16769 |
|  Eastman Kodak Co.\* | 7209 |  | 60988 |
|  Immersion Corp. | 4764 |  | 32395 |
|  Turtle Beach Corp.\* | 681 |  | 9554 |
|  Xerox Holdings Corp. | 16954 |  | 40181 |
|  |  |  | 217565 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 15743324 |
|  **Materials (4.5%)** | **Materials (4.5%)** | **Materials (4.5%)** | **Materials (4.5%)** |
|  ***Chemicals (0.8%)*** | ***Chemicals (0.8%)*** | ***Chemicals (0.8%)*** | ***Chemicals (0.8%)*** |
|  AdvanSix, Inc. | 4017 |  | 69494 |
|  American Vanguard Corp.\* | 3896 |  | 14883 |
|  Arq, Inc.\* | 5337 |  | 17452 |
|  Aspen Aerogels, Inc.\* | 10622 |  | 30060 |
|  Avient Corp. | 13434 |  | 419678 |
|  Cabot Corp. | 486 |  | 32212 |
|  Core Molding Technologies, Inc.\* | 1347 |  | 27007 |
|  Ecovyst, Inc.\* | 16574 |  | 161265 |
|  Flotek Industries, Inc. (x)\* | 1660 |  | 28602 |
|  HB Fuller Co. | 8070 |  | 479842 |
|  Innospec, Inc. | 3346 |  | 256103 |
|  Intrepid Potash, Inc.\* | 1718 |  | 47640 |
|  Koppers Holdings, Inc. | 2666 |  | 72195 |
|  Kronos Worldwide, Inc. | 3453 |  | 15262 |
|  LSB Industries, Inc.\* | 8082 |  | 68697 |
|  Mativ Holdings, Inc. | 8149 |  | 99010 |
|  Minerals Technologies, Inc. | 4647 |  | 283235 |
|  Orion SA | 7767 |  | 41010 |
|  Perimeter Solutions, Inc.\* | 20447 |  | 562906 |
|  Quaker Chemical Corp. | 2052 |  | 281760 |
|  Rayonier Advanced Materials, Inc.\* | 9365 |  | 55160 |
|  Stepan Co. | 3075 |  | 145632 |
|  Trinseo plc (x) | 5096 |  | 2533 |
|  Tronox Holdings plc | 17444 |  | 72742 |
|  Valhi, Inc. | 375 |  | 4519 |
|  |  |  | 3288899 |
|  ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** |
|  Ardagh Metal Packaging SA | 15369 |  | 63013 |
|  Greif, Inc., Class A | 3689 |  | 249745 |
|  Greif, Inc., Class B | 701 |  | 52358 |
|  Myers Industries, Inc. | 4720 |  | 88358 |
|  O-I Glass, Inc.\* | 17201 |  | 253887 |
|  Ranpak Holdings Corp., Class A\* | 7588 |  | 41051 |
|  TriMas Corp. | 4681 |  | 165941 |
|  |  |  | 914353 |
|  ***Metals & Mining (3.4%)*** | ***Metals & Mining (3.4%)*** | ***Metals & Mining (3.4%)*** | ***Metals & Mining (3.4%)*** |
|  Alpha Metallurgical Resources, Inc.\* | 1215 |  | 242854 |
|  American Battery Technology Co. (x)\* | 7518 |  | 25110 |
|  Ascent Industries Co.\* | 1090 |  | 17647 |
|  Caledonia Mining Corp. plc | 2436 |  | 63750 |
|  Coeur Mining, Inc.\* | 47128 |  | 840292 |
|  Commercial Metals Co. | 16313 |  | 1129186 |
|  Compass Minerals International, Inc.\* | 1360 |  | 26710 |
|  Constellium SE\* | 12719 |  | 239753 |
|  Critical Metals Corp. (x)\* | 4063 |  | 28197 |
|  Ferroglobe plc | 17920 |  | 83149 |
|  Friedman Industries, Inc. | 990 |  | 20285 |
|  Hecla Mining Co. | 71369 |  | 1369571 |
|  Ivanhoe Electric, Inc.\* | 2327 |  | 37186 |
|  Kaiser Aluminum Corp. | 1113 |  | 127839 |
|  Materion Corp. | 2462 |  | 306076 |
|  Mesabi Trust | 170184 |  | 6555488 |
|  Metallus, Inc.\* | 5565 |  | 95495 |
|  Novagold Resources, Inc.\* | 2992 |  | 27885 |
|  Olympic Steel, Inc. | 1459 |  | 62423 |
|  Ryerson Holding Corp. | 4104 |  | 103257 |
|  SSR Mining, Inc.\* | 29917 |  | 655781 |
|  SunCoke Energy, Inc. | 12723 |  | 91606 |
|  Tredegar Corp.\* | 4338 |  | 31147 |
|  USA Rare Earth, Inc. (x)\* | 6512 |  | 77493 |
|  Warrior Met Coal, Inc. | 7671 |  | 676352 |
|  Wheaton Precious Metals Corp. | 2000 |  | 235040 |
|  Worthington Steel, Inc. | 4935 |  | 170850 |
|  |  |  | 13340422 |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** |
|  Clearwater Paper Corp.\* | 2247 |  | 39098 |
|  Magnera Corp.\* | 4856 |  | 73520 |
|  Sylvamo Corp. | 3660 |  | 176229 |
|  |  |  | 288847 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 17832521 |
|  **Real Estate (9.6%)** | **Real Estate (9.6%)** | **Real Estate (9.6%)** | **Real Estate (9.6%)** |
|  ***Diversified REITs (0.6%)*** | ***Diversified REITs (0.6%)*** | ***Diversified REITs (0.6%)*** | ***Diversified REITs (0.6%)*** |
|  Alexander & Baldwin, Inc. (REIT) | 10712 |  | 221096 |
|  Alpine Income Property Trust, Inc. (REIT) | 1859 |  | 31082 |
|  American Assets Trust, Inc. (REIT) | 7813 |  | 147900 |
|  Armada Hoffler Properties, Inc. (REIT) | 12068 |  | 79890 |
|  Broadstone Net Lease, Inc. (REIT) | 28118 |  | 488410 |
|  CTO Realty Growth, Inc. (REIT) | 4439 |  | 81722 |
|  Essential Properties Realty Trust, Inc. (REIT) | 29475 |  | 874229 |
|  Gladstone Commercial Corp. (REIT) | 5364 |  | 57234 |
|  Global Net Lease, Inc. (REIT) | 29720 |  | 255592 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Modiv Industrial, Inc. (REIT), Class C (x) | 1500 | $| 21585 |
|  NexPoint Diversified Real Estate Trust (REIT) | 5674 |  | 21731 |
|  |  |  | 2280471 |
|  ***Health Care REITs (0.9%)*** | ***Health Care REITs (0.9%)*** | ***Health Care REITs (0.9%)*** | ***Health Care REITs (0.9%)*** |
|  American Healthcare REIT, Inc. (REIT) | 16188 |  | 761807 |
|  CareTrust REIT, Inc. (REIT) | 29902 |  | 1081256 |
|  Community Healthcare Trust, Inc. (REIT) | 3943 |  | 64744 |
|  Diversified Healthcare Trust (REIT) | 32160 |  | 155976 |
|  Global Medical REIT, Inc. (REIT) | 1898 |  | 64039 |
|  LTC Properties, Inc. (REIT) | 6790 |  | 233440 |
|  National Health Investors, Inc. (REIT) | 5403 |  | 412627 |
|  Sabra Health Care REIT, Inc. (REIT) | 35372 |  | 669946 |
|  Sila Realty Trust, Inc. (REIT) | 8203 |  | 191212 |
|  Universal Health Realty Income Trust (REIT) | 326 |  | 12783 |
|  |  |  | 3647830 |
|  ***Hotel & Resort REITs (0.4%)*** | ***Hotel & Resort REITs (0.4%)*** | ***Hotel & Resort REITs (0.4%)*** | ***Hotel & Resort REITs (0.4%)*** |
|  Apple Hospitality REIT, Inc. (REIT) | 33669 |  | 398978 |
|  Braemar Hotels & Resorts, Inc. (REIT) (x) | 7592 |  | 21789 |
|  Chatham Lodging Trust (REIT) | 6850 |  | 46649 |
|  DiamondRock Hospitality Co. (REIT) | 13114 |  | 117501 |
|  Pebblebrook Hotel Trust (REIT) | 17252 |  | 195293 |
|  RLJ Lodging Trust (REIT) | 20237 |  | 150766 |
|  Service Properties Trust (REIT) | 21066 |  | 38761 |
|  Summit Hotel Properties, Inc. (REIT) | 15607 |  | 76006 |
|  Sunstone Hotel Investors, Inc. (REIT) | 24895 |  | 222561 |
|  Xenia Hotels & Resorts, Inc. (REIT) | 11958 |  | 169086 |
|  |  |  | 1437390 |
|  ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** |
|  Industrial Logistics Properties Trust (REIT) | 7725 |  | 42797 |
|  Innovative Industrial Properties, Inc. (REIT) | 4087 |  | 193560 |
|  LXP Industrial Trust (REIT) | 8545 |  | 423661 |
|  One Liberty Properties, Inc. (REIT) | 2941 |  | 59673 |
|  Plymouth Industrial REIT, Inc. (REIT) | 6184 |  | 135306 |
|  Terreno Realty Corp. (REIT) | 15119 |  | 887636 |
|  |  |  | 1742633 |
|  ***Office REITs (0.5%)*** | ***Office REITs (0.5%)*** | ***Office REITs (0.5%)*** | ***Office REITs (0.5%)*** |
|  Brandywine Realty Trust (REIT) | 25961 |  | 75806 |
|  City Office REIT, Inc. (REIT) | 6341 |  | 44323 |
|  COPT Defense Properties (REIT) | 16904 |  | 469931 |
|  Douglas Emmett, Inc. (REIT) | 23761 |  | 261133 |
|  Easterly Government Properties, Inc. (REIT), Class A | 6178 |  | 130912 |
|  Empire State Realty Trust, Inc. (REIT), Class A | 21078 |  | 137428 |
|  Franklin Street Properties Corp. (REIT) | 13546 |  | 12812 |
|  Hudson Pacific Properties, Inc. (REIT)\* | 7748 |  | 83911 |
|  JBG SMITH Properties (REIT) | 8764 |  | 149076 |
|  NET Lease Office Properties (REIT) | 2263 |  | 58363 |
|  Peakstone Realty Trust (REIT) | 5639 |  | 80920 |
|  Piedmont Realty Trust, Inc. (REIT) | 18243 |  | 152147 |
|  Postal Realty Trust, Inc. (REIT), Class A | 3428 |  | 55328 |
|  SL Green Realty Corp. (REIT) | 10596 |  | 486038 |
|  |  |  | 2198128 |
|  ***Real Estate Management & Development (5.0%)*** | ***Real Estate Management & Development (5.0%)*** | ***Real Estate Management & Development (5.0%)*** | ***Real Estate Management & Development (5.0%)*** |
|  American Realty Investors, Inc. (x)\* | 237 |  | 3806 |
|  Anywhere Real Estate, Inc.\* | 15716 |  | 222538 |
|  Cushman & Wakefield Ltd.\* | 23222 |  | 375964 |
|  Douglas Elliman, Inc.\* | 12369 |  | 29314 |
|  DREAM Unlimited Corp., Class A | 194600 |  | 2703189 |
|  Forestar Group, Inc.\* | 2870 |  | 70688 |
|  FRP Holdings, Inc.\* | 1935 |  | 44099 |
|  Howard Hughes Holdings, Inc.\* | 24700 |  | 1970319 |
|  Kennedy-Wilson Holdings, Inc. | 17585 |  | 170047 |
|  Landbridge Co. LLC, Class A | 257974 |  | 12638146 |
|  Logistic Properties of The Americas\* | 420 |  | 1147 |
|  Marcus & Millichap, Inc. | 3522 |  | 96115 |
|  Newmark Group, Inc., Class A | 21914 |  | 379989 |
|  RE/MAX Holdings, Inc., Class A\* | 3332 |  | 25290 |
|  RMR Group, Inc. (The), Class A (x) | 2236 |  | 33316 |
|  Seaport Entertainment Group, Inc. (x)\* | 5060 |  | 100036 |
|  Stratus Properties, Inc.\* | 1120 |  | 27082 |
|  Tejon Ranch Co.\* | 69867 |  | 1101803 |
|  Transcontinental Realty Investors, Inc.\* | 327 |  | 19169 |
|  |  |  | 20012057 |
|  ***Residential REITs (0.5%)*** | ***Residential REITs (0.5%)*** | ***Residential REITs (0.5%)*** | ***Residential REITs (0.5%)*** |
|  Apartment Investment and Management Co. (REIT), Class A | 8687 |  | 51601 |
|  BRT Apartments Corp. (REIT) | 1862 |  | 27371 |
|  Centerspace (REIT) | 2448 |  | 163331 |
|  Clipper Realty, Inc. (REIT) | 2260 |  | 8633 |
|  Elme Communities (REIT) | 13232 |  | 230237 |
|  Equity LifeStyle Properties, Inc. (REIT) | 8700 |  | 527307 |
|  Independence Realty Trust, Inc. (REIT) | 35081 |  | 613216 |
|  NexPoint Residential Trust, Inc. (REIT) | 2357 |  | 70946 |
|  Veris Residential, Inc. (REIT) | 11006 |  | 163769 |
|  |  |  | 1856411 |
|  ***Retail REITs (1.0%)*** | ***Retail REITs (1.0%)*** | ***Retail REITs (1.0%)*** | ***Retail REITs (1.0%)*** |
|  Acadia Realty Trust (REIT) | 19508 |  | 400694 |
|  CBL & Associates Properties, Inc. (REIT) | 693 |  | 25641 |
|  Curbline Properties Corp. (REIT) | 14476 |  | 335988 |
|  FrontView REIT, Inc. (REIT) (x) | 2754 |  | 40649 |
|  Getty Realty Corp. (REIT) | 7826 |  | 214198 |
|  InvenTrust Properties Corp. (REIT) | 11536 |  | 325431 |
|  Kite Realty Group Trust (REIT) | 32229 |  | 772529 |
|  Macerich Co. (The) (REIT) | 37584 |  | 693801 |
|  NETSTREIT Corp. (REIT) (x) | 9426 |  | 166275 |
|  Phillips Edison & Co., Inc. (REIT) | 15357 |  | 546248 |
|  SITE Centers Corp. (REIT) | 7317 |  | 46975 |
|  Tanger, Inc. (REIT) | 1732 |  | 57797 |
|  Urban Edge Properties (REIT) | 18886 |  | 362422 |
|  Whitestone REIT (REIT) | 7033 |  | 97688 |
|  |  |  | 4086336 |
|  ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** |
|  Farmland Partners, Inc. (REIT) | 5759 |  | 55805 |
|  Four Corners Property Trust, Inc. (REIT) | 15005 |  | 346015 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Gladstone Land Corp. (REIT) (x) | 5419 | $49584 |
|  PotlatchDeltic Corp. (REIT) | 10795 | 429425 |
|  Safehold, Inc. (REIT) | 8142 | 111464 |
|  Smartstop Self Storage REIT, Inc. (REIT) | 4519 | 139818 |
|  |  | 1132111 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 38393367 |
|  **Utilities (5.3%)** | **Utilities (5.3%)** | **Utilities (5.3%)** |
|  ***Electric Utilities (3.2%)*** | ***Electric Utilities (3.2%)*** | ***Electric Utilities (3.2%)*** |
|  Genie Energy Ltd., Class B | 2690 | 37068 |
|  Hawaiian Electric Industries, Inc. (x)\* | 769837 | 9468995 |
|  MGE Energy, Inc. | 2667 | 209146 |
|  Oklo, Inc., Class A (x)\* | 12263 | 879993 |
|  Otter Tail Corp. | 5283 | 426919 |
|  Portland General Electric Co. | 16689 | 800905 |
|  TXNM Energy, Inc. | 14854 | 874604 |
|  |  | 12697630 |
|  ***Gas Utilities (1.1%)*** | ***Gas Utilities (1.1%)*** | ***Gas Utilities (1.1%)*** |
|  Brookfield Infrastructure Corp., Class A | 17713 | 804170 |
|  Chesapeake Utilities Corp. | 2242 | 279712 |
|  New Jersey Resources Corp. | 14885 | 686496 |
|  Northwest Natural Holding Co. | 6022 | 281468 |
|  ONE Gas, Inc. | 8842 | 683045 |
|  RGC Resources, Inc. | 1254 | 26710 |
|  Rubis SCA | 6800 | 256203 |
|  Southwest Gas Holdings, Inc. | 9549 | 764111 |
|  Spire, Inc. | 8591 | 710476 |
|  |  | 4492391 |
|  ***Independent Power and Renewable Electricity Producers (0.3%)*** | ***Independent Power and Renewable Electricity Producers (0.3%)*** | ***Independent Power and Renewable Electricity Producers (0.3%)*** |
|  Hallador Energy Co.\* | 384 | 7312 |
|  Montauk Renewables, Inc.\* | 8648 | 14442 |
|  Ormat Technologies, Inc. | 9006 | 994893 |
|  |  | 1016647 |
|  ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** |
|  Avista Corp. | 12015 | 463058 |
|  Black Hills Corp. | 10865 | 754248 |
|  Northwestern Energy Group, Inc. | 9184 | 592736 |
|  Unitil Corp. | 2412 | 116837 |
|  |  | 1926879 |
|  ***Water Utilities (0.2%)*** | ***Water Utilities (0.2%)*** | ***Water Utilities (0.2%)*** |
|  American States Water Co. | 1936 | 140321 |
|  California Water Service Group | 8848 | 383384 |
|  Consolidated Water Co. Ltd. | 1576 | 55617 |
|  H2O America | 4839 | 237063 |
|  Middlesex Water Co. | 2185 | 110168 |
|  Pure Cycle Corp.\* | 2954 | 32464 |
|  York Water Co. (The) (x) | 1679 | 53459 |
|  |  | 1012476 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 21146023 |
|  **Total Common Stocks (95.4%)** *(Cost $252,032,856)* |  | 381405079 |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** |
|  Aduro Biotech, Inc., CVR (r)\* | 237 |  |
|  Chinook Therapeutics, Inc., CVR \* | 6337 | 1267 |
|  Icosavax, Inc., CVR \* | 3924 | 1177 |
|  Sanofi Aatd, Inc., CVR (r)\* | 1653 | 803 |
|  |  | 3247 |
|  ***Life Sciences Tools & Services (0.0%)*** | ***Life Sciences Tools & Services (0.0%)*** | ***Life Sciences Tools & Services (0.0%)*** |
|  OmniAb, Inc., expiring 11/1/27 (r)(x)\* | 1612 |  |
|  **Total Rights (0.0%)†**<br> *(Cost $1,715)* |  | 3247 |
|  | **Number of<br>Warrants** | **Value<br>(Note 1)** |
|  WARRANTS: | WARRANTS: | WARRANTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** |
|  Pulse Biosciences, Inc., expiring 6/27/29 (x)\* <br>*(Cost $—)* | 168 | 229 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (4.5%)** | **Investment Companies (4.5%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 3368949 | 3368949 |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 14379575 | 14385326 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 17754275 |
|  **Total Short-Term Investments (4.5%)**<br> *(Cost $17,754,762)* | **Total Short-Term Investments (4.5%)**<br> *(Cost $17,754,762)* | 17754275 |
|  **Total Investments in Securities (99.9%)**<br> *(Cost $269,789,333)* | **Total Investments in Securities (99.9%)**<br> *(Cost $269,789,333)* | 399162830 |
|  **Other Assets Less Liabilities (0.1%)** | **Other Assets Less Liabilities (0.1%)** | 456948 |
|  **Net Assets (100%)** |  | $399619778 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $86,450 or 0.0% of net assets.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $26,578,243. This was collateralized by $24,283,910 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/15/26 – 8/15/55 and by cash of $3,368,949 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Capital Markets** |  |  |  |  |  |  |  |  |  |
|  Associated Capital Group, Inc., Class A | 46500 | 2055570 |  | (487157) | 79622 | 109665 | 1757700 | 10090 |  |

---

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Russell 2000 E-Mini Index | 11 | 3/2026 | USD | 1373900 | (35531) |
|  |  |  |  |  | (35531) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1**<br> **Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2**<br> **Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3**<br> **Significant Unobservable<br>Inputs (including the**<br> **Portfolio's**<br> **own assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $12568357 | $531040 | $— | $13099397 |
|  Consumer Discretionary | 58553451 |  |  | 58553451 |
|  Consumer Staples | 9329855 |  |  | 9329855 |
|  Energy | 57426942 |  |  | 57426942 |
|  Financials | 65545066 |  | — (a) | 65545066 |
|  Health Care | 22551133 |  | — (a) | 22551133 |
|  Industrials | 50677028 | 11106972 |  | 61784000 |
|  Information Technology | 15743324 |  |  | 15743324 |
|  Materials | 17832521 |  |  | 17832521 |
|  Real Estate | 38393367 |  |  | 38393367 |
|  Utilities | 20889820 | 256203 |  | 21146023 |
|  **Rights** |  |  |  |  |
|  Health Care |  | 2444 | 803 | 3247 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 17754275 |  |  | 17754275 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1**<br> **Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2**<br> **Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3**<br> **Significant Unobservable<br>Inputs (including the**<br> **Portfolio's**<br> **own assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Warrants** |  |  |  |  |
|  Health Care | $— | $229 | $— | $229 |
|  **Total Assets** | $**387265139** | $**11896888** | $**803** | $**399162830** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(35531) | $— | $— | $(35531) |
|  **Total Liabilities** | $**(35531)** | $**—** | $**—** | $**(35531)** |
|  **Total** | $**387229608** | $**11896888** | $**803** | $**399127299** |

---

(a) Value is zero.

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(35531) |
|  **Total** |  | $(35531) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(2462) | $(2462) |
|  **Total** | $(2462) | $(2462) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $5380 | $5380 |
|  **Total** | $5380 | $5380 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $1143000 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $79976899.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $121337752.0 |

---

During the year ended December 31, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 28%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 28%)\*** | **Net Realized<br>Gain (Loss)** |
| $22089072 | $33775678 | $9910597 |

---

\* Represents percentage/amount of total Purchases and/or Sales.

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $165214369 |
|  Aggregate gross unrealized depreciation | (39610006) |
|  Net unrealized appreciation | $125604363 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $273522936 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $1,380,268) | $1757700.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $268,409,065) | 397405130.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 3611712.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 105800.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 428779.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 100024.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 11475.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1705.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 403422325.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 3368949.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 182238.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 62808.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 55796.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 42603.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 13587.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 10366.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 66200.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3802547.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $399619778.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $272675463.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 126944315.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $399619778.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $259,639,921 / 23,294,381 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.15 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $139,979,857 / 12,567,181 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.14 |

---

*(x)* *Includes value of securities on loan of $26,578,243.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($10,090 of dividend income received from affiliates) (net of $54,316 foreign withholding tax) | $7625631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 141011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 323012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 8089654 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3244983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 646168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 506652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 140200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 125199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 35074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 14246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 11125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 4723647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (427436) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 4296211 |
|  **NET INVESTMENT INCOME (LOSS)** | 3793443 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($79,622 realized gain (loss) from affiliates) | 25975981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (2462) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 6126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 25979645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($109,665 of change in unrealized appreciation (depreciation) from affiliates) | (5927664) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 5380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (5922158) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 20057487 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $23850930 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT SMALL CAP VALUE PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3793443 | $4943375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 25979645 | 45696371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (5922158) | 25319875 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 23850930 | 75959621 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (30294976) | (19939314) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (16817734) | (12610563) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (47112710) | (32549877) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,786,012 and 1,539,657 shares, respectively ] | 21221679 | 18029541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 2,588,006 and 1,613,089 shares, respectively ] | 30294976 | 19939314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2925759) and (2622828) shares, respectively ] | (34768736) | (30173877) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 16747919 | 7794978 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 4,572 and 11,661 shares, respectively ] | 53755 | 136661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,437,653 and 1,020,948 shares, respectively ] | 16817734 | 12610563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2220418) and (2262413) shares, respectively ] | (26322295) | (27135138) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (9450806) | (14387914) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 7297113 | (6592936) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (15964667) | 36816808 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 415584445 | 378767637 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $399619778 | $415584445 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT SMALL CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $11.81 | $10.56 | $11.08 | $12.11 | $10.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.10 | 0.13 | 0.09 | 0.09 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.65 | 2.10 | 0.47 | (0.05) | 3.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.75 | 2.23 | 0.56 | 0.04 | 3.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.14) | (0.17) | (0.12) | (0.05) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.27) | (0.81) | (0.96) | (1.02) | (1.96) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.41) | (0.98) | (1.08) | (1.07) | (2.11) |
|  Net asset value, end of year | $11.15 | $11.81 | $10.56 | $11.08 | $12.11 |
|  Total return | 6.11% | 20.75 | 5.79% | 0.07 | 38.52% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $259640 | $258054 | $225045 | $225840 | $235844 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.15% | 1.15 | 1.15% | 1.15 | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.26% | 1.24 | 1.29% | 1.23 | 1.21% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.84% | 1.15 | 0.87% | 0.80 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.74% | 1.06 | 0.72% | 0.72 | 0.16% |
|  Portfolio turnover rate^ | 20% | 23 | 15% | 20 | 22% |
| **Class K** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $11.80 | $10.55 | $11.07 | $12.10 | $10.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.13 | 0.16 | 0.12 | 0.12 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.65 | 2.10 | 0.47 | (0.05) | 3.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.78 | 2.26 | 0.59 | 0.07 | 3.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.17) | (0.20) | (0.15) | (0.08) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.27) | (0.81) | (0.96) | (1.02) | (1.96) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.44) | (1.01) | (1.11) | (1.10) | (2.14) |
|  Net asset value, end of year | $11.14 | $11.80 | $10.55 | $11.07 | $12.10 |
|  Total return | 6.37% | 21.03 | 6.04% | 0.31 | 39.02% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $139980 | $157530 | $153723 | $162923 | $196357 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.90% | 0.90 | 0.90% | 0.90 | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.00% | 0.99 | 1.04% | 0.98 | 0.96% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.10% | 1.39 | 1.11% | 1.03 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.00% | 1.30 | 0.97% | 0.96 | 0.38% |
|  Portfolio turnover rate^ | 20% | 23 | 15% | 20 | 22% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.08 and $0.11 for Class IB and Class K, respectively.* 

*(2)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.11 and $0.14 for Class IB and Class K, respectively.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.21% lower.* 

*(bb)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.18% lower.* 

See Notes to Financial Statements.

------

1290 VT SMARTBETA EQUITY ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: |  |  |
|  **Communication Services (7.6%)** |  |  |
|  ***Diversified Telecommunication Services (1.7%)*** | ***Diversified Telecommunication Services (1.7%)*** | ***Diversified Telecommunication Services (1.7%)*** |
|  AT&T, Inc. | 29767 | $739412 |
|  Deutsche Telekom AG (Registered) | 19166 | 623011 |
|  Koninklijke KPN NV | 187684 | 876971 |
|  NTT, Inc. | 582500 | 586442 |
|  Singapore Telecommunications Ltd. | 263000 | 930955 |
|  Swisscom AG (Registered) | 532 | 386525 |
|  Telstra Group Ltd. | 184009 | 598028 |
|  Verizon Communications, Inc. | 42552 | 1733143 |
|  |  | 6474487 |
|  ***Entertainment (0.4%)*** |  |  |
|  Electronic Arts, Inc. | 7410 | 1514085 |
|  ***Interactive Media & Services (4.9%)*** | ***Interactive Media & Services (4.9%)*** | ***Interactive Media & Services (4.9%)*** |
|  Alphabet, Inc., Class A | 47425 | 14844025 |
|  Meta Platforms, Inc., Class A | 5226 | 3449630 |
|  |  | 18293655 |
|  ***Wireless Telecommunication Services (0.6%)*** | ***Wireless Telecommunication Services (0.6%)*** | ***Wireless Telecommunication Services (0.6%)*** |
|  SoftBank Corp. | 707000 | 969507 |
|  T-Mobile US, Inc. | 5964 | 1210931 |
|  |  | 2180438 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 28462665 |
|  **Consumer Discretionary (8.3%)** |  |  |
|  ***Automobile Components (0.2%)*** |  |  |
|  Bridgestone Corp. | 34800 | 780689 |
|  ***Automobiles (1.0%)*** |  |  |
|  Tesla, Inc.\* | 8470 | 3809128 |
|  ***Broadline Retail (2.8%)*** |  |  |
|  Amazon.com, Inc.\* | 29720 | 6859970 |
|  Dollarama, Inc. | 14022 | 2095715 |
|  eBay, Inc. | 4681 | 407715 |
|  Wesfarmers Ltd. | 22284 | 1205908 |
|  |  | 10569308 |
|  ***Hotels, Restaurants & Leisure (1.7%)*** | ***Hotels, Restaurants & Leisure (1.7%)*** | ***Hotels, Restaurants & Leisure (1.7%)*** |
|  Aristocrat Leisure Ltd. | 17514 | 680006 |
|  Booking Holdings, Inc. | 311 | 1665508 |
|  Darden Restaurants, Inc. | 3397 | 625116 |
|  Lottery Corp. Ltd. (The) | 175394 | 603974 |
|  McDonald's Corp. | 3981 | 1216713 |
|  Restaurant Brands International, Inc. | 6100 | 416251 |
|  Yum! Brands, Inc. | 7917 | 1197684 |
|  |  | 6405252 |
|  ***Household Durables (0.2%)*** |  |  |
|  Garmin Ltd. | 2062 | 418277 |
|  Sony Group Corp. | 17600 | 452135 |
|  |  | 870412 |
|  ***Specialty Retail (2.2%)*** |  |  |
|  Fast Retailing Co. Ltd. | 1400 | 508912 |
|  Home Depot, Inc. (The) | 5700 | 1961370 |
|  O'Reilly Automotive, Inc.\* | 17802 | 1623721 |
|  Ross Stores, Inc. | 2774 | 499708 |
|  TJX Cos., Inc. (The) | 21822 | 3352077 |
|  Tractor Supply Co. | 8000 | 400080 |
|  |  | 8345868 |
|  ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** |
|  LVMH Moet Hennessy Louis Vuitton SE | 668 | 506347 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 31287004 |
|  **Consumer Staples (10.7%)** |  |  |
|  ***Beverages (2.5%)*** |  |  |
|  Anheuser-Busch InBev SA/NV | 7741 | 499437 |
|  Coca-Cola Co. (The) | 42234 | 2952579 |
|  Diageo plc | 33069 | 714766 |
|  Keurig Dr Pepper, Inc. | 28287 | 792319 |
|  Monster Beverage Corp.\* | 8200 | 628694 |
|  PepsiCo, Inc. | 26144 | 3752187 |
|  |  | 9339982 |
|  ***Consumer Staples Distribution & Retail (3.6%)*** | ***Consumer Staples Distribution & Retail (3.6%)*** | ***Consumer Staples Distribution & Retail (3.6%)*** |
|  Alimentation Couche-Tard, Inc. | 9242 | 504740 |
|  Coles Group Ltd. | 35880 | 513370 |
|  Costco Wholesale Corp. | 4930 | 4251336 |
|  Empire Co. Ltd., Class A | 17221 | 598729 |
|  George Weston Ltd. | 10500 | 724378 |
|  Koninklijke Ahold Delhaize NV | 12001 | 491792 |
|  Kroger Co. (The) | 8100 | 506088 |
|  Loblaw Cos. Ltd. | 18800 | 849907 |
|  Metro, Inc., Class A | 7900 | 568607 |
|  Sysco Corp. | 5721 | 421580 |
|  Tesco plc | 105597 | 628856 |
|  Walmart, Inc. | 28529 | 3178416 |
|  Woolworths Group Ltd. | 24133 | 473170 |
|  |  | 13710969 |
|  ***Food Products (1.3%)*** |  |  |
|  Chocoladefabriken Lindt & Spruengli AG | 32 | 468224 |
|  Danone SA | 9011 | 813079 |
|  Hershey Co. (The) | 4900 | 891702 |
|  Magnum Ice Cream Co. NV (The) (Amsterdam Stock Exchange)\* | 1696 | 27139 |
|  Magnum Ice Cream Co. NV (The) (London Stock Exchange) (x)\* | 2061 | 32712 |
|  Mondelez International, Inc., Class A | 16235 | 873930 |
|  Nestle SA (Registered) | 9940 | 988102 |
|  Orkla ASA | 62988 | 702991 |
|  |  | 4797879 |
|  ***Household Products (2.4%)*** |  |  |
|  Church & Dwight Co., Inc. | 8122 | 681030 |
|  Colgate-Palmolive Co. | 30113 | 2379529 |
|  Henkel AG & Co. KGaA (Preference) (q) | 11807 | 965463 |
|  Kimberly-Clark Corp. | 10800 | 1089612 |
|  Procter & Gamble Co. (The) | 27739 | 3975276 |
|  |  | 9090910 |
|  ***Personal Care Products (0.9%)*** |  |  |
|  Kao Corp. | 22500 | 899339 |
|  L'Oreal SA | 2805 | 1208474 |
|  Unilever plc (x) | 16702 | 1093702 |
|  |  | 3201515 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 40141255 |

---

See Notes to Financial Statements.

------

1290 VT SMARTBETA EQUITY ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Energy (1.0%)** |  |  |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** |
|  Baker Hughes Co. | 9330 | $424888 |
|  ***Oil, Gas & Consumable Fuels (0.9%)*** | ***Oil, Gas & Consumable Fuels (0.9%)*** | ***Oil, Gas & Consumable Fuels (0.9%)*** |
|  Cheniere Energy, Inc. | 2843 | 552651 |
|  Eni SpA | 25999 | 493142 |
|  Equinor ASA | 34266 | 805659 |
|  Equinor ASA (ADR) | 14893 | 351922 |
|  TC Energy Corp. | 8895 | 489807 |
|  Williams Cos., Inc. (The) | 11477 | 689882 |
|  |  | 3383063 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 3807951 |
|  **Financials (22.0%)** | **Financials (22.0%)** | **Financials (22.0%)** |
|  ***Banks (5.4%)*** | ***Banks (5.4%)*** | ***Banks (5.4%)*** |
|  Bank of Montreal | 4363 | 566613 |
|  Bank of Nova Scotia (The) | 24858 | 1833358 |
|  CaixaBank SA | 42103 | 516813 |
|  Canadian Imperial Bank of Commerce | 24278 | 2200948 |
|  DBS Group Holdings Ltd. | 33660 | 1475866 |
|  DNB Bank ASA | 29838 | 833274 |
|  Intesa Sanpaolo SpA | 103449 | 719835 |
|  JPMorgan Chase & Co. | 7628 | 2457894 |
|  National Bank of Canada | 8646 | 1087309 |
|  Nordea Bank Abp (Aquis Stock Exchange) | 37103 | 701361 |
|  Nordea Bank Abp (Turquoise Stock Exchange)(x) | 33032 | 624115 |
|  Oversea-Chinese Banking Corp. Ltd. | 76900 | 1182157 |
|  Royal Bank of Canada | 27007 | 4604108 |
|  Sumitomo Mitsui Financial Group, Inc. | 16500 | 531004 |
|  Svenska Handelsbanken AB, Class A | 34845 | 508491 |
|  UniCredit SpA | 6410 | 534243 |
|  |  | 20377389 |
|  ***Capital Markets (3.9%)*** |  |  |
|  Ameriprise Financial, Inc. | 1000 | 490340 |
|  Bank of New York Mellon Corp. (The) | 12800 | 1485952 |
|  Cboe Global Markets, Inc. | 6955 | 1745705 |
|  Charles Schwab Corp. (The) | 9066 | 905784 |
|  CME Group, Inc. | 9607 | 2623480 |
|  Deutsche Boerse AG | 6178 | 1624148 |
|  Intercontinental Exchange, Inc. | 11062 | 1791602 |
|  Moody's Corp. | 1000 | 510850 |
|  Nasdaq, Inc. | 13500 | 1311255 |
|  S&P Global, Inc. | 1887 | 986127 |
|  Singapore Exchange Ltd. | 33900 | 447288 |
|  TMX Group Ltd. | 15500 | 589825 |
|  |  | 14512356 |
|  ***Consumer Finance (0.3%)*** |  |  |
|  American Express Co. | 3498 | 1294085 |
|  ***Financial Services (3.6%)*** |  |  |
|  Berkshire Hathaway, Inc., Class B\* | 6130 | 3081245 |
|  Jack Henry & Associates, Inc. | 2600 | 474448 |
|  Mastercard, Inc., Class A | 7222 | 4122895 |
|  Poste Italiane SpA (m)(x) | 33001 | 833054 |
|  Visa, Inc., Class A | 14578 | 5112650 |
|  |  | 13624292 |
|  ***Insurance (8.8%)*** |  |  |
|  Aflac, Inc. | 16100 | 1775347 |
|  Allianz SE (Registered) | 5190 | 2381772 |
|  Allstate Corp. (The) | 5678 | 1181876 |
|  American International Group, Inc. | 6371 | 545039 |
|  Aon plc, Class A | 2792 | 985241 |
|  Chubb Ltd. | 8857 | 2764447 |
|  Fairfax Financial Holdings Ltd. | 424 | 808085 |
|  Generali | 12272 | 515588 |
|  Gjensidige Forsikring ASA | 24351 | 729564 |
|  Great-West Lifeco, Inc. | 17443 | 860236 |
|  Hannover Rueck SE | 2335 | 730477 |
|  Hartford Insurance Group, Inc. (The) | 11900 | 1639820 |
|  Intact Financial Corp. | 5700 | 1186595 |
|  Loews Corp. | 12300 | 1295313 |
|  Marsh & McLennan Cos., Inc. | 3017 | 559714 |
|  Medibank Pvt. Ltd. | 185639 | 593415 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 2258 | 1491855 |
|  Power Corp. of Canada (x) | 19200 | 1020466 |
|  Progressive Corp. (The) | 8778 | 1998926 |
|  QBE Insurance Group Ltd. | 51545 | 684187 |
|  Sampo OYJ, Class A | 101955 | 1237715 |
|  Sompo Holdings, Inc. | 18400 | 626803 |
|  Sun Life Financial, Inc. | 15700 | 980056 |
|  Suncorp Group Ltd. | 30910 | 364081 |
|  Swiss Re AG | 2383 | 399674 |
|  Tokio Marine Holdings, Inc. | 15900 | 590464 |
|  Travelers Cos., Inc. (The) | 7189 | 2085241 |
|  Tryg A/S | 19749 | 517368 |
|  Willis Towers Watson plc | 1709 | 561577 |
|  Zurich Insurance Group AG | 2783 | 2114391 |
|  |  | 33225333 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 83033455 |
|  **Health Care (8.4%)** |  |  |
|  ***Biotechnology (0.6%)*** |  |  |
|  Amgen, Inc. | 2957 | 967856 |
|  Gilead Sciences, Inc. | 9653 | 1184809 |
|  |  | 2152665 |
|  ***Health Care Equipment & Supplies (2.6%)*** | ***Health Care Equipment & Supplies (2.6%)*** | ***Health Care Equipment & Supplies (2.6%)*** |
|  Abbott Laboratories | 20405 | 2556542 |
|  Becton Dickinson & Co. | 4965 | 963558 |
|  Boston Scientific Corp.\* | 22548 | 2149952 |
|  Hoya Corp. | 3200 | 483861 |
|  Medtronic plc | 17130 | 1645508 |
|  ResMed, Inc. | 1843 | 443923 |
|  STERIS plc | 1820 | 461406 |
|  Stryker Corp. | 3250 | 1142278 |
|  |  | 9847028 |
|  ***Health Care Providers & Services (1.2%)*** | ***Health Care Providers & Services (1.2%)*** | ***Health Care Providers & Services (1.2%)*** |
|  Cencora, Inc. | 4777 | 1613432 |
|  Fresenius SE & Co. KGaA | 8780 | 505388 |
|  HCA Healthcare, Inc. | 1582 | 738573 |
|  McKesson Corp. | 1897 | 1556090 |
|  |  | 4413483 |

---

See Notes to Financial Statements.

------

1290 VT SMARTBETA EQUITY ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  ***Health Care Technology (0.1%)*** |  |  |  |
|  Veeva Systems, Inc., Class A\* | 2283 | $| 509634 |
|  ***Life Sciences Tools & Services (0.5%)*** | ***Life Sciences Tools & Services (0.5%)*** | ***Life Sciences Tools & Services (0.5%)*** | ***Life Sciences Tools & Services (0.5%)*** |
|  Agilent Technologies, Inc. | 3554 |  | 483593 |
|  Danaher Corp. | 2166 |  | 495840 |
|  Mettler-Toledo International, Inc.\* | 600 |  | 836514 |
|  |  |  | 1815947 |
|  ***Pharmaceuticals (3.4%)*** |  |  |  |
|  Bristol-Myers Squibb Co. | 31455 |  | 1696682 |
|  Eli Lilly & Co. | 1103 |  | 1185372 |
|  Johnson & Johnson | 15886 |  | 3287608 |
|  Novartis AG (Registered) | 18803 |  | 2601703 |
|  Roche Holding AG | 2660 |  | 1102149 |
|  Sanofi SA | 7938 |  | 771673 |
|  Shionogi & Co. Ltd. | 45700 |  | 828867 |
|  Zoetis, Inc. | 10600 |  | 1333692 |
|  |  |  | 12807746 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 31546503 |
|  **Industrials (14.0%)** |  |  |  |
|  ***Aerospace & Defense (1.4%)*** |  |  |  |
|  GE Aerospace | 6154 |  | 1895617 |
|  Howmet Aerospace, Inc. | 4865 |  | 997422 |
|  MTU Aero Engines AG | 1177 |  | 491455 |
|  Safran SA | 1416 |  | 494898 |
|  Singapore Technologies Engineering Ltd. | 145200 |  | 951131 |
|  Thales SA | 1840 |  | 496912 |
|  |  |  | 5327435 |
|  ***Air Freight & Logistics (0.5%)*** |  |  |  |
|  Expeditors International of Washington, Inc. | 9000 |  | 1341090 |
|  United Parcel Service, Inc., Class B | 5500 |  | 545545 |
|  |  |  | 1886635 |
|  ***Building Products (1.3%)*** |  |  |  |
|  Allegion plc | 6567 |  | 1045598 |
|  Geberit AG (Registered) | 974 |  | 761887 |
|  Johnson Controls International plc | 11106 |  | 1329943 |
|  Trane Technologies plc | 5123 |  | 1993871 |
|  |  |  | 5131299 |
|  ***Commercial Services & Supplies (1.1%)*** | ***Commercial Services & Supplies (1.1%)*** | ***Commercial Services & Supplies (1.1%)*** | ***Commercial Services & Supplies (1.1%)*** |
|  Brambles Ltd. | 35114 |  | 538029 |
|  Cintas Corp. | 8813 |  | 1657461 |
|  Republic Services, Inc. | 2974 |  | 630280 |
|  Secom Co. Ltd. | 35000 |  | 1245244 |
|  |  |  | 4071014 |
|  ***Construction & Engineering (0.6%)*** | ***Construction & Engineering (0.6%)*** | ***Construction & Engineering (0.6%)*** | ***Construction & Engineering (0.6%)*** |
|  ACS Actividades de Construccion y Servicios SA | 5006 |  | 499177 |
|  EMCOR Group, Inc. | 717 |  | 438654 |
|  Stantec, Inc. | 6294 |  | 593930 |
|  WSP Global, Inc. | 5245 |  | 949683 |
|  |  |  | 2481444 |
|  ***Electrical Equipment (0.9%)*** |  |  |  |
|  ABB Ltd. (Registered) | 15591 |  | 1165634 |
|  Eaton Corp. plc | 5262 |  | 1676000 |
|  Mitsubishi Electric Corp. | 16400 |  | 480043 |
|  |  |  | 3321677 |
|  ***Ground Transportation (0.6%)*** |  |  |  |
|  Central Japan Railway Co. | 34300 |  | 949688 |
|  Union Pacific Corp. | 5701 |  | 1318755 |
|  |  |  | 2268443 |
|  ***Industrial Conglomerates (0.6%)*** |  |  |  |
|  Honeywell International, Inc. | 11370 |  | 2218173 |
|  ***Machinery (3.7%)*** |  |  |  |
|  Atlas Copco AB, Class A | 27051 |  | 487896 |
|  Caterpillar, Inc. | 3815 |  | 2185499 |
|  Cummins, Inc. | 1089 |  | 555880 |
|  FANUC Corp. (x) | 17000 |  | 660291 |
|  GEA Group AG | 15488 |  | 1052047 |
|  Illinois Tool Works, Inc. | 11300 |  | 2783190 |
|  Kone OYJ, Class B | 8843 |  | 629357 |
|  Otis Worldwide Corp. | 12651 |  | 1105065 |
|  Parker-Hannifin Corp. | 1636 |  | 1437979 |
|  Pentair plc | 10178 |  | 1059937 |
|  Snap-on, Inc. | 4100 |  | 1412860 |
|  Xylem, Inc. | 3515 |  | 478673 |
|  |  |  | 13848674 |
|  ***Professional Services (2.4%)*** |  |  |  |
|  Automatic Data Processing, Inc. | 7808 |  | 2008452 |
|  Booz Allen Hamilton Holding Corp. | 5000 |  | 421800 |
|  Broadridge Financial Solutions, Inc. | 5416 |  | 1208689 |
|  Leidos Holdings, Inc. | 3500 |  | 631400 |
|  Paychex, Inc. | 8500 |  | 953530 |
|  RELX plc | 10385 |  | 422754 |
|  Thomson Reuters Corp. | 8863 |  | 1169615 |
|  Verisk Analytics, Inc. | 5600 |  | 1252664 |
|  Wolters Kluwer NV | 7972 |  | 827630 |
|  |  |  | 8896534 |
|  ***Trading Companies & Distributors (0.9%)*** | ***Trading Companies & Distributors (0.9%)*** | ***Trading Companies & Distributors (0.9%)*** | ***Trading Companies & Distributors (0.9%)*** |
|  Fastenal Co. | 32473 |  | 1303142 |
|  ITOCHU Corp. | 48500 |  | 611514 |
|  Toromont Industries Ltd. | 4113 |  | 497587 |
|  W.W. Grainger, Inc. | 900 |  | 908145 |
|  |  |  | 3320388 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 52771716 |
|  **Information Technology (20.3%)** |  |  |  |
|  ***Communications Equipment (1.1%)*** | ***Communications Equipment (1.1%)*** | ***Communications Equipment (1.1%)*** | ***Communications Equipment (1.1%)*** |
|  Cisco Systems, Inc. | 27961 |  | 2153836 |
|  Motorola Solutions, Inc. | 4793 |  | 1837252 |
|  |  |  | 3991088 |
|  ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** |
|  CDW Corp. | 4900 |  | 667380 |
|  ***IT Services (1.1%)*** |  |  |  |
|  Accenture plc, Class A | 8518 |  | 2285380 |
|  Fujitsu Ltd. | 22100 |  | 610769 |
|  International Business Machines Corp. | 1819 |  | 538806 |

---

See Notes to Financial Statements.

------

1290 VT SMARTBETA EQUITY ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  VeriSign, Inc. | 3000 | $728850 |
|  |  | 4163805 |
|  ***Semiconductors & Semiconductor Equipment (7.0%)*** | ***Semiconductors & Semiconductor Equipment (7.0%)*** | ***Semiconductors & Semiconductor Equipment (7.0%)*** |
|  Analog Devices, Inc. | 1742 | 472430 |
|  ASML Holding NV (Registered) (ADR) | 434 | 464319 |
|  Broadcom, Inc. | 14820 | 5129202 |
|  KLA Corp. | 1151 | 1398557 |
|  NVIDIA Corp. | 94735 | 17668078 |
|  QUALCOMM, Inc. | 6638 | 1135430 |
|  |  | 26268016 |
|  ***Software (6.0%)*** |  |  |
|  Autodesk, Inc.\* | 2355 | 697104 |
|  Constellation Software, Inc. | 370 | 889962 |
|  Intuit, Inc. | 1782 | 1180432 |
|  Microsoft Corp. | 31609 | 15286745 |
|  Palo Alto Networks, Inc.\* | 2489 | 458474 |
|  Roper Technologies, Inc. | 2300 | 1023799 |
|  Salesforce, Inc. | 7109 | 1883245 |
|  SAP SE | 1790 | 438287 |
|  ServiceNow, Inc.\* | 5680 | 870119 |
|  |  | 22728167 |
|  ***Technology Hardware, Storage & Peripherals (4.9%)*** | ***Technology Hardware, Storage & Peripherals (4.9%)*** | ***Technology Hardware, Storage & Peripherals (4.9%)*** |
|  Apple, Inc. | 60564 | 16464929 |
|  Dell Technologies, Inc., Class C | 4831 | 608126 |
|  NetApp, Inc. | 3766 | 403301 |
|  Seagate Technology Holdings plc | 3760 | 1035467 |
|  |  | 18511823 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 76330279 |
|  **Materials (2.4%)** |  |  |
|  ***Chemicals (1.6%)*** |  |  |
|  Air Liquide SA | 2867 | 539964 |
|  Corteva, Inc. | 8766 | 587585 |
|  Ecolab, Inc. | 7590 | 1992527 |
|  Givaudan SA (Registered) | 280 | 1112082 |
|  Nitto Denko Corp. | 33000 | 782654 |
|  Sherwin-Williams Co. (The) | 3725 | 1207012 |
|  |  | 6221824 |
|  ***Metals & Mining (0.8%)*** |  |  |
|  Franco-Nevada Corp. | 4458 | 924080 |
|  Newmont Corp. | 8286 | 827357 |
|  Wheaton Precious Metals Corp. | 9652 | 1134710 |
|  |  | 2886147 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 9107971 |
|  **Real Estate (1.2%)** |  |  |
|  ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** |
|  Daito Trust Construction Co. Ltd. | 20500 | 390788 |
|  Daiwa House Industry Co. Ltd. | 10800 | 358391 |
|  Mitsui Fudosan Co. Ltd. | 40600 | 461493 |
|  |  | 1210672 |
|  ***Residential REITs (0.6%)*** |  |  |
|  AvalonBay Communities, Inc. (REIT) | 4795 | 869382 |
|  Equity Residential (REIT) | 9300 | 586272 |
|  Essex Property Trust, Inc. (REIT) | 1700 | 444856 |
|  Mid-America Apartment Communities, Inc. (REIT) | 3300 | 458403 |
|  |  | 2358913 |
|  **Specialized REITs (0.3%)** |  |  |
|  American Tower Corp. (REIT) | 2654 | 465963 |
|  Equinix, Inc. (REIT) | 657 | 503367 |
|  |  | 969330 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 4538915 |
|  **Utilities (3.6%)** |  |  |
|  ***Electric Utilities (1.8%)*** |  |  |
|  Enel SpA | 102593 | 1070276 |
|  Eversource Energy | 9298 | 626034 |
|  Exelon Corp. | 26699 | 1163809 |
|  Hydro One Ltd. (m) | 17164 | 683284 |
|  Iberdrola SA | 70995 | 1540596 |
|  Redeia Corp. SA | 31834 | 567530 |
|  Terna-Rete Elettrica Nazionale | 99482 | 1058515 |
|  |  | 6710044 |
|  **Gas Utilities (0.5%)** |  |  |
|  Atmos Energy Corp. | 8604 | 1442289 |
|  Osaka Gas Co. Ltd. | 15800 | 547714 |
|  |  | 1990003 |
|  **Multi-Utilities (1.3%)** |  |  |
|  Consolidated Edison, Inc. | 14800 | 1469936 |
|  E.ON SE | 55801 | 1057434 |
|  National Grid plc | 71216 | 1095790 |
|  Public Service Enterprise Group, Inc. | 8400 | 674520 |
|  Sempra | 8259 | 729187 |
|  |  | 5026867 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 13726914 |
|  **Total Common Stocks (99.5%)** *(Cost $251,323,921)* |  | 374754628 |
|  | **Number of<br>Warrants** | **Value<br>(Note 1)** |
|  WARRANTS: |  |  |
|  **Information Technology (0.0%)** |  |  |
|  ***Software (0.0%)*** |  |  |
|  Constellation Software, Inc., expiring 3/31/40 (r)\*<br>*(Cost $—)* | 200 |  |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (0.2%)** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 1274 | 1274 |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 753045 | 753346 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 754620 |
|  **Total Short-Term Investments (0.2%)**<br> *(Cost $754,620)* | **Total Short-Term Investments (0.2%)**<br> *(Cost $754,620)* | 754620 |
|  **Total Investments in Securities (99.7%)**<br> *(Cost $252,078,541)* | **Total Investments in Securities (99.7%)**<br> *(Cost $252,078,541)* | 375509248 |
|  **Other Assets Less Liabilities (0.3%)** | **Other Assets Less Liabilities (0.3%)** | 987894 |
|  **Net Assets (100%)** |  | $376497142 |

---

See Notes to Financial Statements.

------

1290 VT SMARTBETA EQUITY ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

*\** *Non-income producing.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $1,516,338 or 0.4% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $2,383,291. This was collateralized by $2,514,287 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 1/15/26 – 8/15/55 and by cash of $1,274 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*REIT* *— Real Estate Investment Trust* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $23491226 | $4971439 | $— | $28462665 |
|  Consumer Discretionary | 26549033 | 4737971 |  | 31287004 |
|  Consumer Staples | 29620639 | 10520616 |  | 40141255 |
|  Energy | 2509150 | 1298801 |  | 3807951 |
|  Financials | 59524452 | 23509003 |  | 83033455 |
|  Health Care | 25252862 | 6293641 |  | 31546503 |
|  Industrials | 40006129 | 12765587 |  | 52771716 |
|  Information Technology | 75281223 | 1049056 |  | 76330279 |
|  Materials | 6673271 | 2434700 |  | 9107971 |
|  Real Estate | 3328243 | 1210672 |  | 4538915 |
|  Utilities | 6789059 | 6937855 |  | 13726914 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 754620 |  |  | 754620 |
|  **Warrants** |  |  |  |  |
|  Information Technology |  |  | — (a) | — (a) |
|  **Total Assets** | $**299779907** | $**75729341** | $**—** | $**375509248** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**299779907** | $**75729341** | $**—** | $**375509248** |

---

(a) Value is zero.

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $106689878 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137502895 |

---

See Notes to Financial Statements.

------

1290 VT SMARTBETA EQUITY ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $128479954 |
|  Aggregate gross unrealized depreciation | (5059814) |
|  Net unrealized appreciation | $123420140 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $252089108 |

---

See Notes to Financial Statements.

------

1290 VT SMARTBETA EQUITY ESG PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $252,078,541) | $375509248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 465000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $44,241) | 44340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 996740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 40005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 2474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 377059354 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 220421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 148113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 73542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 28710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 1274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 90152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 562212 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $376497142 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $245839837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 130657305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $376497142 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $346,572,504 / 17,800,521 shares outstanding (unlimited amount authorized: $0.01 par value) | $19.47 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $29,924,638 / 1,534,133 shares outstanding (unlimited amount authorized: $0.01 par value) | $19.51 |

---

*(x)* *Includes value of securities on loan of $2,383,291.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $343,150 foreign withholding tax) | $6645871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 18727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 22918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 6687516 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2568860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 840143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 332211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 101448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 55400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 33521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 12557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 19242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 3963382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (3384) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3959998 |
|  **NET INVESTMENT INCOME (LOSS)** | 2727518 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 29060245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 9038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 29069283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 15983981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 81944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 16065925 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 45135208 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $47862726 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT SMARTBETA EQUITY ESG PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2727518 | $3068610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 29069283 | 27331810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 16065925 | 24834862 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 47862726 | 55235282 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (29524758) | (22834823) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (2643631) | (2307771) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (32168389) | (25142594) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,358,695 and 950,039 shares, respectively ] | 27125959 | 17779803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 1,500,986 and 1,181,723 shares, respectively ] | 29524758 | 22834823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2836690) and (2828492) shares, respectively ] | (55742982) | (53201301) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 907735 | (12586675) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 88,768 and 36,540 shares, respectively ] | 1775292 | 675086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 134,117 and 119,244 shares, respectively ] | 2643631 | 2307771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (398995) and (385167) shares, respectively ] | (7923947) | (7328634) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (3505024) | (4345777) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (2597289) | (16932452) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 13097048 | 13160236 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 363400094 | 350239858 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $376497142 | $363400094 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT SMARTBETA EQUITY ESG PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $18.65 | $17.15 | $15.08 | $18.15 | $15.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.14 | 0.15 | 0.18 | 0.21 | 0.19 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.45 | 2.71 | 2.30 | (2.85) | 3.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.59 | 2.86 | 2.48 | (2.64) | 3.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.15) | (0.18) | (0.22) | (0.19) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.62) | (1.18) | (0.19) | (0.24) | (1.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.77) | (1.36) | (0.41) | (0.43) | (1.31) |
|  Net asset value, end of year | $19.47 | $18.65 | $17.15 | $15.08 | $18.15 |
|  Total return | 13.95% | 16.44% | 16.49% | (14.52)% | 23.08% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $346573 | $331463 | $316924 | $296890 | $364960 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.10% | 1.10% | 1.10% | 1.10% | 1.10 %(g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.10% | 1.10% | 1.12% | 1.11% | 1.11 %(g) |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.72% | 0.82% | 1.14% | 1.32% | 1.07 %(bb) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.72% | 0.81% | 1.13% | 1.31% | 1.07 %(bb) |
|  Portfolio turnover rate^ | 29% | 28% | 30% | 31% | 39% |
| **Class K** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $18.67 | $17.18 | $15.09 | $18.17 | $15.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.19 | 0.20 | 0.23 | 0.25 | 0.23 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.47 | 2.70 | 2.31 | (2.86) | 3.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.66 | 2.90 | 2.54 | (2.61) | 3.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.20) | (0.23) | (0.26) | (0.23) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.62) | (1.18) | (0.19) | (0.24) | (1.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.82) | (1.41) | (0.45) | (0.47) | (1.35) |
|  Net asset value, end of year | $19.51 | $18.67 | $17.18 | $15.09 | $18.17 |
|  Total return | 14.31% | 16.62% | 16.88% | (14.35)% | 23.39% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $29925 | $31937 | $33315 | $32742 | $27844 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.85% | 0.85% | 0.85% | 0.85% | 0.85 %(g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.85% | 0.85% | 0.87% | 0.86% | 0.86 %(g) |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.98% | 1.08% | 1.40% | 1.58% | 1.32 %(bb) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.98% | 1.07% | 1.38% | 1.56% | 1.32 %(bb) |
|  Portfolio turnover rate^ | 29% | 28% | 30% | 31% | 39% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of less than 0.005%.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.14 and $0.18 for Class IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.29% lower.* 

See Notes to Financial Statements.

------

1290 VT SOCIALLY RESPONSIBLE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (12.3%)** | **Communication Services (12.3%)** | **Communication Services (12.3%)** |
|  ***Diversified Telecommunication Services (0.6%)*** | ***Diversified Telecommunication Services (0.6%)*** | ***Diversified Telecommunication Services (0.6%)*** |
|  Lumen Technologies, Inc.\* | 8090 | $62859 |
|  Verizon Communications, Inc. | 37159 | 1513486 |
|  |  | 1576345 |
|  ***Entertainment (1.0%)*** | ***Entertainment (1.0%)*** | ***Entertainment (1.0%)*** |
|  Electronic Arts, Inc. | 2089 | 426845 |
|  Walt Disney Co. (The) | 15837 | 1801776 |
|  Warner Bros Discovery, Inc.\* | 20579 | 593087 |
|  |  | 2821708 |
|  **Interactive Media & Services (10.6%)** | **Interactive Media & Services (10.6%)** | **Interactive Media & Services (10.6%)** |
|  Alphabet, Inc., Class A | 51209 | 16028417 |
|  Alphabet, Inc., Class C | 43022 | 13500303 |
|  ZoomInfo Technologies, Inc., Class A\* | 2704 | 27500 |
|  |  | 29556220 |
|  ***Media (0.1%)*** | ***Media (0.1%)*** | ***Media (0.1%)*** |
|  Cable One, Inc. | 49 | 5530 |
|  John Wiley & Sons, Inc., Class A | 342 | 10475 |
|  New York Times Co. (The), Class A | 1359 | 94342 |
|  Omnicom Group, Inc. | 2765 | 223274 |
|  Scholastic Corp. | 27 | 800 |
|  |  | 334421 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 34288694 |
|  **Consumer Discretionary (9.1%)** | **Consumer Discretionary (9.1%)** | **Consumer Discretionary (9.1%)** |
|  ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** |
|  Aptiv plc\* | 1875 | 142669 |
|  Autoliv, Inc. | 657 | 77986 |
|  BorgWarner, Inc. | 1883 | 84848 |
|  |  | 305503 |
|  ***Automobiles (4.1%)*** | ***Automobiles (4.1%)*** | ***Automobiles (4.1%)*** |
|  Harley-Davidson, Inc. | 1032 | 21146 |
|  Lucid Group, Inc., Class A (x)\* | 1007 | 10644 |
|  Rivian Automotive, Inc., Class A\* | 6716 | 132372 |
|  Tesla, Inc.\* | 24881 | 11189483 |
|  |  | 11353645 |
|  ***Broadline Retail (0.0%)†*** | ***Broadline Retail (0.0%)†*** | ***Broadline Retail (0.0%)†*** |
|  Kohl's Corp. | 1117 | 22798 |
|  **Distributors (0.1%)** | **Distributors (0.1%)** | **Distributors (0.1%)** |
|  Genuine Parts Co. | 1235 | 151855 |
|  LKQ Corp. | 2153 | 65021 |
|  Pool Corp. | 297 | 67939 |
|  |  | 284815 |
|  ***Hotels, Restaurants & Leisure (2.4%)*** | ***Hotels, Restaurants & Leisure (2.4%)*** | ***Hotels, Restaurants & Leisure (2.4%)*** |
|  Aramark | 2385 | 87911 |
|  Booking Holdings, Inc. | 284 | 1520914 |
|  Choice Hotels International, Inc. (x) | 276 | 26292 |
|  Darden Restaurants, Inc. | 1027 | 188988 |
|  Domino's Pizza, Inc. | 285 | 118794 |
|  Hilton Worldwide Holdings, Inc. | 2068 | 594033 |
|  Marriott International, Inc., Class A | 2030 | 629787 |
|  McDonald's Corp. | 6282 | 1919968 |
|  Royal Caribbean Cruises Ltd. | 2280 | 635937 |
|  Starbucks Corp. | 10033 | 844879 |
|  Vail Resorts, Inc. (x) | 314 | 41699 |
|  |  | 6609202 |
|  ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** |
|  Ethan Allen Interiors, Inc. | 235 | 5367 |
|  Garmin Ltd. | 1456 | 295350 |
|  La-Z-Boy, Inc. | 357 | 13305 |
|  Meritage Homes Corp. | 632 | 41586 |
|  Mohawk Industries, Inc.\* | 484 | 52901 |
|  Newell Brands, Inc. | 3777 | 14051 |
|  Whirlpool Corp. (x) | 528 | 38090 |
|  |  | 460650 |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** |
|  Hasbro, Inc. | 1180 | 96760 |
|  Mattel, Inc.\* | 2965 | 58826 |
|  Topgolf Callaway Brands Corp.\* | 827 | 9651 |
|  |  | 165237 |
|  ***Specialty Retail (1.9%)*** | ***Specialty Retail (1.9%)*** | ***Specialty Retail (1.9%)*** |
|  AutoNation, Inc.\* | 228 | 47078 |
|  Best Buy Co., Inc. | 1698 | 113647 |
|  Buckle, Inc. (The) | 201 | 10737 |
|  CarMax, Inc.\* | 1308 | 50541 |
|  GameStop Corp., Class A\* | 3908 | 78473 |
|  Gap, Inc. (The) | 2048 | 52429 |
|  Home Depot, Inc. (The) | 8763 | 3015348 |
|  Lowe's Cos., Inc. | 4930 | 1188919 |
|  Signet Jewelers Ltd. | 341 | 28262 |
|  Tractor Supply Co. | 4712 | 235647 |
|  Ulta Beauty, Inc.\* | 399 | 241399 |
|  Williams-Sonoma, Inc. | 1090 | 194663 |
|  |  | 5257143 |
|  ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** |
|  Capri Holdings Ltd.\* | 1033 | 25205 |
|  Columbia Sportswear Co. | 276 | 15205 |
|  Deckers Outdoor Corp.\* | 1273 | 131972 |
|  NIKE, Inc., Class B | 10476 | 667426 |
|  PVH Corp. | 379 | 25400 |
|  Under Armour, Inc., Class A(x)\* | 2099 | 10432 |
|  Under Armour, Inc., Class C\* | 1024 | 4915 |
|  VF Corp. | 3073 | 55560 |
|  Wolverine World Wide, Inc. | 585 | 10618 |
|  |  | 946733 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 25405726 |
|  **Consumer Staples (4.3%)** | **Consumer Staples (4.3%)** | **Consumer Staples (4.3%)** |
|  ***Beverages (1.6%)*** | ***Beverages (1.6%)*** | ***Beverages (1.6%)*** |
|  Coca-Cola Co. (The) | 35946 | 2512985 |
|  Keurig Dr Pepper, Inc. | 11443 | 320518 |
|  PepsiCo, Inc. | 12021 | 1725254 |
|  |  | 4558757 |
|  ***Consumer Staples Distribution & Retail (0.4%)*** | ***Consumer Staples Distribution & Retail (0.4%)*** | ***Consumer Staples Distribution & Retail (0.4%)*** |
|  Kroger Co. (The) | 5483 | 342578 |
|  Sysco Corp. | 4248 | 313035 |
|  Target Corp. | 4037 | 394617 |
|  United Natural Foods, Inc.\* | 460 | 15488 |
|  |  | 1065718 |

---

See Notes to Financial Statements.

------

1290 VT SOCIALLY RESPONSIBLE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Food Products (0.7%)*** | ***Food Products (0.7%)*** | ***Food Products (0.7%)*** |
|  Archer-Daniels-Midland Co. | 4169 | $239676 |
|  Bunge Global SA | 1169 | 104135 |
|  Campbell's Co. (The) (x) | 1813 | 50528 |
|  Conagra Brands, Inc. | 4143 | 71715 |
|  Darling Ingredients, Inc.\* | 1502 | 54072 |
|  General Mills, Inc. | 4720 | 219480 |
|  Hormel Foods Corp. | 2762 | 65459 |
|  Ingredion, Inc. | 602 | 66377 |
|  J M Smucker Co. (The) | 904 | 88420 |
|  Kraft Heinz Co. (The) | 7981 | 193539 |
|  Lamb Weston Holdings, Inc. | 1122 | 47001 |
|  McCormick & Co., Inc. (Non-Voting) | 2247 | 153043 |
|  Mondelez International, Inc., Class A | 11437 | 615654 |
|  |  | 1969099 |
|  ***Household Products (1.5%)*** | ***Household Products (1.5%)*** | ***Household Products (1.5%)*** |
|  Church & Dwight Co., Inc. | 2141 | 179523 |
|  Clorox Co. (The) | 1116 | 112526 |
|  Colgate-Palmolive Co. | 6791 | 536625 |
|  Kimberly-Clark Corp. | 2905 | 293086 |
|  Procter & Gamble Co. (The) | 20597 | 2951756 |
|  |  | 4073516 |
|  ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** |
|  Estee Lauder Cos., Inc. (The), Class A | 2063 | 216037 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 11883127 |
|  **Energy (1.2%)** | **Energy (1.2%)** | **Energy (1.2%)** |
|  ***Energy Equipment & Services (0.3%)*** | ***Energy Equipment & Services (0.3%)*** | ***Energy Equipment & Services (0.3%)*** |
|  Baker Hughes Co. | 8727 | 397428 |
|  Halliburton Co. | 7529 | 212769 |
|  NOV, Inc. | 3128 | 48891 |
|  TechnipFMC plc | 3563 | 158767 |
|  |  | 817855 |
|  ***Oil, Gas & Consumable Fuels (0.9%)*** | ***Oil, Gas & Consumable Fuels (0.9%)*** | ***Oil, Gas & Consumable Fuels (0.9%)*** |
|  Cheniere Energy, Inc. | 1954 | 379838 |
|  HF Sinclair Corp. | 1369 | 63084 |
|  Marathon Petroleum Corp. | 2666 | 433572 |
|  ONEOK, Inc. | 5535 | 406822 |
|  Phillips 66 | 3549 | 457963 |
|  Targa Resources Corp. | 1877 | 346306 |
|  Valero Energy Corp. | 2727 | 443928 |
|  |  | 2531513 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 3349368 |
|  **Financials (11.9%)** | **Financials (11.9%)** | **Financials (11.9%)** |
|  ***Banks (1.0%)*** | ***Banks (1.0%)*** | ***Banks (1.0%)*** |
|  Bank of Hawaii Corp. | 341 | 23314 |
|  Cathay General Bancorp | 666 | 32228 |
|  Citizens Financial Group, Inc. | 3782 | 220907 |
|  Comerica, Inc. | 1085 | 94319 |
|  Huntington Bancshares, Inc. | 13808 | 239569 |
|  International Bancshares Corp. | 523 | 34748 |
|  KeyCorp | 8060 | 166358 |
|  M&T Bank Corp. | 1371 | 276229 |
|  Old National Bancorp | 2920 | 65145 |
|  PNC Financial Services Group, Inc. (The) | 3453 | 720745 |
|  Regions Financial Corp. | 7822 | 211976 |
|  Truist Financial Corp. | 11271 | 554646 |
|  Zions Bancorp NA | 1307 | 76512 |
|  |  | 2716696 |
|  ***Capital Markets (4.2%)*** | ***Capital Markets (4.2%)*** | ***Capital Markets (4.2%)*** |
|  Ameriprise Financial, Inc. | 826 | 405021 |
|  Bank of New York Mellon Corp. (The) | 6184 | 717900 |
|  BlackRock, Inc.‡ | 1296 | 1387161 |
|  Cboe Global Markets, Inc. | 912 | 228912 |
|  Charles Schwab Corp. (The) | 15181 | 1516734 |
|  CME Group, Inc. | 3186 | 870033 |
|  FactSet Research Systems, Inc. | 347 | 100696 |
|  Franklin Resources, Inc. | 2691 | 64288 |
|  Intercontinental Exchange, Inc. | 5013 | 811905 |
|  Invesco Ltd. | 2981 | 78311 |
|  MarketAxess Holdings, Inc. | 336 | 60900 |
|  Moody's Corp. | 1415 | 722853 |
|  Morgan Stanley | 10545 | 1872054 |
|  Nasdaq, Inc. | 4072 | 395513 |
|  Northern Trust Corp. | 1709 | 233432 |
|  Raymond James Financial, Inc. | 1681 | 269952 |
|  S&P Global, Inc. | 2754 | 1439213 |
|  State Street Corp. | 2501 | 322654 |
| T. Rowe Price Group, Inc. | 1943 | 198924 |
|  |  | 11696456 |
|  ***Consumer Finance (0.8%)*** | ***Consumer Finance (0.8%)*** | ***Consumer Finance (0.8%)*** |
|  Ally Financial, Inc. | 2380 | 107790 |
|  American Express Co. | 4892 | 1809796 |
|  Synchrony Financial | 3296 | 274985 |
|  |  | 2192571 |
|  ***Financial Services (3.7%)*** | ***Financial Services (3.7%)*** | ***Financial Services (3.7%)*** |
|  Equitable Holdings, Inc.‡ | 2530 | 120554 |
|  Fidelity National Information Services, Inc. | 4659 | 309637 |
|  Mastercard, Inc., Class A | 7504 | 4283884 |
|  PayPal Holdings, Inc. | 8025 | 468499 |
|  Visa, Inc., Class A | 14954 | 5244517 |
|  Voya Financial, Inc. | 848 | 63168 |
|  Western Union Co. (The) | 3054 | 28433 |
|  |  | 10518692 |
|  ***Insurance (2.2%)*** | ***Insurance (2.2%)*** | ***Insurance (2.2%)*** |
|  Allstate Corp. (The) | 2333 | 485614 |
|  Arthur J Gallagher & Co. | 2270 | 587453 |
|  Chubb Ltd. | 3346 | 1044354 |
|  Hartford Insurance Group, Inc. (The) | 2466 | 339815 |
|  Lincoln National Corp. | 1536 | 68398 |
|  Loews Corp. | 1551 | 163336 |
|  Marsh & McLennan Cos., Inc. | 4349 | 806826 |
|  Principal Financial Group, Inc. | 2000 | 176420 |
|  Progressive Corp. (The) | 5177 | 1178906 |
|  Prudential Financial, Inc. | 3097 | 349589 |
|  Travelers Cos., Inc. (The) | 1980 | 574319 |
|  Willis Towers Watson plc | 868 | 285225 |
|  |  | 6060255 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 33184670 |
|  **Health Care (7.8%)** | **Health Care (7.8%)** | **Health Care (7.8%)** |
|  ***Biotechnology (2.8%)*** | ***Biotechnology (2.8%)*** | ***Biotechnology (2.8%)*** |
|  AbbVie, Inc. | 15552 | 3553476 |

---

See Notes to Financial Statements.

------

1290 VT SOCIALLY RESPONSIBLE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Amgen, Inc. | 4750 | $| 1554722 |
|  Biogen, Inc.\* | 1282 |  | 225619 |
|  BioMarin Pharmaceutical, Inc.\* | 1618 |  | 96158 |
|  Gilead Sciences, Inc. | 10905 |  | 1338480 |
|  Vertex Pharmaceuticals, Inc.\* | 2252 |  | 1020967 |
|  |  |  | 7789422 |
|  ***Health Care Equipment & Supplies (1.0%)*** | ***Health Care Equipment & Supplies (1.0%)*** | ***Health Care Equipment & Supplies (1.0%)*** | ***Health Care Equipment & Supplies (1.0%)*** |
|  Align Technology, Inc.\* | 590 |  | 92129 |
|  Becton Dickinson & Co. | 2540 |  | 492938 |
|  Cooper Cos., Inc. (The)\* | 1797 |  | 147282 |
|  Dentsply Sirona, Inc. | 1915 |  | 21888 |
|  Dexcom, Inc.\* | 3452 |  | 229109 |
|  Edwards Lifesciences Corp.\* | 5173 |  | 440998 |
|  Hologic, Inc.\* | 2003 |  | 149204 |
|  IDEXX Laboratories, Inc.\* | 705 |  | 476954 |
|  Insulet Corp.\* | 631 |  | 179355 |
|  ResMed, Inc. | 1269 |  | 305664 |
|  STERIS plc | 857 |  | 217267 |
|  Zimmer Biomet Holdings, Inc. | 1789 |  | 160867 |
|  |  |  | 2913655 |
|  ***Health Care Providers & Services (1.4%)*** | ***Health Care Providers & Services (1.4%)*** | ***Health Care Providers & Services (1.4%)*** | ***Health Care Providers & Services (1.4%)*** |
|  Cardinal Health, Inc. | 2100 |  | 431550 |
|  Cencora, Inc. | 1615 |  | 545466 |
|  Centene Corp.\* | 4370 |  | 179826 |
|  Cigna Group (The) | 2342 |  | 644589 |
|  DaVita, Inc.\* | 345 |  | 39195 |
|  Elevance Health, Inc. | 1988 |  | 696893 |
|  HCA Healthcare, Inc. | 1435 |  | 669944 |
|  Henry Schein, Inc.\* | 912 |  | 68929 |
|  Humana, Inc. | 1054 |  | 269961 |
|  Labcorp Holdings, Inc. | 735 |  | 184397 |
|  Pediatrix Medical Group, Inc.\* | 600 |  | 12834 |
|  Quest Diagnostics, Inc. | 1002 |  | 173877 |
|  Select Medical Holdings Corp. | 1036 |  | 15385 |
|  |  |  | 3932846 |
|  ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** |
|  Teladoc Health, Inc.\* | 1828 |  | 12796 |
|  Veeva Systems, Inc., Class A\* | 1378 |  | 307611 |
|  |  |  | 320407 |
|  ***Life Sciences Tools & Services (1.1%)*** | ***Life Sciences Tools & Services (1.1%)*** | ***Life Sciences Tools & Services (1.1%)*** | ***Life Sciences Tools & Services (1.1%)*** |
|  Agilent Technologies, Inc. | 2511 |  | 341672 |
|  Bio-Techne Corp. | 1348 |  | 79276 |
|  Danaher Corp. | 5684 |  | 1301181 |
|  Illumina, Inc.\* | 1325 |  | 173787 |
|  IQVIA Holdings, Inc.\* | 1482 |  | 334057 |
|  Mettler-Toledo International, Inc.\* | 179 |  | 249560 |
|  Revvity, Inc. | 991 |  | 95879 |
|  Waters Corp.\* | 524 |  | 199031 |
|  West Pharmaceutical Services, Inc. | 633 |  | 174164 |
|  |  |  | 2948607 |
|  ***Pharmaceuticals (1.4%)*** | ***Pharmaceuticals (1.4%)*** | ***Pharmaceuticals (1.4%)*** | ***Pharmaceuticals (1.4%)*** |
|  Bristol-Myers Squibb Co. | 17910 |  | 966065 |
|  Jazz Pharmaceuticals plc\* | 505 |  | 85850 |
|  Merck & Co., Inc. | 21989 |  | 2314562 |
|  Zoetis, Inc. | 3913 |  | 492334 |
|  |  |  | 3858811 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 21763748 |
|  **Industrials (8.1%)** | **Industrials (8.1%)** | **Industrials (8.1%)** | **Industrials (8.1%)** |
|  ***Aerospace & Defense (0.1%)*** | ***Aerospace & Defense (0.1%)*** | ***Aerospace & Defense (0.1%)*** | ***Aerospace & Defense (0.1%)*** |
|  Axon Enterprise, Inc.\* | 663 |  | 376538 |
|  ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** |
|  CH Robinson Worldwide, Inc. | 1032 |  | 165904 |
|  Expeditors International of Washington, Inc. | 1205 |  | 179557 |
|  United Parcel Service, Inc., Class B | 6501 |  | 644834 |
|  |  |  | 990295 |
|  ***Building Products (0.9%)*** | ***Building Products (0.9%)*** | ***Building Products (0.9%)*** | ***Building Products (0.9%)*** |
|  A.O. Smith Corp. | 967 |  | 64673 |
|  Allegion plc | 753 |  | 119893 |
|  Builders FirstSource, Inc.\* | 977 |  | 100523 |
|  Carrier Global Corp. | 6720 |  | 355085 |
|  Fortune Brands Innovations, Inc. | 1101 |  | 55072 |
|  Johnson Controls International plc | 5727 |  | 685808 |
|  Lennox International, Inc. | 272 |  | 132078 |
|  Masco Corp. | 1888 |  | 119812 |
|  Owens Corning | 746 |  | 83485 |
|  Trane Technologies plc | 1968 |  | 765946 |
|  |  |  | 2482375 |
|  ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** |
|  Copart, Inc.\* | 7995 |  | 313004 |
|  Deluxe Corp. | 487 |  | 10875 |
|  HNI Corp. | 650 |  | 27326 |
|  Interface, Inc., Class A | 393 |  | 10973 |
|  Tetra Tech, Inc. | 2211 |  | 74157 |
|  Veralto Corp. | 2185 |  | 218019 |
|  |  |  | 654354 |
|  ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** |
|  EMCOR Group, Inc. | 387 |  | 236763 |
|  Granite Construction, Inc. | 417 |  | 48101 |
|  Quanta Services, Inc. | 1319 |  | 556697 |
|  |  |  | 841561 |
|  ***Electrical Equipment (0.7%)*** | ***Electrical Equipment (0.7%)*** | ***Electrical Equipment (0.7%)*** | ***Electrical Equipment (0.7%)*** |
|  Acuity, Inc. | 265 |  | 95411 |
|  Eaton Corp. plc | 3416 |  | 1088030 |
|  Hubbell, Inc., Class B | 473 |  | 210064 |
|  Rockwell Automation, Inc. | 985 |  | 383234 |
|  Sensata Technologies Holding plc | 1266 |  | 42145 |
|  |  |  | 1818884 |
|  ***Ground Transportation (1.0%)*** | ***Ground Transportation (1.0%)*** | ***Ground Transportation (1.0%)*** | ***Ground Transportation (1.0%)*** |
|  ArcBest Corp. | 225 |  | 16693 |
|  Avis Budget Group, Inc. (x)\* | 166 |  | 21301 |
|  CSX Corp. | 16372 |  | 593485 |
|  JB Hunt Transport Services, Inc. | 669 |  | 130014 |
|  Knight-Swift Transportation Holdings, Inc., Class A | 1482 |  | 77479 |
|  Norfolk Southern Corp. | 1976 |  | 570511 |
|  Ryder System, Inc. | 375 |  | 71771 |
|  U-Haul Holding Co. | 922 |  | 43094 |
|  Union Pacific Corp. | 5216 |  | 1206565 |
|  |  |  | 2730913 |
|  ***Industrial Conglomerates (0.3%)*** | ***Industrial Conglomerates (0.3%)*** | ***Industrial Conglomerates (0.3%)*** | ***Industrial Conglomerates (0.3%)*** |
|  3M Co. | 4713 |  | 754551 |

---

See Notes to Financial Statements.

------

1290 VT SOCIALLY RESPONSIBLE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Machinery (3.0%)*** | ***Machinery (3.0%)*** | ***Machinery (3.0%)*** |
|  AGCO Corp. | 526 | $54872 |
|  Caterpillar, Inc. | 4124 | 2362516 |
|  CNH Industrial NV | 7775 | 71685 |
|  Cummins, Inc. | 1219 | 622238 |
|  Deere & Co. | 2252 | 1048464 |
|  Dover Corp. | 1194 | 233117 |
|  Flowserve Corp. | 1119 | 77636 |
|  Fortive Corp. | 2963 | 163587 |
|  Graco, Inc. | 1490 | 122135 |
|  IDEX Corp. | 661 | 117618 |
|  Illinois Tool Works, Inc. | 2437 | 600233 |
|  Ingersoll Rand, Inc. | 3491 | 276557 |
|  Lincoln Electric Holdings, Inc. | 494 | 118382 |
|  Middleby Corp. (The)\* | 433 | 64374 |
|  PACCAR, Inc. | 4637 | 507798 |
|  Parker-Hannifin Corp. | 1109 | 974767 |
|  Pentair plc | 1454 | 151420 |
|  Snap-on, Inc. | 457 | 157482 |
|  Stanley Black & Decker, Inc. | 1358 | 100872 |
|  Tennant Co. | 204 | 15035 |
|  Timken Co. (The) | 545 | 45851 |
|  Westinghouse Air Brake Technologies Corp. | 1508 | 321883 |
|  Xylem, Inc. | 2138 | 291153 |
|  |  | 8499675 |
|  ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** |
|  Delta Air Lines, Inc. | 1435 | 99589 |
|  ***Professional Services (0.6%)*** | ***Professional Services (0.6%)*** | ***Professional Services (0.6%)*** |
|  Automatic Data Processing, Inc. | 3570 | 918311 |
|  Broadridge Financial Solutions, Inc. | 1024 | 228526 |
|  Exponent, Inc. | 387 | 26881 |
|  ICF International, Inc. | 170 | 14501 |
|  Jacobs Solutions, Inc. | 1025 | 135771 |
|  ManpowerGroup, Inc. | 453 | 13468 |
|  Paycom Software, Inc. | 431 | 68684 |
|  Robert Half, Inc. | 836 | 22706 |
|  TransUnion | 1753 | 150320 |
|  |  | 1579168 |
|  ***Trading Companies & Distributors (0.6%)*** | ***Trading Companies & Distributors (0.6%)*** | ***Trading Companies & Distributors (0.6%)*** |
|  Air Lease Corp., Class A | 938 | 60248 |
|  Applied Industrial Technologies, Inc. | 339 | 87045 |
|  Fastenal Co. | 9999 | 401260 |
|  Ferguson Enterprises, Inc. | 1724 | 383814 |
|  United Rentals, Inc. | 566 | 458075 |
|  W.W. Grainger, Inc. | 402 | 405638 |
|  |  | 1796080 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 22623983 |
|  **Information Technology (39.4%)** | **Information Technology (39.4%)** | **Information Technology (39.4%)** |
|  ***Communications Equipment (1.2%)*** | ***Communications Equipment (1.2%)*** | ***Communications Equipment (1.2%)*** |
|  Cisco Systems, Inc. | 34801 | 2680721 |
|  F5, Inc.\* | 491 | 125333 |
|  Motorola Solutions, Inc. | 1467 | 562330 |
|  |  | 3368384 |
|  ***Electronic Equipment, Instruments & Components (0.8%)*** | ***Electronic Equipment, Instruments & Components (0.8%)*** | ***Electronic Equipment, Instruments & Components (0.8%)*** |
|  Cognex Corp. | 1465 | 52711 |
|  Corning, Inc. | 7136 | 624828 |
|  Flex Ltd.\* | 3335 | 201500 |
|  Itron, Inc.\* | 393 | 36494 |
|  Keysight Technologies, Inc.\* | 1511 | 307020 |
|  TE Connectivity plc | 2582 | 587431 |
|  Trimble, Inc.\* | 2068 | 162028 |
|  Zebra Technologies Corp., Class A\* | 434 | 105384 |
|  |  | 2077396 |
|  ***IT Services (1.7%)*** | ***IT Services (1.7%)*** | ***IT Services (1.7%)*** |
|  Accenture plc, Class A | 5463 | 1465723 |
|  Akamai Technologies, Inc.\* | 1236 | 107841 |
|  ASGN, Inc.\* | 455 | 21917 |
|  Cognizant Technology Solutions Corp., Class A | 4321 | 358643 |
|  Gartner, Inc.\* | 649 | 163730 |
|  International Business Machines Corp. | 8200 | 2428922 |
|  Okta, Inc.\* | 1499 | 129619 |
|  Twilio, Inc., Class A\* | 1325 | 188468 |
|  |  | 4864863 |
|  ***Semiconductors & Semiconductor Equipment (18.6%)*** | ***Semiconductors & Semiconductor Equipment (18.6%)*** | ***Semiconductors & Semiconductor Equipment (18.6%)*** |
|  Advanced Micro Devices, Inc.\* | 14286 | 3059490 |
|  Analog Devices, Inc. | 4332 | 1174838 |
|  Applied Materials, Inc. | 7000 | 1798930 |
|  First Solar, Inc.\* | 892 | 233017 |
|  Intel Corp.\* | 39884 | 1471720 |
|  Lam Research Corp. | 11083 | 1897188 |
|  Microchip Technology, Inc. | 4706 | 299866 |
|  NVIDIA Corp. | 213920 | 39896080 |
|  NXP Semiconductors NV | 2232 | 484478 |
|  ON Semiconductor Corp.\* | 3529 | 191095 |
|  Skyworks Solutions, Inc. | 1338 | 84843 |
|  Texas Instruments, Inc. | 8025 | 1392257 |
|  |  | 51983802 |
|  ***Software (16.4%)*** | ***Software (16.4%)*** | ***Software (16.4%)*** |
|  Adobe, Inc.\* | 3687 | 1290413 |
|  Atlassian Corp., Class A\* | 1480 | 239967 |
|  Autodesk, Inc.\* | 1878 | 555907 |
|  Cadence Design Systems, Inc.\* | 2407 | 752380 |
|  Docusign, Inc.\* | 1784 | 122026 |
|  Dynatrace, Inc.\* | 2620 | 113551 |
|  Fair Isaac Corp.\* | 213 | 360102 |
|  Fortinet, Inc.\* | 5772 | 458354 |
|  Gen Digital, Inc. | 4575 | 124394 |
|  Guidewire Software, Inc.\* | 727 | 146134 |
|  HubSpot, Inc.\* | 436 | 174967 |
|  Intuit, Inc. | 2461 | 1630216 |
|  Microsoft Corp. | 62165 | 30064237 |
|  Nutanix, Inc., Class A\* | 2266 | 117129 |
|  Oracle Corp. | 15046 | 2932616 |
|  Palo Alto Networks, Inc.\* | 5960 | 1097832 |
|  PTC, Inc.\* | 1075 | 187276 |
|  RingCentral, Inc., Class A\* | 726 | 20967 |
|  Roper Technologies, Inc. | 944 | 420203 |
|  Salesforce, Inc. | 8381 | 2220211 |
|  ServiceNow, Inc.\* | 9160 | 1403220 |
|  Synopsys, Inc.\* | 1639 | 769871 |
|  Teradata Corp.\* | 818 | 24900 |
|  Workday, Inc., Class A\* | 1897 | 407438 |
|  Zscaler, Inc.\* | 909 | 204452 |
|  |  | 45838763 |

---

See Notes to Financial Statements.

------

1290 VT SOCIALLY RESPONSIBLE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Technology Hardware, Storage & Peripherals (0.7%)*** | ***Technology Hardware, Storage & Peripherals (0.7%)*** | ***Technology Hardware, Storage & Peripherals (0.7%)*** |
|  Dell Technologies, Inc., Class C | 2890 | $363793 |
|  Hewlett Packard Enterprise Co. | 11499 | 276206 |
|  HP, Inc. | 8147 | 181515 |
|  NetApp, Inc. | 1730 | 185266 |
|  Seagate Technology Holdings plc | 1881 | 518009 |
|  Western Digital Corp. | 3058 | 526802 |
|  |  | 2051591 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 110184799 |
|  **Materials (2.4%)** | **Materials (2.4%)** | **Materials (2.4%)** |
|  ***Chemicals (1.5%)*** | ***Chemicals (1.5%)*** | ***Chemicals (1.5%)*** |
|  Air Products and Chemicals, Inc. | 1957 | 483418 |
|  Albemarle Corp. | 1030 | 145683 |
|  Axalta Coating Systems Ltd.\* | 1983 | 64071 |
|  Ecolab, Inc. | 2257 | 592508 |
|  HB Fuller Co. | 498 | 29611 |
|  International Flavors & Fragrances, Inc. | 2299 | 154929 |
|  Linde plc | 4125 | 1758859 |
|  LyondellBasell Industries NV, Class A | 2204 | 95433 |
|  Minerals Technologies, Inc. | 284 | 17310 |
|  Mosaic Co. (The) | 2863 | 68970 |
|  PPG Industries, Inc. | 1995 | 204408 |
|  Sherwin-Williams Co. (The) | 2079 | 673658 |
|  |  | 4288858 |
|  ***Construction Materials (0.4%)*** | ***Construction Materials (0.4%)*** | ***Construction Materials (0.4%)*** |
|  CRH plc | 5934 | 740563 |
|  Martin Marietta Materials, Inc. | 533 | 331878 |
|  |  | 1072441 |
|  ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** |
|  Avery Dennison Corp. | 703 | 127862 |
|  Ball Corp. | 2349 | 124427 |
|  International Paper Co. | 4331 | 170598 |
|  Sealed Air Corp. | 1373 | 56883 |
|  Sonoco Products Co. | 883 | 38534 |
|  |  | 518304 |
|  ***Metals & Mining (0.3%)*** | ***Metals & Mining (0.3%)*** | ***Metals & Mining (0.3%)*** |
|  Newmont Corp. | 9655 | 964051 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 6843654 |
|  **Real Estate (2.5%)** | **Real Estate (2.5%)** | **Real Estate (2.5%)** |
|  ***Health Care REITs (0.5%)*** | ***Health Care REITs (0.5%)*** | ***Health Care REITs (0.5%)*** |
|  Healthpeak Properties, Inc. (REIT) | 6366 | 102365 |
|  Ventas, Inc. (REIT) | 3959 | 306348 |
|  Welltower, Inc. (REIT) | 5892 | 1093614 |
|  |  | 1502327 |
|  ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** |
|  Host Hotels & Resorts, Inc. (REIT) | 6005 | 106469 |
|  ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** |
|  Prologis, Inc. (REIT) | 8143 | 1039535 |
|  ***Office REITs (0.1%)*** | ***Office REITs (0.1%)*** | ***Office REITs (0.1%)*** |
|  BXP, Inc. (REIT) | 1351 | 91165 |
|  COPT Defense Properties (REIT) | 977 | 27161 |
|  |  | 118326 |
|  ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** |
|  CBRE Group, Inc., Class A\* | 2624 | 421913 |
|  Jones Lang LaSalle, Inc.\* | 417 | 140308 |
|  |  | 562221 |
|  ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** |
|  AvalonBay Communities, Inc. (REIT) | 1265 | 229357 |
|  Equity Residential (REIT) | 3127 | 197126 |
|  |  | 426483 |
|  ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** |
|  Federal Realty Investment Trust (REIT) | 742 | 74794 |
|  Macerich Co. (The) (REIT) | 2423 | 44728 |
|  Simon Property Group, Inc. (REIT) | 2881 | 533302 |
|  |  | 652824 |
|  ***Specialized REITs (0.9%)*** | ***Specialized REITs (0.9%)*** | ***Specialized REITs (0.9%)*** |
|  American Tower Corp. (REIT) | 4130 | 725104 |
|  Crown Castle, Inc. (REIT) | 3785 | 336373 |
|  Digital Realty Trust, Inc. (REIT) | 3002 | 464439 |
|  Equinix, Inc. (REIT) | 867 | 664261 |
|  Iron Mountain, Inc. (REIT) | 2609 | 216417 |
|  SBA Communications Corp. (REIT) | 935 | 180857 |
|  |  | 2587451 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 6995636 |
|  **Utilities (0.9%)** | **Utilities (0.9%)** | **Utilities (0.9%)** |
|  ***Electric Utilities (0.2%)*** | ***Electric Utilities (0.2%)*** | ***Electric Utilities (0.2%)*** |
|  Eversource Energy | 3276 | 220573 |
|  Exelon Corp. | 8962 | 390654 |
|  |  | 611227 |
|  ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** |
|  Atmos Energy Corp. | 1411 | 236526 |
|  New Jersey Resources Corp. | 908 | 41877 |
|  UGI Corp. | 1950 | 72988 |
|  |  | 351391 |
|  ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** |
|  Ormat Technologies, Inc. | 542 | 59875 |
|  ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** |
|  Avista Corp. | 768 | 29599 |
|  CMS Energy Corp. | 2691 | 188182 |
|  Consolidated Edison, Inc. | 3154 | 313255 |
|  NiSource, Inc. | 4188 | 174891 |
|  Sempra | 5688 | 502193 |
|  |  | 1208120 |
|  ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** |
|  American Water Works Co., Inc. | 1696 | 221328 |
|  Essential Utilities, Inc. | 2367 | 90798 |
|  |  | 312126 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 2542739 |
|  **Total Common Stocks (99.9%)**<br> *(Cost $83,059,322)* |  | 279066144 |

---

See Notes to Financial Statements.

------

1290 VT SOCIALLY RESPONSIBLE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.0%)†** | **Investment Companies (0.0%)†** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 85621 | $85621 |
|  **Total Short-Term Investments (0.0%)†**<br> *(Cost $85,621)* | **Total Short-Term Investments (0.0%)†**<br> *(Cost $85,621)* | 85621 |
|  **Total Investments in Securities (99.9%)**<br> *(Cost $83,144,943)* | **Total Investments in Securities (99.9%)**<br> *(Cost $83,144,943)* | 279151765 |
|  **Other Assets Less Liabilities (0.1%)** | **Other Assets Less Liabilities (0.1%)** | 347724 |
|  **Net Assets (100%)** |  | $279499489 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $141,544. This was collateralized by $60,304 of various U.S. Government Treasury Securities, ranging from 0.250% – 4.625%, maturing 5/31/27 – 2/15/52 and by cash of $85,621 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*REIT* *— Real Estate Investment Trust* 

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Capital Markets** |  |  |  |  |  |  |  |  |  |
|  BlackRock, Inc. | 1296 | 1496661 |  | (167999) | 92485 | (33986) | 1387161 | 28248 |  |
|  **Financial Services** |  |  |  |  |  |  |  |  |  |
|  Equitable Holdings, Inc. | 2530 | 146651 |  | (29366) | 14913 | (11644) | 120554 | 2911 |  |
|  **Total** |  | **1643312** |  | **(197365)** | **107398** | **(45630)** | **1507715** | **31159** |  |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $34288694 | $— | $— | $34288694 |
|  Consumer Discretionary | 25405726 |  |  | 25405726 |
|  Consumer Staples | 11883127 |  |  | 11883127 |
|  Energy | 3349368 |  |  | 3349368 |
|  Financials | 33184670 |  |  | 33184670 |
|  Health Care | 21763748 |  |  | 21763748 |
|  Industrials | 22623983 |  |  | 22623983 |
|  Information Technology | 110184799 |  |  | 110184799 |
|  Materials | 6843654 |  |  | 6843654 |
|  Real Estate | 6995636 |  |  | 6995636 |
|  Utilities | 2542739 |  |  | 2542739 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 85621 |  |  | 85621 |
|  **Total Assets** | $**279151765** | $**—** | $**—** | $**279151765** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**279151765** | $**—** | $**—** | $**279151765** |

---

See Notes to Financial Statements.

------

1290 VT SOCIALLY RESPONSIBLE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $5710191 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34801722 |

---

During the year ended December 31, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 17%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 7%)\*** | **Net Realized<br>Gain (Loss)** |
| $978003 | $2606090 | $1702845 |

---

\* Represents percentage/amount of total Purchases and/or Sales.

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $203040021 |
|  Aggregate gross unrealized depreciation | (7069260) |
|  Net unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195970761 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $83181004 |

---

See Notes to Financial Statements.

------

1290 VT SOCIALLY RESPONSIBLE PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $337,154) | $1507715.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $82,807,789) | 277644050.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 596552.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 160730.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 24295.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 174.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1042.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 279934558.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 118699.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 100047.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 85621.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 59349.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 21318.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 50035.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 435069.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $279499489.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $80528116.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 198971373.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $279499489.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $279,499,489 / 11,327,003 shares outstanding (unlimited amount authorized: $0.01 par value) | $24.68 |

---

*(x)* *Includes value of securities on loan of $141,544.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($31,159 of dividend income received from affiliates) (net of $1,065 foreign withholding tax) | $3308784.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 19039.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 2254.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 3330077.0 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1323062.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 661531.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 239496.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 60700.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 58615.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 26218.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 8998.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 5083.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2383703.0 |
|  **NET INVESTMENT INCOME (LOSS)** | 946374.0 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities ($107,398 realized gain (loss) from affiliates) | 19483807.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities ($(45630) of change in unrealized appreciation (depreciation) from affiliates) | 21685219.0 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 41169026.0 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $42115400.0 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT SOCIALLY RESPONSIBLE PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $946374 | $1138615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 19483807 | 14981747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 21685219 | 34715074 |
|  **NET INCREASE (DECRASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 42115400 | 50835436 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (21096701) | (13274397) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 2,259 shares, respectively ] |  | 48011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (212954) shares, respectively ] |  | (4913631) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (23562) shares, respectively ] |  | (489858) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (5355478) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 587,699 and 669,668 shares, respectively ] | 13973951 | 14691276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 217,755 shares, respectively ] |  | 4913631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 851,751 and 564,457 shares, respectively ] | 21096701 | 13274397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1871957) and (1835995) shares, respectively ] | (44141952) | (40663687) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (9071300) | (7784383) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (9071300) | (13139861) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 11947399 | 24421178 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 267552090 | 243130912 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $279499489 | $267552090 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT SOCIALLY RESPONSIBLE PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $22.75 | $19.63 | $15.84 | $20.60 | $16.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.09 | 0.10 | 0.12 | 0.11 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.81 | 4.19 | 4.22 | (4.66) | 4.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.90 | 4.29 | 4.34 | (4.55) | 4.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.09) | (0.10) | (0.14) | (0.11) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.88) | (1.07) | (0.41) | (0.10) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.97) | (1.17) | (0.55) | (0.21) | (0.33) |
|  Net asset value, end of year | $24.68 | $22.75 | $19.63 | $15.84 | $20.60 |
|  Total return | 17.23% | 21.70% | 27.50% | (22.12)% | 30.29% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $279499 | $267552 | $238428 | $200319 | $274262 |
|  Ratio of expenses to average net assets (f) | 0.90% | 0.90% | 0.92% | 0.91% | 0.90% |
|  Ratio of net investment income (loss) to average net assets (f) | 0.36% | 0.45% | 0.65% | 0.67% | 0.51% |
|  Portfolio turnover rate^ | 2% | 2% | 3% | 5% | 10% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

------

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (9.3%)** | **Communication Services (9.3%)** | **Communication Services (9.3%)** |
|  ***Diversified Telecommunication Services (0.6%)*** | ***Diversified Telecommunication Services (0.6%)*** | ***Diversified Telecommunication Services (0.6%)*** |
|  AT&T, Inc. | 299394 | $7436947 |
|  Verizon Communications, Inc. | 178351 | 7264236 |
|  |  | 14701183 |
|  ***Entertainment (1.2%)*** | ***Entertainment (1.2%)*** | ***Entertainment (1.2%)*** |
|  Electronic Arts, Inc. | 9568 | 1955029 |
|  Live Nation Entertainment, Inc.\* | 6576 | 937080 |
|  Netflix, Inc.\* | 178962 | 16779477 |
|  Take-Two Interactive Software, Inc.\* | 7293 | 1867227 |
|  TKO Group Holdings, Inc., Class A | 2933 | 612997 |
|  Walt Disney Co. (The) | 75419 | 8580420 |
|  Warner Bros Discovery, Inc.\* | 104765 | 3019327 |
|  |  | 33751557 |
|  ***Interactive Media & Services (7.0%)*** | ***Interactive Media & Services (7.0%)*** | ***Interactive Media & Services (7.0%)*** |
|  Alphabet, Inc., Class A | 232273 | 72701449 |
|  Alphabet, Inc., Class C | 185681 | 58266698 |
|  Match Group, Inc. | 10003 | 322997 |
|  Meta Platforms, Inc., Class A | 91898 | 60660951 |
|  |  | 191952095 |
|  ***Media (0.3%)*** | ***Media (0.3%)*** | ***Media (0.3%)*** |
|  Charter Communications, Inc., Class A\* | 3806 | 794502 |
|  Comcast Corp., Class A | 153522 | 4588773 |
|  Fox Corp., Class A | 8608 | 628987 |
|  Fox Corp., Class B | 5738 | 372568 |
|  News Corp., Class A | 16411 | 428655 |
|  News Corp., Class B(x) | 5645 | 167262 |
|  Omnicom Group, Inc. | 13371 | 1079708 |
|  Paramount Skydance Corp., Class B(x) | 11594 | 155360 |
|  Trade Desk, Inc. (The), Class A\* | 18139 | 688556 |
|  |  | 8904371 |
|  ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** |
|  T-Mobile US, Inc. | 20454 | 4152980 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 253462186 |
|  **Consumer Discretionary (9.4%)** | **Consumer Discretionary (9.4%)** | **Consumer Discretionary (9.4%)** |
|  ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** |
|  Aptiv plc\* | 9481 | 721409 |
|  ***Automobiles (2.2%)*** | ***Automobiles (2.2%)*** | ***Automobiles (2.2%)*** |
|  Ford Motor Co. | 165436 | 2170520 |
|  General Motors Co. | 39473 | 3209944 |
|  Tesla, Inc.\* | 118669 | 53367823 |
|  |  | 58748287 |
|  ***Broadline Retail (3.5%)*** | ***Broadline Retail (3.5%)*** | ***Broadline Retail (3.5%)*** |
|  Amazon.com, Inc.\* | 410840 | 94830089 |
|  eBay, Inc. | 19078 | 1661694 |
|  |  | 96491783 |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** |
|  Genuine Parts Co. | 5917 | 727555 |
|  Pool Corp. | 1459 | 333746 |
|  |  | 1061301 |
|  ***Hotels, Restaurants & Leisure (1.7%)*** | ***Hotels, Restaurants & Leisure (1.7%)*** | ***Hotels, Restaurants & Leisure (1.7%)*** |
|  Airbnb, Inc., Class A\* | 18088 | 2454903 |
|  Booking Holdings, Inc. | 1373 | $7352868 |
|  Carnival Corp.\* | 45833 | 1399740 |
|  Chipotle Mexican Grill, Inc.\* | 55860 | 2066820 |
|  Darden Restaurants, Inc. | 5086 | 935926 |
|  Domino's Pizza, Inc. | 1319 | 549786 |
|  DoorDash, Inc., Class A\* | 15698 | 3555283 |
|  Expedia Group, Inc. | 5044 | 1429016 |
|  Hilton Worldwide Holdings, Inc. | 9756 | 2802411 |
|  Las Vegas Sands Corp. | 12790 | 832501 |
|  Marriott International, Inc., Class A | 9344 | 2898883 |
|  McDonald's Corp. | 30256 | 9247141 |
|  MGM Resorts International(x)\* | 9267 | 338153 |
|  Norwegian Cruise Line Holdings Ltd.\* | 19639 | 438342 |
|  Royal Caribbean Cruises Ltd. | 10781 | 3007036 |
|  Starbucks Corp. | 48114 | 4051680 |
|  Wynn Resorts Ltd. | 3643 | 438362 |
|  Yum! Brands, Inc. | 11740 | 1776027 |
|  |  | 45574878 |
|  ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** |
|  DR Horton, Inc. | 11733 | 1689904 |
|  Garmin Ltd. | 6844 | 1388305 |
|  Lennar Corp., Class A | 9192 | 944938 |
|  NVR, Inc.\* | 118 | 860547 |
|  PulteGroup, Inc. | 8292 | 972320 |
|  |  | 5856014 |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** |
|  Hasbro, Inc. | 5941 | 487162 |
|  ***Specialty Retail (1.5%)*** | ***Specialty Retail (1.5%)*** | ***Specialty Retail (1.5%)*** |
|  AutoZone, Inc.\* | 714 | 2421531 |
|  Best Buy Co., Inc. | 8538 | 571448 |
|  Carvana Co.\* | 5972 | 2520304 |
|  Home Depot, Inc. (The) | 42163 | 14508288 |
|  Lowe's Cos., Inc. | 23751 | 5727791 |
|  O'Reilly Automotive, Inc.\* | 35914 | 3275716 |
|  Ross Stores, Inc. | 13859 | 2496560 |
|  TJX Cos., Inc. (The) | 47214 | 7252543 |
|  Tractor Supply Co. | 22327 | 1116573 |
|  Ulta Beauty, Inc.\* | 1916 | 1159199 |
|  Williams-Sonoma, Inc. | 5081 | 907416 |
|  |  | 41957369 |
|  ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** |
|  Deckers Outdoor Corp.\* | 6021 | 624197 |
|  Lululemon Athletica, Inc.\* | 4655 | 967356 |
|  NIKE, Inc., Class B | 50304 | 3204868 |
|  Ralph Lauren Corp. | 1699 | 600783 |
|  Tapestry, Inc. | 8791 | 1123226 |
|  |  | 6520430 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 257418633 |
|  **Consumer Staples (4.3%)** | **Consumer Staples (4.3%)** | **Consumer Staples (4.3%)** |
|  ***Beverages (0.9%)*** | ***Beverages (0.9%)*** | ***Beverages (0.9%)*** |
|  Brown-Forman Corp., Class B(x) | 7886 | 205509 |
|  Coca-Cola Co. (The) | 163810 | 11451957 |
|  Constellation Brands, Inc., Class A | 5962 | 822517 |
|  Keurig Dr Pepper, Inc. | 57268 | 1604077 |
|  Molson Coors Beverage Co., Class B | 7170 | 334696 |
|  Monster Beverage Corp.\* | 29925 | 2294350 |
|  PepsiCo, Inc. | 57931 | 8314257 |
|  |  | 25027363 |

---

See Notes to Financial Statements.

------

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Consumer Staples Distribution & Retail (1.6%)*** | ***Consumer Staples Distribution & Retail (1.6%)*** | ***Consumer Staples Distribution & Retail (1.6%)*** |
|  Costco Wholesale Corp. | 18790 | $16203369 |
|  Dollar General Corp. | 9393 | 1247109 |
|  Dollar Tree, Inc.\* | 8230 | 1012372 |
|  Kroger Co. (The) | 25760 | 1609485 |
|  Sysco Corp. | 20280 | 1494433 |
|  Target Corp. | 19048 | 1861942 |
|  Walmart, Inc. | 185215 | 20634803 |
|  |  | 44063513 |
|  ***Food Products (0.4%)*** | ***Food Products (0.4%)*** | ***Food Products (0.4%)*** |
|  Archer-Daniels-Midland Co. | 20291 | 1166530 |
|  Bunge Global SA | 5965 | 531362 |
|  Campbell's Co. (The)(x) | 8077 | 225106 |
|  Conagra Brands, Inc. | 19824 | 343153 |
|  General Mills, Inc. | 22095 | 1027418 |
|  Hershey Co. (The) | 6443 | 1172497 |
|  Hormel Foods Corp. | 12940 | 306678 |
|  J M Smucker Co. (The) | 4608 | 450708 |
|  Kraft Heinz Co. (The) | 35682 | 865288 |
|  Lamb Weston Holdings, Inc. | 5865 | 245685 |
|  McCormick & Co., Inc. (Non-Voting) | 10498 | 715019 |
|  Mondelez International, Inc., Class A | 54725 | 2945847 |
|  Tyson Foods, Inc., Class A | 12056 | 706723 |
|  |  | 10702014 |
|  ***Household Products (0.7%)*** | ***Household Products (0.7%)*** | ***Household Products (0.7%)*** |
|  Church & Dwight Co., Inc. | 10095 | 846465 |
|  Clorox Co. (The) | 5236 | 527946 |
|  Colgate-Palmolive Co. | 34195 | 2702089 |
|  Kimberly-Clark Corp. | 13964 | 1408828 |
|  Procter & Gamble Co. (The) | 98710 | 14146130 |
|  |  | 19631458 |
|  ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** |
|  Estee Lauder Cos., Inc. (The), Class A | 10249 | 1073275 |
|  Kenvue, Inc. | 82482 | 1422815 |
|  |  | 2496090 |
|  ***Tobacco (0.6%)*** | ***Tobacco (0.6%)*** | ***Tobacco (0.6%)*** |
|  Altria Group, Inc. | 71096 | 4099395 |
|  Philip Morris International, Inc. | 65934 | 10575814 |
|  |  | 14675209 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 116595647 |
|  **Energy (2.5%)** | **Energy (2.5%)** | **Energy (2.5%)** |
|  ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** |
|  Baker Hughes Co. | 41777 | 1902524 |
|  Halliburton Co. | 36435 | 1029653 |
|  SLB Ltd. | 63176 | 2424695 |
|  |  | 5356872 |
|  ***Oil, Gas & Consumable Fuels (2.3%)*** | ***Oil, Gas & Consumable Fuels (2.3%)*** | ***Oil, Gas & Consumable Fuels (2.3%)*** |
|  APA Corp. | 15487 | 378812 |
|  Chevron Corp.# | 80021 | 12196001 |
|  ConocoPhillips | 52143 | 4881106 |
|  Coterra Energy, Inc. | 32887 | 865586 |
|  Devon Energy Corp. | 26551 | 972563 |
|  Diamondback Energy, Inc. | 7946 | 1194522 |
|  EOG Resources, Inc. | 23096 | 2425311 |
|  EQT Corp. | 26150 | 1401640 |
|  Expand Energy Corp. | 10195 | 1125120 |
|  Exxon Mobil Corp. | 178100 | 21432554 |
|  Kinder Morgan, Inc. | 82757 | 2274990 |
|  Marathon Petroleum Corp. | 12816 | 2084266 |
|  Occidental Petroleum Corp. | 30357 | 1248280 |
|  ONEOK, Inc. | 26483 | 1946501 |
|  Phillips 66 | 17148 | 2212778 |
|  Targa Resources Corp. | 9158 | 1689651 |
|  Texas Pacific Land Corp. | 2541 | 729826 |
|  Valero Energy Corp. | 12962 | 2110084 |
|  Williams Cos., Inc. (The) | 51720 | 3108889 |
|  |  | 64278480 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 69635352 |
|  **Financials (12.1%)** | **Financials (12.1%)** | **Financials (12.1%)** |
|  ***Banks (3.3%)*** | ***Banks (3.3%)*** | ***Banks (3.3%)*** |
|  Bank of America Corp. | 283690 | 15602950 |
|  Citigroup, Inc. | 75646 | 8827132 |
|  Citizens Financial Group, Inc. | 18320 | 1070071 |
|  Fifth Third Bancorp | 28025 | 1311850 |
|  Huntington Bancshares, Inc. | 65680 | 1139548 |
|  JPMorgan Chase & Co. | 115045 | 37069800 |
|  KeyCorp | 38478 | 794186 |
|  M&T Bank Corp. | 6670 | 1343872 |
|  PNC Financial Services Group, Inc. (The) | 16708 | 3487461 |
|  Regions Financial Corp. | 37343 | 1011995 |
|  Truist Financial Corp. | 54433 | 2678648 |
|  US Bancorp | 65818 | 3512048 |
|  Wells Fargo & Co. | 132610 | 12359252 |
|  |  | 90208813 |
|  ***Capital Markets (3.1%)*** | ***Capital Markets (3.1%)*** | ***Capital Markets (3.1%)*** |
|  Ameriprise Financial, Inc. | 4024 | 1973128 |
|  Ares Management Corp., Class A | 8628 | 1394544 |
|  Bank of New York Mellon Corp. (The) | 29330 | 3404920 |
|  BlackRock, Inc.‡ | 6147 | 6579380 |
|  Blackstone, Inc. | 31259 | 4818262 |
|  Cboe Global Markets, Inc. | 4535 | 1138285 |
|  Charles Schwab Corp. (The) | 70593 | 7052947 |
|  CME Group, Inc. | 15281 | 4172935 |
|  Coinbase Global, Inc., Class A\* | 9652 | 2182703 |
|  FactSet Research Systems, Inc. | 1508 | 437607 |
|  Franklin Resources, Inc. | 14039 | 335392 |
|  Goldman Sachs Group, Inc. (The) | 12713 | 11174727 |
|  Interactive Brokers Group, Inc., Class A | 18717 | 1203690 |
|  Intercontinental Exchange, Inc. | 24231 | 3924453 |
|  Invesco Ltd. | 19175 | 503727 |
|  KKR & Co., Inc. | 29080 | 3707118 |
|  Moody's Corp. | 6584 | 3363436 |
|  Morgan Stanley | 50974 | 9049414 |
|  MSCI, Inc. | 3207 | 1839952 |
|  Nasdaq, Inc. | 19247 | 1869461 |
|  Northern Trust Corp. | 8252 | 1127141 |
|  Raymond James Financial, Inc. | 7662 | 1230441 |
|  Robinhood Markets, Inc., Class A\* | 32932 | 3724609 |
|  S&P Global, Inc. | 13132 | 6862652 |
|  State Street Corp. | 11777 | 1519351 |
| T. Rowe Price Group, Inc. | 9360 | 958277 |
|  |  | 85548552 |

---

See Notes to Financial Statements.

------

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** |
|  American Express Co. | 22758 | $8419322 |
|  Capital One Financial Corp. | 26870 | 6512213 |
|  Synchrony Financial | 15449 | 1288910 |
|  |  | 16220445 |
|  ***Financial Services (3.5%)*** | ***Financial Services (3.5%)*** | ***Financial Services (3.5%)*** |
|  Apollo Global Management, Inc. | 19539 | 2828465 |
|  Berkshire Hathaway, Inc., Class B\* | 77521 | 38965931 |
|  Block, Inc., Class A\* | 23256 | 1513733 |
|  Corpay, Inc.\* | 3039 | 914526 |
|  Fidelity National Information Services, Inc. | 22095 | 1468434 |
|  Fiserv, Inc.\* | 22713 | 1525632 |
|  Global Payments, Inc. | 10367 | 802406 |
|  Jack Henry & Associates, Inc. | 3166 | 577732 |
|  Mastercard, Inc., Class A | 34661 | 19787272 |
|  PayPal Holdings, Inc. | 39200 | 2288496 |
|  Visa, Inc., Class A | 71347 | 25022106 |
|  |  | 95694733 |
|  ***Insurance (1.6%)*** | ***Insurance (1.6%)*** | ***Insurance (1.6%)*** |
|  Aflac, Inc. | 19862 | 2190183 |
|  Allstate Corp. (The) | 11112 | 2312963 |
|  American International Group, Inc. | 22860 | 1955673 |
|  Aon plc, Class A | 9203 | 3247555 |
|  Arch Capital Group Ltd.\* | 15310 | 1468535 |
|  Arthur J Gallagher & Co. | 10941 | 2831421 |
|  Assurant, Inc. | 2127 | 512288 |
|  Brown & Brown, Inc. | 12180 | 970746 |
|  Chubb Ltd. | 15552 | 4854090 |
|  Cincinnati Financial Corp. | 6659 | 1087548 |
|  Erie Indemnity Co., Class A | 1164 | 333661 |
|  Everest Group Ltd. | 1800 | 610830 |
|  Globe Life, Inc. | 3346 | 467972 |
|  Hartford Insurance Group, Inc. (The) | 11864 | 1634859 |
|  Loews Corp. | 7052 | 742646 |
|  Marsh & McLennan Cos., Inc. | 20782 | 3855477 |
|  MetLife, Inc. | 23641 | 1866220 |
|  Principal Financial Group, Inc. | 8363 | 737700 |
|  Progressive Corp. (The) | 24819 | 5651783 |
|  Prudential Financial, Inc. | 14922 | 1684395 |
|  Travelers Cos., Inc. (The) | 9508 | 2757890 |
|  W.R. Berkley Corp. | 12788 | 896695 |
|  Willis Towers Watson plc | 4136 | 1359090 |
|  |  | 44030220 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 331702763 |
|  **Health Care (8.7%)** | **Health Care (8.7%)** | **Health Care (8.7%)** |
|  ***Biotechnology (1.5%)*** | ***Biotechnology (1.5%)*** | ***Biotechnology (1.5%)*** |
|  AbbVie, Inc. | 74793 | 17089452 |
|  Amgen, Inc. | 22777 | 7455140 |
|  Biogen, Inc.\* | 6229 | 1096242 |
|  Gilead Sciences, Inc. | 52557 | 6450846 |
|  Incyte Corp.\* | 7083 | 699588 |
|  Moderna, Inc.\* | 14168 | 417814 |
|  Regeneron Pharmaceuticals, Inc. | 4276 | 3300516 |
|  Vertex Pharmaceuticals, Inc.\* | 10724 | 4861833 |
|  |  | 41371431 |
|  ***Health Care Equipment & Supplies (1.9%)*** | ***Health Care Equipment & Supplies (1.9%)*** | ***Health Care Equipment & Supplies (1.9%)*** |
|  Abbott Laboratories | 73682 | 9231618 |
|  Align Technology, Inc.\* | 2980 | 465327 |
|  Baxter International, Inc.(x) | 20513 | 392004 |
|  Becton Dickinson & Co. | 12090 | 2346306 |
|  Boston Scientific Corp.\* | 62740 | 5982259 |
|  Cooper Cos., Inc. (The)\* | 8170 | 669613 |
|  Dexcom, Inc.\* | 16747 | 1111498 |
|  Edwards Lifesciences Corp.\* | 24758 | 2110620 |
|  GE HealthCare Technologies, Inc. | 19214 | 1575932 |
|  Hologic, Inc.\* | 9116 | 679051 |
|  IDEXX Laboratories, Inc.\* | 3415 | 2310350 |
|  Insulet Corp.\* | 3071 | 872901 |
|  Intuitive Surgical, Inc.\* | 15052 | 8524851 |
|  Medtronic plc | 54283 | 5214425 |
|  ResMed, Inc. | 6155 | 1482555 |
|  Solventum Corp.\* | 6314 | 500321 |
|  STERIS plc | 4215 | 1068587 |
|  Stryker Corp. | 14585 | 5126190 |
|  Zimmer Biomet Holdings, Inc. | 8411 | 756317 |
|  |  | 50420725 |
|  ***Health Care Providers & Services (1.5%)*** | ***Health Care Providers & Services (1.5%)*** | ***Health Care Providers & Services (1.5%)*** |
|  Cardinal Health, Inc. | 10092 | 2073906 |
|  Cencora, Inc. | 8275 | 2794881 |
|  Centene Corp.\* | 19278 | 793290 |
|  Cigna Group (The) | 11292 | 3107897 |
|  CVS Health Corp. | 53732 | 4264172 |
|  DaVita, Inc.(x)\* | 1618 | 183821 |
|  Elevance Health, Inc. | 9357 | 3280096 |
|  HCA Healthcare, Inc. | 6754 | 3153172 |
|  Henry Schein, Inc.\* | 4579 | 346081 |
|  Humana, Inc. | 5191 | 1329571 |
|  Labcorp Holdings, Inc. | 3554 | 891628 |
|  McKesson Corp. | 5243 | 4300780 |
|  Molina Healthcare, Inc.\* | 2119 | 367731 |
|  Quest Diagnostics, Inc. | 4696 | 814897 |
|  UnitedHealth Group, Inc. | 38354 | 12661039 |
|  Universal Health Services, Inc., Class B | 2402 | 523684 |
|  |  | 40886646 |
|  ***Life Sciences Tools & Services (0.8%)*** | ***Life Sciences Tools & Services (0.8%)*** | ***Life Sciences Tools & Services (0.8%)*** |
|  Agilent Technologies, Inc. | 11928 | 1623043 |
|  Bio-Techne Corp. | 6657 | 391498 |
|  Charles River Laboratories International, Inc.\* | 2179 | 434667 |
|  Danaher Corp. | 26588 | 6086525 |
|  IQVIA Holdings, Inc.\* | 7177 | 1617768 |
|  Mettler-Toledo International, Inc.\* | 879 | 1225493 |
|  Revvity, Inc.(x) | 4872 | 471366 |
|  Thermo Fisher Scientific, Inc. | 15921 | 9225423 |
|  Waters Corp.\* | 2487 | 944637 |
|  West Pharmaceutical Services, Inc. | 3084 | 848532 |
|  |  | 22868952 |
|  ***Pharmaceuticals (3.0%)*** | ***Pharmaceuticals (3.0%)*** | ***Pharmaceuticals (3.0%)*** |
|  Bristol-Myers Squibb Co. | 86171 | 4648064 |
|  Eli Lilly & Co. | 33612 | 36122144 |
|  Johnson & Johnson | 101972 | 21103105 |
|  Merck & Co., Inc. | 104843 | 11035774 |
|  Pfizer, Inc. | 240556 | 5989845 |
|  Viatris, Inc. | 46932 | 584303 |
|  Zoetis, Inc. | 18814 | 2367178 |
|  |  | 81850413 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 237398167 |

---

See Notes to Financial Statements.

------

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Industrials (7.4%)** | **Industrials (7.4%)** | **Industrials (7.4%)** |
|  ***Aerospace & Defense (2.0%)*** | ***Aerospace & Defense (2.0%)*** | ***Aerospace & Defense (2.0%)*** |
|  Axon Enterprise, Inc.\* | 3310 | $1879848 |
|  Boeing Co. (The)\* | 33084 | 7183198 |
|  GE Aerospace | 44612 | 13741835 |
|  General Dynamics Corp. | 10776 | 3627848 |
|  Howmet Aerospace, Inc. | 17105 | 3506867 |
|  Huntington Ingalls Industries, Inc. | 1730 | 588321 |
|  L3Harris Technologies, Inc. | 7955 | 2335349 |
|  Lockheed Martin Corp. | 8656 | 4186648 |
|  Northrop Grumman Corp. | 5744 | 3275286 |
|  RTX Corp. | 56728 | 10403915 |
|  Textron, Inc. | 7803 | 680188 |
|  TransDigm Group, Inc. | 2405 | 3198289 |
|  |  | 54607592 |
|  ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** |
|  CH Robinson Worldwide, Inc. | 5020 | 807015 |
|  Expeditors International of Washington, Inc. | 5730 | 853827 |
|  FedEx Corp. | 9262 | 2675421 |
|  United Parcel Service, Inc., Class B | 31214 | 3096117 |
|  |  | 7432380 |
|  ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** |
|  A.O. Smith Corp. | 5139 | 343696 |
|  Allegion plc | 3803 | 605514 |
|  Builders FirstSource, Inc.\* | 4496 | 462593 |
|  Carrier Global Corp. | 33742 | 1782927 |
|  Johnson Controls International plc | 25846 | 3095059 |
|  Lennox International, Inc. | 1389 | 674471 |
|  Masco Corp. | 8517 | 540489 |
|  Trane Technologies plc | 9496 | 3695843 |
|  |  | 11200592 |
|  ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** |
|  Cintas Corp. | 14519 | 2730588 |
|  Copart, Inc.\* | 38274 | 1498427 |
|  Republic Services, Inc. | 8662 | 1835738 |
|  Rollins, Inc. | 12368 | 742327 |
|  Veralto Corp. | 10730 | 1070640 |
|  Waste Management, Inc. | 15717 | 3453182 |
|  |  | 11330902 |
|  ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** |
|  Comfort Systems USA, Inc. | 1488 | 1388735 |
|  EMCOR Group, Inc. | 1902 | 1163625 |
|  Quanta Services, Inc. | 6360 | 2684302 |
|  |  | 5236662 |
|  ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** |
|  AMETEK, Inc. | 9857 | 2023741 |
|  Eaton Corp. plc | 16515 | 5260193 |
|  Emerson Electric Co. | 23820 | 3161390 |
|  GE Vernova, Inc. | 11519 | 7528473 |
|  Generac Holdings, Inc.\* | 2520 | 343652 |
|  Hubbell, Inc., Class B | 2233 | 991698 |
|  Rockwell Automation, Inc. | 4799 | 1867147 |
|  |  | 21176294 |
|  ***Ground Transportation (0.7%)*** | ***Ground Transportation (0.7%)*** | ***Ground Transportation (0.7%)*** |
|  CSX Corp. | 78866 | 2858892 |
|  JB Hunt Transport Services, Inc. | 3341 | 649290 |
|  Norfolk Southern Corp. | 9575 | 2764494 |
|  Old Dominion Freight Line, Inc. | 7927 | 1242954 |
|  Uber Technologies, Inc.\* | 88205 | 7207231 |
|  Union Pacific Corp. | 25111 | 5808676 |
|  |  | 20531537 |
|  ***Industrial Conglomerates (0.3%)*** | ***Industrial Conglomerates (0.3%)*** | ***Industrial Conglomerates (0.3%)*** |
|  3M Co. | 22532 | 3607373 |
|  Honeywell International, Inc. | 26897 | 5247336 |
|  |  | 8854709 |
|  ***Machinery (1.5%)*** | ***Machinery (1.5%)*** | ***Machinery (1.5%)*** |
|  Caterpillar, Inc. | 19894 | 11396676 |
|  Cummins, Inc. | 5881 | 3001956 |
|  Deere & Co. | 10650 | 4958321 |
|  Dover Corp. | 5722 | 1117163 |
|  Fortive Corp. | 13476 | 744010 |
|  IDEX Corp. | 3075 | 547166 |
|  Illinois Tool Works, Inc. | 11221 | 2763732 |
|  Ingersoll Rand, Inc. | 15302 | 1212224 |
|  Nordson Corp. | 2242 | 539044 |
|  Otis Worldwide Corp. | 16550 | 1445643 |
|  PACCAR, Inc. | 22087 | 2418747 |
|  Parker-Hannifin Corp. | 5391 | 4738473 |
|  Pentair plc | 7104 | 739811 |
|  Snap-on, Inc. | 2150 | 740890 |
|  Stanley Black & Decker, Inc. | 6561 | 487351 |
|  Westinghouse Air Brake Technologies Corp. | 7413 | 1582305 |
|  Xylem, Inc. | 10389 | 1414774 |
|  |  | 39848286 |
|  ***Passenger Airlines (0.2%)*** | ***Passenger Airlines (0.2%)*** | ***Passenger Airlines (0.2%)*** |
|  Delta Air Lines, Inc. | 27201 | 1887750 |
|  Southwest Airlines Co. | 21813 | 901531 |
|  United Airlines Holdings, Inc.\* | 13556 | 1515832 |
|  |  | 4305113 |
|  ***Professional Services (0.4%)*** | ***Professional Services (0.4%)*** | ***Professional Services (0.4%)*** |
|  Automatic Data Processing, Inc. | 17187 | 4421012 |
|  Broadridge Financial Solutions, Inc. | 5006 | 1117189 |
|  Dayforce, Inc.\* | 7141 | 493872 |
|  Equifax, Inc. | 5352 | 1161277 |
|  Jacobs Solutions, Inc. | 5268 | 697799 |
|  Leidos Holdings, Inc. | 5407 | 975423 |
|  Paychex, Inc. | 13525 | 1517235 |
|  Paycom Software, Inc. | 2209 | 352026 |
|  Verisk Analytics, Inc. | 5963 | 1333863 |
|  |  | 12069696 |
|  ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** |
|  Fastenal Co. | 48235 | 1935670 |
|  United Rentals, Inc. | 2747 | 2223202 |
|  W.W. Grainger, Inc. | 1878 | 1894996 |
|  |  | 6053868 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 202647631 |
|  **Information Technology (31.0%)** | **Information Technology (31.0%)** | **Information Technology (31.0%)** |
|  ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** |
|  Arista Networks, Inc.\* | 43687 | 5724308 |
|  Cisco Systems, Inc. | 166440 | 12820873 |
|  F5, Inc.\* | 2369 | 604711 |
|  Motorola Solutions, Inc. | 7099 | 2721189 |
|  |  | 21871081 |

---

See Notes to Financial Statements.

------

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** |
|  Amphenol Corp., Class A | 51709 | $6987954 |
|  CDW Corp. | 5422 | 738476 |
|  Corning, Inc. | 33070 | 2895609 |
|  Jabil, Inc. | 4640 | 1058013 |
|  Keysight Technologies, Inc.\* | 7346 | 1492634 |
|  TE Connectivity plc | 12511 | 2846378 |
|  Teledyne Technologies, Inc.\* | 1958 | 1000009 |
|  Trimble, Inc.\* | 10251 | 803166 |
|  Zebra Technologies Corp., Class A\* | 2160 | 524491 |
|  |  | 18346730 |
|  ***IT Services (0.9%)*** | ***IT Services (0.9%)*** | ***IT Services (0.9%)*** |
|  Accenture plc, Class A | 26188 | 7026240 |
|  Akamai Technologies, Inc.\* | 6413 | 559534 |
|  Cognizant Technology Solutions Corp., Class A | 20491 | 1700753 |
|  EPAM Systems, Inc.\* | 2335 | 478395 |
|  Gartner, Inc.\* | 3201 | 807548 |
|  GoDaddy, Inc., Class A\* | 5751 | 713584 |
|  International Business Machines Corp. | 39457 | 11687558 |
|  VeriSign, Inc. | 3647 | 886039 |
|  |  | 23859651 |
|  ***Semiconductors & Semiconductor Equipment (12.8%)*** | ***Semiconductors & Semiconductor Equipment (12.8%)*** | ***Semiconductors & Semiconductor Equipment (12.8%)*** |
|  Advanced Micro Devices, Inc.\* | 68762 | 14726070 |
|  Analog Devices, Inc. | 20783 | 5636350 |
|  Applied Materials, Inc. | 33714 | 8664161 |
|  Broadcom, Inc. | 199133 | 68919931 |
|  First Solar, Inc.\* | 4661 | 1217593 |
|  Intel Corp.\* | 186408 | 6878455 |
|  KLA Corp. | 5632 | 6843331 |
|  Lam Research Corp. | 53131 | 9094965 |
|  Microchip Technology, Inc. | 22933 | 1461291 |
|  Micron Technology, Inc. | 47464 | 13546700 |
|  Monolithic Power Systems, Inc. | 2037 | 1846255 |
|  NVIDIA Corp. | 1026101 | 191367836 |
|  NXP Semiconductors NV | 10645 | 2310604 |
|  ON Semiconductor Corp.\* | 16930 | 916759 |
|  Qnity Electronics, Inc. | 8629 | 704558 |
|  QUALCOMM, Inc. | 45322 | 7752328 |
|  Skyworks Solutions, Inc. | 6151 | 390035 |
|  Teradyne, Inc. | 6789 | 1314079 |
|  Texas Instruments, Inc. | 38501 | 6679538 |
|  |  | 350270839 |
|  ***Software (9.3%)*** | ***Software (9.3%)*** | ***Software (9.3%)*** |
|  Adobe, Inc.\* | 17702 | 6195523 |
|  AppLovin Corp., Class A\* | 11454 | 7717934 |
|  Autodesk, Inc.\* | 9134 | 2703755 |
|  Cadence Design Systems, Inc.\* | 11530 | 3604047 |
|  Crowdstrike Holdings, Inc., Class A\* | 10638 | 4986669 |
|  Datadog, Inc., Class A\* | 13727 | 1866735 |
|  Fair Isaac Corp.\* | 1025 | 1732886 |
|  Fortinet, Inc.\* | 26728 | 2122471 |
|  Gen Digital, Inc. | 22873 | 621917 |
|  Intuit, Inc. | 11805 | 7819868 |
|  Microsoft Corp. | 313926 | 151820892 |
|  Oracle Corp. | 70429 | 13727316 |
|  Palantir Technologies, Inc., Class A\* | 96373 | 17130301 |
|  Palo Alto Networks, Inc.\* | 28507 | 5250989 |
|  PTC, Inc.\* | 4967 | 865301 |
|  Roper Technologies, Inc. | 4553 | 2026677 |
|  Salesforce, Inc. | 40194 | 10647793 |
|  ServiceNow, Inc.\* | 43990 | 6738828 |
|  Synopsys, Inc.\* | 7897 | 3709379 |
|  Tyler Technologies, Inc.\* | 1880 | 853426 |
|  Workday, Inc., Class A\* | 9218 | 1979842 |
|  |  | 254122549 |
|  ***Technology Hardware, Storage & Peripherals (6.6%)*** | ***Technology Hardware, Storage & Peripherals (6.6%)*** | ***Technology Hardware, Storage & Peripherals (6.6%)*** |
|  Apple, Inc.# | 624019 | 169645805 |
|  Dell Technologies, Inc., Class C | 12644 | 1591627 |
|  Hewlett Packard Enterprise Co. | 55282 | 1327874 |
|  HP, Inc. | 40729 | 907442 |
|  NetApp, Inc. | 8351 | 894309 |
|  Sandisk Corp.\* | 5751 | 1365172 |
|  Seagate Technology Holdings plc | 9077 | 2499715 |
|  Super Micro Computer, Inc.\* | 21763 | 637003 |
|  Western Digital Corp. | 14707 | 2533575 |
|  |  | 181402522 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 849873372 |
|  **Materials (1.7%)** | **Materials (1.7%)** | **Materials (1.7%)** |
|  ***Chemicals (0.9%)*** | ***Chemicals (0.9%)*** | ***Chemicals (0.9%)*** |
|  Air Products and Chemicals, Inc. | 9458 | 2336315 |
|  Albemarle Corp. | 5029 | 711302 |
|  CF Industries Holdings, Inc. | 6620 | 511991 |
|  Corteva, Inc. | 28426 | 1905395 |
|  Dow, Inc. | 29743 | 695391 |
|  DuPont de Nemours, Inc. | 17209 | 691802 |
|  Ecolab, Inc. | 10794 | 2833641 |
|  International Flavors & Fragrances, Inc. | 10694 | 720668 |
|  Linde plc | 19687 | 8394340 |
|  LyondellBasell Industries NV, Class A | 10847 | 469675 |
|  Mosaic Co. (The) | 12478 | 300595 |
|  PPG Industries, Inc. | 9276 | 950419 |
|  Sherwin-Williams Co. (The) | 9797 | 3174522 |
|  |  | 23696056 |
|  ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** |
|  CRH plc | 28321 | 3534461 |
|  Martin Marietta Materials, Inc. | 2558 | 1592764 |
|  Vulcan Materials Co. | 5722 | 1632029 |
|  |  | 6759254 |
|  ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** |
|  Amcor plc | 96083 | 801332 |
|  Avery Dennison Corp. | 3363 | 611663 |
|  Ball Corp. | 11629 | 615988 |
|  International Paper Co. | 21778 | 857835 |
|  Packaging Corp. of America | 3786 | 780787 |
|  Smurfit WestRock plc | 21516 | 832024 |
|  |  | 4499629 |
|  ***Metals & Mining (0.4%)*** | ***Metals & Mining (0.4%)*** | ***Metals & Mining (0.4%)*** |
|  Freeport-McMoRan, Inc. | 60778 | 3086915 |
|  Newmont Corp. | 46381 | 4631143 |
|  Nucor Corp. | 9603 | 1566345 |
|  Steel Dynamics, Inc. | 5888 | 997721 |
|  |  | 10282124 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 45237063 |

---

See Notes to Financial Statements.

------

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Real Estate (1.6%)** | **Real Estate (1.6%)** | **Real Estate (1.6%)** |
|  ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 6743 | $330002 |
|  Healthpeak Properties, Inc. (REIT) | 28834 | 463651 |
|  Ventas, Inc. (REIT) | 19364 | 1498386 |
|  Welltower, Inc. (REIT) | 28545 | 5298238 |
|  |  | 7590277 |
|  ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** |
|  Host Hotels & Resorts, Inc. (REIT) | 26031 | 461530 |
|  ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** |
|  Prologis, Inc. (REIT) | 39309 | 5018187 |
|  ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** |
|  BXP, Inc. (REIT)(x) | 6488 | 437810 |
|  ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** |
|  CBRE Group, Inc., Class A\* | 12409 | 1995243 |
|  CoStar Group, Inc.\* | 17659 | 1187391 |
|  |  | 3182634 |
|  ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** |
|  AvalonBay Communities, Inc. (REIT) | 5948 | 1078432 |
|  Camden Property Trust (REIT) | 4403 | 484682 |
|  Equity Residential (REIT) | 14746 | 929588 |
|  Essex Property Trust, Inc. (REIT) | 2727 | 713601 |
|  Invitation Homes, Inc. (REIT) | 23333 | 648424 |
|  Mid-America Apartment Communities, Inc. (REIT) | 5189 | 720804 |
|  UDR, Inc. (REIT) | 12864 | 471852 |
|  |  | 5047383 |
|  ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** |
|  Federal Realty Investment Trust (REIT) | 3569 | 359755 |
|  Kimco Realty Corp. (REIT) | 28399 | 575648 |
|  Realty Income Corp. (REIT) | 38822 | 2188396 |
|  Regency Centers Corp. (REIT) | 6883 | 475134 |
|  Simon Property Group, Inc. (REIT) | 13794 | 2553407 |
|  |  | 6152340 |
|  ***Specialized REITs (0.6%)*** | ***Specialized REITs (0.6%)*** | ***Specialized REITs (0.6%)*** |
|  American Tower Corp. (REIT) | 19885 | 3491209 |
|  Crown Castle, Inc. (REIT) | 18449 | 1639563 |
|  Digital Realty Trust, Inc. (REIT) | 13683 | 2116897 |
|  Equinix, Inc. (REIT) | 4177 | 3200250 |
|  Extra Space Storage, Inc. (REIT) | 9016 | 1174063 |
|  Iron Mountain, Inc. (REIT) | 12590 | 1044340 |
|  Public Storage (REIT) | 6740 | 1749030 |
|  SBA Communications Corp. (REIT) | 4613 | 892293 |
|  VICI Properties, Inc. (REIT), Class A | 45473 | 1278701 |
|  Weyerhaeuser Co. (REIT) | 29778 | 705441 |
|  |  | 17291787 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 45181948 |
|  **Utilities (2.0%)** | **Utilities (2.0%)** | **Utilities (2.0%)** |
|  ***Electric Utilities (1.3%)*** | ***Electric Utilities (1.3%)*** | ***Electric Utilities (1.3%)*** |
|  Alliant Energy Corp. | 11377 | 739619 |
|  American Electric Power Co., Inc. | 22625 | 2608889 |
|  Constellation Energy Corp. | 13234 | 4675175 |
|  Duke Energy Corp. | 32989 | 3866641 |
|  Edison International | 16341 | 980787 |
|  Entergy Corp. | 18930 | 1749700 |
|  Evergy, Inc. | 10122 | 733744 |
|  Eversource Energy | 15504 | 1043884 |
|  Exelon Corp. | 42806 | 1865913 |
|  FirstEnergy Corp. | 22654 | 1014219 |
|  NextEra Energy, Inc. | 87390 | 7015669 |
|  NRG Energy, Inc. | 8140 | 1296214 |
|  PG&E Corp. | 93920 | 1509294 |
|  Pinnacle West Capital Corp. | 4842 | 429485 |
|  PPL Corp. | 31229 | 1093640 |
|  Southern Co. (The) | 46550 | 4059160 |
|  Xcel Energy, Inc. | 24680 | 1822865 |
|  |  | 36504898 |
|  ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** |
|  Atmos Energy Corp. | 6776 | 1135861 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  AES Corp. (The) | 28484 | 408461 |
|  Vistra Corp. | 13443 | 2168759 |
|  |  | 2577220 |
|  ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** |
|  Ameren Corp. | 11342 | 1132612 |
|  CenterPoint Energy, Inc. | 27157 | 1041199 |
|  CMS Energy Corp. | 13128 | 918041 |
|  Consolidated Edison, Inc. | 15029 | 1492680 |
|  Dominion Energy, Inc. | 36024 | 2110646 |
|  DTE Energy Co. | 8912 | 1149470 |
|  NiSource, Inc. | 20197 | 843427 |
|  Public Service Enterprise Group, Inc. | 21107 | 1694892 |
|  Sempra | 27602 | 2436981 |
|  WEC Energy Group, Inc. | 13932 | 1469269 |
|  |  | 14289217 |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** |
|  American Water Works Co., Inc. | 8360 | 1090980 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 55598176 |
|  **Total Common Stocks (90.0%)**<br> *(Cost $517,936,549)* |  | 2464750938 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (3.0%)** | **Investment Companies (3.0%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 1305688 | 1305688 |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 81072033 | 81104461 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 82410149 |
|  **Total Short-Term Investments (3.0%)**<br> *(Cost $82,399,556)* | **Total Short-Term Investments (3.0%)**<br> *(Cost $82,399,556)* | 82410149 |
|  **Total Investments in Securities (93.0%)**<br> *(Cost $600,336,105)* | **Total Investments in Securities (93.0%)**<br> *(Cost $600,336,105)* | 2547161087 |
|  **Other Assets Less Liabilities (7.0%)** | **Other Assets Less Liabilities (7.0%)** | 192256755 |
|  **Net Assets (100%)** |  | $2739417842 |

---

See Notes to Financial Statements.

------

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $5,569,040.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $1,405,927. This was collateralized by $143,998 of various U.S. Government Treasury Securities, ranging from 0.125% – 4.750%, maturing 10/15/26 – 5/15/55 and by cash of $1,305,688 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at<br>Cost ($)** | **Proceeds<br>from**<br>**Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in**<br>**Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Capital Markets** |  |  |  |  |  |  |  |  |  |
|  BlackRock, Inc. | 4463 | 5629904 |  | (1072747) | 719023 | (499253) | 4776927 | 103882 |  |

---

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount**<br>**($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)**<br>**($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P 500 E-Mini Index | 798 | 3/2026 | USD | 275010750 | 360743 |
|  |  |  |  |  | 360743 |

---

See Notes to Financial Statements.

------

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $253462186 | $— | $— | $253462186 |
|  Consumer Discretionary | 257418633 |  |  | 257418633 |
|  Consumer Staples | 116595647 |  |  | 116595647 |
|  Energy | 69635352 |  |  | 69635352 |
|  Financials | 331702763 |  |  | 331702763 |
|  Health Care | 237398167 |  |  | 237398167 |
|  Industrials | 202647631 |  |  | 202647631 |
|  Information Technology | 849873372 |  |  | 849873372 |
|  Materials | 45237063 |  |  | 45237063 |
|  Real Estate | 45181948 |  |  | 45181948 |
|  Utilities | 55598176 |  |  | 55598176 |
|  **Futures** | 360743 |  |  | 360743 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 82410149 |  |  | 82410149 |
|  **Total Assets** | $**2547521830** | $**—** | $**—** | $**2547521830** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**2547521830** | $**—** | $**—** | $**2547521830** |

---

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets — Unrealized appreciation | $360743 \* |
|  **Total** |  | $360743 |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

See Notes to Financial Statements.

------

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(85682250) | $(85682250) |
|  **Total** | $(85682250) | $(85682250) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $9413945 | $9413945 |
|  **Total** | $9413945 | $9413945 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $252689000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 647254000 |

---

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $65318549.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $505687101.0 |

---

During the year ended December 31, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 26%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 6%)\*** | **Net Realized<br>Gain (Loss)** |
| $16800720 | $32480680 | $22381611 |

---

\* Represents percentage/amount of total Purchases and/or Sales.

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1981008389 |
|  Aggregate gross unrealized depreciation | (35627004) |
|  Net unrealized appreciation | $1945381385 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $602140445 |

---

See Notes to Financial Statements.

------

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $790,865) | $4776927.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $599,545,240) | 2542384160.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 176447813.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 19662400.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 2028201.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 2232.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 411.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 11195.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 2745313339.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 2070125.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 1305688.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 1037530.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1034626.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 289926.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 157602.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5895497.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $2739417842.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1011350868.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1728066974.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $2739417842.0 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $2,739,417,842 / 196,451,231 shares outstanding (unlimited amount authorized: $0.01 par value) | $13.94 |

---

*(x)* *Includes value of securities on loan of $1,405,927.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($103,882 of dividend income received from affiliates) (net of $7,738 foreign withholding tax) | $33927342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 7997286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 20916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 41945544 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 12124483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 3414664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 167439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 141192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 107500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 93742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 77383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 16126403 |
|  **NET INVESTMENT INCOME (LOSS)** | 25819141 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($719,023 realized gain (loss) from affiliates) | 368629200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (85682250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 282946950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($(499253) of change in unrealized appreciation (depreciation) from affiliates) | 7733514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 9413945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 17147459 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 300094409 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $325913550 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $25819141 | $33463865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 282946950 | 546452961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 17147459 | 52395163 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 325913550 | 632311989 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (411639736) | (550894074) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 6,762,246 and 863,484 shares, respectively ] | 87034411 | 14411841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 28,991,121 and 36,305,950 shares,<br>respectively ] | 411639736 | 550894074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (33015106) and (44161881) shares, respectively ] | (486246363) | (714023422) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 12427784 | (148717507) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (73298402) | (67299592) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2812716244 | 2880015836 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $2739417842 | $2812716244 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $14.52 | $14.35 | $12.58 | $16.88 | $14.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.14 | 0.19 | 0.18 | 0.14 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.61 | 3.36 | 2.98 | (3.54) | 3.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.75 | 3.55 | 3.16 | (3.40) | 4.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.15) | (0.22) | (0.19) | (0.15) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.18) | (3.16) | (1.20) | (0.75) | (2.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.33) | (3.38) | (1.39) | (0.90) | (2.16) |
|  Net asset value, end of year | $13.94 | $14.52 | $14.35 | $12.58 | $16.88 |
|  Total return | 12.15% | 24.18% | 25.54% | (20.28)% | 27.86% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $2739418 | $2812716 | $2880016 | $2537689 | $3593669 |
|  Ratio of expenses to average net assets (f) | 0.59% | 0.59% | 0.59% | 0.58% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets (f) | 0.94% | 1.15% | 1.26% | 0.97% | 0.69% |
|  Portfolio turnover rate ^ | 3% | 2% | 2% | 2% | 3% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

------

ATM MID CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (1.8%)** | **Communication Services (1.8%)** | **Communication Services (1.8%)** |
|  ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** |
|  Frontier Communications Parent, Inc.\* | 20700 | $788049 |
|  ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** |
|  Warner Music Group Corp., Class A | 12352 | 378836 |
|  ***Interactive Media & Services (0.5%)*** | ***Interactive Media & Services (0.5%)*** | ***Interactive Media & Services (0.5%)*** |
|  Pinterest, Inc., Class A\* | 49087 | 1270862 |
|  ZoomInfo Technologies, Inc., Class A\* | 22801 | 231886 |
|  |  | 1502748 |
|  ***Media (0.9%)*** | ***Media (0.9%)*** | ***Media (0.9%)*** |
|  EchoStar Corp., Class A(x)\* | 11227 | 1220375 |
|  New York Times Co. (The), Class A | 13353 | 926965 |
|  Nexstar Media Group, Inc., Class A | 2492 | 506001 |
|  |  | 2653341 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 5322974 |
|  **Consumer Discretionary (10.4%)** | **Consumer Discretionary (10.4%)** | **Consumer Discretionary (10.4%)** |
|  ***Automobile Components (1.0%)*** | ***Automobile Components (1.0%)*** | ***Automobile Components (1.0%)*** |
|  Autoliv, Inc. | 5874 | 697244 |
|  BorgWarner, Inc. | 17478 | 787559 |
|  Gentex Corp. | 18177 | 422979 |
|  Goodyear Tire & Rubber Co. (The)\* | 24245 | 212386 |
|  Lear Corp. | 4381 | 502062 |
|  Visteon Corp. | 2288 | 217589 |
|  |  | 2839819 |
|  ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** |
|  Harley-Davidson, Inc. | 9597 | 196642 |
|  Thor Industries, Inc. | 4489 | 460886 |
|  |  | 657528 |
|  ***Broadline Retail (0.3%)*** | ***Broadline Retail (0.3%)*** | ***Broadline Retail (0.3%)*** |
|  Macy's, Inc. | 22780 | 502299 |
|  Ollie's Bargain Outlet Holdings, Inc.\* | 5090 | 557915 |
|  |  | 1060214 |
|  ***Diversified Consumer Services (0.9%)*** | ***Diversified Consumer Services (0.9%)*** | ***Diversified Consumer Services (0.9%)*** |
|  Duolingo, Inc., Class A\* | 3329 | 584240 |
|  Graham Holdings Co., Class B | 277 | 304312 |
|  Grand Canyon Education, Inc.\* | 2237 | 372036 |
|  H&R Block, Inc. | 10468 | 456195 |
|  Service Corp. International | 11834 | 922697 |
|  |  | 2639480 |
|  ***Hotels, Restaurants & Leisure (2.3%)*** | ***Hotels, Restaurants & Leisure (2.3%)*** | ***Hotels, Restaurants & Leisure (2.3%)*** |
|  Aramark | 22028 | 811952 |
|  Boyd Gaming Corp. | 4829 | 411624 |
|  Cava Group, Inc.\* | 8245 | 483899 |
|  Choice Hotels International, Inc.(x) | 1667 | 158798 |
|  Churchill Downs, Inc. | 5556 | 632162 |
|  Hilton Grand Vacations, Inc.\* | 4851 | 217082 |
|  Hyatt Hotels Corp., Class A | 3539 | 567372 |
|  Planet Fitness, Inc., Class A\* | 6908 | 749311 |
|  Texas Roadhouse, Inc., Class A | 5484 | 910344 |
|  Travel + Leisure Co. | 5353 | 377547 |
|  Vail Resorts, Inc. | 3047 | 404642 |
|  Wingstop, Inc. | 2308 | 550435 |
|  Wyndham Hotels & Resorts, Inc. | 6370 | 481317 |
|  |  | 6756485 |
|  ***Household Durables (1.6%)*** | ***Household Durables (1.6%)*** | ***Household Durables (1.6%)*** |
|  KB Home | 5114 | 288481 |
|  Somnigroup International, Inc. | 17551 | 1566953 |
|  Taylor Morrison Home Corp., Class A\* | 8116 | 477789 |
|  Toll Brothers, Inc. | 8132 | 1099609 |
|  TopBuild Corp.\* | 2332 | 972887 |
|  Whirlpool Corp.(x) | 4696 | 338769 |
|  |  | 4744488 |
|  ***Leisure Products (0.5%)*** | ***Leisure Products (0.5%)*** | ***Leisure Products (0.5%)*** |
|  Brunswick Corp. | 5577 | 414037 |
|  Mattel, Inc.\* | 26182 | 519451 |
|  Polaris, Inc. | 4488 | 283866 |
|  YETI Holdings, Inc.\* | 6248 | 275974 |
|  |  | 1493328 |
|  ***Specialty Retail (3.1%)*** | ***Specialty Retail (3.1%)*** | ***Specialty Retail (3.1%)*** |
|  Abercrombie & Fitch Co., Class A\* | 3903 | 491271 |
|  AutoNation, Inc.\* | 2272 | 469123 |
|  Bath & Body Works, Inc. | 17328 | 347946 |
|  Burlington Stores, Inc.\* | 5191 | 1499420 |
|  Chewy, Inc., Class A\* | 18648 | 616316 |
|  Dick's Sporting Goods, Inc. | 5517 | 1092200 |
|  Five Below, Inc.\* | 4583 | 863254 |
|  Floor & Decor Holdings, Inc., Class A\* | 8983 | 546975 |
|  GameStop Corp., Class A\* | 34408 | 690913 |
|  Gap, Inc. (The) | 18982 | 485939 |
|  Lithia Motors, Inc., Class A | 2037 | 676956 |
|  Murphy USA, Inc. | 1426 | 575420 |
|  Penske Automotive Group, Inc. | 1607 | 254372 |
|  RH(x)\* | 1282 | 229670 |
|  Valvoline, Inc.\* | 10713 | 311320 |
|  |  | 9151095 |
|  ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** |
|  Capri Holdings Ltd.\* | 9906 | 241706 |
|  Columbia Sportswear Co. | 1880 | 103569 |
|  Crocs, Inc.\* | 4342 | 371328 |
|  PVH Corp. | 4031 | 270158 |
|  VF Corp. | 27822 | 503022 |
|  |  | 1489783 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 30832220 |
|  **Consumer Staples (3.9%)** | **Consumer Staples (3.9%)** | **Consumer Staples (3.9%)** |
|  ***Beverages (0.5%)*** | ***Beverages (0.5%)*** | ***Beverages (0.5%)*** |
|  Boston Beer Co., Inc. (The), Class A\* | 642 | 125274 |
|  Celsius Holdings, Inc.\* | 13327 | 609577 |
|  Coca-Cola Consolidated, Inc. | 4768 | 730934 |
|  |  | 1465785 |
|  ***Consumer Staples Distribution & Retail (2.4%)*** | ***Consumer Staples Distribution & Retail (2.4%)*** | ***Consumer Staples Distribution & Retail (2.4%)*** |
|  Albertsons Cos., Inc., Class A | 33628 | 577393 |
|  BJ's Wholesale Club Holdings, Inc.\* | 10933 | 984298 |
|  Casey's General Stores, Inc. | 3095 | 1710637 |
|  Maplebear, Inc.\* | 15254 | 686125 |
|  Performance Food Group Co.\* | 13024 | 1171118 |
|  Sprouts Farmers Market, Inc.\* | 8036 | 640228 |
|  US Foods Holding Corp.\* | 18523 | 1395152 |
|  |  | 7164951 |

---

See Notes to Financial Statements.

------

ATM MID CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Food Products (0.7%)*** | ***Food Products (0.7%)*** | ***Food Products (0.7%)*** |
|  Darling Ingredients, Inc.\* | 13243 | $476748 |
|  Flowers Foods, Inc. | 17207 | 187212 |
|  Ingredion, Inc. | 5395 | 594853 |
|  Marzetti Co. (The) | 1642 | 269978 |
|  Pilgrim's Pride Corp. | 3633 | 141651 |
|  Post Holdings, Inc.\* | 3971 | 393327 |
|  |  | 2063769 |
|  ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** |
|  BellRing Brands, Inc.\* | 10395 | 277858 |
|  Coty, Inc., Class A\* | 33855 | 104273 |
|  e.l.f. Beauty, Inc.\* | 4961 | 377235 |
|  |  | 759366 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 11453871 |
|  **Energy (3.6%)** | **Energy (3.6%)** | **Energy (3.6%)** |
|  ***Energy Equipment & Services (0.9%)*** | ***Energy Equipment & Services (0.9%)*** | ***Energy Equipment & Services (0.9%)*** |
|  NOV, Inc. | 31390 | 490626 |
|  TechnipFMC plc | 33638 | 1498909 |
|  Valaris Ltd.\* | 5471 | 275739 |
|  Weatherford International plc | 6032 | 472064 |
|  |  | 2737338 |
|  ***Oil, Gas & Consumable Fuels (2.7%)*** | ***Oil, Gas & Consumable Fuels (2.7%)*** | ***Oil, Gas & Consumable Fuels (2.7%)*** |
|  Antero Midstream Corp. | 27913 | 496572 |
|  Antero Resources Corp.\* | 24321 | 838102 |
|  Chord Energy Corp. | 4770 | 442179 |
|  Civitas Resources, Inc. | 6446 | 174622 |
|  CNX Resources Corp.\* | 11092 | 407853 |
|  DT Midstream, Inc. | 8405 | 1005910 |
|  HF Sinclair Corp. | 13090 | 603187 |
|  Matador Resources Co. | 9694 | 411413 |
|  Murphy Oil Corp. | 11142 | 348188 |
|  Ovintiv, Inc. | 21336 | 836158 |
|  PBF Energy, Inc., Class A | 7067 | 191657 |
|  Permian Resources Corp. | 58614 | 822354 |
|  Range Resources Corp. | 19618 | 691731 |
|  Viper Energy, Inc., Class A | 13889 | 536532 |
|  |  | 7806458 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 10543796 |
|  **Financials (15.0%)** | **Financials (15.0%)** | **Financials (15.0%)** |
|  ***Banks (6.0%)*** | ***Banks (6.0%)*** | ***Banks (6.0%)*** |
|  Associated Banc-Corp. | 12342 | 317930 |
|  Bank OZK | 8961 | 412385 |
|  Cadence Bank | 15513 | 664577 |
|  Columbia Banking System, Inc. | 25177 | 703697 |
|  Comerica, Inc. | 10723 | 932150 |
|  Commerce Bancshares, Inc. | 11009 | 576211 |
|  Cullen/Frost Bankers, Inc. | 5355 | 678104 |
|  East West Bancorp, Inc. | 11702 | 1315188 |
|  First Financial Bankshares, Inc. | 9822 | 293383 |
|  First Horizon Corp. | 41707 | 996797 |
|  Flagstar Bank NA | 24870 | 313113 |
|  FNB Corp. | 30934 | 528971 |
|  Glacier Bancorp, Inc. | 10737 | 472965 |
|  Hancock Whitney Corp. | 6991 | 445187 |
|  Home BancShares, Inc. | 15326 | 425756 |
|  International Bancshares Corp. | 4301 | 285758 |
|  Old National Bancorp | 29345 | 654687 |
|  Pinnacle Financial Partners, Inc. | 6420 | 612532 |
|  Prosperity Bancshares, Inc. | 7951 | 549494 |
|  SouthState Bank Corp. | 8455 | 795700 |
|  Synovus Financial Corp. | 11660 | 583583 |
|  Texas Capital Bancshares, Inc.\* | 3678 | 333006 |
|  UMB Financial Corp. | 6062 | 697373 |
|  United Bankshares, Inc. | 11379 | 436954 |
|  Valley National Bancorp | 42258 | 493574 |
|  Webster Financial Corp. | 13627 | 857683 |
|  Western Alliance Bancorp | 8728 | 733763 |
|  Wintrust Financial Corp. | 5787 | 809138 |
|  Zions Bancorp NA | 12699 | 743400 |
|  |  | 17663059 |
|  ***Capital Markets (2.8%)*** | ***Capital Markets (2.8%)*** | ***Capital Markets (2.8%)*** |
|  Affiliated Managers Group, Inc. | 2418 | 697061 |
|  Carlyle Group, Inc. (The) | 22174 | 1310705 |
|  Evercore, Inc., Class A | 3291 | 1119763 |
|  Federated Hermes, Inc., Class B | 6592 | 343245 |
|  Hamilton Lane, Inc., Class A | 3479 | 467265 |
|  Houlihan Lokey, Inc., Class A | 4692 | 817299 |
|  Janus Henderson Group plc | 11360 | 540395 |
|  Jefferies Financial Group, Inc. | 14067 | 871732 |
|  Morningstar, Inc. | 1960 | 425928 |
|  SEI Investments Co. | 8032 | 658785 |
|  Stifel Financial Corp. | 9024 | 1129985 |
|  |  | 8382163 |
|  ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** |
|  Ally Financial, Inc. | 24234 | 1097558 |
|  FirstCash Holdings, Inc. | 3425 | 545876 |
|  SLM Corp. | 17911 | 484672 |
|  |  | 2128106 |
|  ***Financial Services (1.2%)*** | ***Financial Services (1.2%)*** | ***Financial Services (1.2%)*** |
|  Corebridge Financial, Inc. | 6403 | 193178 |
|  Equitable Holdings, Inc.‡ | 6863 | 327022 |
|  Essent Group Ltd. | 8837 | 574493 |
|  Euronet Worldwide, Inc.\* | 3797 | 288990 |
|  MGIC Investment Corp. | 20662 | 603744 |
|  Shift4 Payments, Inc., Class A(x)\* | 5982 | 376687 |
|  Voya Financial, Inc. | 8843 | 658715 |
|  WEX, Inc.\* | 3088 | 460050 |
|  |  | 3482879 |
|  ***Insurance (3.7%)*** | ***Insurance (3.7%)*** | ***Insurance (3.7%)*** |
|  American Financial Group, Inc. | 5956 | 814066 |
|  Brighthouse Financial, Inc.\* | 4842 | 313713 |
|  CNO Financial Group, Inc. | 8753 | 371740 |
|  F&G Annuities & Life, Inc. | 1319 | 40691 |
|  Fidelity National Financial, Inc. | 21895 | 1195248 |
|  First American Financial Corp. | 8734 | 536617 |
|  Hanover Insurance Group, Inc. (The) | 2988 | 546117 |
|  Kemper Corp. | 4992 | 202376 |
|  Kinsale Capital Group, Inc. | 1851 | 723963 |
|  Old Republic International Corp. | 19331 | 882267 |
|  Primerica, Inc. | 2925 | 755703 |
|  Reinsurance Group of America, Inc. | 5577 | 1134696 |
|  RenaissanceRe Holdings Ltd. | 3962 | 1113956 |

---

See Notes to Financial Statements.

------

ATM MID CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  RLI Corp. | 7421 | $| 474796 |
|  Ryan Specialty Holdings, Inc., Class A | 9606 |  | 495958 |
|  Selective Insurance Group, Inc. | 5094 |  | 426215 |
|  Unum Group | 13364 |  | 1035710 |
|  |  |  | 11063832 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.6%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.6%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.6%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.6%)*** |
|  Annaly Capital Management, Inc. (REIT) | 55678 |  | 1244960 |
|  Starwood Property Trust, Inc. (REIT) | 30681 |  | 552565 |
|  |  |  | 1797525 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 44517564 |
|  **Health Care (8.0%)** | **Health Care (8.0%)** | **Health Care (8.0%)** | **Health Care (8.0%)** |
|  ***Biotechnology (2.3%)*** | ***Biotechnology (2.3%)*** | ***Biotechnology (2.3%)*** | ***Biotechnology (2.3%)*** |
|  BioMarin Pharmaceutical, Inc.\* | 16068 |  | 954921 |
|  Cytokinetics, Inc.\* | 10256 |  | 651666 |
|  Exelixis, Inc.\* | 22283 |  | 976664 |
|  Halozyme Therapeutics, Inc.\* | 9762 |  | 656983 |
|  Neurocrine Biosciences, Inc.\* | 8285 |  | 1175062 |
|  Roivant Sciences Ltd.\* | 36335 |  | 788469 |
|  United Therapeutics Corp.\* | 3588 |  | 1748253 |
|  |  |  | 6952018 |
|  ***Health Care Equipment & Supplies (1.3%)*** | ***Health Care Equipment & Supplies (1.3%)*** | ***Health Care Equipment & Supplies (1.3%)*** | ***Health Care Equipment & Supplies (1.3%)*** |
|  Dentsply Sirona, Inc. | 16855 |  | 192653 |
|  Envista Holdings Corp.\* | 13594 |  | 295126 |
|  Globus Medical, Inc., Class A\* | 9277 |  | 809975 |
|  Haemonetics Corp.\* | 3902 |  | 312745 |
|  Lantheus Holdings, Inc.\* | 5524 |  | 367622 |
|  LivaNova plc\* | 4551 |  | 280023 |
|  Masimo Corp.\* | 3887 |  | 505543 |
|  Penumbra, Inc.\* | 3257 |  | 1012634 |
|  |  |  | 3776321 |
|  ***Health Care Providers & Services (1.8%)*** | ***Health Care Providers & Services (1.8%)*** | ***Health Care Providers & Services (1.8%)*** | ***Health Care Providers & Services (1.8%)*** |
|  Chemed Corp. | 1152 |  | 492895 |
|  Encompass Health Corp. | 8393 |  | 890833 |
|  Ensign Group, Inc. (The) | 4750 |  | 827450 |
|  HealthEquity, Inc.\* | 7208 |  | 660325 |
|  Hims & Hers Health, Inc.(x)\* | 17304 |  | 561861 |
|  Option Care Health, Inc.\* | 13167 |  | 419500 |
|  Tenet Healthcare Corp.\* | 7375 |  | 1465560 |
|  |  |  | 5318424 |
|  ***Health Care Technology (0.2%)*** |  |  |  |
|  Doximity, Inc., Class A\* | 11402 |  | 504881 |
|  ***Life Sciences Tools & Services (1.8%)*** | ***Life Sciences Tools & Services (1.8%)*** | ***Life Sciences Tools & Services (1.8%)*** | ***Life Sciences Tools & Services (1.8%)*** |
|  Avantor, Inc.\* | 57502 |  | 658973 |
|  Bio-Rad Laboratories, Inc., Class A\* | 1524 |  | 461757 |
|  Bruker Corp. | 9419 |  | 443729 |
|  Illumina, Inc.\* | 12763 |  | 1673995 |
|  Medpace Holdings, Inc.\* | 1849 |  | 1038491 |
|  Repligen Corp.\* | 4434 |  | 726555 |
|  Sotera Health Co.\* | 17307 |  | 305295 |
|  |  |  | 5308795 |
|  ***Pharmaceuticals (0.6%)*** |  |  |  |
|  Elanco Animal Health, Inc.(x)\* | 41529 |  | 939801 |
|  Jazz Pharmaceuticals plc\* | 5085 |  | 864450 |
|  |  |  | 1804251 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 23664690 |
|  **Industrials (21.3%)** |  |  |  |
|  ***Aerospace & Defense (3.2%)*** |  |  |  |
|  AeroVironment, Inc.\* | 2659 |  | 643186 |
|  ATI, Inc.\* | 11307 |  | 1297591 |
|  BWX Technologies, Inc. | 7624 |  | 1317732 |
|  Carpenter Technology Corp. | 4143 |  | 1304382 |
|  Curtiss-Wright Corp. | 3090 |  | 1703424 |
|  Hexcel Corp. | 6653 |  | 491657 |
|  Kratos Defense & Security Solutions, Inc.\* | 14074 |  | 1068358 |
|  Woodward, Inc. | 5007 |  | 1513716 |
|  |  |  | 9340046 |
|  ***Air Freight & Logistics (0.2%)*** |  |  |  |
|  GXO Logistics, Inc.\* | 9512 |  | 500712 |
|  ***Building Products (1.7%)*** |  |  |  |
|  AAON, Inc. | 5637 |  | 429821 |
|  Advanced Drainage Systems, Inc. | 5972 |  | 864925 |
|  Carlisle Cos., Inc. | 3495 |  | 1117911 |
|  Fortune Brands Innovations, Inc. | 10158 |  | 508103 |
|  Owens Corning | 6913 |  | 773634 |
|  Simpson Manufacturing Co., Inc. | 3452 |  | 557394 |
|  Trex Co., Inc.\* | 8902 |  | 312282 |
|  UFP Industries, Inc. | 4932 |  | 449059 |
|  |  |  | 5013129 |
|  ***Commercial Services & Supplies (1.4%)*** | ***Commercial Services & Supplies (1.4%)*** | ***Commercial Services & Supplies (1.4%)*** | ***Commercial Services & Supplies (1.4%)*** |
|  Brink's Co. (The) | 3474 |  | 405520 |
|  Clean Harbors, Inc.\* | 4209 |  | 986926 |
|  MSA Safety, Inc. | 3053 |  | 488907 |
|  RB Global, Inc. | 15458 |  | 1590165 |
|  Tetra Tech, Inc. | 21831 |  | 732212 |
|  |  |  | 4203730 |
|  ***Construction & Engineering (2.1%)*** |  |  |  |
|  AECOM | 11061 |  | 1054445 |
|  API Group Corp.\* | 30939 |  | 1183726 |
|  Dycom Industries, Inc.\* | 2369 |  | 800485 |
|  Fluor Corp.\* | 13449 |  | 532984 |
|  MasTec, Inc.\* | 5136 |  | 1116412 |
|  Sterling Infrastructure, Inc.\* | 2559 |  | 783643 |
|  Valmont Industries, Inc. | 1660 |  | 667851 |
|  |  |  | 6139546 |
|  ***Electrical Equipment (1.7%)*** |  |  |  |
|  Acuity, Inc. | 2540 |  | 914502 |
|  EnerSys | 3058 |  | 448761 |
|  Nextpower, Inc., Class A\* | 12317 |  | 1072934 |
|  nVent Electric plc | 13468 |  | 1373332 |
|  Regal Rexnord Corp. | 5555 |  | 779478 |
|  Sensata Technologies Holding plc | 12287 |  | 409034 |
|  |  |  | 4998041 |

---

See Notes to Financial Statements.

------

ATM MID CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  ***Ground Transportation (1.3%)*** |  |  |  |
|  Avis Budget Group, Inc.(x)\* | 1410 | $| 180931 |
|  Knight-Swift Transportation Holdings, Inc., Class A | 13451 |  | 703218 |
|  Landstar System, Inc. | 2800 |  | 402360 |
|  Ryder System, Inc. | 3399 |  | 650535 |
|  Saia, Inc.\* | 2222 |  | 725527 |
|  XPO, Inc.\* | 9821 |  | 1334772 |
|  |  |  | 3997343 |
|  ***Machinery (4.9%)*** |  |  |  |
|  AGCO Corp. | 5172 |  | 539543 |
|  Chart Industries, Inc.\* | 3675 |  | 757895 |
|  CNH Industrial NV | 77161 |  | 711424 |
|  Crane Co. | 4051 |  | 747126 |
|  Donaldson Co., Inc. | 9555 |  | 847146 |
|  Esab Corp. | 4771 |  | 533016 |
|  Flowserve Corp. | 10613 |  | 736330 |
|  Graco, Inc. | 13402 |  | 1098562 |
|  ITT, Inc. | 7095 |  | 1231053 |
|  Lincoln Electric Holdings, Inc. | 4601 |  | 1102584 |
|  Middleby Corp. (The)\* | 3885 |  | 577583 |
|  Mueller Industries, Inc. | 9127 |  | 1047780 |
|  Oshkosh Corp. | 5299 |  | 665713 |
|  RBC Bearings, Inc.\* | 2628 |  | 1178474 |
|  SPX Technologies, Inc.\* | 3995 |  | 799240 |
|  Terex Corp. | 5490 |  | 293056 |
|  Timken Co. (The) | 5329 |  | 448329 |
|  Toro Co. (The) | 8222 |  | 647236 |
|  Watts Water Technologies, Inc., Class A | 2254 |  | 622149 |
|  |  |  | 14584239 |
|  ***Marine Transportation (0.2%)*** |  |  |  |
|  Kirby Corp.\* | 4515 |  | 497463 |
|  ***Passenger Airlines (0.5%)*** |  |  |  |
|  Alaska Air Group, Inc.\* | 9667 |  | 486250 |
|  American Airlines Group, Inc.\* | 56495 |  | 866068 |
|  |  |  | 1352318 |
|  ***Professional Services (2.6%)*** |  |  |  |
|  Booz Allen Hamilton Holding Corp. | 10034 |  | 846468 |
|  CACI International, Inc., Class A\* | 1844 |  | 982502 |
|  Concentrix Corp. | 3752 |  | 156008 |
|  ExlService Holdings, Inc.\* | 12849 |  | 545312 |
|  Exponent, Inc. | 4023 |  | 279438 |
|  FTI Consulting, Inc.\* | 2508 |  | 428442 |
|  Genpact Ltd. | 13382 |  | 626010 |
|  KBR, Inc. | 10626 |  | 427165 |
|  Maximus, Inc. | 4667 |  | 402855 |
|  Parsons Corp.(x)\* | 4444 |  | 274639 |
|  Paylocity Holding Corp.\* | 3704 |  | 564860 |
|  Science Applications International Corp. | 3848 |  | 387340 |
|  TransUnion | 16238 |  | 1392408 |
|  UL Solutions, Inc., Class A | 6115 |  | 482229 |
|  |  |  | 7795676 |
|  ***Trading Companies & Distributors (1.5%)*** | ***Trading Companies & Distributors (1.5%)*** | ***Trading Companies & Distributors (1.5%)*** | ***Trading Companies & Distributors (1.5%)*** |
|  Applied Industrial Technologies, Inc. | 3142 |  | 806771 |
|  Core & Main, Inc., Class A\* | 15900 |  | 826323 |
|  GATX Corp. | 2996 |  | 508122 |
|  MSC Industrial Direct Co., Inc., Class A | 3758 |  | 316048 |
|  Watsco, Inc. | 2926 |  | 985916 |
|  WESCO International, Inc. | 4082 |  | 998620 |
|  |  |  | 4441800 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 62864043 |
|  **Information Technology (12.7%)** | **Information Technology (12.7%)** | **Information Technology (12.7%)** | **Information Technology (12.7%)** |
|  ***Communications Equipment (1.7%)*** | ***Communications Equipment (1.7%)*** | ***Communications Equipment (1.7%)*** | ***Communications Equipment (1.7%)*** |
|  Ciena Corp.\* | 11782 |  | 2755457 |
|  Lumentum Holdings, Inc.\* | 5919 |  | 2181684 |
|  |  |  | 4937141 |
|  ***Electronic Equipment, Instruments & Components (3.4%)*** | ***Electronic Equipment, Instruments & Components (3.4%)*** | ***Electronic Equipment, Instruments & Components (3.4%)*** | ***Electronic Equipment, Instruments & Components (3.4%)*** |
|  Arrow Electronics, Inc.\* | 4338 |  | 477961 |
|  Avnet, Inc. | 6889 |  | 331223 |
|  Belden, Inc. | 3285 |  | 382867 |
|  Cognex Corp. | 13928 |  | 501129 |
|  Coherent Corp.\* | 13108 |  | 2419344 |
|  Crane NXT Co. | 4128 |  | 194305 |
|  Fabrinet\* | 2980 |  | 1356734 |
|  Flex Ltd.\* | 30885 |  | 1866072 |
|  IPG Photonics Corp.\* | 1999 |  | 143128 |
|  Littelfuse, Inc. | 2099 |  | 530879 |
|  Novanta, Inc.\* | 3013 |  | 358517 |
|  TD SYNNEX Corp. | 6358 |  | 955162 |
|  Vontier Corp. | 12244 |  | 455232 |
|  |  |  | 9972553 |
|  ***IT Services (1.2%)*** | ***IT Services (1.2%)*** | ***IT Services (1.2%)*** | ***IT Services (1.2%)*** |
|  ASGN, Inc.\* | 3547 |  | 170859 |
|  Kyndryl Holdings, Inc.\* | 19185 |  | 509554 |
|  Okta, Inc.\* | 14039 |  | 1213952 |
|  Twilio, Inc., Class A\* | 12658 |  | 1800474 |
|  |  |  | 3694839 |
|  ***Semiconductors & Semiconductor Equipment (2.5%)*** | ***Semiconductors & Semiconductor Equipment (2.5%)*** | ***Semiconductors & Semiconductor Equipment (2.5%)*** | ***Semiconductors & Semiconductor Equipment (2.5%)*** |
|  Allegro MicroSystems, Inc.\* | 10416 |  | 274774 |
|  Amkor Technology, Inc. | 9508 |  | 375376 |
|  Cirrus Logic, Inc.\* | 4150 |  | 491775 |
|  Entegris, Inc. | 12644 |  | 1065257 |
|  Lattice Semiconductor Corp.\* | 11337 |  | 834176 |
|  MACOM Technology Solutions Holdings, Inc.\* | 5331 |  | 913094 |
|  MKS, Inc. | 5603 |  | 895359 |
|  Onto Innovation, Inc.\* | 4068 |  | 642175 |
|  Rambus, Inc.\* | 8938 |  | 821313 |
|  Silicon Laboratories, Inc.\* | 2753 |  | 359817 |
|  Synaptics, Inc.\* | 3269 |  | 241971 |
|  Universal Display Corp. | 3625 |  | 423328 |
|  |  |  | 7338415 |
|  ***Software (3.3%)*** | ***Software (3.3%)*** | ***Software (3.3%)*** | ***Software (3.3%)*** |
|  Appfolio, Inc., Class A\* | 1894 |  | 440639 |
|  Bentley Systems, Inc., Class B | 12575 |  | 479925 |
|  BILL Holdings, Inc.\* | 7477 |  | 407795 |
|  Blackbaud, Inc.\* | 3078 |  | 194899 |
|  Commvault Systems, Inc.\* | 3657 |  | 458441 |
|  Docusign, Inc.\* | 16705 |  | 1142622 |
|  Dolby Laboratories, Inc., Class A | 4939 |  | 317183 |

---

See Notes to Financial Statements.

------

ATM MID CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Dropbox, Inc., Class A\* | 14669 | $| 407798 |
|  Dynatrace, Inc.\* | 25170 |  | 1090868 |
|  Guidewire Software, Inc.\* | 7104 |  | 1427975 |
|  Manhattan Associates, Inc.\* | 4960 |  | 859618 |
|  Nutanix, Inc., Class A\* | 22540 |  | 1165093 |
|  Pegasystems, Inc. | 7605 |  | 454171 |
|  Qualys, Inc.\* | 2940 |  | 390726 |
|  UiPath, Inc., Class A\* | 35083 |  | 575010 |
|  |  |  | 9812763 |
|  ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** |
|  Pure Storage, Inc., Class A\* | 26039 |  | 1744873 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 37500584 |
|  **Materials (4.9%)** | **Materials (4.9%)** | **Materials (4.9%)** | **Materials (4.9%)** |
|  ***Chemicals (1.2%)*** | ***Chemicals (1.2%)*** | ***Chemicals (1.2%)*** | ***Chemicals (1.2%)*** |
|  Ashland, Inc. | 3819 |  | 224061 |
|  Avient Corp. | 7791 |  | 243391 |
|  Axalta Coating Systems Ltd.\* | 18120 |  | 585457 |
|  Cabot Corp. | 4580 |  | 303562 |
|  NewMarket Corp. | 652 |  | 448094 |
|  Olin Corp. | 9557 |  | 199072 |
|  RPM International, Inc. | 10746 |  | 1117584 |
|  Scotts Miracle-Gro Co. (The) | 3648 |  | 212861 |
|  Westlake Corp. | 2851 |  | 210803 |
|  |  |  | 3544885 |
|  ***Construction Materials (0.3%)*** | ***Construction Materials (0.3%)*** | ***Construction Materials (0.3%)*** | ***Construction Materials (0.3%)*** |
|  Eagle Materials, Inc. | 2683 |  | 554523 |
|  Knife River Corp.\* | 4695 |  | 330293 |
|  |  |  | 884816 |
|  ***Containers & Packaging (1.0%)*** | ***Containers & Packaging (1.0%)*** | ***Containers & Packaging (1.0%)*** | ***Containers & Packaging (1.0%)*** |
|  AptarGroup, Inc. | 5497 |  | 670414 |
|  Crown Holdings, Inc. | 9529 |  | 981201 |
|  Graphic Packaging Holding Co. | 25296 |  | 380958 |
|  Greif, Inc., Class A | 2136 |  | 144607 |
|  Silgan Holdings, Inc. | 7181 |  | 289897 |
|  Sonoco Products Co. | 8057 |  | 351607 |
|  |  |  | 2818684 |
|  ***Metals & Mining (2.3%)*** | ***Metals & Mining (2.3%)*** | ***Metals & Mining (2.3%)*** | ***Metals & Mining (2.3%)*** |
|  Alcoa Corp. | 21803 |  | 1158611 |
|  Cleveland-Cliffs, Inc.\* | 47635 |  | 632593 |
|  Commercial Metals Co. | 9143 |  | 632878 |
|  Hecla Mining Co. | 55414 |  | 1063395 |
|  MP Materials Corp.(x)\* | 11286 |  | 570169 |
|  Reliance, Inc. | 4344 |  | 1254851 |
|  Royal Gold, Inc. | 6797 |  | 1510905 |
|  |  |  | 6823402 |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** |
|  Louisiana-Pacific Corp. | 5209 |  | 420679 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 14492466 |
|  **Real Estate (5.8%)** | **Real Estate (5.8%)** | **Real Estate (5.8%)** | **Real Estate (5.8%)** |
|  ***Diversified REITs (0.4%)*** | ***Diversified REITs (0.4%)*** | ***Diversified REITs (0.4%)*** | ***Diversified REITs (0.4%)*** |
|  WP Carey, Inc. (REIT) | 18315 |  | 1178753 |
|  ***Health Care REITs (0.7%)*** | ***Health Care REITs (0.7%)*** | ***Health Care REITs (0.7%)*** | ***Health Care REITs (0.7%)*** |
|  Healthcare Realty Trust, Inc. (REIT), Class A | 29789 |  | 504924 |
|  Omega Healthcare Investors, Inc. (REIT) | 24676 |  | 1094134 |
|  Sabra Health Care REIT, Inc. (REIT) | 20760 |  | 393194 |
|  |  |  | 1992252 |
|  ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** |
|  Park Hotels & Resorts, Inc. (REIT)(x) | 18125 |  | 189588 |
|  ***Industrial REITs (0.9%)*** | ***Industrial REITs (0.9%)*** | ***Industrial REITs (0.9%)*** | ***Industrial REITs (0.9%)*** |
|  EastGroup Properties, Inc. (REIT) | 4414 |  | 786310 |
|  First Industrial Realty Trust, Inc. (REIT) | 11046 |  | 632604 |
|  Rexford Industrial Realty, Inc. (REIT) | 19297 |  | 747180 |
|  STAG Industrial, Inc. (REIT) | 15395 |  | 565920 |
|  |  |  | 2732014 |
|  ***Office REITs (0.5%)*** | ***Office REITs (0.5%)*** | ***Office REITs (0.5%)*** | ***Office REITs (0.5%)*** |
|  COPT Defense Properties (REIT) | 9207 |  | 255955 |
|  Cousins Properties, Inc. (REIT) | 13573 |  | 349912 |
|  Kilroy Realty Corp. (REIT)(x) | 9048 |  | 338124 |
|  Vornado Realty Trust (REIT) | 13573 |  | 451709 |
|  |  |  | 1395700 |
|  ***Real Estate Management & Development (0.5%)*** | ***Real Estate Management & Development (0.5%)*** | ***Real Estate Management & Development (0.5%)*** | ***Real Estate Management & Development (0.5%)*** |
|  Jones Lang LaSalle, Inc.\* | 3940 |  | 1325692 |
|  ***Residential REITs (0.7%)*** | ***Residential REITs (0.7%)*** | ***Residential REITs (0.7%)*** | ***Residential REITs (0.7%)*** |
|  American Homes 4 Rent (REIT), Class A | 27322 |  | 877036 |
|  Equity LifeStyle Properties, Inc. (REIT) | 16314 |  | 988792 |
|  Independence Realty Trust, Inc. (REIT) | 19017 |  | 332417 |
|  |  |  | 2198245 |
|  ***Retail REITs (0.8%)*** | ***Retail REITs (0.8%)*** | ***Retail REITs (0.8%)*** | ***Retail REITs (0.8%)*** |
|  Agree Realty Corp. (REIT) | 9191 |  | 662028 |
|  Brixmor Property Group, Inc. (REIT) | 26505 |  | 694961 |
|  Kite Realty Group Trust (REIT) | 17528 |  | 420146 |
|  NNN REIT, Inc. (REIT) | 16262 |  | 644463 |
|  |  |  | 2421598 |
|  ***Specialized REITs (1.2%)*** | ***Specialized REITs (1.2%)*** | ***Specialized REITs (1.2%)*** | ***Specialized REITs (1.2%)*** |
|  CubeSmart (REIT) | 19382 |  | 698721 |
|  EPR Properties (REIT) | 6240 |  | 311376 |
|  Gaming and Leisure Properties, Inc. (REIT) | 24000 |  | 1072560 |
|  Lamar Advertising Co. (REIT), Class A | 7328 |  | 927578 |
|  National Storage Affiliates Trust (REIT) | 5831 |  | 164493 |
|  PotlatchDeltic Corp. (REIT) | 5863 |  | 233230 |
|  Rayonier, Inc. (REIT) | 12274 |  | 265732 |
|  |  |  | 3673690 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 17107532 |
|  **Utilities (3.0%)** | **Utilities (3.0%)** | **Utilities (3.0%)** | **Utilities (3.0%)** |
|  ***Electric Utilities (0.8%)*** | ***Electric Utilities (0.8%)*** | ***Electric Utilities (0.8%)*** | ***Electric Utilities (0.8%)*** |
|  IDACORP, Inc. | 4560 |  | 577114 |
|  OGE Energy Corp. | 17861 |  | 762665 |
|  Portland General Electric Co. | 9499 |  | 455857 |
|  TXNM Energy, Inc. | 8064 |  | 474808 |
|  |  |  | 2270444 |
|  ***Gas Utilities (1.0%)*** | ***Gas Utilities (1.0%)*** | ***Gas Utilities (1.0%)*** | ***Gas Utilities (1.0%)*** |
|  National Fuel Gas Co. | 7535 |  | 603252 |
|  New Jersey Resources Corp. | 8516 |  | 392758 |

---

See Notes to Financial Statements.

------

ATM MID CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ONE Gas, Inc. | 4913 | $379529 |
|  Southwest Gas Holdings, Inc. | 5403 | 432348 |
|  Spire, Inc. | 4937 | 408290 |
|  UGI Corp. | 18017 | 674376 |
|  |  | 2890553 |
|  ***Independent Power and Renewable Electricity<br>Producers (0.7%)*** | ***Independent Power and Renewable Electricity<br>Producers (0.7%)*** | ***Independent Power and Renewable Electricity<br>Producers (0.7%)*** |
|  Ormat Technologies, Inc. | 5062 | 559199 |
|  Talen Energy Corp.\* | 3821 | 1432264 |
|  |  | 1991463 |
|  ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** |
|  Black Hills Corp. | 6071 | 421449 |
|  Northwestern Energy Group, Inc. | 5056 | 326314 |
|  |  | 747763 |
|  ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** |
|  Essential Utilities, Inc. | 23749 | 911012 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 8811235 |
|  **Total Common Stocks (90.4%)**<br> *(Cost $173,307,221)* |  | 267110975 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (0.2%)** | **Equity (0.2%)** |  |
|  iShares Core S&P Mid-Cap ETF | 9981 | 658746 |
|  **Total Exchange Traded Funds (0.2%)**<br> *(Cost $658,046)* | **Total Exchange Traded Funds (0.2%)**<br> *(Cost $658,046)* | 658746 |
|  **SHORT-TERM INVESTMENTS:** | **SHORT-TERM INVESTMENTS:** |  |
|  **Investment Companies (6.2%)** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 2005769 | 2005769 |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 16435997 | 16442571 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 18448340 |
|  **Total Short-Term Investments (6.2%)**<br> *(Cost $18,445,017)* | **Total Short-Term Investments (6.2%)**<br> *(Cost $18,445,017)* | 18448340 |
|  **Total Investments in Securities (96.8%)**<br> *(Cost $192,410,284)* | **Total Investments in Securities (96.8%)**<br> *(Cost $192,410,284)* | 286218061 |
|  **Other Assets Less Liabilities (3.2%)** | **Other Assets Less Liabilities (3.2%)** | 9352224 |
|  **Net Assets (100%)** |  | $295570285 |

---

*\** *Non-income producing.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $3,833,973. This was collateralized by $2,008,973 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/29/26 – 8/15/55 and by cash of $2,005,769 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Financial Services** |  |  |  |  |  |  |  |  |  |
|  Equitable Holdings, Inc. | 6863 | 379294 | 32668 | (95782) | 23014 | (12172) | 327022 | 8234 |  |

---

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P Midcap 400 E-Mini Index | 83 | 3/2026 | USD | 27599160 | (401233) |
|  |  |  |  |  | (401233) |

---

See Notes to Financial Statements.

------

ATM MID CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $5322974 | $— | $— | $5322974 |
|  Consumer Discretionary | 30832220 |  |  | 30832220 |
|  Consumer Staples | 11453871 |  |  | 11453871 |
|  Energy | 10543796 |  |  | 10543796 |
|  Financials | 44517564 |  |  | 44517564 |
|  Health Care | 23664690 |  |  | 23664690 |
|  Industrials | 62864043 |  |  | 62864043 |
|  Information Technology | 37500584 |  |  | 37500584 |
|  Materials | 14492466 |  |  | 14492466 |
|  Real Estate | 17107532 |  |  | 17107532 |
|  Utilities | 8811235 |  |  | 8811235 |
|  Exchange Traded Fund | 658746 |  |  | 658746 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 18448340 |  |  | 18448340 |
|  **Total Assets** | $**286218061** | $**—** | $**—** | $**286218061** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(401233) | $— | $— | $(401233) |
|  **Total Liabilities** | $**(401233)** | $**—** | $**—** | $**(401233)** |
|  **Total** | $**285816828** | $**—** | $**—** | $**285816828** |

---

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(401233) |
|  **Total** |  | $(401233) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(11310837) | $(11310837) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11310837) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11310837) |

---

See Notes to Financial Statements.

------

ATM MID CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $1197963 | $1197963 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197963 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197963 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments**  | **Average Balances of Outstanding Derivative Financial Instruments**  |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26110000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 47439000 |

---

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48599281 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $67868912 |

---

During the year ended December 31, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 14%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 17%)\*** | **Net Realized<br>Gain (Loss)** |
| $7030777 | $11833855 | $4240277 |

---

\* Represents percentage/amount of total Purchases and/or Sales.

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $109179935 |
|  Aggregate gross unrealized depreciation | (15560443) |
|  Net unrealized appreciation | $93619492 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192197336 |

---

See Notes to Financial Statements.

------

ATM MID CAP MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $233,616) | $327022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $192,176,668) | 285891039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 10064365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 1972150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 400558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 322723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 298980993 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 2005769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 755776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 317738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 114269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 113931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 31468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 71757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3410708 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $295570285 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $224648465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 70921820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $295570285 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $295,570,285 / 38,165,165 shares outstanding (unlimited amount authorized: $0.01 par value) | $7.74 |

---

*(x)* *ncludes value of securities on loan of $3,833,973.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($8,234 of dividend income received from affiliates) (net of $3,186 foreign<br>withholding tax) | $4633628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 506648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 12654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 5152930 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1321141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 366657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 78500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 68742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 26653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 10195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 19451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1891339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (129965) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1761374 |
|  **NET INVESTMENT INCOME (LOSS)** | 3391556 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($23,014 realized gain (loss) from affiliates) | 18666051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (11310837) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 7355214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation<br>(depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($(12172) of change in unrealized appreciation (depreciation) from affiliates) | (2227090) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1197963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1029127) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 6326087 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $9717643 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
ATM MID CAP MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3391556 | $3730899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 7355214 | 27584344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1029127) | 6710624 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 9717643 | 38025867 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (21622135) | (30880470) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,734,099 and 1,343,570 shares, respectively ] | 26178126 | 11283965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 2,729,800 and 3,588,994 shares, respectively ] | 21622135 | 30880470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (5189848) and (5691308) shares, respectively ] | (40952309) | (48386341) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 6847952 | (6221906) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (5056540) | 923491 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 300626825 | 299703334 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $295570285 | $300626825 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
ATM MID CAP MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $8.15 | $7.96 | $7.11 | $8.81 | $8.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.09 | 0.10 | 0.10 | 0.07 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.09 | 0.98 | 1.01 | (1.48) | 1.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.18 | 1.08 | 1.11 | (1.41) | 1.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.09) | (0.11) | (0.11) | (0.08) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.50) | (0.78) | (0.15) | (0.21) | (1.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.59) | (0.89) | (0.26) | (0.29) | (1.21) |
|  Net asset value, end of year | $7.74 | $8.15 | $7.96 | $7.11 | $8.81 |
|  Total return | 2.17% | 13.21% | 15.70% | (16.00)% | 23.86% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $295570 | $300627 | $299703 | $285662 | $313922 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.64% | 0.65% | 0.64% | 0.64% | 0.62% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.16% | 1.22% | 1.30% | 0.96% | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.11% | 1.17% | 1.26% | 0.92% | 0.53% |
|  Portfolio turnover rate ^ | 18% | 20% | 19% | 20% | 17% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (2.5%)** | **Communication Services (2.5%)** | **Communication Services (2.5%)** |
|  ***Diversified Telecommunication Services (0.5%)*** | ***Diversified Telecommunication Services (0.5%)*** | ***Diversified Telecommunication Services (0.5%)*** |
|  Anterix, Inc.\* | 4135 | $90267 |
|  ATN International, Inc. | 4146 | 94529 |
|  Bandwidth, Inc., Class A\* | 7440 | 114948 |
|  Cogent Communications Holdings, Inc. | 14252 | 307273 |
|  Globalstar, Inc.\* | 15220 | 929029 |
|  IDT Corp., Class B | 4944 | 253182 |
|  Liberty Latin America Ltd., Class A\* | 9559 | 70641 |
|  Liberty Latin America Ltd., Class C\* | 38967 | 290694 |
|  Lumen Technologies, Inc.\* | 283342 | 2201567 |
|  Shenandoah Telecommunications Co. | 16503 | 190775 |
|  Uniti Group, Inc. | 47318 | 331699 |
|  |  | 4874604 |
|  ***Entertainment (0.5%)*** | ***Entertainment (0.5%)*** | ***Entertainment (0.5%)*** |
|  AMC Entertainment Holdings, Inc., Class A(x)\* | 147818 | 230596 |
|  Atlanta Braves Holdings, Inc., Class A(x)\* | 2550 | 108350 |
|  Atlanta Braves Holdings, Inc., Class C\* | 13352 | 526736 |
|  Cinemark Holdings, Inc. | 31303 | 727482 |
|  CuriosityStream, Inc. | 7412 | 28166 |
|  Eventbrite, Inc., Class A\* | 33069 | 147157 |
|  Gaia, Inc., Class A\* | 3563 | 12934 |
|  Golden Matrix Group, Inc.(x)\* | 8475 | 6787 |
|  IMAX Corp.\* | 13115 | 484730 |
|  Lionsgate Studios Corp.\* | 59724 | 545280 |
|  Madison Square Garden Entertainment Corp., Class A\* | 11054 | 595700 |
|  Marcus Corp. (The) | 6860 | 106399 |
|  Playstudios, Inc.\* | 24139 | 15727 |
|  Playtika Holding Corp. | 25992 | 102668 |
|  Reservoir Media, Inc.\* | 8741 | 66169 |
|  Sphere Entertainment Co.\* | 8368 | 795629 |
|  Starz Entertainment Corp. | 3319 | 38832 |
|  Vivid Seats, Inc., Class A(x)\* | 1267 | 9135 |
|  |  | 4548477 |
|  ***Interactive Media & Services (0.5%)*** | ***Interactive Media & Services (0.5%)*** | ***Interactive Media & Services (0.5%)*** |
|  Angi, Inc., Class A\* | 7574 | 97932 |
|  Arena Group Holdings, Inc. (The)\* | 2884 | 11536 |
|  Bumble, Inc., Class A\* | 16111 | 57516 |
|  Cargurus, Inc., Class A\* | 24778 | 950236 |
|  Cars.com, Inc.\* | 17583 | 214513 |
|  EverQuote, Inc., Class A\* | 8046 | 217242 |
|  fuboTV, Inc.\* | 102980 | 259510 |
|  Getty Images Holdings, Inc.(x)\* | 43672 | 58520 |
|  Grindr, Inc.\* | 10192 | 138000 |
|  MediaAlpha, Inc., Class A\* | 10287 | 133217 |
|  Nextdoor Holdings, Inc.\* | 66700 | 140070 |
|  QuinStreet, Inc.\* | 18057 | 259479 |
|  Rumble, Inc.(x)\* | 30817 | 194763 |
|  Shutterstock, Inc. | 7759 | 148197 |
|  Teads Holding Co.(x)\* | 10844 | 7633 |
|  Travelzoo\* | 1404 | 9996 |
|  TripAdvisor, Inc.\* | 35378 | 515104 |
|  TrueCar, Inc.\* | 28020 | 63325 |
|  Webtoon Entertainment, Inc.(x)\* | 7588 | 98872 |
|  Yelp, Inc., Class A\* | 18361 | 557991 |
|  Ziff Davis, Inc.\* | 12609 | 443206 |
|  ZipRecruiter, Inc., Class A\* | 18684 | 72868 |
|  |  | 4649726 |
|  ***Media (0.9%)*** | ***Media (0.9%)*** | ***Media (0.9%)*** |
|  Advantage Solutions, Inc.\* | 39903 | 35115 |
|  AMC Networks, Inc., Class A\* | 11305 | 107624 |
|  Boston Omaha Corp., Class A(x)\* | 7504 | 92824 |
|  Cable One, Inc. | 1648 | 185977 |
|  EchoStar Corp., Class A(x)\* | 40657 | 4419416 |
|  Emerald Holding, Inc. | 10478 | 46837 |
|  Entravision Communications Corp., Class A | 25751 | 75450 |
|  EW Scripps Co. (The), Class A\* | 14874 | 59347 |
|  Gambling.com Group Ltd.\* | 6753 | 36871 |
|  Gray Media, Inc. | 27609 | 133628 |
|  Ibotta, Inc., Class A\* | 4531 | 102990 |
|  iHeartMedia, Inc., Class A\* | 26942 | 112079 |
|  John Wiley & Sons, Inc., Class A | 12028 | 368418 |
|  Magnite, Inc.\* | 43086 | 699286 |
|  National CineMedia, Inc. | 19896 | 77395 |
|  Newsmax, Inc., Class B(x)\* | 13772 | 106458 |
|  Nexxen International Ltd.\* | 6877 | 44976 |
|  Optimum Communications, Inc., Class A\* | 77939 | 128599 |
|  PubMatic, Inc., Class A\* | 8373 | 74268 |
|  Scholastic Corp. | 6180 | 183113 |
|  Sinclair, Inc. | 11309 | 173028 |
|  Stagwell, Inc., Class A(x)\* | 32699 | 159898 |
|  TechTarget, Inc.\* | 9320 | 50328 |
|  TEGNA, Inc. | 49366 | 958194 |
|  Thryv Holdings, Inc.\* | 11929 | 72170 |
|  USA TODAY Co., Inc.\* | 42569 | 219230 |
|  |  | 8723519 |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** |
|  Gogo, Inc.\* | 23187 | 108051 |
|  Spok Holdings, Inc. | 6131 | 80868 |
|  Telephone and Data Systems, Inc. | 30696 | 1258536 |
|  |  | 1447455 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 24243781 |
|  **Consumer Discretionary (8.1%)** | **Consumer Discretionary (8.1%)** | **Consumer Discretionary (8.1%)** |
|  ***Automobile Components (1.0%)*** | ***Automobile Components (1.0%)*** | ***Automobile Components (1.0%)*** |
|  Adient plc\* | 24134 | 462649 |
|  American Axle & Manufacturing Holdings, Inc.\* | 38045 | 243868 |
|  Cooper-Standard Holdings, Inc.\* | 5063 | 166218 |
|  Dana, Inc. | 35435 | 841936 |
|  Dorman Products, Inc.\* | 8446 | 1040463 |
|  Fox Factory Holding Corp.\* | 12784 | 218734 |
|  Garrett Motion, Inc. | 47995 | 836553 |
|  Gentherm, Inc.\* | 9593 | 348897 |
|  Goodyear Tire & Rubber Co. (The)\* | 80842 | 708176 |
|  Holley, Inc.\* | 15918 | 65741 |
|  LCI Industries | 6982 | 847196 |
|  Motorcar Parts of America, Inc.\* | 2805 | 34614 |
|  Patrick Industries, Inc. | 9839 | 1066843 |
|  Phinia, Inc. | 11705 | 733786 |
|  Solid Power, Inc.(x)\* | 46088 | 195874 |
|  Standard Motor Products, Inc. | 6889 | 253860 |
|  Strattec Security Corp.\* | 887 | 67536 |
|  Visteon Corp. | 8496 | 807970 |
|  XPEL, Inc.(m)\* | 7602 | 379416 |
|  |  | 9320330 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Automobiles (0.0%)†*** | ***Automobiles (0.0%)†*** | ***Automobiles (0.0%)†*** |
|  Faraday Future Intelligent Electric, Inc., Class A(x)\* | 31465 | $32094 |
|  Livewire Group, Inc.(x)\* | 19112 | 84475 |
|  Winnebago Industries, Inc. | 7192 | 291420 |
|  |  | 407989 |
|  ***Broadline Retail (0.1%)*** | ***Broadline Retail (0.1%)*** | ***Broadline Retail (0.1%)*** |
|  Groupon, Inc.\* | 7802 | 137393 |
|  Kohl's Corp. | 33303 | 679714 |
|  Savers Value Village, Inc.\* | 12396 | 115779 |
|  |  | 932886 |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** |
|  GigaCloud Technology, Inc., Class A\* | 7780 | 305598 |
|  Gold.com, Inc. | 5548 | 188909 |
|  Weyco Group, Inc. | 1872 | 57265 |
|  |  | 551772 |
|  ***Diversified Consumer Services (1.0%)*** | ***Diversified Consumer Services (1.0%)*** | ***Diversified Consumer Services (1.0%)*** |
|  Adtalem Global Education, Inc.\* | 10737 | 1110957 |
|  American Public Education, Inc.\* | 5389 | 203704 |
|  Carriage Services, Inc., Class A | 4504 | 190519 |
|  Coursera, Inc.\* | 43005 | 316517 |
|  Driven Brands Holdings, Inc.(x)\* | 18791 | 278483 |
|  European Wax Center, Inc., Class A\* | 12780 | 46008 |
|  Frontdoor, Inc.\* | 22640 | 1306102 |
|  Graham Holdings Co., Class B | 899 | 987641 |
|  KinderCare Learning Cos., Inc.\* | 9910 | 42811 |
|  Laureate Education, Inc.\* | 38823 | 1307170 |
|  Lincoln Educational Services Corp.\* | 9685 | 233893 |
|  Matthews International Corp., Class A | 9340 | 243961 |
|  McGraw Hill, Inc.\* | 6119 | 100963 |
|  Mister Car Wash, Inc.\* | 21964 | 122120 |
|  Nerdy, Inc.(x)\* | 19763 | 20554 |
|  OneSpaWorld Holdings Ltd. | 29060 | 602704 |
|  Perdoceo Education Corp. | 20352 | 596924 |
|  Phoenix Education Partners, Inc.\* | 875 | 26513 |
|  Strategic Education, Inc. | 7076 | 567495 |
|  Stride, Inc.\* | 13130 | 852531 |
|  Udemy, Inc.\* | 31235 | 182725 |
|  Universal Technical Institute, Inc.\* | 14555 | 380322 |
|  Zspace, Inc.\* | 1077 | 507 |
|  |  | 9721124 |
|  ***Hotels, Restaurants & Leisure (1.5%)*** | ***Hotels, Restaurants & Leisure (1.5%)*** | ***Hotels, Restaurants & Leisure (1.5%)*** |
|  Accel Entertainment, Inc., Class A\* | 17189 | 196126 |
|  Bally's Corp.\* | 3160 | 52203 |
|  Biglari Holdings, Inc., Class B\* | 161 | 53521 |
|  BJ's Restaurants, Inc.\* | 6875 | 270875 |
|  Black Rock Coffee Bar, Inc., Class A\* | 2058 | 45790 |
|  Bloomin' Brands, Inc. | 26621 | 164252 |
|  Brightstar Lottery plc | 31024 | 480252 |
|  Brinker International, Inc.\* | 13647 | 1958617 |
|  Cheesecake Factory, Inc. (The)(x) | 14567 | 735342 |
|  Cracker Barrel Old Country Store, Inc.(x) | 6712 | 170485 |
|  Dave & Buster's Entertainment, Inc.\* | 6079 | 98541 |
|  Denny's Corp.\* | 10939 | 68041 |
|  Dine Brands Global, Inc. | 3129 | 100566 |
|  El Pollo Loco Holdings, Inc.\* | 8167 | 85427 |
|  First Watch Restaurant Group, Inc.\* | 15346 | 231418 |
|  Genius Sports Ltd.\* | 67708 | 746142 |
|  Global Business Travel Group I\* | 40291 | 308226 |
|  Golden Entertainment, Inc. | 6340 | 172385 |
|  Hilton Grand Vacations, Inc.\* | 18201 | 814495 |
|  Inspired Entertainment, Inc.\* | 6729 | 62983 |
|  Jack in the Box, Inc.(x) | 5445 | 103183 |
|  Krispy Kreme, Inc.(x) | 27709 | 111390 |
|  Kura Sushi USA, Inc., Class A(x)\* | 1563 | 81792 |
|  Life Time Group Holdings, Inc.\* | 45244 | 1202585 |
|  Lindblad Expeditions Holdings, Inc.\* | 11814 | 170358 |
|  Marriott Vacations Worldwide Corp. | 8099 | 467231 |
|  Monarch Casino & Resort, Inc. | 3802 | 363851 |
|  Nathan's Famous, Inc. | 840 | 78599 |
|  Navan, Inc., Class A\* | 11678 | 199460 |
|  Papa John's International, Inc. | 10489 | 403722 |
|  Portillo's, Inc., Class A(x)\* | 18249 | 82850 |
|  Pursuit Attractions and Hospitality, Inc.\* | 6635 | 223467 |
|  RCI Hospitality Holdings, Inc.(x) | 1890 | 45058 |
|  Red Rock Resorts, Inc., Class A | 15000 | 929250 |
|  Rush Street Interactive, Inc.\* | 27844 | 541009 |
|  Sabre Corp.\* | 119312 | 162264 |
|  Serve Robotics, Inc.(x)\* | 17621 | 182906 |
|  Shake Shack, Inc., Class A\* | 12008 | 974689 |
|  Six Flags Entertainment Corp.\* | 29611 | 454233 |
|  Super Group SGHC Ltd. | 49229 | 588287 |
|  Sweetgreen, Inc., Class A\* | 31714 | 214387 |
|  Target Hospitality Corp.\* | 11795 | 94478 |
|  United Parks & Resorts, Inc.\* | 8810 | 319803 |
|  Xponential Fitness, Inc., Class A\* | 5884 | 48425 |
|  |  | 14858964 |
|  ***Household Durables (1.5%)*** | ***Household Durables (1.5%)*** | ***Household Durables (1.5%)*** |
|  Bassett Furniture Industries, Inc. | 1514 | 25375 |
|  Beazer Homes USA, Inc.\* | 9123 | 184923 |
|  Cavco Industries, Inc.\* | 2409 | 1423093 |
|  Century Communities, Inc. | 7858 | 466372 |
|  Champion Homes, Inc.\* | 17117 | 1446386 |
|  Cricut, Inc., Class A | 10853 | 53722 |
|  Dream Finders Homes, Inc., Class A\* | 6098 | 104276 |
|  Ethan Allen Interiors, Inc. | 4662 | 106480 |
|  Flexsteel Industries, Inc. | 886 | 34988 |
|  Green Brick Partners, Inc.\* | 9880 | 619081 |
|  Hamilton Beach Brands Holding Co., Class A | 1755 | 28870 |
|  Helen of Troy Ltd.\* | 4644 | 98685 |
|  Hovnanian Enterprises, Inc., Class A\* | 994 | 96955 |
|  Installed Building Products, Inc.(x) | 7122 | 1847376 |
|  KB Home | 19364 | 1092323 |
|  La-Z-Boy, Inc. | 13362 | 498002 |
|  Legacy Housing Corp.\* | 1965 | 38357 |
|  Leggett & Platt, Inc. | 41527 | 456797 |
|  LGI Homes, Inc.\* | 6691 | 287445 |
|  Lovesac Co. (The)\* | 2973 | 43852 |
|  M/I Homes, Inc.\* | 7818 | 1000313 |
|  Meritage Homes Corp. | 21363 | 1405685 |
|  Sonos, Inc.\* | 35299 | 619850 |
|  Taylor Morrison Home Corp., Class A\* | 29578 | 1741257 |
|  Traeger, Inc.\* | 9475 | 10233 |
|  Tri Pointe Homes, Inc.\* | 25939 | 816300 |
|  |  | 14546996 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Leisure Products (0.4%)*** | ***Leisure Products (0.4%)*** | ***Leisure Products (0.4%)*** |
|  Acushnet Holdings Corp. | 8494 | $677991 |
|  American Outdoor Brands, Inc.\* | 2642 | 20423 |
|  Clarus Corp. | 8706 | 29165 |
|  Escalade, Inc. | 2626 | 35425 |
|  Funko, Inc., Class A\* | 14117 | 47998 |
|  JAKKS Pacific, Inc. | 2698 | 45542 |
|  Johnson Outdoors, Inc., Class A | 1968 | 83542 |
|  Latham Group, Inc.\* | 10306 | 65443 |
|  Malibu Boats, Inc., Class A\* | 5931 | 167313 |
|  Marine Products Corp. | 4530 | 39683 |
|  MasterCraft Boat Holdings, Inc.\* | 5584 | 105593 |
|  Peloton Interactive, Inc., Class A\* | 118931 | 732615 |
|  Polaris, Inc. | 16201 | 1024713 |
|  Smith & Wesson Brands, Inc. | 12140 | 119822 |
|  Sturm Ruger & Co., Inc. | 4520 | 147578 |
|  Topgolf Callaway Brands Corp.\* | 38977 | 454862 |
|  |  | 3797708 |
|  ***Specialty Retail (2.0%)*** | ***Specialty Retail (2.0%)*** | ***Specialty Retail (2.0%)*** |
|  1-800-Flowers.com, Inc., Class A(x)\* | 8528 | 33515 |
|  Abercrombie & Fitch Co., Class A\* | 14276 | 1796920 |
|  Academy Sports & Outdoors, Inc. | 20175 | 1007943 |
|  Advance Auto Parts, Inc. | 18519 | 727797 |
|  American Eagle Outfitters, Inc. | 47913 | 1263466 |
|  America's Car-Mart, Inc.\* | 2271 | 57365 |
|  Arhaus, Inc., Class A\* | 15910 | 178351 |
|  Arko Corp.(x) | 24582 | 111602 |
|  Asbury Automotive Group, Inc.\* | 6004 | 1396110 |
|  BARK, Inc.(x)\* | 38084 | 22946 |
|  Barnes & Noble Education, Inc.\* | 3413 | 31365 |
|  Bed Bath & Beyond, Inc.\* | 14714 | 80338 |
|  Boot Barn Holdings, Inc.\* | 9515 | 1679112 |
|  Buckle, Inc. (The) | 10116 | 540397 |
|  Build-A-Bear Workshop, Inc. | 3766 | 230743 |
|  Caleres, Inc. | 7540 | 91762 |
|  Camping World Holdings, Inc., Class A | 17871 | 173885 |
|  Citi Trends, Inc.\* | 1909 | 79338 |
|  Designer Brands, Inc., Class A(x) | 6475 | 48109 |
|  Envela Corp.\* | 988 | 13219 |
|  EVgo, Inc., Class A\* | 25446 | 74048 |
|  Genesco, Inc.\* | 1983 | 49119 |
|  Group 1 Automotive, Inc. | 3747 | 1473695 |
|  Haverty Furniture Cos., Inc. | 4519 | 105564 |
|  J Jill, Inc. | 2226 | 30541 |
|  Lands' End, Inc.\* | 3205 | 46537 |
|  MarineMax, Inc.\* | 4200 | 101766 |
|  Monro, Inc. | 9614 | 192665 |
|  National Vision Holdings, Inc.\* | 24602 | 635224 |
|  OneWater Marine, Inc., Class A\* | 2740 | 29647 |
|  Outdoor Holding Co.(x)\* | 33475 | 57242 |
|  Petco Health & Wellness Co., Inc., Class A\* | 17634 | 49552 |
|  RealReal, Inc. (The)\* | 30978 | 488833 |
|  Revolve Group, Inc., Class A\* | 13239 | 399685 |
|  Sally Beauty Holdings, Inc.\* | 30752 | 438524 |
|  Shoe Carnival, Inc. | 4134 | 69782 |
|  Signet Jewelers Ltd. | 12060 | 999533 |
|  Sleep Number Corp.\* | 4671 | 39517 |
|  Sonic Automotive, Inc., Class A | 4591 | 283999 |
|  Stitch Fix, Inc., Class A\* | 33820 | 177555 |
|  ThredUp, Inc., Class A\* | 28100 | 179559 |
|  Torrid Holdings, Inc.(x)\* | 9797 | 9585 |
|  Upbound Group, Inc. | 16629 | 292005 |
|  Urban Outfitters, Inc.\* | 18515 | 1393439 |
|  Victoria's Secret & Co.\* | 21090 | 1142445 |
|  Warby Parker, Inc., Class A\* | 29385 | 640299 |
|  Winmark Corp. | 932 | 377404 |
|  Zumiez, Inc.\* | 2910 | 75805 |
|  |  | 19417852 |
|  ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** |
|  Capri Holdings Ltd.\* | 35407 | 863931 |
|  Carter's, Inc. | 10937 | 354687 |
|  Ermenegildo Zegna NV(x) | 18605 | 190701 |
|  Figs, Inc., Class A\* | 26711 | 303437 |
|  G-III Apparel Group Ltd. | 10876 | 314969 |
|  Kontoor Brands, Inc. | 16778 | 1024968 |
|  Lakeland Industries, Inc.(x) | 2010 | 17769 |
|  Movado Group, Inc. | 4598 | 94811 |
|  Oxford Industries, Inc. | 3157 | 107969 |
|  Rocky Brands, Inc. | 2079 | 60977 |
|  Steven Madden Ltd. | 21873 | 910792 |
|  Superior Group of Cos., Inc. | 4753 | 46009 |
|  Wolverine World Wide, Inc. | 24422 | 443259 |
|  |  | 4734279 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 78289900 |
|  **Consumer Staples (1.7%)** | **Consumer Staples (1.7%)** | **Consumer Staples (1.7%)** |
|  ***Beverages (0.1%)*** | ***Beverages (0.1%)*** | ***Beverages (0.1%)*** |
|  MGP Ingredients, Inc. | 4177 | 101501 |
|  National Beverage Corp.\* | 7209 | 229895 |
|  Vita Coco Co., Inc. (The)\* | 14154 | 750304 |
|  Zevia PBC, Class A\* | 18925 | 43906 |
|  |  | 1125606 |
|  ***Consumer Staples Distribution & Retail (0.4%)*** | ***Consumer Staples Distribution & Retail (0.4%)*** | ***Consumer Staples Distribution & Retail (0.4%)*** |
|  Andersons, Inc. (The) | 10219 | 543344 |
|  Chefs' Warehouse, Inc. (The)\* | 11215 | 699031 |
|  Grocery Outlet Holding Corp.\* | 29278 | 295708 |
|  HF Foods Group, Inc.\* | 13784 | 29635 |
|  Ingles Markets, Inc., Class A | 4467 | 306213 |
|  Natural Grocers by Vitamin Cottage, Inc. | 2830 | 70891 |
|  PriceSmart, Inc. | 7782 | 954618 |
|  United Natural Foods, Inc.\* | 17643 | 594040 |
|  Village Super Market, Inc., Class A | 3465 | 122644 |
|  Weis Markets, Inc. | 4486 | 287508 |
|  |  | 3903632 |
|  ***Food Products (0.7%)*** | ***Food Products (0.7%)*** | ***Food Products (0.7%)*** |
|  Alico, Inc. | 1764 | 64174 |
|  B&G Foods, Inc.(x) | 25623 | 110179 |
|  Beyond Meat, Inc.(x)\* | 86113 | 70613 |
|  BRC, Inc., Class A\* | 29751 | 33024 |
|  Calavo Growers, Inc. | 4142 | 90089 |
|  Cal-Maine Foods, Inc. | 13079 | 1040696 |
|  Dole plc | 25498 | 382215 |
|  Forafric Global plc(x)\* | 308 | 3397 |
|  Fresh Del Monte Produce, Inc. | 10412 | 370980 |
|  Hain Celestial Group, Inc. (The)\* | 29228 | 31274 |
|  J & J Snack Foods Corp. | 4736 | 427992 |
|  John B Sanfilippo & Son, Inc. | 2610 | 184266 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Lifeway Foods, Inc.\* | 3112 | $| 75404 |
|  Limoneira Co. | 4943 |  | 62405 |
|  Mama's Creations, Inc.\* | 7445 |  | 100433 |
|  Marzetti Co. (The) | 6090 |  | 1001318 |
|  Mission Produce, Inc.\* | 13866 |  | 160846 |
|  Seneca Foods Corp., Class A\* | 1323 |  | 146363 |
|  Simply Good Foods Co. (The)\* | 28068 |  | 563605 |
|  SunOpta, Inc.\* | 30332 |  | 115262 |
|  Tootsie Roll Industries, Inc. | 5618 |  | 205787 |
|  TreeHouse Foods, Inc.\* | 15240 |  | 359512 |
|  Utz Brands, Inc. | 22514 |  | 233695 |
|  Vital Farms, Inc.\* | 10663 |  | 340576 |
|  Westrock Coffee Co.(x)\* | 14492 |  | 58982 |
|  |  |  | 6233087 |
|  ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** |
|  Central Garden & Pet Co.\* | 2652 |  | 85262 |
|  Central Garden & Pet Co., Class A\* | 15882 |  | 463595 |
|  Energizer Holdings, Inc. | 19555 |  | 388949 |
|  Oil-Dri Corp. of America | 3169 |  | 155091 |
|  Spectrum Brands Holdings, Inc. | 6586 |  | 389101 |
|  WD-40 Co. | 4016 |  | 790750 |
|  |  |  | 2272748 |
|  ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** |
|  Beauty Health Co. (The)(x)\* | 44077 |  | 61267 |
|  Edgewell Personal Care Co. | 11035 |  | 188147 |
|  FitLife Brands, Inc.\* | 631 |  | 10266 |
|  Herbalife Ltd.\* | 30782 |  | 396780 |
|  Honest Co., Inc. (The)\* | 29527 |  | 76180 |
|  Interparfums, Inc. | 5550 |  | 470806 |
|  Lifevantage Corp.(x) | 3413 |  | 21024 |
|  Medifast, Inc.(x)\* | 2503 |  | 26732 |
|  Nature's Sunshine Products, Inc.\* | 5144 |  | 111008 |
|  Nu Skin Enterprises, Inc., Class A | 15697 |  | 151005 |
|  Olaplex Holdings, Inc.\* | 47079 |  | 63086 |
|  USANA Health Sciences, Inc.\* | 3544 |  | 69569 |
|  Waldencast plc, Class A\* | 13718 |  | 25790 |
|  |  |  | 1671660 |
|  ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** |
|  Ispire Technology, Inc.(x)\* | 9255 |  | 25914 |
|  Turning Point Brands, Inc. | 5321 |  | 576797 |
|  Universal Corp. | 7523 |  | 396838 |
|  |  |  | 999549 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 16206282 |
|  **Energy (4.3%)** | **Energy (4.3%)** | **Energy (4.3%)** | **Energy (4.3%)** |
|  ***Energy Equipment & Services (1.6%)*** | ***Energy Equipment & Services (1.6%)*** | ***Energy Equipment & Services (1.6%)*** | ***Energy Equipment & Services (1.6%)*** |
|  Archrock, Inc. | 52838 |  | 1374845 |
|  Atlas Energy Solutions, Inc.(x) | 23111 |  | 217706 |
|  Borr Drilling Ltd.(x) | 80128 |  | 322916 |
|  Bristow Group, Inc., Class A\* | 8817 |  | 322879 |
|  Cactus, Inc., Class A | 21352 |  | 975359 |
|  Core Laboratories, Inc. | 14224 |  | 228011 |
|  DMC Global, Inc.\* | 5431 |  | 36333 |
|  Energy Services of America Corp. | 2664 |  | 21765 |
|  Expro Group Holdings NV\* | 28062 |  | 374628 |
|  Flowco Holdings, Inc., Class A | 4214 |  | 78970 |
|  Forum Energy Technologies, Inc.\* | 2894 |  | 106933 |
|  Helix Energy Solutions Group, Inc.\* | 45201 |  | 283410 |
|  Helmerich & Payne, Inc. | 30230 |  | 866996 |
|  Innovex International, Inc.\* | 10921 |  | 238842 |
|  Kodiak Gas Services, Inc. | 25506 |  | 953924 |
|  Liberty Energy, Inc., Class A | 46639 |  | 860956 |
|  Mammoth Energy Services, Inc.\* | 6257 |  | 11575 |
|  Nabors Industries Ltd.\* | 3874 |  | 210358 |
|  National Energy Services Reunited Corp.\* | 18498 |  | 289679 |
|  Natural Gas Services Group, Inc. | 2542 |  | 85538 |
|  Noble Corp. plc | 39046 |  | 1102659 |
|  Oceaneering International, Inc.\* | 28798 |  | 692016 |
|  Oil States International, Inc.\* | 12010 |  | 81308 |
|  Patterson-UTI Energy, Inc. | 109051 |  | 666302 |
|  ProFrac Holding Corp., Class A(x)\* | 12882 |  | 50111 |
|  ProPetro Holding Corp.\* | 24756 |  | 235430 |
|  Ranger Energy Services, Inc., Class A | 5719 |  | 79952 |
|  RPC, Inc. | 18510 |  | 100694 |
|  SEACOR Marine Holdings, Inc.\* | 8110 |  | 48822 |
|  Seadrill Ltd.\* | 19772 |  | 684111 |
|  Select Water Solutions, Inc., Class A | 28843 |  | 303428 |
|  Solaris Energy Infrastructure, Inc., Class A | 12506 |  | 574901 |
|  TETRA Technologies, Inc.\* | 38962 |  | 365074 |
|  Tidewater, Inc.\* | 14858 |  | 750478 |
|  Transocean Ltd.\* | 279369 |  | 1153794 |
|  Valaris Ltd.\* | 18762 |  | 945605 |
|  |  |  | 15696308 |
|  ***Oil, Gas & Consumable Fuels (2.7%)*** | ***Oil, Gas & Consumable Fuels (2.7%)*** | ***Oil, Gas & Consumable Fuels (2.7%)*** | ***Oil, Gas & Consumable Fuels (2.7%)*** |
|  Ardmore Shipping Corp. | 7102 |  | 75210 |
|  BKV Corp.\* | 6688 |  | 181579 |
|  California Resources Corp. | 21894 |  | 978881 |
|  Calumet, Inc.\* | 21364 |  | 424503 |
|  Centrus Energy Corp., Class A(x)\* | 5028 |  | 1220597 |
|  Clean Energy Fuels Corp.\* | 40251 |  | 84527 |
|  CNX Resources Corp.\* | 39450 |  | 1450577 |
|  Comstock Resources, Inc.\* | 22608 |  | 524053 |
|  Core Natural Resources, Inc. | 15900 |  | 1407309 |
|  Crescent Energy Co., Class A | 70878 |  | 594666 |
|  CVR Energy, Inc.\* | 10175 |  | 258852 |
|  Delek US Holdings, Inc. | 18617 |  | 552180 |
|  DHT Holdings, Inc. | 42626 |  | 520464 |
|  Diversified Energy Co. | 18100 |  | 262088 |
|  Dorian LPG Ltd. | 11501 |  | 279934 |
|  Empire Petroleum Corp.(x)\* | 3717 |  | 11300 |
|  Encore Energy Corp.(x)\* | 56358 |  | 139768 |
|  Energy Fuels, Inc.(x)\* | 68390 |  | 994391 |
|  Epsilon Energy Ltd. | 3897 |  | 18082 |
|  Evolution Petroleum Corp. | 9400 |  | 33276 |
|  Excelerate Energy, Inc., Class A | 7249 |  | 203335 |
|  FLEX LNG Ltd. | 9842 |  | 245558 |
|  FutureFuel Corp. | 10021 |  | 31967 |
|  Gevo, Inc.(x)\* | 73560 |  | 147120 |
|  Golar LNG Ltd. | 30578 |  | 1137807 |
|  Granite Ridge Resources, Inc. | 17391 |  | 81738 |
|  Green Plains, Inc.\* | 20398 |  | 199900 |
|  Gulfport Energy Corp.\* | 4737 |  | 985249 |
|  HighPeak Energy, Inc.(x) | 7522 |  | 35654 |
|  Infinity Natural Resources, Inc., Class A\* | 3317 |  | 48859 |
|  International Seaways, Inc. | 12443 |  | 604108 |
|  Kinetik Holdings, Inc., Class A | 13497 |  | 486567 |
|  Kolibri Global Energy, Inc.\* | 5753 |  | 22609 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Kosmos Energy Ltd.(x)\* | 143092 | $| 129842 |
|  Lightbridge Corp.(x)\* | 5671 |  | 71681 |
|  Magnolia Oil & Gas Corp., Class A | 56420 |  | 1235034 |
|  Murphy Oil Corp. | 40742 |  | 1273188 |
|  NACCO Industries, Inc., Class A | 921 |  | 45166 |
|  Navigator Holdings Ltd. | 6596 |  | 114243 |
|  New Fortress Energy, Inc.(x)\* | 39112 |  | 44588 |
|  NextDecade Corp.\* | 42186 |  | 222320 |
|  NextNRG, Inc.(x)\* | 4087 |  | 5926 |
|  Nordic American Tankers Ltd.(x) | 62403 |  | 214666 |
|  Northern Oil & Gas, Inc.(x) | 28679 |  | 615738 |
|  OPAL Fuels, Inc., Class A\* | 4345 |  | 10233 |
|  Par Pacific Holdings, Inc.\* | 15274 |  | 536728 |
|  PBF Energy, Inc., Class A | 25861 |  | 701350 |
|  Peabody Energy Corp. | 37070 |  | 1100979 |
|  Prairie Operating Co.(x)\* | 4751 |  | 8029 |
|  PrimeEnergy Resources Corp.(x)\* | 104 |  | 17784 |
|  REX American Resources Corp.\* | 9784 |  | 316219 |
|  Riley Exploration Permian, Inc. | 4657 |  | 122945 |
|  Sable Offshore Corp.(x)\* | 23397 |  | 211041 |
|  SandRidge Energy, Inc. | 9154 |  | 132092 |
|  Scorpio Tankers, Inc. | 14199 |  | 721735 |
|  SFL Corp. Ltd. | 37736 |  | 294718 |
|  SM Energy Co. | 36101 |  | 675089 |
|  Summit Midstream Corp.\* | 2205 |  | 58829 |
|  Talos Energy, Inc.\* | 37195 |  | 409889 |
|  Teekay Corp. Ltd. | 10957 |  | 98942 |
|  Teekay Tankers Ltd., Class A | 7750 |  | 414005 |
|  Uranium Energy Corp.\* | 142509 |  | 1664505 |
|  VAALCO Energy, Inc. | 30228 |  | 110030 |
|  Verde Clean Fuels, Inc.(x)\* | 1072 |  | 2208 |
|  Vitesse Energy, Inc.(x) | 8816 |  | 169796 |
|  W&T Offshore, Inc.(x) | 42666 |  | 69546 |
|  World Kinect Corp. | 16163 |  | 378699 |
|  XCF Global, Inc., Class A(x)\* | 9767 |  | 2666 |
|  |  |  | 26443157 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 42139465 |
|  **Financials (16.0%)** | **Financials (16.0%)** | **Financials (16.0%)** | **Financials (16.0%)** |
|  ***Banks (8.9%)*** | ***Banks (8.9%)*** | ***Banks (8.9%)*** | ***Banks (8.9%)*** |
|  1st Source Corp. | 5556 |  | 347194 |
|  ACNB Corp. | 2890 |  | 139731 |
|  Amalgamated Financial Corp. | 7061 |  | 226164 |
|  Amerant Bancorp, Inc., Class A | 11199 |  | 218492 |
|  Ameris Bancorp | 20280 |  | 1506196 |
|  Ames National Corp. | 2444 |  | 56114 |
|  Arrow Financial Corp. | 4154 |  | 130436 |
|  Associated Banc-Corp. | 50758 |  | 1307526 |
|  Atlantic Union Bankshares Corp. | 43983 |  | 1552600 |
|  Avidbank Holdings, Inc.\* | 460 |  | 12218 |
|  Axos Financial, Inc.\* | 16637 |  | 1433444 |
|  Banc of California, Inc. | 39021 |  | 752715 |
|  BancFirst Corp. | 6554 |  | 694855 |
|  Bancorp, Inc. (The)\* | 13117 |  | 885660 |
|  Bank First Corp. | 3032 |  | 369358 |
|  Bank of Hawaii Corp. | 12169 |  | 831995 |
|  Bank of Marin Bancorp | 4235 |  | 110152 |
|  Bank of NT Butterfield & Son Ltd. (The) | 12509 |  | 623198 |
|  Bank7 Corp. | 1704 |  | 69830 |
|  BankFinancial Corp. | 2033 |  | 24396 |
|  BankUnited, Inc. | 22745 |  | 1013745 |
|  Bankwell Financial Group, Inc. | 1924 |  | 88158 |
|  Banner Corp. | 10223 |  | 640573 |
|  Bar Harbor Bankshares | 4703 |  | 146028 |
|  BayCom Corp. | 3139 |  | 92287 |
|  BCB Bancorp, Inc. | 5457 |  | 44038 |
|  Beacon Financial Corp. | 25980 |  | 685093 |
|  Blue Foundry Bancorp\* | 5314 |  | 66053 |
|  Blue Ridge Bankshares, Inc. | 16340 |  | 69772 |
|  Bridgewater Bancshares, Inc.\* | 6594 |  | 115593 |
|  Burke & Herbert Financial Services Corp. | 3959 |  | 246685 |
|  Business First Bancshares, Inc. | 8589 |  | 224516 |
|  BV Financial, Inc.\* | 2274 |  | 41250 |
|  Byline Bancorp, Inc. | 9204 |  | 268297 |
|  C&F Financial Corp. | 790 |  | 57346 |
|  Cadence Bank | 56321 |  | 2412792 |
|  California Bancorp | 6465 |  | 120702 |
|  Camden National Corp. | 5210 |  | 226010 |
|  Capital Bancorp, Inc. | 3838 |  | 108116 |
|  Capital City Bank Group, Inc. | 4214 |  | 179390 |
|  Capitol Federal Financial, Inc. | 37748 |  | 257064 |
|  Carter Bankshares, Inc.\* | 6321 |  | 124271 |
|  Cathay General Bancorp | 20656 |  | 999544 |
|  CB Financial Services, Inc. | 1109 |  | 38660 |
|  Central Pacific Financial Corp. | 7956 |  | 247909 |
|  CF Bankshares, Inc. | 859 |  | 21432 |
|  Chain Bridge Bancorp, Inc., Class A\* | 622 |  | 21546 |
|  Chemung Financial Corp. | 1183 |  | 66011 |
|  ChoiceOne Financial Services, Inc. | 3238 |  | 95586 |
|  Citizens & Northern Corp. | 4716 |  | 95122 |
|  Citizens Community Bancorp, Inc. | 2061 |  | 36727 |
|  Citizens Financial Services, Inc. | 1277 |  | 72815 |
|  City Holding Co. | 4269 |  | 508865 |
|  Civista Bancshares, Inc. | 5229 |  | 116188 |
|  CNB Financial Corp. | 8143 |  | 213102 |
|  Coastal Financial Corp.\* | 3967 |  | 454579 |
|  CoastalSouth Bancshares, Inc.\* | 720 |  | 16740 |
|  Colony Bankcorp, Inc. | 5129 |  | 91399 |
|  Columbia Financial, Inc.\* | 8602 |  | 133675 |
|  Commercial Bancgroup, Inc.\* | 1143 |  | 28072 |
|  Community Financial System, Inc. | 16525 |  | 949196 |
|  Community Trust Bancorp, Inc. | 4480 |  | 253120 |
|  Community West Bancshares | 5131 |  | 115447 |
|  ConnectOne Bancorp, Inc. | 13904 |  | 364563 |
|  Customers Bancorp, Inc.\* | 9645 |  | 705242 |
|  CVB Financial Corp. | 40389 |  | 751235 |
|  Dime Community Bancshares, Inc. | 12421 |  | 373748 |
|  Eagle Bancorp Montana, Inc. | 1990 |  | 39601 |
|  Eagle Bancorp, Inc. | 8361 |  | 179093 |
|  Eagle Financial Services, Inc. | 1131 |  | 45008 |
|  Eastern Bankshares, Inc. | 67363 |  | 1241500 |
|  ECB Bancorp, Inc.\* | 1593 |  | 27702 |
|  Enterprise Financial Services Corp. | 11561 |  | 624294 |
|  Equity Bancshares, Inc., Class A | 4424 |  | 197532 |
|  Esquire Financial Holdings, Inc. | 1963 |  | 200363 |
|  Farmers & Merchants Bancorp, Inc. | 4039 |  | 99844 |
|  Farmers National Banc Corp. | 11007 |  | 146613 |
|  FB Bancorp, Inc.\* | 4897 |  | 62926 |
|  FB Financial Corp. | 12748 |  | 711338 |
|  Fidelity D&D Bancorp, Inc. | 1196 |  | 52062 |
|  Financial Institutions, Inc. | 5934 |  | 184963 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Finward Bancorp | 709 | $24950 |
|  Finwise Bancorp\* | 2089 | 37477 |
|  First Bancorp (Nasdaq Stock Exchange) | 12664 | 643205 |
|  First Bancorp (New York Stock Exchange) | 48246 | 1000140 |
|  First Bancorp, Inc. (The) | 3146 | 83180 |
|  First Bank | 6669 | 109772 |
|  First Busey Corp. | 25850 | 614971 |
|  First Business Financial Services, Inc. | 2483 | 134827 |
|  First Capital, Inc. | 758 | 44874 |
|  First Commonwealth Financial Corp. | 32838 | 553649 |
|  First Community Bankshares, Inc. | 4384 | 147872 |
|  First Community Corp. | 1761 | 52214 |
|  First Financial Bancorp | 29301 | 733111 |
|  First Financial Bankshares, Inc. | 40660 | 1214514 |
|  First Financial Corp. | 3220 | 194552 |
|  First Foundation, Inc.\* | 13575 | 83622 |
|  First Internet Bancorp | 2143 | 44724 |
|  First Interstate BancSystem, Inc., Class A | 27808 | 962157 |
|  First Merchants Corp. | 17599 | 659610 |
|  First Mid Bancshares, Inc. | 7037 | 274443 |
|  First National Corp. | 1858 | 46896 |
|  First Savings Financial Group, Inc. | 1363 | 43425 |
|  First United Corp. | 1507 | 56422 |
|  First Western Financial, Inc.\* | 2791 | 74827 |
|  Firstsun Capital Bancorp\* | 3681 | 138534 |
|  Five Star Bancorp | 4047 | 144802 |
|  Flagstar Bank NA | 93729 | 1180048 |
|  Flushing Financial Corp. | 8366 | 126912 |
|  Franklin Financial Services Corp. | 1069 | 53664 |
|  FS Bancorp, Inc. | 1991 | 81969 |
|  Fulton Financial Corp. | 54977 | 1062705 |
|  FVCBankcorp, Inc. | 4184 | 58199 |
|  GBank Financial Holdings, Inc.(x)\* | 2907 | 98518 |
|  German American Bancorp, Inc. | 11257 | 441049 |
|  Glacier Bancorp, Inc. | 38879 | 1712620 |
|  Great Southern Bancorp, Inc. | 2346 | 144420 |
|  Greene County Bancorp, Inc. | 3404 | 75671 |
|  Hancock Whitney Corp. | 25452 | 1620783 |
|  Hanmi Financial Corp. | 8211 | 221943 |
|  Hanover Bancorp, Inc. | 1079 | 24936 |
|  Hawthorn Bancshares, Inc. | 1432 | 49948 |
|  HBT Financial, Inc. | 3760 | 97196 |
|  Heritage Commerce Corp. | 17985 | 216000 |
|  Heritage Financial Corp. | 11005 | 260268 |
|  Hilltop Holdings, Inc. | 12795 | 434262 |
|  Hingham Institution For Savings (The)(x) | 365 | 103645 |
|  Home Bancorp, Inc. | 2087 | 120629 |
|  Home BancShares, Inc. | 57433 | 1595489 |
|  HomeTrust Bancshares, Inc. | 4554 | 195549 |
|  Hope Bancorp, Inc. | 40008 | 438488 |
|  Horizon Bancorp, Inc. | 13873 | 235286 |
|  Independent Bank Corp. | 6309 | 205232 |
|  Independent Bank Corp./MA | 14933 | 1091304 |
|  International Bancshares Corp. | 16967 | 1127287 |
|  Investar Holding Corp. | 1942 | 51890 |
|  John Marshall Bancorp, Inc. | 3314 | 66247 |
|  Kearny Financial Corp. | 14845 | 110001 |
|  Lakeland Financial Corp. | 7661 | 437137 |
|  Landmark Bancorp, Inc.(x) | 1130 | 29595 |
|  LCNB Corp. | 3963 | 64954 |
|  LINKBANCORP, Inc. | 6260 | 51708 |
|  Live Oak Bancshares, Inc. | 10691 | 367236 |
|  MainStreet Bancshares, Inc. | 1709 | 34795 |
|  Mechanics Bancorp | 12962 | 189634 |
|  Mercantile Bank Corp. | 4979 | 239490 |
|  Meridian Corp. | 2343 | 41190 |
|  Metrocity Bankshares, Inc. | 5557 | 147483 |
|  Metropolitan Bank Holding Corp. | 2752 | 210143 |
|  Mid Penn Bancorp, Inc. | 5287 | 164003 |
|  Middlefield Banc Corp. | 1974 | 68182 |
|  Midland States Bancorp, Inc. | 6544 | 138536 |
|  MidWestOne Financial Group, Inc. | 4944 | 190344 |
|  MVB Financial Corp. | 3329 | 85988 |
|  National Bank Holdings Corp., Class A | 11891 | 451977 |
|  National Bankshares, Inc. | 1935 | 64881 |
|  NB Bancorp, Inc. | 13553 | 268620 |
|  NBT Bancorp, Inc. | 15614 | 648293 |
|  Nicolet Bankshares, Inc. | 4067 | 493327 |
|  Northeast Bank | 2263 | 235194 |
|  Northeast Community Bancorp, Inc. | 3711 | 83906 |
|  Northfield Bancorp, Inc. | 9552 | 109179 |
|  Northpointe Bancshares, Inc. | 4868 | 81685 |
|  Northrim Bancorp, Inc. | 6860 | 182545 |
|  Northwest Bancshares, Inc. | 44579 | 534948 |
|  Norwood Financial Corp.(x) | 2264 | 63505 |
|  Oak Valley Bancorp | 1774 | 53326 |
|  OceanFirst Financial Corp. | 17973 | 322615 |
|  OFG Bancorp | 13231 | 542206 |
|  Ohio Valley Banc Corp. | 903 | 36102 |
|  Old National Bancorp | 107122 | 2389892 |
|  Old Second Bancorp, Inc. | 15060 | 293670 |
|  OP Bancorp | 3217 | 45424 |
|  Orange County Bancorp, Inc. | 3734 | 106606 |
|  Origin Bancorp, Inc. | 8992 | 338189 |
|  Orrstown Financial Services, Inc. | 5698 | 201823 |
|  Park National Corp. | 4434 | 674766 |
|  Parke Bancorp, Inc. | 3003 | 75195 |
|  Pathward Financial, Inc. | 6987 | 496077 |
|  Patriot National Bancorp, Inc.(x)\* | 22375 | 40722 |
|  PCB Bancorp | 3293 | 71293 |
|  Peapack-Gladstone Financial Corp. | 4979 | 138665 |
|  Peoples Bancorp of North Carolina, Inc. | 1108 | 40110 |
|  Peoples Bancorp, Inc. | 10166 | 305285 |
|  Peoples Financial Services Corp. | 2533 | 123382 |
|  Pioneer Bancorp, Inc.\* | 4523 | 60970 |
|  Plumas Bancorp | 1589 | 71012 |
|  Ponce Financial Group, Inc.\* | 5850 | 95647 |
|  Preferred Bank | 3583 | 338343 |
|  Primis Financial Corp. | 7369 | 102503 |
|  Princeton Bancorp, Inc. | 1602 | 55573 |
|  Provident Financial Services, Inc. | 40144 | 792844 |
|  QCR Holdings, Inc. | 5413 | 450903 |
|  RBB Bancorp | 5497 | 113458 |
|  Red River Bancshares, Inc. | 1311 | 93645 |
|  Renasant Corp. | 28169 | 992112 |
|  Republic Bancorp, Inc., Class A | 2249 | 155158 |
|  Rhinebeck Bancorp, Inc.\* | 876 | 10530 |
|  Richmond Mutual Bancorp, Inc. | 2365 | 33205 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Riverview Bancorp, Inc. | 5497 | $| 27595 |
|  S&T Bancorp, Inc. | 12232 |  | 481329 |
|  SB Financial Group, Inc. | 1504 |  | 33494 |
|  Seacoast Banking Corp. of Florida | 26280 |  | 825718 |
|  ServisFirst Bancshares, Inc. | 16035 |  | 1151153 |
|  Shore Bancshares, Inc. | 7486 |  | 132352 |
|  Sierra Bancorp | 3719 |  | 121537 |
|  Simmons First National Corp., Class A | 43925 |  | 827986 |
|  SmartFinancial, Inc. | 3091 |  | 114336 |
|  Sound Financial Bancorp, Inc. | 457 |  | 19939 |
|  South Plains Financial, Inc. | 3686 |  | 143017 |
|  Southern First Bancshares, Inc.\* | 2119 |  | 109171 |
|  Southern Missouri Bancorp, Inc. | 2827 |  | 167132 |
|  Southside Bancshares, Inc. | 9108 |  | 276792 |
|  SR Bancorp, Inc.(x) | 2337 |  | 36784 |
|  Stellar Bancorp, Inc. | 15554 |  | 481241 |
|  Sterling Bancorp, Inc.(r)\* | 6057 |  |  |
|  Stock Yards Bancorp, Inc. | 7925 |  | 514729 |
|  Texas Capital Bancshares, Inc.\* | 13940 |  | 1262128 |
|  Third Coast Bancshares, Inc.\* | 3031 |  | 115208 |
|  Timberland Bancorp, Inc. | 2073 |  | 74213 |
|  Tompkins Financial Corp. | 4129 |  | 299435 |
|  Towne Bank | 21999 |  | 734107 |
|  TriCo Bancshares | 9631 |  | 456220 |
|  Triumph Financial, Inc.\* | 7302 |  | 457324 |
|  TrustCo Bank Corp. | 5790 |  | 239301 |
|  Trustmark Corp. | 17960 |  | 699542 |
|  UMB Financial Corp. | 21972 |  | 2527659 |
|  Union Bankshares, Inc. | 812 |  | 19269 |
|  United Bankshares, Inc. | 42739 |  | 1641178 |
|  United Community Banks, Inc. | 36821 |  | 1149552 |
|  United Security Bancshares | 2408 |  | 24249 |
|  Unity Bancorp, Inc. | 2147 |  | 111043 |
|  Univest Financial Corp. | 8669 |  | 283823 |
|  USCB Financial Holdings, Inc. | 4044 |  | 74490 |
|  Valley National Bancorp | 148367 |  | 1732927 |
|  Virginia National Bankshares Corp. | 1328 |  | 52921 |
|  WaFd, Inc. | 23890 |  | 765197 |
|  Washington Trust Bancorp, Inc. | 5469 |  | 161609 |
|  WesBanco, Inc. | 29278 |  | 973201 |
|  West Bancorp, Inc. | 4557 |  | 101120 |
|  Westamerica Bancorp | 7891 |  | 377427 |
|  Western New England Bancorp, Inc. | 4711 |  | 59453 |
|  WSFS Financial Corp. | 17148 |  | 947255 |
|  |  |  | 86668228 |
|  ***Capital Markets (1.6%)*** | ***Capital Markets (1.6%)*** | ***Capital Markets (1.6%)*** | ***Capital Markets (1.6%)*** |
|  Acadian Asset Management, Inc. | 8195 |  | 385165 |
|  AlTi Global, Inc.(x)\* | 17753 |  | 82374 |
|  Artisan Partners Asset Management, Inc., Class A | 19342 |  | 787993 |
|  Bakkt Holdings, Inc., Class A(x)\* | 2458 |  | 24678 |
|  BGC Group, Inc., Class A | 110314 |  | 985104 |
|  Cohen & Steers, Inc. | 8678 |  | 544805 |
|  Diamond Hill Investment Group, Inc. | 605 |  | 102547 |
|  DigitalBridge Group, Inc. | 52355 |  | 803126 |
|  Donnelley Financial Solutions, Inc.\* | 8095 |  | 377956 |
|  Forge Global Holdings, Inc.\* | 2365 |  | 105384 |
|  GCM Grosvenor, Inc., Class A | 14149 |  | 160167 |
|  Innventure, Inc.(x)\* | 5487 |  | 22936 |
|  Marex Group plc | 16912 |  | 648744 |
|  MarketWise, Inc. | 430 |  | 6459 |
|  Miami International Holdings, Inc.(x)\* | 7126 |  | 316252 |
|  Moelis & Co., Class A | 22222 |  | 1527540 |
|  Open Lending Corp.\* | 26545 |  | 41145 |
|  P10, Inc., Class A | 17151 |  | 168251 |
|  Patria Investments Ltd., Class A | 20416 |  | 324410 |
|  Perella Weinberg Partners, Class A | 17794 |  | 307836 |
|  Piper Sandler Cos. | 5370 |  | 1824243 |
|  PJT Partners, Inc., Class A | 6963 |  | 1164214 |
|  Siebert Financial Corp.\* | 3146 |  | 11042 |
|  Silvercrest Asset Management Group, Inc., Class A | 2449 |  | 37200 |
|  StepStone Group, Inc., Class A | 21121 |  | 1355335 |
|  StoneX Group, Inc.\* | 14620 |  | 1390801 |
|  Value Line, Inc. | 933 |  | 35855 |
|  Victory Capital Holdings, Inc., Class A | 13714 |  | 865216 |
|  Virtus Investment Partners, Inc. | 1988 |  | 324342 |
|  Webull Corp.\* | 82348 |  | 639844 |
|  Westwood Holdings Group, Inc. | 1522 |  | 26194 |
|  WisdomTree, Inc.(x) | 37213 |  | 453626 |
|  |  |  | 15850784 |
|  ***Consumer Finance (1.0%)*** | ***Consumer Finance (1.0%)*** | ***Consumer Finance (1.0%)*** | ***Consumer Finance (1.0%)*** |
|  Atlanticus Holdings Corp.\* | 1362 |  | 91186 |
|  Bread Financial Holdings, Inc. | 12668 |  | 937812 |
|  Consumer Portfolio Services, Inc.\* | 3714 |  | 34652 |
|  Dave, Inc.\* | 3078 |  | 681500 |
|  Encore Capital Group, Inc.\* | 7135 |  | 387787 |
|  Enova International, Inc.\* | 7275 |  | 1143630 |
|  FirstCash Holdings, Inc. | 11951 |  | 1904750 |
|  Green Dot Corp., Class A\* | 16170 |  | 207138 |
|  Jefferson Capital, Inc. | 1534 |  | 34270 |
|  LendingClub Corp.\* | 33436 |  | 633278 |
|  LendingTree, Inc.\* | 3406 |  | 180825 |
|  Medallion Financial Corp. | 3727 |  | 38351 |
|  Navient Corp. | 21258 |  | 276354 |
|  Nelnet, Inc., Class A | 3571 |  | 474800 |
|  NerdWallet, Inc., Class A\* | 12470 |  | 168968 |
|  Oportun Financial Corp.\* | 7755 |  | 41024 |
|  OppFi, Inc. | 5670 |  | 59308 |
|  PRA Group, Inc.\* | 12432 |  | 219922 |
|  PROG Holdings, Inc. | 12242 |  | 361017 |
|  Regional Management Corp. | 2926 |  | 113382 |
|  Upstart Holdings, Inc.(x)\* | 26093 |  | 1141047 |
|  Vroom, Inc.\* | 205 |  | 4075 |
|  World Acceptance Corp.\* | 958 |  | 134494 |
|  |  |  | 9269570 |
|  ***Financial Services (1.9%)*** | ***Financial Services (1.9%)*** | ***Financial Services (1.9%)*** | ***Financial Services (1.9%)*** |
|  Acacia Research Corp.\* | 13529 |  | 50598 |
|  Alerus Financial Corp. | 5746 |  | 129400 |
|  Banco Latinoamericano de Comercio Exterior SA, Class E | 9209 |  | 410721 |
|  Better Home & Finance Holding Co.(x)\* | 1063 |  | 34633 |
|  Burford Capital Ltd. | 60579 |  | 540365 |
|  Cannae Holdings, Inc. | 14581 |  | 229359 |
|  Cantaloupe, Inc.\* | 17324 |  | 183981 |
|  Cass Information Systems, Inc. | 3191 |  | 132490 |
|  Compass Diversified Holdings | 13630 |  | 65424 |
|  Enact Holdings, Inc. | 8704 |  | 345027 |
|  Essent Group Ltd. | 28392 |  | 1845764 |
|  Evertec, Inc. | 19642 |  | 571386 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Federal Agricultural Mortgage Corp., Class C | 2891 | $| 507573 |
|  Finance of America Cos., Inc., Class A\* | 1048 |  | 25372 |
|  Flywire Corp.\* | 37191 |  | 526625 |
|  HA Sustainable Infrastructure Capital, Inc. | 37767 |  | 1187017 |
|  International Money Express, Inc.\* | 5591 |  | 85878 |
|  Jackson Financial, Inc., Class A | 20905 |  | 2229518 |
|  loanDepot, Inc., Class A\* | 18129 |  | 37527 |
|  Marqeta, Inc., Class A\* | 114744 |  | 545034 |
|  Merchants Bancorp | 7583 |  | 258277 |
|  NCR Atleos Corp.\* | 21668 |  | 825767 |
|  NewtekOne, Inc. | 6139 |  | 69678 |
|  NMI Holdings, Inc., Class A\* | 24577 |  | 1002496 |
|  Onity Group, Inc.\* | 1611 |  | 73768 |
|  Pagseguro Digital Ltd., Class A | 57105 |  | 550492 |
|  Payoneer Global, Inc.\* | 86200 |  | 484444 |
|  Paysafe Ltd.(x)\* | 10356 |  | 83780 |
|  Paysign, Inc.\* | 11552 |  | 59493 |
|  PennyMac Financial Services, Inc. | 8830 |  | 1164147 |
|  Priority Technology Holdings, Inc.\* | 7886 |  | 42979 |
|  Radian Group, Inc. | 41895 |  | 1507801 |
|  Remitly Global, Inc.\* | 50680 |  | 699384 |
|  Repay Holdings Corp., Class A\* | 13994 |  | 51078 |
|  Security National Financial Corp., Class A\* | 3365 |  | 30319 |
|  Sezzle, Inc.(x)\* | 4866 |  | 308869 |
|  StoneCo Ltd., Class A\* | 76799 |  | 1135857 |
|  SWK Holdings Corp. | 1367 |  | 23512 |
|  Triller Group, Inc.(x)\* | 20953 |  | 670 |
|  Velocity Financial, Inc.\* | 3944 |  | 81877 |
|  Walker & Dunlop, Inc. | 10424 |  | 627004 |
|  Waterstone Financial, Inc. | 4420 |  | 73151 |
|  |  |  | 18838535 |
|  ***Insurance (1.8%)*** | ***Insurance (1.8%)*** | ***Insurance (1.8%)*** | ***Insurance (1.8%)*** |
|  Abacus Global Management, Inc. | 8399 |  | 71811 |
|  American Coastal Insurance Corp. | 7561 |  | 95495 |
|  American Integrity Insurance Group, Inc.\* | 1941 |  | 40431 |
|  AMERISAFE, Inc. | 5412 |  | 207875 |
|  Aspen Insurance Holdings Ltd., Class A(x)\* | 4677 |  | 173517 |
|  Ategrity Specialty Holdings LLC\* | 1292 |  | 27145 |
|  Baldwin Insurance Group, Inc. (The), Class A\* | 22140 |  | 532024 |
|  Bowhead Specialty Holdings, Inc.\* | 5212 |  | 148751 |
|  Citizens, Inc., Class A(x)\* | 10151 |  | 49029 |
|  CNO Financial Group, Inc. | 29884 |  | 1269174 |
|  Crawford & Co., Class A | 5644 |  | 63495 |
|  Donegal Group, Inc., Class A | 5880 |  | 117482 |
|  eHealth, Inc.\* | 6587 |  | 30300 |
|  Employers Holdings, Inc. | 6268 |  | 270590 |
|  F&G Annuities & Life, Inc. | 9992 |  | 308253 |
|  Fidelis Insurance Holdings Ltd. | 17861 |  | 349540 |
|  Genworth Financial, Inc., Class A\* | 123121 |  | 1111783 |
|  GoHealth, Inc., Class A\* | 979 |  | 2105 |
|  Goosehead Insurance, Inc., Class A | 7251 |  | 534036 |
|  Greenlight Capital Re Ltd., Class A\* | 8211 |  | 119716 |
|  Hamilton Insurance Group Ltd., Class B\* | 13846 |  | 386303 |
|  HCI Group, Inc. | 3308 |  | 634111 |
|  Heritage Insurance Holdings, Inc.\* | 7926 |  | 231915 |
|  Hippo Holdings, Inc.\* | 5811 |  | 174795 |
|  Horace Mann Educators Corp. | 12739 |  | 588287 |
|  Investors Title Co. | 331 |  | 82631 |
|  James River Group Holdings, Inc. | 11975 |  | 76161 |
|  Kestrel Group Ltd.(x) | 616 |  | 6308 |
|  Kingstone Cos., Inc. | 2619 |  | 44078 |
|  Kingsway Financial Services, Inc.\* | 6725 |  | 90451 |
|  Lemonade, Inc.\* | 18257 |  | 1299533 |
|  MBIA, Inc.\* | 14154 |  | 101343 |
|  Mercury General Corp. | 8050 |  | 757183 |
|  NI Holdings, Inc.\* | 2757 |  | 36668 |
|  Octave Specialty Group, Inc.\* | 9317 |  | 72486 |
|  Oscar Health, Inc., Class A\* | 59839 |  | 859886 |
|  Palomar Holdings, Inc.\* | 8139 |  | 1096812 |
|  ProAssurance Corp.\* | 15984 |  | 386173 |
|  Root, Inc., Class A\* | 3396 |  | 245293 |
|  Safety Insurance Group, Inc. | 4716 |  | 367424 |
|  Selective Insurance Group, Inc. | 18759 |  | 1569566 |
|  Selectquote, Inc.\* | 44554 |  | 62821 |
|  SiriusPoint Ltd.\* | 27113 |  | 593504 |
|  Skyward Specialty Insurance Group, Inc.\* | 10636 |  | 543606 |
|  Slide Insurance Holdings, Inc.\* | 5839 |  | 113744 |
|  Stewart Information Services Corp. | 8599 |  | 604166 |
|  Tiptree, Inc., Class A | 7723 |  | 141099 |
|  Trupanion, Inc.\* | 11371 |  | 424934 |
|  United Fire Group, Inc. | 6538 |  | 237656 |
|  Universal Insurance Holdings, Inc. | 7683 |  | 259685 |
|  |  |  | 17611174 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.8%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.8%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.8%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.8%)*** |
|  ACRES Commercial Realty Corp. (REIT)\* | 1701 |  | 36299 |
|  Adamas Trust, Inc. (REIT) | 24758 |  | 180733 |
|  Advanced Flower Capital, Inc. (REIT) | 5774 |  | 16456 |
|  Angel Oak Mortgage REIT, Inc. (REIT) | 5892 |  | 50730 |
|  Apollo Commercial Real Estate Finance, Inc. (REIT) | 40895 |  | 395864 |
|  Arbor Realty Trust, Inc. (REIT)(x) | 60935 |  | 472856 |
|  Ares Commercial Real Estate Corp. (REIT)(x) | 20267 |  | 96876 |
|  ARMOUR Residential REIT, Inc. (REIT)(x) | 33027 |  | 584248 |
|  Blackstone Mortgage Trust, Inc. (REIT), Class A | 48652 |  | 930713 |
|  BrightSpire Capital, Inc. (REIT), Class A | 42355 |  | 237188 |
|  Chicago Atlantic Real Estate Finance, Inc. (REIT) | 5859 |  | 71831 |
|  Chimera Investment Corp. (REIT) | 24329 |  | 302409 |
|  Claros Mortgage Trust, Inc. (REIT)\* | 29994 |  | 91782 |
|  Dynex Capital, Inc. (REIT) | 44759 |  | 627074 |
|  Ellington Financial, Inc. (REIT) | 28566 |  | 387926 |
|  Franklin BSP Realty Trust, Inc. (REIT) | 23634 |  | 237049 |
|  Invesco Mortgage Capital, Inc. (REIT) | 21023 |  | 176803 |
|  KKR Real Estate Finance Trust, Inc. (REIT) | 11311 |  | 92976 |
|  Ladder Capital Corp. (REIT) | 34724 |  | 381617 |
|  Lument Finance Trust, Inc. (REIT)(x) | 7470 |  | 10533 |
|  MFA Financial, Inc. (REIT) | 30621 |  | 285082 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Nexpoint Real Estate Finance, Inc. (REIT) | 4085 | $| 57517 |
|  Orchid Island Capital, Inc. (REIT)(x) | 43375 |  | 312300 |
|  PennyMac Mortgage Investment Trust (REIT) | 27411 |  | 344008 |
|  Ready Capital Corp. (REIT)(x) | 48389 |  | 105488 |
|  Redwood Trust, Inc. (REIT) | 41107 |  | 227322 |
|  Rithm Property Trust, Inc. (REIT) | 1392 |  | 23082 |
|  Seven Hills Realty Trust (REIT) | 5707 |  | 50792 |
|  Sunrise Realty Trust, Inc. (REIT) | 4168 |  | 39304 |
|  TPG Mortgage Investment Trust, Inc. (REIT) | 10418 |  | 88761 |
|  TPG RE Finance Trust, Inc. (REIT) | 20997 |  | 180784 |
|  Two Harbors Investment Corp. (REIT) | 33631 |  | 353126 |
|  |  |  | 7449529 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 155687820 |
|  **Health Care (16.9%)** | **Health Care (16.9%)** | **Health Care (16.9%)** | **Health Care (16.9%)** |
|  ***Biotechnology (8.4%)*** | ***Biotechnology (8.4%)*** | ***Biotechnology (8.4%)*** | ***Biotechnology (8.4%)*** |
|  4D Molecular Therapeutics, Inc.\* | 13372 |  | 100290 |
|  Abeona Therapeutics, Inc.\* | 10035 |  | 52884 |
|  Absci Corp.(x)\* | 36424 |  | 127120 |
|  ACADIA Pharmaceuticals, Inc.\* | 37591 |  | 1004056 |
|  Actuate Therapeutics, Inc.\* | 1204 |  | 7369 |
|  ADC Therapeutics SA\* | 26911 |  | 94996 |
|  ADMA Biologics, Inc.\* | 70498 |  | 1285884 |
|  Agios Pharmaceuticals, Inc.\* | 17411 |  | 473927 |
|  Akebia Therapeutics, Inc.\* | 76743 |  | 123556 |
|  Aldeyra Therapeutics, Inc.\* | 18431 |  | 95473 |
|  Alector, Inc.\* | 18586 |  | 28994 |
|  Alkermes plc\* | 50240 |  | 1405715 |
|  Allogene Therapeutics, Inc.\* | 59217 |  | 81127 |
|  Altimmune, Inc.\* | 22795 |  | 82290 |
|  Amicus Therapeutics, Inc.\* | 88467 |  | 1259770 |
|  AnaptysBio, Inc.\* | 5951 |  | 288505 |
|  Anavex Life Sciences Corp.\* | 26153 |  | 93105 |
|  Anika Therapeutics, Inc.\* | 4438 |  | 42649 |
|  Annexon, Inc.\* | 31487 |  | 158065 |
|  Apogee Therapeutics, Inc.\* | 11630 |  | 877832 |
|  Arbutus Biopharma Corp.\* | 43761 |  | 210490 |
|  Arcellx, Inc.\* | 10706 |  | 698031 |
|  Arcturus Therapeutics Holdings, Inc.(x)\* | 5661 |  | 34702 |
|  Arcus Biosciences, Inc.\* | 23727 |  | 565414 |
|  Arcutis Biotherapeutics, Inc.\* | 34333 |  | 997030 |
|  Ardelyx, Inc.\* | 75225 |  | 438562 |
|  ArriVent Biopharma, Inc.(x)\* | 8190 |  | 164783 |
|  Arrowhead Pharmaceuticals, Inc.\* | 40070 |  | 2660247 |
|  ARS Pharmaceuticals, Inc.(x)\* | 16688 |  | 194415 |
|  Astria Therapeutics, Inc.\* | 8836 |  | 115663 |
|  aTyr Pharma, Inc.(x)\* | 29368 |  | 22998 |
|  Aura Biosciences, Inc.\* | 14498 |  | 79014 |
|  Aurinia Pharmaceuticals, Inc.\* | 36721 |  | 585700 |
|  Avidity Biosciences, Inc.\* | 34949 |  | 2520871 |
|  Avita Medical, Inc.(x)\* | 2262 |  | 7804 |
|  Beam Therapeutics, Inc.\* | 29130 |  | 807484 |
|  Benitec Biopharma, Inc.\* | 3262 |  | 43939 |
|  Bicara Therapeutics, Inc.\* | 6540 |  | 110068 |
|  BioCryst Pharmaceuticals, Inc.\* | 66878 |  | 521648 |
|  Biohaven Ltd.\* | 28066 |  | 316865 |
|  Bridgebio Pharma, Inc.\* | 48409 |  | 3702804 |
|  Bright Minds Biosciences, Inc.\* | 1021 |  | 79679 |
|  Candel Therapeutics, Inc.\* | 17650 |  | 99723 |
|  Capricor Therapeutics, Inc.\* | 12932 |  | 373218 |
|  Cardiff Oncology, Inc.(x)\* | 13824 |  | 38845 |
|  CareDx, Inc.\* | 15940 |  | 300310 |
|  Cartesian Therapeutics, Inc.(x)\* | 4429 |  | 31933 |
|  Catalyst Pharmaceuticals, Inc.\* | 35862 |  | 837019 |
|  Celcuity, Inc.\* | 9728 |  | 970271 |
|  Celldex Therapeutics, Inc.\* | 20473 |  | 556047 |
|  CG oncology, Inc.\* | 16612 |  | 689730 |
|  Cidara Therapeutics, Inc.\* | 5923 |  | 1308331 |
|  Cogent Biosciences, Inc.\* | 42269 |  | 1501395 |
|  Coherus Oncology, Inc.(x)\* | 36755 |  | 52192 |
|  Compass Therapeutics, Inc.\* | 36349 |  | 195194 |
|  Corvus Pharmaceuticals, Inc.\* | 12029 |  | 92623 |
|  CRISPR Therapeutics AG(x)\* | 26470 |  | 1388087 |
|  Cullinan Therapeutics, Inc.\* | 14980 |  | 155043 |
|  Cytokinetics, Inc.\* | 35580 |  | 2260753 |
|  Day One Biopharmaceuticals, Inc.\* | 22370 |  | 208488 |
|  Denali Therapeutics, Inc.\* | 40990 |  | 676745 |
|  Design Therapeutics, Inc.\* | 6724 |  | 63071 |
|  DiaMedica Therapeutics, Inc.(x)\* | 7536 |  | 59987 |
|  Dianthus Therapeutics, Inc.\* | 7481 |  | 308292 |
|  Disc Medicine, Inc.\* | 7688 |  | 610504 |
|  Dynavax Technologies Corp.\* | 31198 |  | 479825 |
|  Dyne Therapeutics, Inc.\* | 36314 |  | 710302 |
|  Editas Medicine, Inc.\* | 27408 |  | 56186 |
|  Eledon Pharmaceuticals, Inc.\* | 13073 |  | 19740 |
|  Emergent BioSolutions, Inc.\* | 15936 |  | 196969 |
|  Enanta Pharmaceuticals, Inc.\* | 5755 |  | 90756 |
|  Entrada Therapeutics, Inc.\* | 10423 |  | 107148 |
|  Erasca, Inc.\* | 48537 |  | 180558 |
|  Fate Therapeutics, Inc.\* | 34303 |  | 33706 |
|  Fennec Pharmaceuticals, Inc.\* | 5733 |  | 44144 |
|  Foghorn Therapeutics, Inc.\* | 10683 |  | 57688 |
|  Geron Corp.\* | 175786 |  | 232038 |
|  Gossamer Bio, Inc.\* | 60376 |  | 187166 |
|  GRAIL, Inc.\* | 10413 |  | 891249 |
|  Greenwich Lifesciences, Inc.(x)\* | 1876 |  | 39415 |
|  Gyre Therapeutics, Inc.\* | 5495 |  | 38795 |
|  Heron Therapeutics, Inc.(x)\* | 49610 |  | 64493 |
|  Humacyte, Inc.(x)\* | 35416 |  | 34017 |
|  Ideaya Biosciences, Inc.\* | 25558 |  | 883540 |
|  ImmunityBio, Inc.(x)\* | 84073 |  | 166465 |
|  Immunome, Inc.(x)\* | 24693 |  | 530406 |
|  Immunovant, Inc.\* | 20672 |  | 525482 |
|  Inhibikase Therapeutics, Inc.\* | 12896 |  | 26437 |
|  Inhibrx Biosciences, Inc.\* | 2801 |  | 221279 |
|  Inmune Bio, Inc.(x)\* | 4030 |  | 6287 |
|  Intellia Therapeutics, Inc.(x)\* | 31763 |  | 285549 |
|  Iovance Biotherapeutics, Inc.(x)\* | 88122 |  | 240573 |
|  Ironwood Pharmaceuticals, Inc., Class A\* | 47946 |  | 161578 |
|  Jade Biosciences, Inc. | 13910 |  | 214631 |
|  Janux Therapeutics, Inc.\* | 12229 |  | 168760 |
|  KalVista Pharmaceuticals, Inc.(x)\* | 11186 |  | 180654 |
|  Keros Therapeutics, Inc.\* | 9263 |  | 188595 |
|  Kodiak Sciences, Inc.\* | 9862 |  | 275742 |
|  Korro Bio, Inc.(x)\* | 1574 |  | 12608 |
|  Krystal Biotech, Inc.\* | 7533 |  | 1857186 |
|  Kura Oncology, Inc.\* | 23652 |  | 245744 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Kymera Therapeutics, Inc.\* | 17087 | $| 1329539 |
|  Larimar Therapeutics, Inc.\* | 14498 |  | 55237 |
|  Lexeo Therapeutics, Inc.\* | 18928 |  | 187955 |
|  Madrigal Pharmaceuticals, Inc.\* | 5679 |  | 3307109 |
|  MannKind Corp.\* | 89740 |  | 508826 |
|  MapLight Therapeutics, Inc.\* | 3547 |  | 62303 |
|  MeiraGTx Holdings plc\* | 15204 |  | 120872 |
|  MiMedx Group, Inc.\* | 39167 |  | 265161 |
|  Mineralys Therapeutics, Inc.\* | 13445 |  | 487919 |
|  Mirum Pharmaceuticals, Inc.\* | 12840 |  | 1014232 |
|  Monopar Therapeutics, Inc.\* | 972 |  | 63472 |
|  Monte Rosa Therapeutics, Inc.\* | 12419 |  | 194730 |
|  Myriad Genetics, Inc.\* | 28452 |  | 174980 |
|  Neurogene, Inc.(x)\* | 3321 |  | 68413 |
|  Nkarta, Inc.\* | 14572 |  | 26958 |
|  Novavax, Inc.(x)\* | 46617 |  | 313266 |
|  Nurix Therapeutics, Inc.\* | 30217 |  | 573217 |
|  Nuvalent, Inc., Class A\* | 15117 |  | 1520619 |
|  Nuvectis Pharma, Inc.\* | 2855 |  | 21555 |
|  Olema Pharmaceuticals, Inc.\* | 17569 |  | 439225 |
|  Organogenesis Holdings, Inc., Class A\* | 15031 |  | 77861 |
|  ORIC Pharmaceuticals, Inc.(x)\* | 19330 |  | 158119 |
|  Oruka Therapeutics, Inc.\* | 11629 |  | 352475 |
|  Palvella Therapeutics, Inc.(x)\* | 2166 |  | 226715 |
|  PDL BioPharma, Inc.(r)\* | 24135 |  |  |
|  Perspective Therapeutics, Inc.\* | 18855 |  | 51851 |
|  Praxis Precision Medicines, Inc.\* | 6806 |  | 2006000 |
|  Precigen, Inc.(x)\* | 51712 |  | 216156 |
|  Prime Medicine, Inc.(x)\* | 20959 |  | 72728 |
|  Protagonist Therapeutics, Inc.\* | 17744 |  | 1549761 |
|  Protalix BioTherapeutics, Inc.\* | 15471 |  | 27848 |
|  Protara Therapeutics, Inc.\* | 7195 |  | 38349 |
|  Prothena Corp. plc\* | 14401 |  | 137530 |
|  PTC Therapeutics, Inc.\* | 23617 |  | 1793947 |
|  Puma Biotechnology, Inc.\* | 9361 |  | 55698 |
|  Recursion Pharmaceuticals, Inc., Class A(x)\* | 113299 |  | 463393 |
|  REGENXBIO, Inc.\* | 13566 |  | 195350 |
|  Relay Therapeutics, Inc.\* | 46420 |  | 392713 |
|  Replimune Group, Inc.\* | 21085 |  | 204946 |
|  Rezolute, Inc.\* | 25116 |  | 59274 |
|  Rhythm Pharmaceuticals, Inc.\* | 16378 |  | 1753101 |
|  Rigel Pharmaceuticals, Inc.\* | 5342 |  | 228798 |
|  Rocket Pharmaceuticals, Inc.\* | 24795 |  | 87030 |
|  Sana Biotechnology, Inc.\* | 49674 |  | 202173 |
|  Savara, Inc.\* | 40581 |  | 244703 |
|  Scholar Rock Holding Corp.\* | 25139 |  | 1107373 |
|  SELLAS Life Sciences Group, Inc.(x)\* | 27502 |  | 103683 |
|  Sionna Therapeutics, Inc.\* | 4732 |  | 194674 |
|  Soleno Therapeutics, Inc.\* | 13787 |  | 638338 |
|  Solid Biosciences, Inc.\* | 17680 |  | 99715 |
|  Spyre Therapeutics, Inc.\* | 20775 |  | 680589 |
|  Stoke Therapeutics, Inc.\* | 13124 |  | 416556 |
|  Syndax Pharmaceuticals, Inc.\* | 26468 |  | 556093 |
|  Tango Therapeutics, Inc.(x)\* | 31995 |  | 283476 |
|  Taysha Gene Therapies, Inc.\* | 65742 |  | 361581 |
|  Tectonic Therapeutic, Inc.(x)\* | 4235 |  | 88342 |
|  Tevogen Bio Holdings, Inc.(x)\* | 5177 |  | 1714 |
|  TG Therapeutics, Inc.\* | 44254 |  | 1319212 |
|  Tonix Pharmaceuticals Holding Corp.(x)\* | 2433 |  | 38003 |
|  Travere Therapeutics, Inc.\* | 25731 |  | 983182 |
|  TriSalus Life Sciences, Inc.(x)\* | 6278 |  | 43820 |
|  TuHURA Biosciences, Inc.\* | 5310 |  | 4018 |
|  Twist Bioscience Corp.\* | 18836 |  | 597478 |
|  Tyra Biosciences, Inc.\* | 7812 |  | 205378 |
|  Upstream Bio, Inc.\* | 10223 |  | 277554 |
|  UroGen Pharma Ltd.\* | 10826 |  | 253545 |
|  Vanda Pharmaceuticals, Inc.\* | 20675 |  | 182354 |
|  Vaxcyte, Inc.\* | 34860 |  | 1608440 |
|  Vera Therapeutics, Inc., Class A\* | 16781 |  | 849790 |
|  Veracyte, Inc.\* | 23886 |  | 1005601 |
|  Verastem, Inc.\* | 11365 |  | 87738 |
|  Vericel Corp.\* | 15761 |  | 567554 |
|  Vir Biotechnology, Inc.\* | 27839 |  | 167869 |
|  Viridian Therapeutics, Inc.\* | 23520 |  | 731942 |
|  Voyager Therapeutics, Inc.\* | 14721 |  | 57854 |
|  Xencor, Inc.\* | 20849 |  | 319198 |
|  Xenon Pharmaceuticals, Inc.\* | 23459 |  | 1051432 |
|  XOMA Royalty Corp.\* | 2458 |  | 65358 |
|  Zenas Biopharma, Inc.(x)\* | 6152 |  | 223379 |
|  Zymeworks, Inc.\* | 16011 |  | 421570 |
|  |  |  | 81921840 |
|  ***Health Care Equipment & Supplies (2.5%)*** | ***Health Care Equipment & Supplies (2.5%)*** | ***Health Care Equipment & Supplies (2.5%)*** | ***Health Care Equipment & Supplies (2.5%)*** |
|  Accuray, Inc.\* | 23288 |  | 19203 |
|  Acme United Corp.(x) | 706 |  | 28459 |
|  Alphatec Holdings, Inc.\* | 34950 |  | 735348 |
|  AngioDynamics, Inc.\* | 8815 |  | 113185 |
|  Anteris Technologies Global Corp.\* | 6908 |  | 34471 |
|  Artivion, Inc.\* | 12647 |  | 576830 |
|  AtriCure, Inc.\* | 14171 |  | 560605 |
|  Avanos Medical, Inc.\* | 9828 |  | 110368 |
|  Axogen, Inc.\* | 13616 |  | 445652 |
|  Beta Bionics, Inc.\* | 11738 |  | 357657 |
|  Bioventus, Inc., Class A\* | 14463 |  | 107605 |
|  Butterfly Network, Inc., Class A\* | 57925 |  | 220115 |
|  CapsoVision, Inc.(x)\* | 1051 |  | 11235 |
|  Carlsmed, Inc.(x)\* | 1107 |  | 13671 |
|  Ceribell, Inc.\* | 7121 |  | 156164 |
|  Cerus Corp.\* | 49315 |  | 101589 |
|  ClearPoint Neuro, Inc.\* | 9213 |  | 126034 |
|  CONMED Corp. | 9783 |  | 397190 |
|  CVRx, Inc.\* | 3432 |  | 24367 |
|  Delcath Systems, Inc.\* | 10391 |  | 104949 |
|  Electromed, Inc.\* | 1545 |  | 44990 |
|  Embecta Corp. | 18723 |  | 222429 |
|  Enovis Corp.\* | 17313 |  | 461218 |
|  Glaukos Corp.\* | 17200 |  | 1942052 |
|  Haemonetics Corp.\* | 14625 |  | 1172194 |
|  ICU Medical, Inc.\* | 7354 |  | 1049195 |
|  Inogen, Inc.\* | 9219 |  | 61952 |
|  Integer Holdings Corp.\* | 10567 |  | 828770 |
|  Integra LifeSciences Holdings Corp.\* | 21187 |  | 263143 |
|  iRadimed Corp. | 2409 |  | 234348 |
|  iRhythm Technologies, Inc.\* | 9785 |  | 1736250 |
|  Kestra Medical Technologies Ltd.(x)\* | 4238 |  | 112392 |
|  KORU Medical Systems, Inc.\* | 9139 |  | 53098 |
|  Lantheus Holdings, Inc.\* | 20831 |  | 1386303 |
|  LeMaitre Vascular, Inc. | 6616 |  | 536558 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  LENSAR, Inc.\* | 2200 | $| 25586 |
|  LivaNova plc\* | 16967 |  | 1043980 |
|  Lucid Diagnostics, Inc.\* | 15117 |  | 16478 |
|  Merit Medical Systems, Inc.\* | 17846 |  | 1572946 |
|  Myomo, Inc.(x)\* | 7283 |  | 6628 |
|  Neogen Corp.\* | 69819 |  | 488035 |
|  Neuronetics, Inc.(x)\* | 14364 |  | 19822 |
|  NeuroPace, Inc.\* | 6197 |  | 95682 |
|  Novocure Ltd.\* | 32550 |  | 420871 |
|  Omnicell, Inc.\* | 13991 |  | 633792 |
|  OraSure Technologies, Inc.\* | 20267 |  | 49046 |
|  Orthofix Medical, Inc.\* | 11413 |  | 173021 |
|  OrthoPediatrics Corp.\* | 5427 |  | 96384 |
|  Outset Medical, Inc.\* | 6465 |  | 23985 |
|  PROCEPT BioRobotics Corp.\* | 16420 |  | 516573 |
|  Pro-Dex, Inc.\* | 478 |  | 18393 |
|  Pulmonx Corp.\* | 12554 |  | 27744 |
|  Pulse Biosciences, Inc.(x)\* | 5976 |  | 82050 |
|  QuidelOrtho Corp.\* | 20786 |  | 593648 |
|  RxSight, Inc.\* | 10743 |  | 111942 |
|  Sanara Medtech, Inc.\* | 1600 |  | 37360 |
|  SANUWAVE Health, Inc.\* | 1605 |  | 47893 |
|  Semler Scientific, Inc.\* | 3774 |  | 57704 |
|  Shoulder Innovations, Inc.\* | 837 |  | 11969 |
|  SI-BONE, Inc.\* | 11888 |  | 234431 |
|  Sight Sciences, Inc.\* | 13362 |  | 105961 |
|  STAAR Surgical Co.\* | 14732 |  | 340162 |
|  Stereotaxis, Inc.\* | 13764 |  | 31657 |
|  Tactile Systems Technology, Inc.\* | 6920 |  | 200680 |
|  Tandem Diabetes Care, Inc.\* | 21125 |  | 464327 |
|  TransMedics Group, Inc.\* | 10067 |  | 1224651 |
|  Treace Medical Concepts, Inc.\* | 14734 |  | 36098 |
|  UFP Technologies, Inc.\* | 2287 |  | 507783 |
|  Utah Medical Products, Inc. | 1101 |  | 61612 |
|  Varex Imaging Corp.\* | 8360 |  | 97394 |
|  |  |  | 23825877 |
|  ***Health Care Providers & Services (2.9%)*** | ***Health Care Providers & Services (2.9%)*** | ***Health Care Providers & Services (2.9%)*** | ***Health Care Providers & Services (2.9%)*** |
|  AdaptHealth Corp., Class A\* | 32651 |  | 325204 |
|  Addus HomeCare Corp.\* | 5531 |  | 593974 |
|  agilon health, Inc.\* | 103614 |  | 71359 |
|  AirSculpt Technologies, Inc.\* | 3879 |  | 7680 |
|  Alignment Healthcare, Inc.\* | 51218 |  | 1011556 |
|  AMN Healthcare Services, Inc.\* | 12163 |  | 191689 |
|  Ardent Health, Inc.\* | 5238 |  | 46252 |
|  Astrana Health, Inc.\* | 13295 |  | 329849 |
|  Aveanna Healthcare Holdings, Inc.\* | 20817 |  | 170075 |
|  BrightSpring Health Services, Inc.\* | 33476 |  | 1253676 |
|  Brookdale Senior Living, Inc.\* | 71957 |  | 776416 |
|  Castle Biosciences, Inc.\* | 8580 |  | 333762 |
|  Clover Health Investments Corp., Class A\* | 124342 |  | 292204 |
|  Community Health Systems, Inc.\* | 26787 |  | 83575 |
|  Concentra Group Holdings Parent, Inc. | 35434 |  | 697341 |
|  CorVel Corp.\* | 8926 |  | 604022 |
|  Cross Country Healthcare, Inc.\* | 8166 |  | 66145 |
|  DocGo, Inc.\* | 29268 |  | 25692 |
|  Enhabit, Inc.\* | 10651 |  | 98202 |
|  Ensign Group, Inc. (The) | 17055 |  | 2970981 |
|  Fulgent Genetics, Inc.\* | 6077 |  | 159643 |
|  GeneDx Holdings Corp., Class A\* | 5818 |  | 756689 |
|  Guardant Health, Inc.\* | 37012 |  | 3780406 |
|  Guardian Pharmacy Services, Inc., Class A\* | 7092 |  | 213398 |
|  HealthEquity, Inc.\* | 25758 |  | 2359690 |
|  Hims & Hers Health, Inc.(x)\* | 61947 |  | 2011419 |
|  Innovage Holding Corp.\* | 10412 |  | 54038 |
|  Joint Corp. (The)\* | 4449 |  | 38795 |
|  LifeStance Health Group, Inc.\* | 46624 |  | 328233 |
|  Nano-X Imaging Ltd.(x)\* | 19254 |  | 53911 |
|  National HealthCare Corp. | 3890 |  | 533280 |
|  National Research Corp. | 3148 |  | 59088 |
|  NeoGenomics, Inc.\* | 37657 |  | 442846 |
|  Nutex Health, Inc.\* | 707 |  | 116386 |
|  Omada Health, Inc.\* | 1926 |  | 30392 |
|  Oncology Institute, Inc. (The)\* | 13581 |  | 48348 |
|  OPKO Health, Inc.\* | 93940 |  | 118364 |
|  Option Care Health, Inc.\* | 48265 |  | 1537723 |
|  Owens & Minor, Inc.\* | 24496 |  | 68589 |
|  PACS Group, Inc.\* | 13263 |  | 509167 |
|  Pediatrix Medical Group, Inc.\* | 26162 |  | 559605 |
|  Pennant Group, Inc. (The)\* | 9779 |  | 275279 |
|  Privia Health Group, Inc.\* | 36074 |  | 855315 |
|  Progyny, Inc.\* | 24040 |  | 617347 |
|  RadNet, Inc.\* | 20976 |  | 1496638 |
|  SBC Medical Group Holdings, Inc.(x)\* | 2332 |  | 10051 |
|  Select Medical Holdings Corp. | 33815 |  | 502153 |
|  Sonida Senior Living, Inc.\* | 2045 |  | 66688 |
|  Strata Critical Medical, Inc.\* | 22462 |  | 108042 |
|  Surgery Partners, Inc.\* | 24316 |  | 375682 |
|  Talkspace, Inc.\* | 30730 |  | 111550 |
|  US Physical Therapy, Inc. | 4635 |  | 361947 |
|  Viemed Healthcare, Inc.\* | 9067 |  | 67368 |
|  |  |  | 28577724 |
|  ***Health Care Technology (0.3%)*** | ***Health Care Technology (0.3%)*** | ***Health Care Technology (0.3%)*** | ***Health Care Technology (0.3%)*** |
|  Claritev Corp.(x)\* | 2622 |  | 112090 |
|  Definitive Healthcare Corp., Class A\* | 14425 |  | 41400 |
|  Evolent Health, Inc., Class A\* | 38040 |  | 152160 |
|  Health Catalyst, Inc.\* | 21069 |  | 50355 |
|  HealthStream, Inc. | 7261 |  | 167511 |
|  HeartFlow, Inc.(x)\* | 5797 |  | 168983 |
|  LifeMD, Inc.(x)\* | 8644 |  | 29476 |
|  OptimizeRx Corp.\* | 4187 |  | 51333 |
|  Phreesia, Inc.\* | 17234 |  | 291599 |
|  Schrodinger, Inc.\* | 17209 |  | 307697 |
|  Simulations Plus, Inc.\* | 5089 |  | 92772 |
|  Teladoc Health, Inc.\* | 54212 |  | 379484 |
|  TruBridge, Inc.\* | 3609 |  | 79651 |
|  Waystar Holding Corp.\* | 33256 |  | 1089134 |
|  |  |  | 3013645 |
|  ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** |
|  10X Genomics, Inc., Class A\* | 33275 |  | 542715 |
|  Adaptive Biotechnologies Corp.\* | 45539 |  | 739553 |
|  Alpha Teknova, Inc.\* | 4961 |  | 18852 |
|  Atlantic International Corp.(x)\* | 2165 |  | 2879 |
|  Azenta, Inc.\* | 11304 |  | 375971 |
|  BioLife Solutions, Inc.\* | 11723 |  | 283462 |
|  Codexis, Inc.\* | 28795 |  | 46936 |
|  CryoPort, Inc.\* | 14845 |  | 142512 |
|  Cytek Biosciences, Inc.\* | 37473 |  | 189239 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Fortrea Holdings, Inc.\* | 28443 | $| 490642 |
|  Ginkgo Bioworks Holdings, Inc., Class A(x)\* | 8937 |  | 74267 |
|  Lifecore Biomedical, Inc.\* | 7608 |  | 62233 |
|  Maravai LifeSciences Holdings, Inc., Class A\* | 24257 |  | 78835 |
|  MaxCyte, Inc.\* | 32655 |  | 50615 |
|  Mesa Laboratories, Inc. | 1691 |  | 132744 |
|  Niagen Bioscience, Inc.\* | 15483 |  | 98472 |
|  OmniAb, Inc.\* | 30543 |  | 56505 |
|  Pacific Biosciences of California, Inc.(x)\* | 88528 |  | 165547 |
|  Personalis, Inc.\* | 18223 |  | 145055 |
|  Quanterix Corp.\* | 12077 |  | 76810 |
|  Quantum-Si, Inc.\* | 66491 |  | 73140 |
|  Standard BioTools, Inc.\* | 99763 |  | 127697 |
|  |  |  | 3974681 |
|  ***Pharmaceuticals (2.4%)*** | ***Pharmaceuticals (2.4%)*** | ***Pharmaceuticals (2.4%)*** | ***Pharmaceuticals (2.4%)*** |
|  Aardvark Therapeutics, Inc.(x)\* | 3122 |  | 40976 |
|  Aclaris Therapeutics, Inc.\* | 20064 |  | 60393 |
|  Alumis, Inc.\* | 17019 |  | 166105 |
|  Amneal Pharmaceuticals, Inc.\* | 44921 |  | 566005 |
|  Amphastar Pharmaceuticals, Inc.\* | 11930 |  | 319485 |
|  Amylyx Pharmaceuticals, Inc.\* | 26577 |  | 321050 |
|  ANI Pharmaceuticals, Inc.\* | 5716 |  | 451221 |
|  Aquestive Therapeutics, Inc.\* | 30022 |  | 193942 |
|  Arvinas, Inc.\* | 20251 |  | 240177 |
|  Atea Pharmaceuticals, Inc.\* | 14244 |  | 50851 |
|  Avadel Pharmaceuticals plc (ADR)\* | 28600 |  | 616330 |
|  Axsome Therapeutics, Inc.\* | 12501 |  | 2283183 |
|  BioAge Labs, Inc.\* | 5284 |  | 69907 |
|  Biote Corp., Class A\* | 9534 |  | 24788 |
|  Collegium Pharmaceutical, Inc.\* | 9418 |  | 436053 |
|  CorMedix, Inc.(x)\* | 21100 |  | 245393 |
|  Crinetics Pharmaceuticals, Inc.\* | 28015 |  | 1304098 |
|  Edgewise Therapeutics, Inc.\* | 21844 |  | 542059 |
|  Enliven Therapeutics, Inc.\* | 12019 |  | 185093 |
|  Esperion Therapeutics, Inc.\* | 67699 |  | 250486 |
|  Eton Pharmaceuticals, Inc.\* | 5181 |  | 87611 |
|  Evolus, Inc.\* | 14654 |  | 97449 |
|  EyePoint, Inc.\* | 23822 |  | 435228 |
|  Fulcrum Therapeutics, Inc.\* | 9336 |  | 105590 |
|  Harmony Biosciences Holdings, Inc.\* | 12925 |  | 483653 |
|  Harrow, Inc.(x)\* | 9617 |  | 471233 |
|  Indivior plc\* | 37455 |  | 1343885 |
|  Innoviva, Inc.\* | 19624 |  | 392284 |
|  Journey Medical Corp.(x)\* | 2634 |  | 20308 |
|  LB Pharmaceuticals, Inc.\* | 3859 |  | 85901 |
|  LENZ Therapeutics, Inc.(x)\* | 3588 |  | 57408 |
|  Ligand Pharmaceuticals, Inc.\* | 5971 |  | 1128937 |
|  Liquidia Corp.\* | 19511 |  | 672934 |
|  Maze Therapeutics, Inc.\* | 6377 |  | 264199 |
|  MBX Biosciences, Inc.\* | 8564 |  | 270109 |
|  MediWound Ltd.(x)\* | 1707 |  | 31511 |
|  Mind Medicine MindMed, Inc.(x)\* | 26969 |  | 361115 |
|  Nuvation Bio, Inc.\* | 75099 |  | 672887 |
|  Ocular Therapeutix, Inc.\* | 55554 |  | 674426 |
|  Omeros Corp.\* | 20601 |  | 353822 |
|  Pacira BioSciences, Inc.\* | 14604 |  | 377952 |
|  Phathom Pharmaceuticals, Inc.\* | 12659 |  | 210013 |
|  Phibro Animal Health Corp., Class A | 6230 |  | 232753 |
|  Prestige Consumer Healthcare, Inc.\* | 15134 |  | 933616 |
|  Rapport Therapeutics, Inc.\* | 8552 |  | 259468 |
|  Septerna, Inc.\* | 6511 |  | 181527 |
|  SIGA Technologies, Inc. | 10649 |  | 65065 |
|  Supernus Pharmaceuticals, Inc.\* | 16805 |  | 835209 |
|  Tarsus Pharmaceuticals, Inc.\* | 12169 |  | 996398 |
|  Terns Pharmaceuticals, Inc.\* | 25862 |  | 1044825 |
|  Theravance Biopharma, Inc.\* | 11615 |  | 217317 |
|  Third Harmonic Bio, Inc.(r)\* | 7949 |  |  |
|  Trevi Therapeutics, Inc.\* | 28500 |  | 356820 |
|  Tvardi Therapeutics, Inc.\* | 1133 |  | 4872 |
|  WaVe Life Sciences Ltd.\* | 33365 |  | 567205 |
|  Xeris Biopharma Holdings, Inc.\* | 45496 |  | 357144 |
|  Zevra Therapeutics, Inc.\* | 12189 |  | 109213 |
|  |  |  | 23127482 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 164441249 |
|  **Industrials (15.7%)** | **Industrials (15.7%)** | **Industrials (15.7%)** | **Industrials (15.7%)** |
|  ***Aerospace & Defense (1.7%)*** | ***Aerospace & Defense (1.7%)*** | ***Aerospace & Defense (1.7%)*** | ***Aerospace & Defense (1.7%)*** |
|  AAR Corp.\* | 11696 |  | 968312 |
|  AeroVironment, Inc.\* | 11425 |  | 2763593 |
|  AerSale Corp.\* | 10939 |  | 77776 |
|  AIRO Group Holdings, Inc.(x)\* | 910 |  | 7444 |
|  Archer Aviation, Inc., Class A\* | 190344 |  | 1431387 |
|  Astronics Corp.\* | 9291 |  | 503944 |
|  Byrna Technologies, Inc.(x)\* | 4199 |  | 70501 |
|  Cadre Holdings, Inc. | 8764 |  | 357922 |
|  Ducommun, Inc.\* | 4418 |  | 420284 |
|  Eve Holding, Inc.\* | 28637 |  | 114262 |
|  Firefly Aerospace, Inc.(x)\* | 7065 |  | 158044 |
|  Intuitive Machines, Inc.(x)\* | 33736 |  | 547535 |
|  Kratos Defense & Security Solutions, Inc.\* | 50388 |  | 3824953 |
|  Mercury Systems, Inc.\* | 15785 |  | 1152463 |
|  Moog, Inc., Class A | 8699 |  | 2118642 |
|  National Presto Industries, Inc. | 1479 |  | 157898 |
|  Park Aerospace Corp. | 5953 |  | 127037 |
|  Redwire Corp.(x)\* | 25979 |  | 197440 |
|  Satellogic, Inc., Class A\* | 16242 |  | 30373 |
|  V2X, Inc.\* | 6503 |  | 354739 |
|  Voyager Technologies, Inc., Class A(x)\* | 5009 |  | 130935 |
|  VSE Corp. | 6877 |  | 1188139 |
|  |  |  | 16703623 |
|  ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** |
|  Forward Air Corp.\* | 7562 |  | 189050 |
|  Hub Group, Inc., Class A | 17105 |  | 728844 |
|  Radiant Logistics, Inc.\* | 9204 |  | 58261 |
|  |  |  | 976155 |
|  ***Building Products (1.3%)*** | ***Building Products (1.3%)*** | ***Building Products (1.3%)*** | ***Building Products (1.3%)*** |
|  American Woodmark Corp.\* | 4497 |  | 242388 |
|  Apogee Enterprises, Inc. | 6320 |  | 230111 |
|  AZZ, Inc. | 9046 |  | 969550 |
|  CSW Industrials, Inc. | 4952 |  | 1453561 |
|  Gibraltar Industries, Inc.\* | 9302 |  | 459891 |
|  Griffon Corp. | 11262 |  | 829446 |
|  Insteel Industries, Inc. | 5941 |  | 188152 |
|  Janus International Group, Inc.\* | 43381 |  | 283712 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  JELD-WEN Holding, Inc.\* | 19689 | $| 48435 |
|  Masterbrand, Inc.\* | 39184 |  | 432591 |
|  Modine Manufacturing Co.\* | 15945 |  | 2128817 |
|  Quanex Building Products Corp. | 13580 |  | 208861 |
|  Resideo Technologies, Inc.\* | 38785 |  | 1362129 |
|  Tecnoglass, Inc. | 8060 |  | 405579 |
|  UFP Industries, Inc. | 17657 |  | 1607670 |
|  Zurn Elkay Water Solutions Corp. | 44815 |  | 2083449 |
|  |  |  | 12934342 |
|  ***Commercial Services & Supplies (1.3%)*** | ***Commercial Services & Supplies (1.3%)*** | ***Commercial Services & Supplies (1.3%)*** | ***Commercial Services & Supplies (1.3%)*** |
|  ABM Industries, Inc. | 18542 |  | 784327 |
|  ACCO Brands Corp. | 20245 |  | 75514 |
|  ACV Auctions, Inc., Class A\* | 52206 |  | 418692 |
|  BrightView Holdings, Inc.\* | 21083 |  | 267122 |
|  Brink's Co. (The) | 12662 |  | 1478035 |
|  Casella Waste Systems, Inc., Class A\* | 18925 |  | 1853515 |
|  Cimpress plc\* | 5013 |  | 333816 |
|  CompX International, Inc. | 373 |  | 8680 |
|  CoreCivic, Inc.\* | 32508 |  | 621228 |
|  Deluxe Corp. | 14210 |  | 317309 |
|  Ennis, Inc. | 5360 |  | 96534 |
|  Enviri Corp.\* | 24046 |  | 430904 |
|  GEO Group, Inc. (The)\* | 41595 |  | 670511 |
|  Healthcare Services Group, Inc.\* | 21970 |  | 420066 |
|  HNI Corp. | 19098 |  | 802880 |
|  Interface, Inc., Class A | 18375 |  | 513030 |
|  Liquidity Services, Inc.\* | 7013 |  | 212564 |
|  MillerKnoll, Inc. | 21533 |  | 393623 |
|  Mobile Infrastructure Corp., Class A\* | 2766 |  | 7053 |
|  Montrose Environmental Group, Inc.\* | 9902 |  | 245867 |
|  NL Industries, Inc. | 3164 |  | 17307 |
|  OPENLANE, Inc.\* | 31519 |  | 938636 |
|  Perma-Fix Environmental Services, Inc.\* | 3771 |  | 47477 |
|  Pitney Bowes, Inc. | 46957 |  | 496335 |
|  Quad/Graphics, Inc. | 6553 |  | 41087 |
|  UniFirst Corp. | 4618 |  | 890812 |
|  Vestis Corp. | 35450 |  | 236451 |
|  Virco Mfg. Corp. | 2712 |  | 17330 |
|  |  |  | 12636705 |
|  ***Construction & Engineering (2.2%)*** | ***Construction & Engineering (2.2%)*** | ***Construction & Engineering (2.2%)*** | ***Construction & Engineering (2.2%)*** |
|  Ameresco, Inc., Class A\* | 9764 |  | 285988 |
|  Arcosa, Inc. | 14858 |  | 1579703 |
|  Argan, Inc. | 4121 |  | 1291192 |
|  Bowman Consulting Group Ltd., Class A\* | 3143 |  | 103782 |
|  Centuri Holdings, Inc.\* | 23177 |  | 585219 |
|  Concrete Pumping Holdings, Inc. | 5580 |  | 37442 |
|  Construction Partners, Inc., Class A\* | 14451 |  | 1568656 |
|  Dycom Industries, Inc.\* | 8463 |  | 2859648 |
|  Fluor Corp.\* | 48229 |  | 1911315 |
|  Granite Construction, Inc. | 13234 |  | 1526542 |
|  Great Lakes Dredge & Dock Corp.\* | 20715 |  | 271781 |
|  IES Holdings, Inc.\* | 2817 |  | 1095869 |
|  Legence Corp., Class A\* | 11108 |  | 478088 |
|  Limbach Holdings, Inc.\* | 3095 |  | 240946 |
|  Matrix Service Co.\* | 5947 |  | 69580 |
|  MYR Group, Inc.\* | 4753 |  | 1038531 |
|  NWPX Infrastructure, Inc.\* | 2841 |  | 177534 |
|  Orion Group Holdings, Inc.\* | 7566 |  | 75206 |
|  Primoris Services Corp. | 16553 |  | 2054889 |
|  Southland Holdings, Inc.\* | 2289 |  | 7599 |
|  Sterling Infrastructure, Inc.\* | 9047 |  | 2770463 |
|  Tutor Perini Corp. | 13419 |  | 899341 |
|  |  |  | 20929314 |
|  ***Electrical Equipment (2.2%)*** | ***Electrical Equipment (2.2%)*** | ***Electrical Equipment (2.2%)*** | ***Electrical Equipment (2.2%)*** |
|  Allient, Inc. | 3919 |  | 210646 |
|  American Superconductor Corp.\* | 13325 |  | 383493 |
|  Amprius Technologies, Inc.\* | 32348 |  | 255226 |
|  Array Technologies, Inc.\* | 48807 |  | 450001 |
|  Atkore, Inc. | 10016 |  | 633512 |
|  Bloom Energy Corp., Class A\* | 66222 |  | 5754030 |
|  EnerSys | 11437 |  | 1678380 |
|  Enovix Corp.(x)\* | 50872 |  | 371874 |
|  Eos Energy Enterprises, Inc.(x)\* | 93240 |  | 1068530 |
|  Fluence Energy, Inc., Class A(x)\* | 19271 |  | 381180 |
|  Hyliion Holdings Corp.\* | 28485 |  | 52412 |
|  KULR Technology Group, Inc.(x)\* | 7555 |  | 22363 |
|  LSI Industries, Inc. | 7543 |  | 138188 |
|  NANO Nuclear Energy, Inc.(x)\* | 11362 |  | 272802 |
|  Net Power, Inc.\* | 8054 |  | 18363 |
|  Nextpower, Inc., Class A\* | 44615 |  | 3886413 |
|  NuScale Power Corp., Class A(x)\* | 38963 |  | 552106 |
|  Plug Power, Inc.(x)\* | 340287 |  | 670365 |
|  Powell Industries, Inc.(x) | 2975 |  | 948370 |
|  Power Solutions International, Inc.\* | 2627 |  | 150107 |
|  Preformed Line Products Co. | 534 |  | 110383 |
|  Shoals Technologies Group, Inc., Class A\* | 52410 |  | 445485 |
|  SKYX Platforms Corp.(x)\* | 12865 |  | 27917 |
|  SunPower, Inc.(x)\* | 12991 |  | 20396 |
|  Sunrun, Inc.\* | 67095 |  | 1234548 |
|  T1 Energy, Inc.\* | 40183 |  | 268422 |
|  Thermon Group Holdings, Inc.\* | 10892 |  | 404747 |
|  Vicor Corp.\* | 6850 |  | 750760 |
|  |  |  | 21161019 |
|  ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** |
|  ArcBest Corp. | 6285 |  | 466284 |
|  Covenant Logistics Group, Inc., Class A | 4028 |  | 88777 |
|  FTAI Infrastructure, Inc.(x) | 31728 |  | 146266 |
|  Heartland Express, Inc. | 13524 |  | 122122 |
|  Hertz Global Holdings, Inc.(x)\* | 38046 |  | 195556 |
|  Marten Transport Ltd. | 19588 |  | 222911 |
|  PAMT Corp.\* | 2326 |  | 28098 |
|  Proficient Auto Logistics, Inc.(x)\* | 7497 |  | 72271 |
|  RXO, Inc.\* | 49107 |  | 620713 |
|  Universal Logistics Holdings, Inc. | 2548 |  | 38704 |
|  Werner Enterprises, Inc. | 18066 |  | 542161 |
|  |  |  | 2543863 |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** |
|  Brookfield Business Corp., Class A | 6302 |  | 226116 |
|  ***Machinery (3.4%)*** | ***Machinery (3.4%)*** | ***Machinery (3.4%)*** | ***Machinery (3.4%)*** |
|  3D Systems Corp.\* | 25431 |  | 45013 |
|  Aebi Schmidt Holding AG | 7609 |  | 96254 |
|  AirJoule Technologies Corp.(x)\* | 4459 |  | 17568 |
|  Alamo Group, Inc. | 3238 |  | 543563 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Albany International Corp., Class A | 9332 | $| 473132 |
|  Alliance Laundry Holdings, Inc.\* | 13038 |  | 265323 |
|  Astec Industries, Inc. | 6618 |  | 286692 |
|  Atmus Filtration Technologies, Inc. | 25183 |  | 1307250 |
|  Blue Bird Corp.\* | 10073 |  | 473431 |
|  CECO Environmental Corp.\* | 9558 |  | 572046 |
|  Chart Industries, Inc.\* | 13741 |  | 2833806 |
|  Columbus McKinnon Corp. | 6419 |  | 110728 |
|  Douglas Dynamics, Inc. | 6762 |  | 220779 |
|  Eastern Co. (The) | 1246 |  | 24534 |
|  Energy Recovery, Inc.\* | 15901 |  | 214505 |
|  Enerpac Tool Group Corp., Class A | 16607 |  | 635052 |
|  Enpro, Inc. | 6542 |  | 1400838 |
|  ESCO Technologies, Inc. | 7850 |  | 1533812 |
|  Federal Signal Corp. | 18495 |  | 2008372 |
|  Franklin Electric Co., Inc. | 12127 |  | 1158492 |
|  Gencor Industries, Inc.\* | 2475 |  | 32076 |
|  Gorman-Rupp Co. (The) | 6909 |  | 329905 |
|  Graham Corp.\* | 3068 |  | 197058 |
|  Greenbrier Cos., Inc. (The) | 9673 |  | 452116 |
|  Helios Technologies, Inc. | 10424 |  | 557580 |
|  Hillenbrand, Inc. | 22247 |  | 705675 |
|  Hillman Solutions Corp.\* | 62119 |  | 537951 |
|  Hyster-Yale, Inc. | 2582 |  | 76711 |
|  JBT Marel Corp. | 15797 |  | 2380134 |
|  Kadant, Inc. | 3605 |  | 1027497 |
|  Kennametal, Inc. | 22778 |  | 647123 |
|  L B Foster Co., Class A\* | 2313 |  | 62335 |
|  Lindsay Corp. | 3420 |  | 403115 |
|  Luxfer Holdings plc | 5893 |  | 79732 |
|  Manitowoc Co., Inc. (The)\* | 7683 |  | 92119 |
|  Mayville Engineering Co., Inc.\* | 2512 |  | 47025 |
|  Microvast Holdings, Inc.\* | 42425 |  | 118790 |
|  Miller Industries, Inc. | 2449 |  | 91519 |
|  Mueller Water Products, Inc., Class A | 48481 |  | 1154817 |
|  Omega Flex, Inc. | 809 |  | 23817 |
|  Palladyne AI Corp.(x)\* | 5893 |  | 25104 |
|  Park-Ohio Holdings Corp. | 2121 |  | 44414 |
|  Proto Labs, Inc.\* | 7013 |  | 354788 |
|  REV Group, Inc. | 14783 |  | 898954 |
|  Richtech Robotics, Inc., Class B\* | 32387 |  | 104610 |
|  SPX Technologies, Inc.\* | 14600 |  | 2920876 |
|  Standex International Corp. | 3735 |  | 811541 |
|  Tennant Co. | 5834 |  | 429966 |
|  Terex Corp. | 19651 |  | 1048970 |
|  Titan International, Inc.\* | 11238 |  | 87994 |
|  Trinity Industries, Inc. | 25475 |  | 673559 |
|  Wabash National Corp. | 8074 |  | 69840 |
|  Watts Water Technologies, Inc., Class A | 8250 |  | 2277165 |
|  Worthington Enterprises, Inc. | 9728 |  | 501673 |
|  |  |  | 33487739 |
|  ***Marine Transportation (0.2%)*** | ***Marine Transportation (0.2%)*** | ***Marine Transportation (0.2%)*** | ***Marine Transportation (0.2%)*** |
|  Costamare Bulkers Holdings Ltd.\* | 4626 |  | 71287 |
|  Costamare, Inc. | 13292 |  | 209881 |
|  Genco Shipping & Trading Ltd. | 6813 |  | 125564 |
|  Himalaya Shipping Ltd.(x) | 9815 |  | 89316 |
|  Matson, Inc. | 9502 |  | 1173972 |
|  Pangaea Logistics Solutions Ltd. | 15224 |  | 104741 |
|  Safe Bulkers, Inc. | 18395 |  | 88664 |
|  |  |  | 1863425 |
|  ***Passenger Airlines (0.4%)*** | ***Passenger Airlines (0.4%)*** | ***Passenger Airlines (0.4%)*** | ***Passenger Airlines (0.4%)*** |
|  Allegiant Travel Co.\* | 4349 |  | 370839 |
|  Frontier Group Holdings, Inc.\* | 17138 |  | 80720 |
|  JetBlue Airways Corp.\* | 93257 |  | 424319 |
|  Joby Aviation, Inc.\* | 145966 |  | 1926751 |
|  SkyWest, Inc.\* | 12323 |  | 1237353 |
|  Sun Country Airlines Holdings, Inc.\* | 16238 |  | 233665 |
|  |  |  | 4273647 |
|  ***Professional Services (1.6%)*** | ***Professional Services (1.6%)*** | ***Professional Services (1.6%)*** | ***Professional Services (1.6%)*** |
|  Alight, Inc., Class A | 133476 |  | 260278 |
|  Asure Software, Inc.\* | 6259 |  | 58960 |
|  Barrett Business Services, Inc. | 8262 |  | 299167 |
|  BlackSky Technology, Inc., Class A(x)\* | 6495 |  | 121781 |
|  CBIZ, Inc.\* | 15439 |  | 778897 |
|  Conduent, Inc.\* | 43668 |  | 83843 |
|  CRA International, Inc. | 2096 |  | 420657 |
|  CSG Systems International, Inc. | 8878 |  | 680854 |
|  Exponent, Inc. | 15821 |  | 1098927 |
|  Falcon's Beyond Global, Inc., Class A(x)\* | 2982 |  | 44760 |
|  First Advantage Corp.\* | 23530 |  | 341891 |
|  Forrester Research, Inc.\* | 3414 |  | 27722 |
|  Franklin Covey Co.\* | 2635 |  | 44215 |
|  HireQuest, Inc. | 1338 |  | 14062 |
|  Huron Consulting Group, Inc.\* | 5102 |  | 882187 |
|  IBEX Holdings Ltd.\* | 2005 |  | 76551 |
|  ICF International, Inc. | 5782 |  | 493205 |
|  Innodata, Inc.\* | 9304 |  | 474039 |
|  Insperity, Inc. | 11284 |  | 436916 |
|  Kelly Services, Inc., Class A | 10094 |  | 88827 |
|  Kforce, Inc. | 3705 |  | 114559 |
|  Korn Ferry | 15947 |  | 1052821 |
|  Legalzoom.com, Inc.\* | 37740 |  | 374758 |
|  Maximus, Inc. | 17142 |  | 1479697 |
|  Mistras Group, Inc.\* | 4726 |  | 59784 |
|  Planet Labs PBC\* | 71541 |  | 1410788 |
|  RCM Technologies, Inc.\* | 1045 |  | 21365 |
|  Resolute Holdings Management, Inc.(x)\* | 1379 |  | 284667 |
|  Resources Connection, Inc. | 7393 |  | 37261 |
|  Skillsoft Corp.(x)\* | 952 |  | 8854 |
|  Spire Global, Inc.(x)\* | 6366 |  | 47745 |
|  TIC Solutions, Inc.\* | 59729 |  | 603860 |
|  TriNet Group, Inc. | 8876 |  | 524838 |
|  TrueBlue, Inc.\* | 8108 |  | 36891 |
|  TTEC Holdings, Inc.\* | 4880 |  | 17568 |
|  Upwork, Inc.\* | 38559 |  | 764239 |
|  Verra Mobility Corp., Class A\* | 49119 |  | 1100757 |
|  Willdan Group, Inc.\* | 4242 |  | 439726 |
|  |  |  | 15107917 |
|  ***Trading Companies & Distributors (1.0%)*** | ***Trading Companies & Distributors (1.0%)*** | ***Trading Companies & Distributors (1.0%)*** | ***Trading Companies & Distributors (1.0%)*** |
|  Alta Equipment Group, Inc. | 8663 |  | 39850 |
|  BlueLinx Holdings, Inc.\* | 1849 |  | 113584 |
|  Boise Cascade Co. | 11699 |  | 861046 |
|  Custom Truck One Source, Inc.\* | 21084 |  | 121444 |
|  Distribution Solutions Group, Inc.\* | 3857 |  | 105643 |
|  DNOW, Inc.\* | 57067 |  | 756138 |
|  DXP Enterprises, Inc.\* | 4025 |  | 441905 |
|  EVI Industries, Inc. | 1831 |  | 45116 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  GATX Corp. | 11027 | $| 1870179 |
|  Global Industrial Co. | 4533 |  | 132454 |
|  Herc Holdings, Inc. | 9934 |  | 1474007 |
|  Hudson Technologies, Inc.\* | 9124 |  | 62499 |
|  Karat Packaging, Inc. | 2653 |  | 59878 |
|  McGrath RentCorp | 7483 |  | 785191 |
|  NPK International, Inc.\* | 23858 |  | 284387 |
|  Rush Enterprises, Inc., Class A | 18479 |  | 996757 |
|  Rush Enterprises, Inc., Class B | 2306 |  | 129736 |
|  Titan Machinery, Inc.\* | 6821 |  | 102588 |
|  Transcat, Inc.\* | 1865 |  | 105802 |
|  Willis Lease Finance Corp. | 819 |  | 111089 |
|  Xometry, Inc., Class A(x)\* | 12951 |  | 770196 |
|  |  |  | 9369489 |
|  ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** |
|  Sky Harbour Group Corp.\* | 7751 |  | 69527 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 152282881 |
|  **Information Technology (13.3%)** | **Information Technology (13.3%)** | **Information Technology (13.3%)** | **Information Technology (13.3%)** |
|  ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** |
|  ADTRAN Holdings, Inc.\* | 23045 |  | 200261 |
|  Applied Optoelectronics, Inc.\* | 17986 |  | 626992 |
|  Aviat Networks, Inc.\* | 3643 |  | 77887 |
|  BK Technologies Corp.\* | 614 |  | 45798 |
|  Calix, Inc.\* | 18216 |  | 964173 |
|  Clearfield, Inc.\* | 3899 |  | 113656 |
|  CommScope Holding Co., Inc.\* | 65897 |  | 1194713 |
|  Digi International, Inc.\* | 11111 |  | 480995 |
|  Extreme Networks, Inc.\* | 39897 |  | 664285 |
|  Harmonic, Inc.\* | 34990 |  | 346051 |
|  Inseego Corp.(x)\* | 2760 |  | 28345 |
|  NETGEAR, Inc.\* | 9196 |  | 225578 |
|  NetScout Systems, Inc.\* | 21395 |  | 578949 |
|  Ribbon Communications, Inc.\* | 31452 |  | 90582 |
|  Viasat, Inc.\* | 37094 |  | 1278259 |
|  Viavi Solutions, Inc.\* | 64748 |  | 1153809 |
|  |  |  | 8070333 |
|  ***Electronic Equipment, Instruments & Components (3.1%)*** | ***Electronic Equipment, Instruments & Components (3.1%)*** | ***Electronic Equipment, Instruments & Components (3.1%)*** | ***Electronic Equipment, Instruments & Components (3.1%)*** |
|  908 Devices, Inc.\* | 6291 |  | 33028 |
|  Advanced Energy Industries, Inc. | 11461 |  | 2399590 |
|  Aeva Technologies, Inc.\* | 8022 |  | 106532 |
|  Arlo Technologies, Inc.\* | 31330 |  | 438307 |
|  Badger Meter, Inc. | 9118 |  | 1590270 |
|  Bel Fuse, Inc., Class A | 393 |  | 59658 |
|  Bel Fuse, Inc., Class B | 3305 |  | 560627 |
|  Belden, Inc. | 11919 |  | 1389159 |
|  Benchmark Electronics, Inc. | 11523 |  | 492723 |
|  Climb Global Solutions, Inc. | 872 |  | 89633 |
|  CTS Corp. | 9296 |  | 398519 |
|  Daktronics, Inc.\* | 11488 |  | 227118 |
|  ePlus, Inc. | 8004 |  | 701951 |
|  Evolv Technologies Holdings, Inc.\* | 44606 |  | 319379 |
|  Fabrinet\* | 10963 |  | 4991235 |
|  Frequency Electronics, Inc.\* | 1477 |  | 79522 |
|  Insight Enterprises, Inc.\* | 8855 |  | 721417 |
|  Itron, Inc.\* | 13930 |  | 1293540 |
|  Kimball Electronics, Inc.\* | 7425 |  | 206563 |
|  Knowles Corp.\* | 25494 |  | 546336 |
|  Methode Electronics, Inc. | 7629 |  | 50657 |
|  MicroVision, Inc.(x)\* | 56039 |  | 46406 |
|  Mirion Technologies, Inc., Class A\* | 71928 |  | 1684554 |
|  M-Tron Industries, Inc.\* | 546 |  | 29058 |
|  Napco Security Technologies, Inc. | 10786 |  | 449776 |
|  Neonode, Inc.\* | 2402 |  | 4179 |
|  nLight, Inc.\* | 14026 |  | 526115 |
|  Novanta, Inc.\* | 11067 |  | 1316862 |
|  OSI Systems, Inc.\* | 4932 |  | 1257956 |
|  Ouster, Inc.\* | 17251 |  | 373312 |
|  PC Connection, Inc. | 3304 |  | 190839 |
|  Plexus Corp.\* | 8140 |  | 1196580 |
|  Powerfleet, Inc.\* | 37956 |  | 201926 |
|  Red Cat Holdings, Inc.(x)\* | 30783 |  | 244109 |
|  Richardson Electronics Ltd. | 2988 |  | 32509 |
|  Rogers Corp.\* | 5645 |  | 516913 |
|  Sanmina Corp.\* | 15730 |  | 2360601 |
|  ScanSource, Inc.\* | 6733 |  | 262991 |
|  TTM Technologies, Inc.\* | 31294 |  | 2159286 |
|  Vishay Intertechnology, Inc. | 35231 |  | 510497 |
|  Vishay Precision Group, Inc.\* | 2692 |  | 103642 |
|  Vuzix Corp.(x)\* | 14655 |  | 55396 |
|  |  |  | 30219271 |
|  ***IT Services (0.6%)*** | ***IT Services (0.6%)*** | ***IT Services (0.6%)*** | ***IT Services (0.6%)*** |
|  Applied Digital Corp.(x)\* | 71828 |  | 1761222 |
|  ASGN, Inc.\* | 12934 |  | 623031 |
|  Backblaze, Inc., Class A\* | 16799 |  | 78283 |
|  BigBear.ai Holdings, Inc.(x)\* | 130899 |  | 706855 |
|  Commerce.com, Inc.\* | 24624 |  | 101451 |
|  Crexendo, Inc.\* | 3214 |  | 20795 |
|  CSP, Inc. | 1499 |  | 18737 |
|  DigitalOcean Holdings, Inc.\* | 20772 |  | 999549 |
|  Fastly, Inc., Class A\* | 42958 |  | 437312 |
|  Grid Dynamics Holdings, Inc.\* | 20610 |  | 186108 |
|  Hackett Group, Inc. (The) | 8183 |  | 160632 |
|  Information Services Group, Inc. | 11606 |  | 67083 |
|  Rackspace Technology, Inc.(x)\* | 42317 |  | 41086 |
|  TSS, Inc.(x)\* | 4227 |  | 29885 |
|  Tucows, Inc., Class A\* | 2407 |  | 53965 |
|  Unisys Corp.\* | 22847 |  | 63058 |
|  VTEX, Class A\* | 13160 |  | 49482 |
|  Whitefiber, Inc.(x)\* | 2294 |  | 36245 |
|  |  |  | 5434779 |
|  ***Semiconductors & Semiconductor Equipment (3.0%)*** | ***Semiconductors & Semiconductor Equipment (3.0%)*** | ***Semiconductors & Semiconductor Equipment (3.0%)*** | ***Semiconductors & Semiconductor Equipment (3.0%)*** |
|  ACM Research, Inc., Class A\* | 14808 |  | 584176 |
|  Aehr Test Systems(x)\* | 8493 |  | 171474 |
|  Aeluma, Inc.\* | 2958 |  | 50789 |
|  Alpha & Omega Semiconductor Ltd.\* | 5559 |  | 110124 |
|  Ambarella, Inc.\* | 12556 |  | 889467 |
|  Ambiq Micro, Inc.\* | 955 |  | 27217 |
|  Atomera, Inc.(x)\* | 6673 |  | 14747 |
|  Axcelis Technologies, Inc.\* | 9392 |  | 754553 |
|  Blaize Holdings, Inc.(x)\* | 15062 |  | 29371 |
|  CEVA, Inc.\* | 7289 |  | 156859 |
|  Cohu, Inc.\* | 14542 |  | 338392 |
|  Credo Technology Group Holding Ltd.\* | 46303 |  | 6662539 |
|  Diodes, Inc.\* | 14058 |  | 693622 |
|  FormFactor, Inc.\* | 23329 |  | 1301292 |
|  Ichor Holdings Ltd.\* | 6947 |  | 128033 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Impinj, Inc.\* | 8273 | $| 1439585 |
|  indie Semiconductor, Inc., Class A(x)\* | 59739 |  | 210879 |
|  Kopin Corp.(x)\* | 53598 |  | 125419 |
|  Kulicke & Soffa Industries, Inc. | 16205 |  | 738300 |
|  MaxLinear, Inc., Class A\* | 24848 |  | 433101 |
|  Navitas Semiconductor Corp., Class A\* | 46283 |  | 330461 |
|  NVE Corp. | 1115 |  | 66153 |
|  PDF Solutions, Inc.\* | 10179 |  | 290407 |
|  Penguin Solutions, Inc.\* | 16122 |  | 315346 |
|  Photronics, Inc.\* | 17777 |  | 568864 |
|  Power Integrations, Inc. | 17734 |  | 630266 |
|  Rambus, Inc.\* | 32711 |  | 3005814 |
|  Rigetti Computing, Inc.\* | 97658 |  | 2163125 |
|  Semtech Corp.\* | 26220 |  | 1932152 |
|  Silicon Laboratories, Inc.\* | 9822 |  | 1283735 |
|  SiTime Corp.\* | 6511 |  | 2299620 |
|  SkyWater Technology, Inc.\* | 6447 |  | 117077 |
|  Synaptics, Inc.\* | 11892 |  | 880246 |
|  Ultra Clean Holdings, Inc.\* | 14223 |  | 360268 |
|  Veeco Instruments, Inc.\* | 18222 |  | 520785 |
|  |  |  | 29624258 |
|  ***Software (5.1%)*** | ***Software (5.1%)*** | ***Software (5.1%)*** | ***Software (5.1%)*** |
|  8x8, Inc.\* | 29848 |  | 58801 |
|  A10 Networks, Inc. | 22230 |  | 393249 |
|  ACI Worldwide, Inc.\* | 31649 |  | 1513139 |
|  Adeia, Inc. | 35150 |  | 606337 |
|  Agilysys, Inc.\* | 7811 |  | 928259 |
|  Airship AI Holdings, Inc.(x)\* | 4592 |  | 13271 |
|  Alarm.com Holdings, Inc.\* | 14080 |  | 718362 |
|  Alkami Technology, Inc.\* | 20676 |  | 476995 |
|  Amplitude, Inc., Class A\* | 26161 |  | 302944 |
|  Appian Corp., Class A\* | 12477 |  | 441935 |
|  Arteris, Inc.\* | 6443 |  | 99866 |
|  Asana, Inc., Class A\* | 27677 |  | 379452 |
|  AudioEye, Inc.\* | 2897 |  | 28941 |
|  AvePoint, Inc.\* | 43390 |  | 602687 |
|  Bit Digital, Inc.\* | 98760 |  | 186656 |
|  Bitdeer Technologies Group, Class A(x)\* | 29553 |  | 331289 |
|  Blackbaud, Inc.\* | 11524 |  | 729700 |
|  BlackLine, Inc.\* | 16161 |  | 893542 |
|  Blend Labs, Inc., Class A\* | 65704 |  | 199740 |
|  Box, Inc., Class A\* | 43347 |  | 1296509 |
|  Braze, Inc., Class A\* | 25707 |  | 881493 |
|  C3.ai, Inc., Class A(x)\* | 37119 |  | 500364 |
|  Cerence, Inc.\* | 8628 |  | 92233 |
|  Chaince Digital Holdings, Inc.(x)\* | 8053 |  | 40023 |
|  Cipher Mining, Inc.(x)\* | 98097 |  | 1447912 |
|  Cleanspark, Inc.(x)\* | 85886 |  | 869166 |
|  Clear Secure, Inc., Class A | 26481 |  | 928953 |
|  Clearwater Analytics Holdings, Inc., Class A\* | 84259 |  | 2032327 |
|  Commvault Systems, Inc.\* | 13724 |  | 1720441 |
|  Consensus Cloud Solutions, Inc.\* | 4254 |  | 92822 |
|  Core Scientific, Inc.\* | 88405 |  | 1287177 |
|  CS Disco, Inc.\* | 6538 |  | 50735 |
|  Daily Journal Corp.(x)\* | 381 |  | 185669 |
|  Digimarc Corp.(x)\* | 5514 |  | 36172 |
|  Digital Turbine, Inc.\* | 32779 |  | 163895 |
|  Domo, Inc., Class B\* | 6914 |  | 58285 |
|  D-Wave Quantum, Inc.(x)\* | 101100 |  | 2643765 |
|  eGain Corp.\* | 5703 |  | 58684 |
|  EverCommerce, Inc.\* | 3725 |  | 45110 |
|  Expensify, Inc., Class A\* | 13525 |  | 20423 |
|  Five9, Inc.\* | 23958 |  | 480358 |
|  Freshworks, Inc., Class A\* | 63873 |  | 782444 |
|  Hut 8 Corp.\* | 28847 |  | 1325231 |
|  I3 Verticals, Inc., Class A(x)\* | 7005 |  | 176456 |
|  Intapp, Inc.\* | 17401 |  | 797314 |
|  InterDigital, Inc. | 7795 |  | 2481772 |
|  Jamf Holding Corp.\* | 24440 |  | 317964 |
|  Kaltura, Inc.\* | 25267 |  | 41438 |
|  Life360, Inc.(x)\* | 5884 |  | 377400 |
|  LiveRamp Holdings, Inc.\* | 20130 |  | 591218 |
|  MARA Holdings, Inc.\* | 112179 |  | 1007367 |
|  Mitek Systems, Inc.\* | 10909 |  | 115090 |
|  N-able, Inc.\* | 16845 |  | 126001 |
|  NCR Voyix Corp.\* | 44387 |  | 452747 |
|  NextNav, Inc.\* | 28573 |  | 475455 |
|  ON24, Inc.\* | 10232 |  | 81447 |
|  OneSpan, Inc. | 8023 |  | 103015 |
|  Ooma, Inc.\* | 5075 |  | 59530 |
|  Pagaya Technologies Ltd., Class A\* | 15306 |  | 319895 |
|  PagerDuty, Inc.\* | 27430 |  | 359607 |
|  PAR Technology Corp.\* | 12161 |  | 441201 |
|  Porch Group, Inc.\* | 25763 |  | 235216 |
|  Progress Software Corp.\* | 13220 |  | 567931 |
|  Q2 Holdings, Inc.\* | 19304 |  | 1392977 |
|  Qualys, Inc.\* | 10932 |  | 1452863 |
|  Rapid7, Inc.\* | 19820 |  | 301264 |
|  Red Violet, Inc. | 3467 |  | 197446 |
|  ReposiTrak, Inc.(x) | 3397 |  | 42021 |
|  Rezolve AI plc\* | 37974 |  | 97593 |
|  Rimini Street, Inc.\* | 15379 |  | 59671 |
|  Riot Platforms, Inc.(x)\* | 106035 |  | 1343463 |
|  SEMrush Holdings, Inc., Class A\* | 15229 |  | 181073 |
|  Silvaco Group, Inc.\* | 1520 |  | 6156 |
|  SoundHound AI, Inc., Class A(x)\* | 114868 |  | 1145234 |
|  SoundThinking, Inc.\* | 2426 |  | 19481 |
|  Sprinklr, Inc., Class A\* | 34734 |  | 270231 |
|  Sprout Social, Inc., Class A\* | 16188 |  | 182439 |
|  SPS Commerce, Inc.\* | 11689 |  | 1041841 |
|  Synchronoss Technologies, Inc.\* | 2273 |  | 19457 |
|  Telos Corp.\* | 12379 |  | 63133 |
|  Tenable Holdings, Inc.\* | 37810 |  | 889669 |
|  Terawulf, Inc.(x)\* | 90962 |  | 1045153 |
|  Varonis Systems, Inc.\* | 35178 |  | 1153838 |
|  Vertex, Inc., Class A\* | 20479 |  | 408966 |
|  Via Transportation, Inc., Class A\* | 2156 |  | 62546 |
|  Viant Technology, Inc., Class A\* | 3318 |  | 39949 |
|  Weave Communications, Inc.\* | 13511 |  | 102548 |
|  WM Technology, Inc.\* | 20496 |  | 16911 |
|  Workiva, Inc., Class A\* | 15245 |  | 1314881 |
|  Xperi, Inc.\* | 10393 |  | 60903 |
|  Yext, Inc.\* | 35037 |  | 282398 |
|  Zeta Global Holdings Corp., Class A\* | 56950 |  | 1158933 |
|  |  |  | 49426458 |
|  ***Technology Hardware, Storage & Peripherals (0.7%)*** | ***Technology Hardware, Storage & Peripherals (0.7%)*** | ***Technology Hardware, Storage & Peripherals (0.7%)*** | ***Technology Hardware, Storage & Peripherals (0.7%)*** |
|  CompoSecure, Inc., Class A\* | 16503 |  | 318178 |
|  Corsair Gaming, Inc.\* | 15070 |  | 89516 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  CPI Card Group, Inc.\* | 2767 | $| 40619 |
|  Diebold Nixdorf, Inc.\* | 7494 |  | 508768 |
|  Eastman Kodak Co.\* | 19689 |  | 166569 |
|  Immersion Corp. | 6467 |  | 43976 |
|  IonQ, Inc.(x)\* | 102213 |  | 4586297 |
|  Quantum Computing, Inc.(x)\* | 60849 |  | 624311 |
|  Turtle Beach Corp.\* | 4183 |  | 58687 |
|  Xerox Holdings Corp.(x) | 37277 |  | 88346 |
|  |  |  | 6525267 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 129300366 |
|  **Materials (4.0%)** | **Materials (4.0%)** | **Materials (4.0%)** | **Materials (4.0%)** |
|  ***Chemicals (1.3%)*** | ***Chemicals (1.3%)*** | ***Chemicals (1.3%)*** | ***Chemicals (1.3%)*** |
|  AdvanSix, Inc. | 6580 |  | 113834 |
|  American Vanguard Corp.\* | 9271 |  | 35415 |
|  Arq, Inc.\* | 9775 |  | 31964 |
|  ASP Isotopes, Inc.\* | 26540 |  | 141989 |
|  Aspen Aerogels, Inc.\* | 15391 |  | 43557 |
|  Avient Corp. | 27812 |  | 868847 |
|  Balchem Corp. | 10066 |  | 1543722 |
|  Cabot Corp. | 16380 |  | 1085666 |
|  Chemours Co. (The) | 46399 |  | 547044 |
|  Core Molding Technologies, Inc.\* | 2705 |  | 54235 |
|  Ecovyst, Inc.\* | 36142 |  | 351662 |
|  Flotek Industries, Inc.\* | 3304 |  | 56928 |
|  Hawkins, Inc. | 5753 |  | 817271 |
|  HB Fuller Co. | 16434 |  | 977166 |
|  Ingevity Corp.\* | 11270 |  | 666959 |
|  Innospec, Inc. | 7640 |  | 584766 |
|  Intrepid Potash, Inc.\* | 3739 |  | 103682 |
|  Koppers Holdings, Inc. | 4331 |  | 117283 |
|  Kronos Worldwide, Inc. | 11526 |  | 50945 |
|  LSB Industries, Inc.\* | 12900 |  | 109650 |
|  Mativ Holdings, Inc. | 16335 |  | 198470 |
|  Minerals Technologies, Inc. | 9830 |  | 599138 |
|  Orion SA | 18433 |  | 97326 |
|  Perimeter Solutions, Inc.\* | 42804 |  | 1178394 |
|  PureCycle Technologies, Inc.(x)\* | 38975 |  | 334795 |
|  Quaker Chemical Corp. | 4292 |  | 589335 |
|  Rayonier Advanced Materials, Inc.\* | 17268 |  | 101709 |
|  Sensient Technologies Corp. | 13051 |  | 1226141 |
|  Solesence, Inc.\* | 6191 |  | 9875 |
|  Stepan Co. | 6135 |  | 290554 |
|  Trinseo plc(x) | 7478 |  | 3717 |
|  Tronox Holdings plc | 24036 |  | 100230 |
|  Valhi, Inc. | 1508 |  | 18171 |
|  |  |  | 13050440 |
|  ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** |
|  Knife River Corp.\* | 16676 |  | 1173157 |
|  Smith-Midland Corp.\* | 1331 |  | 48368 |
|  Titan America SA | 7460 |  | 122941 |
|  United States Lime & Minerals, Inc. | 3358 |  | 402087 |
|  |  |  | 1746553 |
|  ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** |
|  Ardagh Metal Packaging SA | 44448 |  | 182237 |
|  Greif, Inc., Class A | 6916 |  | 468213 |
|  Greif, Inc., Class B | 1348 |  | 100682 |
|  Myers Industries, Inc. | 9864 |  | 184654 |
|  O-I Glass, Inc.\* | 46344 |  | 684038 |
|  Ranpak Holdings Corp., Class A\* | 25753 |  | 139324 |
|  TriMas Corp. | 9267 |  | 328515 |
|  |  |  | 2087663 |
|  ***Metals & Mining (2.2%)*** | ***Metals & Mining (2.2%)*** | ***Metals & Mining (2.2%)*** | ***Metals & Mining (2.2%)*** |
|  Alpha Metallurgical Resources, Inc.\* | 3622 |  | 723965 |
|  American Battery Technology Co.\* | 31734 |  | 105992 |
|  Ascent Industries Co.\* | 1702 |  | 27555 |
|  Caledonia Mining Corp. plc | 5267 |  | 137837 |
|  Century Aluminum Co.\* | 16907 |  | 662416 |
|  Coeur Mining, Inc.\* | 193823 |  | 3455864 |
|  Commercial Metals Co. | 33913 |  | 2347458 |
|  Compass Minerals International, Inc.\* | 11913 |  | 233971 |
|  Constellium SE\* | 42181 |  | 795112 |
|  Contango ORE, Inc.\* | 2478 |  | 65444 |
|  Critical Metals Corp.(x)\* | 19293 |  | 133893 |
|  Dakota Gold Corp.\* | 19762 |  | 112248 |
|  Ferroglobe plc | 37840 |  | 175578 |
|  Friedman Industries, Inc. | 1351 |  | 27682 |
|  Hecla Mining Co. | 192009 |  | 3684653 |
|  Idaho Strategic Resources, Inc.\* | 4339 |  | 174862 |
|  Ivanhoe Electric, Inc.\* | 30615 |  | 489228 |
|  Kaiser Aluminum Corp. | 5002 |  | 574530 |
|  Lifezone Metals Ltd.\* | 8183 |  | 34941 |
|  Materion Corp. | 6320 |  | 785702 |
|  Metallus, Inc.\* | 11000 |  | 188760 |
|  NioCorp Developments Ltd.\* | 28957 |  | 153472 |
|  Novagold Resources, Inc.\* | 92604 |  | 863069 |
|  Olympic Steel, Inc. | 2583 |  | 110514 |
|  Perpetua Resources Corp.\* | 25056 |  | 606606 |
|  Ramaco Resources, Inc., Class A\* | 11453 |  | 206154 |
|  Ryerson Holding Corp. | 7839 |  | 197229 |
|  SSR Mining, Inc.\* | 60568 |  | 1327651 |
|  SunCoke Energy, Inc. | 27185 |  | 195732 |
|  Tredegar Corp.\* | 8374 |  | 60125 |
|  United States Antimony Corp.\* | 33725 |  | 169299 |
|  US Gold Corp.(x)\* | 2508 |  | 48680 |
|  US Goldmining, Inc.\* | 597 |  | 5266 |
|  USA Rare Earth, Inc.\* | 26573 |  | 316219 |
|  Vox Royalty Corp. | 11939 |  | 56591 |
|  Warrior Met Coal, Inc. | 16099 |  | 1419449 |
|  Worthington Steel, Inc. | 10369 |  | 358975 |
|  |  |  | 21032722 |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** |
|  Clearwater Paper Corp.\* | 5378 |  | 93577 |
|  Magnera Corp.\* | 10630 |  | 160938 |
|  Sylvamo Corp. | 10304 |  | 496138 |
|  |  |  | 750653 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 38668031 |
|  **Real Estate (5.1%)** | **Real Estate (5.1%)** | **Real Estate (5.1%)** | **Real Estate (5.1%)** |
|  ***Diversified REITs (0.5%)*** | ***Diversified REITs (0.5%)*** | ***Diversified REITs (0.5%)*** | ***Diversified REITs (0.5%)*** |
|  Alexander & Baldwin, Inc. (REIT) | 22376 |  | 461841 |
|  Alpine Income Property Trust, Inc. (REIT) | 5809 |  | 97127 |
|  American Assets Trust, Inc. (REIT) | 14999 |  | 283931 |
|  Armada Hoffler Properties, Inc. (REIT) | 25203 |  | 166844 |
|  Broadstone Net Lease, Inc. (REIT) | 57284 |  | 995023 |
|  CTO Realty Growth, Inc. (REIT) | 6445 |  | 118653 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Essential Properties Realty Trust, Inc. (REIT) | 60037 | $| 1780697 |
|  Gladstone Commercial Corp. (REIT) | 17460 |  | 186298 |
|  Global Net Lease, Inc. (REIT) | 61584 |  | 529622 |
|  Modiv Industrial, Inc. (REIT), Class C(x) | 2024 |  | 29125 |
|  NexPoint Diversified Real Estate Trust (REIT) | 15581 |  | 59675 |
|  |  |  | 4708836 |
|  ***Health Care REITs (0.9%)*** | ***Health Care REITs (0.9%)*** | ***Health Care REITs (0.9%)*** | ***Health Care REITs (0.9%)*** |
|  American Healthcare REIT, Inc. (REIT) | 50914 |  | 2396013 |
|  CareTrust REIT, Inc. (REIT) | 67559 |  | 2442933 |
|  Community Healthcare Trust, Inc. (REIT) | 7691 |  | 126286 |
|  Diversified Healthcare Trust (REIT) | 68602 |  | 332720 |
|  Global Medical REIT, Inc. (REIT) | 4025 |  | 135803 |
|  LTC Properties, Inc. (REIT) | 14309 |  | 491943 |
|  National Health Investors, Inc. (REIT) | 14246 |  | 1087967 |
|  Sabra Health Care REIT, Inc. (REIT) | 72622 |  | 1375461 |
|  Sila Realty Trust, Inc. (REIT) | 17422 |  | 406107 |
|  Strawberry Fields REIT, Inc. (REIT) | 2619 |  | 34309 |
|  Universal Health Realty Income Trust (REIT) | 4241 |  | 166290 |
|  |  |  | 8995832 |
|  ***Hotel & Resort REITs (0.5%)*** | ***Hotel & Resort REITs (0.5%)*** | ***Hotel & Resort REITs (0.5%)*** | ***Hotel & Resort REITs (0.5%)*** |
|  Apple Hospitality REIT, Inc. (REIT) | 68878 |  | 816204 |
|  Braemar Hotels & Resorts, Inc. (REIT) | 25649 |  | 73613 |
|  Chatham Lodging Trust (REIT) | 12825 |  | 87338 |
|  DiamondRock Hospitality Co. (REIT) | 63731 |  | 571030 |
|  Pebblebrook Hotel Trust (REIT) | 36464 |  | 412772 |
|  RLJ Lodging Trust (REIT) | 36012 |  | 268289 |
|  Ryman Hospitality Properties, Inc. (REIT) | 18766 |  | 1775639 |
|  Service Properties Trust (REIT) | 58124 |  | 106948 |
|  Summit Hotel Properties, Inc. (REIT) | 27221 |  | 132566 |
|  Sunstone Hotel Investors, Inc. (REIT) | 54538 |  | 487570 |
|  Xenia Hotels & Resorts, Inc. (REIT) | 29182 |  | 412634 |
|  |  |  | 5144603 |
|  ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** |
|  Industrial Logistics Properties Trust (REIT) | 20889 |  | 115725 |
|  Innovative Industrial Properties, Inc. (REIT) | 8547 |  | 404786 |
|  LXP Industrial Trust (REIT) | 17677 |  | 876425 |
|  One Liberty Properties, Inc. (REIT) | 6065 |  | 123059 |
|  Plymouth Industrial REIT, Inc. (REIT) | 12540 |  | 274375 |
|  Terreno Realty Corp. (REIT) | 30932 |  | 1816018 |
|  |  |  | 3610388 |
|  ***Office REITs (0.4%)*** | ***Office REITs (0.4%)*** | ***Office REITs (0.4%)*** | ***Office REITs (0.4%)*** |
|  Brandywine Realty Trust (REIT) | 58393 |  | 170508 |
|  City Office REIT, Inc. (REIT) | 13345 |  | 93282 |
|  COPT Defense Properties (REIT) | 34406 |  | 956487 |
|  Douglas Emmett, Inc. (REIT) | 40343 |  | 443370 |
|  Easterly Government Properties, Inc. (REIT), Class A | 12393 |  | 262608 |
|  Empire State Realty Trust, Inc. (REIT), Class A | 34927 |  | 227724 |
|  Franklin Street Properties Corp. (REIT) | 27800 |  | 26293 |
|  Hudson Pacific Properties, Inc. (REIT)\* | 15851 |  | 171666 |
|  JBG SMITH Properties (REIT) | 17253 |  | 293473 |
|  NET Lease Office Properties (REIT) | 4913 |  | 126706 |
|  Peakstone Realty Trust (REIT) | 10039 |  | 144060 |
|  Piedmont Realty Trust, Inc. (REIT) | 32463 |  | 270741 |
|  Postal Realty Trust, Inc. (REIT), Class A | 8412 |  | 135770 |
|  SL Green Realty Corp. (REIT) | 21637 |  | 992489 |
|  |  |  | 4315177 |
|  ***Real Estate Management & Development (0.6%)*** | ***Real Estate Management & Development (0.6%)*** | ***Real Estate Management & Development (0.6%)*** | ***Real Estate Management & Development (0.6%)*** |
|  American Realty Investors, Inc.\* | 1016 |  | 16317 |
|  Anywhere Real Estate, Inc.\* | 32371 |  | 458373 |
|  Compass, Inc., Class A\* | 148244 |  | 1566939 |
|  Cushman & Wakefield Ltd.\* | 59087 |  | 956619 |
|  Douglas Elliman, Inc.\* | 22100 |  | 52377 |
|  eXp World Holdings, Inc.(x) | 21810 |  | 197380 |
|  Forestar Group, Inc.\* | 4824 |  | 118815 |
|  FRP Holdings, Inc.\* | 4118 |  | 93849 |
|  Kennedy-Wilson Holdings, Inc. | 35509 |  | 343372 |
|  Logistic Properties of The Americas(x)\* | 1037 |  | 2831 |
|  Marcus & Millichap, Inc. | 7897 |  | 215509 |
|  Maui Land & Pineapple Co., Inc.\* | 3433 |  | 58155 |
|  Newmark Group, Inc., Class A | 44666 |  | 774508 |
|  RE/MAX Holdings, Inc., Class A\* | 7226 |  | 54845 |
|  Real Brokerage, Inc. (The)\* | 33610 |  | 122677 |
|  RMR Group, Inc. (The), Class A | 5684 |  | 84692 |
|  Seaport Entertainment Group, Inc.(x)\* | 2488 |  | 49188 |
|  St Joe Co. (The) | 11535 |  | 684833 |
|  Stratus Properties, Inc.\* | 2003 |  | 48433 |
|  Tejon Ranch Co.\* | 6818 |  | 107520 |
|  Transcontinental Realty Investors, Inc.\* | 1018 |  | 59675 |
|  |  |  | 6066907 |
|  ***Residential REITs (0.3%)*** | ***Residential REITs (0.3%)*** | ***Residential REITs (0.3%)*** | ***Residential REITs (0.3%)*** |
|  Apartment Investment and Management Co. (REIT), Class A | 41918 |  | 248993 |
|  BRT Apartments Corp. (REIT) | 3909 |  | 57462 |
|  Centerspace (REIT) | 5132 |  | 342407 |
|  Clipper Realty, Inc. (REIT) | 5310 |  | 20284 |
|  Elme Communities (REIT) | 27242 |  | 474011 |
|  Independence Realty Trust, Inc. (REIT) | 72656 |  | 1270027 |
|  NexPoint Residential Trust, Inc. (REIT) | 7930 |  | 238693 |
|  UMH Properties, Inc. (REIT) | 24585 |  | 391147 |
|  Veris Residential, Inc. (REIT) | 19170 |  | 285250 |
|  |  |  | 3328274 |
|  ***Retail REITs (1.1%)*** | ***Retail REITs (1.1%)*** | ***Retail REITs (1.1%)*** | ***Retail REITs (1.1%)*** |
|  Acadia Realty Trust (REIT) | 40657 |  | 835095 |
|  Alexander's, Inc. (REIT) | 442 |  | 96330 |
|  CBL & Associates Properties, Inc. (REIT) | 5645 |  | 208865 |
|  Curbline Properties Corp. (REIT) | 29704 |  | 689430 |
|  FrontView REIT, Inc. (REIT) | 6297 |  | 92944 |
|  Getty Realty Corp. (REIT) | 16211 |  | 443695 |
|  InvenTrust Properties Corp. (REIT) | 24509 |  | 691399 |
|  Kite Realty Group Trust (REIT) | 64183 |  | 1538467 |
|  Macerich Co. (The) (REIT) | 77849 |  | 1437093 |
|  NETSTREIT Corp. (REIT)(x) | 26585 |  | 468959 |
|  Phillips Edison & Co., Inc. (REIT) | 37541 |  | 1335333 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Saul Centers, Inc. (REIT) | 4236 | $| 133561 |
|  SITE Centers Corp. (REIT) | 11713 |  | 75197 |
|  Tanger, Inc. (REIT) | 34431 |  | 1148962 |
|  Urban Edge Properties (REIT) | 39085 |  | 750041 |
|  Whitestone REIT (REIT) | 14694 |  | 204100 |
|  |  |  | 10149471 |
|  ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** |
|  Farmland Partners, Inc. (REIT) | 13765 |  | 133383 |
|  Four Corners Property Trust, Inc. (REIT) | 31306 |  | 721916 |
|  Gladstone Land Corp. (REIT) | 13404 |  | 122647 |
|  Outfront Media, Inc. (REIT) | 44265 |  | 1066786 |
|  PotlatchDeltic Corp. (REIT) | 23246 |  | 924726 |
|  Safehold, Inc. (REIT) | 12814 |  | 175424 |
|  Smartstop Self Storage REIT, Inc. (REIT) | 9486 |  | 293497 |
|  |  |  | 3438379 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 49757867 |
|  **Utilities (2.7%)** | **Utilities (2.7%)** | **Utilities (2.7%)** | **Utilities (2.7%)** |
|  ***Electric Utilities (0.9%)*** | ***Electric Utilities (0.9%)*** | ***Electric Utilities (0.9%)*** | ***Electric Utilities (0.9%)*** |
|  Genie Energy Ltd., Class B | 5053 |  | 69630 |
|  Hawaiian Electric Industries, Inc.\* | 53463 |  | 657595 |
|  MGE Energy, Inc. | 11379 |  | 892341 |
|  Oklo, Inc., Class A(x)\* | 32965 |  | 2365569 |
|  Otter Tail Corp. | 11635 |  | 940225 |
|  Portland General Electric Co. | 33474 |  | 1606417 |
|  TXNM Energy, Inc. | 30382 |  | 1788892 |
|  |  |  | 8320669 |
|  ***Gas Utilities (0.9%)*** | ***Gas Utilities (0.9%)*** | ***Gas Utilities (0.9%)*** | ***Gas Utilities (0.9%)*** |
|  Brookfield Infrastructure Corp., Class A | 36729 |  | 1667497 |
|  Chesapeake Utilities Corp. | 7063 |  | 881180 |
|  New Jersey Resources Corp. | 29850 |  | 1376682 |
|  Northwest Natural Holding Co. | 12725 |  | 594766 |
|  ONE Gas, Inc. | 17610 |  | 1360372 |
|  RGC Resources, Inc. | 3080 |  | 65604 |
|  Southwest Gas Holdings, Inc. | 19536 |  | 1563271 |
|  Spire, Inc. | 17787 |  | 1470985 |
|  |  |  | 8980357 |
|  ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** |
|  Hallador Energy Co.\* | 9514 |  | 181147 |
|  Montauk Renewables, Inc.\* | 30147 |  | 50345 |
|  Ormat Technologies, Inc. | 18111 |  | 2000722 |
|  |  |  | 2232214 |
|  ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** |
|  Avista Corp. | 24514 |  | 944770 |
|  Black Hills Corp. | 21635 |  | 1501902 |
|  Northwestern Energy Group, Inc. | 18925 |  | 1221419 |
|  Unitil Corp. | 5076 |  | 245881 |
|  |  |  | 3913972 |
|  ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** |
|  American States Water Co. | 11696 |  | 847726 |
|  Cadiz, Inc.\* | 28799 |  | 161562 |
|  California Water Service Group | 18127 |  | 785443 |
|  Consolidated Water Co. Ltd. | 4044 |  | 142713 |
|  Global Water Resources, Inc. | 4786 |  | 40442 |
|  H2O America | 9427 |  | 461829 |
|  Middlesex Water Co. | 4775 |  | 240755 |
|  Pure Cycle Corp.\* | 7378 |  | 81084 |
|  York Water Co. (The) | 4276 |  | 136148 |
|  |  |  | 2897702 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 26344914 |
|  **Total Common Stocks (90.3%)**<br> *(Cost $565,614,512)* |  |  | 877362556 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** |
|  89bio, Inc., CVR (r)\* | 10730 | 2736 |
|  Aduro Biotech, Inc., CVR (r)\* | 10401 |  |
|  Akero Therapeutics, Inc., CVR (r)\* | 22249 | 10846 |
|  Chinook Therapeutics, Inc., CVR \* | 20304 | 4061 |
|  Icosavax, Inc., CVR \* | 6876 | 2063 |
|  Metsera, Inc., CVR (r)(x)\* | 4615 | 16960 |
|  Sanofi Aatd, Inc., CVR(r)\* | 11170 | 5424 |
|  |  | 42090 |
|  ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** |
|  Paragon 28, Inc., CVR(r)\* | 4470 | 302 |
|  ***Life Sciences Tools & Services (0.0%)*** | ***Life Sciences Tools & Services (0.0%)*** | ***Life Sciences Tools & Services (0.0%)*** |
|  OmniAb, Inc., expiring 11/1/27(r)(x)\* | 4550 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 42392 |
|  **Materials (0.0%)†** | **Materials (0.0%)†** | **Materials (0.0%)†** |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Resolute Forest Products, Inc., CVR\* | 5400 | 8100 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 8100 |
|  **Total Rights (0.0%)†**<br> *(Cost $43,618)* |  | 50492 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (6.9%)** | **Investment Companies (6.9%)** |  |
|  Allspring Government Money Market Fund, Select Shares 3.72% (7 day yield) (xx) | 2000000 | 2000000 |
|  BlackRock Liquidity FedFund, Institutional Shares 3.65% (7 day yield) (xx) | 2000000 | 2000000 |
|  Dreyfus Treasury Obligations Cash Management Fund 3.65% (7 day yield) (xx) | 2000000 | 2000000 |
|  HSBC U.S. Government Money Market Fund, Intermediary Shares 3.66% (7 day yield) (xx) | 2000000 | 2000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 16193195 | 16193195 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 39784074 | $39799987 |
|  Morgan Stanley Institutional Liquidity Fund - Government Portfolio 3.69% (7 day yield) (xx) | 1000000 | 1000000 |
|  State Street Institutional U.S. Government Money Market Fund, Premier Shares 3.74% (7 day yield) (xx) | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 66993182 |
|  **Total Short-Term Investments (6.9%)**<br> *(Cost $66,987,916)* | **Total Short-Term Investments (6.9%)**<br> *(Cost $66,987,916)* | 66993182 |
|  **Total Investments in Securities (97.2%)**<br> *(Cost $632,646,046)* | **Total Investments in Securities (97.2%)**<br> *(Cost $632,646,046)* | 944406230 |
|  **Other Assets Less Liabilities (2.8%)** | **Other Assets Less Liabilities (2.8%)** | 27254608 |
|  **Net Assets (100%)** |  | $971660838 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $379,416 or 0.0% of net assets.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $36,768,989. This was collateralized by $10,961,477 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/15/26 – 8/15/55 and by cash of $27,195,190 of which $27,193,195 was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount**<br>**($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)**<br>**($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Russell 2000 E-Mini Index | 754 | 3/2026 | USD | 94174600 | (2484106) |
|  |  |  |  |  | (2484106) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $24243781 | $— | $— | $24243781 |
|  Consumer Discretionary | 78289900 |  |  | 78289900 |
|  Consumer Staples | 16206282 |  |  | 16206282 |
|  Energy | 42139465 |  |  | 42139465 |
|  Financials | 155687820 |  | — (a) | 155687820 |
|  Health Care | 164441249 |  | — (a) | 164441249 |
|  Industrials | 152282881 |  |  | 152282881 |
|  Information Technology | 129300366 |  |  | 129300366 |
|  Materials | 38668031 |  |  | 38668031 |
|  Real Estate | 49757867 |  |  | 49757867 |
|  Utilities | 26344914 |  |  | 26344914 |
|  **Rights** |  |  |  |  |
|  Health Care |  | 6124 | 36268 | 42392 |
|  Materials |  | 8100 |  | 8100 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 66993182 |  |  | 66993182 |
|  **Total Assets** | $**944355738** | $**14224** | $**36268** | $**944406230** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(2484106) | $— | $— | $(2484106) |
|  **Total Liabilities** | $**(2484106)** | $**—** | $**—** | $**(2484106)** |
|  **Total** | $**941871632** | $**14224** | $**36268** | $**941922124** |

---

(a) Value is zero.

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(2484106) |
|  **Total** |  | $(2484106) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(25802391) | $(25802391) |
|  **Total** | $(25802391) | $(25802391) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $3420919 | $3420919 |
|  **Total** | $3420919 | $3420919 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $86336000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 93467000 |

---

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $117209097.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $251215918.0 |

---

During the year ended December 31, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 6%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 10%)\*** | **Net Realized<br>Gain (Loss)** |
| $6805462 | $25644028 | $14782154 |

---

\* Represents percentage/amount of total Purchases and/or Sales.

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $420810094 |
|  Aggregate gross unrealized depreciation | (115709819) |
|  Net unrealized appreciation | $305100275 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $636821849 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $632,646,046) | $944406230.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 46535890.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 8036120.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1099954.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 509993.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 38888.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 173.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3757.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1000631005.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 27193195.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 743988.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 434740.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 383070.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 104297.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 21479.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 89398.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 28970167.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $971660838.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $748673817.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 222987021.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $971660838.0 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $971,660,838 / 86,477,048 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.24 |

---

*(x)* *Includes value of securities on loan of $36,768,989.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $29,131 foreign withholding tax) | $11652186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 2267496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 623958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 14543640 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4287188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1188932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 131500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 95919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 56700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 33135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recoupment fees | 4051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 41059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 5838484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (121708) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 5716776 |
|  **NET INVESTMENT INCOME (LOSS)** | 8826864 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 54482161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (25802391) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 28679770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities  | 37193686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 3420919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 40614605 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 69294375 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $78121239 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $8826864 | $11070771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 28679770 | 72525564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 40614605 | 22838120 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 78121239 | 106434455 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (52079330) | (91668955) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,385,888 and 9,243,097 shares, respectively ] | 22024465 | 100680220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 4,507,690 and 7,965,374 shares, respectively ] | 52079330 | 91668955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (14093667) and (13513628) shares, respectively ] | (151152016) | (150909536) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (77048221) | 41439639 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (51006312) | 56205139 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1022667150 | 966462011 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $971660838 | $1022667150 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $10.92 | $10.74 | $9.50 | $12.62 | $13.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.10 | 0.13 | 0.11 | 0.09 | 0.07 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.85 | 1.09 | 1.45 | (2.93) | 1.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.95 | 1.22 | 1.56 | (2.84) | 1.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.13) | (0.18) | (0.15) | (0.10) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.50) | (0.86) | (0.17) | (0.18) | (2.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.63) | (1.04) | (0.32) | (0.28) | (2.45) |
|  Net asset value, end of year | $11.24 | $10.92 | $10.74 | $9.50 | $12.62 |
|  Total return | 8.54% | 11.00% | 16.52% | (22.53)% | 14.23% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $971661 | $1022667 | $966462 | $945248 | $1311458 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.60% | 0.60% | 0.60% | 0.60% | 0.60 %(g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.61% | 0.62% | 0.61% | 0.60% | 0.60 %(g) |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.93% | 1.11% | 1.09% | 0.90% | 0.46 %(bb) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.91% | 1.10% | 1.08% | 0.90% | 0.46 %(bb) |
|  Portfolio turnover rate ^ | 14% | 21% | 10% | 13% | 19% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of less than 0.005%.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amount would be $0.06.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for Class K would have been 0.07% lower.* 

See Notes to Financial Statements.

------

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  COMMON STOCKS: |  |  |  |
|  **Australia (6.3%)** |  |  |  |
|  ANZ Group Holdings Ltd. | 160286 | $| 3887176 |
|  APA Group | 71302 |  | 426823 |
|  Aristocrat Leisure Ltd. | 29461 |  | 1143865 |
|  ASX Ltd.(x) | 10945 |  | 375725 |
|  BHP Group Ltd. | 273058 |  | 8289427 |
|  Brambles Ltd. | 73861 |  | 1131725 |
|  CAR Group Ltd. | 20098 |  | 412566 |
|  Cochlear Ltd. | 3538 |  | 615440 |
|  Coles Group Ltd. | 71296 |  | 1020102 |
|  Commonwealth Bank of Australia | 89971 |  | 9640968 |
|  Computershare Ltd. | 28632 |  | 652332 |
|  CSL Ltd. | 26001 |  | 2995783 |
|  Evolution Mining Ltd. | 109172 |  | 923813 |
|  Fortescue Ltd. | 90633 |  | 1331251 |
|  Glencore plc | 539878 |  | 2958581 |
|  Goodman Group (REIT) | 109942 |  | 2272996 |
|  Insurance Australia Group Ltd. | 123622 |  | 658343 |
|  Lottery Corp. Ltd. (The) | 124843 |  | 429900 |
|  Lynas Rare Earths Ltd.\* | 49182 |  | 408301 |
|  Macquarie Group Ltd. | 19327 |  | 2620848 |
|  Medibank Pvt. Ltd. | 152285 |  | 486795 |
|  National Australia Bank Ltd. | 164681 |  | 4649863 |
|  Northern Star Resources Ltd. | 72584 |  | 1294773 |
|  Origin Energy Ltd. | 94017 |  | 720909 |
|  Pro Medicus Ltd. | 3221 |  | 474768 |
|  Qantas Airways Ltd. | 41621 |  | 288313 |
|  QBE Insurance Group Ltd. | 80550 |  | 1069188 |
|  REA Group Ltd. | 2710 |  | 331664 |
|  Rio Tinto Ltd.(x) | 19717 |  | 1931878 |
|  Rio Tinto plc | 60685 |  | 4903113 |
|  Santos Ltd. | 176873 |  | 728283 |
|  Scentre Group (REIT) | 282962 |  | 793106 |
|  SGH Ltd. | 11539 |  | 357691 |
|  Sigma Healthcare Ltd. | 271748 |  | 533172 |
|  Sonic Healthcare Ltd. | 26153 |  | 394617 |
|  South32 Ltd. | 245882 |  | 584158 |
|  Stockland (REIT) | 127643 |  | 488096 |
|  Suncorp Group Ltd. | 59378 |  | 699397 |
|  Telstra Group Ltd. | 206586 |  | 671403 |
|  Transurban Group | 167598 |  | 1589339 |
|  Vicinity Ltd. (REIT) | 209749 |  | 358339 |
|  Washington H Soul Pattinson & Co. Ltd. | 18757 |  | 464899 |
|  Wesfarmers Ltd.(x) | 60967 |  | 3299254 |
|  Westpac Banking Corp. | 183893 |  | 4737030 |
|  WiseTech Global Ltd. | 11221 |  | 512651 |
|  Woodside Energy Group Ltd. | 101253 |  | 1594004 |
|  Woolworths Group Ltd. | 65893 |  | 1291947 |
|  |  |  | 77444615 |
|  **Austria (0.2%)** | **Austria (0.2%)** | **Austria (0.2%)** | **Austria (0.2%)** |
|  Erste Group Bank AG | 16476 |  | 1992411 |
|  OMV AG | 8003 |  | 446932 |
|  Raiffeisen Bank International AG | 6732 |  | 303008 |
|  Verbund AG | 3820 |  | 278334 |
|  |  |  | 3020685 |
|  **Belgium (0.8%)** | **Belgium (0.8%)** | **Belgium (0.8%)** | **Belgium (0.8%)** |
|  Ageas SA/NV | 7982 |  | 560951 |
|  Anheuser-Busch InBev SA/NV | 53124 |  | 3427480 |
|  D'ieteren Group | 1047 |  | 189364 |
|  Elia Group SA/NV, Class B(x) | 2373 |  | 305926 |
|  Financiere de Tubize SA | 1069 |  | 262564 |
|  Groupe Bruxelles Lambert NV | 4486 |  | 400404 |
|  KBC Group NV | 12471 |  | 1630471 |
|  Lotus Bakeries NV(x) | 22 |  | 202957 |
|  Sofina SA | 847 |  | 245862 |
|  Syensqo SA(x) | 3806 |  | 306656 |
|  UCB SA | 6873 |  | 1927208 |
|  |  |  | 9459843 |
|  **Brazil (0.0%)†** | **Brazil (0.0%)†** | **Brazil (0.0%)†** | **Brazil (0.0%)†** |
|  Yara International ASA | 8522 |  | 350011 |
|  **Chile (0.1%)** | **Chile (0.1%)** | **Chile (0.1%)** | **Chile (0.1%)** |
|  Antofagasta plc | 21521 |  | 951213 |
|  **China (0.5%)** | **China (0.5%)** | **China (0.5%)** | **China (0.5%)** |
|  BOC Hong Kong Holdings Ltd. | 202917 |  | 1027791 |
|  Prosus NV | 70346 |  | 4369142 |
|  SITC International Holdings Co. Ltd. | 66892 |  | 239456 |
|  Wharf Holdings Ltd. (The) | 67262 |  | 187888 |
|  Wilmar International Ltd. | 96845 |  | 232054 |
|  Yangzijiang Shipbuilding Holdings Ltd. | 137600 |  | 372528 |
|  |  |  | 6428859 |
|  **Denmark (1.7%)** | **Denmark (1.7%)** | **Denmark (1.7%)** | **Denmark (1.7%)** |
|  Carlsberg A/S, Class B | 5129 |  | 674005 |
|  Coloplast A/S, Class B | 6787 |  | 583483 |
|  Danske Bank A/S | 36305 |  | 1819920 |
|  Demant A/S(x)\* | 4545 |  | 153892 |
|  DSV A/S | 10951 |  | 2782700 |
|  Genmab A/S\* | 3272 |  | 1043535 |
|  Novo Nordisk A/S, Class B | 173150 |  | 8860941 |
|  Novonesis Novozymes B | 18946 |  | 1215639 |
|  Orsted A/S(m)\* | 27893 |  | 536957 |
|  Pandora A/S | 4373 |  | 486863 |
|  ROCKWOOL A/S, Class B | 5558 |  | 197112 |
|  Tryg A/S | 18644 |  | 488420 |
|  Vestas Wind Systems A/S | 53874 |  | 1469834 |
|  |  |  | 20313301 |
|  **Finland (1.1%)** | **Finland (1.1%)** | **Finland (1.1%)** | **Finland (1.1%)** |
|  Elisa OYJ | 7323 |  | 324790 |
|  Fortum OYJ | 23299 |  | 497786 |
|  Kesko OYJ, Class B | 15626 |  | 353501 |
|  Kone OYJ, Class B | 18320 |  | 1303837 |
|  Metso OYJ | 35552 |  | 625875 |
|  Neste OYJ | 22152 |  | 505301 |
|  Nokia OYJ | 287095 |  | 1879960 |
|  Nordea Bank Abp | 166598 |  | 3149217 |
|  Orion OYJ, Class B | 6029 |  | 450978 |
|  Sampo OYJ, Class A | 131702 |  | 1598838 |
|  Stora Enso OYJ, Class R(x) | 29402 |  | 369892 |
|  UPM-Kymmene OYJ(x) | 29129 |  | 848621 |
|  Wartsila OYJ Abp | 27479 |  | 981717 |
|  |  |  | 12890313 |
|  **France (8.2%)** | **France (8.2%)** | **France (8.2%)** | **France (8.2%)** |
|  Accor SA | 10354 |  | 586742 |
|  Aeroports de Paris SA | 1979 |  | 259085 |
|  Air Liquide SA | 31104 |  | 5858051 |

---

See Notes to Financial Statements.

------

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Airbus SE | 31946 | $| 7448519 |
|  Alstom SA\* | 17981 |  | 531874 |
|  Amundi SA(m) | 3226 |  | 267658 |
|  AXA SA | 93260 |  | 4489181 |
|  BioMerieux | 2222 |  | 288026 |
|  BNP Paribas SA | 54039 |  | 5130701 |
|  Bollore SE | 35171 |  | 198150 |
|  Bouygues SA | 10474 |  | 545906 |
|  Bureau Veritas SA | 18458 |  | 589584 |
|  Capgemini SE | 8182 |  | 1367803 |
|  Carrefour SA | 30709 |  | 513550 |
|  Cie de Saint-Gobain SA | 24306 |  | 2483961 |
|  Cie Generale des Etablissements Michelin SCA | 36347 |  | 1209262 |
|  Covivio SA (REIT) | 2930 |  | 195065 |
|  Credit Agricole SA | 57068 |  | 1177014 |
|  Danone SA | 34805 |  | 3140520 |
|  Dassault Aviation SA | 1025 |  | 329814 |
|  Dassault Systemes SE | 35898 |  | 1005746 |
|  Edenred SE | 13834 |  | 307433 |
|  Eiffage SA | 3656 |  | 525896 |
|  Engie SA | 97535 |  | 2568704 |
|  EssilorLuxottica SA | 16186 |  | 5133980 |
|  FDJ United(x) | 5982 |  | 166050 |
|  Gecina SA (REIT) | 2597 |  | 246906 |
|  Getlink SE | 16981 |  | 313909 |
|  Hermes International SCA | 1702 |  | 4244404 |
|  Ipsen SA | 2038 |  | 285012 |
|  Kering SA | 3990 |  | 1411404 |
|  Klepierre SA (REIT) | 11339 |  | 449606 |
|  Legrand SA | 14181 |  | 2120686 |
|  L'Oreal SA | 12913 |  | 5563286 |
|  LVMH Moet Hennessy Louis Vuitton SE | 13445 |  | 10191364 |
|  Orange SA | 99352 |  | 1657970 |
|  Pernod Ricard SA | 10742 |  | 922814 |
|  Publicis Groupe SA | 12359 |  | 1287143 |
|  Renault SA | 9991 |  | 415881 |
|  Rexel SA | 11822 |  | 466673 |
|  Safran SA | 19360 |  | 6766407 |
|  Sartorius Stedim Biotech | 1502 |  | 370682 |
|  Societe Generale SA | 37975 |  | 3066851 |
|  Sodexo SA | 5152 |  | 264587 |
|  Thales SA | 5048 |  | 1363268 |
|  TotalEnergies SE (Paris Stock Exchange) | 106770 |  | 6975217 |
|  Unibail-Rodamco-Westfield (REIT) | 6577 |  | 716969 |
|  Veolia Environnement SA | 33618 |  | 1174174 |
|  Vinci SA | 26822 |  | 3784122 |
|  |  |  | 100377610 |
|  **Germany (8.7%)** | **Germany (8.7%)** | **Germany (8.7%)** | **Germany (8.7%)** |
|  adidas AG | 9194 |  | 1826550 |
|  Allianz SE (Registered) | 20761 |  | 9527547 |
|  BASF SE | 48113 |  | 2512179 |
|  Bayer AG (Registered) | 52821 |  | 2297405 |
|  Bayerische Motoren Werke AG(x) | 15250 |  | 1669236 |
|  Bayerische Motoren Werke AG (Preference)(q) | 3069 |  | 330012 |
|  Beiersdorf AG | 5239 |  | 576776 |
|  Brenntag SE(x) | 6349 |  | 369784 |
|  Commerzbank AG | 38962 |  | 1652952 |
|  Continental AG | 5942 |  | 474567 |
|  CTS Eventim AG & Co. KGaA | 3575 |  | 329805 |
|  Daimler Truck Holding AG(x) | 25446 |  | 1116022 |
|  Deutsche Bank AG (Registered) | 99509 |  | 3871982 |
|  Deutsche Boerse AG | 10202 |  | 2682027 |
|  Deutsche Lufthansa AG (Registered) | 33112 |  | 327105 |
|  Deutsche Post AG | 51357 |  | 2820377 |
|  Deutsche Telekom AG (Registered) | 197790 |  | 6429368 |
|  Dr Ing hc F Porsche AG (Preference)(m)(q)(x) | 6018 |  | 322641 |
|  E.ON SE | 121418 |  | 2300883 |
|  Evonik Industries AG | 14464 |  | 227094 |
|  Fresenius Medical Care AG | 11818 |  | 566096 |
|  Fresenius SE & Co. KGaA | 22572 |  | 1299274 |
|  GEA Group AG | 8113 |  | 551088 |
|  Hannover Rueck SE | 3207 |  | 1003272 |
|  Heidelberg Materials AG | 7119 |  | 1865673 |
|  Henkel AG & Co. KGaA | 5788 |  | 442134 |
|  Henkel AG & Co. KGaA (Preference)(q) | 8465 |  | 692187 |
|  Hensoldt AG(x) | 3541 |  | 305446 |
|  HOCHTIEF AG(x) | 822 |  | 325547 |
|  Infineon Technologies AG | 70215 |  | 3113354 |
|  Knorr-Bremse AG | 3803 |  | 425252 |
|  LEG Immobilien SE | 4284 |  | 313401 |
|  Mercedes-Benz Group AG | 39152 |  | 2763907 |
|  Merck KGaA | 6840 |  | 985504 |
|  MTU Aero Engines AG | 2901 |  | 1211308 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 7024 |  | 4640739 |
|  Nemetschek SE | 3093 |  | 337318 |
|  Porsche Automobil Holding SE (Preference)(q) | 8380 |  | 393139 |
|  Rational AG | 265 |  | 206010 |
|  Rheinmetall AG | 2473 |  | 4536687 |
|  RWE AG | 33685 |  | 1791690 |
|  SAP SE | 56141 |  | 13746288 |
|  Sartorius AG (Preference)(q) | 1382 |  | 401484 |
|  Scout24 SE(m) | 3909 |  | 394153 |
|  Siemens AG (Registered) | 40861 |  | 11483946 |
|  Siemens Energy AG\* | 41667 |  | 5895634 |
|  Siemens Healthineers AG(m) | 17809 |  | 940137 |
|  Symrise AG, Class A | 7252 |  | 587033 |
|  Talanx AG | 3564 |  | 476641 |
|  Volkswagen AG (Preference)(q)(x) | 11107 |  | 1351633 |
|  Vonovia SE | 40544 |  | 1169265 |
|  Zalando SE(m)\* | 12388 |  | 368909 |
|  |  |  | 106248461 |
|  **Hong Kong (1.6%)** | **Hong Kong (1.6%)** | **Hong Kong (1.6%)** | **Hong Kong (1.6%)** |
|  AIA Group Ltd. | 564927 |  | 5799744 |
|  CK Asset Holdings Ltd. | 103005 |  | 520405 |
|  CK Infrastructure Holdings Ltd.(x) | 33050 |  | 244604 |
|  CLP Holdings Ltd. | 88367 |  | 790258 |
|  Futu Holdings Ltd. (ADR)\* | 2964 |  | 486718 |
|  Hang Seng Bank Ltd. | 41015 |  | 808948 |
|  Henderson Land Development Co. Ltd.(x) | 77651 |  | 280764 |
|  HKT Trust & HKT Ltd. | 193818 |  | 286642 |
|  Hong Kong & China Gas Co. Ltd. | 600709 |  | 541068 |

---

See Notes to Financial Statements.

------

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Hong Kong Exchanges & Clearing Ltd. | 64787 | $| 3393062 |
|  Hongkong Land Holdings Ltd. | 59946 |  | 416625 |
|  Link REIT (REIT) | 139233 |  | 621501 |
|  MTR Corp. Ltd. | 86472 |  | 331102 |
|  Power Assets Holdings Ltd.(x) | 75199 |  | 532877 |
|  Prudential plc | 137775 |  | 2125495 |
|  Sino Land Co. Ltd. | 201952 |  | 265197 |
|  Sun Hung Kai Properties Ltd. | 75931 |  | 923929 |
|  Swire Pacific Ltd., Class A(x) | 19585 |  | 157783 |
|  Techtronic Industries Co. Ltd. | 78796 |  | 910193 |
|  WH Group Ltd.(m) | 449035 |  | 500229 |
|  Wharf Real Estate Investment Co. Ltd. | 85874 |  | 271215 |
|  |  |  | 20208359 |
|  **Indonesia (0.0%)†** | **Indonesia (0.0%)†** | **Indonesia (0.0%)†** | **Indonesia (0.0%)†** |
|  Jardine Matheson Holdings Ltd. | 8260 |  | 543343 |
|  **Ireland (0.4%)** | **Ireland (0.4%)** | **Ireland (0.4%)** | **Ireland (0.4%)** |
|  AerCap Holdings NV | 9107 |  | 1309222 |
|  AIB Group plc | 115581 |  | 1249643 |
|  Bank of Ireland Group plc | 51300 |  | 987212 |
|  Kerry Group plc, Class A | 8765 |  | 803449 |
|  Kingspan Group plc | 8382 |  | 730417 |
|  |  |  | 5079943 |
|  **Israel (0.9%)** | **Israel (0.9%)** | **Israel (0.9%)** | **Israel (0.9%)** |
|  Azrieli Group Ltd. | 2196 |  | 248593 |
|  Bank Hapoalim BM | 67216 |  | 1520753 |
|  Bank Leumi Le-Israel BM | 80485 |  | 1774206 |
|  Check Point Software Technologies Ltd.\* | 4645 |  | 861926 |
|  Elbit Systems Ltd. | 1478 |  | 852117 |
|  ICL Group Ltd. | 43479 |  | 249852 |
|  Israel Discount Bank Ltd., Class A | 64645 |  | 686531 |
|  Mizrahi Tefahot Bank Ltd. | 8613 |  | 601508 |
|  Nice Ltd.\* | 3159 |  | 354235 |
|  Nova Ltd.\* | 1635 |  | 547353 |
|  Phoenix Financial Ltd. | 12637 |  | 523012 |
|  Teva Pharmaceutical Industries Ltd. (ADR)\* | 61402 |  | 1916356 |
|  Wix.com Ltd.\* | 2925 |  | 303878 |
|  |  |  | 10440320 |
|  **Italy (3.0%)** | **Italy (3.0%)** | **Italy (3.0%)** | **Italy (3.0%)** |
|  Banca Mediolanum SpA | 11007 |  | 251853 |
|  Banca Monte dei Paschi di Siena SpA | 106185 |  | 1139320 |
|  Banco BPM SpA | 62070 |  | 949740 |
|  BPER Banca SpA | 78911 |  | 1075740 |
|  Coca-Cola HBC AG | 11738 |  | 607890 |
|  Davide Campari-Milano NV(x) | 33886 |  | 220539 |
|  Enel SpA | 437283 |  | 4561846 |
|  Eni SpA | 109500 |  | 2076966 |
|  Ferrari NV | 6777 |  | 2538232 |
|  FinecoBank Banca Fineco SpA | 32332 |  | 843524 |
|  Generali(x) | 45830 |  | 1925474 |
|  Infrastrutture Wireless Italiane SpA(m)(x) | 15832 |  | 146706 |
|  Intesa Sanpaolo SpA | 765766 |  | 5328475 |
|  Leonardo SpA | 21824 |  | 1260834 |
|  Moncler SpA | 12607 |  | 813681 |
|  Nexi SpA(m)(x) | 25601 |  | 126994 |
|  Poste Italiane SpA(m)(x) | 24542 |  | 619521 |
|  Prysmian SpA | 15110 |  | 1533873 |
|  Recordati Industria Chimica e Farmaceutica SpA | 6133 |  | 349852 |
|  Ryanair Holdings plc | 45364 |  | 1575363 |
|  Snam SpA | 108915 |  | 723951 |
|  Telecom Italia SpA\* | 640103 |  | 386506 |
|  Terna - Rete Elettrica Nazionale | 76920 |  | 818449 |
|  UniCredit SpA | 75372 |  | 6281893 |
|  Unipol Assicurazioni SpA | 20202 |  | 488360 |
|  |  |  | 36645582 |
|  **Ivory Coast (0.0%)†** | **Ivory Coast (0.0%)†** | **Ivory Coast (0.0%)†** | **Ivory Coast (0.0%)†** |
|  Endeavour Mining plc | 9628 |  | 502511 |
|  **Japan (19.8%)** | **Japan (19.8%)** | **Japan (19.8%)** | **Japan (19.8%)** |
|  Advantest Corp. | 41220 |  | 5166973 |
|  Aeon Co. Ltd.(x) | 121024 |  | 1913792 |
|  AGC, Inc.(x) | 10086 |  | 334376 |
|  Aisin Corp. | 26654 |  | 497891 |
|  Ajinomoto Co., Inc. | 49298 |  | 1043932 |
|  ANA Holdings, Inc. | 8712 |  | 165686 |
|  Asahi Group Holdings Ltd.(x) | 80716 |  | 844828 |
|  Asahi Kasei Corp. | 67386 |  | 597543 |
|  Asics Corp. | 37500 |  | 898956 |
|  Astellas Pharma, Inc. | 96678 |  | 1291797 |
|  Bandai Namco Holdings, Inc. | 31245 |  | 832189 |
|  Bridgestone Corp.(x) | 61768 |  | 1385679 |
|  Canon, Inc.(x) | 47019 |  | 1390699 |
|  Capcom Co. Ltd.(x) | 19552 |  | 455722 |
|  Central Japan Railway Co. | 41225 |  | 1141425 |
|  Chiba Bank Ltd. (The)(x) | 29583 |  | 330127 |
|  Chubu Electric Power Co., Inc. | 37439 |  | 576499 |
|  Chugai Pharmaceutical Co. Ltd. | 35977 |  | 1893248 |
|  Dai Nippon Printing Co. Ltd. | 21716 |  | 373486 |
|  Daifuku Co. Ltd.(x) | 17039 |  | 536058 |
|  Dai-ichi Life Holdings, Inc. | 188968 |  | 1572522 |
|  Daiichi Sankyo Co. Ltd. | 96224 |  | 2056677 |
|  Daikin Industries Ltd. | 14230 |  | 1824173 |
|  Daito Trust Construction Co. Ltd. | 15385 |  | 293281 |
|  Daiwa House Industry Co. Ltd. | 29706 |  | 985775 |
|  Daiwa Securities Group, Inc. | 70383 |  | 615806 |
|  Denso Corp. | 94452 |  | 1301248 |
|  Disco Corp. | 4890 |  | 1503775 |
|  East Japan Railway Co.(x) | 51329 |  | 1354006 |
|  Ebara Corp.(x) | 25100 |  | 590324 |
|  Eisai Co. Ltd.(x) | 13396 |  | 398528 |
|  ENEOS Holdings, Inc. | 146822 |  | 1037615 |
|  FANUC Corp.(x) | 49988 |  | 1941567 |
|  Fast Retailing Co. Ltd.(x) | 10375 |  | 3771403 |
|  Fuji Electric Co. Ltd. | 7630 |  | 577218 |
|  FUJIFILM Holdings Corp. | 60192 |  | 1284998 |
|  Fujikura Ltd. | 13500 |  | 1503064 |
|  Fujitsu Ltd. | 95410 |  | 2636810 |
|  Hankyu Hanshin Holdings, Inc.(x) | 12654 |  | 318531 |
|  Hikari Tsushin, Inc. | 938 |  | 261986 |
|  Hitachi Ltd. | 246385 |  | 7710542 |
|  Honda Motor Co. Ltd. | 198112 |  | 1942671 |
|  Hoya Corp. | 18457 |  | 2790820 |
|  Hulic Co. Ltd.(x) | 24798 |  | 271426 |

---

See Notes to Financial Statements.

------

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Idemitsu Kosan Co. Ltd. | 41930 | $316670 |
|  IHI Corp. | 56200 | 988272 |
|  Inpex Corp.(x) | 48176 | 961736 |
|  Isuzu Motors Ltd. | 28179 | 438858 |
|  ITOCHU Corp. | 323800 | 4082642 |
|  Japan Airlines Co. Ltd. | 8743 | 162145 |
|  Japan Exchange Group, Inc. | 51882 | 555121 |
|  Japan Post Bank Co. Ltd. | 96409 | 1359598 |
|  Japan Post Holdings Co. Ltd. | 97459 | 1026916 |
|  Japan Post Insurance Co. Ltd. | 9272 | 278918 |
|  Japan Tobacco, Inc.(x) | 65000 | 2340398 |
|  JFE Holdings, Inc. | 29800 | 380015 |
|  JX Advanced Metals Corp. | 30200 | 377886 |
|  Kajima Corp. | 23194 | 864000 |
|  Kansai Electric Power Co., Inc. (The) | 51567 | 808203 |
|  Kao Corp.(x) | 24789 | 990832 |
|  Kawasaki Heavy Industries Ltd. | 8400 | 556639 |
|  Kawasaki Kisen Kaisha Ltd.(x) | 19755 | 275062 |
|  KDDI Corp. | 157608 | 2725238 |
|  Keyence Corp. | 10544 | 3815334 |
|  Kikkoman Corp.(x) | 36940 | 335347 |
|  Kioxia Holdings Corp.\* | 10300 | 686163 |
|  Kirin Holdings Co. Ltd.(x) | 41753 | 625869 |
|  Kobe Bussan Co. Ltd.(x) | 8463 | 204767 |
|  Komatsu Ltd. | 51243 | 1635693 |
|  Konami Group Corp. | 5299 | 721576 |
|  Kubota Corp.(x) | 52387 | 741291 |
|  Kyocera Corp. | 70224 | 984723 |
|  Kyowa Kirin Co. Ltd.(x) | 12625 | 203673 |
|  Lasertec Corp.(x) | 4330 | 819477 |
|  LY Corp. | 149979 | 399459 |
|  M3, Inc.(x) | 23981 | 323646 |
|  Makita Corp. | 12094 | 365738 |
|  Marubeni Corp. | 75808 | 2106692 |
|  MatsukiyoCocokara & Co.(x) | 16635 | 288011 |
|  Minebea Mitsumi, Inc. | 20022 | 401488 |
|  Mitsubishi Chemical Group Corp. | 68319 | 399124 |
|  Mitsubishi Corp. | 173333 | 3968157 |
|  Mitsubishi Electric Corp. | 102248 | 2992895 |
|  Mitsubishi Estate Co. Ltd. | 56917 | 1388406 |
|  Mitsubishi HC Capital, Inc. | 48718 | 407746 |
|  Mitsubishi Heavy Industries Ltd. | 172300 | 4223902 |
|  Mitsubishi UFJ Financial Group, Inc. | 616306 | 9808803 |
|  Mitsui & Co. Ltd. | 132790 | 3936057 |
|  Mitsui Fudosan Co. Ltd. | 143602 | 1632299 |
|  Mitsui OSK Lines Ltd.(x) | 18288 | 549901 |
|  Mizuho Financial Group, Inc. | 133797 | 4868762 |
|  MonotaRO Co. Ltd.(x) | 12299 | 196333 |
|  MS&AD Insurance Group Holdings, Inc. | 70095 | 1648110 |
|  Murata Manufacturing Co. Ltd. | 89004 | 1844401 |
|  NEC Corp. | 69665 | 2361601 |
|  Nexon Co. Ltd.(x) | 19506 | 476567 |
|  Nidec Corp. | 45862 | 624220 |
|  Nintendo Co. Ltd. | 59373 | 4015941 |
|  Nippon Building Fund, Inc. (REIT)(x) | 424 | 386808 |
|  Nippon Paint Holdings Co. Ltd.(x) | 52848 | 353411 |
|  Nippon Sanso Holdings Corp.(x) | 9590 | 285790 |
|  Nippon Steel Corp.(x) | 256805 | 1052205 |
|  Nippon Yusen KK(x) | 22024 | 713980 |
|  Nissan Motor Co. Ltd.(x)\* | 121226 | 301904 |
|  Nitori Holdings Co. Ltd.(x) | 20540 | 359620 |
|  Nitto Denko Corp. | 36245 | 859616 |
|  Nomura Holdings, Inc. | 161187 | 1338766 |
|  Nomura Research Institute Ltd. | 20496 | 787835 |
|  NTT, Inc. | 1598220 | 1609035 |
|  Obayashi Corp. | 34937 | 729118 |
|  Obic Co. Ltd. | 17355 | 545335 |
|  Olympus Corp. | 61328 | 776975 |
|  Oracle Corp. | 578 | 48671 |
|  Oriental Land Co. Ltd.(x) | 58058 | 1074318 |
|  ORIX Corp. | 62576 | 1819274 |
|  Osaka Gas Co. Ltd. | 19381 | 671852 |
|  Otsuka Corp.(x) | 13050 | 269265 |
|  Otsuka Holdings Co. Ltd.(x) | 23438 | 1327665 |
|  Pan Pacific International Holdings Corp. | 103870 | 618220 |
|  Panasonic Holdings Corp. | 126560 | 1634922 |
|  Rakuten Group, Inc.(x)\* | 79546 | 509858 |
|  Recruit Holdings Co. Ltd. | 75635 | 4271852 |
|  Renesas Electronics Corp.\* | 95130 | 1299657 |
|  Resona Holdings, Inc. | 111352 | 1061342 |
|  Ryohin Keikaku Co. Ltd. | 28200 | 500845 |
|  Sanrio Co. Ltd.(x) | 9100 | 285653 |
|  SBI Holdings, Inc. | 29740 | 640785 |
|  SCREEN Holdings Co. Ltd.(x) | 4300 | 418361 |
|  Secom Co. Ltd. | 21400 | 761378 |
|  Seibu Holdings, Inc. | 11300 | 310490 |
|  Sekisui Chemical Co. Ltd. | 20993 | 353145 |
|  Sekisui House Ltd.(x) | 32384 | 723182 |
|  Seven & i Holdings Co. Ltd. | 113043 | 1624127 |
|  SG Holdings Co. Ltd.(x) | 16799 | 153737 |
|  Shimadzu Corp. | 13276 | 353258 |
|  Shimano, Inc.(x) | 3938 | 415697 |
|  Shin-Etsu Chemical Co. Ltd. | 90277 | 2808477 |
|  Shionogi & Co. Ltd. | 40623 | 736785 |
|  Shiseido Co. Ltd.(x) | 20892 | 303830 |
|  SMC Corp. | 3027 | 1052416 |
|  SoftBank Corp. | 1544290 | 2117681 |
|  SoftBank Group Corp. | 208308 | 5851348 |
|  Sompo Holdings, Inc. | 47172 | 1606932 |
|  Sony Financial Group, Inc.(x)\* | 341620 | 362033 |
|  Sony Group Corp. | 330620 | 8493456 |
|  Subaru Corp. | 30996 | 671804 |
|  Sumitomo Corp. | 58412 | 2018167 |
|  Sumitomo Electric Industries Ltd. | 38058 | 1536752 |
|  Sumitomo Metal Mining Co. Ltd. | 13745 | 557820 |
|  Sumitomo Mitsui Financial Group, Inc. | 196970 | 6338903 |
|  Sumitomo Mitsui Trust Group, Inc. | 34064 | 1038839 |
|  Sumitomo Realty & Development Co. Ltd. | 32494 | 815669 |
|  Suntory Beverage & Food Ltd.(x) | 7280 | 219692 |
|  Suzuki Motor Corp. | 84048 | 1252618 |
|  Sysmex Corp. | 27047 | 266343 |
|  T&D Holdings, Inc. | 25555 | 589768 |
|  Taisei Corp. | 8023 | 759839 |
|  Takeda Pharmaceutical Co. Ltd. | 86109 | 2657923 |
|  TDK Corp. | 105570 | 1490138 |
|  Terumo Corp. | 71424 | 1035064 |
|  TIS, Inc. | 11416 | 383133 |
|  Toho Co. Ltd.(x) | 5705 | 290640 |

---

See Notes to Financial Statements.

------

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Tokio Marine Holdings, Inc. | 98792 | $| 3668750 |
|  Tokyo Electron Ltd. | 24091 |  | 5278365 |
|  Tokyo Gas Co. Ltd. | 16478 |  | 652745 |
|  Tokyo Metro Co. Ltd.(x) | 17700 |  | 180175 |
|  Tokyu Corp.(x) | 26157 |  | 305588 |
|  TOPPAN Holdings, Inc. | 12190 |  | 362727 |
|  Toray Industries, Inc.(x) | 76198 |  | 496182 |
|  Toyota Industries Corp.(x) | 8573 |  | 974205 |
|  Toyota Motor Corp. | 509440 |  | 10914713 |
|  Toyota Tsusho Corp. | 37646 |  | 1267524 |
|  Trend Micro, Inc.(x)\* | 6837 |  | 283798 |
|  Tsuruha Holdings, Inc.(x) | 14279 |  | 262353 |
|  Unicharm Corp.(x) | 57436 |  | 328174 |
|  West Japan Railway Co.(x) | 22294 |  | 444912 |
|  Yamaha Motor Co. Ltd.(x) | 47314 |  | 350234 |
|  Yokogawa Electric Corp. | 11748 |  | 376200 |
|  Yokohama Financial Group, Inc. | 56601 |  | 467399 |
|  Zensho Holdings Co. Ltd. | 5442 |  | 311810 |
|  ZOZO, Inc.(x) | 23246 |  | 191590 |
|  |  |  | 243328459 |
|  **Luxembourg (0.2%)** | **Luxembourg (0.2%)** | **Luxembourg (0.2%)** | **Luxembourg (0.2%)** |
|  ArcelorMittal SA | 25745 |  | 1182689 |
|  CVC Capital Partners plc(m)(x) | 11082 |  | 186237 |
|  Eurofins Scientific SE(x) | 6669 |  | 489054 |
|  |  |  | 1857980 |
|  **Macau (0.1%)** | **Macau (0.1%)** | **Macau (0.1%)** | **Macau (0.1%)** |
|  Galaxy Entertainment Group Ltd. | 108282 |  | 533152 |
|  Sands China Ltd. | 131346 |  | 330783 |
|  |  |  | 863935 |
|  **Mexico (0.0%)†** | **Mexico (0.0%)†** | **Mexico (0.0%)†** | **Mexico (0.0%)†** |
|  Fresnillo plc | 12323 |  | 553804 |
|  **Netherlands (4.0%)** | **Netherlands (4.0%)** | **Netherlands (4.0%)** | **Netherlands (4.0%)** |
|  ABN AMRO Bank NV (CVA)(m) | 31283 |  | 1095193 |
|  Adyen NV(m)\* | 1356 |  | 2191160 |
|  Akzo Nobel NV | 9237 |  | 642635 |
|  Argenx SE\* | 3311 |  | 2789131 |
|  ASM International NV | 2495 |  | 1517667 |
|  ASML Holding NV | 20868 |  | 22596482 |
|  ASR Nederland NV | 8413 |  | 599347 |
|  BE Semiconductor Industries NV | 3815 |  | 599653 |
|  Euronext NV(m) | 4179 |  | 628629 |
|  EXOR NV | 5144 |  | 437977 |
|  Heineken Holding NV | 6881 |  | 504601 |
|  Heineken NV | 15595 |  | 1278142 |
|  IMCD NV(x) | 3220 |  | 292666 |
|  ING Groep NV | 162450 |  | 4583779 |
|  JDE Peet's NV | 9071 |  | 339635 |
|  Koninklijke Ahold Delhaize NV | 48571 |  | 1990402 |
|  Koninklijke KPN NV | 206561 |  | 965176 |
|  Koninklijke Philips NV | 41418 |  | 1131194 |
|  Magnum Ice Cream Co. NV (The)(x)\* | 26772 |  | 424928 |
|  Nebius Group NV, Class A(x)\* | 10808 |  | 904684 |
|  NN Group NV | 14328 |  | 1106948 |
|  Randstad NV(x) | 5419 |  | 206145 |
|  Universal Music Group NV | 59792 |  | 1562048 |
|  Wolters Kluwer NV | 12616 |  | 1309757 |
|  |  |  | 49697979 |
|  **New Zealand (0.2%)** | **New Zealand (0.2%)** | **New Zealand (0.2%)** | **New Zealand (0.2%)** |
|  Auckland International Airport Ltd. | 94581 |  | 453610 |
|  Contact Energy Ltd. | 46445 |  | 247352 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 31718 |  | 689377 |
|  Infratil Ltd. | 52871 |  | 337281 |
|  Meridian Energy Ltd. | 67508 |  | 217659 |
|  Xero Ltd.\* | 9024 |  | 686647 |
|  |  |  | 2631926 |
|  **Norway (0.5%)** | **Norway (0.5%)** | **Norway (0.5%)** | **Norway (0.5%)** |
|  Aker BP ASA | 16580 |  | 422560 |
|  DNB Bank ASA | 46853 |  | 1308444 |
|  Equinor ASA | 41172 |  | 968032 |
|  Gjensidige Forsikring ASA | 11516 |  | 345023 |
|  Kongsberg Gruppen ASA | 24179 |  | 620306 |
|  Mowi ASA | 24843 |  | 599387 |
|  Norsk Hydro ASA | 74852 |  | 580697 |
|  Orkla ASA | 36665 |  | 409208 |
|  Salmar ASA | 3685 |  | 225743 |
|  Telenor ASA | 34778 |  | 506144 |
|  |  |  | 5985544 |
|  **Poland (0.0%)†** | **Poland (0.0%)†** | **Poland (0.0%)†** | **Poland (0.0%)†** |
|  InPost SA(x)\* | 13450 |  | 165493 |
|  **Portugal (0.2%)** | **Portugal (0.2%)** | **Portugal (0.2%)** | **Portugal (0.2%)** |
|  Banco Comercial Portugues SA, Class R | 409427 |  | 431214 |
|  EDP SA | 165287 |  | 760470 |
|  Galp Energia SGPS SA | 22102 |  | 380004 |
|  Jeronimo Martins SGPS SA | 14687 |  | 349691 |
|  |  |  | 1921379 |
|  **Singapore (1.5%)** | **Singapore (1.5%)** | **Singapore (1.5%)** | **Singapore (1.5%)** |
|  CapitaLand Ascendas REIT (REIT) | 209365 |  | 460948 |
|  CapitaLand Integrated Commercial Trust (REIT) | 327542 |  | 609013 |
|  CapitaLand Investment Ltd. | 126979 |  | 267709 |
|  DBS Group Holdings Ltd. | 114415 |  | 5016671 |
|  Grab Holdings Ltd., Class A\* | 125466 |  | 626075 |
|  Keppel Ltd. | 75746 |  | 609905 |
|  Oversea-Chinese Banking Corp. Ltd. | 183665 |  | 2823417 |
|  Sea Ltd. (ADR)\* | 20254 |  | 2583803 |
|  Sembcorp Industries Ltd. | 49500 |  | 231827 |
|  Singapore Airlines Ltd. | 81709 |  | 406829 |
|  Singapore Exchange Ltd. | 44989 |  | 593600 |
|  Singapore Technologies Engineering Ltd. | 83634 |  | 547844 |
|  Singapore Telecommunications Ltd. | 402832 |  | 1425926 |
|  STMicroelectronics NV | 35934 |  | 947633 |
|  United Overseas Bank Ltd. | 67474 |  | 1840391 |
|  |  |  | 18991591 |
|  **South Africa (0.2%)** | **South Africa (0.2%)** | **South Africa (0.2%)** | **South Africa (0.2%)** |
|  Anglo American plc | 60173 |  | 2502249 |
|  **South Korea (0.0%)†** | **South Korea (0.0%)†** | **South Korea (0.0%)†** | **South Korea (0.0%)†** |
|  Delivery Hero SE(m)(x)\* | 10374 |  | 276991 |
|  **Spain (3.4%)** | **Spain (3.4%)** | **Spain (3.4%)** | **Spain (3.4%)** |
|  Acciona SA(x) | 1314 |  | 287069 |

---

See Notes to Financial Statements.

------

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  ACS Actividades de Construccion y Servicios SA | 9494 | $| 946701 |
|  Aena SME SA(m) | 40156 |  | 1124097 |
|  Amadeus IT Group SA | 24220 |  | 1788636 |
|  Banco Bilbao Vizcaya Argentaria SA | 309854 |  | 7301015 |
|  Banco de Sabadell SA | 270051 |  | 1067930 |
|  Banco Santander SA | 800281 |  | 9470737 |
|  Bankinter SA(x) | 35944 |  | 597927 |
|  CaixaBank SA | 209531 |  | 2571985 |
|  Cellnex Telecom SA(m) | 27044 |  | 871783 |
|  EDP Renovaveis SA | 16175 |  | 228867 |
|  Endesa SA(x) | 17164 |  | 617842 |
|  Grifols SA(x) | 15569 |  | 195775 |
|  Iberdrola SA | 341245 |  | 7405040 |
|  Industria de Diseno Textil SA | 58647 |  | 3883063 |
|  Mapfre SA | 39556 |  | 199054 |
|  Naturgy Energy Group SA | 12103 |  | 368672 |
|  Redeia Corp. SA | 21055 |  | 375364 |
|  Repsol SA | 61316 |  | 1147533 |
|  Telefonica SA(x) | 202026 |  | 829311 |
|  |  |  | 41278401 |
|  **Sweden (2.9%)** | **Sweden (2.9%)** | **Sweden (2.9%)** | **Sweden (2.9%)** |
|  AddTech AB, Class B(x) | 14154 |  | 503342 |
|  Alfa Laval AB | 15723 |  | 795330 |
|  Assa Abloy AB, Class B | 54028 |  | 2106191 |
|  Atlas Copco AB, Class A | 144420 |  | 2604784 |
|  Atlas Copco AB, Class B | 83207 |  | 1346640 |
|  Beijer Ref AB, Class B(x) | 21930 |  | 355158 |
|  Boliden AB\* | 15209 |  | 851103 |
|  Epiroc AB, Class A | 35991 |  | 820563 |
|  Epiroc AB, Class B | 21026 |  | 426389 |
|  EQT AB(x) | 26786 |  | 1058464 |
|  Essity AB, Class B | 32123 |  | 925327 |
|  Evolution AB(m) | 7118 |  | 486930 |
|  Fastighets AB Balder, Class B(x)\* | 40455 |  | 299683 |
|  H & M Hennes & Mauritz AB, Class B(x) | 26852 |  | 542203 |
|  Hexagon AB, Class B | 112300 |  | 1335671 |
|  Holmen AB, Class B | 3503 |  | 134846 |
|  Industrivarden AB, Class C(x) | 8556 |  | 385678 |
|  Industrivarden AB, Class A | 6446 |  | 290845 |
|  Indutrade AB | 15200 |  | 396902 |
|  Investment AB Latour, Class B | 8764 |  | 214566 |
|  Investor AB, Class B | 97444 |  | 3497040 |
|  L E Lundbergforetagen AB, Class B(x) | 3839 |  | 213289 |
|  Lifco AB, Class B | 13038 |  | 498493 |
|  Nibe Industrier AB, Class B(x) | 76498 |  | 295971 |
|  Saab AB, Class B | 16935 |  | 988894 |
|  Sagax AB, Class B | 11024 |  | 236609 |
|  Sandvik AB | 56883 |  | 1857278 |
|  Securitas AB, Class B | 27776 |  | 444102 |
|  Skandinaviska Enskilda Banken AB, Class A | 80518 |  | 1706301 |
|  Skanska AB, Class B | 18032 |  | 494159 |
|  SKF AB, Class B | 18009 |  | 480814 |
|  Svenska Cellulosa AB SCA, Class B | 33663 |  | 448279 |
|  Svenska Handelsbanken AB, Class A | 77991 |  | 1138119 |
|  Swedbank AB, Class A | 45895 |  | 1600704 |
|  Swedish Orphan Biovitrum AB\* | 10600 |  | 383173 |
|  Tele2 AB, Class B | 29462 |  | 494580 |
|  Telefonaktiebolaget LM Ericsson, Class B | 151080 |  | 1486759 |
|  Telia Co. AB | 124180 |  | 531169 |
|  Trelleborg AB, Class B | 11014 |  | 469798 |
|  Volvo AB, Class B | 85314 |  | 2742021 |
|  |  |  | 35888167 |
|  **Switzerland (4.5%)** | **Switzerland (4.5%)** | **Switzerland (4.5%)** | **Switzerland (4.5%)** |
|  ABB Ltd. (Registered) | 84265 |  | 6299928 |
|  Avolta AG | 4913 |  | 292386 |
|  Banque Cantonale Vaudoise (Registered)(x) | 1503 |  | 190508 |
|  Barry Callebaut AG (Registered)(x) | 201 |  | 331405 |
|  Belimo Holding AG (Registered) | 548 |  | 540321 |
|  BKW AG | 1130 |  | 240237 |
|  Chocoladefabriken Lindt & Spruengli AG | 50 |  | 731600 |
|  Chocoladefabriken Lindt & Spruengli AG (Registered) | 6 |  | 881707 |
|  Cie Financiere Richemont SA (Registered) | 28902 |  | 6277729 |
|  DSM-Firmenich AG | 9343 |  | 754977 |
|  EMS-Chemie Holding AG (Registered)(x) | 393 |  | 272634 |
|  Galderma Group AG | 8314 |  | 1701426 |
|  Geberit AG (Registered)(x) | 1823 |  | 1425995 |
|  Givaudan SA (Registered) | 498 |  | 1977917 |
|  Helvetia Baloise Holding AG | 4199 |  | 1108990 |
|  Julius Baer Group Ltd.(x) | 11237 |  | 885228 |
|  Kuehne + Nagel International AG (Registered) | 2529 |  | 546763 |
|  Logitech International SA (Registered) | 8333 |  | 857812 |
|  Lonza Group AG (Registered) | 3776 |  | 2563733 |
|  Partners Group Holding AG | 1208 |  | 1498219 |
|  Sandoz Group AG(x) | 22734 |  | 1660061 |
|  Schindler Holding AG | 2158 |  | 815141 |
|  Schindler Holding AG (Registered) | 1234 |  | 438544 |
|  SGS SA (Registered)(x) | 8902 |  | 1021128 |
|  Sika AG (Registered) | 8169 |  | 1676909 |
|  Sonova Holding AG (Registered) | 2777 |  | 726066 |
|  Straumann Holding AG (Registered)(x) | 6106 |  | 720448 |
|  Swatch Group AG (The)(x) | 1467 |  | 311606 |
|  Swiss Life Holding AG (Registered)(x) | 1534 |  | 1775497 |
|  Swiss Prime Site AG (Registered) | 4246 |  | 660405 |
|  Swisscom AG (Registered) | 1414 |  | 1027341 |
|  UBS Group AG (Registered) | 170672 |  | 7963688 |
|  VAT Group AG(m) | 1452 |  | 707394 |
|  Zurich Insurance Group AG | 7886 |  | 5991409 |
|  |  |  | 54875152 |
|  **United Arab Emirates (0.0%)** | **United Arab Emirates (0.0%)** | **United Arab Emirates (0.0%)** | **United Arab Emirates (0.0%)** |
|  NMC Health plc(r)\* | 3282 |  |  |
|  **United Kingdom (10.2%)** | **United Kingdom (10.2%)** | **United Kingdom (10.2%)** | **United Kingdom (10.2%)** |
|  3i Group plc | 52992 |  | 2330779 |
|  Admiral Group plc | 13910 |  | 595499 |
|  Ashtead Group plc | 22796 |  | 1562819 |
|  Associated British Foods plc | 17462 |  | 500651 |
|  AstraZeneca plc | 83372 |  | 15497380 |

---

See Notes to Financial Statements.

------

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Auto Trader Group plc(m) | 47157 | $372747 |
|  Aviva plc | 164368 | 1516356 |
|  BAE Systems plc | 161557 | 3732591 |
|  Barclays plc | 750702 | 4816180 |
|  Barratt Redrow plc | 74438 | 382391 |
|  British American Tobacco plc | 117524 | 6675670 |
|  BT Group plc | 326553 | 810146 |
|  Bunzl plc | 17633 | 493432 |
|  Centrica plc | 250865 | 573339 |
|  CK Hutchison Holdings Ltd. | 141263 | 961090 |
|  Coca-Cola Europacific Partners plc | 10564 | 958155 |
|  Compass Group plc | 91018 | 2900338 |
|  DCC plc(x) | 4764 | 297322 |
|  Diageo plc | 119044 | 2573062 |
|  Entain plc | 32704 | 337943 |
|  Halma plc | 20067 | 957005 |
|  Hikma Pharmaceuticals plc | 8963 | 187266 |
|  HSBC Holdings plc | 925522 | 14643828 |
|  Imperial Brands plc | 40982 | 1722988 |
|  Informa plc | 68970 | 821838 |
|  InterContinental Hotels Group plc | 7754 | 1093280 |
|  International Consolidated Airlines Group SA | 62114 | 346660 |
|  Intertek Group plc | 8553 | 533332 |
|  J Sainsbury plc | 92343 | 404540 |
|  JD Sports Fashion plc | 128298 | 146064 |
|  Kingfisher plc | 94699 | 399160 |
|  Land Securities Group plc (REIT) | 39955 | 334993 |
|  Legal & General Group plc | 310537 | 1096283 |
|  Lloyds Banking Group plc | 3182983 | 4214989 |
|  London Stock Exchange Group plc | 25121 | 3031313 |
|  M&G plc | 126582 | 488673 |
|  Marks & Spencer Group plc | 109758 | 488229 |
|  Melrose Industries plc | 66152 | 524674 |
|  National Grid plc | 266748 | 4104411 |
|  NatWest Group plc | 432018 | 3795683 |
|  Next plc | 6283 | 1158582 |
|  Pearson plc | 30141 | 426600 |
|  Phoenix Group Holdings plc | 36309 | 360708 |
|  Reckitt Benckiser Group plc | 36299 | 2936733 |
|  RELX plc | 98126 | 3994522 |
|  Rentokil Initial plc | 134992 | 814282 |
|  Rolls-Royce Holdings plc | 452493 | 7014286 |
|  Sage Group plc (The) | 51801 | 756206 |
|  Schroders plc | 40717 | 223380 |
|  Segro plc (REIT) | 69486 | 674753 |
|  Severn Trent plc | 14762 | 554967 |
|  Smith & Nephew plc | 42780 | 714185 |
|  Smiths Group plc | 17633 | 559033 |
|  Spirax Group plc | 3770 | 346577 |
|  SSE plc | 64835 | 1904323 |
|  Standard Chartered plc | 104540 | 2567466 |
|  Tesco plc | 349493 | 2081316 |
|  Unilever plc | 117174 | 7675322 |
|  United Utilities Group plc | 36289 | 584054 |
|  Vodafone Group plc | 1041057 | 1387576 |
|  Whitbread plc | 9620 | 330666 |
|  Wise plc, Class A\* | 36248 | 435347 |
|  |  | 124723983 |
|  ***United States (8.5%)*** | ***United States (8.5%)*** | ***United States (8.5%)*** |
|  Aegon Ltd. | 70562 | 550618 |
|  Alcon AG | 26998 | 2156841 |
|  AP Moller - Maersk A/S, Class A(x) | 142 | 327092 |
|  AP Moller - Maersk A/S, Class B(x) | 212 | 488334 |
|  BP plc | 845892 | 4934873 |
|  Buzzi SpA | 4003 | 244625 |
|  CyberArk Software Ltd.\* | 2599 | 1159310 |
|  Experian plc | 49334 | 2236387 |
|  Ferrovial SE | 27781 | 1806753 |
|  GSK plc | 218537 | 5374556 |
|  Haleon plc | 477075 | 2410239 |
|  Holcim AG | 27431 | 2692885 |
|  Monday.com Ltd.\* | 1991 | 293792 |
|  Nestle SA (Registered) | 138523 | 13770106 |
|  Novartis AG (Registered) | 102214 | 14142980 |
|  QIAGEN NV | 11528 | 526396 |
|  Roche Holding AG (BMV Mexico Stock Exchange) | 37772 | 15650512 |
|  Roche Holding AG (OTC US Exchange) | 1721 | 728291 |
|  Sanofi SA | 59394 | 5773842 |
|  Schneider Electric SE | 29476 | 8136982 |
|  Shell plc | 311418 | 11501859 |
|  Spotify Technology SA\* | 8407 | 4882029 |
|  Stellantis NV | 108540 | 1206809 |
|  Swiss Re AG | 15984 | 2680816 |
|  Tenaris SA | 20618 | 400042 |
|  |  | 104076969 |
|  **Total Common Stocks (89.7%)** <br> *(Cost $567,371,771)* |  | 1100524971 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (1.2%)** |  |  |
|  BlackRock Liquidity FedFund, Institutional Shares 3.65% (7 day yield) (xx) | 3000000 | $3000000 |
|  Dreyfus Treasury Obligations Cash Management Fund 3.65% (7 day yield) (xx) | 1000000 | 1000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 10860793 | 10860793 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | 14860793 |
|  **Total Short-Term Investments (1.2%)**<br> *(Cost $14,860,793)* |  | 14860793 |
|  **Total Investments in Securities (90.9%)**<br> *(Cost $582,232,564)* |  | 1115385764 |
|  **Other Assets Less Liabilities (9.1%)** |  | 111755854 |
|  **Net Assets (100%)** |  | $1227141618 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

See Notes to Financial Statements.

------

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $12,165,066 or 1.0% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $44,725,173. This was collateralized by $32,435,485 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/13/26 – 8/15/55 and by cash of $14,860,793 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*AUD* *— Australian Dollar* 

*CHF* *— Swiss Franc* 

*CVA* *— Dutch Certification* 

*DKK* *— Denmark Krone* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*HKD* *— Hong Kong Dollar* 

*ILS* *— Israel New Shekel* 

*JPY* *— Japanese Yen* 

*NOK* *— Norwegian Krone* 

*NZD* *— New Zealand Dollar* 

*REIT* *— Real Estate Investment Trust* 

*SEK* *— Swedish Krona* 

*SGD* *— Singapore Dollar* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 708 | 3/2026 | EUR | 48599550 | 559453 |
|  FTSE 100 Index | 226 | 3/2026 | GBP | 30283934 | 496320 |
|  MSCI EAFE E-Mini Index | 6 | 3/2026 | USD | 870630 | 978 |
|  SPI 200 Index | 82 | 3/2026 | AUD | 11869354 | 53214 |
|  TOPIX Index | 136 | 3/2026 | JPY | 29637130 | 176971 |
|  |  |  |  |  | 1286936 |

---

Forward Foreign Currency Contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  AUD | 9471717 | USD | 6289172 | HSBC Bank plc | 3/19/2026 | 32268 |
|  GBP | 9123979 | USD | 12130340 | HSBC Bank plc | 3/19/2026 | 166012 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 198280 |
|  JPY | 1620028180 | USD | 10420830 | HSBC Bank plc | 3/19/2026 | (12957) |
|  USD | 18182403 | EUR | 15558935 | HSBC Bank plc | 3/19/2026 | (165201) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (178158) |
|  **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** |  | 20122 |

---

Foreign cash on the statement of assets and liabilities is maintained at JPMorgan or its affiliates and is comprised of the following (in USD): AUD 5,298,439, CHF 33,610, DKK 106,313, EUR 66,440,127, GBP 17,465,761, HKD 95,614, ILS 114,618, JPY 15,893,891, NOK 50,208, NZD 34,864, SEK 37,308 and SGD 248,765.

See Notes to Financial Statements.

------

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1**<br> **Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2**<br> **Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3**<br> **Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Australia | $— | $77444615 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $77444615 |
|  Austria |  | 3020685 |  | 3020685 |
|  Belgium |  | 9459843 |  | 9459843 |
|  Brazil |  | 350011 |  | 350011 |
|  Chile |  | 951213 |  | 951213 |
|  China |  | 6428859 |  | 6428859 |
|  Denmark |  | 20313301 |  | 20313301 |
|  Finland |  | 12890313 |  | 12890313 |
|  France |  | 100377610 |  | 100377610 |
|  Germany |  | 106248461 |  | 106248461 |
|  Hong Kong | 486718 | 19721641 |  | 20208359 |
|  Indonesia | 543343 |  |  | 543343 |
|  Ireland | 1309222 | 3770721 |  | 5079943 |
|  Israel | 3082160 | 7358160 |  | 10440320 |
|  Italy |  | 36645582 |  | 36645582 |
|  Ivory Coast |  | 502511 |  | 502511 |
|  Japan |  | 243328459 |  | 243328459 |
|  Luxembourg |  | 1857980 |  | 1857980 |
|  Macau |  | 863935 |  | 863935 |
|  Mexico |  | 553804 |  | 553804 |
|  Netherlands | 904684 | 48793295 |  | 49697979 |
|  New Zealand |  | 2631926 |  | 2631926 |
|  Norway |  | 5985544 |  | 5985544 |
|  Poland |  | 165493 |  | 165493 |
|  Portugal |  | 1921379 |  | 1921379 |
|  Singapore | 3209878 | 15781713 |  | 18991591 |
|  South Africa |  | 2502249 |  | 2502249 |
|  South Korea |  | 276991 |  | 276991 |
|  Spain |  | 41278401 |  | 41278401 |
|  Sweden |  | 35888167 |  | 35888167 |
|  Switzerland |  | 54875152 |  | 54875152 |
|  United Arab Emirates |  |  | — (a) | — (a) |
|  United Kingdom | 958155 | 123765828 |  | 124723983 |
|  United States | 6335131 | 97741838 |  | 104076969 |
|  **Forward Currency Contracts** |  | 198280 |  | 198280 |
|  **Futures** | 1286936 |  |  | 1286936 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 14860793 |  |  | 14860793 |
|  **Total Assets** | $**32977020** | $**1083893960** | $**—** | $**1116870980** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(178158) | $— | $(178158) |
|  **Total Liabilities** | $**—** | $**(178158)** | $**—** | $**(178158)** |
|  **Total** | $**32977020** | $**1083715802** | $**—** | $**1116692822** |

---

(a) Value is zero.

See Notes to Financial Statements.

------

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | $198280 |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | 1286936 \* |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485216 |
|  | **Liability Derivatives** |  |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | (178158) |
|  **Total** |  | $(178158) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15768018) | $(15768018) |
|  Equity contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29216396) |  | (29216396) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29216396) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15768018) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44984414) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $— | $204123 | $204123 |
|  Equity contracts | 2352525 |  | 2352525 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2352525 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204123 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2556648 |

---

^ The Portfolio held forward foreign currency contracts and futures contracts for hedging.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** |  |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $109652000 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104756000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 109226000 |

---

See Notes to Financial Statements.

------

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  HSBC Bank plc | $198280 | $(178158) | $— | $20122 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198280 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178158) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20122 |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  HSBC Bank plc | $178158 | $(178158) | $— | $— |
|  **Total** | $178158 | $(178158) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $33217279 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225921215 |

---

During the year ended December 31, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 11%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 7%)\*** | **Net Realized<br>Gain (Loss)** |
| $3602157 | $14718822 | $2367701 |

---

\* Represents percentage/amount of total Purchases and/or Sales.

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558721600 |
|  Aggregate gross unrealized depreciation | (57945968) |
|  Net unrealized appreciation | $500775632 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $615917190 |

---

See Notes to Financial Statements.

------

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $582,232,564) | $1115385764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 3064042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $103,162,774) | 105819518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 7495221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 6862141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 4479885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 198280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 12453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 12065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 59736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1243389572 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 14860793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 475874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 463359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 178158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 127504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 15449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 126817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 16247954 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1227141618 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $790821335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 436320283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1227141618 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $1,227,141,618 / 102,669,735 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.95 |

---

*(x)* *Includes value of securities on loan of $44,725,173.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $2,933,780 foreign withholding tax) | $31408514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 882560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 115281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 32406355 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 5358839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1487027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 339200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 155218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 69665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recoupment fees | 43583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 40371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 137591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 7631494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (17550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 7613944 |
|  **NET INVESTMENT INCOME (LOSS)** | 24792411 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 71177937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (29216396) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (15768018) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1287033) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 24906490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 195759328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 2352525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 204123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 10519505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 208835481 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 233741971 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $258534382 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $24792411 | $26398179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 24906490 | 43250979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 208835481 | (29703479) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 258534382 | 39945679 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (85501669) | (59739329) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 920,922 and 659,582 shares, respectively ] | 9970196 | 7579534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 7,244,498 and 5,567,459 shares, respectively ] | 85501669 | 59739329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (15083776) and (15798067) shares, respectively ] | (174438958) | (175122545) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (78967093) | (107803682) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 94065620 | (127597332) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1133075998 | 1260673330 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1227141618 | $1133075998 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class K** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $10.34 | $10.58 | $9.26 | $11.18 | $11.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.24 | 0.24 | 0.22 | 0.22 | 0.23 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.26 | 0.09 | 1.36 | (1.88) | 0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.50 | 0.33 | 1.58 | (1.66) | 1.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.23) | (0.34) | (0.26) | (0.26) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.66) | (0.23) |  |  | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.89) | (0.57) | (0.26) | (0.26) | (1.04) |
|  Net asset value, end of year | $11.95 | $10.34 | $10.58 | $9.26 | $11.18 |
|  Total return | 24.26% | 2.91% | 17.15% | (14.75)% | 10.94% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $1227142 | $1133076 | $1260673 | $1296682 | $1593960 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.64% | 0.65% | 0.63% | 0.67 %(g) | 0.68 %(g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.64% | 0.65% | 0.63% | 0.67 %(g) | 0.68 %(g) |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 2.08% | 2.13% | 2.23% | 2.35% | 1.97 %(bb) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 2.08% | 2.13% | 2.23% | 2.35% | 1.97 %(bb) |
|  Portfolio turnover rate^ | 3% | 3% | 2% | 6% | 3% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of 0.04% and 0.06% for years ended December 31, 2022 and 2021, respectively.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amount would be $0.19.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for the class would have been 0.33% lower.* 

See Notes to Financial Statements.

------

EQ/500 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: |  |  |
|  **Communication Services (9.6%)** | **Communication Services (9.6%)** | **Communication Services (9.6%)** |
|  ***Diversified Telecommunication Services (0.6%)*** | ***Diversified Telecommunication Services (0.6%)*** | ***Diversified Telecommunication Services (0.6%)*** |
|  AT&T, Inc. | 894096 | $22209345 |
|  Verizon Communications, Inc. | 532548 | 21690680 |
|  |  | 43900025 |
|  ***Entertainment (1.2%)*** | ***Entertainment (1.2%)*** | ***Entertainment (1.2%)*** |
|  Electronic Arts, Inc. | 28442 | 5811554 |
|  Live Nation Entertainment, Inc.\* | 20746 | 2956305 |
|  Netflix, Inc.\* | 534396 | 50104969 |
|  Take-Two Interactive Software, Inc.\* | 21621 | 5535624 |
|  TKO Group Holdings, Inc., Class A | 8590 | 1795310 |
|  Walt Disney Co. (The) | 225127 | 25612699 |
|  Warner Bros Discovery, Inc.\* | 311155 | 8967487 |
|  |  | 100783948 |
|  ***Interactive Media & Services (7.3%)*** | ***Interactive Media & Services (7.3%)*** | ***Interactive Media & Services (7.3%)*** |
|  Alphabet, Inc., Class A | 733746 | 229662498 |
|  Alphabet, Inc., Class C | 586444 | 184026127 |
|  Match Group, Inc. | 29714 | 959465 |
|  Meta Platforms, Inc., Class A | 273954 | 180834296 |
|  |  | 595482386 |
|  ***Media (0.3%)*** | ***Media (0.3%)*** | ***Media (0.3%)*** |
|  Charter Communications, Inc., Class A\* | 10953 | 2286439 |
|  Comcast Corp., Class A | 457996 | 13689501 |
|  Fox Corp., Class A | 26298 | 1921595 |
|  Fox Corp., Class B | 18843 | 1223476 |
|  News Corp., Class A | 51419 | 1343064 |
|  News Corp., Class B (x) | 12365 | 366375 |
|  Omnicom Group, Inc. | 40047 | 3233795 |
|  Paramount Skydance Corp., Class B(x) | 32968 | 441771 |
|  Trade Desk, Inc. (The), Class A\* | 52967 | 2010627 |
|  |  | 26516643 |
|  ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** |
|  T-Mobile US, Inc. | 61123 | 12410414 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 779093416 |
|  **Consumer Discretionary (9.4%)** | **Consumer Discretionary (9.4%)** | **Consumer Discretionary (9.4%)** |
|  ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** |
|  Aptiv plc\* | 28609 | 2176859 |
|  ***Automobiles (2.2%)*** | ***Automobiles (2.2%)*** | ***Automobiles (2.2%)*** |
|  Ford Motor Co. | 493732 | 6477764 |
|  General Motors Co. | 117556 | 9559654 |
|  Tesla, Inc.\* | 354433 | 159395609 |
|  |  | 175433027 |
|  ***Broadline Retail (3.5%)*** | ***Broadline Retail (3.5%)*** | ***Broadline Retail (3.5%)*** |
|  Amazon.com, Inc.\* | 1225812 | 282941926 |
|  eBay, Inc. | 57030 | 4967313 |
|  |  | 287909239 |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** |
|  Genuine Parts Co. | 18323 | 2252996 |
|  Pool Corp. | 4224 | 966240 |
|  |  | 3219236 |
|  ***Hotels, Restaurants & Leisure (1.7%)*** | ***Hotels, Restaurants & Leisure (1.7%)*** | ***Hotels, Restaurants & Leisure (1.7%)*** |
|  Airbnb, Inc., Class A\* | 54196 | 7355481 |
|  Booking Holdings, Inc. | 4053 | 21705153 |
|  Carnival Corp.\* | 140163 | 4280578 |
|  Chipotle Mexican Grill, Inc.\* | 167971 | 6214927 |
|  Darden Restaurants, Inc. | 15205 | 2798024 |
|  Domino's Pizza, Inc. | 4157 | 1732721 |
|  DoorDash, Inc., Class A\* | 46755 | 10589072 |
|  Expedia Group, Inc. | 15123 | 4284497 |
|  Hilton Worldwide Holdings, Inc. | 28965 | 8320196 |
|  Las Vegas Sands Corp. | 36866 | 2399608 |
|  Marriott International, Inc., Class A | 28378 | 8803991 |
|  McDonald's Corp. | 90133 | 27547349 |
|  MGM Resorts International (x)\* | 23979 | 874994 |
|  Norwegian Cruise Line Holdings Ltd.\* | 55641 | 1241907 |
|  Royal Caribbean Cruises Ltd. | 31907 | 8899500 |
|  Starbucks Corp. | 143572 | 12090198 |
|  Wynn Resorts Ltd. | 11410 | 1372965 |
|  Yum! Brands, Inc. | 34970 | 5290262 |
|  |  | 135801423 |
|  ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** |
|  DR Horton, Inc. | 35019 | 5043787 |
|  Garmin Ltd. | 20666 | 4192098 |
|  Lennar Corp., Class A | 27731 | 2850747 |
|  NVR, Inc.\* | 350 | 2552469 |
|  PulteGroup, Inc. | 24686 | 2894680 |
|  |  | 17533781 |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** |
|  Hasbro, Inc. | 15586 | 1278052 |
|  ***Specialty Retail (1.5%)*** | ***Specialty Retail (1.5%)*** | ***Specialty Retail (1.5%)*** |
|  AutoZone, Inc.\* | 2096 | 7108584 |
|  Best Buy Co., Inc. | 25004 | 1673518 |
|  Carvana Co.\* | 17836 | 7527149 |
|  Home Depot, Inc. (The) | 125666 | 43241670 |
|  Lowe's Cos., Inc. | 70787 | 17070993 |
|  O'Reilly Automotive, Inc.\* | 107171 | 9775067 |
|  Ross Stores, Inc. | 41272 | 7434738 |
|  TJX Cos., Inc. (The) | 140909 | 21645031 |
|  Tractor Supply Co. | 67725 | 3386927 |
|  Ulta Beauty, Inc.\* | 5692 | 3443717 |
|  Williams-Sonoma, Inc. | 15759 | 2814400 |
|  |  | 125121794 |
|  ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** |
|  Deckers Outdoor Corp.\* | 17700 | 1834959 |
|  Lululemon Athletica, Inc.\* | 13681 | 2843049 |
|  NIKE, Inc., Class B | 150054 | 9559940 |
|  Ralph Lauren Corp. | 4985 | 1762746 |
|  Tapestry, Inc. | 26287 | 3358690 |
|  |  | 19359384 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 767832795 |

---

See Notes to Financial Statements.

------

EQ/500 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Consumer Staples (4.3%)** | **Consumer Staples (4.3%)** | **Consumer Staples (4.3%)** |
|  ***Beverages (0.9%)*** | ***Beverages (0.9%)*** | ***Beverages (0.9%)*** |
|  Brown-Forman Corp., Class B (x) | 20052 | $522555 |
|  Coca-Cola Co. (The) | 489222 | 34201510 |
|  Constellation Brands, Inc., Class A | 17131 | 2363393 |
|  Keurig Dr Pepper, Inc. | 173698 | 4865281 |
|  Molson Coors Beverage Co., Class B | 19436 | 907272 |
|  Monster Beverage Corp.\* | 90030 | 6902600 |
|  PepsiCo, Inc. | 172923 | 24817909 |
|  |  | 74580520 |
|  ***Consumer Staples Distribution & Retail (1.6%)*** | ***Consumer Staples Distribution & Retail (1.6%)*** | ***Consumer Staples Distribution & Retail (1.6%)*** |
|  Costco Wholesale Corp. | 56014 | 48303113 |
|  Dollar General Corp. | 27062 | 3593021 |
|  Dollar Tree, Inc.\* | 24293 | 2988282 |
|  Kroger Co. (The) | 75694 | 4729361 |
|  Sysco Corp. | 60081 | 4427369 |
|  Target Corp. | 57389 | 5609775 |
|  Walmart, Inc. | 552510 | 61555139 |
|  |  | 131206060 |
|  ***Food Products (0.4%)*** | ***Food Products (0.4%)*** | ***Food Products (0.4%)*** |
|  Archer-Daniels-Midland Co. | 60402 | 3472511 |
|  Bunge Global SA | 16408 | 1461625 |
|  Campbell's Co. (The) (x) | 26019 | 725149 |
|  Conagra Brands, Inc. | 56897 | 984887 |
|  General Mills, Inc. | 68632 | 3191388 |
|  Hershey Co. (The) | 18571 | 3379551 |
|  Hormel Foods Corp. | 39661 | 939966 |
|  J M Smucker Co. (The) | 13895 | 1359070 |
|  Kraft Heinz Co. (The) | 111417 | 2701862 |
|  Lamb Weston Holdings, Inc. | 16895 | 707732 |
|  McCormick & Co., Inc. (Non-Voting) | 31967 | 2177272 |
|  Mondelez International, Inc., Class A | 163433 | 8797598 |
|  Tyson Foods, Inc., Class A | 37422 | 2193678 |
|  |  | 32092289 |
|  ***Household Products (0.7%)*** | ***Household Products (0.7%)*** | ***Household Products (0.7%)*** |
|  Church & Dwight Co., Inc. | 29920 | 2508792 |
|  Clorox Co. (The) | 14493 | 1461329 |
|  Colgate-Palmolive Co. | 102083 | 8066599 |
|  Kimberly-Clark Corp. | 41503 | 4187238 |
|  Procter & Gamble Co. (The) | 294387 | 42188601 |
|  |  | 58412559 |
|  ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** |
|  Estee Lauder Cos., Inc. (The), Class A | 30937 | 3239723 |
|  Kenvue, Inc. | 237208 | 4091838 |
|  |  | 7331561 |
|  ***Tobacco (0.6%)*** | ***Tobacco (0.6%)*** | ***Tobacco (0.6%)*** |
|  Altria Group, Inc. | 212181 | 12234356 |
|  Philip Morris International, Inc. | 196607 | 31535763 |
|  |  | 43770119 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 347393108 |
|  **Energy (2.5%)** | **Energy (2.5%)** | **Energy (2.5%)** |
|  ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** |
|  Baker Hughes Co. | 124523 | 5670778 |
|  Halliburton Co. | 108920 | 3078079 |
|  SLB Ltd. | 188443 | 7232442 |
|  |  | 15981299 |
|  ***Oil, Gas & Consumable Fuels (2.3%)*** | ***Oil, Gas & Consumable Fuels (2.3%)*** | ***Oil, Gas & Consumable Fuels (2.3%)*** |
|  APA Corp. (x) | 48310 | 1181663 |
|  Chevron Corp. | 238702 | 36380572 |
|  ConocoPhillips | 155462 | 14552798 |
|  Coterra Energy, Inc. | 93019 | 2448260 |
|  Devon Energy Corp. | 77001 | 2820547 |
|  Diamondback Energy, Inc. | 23362 | 3512009 |
|  EOG Resources, Inc. | 68691 | 7213242 |
|  EQT Corp. | 79552 | 4263987 |
|  Expand Energy Corp. | 29984 | 3309034 |
|  Exxon Mobil Corp. | 531854 | 64003310 |
|  Kinder Morgan, Inc. | 246983 | 6789563 |
|  Marathon Petroleum Corp. | 38400 | 6244992 |
|  Occidental Petroleum Corp. | 89840 | 3694221 |
|  ONEOK, Inc. | 79542 | 5846337 |
|  Phillips 66 | 51000 | 6581040 |
|  Targa Resources Corp. | 27086 | 4997367 |
|  Texas Pacific Land Corp. | 6948 | 1995604 |
|  Valero Energy Corp. | 38467 | 6262043 |
|  Williams Cos., Inc. (The) | 154242 | 9271487 |
|  |  | 191368076 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 207349375 |
|  **Financials (12.1%)** | **Financials (12.1%)** | **Financials (12.1%)** |
|  ***Banks (3.3%)*** | ***Banks (3.3%)*** | ***Banks (3.3%)*** |
|  Bank of America Corp. | 847288 | 46600840 |
|  Citigroup, Inc. | 225661 | 26332382 |
|  Citizens Financial Group, Inc. | 54089 | 3159339 |
|  Fifth Third Bancorp | 84607 | 3960454 |
|  Huntington Bancshares, Inc. | 190672 | 3308159 |
|  JPMorgan Chase & Co. | 343322 | 110625215 |
|  KeyCorp | 120699 | 2491227 |
|  M&T Bank Corp. | 19713 | 3971775 |
|  PNC Financial Services Group, Inc. (The) | 49740 | 10382230 |
|  Regions Financial Corp. | 112704 | 3054278 |
|  Truist Financial Corp. | 162864 | 8014538 |
|  US Bancorp | 196556 | 10488228 |
|  Wells Fargo & Co. | 395890 | 36896948 |
|  |  | 269285613 |
|  ***Capital Markets (3.1%)*** | ***Capital Markets (3.1%)*** | ***Capital Markets (3.1%)*** |
|  Ameriprise Financial, Inc. | 11908 | 5838969 |
|  Ares Management Corp., Class A | 25483 | 4118817 |
|  Bank of New York Mellon Corp. (The) | 89076 | 10340833 |
|  BlackRock, Inc.‡ | 18190 | 19469484 |
|  Blackstone, Inc. | 93099 | 14350280 |
|  Cboe Global Markets, Inc. | 13283 | 3334033 |
|  Charles Schwab Corp. (The) | 210655 | 21046541 |
|  CME Group, Inc. | 45518 | 12430055 |
|  Coinbase Global, Inc., Class A\* | 28565 | 6459689 |
|  FactSet Research Systems, Inc. | 4581 | 1329360 |
|  Franklin Resources, Inc. | 36448 | 870743 |

---

See Notes to Financial Statements.

------

EQ/500 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Goldman Sachs Group, Inc. (The) | 37826 | $| 33249054 |
|  Interactive Brokers Group, Inc., Class A | 55297 |  | 3556150 |
|  Intercontinental Exchange, Inc. | 72301 |  | 11709870 |
|  Invesco Ltd. | 56450 |  | 1482942 |
|  KKR & Co., Inc. | 86650 |  | 11046142 |
|  Moody's Corp. | 19487 |  | 9954934 |
|  Morgan Stanley | 151995 |  | 26983672 |
|  MSCI, Inc. | 9385 |  | 5384456 |
|  Nasdaq, Inc. | 57254 |  | 5561081 |
|  Northern Trust Corp. | 24154 |  | 3299195 |
|  Raymond James Financial, Inc. | 22787 |  | 3659364 |
|  Robinhood Markets, Inc., Class A\* | 97757 |  | 11056317 |
|  S&P Global, Inc. | 39045 |  | 20404527 |
|  State Street Corp. | 35832 |  | 4622686 |
| T. Rowe Price Group, Inc. | 27777 |  | 2843809 |
|  |  |  | 254403003 |
|  ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** |
|  American Express Co. | 67763 |  | 25068922 |
|  Capital One Financial Corp. | 79866 |  | 19356324 |
|  Synchrony Financial | 44796 |  | 3737330 |
|  |  |  | 48162576 |
|  ***Financial Services (3.5%)*** | ***Financial Services (3.5%)*** | ***Financial Services (3.5%)*** | ***Financial Services (3.5%)*** |
|  Apollo Global Management, Inc. | 58120 |  | 8413451 |
|  Berkshire Hathaway, Inc., Class B\* | 231181 |  | 116203130 |
|  Block, Inc., Class A\* | 69415 |  | 4518222 |
|  Corpay, Inc.\* | 8848 |  | 2662629 |
|  Fidelity National Information Services, Inc. | 65631 |  | 4361836 |
|  Fiserv, Inc.\* | 67306 |  | 4520944 |
|  Global Payments, Inc. | 30931 |  | 2394059 |
|  Jack Henry & Associates, Inc. | 8608 |  | 1570788 |
|  Mastercard, Inc., Class A | 103410 |  | 59034701 |
|  PayPal Holdings, Inc. | 116155 |  | 6781129 |
|  Visa, Inc., Class A | 212838 |  | 74644415 |
|  |  |  | 285105304 |
|  ***Insurance (1.6%)*** | ***Insurance (1.6%)*** | ***Insurance (1.6%)*** | ***Insurance (1.6%)*** |
|  Aflac, Inc. | 59489 |  | 6559852 |
|  Allstate Corp. (The) | 33282 |  | 6927648 |
|  American International Group, Inc. | 67454 |  | 5770690 |
|  Aon plc, Class A | 27235 |  | 9610687 |
|  Arch Capital Group Ltd.\* | 45540 |  | 4368197 |
|  Arthur J Gallagher & Co. | 32380 |  | 8379620 |
|  Assurant, Inc. | 5954 |  | 1434021 |
|  Brown & Brown, Inc. | 37557 |  | 2993293 |
|  Chubb Ltd. | 46138 |  | 14400593 |
|  Cincinnati Financial Corp. | 19679 |  | 3213974 |
|  Erie Indemnity Co., Class A | 3473 |  | 995536 |
|  Everest Group Ltd. | 5500 |  | 1866425 |
|  Globe Life, Inc. | 10572 |  | 1478600 |
|  Hartford Insurance Group, Inc. (The) | 35152 |  | 4843946 |
|  Loews Corp. | 20569 |  | 2166121 |
|  Marsh & McLennan Cos., Inc. | 62095 |  | 11519864 |
|  MetLife, Inc. | 70536 |  | 5568112 |
|  Principal Financial Group, Inc. | 26298 |  | 2319747 |
|  Progressive Corp. (The) | 74042 |  | 16860844 |
|  Prudential Financial, Inc. | 44266 |  | 4996746 |
|  Travelers Cos., Inc. (The) | 28436 |  | 8248146 |
|  W.R. Berkley Corp. | 39178 |  | 2747161 |
|  Willis Towers Watson plc | 12044 |  | 3957658 |
|  |  |  | 131227481 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 988183977 |
|  **Health Care (8.7%)** | **Health Care (8.7%)** | **Health Care (8.7%)** | **Health Care (8.7%)** |
|  ***Biotechnology (1.5%)*** | ***Biotechnology (1.5%)*** | ***Biotechnology (1.5%)*** | ***Biotechnology (1.5%)*** |
|  AbbVie, Inc. | 223127 |  | 50982288 |
|  Amgen, Inc. | 67999 |  | 22256753 |
|  Biogen, Inc.\* | 18586 |  | 3270950 |
|  Gilead Sciences, Inc. | 156722 |  | 19236058 |
|  Incyte Corp.\* | 20355 |  | 2010463 |
|  Moderna, Inc.\* | 41908 |  | 1235867 |
|  Regeneron Pharmaceuticals, Inc. | 12577 |  | 9707809 |
|  Vertex Pharmaceuticals, Inc.\* | 31901 |  | 14462638 |
|  |  |  | 123162826 |
|  ***Health Care Equipment & Supplies (1.8%)*** | ***Health Care Equipment & Supplies (1.8%)*** | ***Health Care Equipment & Supplies (1.8%)*** | ***Health Care Equipment & Supplies (1.8%)*** |
|  Abbott Laboratories | 219831 |  | 27542626 |
|  Align Technology, Inc.\* | 7978 |  | 1245765 |
|  Baxter International, Inc. (x) | 64921 |  | 1240640 |
|  Becton Dickinson & Co. | 36203 |  | 7025916 |
|  Boston Scientific Corp.\* | 187155 |  | 17845229 |
|  Cooper Cos., Inc. (The)\* | 25628 |  | 2100471 |
|  Dexcom, Inc.\* | 49998 |  | 3318367 |
|  Edwards Lifesciences Corp.\* | 74154 |  | 6321628 |
|  GE HealthCare Technologies, Inc. | 56704 |  | 4650862 |
|  Hologic, Inc.\* | 27487 |  | 2047507 |
|  IDEXX Laboratories, Inc.\* | 10105 |  | 6836336 |
|  Insulet Corp.\* | 8707 |  | 2474878 |
|  Intuitive Surgical, Inc.\* | 44708 |  | 25320823 |
|  Medtronic plc | 161832 |  | 15545582 |
|  ResMed, Inc. | 18147 |  | 4371068 |
|  Solventum Corp.\* | 17855 |  | 1414830 |
|  STERIS plc | 11997 |  | 3041479 |
|  Stryker Corp. | 43459 |  | 15274535 |
|  Zimmer Biomet Holdings, Inc. | 24254 |  | 2180920 |
|  |  |  | 149799462 |
|  ***Health Care Providers & Services (1.5%)*** | ***Health Care Providers & Services (1.5%)*** | ***Health Care Providers & Services (1.5%)*** | ***Health Care Providers & Services (1.5%)*** |
|  Cardinal Health, Inc. | 30161 |  | 6198086 |
|  Cencora, Inc. | 24476 |  | 8266769 |
|  Centene Corp.\* | 56460 |  | 2323329 |
|  Cigna Group (The) | 33715 |  | 9279380 |
|  CVS Health Corp. | 160198 |  | 12713313 |
|  DaVita, Inc. (x)\* | 4924 |  | 559416 |
|  Elevance Health, Inc. | 27814 |  | 9750198 |
|  HCA Healthcare, Inc. | 20145 |  | 9404895 |
|  Henry Schein, Inc.\* | 13052 |  | 986470 |
|  Humana, Inc. | 15365 |  | 3935437 |
|  Labcorp Holdings, Inc. | 10573 |  | 2652554 |
|  McKesson Corp. | 15710 |  | 12886756 |
|  Molina Healthcare, Inc.\* | 7045 |  | 1222589 |
|  Quest Diagnostics, Inc. | 13872 |  | 2407208 |
|  UnitedHealth Group, Inc. | 114392 |  | 37761943 |
|  Universal Health Services, Inc., Class B | 6968 |  | 1519163 |
|  |  |  | 121867506 |

---

See Notes to Financial Statements.

------

EQ/500 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Life Sciences Tools & Services (0.9%)*** | ***Life Sciences Tools & Services (0.9%)*** | ***Life Sciences Tools & Services (0.9%)*** |
|  Agilent Technologies, Inc. | 35476 | $4827219 |
|  Bio-Techne Corp. | 21018 | 1236069 |
|  Charles River Laboratories International, Inc.\* | 6650 | 1326542 |
|  Danaher Corp. | 79283 | 18149464 |
|  IQVIA Holdings, Inc.\* | 21945 | 4946622 |
|  Mettler-Toledo International, Inc.\* | 2602 | 3627683 |
|  Revvity, Inc.(x) | 14928 | 1444284 |
|  Thermo Fisher Scientific, Inc. | 47309 | 27413200 |
|  Waters Corp.\* | 7482 | 2841888 |
|  West Pharmaceutical Services, Inc. | 9032 | 2485065 |
|  |  | 68298036 |
|  ***Pharmaceuticals (3.0%)*** | ***Pharmaceuticals (3.0%)*** | ***Pharmaceuticals (3.0%)*** |
|  Bristol-Myers Squibb Co. | 257088 | 13867327 |
|  Eli Lilly & Co. | 100152 | 107631351 |
|  Johnson & Johnson | 304188 | 62951707 |
|  Merck & Co., Inc. | 313024 | 32948906 |
|  Pfizer, Inc. | 718121 | 17881213 |
|  Viatris, Inc. | 141346 | 1759758 |
|  Zoetis, Inc. | 55953 | 7040006 |
|  |  | 244080268 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 707208098 |
|  **Industrials (7.4%)** | **Industrials (7.4%)** | **Industrials (7.4%)** |
|  ***Aerospace & Defense (2.0%)*** | ***Aerospace & Defense (2.0%)*** | ***Aerospace & Defense (2.0%)*** |
|  Axon Enterprise, Inc.\* | 9747 | 5535614 |
|  Boeing Co. (The)\* | 98407 | 21366128 |
|  GE Aerospace | 133029 | 40976923 |
|  General Dynamics Corp. | 31889 | 10735751 |
|  Howmet Aerospace, Inc. | 50917 | 10439003 |
|  Huntington Ingalls Industries, Inc. | 5044 | 1715313 |
|  L3Harris Technologies, Inc. | 23631 | 6937353 |
|  Lockheed Martin Corp. | 25950 | 12551236 |
|  Northrop Grumman Corp. | 17000 | 9693570 |
|  RTX Corp. | 169066 | 31006704 |
|  Textron, Inc. | 21298 | 1856547 |
|  TransDigm Group, Inc. | 7117 | 9464542 |
|  |  | 162278684 |
|  ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** |
|  CH Robinson Worldwide, Inc. | 15399 | 2475543 |
|  Expeditors International of Washington, Inc. | 17400 | 2592774 |
|  FedEx Corp. | 27412 | 7918230 |
|  United Parcel Service, Inc., Class B | 92865 | 9211280 |
|  |  | 22197827 |
|  ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** |
|  A.O. Smith Corp. | 14740 | 985811 |
|  Allegion plc | 10898 | 1735180 |
|  Builders FirstSource, Inc.\* | 14807 | 1523492 |
|  Carrier Global Corp. | 101040 | 5338954 |
|  Johnson Controls International plc | 77074 | 9229611 |
|  Lennox International, Inc. | 4078 | 1980195 |
|  Masco Corp. | 25010 | 1587135 |
|  Trane Technologies plc | 28105 | 10938466 |
|  |  | 33318844 |
|  ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** |
|  Cintas Corp. | 43264 | 8136660 |
|  Copart, Inc.\* | 114992 | 4501937 |
|  Republic Services, Inc. | 25087 | 5316688 |
|  Rollins, Inc. | 36337 | 2180947 |
|  Veralto Corp. | 30983 | 3091484 |
|  Waste Management, Inc. | 46810 | 10284625 |
|  |  | 33512341 |
|  ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** |
|  Comfort Systems USA, Inc. | 4438 | 4141941 |
|  EMCOR Group, Inc. | 5603 | 3427859 |
|  Quanta Services, Inc. | 18778 | 7925443 |
|  |  | 15495243 |
|  ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** |
|  AMETEK, Inc. | 28766 | 5905948 |
|  Eaton Corp. plc | 49171 | 15661455 |
|  Emerson Electric Co. | 71085 | 9434401 |
|  GE Vernova, Inc. | 34384 | 22472351 |
|  Generac Holdings, Inc.\* | 7520 | 1025502 |
|  Hubbell, Inc., Class B | 6963 | 3092338 |
|  Rockwell Automation, Inc. | 14122 | 5494447 |
|  |  | 63086442 |
|  ***Ground Transportation (0.7%)*** | ***Ground Transportation (0.7%)*** | ***Ground Transportation (0.7%)*** |
|  CSX Corp. | 235470 | 8535787 |
|  JB Hunt Transport Services, Inc. | 9998 | 1943011 |
|  Norfolk Southern Corp. | 28246 | 8155185 |
|  Old Dominion Freight Line, Inc. | 23502 | 3685114 |
|  Uber Technologies, Inc.\* | 263402 | 21522577 |
|  Union Pacific Corp. | 74905 | 17327025 |
|  |  | 61168699 |
|  ***Industrial Conglomerates (0.3%)*** | ***Industrial Conglomerates (0.3%)*** | ***Industrial Conglomerates (0.3%)*** |
|  3M Co. | 67275 | 10770728 |
|  Honeywell International, Inc. | 80191 | 15644462 |
|  |  | 26415190 |
|  ***Machinery (1.5%)*** | ***Machinery (1.5%)*** | ***Machinery (1.5%)*** |
|  Caterpillar, Inc. | 59172 | 33897864 |
|  Cummins, Inc. | 17354 | 8858349 |
|  Deere & Co. | 31813 | 14811178 |
|  Dover Corp. | 17513 | 3419238 |
|  Fortive Corp. | 38223 | 2110292 |
|  IDEX Corp. | 9202 | 1637404 |
|  Illinois Tool Works, Inc. | 33505 | 8252282 |
|  Ingersoll Rand, Inc. | 45432 | 3599123 |
|  Nordson Corp. | 6772 | 1628192 |
|  Otis Worldwide Corp. | 49254 | 4302337 |
|  PACCAR, Inc. | 65957 | 7222951 |
|  Parker-Hannifin Corp. | 15887 | 13964038 |
|  Pentair plc | 20179 | 2101441 |
|  Snap-on, Inc. | 6269 | 2160297 |
|  Stanley Black & Decker, Inc. | 20469 | 1520437 |
|  Westinghouse Air Brake Technologies Corp. | 22108 | 4718953 |
|  Xylem, Inc. | 31130 | 4239283 |
|  |  | 118443659 |

---

See Notes to Financial Statements.

------

EQ/500 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Passenger Airlines (0.2%)*** | ***Passenger Airlines (0.2%)*** | ***Passenger Airlines (0.2%)*** |
|  Delta Air Lines, Inc. | 83349 | $5784420 |
|  Southwest Airlines Co. | 64530 | 2667025 |
|  United Airlines Holdings, Inc.\* | 40056 | 4479062 |
|  |  | 12930507 |
|  ***Professional Services (0.4%)*** | ***Professional Services (0.4%)*** | ***Professional Services (0.4%)*** |
|  Automatic Data Processing, Inc. | 51159 | 13159630 |
|  Broadridge Financial Solutions, Inc. | 14675 | 3275020 |
|  Dayforce, Inc.\* | 20307 | 1404432 |
|  Equifax, Inc. | 15636 | 3392699 |
|  Jacobs Solutions, Inc. | 15739 | 2084788 |
|  Leidos Holdings, Inc. | 16226 | 2927171 |
|  Paychex, Inc. | 40951 | 4593883 |
|  Paycom Software, Inc. | 6190 | 986438 |
|  Verisk Analytics, Inc. | 17344 | 3879679 |
|  |  | 35703740 |
|  ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** |
|  Fastenal Co. | 142705 | 5726752 |
|  United Rentals, Inc. | 8127 | 6577343 |
|  W.W. Grainger, Inc. | 5558 | 5608300 |
|  |  | 17912395 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 602463571 |
|  **Information Technology (31.1%)** | **Information Technology (31.1%)** | **Information Technology (31.1%)** |
|  ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** |
|  Arista Networks, Inc.\* | 130175 | 17056830 |
|  Cisco Systems, Inc. | 496990 | 38283140 |
|  F5, Inc.\* | 7062 | 1802646 |
|  Motorola Solutions, Inc. | 21043 | 8066203 |
|  |  | 65208819 |
|  ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** |
|  Amphenol Corp., Class A | 154210 | 20839939 |
|  CDW Corp. | 16667 | 2270045 |
|  Corning, Inc. | 98459 | 8621070 |
|  Jabil, Inc. | 13115 | 2990482 |
|  Keysight Technologies, Inc.\* | 21576 | 4384027 |
|  TE Connectivity plc | 37321 | 8490901 |
|  Teledyne Technologies, Inc.\* | 5750 | 2936698 |
|  Trimble, Inc.\* | 30805 | 2413572 |
|  Zebra Technologies Corp., Class A\* | 6256 | 1519082 |
|  |  | 54465816 |
|  ***IT Services (0.9%)*** | ***IT Services (0.9%)*** | ***IT Services (0.9%)*** |
|  Accenture plc, Class A | 78670 | 21107161 |
|  Akamai Technologies, Inc.\* | 19052 | 1662287 |
|  Cognizant Technology Solutions Corp., Class A | 60439 | 5016437 |
|  EPAM Systems, Inc.\* | 6815 | 1396257 |
|  Gartner, Inc.\* | 9362 | 2361846 |
|  GoDaddy, Inc., Class A\* | 16452 | 2041364 |
|  International Business Machines Corp. | 117657 | 34851180 |
|  VeriSign, Inc. | 10543 | 2561422 |
|  |  | 70997954 |
|  ***Semiconductors & Semiconductor Equipment (12.8%)*** | ***Semiconductors & Semiconductor Equipment (12.8%)*** | ***Semiconductors & Semiconductor Equipment (12.8%)*** |
|  Advanced Micro Devices, Inc.\* | 204975 | 43897446 |
|  Analog Devices, Inc. | 61878 | 16781314 |
|  Applied Materials, Inc. | 100470 | 25819785 |
|  Broadcom, Inc. | 594078 | 205610396 |
|  First Solar, Inc.\* | 13695 | 3577545 |
|  Intel Corp.\* | 552843 | 20399907 |
|  KLA Corp. | 16668 | 20252953 |
|  Lam Research Corp. | 158406 | 27115939 |
|  Microchip Technology, Inc. | 68102 | 4339459 |
|  Micron Technology, Inc. | 141353 | 40343560 |
|  Monolithic Power Systems, Inc. | 6155 | 5578646 |
|  NVIDIA Corp. | 3064631 | 571553681 |
|  NXP Semiconductors NV | 31844 | 6912059 |
|  ON Semiconductor Corp.\* | 51274 | 2776487 |
|  Qnity Electronics, Inc. | 25214 | 2058723 |
|  QUALCOMM, Inc. | 134964 | 23085592 |
|  Skyworks Solutions, Inc. | 20294 | 1286843 |
|  Teradyne, Inc. | 19934 | 3858425 |
|  Texas Instruments, Inc. | 114830 | 19921857 |
|  |  | 1045170617 |
|  ***Software (9.3%)*** | ***Software (9.3%)*** | ***Software (9.3%)*** |
|  Adobe, Inc.\* | 52792 | 18476672 |
|  AppLovin Corp., Class A\* | 34194 | 23040601 |
|  Autodesk, Inc.\* | 26956 | 7979246 |
|  Cadence Design Systems, Inc.\* | 34417 | 10758066 |
|  Crowdstrike Holdings, Inc., Class A\* | 31482 | 14757502 |
|  Datadog, Inc., Class A\* | 40831 | 5552608 |
|  Fair Isaac Corp.\* | 3032 | 5125960 |
|  Fortinet, Inc.\* | 81230 | 6450474 |
|  Gen Digital, Inc. | 67188 | 1826842 |
|  Intuit, Inc. | 35233 | 23339044 |
|  Microsoft Corp. | 937345 | 453318789 |
|  Oracle Corp. | 209316 | 40797782 |
|  Palantir Technologies, Inc., Class A\* | 287254 | 51059399 |
|  Palo Alto Networks, Inc.\* | 84365 | 15540033 |
|  PTC, Inc.\* | 15521 | 2703913 |
|  Roper Technologies, Inc. | 13494 | 6006584 |
|  Salesforce, Inc. | 119906 | 31764298 |
|  ServiceNow, Inc.\* | 131360 | 20123038 |
|  Synopsys, Inc.\* | 23372 | 10978296 |
|  Tyler Technologies, Inc.\* | 5212 | 2365987 |
|  Workday, Inc., Class A\* | 26836 | 5763836 |
|  |  | 757728970 |
|  ***Technology Hardware, Storage & Peripherals (6.6%)*** | ***Technology Hardware, Storage & Peripherals (6.6%)*** | ***Technology Hardware, Storage & Peripherals (6.6%)*** |
|  Apple, Inc. | 1863542 | 506622528 |
|  Dell Technologies, Inc., Class C | 38296 | 4820700 |
|  Hewlett Packard Enterprise Co. | 169016 | 4059764 |
|  HP, Inc. | 120442 | 2683448 |
|  NetApp, Inc. | 24996 | 2676822 |
|  Sandisk Corp.\* | 16927 | 4018131 |
|  Seagate Technology Holdings plc | 26862 | 7397526 |
|  Super Micro Computer, Inc. (x)\* | 65514 | 1917595 |
|  Western Digital Corp. | 43584 | 7508216 |
|  |  | 541704730 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 2535276906 |
|  **Materials (1.7%)** | **Materials (1.7%)** | **Materials (1.7%)** |
|  ***Chemicals (0.9%)*** | ***Chemicals (0.9%)*** | ***Chemicals (0.9%)*** |
|  Air Products and Chemicals, Inc. | 28110 | 6943732 |
|  Albemarle Corp. | 14809 | 2094585 |
|  CF Industries Holdings, Inc. | 19899 | 1538989 |
|  Corteva, Inc. | 85775 | 5749498 |

---

See Notes to Financial Statements.

------

EQ/500 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Dow, Inc. | 89500 | $| 2092510 |
|  DuPont de Nemours, Inc. | 50628 |  | 2035246 |
|  Ecolab, Inc. | 32241 |  | 8463907 |
|  International Flavors & Fragrances, Inc. | 32804 |  | 2210662 |
|  Linde plc | 59226 |  | 25253374 |
|  LyondellBasell Industries NV, Class A | 34248 |  | 1482938 |
|  Mosaic Co. (The) | 43295 |  | 1042976 |
|  PPG Industries, Inc. | 28682 |  | 2938758 |
|  Sherwin-Williams Co. (The) | 29288 |  | 9490191 |
|  |  |  | 71337366 |
|  ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** |
|  CRH plc | 84532 |  | 10549594 |
|  Martin Marietta Materials, Inc. | 7573 |  | 4715404 |
|  Vulcan Materials Co. | 16566 |  | 4724954 |
|  |  |  | 19989952 |
|  ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** |
|  Amcor plc | 294465 |  | 2455838 |
|  Avery Dennison Corp. | 9984 |  | 1815890 |
|  Ball Corp. | 32464 |  | 1719618 |
|  International Paper Co. | 68932 |  | 2715232 |
|  Packaging Corp. of America | 11415 |  | 2354116 |
|  Smurfit WestRock plc | 64590 |  | 2497695 |
|  |  |  | 13558389 |
|  ***Metals & Mining (0.4%)*** | ***Metals & Mining (0.4%)*** | ***Metals & Mining (0.4%)*** | ***Metals & Mining (0.4%)*** |
|  Freeport-McMoRan, Inc. | 181347 |  | 9210614 |
|  Newmont Corp. | 138741 |  | 13853289 |
|  Nucor Corp. | 28819 |  | 4700667 |
|  Steel Dynamics, Inc. | 17438 |  | 2954869 |
|  |  |  | 30719439 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 135605146 |
|  **Real Estate (1.6%)** | **Real Estate (1.6%)** | **Real Estate (1.6%)** | **Real Estate (1.6%)** |
|  ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 19520 |  | 955309 |
|  Healthpeak Properties, Inc. (REIT) | 84945 |  | 1365915 |
|  Ventas, Inc. (REIT) | 56405 |  | 4364619 |
|  Welltower, Inc. (REIT) | 84477 |  | 15679776 |
|  |  |  | 22365619 |
|  ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** |
|  Host Hotels & Resorts, Inc. (REIT) | 81990 |  | 1453683 |
|  ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** |
|  Prologis, Inc. (REIT) | 117220 |  | 14964305 |
|  ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** |
|  BXP, Inc. (REIT) | 19917 |  | 1343999 |
|  ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** |
|  CBRE Group, Inc., Class A\* | 37020 |  | 5952446 |
|  CoStar Group, Inc.\* | 52312 |  | 3517459 |
|  |  |  | 9469905 |
|  ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** |
|  AvalonBay Communities, Inc. (REIT) | 17562 |  | 3184166 |
|  Camden Property Trust (REIT) | 12891 |  | 1419041 |
|  Equity Residential (REIT) | 44740 |  | 2820410 |
|  Essex Property Trust, Inc. (REIT) | 7831 |  | 2049216 |
|  Invitation Homes, Inc. (REIT) | 68862 |  | 1913675 |
|  Mid-America Apartment Communities, Inc. (REIT) | 14471 |  | 2010167 |
|  UDR, Inc. (REIT) | 40047 |  | 1468924 |
|  |  |  | 14865599 |
|  ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** |
|  Federal Realty Investment Trust (REIT) | 9805 |  | 988344 |
|  Kimco Realty Corp. (REIT) | 86235 |  | 1747983 |
|  Realty Income Corp. (REIT) | 115441 |  | 6507409 |
|  Regency Centers Corp. (REIT) | 20993 |  | 1449147 |
|  Simon Property Group, Inc. (REIT) | 40934 |  | 7577293 |
|  |  |  | 18270176 |
|  ***Specialized REITs (0.6%)*** | ***Specialized REITs (0.6%)*** | ***Specialized REITs (0.6%)*** | ***Specialized REITs (0.6%)*** |
|  American Tower Corp. (REIT) | 59143 |  | 10383737 |
|  Crown Castle, Inc. (REIT) | 54649 |  | 4856657 |
|  Digital Realty Trust, Inc. (REIT) | 41275 |  | 6385655 |
|  Equinix, Inc. (REIT) | 12361 |  | 9470504 |
|  Extra Space Storage, Inc. (REIT) | 27065 |  | 3524404 |
|  Iron Mountain, Inc. (REIT) | 36481 |  | 3026099 |
|  Public Storage (REIT) | 19945 |  | 5175727 |
|  SBA Communications Corp. (REIT) | 13059 |  | 2526002 |
|  VICI Properties, Inc. (REIT), Class A | 133241 |  | 3746737 |
|  Weyerhaeuser Co. (REIT) | 90466 |  | 2143140 |
|  |  |  | 51238662 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 133971948 |
|  **Utilities (2.0%)** | **Utilities (2.0%)** | **Utilities (2.0%)** | **Utilities (2.0%)** |
|  ***Electric Utilities (1.3%)*** | ***Electric Utilities (1.3%)*** | ***Electric Utilities (1.3%)*** | ***Electric Utilities (1.3%)*** |
|  Alliant Energy Corp. | 33924 |  | 2205399 |
|  American Electric Power Co., Inc. | 67548 |  | 7788960 |
|  Constellation Energy Corp. | 39459 |  | 13939681 |
|  Duke Energy Corp. | 98219 |  | 11512249 |
|  Edison International | 47829 |  | 2870697 |
|  Entergy Corp. | 56287 |  | 5202607 |
|  Evergy, Inc. | 28933 |  | 2097353 |
|  Eversource Energy | 46285 |  | 3116369 |
|  Exelon Corp. | 127568 |  | 5560689 |
|  FirstEnergy Corp. | 66442 |  | 2974608 |
|  NextEra Energy, Inc. | 260102 |  | 20880989 |
|  NRG Energy, Inc. | 23941 |  | 3812365 |
|  PG&E Corp. | 283077 |  | 4549047 |
|  Pinnacle West Capital Corp. | 13857 |  | 1229116 |
|  PPL Corp. | 92109 |  | 3225657 |
|  Southern Co. (The) | 138943 |  | 12115830 |
|  Xcel Energy, Inc. | 75795 |  | 5598219 |
|  |  |  | 108679835 |
|  ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** |
|  Atmos Energy Corp. | 20079 |  | 3365842 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  AES Corp. (The) | 95557 |  | 1370287 |
|  Vistra Corp. | 39880 |  | 6433841 |
|  |  |  | 7804128 |
|  ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** |
|  Ameren Corp. | 34969 |  | 3492004 |
|  CenterPoint Energy, Inc. | 79946 |  | 3065130 |

---

See Notes to Financial Statements.

------

EQ/500 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  CMS Energy Corp. | 38078 | $2662795 |
|  Consolidated Edison, Inc. | 45006 | 4469996 |
|  Dominion Energy, Inc. | 107794 | 6315650 |
|  DTE Energy Co. | 26111 | 3367797 |
|  NiSource, Inc. | 60865 | 2541722 |
|  Public Service Enterprise Group, Inc. | 62307 | 5003252 |
|  Sempra | 82411 | 7276067 |
|  WEC Energy Group, Inc. | 40034 | 4221986 |
|  |  | 42416399 |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** |
|  American Water Works Co., Inc. | 24642 | 3215781 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 165481985 |
|  **Total Common Stocks (90.4%)**<br> *(Cost $1,727,876,244)* | **Total Common Stocks (90.4%)**<br> *(Cost $1,727,876,244)* | 7369860325 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |
|  **Investment Companies (3.2%)** | **Investment Companies (3.2%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 3995074 | 3995074 |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 259390591 | 259494347 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 263489421 |
|  **Total Short-Term Investments (3.2%)**<br> *(Cost $263,454,090)* | **Total Short-Term Investments (3.2%)**<br> *(Cost $263,454,090)* | 263489421 |
|  **Total Investments in Securities (93.6%)**<br> *(Cost $1,991,330,334)* | **Total Investments in Securities (93.6%)**<br> *(Cost $1,991,330,334)* | 7633349746 |
|  **Other Assets Less Liabilities (6.4%)** | **Other Assets Less Liabilities (6.4%)** | 521411754 |
|  **Net Assets (100%)** |  | $8154761500 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $5,812,972. This was collateralized by $2,013,736 of various U.S. Government Treasury Securities, ranging from 0.125% – 6.250%, maturing 1/15/26 – 5/15/55 and by cash of $3,995,074 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security<br>Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Capital Markets** |  |  |  |  |  |  |  |  |  |
|  BlackRock, Inc. | 18190 | 22740015 |  | (4154535) | 2642037 | (1758033) | 19469484 | 422031 |  |

---

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P 500 E-Mini Index | 2281 | 3/2026 | USD | 786089625 | 1161943 |
|  |  |  |  |  | 1161943 |

---

See Notes to Financial Statements.

------

EQ/500 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $779093416 | $— | $— | $779093416 |
|  Consumer Discretionary | 767832795 |  |  | 767832795 |
|  Consumer Staples | 347393108 |  |  | 347393108 |
|  Energy | 207349375 |  |  | 207349375 |
|  Financials | 988183977 |  |  | 988183977 |
|  Health Care | 707208098 |  |  | 707208098 |
|  Industrials | 602463571 |  |  | 602463571 |
|  Information Technology | 2535276906 |  |  | 2535276906 |
|  Materials | 135605146 |  |  | 135605146 |
|  Real Estate | 133971948 |  |  | 133971948 |
|  Utilities | 165481985 |  |  | 165481985 |
|  **Futures** | 1161943 |  |  | 1161943 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 263489421 |  |  | 263489421 |
|  **Total Assets** | $**7634511689** | $**—** | $**—** | $**7634511689** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**7634511689** | $**—** | $**—** | $**7634511689** |

---

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $1161943 \* |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161943 |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(171564012) | $(171564012) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171564012) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171564012) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $24998972 | $24998972 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24998972 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24998972 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

See Notes to Financial Statements.

------

EQ/500 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $776372000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250371000 |

---

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $164136603 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499916793 |

---

During the year ended December 31, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 44%)\*** | **Net Proceeds<br>of Sales and<br>Redemptions<br>(affiliated 6%)\*** | **Net Realized<br>Gain (Loss)** |
| $72937782 | $93755979 | $54392110 |

---

\* Represents percentage/amount of total Purchases and/or Sales.

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $5772747531 |
|  Aggregate gross unrealized depreciation | (131379172) |
|  Net unrealized appreciation | $5641368359 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993143330 |

---

See Notes to Financial Statements.

------

EQ/500 MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $3,623,522) | $19469484.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $1,987,706,812) | 7613880262.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 475000001.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 57052800.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 5957082.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 73142.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1408.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 33216.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 8171467395.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 5916479.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 3995074.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 2852221.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 2823506.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 863737.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 52958.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 201920.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 16705895.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $8154761500.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $2824578658.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 5330182842.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $8154761500.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $249,352,671 / 8,350,023 shares outstanding (unlimited amount authorized: $0.01 par value) | $29.86 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $7,905,408,829 / 260,196,273 shares outstanding (unlimited amount authorized: $0.01 par value) | $30.38 |

---

*(x)* *Includes value of securities on loan of $5,812,972.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($422,031 of dividend income received from affiliates) (net of $22,988 foreign withholding tax) | $101843710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 21629591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 18032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 123491333 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 32957572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 10150543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 606201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 397075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 376334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 278656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 147100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 195079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 45108560 |
|  **NET INVESTMENT INCOME (LOSS)** | 78382773 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($2,642,037 realized gain (loss) from affiliates) | 1022680508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (171564012) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 851116496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($(1758033) of change in unrealized appreciation (depreciation) from affiliates) | 95582504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 24998972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 120581476 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 971697972 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1050080745 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/500 MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $78382773 | $99823511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 851116496 | 1376637160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 120581476 | 391132732 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 1050080745 | 1867593403 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (35071484) | (40410599) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (1127092909) | (1336934923) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (1162164393) | (1377345522) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 691,900 and 759,026 shares, respectively ] | 21160954 | 24676718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,154,484 and 1,271,462 shares, respectively ] | 35071484 | 40410599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1594960) and (1589598) shares, respectively ] | (49613570) | (52038400) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 6618868 | 13048917 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 8,075,334 and 2,769,451 shares, respectively ] | 229465223 | 92277192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 36,478,711 and 41,450,186 shares, respectively ] | 1127092909 | 1336934923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (47179989) and (61766538) shares, respectively ] | (1482299229) | (2047190900) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (125741097) | (617978785) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (119122229) | (604929868) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (231205877) | (114681987) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 8385967377 | 8500649364 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $8154761500 | $8385967377 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/500 MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $30.52 | $29.17 | $24.92 | $33.31 | $28.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.22 | 0.30 | 0.29 | 0.22 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.82 | 6.79 | 5.94 | (6.85) | 7.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 4.04 | 7.09 | 6.23 | (6.63) | 7.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.25) | (0.36) | (0.32) | (0.23) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (4.45) | (5.38) | (1.66) | (1.53) | (3.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (4.70) | (5.74) | (1.98) | (1.76) | (3.47) |
|  Net asset value, end of year | $29.86 | $30.52 | $29.17 | $24.92 | $33.31 |
|  Total return | 13.33% | 23.92% | 25.27% | (20.01)% | 27.63% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $249353 | $247132 | $223348 | $195213 | $238308 |
|  Ratio of expenses to average net assets (f) | 0.80% | 0.80% | 0.81% | 0.80% | 0.78% |
|  Ratio of net investment income (loss) to average net assets (f) | 0.72% | 0.92% | 1.05% | 0.77% | 0.48% |
|  Portfolio turnover rate^ | 2% | 2% | 2% | 3% | 3% |
| **Class K** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $30.97 | $29.52 | $25.20 | $33.66 | $29.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.31 | 0.39 | 0.36 | 0.29 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.88 | 6.89 | 6.01 | (6.91) | 7.80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 4.19 | 7.28 | 6.37 | (6.62) | 8.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.33) | (0.45) | (0.39) | (0.31) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (4.45) | (5.38) | (1.66) | (1.53) | (3.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (4.78) | (5.83) | (2.05) | (1.84) | (3.55) |
|  Net asset value, end of year | $30.38 | $30.97 | $29.52 | $25.20 | $33.66 |
|  Total return | 13.62% | 24.25% | 25.55% | (19.80)% | 27.92% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $7905409 | $8138835 | $8277301 | $7271965 | $10394162 |
|  Ratio of expenses to average net assets (f) | 0.55% | 0.55% | 0.56% | 0.55% | 0.53% |
|  Ratio of net investment income (loss) to average net assets (f) | 0.97% | 1.17% | 1.30% | 1.01% | 0.73% |
|  Portfolio turnover rate^ | 2% | 2% | 2% | 3% | 3% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

------

EQ/400 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (1.8%)** | **Communication Services (1.8%)** | **Communication Services (1.8%)** |
|  ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** |
|  Frontier Communications Parent, Inc.\* | 53940 | $2053496 |
|  ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** |
|  Warner Music Group Corp., Class A | 33287 | 1020912 |
|  ***Interactive Media & Services (0.5%)*** | ***Interactive Media & Services (0.5%)*** | ***Interactive Media & Services (0.5%)*** |
|  Pinterest, Inc., Class A\* | 129225 | 3345635 |
|  ZoomInfo Technologies, Inc., Class A\* | 59732 | 607475 |
|  |  | 3953110 |
|  ***Media (0.9%)*** | ***Media (0.9%)*** | ***Media (0.9%)*** |
|  EchoStar Corp., Class A(x)\* | 29343 | 3189584 |
|  New York Times Co. (The), Class A | 34774 | 2414011 |
|  Nexstar Media Group, Inc., Class A | 6523 | 1324495 |
|  |  | 6928090 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 13955608 |
|  **Consumer Discretionary (10.5%)** | **Consumer Discretionary (10.5%)** | **Consumer Discretionary (10.5%)** |
|  ***Automobile Components (1.0%)*** | ***Automobile Components (1.0%)*** | ***Automobile Components (1.0%)*** |
|  Autoliv, Inc. | 15274 | 1813024 |
|  BorgWarner, Inc. | 46829 | 2110115 |
|  Gentex Corp. | 46665 | 1085895 |
|  Goodyear Tire & Rubber Co. (The)\* | 63323 | 554709 |
|  Lear Corp. | 11441 | 1311139 |
|  Visteon Corp. | 5924 | 563372 |
|  |  | 7438254 |
|  ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** |
|  Harley-Davidson, Inc. | 25327 | 518950 |
|  Thor Industries, Inc. | 11700 | 1201239 |
|  |  | 1720189 |
|  ***Broadline Retail (0.4%)*** | ***Broadline Retail (0.4%)*** | ***Broadline Retail (0.4%)*** |
|  Macy's, Inc. | 59074 | 1302582 |
|  Ollie's Bargain Outlet Holdings, Inc.\* | 13253 | 1452661 |
|  |  | 2755243 |
|  ***Diversified Consumer Services (0.9%)*** | ***Diversified Consumer Services (0.9%)*** | ***Diversified Consumer Services (0.9%)*** |
|  Duolingo, Inc., Class A\* | 8688 | 1524744 |
|  Graham Holdings Co., Class B | 761 | 836035 |
|  Grand Canyon Education, Inc.\* | 5705 | 948798 |
|  H&R Block, Inc. | 27233 | 1186814 |
|  Service Corp. International | 31148 | 2428610 |
|  |  | 6925001 |
|  ***Hotels, Restaurants & Leisure (2.3%)*** | ***Hotels, Restaurants & Leisure (2.3%)*** | ***Hotels, Restaurants & Leisure (2.3%)*** |
|  Aramark | 57902 | 2134268 |
|  Boyd Gaming Corp. | 12671 | 1080076 |
|  Cava Group, Inc.(x)\* | 21697 | 1273397 |
|  Choice Hotels International, Inc.(x) | 4492 | 427908 |
|  Churchill Downs, Inc. | 14512 | 1651175 |
|  Hilton Grand Vacations, Inc.\* | 12541 | 561210 |
|  Hyatt Hotels Corp., Class A(x) | 9322 | 1494503 |
|  Planet Fitness, Inc., Class A\* | 18022 | 1954846 |
|  Texas Roadhouse, Inc., Class A | 14277 | 2369982 |
|  Travel + Leisure Co. | 14130 | 996589 |
|  Vail Resorts, Inc. | 8014 | 1064259 |
|  Wingstop, Inc. | 6014 | 1434279 |
|  Wyndham Hotels & Resorts, Inc. | 16906 | 1277417 |
|  |  | 17719909 |
|  ***Household Durables (1.6%)*** | ***Household Durables (1.6%)*** | ***Household Durables (1.6%)*** |
|  KB Home | 13401 | 755950 |
|  Somnigroup International, Inc. | 45897 | 4097684 |
|  Taylor Morrison Home Corp., Class A\* | 21186 | 1247220 |
|  Toll Brothers, Inc. | 21258 | 2874507 |
|  TopBuild Corp.\* | 6094 | 2542356 |
|  Whirlpool Corp.(x) | 12131 | 875130 |
|  |  | 12392847 |
|  ***Leisure Products (0.5%)*** | ***Leisure Products (0.5%)*** | ***Leisure Products (0.5%)*** |
|  Brunswick Corp. | 14561 | 1081009 |
|  Mattel, Inc.\* | 68334 | 1355746 |
|  Polaris, Inc. | 11823 | 747805 |
|  YETI Holdings, Inc.(x)\* | 16130 | 712462 |
|  |  | 3897022 |
|  ***Specialty Retail (3.1%)*** | ***Specialty Retail (3.1%)*** | ***Specialty Retail (3.1%)*** |
|  Abercrombie & Fitch Co., Class A\* | 10211 | 1285259 |
|  AutoNation, Inc.\* | 6133 | 1266342 |
|  Bath & Body Works, Inc. | 45506 | 913760 |
|  Burlington Stores, Inc.\* | 13583 | 3923449 |
|  Chewy, Inc., Class A\* | 48622 | 1606957 |
|  Dick's Sporting Goods, Inc. | 14426 | 2855915 |
|  Five Below, Inc.\* | 11931 | 2247323 |
|  Floor & Decor Holdings, Inc., Class A\* | 23639 | 1439379 |
|  GameStop Corp., Class A(x)\* | 89627 | 1799710 |
|  Gap, Inc. (The) | 50036 | 1280922 |
|  Lithia Motors, Inc., Class A | 5323 | 1768993 |
|  Murphy USA, Inc. | 3715 | 1499077 |
|  Penske Automotive Group, Inc. | 4193 | 663710 |
|  RH\* | 3350 | 600152 |
|  Valvoline, Inc.\* | 28497 | 828123 |
|  |  | 23979071 |
|  ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** |
|  Capri Holdings Ltd.\* | 26138 | 637767 |
|  Columbia Sportswear Co.(x) | 5467 | 301177 |
|  Crocs, Inc.\* | 11416 | 976296 |
|  PVH Corp. | 10579 | 709005 |
|  VF Corp.(x) | 72455 | 1309987 |
|  |  | 3934232 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 80761768 |
|  **Consumer Staples (3.9%)** | **Consumer Staples (3.9%)** | **Consumer Staples (3.9%)** |
|  ***Beverages (0.5%)*** | ***Beverages (0.5%)*** | ***Beverages (0.5%)*** |
|  Boston Beer Co., Inc. (The), Class A\* | 1547 | 301866 |
|  Celsius Holdings, Inc.\* | 34629 | 1583930 |
|  Coca-Cola Consolidated, Inc. | 12459 | 1909965 |
|  |  | 3795761 |
|  ***Consumer Staples Distribution & Retail (2.4%)*** | ***Consumer Staples Distribution & Retail (2.4%)*** | ***Consumer Staples Distribution & Retail (2.4%)*** |
|  Albertsons Cos., Inc., Class A | 88060 | 1511990 |
|  BJ's Wholesale Club Holdings, Inc.\* | 28588 | 2573778 |
|  Casey's General Stores, Inc. | 8058 | 4453737 |
|  Maplebear, Inc.\* | 39708 | 1786066 |
|  Performance Food Group Co.\* | 34103 | 3066542 |
|  Sprouts Farmers Market, Inc.\* | 20987 | 1672034 |
|  US Foods Holding Corp.\* | 48489 | 3652191 |
|  |  | 18716338 |
|  ***Food Products (0.7%)*** | ***Food Products (0.7%)*** | ***Food Products (0.7%)*** |
|  Darling Ingredients, Inc.\* | 34742 | 1250712 |
|  Flowers Foods, Inc. | 46676 | 507835 |

---

See Notes to Financial Statements.

------

EQ/400 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Ingredion, Inc. | 14367 | $| 1584105 |
|  Marzetti Co. (The) | 4131 |  | 679219 |
|  Pilgrim's Pride Corp. | 9590 |  | 373914 |
|  Post Holdings, Inc.\* | 10632 |  | 1053100 |
|  |  |  | 5448885 |
|  ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** |
|  BellRing Brands, Inc.\* | 26853 |  | 717781 |
|  Coty, Inc., Class A\* | 78697 |  | 242387 |
|  e.l.f. Beauty, Inc.\* | 13004 |  | 988824 |
|  |  |  | 1948992 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 29909976 |
|  **Energy (3.6%)** | **Energy (3.6%)** | **Energy (3.6%)** | **Energy (3.6%)** |
|  ***Energy Equipment & Services (0.9%)*** | ***Energy Equipment & Services (0.9%)*** | ***Energy Equipment & Services (0.9%)*** | ***Energy Equipment & Services (0.9%)*** |
|  NOV, Inc. | 81542 |  | 1274502 |
|  TechnipFMC plc | 88151 |  | 3928009 |
|  Valaris Ltd.\* | 14346 |  | 723038 |
|  Weatherford International plc | 15851 |  | 1240499 |
|  |  |  | 7166048 |
|  ***Oil, Gas & Consumable Fuels (2.7%)*** | ***Oil, Gas & Consumable Fuels (2.7%)*** | ***Oil, Gas & Consumable Fuels (2.7%)*** | ***Oil, Gas & Consumable Fuels (2.7%)*** |
|  Antero Midstream Corp. | 70857 |  | 1260546 |
|  Antero Resources Corp.\* | 63535 |  | 2189416 |
|  Chord Energy Corp. | 12797 |  | 1186282 |
|  Civitas Resources, Inc. | 16923 |  | 458444 |
|  CNX Resources Corp.\* | 28871 |  | 1061587 |
|  DT Midstream, Inc. | 21816 |  | 2610939 |
|  HF Sinclair Corp. | 34488 |  | 1589207 |
|  Matador Resources Co. | 25803 |  | 1095079 |
|  Murphy Oil Corp. | 29605 |  | 925156 |
|  Ovintiv, Inc. | 56315 |  | 2206985 |
|  PBF Energy, Inc., Class A | 18268 |  | 495428 |
|  Permian Resources Corp. | 151376 |  | 2123805 |
|  Range Resources Corp. | 51283 |  | 1808239 |
|  Viper Energy, Inc., Class A | 35881 |  | 1386083 |
|  |  |  | 20397196 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 27563244 |
|  **Financials (15.1%)** | **Financials (15.1%)** | **Financials (15.1%)** | **Financials (15.1%)** |
|  ***Banks (6.1%)*** | ***Banks (6.1%)*** | ***Banks (6.1%)*** | ***Banks (6.1%)*** |
|  Associated Banc-Corp. | 31028 |  | 799281 |
|  Bank OZK | 23620 |  | 1086992 |
|  Cadence Bank | 40896 |  | 1751985 |
|  Columbia Banking System, Inc. | 66074 |  | 1846768 |
|  Comerica, Inc. | 28247 |  | 2455512 |
|  Commerce Bancshares, Inc. | 29650 |  | 1551881 |
|  Cullen/Frost Bankers, Inc. | 14353 |  | 1817520 |
|  East West Bancorp, Inc. | 30923 |  | 3475436 |
|  First Financial Bankshares, Inc. | 25193 |  | 752515 |
|  First Horizon Corp. | 109574 |  | 2618819 |
|  Flagstar Bank NA | 64040 |  | 806264 |
|  FNB Corp. | 80901 |  | 1383407 |
|  Glacier Bancorp, Inc. | 28339 |  | 1248333 |
|  Hancock Whitney Corp. | 18872 |  | 1201769 |
|  Home BancShares, Inc. | 40996 |  | 1138869 |
|  International Bancshares Corp. | 11147 |  | 740607 |
|  Old National Bancorp | 76815 |  | 1713743 |
|  Pinnacle Financial Partners, Inc. | 16935 |  | 1615768 |
|  Prosperity Bancshares, Inc. | 21708 |  | 1500240 |
|  SouthState Bank Corp. | 22639 |  | 2130556 |
|  Synovus Financial Corp. | 30688 |  | 1535934 |
|  Texas Capital Bancshares, Inc.\* | 9659 |  | 874526 |
|  UMB Financial Corp. | 16013 |  | 1842135 |
|  United Bankshares, Inc. | 30405 |  | 1167552 |
|  Valley National Bancorp | 107423 |  | 1254701 |
|  Webster Financial Corp. | 36317 |  | 2285792 |
|  Western Alliance Bancorp | 23071 |  | 1939579 |
|  Wintrust Financial Corp. | 15509 |  | 2168468 |
|  Zions Bancorp NA | 33079 |  | 1936445 |
|  |  |  | 46641397 |
|  ***Capital Markets (2.9%)*** | ***Capital Markets (2.9%)*** | ***Capital Markets (2.9%)*** | ***Capital Markets (2.9%)*** |
|  Affiliated Managers Group, Inc. | 6396 |  | 1843839 |
|  Carlyle Group, Inc. (The) | 58719 |  | 3470880 |
|  Evercore, Inc., Class A | 8699 |  | 2959835 |
|  Federated Hermes, Inc., Class B | 18320 |  | 953922 |
|  Hamilton Lane, Inc., Class A | 9207 |  | 1236592 |
|  Houlihan Lokey, Inc., Class A | 12703 |  | 2212736 |
|  Janus Henderson Group plc | 31596 |  | 1503022 |
|  Jefferies Financial Group, Inc. | 37266 |  | 2309374 |
|  Morningstar, Inc. | 5259 |  | 1142833 |
|  SEI Investments Co. | 22005 |  | 1804850 |
|  Stifel Financial Corp. | 23836 |  | 2984744 |
|  |  |  | 22422627 |
|  ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** |
|  Ally Financial, Inc. | 64383 |  | 2915906 |
|  FirstCash Holdings, Inc. | 9015 |  | 1436811 |
|  SLM Corp. | 47658 |  | 1289625 |
|  |  |  | 5642342 |
|  ***Financial Services (1.0%)*** | ***Financial Services (1.0%)*** | ***Financial Services (1.0%)*** | ***Financial Services (1.0%)*** |
|  Essent Group Ltd. | 21136 |  | 1374051 |
|  Euronet Worldwide, Inc.\* | 9014 |  | 686056 |
|  MGIC Investment Corp. | 48841 |  | 1427134 |
|  Shift4 Payments, Inc., Class A(x)\* | 14859 |  | 935671 |
|  Voya Financial, Inc. | 23427 |  | 1745077 |
|  WEX, Inc.\* | 7775 |  | 1158320 |
|  |  |  | 7326309 |
|  ***Insurance (3.8%)*** | ***Insurance (3.8%)*** | ***Insurance (3.8%)*** | ***Insurance (3.8%)*** |
|  American Financial Group, Inc. | 15938 |  | 2178406 |
|  Brighthouse Financial, Inc.\* | 12865 |  | 833523 |
|  CNO Financial Group, Inc. | 22355 |  | 949417 |
|  F&G Annuities & Life, Inc. | 3402 |  | 104952 |
|  Fidelity National Financial, Inc. | 56710 |  | 3095799 |
|  First American Financial Corp. | 22305 |  | 1370419 |
|  Hanover Insurance Group, Inc. (The) | 8408 |  | 1536730 |
|  Kemper Corp. | 13160 |  | 533506 |
|  Kinsale Capital Group, Inc. | 4818 |  | 1884416 |
|  Old Republic International Corp. | 52495 |  | 2395872 |
|  Primerica, Inc. | 7769 |  | 2007199 |
|  Reinsurance Group of America, Inc. | 14676 |  | 2985979 |
|  RenaissanceRe Holdings Ltd. | 10436 |  | 2934186 |
|  RLI Corp. | 20482 |  | 1310438 |
|  Ryan Specialty Holdings, Inc., Class A | 25598 |  | 1321625 |
|  Selective Insurance Group, Inc. | 13562 |  | 1134733 |
|  Unum Group | 34845 |  | 2700487 |
|  |  |  | 29277687 |

---

See Notes to Financial Statements.

------

EQ/400 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.6%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.6%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.6%)*** |
|  Annaly Capital Management, Inc. (REIT) | 151518 | $3387943 |
|  Starwood Property Trust, Inc. (REIT) | 79633 | 1434190 |
|  |  | 4822133 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 116132495 |
|  **Health Care (8.0%)** | **Health Care (8.0%)** | **Health Care (8.0%)** |
|  ***Biotechnology (2.3%)*** | ***Biotechnology (2.3%)*** | ***Biotechnology (2.3%)*** |
|  BioMarin Pharmaceutical, Inc.\* | 42183 | 2506935 |
|  Cytokinetics, Inc.\* | 26881 | 1708019 |
|  Exelixis, Inc.\* | 58119 | 2547356 |
|  Halozyme Therapeutics, Inc.\* | 25559 | 1720121 |
|  Neurocrine Biosciences, Inc.\* | 21535 | 3054309 |
|  Roivant Sciences Ltd.\* | 96579 | 2095764 |
|  United Therapeutics Corp.\* | 9372 | 4566507 |
|  |  | 18199011 |
|  ***Health Care Equipment & Supplies (1.3%)*** | ***Health Care Equipment & Supplies (1.3%)*** | ***Health Care Equipment & Supplies (1.3%)*** |
|  Dentsply Sirona, Inc. | 43953 | 502383 |
|  Envista Holdings Corp.\* | 35137 | 762824 |
|  Globus Medical, Inc., Class A\* | 24266 | 2118664 |
|  Haemonetics Corp.\* | 10212 | 818492 |
|  Lantheus Holdings, Inc.\* | 14462 | 962446 |
|  LivaNova plc\* | 11967 | 736330 |
|  Masimo Corp.\* | 10287 | 1337927 |
|  Penumbra, Inc.\* | 8485 | 2638071 |
|  |  | 9877137 |
|  ***Health Care Providers & Services (1.8%)*** | ***Health Care Providers & Services (1.8%)*** | ***Health Care Providers & Services (1.8%)*** |
|  Chemed Corp. | 2979 | 1274595 |
|  Encompass Health Corp. | 21986 | 2333594 |
|  Ensign Group, Inc. (The) | 12313 | 2144924 |
|  HealthEquity, Inc.\* | 18883 | 1729872 |
|  Hims & Hers Health, Inc.(x)\* | 45185 | 1467157 |
|  Option Care Health, Inc.\* | 34323 | 1093531 |
|  Tenet Healthcare Corp.\* | 19364 | 3848014 |
|  |  | 13891687 |
|  ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** |
|  Doximity, Inc., Class A\* | 29797 | 1319411 |
|  ***Life Sciences Tools & Services (1.8%)*** | ***Life Sciences Tools & Services (1.8%)*** | ***Life Sciences Tools & Services (1.8%)*** |
|  Avantor, Inc.\* | 149836 | 1717121 |
|  Bio-Rad Laboratories, Inc., Class A\* | 3998 | 1211354 |
|  Bruker Corp. | 24414 | 1150144 |
|  Illumina, Inc.\* | 33391 | 4379564 |
|  Medpace Holdings, Inc.\* | 4813 | 2703221 |
|  Repligen Corp.\* | 11677 | 1913393 |
|  Sotera Health Co.\* | 45046 | 794611 |
|  |  | 13869408 |
|  ***Pharmaceuticals (0.6%)*** | ***Pharmaceuticals (0.6%)*** | ***Pharmaceuticals (0.6%)*** |
|  Elanco Animal Health, Inc.(x)\* | 108104 | 2446394 |
|  Jazz Pharmaceuticals plc\* | 13332 | 2266440 |
|  |  | 4712834 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 61869488 |
|  **Industrials (21.4%)** | **Industrials (21.4%)** | **Industrials (21.4%)** |
|  ***Aerospace & Defense (3.2%)*** | ***Aerospace & Defense (3.2%)*** | ***Aerospace & Defense (3.2%)*** |
|  AeroVironment, Inc.\* | 6992 | 1691295 |
|  ATI, Inc.\* | 29564 | 3392765 |
|  BWX Technologies, Inc. | 19922 | 3443318 |
|  Carpenter Technology Corp. | 10824 | 3407828 |
|  Curtiss-Wright Corp. | 8063 | 4444890 |
|  Hexcel Corp. | 17444 | 1289112 |
|  Kratos Defense & Security Solutions, Inc.\* | 36743 | 2789161 |
|  Woodward, Inc. | 13068 | 3950718 |
|  |  | 24409087 |
|  ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** |
|  GXO Logistics, Inc.\* | 25063 | 1319316 |
|  ***Building Products (1.7%)*** | ***Building Products (1.7%)*** | ***Building Products (1.7%)*** |
|  AAON, Inc. | 14833 | 1131016 |
|  Advanced Drainage Systems, Inc. | 15569 | 2254858 |
|  Carlisle Cos., Inc. | 9158 | 2929278 |
|  Fortune Brands Innovations, Inc. | 27182 | 1359644 |
|  Owens Corning | 18195 | 2036202 |
|  Simpson Manufacturing Co., Inc. | 8995 | 1452423 |
|  Trex Co., Inc.\* | 23171 | 812839 |
|  UFP Industries, Inc. | 13088 | 1191662 |
|  |  | 13167922 |
|  ***Commercial Services & Supplies (1.4%)*** | ***Commercial Services & Supplies (1.4%)*** | ***Commercial Services & Supplies (1.4%)*** |
|  Brink's Co. (The) | 9035 | 1054656 |
|  Clean Harbors, Inc.\* | 10986 | 2575997 |
|  MSA Safety, Inc. | 7868 | 1259982 |
|  RB Global, Inc. | 40390 | 4154919 |
|  Tetra Tech, Inc. | 56995 | 1911612 |
|  |  | 10957166 |
|  ***Construction & Engineering (2.1%)*** | ***Construction & Engineering (2.1%)*** | ***Construction & Engineering (2.1%)*** |
|  AECOM | 28882 | 2753321 |
|  API Group Corp.\* | 80597 | 3083641 |
|  Dycom Industries, Inc.\* | 6282 | 2122688 |
|  Fluor Corp.\* | 35471 | 1405716 |
|  MasTec, Inc.\* | 13393 | 2911236 |
|  Sterling Infrastructure, Inc.\* | 6659 | 2039186 |
|  Valmont Industries, Inc. | 4300 | 1729976 |
|  |  | 16045764 |
|  ***Electrical Equipment (1.7%)*** | ***Electrical Equipment (1.7%)*** | ***Electrical Equipment (1.7%)*** |
|  Acuity, Inc. | 6633 | 2388145 |
|  EnerSys | 7989 | 1172386 |
|  Nextpower, Inc., Class A\* | 32117 | 2797712 |
|  nVent Electric plc | 35346 | 3604232 |
|  Regal Rexnord Corp. | 14493 | 2033658 |
|  Sensata Technologies Holding plc | 32025 | 1066112 |
|  |  | 13062245 |
|  ***Ground Transportation (1.4%)*** | ***Ground Transportation (1.4%)*** | ***Ground Transportation (1.4%)*** |
|  Avis Budget Group, Inc.(x)\* | 3651 | 468496 |
|  Knight-Swift Transportation Holdings, Inc., Class A | 35425 | 1852019 |
|  Landstar System, Inc. | 7218 | 1037227 |
|  Ryder System, Inc. | 8906 | 1704519 |

---

See Notes to Financial Statements.

------

EQ/400 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Saia, Inc.\* | 5792 | $| 1891204 |
|  XPO, Inc.\* | 25707 |  | 3493838 |
|  |  |  | 10447303 |
|  ***Machinery (4.9%)*** | ***Machinery (4.9%)*** | ***Machinery (4.9%)*** | ***Machinery (4.9%)*** |
|  AGCO Corp. | 13563 |  | 1414892 |
|  Chart Industries, Inc.\* | 9649 |  | 1989913 |
|  CNH Industrial NV | 200575 |  | 1849302 |
|  Crane Co. | 10495 |  | 1935593 |
|  Donaldson Co., Inc. | 24843 |  | 2202580 |
|  Esab Corp. | 12561 |  | 1403315 |
|  Flowserve Corp. | 27767 |  | 1926475 |
|  Graco, Inc. | 34854 |  | 2856982 |
|  ITT, Inc. | 18600 |  | 3227286 |
|  Lincoln Electric Holdings, Inc. | 11941 |  | 2861541 |
|  Middleby Corp. (The)\* | 10161 |  | 1510636 |
|  Mueller Industries, Inc. | 23679 |  | 2718349 |
|  Oshkosh Corp. | 13857 |  | 1740855 |
|  RBC Bearings, Inc.\* | 6845 |  | 3069503 |
|  SPX Technologies, Inc.\* | 10774 |  | 2155446 |
|  Terex Corp. | 14447 |  | 771181 |
|  Timken Co. (The) | 14288 |  | 1202050 |
|  Toro Co. (The) | 21702 |  | 1708381 |
|  Watts Water Technologies, Inc., Class A | 5778 |  | 1594844 |
|  |  |  | 38139124 |
|  ***Marine Transportation (0.2%)*** | ***Marine Transportation (0.2%)*** | ***Marine Transportation (0.2%)*** | ***Marine Transportation (0.2%)*** |
|  Kirby Corp.\* | 11811 |  | 1301336 |
|  ***Passenger Airlines (0.5%)*** | ***Passenger Airlines (0.5%)*** | ***Passenger Airlines (0.5%)*** | ***Passenger Airlines (0.5%)*** |
|  Alaska Air Group, Inc.\* | 25351 |  | 1275155 |
|  American Airlines Group, Inc.\* | 147965 |  | 2268304 |
|  |  |  | 3543459 |
|  ***Professional Services (2.6%)*** | ***Professional Services (2.6%)*** | ***Professional Services (2.6%)*** | ***Professional Services (2.6%)*** |
|  Booz Allen Hamilton Holding Corp. | 26611 |  | 2244904 |
|  CACI International, Inc., Class A\* | 4848 |  | 2583063 |
|  Concentrix Corp. | 9804 |  | 407650 |
|  ExlService Holdings, Inc.\* | 32849 |  | 1394111 |
|  Exponent, Inc. | 9724 |  | 675429 |
|  FTI Consulting, Inc.\* | 6525 |  | 1114666 |
|  Genpact Ltd. | 35009 |  | 1637721 |
|  KBR, Inc. | 28020 |  | 1126404 |
|  Maximus, Inc. | 12321 |  | 1063549 |
|  Parsons Corp.\* | 11621 |  | 718178 |
|  Paylocity Holding Corp.\* | 9738 |  | 1485045 |
|  Science Applications International Corp. | 10123 |  | 1018981 |
|  TransUnion | 42548 |  | 3648491 |
|  UL Solutions, Inc., Class A | 16300 |  | 1285418 |
|  |  |  | 20403610 |
|  ***Trading Companies & Distributors (1.5%)*** | ***Trading Companies & Distributors (1.5%)*** | ***Trading Companies & Distributors (1.5%)*** | ***Trading Companies & Distributors (1.5%)*** |
|  Applied Industrial Technologies, Inc. | 8185 |  | 2101663 |
|  Core & Main, Inc., Class A\* | 41721 |  | 2168240 |
|  GATX Corp. | 7830 |  | 1327968 |
|  MSC Industrial Direct Co., Inc., Class A | 9938 |  | 835786 |
|  Watsco, Inc. | 7694 |  | 2592493 |
|  WESCO International, Inc. | 10674 |  | 2611287 |
|  |  |  | 11637437 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 164433769 |
|  **Information Technology (12.7%)** | **Information Technology (12.7%)** | **Information Technology (12.7%)** | **Information Technology (12.7%)** |
|  ***Communications Equipment (1.7%)*** | ***Communications Equipment (1.7%)*** | ***Communications Equipment (1.7%)*** | ***Communications Equipment (1.7%)*** |
|  Ciena Corp.\* | 30830 |  | 7210212 |
|  Lumentum Holdings, Inc.(x)\* | 15487 |  | 5708354 |
|  |  |  | 12918566 |
|  ***Electronic Equipment, Instruments & Components (3.4%)*** | ***Electronic Equipment, Instruments & Components (3.4%)*** | ***Electronic Equipment, Instruments & Components (3.4%)*** | ***Electronic Equipment, Instruments & Components (3.4%)*** |
|  Arrow Electronics, Inc.\* | 11499 |  | 1266960 |
|  Avnet, Inc. | 18350 |  | 882268 |
|  Belden, Inc. | 8661 |  | 1009440 |
|  Cognex Corp. | 36659 |  | 1318991 |
|  Coherent Corp.\* | 34290 |  | 6328905 |
|  Crane NXT Co. | 11059 |  | 520547 |
|  Fabrinet\* | 7773 |  | 3538891 |
|  Flex Ltd.\* | 80826 |  | 4883507 |
|  IPG Photonics Corp.\* | 5123 |  | 366807 |
|  Littelfuse, Inc. | 5511 |  | 1393842 |
|  Novanta, Inc.\* | 7805 |  | 928717 |
|  TD SYNNEX Corp. | 16666 |  | 2503733 |
|  Vontier Corp. | 32748 |  | 1217571 |
|  |  |  | 26160179 |
|  ***IT Services (1.2%)*** | ***IT Services (1.2%)*** | ***IT Services (1.2%)*** | ***IT Services (1.2%)*** |
|  ASGN, Inc.\* | 9778 |  | 471006 |
|  Kyndryl Holdings, Inc.\* | 50306 |  | 1336127 |
|  Okta, Inc.\* | 36708 |  | 3174141 |
|  Twilio, Inc., Class A\* | 33133 |  | 4712838 |
|  |  |  | 9694112 |
|  ***Semiconductors & Semiconductor Equipment (2.5%)*** | ***Semiconductors & Semiconductor Equipment (2.5%)*** | ***Semiconductors & Semiconductor Equipment (2.5%)*** | ***Semiconductors & Semiconductor Equipment (2.5%)*** |
|  Allegro MicroSystems, Inc.\* | 27018 |  | 712735 |
|  Amkor Technology, Inc. | 24964 |  | 985579 |
|  Cirrus Logic, Inc.\* | 10736 |  | 1272216 |
|  Entegris, Inc. | 33072 |  | 2786316 |
|  Lattice Semiconductor Corp.\* | 29599 |  | 2177894 |
|  MACOM Technology Solutions Holdings, Inc.\* | 13908 |  | 2382162 |
|  MKS, Inc. | 14596 |  | 2332441 |
|  Onto Innovation, Inc.\* | 10579 |  | 1670001 |
|  Rambus, Inc.\* | 23231 |  | 2134696 |
|  Silicon Laboratories, Inc.\* | 7134 |  | 932414 |
|  Synaptics, Inc.\* | 8797 |  | 651154 |
|  Universal Display Corp. | 9369 |  | 1094112 |
|  |  |  | 19131720 |
|  ***Software (3.3%)*** | ***Software (3.3%)*** | ***Software (3.3%)*** | ***Software (3.3%)*** |
|  Appfolio, Inc., Class A\* | 4862 |  | 1131144 |
|  Bentley Systems, Inc., Class B | 32998 |  | 1259369 |
|  BILL Holdings, Inc.\* | 19673 |  | 1072965 |
|  Blackbaud, Inc.\* | 8019 |  | 507763 |
|  Commvault Systems, Inc.\* | 9550 |  | 1197188 |
|  Docusign, Inc.\* | 43700 |  | 2989080 |
|  Dolby Laboratories, Inc., Class A | 13038 |  | 837300 |
|  Dropbox, Inc., Class A\* | 38530 |  | 1071134 |
|  Dynatrace, Inc.\* | 66271 |  | 2872185 |

---

See Notes to Financial Statements.

------

EQ/400 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Guidewire Software, Inc.\* | 18547 | $| 3728132 |
|  Manhattan Associates, Inc.\* | 12928 |  | 2240552 |
|  Nutanix, Inc., Class A\* | 58769 |  | 3037770 |
|  Pegasystems, Inc. | 19746 |  | 1179231 |
|  Qualys, Inc.\* | 7604 |  | 1010572 |
|  UiPath, Inc., Class A\* | 91745 |  | 1503701 |
|  |  |  | 25638086 |
|  ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** |
|  Pure Storage, Inc., Class A\* | 68137 |  | 4565860 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 98108523 |
|  **Materials (4.9%)** | **Materials (4.9%)** | **Materials (4.9%)** | **Materials (4.9%)** |
|  ***Chemicals (1.2%)*** | ***Chemicals (1.2%)*** | ***Chemicals (1.2%)*** | ***Chemicals (1.2%)*** |
|  Ashland, Inc. | 9931 |  | 582652 |
|  Avient Corp. | 20155 |  | 629642 |
|  Axalta Coating Systems Ltd.\* | 47718 |  | 1541768 |
|  Cabot Corp. | 12093 |  | 801524 |
|  NewMarket Corp. | 1681 |  | 1155284 |
|  Olin Corp. | 26078 |  | 543205 |
|  RPM International, Inc. | 28198 |  | 2932592 |
|  Scotts Miracle-Gro Co. (The) | 9257 |  | 540146 |
|  Westlake Corp.(x) | 7539 |  | 557434 |
|  |  |  | 9284247 |
|  ***Construction Materials (0.3%)*** | ***Construction Materials (0.3%)*** | ***Construction Materials (0.3%)*** | ***Construction Materials (0.3%)*** |
|  Eagle Materials, Inc. | 6998 |  | 1446347 |
|  Knife River Corp.\* | 12178 |  | 856722 |
|  |  |  | 2303069 |
|  ***Containers & Packaging (1.0%)*** | ***Containers & Packaging (1.0%)*** | ***Containers & Packaging (1.0%)*** | ***Containers & Packaging (1.0%)*** |
|  AptarGroup, Inc. | 14377 |  | 1753419 |
|  Crown Holdings, Inc. | 25059 |  | 2580325 |
|  Graphic Packaging Holding Co. | 66480 |  | 1001189 |
|  Greif, Inc., Class A | 5385 |  | 364565 |
|  Silgan Holdings, Inc. | 19131 |  | 772318 |
|  Sonoco Products Co. | 20999 |  | 916396 |
|  |  |  | 7388212 |
|  ***Metals & Mining (2.3%)*** | ***Metals & Mining (2.3%)*** | ***Metals & Mining (2.3%)*** | ***Metals & Mining (2.3%)*** |
|  Alcoa Corp. | 57164 |  | 3037695 |
|  Cleveland-Cliffs, Inc.\* | 123969 |  | 1646308 |
|  Commercial Metals Co. | 23919 |  | 1655673 |
|  Hecla Mining Co. | 146386 |  | 2809148 |
|  MP Materials Corp.(x)\* | 29662 |  | 1498524 |
|  Reliance, Inc. | 11361 |  | 3281852 |
|  Royal Gold, Inc. | 17677 |  | 3929420 |
|  |  |  | 17858620 |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** |
|  Louisiana-Pacific Corp. | 13722 |  | 1108189 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 37942337 |
|  **Real Estate (5.8%)** | **Real Estate (5.8%)** | **Real Estate (5.8%)** | **Real Estate (5.8%)** |
|  ***Diversified REITs (0.4%)*** | ***Diversified REITs (0.4%)*** | ***Diversified REITs (0.4%)*** | ***Diversified REITs (0.4%)*** |
|  WP Carey, Inc. (REIT) | 48180 |  | 3100865 |
|  ***Health Care REITs (0.7%)*** | ***Health Care REITs (0.7%)*** | ***Health Care REITs (0.7%)*** | ***Health Care REITs (0.7%)*** |
|  Healthcare Realty Trust, Inc. (REIT), Class A | 76837 |  | 1302387 |
|  Omega Healthcare Investors, Inc. (REIT) | 64278 |  | 2850087 |
|  Sabra Health Care REIT, Inc. (REIT) | 52316 |  | 990865 |
|  |  |  | 5143339 |
|  ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** |
|  Park Hotels & Resorts, Inc. (REIT) | 46775 |  | 489266 |
|  ***Industrial REITs (0.9%)*** | ***Industrial REITs (0.9%)*** | ***Industrial REITs (0.9%)*** | ***Industrial REITs (0.9%)*** |
|  EastGroup Properties, Inc. (REIT) | 11464 |  | 2042197 |
|  First Industrial Realty Trust, Inc. (REIT) | 28907 |  | 1655504 |
|  Rexford Industrial Realty, Inc. (REIT) | 50550 |  | 1957296 |
|  STAG Industrial, Inc. (REIT) | 40330 |  | 1482531 |
|  |  |  | 7137528 |
|  ***Office REITs (0.5%)*** | ***Office REITs (0.5%)*** | ***Office REITs (0.5%)*** | ***Office REITs (0.5%)*** |
|  COPT Defense Properties (REIT) | 23289 |  | 647434 |
|  Cousins Properties, Inc. (REIT) | 34843 |  | 898253 |
|  Kilroy Realty Corp. (REIT) | 23587 |  | 881446 |
|  Vornado Realty Trust (REIT) | 35801 |  | 1191457 |
|  |  |  | 3618590 |
|  ***Real Estate Management & Development (0.4%)*** | ***Real Estate Management & Development (0.4%)*** | ***Real Estate Management & Development (0.4%)*** | ***Real Estate Management & Development (0.4%)*** |
|  Jones Lang LaSalle, Inc.\* | 10299 |  | 3465305 |
|  ***Residential REITs (0.7%)*** | ***Residential REITs (0.7%)*** | ***Residential REITs (0.7%)*** | ***Residential REITs (0.7%)*** |
|  American Homes 4 Rent (REIT), Class A | 72107 |  | 2314635 |
|  Equity LifeStyle Properties, Inc. (REIT) | 43083 |  | 2611260 |
|  Independence Realty Trust, Inc. (REIT) | 46893 |  | 819690 |
|  |  |  | 5745585 |
|  ***Retail REITs (0.8%)*** | ***Retail REITs (0.8%)*** | ***Retail REITs (0.8%)*** | ***Retail REITs (0.8%)*** |
|  Agree Realty Corp. (REIT) | 23969 |  | 1726487 |
|  Brixmor Property Group, Inc. (REIT) | 69593 |  | 1824728 |
|  Kite Realty Group Trust (REIT) | 43665 |  | 1046650 |
|  NNN REIT, Inc. (REIT) | 43190 |  | 1711620 |
|  |  |  | 6309485 |
|  ***Specialized REITs (1.3%)*** | ***Specialized REITs (1.3%)*** | ***Specialized REITs (1.3%)*** | ***Specialized REITs (1.3%)*** |
|  CubeSmart (REIT) | 50870 |  | 1833864 |
|  EPR Properties (REIT) | 16326 |  | 814667 |
|  Gaming and Leisure Properties, Inc. (REIT) | 63670 |  | 2845412 |
|  Lamar Advertising Co. (REIT), Class A | 19117 |  | 2419830 |
|  National Storage Affiliates Trust (REIT) | 15823 |  | 446367 |
|  PotlatchDeltic Corp. (REIT) | 14920 |  | 593518 |
|  Rayonier, Inc. (REIT) | 31873 |  | 690050 |
|  |  |  | 9643708 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 44653671 |
|  **Utilities (3.0%)** | **Utilities (3.0%)** | **Utilities (3.0%)** | **Utilities (3.0%)** |
|  ***Electric Utilities (0.8%)*** | ***Electric Utilities (0.8%)*** | ***Electric Utilities (0.8%)*** | ***Electric Utilities (0.8%)*** |
|  IDACORP, Inc. | 11780 |  | 1490877 |
|  OGE Energy Corp. | 47767 |  | 2039651 |
|  Portland General Electric Co. | 24911 |  | 1195479 |
|  TXNM Energy, Inc. | 21062 |  | 1240130 |
|  |  |  | 5966137 |
|  ***Gas Utilities (1.0%)*** | ***Gas Utilities (1.0%)*** | ***Gas Utilities (1.0%)*** | ***Gas Utilities (1.0%)*** |
|  National Fuel Gas Co. | 19502 |  | 1561330 |
|  New Jersey Resources Corp. | 22015 |  | 1015332 |

---

See Notes to Financial Statements.

------

EQ/400 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ONE Gas, Inc. | 12874 | $994516 |
|  Southwest Gas Holdings, Inc. | 14053 | 1124521 |
|  Spire, Inc. | 12855 | 1063109 |
|  UGI Corp. | 46842 | 1753296 |
|  |  | 7512104 |
|  ***Independent Power and Renewable Electricity Producers (0.7%)*** | ***Independent Power and Renewable Electricity Producers (0.7%)*** | ***Independent Power and Renewable Electricity Producers (0.7%)*** |
|  Ormat Technologies, Inc. | 13218 | 1460193 |
|  Talen Energy Corp.\* | 9987 | 3743527 |
|  |  | 5203720 |
|  ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** |
|  Black Hills Corp. | 16537 | 1147999 |
|  Northwestern Energy Group, Inc. | 12965 | 836761 |
|  |  | 1984760 |
|  ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** |
|  Essential Utilities, Inc. | 62567 | 2400070 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** | 23066791 |
|  **Total Common Stocks (90.7%)**<br> *(Cost $465,688,100)* | **Total Common Stocks (90.7%)**<br> *(Cost $465,688,100)* | 698397670 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (4.5%)** | **Investment Companies (4.5%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 2449588 | 2449588 |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 32377621 | 32390572 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 34840160 |
|  **Total Short-Term Investments (4.5%)**<br> *(Cost $34,835,643)* | **Total Short-Term Investments (4.5%)**<br> *(Cost $34,835,643)* | 34840160 |
|  **Total Investments in Securities (95.2%)**<br> *(Cost $500,523,743)* |  | 733237830 |
|  **Other Assets Less Liabilities (4.8%)** |  | 36934562 |
|  **Net Assets (100%)** |  | $770172392 |

---

*\** *Non-income producing.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $20,454,241. This was collateralized by $18,729,170 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/29/26 – 8/15/55 and by cash of $2,449,588 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*REIT — Real Estate Investment Trust* 

*USD — United States Dollar* 

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P Midcap 400 E-Mini Index | 217 | 3/2026 | USD | 72156840 | (1052472) |
|  |  |  |  |  | (1052472) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $13955608 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $13955608 |
|  Consumer Discretionary | 80761768 |  |  | 80761768 |
|  Consumer Staples | 29909976 |  |  | 29909976 |
|  Energy | 27563244 |  |  | 27563244 |

---

See Notes to Financial Statements.

------

EQ/400 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  Financials | $116132495 | $— | $— | $116132495 |
|  Health Care | 61869488 |  |  | 61869488 |
|  Industrials | 164433769 |  |  | 164433769 |
|  Information Technology | 98108523 |  |  | 98108523 |
|  Materials | 37942337 |  |  | 37942337 |
|  Real Estate | 44653671 |  |  | 44653671 |
|  Utilities | 23066791 |  |  | 23066791 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 34840160 |  |  | 34840160 |
|  **Total Assets** | $**733237830** | $**—** | $**—** | $**733237830** |
|  **Liabilities:** |  |  |  |  |
|  **Futures** | $(1052472) | $— | $— | $(1052472) |
|  **Total Liabilities** | $**(1052472)** | $**—** | $**—** | $**(1052472)** |
|  **Total** | $**732185358** | $**—** | $**—** | $**732185358** |

---

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(1052472) |
|  **Total** |  | $(1052472) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(25386617) | $(25386617) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25386617) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25386617) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $3532076 | $3532076 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3532076 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3532076 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $74175000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106024000 |

---

See Notes to Financial Statements.

------

EQ/400 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $98657493 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205768089 |

---

During the year ended December 31, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 26%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 19%)\*** | **Net Realized<br>Gain (Loss)** |
| $25609846 | $39623423 | $13385219 |

---

\* Represents percentage/amount of total Purchases and/or Sales.

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $275571616 |
|  Aggregate gross unrealized depreciation | (42944795) |
|  Net unrealized appreciation | $232626821 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499558537 |

---

See Notes to Financial Statements.

------

EQ/400 MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $500,523,743) | $733237830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 36555998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 5156100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 841096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 7668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 3929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 775805804 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 2449588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 1504427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 832726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 332875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 298156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 81945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 63056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 70639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5633412 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $770172392 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $565818402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 204353990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $770172392 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $293,626,544 / 13,414,241 shares outstanding (unlimited amount authorized: $0.01 par value) | $21.89 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $476,545,848 / 21,397,802 shares outstanding (unlimited amount authorized: $0.01 par value) | $22.27 |

---

*(x)* *Includes value of securities on loan of $20,454,241.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $8,468 foreign withholding tax) | $11870358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1715982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 42385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 13628725 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3527348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 978552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 745428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 90273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 66000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 52100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 27623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recoupment fees | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 33145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 5520834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (72977) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 5447857 |
|  **NET INVESTMENT INCOME (LOSS)** | 8180868 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 62753207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (25386617) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 37366590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (24557221) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 3532076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (21025145) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 16341445 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $24522313 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/400 MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $8180868 | $9811473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 37366590 | 78111831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (21025145) | 20222906 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 24522313 | 108146210 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (25973297) | (32236449) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (42591373) | (53032711) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (68564670) | (85269160) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 598,330 and 525,987 shares, respectively ] | 13304063 | 12713930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,157,272 and 1,318,487 shares, respectively ] | 25973297 | 32236449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2295250) and (2511652) shares, respectively ] | (51946189) | (60823677) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (12668829) | (15873298) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 407,726 and 165,657 shares, respectively ] | 8669499 | 4038109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,865,675 and 2,135,267 shares, respectively ] | 42591373 | 53032711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3221551) and (2913329) shares, respectively ] | (73276633) | (72485961) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (22015761) | (15415141) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (34684590) | (31288439) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (78726947) | (8411389) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 848899339 | 857310728 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $770172392 | $848899339 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/400 MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $23.16 | $22.62 | $20.34 | $24.94 | $22.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.20 | 0.23 | 0.22 | 0.15 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.58 | 2.77 | 2.91 | (4.03) | 5.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.78 | 3.00 | 3.13 | (3.88) | 5.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.21) | (0.26) | (0.26) | (0.16) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.84) | (2.20) | (0.59) | (0.56) | (3.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.05) | (2.46) | (0.85) | (0.72) | (3.37) |
|  Net asset value, end of year | $21.89 | $23.16 | $22.62 | $20.34 | $24.94 |
|  Total return | 3.31% | 12.88% | 15.44% | (15.50)% | 23.63% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $293627 | $323181 | $330710 | $319557 | $427324 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.85% | 0.85% | 0.85% | 0.85% | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.86% | 0.86% | 0.86% | 0.85% | 0.84% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.89% | 0.97% | 1.04% | 0.70% | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.88% | 0.96% | 1.03% | 0.70% | 0.32% |
|  Portfolio turnover rate^ | 14% | 15% | 18% | 19% | 17% |
| **Class K** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $23.53 | $22.94 | $20.61 | $25.27 | $23.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.26 | 0.30 | 0.28 | 0.22 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.59 | 2.81 | 2.95 | (4.10) | 5.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.85 | 3.11 | 3.23 | (3.88) | 5.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.27) | (0.32) | (0.31) | (0.22) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.84) | (2.20) | (0.59) | (0.56) | (3.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.11) | (2.52) | (0.90) | (0.78) | (3.43) |
|  Net asset value, end of year | $22.27 | $23.53 | $22.94 | $20.61 | $25.27 |
|  Total return | 3.55% | 13.17% | 15.74% | (15.32)% | 24.00% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $476546 | $525718 | $526601 | $521449 | $497765 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.60% | 0.60% | 0.60% | 0.60% | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.61% | 0.61% | 0.61% | 0.60% | 0.59% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.14% | 1.22% | 1.29% | 0.98% | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.13% | 1.21% | 1.28% | 0.98% | 0.56% |
|  Portfolio turnover rate^ | 14% | 15% | 18% | 19% | 17% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (2.5%)** | **Communication Services (2.5%)** | **Communication Services (2.5%)** |
|  ***Diversified Telecommunication Services (0.5%)*** | ***Diversified Telecommunication Services (0.5%)*** | ***Diversified Telecommunication Services (0.5%)*** |
|  Anterix, Inc.\* | 11883 | $259406 |
|  ATN International, Inc. | 9542 | 217557 |
|  Bandwidth, Inc., Class A\* | 31344 | 484265 |
|  Cogent Communications Holdings, Inc.(x) | 53455 | 1152490 |
|  Globalstar, Inc.\* | 54218 | 3309467 |
|  IDT Corp., Class B | 17770 | 910002 |
|  Liberty Latin America Ltd., Class A\* | 30523 | 225565 |
|  Liberty Latin America Ltd., Class C\* | 142906 | 1066079 |
|  Lumen Technologies, Inc.\* | 1030724 | 8008725 |
|  Shenandoah Telecommunications Co. | 53353 | 616760 |
|  Uniti Group, Inc. | 179168 | 1255968 |
|  |  | 17506284 |
|  ***Entertainment (0.5%)*** | ***Entertainment (0.5%)*** | ***Entertainment (0.5%)*** |
|  AMC Entertainment Holdings, Inc., Class A(x)\* | 551139 | 859777 |
|  Atlanta Braves Holdings, Inc., Class A(x)\* | 7565 | 321437 |
|  Atlanta Braves Holdings, Inc., Class C\* | 48797 | 1925042 |
|  Cinemark Holdings, Inc. | 112243 | 2608527 |
|  CuriosityStream, Inc. | 36863 | 140079 |
|  Eventbrite, Inc., Class A\* | 77261 | 343812 |
|  Gaia, Inc., Class A\* | 16640 | 60403 |
|  Golden Matrix Group, Inc.(x)\* | 21703 | 17380 |
|  IMAX Corp.\* | 47403 | 1752015 |
|  Lionsgate Studios Corp.\* | 221954 | 2026440 |
|  Madison Square Garden Entertainment Corp., Class A\* | 42937 | 2313875 |
|  Marcus Corp. (The) | 23345 | 362081 |
|  Playstudios, Inc.\* | 101675 | 66241 |
|  Playtika Holding Corp. | 64785 | 255901 |
|  Reservoir Media, Inc.(x)\* | 22437 | 169848 |
|  Sphere Entertainment Co.(x)\* | 30090 | 2860957 |
|  Starz Entertainment Corp. | 14880 | 174096 |
|  Vivid Seats, Inc., Class A(x)\* | 3921 | 28270 |
|  |  | 16286181 |
|  ***Interactive Media & Services (0.5%)*** | ***Interactive Media & Services (0.5%)*** | ***Interactive Media & Services (0.5%)*** |
|  Angi, Inc., Class A\* | 38694 | 500313 |
|  Arena Group Holdings, Inc. (The)(x)\* | 13908 | 55632 |
|  Bumble, Inc., Class A\* | 85680 | 305878 |
|  Cargurus, Inc., Class A\* | 88818 | 3406170 |
|  Cars.com, Inc.\* | 57708 | 704038 |
|  EverQuote, Inc., Class A\* | 31770 | 857790 |
|  fuboTV, Inc.\* | 371304 | 935686 |
|  Getty Images Holdings, Inc.(x)\* | 118834 | 159238 |
|  Grindr, Inc.\* | 34385 | 465573 |
|  MediaAlpha, Inc., Class A\* | 38585 | 499676 |
|  Nextdoor Holdings, Inc.\* | 239081 | 502070 |
|  QuinStreet, Inc.\* | 60023 | 862531 |
|  Rumble, Inc.(x)\* | 119935 | 757989 |
|  Shutterstock, Inc. | 25005 | 477596 |
|  Teads Holding Co.(x)\* | 44896 | 31602 |
|  Travelzoo\* | 6847 | 48751 |
|  TripAdvisor, Inc.(x)\* | 123543 | 1798786 |
|  TrueCar, Inc.\* | 100496 | 227121 |
|  Webtoon Entertainment, Inc.(x)\* | 20948 | 272952 |
|  Yelp, Inc., Class A\* | 65029 | 1976231 |
|  Ziff Davis, Inc.\* | 43653 | 1534403 |
|  ZipRecruiter, Inc., Class A\* | 64357 | 250992 |
|  |  | 16631018 |
|  ***Media (0.9%)*** | ***Media (0.9%)*** | ***Media (0.9%)*** |
|  Advantage Solutions, Inc.(x)\* | 120461 | 106006 |
|  AMC Networks, Inc., Class A\* | 32072 | 305325 |
|  Boston Omaha Corp., Class A(x)\* | 26286 | 325158 |
|  Cable One, Inc. | 5676 | 640537 |
|  EchoStar Corp., Class A(x)\* | 146611 | 15936616 |
|  Emerald Holding, Inc.(x) | 19145 | 85578 |
|  Entravision Communications Corp., Class A | 73253 | 214631 |
|  EW Scripps Co. (The), Class A\* | 69908 | 278933 |
|  Gambling.com Group Ltd.\* | 19934 | 108840 |
|  Gray Media, Inc. | 94149 | 455681 |
|  Ibotta, Inc., Class A(x)\* | 15258 | 346814 |
|  iHeartMedia, Inc., Class A\* | 135639 | 564258 |
|  John Wiley & Sons, Inc., Class A | 43782 | 1341043 |
|  Magnite, Inc.\* | 151168 | 2453457 |
|  National CineMedia, Inc. | 75428 | 293415 |
|  Newsmax, Inc., Class B(x)\* | 50097 | 387250 |
|  Nexxen International Ltd.\* | 34084 | 222909 |
|  Optimum Communications, Inc., Class A\* | 300164 | 495270 |
|  PubMatic, Inc., Class A\* | 40830 | 362162 |
|  Scholastic Corp. | 22807 | 675771 |
|  Sinclair, Inc. | 41029 | 627744 |
|  Stagwell, Inc., Class A(x)\* | 121161 | 592477 |
|  TechTarget, Inc.\* | 30489 | 164641 |
|  TEGNA, Inc. | 173942 | 3376214 |
|  Thryv Holdings, Inc.\* | 43344 | 262231 |
|  USA TODAY Co., Inc.(x)\* | 152166 | 783655 |
|  |  | 31406616 |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** |
|  Gogo, Inc.\* | 87046 | 405634 |
|  Spok Holdings, Inc. | 22809 | 300851 |
|  Telephone and Data Systems, Inc. | 107212 | 4395692 |
|  |  | 5102177 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 86932276 |
|  **Consumer Discretionary (8.1%)** | **Consumer Discretionary (8.1%)** | **Consumer Discretionary (8.1%)** |
|  ***Automobile Components (1.0%)*** | ***Automobile Components (1.0%)*** | ***Automobile Components (1.0%)*** |
|  Adient plc\* | 87957 | 1686136 |
|  American Axle & Manufacturing Holdings, Inc.(x)\* | 124827 | 800141 |
|  Cooper-Standard Holdings, Inc.\* | 17448 | 572818 |
|  Dana, Inc. | 127483 | 3028996 |
|  Dorman Products, Inc.\* | 29866 | 3679192 |
|  Fox Factory Holding Corp.\* | 46870 | 801946 |
|  Garrett Motion, Inc. | 171719 | 2993062 |
|  Gentherm, Inc.\* | 32245 | 1172751 |
|  Goodyear Tire & Rubber Co. (The)\* | 297315 | 2604479 |
|  Holley, Inc.\* | 80687 | 333237 |
|  LCI Industries | 25623 | 3109095 |
|  Motorcar Parts of America, Inc.\* | 15048 | 185692 |
|  Patrick Industries, Inc. | 35265 | 3823784 |
|  Phinia, Inc. | 41249 | 2585900 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Solid Power, Inc.(x)\* | 164557 | $| 699367 |
|  Standard Motor Products, Inc. | 23409 |  | 862622 |
|  Strattec Security Corp.\* | 4369 |  | 332656 |
|  Visteon Corp. | 29737 |  | 2827989 |
|  XPEL, Inc.(m)\* | 27429 |  | 1368981 |
|  |  |  | 33468844 |
|  ***Automobiles (0.0%)†*** | ***Automobiles (0.0%)†*** | ***Automobiles (0.0%)†*** | ***Automobiles (0.0%)†*** |
|  Faraday Future Intelligent Electric, Inc., Class A(x)\* | 157258 |  | 160403 |
|  Livewire Group, Inc.(x)\* | 40802 |  | 180345 |
|  Winnebago Industries, Inc. | 29588 |  | 1198906 |
|  |  |  | 1539654 |
|  ***Broadline Retail (0.1%)*** | ***Broadline Retail (0.1%)*** | ***Broadline Retail (0.1%)*** | ***Broadline Retail (0.1%)*** |
|  Groupon, Inc.\* | 29200 |  | 514212 |
|  Kohl's Corp. | 117943 |  | 2407216 |
|  Savers Value Village, Inc.\* | 42958 |  | 401228 |
|  |  |  | 3322656 |
|  ***Distributors (0.1%)*** |  |  |  |
|  GigaCloud Technology, Inc., Class A(x)\* | 26509 |  | 1041273 |
|  Gold.com, Inc. | 20404 |  | 694756 |
|  Weyco Group, Inc. | 6830 |  | 208930 |
|  |  |  | 1944959 |
|  ***Diversified Consumer Services (1.0%)*** | ***Diversified Consumer Services (1.0%)*** | ***Diversified Consumer Services (1.0%)*** | ***Diversified Consumer Services (1.0%)*** |
|  Adtalem Global Education, Inc.\* | 38801 |  | 4014739 |
|  American Public Education, Inc.\* | 18646 |  | 704819 |
|  Carriage Services, Inc., Class A | 15132 |  | 640084 |
|  Coursera, Inc.\* | 154743 |  | 1138909 |
|  Driven Brands Holdings, Inc.(x)\* | 65728 |  | 974089 |
|  European Wax Center, Inc., Class A\* | 34493 |  | 124175 |
|  Frontdoor, Inc.\* | 79339 |  | 4577067 |
|  Graham Holdings Co., Class B | 3484 |  | 3827522 |
|  KinderCare Learning Cos., Inc.\* | 36501 |  | 157684 |
|  Laureate Education, Inc.\* | 137995 |  | 4646292 |
|  Lincoln Educational Services Corp.\* | 31603 |  | 763212 |
|  Matthews International Corp., Class A(x) | 32694 |  | 853967 |
|  McGraw Hill, Inc.\* | 30878 |  | 509487 |
|  Mister Car Wash, Inc.\* | 113244 |  | 629637 |
|  Nerdy, Inc.(x)\* | 72459 |  | 75357 |
|  OneSpaWorld Holdings Ltd. | 109183 |  | 2264455 |
|  Perdoceo Education Corp. | 72734 |  | 2133288 |
|  Phoenix Education Partners, Inc.\* | 4339 |  | 131472 |
|  Strategic Education, Inc. | 25173 |  | 2018875 |
|  Stride, Inc.\* | 46155 |  | 2996844 |
|  Udemy, Inc.\* | 100996 |  | 590827 |
|  Universal Technical Institute, Inc.\* | 50174 |  | 1311047 |
|  Zspace, Inc.(x)\* | 2748 |  | 1294 |
|  |  |  | 35085142 |
|  ***Hotels, Restaurants & Leisure (1.5%)*** | ***Hotels, Restaurants & Leisure (1.5%)*** | ***Hotels, Restaurants & Leisure (1.5%)*** | ***Hotels, Restaurants & Leisure (1.5%)*** |
|  Accel Entertainment, Inc., Class A\* | 57361 |  | 654489 |
|  Bally's Corp.\* | 11098 |  | 183339 |
|  Biglari Holdings, Inc., Class B\* | 810 |  | 269268 |
|  BJ's Restaurants, Inc.\* | 22381 |  | 881811 |
|  Black Rock Coffee Bar, Inc., Class A\* | 10400 |  | 231400 |
|  Bloomin' Brands, Inc. | 88231 |  | 544385 |
|  Brightstar Lottery plc | 113030 |  | 1749704 |
|  Brinker International, Inc.\* | 47897 |  | 6874177 |
|  Cheesecake Factory, Inc. (The)(x) | 50200 |  | 2534096 |
|  Cracker Barrel Old Country Store, Inc.(x) | 24316 |  | 617626 |
|  Dave & Buster's Entertainment, Inc.(x)\* | 28349 |  | 459537 |
|  Denny's Corp.\* | 57432 |  | 357227 |
|  Dine Brands Global, Inc.(x) | 15873 |  | 510158 |
|  El Pollo Loco Holdings, Inc.\* | 30018 |  | 313988 |
|  First Watch Restaurant Group, Inc.\* | 58737 |  | 885754 |
|  Genius Sports Ltd.\* | 236225 |  | 2603200 |
|  Global Business Travel Group I(x)\* | 137910 |  | 1055012 |
|  Golden Entertainment, Inc. | 20701 |  | 562860 |
|  Hilton Grand Vacations, Inc.\* | 65966 |  | 2951979 |
|  Inspired Entertainment, Inc.\* | 28720 |  | 268819 |
|  Jack in the Box, Inc.(x) | 19430 |  | 368199 |
|  Krispy Kreme, Inc.(x) | 89755 |  | 360815 |
|  Kura Sushi USA, Inc., Class A(x)\* | 7356 |  | 384940 |
|  Life Time Group Holdings, Inc.\* | 163181 |  | 4337351 |
|  Lindblad Expeditions Holdings, Inc.\* | 42740 |  | 616311 |
|  Marriott Vacations Worldwide Corp.(x) | 30069 |  | 1734681 |
|  Monarch Casino & Resort, Inc. | 13981 |  | 1337982 |
|  Nathan's Famous, Inc. | 3018 |  | 282394 |
|  Navan, Inc., Class A\* | 39480 |  | 674318 |
|  Papa John's International, Inc. | 35276 |  | 1357773 |
|  Portillo's, Inc., Class A(x)\* | 66385 |  | 301388 |
|  Pursuit Attractions and Hospitality, Inc.\* | 22674 |  | 763660 |
|  RCI Hospitality Holdings, Inc.(x) | 9441 |  | 225073 |
|  Red Rock Resorts, Inc., Class A | 52491 |  | 3251818 |
|  Rush Street Interactive, Inc.\* | 99351 |  | 1930390 |
|  Sabre Corp.\* | 382866 |  | 520698 |
|  Serve Robotics, Inc.(x)\* | 67486 |  | 700505 |
|  Shake Shack, Inc., Class A\* | 41975 |  | 3407111 |
|  Six Flags Entertainment Corp.(x)\* | 103404 |  | 1586217 |
|  Super Group SGHC Ltd. | 172239 |  | 2058256 |
|  Sweetgreen, Inc., Class A(x)\* | 112804 |  | 762555 |
|  Target Hospitality Corp.\* | 32779 |  | 262560 |
|  United Parks & Resorts, Inc.(x)\* | 28832 |  | 1046602 |
|  Xponential Fitness, Inc., Class A\* | 32608 |  | 268364 |
|  |  |  | 53048790 |
|  ***Household Durables (1.5%)*** |  |  |  |
|  Bassett Furniture Industries, Inc. | 6743 |  | 113013 |
|  Beazer Homes USA, Inc.\* | 31178 |  | 631978 |
|  Cavco Industries, Inc.\* | 8421 |  | 4974622 |
|  Century Communities, Inc. | 27817 |  | 1650939 |
|  Champion Homes, Inc.\* | 61134 |  | 5165823 |
|  Cricut, Inc., Class A | 53239 |  | 263533 |
|  Dream Finders Homes, Inc., Class A\* | 31499 |  | 538633 |
|  Ethan Allen Interiors, Inc. | 23704 |  | 541399 |
|  Flexsteel Industries, Inc. | 4414 |  | 174309 |
|  Green Brick Partners, Inc.\* | 33759 |  | 2115339 |
|  Hamilton Beach Brands Holding Co., Class A | 9577 |  | 157542 |
|  Helen of Troy Ltd.\* | 24984 |  | 530910 |
|  Hovnanian Enterprises, Inc., Class A\* | 5363 |  | 523107 |
|  Installed Building Products, Inc.(x) | 25082 |  | 6506020 |
|  KB Home | 68261 |  | 3850603 |
|  La-Z-Boy, Inc. | 44712 |  | 1666416 |
|  Legacy Housing Corp.\* | 10136 |  | 197855 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Leggett & Platt, Inc. | 141789 | $| 1559679 |
|  LGI Homes, Inc.\* | 21721 |  | 933134 |
|  Lovesac Co. (The)\* | 16699 |  | 246310 |
|  M/I Homes, Inc.\* | 28283 |  | 3618810 |
|  Meritage Homes Corp. | 74659 |  | 4912562 |
|  Sonos, Inc.\* | 129175 |  | 2268313 |
|  Taylor Morrison Home Corp., Class A\* | 103358 |  | 6084685 |
|  Traeger, Inc.\* | 41969 |  | 45326 |
|  Tri Pointe Homes, Inc.\* | 91297 |  | 2873117 |
|  |  |  | 52143977 |
|  ***Leisure Products (0.4%)*** |  |  |  |
|  Acushnet Holdings Corp. | 29753 |  | 2374884 |
|  American Outdoor Brands, Inc.(x)\* | 12595 |  | 97359 |
|  Clarus Corp. | 35111 |  | 117622 |
|  Escalade, Inc. | 11574 |  | 156133 |
|  Funko, Inc., Class A\* | 37937 |  | 128986 |
|  JAKKS Pacific, Inc. | 10651 |  | 179789 |
|  Johnson Outdoors, Inc., Class A | 5960 |  | 253002 |
|  Latham Group, Inc.\* | 53484 |  | 339623 |
|  Malibu Boats, Inc., Class A\* | 20037 |  | 565244 |
|  Marine Products Corp. | 10495 |  | 91936 |
|  MasterCraft Boat Holdings, Inc.\* | 15911 |  | 300877 |
|  Peloton Interactive, Inc., Class A\* | 422399 |  | 2601978 |
|  Polaris, Inc.(x) | 57686 |  | 3648640 |
|  Smith & Wesson Brands, Inc. | 46159 |  | 455589 |
|  Sturm Ruger & Co., Inc. | 15189 |  | 495921 |
|  Topgolf Callaway Brands Corp.\* | 141925 |  | 1656265 |
|  |  |  | 13463848 |
|  ***Specialty Retail (2.0%)*** | ***Specialty Retail (2.0%)*** | ***Specialty Retail (2.0%)*** | ***Specialty Retail (2.0%)*** |
|  1-800-Flowers.com, Inc., Class A(x)\* | 29659 |  | 116560 |
|  Abercrombie & Fitch Co., Class A\* | 50342 |  | 6336548 |
|  Academy Sports & Outdoors, Inc. | 71789 |  | 3586579 |
|  Advance Auto Parts, Inc.(x) | 64820 |  | 2547426 |
|  American Eagle Outfitters, Inc. | 172472 |  | 4548087 |
|  America's Car-Mart, Inc.(x)\* | 8812 |  | 222591 |
|  Arhaus, Inc., Class A\* | 53079 |  | 595016 |
|  Arko Corp.(x) | 78444 |  | 356136 |
|  Asbury Automotive Group, Inc.\* | 21012 |  | 4885920 |
|  BARK, Inc.(x)\* | 118757 |  | 71551 |
|  Barnes & Noble Education, Inc.(x)\* | 16981 |  | 156055 |
|  Bed Bath & Beyond, Inc.\* | 73922 |  | 403614 |
|  Boot Barn Holdings, Inc.\* | 33253 |  | 5868157 |
|  Buckle, Inc. (The) | 34154 |  | 1824507 |
|  Build-A-Bear Workshop, Inc.(x) | 13274 |  | 813298 |
|  Caleres, Inc. | 37948 |  | 461827 |
|  Camping World Holdings, Inc., Class A | 66131 |  | 643455 |
|  Citi Trends, Inc.\* | 5818 |  | 241796 |
|  Designer Brands, Inc., Class A(x) | 39870 |  | 296234 |
|  Envela Corp.\* | 5332 |  | 71342 |
|  EVgo, Inc., Class A\* | 149085 |  | 433837 |
|  Genesco, Inc.\* | 10683 |  | 264618 |
|  Group 1 Automotive, Inc. | 13313 |  | 5236003 |
|  Haverty Furniture Cos., Inc. | 13643 |  | 318701 |
|  J Jill, Inc. | 8620 |  | 118266 |
|  Lands' End, Inc.\* | 9972 |  | 144793 |
|  MarineMax, Inc.\* | 19894 |  | 482032 |
|  Monro, Inc. | 31457 |  | 630398 |
|  National Vision Holdings, Inc.\* | 84324 |  | 2177246 |
|  OneWater Marine, Inc., Class A(x)\* | 14394 |  | 155743 |
|  Outdoor Holding Co.(x)\* | 84109 |  | 143826 |
|  Petco Health & Wellness Co., Inc., Class A(x)\* | 89559 |  | 251661 |
|  RealReal, Inc. (The)\* | 106210 |  | 1675994 |
|  Revolve Group, Inc., Class A\* | 44242 |  | 1335666 |
|  Sally Beauty Holdings, Inc.\* | 107400 |  | 1531524 |
|  Shoe Carnival, Inc. | 20847 |  | 351897 |
|  Signet Jewelers Ltd. | 43293 |  | 3588124 |
|  Sleep Number Corp.(x)\* | 18570 |  | 157102 |
|  Sonic Automotive, Inc., Class A | 16194 |  | 1001761 |
|  Stitch Fix, Inc., Class A\* | 125393 |  | 658313 |
|  ThredUp, Inc., Class A\* | 106171 |  | 678433 |
|  Torrid Holdings, Inc.(x)\* | 27206 |  | 26618 |
|  Upbound Group, Inc. | 55109 |  | 967714 |
|  Urban Outfitters, Inc.\* | 66193 |  | 4981685 |
|  Victoria's Secret & Co.\* | 74936 |  | 4059283 |
|  Warby Parker, Inc., Class A\* | 106149 |  | 2312987 |
|  Winmark Corp. | 3165 |  | 1281635 |
|  Zumiez, Inc.\* | 13406 |  | 349226 |
|  |  |  | 69361785 |
|  ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** |
|  Capri Holdings Ltd.\* | 125641 |  | 3065640 |
|  Carter's, Inc. | 39029 |  | 1265711 |
|  Ermenegildo Zegna NV(x) | 64221 |  | 658265 |
|  Figs, Inc., Class A\* | 94911 |  | 1078189 |
|  G-III Apparel Group Ltd. | 39323 |  | 1138794 |
|  Kontoor Brands, Inc. | 59476 |  | 3633389 |
|  Lakeland Industries, Inc.(x) | 9964 |  | 88082 |
|  Movado Group, Inc. | 17050 |  | 351571 |
|  Oxford Industries, Inc.(x) | 14827 |  | 507083 |
|  Rocky Brands, Inc. | 8767 |  | 257136 |
|  Steven Madden Ltd. | 77587 |  | 3230723 |
|  Superior Group of Cos., Inc. | 15438 |  | 149440 |
|  Wolverine World Wide, Inc. | 86216 |  | 1564820 |
|  |  |  | 16988843 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 280368498 |
|  **Consumer Staples (1.7%)** | **Consumer Staples (1.7%)** | **Consumer Staples (1.7%)** | **Consumer Staples (1.7%)** |
|  ***Beverages (0.1%)*** |  |  |  |
|  MGP Ingredients, Inc. | 16125 |  | 391838 |
|  National Beverage Corp.\* | 25652 |  | 818042 |
|  Vita Coco Co., Inc. (The)\* | 51504 |  | 2730227 |
|  Zevia PBC, Class A\* | 60026 |  | 139260 |
|  |  |  | 4079367 |
|  ***Consumer Staples Distribution & Retail (0.4%)*** | ***Consumer Staples Distribution & Retail (0.4%)*** | ***Consumer Staples Distribution & Retail (0.4%)*** | ***Consumer Staples Distribution & Retail (0.4%)*** |
|  Andersons, Inc. (The) | 35244 |  | 1873923 |
|  Chefs' Warehouse, Inc. (The)\* | 39356 |  | 2453059 |
|  Grocery Outlet Holding Corp.(x)\* | 99606 |  | 1006021 |
|  HF Foods Group, Inc.\* | 48544 |  | 104370 |
|  Ingles Markets, Inc., Class A | 16211 |  | 1111264 |
|  Natural Grocers by Vitamin Cottage, Inc. | 14921 |  | 373771 |
|  PriceSmart, Inc. | 27884 |  | 3420530 |
|  United Natural Foods, Inc.\* | 64723 |  | 2179223 |
|  Village Super Market, Inc., Class A | 10042 |  | 355437 |
|  Weis Markets, Inc. | 14818 |  | 949686 |
|  |  |  | 13827284 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Food Products (0.7%)*** | ***Food Products (0.7%)*** | ***Food Products (0.7%)*** |
|  Alico, Inc. | 6648 | $241854 |
|  B&G Foods, Inc.(x) | 89935 | 386720 |
|  Beyond Meat, Inc.(x)\* | 402174 | 329783 |
|  BRC, Inc., Class A(x)\* | 103012 | 114343 |
|  Calavo Growers, Inc. | 16997 | 369685 |
|  Cal-Maine Foods, Inc. | 47902 | 3811562 |
|  Dole plc | 88700 | 1329613 |
|  Forafric Global plc(x)\* | 6009 | 66279 |
|  Fresh Del Monte Produce, Inc. | 35872 | 1278119 |
|  Hain Celestial Group, Inc. (The)\* | 104552 | 111871 |
|  J & J Snack Foods Corp. | 16705 | 1509631 |
|  John B Sanfilippo & Son, Inc. | 8286 | 584992 |
|  Lifeway Foods, Inc.\* | 6509 | 157713 |
|  Limoneira Co. | 19119 | 241377 |
|  Mama's Creations, Inc.\* | 38542 | 519932 |
|  Marzetti Co. (The) | 21742 | 3574820 |
|  Mission Produce, Inc.\* | 48528 | 562925 |
|  Seneca Foods Corp., Class A\* | 4901 | 542198 |
|  Simply Good Foods Co. (The)\* | 99515 | 1998261 |
|  SunOpta, Inc.\* | 111633 | 424205 |
|  Tootsie Roll Industries, Inc. | 18904 | 692454 |
|  TreeHouse Foods, Inc.\* | 55311 | 1304786 |
|  Utz Brands, Inc. | 77400 | 803412 |
|  Vital Farms, Inc.\* | 36656 | 1170793 |
|  Westrock Coffee Co.(x)\* | 43585 | 177391 |
|  |  | 22304719 |
|  ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** |
|  Central Garden & Pet Co.(x)\* | 8898 | 286071 |
|  Central Garden & Pet Co., Class A\* | 54615 | 1594212 |
|  Energizer Holdings, Inc. | 67463 | 1341839 |
|  Oil-Dri Corp. of America | 10708 | 524050 |
|  Spectrum Brands Holdings, Inc. | 25406 | 1500986 |
|  WD-40 Co. | 14668 | 2888129 |
|  |  | 8135287 |
|  ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** |
|  Beauty Health Co. (The)\* | 129061 | 179395 |
|  Edgewell Personal Care Co. | 47180 | 804419 |
|  FitLife Brands, Inc.(x)\* | 2580 | 41977 |
|  Herbalife Ltd.\* | 110829 | 1428586 |
|  Honest Co., Inc. (The)(x)\* | 108836 | 280797 |
|  Interparfums, Inc. | 19756 | 1675901 |
|  Lifevantage Corp.(x) | 11931 | 73495 |
|  Medifast, Inc.(x)\* | 13678 | 146081 |
|  Nature's Sunshine Products, Inc.\* | 17120 | 369449 |
|  Nu Skin Enterprises, Inc., Class A | 51018 | 490793 |
|  Olaplex Holdings, Inc.(x)\* | 164306 | 220170 |
|  USANA Health Sciences, Inc.\* | 12922 | 253659 |
|  Waldencast plc, Class A(x)\* | 43957 | 82639 |
|  |  | 6047361 |
|  ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** |
|  Ispire Technology, Inc.(x)\* | 24528 | 68678 |
|  Turning Point Brands, Inc. | 18756 | 2033151 |
|  Universal Corp. | 25879 | 1365117 |
|  |  | 3466946 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 57860964 |
|  **Energy (4.4%)** | **Energy (4.4%)** | **Energy (4.4%)** |
|  ***Energy Equipment & Services (1.6%)*** | ***Energy Equipment & Services (1.6%)*** | ***Energy Equipment & Services (1.6%)*** |
|  Archrock, Inc. | 185195 | 4818774 |
|  Atlas Energy Solutions, Inc.(x) | 84628 | 797196 |
|  Borr Drilling Ltd.(x) | 283993 | 1144492 |
|  Bristow Group, Inc., Class A\* | 31273 | 1145217 |
|  Cactus, Inc., Class A | 74394 | 3398318 |
|  Core Laboratories, Inc. | 50922 | 816280 |
|  DMC Global, Inc.\* | 23670 | 158352 |
|  Energy Services of America Corp.(x) | 13191 | 107771 |
|  Expro Group Holdings NV\* | 96990 | 1294817 |
|  Flowco Holdings, Inc., Class A | 21469 | 402329 |
|  Forum Energy Technologies, Inc.\* | 10677 | 394515 |
|  Helix Energy Solutions Group, Inc.\* | 147214 | 923032 |
|  Helmerich & Payne, Inc. | 104943 | 3009765 |
|  Innovex International, Inc.\* | 41749 | 913051 |
|  Kodiak Gas Services, Inc. | 91528 | 3423147 |
|  Liberty Energy, Inc., Class A | 171210 | 3160537 |
|  Mammoth Energy Services, Inc.\* | 24737 | 45763 |
|  Nabors Industries Ltd.\* | 14971 | 812925 |
|  National Energy Services Reunited Corp.\* | 67596 | 1058553 |
|  Natural Gas Services Group, Inc. | 10347 | 348177 |
|  Noble Corp. plc(x) | 137042 | 3870066 |
|  Oceaneering International, Inc.\* | 105236 | 2528821 |
|  Oil States International, Inc.\* | 67058 | 453983 |
|  Patterson-UTI Energy, Inc. | 376404 | 2299828 |
|  ProFrac Holding Corp., Class A(x)\* | 31309 | 121792 |
|  ProPetro Holding Corp.\* | 86761 | 825097 |
|  Ranger Energy Services, Inc., Class A | 20230 | 282815 |
|  RPC, Inc. | 92637 | 503945 |
|  SEACOR Marine Holdings, Inc.\* | 23985 | 144390 |
|  Seadrill Ltd.\* | 68402 | 2366709 |
|  Select Water Solutions, Inc., Class A | 101617 | 1069011 |
|  Solaris Energy Infrastructure, Inc., Class A | 45795 | 2105196 |
|  TETRA Technologies, Inc.\* | 136797 | 1281788 |
|  Tidewater, Inc.\* | 53318 | 2693092 |
|  Transocean Ltd.\* | 999852 | 4129389 |
|  Valaris Ltd.\* | 67908 | 3422563 |
|  |  | 56271496 |
|  ***Oil, Gas & Consumable Fuels (2.8%)*** | ***Oil, Gas & Consumable Fuels (2.8%)*** | ***Oil, Gas & Consumable Fuels (2.8%)*** |
|  Ardmore Shipping Corp. | 35137 | 372101 |
|  BKV Corp.\* | 23900 | 648885 |
|  California Resources Corp. | 79395 | 3549750 |
|  Calumet, Inc.(x)\* | 73232 | 1455120 |
|  Centrus Energy Corp., Class A(x)\* | 18213 | 4421388 |
|  Clean Energy Fuels Corp.\* | 185122 | 388756 |
|  CNX Resources Corp.\* | 141094 | 5188026 |
|  Comstock Resources, Inc.(x)\* | 79958 | 1853426 |
|  Core Natural Resources, Inc. | 55109 | 4877698 |
|  Crescent Energy Co., Class A | 252702 | 2120170 |
|  CVR Energy, Inc.\* | 34637 | 881165 |
|  Delek US Holdings, Inc. | 64061 | 1900049 |
|  DHT Holdings, Inc. | 143945 | 1757568 |
|  Diversified Energy Co. | 68457 | 991257 |
|  Dorian LPG Ltd. | 41102 | 1000423 |
|  Empire Petroleum Corp.(x)\* | 15080 | 45843 |
|  Encore Energy Corp.(x)\* | 196635 | 487655 |
|  Energy Fuels, Inc.(x)\* | 246758 | 3587861 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Epsilon Energy Ltd. | 18249 | $| 84675 |
|  Evolution Petroleum Corp.(x) | 35253 |  | 124796 |
|  Excelerate Energy, Inc., Class A | 24581 |  | 689497 |
|  FLEX LNG Ltd. | 33388 |  | 833031 |
|  FutureFuel Corp. | 29530 |  | 94201 |
|  Gevo, Inc.\* | 262494 |  | 524988 |
|  Golar LNG Ltd. | 105456 |  | 3924018 |
|  Granite Ridge Resources, Inc.(x) | 61021 |  | 286799 |
|  Green Plains, Inc.\* | 74302 |  | 728160 |
|  Gulfport Energy Corp.\* | 17240 |  | 3585748 |
|  HighPeak Energy, Inc.(x) | 20789 |  | 98540 |
|  Infinity Natural Resources, Inc., Class A\* | 16711 |  | 246153 |
|  International Seaways, Inc. | 43540 |  | 2113867 |
|  Kinetik Holdings, Inc., Class A(x) | 47714 |  | 1720090 |
|  Kolibri Global Energy, Inc.\* | 28287 |  | 111168 |
|  Kosmos Energy Ltd.(x)\* | 542428 |  | 492199 |
|  Lightbridge Corp.(x)\* | 28480 |  | 359987 |
|  Magnolia Oil & Gas Corp., Class A | 196266 |  | 4296263 |
|  Murphy Oil Corp. | 146428 |  | 4575875 |
|  NACCO Industries, Inc., Class A | 4787 |  | 234754 |
|  Navigator Holdings Ltd. | 32413 |  | 561393 |
|  New Fortress Energy, Inc.(x)\* | 196599 |  | 224123 |
|  NextDecade Corp.(x)\* | 146230 |  | 770632 |
|  NextNRG, Inc.(x)\* | 13981 |  | 20272 |
|  Nordic American Tankers Ltd.(x) | 216367 |  | 744302 |
|  Northern Oil & Gas, Inc.(x) | 103222 |  | 2216176 |
|  OPAL Fuels, Inc., Class A\* | 20449 |  | 48157 |
|  Par Pacific Holdings, Inc.\* | 54174 |  | 1903674 |
|  PBF Energy, Inc., Class A | 90656 |  | 2458591 |
|  Peabody Energy Corp. | 132342 |  | 3930557 |
|  Prairie Operating Co.(x)\* | 23685 |  | 40028 |
|  PrimeEnergy Resources Corp.(x)\* | 269 |  | 45999 |
|  REX American Resources Corp.\* | 30624 |  | 989768 |
|  Riley Exploration Permian, Inc. | 15139 |  | 399670 |
|  Sable Offshore Corp.(x)\* | 86647 |  | 781556 |
|  SandRidge Energy, Inc. | 41556 |  | 599653 |
|  Scorpio Tankers, Inc. | 48794 |  | 2480199 |
|  SFL Corp. Ltd.(x) | 133575 |  | 1043221 |
|  SM Energy Co. | 122808 |  | 2296510 |
|  Summit Midstream Corp.\* | 10745 |  | 286677 |
|  Talos Energy, Inc.\* | 142138 |  | 1566361 |
|  Teekay Corp. Ltd. | 61746 |  | 557566 |
|  Teekay Tankers Ltd., Class A | 25488 |  | 1361569 |
|  Uranium Energy Corp.(x)\* | 515463 |  | 6020608 |
|  VAALCO Energy, Inc. | 120754 |  | 439545 |
|  Verde Clean Fuels, Inc.(x)\* | 4626 |  | 9529 |
|  Vitesse Energy, Inc.(x) | 30707 |  | 591417 |
|  W&T Offshore, Inc.(x) | 110919 |  | 180798 |
|  World Kinect Corp. | 58520 |  | 1371124 |
|  XCF Global, Inc., Class A(x)\* | 49953 |  | 13637 |
|  |  |  | 94605262 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 150876758 |
|  **Financials (16.0%)** | **Financials (16.0%)** | **Financials (16.0%)** | **Financials (16.0%)** |
|  ***Banks (8.9%)*** | ***Banks (8.9%)*** | ***Banks (8.9%)*** | ***Banks (8.9%)*** |
|  1st Source Corp. | 20370 |  | 1272921 |
|  ACNB Corp. | 11670 |  | 564244 |
|  Amalgamated Financial Corp. | 24982 |  | 800173 |
|  Amerant Bancorp, Inc., Class A | 38109 |  | 743507 |
|  Ameris Bancorp | 71775 |  | 5330729 |
|  Ames National Corp.(x) | 11527 |  | 264660 |
|  Arrow Financial Corp. | 17455 |  | 548087 |
|  Associated Banc-Corp. | 179181 |  | 4615703 |
|  Atlantic Union Bankshares Corp. | 153922 |  | 5433447 |
|  Avidbank Holdings, Inc.\* | 2325 |  | 61752 |
|  Axos Financial, Inc.\* | 59048 |  | 5087576 |
|  Banc of California, Inc. | 138847 |  | 2678359 |
|  BancFirst Corp. | 22625 |  | 2398702 |
|  Bancorp, Inc. (The)\* | 45825 |  | 3094104 |
|  Bank First Corp. | 10030 |  | 1221855 |
|  Bank of Hawaii Corp. | 42321 |  | 2893487 |
|  Bank of Marin Bancorp | 15662 |  | 407369 |
|  Bank of NT Butterfield & Son Ltd. (The) | 45437 |  | 2263671 |
|  Bank7 Corp. | 5328 |  | 218341 |
|  BankFinancial Corp. | 7555 |  | 90660 |
|  BankUnited, Inc. | 81860 |  | 3648500 |
|  Bankwell Financial Group, Inc. | 7468 |  | 342184 |
|  Banner Corp. | 36609 |  | 2293920 |
|  Bar Harbor Bankshares | 17637 |  | 547629 |
|  BayCom Corp. | 12351 |  | 363119 |
|  BCB Bancorp, Inc. | 18122 |  | 146245 |
|  Beacon Financial Corp. | 89556 |  | 2361592 |
|  Blue Foundry Bancorp\* | 17717 |  | 220222 |
|  Blue Ridge Bankshares, Inc. | 67345 |  | 287563 |
|  Bridgewater Bancshares, Inc.\* | 23322 |  | 408835 |
|  Burke & Herbert Financial Services Corp. | 14830 |  | 924057 |
|  Business First Bancshares, Inc. | 30408 |  | 794865 |
|  BV Financial, Inc.\* | 8686 |  | 157564 |
|  Byline Bancorp, Inc. | 33035 |  | 962970 |
|  C&F Financial Corp. | 3251 |  | 235990 |
|  Cadence Bank | 201965 |  | 8652181 |
|  California Bancorp | 24401 |  | 455567 |
|  Camden National Corp. | 18620 |  | 807736 |
|  Capital Bancorp, Inc. | 13624 |  | 383788 |
|  Capital City Bank Group, Inc. | 14845 |  | 631952 |
|  Capitol Federal Financial, Inc. | 135356 |  | 921774 |
|  Carter Bankshares, Inc.\* | 24626 |  | 484147 |
|  Cathay General Bancorp | 72264 |  | 3496855 |
|  CB Financial Services, Inc.(x) | 4569 |  | 159275 |
|  Central Pacific Financial Corp. | 28304 |  | 881953 |
|  CF Bankshares, Inc. | 3592 |  | 89620 |
|  Chain Bridge Bancorp, Inc., Class A\* | 2125 |  | 73610 |
|  Chemung Financial Corp. | 3855 |  | 215109 |
|  ChoiceOne Financial Services, Inc. | 16256 |  | 479877 |
|  Citizens & Northern Corp. | 18456 |  | 372258 |
|  Citizens Community Bancorp, Inc. | 8082 |  | 144021 |
|  Citizens Financial Services, Inc. | 5507 |  | 314009 |
|  City Holding Co. | 15149 |  | 1805761 |
|  Civista Bancshares, Inc. | 21162 |  | 470220 |
|  CNB Financial Corp. | 30582 |  | 800331 |
|  Coastal Financial Corp.\* | 13886 |  | 1591197 |
|  CoastalSouth Bancshares, Inc.\* | 3174 |  | 73795 |
|  Colony Bankcorp, Inc. | 19211 |  | 342340 |
|  Columbia Financial, Inc.\* | 31471 |  | 489059 |
|  Commercial Bancgroup, Inc.\* | 5406 |  | 132771 |
|  Community Financial System, Inc. | 57226 |  | 3287061 |
|  Community Trust Bancorp, Inc. | 16634 |  | 939821 |
|  Community West Bancshares | 19609 |  | 441202 |
|  ConnectOne Bancorp, Inc. | 51287 |  | 1344745 |
|  Customers Bancorp, Inc.\* | 34410 |  | 2516059 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  CVB Financial Corp. | 140878 | $2620331 |
|  Dime Community Bancshares, Inc. | 42705 | 1284993 |
|  Eagle Bancorp Montana, Inc. | 7144 | 142166 |
|  Eagle Bancorp, Inc. | 31072 | 665562 |
|  Eagle Financial Services, Inc. | 3963 | 157708 |
|  Eastern Bankshares, Inc. | 239773 | 4419016 |
|  ECB Bancorp, Inc.(x)\* | 6280 | 109209 |
|  Enterprise Financial Services Corp. | 39606 | 2138724 |
|  Equity Bancshares, Inc., Class A | 16365 | 730697 |
|  Esquire Financial Holdings, Inc. | 8008 | 817377 |
|  Farmers & Merchants Bancorp, Inc. | 14808 | 366054 |
|  Farmers National Banc Corp. | 38155 | 508225 |
|  FB Bancorp, Inc.\* | 20253 | 260251 |
|  FB Financial Corp. | 44895 | 2505141 |
|  Fidelity D&D Bancorp, Inc. | 6036 | 262747 |
|  Financial Institutions, Inc. | 21079 | 657032 |
|  Finward Bancorp | 2882 | 101418 |
|  Finwise Bancorp\* | 8791 | 157711 |
|  First Bancorp (Nasdaq Stock Exchange) | 43387 | 2203626 |
|  First Bancorp (New York Stock Exchange) | 172495 | 3575821 |
|  First Bancorp, Inc. (The) | 12867 | 340203 |
|  First Bank | 24516 | 403533 |
|  First Busey Corp. | 91230 | 2170362 |
|  First Business Financial Services, Inc. | 9159 | 497334 |
|  First Capital, Inc. | 3233 | 191394 |
|  First Commonwealth Financial Corp. | 111427 | 1878659 |
|  First Community Bankshares, Inc. | 17530 | 591287 |
|  First Community Corp. | 6892 | 204348 |
|  First Financial Bancorp | 102648 | 2568253 |
|  First Financial Bankshares, Inc. | 144312 | 4310599 |
|  First Financial Corp. | 12337 | 745402 |
|  First Foundation, Inc.\* | 74143 | 456721 |
|  First Internet Bancorp | 10086 | 210495 |
|  First Interstate BancSystem, Inc., Class A | 96937 | 3354020 |
|  First Merchants Corp. | 61855 | 2318325 |
|  First Mid Bancshares, Inc. | 23397 | 912483 |
|  First National Corp. | 7740 | 195358 |
|  First Savings Financial Group, Inc. | 5432 | 173064 |
|  First United Corp. | 6163 | 230743 |
|  First Western Financial, Inc.\* | 9057 | 242818 |
|  Firstsun Capital Bancorp(x)\* | 13926 | 524105 |
|  Five Star Bancorp | 17465 | 624898 |
|  Flagstar Bank NA | 328219 | 4132277 |
|  Flushing Financial Corp. | 34321 | 520650 |
|  Franklin Financial Services Corp.(x) | 4331 | 217416 |
|  FS Bancorp, Inc. | 7746 | 318903 |
|  Fulton Financial Corp. | 198383 | 3834743 |
|  FVCBankcorp, Inc. | 18153 | 252508 |
|  GBank Financial Holdings, Inc.(x)\* | 10318 | 349677 |
|  German American Bancorp, Inc. | 38291 | 1500241 |
|  Glacier Bancorp, Inc. | 138228 | 6088943 |
|  Great Southern Bancorp, Inc. | 9139 | 562597 |
|  Greene County Bancorp, Inc. | 7958 | 176906 |
|  Hancock Whitney Corp. | 91905 | 5852510 |
|  Hanmi Financial Corp. | 32408 | 875988 |
|  Hanover Bancorp, Inc. | 4436 | 102516 |
|  Hawthorn Bancshares, Inc. | 5971 | 208268 |
|  HBT Financial, Inc. | 12608 | 325917 |
|  Heritage Commerce Corp. | 64128 | 770177 |
|  Heritage Financial Corp. | 37504 | 886970 |
|  Hilltop Holdings, Inc. | 47129 | 1599558 |
|  Hingham Institution For Savings (The)(x) | 1862 | 528734 |
|  Home Bancorp, Inc. | 7146 | 413039 |
|  Home BancShares, Inc. | 201856 | 5607560 |
|  HomeTrust Bancshares, Inc. | 18407 | 790397 |
|  Hope Bancorp, Inc. | 132666 | 1454019 |
|  Horizon Bancorp, Inc. | 49268 | 835585 |
|  Independent Bank Corp. | 21485 | 698907 |
|  Independent Bank Corp./MA | 54589 | 3989364 |
|  International Bancshares Corp. | 59209 | 3933846 |
|  Investar Holding Corp. | 11604 | 310059 |
|  John Marshall Bancorp, Inc. | 15758 | 315002 |
|  Kearny Financial Corp. | 63545 | 470868 |
|  Lakeland Financial Corp. | 26734 | 1525442 |
|  Landmark Bancorp, Inc.(x) | 4409 | 115472 |
|  LCNB Corp. | 15169 | 248620 |
|  LINKBANCORP, Inc. | 22620 | 186841 |
|  Live Oak Bancshares, Inc. | 37925 | 1302724 |
|  MainStreet Bancshares, Inc.(x) | 6873 | 139934 |
|  Mechanics Bancorp | 51404 | 752041 |
|  Mercantile Bank Corp. | 17085 | 821788 |
|  Meridian Corp. | 8984 | 157939 |
|  Metrocity Bankshares, Inc. | 22820 | 605643 |
|  Metropolitan Bank Holding Corp. | 9688 | 739776 |
|  Mid Penn Bancorp, Inc. | 20571 | 638112 |
|  Middlefield Banc Corp. | 7414 | 256080 |
|  Midland States Bancorp, Inc. | 22079 | 467412 |
|  MidWestOne Financial Group, Inc. | 18192 | 700392 |
|  MVB Financial Corp. | 12030 | 310735 |
|  National Bank Holdings Corp., Class A | 40111 | 1524619 |
|  National Bankshares, Inc. | 6717 | 225221 |
|  NB Bancorp, Inc. | 43499 | 862150 |
|  NBT Bancorp, Inc. | 54935 | 2280901 |
|  Nicolet Bankshares, Inc. | 14329 | 1738108 |
|  Northeast Bank | 8093 | 841105 |
|  Northeast Community Bancorp, Inc. | 14536 | 328659 |
|  Northfield Bancorp, Inc. | 39491 | 451382 |
|  Northpointe Bancshares, Inc. | 19118 | 320800 |
|  Northrim Bancorp, Inc. | 23486 | 624962 |
|  Northwest Bancshares, Inc. | 155711 | 1868532 |
|  Norwood Financial Corp. | 8883 | 249168 |
|  Oak Valley Bancorp | 7933 | 238466 |
|  OceanFirst Financial Corp. | 60663 | 1088901 |
|  OFG Bancorp | 47544 | 1948353 |
|  Ohio Valley Banc Corp. | 3787 | 151404 |
|  Old National Bancorp | 378835 | 8451809 |
|  Old Second Bancorp, Inc. | 54269 | 1058245 |
|  OP Bancorp | 12376 | 174749 |
|  Orange County Bancorp, Inc. | 14283 | 407780 |
|  Origin Bancorp, Inc. | 31534 | 1185994 |
|  Orrstown Financial Services, Inc. | 19657 | 696251 |
|  Park National Corp. | 16071 | 2445685 |
|  Parke Bancorp, Inc. | 12397 | 310421 |
|  Pathward Financial, Inc. | 24491 | 1738861 |
|  Patriot National Bancorp, Inc.\* | 47286 | 86061 |
|  PCB Bancorp | 12687 | 274674 |
|  Peapack-Gladstone Financial Corp. | 17154 | 477739 |
|  Peoples Bancorp of North Carolina, Inc. | 5723 | 207173 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Peoples Bancorp, Inc. | 36439 | $1094263 |
|  Peoples Financial Services Corp. | 10796 | 525873 |
|  Pioneer Bancorp, Inc.\* | 14314 | 192953 |
|  Plumas Bancorp | 6381 | 285167 |
|  Ponce Financial Group, Inc.\* | 23196 | 379255 |
|  Preferred Bank | 11651 | 1100204 |
|  Primis Financial Corp. | 23879 | 332157 |
|  Princeton Bancorp, Inc. | 6869 | 238286 |
|  Provident Financial Services, Inc. | 138075 | 2726981 |
|  QCR Holdings, Inc. | 17923 | 1492986 |
|  RBB Bancorp | 19636 | 405287 |
|  Red River Bancshares, Inc. | 5487 | 391936 |
|  Renasant Corp. | 102049 | 3594166 |
|  Republic Bancorp, Inc., Class A | 9778 | 674584 |
|  Rhinebeck Bancorp, Inc.\* | 2492 | 29954 |
|  Richmond Mutual Bancorp, Inc. | 8174 | 114763 |
|  Riverview Bancorp, Inc. | 19398 | 97378 |
|  S&T Bancorp, Inc. | 41166 | 1619882 |
|  SB Financial Group, Inc. | 5913 | 131683 |
|  Seacoast Banking Corp. of Florida | 95235 | 2992284 |
|  ServisFirst Bancshares, Inc. | 55775 | 4004087 |
|  Shore Bancshares, Inc. | 33754 | 596771 |
|  Sierra Bancorp | 13266 | 433533 |
|  Simmons First National Corp., Class A | 154009 | 2903070 |
|  SmartFinancial, Inc. | 15156 | 560620 |
|  Sound Financial Bancorp, Inc. | 1890 | 82461 |
|  South Plains Financial, Inc. | 14708 | 570670 |
|  Southern First Bancshares, Inc.\* | 9067 | 467132 |
|  Southern Missouri Bancorp, Inc. | 11047 | 653099 |
|  Southside Bancshares, Inc. | 31155 | 946800 |
|  SR Bancorp, Inc.(x) | 7944 | 125039 |
|  Stellar Bancorp, Inc. | 49859 | 1542637 |
|  Sterling Bancorp, Inc.(r)\* | 29695 |  |
|  Stock Yards Bancorp, Inc. | 28186 | 1830681 |
|  Texas Capital Bancshares, Inc.\* | 49322 | 4465614 |
|  Third Coast Bancshares, Inc.\* | 14996 | 569998 |
|  Timberland Bancorp, Inc. | 8761 | 313644 |
|  Tompkins Financial Corp. | 14860 | 1077647 |
|  Towne Bank | 79114 | 2640034 |
|  TriCo Bancshares | 32561 | 1542415 |
|  Triumph Financial, Inc.\* | 25020 | 1567003 |
|  TrustCo Bank Corp. | 19922 | 823376 |
|  Trustmark Corp. | 61763 | 2405669 |
|  UMB Financial Corp. | 78606 | 9042834 |
|  Union Bankshares, Inc.(x) | 3230 | 76648 |
|  United Bankshares, Inc. | 150551 | 5781158 |
|  United Community Banks, Inc. | 132308 | 4130656 |
|  United Security Bancshares | 8731 | 87921 |
|  Unity Bancorp, Inc. | 8609 | 445257 |
|  Univest Financial Corp. | 30554 | 1000338 |
|  USCB Financial Holdings, Inc. | 12177 | 224300 |
|  Valley National Bancorp | 524815 | 6129839 |
|  Virginia National Bankshares Corp. | 5493 | 218896 |
|  WaFd, Inc. | 84095 | 2693563 |
|  Washington Trust Bancorp, Inc. | 20002 | 591059 |
|  WesBanco, Inc. | 102480 | 3406435 |
|  West Bancorp, Inc. | 15635 | 346941 |
|  Westamerica Bancorp | 25972 | 1242241 |
|  Western New England Bancorp, Inc. | 18775 | 236940 |
|  WSFS Financial Corp. | 60667 | 3351245 |
|  |  | 310010491 |
|  ***Capital Markets (1.6%)*** |  |  |
|  Acadian Asset Management, Inc. | 29635 | 1392845 |
|  AlTi Global, Inc.(x)\* | 46942 | 217811 |
|  Artisan Partners Asset Management, Inc., Class A | 67893 | 2765961 |
|  Bakkt Holdings, Inc., Class A(x)\* | 12460 | 125098 |
|  BGC Group, Inc., Class A | 393361 | 3512714 |
|  Cohen & Steers, Inc. | 29689 | 1863875 |
|  Diamond Hill Investment Group, Inc. | 2667 | 452057 |
|  DigitalBridge Group, Inc. | 190035 | 2915137 |
|  Donnelley Financial Solutions, Inc.\* | 27522 | 1285002 |
|  Forge Global Holdings, Inc.\* | 11774 | 524649 |
|  GCM Grosvenor, Inc., Class A | 52915 | 598998 |
|  Innventure, Inc.(x)\* | 27712 | 115836 |
|  Marex Group plc | 59861 | 2296268 |
|  MarketWise, Inc. | 1834 | 27547 |
|  Miami International Holdings, Inc.(x)\* | 25101 | 1113982 |
|  Moelis & Co., Class A | 75540 | 5192620 |
|  Open Lending Corp.\* | 118519 | 183704 |
|  P10, Inc., Class A(x) | 59992 | 588522 |
|  Patria Investments Ltd., Class A(x) | 71071 | 1129318 |
|  Perella Weinberg Partners, Class A | 68753 | 1189427 |
|  Piper Sandler Cos. | 19008 | 6457208 |
|  PJT Partners, Inc., Class A | 25010 | 4181672 |
|  Siebert Financial Corp.\* | 14997 | 52639 |
|  Silvercrest Asset Management Group, Inc., Class A | 8271 | 125637 |
|  StepStone Group, Inc., Class A | 75611 | 4851958 |
|  StoneX Group, Inc.\* | 53065 | 5048073 |
|  Value Line, Inc. | 1070 | 41120 |
|  Victory Capital Holdings, Inc., Class A | 48216 | 3041947 |
|  Virtus Investment Partners, Inc. | 6918 | 1128672 |
|  Webull Corp.\* | 294367 | 2287232 |
|  Westwood Holdings Group, Inc. | 7053 | 121382 |
|  WisdomTree, Inc.(x) | 133967 | 1633058 |
|  |  | 56461969 |
|  ***Consumer Finance (1.0%)*** |  |  |
|  Atlanticus Holdings Corp.\* | 5876 | 393398 |
|  Bread Financial Holdings, Inc. | 39420 | 2918263 |
|  Consumer Portfolio Services, Inc.\* | 11897 | 110999 |
|  Dave, Inc.\* | 11210 | 2482006 |
|  Encore Capital Group, Inc.\* | 24301 | 1320759 |
|  Enova International, Inc.\* | 26171 | 4114081 |
|  FirstCash Holdings, Inc. | 42938 | 6843458 |
|  Green Dot Corp., Class A\* | 59942 | 767857 |
|  Jefferson Capital, Inc.(x) | 8425 | 188215 |
|  LendingClub Corp.\* | 122769 | 2325245 |
|  LendingTree, Inc.\* | 11836 | 628373 |
|  Medallion Financial Corp. | 16808 | 172954 |
|  Navient Corp. | 73700 | 958100 |
|  Nelnet, Inc., Class A | 12268 | 1631153 |
|  NerdWallet, Inc., Class A\* | 48454 | 656552 |
|  Oportun Financial Corp.\* | 38461 | 203459 |
|  OppFi, Inc. | 28464 | 297733 |
|  PRA Group, Inc.\* | 42975 | 760228 |
|  PROG Holdings, Inc. | 42882 | 1264590 |
|  Regional Management Corp. | 9721 | 376689 |
|  Upstart Holdings, Inc.(x)\* | 92089 | 4027052 |
|  Vroom, Inc.\* | 1026 | 20397 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  World Acceptance Corp.\* | 3056 | $| 429032 |
|  |  |  | 32890593 |
|  ***Financial Services (1.9%)*** |  |  |  |
|  Acacia Research Corp.\* | 42918 |  | 160513 |
|  Alerus Financial Corp. | 26356 |  | 593537 |
|  Banco Latinoamericano de Comercio Exterior SA, Class E | 30526 |  | 1361460 |
|  Better Home & Finance Holding Co.(x)\* | 5163 |  | 168211 |
|  Burford Capital Ltd. | 217641 |  | 1941358 |
|  Cannae Holdings, Inc. | 50747 |  | 798250 |
|  Cantaloupe, Inc.\* | 60840 |  | 646121 |
|  Cass Information Systems, Inc. | 14263 |  | 592200 |
|  Compass Diversified Holdings | 70168 |  | 336806 |
|  Enact Holdings, Inc. | 30814 |  | 1221467 |
|  Essent Group Ltd. | 102391 |  | 6656439 |
|  Evertec, Inc. | 70137 |  | 2040285 |
|  Federal Agricultural Mortgage Corp., Class C | 10282 |  | 1805211 |
|  Finance of America Cos., Inc., Class A(x)\* | 5221 |  | 126400 |
|  Flywire Corp.\* | 127072 |  | 1799340 |
|  HA Sustainable Infrastructure Capital, Inc. | 132243 |  | 4156397 |
|  International Money Express, Inc.\* | 30404 |  | 467005 |
|  Jackson Financial, Inc., Class A | 75143 |  | 8014001 |
|  loanDepot, Inc., Class A(x)\* | 87734 |  | 181609 |
|  Marqeta, Inc., Class A\* | 396566 |  | 1883688 |
|  Merchants Bancorp | 28130 |  | 958108 |
|  NCR Atleos Corp.\* | 79460 |  | 3028221 |
|  NewtekOne, Inc. | 28526 |  | 323770 |
|  NMI Holdings, Inc., Class A\* | 85307 |  | 3479673 |
|  Onity Group, Inc.\* | 7435 |  | 340449 |
|  Pagseguro Digital Ltd., Class A | 194075 |  | 1870883 |
|  Payoneer Global, Inc.\* | 300997 |  | 1691603 |
|  Paysafe Ltd.(x)\* | 37290 |  | 301676 |
|  Paysign, Inc.\* | 42393 |  | 218324 |
|  PennyMac Financial Services, Inc. | 31628 |  | 4169836 |
|  Priority Technology Holdings, Inc.(x)\* | 30430 |  | 165843 |
|  Radian Group, Inc. | 146857 |  | 5285383 |
|  Remitly Global, Inc.\* | 182192 |  | 2514250 |
|  Repay Holdings Corp., Class A\* | 80334 |  | 293219 |
|  Security National Financial Corp., Class A\* | 15921 |  | 143448 |
|  Sezzle, Inc.(x)\* | 17320 |  | 1099387 |
|  StoneCo Ltd., Class A\* | 271835 |  | 4020440 |
|  SWK Holdings Corp.(x) | 4613 |  | 79344 |
|  Triller Group, Inc.(x)\* | 96449 |  | 3086 |
|  Velocity Financial, Inc.\* | 12588 |  | 261327 |
|  Walker & Dunlop, Inc. | 35491 |  | 2134784 |
|  Waterstone Financial, Inc. | 18158 |  | 300515 |
|  |  |  | 67633867 |
|  ***Insurance (1.8%)*** |  |  |  |
|  Abacus Global Management, Inc. | 43580 |  | 372609 |
|  American Coastal Insurance Corp. | 30170 |  | 381047 |
|  American Integrity Insurance Group, Inc.\* | 6887 |  | 143456 |
|  AMERISAFE, Inc. | 20727 |  | 796124 |
|  Aspen Insurance Holdings Ltd., Class A(x)\* | 16535 |  | 613449 |
|  Ategrity Specialty Holdings LLC(x)\* | 6647 |  | 139653 |
|  Baldwin Insurance Group, Inc. (The), Class A\* | 77085 |  | 1852353 |
|  Bowhead Specialty Holdings, Inc.\* | 18437 |  | 526192 |
|  Citizens, Inc., Class A(x)\* | 48267 |  | 233130 |
|  CNO Financial Group, Inc. | 104881 |  | 4454296 |
|  Crawford & Co., Class A | 19393 |  | 218171 |
|  Donegal Group, Inc., Class A | 17085 |  | 341358 |
|  eHealth, Inc.\* | 32400 |  | 149040 |
|  Employers Holdings, Inc. | 23871 |  | 1030511 |
|  F&G Annuities & Life, Inc. | 40027 |  | 1234833 |
|  Fidelis Insurance Holdings Ltd. | 62617 |  | 1225415 |
|  Genworth Financial, Inc., Class A\* | 443073 |  | 4000949 |
|  GoHealth, Inc., Class A\* | 4864 |  | 10458 |
|  Goosehead Insurance, Inc., Class A | 25663 |  | 1890080 |
|  Greenlight Capital Re Ltd., Class A\* | 31622 |  | 461049 |
|  Hamilton Insurance Group Ltd., Class B\* | 50377 |  | 1405518 |
|  HCI Group, Inc. | 11524 |  | 2209036 |
|  Heritage Insurance Holdings, Inc.\* | 26319 |  | 770094 |
|  Hippo Holdings, Inc.\* | 19368 |  | 582589 |
|  Horace Mann Educators Corp. | 44518 |  | 2055841 |
|  Investors Title Co. | 1653 |  | 412655 |
|  James River Group Holdings, Inc. | 45028 |  | 286378 |
|  Kestrel Group Ltd.(x) | 2555 |  | 26163 |
|  Kingstone Cos., Inc. | 13142 |  | 221180 |
|  Kingsway Financial Services, Inc.\* | 24986 |  | 336062 |
|  Lemonade, Inc.\* | 65457 |  | 4659229 |
|  MBIA, Inc.(x)\* | 51379 |  | 367874 |
|  Mercury General Corp. | 29366 |  | 2762166 |
|  NI Holdings, Inc.\* | 9304 |  | 123743 |
|  Octave Specialty Group, Inc.\* | 49598 |  | 385872 |
|  Oscar Health, Inc., Class A\* | 213291 |  | 3064992 |
|  Palomar Holdings, Inc.\* | 28609 |  | 3855349 |
|  ProAssurance Corp.\* | 56599 |  | 1367432 |
|  Root, Inc., Class A\* | 13094 |  | 945780 |
|  Safety Insurance Group, Inc. | 15709 |  | 1223888 |
|  Selective Insurance Group, Inc. | 66100 |  | 5530587 |
|  Selectquote, Inc.\* | 156584 |  | 220783 |
|  SiriusPoint Ltd.\* | 81181 |  | 1777052 |
|  Skyward Specialty Insurance Group, Inc.\* | 38338 |  | 1959455 |
|  Slide Insurance Holdings, Inc.\* | 27305 |  | 531901 |
|  Stewart Information Services Corp. | 30187 |  | 2120939 |
|  Tiptree, Inc., Class A | 24613 |  | 449680 |
|  Trupanion, Inc.\* | 40009 |  | 1495136 |
|  United Fire Group, Inc. | 23437 |  | 851935 |
|  Universal Insurance Holdings, Inc. | 28203 |  | 953261 |
|  |  |  | 63026743 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.8%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.8%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.8%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.8%)*** |
|  ACRES Commercial Realty Corp. (REIT)(x)\* | 6552 |  | 139820 |
|  Adamas Trust, Inc. (REIT) | 91889 |  | 670790 |
|  Advanced Flower Capital, Inc. (REIT)(x) | 19093 |  | 54415 |
|  Angel Oak Mortgage REIT, Inc. (REIT) | 12425 |  | 106979 |
|  Apollo Commercial Real Estate Finance, Inc. (REIT) | 149787 |  | 1449938 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Arbor Realty Trust, Inc. (REIT)(x) | 203356 | $1578043 |
|  Ares Commercial Real Estate Corp. (REIT)(x) | 54100 | 258598 |
|  ARMOUR Residential REIT, Inc. (REIT)(x) | 122376 | 2164831 |
|  Blackstone Mortgage Trust, Inc. (REIT), Class A | 172950 | 3308534 |
|  BrightSpire Capital, Inc. (REIT), Class A(x) | 140779 | 788362 |
|  Chicago Atlantic Real Estate Finance, Inc. (REIT) | 21210 | 260035 |
|  Chimera Investment Corp. (REIT) | 88970 | 1105897 |
|  Claros Mortgage Trust, Inc. (REIT)\* | 92471 | 282961 |
|  Dynex Capital, Inc. (REIT) | 157804 | 2210834 |
|  Ellington Financial, Inc. (REIT) | 102941 | 1397939 |
|  Franklin BSP Realty Trust, Inc. (REIT) | 89548 | 898166 |
|  Invesco Mortgage Capital, Inc. (REIT)(x) | 78663 | 661556 |
|  KKR Real Estate Finance Trust, Inc. (REIT) | 62306 | 512155 |
|  Ladder Capital Corp. (REIT) | 127903 | 1405654 |
|  Lument Finance Trust, Inc. (REIT)(x) | 28800 | 40608 |
|  MFA Financial, Inc. (REIT) | 115299 | 1073434 |
|  Nexpoint Real Estate Finance, Inc. (REIT) | 9478 | 133450 |
|  Orchid Island Capital, Inc. (REIT)(x) | 158382 | 1140350 |
|  PennyMac Mortgage Investment Trust (REIT) | 97645 | 1225445 |
|  Ready Capital Corp. (REIT)(x) | 156395 | 340941 |
|  Redwood Trust, Inc. (REIT) | 144451 | 798814 |
|  Rithm Property Trust, Inc. (REIT) | 6320 | 104777 |
|  Seven Hills Realty Trust (REIT) | 21006 | 186953 |
|  Sunrise Realty Trust, Inc. (REIT) | 10927 | 103042 |
|  TPG Mortgage Investment Trust, Inc. (REIT) | 33074 | 281791 |
|  TPG RE Finance Trust, Inc. (REIT) | 72530 | 624483 |
|  Two Harbors Investment Corp. (REIT) | 116907 | 1227524 |
|  |  | 26537119 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 556560782 |
|  **Health Care (16.9%)** |  |  |
|  ***Biotechnology (8.4%)*** |  |  |
|  4D Molecular Therapeutics, Inc.\* | 44997 | 337477 |
|  Abeona Therapeutics, Inc.(x)\* | 50057 | 263800 |
|  Absci Corp.(x)\* | 150759 | 526149 |
|  ACADIA Pharmaceuticals, Inc.\* | 134675 | 3597169 |
|  Actuate Therapeutics, Inc.(x)\* | 5711 | 34951 |
|  ADC Therapeutics SA\* | 83927 | 296262 |
|  ADMA Biologics, Inc.\* | 250670 | 4572221 |
|  Agios Pharmaceuticals, Inc.\* | 60933 | 1658596 |
|  Akebia Therapeutics, Inc.\* | 291341 | 469059 |
|  Aldeyra Therapeutics, Inc.\* | 59566 | 308552 |
|  Alector, Inc.\* | 76532 | 119390 |
|  Alkermes plc\* | 175298 | 4904838 |
|  Allogene Therapeutics, Inc.\* | 175020 | 239777 |
|  Altimmune, Inc.(x)\* | 89923 | 324622 |
|  Amicus Therapeutics, Inc.\* | 320722 | 4567081 |
|  AnaptysBio, Inc.\* | 19416 | 941288 |
|  Anavex Life Sciences Corp.(x)\* | 97389 | 346705 |
|  Anika Therapeutics, Inc.\* | 15878 | 152588 |
|  Annexon, Inc.\* | 114466 | 574619 |
|  Apogee Therapeutics, Inc.\* | 41618 | 3141327 |
|  Arbutus Biopharma Corp.\* | 162225 | 780302 |
|  Arcellx, Inc.\* | 36984 | 2411357 |
|  Arcturus Therapeutics Holdings, Inc.(x)\* | 29355 | 179946 |
|  Arcus Biosciences, Inc.\* | 84866 | 2022357 |
|  Arcutis Biotherapeutics, Inc.\* | 119099 | 3458635 |
|  Ardelyx, Inc.\* | 262342 | 1529454 |
|  ArriVent Biopharma, Inc.(x)\* | 31540 | 634585 |
|  Arrowhead Pharmaceuticals, Inc.\* | 143355 | 9517338 |
|  ARS Pharmaceuticals, Inc.(x)\* | 63870 | 744085 |
|  Astria Therapeutics, Inc.\* | 46687 | 611133 |
|  aTyr Pharma, Inc.(x)\* | 100394 | 78619 |
|  Aura Biosciences, Inc.\* | 46294 | 252302 |
|  Aurinia Pharmaceuticals, Inc.\* | 126819 | 2022763 |
|  Avidity Biosciences, Inc.\* | 125043 | 9019352 |
|  Avita Medical, Inc.(x)\* | 13789 | 47572 |
|  Beam Therapeutics, Inc.\* | 103348 | 2864807 |
|  Benitec Biopharma, Inc.(x)\* | 16005 | 215587 |
|  Bicara Therapeutics, Inc.\* | 34153 | 574795 |
|  BioCryst Pharmaceuticals, Inc.\* | 226018 | 1762940 |
|  Biohaven Ltd.\* | 101165 | 1142153 |
|  Bridgebio Pharma, Inc.\* | 171563 | 13122854 |
|  Bright Minds Biosciences, Inc.(x)\* | 5656 | 441394 |
|  Candel Therapeutics, Inc.(x)\* | 45474 | 256928 |
|  Capricor Therapeutics, Inc.(x)\* | 41616 | 1201038 |
|  Cardiff Oncology, Inc.(x)\* | 74770 | 210104 |
|  CareDx, Inc.\* | 55886 | 1052892 |
|  Cartesian Therapeutics, Inc.(x)\* | 11397 | 82172 |
|  Catalyst Pharmaceuticals, Inc.\* | 125404 | 2926929 |
|  Celcuity, Inc.\* | 34789 | 3469855 |
|  Celldex Therapeutics, Inc.\* | 70860 | 1924558 |
|  CG oncology, Inc.\* | 60413 | 2508348 |
|  Cidara Therapeutics, Inc.\* | 21188 | 4680217 |
|  Cogent Biosciences, Inc.\* | 150240 | 5336525 |
|  Coherus Oncology, Inc.(x)\* | 95963 | 136267 |
|  Compass Therapeutics, Inc.\* | 140660 | 755344 |
|  Corvus Pharmaceuticals, Inc.\* | 62121 | 478332 |
|  CRISPR Therapeutics AG(x)\* | 94397 | 4950179 |
|  Cullinan Therapeutics, Inc.\* | 58977 | 610412 |
|  Cytokinetics, Inc.\* | 126158 | 8016079 |
|  Day One Biopharmaceuticals, Inc.\* | 83009 | 773644 |
|  Denali Therapeutics, Inc.\* | 143018 | 2361227 |
|  Design Therapeutics, Inc.\* | 28321 | 265651 |
|  DiaMedica Therapeutics, Inc.(x)\* | 36487 | 290437 |
|  Dianthus Therapeutics, Inc.\* | 26370 | 1086708 |
|  Disc Medicine, Inc.\* | 26979 | 2142402 |
|  Dynavax Technologies Corp.\* | 108376 | 1666823 |
|  Dyne Therapeutics, Inc.\* | 133747 | 2616091 |
|  Editas Medicine, Inc.\* | 101390 | 207850 |
|  Eledon Pharmaceuticals, Inc.(x)\* | 63733 | 96237 |
|  Emergent BioSolutions, Inc.\* | 56191 | 694521 |
|  Enanta Pharmaceuticals, Inc.\* | 28985 | 457093 |
|  Entrada Therapeutics, Inc.\* | 33821 | 347680 |
|  Erasca, Inc.\* | 180989 | 673279 |
|  Fate Therapeutics, Inc.\* | 122221 | 120094 |
|  Fennec Pharmaceuticals, Inc.\* | 27008 | 207962 |
|  Foghorn Therapeutics, Inc.\* | 36498 | 197089 |
|  Geron Corp.\* | 573731 | 757325 |
|  Gossamer Bio, Inc.\* | 211999 | 657197 |
|  GRAIL, Inc.\* | 37991 | 3251650 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Greenwich Lifesciences, Inc.(x)\* | 6644 | $| 139590 |
|  Gyre Therapeutics, Inc.(x)\* | 6684 |  | 47189 |
|  Heron Therapeutics, Inc.(x)\* | 175959 |  | 228747 |
|  Humacyte, Inc.(x)\* | 144365 |  | 138663 |
|  Ideaya Biosciences, Inc.\* | 86906 |  | 3004340 |
|  ImmunityBio, Inc.(x)\* | 314464 |  | 622639 |
|  Immunome, Inc.\* | 84804 |  | 1821590 |
|  Immunovant, Inc.\* | 75400 |  | 1916668 |
|  Inhibikase Therapeutics, Inc.\* | 60972 |  | 124993 |
|  Inhibrx Biosciences, Inc.\* | 9631 |  | 760849 |
|  Inmune Bio, Inc.(x)\* | 19376 |  | 30227 |
|  Intellia Therapeutics, Inc.(x)\* | 112621 |  | 1012463 |
|  Iovance Biotherapeutics, Inc.(x)\* | 329595 |  | 899794 |
|  Ironwood Pharmaceuticals, Inc., Class A\* | 162335 |  | 547069 |
|  Jade Biosciences, Inc.(x) | 49486 |  | 763569 |
|  Janux Therapeutics, Inc.\* | 47507 |  | 655597 |
|  KalVista Pharmaceuticals, Inc.(x)\* | 40276 |  | 650457 |
|  Keros Therapeutics, Inc.\* | 31540 |  | 642154 |
|  Kodiak Sciences, Inc.\* | 35772 |  | 1000185 |
|  Korro Bio, Inc.(x)\* | 7329 |  | 58705 |
|  Krystal Biotech, Inc.\* | 26811 |  | 6609984 |
|  Kura Oncology, Inc.\* | 85789 |  | 891348 |
|  Kymera Therapeutics, Inc.\* | 60973 |  | 4744309 |
|  Larimar Therapeutics, Inc.\* | 51019 |  | 194382 |
|  Lexeo Therapeutics, Inc.\* | 67302 |  | 668309 |
|  Madrigal Pharmaceuticals, Inc.\* | 20102 |  | 11706199 |
|  MannKind Corp.\* | 327207 |  | 1855264 |
|  MapLight Therapeutics, Inc.\* | 17658 |  | 310163 |
|  MeiraGTx Holdings plc\* | 49619 |  | 394471 |
|  MiMedx Group, Inc.\* | 131843 |  | 892577 |
|  Mineralys Therapeutics, Inc.\* | 50479 |  | 1831883 |
|  Mirum Pharmaceuticals, Inc.\* | 44229 |  | 3493649 |
|  Monopar Therapeutics, Inc.\* | 4878 |  | 318533 |
|  Monte Rosa Therapeutics, Inc.(x)\* | 50348 |  | 789457 |
|  Myriad Genetics, Inc.\* | 98089 |  | 603247 |
|  Neurogene, Inc.(x)\* | 11896 |  | 245058 |
|  Nkarta, Inc.\* | 33518 |  | 62008 |
|  Novavax, Inc.(x)\* | 157787 |  | 1060329 |
|  Nurix Therapeutics, Inc.\* | 108040 |  | 2049519 |
|  Nuvalent, Inc., Class A\* | 54065 |  | 5438398 |
|  Nuvectis Pharma, Inc.(x)\* | 13916 |  | 105066 |
|  Olema Pharmaceuticals, Inc.\* | 64443 |  | 1611075 |
|  Organogenesis Holdings, Inc., Class A\* | 67974 |  | 352105 |
|  ORIC Pharmaceuticals, Inc.\* | 72395 |  | 592191 |
|  Oruka Therapeutics, Inc.(x)\* | 41501 |  | 1257895 |
|  Palvella Therapeutics, Inc.(x)\* | 7602 |  | 795701 |
|  Perspective Therapeutics, Inc.\* | 72033 |  | 198091 |
|  Praxis Precision Medicines, Inc.\* | 24333 |  | 7171908 |
|  Precigen, Inc.(x)\* | 192761 |  | 805741 |
|  Prime Medicine, Inc.(x)\* | 105906 |  | 367494 |
|  Protagonist Therapeutics, Inc.\* | 62938 |  | 5497005 |
|  Protalix BioTherapeutics, Inc.(x)\* | 75469 |  | 135844 |
|  Protara Therapeutics, Inc.\* | 35142 |  | 187307 |
|  Prothena Corp. plc\* | 45005 |  | 429798 |
|  PTC Therapeutics, Inc.\* | 83976 |  | 6378817 |
|  Puma Biotechnology, Inc.\* | 48715 |  | 289854 |
|  Recursion Pharmaceuticals, Inc., Class A(x)\* | 416512 |  | 1703534 |
|  REGENXBIO, Inc.\* | 49211 |  | 708638 |
|  Relay Therapeutics, Inc.\* | 149820 |  | 1267477 |
|  Replimune Group, Inc.\* | 76134 |  | 740022 |
|  Rezolute, Inc.\* | 87517 |  | 206540 |
|  Rhythm Pharmaceuticals, Inc.\* | 57196 |  | 6122260 |
|  Rigel Pharmaceuticals, Inc.\* | 18518 |  | 793126 |
|  Rocket Pharmaceuticals, Inc.\* | 92367 |  | 324208 |
|  Sana Biotechnology, Inc.(x)\* | 177384 |  | 721953 |
|  Savara, Inc.\* | 152758 |  | 921131 |
|  Scholar Rock Holding Corp.\* | 88892 |  | 3915693 |
|  SELLAS Life Sciences Group, Inc.(x)\* | 137414 |  | 518051 |
|  Sionna Therapeutics, Inc.(x)\* | 17243 |  | 709377 |
|  Soleno Therapeutics, Inc.\* | 50392 |  | 2333150 |
|  Solid Biosciences, Inc.\* | 63930 |  | 360565 |
|  Spyre Therapeutics, Inc.(x)\* | 74271 |  | 2433118 |
|  Stoke Therapeutics, Inc.\* | 48620 |  | 1543199 |
|  Syndax Pharmaceuticals, Inc.\* | 91863 |  | 1930042 |
|  Tango Therapeutics, Inc.(x)\* | 114233 |  | 1012104 |
|  Taysha Gene Therapies, Inc.\* | 238830 |  | 1313565 |
|  Tectonic Therapeutic, Inc.(x)\* | 12574 |  | 262294 |
|  Tevogen Bio Holdings, Inc.(x)\* | 24665 |  | 8167 |
|  TG Therapeutics, Inc.\* | 156873 |  | 4676384 |
|  Tonix Pharmaceuticals Holding Corp.\* | 12239 |  | 191173 |
|  Travere Therapeutics, Inc.\* | 89183 |  | 3407682 |
|  TriSalus Life Sciences, Inc.(x)\* | 30896 |  | 215654 |
|  TuHURA Biosciences, Inc.\* | 24933 |  | 18867 |
|  Twist Bioscience Corp.\* | 64474 |  | 2045115 |
|  Tyra Biosciences, Inc.\* | 27685 |  | 727839 |
|  Upstream Bio, Inc.\* | 36047 |  | 978676 |
|  UroGen Pharma Ltd.(x)\* | 39890 |  | 934224 |
|  Vanda Pharmaceuticals, Inc.\* | 56468 |  | 498048 |
|  Vaxcyte, Inc.\* | 123651 |  | 5705257 |
|  Vera Therapeutics, Inc., Class A\* | 60031 |  | 3039970 |
|  Veracyte, Inc.\* | 84711 |  | 3566333 |
|  Verastem, Inc.\* | 53400 |  | 412248 |
|  Vericel Corp.\* | 54344 |  | 1956927 |
|  Vir Biotechnology, Inc.\* | 93958 |  | 566567 |
|  Viridian Therapeutics, Inc.\* | 86278 |  | 2684971 |
|  Voyager Therapeutics, Inc.\* | 56024 |  | 220174 |
|  Xencor, Inc.\* | 76145 |  | 1165780 |
|  Xenon Pharmaceuticals, Inc.\* | 82176 |  | 3683128 |
|  XOMA Royalty Corp.(x)\* | 10449 |  | 277839 |
|  Zenas Biopharma, Inc.(x)\* | 20344 |  | 738691 |
|  Zymeworks, Inc.\* | 54796 |  | 1442779 |
|  |  |  | 292680947 |
|  ***Health Care Equipment & Supplies (2.5%)*** | ***Health Care Equipment & Supplies (2.5%)*** | ***Health Care Equipment & Supplies (2.5%)*** | ***Health Care Equipment & Supplies (2.5%)*** |
|  Accuray, Inc.\* | 108458 |  | 89434 |
|  Acme United Corp.(x) | 3316 |  | 133668 |
|  Alphatec Holdings, Inc.\* | 126966 |  | 2671365 |
|  AngioDynamics, Inc.\* | 41166 |  | 528571 |
|  Anteris Technologies Global Corp.(x)\* | 35384 |  | 176566 |
|  Artivion, Inc.\* | 45357 |  | 2068733 |
|  AtriCure, Inc.\* | 52348 |  | 2070887 |
|  Avanos Medical, Inc.\* | 45467 |  | 510594 |
|  Axogen, Inc.\* | 48128 |  | 1575229 |
|  Beta Bionics, Inc.(x)\* | 41115 |  | 1252774 |
|  Bioventus, Inc., Class A(x)\* | 53285 |  | 396440 |
|  Butterfly Network, Inc., Class A(x)\* | 221850 |  | 843030 |
|  CapsoVision, Inc.(x)\* | 5312 |  | 56785 |
|  Carlsmed, Inc.\* | 5976 |  | 73804 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Ceribell, Inc.\* | 28560 | $| 626321 |
|  Cerus Corp.\* | 217515 |  | 448081 |
|  ClearPoint Neuro, Inc.(x)\* | 29958 |  | 409825 |
|  CONMED Corp. | 33224 |  | 1348894 |
|  CVRx, Inc.\* | 16021 |  | 113749 |
|  Delcath Systems, Inc.(x)\* | 35007 |  | 353571 |
|  Electromed, Inc.\* | 7543 |  | 219652 |
|  Embecta Corp. | 64405 |  | 765131 |
|  Enovis Corp.\* | 60934 |  | 1623282 |
|  Glaukos Corp.\* | 60397 |  | 6819425 |
|  Haemonetics Corp.\* | 52106 |  | 4176296 |
|  ICU Medical, Inc.\* | 26127 |  | 3727539 |
|  Inogen, Inc.\* | 28312 |  | 190257 |
|  Integer Holdings Corp.\* | 37187 |  | 2916576 |
|  Integra LifeSciences Holdings Corp.\* | 74320 |  | 923054 |
|  iRadimed Corp. | 9072 |  | 882524 |
|  iRhythm Technologies, Inc.\* | 34455 |  | 6113695 |
|  Kestra Medical Technologies Ltd.(x)\* | 20874 |  | 553578 |
|  KORU Medical Systems, Inc.\* | 42991 |  | 249778 |
|  Lantheus Holdings, Inc.\* | 72432 |  | 4820350 |
|  LeMaitre Vascular, Inc. | 22479 |  | 1823047 |
|  LENSAR, Inc.(x)\* | 11007 |  | 128011 |
|  LivaNova plc\* | 59033 |  | 3632301 |
|  Lucid Diagnostics, Inc.(x)\* | 74272 |  | 80957 |
|  Merit Medical Systems, Inc.\* | 63082 |  | 5560047 |
|  Myomo, Inc.(x)\* | 36214 |  | 32955 |
|  Neogen Corp.\* | 233831 |  | 1634479 |
|  Neuronetics, Inc.(x)\* | 41673 |  | 57509 |
|  NeuroPace, Inc.\* | 27909 |  | 430915 |
|  Novocure Ltd.\* | 108757 |  | 1406228 |
|  Omnicell, Inc.\* | 49385 |  | 2237141 |
|  OraSure Technologies, Inc.\* | 81864 |  | 198111 |
|  Orthofix Medical, Inc.\* | 40719 |  | 617300 |
|  OrthoPediatrics Corp.\* | 19749 |  | 350742 |
|  Outset Medical, Inc.(x)\* | 20259 |  | 75161 |
|  PROCEPT BioRobotics Corp.\* | 57484 |  | 1808447 |
|  Pro-Dex, Inc.(x)\* | 2354 |  | 90582 |
|  Pulmonx Corp.\* | 42962 |  | 94946 |
|  Pulse Biosciences, Inc.(x)\* | 22260 |  | 305630 |
|  QuidelOrtho Corp.\* | 73130 |  | 2088593 |
|  RxSight, Inc.\* | 35526 |  | 370181 |
|  Sanara Medtech, Inc.\* | 3962 |  | 92513 |
|  SANUWAVE Health, Inc.\* | 7947 |  | 237139 |
|  Semler Scientific, Inc.\* | 13462 |  | 205834 |
|  Shoulder Innovations, Inc.(x)\* | 4280 |  | 61204 |
|  SI-BONE, Inc.\* | 40377 |  | 796234 |
|  Sight Sciences, Inc.\* | 48221 |  | 382393 |
|  STAAR Surgical Co.\* | 55070 |  | 1271566 |
|  Stereotaxis, Inc.\* | 63157 |  | 145261 |
|  Tactile Systems Technology, Inc.\* | 23946 |  | 694434 |
|  Tandem Diabetes Care, Inc.\* | 72683 |  | 1597572 |
|  TransMedics Group, Inc.\* | 36298 |  | 4415652 |
|  Treace Medical Concepts, Inc.\* | 49706 |  | 121780 |
|  UFP Technologies, Inc.\* | 8112 |  | 1801107 |
|  Utah Medical Products, Inc. | 3437 |  | 192335 |
|  Varex Imaging Corp.\* | 42594 |  | 496220 |
|  |  |  | 85263985 |
|  ***Health Care Providers & Services (2.9%)*** | ***Health Care Providers & Services (2.9%)*** | ***Health Care Providers & Services (2.9%)*** | ***Health Care Providers & Services (2.9%)*** |
|  AdaptHealth Corp., Class A\* | 109424 |  | 1089863 |
|  Addus HomeCare Corp.\* | 19638 |  | 2108925 |
|  agilon health, Inc.\* | 366763 |  | 252590 |
|  AirSculpt Technologies, Inc.(x)\* | 14813 |  | 29330 |
|  Alignment Healthcare, Inc.\* | 182943 |  | 3613124 |
|  AMN Healthcare Services, Inc.\* | 40092 |  | 631850 |
|  Ardent Health, Inc.\* | 23974 |  | 211690 |
|  Astrana Health, Inc.\* | 45474 |  | 1128210 |
|  Aveanna Healthcare Holdings, Inc.\* | 74569 |  | 609229 |
|  BrightSpring Health Services, Inc.(x)\* | 119509 |  | 4475612 |
|  Brookdale Senior Living, Inc.\* | 250893 |  | 2707135 |
|  Castle Biosciences, Inc.\* | 30717 |  | 1194891 |
|  Clover Health Investments Corp., Class A(x)\* | 447827 |  | 1052393 |
|  Community Health Systems, Inc.(x)\* | 134539 |  | 419762 |
|  Concentra Group Holdings Parent, Inc. | 126048 |  | 2480625 |
|  CorVel Corp.\* | 31329 |  | 2120033 |
|  Cross Country Healthcare, Inc.\* | 32726 |  | 265081 |
|  DocGo, Inc.\* | 104443 |  | 91680 |
|  Enhabit, Inc.\* | 50804 |  | 468413 |
|  Ensign Group, Inc. (The) | 60798 |  | 10591012 |
|  Fulgent Genetics, Inc.\* | 21307 |  | 559735 |
|  GeneDx Holdings Corp., Class A\* | 20776 |  | 2702127 |
|  Guardant Health, Inc.\* | 131299 |  | 13410880 |
|  Guardian Pharmacy Services, Inc., Class A\* | 24158 |  | 726914 |
|  HealthEquity, Inc.\* | 92288 |  | 8454504 |
|  Hims & Hers Health, Inc.(x)\* | 221512 |  | 7192495 |
|  Innovage Holding Corp.\* | 17679 |  | 91754 |
|  Joint Corp. (The)(x)\* | 16337 |  | 142459 |
|  LifeStance Health Group, Inc.\* | 178529 |  | 1256844 |
|  Nano-X Imaging Ltd.(x)\* | 74549 |  | 208737 |
|  National HealthCare Corp. | 13760 |  | 1886358 |
|  National Research Corp. | 11577 |  | 217300 |
|  NeoGenomics, Inc.\* | 138962 |  | 1634193 |
|  Nutex Health, Inc.\* | 3616 |  | 595266 |
|  Omada Health, Inc.\* | 10015 |  | 158037 |
|  Oncology Institute, Inc. (The)(x)\* | 67231 |  | 239342 |
|  OPKO Health, Inc.\* | 464221 |  | 584918 |
|  Option Care Health, Inc.\* | 172863 |  | 5507415 |
|  Owens & Minor, Inc.\* | 90129 |  | 252361 |
|  PACS Group, Inc.\* | 47694 |  | 1830973 |
|  Pediatrix Medical Group, Inc.\* | 93645 |  | 2003066 |
|  Pennant Group, Inc. (The)\* | 37280 |  | 1049432 |
|  Privia Health Group, Inc.\* | 125823 |  | 2983263 |
|  Progyny, Inc.\* | 81075 |  | 2082006 |
|  RadNet, Inc.\* | 73776 |  | 5263918 |
|  SBC Medical Group Holdings, Inc.(x)\* | 15546 |  | 67003 |
|  Select Medical Holdings Corp. | 116202 |  | 1725600 |
|  Sonida Senior Living, Inc.\* | 6470 |  | 210987 |
|  Strata Critical Medical, Inc.\* | 69831 |  | 335887 |
|  Surgery Partners, Inc.\* | 82797 |  | 1279214 |
|  Talkspace, Inc.\* | 147478 |  | 535345 |
|  US Physical Therapy, Inc. | 15856 |  | 1238195 |
|  Viemed Healthcare, Inc.\* | 39687 |  | 294874 |
|  |  |  | 102262850 |
|  ***Health Care Technology (0.3%)*** |  |  |  |
|  Claritev Corp.(x)\* | 8809 |  | 376585 |
|  Definitive Healthcare Corp., Class A\* | 43349 |  | 124412 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Evolent Health, Inc., Class A\* | 129942 | $| 519768 |
|  Health Catalyst, Inc.\* | 79397 |  | 189759 |
|  HealthStream, Inc. | 25693 |  | 592738 |
|  HeartFlow, Inc.(x)\* | 20032 |  | 583933 |
|  LifeMD, Inc.(x)\* | 43866 |  | 149583 |
|  OptimizeRx Corp.(x)\* | 17604 |  | 215825 |
|  Phreesia, Inc.\* | 61339 |  | 1037856 |
|  Schrodinger, Inc.(x)\* | 59140 |  | 1057423 |
|  Simulations Plus, Inc.(x)\* | 19013 |  | 346607 |
|  Teladoc Health, Inc.(x)\* | 196816 |  | 1377712 |
|  TruBridge, Inc.\* | 11435 |  | 252370 |
|  Waystar Holding Corp.\* | 119019 |  | 3897872 |
|  |  |  | 10722443 |
|  ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** |
|  10X Genomics, Inc., Class A\* | 118326 |  | 1929897 |
|  Adaptive Biotechnologies Corp.\* | 161623 |  | 2624758 |
|  Alpha Teknova, Inc.\* | 12121 |  | 46060 |
|  Azenta, Inc.\* | 44967 |  | 1495602 |
|  BioLife Solutions, Inc.\* | 44335 |  | 1072020 |
|  Codexis, Inc.\* | 92542 |  | 150844 |
|  CryoPort, Inc.\* | 56047 |  | 538051 |
|  Cytek Biosciences, Inc.\* | 123202 |  | 622170 |
|  Fortrea Holdings, Inc.\* | 98705 |  | 1702661 |
|  Ginkgo Bioworks Holdings, Inc., Class A(x)\* | 44615 |  | 370751 |
|  Lifecore Biomedical, Inc.\* | 32407 |  | 265089 |
|  Maravai LifeSciences Holdings, Inc., Class A\* | 118733 |  | 385882 |
|  MaxCyte, Inc.\* | 125926 |  | 195185 |
|  Mesa Laboratories, Inc. | 6013 |  | 472021 |
|  Niagen Bioscience, Inc.\* | 60954 |  | 387667 |
|  OmniAb, Inc.\* | 107275 |  | 198459 |
|  Pacific Biosciences of California, Inc.(x)\* | 284898 |  | 532759 |
|  Personalis, Inc.\* | 57560 |  | 458178 |
|  Quanterix Corp.\* | 49817 |  | 316836 |
|  Quantum-Si, Inc.(x)\* | 163026 |  | 179329 |
|  Standard BioTools, Inc.\* | 342276 |  | 438113 |
|  |  |  | 14382332 |
|  ***Pharmaceuticals (2.4%)*** |  |  |  |
|  Aardvark Therapeutics, Inc.(x)\* | 13057 |  | 171373 |
|  Aclaris Therapeutics, Inc.\* | 97881 |  | 294622 |
|  Alumis, Inc.\* | 60745 |  | 592871 |
|  Amneal Pharmaceuticals, Inc.\* | 163303 |  | 2057618 |
|  Amphastar Pharmaceuticals, Inc.\* | 39132 |  | 1047955 |
|  Amylyx Pharmaceuticals, Inc.\* | 95730 |  | 1156418 |
|  ANI Pharmaceuticals, Inc.\* | 19643 |  | 1550618 |
|  Aquestive Therapeutics, Inc.(x)\* | 112126 |  | 724334 |
|  Arvinas, Inc.\* | 69422 |  | 823345 |
|  Atea Pharmaceuticals, Inc.\* | 70280 |  | 250900 |
|  Avadel Pharmaceuticals plc (ADR)\* | 96595 |  | 2081622 |
|  Axsome Therapeutics, Inc.\* | 44355 |  | 8100997 |
|  BioAge Labs, Inc.(x)\* | 26245 |  | 347221 |
|  Biote Corp., Class A\* | 31330 |  | 81458 |
|  Collegium Pharmaceutical, Inc.\* | 34000 |  | 1574200 |
|  CorMedix, Inc.(x)\* | 80349 |  | 934459 |
|  Crinetics Pharmaceuticals, Inc.\* | 97739 |  | 4549750 |
|  Edgewise Therapeutics, Inc.\* | 72987 |  | 1811172 |
|  Enliven Therapeutics, Inc.(x)\* | 42615 |  | 656271 |
|  Esperion Therapeutics, Inc.(x)\* | 251394 |  | 930158 |
|  Eton Pharmaceuticals, Inc.(x)\* | 29798 |  | 503884 |
|  Evolus, Inc.\* | 53847 |  | 358083 |
|  EyePoint, Inc.\* | 81436 |  | 1487836 |
|  Fulcrum Therapeutics, Inc.\* | 49208 |  | 556542 |
|  Harmony Biosciences Holdings, Inc.\* | 46945 |  | 1756682 |
|  Harrow, Inc.(x)\* | 33622 |  | 1647478 |
|  Indivior plc\* | 131213 |  | 4707922 |
|  Innoviva, Inc.\* | 69126 |  | 1381829 |
|  Journey Medical Corp.(x)\* | 12566 |  | 96884 |
|  LB Pharmaceuticals, Inc.\* | 19264 |  | 428817 |
|  LENZ Therapeutics, Inc.(x)\* | 18480 |  | 295680 |
|  Ligand Pharmaceuticals, Inc.\* | 20977 |  | 3966121 |
|  Liquidia Corp.\* | 70558 |  | 2433545 |
|  Maze Therapeutics, Inc.\* | 23336 |  | 966810 |
|  MBX Biosciences, Inc.(x)\* | 30573 |  | 964272 |
|  MediWound Ltd.(x)\* | 9255 |  | 170847 |
|  Mind Medicine MindMed, Inc.(x)\* | 101154 |  | 1354452 |
|  Nuvation Bio, Inc.\* | 261125 |  | 2339680 |
|  Ocular Therapeutix, Inc.\* | 201135 |  | 2441779 |
|  Omeros Corp.(x)\* | 73289 |  | 1258739 |
|  Pacira BioSciences, Inc.\* | 48236 |  | 1248348 |
|  Phathom Pharmaceuticals, Inc.(x)\* | 43034 |  | 713934 |
|  Phibro Animal Health Corp., Class A | 22149 |  | 827487 |
|  Prestige Consumer Healthcare, Inc.\* | 53427 |  | 3295912 |
|  Rapport Therapeutics, Inc.\* | 30505 |  | 925522 |
|  Septerna, Inc.\* | 22212 |  | 619271 |
|  SIGA Technologies, Inc. | 48917 |  | 298883 |
|  Supernus Pharmaceuticals, Inc.\* | 58328 |  | 2898902 |
|  Tarsus Pharmaceuticals, Inc.\* | 42386 |  | 3470566 |
|  Terns Pharmaceuticals, Inc.\* | 92750 |  | 3747100 |
|  Theravance Biopharma, Inc.\* | 39486 |  | 738783 |
|  Third Harmonic Bio, Inc.(r)\* | 30213 |  |  |
|  Trevi Therapeutics, Inc.\* | 99452 |  | 1245139 |
|  Tvardi Therapeutics, Inc.\* | 5650 |  | 24295 |
|  WaVe Life Sciences Ltd.\* | 125157 |  | 2127669 |
|  Xeris Biopharma Holdings, Inc.\* | 165852 |  | 1301938 |
|  Zevra Therapeutics, Inc.(x)\* | 57550 |  | 515648 |
|  |  |  | 82854641 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 588167198 |
|  **Industrials (15.7%)** |  |  |  |
|  ***Aerospace & Defense (1.7%)*** |  |  |  |
|  AAR Corp.\* | 42231 |  | 3496305 |
|  AeroVironment, Inc.\* | 40871 |  | 9886286 |
|  AerSale Corp.\* | 36648 |  | 260567 |
|  AIRO Group Holdings, Inc.\* | 4819 |  | 39419 |
|  Archer Aviation, Inc., Class A(x)\* | 681953 |  | 5128287 |
|  Astronics Corp.\* | 33883 |  | 1837814 |
|  Byrna Technologies, Inc.(x)\* | 20595 |  | 345790 |
|  Cadre Holdings, Inc. | 31367 |  | 1281028 |
|  Ducommun, Inc.\* | 15364 |  | 1461577 |
|  Eve Holding, Inc.\* | 101866 |  | 406445 |
|  Firefly Aerospace, Inc.(x)\* | 22543 |  | 504287 |
|  Intuitive Machines, Inc.(x)\* | 115651 |  | 1877016 |
|  Kratos Defense & Security Solutions, Inc.\* | 180339 |  | 13689534 |
|  Mercury Systems, Inc.\* | 56368 |  | 4115428 |
|  Moog, Inc., Class A | 30487 |  | 7425109 |
|  National Presto Industries, Inc. | 5357 |  | 571913 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Park Aerospace Corp. | 21407 | $| 456825 |
|  Redwire Corp.(x)\* | 78061 |  | 593264 |
|  Satellogic, Inc., Class A(x)\* | 79266 |  | 148227 |
|  V2X, Inc.\* | 24803 |  | 1353004 |
|  Voyager Technologies, Inc., Class A(x)\* | 14844 |  | 388022 |
|  VSE Corp. | 24892 |  | 4300591 |
|  |  |  | 59566738 |
|  ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** |
|  Forward Air Corp.(x)\* | 23990 |  | 599750 |
|  Hub Group, Inc., Class A | 64755 |  | 2759210 |
|  Radiant Logistics, Inc.\* | 41187 |  | 260714 |
|  |  |  | 3619674 |
|  ***Building Products (1.3%)*** |  |  |  |
|  American Woodmark Corp.\* | 15015 |  | 809309 |
|  Apogee Enterprises, Inc. | 23323 |  | 849190 |
|  AZZ, Inc. | 32197 |  | 3450875 |
|  CSW Industrials, Inc. | 17621 |  | 5172292 |
|  Gibraltar Industries, Inc.\* | 32109 |  | 1587469 |
|  Griffon Corp. | 41462 |  | 3053676 |
|  Insteel Industries, Inc. | 20612 |  | 652782 |
|  Janus International Group, Inc.\* | 143928 |  | 941289 |
|  JELD-WEN Holding, Inc.\* | 98180 |  | 241523 |
|  Masterbrand, Inc.(x)\* | 136635 |  | 1508450 |
|  Modine Manufacturing Co.\* | 56679 |  | 7567213 |
|  Quanex Building Products Corp. | 50602 |  | 778259 |
|  Resideo Technologies, Inc.\* | 139732 |  | 4907388 |
|  Tecnoglass, Inc.(x) | 29102 |  | 1464413 |
|  UFP Industries, Inc. | 62808 |  | 5718668 |
|  Zurn Elkay Water Solutions Corp. | 162343 |  | 7547326 |
|  |  |  | 46250122 |
|  ***Commercial Services & Supplies (1.3%)*** | ***Commercial Services & Supplies (1.3%)*** | ***Commercial Services & Supplies (1.3%)*** | ***Commercial Services & Supplies (1.3%)*** |
|  ABM Industries, Inc. | 65892 |  | 2787232 |
|  ACCO Brands Corp. | 93112 |  | 347308 |
|  ACV Auctions, Inc., Class A\* | 181098 |  | 1452406 |
|  BrightView Holdings, Inc.\* | 79357 |  | 1005453 |
|  Brink's Co. (The) | 45555 |  | 5317635 |
|  Casella Waste Systems, Inc., Class A(x)\* | 67932 |  | 6653260 |
|  Cimpress plc\* | 18653 |  | 1242103 |
|  CompX International, Inc. | 1414 |  | 32904 |
|  CoreCivic, Inc.\* | 114224 |  | 2182821 |
|  Deluxe Corp. | 48241 |  | 1077221 |
|  Ennis, Inc. | 25289 |  | 455455 |
|  Enviri Corp.\* | 83796 |  | 1501624 |
|  GEO Group, Inc. (The)\* | 146180 |  | 2356422 |
|  Healthcare Services Group, Inc.\* | 76254 |  | 1457976 |
|  HNI Corp. | 68794 |  | 2892100 |
|  Interface, Inc., Class A | 62757 |  | 1752175 |
|  Liquidity Services, Inc.\* | 24993 |  | 757538 |
|  MillerKnoll, Inc. | 76070 |  | 1390560 |
|  Mobile Infrastructure Corp., Class A\* | 11874 |  | 30279 |
|  Montrose Environmental Group, Inc.\* | 36296 |  | 901230 |
|  NL Industries, Inc. | 8051 |  | 44039 |
|  OPENLANE, Inc.\* | 114097 |  | 3397809 |
|  Perma-Fix Environmental Services, Inc.(x)\* | 20585 |  | 259165 |
|  Pitney Bowes, Inc. | 173069 |  | 1829339 |
|  Quad/Graphics, Inc. | 34881 |  | 218704 |
|  UniFirst Corp. | 15885 |  | 3064216 |
|  Vestis Corp.(x) | 124261 |  | 828821 |
|  Virco Mfg. Corp. | 12536 |  | 80105 |
|  |  |  | 45315900 |
|  ***Construction & Engineering (2.2%)*** | ***Construction & Engineering (2.2%)*** | ***Construction & Engineering (2.2%)*** | ***Construction & Engineering (2.2%)*** |
|  Ameresco, Inc., Class A\* | 35702 |  | 1045711 |
|  Arcosa, Inc. | 52559 |  | 5588073 |
|  Argan, Inc. | 14530 |  | 4552540 |
|  Bowman Consulting Group Ltd., Class A\* | 15930 |  | 526008 |
|  Centuri Holdings, Inc.\* | 84679 |  | 2138145 |
|  Concrete Pumping Holdings, Inc. | 29164 |  | 195690 |
|  Construction Partners, Inc., Class A\* | 50729 |  | 5506633 |
|  Dycom Industries, Inc.\* | 30340 |  | 10251886 |
|  Fluor Corp.\* | 174094 |  | 6899345 |
|  Granite Construction, Inc. | 47435 |  | 5471627 |
|  Great Lakes Dredge & Dock Corp.\* | 71820 |  | 942278 |
|  IES Holdings, Inc.(x)\* | 9796 |  | 3810840 |
|  Legence Corp., Class A\* | 39304 |  | 1691644 |
|  Limbach Holdings, Inc.\* | 11734 |  | 913492 |
|  Matrix Service Co.\* | 31963 |  | 373967 |
|  MYR Group, Inc.\* | 16696 |  | 3648076 |
|  NWPX Infrastructure, Inc.\* | 10485 |  | 655208 |
|  Orion Group Holdings, Inc.\* | 38856 |  | 386229 |
|  Primoris Services Corp. | 58576 |  | 7271625 |
|  Southland Holdings, Inc.\* | 7787 |  | 25853 |
|  Sterling Infrastructure, Inc.\* | 32268 |  | 9881430 |
|  Tutor Perini Corp. | 48202 |  | 3230498 |
|  |  |  | 75006798 |
|  ***Electrical Equipment (2.2%)*** |  |  |  |
|  Allient, Inc. | 15893 |  | 854249 |
|  American Superconductor Corp.\* | 46702 |  | 1344084 |
|  Amprius Technologies, Inc.\* | 118794 |  | 937285 |
|  Array Technologies, Inc.(x)\* | 162030 |  | 1493917 |
|  Atkore, Inc. | 36276 |  | 2294457 |
|  Bloom Energy Corp., Class A\* | 236321 |  | 20533932 |
|  EnerSys | 40462 |  | 5937798 |
|  Enovix Corp.(x)\* | 184425 |  | 1348147 |
|  Eos Energy Enterprises, Inc.(x)\* | 333460 |  | 3821452 |
|  Fluence Energy, Inc., Class A(x)\* | 69122 |  | 1367233 |
|  Hyliion Holdings Corp.(x)\* | 129620 |  | 238501 |
|  KULR Technology Group, Inc.(x)\* | 37985 |  | 112436 |
|  LSI Industries, Inc. | 29136 |  | 533771 |
|  NANO Nuclear Energy, Inc.(x)\* | 43191 |  | 1037016 |
|  Net Power, Inc.(x)\* | 38666 |  | 88158 |
|  Nextpower, Inc., Class A\* | 157748 |  | 13741428 |
|  NuScale Power Corp., Class A(x)\* | 136830 |  | 1938881 |
|  Plug Power, Inc.(x)\* | 1207548 |  | 2378870 |
|  Powell Industries, Inc.(x) | 10335 |  | 3294591 |
|  Power Solutions International, Inc.(x)\* | 9208 |  | 526145 |
|  Preformed Line Products Co. | 2797 |  | 578168 |
|  Shoals Technologies Group, Inc., Class A\* | 178769 |  | 1519536 |
|  SKYX Platforms Corp.(x)\* | 61479 |  | 133409 |
|  SunPower, Inc.(x)\* | 63707 |  | 100020 |
|  Sunrun, Inc.\* | 241513 |  | 4443839 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  T1 Energy, Inc.(x)\* | 143996 | $| 961893 |
|  Thermon Group Holdings, Inc.\* | 35139 |  | 1305765 |
|  Vicor Corp.\* | 24875 |  | 2726300 |
|  |  |  | 75591281 |
|  ***Ground Transportation (0.3%)*** |  |  |  |
|  ArcBest Corp. | 24609 |  | 1825742 |
|  Covenant Logistics Group, Inc., Class A | 16045 |  | 353632 |
|  FTAI Infrastructure, Inc.(x) | 111925 |  | 515974 |
|  Heartland Express, Inc. | 47355 |  | 427616 |
|  Hertz Global Holdings, Inc.(x)\* | 129017 |  | 663147 |
|  Marten Transport Ltd. | 60422 |  | 687602 |
|  PAMT Corp.\* | 6775 |  | 81842 |
|  Proficient Auto Logistics, Inc.(x)\* | 27798 |  | 267973 |
|  RXO, Inc.\* | 175599 |  | 2219571 |
|  Universal Logistics Holdings, Inc.(x) | 7967 |  | 121019 |
|  Werner Enterprises, Inc. | 65356 |  | 1961334 |
|  |  |  | 9125452 |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** |
|  Brookfield Business Corp., Class A | 24840 |  | 891259 |
|  ***Machinery (3.4%)*** |  |  |  |
|  3D Systems Corp.(x)\* | 148766 |  | 263316 |
|  Aebi Schmidt Holding AG | 40875 |  | 517069 |
|  AirJoule Technologies Corp.\* | 21138 |  | 83284 |
|  Alamo Group, Inc. | 11135 |  | 1869232 |
|  Albany International Corp., Class A | 31740 |  | 1609218 |
|  Alliance Laundry Holdings, Inc.\* | 45512 |  | 926169 |
|  Astec Industries, Inc. | 24392 |  | 1056661 |
|  Atmus Filtration Technologies, Inc. | 90476 |  | 4696609 |
|  Blue Bird Corp.\* | 33807 |  | 1588929 |
|  CECO Environmental Corp.\* | 32434 |  | 1941175 |
|  Chart Industries, Inc.\* | 48873 |  | 10079079 |
|  Columbus McKinnon Corp. | 29331 |  | 505960 |
|  Douglas Dynamics, Inc. | 24387 |  | 796235 |
|  Eastern Co. (The) | 6815 |  | 134187 |
|  Energy Recovery, Inc.\* | 53708 |  | 724521 |
|  Enerpac Tool Group Corp., Class A | 57175 |  | 2186372 |
|  Enpro, Inc. | 22861 |  | 4895226 |
|  ESCO Technologies, Inc. | 28105 |  | 5491436 |
|  Federal Signal Corp. | 64921 |  | 7049771 |
|  Franklin Electric Co., Inc. | 42028 |  | 4014935 |
|  Gencor Industries, Inc.\* | 12254 |  | 158812 |
|  Gorman-Rupp Co. (The) | 22755 |  | 1086551 |
|  Graham Corp.\* | 10890 |  | 699465 |
|  Greenbrier Cos., Inc. (The) | 32553 |  | 1521527 |
|  Helios Technologies, Inc. | 35829 |  | 1916493 |
|  Hillenbrand, Inc. | 76065 |  | 2412782 |
|  Hillman Solutions Corp.\* | 213457 |  | 1848538 |
|  Hyster-Yale, Inc. | 12365 |  | 367364 |
|  JBT Marel Corp. | 56478 |  | 8509540 |
|  Kadant, Inc. | 12732 |  | 3628875 |
|  Kennametal, Inc. | 82280 |  | 2337575 |
|  L B Foster Co., Class A\* | 12107 |  | 326284 |
|  Lindsay Corp. | 11723 |  | 1381790 |
|  Luxfer Holdings plc | 30251 |  | 409296 |
|  Manitowoc Co., Inc. (The)\* | 40062 |  | 480343 |
|  Mayville Engineering Co., Inc.\* | 13288 |  | 248751 |
|  Microvast Holdings, Inc.(x)\* | 208712 |  | 584394 |
|  Miller Industries, Inc. | 11252 |  | 420487 |
|  Mueller Water Products, Inc., Class A | 168720 |  | 4018910 |
|  Omega Flex, Inc. | 3834 |  | 112873 |
|  Palladyne AI Corp.(x)\* | 29571 |  | 125972 |
|  Park-Ohio Holdings Corp. | 10361 |  | 216959 |
|  Proto Labs, Inc.\* | 25339 |  | 1281900 |
|  REV Group, Inc. | 52633 |  | 3200613 |
|  Richtech Robotics, Inc., Class B(x)\* | 163720 |  | 528816 |
|  SPX Technologies, Inc.\* | 52163 |  | 10435730 |
|  Standex International Corp. | 13017 |  | 2828334 |
|  Tennant Co. | 19794 |  | 1458818 |
|  Terex Corp. | 69784 |  | 3725070 |
|  Titan International, Inc.\* | 49749 |  | 389535 |
|  Trinity Industries, Inc. | 86554 |  | 2288488 |
|  Wabash National Corp. | 40997 |  | 354624 |
|  Watts Water Technologies, Inc., Class A | 29725 |  | 8204694 |
|  Worthington Enterprises, Inc. | 34042 |  | 1755546 |
|  |  |  | 119695133 |
|  ***Marine Transportation (0.2%)*** |  |  |  |
|  Costamare Bulkers Holdings Ltd.\* | 10130 |  | 156103 |
|  Costamare, Inc. | 46564 |  | 735246 |
|  Genco Shipping & Trading Ltd. | 34112 |  | 628684 |
|  Himalaya Shipping Ltd.(x) | 33890 |  | 308399 |
|  Matson, Inc. | 34025 |  | 4203789 |
|  Pangaea Logistics Solutions Ltd. | 29873 |  | 205526 |
|  Safe Bulkers, Inc. | 54573 |  | 263042 |
|  |  |  | 6500789 |
|  ***Passenger Airlines (0.4%)*** |  |  |  |
|  Allegiant Travel Co.\* | 16006 |  | 1364832 |
|  Frontier Group Holdings, Inc.\* | 86149 |  | 405762 |
|  JetBlue Airways Corp.\* | 320480 |  | 1458184 |
|  Joby Aviation, Inc.(x)\* | 525619 |  | 6938171 |
|  SkyWest, Inc.\* | 43796 |  | 4397556 |
|  Sun Country Airlines Holdings, Inc.\* | 55109 |  | 793018 |
|  |  |  | 15357523 |
|  ***Professional Services (1.6%)*** |  |  |  |
|  Alight, Inc., Class A | 482014 |  | 939927 |
|  Asure Software, Inc.\* | 27318 |  | 257336 |
|  Barrett Business Services, Inc. | 27709 |  | 1003343 |
|  BlackSky Technology, Inc., Class A(x)\* | 32344 |  | 606450 |
|  CBIZ, Inc.\* | 53284 |  | 2688178 |
|  Conduent, Inc.\* | 161889 |  | 310827 |
|  CRA International, Inc. | 6940 |  | 1392823 |
|  CSG Systems International, Inc. | 30134 |  | 2310976 |
|  Exponent, Inc. | 54812 |  | 3807241 |
|  Falcon's Beyond Global, Inc., Class A(x)\* | 14490 |  | 217495 |
|  First Advantage Corp.\* | 83559 |  | 1214112 |
|  Forrester Research, Inc.\* | 13950 |  | 113274 |
|  Franklin Covey Co.\* | 12569 |  | 210908 |
|  HireQuest, Inc.(x) | 5706 |  | 59970 |
|  Huron Consulting Group, Inc.\* | 18498 |  | 3198489 |
|  IBEX Holdings Ltd.\* | 11748 |  | 448539 |
|  ICF International, Inc. | 19809 |  | 1689708 |
|  Innodata, Inc.(x)\* | 33157 |  | 1689349 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Insperity, Inc. | 38754 | $| 1500555 |
|  Kelly Services, Inc., Class A | 32655 |  | 287364 |
|  Kforce, Inc. | 19124 |  | 591314 |
|  Korn Ferry | 56804 |  | 3750200 |
|  Legalzoom.com, Inc.\* | 135761 |  | 1348107 |
|  Maximus, Inc. | 61235 |  | 5285805 |
|  Mistras Group, Inc.\* | 13892 |  | 175734 |
|  Planet Labs PBC\* | 257564 |  | 5079162 |
|  RCM Technologies, Inc.\* | 5031 |  | 102859 |
|  Resolute Holdings Management, Inc.(x)\* | 4618 |  | 953294 |
|  Resources Connection, Inc. | 39412 |  | 198636 |
|  Skillsoft Corp.(x)\* | 4494 |  | 41794 |
|  Spire Global, Inc.(x)\* | 32018 |  | 240135 |
|  TIC Solutions, Inc.(x)\* | 214789 |  | 2171517 |
|  TriNet Group, Inc. | 32248 |  | 1906824 |
|  TrueBlue, Inc.\* | 34069 |  | 155014 |
|  TTEC Holdings, Inc.\* | 22848 |  | 82253 |
|  Upwork, Inc.\* | 133041 |  | 2636873 |
|  Verra Mobility Corp., Class A\* | 173346 |  | 3884684 |
|  Willdan Group, Inc.\* | 15512 |  | 1607974 |
|  |  |  | 54159043 |
|  ***Trading Companies & Distributors (1.0%)*** | ***Trading Companies & Distributors (1.0%)*** | ***Trading Companies & Distributors (1.0%)*** | ***Trading Companies & Distributors (1.0%)*** |
|  Alta Equipment Group, Inc. | 25128 |  | 115589 |
|  BlueLinx Holdings, Inc.\* | 8239 |  | 506122 |
|  Boise Cascade Co. | 40775 |  | 3001040 |
|  Custom Truck One Source, Inc.\* | 69075 |  | 397872 |
|  Distribution Solutions Group, Inc.\* | 9764 |  | 267436 |
|  DNOW, Inc.\* | 200960 |  | 2662720 |
|  DXP Enterprises, Inc.\* | 13981 |  | 1534974 |
|  EVI Industries, Inc. | 6220 |  | 153261 |
|  GATX Corp. | 38787 |  | 6578275 |
|  Global Industrial Co. | 16380 |  | 478623 |
|  Herc Holdings, Inc. | 35302 |  | 5238111 |
|  Hudson Technologies, Inc.\* | 39907 |  | 273363 |
|  Karat Packaging, Inc. | 7805 |  | 176159 |
|  McGrath RentCorp | 26531 |  | 2783898 |
|  NPK International, Inc.\* | 88343 |  | 1053048 |
|  Rush Enterprises, Inc., Class A | 66209 |  | 3571313 |
|  Rush Enterprises, Inc., Class B | 9278 |  | 521980 |
|  Titan Machinery, Inc.\* | 24122 |  | 362795 |
|  Transcat, Inc.\* | 9482 |  | 537914 |
|  Willis Lease Finance Corp. | 3245 |  | 440152 |
|  Xometry, Inc., Class A(x)\* | 47068 |  | 2799134 |
|  |  |  | 33453779 |
|  ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** |
|  Sky Harbour Group Corp.\* | 23908 |  | 214455 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 544747946 |
|  **Information Technology (13.3%)** |  |  |  |
|  ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** |
|  ADTRAN Holdings, Inc.\* | 81797 |  | 710816 |
|  Applied Optoelectronics, Inc.(x)\* | 65128 |  | 2270362 |
|  Aviat Networks, Inc.\* | 13391 |  | 286300 |
|  BK Technologies Corp.\* | 3039 |  | 226679 |
|  Calix, Inc.\* | 64852 |  | 3432616 |
|  Clearfield, Inc.\* | 12177 |  | 354960 |
|  CommScope Holding Co., Inc.\* | 235422 |  | 4268201 |
|  Digi International, Inc.\* | 39091 |  | 1692249 |
|  Extreme Networks, Inc.\* | 142576 |  | 2373890 |
|  Harmonic, Inc.\* | 118961 |  | 1176524 |
|  Inseego Corp.(x)\* | 13543 |  | 139087 |
|  NETGEAR, Inc.\* | 30497 |  | 748091 |
|  NetScout Systems, Inc.\* | 75990 |  | 2056289 |
|  Ribbon Communications, Inc.\* | 110603 |  | 318537 |
|  Viasat, Inc.\* | 133826 |  | 4611644 |
|  Viavi Solutions, Inc.\* | 239640 |  | 4270385 |
|  |  |  | 28936630 |
|  ***Electronic Equipment, Instruments & Components (3.1%)*** | ***Electronic Equipment, Instruments & Components (3.1%)*** | ***Electronic Equipment, Instruments & Components (3.1%)*** | ***Electronic Equipment, Instruments & Components (3.1%)*** |
|  908 Devices, Inc.(x)\* | 30619 |  | 160750 |
|  Advanced Energy Industries, Inc. | 40807 |  | 8543762 |
|  Aeva Technologies, Inc.(x)\* | 40318 |  | 535423 |
|  Arlo Technologies, Inc.\* | 107273 |  | 1500749 |
|  Badger Meter, Inc. | 32034 |  | 5587050 |
|  Bel Fuse, Inc., Class A | 1692 |  | 256846 |
|  Bel Fuse, Inc., Class B | 11458 |  | 1943620 |
|  Belden, Inc. | 42339 |  | 4934610 |
|  Benchmark Electronics, Inc. | 38507 |  | 1646559 |
|  Climb Global Solutions, Inc.(x) | 4539 |  | 466564 |
|  CTS Corp. | 30786 |  | 1319796 |
|  Daktronics, Inc.\* | 40883 |  | 808257 |
|  ePlus, Inc. | 28587 |  | 2507080 |
|  Evolv Technologies Holdings, Inc.\* | 164122 |  | 1175114 |
|  Fabrinet\* | 39083 |  | 17793708 |
|  Frequency Electronics, Inc.(x)\* | 7289 |  | 392440 |
|  Insight Enterprises, Inc.\* | 31577 |  | 2572578 |
|  Itron, Inc.\* | 49079 |  | 4557476 |
|  Kimball Electronics, Inc.\* | 27166 |  | 755758 |
|  Knowles Corp.\* | 91856 |  | 1968474 |
|  Methode Electronics, Inc. | 38671 |  | 256775 |
|  MicroVision, Inc.(x)\* | 282073 |  | 233585 |
|  Mirion Technologies, Inc., Class A(x)\* | 259002 |  | 6065827 |
|  M-Tron Industries, Inc.\* | 2706 |  | 144013 |
|  Napco Security Technologies, Inc. | 37255 |  | 1553534 |
|  Neonode, Inc.\* | 11915 |  | 20732 |
|  nLight, Inc.\* | 50144 |  | 1880901 |
|  Novanta, Inc.\* | 38993 |  | 4639777 |
|  OSI Systems, Inc.\* | 17532 |  | 4471712 |
|  Ouster, Inc.\* | 59658 |  | 1290999 |
|  PC Connection, Inc. | 12241 |  | 707040 |
|  Plexus Corp.\* | 29132 |  | 4282404 |
|  Powerfleet, Inc.(x)\* | 133006 |  | 707592 |
|  Red Cat Holdings, Inc.(x)\* | 109926 |  | 871713 |
|  Richardson Electronics Ltd. | 13267 |  | 144345 |
|  Rogers Corp.\* | 19394 |  | 1775909 |
|  Sanmina Corp.\* | 56550 |  | 8486459 |
|  ScanSource, Inc.\* | 23854 |  | 931737 |
|  TTM Technologies, Inc.\* | 110795 |  | 7644855 |
|  Vishay Intertechnology, Inc. | 130606 |  | 1892481 |
|  Vishay Precision Group, Inc.\* | 12604 |  | 485254 |
|  Vuzix Corp.(x)\* | 73036 |  | 276076 |
|  |  |  | 108190334 |
|  ***IT Services (0.6%)*** |  |  |  |
|  Applied Digital Corp.(x)\* | 257061 |  | 6303136 |
|  ASGN, Inc.\* | 45280 |  | 2181138 |
|  Backblaze, Inc., Class A\* | 61757 |  | 287788 |
|  BigBear.ai Holdings, Inc.(x)\* | 468593 |  | 2530402 |
|  Commerce.com, Inc.\* | 78889 |  | 325023 |
|  Crexendo, Inc.\* | 15788 |  | 102148 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  CSP, Inc.(x) | 7081 | $| 88512 |
|  DigitalOcean Holdings, Inc.\* | 73965 |  | 3559196 |
|  Fastly, Inc., Class A\* | 152702 |  | 1554506 |
|  Grid Dynamics Holdings, Inc.\* | 71004 |  | 641166 |
|  Hackett Group, Inc. (The) | 26563 |  | 521432 |
|  Information Services Group, Inc. | 38737 |  | 223900 |
|  Rackspace Technology, Inc.(x)\* | 108296 |  | 105145 |
|  TSS, Inc.(x)\* | 21199 |  | 149877 |
|  Tucows, Inc., Class A\* | 8402 |  | 188373 |
|  Unisys Corp.\* | 77716 |  | 214496 |
|  VTEX, Class A\* | 65744 |  | 247197 |
|  Whitefiber, Inc.(x)\* | 11504 |  | 181763 |
|  |  |  | 19405198 |
|  ***Semiconductors & Semiconductor Equipment (3.0%)*** | ***Semiconductors & Semiconductor Equipment (3.0%)*** | ***Semiconductors & Semiconductor Equipment (3.0%)*** | ***Semiconductors & Semiconductor Equipment (3.0%)*** |
|  ACM Research, Inc., Class A\* | 54668 |  | 2156653 |
|  Aehr Test Systems(x)\* | 32121 |  | 648523 |
|  Aeluma, Inc.\* | 14757 |  | 253378 |
|  Alpha & Omega Semiconductor Ltd.\* | 25664 |  | 508404 |
|  Ambarella, Inc.\* | 43966 |  | 3114551 |
|  Ambiq Micro, Inc.\* | 4940 |  | 140790 |
|  Atomera, Inc.(x)\* | 33223 |  | 73423 |
|  Axcelis Technologies, Inc.\* | 33564 |  | 2696532 |
|  Blaize Holdings, Inc.(x)\* | 78464 |  | 153005 |
|  CEVA, Inc.\* | 24110 |  | 518847 |
|  Cohu, Inc.\* | 50321 |  | 1170970 |
|  Credo Technology Group Holding Ltd.\* | 165893 |  | 23870344 |
|  Diodes, Inc.\* | 49521 |  | 2443366 |
|  FormFactor, Inc.\* | 84237 |  | 4698740 |
|  Ichor Holdings Ltd.\* | 36628 |  | 675054 |
|  Impinj, Inc.\* | 29071 |  | 5058645 |
|  indie Semiconductor, Inc., Class A(x)\* | 208533 |  | 736121 |
|  Kopin Corp.(x)\* | 194898 |  | 456061 |
|  Kulicke & Soffa Industries, Inc. | 55132 |  | 2511814 |
|  MaxLinear, Inc., Class A\* | 87477 |  | 1524724 |
|  Navitas Semiconductor Corp., Class A(x)\* | 171963 |  | 1227816 |
|  NVE Corp. | 5546 |  | 329044 |
|  PDF Solutions, Inc.\* | 33794 |  | 964143 |
|  Penguin Solutions, Inc.\* | 55915 |  | 1093697 |
|  Photronics, Inc.\* | 61714 |  | 1974848 |
|  Power Integrations, Inc. | 60244 |  | 2141072 |
|  Rambus, Inc.\* | 116631 |  | 10717223 |
|  Rigetti Computing, Inc.(x)\* | 345246 |  | 7647199 |
|  Semtech Corp.\* | 94222 |  | 6943219 |
|  Silicon Laboratories, Inc.\* | 35226 |  | 4604038 |
|  SiTime Corp.\* | 23296 |  | 8227914 |
|  SkyWater Technology, Inc.\* | 33331 |  | 605291 |
|  Synaptics, Inc.\* | 41760 |  | 3091075 |
|  Ultra Clean Holdings, Inc.\* | 49128 |  | 1244412 |
|  Veeco Instruments, Inc.\* | 64049 |  | 1830520 |
|  |  |  | 106051456 |
|  ***Software (5.1%)*** | ***Software (5.1%)*** | ***Software (5.1%)*** | ***Software (5.1%)*** |
|  8x8, Inc.\* | 155861 |  | 307046 |
|  A10 Networks, Inc. | 78460 |  | 1387957 |
|  ACI Worldwide, Inc.\* | 112372 |  | 5372505 |
|  Adeia, Inc. | 116830 |  | 2015317 |
|  Agilysys, Inc.\* | 28021 |  | 3330016 |
|  Airship AI Holdings, Inc.(x)\* | 23179 |  | 66987 |
|  Alarm.com Holdings, Inc.\* | 51703 |  | 2637887 |
|  Alkami Technology, Inc.(x)\* | 74152 |  | 1710687 |
|  Amplitude, Inc., Class A\* | 101527 |  | 1175683 |
|  Appian Corp., Class A\* | 42615 |  | 1509423 |
|  Arteris, Inc.\* | 32653 |  | 506122 |
|  Asana, Inc., Class A\* | 93689 |  | 1284476 |
|  AudioEye, Inc.\* | 8655 |  | 86463 |
|  AvePoint, Inc.\* | 158372 |  | 2199787 |
|  Bit Digital, Inc.(x)\* | 359874 |  | 680162 |
|  Bitdeer Technologies Group, Class A(x)\* | 106863 |  | 1197934 |
|  Blackbaud, Inc.\* | 41416 |  | 2622461 |
|  BlackLine, Inc.\* | 56393 |  | 3117969 |
|  Blend Labs, Inc., Class A\* | 208855 |  | 634919 |
|  Box, Inc., Class A\* | 152182 |  | 4551764 |
|  Braze, Inc., Class A\* | 92206 |  | 3161744 |
|  C3.ai, Inc., Class A(x)\* | 137279 |  | 1850521 |
|  Cerence, Inc.\* | 45294 |  | 484193 |
|  Chaince Digital Holdings, Inc.(x)\* | 34426 |  | 171097 |
|  Cipher Mining, Inc.(x)\* | 350883 |  | 5179033 |
|  Cleanspark, Inc.(x)\* | 300302 |  | 3039056 |
|  Clear Secure, Inc., Class A | 93701 |  | 3287031 |
|  Clearwater Analytics Holdings, Inc., Class A(x)\* | 301485 |  | 7271818 |
|  Commvault Systems, Inc.\* | 48340 |  | 6059902 |
|  Consensus Cloud Solutions, Inc.\* | 19884 |  | 433869 |
|  Core Scientific, Inc.\* | 314024 |  | 4572189 |
|  CS Disco, Inc.\* | 25565 |  | 198384 |
|  Daily Journal Corp.(x)\* | 1341 |  | 653496 |
|  Digimarc Corp.(x)\* | 17623 |  | 115607 |
|  Digital Turbine, Inc.\* | 119231 |  | 596155 |
|  Domo, Inc., Class B\* | 35749 |  | 301364 |
|  D-Wave Quantum, Inc.(x)\* | 361846 |  | 9462273 |
|  eGain Corp.\* | 18759 |  | 193030 |
|  EverCommerce, Inc.\* | 14243 |  | 172483 |
|  Expensify, Inc., Class A\* | 66695 |  | 100709 |
|  Five9, Inc.\* | 83246 |  | 1669082 |
|  Freshworks, Inc., Class A\* | 217666 |  | 2666409 |
|  Hut 8 Corp.\* | 103638 |  | 4761130 |
|  I3 Verticals, Inc., Class A(x)\* | 26489 |  | 667258 |
|  Intapp, Inc.\* | 61773 |  | 2830439 |
|  InterDigital, Inc. | 28034 |  | 8925465 |
|  Jamf Holding Corp.\* | 85517 |  | 1112576 |
|  Kaltura, Inc.\* | 100996 |  | 165633 |
|  Life360, Inc.(x)\* | 22123 |  | 1418969 |
|  LiveRamp Holdings, Inc.\* | 69940 |  | 2054138 |
|  MARA Holdings, Inc.(x)\* | 401822 |  | 3608362 |
|  Mitek Systems, Inc.\* | 46372 |  | 489225 |
|  N-able, Inc.\* | 74664 |  | 558487 |
|  NCR Voyix Corp.\* | 153737 |  | 1568117 |
|  NextNav, Inc.\* | 102610 |  | 1707430 |
|  ON24, Inc.\* | 40927 |  | 325779 |
|  OneSpan, Inc. | 37114 |  | 476544 |
|  Ooma, Inc.\* | 28867 |  | 338610 |
|  Pagaya Technologies Ltd., Class A\* | 55117 |  | 1151945 |
|  PagerDuty, Inc.\* | 95094 |  | 1246682 |
|  PAR Technology Corp.(x)\* | 43110 |  | 1564031 |
|  Porch Group, Inc.\* | 91088 |  | 831633 |
|  Progress Software Corp.\* | 46278 |  | 1988103 |
|  Q2 Holdings, Inc.\* | 67273 |  | 4854420 |
|  Qualys, Inc.\* | 39539 |  | 5254733 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Rapid7, Inc.\* | 71015 | $| 1079428 |
|  Red Violet, Inc. | 11928 |  | 679300 |
|  ReposiTrak, Inc.(x) | 13518 |  | 167218 |
|  Rezolve AI plc(x)\* | 191631 |  | 492492 |
|  Rimini Street, Inc.\* | 48876 |  | 189639 |
|  Riot Platforms, Inc.(x)\* | 377258 |  | 4779859 |
|  SEMrush Holdings, Inc., Class A\* | 53443 |  | 635437 |
|  Silvaco Group, Inc.(x)\* | 7055 |  | 28573 |
|  SoundHound AI, Inc., Class A(x)\* | 404383 |  | 4031699 |
|  SoundThinking, Inc.\* | 11012 |  | 88426 |
|  Sprinklr, Inc., Class A\* | 121437 |  | 944780 |
|  Sprout Social, Inc., Class A\* | 54544 |  | 614711 |
|  SPS Commerce, Inc.\* | 41177 |  | 3670106 |
|  Synchronoss Technologies, Inc.\* | 10645 |  | 91121 |
|  Telos Corp.\* | 57215 |  | 291797 |
|  Tenable Holdings, Inc.\* | 131027 |  | 3083065 |
|  Terawulf, Inc.(x)\* | 328098 |  | 3769846 |
|  Varonis Systems, Inc.\* | 125572 |  | 4118762 |
|  Vertex, Inc., Class A\* | 76140 |  | 1520516 |
|  Via Transportation, Inc., Class A\* | 10779 |  | 312699 |
|  Viant Technology, Inc., Class A\* | 17881 |  | 215287 |
|  Weave Communications, Inc.\* | 67882 |  | 515224 |
|  WM Technology, Inc.\* | 91551 |  | 75539 |
|  Workiva, Inc., Class A\* | 54365 |  | 4688981 |
|  Xperi, Inc.\* | 51861 |  | 303905 |
|  Yext, Inc.\* | 112931 |  | 910224 |
|  Zeta Global Holdings Corp., Class A\* | 203753 |  | 4146374 |
|  |  |  | 177379727 |
|  ***Technology Hardware, Storage & Peripherals (0.7%)*** | ***Technology Hardware, Storage & Peripherals (0.7%)*** | ***Technology Hardware, Storage & Peripherals (0.7%)*** | ***Technology Hardware, Storage & Peripherals (0.7%)*** |
|  CompoSecure, Inc., Class A\* | 62125 |  | 1197770 |
|  Corsair Gaming, Inc.\* | 55180 |  | 327769 |
|  CPI Card Group, Inc.\* | 7269 |  | 106709 |
|  Diebold Nixdorf, Inc.\* | 26812 |  | 1820267 |
|  Eastman Kodak Co.\* | 52414 |  | 443423 |
|  Immersion Corp. | 27754 |  | 188727 |
|  IonQ, Inc.(x)\* | 365654 |  | 16406895 |
|  Quantum Computing, Inc.(x)\* | 217630 |  | 2232884 |
|  Turtle Beach Corp.\* | 17406 |  | 244206 |
|  Xerox Holdings Corp.(x) | 134901 |  | 319715 |
|  |  |  | 23288365 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 463251710 |
|  **Materials (4.0%)** | **Materials (4.0%)** | **Materials (4.0%)** | **Materials (4.0%)** |
|  ***Chemicals (1.3%)*** | ***Chemicals (1.3%)*** | ***Chemicals (1.3%)*** | ***Chemicals (1.3%)*** |
|  AdvanSix, Inc. | 26695 |  | 461824 |
|  American Vanguard Corp.\* | 30429 |  | 116239 |
|  Arq, Inc.\* | 33798 |  | 110519 |
|  ASP Isotopes, Inc.(x)\* | 98969 |  | 529484 |
|  Aspen Aerogels, Inc.\* | 77003 |  | 217918 |
|  Avient Corp. | 98879 |  | 3088980 |
|  Balchem Corp. | 35471 |  | 5439833 |
|  Cabot Corp. | 57609 |  | 3818325 |
|  Chemours Co. (The) | 162523 |  | 1916146 |
|  Core Molding Technologies, Inc.\* | 10261 |  | 205733 |
|  Ecovyst, Inc.\* | 123019 |  | 1196975 |
|  Flotek Industries, Inc.(x)\* | 16568 |  | 285467 |
|  Hawkins, Inc. | 21140 |  | 3003148 |
|  HB Fuller Co. | 58992 |  | 3507664 |
|  Ingevity Corp.\* | 39390 |  | 2331100 |
|  Innospec, Inc. | 26535 |  | 2030989 |
|  Intrepid Potash, Inc.\* | 11100 |  | 307803 |
|  Koppers Holdings, Inc. | 20846 |  | 564510 |
|  Kronos Worldwide, Inc. | 24017 |  | 106155 |
|  LSB Industries, Inc.\* | 61499 |  | 522742 |
|  Mativ Holdings, Inc. | 57387 |  | 697252 |
|  Minerals Technologies, Inc. | 34059 |  | 2075896 |
|  Orion SA | 65704 |  | 346917 |
|  Perimeter Solutions, Inc.\* | 150804 |  | 4151634 |
|  PureCycle Technologies, Inc.(x)\* | 138515 |  | 1189844 |
|  Quaker Chemical Corp. | 14871 |  | 2041937 |
|  Rayonier Advanced Materials, Inc.\* | 67241 |  | 396049 |
|  Sensient Technologies Corp. | 45777 |  | 4300749 |
|  Solesence, Inc.\* | 19397 |  | 30938 |
|  Stepan Co. | 22847 |  | 1082034 |
|  Trinseo plc(x) | 36398 |  | 18090 |
|  Tronox Holdings plc | 122982 |  | 512835 |
|  Valhi, Inc. | 3234 |  | 38970 |
|  |  |  | 46644699 |
|  ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** |
|  Knife River Corp.\* | 61868 |  | 4352414 |
|  Smith-Midland Corp.\* | 2249 |  | 81729 |
|  Titan America SA | 25854 |  | 426074 |
|  United States Lime & Minerals, Inc. | 11618 |  | 1391139 |
|  |  |  | 6251356 |
|  ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** |
|  Ardagh Metal Packaging SA | 148493 |  | 608821 |
|  Greif, Inc., Class A | 27960 |  | 1892892 |
|  Greif, Inc., Class B | 4859 |  | 362919 |
|  Myers Industries, Inc. | 40544 |  | 758984 |
|  O-I Glass, Inc.\* | 166351 |  | 2455341 |
|  Ranpak Holdings Corp., Class A\* | 46062 |  | 249195 |
|  TriMas Corp. | 34623 |  | 1227385 |
|  |  |  | 7555537 |
|  ***Metals & Mining (2.2%)*** | ***Metals & Mining (2.2%)*** | ***Metals & Mining (2.2%)*** | ***Metals & Mining (2.2%)*** |
|  Alpha Metallurgical Resources, Inc.\* | 12662 |  | 2530881 |
|  American Battery Technology Co.(x)\* | 119562 |  | 399337 |
|  Ascent Industries Co.\* | 7675 |  | 124258 |
|  Caledonia Mining Corp. plc | 18608 |  | 486971 |
|  Century Aluminum Co.\* | 56942 |  | 2230988 |
|  Coeur Mining, Inc.\* | 692190 |  | 12341748 |
|  Commercial Metals Co. | 120705 |  | 8355200 |
|  Compass Minerals International, Inc.\* | 36741 |  | 721593 |
|  Constellium SE\* | 148265 |  | 2794795 |
|  Contango ORE, Inc.\* | 12597 |  | 332687 |
|  Critical Metals Corp.(x)\* | 48028 |  | 333314 |
|  Dakota Gold Corp.\* | 99038 |  | 562536 |
|  Ferroglobe plc | 134502 |  | 624089 |
|  Friedman Industries, Inc. | 6021 |  | 123370 |
|  Hecla Mining Co. | 686951 |  | 13182590 |
|  Idaho Strategic Resources, Inc.(x)\* | 15696 |  | 632549 |
|  Ivanhoe Electric, Inc.\* | 114574 |  | 1830892 |
|  Kaiser Aluminum Corp. | 17208 |  | 1976511 |
|  Lifezone Metals Ltd.(x)\* | 35054 |  | 149681 |
|  Materion Corp. | 22316 |  | 2774325 |
|  Metallus, Inc.\* | 39863 |  | 684049 |
|  NioCorp Developments Ltd.\* | 114452 |  | 606596 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Novagold Resources, Inc.\* | 327759 | $| 3054714 |
|  Olympic Steel, Inc. | 10149 |  | 434225 |
|  Perpetua Resources Corp.\* | 91838 |  | 2223398 |
|  Ramaco Resources, Inc., Class A\* | 44394 |  | 799092 |
|  Ryerson Holding Corp. | 28774 |  | 723954 |
|  SSR Mining, Inc.\* | 220127 |  | 4825184 |
|  SunCoke Energy, Inc. | 91921 |  | 661831 |
|  Tredegar Corp.\* | 30697 |  | 220404 |
|  United States Antimony Corp.(x)\* | 127268 |  | 638885 |
|  US Gold Corp.(x)\* | 12518 |  | 242974 |
|  US Goldmining, Inc.\* | 2994 |  | 26407 |
|  USA Rare Earth, Inc.(x)\* | 94771 |  | 1127775 |
|  Vox Royalty Corp. | 60297 |  | 285808 |
|  Warrior Met Coal, Inc. | 56383 |  | 4971289 |
|  Worthington Steel, Inc. | 35267 |  | 1220944 |
|  |  |  | 75255844 |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** |
|  Clearwater Paper Corp.\* | 15167 |  | 263906 |
|  Magnera Corp.\* | 34005 |  | 514836 |
|  Sylvamo Corp. | 37204 |  | 1791372 |
|  |  |  | 2570114 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 138277550 |
|  **Real Estate (5.1%)** | **Real Estate (5.1%)** | **Real Estate (5.1%)** | **Real Estate (5.1%)** |
|  ***Diversified REITs (0.5%)*** | ***Diversified REITs (0.5%)*** | ***Diversified REITs (0.5%)*** | ***Diversified REITs (0.5%)*** |
|  Alexander & Baldwin, Inc. (REIT) | 78726 |  | 1624905 |
|  Alpine Income Property Trust, Inc. (REIT) | 14322 |  | 239464 |
|  American Assets Trust, Inc. (REIT) | 58167 |  | 1101101 |
|  Armada Hoffler Properties, Inc. (REIT) | 86069 |  | 569777 |
|  Broadstone Net Lease, Inc. (REIT) | 206389 |  | 3584977 |
|  CTO Realty Growth, Inc. (REIT) | 32105 |  | 591053 |
|  Essential Properties Realty Trust, Inc. (REIT) | 215448 |  | 6390188 |
|  Gladstone Commercial Corp. (REIT) | 47702 |  | 508980 |
|  Global Net Lease, Inc. (REIT) | 214934 |  | 1848432 |
|  Modiv Industrial, Inc. (REIT), Class C(x) | 9468 |  | 136245 |
|  NexPoint Diversified Real Estate Trust (REIT) | 43658 |  | 167210 |
|  |  |  | 16762332 |
|  ***Health Care REITs (0.9%)*** | ***Health Care REITs (0.9%)*** | ***Health Care REITs (0.9%)*** | ***Health Care REITs (0.9%)*** |
|  American Healthcare REIT, Inc. (REIT) | 183254 |  | 8623933 |
|  CareTrust REIT, Inc. (REIT) | 243136 |  | 8791798 |
|  Community Healthcare Trust, Inc. (REIT) | 31334 |  | 514504 |
|  Diversified Healthcare Trust (REIT) | 239244 |  | 1160333 |
|  Global Medical REIT, Inc. (REIT) | 13265 |  | 447561 |
|  LTC Properties, Inc. (REIT) | 49407 |  | 1698613 |
|  National Health Investors, Inc. (REIT) | 50938 |  | 3890135 |
|  Sabra Health Care REIT, Inc. (REIT) | 258790 |  | 4901483 |
|  Sila Realty Trust, Inc. (REIT) | 59363 |  | 1383752 |
|  Strawberry Fields REIT, Inc. (REIT) | 9849 |  | 129022 |
|  Universal Health Realty Income Trust (REIT) | 13648 |  | 535138 |
|  |  |  | 32076272 |
|  ***Hotel & Resort REITs (0.5%)*** | ***Hotel & Resort REITs (0.5%)*** | ***Hotel & Resort REITs (0.5%)*** | ***Hotel & Resort REITs (0.5%)*** |
|  Apple Hospitality REIT, Inc. (REIT) | 243842 |  | 2889528 |
|  Braemar Hotels & Resorts, Inc. (REIT)(x) | 68867 |  | 197648 |
|  Chatham Lodging Trust (REIT) | 47387 |  | 322705 |
|  DiamondRock Hospitality Co. (REIT) | 223996 |  | 2007004 |
|  Pebblebrook Hotel Trust (REIT) | 131648 |  | 1490255 |
|  RLJ Lodging Trust (REIT) | 149124 |  | 1110974 |
|  Ryman Hospitality Properties, Inc. (REIT) | 66877 |  | 6327902 |
|  Service Properties Trust (REIT) | 168295 |  | 309663 |
|  Summit Hotel Properties, Inc. (REIT) | 115062 |  | 560352 |
|  Sunstone Hotel Investors, Inc. (REIT) | 196808 |  | 1759463 |
|  Xenia Hotels & Resorts, Inc. (REIT) | 103269 |  | 1460224 |
|  |  |  | 18435718 |
|  ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** |
|  Industrial Logistics Properties Trust (REIT) | 64477 |  | 357203 |
|  Innovative Industrial Properties, Inc. (REIT) | 29987 |  | 1420184 |
|  LXP Industrial Trust (REIT) | 63284 |  | 3137621 |
|  One Liberty Properties, Inc. (REIT) | 20839 |  | 422823 |
|  Plymouth Industrial REIT, Inc. (REIT) | 45915 |  | 1004620 |
|  Terreno Realty Corp. (REIT) | 110834 |  | 6507064 |
|  |  |  | 12849515 |
|  ***Office REITs (0.5%)*** | ***Office REITs (0.5%)*** | ***Office REITs (0.5%)*** | ***Office REITs (0.5%)*** |
|  Brandywine Realty Trust (REIT) | 188804 |  | 551308 |
|  City Office REIT, Inc. (REIT) | 45185 |  | 315843 |
|  COPT Defense Properties (REIT) | 124090 |  | 3449702 |
|  Douglas Emmett, Inc. (REIT) | 147731 |  | 1623564 |
|  Easterly Government Properties, Inc. (REIT), Class A | 46374 |  | 982665 |
|  Empire State Realty Trust, Inc. (REIT), Class A | 154102 |  | 1004745 |
|  Franklin Street Properties Corp. (REIT) | 98012 |  | 92700 |
|  Hudson Pacific Properties, Inc. (REIT)\* | 59572 |  | 645165 |
|  JBG SMITH Properties (REIT) | 64661 |  | 1099883 |
|  NET Lease Office Properties (REIT) | 15959 |  | 411582 |
|  Peakstone Realty Trust (REIT) | 42511 |  | 610033 |
|  Piedmont Realty Trust, Inc. (REIT) | 136682 |  | 1139928 |
|  Postal Realty Trust, Inc. (REIT), Class A | 25972 |  | 419188 |
|  SL Green Realty Corp. (REIT) | 77517 |  | 3555705 |
|  |  |  | 15902011 |
|  ***Real Estate Management & Development (0.6%)*** | ***Real Estate Management & Development (0.6%)*** | ***Real Estate Management & Development (0.6%)*** | ***Real Estate Management & Development (0.6%)*** |
|  American Realty Investors, Inc.(x)\* | 1937 |  | 31108 |
|  Anywhere Real Estate, Inc.\* | 113812 |  | 1611578 |
|  Compass, Inc., Class A\* | 530601 |  | 5608453 |
|  Cushman & Wakefield Ltd.\* | 188369 |  | 3049694 |
|  Douglas Elliman, Inc.\* | 82683 |  | 195959 |
|  eXp World Holdings, Inc.(x) | 99389 |  | 899470 |
|  Forestar Group, Inc.\* | 21998 |  | 541811 |
|  FRP Holdings, Inc.\* | 12421 |  | 283075 |
|  Kennedy-Wilson Holdings, Inc. | 133019 |  | 1286294 |
|  Marcus & Millichap, Inc. | 26126 |  | 712978 |
|  Maui Land & Pineapple Co., Inc.\* | 8767 |  | 148513 |
|  Newmark Group, Inc., Class A | 160792 |  | 2788133 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  RE/MAX Holdings, Inc., Class A\* | 20819 | $| 158016 |
|  Real Brokerage, Inc. (The)\* | 140612 |  | 513234 |
|  RMR Group, Inc. (The), Class A(x) | 17999 |  | 268185 |
|  Seaport Entertainment Group, Inc.(x)\* | 7475 |  | 147781 |
|  St Joe Co. (The) | 41379 |  | 2456671 |
|  Stratus Properties, Inc.(x)\* | 6484 |  | 156783 |
|  Tejon Ranch Co.\* | 24548 |  | 387122 |
|  Transcontinental Realty Investors, Inc.\* | 1627 |  | 95375 |
|  |  |  | 21340233 |
|  ***Residential REITs (0.3%)*** | ***Residential REITs (0.3%)*** | ***Residential REITs (0.3%)*** | ***Residential REITs (0.3%)*** |
|  Apartment Investment and Management Co. (REIT), Class A | 148855 |  | 884199 |
|  BRT Apartments Corp. (REIT) | 14012 |  | 205976 |
|  Centerspace (REIT) | 18714 |  | 1248598 |
|  Clipper Realty, Inc. (REIT) | 13165 |  | 50290 |
|  Elme Communities (REIT) | 94866 |  | 1650668 |
|  Independence Realty Trust, Inc. (REIT) | 259741 |  | 4540273 |
|  NexPoint Residential Trust, Inc. (REIT) | 23682 |  | 712828 |
|  UMH Properties, Inc. (REIT) | 86744 |  | 1380097 |
|  Veris Residential, Inc. (REIT) | 80512 |  | 1198019 |
|  |  |  | 11870948 |
|  ***Retail REITs (1.0%)*** | ***Retail REITs (1.0%)*** | ***Retail REITs (1.0%)*** | ***Retail REITs (1.0%)*** |
|  Acadia Realty Trust (REIT) | 143221 |  | 2941759 |
|  Alexander's, Inc. (REIT)(x) | 2513 |  | 547683 |
|  CBL & Associates Properties, Inc. (REIT) | 20854 |  | 771598 |
|  Curbline Properties Corp. (REIT) | 105842 |  | 2456593 |
|  FrontView REIT, Inc. (REIT)(x) | 20341 |  | 300233 |
|  Getty Realty Corp. (REIT) | 58585 |  | 1603471 |
|  InvenTrust Properties Corp. (REIT) | 85169 |  | 2402618 |
|  Kite Realty Group Trust (REIT) | 236349 |  | 5665286 |
|  Macerich Co. (The) (REIT) | 275172 |  | 5079675 |
|  NETSTREIT Corp. (REIT)(x) | 91339 |  | 1611220 |
|  Phillips Edison & Co., Inc. (REIT) | 137359 |  | 4885860 |
|  Saul Centers, Inc. (REIT) | 13709 |  | 432245 |
|  SITE Centers Corp. (REIT) | 58877 |  | 377990 |
|  Tanger, Inc. (REIT) | 121416 |  | 4051652 |
|  Urban Edge Properties (REIT) | 138665 |  | 2660981 |
|  Whitestone REIT (REIT) | 50055 |  | 695264 |
|  |  |  | 36484128 |
|  ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** |
|  Farmland Partners, Inc. (REIT) | 45100 |  | 437019 |
|  Four Corners Property Trust, Inc. (REIT) | 111748 |  | 2576909 |
|  Gladstone Land Corp. (REIT)(x) | 40825 |  | 373549 |
|  Outfront Media, Inc. (REIT) | 160152 |  | 3859663 |
|  PotlatchDeltic Corp. (REIT) | 83690 |  | 3329188 |
|  Safehold, Inc. (REIT) | 61662 |  | 844153 |
|  Smartstop Self Storage REIT, Inc. (REIT) | 35151 |  | 1087572 |
|  |  |  | 12508053 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 178229210 |
|  **Utilities (2.7%)** | **Utilities (2.7%)** | **Utilities (2.7%)** | **Utilities (2.7%)** |
|  ***Electric Utilities (0.9%)*** | ***Electric Utilities (0.9%)*** | ***Electric Utilities (0.9%)*** | ***Electric Utilities (0.9%)*** |
|  Genie Energy Ltd., Class B | 24559 |  | 338423 |
|  Hawaiian Electric Industries, Inc.(x)\* | 188409 |  | 2317431 |
|  MGE Energy, Inc. | 39884 |  | 3127703 |
|  Oklo, Inc., Class A(x)\* | 117540 |  | 8434670 |
|  Otter Tail Corp. | 41790 |  | 3377050 |
|  Portland General Electric Co. | 122179 |  | 5863370 |
|  TXNM Energy, Inc. | 109163 |  | 6427518 |
|  |  |  | 29886165 |
|  ***Gas Utilities (0.9%)*** | ***Gas Utilities (0.9%)*** | ***Gas Utilities (0.9%)*** | ***Gas Utilities (0.9%)*** |
|  Brookfield Infrastructure Corp., Class A | 130371 |  | 5918843 |
|  Chesapeake Utilities Corp. | 25106 |  | 3132224 |
|  New Jersey Resources Corp. | 109469 |  | 5048710 |
|  Northwest Natural Holding Co. | 44309 |  | 2071003 |
|  ONE Gas, Inc. | 64795 |  | 5005414 |
|  RGC Resources, Inc. | 8957 |  | 190784 |
|  Southwest Gas Holdings, Inc. | 70130 |  | 5611803 |
|  Spire, Inc. | 63167 |  | 5223911 |
|  |  |  | 32202692 |
|  ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** |
|  Hallador Energy Co.\* | 33188 |  | 631899 |
|  Montauk Renewables, Inc.\* | 80237 |  | 133996 |
|  Ormat Technologies, Inc. | 66076 |  | 7299416 |
|  |  |  | 8065311 |
|  ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** |
|  Avista Corp. | 87933 |  | 3388938 |
|  Black Hills Corp. | 79570 |  | 5523749 |
|  Northwestern Energy Group, Inc. | 67171 |  | 4335216 |
|  Unitil Corp. | 17506 |  | 847991 |
|  |  |  | 14095894 |
|  ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** |
|  American States Water Co. | 41722 |  | 3024011 |
|  Cadiz, Inc.\* | 62207 |  | 348981 |
|  California Water Service Group | 64524 |  | 2795825 |
|  Consolidated Water Co. Ltd. | 17046 |  | 601553 |
|  Global Water Resources, Inc. | 13097 |  | 110670 |
|  H2O America | 35917 |  | 1759574 |
|  Middlesex Water Co. | 19730 |  | 994787 |
|  Pure Cycle Corp.\* | 22979 |  | 252539 |
|  York Water Co. (The)(x) | 16248 |  | 517336 |
|  |  |  | 10405276 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 94655338 |
|  **Total Common Stocks (90.4%)**<br> *(Cost $2,133,847,429)* |  |  | 3139928230 |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: | RIGHTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** |
|  Aduro Biotech, Inc., CVR (r)\* | 23102 |  |  |
|  Akero Therapeutics, Inc., CVR (r)\* | 78234 |  | 38139 |
|  Chinook Therapeutics, Inc., CVR \* | 68139 |  | 13628 |
|  Icosavax, Inc., CVR \* | 31364 |  | 9410 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  Sanofi Aatd, Inc., CVR(r)\* | 38335 | $18615 |
|  |  | 79792 |
|  ***Life Sciences Tools & Services (0.0%)*** | ***Life Sciences Tools & Services (0.0%)*** | ***Life Sciences Tools & Services (0.0%)*** |
|  OmniAb, Inc., expiring 11/1/27(r)(x)\* | 14714 |  |
|  **Total Rights (0.0%)†**<br> *(Cost $64,047)* |  | 79792 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (6.8%)** | **Investment Companies (6.8%)** |  |
|  Allspring Government Money Market Fund, Select Shares 3.72% (7 day yield) (xx) | 35000000 | 35000000 |
|  BlackRock Liquidity FedFund, Institutional Shares 3.65% (7 day yield) (xx) | 8000000 | 8000000 |
|  Dreyfus Treasury Obligations Cash Management Fund 3.65% (7 day yield) (xx) | 2000000 | 2000000 |
|  Goldman Sachs Financial Square Government Fund 3.67% (7 day yield) (xx) | 10000000 | 10000000 |
|  HSBC U.S. Government Money Market Fund, Intermediary Shares 3.66% (7 day yield) (xx) | 2000000 | 2000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 12138702 | 12138702 |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 147763322 | 147822427 |
|  Morgan Stanley Institutional Liquidity Fund - Government Portfolio 3.69% (7 day yield) (xx) | 8000000 | 8000000 |
|  State Street Institutional U.S. Government Money Market Fund, Premier Shares 3.74% (7 day yield) (xx) | 2000000 | 2000000 |
|  Western Asset Institutional Government Reserves Fund, Institutional Shares 3.66% (7 day yield) (xx) | 10000000 | 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 236961129 |
|  **Total Short-Term Investments (6.8%)**<br> *(Cost $236,895,773)* |  | 236961129 |
|  **Total Investments in Securities (97.2%)**<br> *(Cost $2,370,807,249)* |  | 3376969151 |
|  **Other Assets Less Liabilities (2.8%)** |  | 97385136 |
|  **Net Assets (100%)** |  | $3474354287 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $1,368,981 or 0.0% of net assets.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $271,718,926. This was collateralized by $191,462,101 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/15/26 – 8/15/55 and by cash of $89,138,702 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Russell 2000 E-Mini Index | 2680 | 3/2026 | USD | 334732000 | (8445893) |
|  |  |  |  |  | (8445893) |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $86932276 | $— | $— | $86932276 |
|  Consumer Discretionary | 280368498 |  |  | 280368498 |
|  Consumer Staples | 57860964 |  |  | 57860964 |
|  Energy | 150876758 |  |  | 150876758 |
|  Financials | 556560782 |  | — (a) | 556560782 |
|  Health Care | 588167198 |  | — (a) | 588167198 |
|  Industrials | 544747946 |  |  | 544747946 |
|  Information Technology | 463251710 |  |  | 463251710 |
|  Materials | 138277550 |  |  | 138277550 |
|  Real Estate | 178229210 |  |  | 178229210 |
|  Utilities | 94655338 |  |  | 94655338 |
|  **Rights** |  |  |  |  |
|  Health Care |  | 23038 | 56754 | 79792 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 236961129 |  |  | 236961129 |
|  **Total Assets** | $**3376889359** | $**23038** | $**56754** | $**3376969151** |
|  **Liabilities:** |  |  |  |  |
|  **Futures** | $(8445893) | $— | $— | $(8445893) |
|  **Total Liabilities** | $**(8445893)** | $**—** | $**—** | $**(8445893)** |
|  **Total** | $**3368443466** | $**23038** | $**56754** | $**3368523258** |

---

(a) Value is zero.

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | |
| **Derivatives Contracts^** | **Liability Derivatives** | <br>**Fair Value** |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(8445893) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8445893 |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(47266033) | $(47266033) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47266033) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47266033) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $11065233 | $11065233 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11065233 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11065233 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** |  |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314526000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 12607000 |

---

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $412636387 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728549096 |

---

During the year ended December 31, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost ofPurchases<br>(affiliated 8%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 21%)\*** | **Net Realized<br>Gain (Loss)** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33958443 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155097604 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76386119 |

---

\* Represents percentage/amount of total Purchases and/or Sales.

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1471987844 |
|  Aggregate gross unrealized depreciation | (473319746) |
|  Net unrealized appreciation | $998668098 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2369855160 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $2,370,807,249) | $3376969151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 157995952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 28479600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 3861969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1838028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 162449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 39568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 13570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3569360287 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 89138702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 2642453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 1323142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1194854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 373143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 114802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 84914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 133990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 95006000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $3474354287 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $2581169965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 893184322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $3474354287 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $390,867,561 / 19,003,772 shares outstanding (unlimited amount authorized: $0.01 par value) | $20.57 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $3,083,486,726 / 148,059,066 shares outstanding (unlimited amount authorized: $0.01 par value) | $20.83 |

---

*(x)* *Includes value of securities on loan of $271,718,926.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $103,354 foreign withholding tax) | $41683527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 7650369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 2463310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 51797206 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 14773197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 4192474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 964835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 229523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 172006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 148100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 115400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 89858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 20685393 |
|  **NET INVESTMENT INCOME (LOSS)** | 31111813 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 146960026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (47266033) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 99693993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 196376772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 11065233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 207442005 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 307135998 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $338247811 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/2000 MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $31111813 | $37224798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 99693993 | 213567670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 207442005 | 106553743 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 338247811 | 357346211 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (16649018) | (32679243) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (136007706) | (243788991) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (152656724) | (276468234) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 741,575 and 502,472 shares, respectively ] | 13892225 | 10022343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 787,443 and 1,584,072 shares, respectively ] | 16649018 | 32679243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3557157) and (3571222) shares, respectively ] | (70223351) | (71711624) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (39682108) | (29010038) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 15,490,601 and 14,606,607 shares, respectively ] | 262950487 | 286221520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 6,351,425 and 11,678,213 shares, respectively ] | 136007706 | 243788991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (26785426) and (20679474) shares, respectively ] | (520491326) | (415021828) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (121533133) | 114988683 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (161215241) | 85978645 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 24375846 | 166856622 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 3449978441 | 3283121819 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $3474354287 | $3449978441 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/2000 MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $19.62 | $19.15 | $16.86 | $22.34 | $23.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.14 | 0.18 | 0.16 | 0.12 | 0.06 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.71 | 1.91 | 2.53 | (5.11) | 3.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.85 | 2.09 | 2.69 | (4.99) | 3.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.28) | (0.23) | (0.14) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.71) | (1.34) | (0.17) | (0.35) | (4.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.90) | (1.62) | (0.40) | (0.49) | (4.17) |
|  Net asset value, end of year | $20.57 | $19.62 | $19.15 | $16.86 | $22.34 |
|  Total return | 9.32% | 10.65% | 15.99% | (22.40)% | 13.92% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $390868 | $412674 | $431108 | $411368 | $581771 |
|  Ratio of expenses to average net assets (f) | 0.84% | 0.84% | 0.84% | 0.83% | 0.82 %(g) |
|  Ratio of net investment income (loss) to average net assets (f) | 0.70% | 0.88% | 0.91% | 0.67% | 0.25 %(bb) |
|  Portfolio turnover rate^ | 14% | 18% | 11% | 15% | 19% |
| **Class K** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $19.85 | $19.35 | $17.03 | $22.56 | $23.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.19 | 0.23 | 0.21 | 0.17 | 0.13 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.74 | 1.94 | 2.55 | (5.17) | 3.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.93 | 2.17 | 2.76 | (5.00) | 3.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.24) | (0.33) | (0.27) | (0.18) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.71) | (1.34) | (0.17) | (0.35) | (4.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.95) | (1.67) | (0.44) | (0.53) | (4.23) |
|  Net asset value, end of year | $20.83 | $19.85 | $19.35 | $17.03 | $22.56 |
|  Total return | 9.60% | 10.94% | 16.27% | (22.20)% | 14.20% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $3083487 | $3037304 | $2852014 | $2777777 | $3830106 |
|  Ratio of expenses to average net assets (f) | 0.59% | 0.59% | 0.59% | 0.58% | 0.57 %(g) |
|  Ratio of net investment income (loss) to average net assets (f) | 0.96% | 1.14% | 1.15% | 0.93% | 0.50 %(bb) |
|  Portfolio turnover rate^ | 14% | 18% | 11% | 15% | 19% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of less than 0.005%.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.05 and $0.11 for Class IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.07% lower.* 

See Notes to Financial Statements.

------

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Australia (6.3%)** | **Australia (6.3%)** | **Australia (6.3%)** |
|  ANZ Group Holdings Ltd. | 253598 | $6150132 |
|  APA Group | 112045 | 670716 |
|  Aristocrat Leisure Ltd. | 48769 | 1893526 |
|  ASX Ltd. | 14997 | 514824 |
|  BHP Group Ltd. | 432354 | 13125295 |
|  Brambles Ltd. | 114821 | 1759328 |
|  CAR Group Ltd. | 33175 | 681006 |
|  Cochlear Ltd. | 5309 | 923508 |
|  Coles Group Ltd. | 113528 | 1624357 |
|  Commonwealth Bank of Australia | 142457 | 15265178 |
|  Computershare Ltd. | 46404 | 1057238 |
|  CSL Ltd. | 41300 | 4758502 |
|  Evolution Mining Ltd. | 177287 | 1500202 |
|  Fortescue Ltd. | 142324 | 2090508 |
|  Glencore plc | 862341 | 4725707 |
|  Goodman Group (REIT) | 175129 | 3620705 |
|  Insurance Australia Group Ltd. | 209775 | 1117147 |
|  Lottery Corp. Ltd. (The) | 184222 | 634373 |
|  Lynas Rare Earths Ltd.\* | 78417 | 651005 |
|  Macquarie Group Ltd. | 30689 | 4161598 |
|  Medibank Pvt. Ltd. | 247691 | 791771 |
|  National Australia Bank Ltd. | 260747 | 7362342 |
|  Northern Star Resources Ltd. | 115214 | 2055218 |
|  Origin Energy Ltd. | 151373 | 1160706 |
|  Pro Medicus Ltd. | 4708 | 693948 |
|  Qantas Airways Ltd. | 61812 | 428178 |
|  QBE Insurance Group Ltd. | 124851 | 1657221 |
|  REA Group Ltd. | 4693 | 574354 |
|  Rio Tinto Ltd. | 31601 | 3096276 |
|  Rio Tinto plc | 96087 | 7763457 |
|  Santos Ltd. | 275171 | 1133030 |
|  Scentre Group (REIT) | 455627 | 1277063 |
|  SGH Ltd. | 17495 | 542317 |
|  Sigma Healthcare Ltd. | 423374 | 830664 |
|  Sonic Healthcare Ltd. | 39977 | 603204 |
|  South32 Ltd. | 373269 | 886800 |
|  Stockland (REIT) | 204667 | 782629 |
|  Suncorp Group Ltd. | 89709 | 1056658 |
|  Telstra Group Ltd. | 333178 | 1082827 |
|  Transurban Group | 269581 | 2556448 |
|  Vicinity Ltd. (REIT) | 333111 | 569092 |
|  Washington H Soul Pattinson & Co. Ltd. | 28926 | 716942 |
|  Wesfarmers Ltd. | 95882 | 5188694 |
|  Westpac Banking Corp. | 291165 | 7500326 |
|  WiseTech Global Ltd. | 16208 | 740491 |
|  Woodside Energy Group Ltd. | 160183 | 2521727 |
|  Woolworths Group Ltd. | 106344 | 2085060 |
|  |  | 122582298 |
|  **Austria (0.3%)** |  |  |
|  Erste Group Bank AG | 26358 | 3187422 |
|  OMV AG | 12773 | 713315 |
|  Raiffeisen Bank International AG | 11390 | 512666 |
|  Verbund AG | 6520 | 475063 |
|  |  | 4888466 |
|  **Belgium (0.8%)** |  |  |
|  Ageas SA/NV | 12482 | 877197 |
|  Anheuser-Busch InBev SA/NV | 84145 | 5428908 |
|  D'ieteren Group | 2008 | 363174 |
|  Elia Group SA/NV, Class B (x) | 3511 | 452636 |
|  Financiere de Tubize SA | 1734 | 425900 |
|  Groupe Bruxelles Lambert NV | 6360 | 567671 |
|  KBC Group NV | 19458 | 2543958 |
|  Lotus Bakeries NV (x) | 37 | 341337 |
|  Sofina SA | 1357 | 393902 |
|  Syensqo SA (x) | 6266 | 504862 |
|  UCB SA | 10902 | 3056950 |
|  |  | 14956495 |
|  **Brazil (0.0%)†** |  |  |
|  Yara International ASA | 13919 | 571673 |
|  **Chile (0.1%)** |  |  |
|  Antofagasta plc | 33720 | 1490400 |
|  **China (0.5%)** |  |  |
|  BOC Hong Kong Holdings Ltd. | 315000 | 1595500 |
|  Prosus NV | 111382 | 6917860 |
|  SITC International Holdings Co. Ltd. | 111000 | 397351 |
|  Wharf Holdings Ltd. (The) (x) | 71095 | 198595 |
|  Wilmar International Ltd. | 170200 | 407823 |
|  Yangzijiang Shipbuilding Holdings Ltd. | 214900 | 581805 |
|  |  | 10098934 |
|  **Denmark (1.7%)** |  |  |
|  Carlsberg A/S, Class B | 8023 | 1054308 |
|  Coloplast A/S, Class B | 10451 | 898480 |
|  Danske Bank A/S | 56613 | 2837932 |
|  Demant A/S (x)\* | 7470 | 252931 |
|  DSV A/S | 17660 | 4487487 |
|  Genmab A/S\* | 5353 | 1707226 |
|  Novo Nordisk A/S, Class B | 274163 | 14030275 |
|  Novonesis Novozymes B | 29034 | 1862920 |
|  Orsted A/S (m)\* | 45784 | 881369 |
|  Pandora A/S | 6492 | 722780 |
|  ROCKWOOL A/S, Class B | 8090 | 286908 |
|  Tryg A/S | 27391 | 717566 |
|  Vestas Wind Systems A/S | 85543 | 2333854 |
|  |  | 32074036 |
|  **Finland (1.0%)** |  |  |
|  Elisa OYJ | 11149 | 494481 |
|  Fortum OYJ | 40890 | 873620 |
|  Kesko OYJ, Class B | 24073 | 544594 |
|  Kone OYJ, Class B | 28771 | 2047635 |
|  Metso OYJ | 54238 | 954833 |
|  Neste OYJ | 35712 | 814613 |
|  Nokia OYJ | 450564 | 2950390 |
|  Nordea Bank Abp | 262923 | 4970058 |
|  Orion OYJ, Class B | 9717 | 726846 |
|  Sampo OYJ, Class A | 209205 | 2539710 |
|  Stora Enso OYJ, Class R (x) | 47139 | 593033 |
|  UPM-Kymmene OYJ (x) | 43280 | 1260885 |
|  Wartsila OYJ Abp | 43835 | 1566053 |
|  |  | 20336751 |
|  **France (8.2%)** |  |  |
|  Accor SA | 16762 | 949871 |
|  Aeroports de Paris SA | 2699 | 353346 |
|  Air Liquide SA | 49249 | 9275436 |

---

See Notes to Financial Statements.

------

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Airbus SE | 50584 | $11794149 |
|  Alstom SA\* | 28445 | 841397 |
|  Amundi SA (m) | 5296 | 439405 |
|  AXA SA | 147662 | 7107886 |
|  BioMerieux | 3678 | 476759 |
|  BNP Paribas SA | 85562 | 8123633 |
|  Bollore SE | 65112 | 366835 |
|  Bouygues SA | 17167 | 894746 |
|  Bureau Veritas SA | 27589 | 881246 |
|  Capgemini SE | 13350 | 2231749 |
|  Carrefour SA | 52638 | 880270 |
|  Cie de Saint-Gobain SA | 37836 | 3866665 |
|  Cie Generale des Etablissements Michelin SCA | 57115 | 1900211 |
|  Covivio SA (REIT) | 4327 | 288070 |
|  Credit Agricole SA | 90341 | 1863262 |
|  Danone SA | 54938 | 4957158 |
|  Dassault Aviation SA | 1606 | 516762 |
|  Dassault Systemes SE | 56407 | 1580342 |
|  Edenred SE | 18314 | 406993 |
|  Eiffage SA | 5907 | 849689 |
|  Engie SA | 157285 | 4142294 |
|  EssilorLuxottica SA | 25627 | 8128538 |
|  FDJ United (x) | 8409 | 233419 |
|  Gecina SA (REIT) | 4388 | 417183 |
|  Getlink SE | 25479 | 471002 |
|  Hermes International SCA | 2696 | 6723216 |
|  Ipsen SA | 3511 | 491009 |
|  Kering SA | 6275 | 2219688 |
|  Klepierre SA (REIT) | 17847 | 707656 |
|  Legrand SA | 22475 | 3361006 |
|  L'Oreal SA | 20447 | 8809147 |
|  LVMH Moet Hennessy Louis Vuitton SE | 21288 | 16136389 |
|  Orange SA | 156713 | 2615202 |
|  Pernod Ricard SA | 16732 | 1437398 |
|  Publicis Groupe SA | 19724 | 2054180 |
|  Renault SA | 15949 | 663887 |
|  Rexel SA | 20113 | 793960 |
|  Safran SA | 30653 | 10713361 |
|  Sartorius Stedim Biotech | 2365 | 583663 |
|  Societe Generale SA | 59902 | 4837670 |
|  Sodexo SA | 7489 | 384607 |
|  Thales SA | 8008 | 2162648 |
|  TotalEnergies SE (Paris Stock Exchange) | 169056 | 11044322 |
|  Unibail-Rodamco-Westfield (REIT) | 10598 | 1155304 |
|  Veolia Environnement SA | 54498 | 1903449 |
|  Vinci SA | 42469 | 5991644 |
|  |  | 159027722 |
|  **Germany (8.7%)** |  |  |
|  adidas AG | 14493 | 2879289 |
|  Allianz SE (Registered) | 32873 | 15085932 |
|  BASF SE | 75163 | 3924571 |
|  Bayer AG (Registered) | 83631 | 3637459 |
|  Bayerische Motoren Werke AG (x) | 23731 | 2597551 |
|  Bayerische Motoren Werke AG (Preference) (q) | 4504 | 484319 |
|  Beiersdorf AG | 8709 | 958798 |
|  Brenntag SE (x) | 10331 | 601708 |
|  Commerzbank AG | 63417 | 2690448 |
|  Continental AG | 8731 | 697315 |
|  CTS Eventim AG & Co. KGaA | 5603 | 516895 |
|  Daimler Truck Holding AG (x) | 39862 | 1748286 |
|  Deutsche Bank AG (Registered) | 157557 | 6130680 |
|  Deutsche Boerse AG | 16114 | 4236246 |
|  Deutsche Lufthansa AG (Registered) | 50025 | 494184 |
|  Deutsche Post AG | 81262 | 4462673 |
|  Deutsche Telekom AG (Registered) | 313174 | 10180044 |
|  Dr Ing hc F Porsche AG (Preference) (m)(q)(x) | 9044 | 484873 |
|  E.ON SE | 192772 | 3653049 |
|  Evonik Industries AG | 24597 | 386189 |
|  Fresenius Medical Care AG | 18358 | 879369 |
|  Fresenius SE & Co. KGaA | 36060 | 2075660 |
|  GEA Group AG | 13099 | 889770 |
|  Hannover Rueck SE | 4980 | 1557934 |
|  Heidelberg Materials AG | 11471 | 3006200 |
|  Henkel AG & Co. KGaA | 8332 | 636465 |
|  Henkel AG & Co. KGaA (Preference) (q) | 13326 | 1089673 |
|  Hensoldt AG (x) | 5677 | 489696 |
|  HOCHTIEF AG (x) | 1345 | 532677 |
|  Infineon Technologies AG | 110802 | 4912993 |
|  Knorr-Bremse AG | 5784 | 646768 |
|  LEG Immobilien SE | 6468 | 473174 |
|  Mercedes-Benz Group AG | 61017 | 4307450 |
|  Merck KGaA | 10968 | 1580264 |
|  MTU Aero Engines AG | 4672 | 1950787 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 11121 | 7347616 |
|  Nemetschek SE | 5200 | 567105 |
|  Porsche Automobil Holding SE (Preference) (q) | 13795 | 647178 |
|  Rational AG | 466 | 362266 |
|  Rheinmetall AG | 3916 | 7183852 |
|  RWE AG | 54310 | 2888725 |
|  SAP SE | 88892 | 21765466 |
|  Sartorius AG (Preference) (q) | 2314 | 672239 |
|  Scout24 SE (m) | 6459 | 651275 |
|  Siemens AG (Registered) | 64697 | 18183032 |
|  Siemens Energy AG\* | 65973 | 9334789 |
|  Siemens Healthineers AG (m) | 28737 | 1517026 |
|  Symrise AG, Class A | 11583 | 937618 |
|  Talanx AG | 5401 | 722318 |
|  Volkswagen AG (Preference) (q)(x) | 17414 | 2119144 |
|  Vonovia SE | 63389 | 1828101 |
|  Zalando SE (m)\* | 17454 | 519773 |
|  |  | 168126912 |
|  **Hong Kong (1.7%)** |  |  |
|  AIA Group Ltd. | 894212 | 9180302 |
|  CK Asset Holdings Ltd. | 164152 | 829334 |
|  CK Infrastructure Holdings Ltd. | 53000 | 392255 |
|  CLP Holdings Ltd. | 140000 | 1252008 |
|  Futu Holdings Ltd. (ADR)\* | 4629 | 760128 |
|  Hang Seng Bank Ltd. | 67800 | 1337235 |
|  Henderson Land Development Co. Ltd. (x) | 127025 | 459286 |
|  HKT Trust & HKT Ltd. | 297013 | 439259 |
|  Hong Kong & China Gas Co. Ltd. | 999722 | 900465 |
|  Hong Kong Exchanges & Clearing Ltd. | 102258 | 5355514 |

---

See Notes to Financial Statements.

------

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Hongkong Land Holdings Ltd. | 87500 | $608125 |
|  Link REIT (REIT) | 229380 | 1023894 |
|  MTR Corp. Ltd. | 134000 | 513087 |
|  Power Assets Holdings Ltd. (x) | 117500 | 832632 |
|  Prudential plc | 221825 | 3422158 |
|  Sino Land Co. Ltd. | 319172 | 419127 |
|  Sun Hung Kai Properties Ltd. | 126500 | 1539254 |
|  Swire Pacific Ltd., Class A (x) | 33500 | 269887 |
|  Techtronic Industries Co. Ltd. | 121000 | 1397703 |
|  WH Group Ltd. (m) | 695603 | 774908 |
|  Wharf Real Estate Investment Co. Ltd. | 150900 | 476585 |
|  |  | 32183146 |
|  **Indonesia (0.0%)†** |  |  |
|  Jardine Matheson Holdings Ltd. | 13600 | 894608 |
|  **Ireland (0.4%)** |  |  |
|  AerCap Holdings NV | 13817 | 1986332 |
|  AIB Group plc | 181970 | 1967430 |
|  Bank of Ireland Group plc | 81249 | 1563548 |
|  Kerry Group plc, Class A | 14356 | 1315951 |
|  Kingspan Group plc | 13035 | 1135884 |
|  |  | 7969145 |
|  **Israel (0.8%)** |  |  |
|  Azrieli Group Ltd. | 3713 | 420322 |
|  Bank Hapoalim BM | 108258 | 2449322 |
|  Bank Leumi Le-Israel BM | 130889 | 2885308 |
|  Check Point Software Technologies Ltd.\* | 6516 | 1209109 |
|  Elbit Systems Ltd. | 2395 | 1380798 |
|  ICL Group Ltd. | 74932 | 430596 |
|  Israel Discount Bank Ltd., Class A | 104767 | 1112628 |
|  Mizrahi Tefahot Bank Ltd. | 13157 | 918848 |
|  Nice Ltd.\* | 5312 | 595662 |
|  Nova Ltd.\* | 2618 | 876435 |
|  Phoenix Financial Ltd. | 20191 | 835652 |
|  Teva Pharmaceutical Industries Ltd. (ADR)\* | 96306 | 3005710 |
|  Wix.com Ltd.\* | 3309 | 343772 |
|  |  | 16464162 |
|  **Italy (3.0%)** |  |  |
|  Banca Mediolanum SpA | 19982 | 457211 |
|  Banca Monte dei Paschi di Siena SpA | 166454 | 1785981 |
|  Banco BPM SpA | 97491 | 1491720 |
|  BPER Banca SpA | 123666 | 1685854 |
|  Coca-Cola HBC AG | 17993 | 931826 |
|  Davide Campari-Milano NV (x) | 45395 | 295442 |
|  Enel SpA | 692369 | 7222967 |
|  Eni SpA | 171563 | 3254160 |
|  Ferrari NV | 10912 | 4086939 |
|  FinecoBank Banca Fineco SpA | 52256 | 1363330 |
|  Generali (x) | 71893 | 3020469 |
|  Infrastrutture Wireless Italiane SpA (m) | 27783 | 257450 |
|  Intesa Sanpaolo SpA | 1212462 | 8436746 |
|  Leonardo SpA | 34698 | 2004602 |
|  Moncler SpA | 20198 | 1303619 |
|  Nexi SpA (m)(x) | 53438 | 265080 |
|  Poste Italiane SpA (m)(x) | 38174 | 963638 |
|  Prysmian SpA | 24220 | 2458664 |
|  Recordati Industria Chimica e Farmaceutica SpA | 9973 | 568902 |
|  Ryanair Holdings plc | 72716 | 2525220 |
|  Snam SpA | 170599 | 1133960 |
|  Telecom Italia SpA\* | 1055769 | 637492 |
|  Terna-Rete Elettrica Nazionale | 118456 | 1260403 |
|  UniCredit SpA | 119341 | 9946498 |
|  Unipol Assicurazioni SpA | 29445 | 711799 |
|  |  | 58069972 |
|  **Ivory Coast (0.0%)†** |  |  |
|  Endeavour Mining plc | 16720 | 872661 |
|  **Japan (19.9%)** |  |  |
|  Advantest Corp. | 65200 | 8172893 |
|  Aeon Co. Ltd. (x) | 187200 | 2960255 |
|  AGC, Inc. (x) | 16800 | 556961 |
|  Aisin Corp. | 39800 | 743455 |
|  Ajinomoto Co., Inc. | 75500 | 1598784 |
|  ANA Holdings, Inc. | 11400 | 216807 |
|  Asahi Group Holdings Ltd. (x) | 126000 | 1318801 |
|  Asahi Kasei Corp. | 113100 | 1002911 |
|  Asics Corp. | 60500 | 1450316 |
|  Astellas Pharma, Inc. | 152200 | 2033673 |
|  Bandai Namco Holdings, Inc. | 48700 | 1297091 |
|  Bridgestone Corp. (x) | 98600 | 2211954 |
|  Canon, Inc. (x) | 74000 | 2188726 |
|  Capcom Co. Ltd. (x) | 30000 | 699247 |
|  Central Japan Railway Co. | 66800 | 1849538 |
|  Chiba Bank Ltd. (The) | 48400 | 540112 |
|  Chubu Electric Power Co., Inc. | 57900 | 891565 |
|  Chugai Pharmaceutical Co. Ltd. | 56900 | 2994297 |
|  Dai Nippon Printing Co. Ltd. | 32400 | 557237 |
|  Daifuku Co. Ltd. (x) | 28200 | 887191 |
|  Dai-ichi Life Holdings, Inc. | 299600 | 2493160 |
|  Daiichi Sankyo Co. Ltd. | 149700 | 3199665 |
|  Daikin Industries Ltd. | 22100 | 2833044 |
|  Daito Trust Construction Co. Ltd. | 24500 | 467039 |
|  Daiwa House Industry Co. Ltd. | 46700 | 1549710 |
|  Daiwa Securities Group, Inc. | 111300 | 973804 |
|  Denso Corp. | 148600 | 2047234 |
|  Disco Corp. | 7700 | 2367907 |
|  East Japan Railway Co. | 82127 | 2166425 |
|  Ebara Corp. (x) | 40000 | 940756 |
|  Eisai Co. Ltd. (x) | 23000 | 684244 |
|  ENEOS Holdings, Inc. | 231790 | 1638097 |
|  FANUC Corp. (x) | 78900 | 3064528 |
|  Fast Retailing Co. Ltd. | 16200 | 5888841 |
|  Fuji Electric Co. Ltd. | 11800 | 892684 |
|  FUJIFILM Holdings Corp. | 96900 | 2068652 |
|  Fujikura Ltd. | 21700 | 2416037 |
|  Fujitsu Ltd. | 148700 | 4109565 |
|  Hankyu Hanshin Holdings, Inc. | 20300 | 510999 |
|  Hikari Tsushin, Inc. | 1500 | 418954 |
|  Hitachi Ltd. | 390000 | 12204929 |
|  Honda Motor Co. Ltd. | 320000 | 3137896 |
|  Hoya Corp. | 29100 | 4400112 |
|  Hulic Co. Ltd. (x) | 39300 | 430157 |
|  Idemitsu Kosan Co. Ltd. | 67385 | 508915 |
|  IHI Corp. | 88900 | 1563298 |
|  Inpex Corp. (x) | 76100 | 1519182 |
|  Isuzu Motors Ltd. | 47000 | 731975 |

---

See Notes to Financial Statements.

------

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ITOCHU Corp. | 506000 | $6379916 |
|  Japan Airlines Co. Ltd. | 10938 | 202853 |
|  Japan Exchange Group, Inc. | 86900 | 929803 |
|  Japan Post Bank Co. Ltd. | 148900 | 2099847 |
|  Japan Post Holdings Co. Ltd. | 154100 | 1623736 |
|  Japan Post Insurance Co. Ltd. | 15400 | 463258 |
|  Japan Tobacco, Inc. (x) | 102000 | 3672625 |
|  JFE Holdings, Inc. (x) | 46000 | 586600 |
|  JX Advanced Metals Corp. | 48200 | 603115 |
|  Kajima Corp. | 35900 | 1337312 |
|  Kansai Electric Power Co., Inc. (The) | 83000 | 1300849 |
|  Kao Corp. (x) | 40600 | 1622808 |
|  Kawasaki Heavy Industries Ltd. | 12100 | 801826 |
|  Kawasaki Kisen Kaisha Ltd. (x) | 33100 | 460873 |
|  KDDI Corp. | 248000 | 4288228 |
|  Keyence Corp. | 16740 | 6057349 |
|  Kikkoman Corp. (x) | 60300 | 547412 |
|  Kioxia Holdings Corp.\* | 16300 | 1085869 |
|  Kirin Holdings Co. Ltd. (x) | 65100 | 975835 |
|  Kobe Bussan Co. Ltd. | 13300 | 321802 |
|  Komatsu Ltd. | 82000 | 2617467 |
|  Konami Group Corp. | 8200 | 1116611 |
|  Kubota Corp. (x) | 85600 | 1211264 |
|  Kyocera Corp. | 106200 | 1489200 |
|  Kyowa Kirin Co. Ltd. (x) | 17800 | 287159 |
|  Lasertec Corp. (x) | 6700 | 1268013 |
|  LY Corp. | 215700 | 574502 |
|  M3, Inc. (x) | 36500 | 492601 |
|  Makita Corp. | 20500 | 619947 |
|  Marubeni Corp. | 119500 | 3320886 |
|  MatsukiyoCocokara & Co. (x) | 29000 | 502094 |
|  Minebea Mitsumi, Inc. | 30300 | 607586 |
|  Mitsubishi Chemical Group Corp. | 102100 | 596474 |
|  Mitsubishi Corp. | 273900 | 6270464 |
|  Mitsubishi Electric Corp. | 163300 | 4779944 |
|  Mitsubishi Estate Co. Ltd. | 91000 | 2219810 |
|  Mitsubishi HC Capital, Inc. | 73600 | 615996 |
|  Mitsubishi Heavy Industries Ltd. | 272790 | 6687395 |
|  Mitsubishi UFJ Financial Group, Inc. | 975900 | 15531912 |
|  Mitsui & Co. Ltd. | 209500 | 6209835 |
|  Mitsui Fudosan Co. Ltd. | 227800 | 2589364 |
|  Mitsui OSK Lines Ltd. (x) | 28500 | 856965 |
|  Mizuho Financial Group, Inc. | 211943 | 7712430 |
|  MonotaRO Co. Ltd. (x) | 20000 | 319267 |
|  MS&AD Insurance Group Holdings, Inc. | 107740 | 2533238 |
|  Murata Manufacturing Co. Ltd. | 144400 | 2992354 |
|  NEC Corp. | 109700 | 3718763 |
|  Nexon Co. Ltd. (x) | 28900 | 706080 |
|  Nidec Corp. | 67100 | 913287 |
|  Nintendo Co. Ltd. | 94000 | 6358082 |
|  Nippon Building Fund, Inc. (REIT) (x) | 707 | 644984 |
|  Nippon Paint Holdings Co. Ltd. (x) | 82600 | 552372 |
|  Nippon Sanso Holdings Corp. (x) | 14800 | 441052 |
|  Nippon Steel Corp. (x) | 419040 | 1716930 |
|  Nippon Yusen KK (x) | 35000 | 1134640 |
|  Nissan Motor Co. Ltd. (x)\* | 197400 | 491610 |
|  Nitori Holdings Co. Ltd. | 35000 | 612791 |
|  Nitto Denko Corp. | 58700 | 1392176 |
|  Nomura Holdings, Inc. | 260200 | 2161135 |
|  Nomura Research Institute Ltd. | 32198 | 1237641 |
|  NTT, Inc. | 2505600 | 2522556 |
|  Obayashi Corp. | 51800 | 1081041 |
|  Obic Co. Ltd. | 26100 | 820124 |
|  Olympus Corp. | 93900 | 1189636 |
|  Oracle Corp. | 3400 | 286300 |
|  Oriental Land Co. Ltd. (x) | 91400 | 1691285 |
|  ORIX Corp. | 97900 | 2846250 |
|  Osaka Gas Co. Ltd. | 30600 | 1060764 |
|  Otsuka Corp. (x) | 21300 | 439489 |
|  Otsuka Holdings Co. Ltd. | 36900 | 2090230 |
|  Pan Pacific International Holdings Corp. | 166000 | 988009 |
|  Panasonic Holdings Corp. | 200200 | 2586215 |
|  Rakuten Group, Inc. (x)\* | 128400 | 822993 |
|  Recruit Holdings Co. Ltd. | 119800 | 6766283 |
|  Renesas Electronics Corp.\* | 146600 | 2002835 |
|  Resona Holdings, Inc. | 176505 | 1682341 |
|  Ryohin Keikaku Co. Ltd. | 45200 | 802773 |
|  Sanrio Co. Ltd. (x) | 16400 | 514803 |
|  SBI Holdings, Inc. | 49040 | 1056627 |
|  SCREEN Holdings Co. Ltd. (x) | 6800 | 661593 |
|  Secom Co. Ltd. | 33700 | 1198992 |
|  Seibu Holdings, Inc. | 18200 | 500082 |
|  Sekisui Chemical Co. Ltd. | 34200 | 575313 |
|  Sekisui House Ltd. (x) | 48700 | 1087542 |
|  Seven & i Holdings Co. Ltd. | 178500 | 2564570 |
|  SG Holdings Co. Ltd. (x) | 25300 | 231534 |
|  Shimadzu Corp. | 19200 | 510889 |
|  Shimano, Inc. (x) | 6000 | 633363 |
|  Shin-Etsu Chemical Co. Ltd. | 143600 | 4467331 |
|  Shionogi & Co. Ltd. | 63200 | 1146267 |
|  Shiseido Co. Ltd. (x) | 33900 | 493004 |
|  SMC Corp. | 4900 | 1703613 |
|  SoftBank Corp. | 2466400 | 3382168 |
|  SoftBank Group Corp. | 325200 | 9134831 |
|  Sompo Holdings, Inc. | 76975 | 2622182 |
|  Sony Financial Group, Inc.\* | 549600 | 582441 |
|  Sony Group Corp. | 523500 | 13448442 |
|  Subaru Corp. | 50000 | 1083695 |
|  Sumitomo Corp. | 93500 | 3230478 |
|  Sumitomo Electric Industries Ltd. | 61500 | 2483322 |
|  Sumitomo Metal Mining Co. Ltd. | 20199 | 819746 |
|  Sumitomo Mitsui Financial Group, Inc. | 311991 | 10040517 |
|  Sumitomo Mitsui Trust Group, Inc. | 54536 | 1663167 |
|  Sumitomo Realty & Development Co. Ltd. | 50400 | 1265148 |
|  Suntory Beverage & Food Ltd. (x) | 13200 | 398343 |
|  Suzuki Motor Corp. | 131500 | 1959824 |
|  Sysmex Corp. | 45000 | 443134 |
|  T&D Holdings, Inc. | 41000 | 946214 |
|  Taisei Corp. | 12100 | 1145962 |
|  Takeda Pharmaceutical Co. Ltd. | 137663 | 4249238 |
|  TDK Corp. | 162800 | 2297949 |
|  Terumo Corp. | 112800 | 1634678 |
|  TIS, Inc. | 17600 | 590674 |
|  Toho Co. Ltd. (x) | 9600 | 489071 |
|  Tokio Marine Holdings, Inc. | 155300 | 5767238 |
|  Tokyo Electron Ltd. | 38100 | 8347753 |
|  Tokyo Gas Co. Ltd. | 27700 | 1097284 |
|  Tokyo Metro Co. Ltd. (x) | 28100 | 286041 |
|  Tokyu Corp. (x) | 46300 | 540915 |
|  TOPPAN Holdings, Inc. | 20100 | 598098 |

---

See Notes to Financial Statements.

------

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Toray Industries, Inc. (x) | 118300 | $| 770340 |
|  Toyota Industries Corp. (x) | 14200 |  | 1613636 |
|  Toyota Motor Corp. | 806750 |  | 17284557 |
|  Toyota Tsusho Corp. | 58700 |  | 1976403 |
|  Trend Micro, Inc. (x)\* | 11200 |  | 464903 |
|  Tsuruha Holdings, Inc. (x) | 22800 |  | 418912 |
|  Unicharm Corp. (x) | 100600 |  | 574802 |
|  West Japan Railway Co. (x) | 35500 |  | 708459 |
|  Yamaha Motor Co. Ltd. (x) | 79300 |  | 587004 |
|  Yokogawa Electric Corp. | 18600 |  | 595618 |
|  Yokohama Financial Group, Inc. | 82700 |  | 682919 |
|  Zensho Holdings Co. Ltd. | 8400 |  | 481295 |
|  ZOZO, Inc. (x) | 43400 |  | 357695 |
|  |  |  | 384955603 |
|  **Luxembourg (0.1%)** |  |  |  |
|  ArcelorMittal SA | 38673 |  | 1776582 |
|  CVC Capital Partners plc (m) | 20576 |  | 345787 |
|  Eurofins Scientific SE (x) | 10490 |  | 769258 |
|  |  |  | 2891627 |
|  **Macau (0.1%)** |  |  |  |
|  Galaxy Entertainment Group Ltd. | 170000 |  | 837036 |
|  Sands China Ltd. | 186800 |  | 470438 |
|  |  |  | 1307474 |
|  **Mexico (0.0%)†** |  |  |  |
|  Fresnillo plc | 19755 |  | 887803 |
|  **Netherlands (4.1%)** |  |  |  |
|  ABN AMRO Bank NV (CVA) (m) | 48954 |  | 1713841 |
|  Adyen NV(m)\* | 2174 |  | 3512967 |
|  Akzo Nobel NV | 14484 |  | 1007678 |
|  Argenx SE\* | 5222 |  | 4398926 |
|  ASM International NV | 4091 |  | 2488488 |
|  ASML Holding NV | 33042 |  | 35778845 |
|  ASR Nederland NV | 13042 |  | 929120 |
|  BE Semiconductor Industries NV | 6414 |  | 1008172 |
|  Euronext NV (m) | 6576 |  | 989199 |
|  EXOR NV | 7970 |  | 678592 |
|  Heineken Holding NV | 11272 |  | 826604 |
|  Heineken NV | 24788 |  | 2031586 |
|  IMCD NV | 4722 |  | 429182 |
|  ING Groep NV | 257216 |  | 7257749 |
|  JDE Peet's NV | 13778 |  | 515874 |
|  Koninklijke Ahold Delhaize NV | 75191 |  | 3081269 |
|  Koninklijke KPN NV | 319429 |  | 1492562 |
|  Koninklijke Philips NV | 67657 |  | 1847824 |
|  Magnum Ice Cream Co. NV (The) (x)\* | 42450 |  | 673771 |
|  Nebius Group NV, Class A (x)\* | 16723 |  | 1399799 |
|  NN Group NV | 22525 |  | 1740228 |
|  Randstad NV | 9266 |  | 352490 |
|  Universal Music Group NV | 92857 |  | 2425861 |
|  Wolters Kluwer NV | 19967 |  | 2072917 |
|  |  |  | 78653544 |
|  **New Zealand (0.2%)** | **New Zealand (0.2%)** | **New Zealand (0.2%)** | **New Zealand (0.2%)** |
|  Auckland International Airport Ltd. | 135558 |  | 650136 |
|  Contact Energy Ltd. | 64571 |  | 343885 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 49145 |  | 1068145 |
|  Infratil Ltd. | 86890 |  | 554298 |
|  Meridian Energy Ltd. | 123596 |  | 398498 |
|  Xero Ltd.\* | 14687 |  | 1117552 |
|  |  |  | 4132514 |
|  **Norway (0.5%)** |  |  |  |
|  Aker BP ASA | 26960 |  | 687106 |
|  DNB Bank ASA | 75051 |  | 2095918 |
|  Equinor ASA | 64148 |  | 1508242 |
|  Gjensidige Forsikring ASA | 18661 |  | 559089 |
|  Kongsberg Gruppen ASA | 36650 |  | 940247 |
|  Mowi ASA | 40421 |  | 975237 |
|  Norsk Hydro ASA | 121674 |  | 943939 |
|  Orkla ASA | 57730 |  | 644308 |
|  Salmar ASA | 5312 |  | 325413 |
|  Telenor ASA | 51239 |  | 745710 |
|  |  |  | 9425209 |
|  **Poland (0.0%)†** |  |  |  |
|  InPost SA (x)\* | 20677 |  | 254417 |
|  **Portugal (0.2%)** |  |  |  |
|  Banco Comercial Portugues SA, Class R | 635884 |  | 669722 |
|  EDP SA | 264270 |  | 1215882 |
|  Galp Energia SGPS SA | 36247 |  | 623201 |
|  Jeronimo Martins SGPS SA | 22028 |  | 524477 |
|  |  |  | 3033282 |
|  **Singapore (1.6%)** |  |  |  |
|  CapitaLand Ascendas REIT (REIT) | 333466 |  | 734175 |
|  CapitaLand Integrated Commercial Trust (REIT) | 528395 |  | 982468 |
|  CapitaLand Investment Ltd. | 196400 |  | 414069 |
|  DBS Group Holdings Ltd. | 181210 |  | 7945383 |
|  Grab Holdings Ltd., Class A\* | 190892 |  | 952551 |
|  Keppel Ltd. | 129400 |  | 1041925 |
|  Oversea-Chinese Banking Corp. Ltd. | 288306 |  | 4432026 |
|  Sea Ltd. (ADR)\* | 31475 |  | 4015266 |
|  Sembcorp Industries Ltd. | 71400 |  | 334392 |
|  Singapore Airlines Ltd. | 125600 |  | 625362 |
|  Singapore Exchange Ltd. | 74700 |  | 985617 |
|  Singapore Technologies Engineering Ltd. | 133900 |  | 877111 |
|  Singapore Telecommunications Ltd. | 649500 |  | 2299070 |
|  STMicroelectronics NV | 56726 |  | 1495949 |
|  United Overseas Bank Ltd. | 106775 |  | 2912347 |
|  |  |  | 30047711 |
|  **South Africa (0.2%)** |  |  |  |
|  Anglo American plc | 94045 |  | 3910792 |
|  **South Korea (0.0%)†** |  |  |  |
|  Delivery Hero SE (m)(x)\* | 18045 |  | 481811 |
|  **Spain (3.4%)** |  |  |  |
|  Acciona SA (x) | 1985 |  | 433662 |
|  ACS Actividades de Construccion y Servicios SA | 14792 |  | 1474995 |
|  Aena SME SA (m) | 64048 |  | 1792912 |
|  Amadeus IT Group SA | 37896 |  | 2798603 |
|  Banco Bilbao Vizcaya Argentaria SA | 490613 |  | 11560196 |
|  Banco de Sabadell SA | 434885 |  | 1719774 |
|  Banco Santander SA | 1267147 |  | 14995752 |
|  Bankinter SA (x) | 56024 |  | 931957 |
|  CaixaBank SA | 330020 |  | 4050984 |
|  Cellnex Telecom SA (m) | 42490 |  | 1369696 |
|  EDP Renovaveis SA | 29341 |  | 415158 |
|  Endesa SA | 26845 |  | 966323 |

---

See Notes to Financial Statements.

------

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Grifols SA (x) | 25498 | $320628 |
|  Iberdrola SA | 540317 | 11724916 |
|  Industria de Diseno Textil SA | 92419 | 6119133 |
|  Mapfre SA | 79976 | 402456 |
|  Naturgy Energy Group SA | 20194 | 615133 |
|  Redeia Corp. SA | 32907 | 586659 |
|  Repsol SA | 96676 | 1809297 |
|  Telefonica SA (x) | 322145 | 1322397 |
|  |  | 65410631 |
|  **Sweden (2.9%)** |  |  |
|  AddTech AB, Class B (x) | 23540 | 837126 |
|  Alfa Laval AB | 25105 | 1269907 |
|  Assa Abloy AB, Class B | 85276 | 3324342 |
|  Atlas Copco AB, Class A | 229748 | 4143774 |
|  Atlas Copco AB, Class B | 131929 | 2135168 |
|  Beijer Ref AB, Class B | 33362 | 540300 |
|  Boliden AB\* | 24793 | 1387428 |
|  Epiroc AB, Class A | 56833 | 1295742 |
|  Epiroc AB, Class B | 31588 | 640578 |
|  EQT AB (x) | 42751 | 1689330 |
|  Essity AB, Class B | 52211 | 1503976 |
|  Evolution AB (m) | 11505 | 787036 |
|  Fastighets AB Balder, Class B\* | 62734 | 464722 |
|  H & M Hennes & Mauritz AB, Class B (x) | 42724 | 862694 |
|  Hexagon AB, Class B | 173630 | 2065115 |
|  Holmen AB, Class B | 6300 | 242516 |
|  Industrivarden AB, Class C (x) | 14243 | 642030 |
|  Industrivarden AB, Class A | 9292 | 419258 |
|  Indutrade AB | 22340 | 583342 |
|  Investment AB Latour, Class B | 12494 | 305887 |
|  Investor AB, Class B | 154807 | 5555665 |
|  L E Lundbergforetagen AB, Class B | 6766 | 375909 |
|  Lifco AB, Class B | 19046 | 728202 |
|  Nibe Industrier AB, Class B (x) | 130867 | 506325 |
|  Saab AB, Class B | 27797 | 1623165 |
|  Sagax AB, Class B | 18372 | 394320 |
|  Sandvik AB | 89947 | 2936846 |
|  Securitas AB, Class B | 39095 | 625078 |
|  Skandinaviska Enskilda Banken AB, Class A | 128054 | 2713663 |
|  Skanska AB, Class B | 28701 | 786538 |
|  SKF AB, Class B | 29047 | 775512 |
|  Svenska Cellulosa AB SCA, Class B | 51705 | 688539 |
|  Svenska Handelsbanken AB, Class A | 125807 | 1835895 |
|  Swedbank AB, Class A | 71978 | 2510415 |
|  Swedish Orphan Biovitrum AB\* | 16219 | 586290 |
|  Tele2 AB, Class B | 43760 | 734601 |
|  Telefonaktiebolaget LM Ericsson, Class B | 235498 | 2317506 |
|  Telia Co. AB | 207274 | 886596 |
|  Trelleborg AB, Class B | 16961 | 723465 |
|  Volvo AB, Class B | 137291 | 4412579 |
|  |  | 56857380 |
|  **Switzerland (4.5%)** |  |  |
|  ABB Ltd. (Registered) | 133421 | 9974993 |
|  Avolta AG | 7138 | 424802 |
|  Banque Cantonale Vaudoise (Registered) (x) | 2868 | 363524 |
|  Barry Callebaut AG (Registered) (x) | 294 | 484742 |
|  Belimo Holding AG (Registered) | 879 | 866682 |
|  BKW AG | 1590 | 338033 |
|  Chocoladefabriken Lindt & Spruengli AG | 78 | 1141295 |
|  Chocoladefabriken Lindt & Spruengli AG (Registered) | 9 | 1322560 |
|  Cie Financiere Richemont SA (Registered) | 45763 | 9940063 |
|  DSM-Firmenich AG | 14949 | 1207980 |
|  EMS-Chemie Holding AG (Registered) (x) | 522 | 362125 |
|  Galderma Group AG | 13088 | 2678405 |
|  Geberit AG (Registered) | 2908 | 2274709 |
|  Givaudan SA (Registered) | 790 | 3137659 |
|  Helvetia Baloise Holding AG | 6689 | 1766619 |
|  Julius Baer Group Ltd. | 17726 | 1396418 |
|  Kuehne + Nagel International AG (Registered) | 4149 | 897003 |
|  Logitech International SA (Registered) | 12468 | 1283475 |
|  Lonza Group AG (Registered) | 6020 | 4087307 |
|  Partners Group Holding AG | 1886 | 2339107 |
|  Sandoz Group AG | 35882 | 2620142 |
|  Schindler Holding AG | 3553 | 1342075 |
|  Schindler Holding AG (Registered) | 1870 | 664569 |
|  SGS SA (Registered) | 13713 | 1572987 |
|  Sika AG (Registered) | 12927 | 2653617 |
|  Sonova Holding AG (Registered) | 4447 | 1162699 |
|  Straumann Holding AG (Registered) (x) | 9375 | 1106158 |
|  Swatch Group AG (The) (x) | 2647 | 562249 |
|  Swiss Life Holding AG (Registered) (x) | 2398 | 2775516 |
|  Swiss Prime Site AG (Registered) | 7146 | 1111460 |
|  Swisscom AG (Registered) | 2150 | 1562082 |
|  UBS Group AG (Registered) | 270237 | 12609468 |
|  VAT Group AG (m) | 2370 | 1154631 |
|  Zurich Insurance Group AG | 12459 | 9465757 |
|  |  | 86650911 |
|  **United Arab Emirates (0.0%)** |  |  |
|  NMC Health plc (r)\* | 12466 |  |
|  **United Kingdom (10.2%)** |  |  |
|  3i Group plc | 85492 | 3760247 |
|  Admiral Group plc | 22922 | 981311 |
|  Ashtead Group plc | 36494 | 2501910 |
|  Associated British Foods plc | 27337 | 783776 |
|  AstraZeneca plc | 132007 | 24537765 |
|  Auto Trader Group plc (m) | 77013 | 608740 |
|  Aviva plc | 265719 | 2451356 |
|  BAE Systems plc | 255689 | 5907404 |
|  Barclays plc | 1188620 | 7625672 |
|  Barratt Redrow plc | 123770 | 635811 |
|  British American Tobacco plc | 186096 | 10570739 |
|  BT Group plc | 505138 | 1253198 |
|  Bunzl plc | 28927 | 809477 |
|  Centrica plc | 400831 | 916079 |
|  CK Hutchison Holdings Ltd. | 236652 | 1610074 |
|  Coca-Cola Europacific Partners plc | 16465 | 1493376 |
|  Compass Group plc | 144498 | 4604507 |
|  DCC plc (x) | 7517 | 469137 |
|  Diageo plc | 188914 | 4083259 |

---

See Notes to Financial Statements.

------

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Entain plc | 50354 | $520327 |
|  Halma plc | 32780 | 1563294 |
|  Hikma Pharmaceuticals plc | 14071 | 293989 |
|  HSBC Holdings plc | 1465436 | 23186476 |
|  Imperial Brands plc | 64701 | 2720196 |
|  Informa plc | 109625 | 1306278 |
|  InterContinental Hotels Group plc | 12153 | 1713519 |
|  International Consolidated Airlines Group SA | 101475 | 566335 |
|  Intertek Group plc | 13028 | 812376 |
|  J Sainsbury plc | 133053 | 582884 |
|  JD Sports Fashion plc | 193843 | 220686 |
|  Kingfisher plc | 147753 | 622785 |
|  Land Securities Group plc (REIT) | 65818 | 551835 |
|  Legal & General Group plc | 474208 | 1674088 |
|  Lloyds Banking Group plc | 5039765 | 6673788 |
|  London Stock Exchange Group plc | 39594 | 4777748 |
|  M&G plc | 194738 | 751792 |
|  Marks & Spencer Group plc | 184559 | 820962 |
|  Melrose Industries plc | 107798 | 854982 |
|  National Grid plc | 422354 | 6498697 |
|  NatWest Group plc | 683876 | 6008492 |
|  Next plc | 10137 | 1869258 |
|  Pearson plc | 48772 | 690293 |
|  Phoenix Group Holdings plc | 60488 | 600911 |
|  Reckitt Benckiser Group plc | 57121 | 4621315 |
|  RELX plc | 155369 | 6324775 |
|  Rentokil Initial plc | 217144 | 1309829 |
|  Rolls-Royce Holdings plc | 716463 | 11106197 |
|  Sage Group plc (The) | 83135 | 1213630 |
|  Schroders plc | 57151 | 313539 |
|  Segro plc (REIT) | 108985 | 1058313 |
|  Severn Trent plc | 21978 | 826248 |
|  Smith & Nephew plc | 66236 | 1105768 |
|  Smiths Group plc | 27361 | 867447 |
|  Spirax Group plc | 6015 | 552960 |
|  SSE plc | 100926 | 2964381 |
|  Standard Chartered plc | 164233 | 4033505 |
|  Tesco plc | 558296 | 3324788 |
|  Unilever plc | 185531 | 12152954 |
|  United Utilities Group plc | 55965 | 900730 |
|  Vodafone Group plc | 1629165 | 2171437 |
|  Whitbread plc | 15621 | 536936 |
|  Wise plc, Class A\* | 54859 | 658869 |
|  |  | 197529450 |
|  **United States (8.5%)** |  |  |
|  Aegon Ltd. | 107726 | 840621 |
|  Alcon AG | 43061 | 3440096 |
|  AP Moller - Maersk A/S, Class A (x) | 258 | 594294 |
|  AP Moller - Maersk A/S, Class B (x) | 325 | 748625 |
|  BP plc | 1339328 | 7813543 |
|  Buzzi SpA | 6670 | 407606 |
|  CyberArk Software Ltd.\* | 4113 | 1834645 |
|  Experian plc | 79082 | 3584910 |
|  Ferrovial SE | 44129 | 2869955 |
|  GSK plc | 346017 | 8509716 |
|  Haleon plc | 750790 | 3793079 |
|  Holcim AG | 43431 | 4263596 |
|  Monday.com Ltd.\* | 2820 | 416119 |
|  Nestle SA (Registered) | 219332 | 21803057 |
|  Novartis AG (Registered) | 161842 | 22393490 |
|  QIAGEN NV | 17260 | 788133 |
|  Roche Holding AG (BMV Mexico Stock Exchange) | 59807 | 24780529 |
|  Roche Holding AG (OTC US Exchange) | 2724 | 1152739 |
|  Sanofi SA | 94042 | 9142062 |
|  Schneider Electric SE | 46672 | 12884015 |
|  Shell plc | 493088 | 18211628 |
|  Spotify Technology SA\* | 13250 | 7694408 |
|  Stellantis NV | 174785 | 1943359 |
|  Swiss Re AG | 25677 | 4306514 |
|  Tenaris SA | 32953 | 639372 |
|  |  | 164856111 |
|  **Total Common Stocks (89.9%)**<br> *(Cost $934,871,505)* |  | 1741893651 |
|  SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (1.1%)** |  |  |
|  BlackRock Liquidity FedFund, Institutional Shares 3.65% (7 day yield) (xx) | 3000000 | 3000000 |
|  Dreyfus Treasury Obligations Cash Management Fund 3.65% (7 day yield) (xx) | 2000000 | 2000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 14631446 | 14631446 |
|  State Street Institutional U.S. Government Money Market Fund, Premier Shares 3.74% (7 day yield) (xx) | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 21631446 |
|  **Total Short-Term Investments (1.1%)**<br> *(Cost $21,631,446)* |  | 21631446 |
|  **Total Investments in Securities (91.0%)**<br> *(Cost $956,502,951)* | **Total Investments in Securities (91.0%)**<br> *(Cost $956,502,951)* | 1763525097 |
|  **Other Assets Less Liabilities (9.0%)** |  | 173828186 |
|  **Net Assets (100%)** |  | $1937353283 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $19,511,417 or 1.0% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $69,292,596. This was collateralized by $51,573,204 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/13/26 – 8/15/55 and by cash of $21,631,446 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

See Notes to Financial Statements.

------

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*AUD* *— Australian Dollar* 

*CHF* *— Swiss Franc* 

*CVA* *— Dutch Certification* 

*DKK* *— Denmark Krone* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*HKD* *— Hong Kong Dollar* 

*ILS* *— Israel New Shekel* 

*JPY* *— Japanese Yen* 

*NOK* *— Norwegian Krone* 

*NZD* *— New Zealand Dollar* 

*REIT* *— Real Estate Investment Trust* 

*SEK* *— Swedish Krona* 

*SGD* *— Singapore Dollar* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 1109 | 3/2026 | EUR | 76125566 | 857935 |
|  FTSE 100 Index | 352 | 3/2026 | GBP | 47167898 | 739744 |
|  SPI 200 Index | 129 | 3/2026 | AUD | 18672520 | 107085 |
|  TOPIX Index | 208 | 3/2026 | JPY | 45327375 | 341710 |
|  |  |  |  |  | 2046474 |

---

Forward Foreign Currency Contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  AUD | 24584785 | USD | 16336395 | HSBC Bank plc | 3/19/2026 | 71532 |
|  GBP | 21980193 | USD | 29222706 | HSBC Bank plc | 3/19/2026 | 399919 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 471451 |
|  GBP | 1476594 | USD | 1990652 | HSBC Bank plc | 3/19/2026 | (652) |
|  JPY | 5314089615 | USD | 34182763 | HSBC Bank plc | 3/19/2026 | (42389) |
|  USD | 62460860 | EUR | 53448607 | HSBC Bank plc | 3/19/2026 | (567484) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (610525) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (139074) |

---

Foreign cash on the statement of assets and liabilities is maintained at JPMorgan or its affiliates and is comprised of the following (in USD): AUD 2,204,290, CHF 32,820, DKK 9,400, EUR 138,010,127, GBP 14,514,659, HKD 39,395, ILS 4,908, JPY 11,408,836, NOK 1,991, NZD 1,988, SEK 17,106 and SGD 2,001.

See Notes to Financial Statements.

------

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Australia | $— | $122582298 | $— | $122582298 |
|  Austria |  | 4888466 |  | 4888466 |
|  Belgium |  | 14956495 |  | 14956495 |
|  Brazil |  | 571673 |  | 571673 |
|  Chile |  | 1490400 |  | 1490400 |
|  China |  | 10098934 |  | 10098934 |
|  Denmark |  | 32074036 |  | 32074036 |
|  Finland |  | 20336751 |  | 20336751 |
|  France |  | 159027722 |  | 159027722 |
|  Germany |  | 168126912 |  | 168126912 |
|  Hong Kong | 760128 | 31423018 |  | 32183146 |
|  Indonesia | 894608 |  |  | 894608 |
|  Ireland | 1986332 | 5982813 |  | 7969145 |
|  Israel | 4558591 | 11905571 |  | 16464162 |
|  Italy |  | 58069972 |  | 58069972 |
|  Ivory Coast |  | 872661 |  | 872661 |
|  Japan |  | 384955603 |  | 384955603 |
|  Luxembourg |  | 2891627 |  | 2891627 |
|  Macau |  | 1307474 |  | 1307474 |
|  Mexico |  | 887803 |  | 887803 |
|  Netherlands | 1399799 | 77253745 |  | 78653544 |
|  New Zealand |  | 4132514 |  | 4132514 |
|  Norway |  | 9425209 |  | 9425209 |
|  Poland |  | 254417 |  | 254417 |
|  Portugal |  | 3033282 |  | 3033282 |
|  Singapore | 4967817 | 25079894 |  | 30047711 |
|  South Africa |  | 3910792 |  | 3910792 |
|  South Korea |  | 481811 |  | 481811 |
|  Spain |  | 65410631 |  | 65410631 |
|  Sweden |  | 56857380 |  | 56857380 |
|  Switzerland |  | 86650911 |  | 86650911 |
|  United Arab Emirates |  |  | — (a) | — (a) |
|  United Kingdom | 1493376 | 196036074 |  | 197529450 |
|  United States | 9945172 | 154910939 |  | 164856111 |
|  **Forward Currency Contracts** |  | 471451 |  | 471451 |
|  **Futures** | 2046474 |  |  | 2046474 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 21631446 |  |  | 21631446 |
|  **Total Assets** | $**49683743** | $**1716359279** | $**—** | $**1766043022** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(610525) | $— | $(610525) |
|  **Total Liabilities** | $**—** | $**(610525)** | $**—** | $**(610525)** |
|  **Total** | $**49683743** | $**1715748754** | $**—** | $**1765432497** |

---

(a) Value is zero.

See Notes to Financial Statements.

------

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | $471451 |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | 2046474 \* |
|  **Total** |  | $2517925 |
|  | **Liability Derivatives** |  |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | (610525) |
|  **Total** |  | $(610525) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $— | $(19466507) | $(19466507) |
|  Equity contracts | (23315822) |  | (23315822) |
|  **Total** | $(23315822) | $(19466507) | $(42782329) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $— | $184921 | $184921 |
|  Equity contracts | 3610734 |  | 3610734 |
|  **Total** | $3610734 | $184921 | $3795655 |

---

^ The Portfolio held forward foreign currency contracts and futures contracts for hedging.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** |  |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $171990000 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $142697000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 142708000 |

---

See Notes to Financial Statements.

------

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  HSBC Bank plc | $471451 | $(471451) | $— | $— |
|  **Total** | $471451 | $(471451) | $— | $— |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  HSBC Bank plc | $610525 | $(471451) | $— | $139074 |
|  **Total** | $610525 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(471451) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $139074 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $67344282.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $340922572.0 |

---

During the year ended December 31, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 20%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 10%)\*** | **Net Realized<br>Gain (Loss)** |
| $13271675 | $32783787 | $1743017 |

---

\* Represents percentage/amount of total Purchases and/or Sales.

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $832365319 |
|  Aggregate gross unrealized depreciation | (75550982) |
|  Net unrealized appreciation | $756814337 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $1008618160 |

---

See Notes to Financial Statements.

------

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $956,502,951) | $1763525097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 8432151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $157,995,564) | 166247521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 11343870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 10647550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 974924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 471451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 19111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 3974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 62775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1961728424 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 21631446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 733082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 689172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 610525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 352609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 201727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 33382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 18667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 104531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 24375141 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1937353283 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1220647726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 716705557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1937353283 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $89,077,732 / 5,434,672 shares outstanding (unlimited amount authorized: $0.01 par value) | $16.39 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $1,848,275,551 / 111,823,699 shares outstanding (unlimited amount authorized: $0.01 par value) | $16.53 |

---

*(x)* *Includes value of securities on loan of $69,292,596.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $4,884,768 foreign withholding tax) | $49151323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1324176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 198570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 50674069 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 8437381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 2341593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 267000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 215591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 159084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 105821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 63281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 154065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 11743816 |
|  **NET INVESTMENT INCOME (LOSS)** | 38930253 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 79402456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (23315822) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (19466507) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 1099660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 37719787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 339812491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 3610734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 184921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 15732454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 359340600 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 397060387 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $435990640 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $38930253 | $41072667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 37719787 | 37950543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 359340600 | (19324558) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 435990640 | 59698652 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (5006070) | (3530431) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (107319529) | (75942326) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (112325599) | (79472757) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 396,011 and 423,180 shares, respectively ] | 6088578 | 6172374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 309,730 and 246,350 shares, respectively ] | 5006070 | 3530431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1289080) and (958083) shares, respectively ] | (19865253) | (14106296) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (8770605) | (4403491) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 5,098,683 and 1,944,935 shares, respectively ] | 74451783 | 29270534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 6,586,908 and 5,260,840 shares, respectively ] | 107319529 | 75942326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (20038516) and (19099890) shares, respectively ] | (313520381) | (280278036) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (131749069) | (175065176) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (140519674) | (179468667) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 183145367 | (199242772) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1754207916 | 1953450688 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1937353283 | $1754207916 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $13.80 | $14.02 | $12.27 | $14.70 | $14.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.28 | 0.28 | 0.26 | 0.25 | 0.27 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.28 | 0.12 | 1.80 | (2.45) | 1.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.56 | 0.40 | 2.06 | (2.20) | 1.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.36) | (0.39) | (0.31) | (0.14) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.61) | (0.23) |  | (0.09) | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.97) | (0.62) | (0.31) | (0.23) | (1.09) |
|  Net asset value, end of year | $16.39 | $13.80 | $14.02 | $12.27 | $14.70 |
|  Total return | 25.90% | 2.66% | 16.86% | (14.94)% | 10.59% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $89078 | $83051 | $88412 | $86300 | $108731 |
|  Ratio of expenses to average net assets (f) | 0.86% | 0.87% | 0.87% | 0.91 %(g) | 0.91 %(g) |
|  Ratio of net investment income (loss) to average net assets (f) | 1.83% | 1.92% | 1.98% | 1.96% | 1.74 %(bb) |
|  Portfolio turnover rate^ | 4% | 2% | 2% | 8% | 3% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $13.91 | $14.12 | $12.35 | $14.80 | $14.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.33 | 0.32 | 0.30 | 0.28 | 0.31 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.29 | 0.12 | 1.81 | (2.47) | 1.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.62 | 0.44 | 2.11 | (2.19) | 1.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.39) | (0.42) | (0.34) | (0.17) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.61) | (0.23) |  | (0.09) | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.00) | (0.65) | (0.34) | (0.26) | (1.12) |
|  Net asset value, end of year | $16.53 | $13.91 | $14.12 | $12.35 | $14.80 |
|  Total return | 26.18% | 2.97% | 17.19% | (14.77)% | 10.92% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $1848276 | $1671156 | $1865039 | $1897124 | $2287419 |
|  Ratio of expenses to average net assets (f) | 0.61% | 0.62% | 0.62% | 0.66 %(g) | 0.66 %(g) |
|  Ratio of net investment income (loss) to average net assets (f) | 2.09% | 2.17% | 2.25% | 2.20% | 1.98 %(bb) |
|  Portfolio turnover rate^ | 4% | 2% | 2% | 8% | 3% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Interest Expense of 0.08% and 0.06% for the years ended December 31, 2022 and 2021, respectively for each class.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.22 and $0.25 for Class IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.33% lower.* 

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (4.9%)** | **Communication Services (4.9%)** | **Communication Services (4.9%)** |
|  ***Diversified Telecommunication Services (0.6%)*** | ***Diversified Telecommunication Services (0.6%)*** | ***Diversified Telecommunication Services (0.6%)*** |
|  AT&T, Inc. | 47835 | $1188221 |
|  BT Group plc | 57110 | 141684 |
|  Cellnex Telecom SA (m) | 4723 | 152249 |
|  Deutsche Telekom AG (Registered) | 35153 | 1142685 |
|  Elisa OYJ | 1358 | 60230 |
|  HKT Trust & HKT Ltd. | 35818 | 52972 |
|  Infrastrutture Wireless Italiane SpA (m)(x) | 2664 | 24686 |
|  Koninklijke KPN NV | 37140 | 173540 |
|  NTT, Inc. | 284766 | 286693 |
|  Orange SA | 17787 | 296827 |
|  Singapore Telecommunications Ltd. | 71009 | 251354 |
|  Swisscom AG (Registered) | 247 | 179458 |
|  Telecom Italia SpA\* | 109784 | 66289 |
|  Telefonica SA | 35197 | 144483 |
|  Telenor ASA | 5880 | 85575 |
|  Telia Co. AB | 22529 | 96366 |
|  Telstra Group Ltd. | 37936 | 123292 |
|  Verizon Communications, Inc. | 28449 | 1158728 |
|  |  | 5625332 |
|  ***Entertainment (0.7%)*** |  |  |
|  Bollore SE | 6706 | 37781 |
|  Capcom Co. Ltd. (x) | 3268 | 76171 |
|  CTS Eventim AG & Co. KGaA | 596 | 54983 |
|  Electronic Arts, Inc. | 1517 | 309969 |
|  Konami Group Corp. | 915 | 124597 |
|  Live Nation Entertainment, Inc.\* | 1065 | 151763 |
|  Netflix, Inc.\* | 28590 | 2680598 |
|  Nexon Co. Ltd. | 3162 | 77253 |
|  Nintendo Co. Ltd. | 10563 | 714473 |
|  Spotify Technology SA\* | 1494 | 867581 |
|  Take-Two Interactive Software, Inc.\* | 1172 | 300067 |
|  TKO Group Holdings, Inc., Class A | 447 | 93423 |
|  Toho Co. Ltd. | 980 | 49926 |
|  Universal Music Group NV | 10512 | 274623 |
|  Walt Disney Co. (The) | 12046 | 1370473 |
|  Warner Bros Discovery, Inc.\* | 16719 | 481842 |
|  |  | 7665523 |
|  ***Interactive Media & Services (3.1%)*** | ***Interactive Media & Services (3.1%)*** | ***Interactive Media & Services (3.1%)*** |
|  Alphabet, Inc., Class A | 39256 | 12287128 |
|  Alphabet, Inc., Class C | 31375 | 9845475 |
|  Auto Trader Group plc (m) | 8261 | 65298 |
|  CAR Group Ltd. | 3614 | 74187 |
|  LY Corp. | 26462 | 70480 |
|  Match Group, Inc. | 1593 | 51438 |
|  Meta Platforms, Inc., Class A | 14695 | 9700022 |
|  REA Group Ltd. | 505 | 61805 |
|  Scout24 SE (m) | 716 | 72196 |
|  |  | 32228029 |
|  ***Media (0.2%)*** | ***Media (0.2%)*** | ***Media (0.2%)*** |
|  Charter Communications, Inc., Class A\* | 594 | 123998 |
|  Comcast Corp., Class A | 24522 | 732963 |
|  Fox Corp., Class A | 1406 | 102736 |
|  Fox Corp., Class B | 1001 | 64995 |
|  Informa plc | 12361 | 147292 |
|  News Corp., Class A | 2527 | 66005 |
|  News Corp., Class B | 833 | 24682 |
|  Omnicom Group, Inc. | 2174 | 175550 |
|  Paramount Skydance Corp., Class B (x) | 2097 | 28100 |
|  Publicis Groupe SA | 2186 | 227664 |
|  Trade Desk, Inc. (The), Class A\* | 2971 | 112779 |
|  |  | 1806764 |
|  ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** |
|  KDDI Corp. | 29966 | 518149 |
|  SoftBank Corp. | 273320 | 374803 |
|  SoftBank Group Corp. | 36292 | 1019438 |
|  Tele2 AB, Class B | 5228 | 87763 |
|  T-Mobile US, Inc. | 3245 | 658865 |
|  Vodafone Group plc | 182923 | 243809 |
|  |  | 2902827 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 50228475 |
|  **Consumer Discretionary (5.9%)** | **Consumer Discretionary (5.9%)** | **Consumer Discretionary (5.9%)** |
|  ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** |
|  Aisin Corp. | 4737 | 88486 |
|  Aptiv plc\* | 1458 | 110939 |
|  Bridgestone Corp. | 10802 | 242328 |
|  Cie Generale des Etablissements Michelin SCA | 6404 | 213060 |
|  Continental AG | 1050 | 83860 |
|  Denso Corp. | 16624 | 229026 |
|  Sumitomo Electric Industries Ltd. | 6821 | 275427 |
|  |  | 1243126 |
|  ***Automobiles (1.4%)*** | ***Automobiles (1.4%)*** | ***Automobiles (1.4%)*** |
|  Bayerische Motoren Werke AG (x) | 2680 | 293348 |
|  Bayerische Motoren Werke AG (Preference) (q) | 522 | 56131 |
|  Dr Ing hc F Porsche AG (Preference) (m) (q)(x) | 1087 | 58277 |
|  Ferrari NV | 1204 | 450942 |
|  Ford Motor Co. | 26406 | 346447 |
|  General Motors Co. | 6294 | 511828 |
|  Honda Motor Co. Ltd. | 37777 | 370438 |
|  Isuzu Motors Ltd. | 5101 | 79443 |
|  Mercedes-Benz Group AG | 6899 | 487030 |
|  Nissan Motor Co. Ltd. (x)\* | 21213 | 52829 |
|  Porsche Automobil Holding SE (Preference) (q) | 1462 | 68588 |
|  Renault SA | 1835 | 76383 |
|  Stellantis NV | 19259 | 214132 |
|  Subaru Corp. | 5593 | 121222 |
|  Suzuki Motor Corp. | 15015 | 223778 |
|  Tesla, Inc.\* | 18959 | 8526241 |
|  Toyota Motor Corp. | 90290 | 1934456 |
|  Volkswagen AG (Preference) (q)(x) | 1970 | 239733 |
|  Yamaha Motor Co. Ltd. | 8706 | 64445 |
|  |  | 14175691 |
|  ***Broadline Retail (1.8%)*** | ***Broadline Retail (1.8%)*** | ***Broadline Retail (1.8%)*** |
|  Amazon.com, Inc.\* | 65638 | 15150563 |
|  eBay, Inc. | 3050 | 265655 |
|  Next plc | 1111 | 204868 |
|  Pan Pacific International Holdings Corp. | 18000 | 107134 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Prosus NV | 12501 | $| 776429 |
|  Rakuten Group, Inc.\* | 14389 |  | 92228 |
|  Ryohin Keikaku Co. Ltd. | 4800 |  | 85250 |
|  Sea Ltd. (ADR)\* | 3655 |  | 466268 |
|  Wesfarmers Ltd. (x) | 10840 |  | 586611 |
|  |  |  | 17735006 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  D'ieteren Group | 205 |  | 37077 |
|  Genuine Parts Co. | 939 |  | 115459 |
|  Pool Corp. | 221 |  | 50554 |
|  |  |  | 203090 |
|  ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** |
|  Pearson plc | 5505 |  | 77915 |
|  ***Hotels, Restaurants & Leisure (0.9%)*** | ***Hotels, Restaurants & Leisure (0.9%)*** | ***Hotels, Restaurants & Leisure (0.9%)*** | ***Hotels, Restaurants & Leisure (0.9%)*** |
|  Accor SA | 1871 |  | 106026 |
|  Airbnb, Inc., Class A\* | 2870 |  | 389516 |
|  Amadeus IT Group SA | 4303 |  | 317775 |
|  Aristocrat Leisure Ltd. | 5258 |  | 204149 |
|  Booking Holdings, Inc. | 217 |  | 1162107 |
|  Carnival Corp.\* | 7326 |  | 223736 |
|  Chipotle Mexican Grill, Inc.\* | 8922 |  | 330114 |
|  Compass Group plc | 16215 |  | 516700 |
|  Darden Restaurants, Inc. | 785 |  | 144456 |
|  Delivery Hero SE (m)(x)\* | 1851 |  | 49423 |
|  Domino's Pizza, Inc. | 210 |  | 87532 |
|  DoorDash, Inc., Class A\* | 2522 |  | 571182 |
|  Entain plc | 5802 |  | 59954 |
|  Evolution AB (m) | 1269 |  | 86810 |
|  Expedia Group, Inc. | 789 |  | 223532 |
|  FDJ United (x) | 1062 |  | 29479 |
|  Galaxy Entertainment Group Ltd. | 19292 |  | 94989 |
|  Hilton Worldwide Holdings, Inc. | 1568 |  | 450408 |
|  InterContinental Hotels Group plc | 1383 |  | 194997 |
|  Las Vegas Sands Corp. | 2053 |  | 133630 |
|  Lottery Corp. Ltd. (The) | 21253 |  | 73185 |
|  Marriott International, Inc., Class A | 1503 |  | 466291 |
|  McDonald's Corp. | 4805 |  | 1468552 |
|  MGM Resorts International\* | 1384 |  | 50502 |
|  Norwegian Cruise Line Holdings Ltd.\* | 3072 |  | 68567 |
|  Oriental Land Co. Ltd. (x) | 10338 |  | 191296 |
|  Royal Caribbean Cruises Ltd. | 1711 |  | 477232 |
|  Sands China Ltd. | 23149 |  | 58299 |
|  Sodexo SA | 845 |  | 43396 |
|  Starbucks Corp. | 7671 |  | 645975 |
|  Whitbread plc | 1652 |  | 56784 |
|  Wynn Resorts Ltd. | 570 |  | 68588 |
|  Yum! Brands, Inc. | 1873 |  | 283347 |
|  Zensho Holdings Co. Ltd. | 881 |  | 50479 |
|  |  |  | 9379008 |
|  ***Household Durables (0.3%)*** | ***Household Durables (0.3%)*** | ***Household Durables (0.3%)*** | ***Household Durables (0.3%)*** |
|  Barratt Redrow plc | 12983 |  | 66694 |
|  DR Horton, Inc. | 1848 |  | 266167 |
|  Garmin Ltd. | 1103 |  | 223744 |
|  Lennar Corp., Class A | 1456 |  | 149677 |
|  NVR, Inc.\* | 19 |  | 138563 |
|  Panasonic Holdings Corp. | 22236 |  | 287248 |
|  PulteGroup, Inc. | 1315 |  | 154197 |
|  Sekisui House Ltd. (x) | 5734 |  | 128049 |
|  Sony Group Corp. | 58565 |  | 1504504 |
|  |  |  | 2918843 |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** |
|  Bandai Namco Holdings, Inc. | 5559 |  | 148060 |
|  Hasbro, Inc. | 900 |  | 73800 |
|  Shimano, Inc. | 696 |  | 73470 |
|  |  |  | 295330 |
|  ***Specialty Retail (0.8%)*** | ***Specialty Retail (0.8%)*** | ***Specialty Retail (0.8%)*** | ***Specialty Retail (0.8%)*** |
|  AutoZone, Inc.\* | 112 |  | 379848 |
|  Avolta AG | 839 |  | 49931 |
|  Best Buy Co., Inc. | 1318 |  | 88214 |
|  Carvana Co.\* | 954 |  | 402607 |
|  Fast Retailing Co. Ltd. (x) | 1795 |  | 652498 |
|  H & M Hennes & Mauritz AB, Class B (x) | 4713 |  | 95166 |
|  Home Depot, Inc. (The) | 6716 |  | 2310976 |
|  Industria de Diseno Textil SA | 10420 |  | 689916 |
|  JD Sports Fashion plc | 24062 |  | 27394 |
|  Kingfisher plc | 16605 |  | 69991 |
|  Lowe's Cos., Inc. | 3784 |  | 912549 |
|  Nitori Holdings Co. Ltd. (x) | 3650 |  | 63905 |
|  O'Reilly Automotive, Inc.\* | 5695 |  | 519441 |
|  Ross Stores, Inc. | 2194 |  | 395227 |
|  Sanrio Co. Ltd. (x) | 1700 |  | 53364 |
|  TJX Cos., Inc. (The) | 7509 |  | 1153458 |
|  Tractor Supply Co. | 3565 |  | 178286 |
|  Ulta Beauty, Inc.\* | 303 |  | 183318 |
|  Williams-Sonoma, Inc. | 822 |  | 146801 |
|  Zalando SE (m)\* | 2144 |  | 63847 |
|  ZOZO, Inc. (x) | 4234 |  | 34896 |
|  |  |  | 8471633 |
|  ***Textiles, Apparel & Luxury Goods (0.6%)*** | ***Textiles, Apparel & Luxury Goods (0.6%)*** | ***Textiles, Apparel & Luxury Goods (0.6%)*** | ***Textiles, Apparel & Luxury Goods (0.6%)*** |
|  adidas AG | 1633 |  | 324424 |
|  Asics Corp. | 6652 |  | 159463 |
|  Cie Financiere Richemont SA (Registered) | 5137 |  | 1115794 |
|  Deckers Outdoor Corp.\* | 983 |  | 101908 |
|  Hermes International SCA | 303 |  | 755614 |
|  Kering SA | 711 |  | 251506 |
|  Lululemon Athletica, Inc.\* | 728 |  | 151286 |
|  LVMH Moet Hennessy Louis Vuitton SE | 2389 |  | 1810871 |
|  Moncler SpA | 2231 |  | 143993 |
|  NIKE, Inc., Class B | 8025 |  | 511273 |
|  Pandora A/S | 754 |  | 83946 |
|  Ralph Lauren Corp. | 262 |  | 92646 |
|  Swatch Group AG (The) (x) | 276 |  | 58625 |
|  Tapestry, Inc. | 1381 |  | 176450 |
|  |  |  | 5737799 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 60237441 |
|  **Consumer Staples (3.2%)** | **Consumer Staples (3.2%)** | **Consumer Staples (3.2%)** | **Consumer Staples (3.2%)** |
|  ***Beverages (0.6%)*** | ***Beverages (0.6%)*** | ***Beverages (0.6%)*** | ***Beverages (0.6%)*** |
|  Anheuser-Busch InBev SA/NV | 9443 |  | 609248 |
|  Asahi Group Holdings Ltd. | 13761 |  | 144032 |
|  Brown-Forman Corp., Class B | 1188 |  | 30959 |
|  Carlsberg A/S, Class B | 898 |  | 118007 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Coca-Cola Co. (The) | 26122 | $| 1826189 |
|  Coca-Cola Europacific Partners plc | 1985 |  | 180039 |
|  Coca-Cola HBC AG | 2083 |  | 107875 |
|  Constellation Brands, Inc., Class A | 951 |  | 131200 |
|  Davide Campari-Milano NV (x) | 5879 |  | 38262 |
|  Diageo plc | 21269 |  | 459716 |
|  Heineken Holding NV | 1238 |  | 90786 |
|  Heineken NV | 2751 |  | 225468 |
|  Keurig Dr Pepper, Inc. | 9167 |  | 256768 |
|  Kirin Holdings Co. Ltd. | 7382 |  | 110655 |
|  Molson Coors Beverage Co., Class B | 1142 |  | 53308 |
|  Monster Beverage Corp.\* | 4812 |  | 368936 |
|  PepsiCo, Inc. | 9226 |  | 1324115 |
|  Pernod Ricard SA | 1927 |  | 165543 |
|  Suntory Beverage & Food Ltd. | 1335 |  | 40287 |
|  |  |  | 6281393 |
|  ***Consumer Staples Distribution & Retail (0.9%)*** | ***Consumer Staples Distribution & Retail (0.9%)*** | ***Consumer Staples Distribution & Retail (0.9%)*** | ***Consumer Staples Distribution & Retail (0.9%)*** |
|  Aeon Co. Ltd. (x) | 21168 |  | 334737 |
|  Carrefour SA | 5625 |  | 94067 |
|  Coles Group Ltd. | 12819 |  | 183414 |
|  Costco Wholesale Corp. | 2990 |  | 2578397 |
|  Dollar General Corp. | 1485 |  | 197163 |
|  Dollar Tree, Inc.\* | 1280 |  | 157453 |
|  J Sainsbury plc | 16413 |  | 71903 |
|  Jeronimo Martins SGPS SA | 2704 |  | 64381 |
|  Kesko OYJ, Class B | 2608 |  | 59000 |
|  Kobe Bussan Co. Ltd. | 1386 |  | 33535 |
|  Koninklijke Ahold Delhaize NV | 8569 |  | 351151 |
|  Kroger Co. (The) | 4113 |  | 256980 |
|  Marks & Spencer Group plc | 19643 |  | 87377 |
|  MatsukiyoCocokara & Co. (x) | 3084 |  | 53395 |
|  Seven & i Holdings Co. Ltd. | 19886 |  | 285709 |
|  Sysco Corp. | 3231 |  | 238092 |
|  Target Corp. | 3066 |  | 299701 |
|  Tesco plc | 62100 |  | 369821 |
|  Tsuruha Holdings, Inc. | 2520 |  | 46301 |
|  Walmart, Inc. | 29587 |  | 3296288 |
|  Woolworths Group Ltd. | 11668 |  | 228771 |
|  |  |  | 9287636 |
|  ***Food Products (0.6%)*** | ***Food Products (0.6%)*** | ***Food Products (0.6%)*** | ***Food Products (0.6%)*** |
|  Ajinomoto Co., Inc. | 8650 |  | 183172 |
|  Archer-Daniels-Midland Co. | 3242 |  | 186383 |
|  Associated British Foods plc | 3076 |  | 88192 |
|  Barry Callebaut AG (Registered) (x) | 34 |  | 56059 |
|  Bunge Global SA | 913 |  | 81330 |
|  Campbell's Co. (The) (x) | 1326 |  | 36956 |
|  Chocoladefabriken Lindt & Spruengli AG | 9 |  | 131688 |
|  Chocoladefabriken Lindt & Spruengli AG (Registered) | 1 |  | 146951 |
|  Conagra Brands, Inc. | 3228 |  | 55877 |
|  Danone SA | 6184 |  | 557994 |
|  General Mills, Inc. | 3599 |  | 167353 |
|  Hershey Co. (The) | 1000 |  | 181980 |
|  Hormel Foods Corp. | 1967 |  | 46618 |
|  J M Smucker Co. (The) | 720 |  | 70423 |
|  JDE Peet's NV | 1632 |  | 61105 |
|  Kerry Group plc, Class A | 1549 |  | 141990 |
|  Kikkoman Corp. | 6505 |  | 59053 |
|  Kraft Heinz Co. (The) | 5750 |  | 139438 |
|  Lamb Weston Holdings, Inc. | 940 |  | 39377 |
|  Lotus Bakeries NV (x) | 4 |  | 36901 |
|  Magnum Ice Cream Co. NV (The)\* | 4685 |  | 74361 |
|  McCormick & Co., Inc. (Non-Voting) | 1709 |  | 116400 |
|  Mondelez International, Inc., Class A | 8706 |  | 468644 |
|  Mowi ASA | 4444 |  | 107220 |
|  Nestle SA (Registered) | 24617 |  | 2447093 |
|  Orkla ASA | 6694 |  | 74710 |
|  Salmar ASA | 646 |  | 39574 |
|  Tyson Foods, Inc., Class A | 1910 |  | 111964 |
|  WH Group Ltd. (m) | 79558 |  | 88628 |
|  Wilmar International Ltd. | 18116 |  | 43408 |
|  |  |  | 6040842 |
|  ***Household Products (0.4%)*** | ***Household Products (0.4%)*** | ***Household Products (0.4%)*** | ***Household Products (0.4%)*** |
|  Church & Dwight Co., Inc. | 1620 |  | 135837 |
|  Clorox Co. (The) | 823 |  | 82983 |
|  Colgate-Palmolive Co. | 5439 |  | 429790 |
|  Essity AB, Class B | 5757 |  | 165835 |
|  Henkel AG & Co. KGaA | 992 |  | 75777 |
|  Henkel AG & Co. KGaA (Preference) (q) | 1531 |  | 125190 |
|  Kimberly-Clark Corp. | 2239 |  | 225893 |
|  Procter & Gamble Co. (The) | 15766 |  | 2259425 |
|  Reckitt Benckiser Group plc | 6449 |  | 521750 |
|  Unicharm Corp. | 10628 |  | 60725 |
|  |  |  | 4083205 |
|  ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** |
|  Beiersdorf AG | 927 |  | 102056 |
|  Estee Lauder Cos., Inc. (The), Class A | 1659 |  | 173730 |
|  Kao Corp. | 4444 |  | 177629 |
|  Kenvue, Inc. | 12926 |  | 222974 |
|  L'Oreal SA | 2295 |  | 988751 |
|  Shiseido Co. Ltd. | 3843 |  | 55888 |
|  Unilever plc | 20824 |  | 1364048 |
|  |  |  | 3085076 |
|  ***Tobacco (0.4%)*** | ***Tobacco (0.4%)*** | ***Tobacco (0.4%)*** | ***Tobacco (0.4%)*** |
|  Altria Group, Inc. | 11326 |  | 653057 |
|  British American Tobacco plc | 20887 |  | 1186436 |
|  Imperial Brands plc | 7311 |  | 307373 |
|  Japan Tobacco, Inc. | 11430 |  | 411550 |
|  Philip Morris International, Inc. | 10503 |  | 1684682 |
|  |  |  | 4243098 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 33021250 |
|  **Energy (1.7%)** | **Energy (1.7%)** | **Energy (1.7%)** | **Energy (1.7%)** |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** |
|  Baker Hughes Co. | 6658 |  | 303205 |
|  Halliburton Co. | 5679 |  | 160489 |
|  SLB Ltd. | 10080 |  | 386870 |
|  Tenaris SA | 3583 |  | 69519 |
|  |  |  | 920083 |
|  ***Oil, Gas & Consumable Fuels (1.6%)*** | ***Oil, Gas & Consumable Fuels (1.6%)*** | ***Oil, Gas & Consumable Fuels (1.6%)*** | ***Oil, Gas & Consumable Fuels (1.6%)*** |
|  Aker BP ASA | 3018 |  | 76917 |
|  APA Corp. | 2393 |  | 58533 |
|  BP plc | 150321 |  | 876962 |
|  Chevron Corp. | 12771 |  | 1946428 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  ConocoPhillips | 8338 | $| 780520 |
|  Coterra Energy, Inc. | 5137 |  | 135206 |
|  Devon Energy Corp. | 4232 |  | 155018 |
|  Diamondback Energy, Inc. | 1257 |  | 188965 |
|  ENEOS Holdings, Inc. | 25742 |  | 181923 |
|  Eni SpA | 19541 |  | 370648 |
|  EOG Resources, Inc. | 3661 |  | 384442 |
|  EQT Corp. | 4211 |  | 225710 |
|  Equinor ASA | 7326 |  | 172248 |
|  Expand Energy Corp. | 1607 |  | 177348 |
|  Exxon Mobil Corp. | 28454 |  | 3424154 |
|  Galp Energia SGPS SA | 3984 |  | 68498 |
|  Idemitsu Kosan Co. Ltd. | 7337 |  | 55411 |
|  Inpex Corp. | 8401 |  | 167709 |
|  Kinder Morgan, Inc. | 13210 |  | 363143 |
|  Marathon Petroleum Corp. | 2028 |  | 329814 |
|  Neste OYJ | 4040 |  | 92155 |
|  Occidental Petroleum Corp. | 4853 |  | 199555 |
|  OMV AG | 1406 |  | 78519 |
|  ONEOK, Inc. | 4246 |  | 312081 |
|  Phillips 66 | 2719 |  | 350860 |
|  Repsol SA | 10778 |  | 201711 |
|  Santos Ltd. | 31014 |  | 127702 |
|  Shell plc | 55343 |  | 2044029 |
|  Targa Resources Corp. | 1448 |  | 267156 |
|  Texas Pacific Land Corp. | 390 |  | 112016 |
|  TotalEnergies SE (Paris Stock Exchange) | 18974 |  | 1239559 |
|  Valero Energy Corp. | 2058 |  | 335022 |
|  Williams Cos., Inc. (The) | 8240 |  | 495306 |
|  Woodside Energy Group Ltd. | 18160 |  | 285889 |
|  |  |  | 16281157 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 17201240 |
|  **Financials (10.0%)** | **Financials (10.0%)** | **Financials (10.0%)** | **Financials (10.0%)** |
|  ***Banks (4.3%)*** | ***Banks (4.3%)*** | ***Banks (4.3%)*** | ***Banks (4.3%)*** |
|  ABN AMRO Bank NV (CVA) (m) | 5569 |  | 194966 |
|  AIB Group plc | 20409 |  | 220659 |
|  ANZ Group Holdings Ltd. | 28504 |  | 691265 |
|  Banca Monte dei Paschi di Siena SpA | 18864 |  | 202403 |
|  Banco Bilbao Vizcaya Argentaria SA | 55064 |  | 1297460 |
|  Banco BPM SpA | 10853 |  | 166063 |
|  Banco Comercial Portugues SA, Class R | 72160 |  | 76000 |
|  Banco de Sabadell SA | 47978 |  | 189731 |
|  Banco Santander SA | 142226 |  | 1683140 |
|  Bank Hapoalim BM | 11945 |  | 270254 |
|  Bank Leumi Le-Israel BM | 14014 |  | 308924 |
|  Bank of America Corp. | 45330 |  | 2493150 |
|  Bank of Ireland Group plc | 9112 |  | 175350 |
|  Bankinter SA (x) | 6438 |  | 107096 |
|  Banque Cantonale Vaudoise (Registered) (x) | 288 |  | 36504 |
|  Barclays plc | 133400 |  | 855837 |
|  BNP Paribas SA | 9603 |  | 911751 |
|  BOC Hong Kong Holdings Ltd. | 35204 |  | 178311 |
|  BPER Banca SpA | 14070 |  | 191807 |
|  CaixaBank SA | 37231 |  | 457009 |
|  Chiba Bank Ltd. (The) (x) | 5355 |  | 59758 |
|  Citigroup, Inc. | 12073 |  | 1408798 |
|  Citizens Financial Group, Inc. | 2898 |  | 169272 |
|  Commerzbank AG | 7000 |  | 296973 |
|  Commonwealth Bank of Australia | 15989 |  | 1713323 |
|  Credit Agricole SA | 10192 |  | 210208 |
|  Danske Bank A/S | 6381 |  | 319871 |
|  DBS Group Holdings Ltd. | 20148 |  | 883415 |
|  DNB Bank ASA | 8468 |  | 236482 |
|  Erste Group Bank AG | 2941 |  | 355649 |
|  Fifth Third Bancorp | 4460 |  | 208773 |
|  FinecoBank Banca Fineco SpA | 5840 |  | 152362 |
|  Hang Seng Bank Ltd. | 7184 |  | 141692 |
|  HSBC Holdings plc | 164477 |  | 2602394 |
|  Huntington Bancshares, Inc. | 10608 |  | 184049 |
|  ING Groep NV | 28868 |  | 814555 |
|  Intesa Sanpaolo SpA | 136085 |  | 946928 |
|  Israel Discount Bank Ltd., Class A | 11681 |  | 124052 |
|  Japan Post Bank Co. Ltd. | 17079 |  | 240855 |
|  JPMorgan Chase & Co. | 18368 |  | 5918537 |
|  KBC Group NV | 2194 |  | 286846 |
|  KeyCorp | 6268 |  | 129372 |
|  Lloyds Banking Group plc | 565598 |  | 748980 |
|  M&T Bank Corp. | 1037 |  | 208935 |
|  Mitsubishi UFJ Financial Group, Inc. | 109236 |  | 1738543 |
|  Mizrahi Tefahot Bank Ltd. | 1471 |  | 102730 |
|  Mizuho Financial Group, Inc. | 23971 |  | 872285 |
|  National Australia Bank Ltd. | 29264 |  | 826286 |
|  NatWest Group plc | 76758 |  | 674391 |
|  Nordea Bank Abp | 29666 |  | 560779 |
|  Oversea-Chinese Banking Corp. Ltd. | 32841 |  | 504853 |
|  PNC Financial Services Group, Inc. (The) | 2646 |  | 552300 |
|  Raiffeisen Bank International AG | 1256 |  | 56533 |
|  Regions Financial Corp. | 5916 |  | 160324 |
|  Resona Holdings, Inc. | 19806 |  | 188779 |
|  Skandinaviska Enskilda Banken AB, Class A | 14461 |  | 306451 |
|  Societe Generale SA | 6751 |  | 545209 |
|  Standard Chartered plc | 18592 |  | 456613 |
|  Sumitomo Mitsui Financial Group, Inc. | 35197 |  | 1132712 |
|  Sumitomo Mitsui Trust Group, Inc. | 6068 |  | 185054 |
|  Svenska Handelsbanken AB, Class A | 13931 |  | 203294 |
|  Swedbank AB, Class A | 8109 |  | 282822 |
|  Truist Financial Corp. | 8631 |  | 424731 |
|  UniCredit SpA | 13396 |  | 1116492 |
|  United Overseas Bank Ltd. | 11517 |  | 314133 |
|  US Bancorp | 10488 |  | 559640 |
|  Wells Fargo & Co. | 21180 |  | 1973976 |
|  Westpac Banking Corp. | 32678 |  | 841776 |
|  Yokohama Financial Group, Inc. | 9809 |  | 81001 |
|  |  |  | 43731466 |
|  ***Capital Markets (1.9%)*** | ***Capital Markets (1.9%)*** | ***Capital Markets (1.9%)*** | ***Capital Markets (1.9%)*** |
|  3i Group plc | 9490 |  | 417404 |
|  Ameriprise Financial, Inc. | 627 |  | 307443 |
|  Amundi SA (m) | 588 |  | 48786 |
|  Ares Management Corp., Class A | 1390 |  | 224666 |
|  ASX Ltd. | 1855 |  | 63679 |
|  Bank of New York Mellon Corp. (The) | 4705 |  | 546203 |
|  BlackRock, Inc. | 974 |  | 1042511 |
|  Blackstone, Inc. | 4982 |  | 767926 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Cboe Global Markets, Inc. | 706 | $| 177206 |
|  Charles Schwab Corp. (The) | 11270 |  | 1125986 |
|  CME Group, Inc. | 2433 |  | 664404 |
|  Coinbase Global, Inc., Class A\* | 1539 |  | 348030 |
|  CVC Capital Partners plc (m) (x) | 2030 |  | 34115 |
|  Daiwa Securities Group, Inc. | 12750 |  | 111554 |
|  Deutsche Bank AG (Registered) | 17681 |  | 687983 |
|  Deutsche Boerse AG | 1799 |  | 472943 |
|  EQT AB (x) | 4716 |  | 186355 |
|  Euronext NV (m) | 727 |  | 109359 |
|  FactSet Research Systems, Inc. | 253 |  | 73418 |
|  Franklin Resources, Inc. | 2074 |  | 49548 |
|  Futu Holdings Ltd. (ADR)\* | 516 |  | 84732 |
|  Goldman Sachs Group, Inc. (The) | 2024 |  | 1779096 |
|  Hong Kong Exchanges & Clearing Ltd. | 11470 |  | 600713 |
|  Interactive Brokers Group, Inc., Class A | 3005 |  | 193252 |
|  Intercontinental Exchange, Inc. | 3847 |  | 623060 |
|  Invesco Ltd. | 3003 |  | 78889 |
|  Japan Exchange Group, Inc. | 9452 |  | 101134 |
|  Julius Baer Group Ltd. (x) | 1967 |  | 154956 |
|  KKR & Co., Inc. | 4631 |  | 590360 |
|  London Stock Exchange Group plc | 4463 |  | 538543 |
|  Macquarie Group Ltd. | 3459 |  | 469060 |
|  Moody's Corp. | 1035 |  | 528730 |
|  Morgan Stanley | 8150 |  | 1446870 |
|  MSCI, Inc. | 507 |  | 290881 |
|  Nasdaq, Inc. | 3044 |  | 295664 |
|  Nomura Holdings, Inc. | 28673 |  | 238148 |
|  Northern Trust Corp. | 1276 |  | 174289 |
|  Partners Group Holding AG | 217 |  | 269134 |
|  Raymond James Financial, Inc. | 1190 |  | 191102 |
|  Robinhood Markets, Inc., Class A\* | 5306 |  | 600109 |
|  S&P Global, Inc. | 2092 |  | 1093258 |
|  SBI Holdings, Inc. | 5332 |  | 114884 |
|  Schroders plc | 6921 |  | 37970 |
|  Singapore Exchange Ltd. | 8150 |  | 107534 |
|  State Street Corp. | 1885 |  | 243184 |
| T. Rowe Price Group, Inc. | 1472 |  | 150703 |
|  UBS Group AG (Registered) | 30330 |  | 1415221 |
|  |  |  | 19870995 |
|  ***Consumer Finance (0.3%)*** | ***Consumer Finance (0.3%)*** | ***Consumer Finance (0.3%)*** | ***Consumer Finance (0.3%)*** |
|  American Express Co. | 3625 |  | 1341069 |
|  Capital One Financial Corp. | 4289 |  | 1039482 |
|  Synchrony Financial | 2430 |  | 202735 |
|  |  |  | 2583286 |
|  ***Financial Services (1.7%)*** | ***Financial Services (1.7%)*** | ***Financial Services (1.7%)*** | ***Financial Services (1.7%)*** |
|  Adyen NV (m)\* | 241 |  | 389432 |
|  Apollo Global Management, Inc. | 3133 |  | 453533 |
|  Banca Mediolanum SpA (x) | 2135 |  | 48851 |
|  Berkshire Hathaway, Inc., Class B\* | 12373 |  | 6219288 |
|  Block, Inc., Class A\* | 3695 |  | 240508 |
|  Corpay, Inc.\* | 472 |  | 142039 |
|  Edenred SE | 2291 |  | 50913 |
|  EXOR NV | 893 |  | 76033 |
|  Fidelity National Information Services, Inc. | 3494 |  | 232211 |
|  Fiserv, Inc.\* | 3629 |  | 243760 |
|  Global Payments, Inc. | 1597 |  | 123608 |
|  Groupe Bruxelles Lambert NV | 763 |  | 68103 |
|  Industrivarden AB, Class A | 1130 |  | 50986 |
|  Industrivarden AB, Class C | 1491 |  | 67210 |
|  Infratil Ltd. | 8886 |  | 56687 |
|  Investor AB, Class B | 17405 |  | 624625 |
|  Jack Henry & Associates, Inc. | 488 |  | 89050 |
|  L E Lundbergforetagen AB, Class B (x) | 726 |  | 40335 |
|  M&G plc | 21817 |  | 84225 |
|  Mastercard, Inc., Class A | 5532 |  | 3158108 |
|  Mitsubishi HC Capital, Inc. | 8381 |  | 70145 |
|  Nexi SpA (m) (x) | 5039 |  | 24996 |
|  ORIX Corp. | 11113 |  | 323089 |
|  PayPal Holdings, Inc. | 6313 |  | 368553 |
|  Poste Italiane SpA (m) (x) | 4365 |  | 110187 |
|  Sofina SA | 158 |  | 45863 |
|  Sony Financial Group, Inc. (x)\* | 58565 |  | 62064 |
|  Visa, Inc., Class A | 11387 |  | 3993535 |
|  Washington H Soul Pattinson & Co. Ltd. | 3265 |  | 80924 |
|  Wise plc, Class A\* | 6362 |  | 76409 |
|  |  |  | 17615270 |
|  ***Insurance (1.8%)*** | ***Insurance (1.8%)*** | ***Insurance (1.8%)*** | ***Insurance (1.8%)*** |
|  Admiral Group plc | 2486 |  | 106428 |
|  Aegon Ltd. | 12627 |  | 98533 |
|  Aflac, Inc. | 3183 |  | 350989 |
|  Ageas SA/NV | 1425 |  | 100145 |
|  AIA Group Ltd. | 100357 |  | 1030301 |
|  Allianz SE (Registered) | 3690 |  | 1693399 |
|  Allstate Corp. (The) | 1766 |  | 367593 |
|  American International Group, Inc. | 3641 |  | 311488 |
|  Aon plc, Class A | 1450 |  | 511676 |
|  Arch Capital Group Ltd.\* | 2436 |  | 233661 |
|  Arthur J Gallagher & Co. | 1733 |  | 448483 |
|  ASR Nederland NV | 1498 |  | 106718 |
|  Assurant, Inc. | 338 |  | 81407 |
|  Aviva plc | 29200 |  | 269381 |
|  AXA SA | 16572 |  | 797713 |
|  Brown & Brown, Inc. | 1981 |  | 157886 |
|  Chubb Ltd. | 2469 |  | 770624 |
|  Cincinnati Financial Corp. | 1047 |  | 170996 |
|  Dai-ichi Life Holdings, Inc. | 33472 |  | 278542 |
|  Erie Indemnity Co., Class A | 171 |  | 49017 |
|  Everest Group Ltd. | 283 |  | 96036 |
|  Generali | 8142 |  | 342073 |
|  Gjensidige Forsikring ASA | 1910 |  | 57224 |
|  Globe Life, Inc. | 537 |  | 75105 |
|  Hannover Rueck SE | 576 |  | 180195 |
|  Hartford Insurance Group, Inc. (The) | 1880 |  | 259064 |
|  Helvetia Baloise Holding AG | 752 |  | 198609 |
|  Insurance Australia Group Ltd. | 22586 |  | 120281 |
|  Japan Post Holdings Co. Ltd. | 16981 |  | 178927 |
|  Japan Post Insurance Co. Ltd. | 1810 |  | 54448 |
|  Legal & General Group plc | 54412 |  | 192090 |
|  Loews Corp. | 1143 |  | 120369 |
|  Mapfre SA | 8822 |  | 44394 |
|  Marsh & McLennan Cos., Inc. | 3306 |  | 613329 |
|  Medibank Pvt. Ltd. | 26298 |  | 84064 |
|  MetLife, Inc. | 3734 |  | 294762 |
|  MS&AD Insurance Group Holdings, Inc. | 12218 |  | 287276 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 1248 | $| 824550 |
|  NN Group NV | 2569 |  | 198475 |
|  Phoenix Financial Ltd. | 2185 |  | 90431 |
|  Phoenix Group Holdings plc | 6710 |  | 66660 |
|  Principal Financial Group, Inc. | 1349 |  | 118995 |
|  Progressive Corp. (The) | 3957 |  | 901088 |
|  Prudential Financial, Inc. | 2362 |  | 266623 |
|  Prudential plc | 24480 |  | 377660 |
|  QBE Insurance Group Ltd. | 14424 |  | 191458 |
|  Sampo OYJ, Class A | 23128 |  | 280770 |
|  Sompo Holdings, Inc. | 8419 |  | 286796 |
|  Suncorp Group Ltd. | 10341 |  | 121804 |
|  Swiss Life Holding AG (Registered) (x) | 273 |  | 315978 |
|  Swiss Re AG | 2854 |  | 478669 |
|  T&D Holdings, Inc. | 4702 |  | 108515 |
|  Talanx AG | 616 |  | 82382 |
|  Tokio Marine Holdings, Inc. | 17515 |  | 650439 |
|  Travelers Cos., Inc. (The) | 1505 |  | 436540 |
|  Tryg A/S | 3211 |  | 84119 |
|  Unipol Assicurazioni SpA | 3426 |  | 82820 |
|  W.R. Berkley Corp. | 2026 |  | 142063 |
|  Willis Towers Watson plc | 646 |  | 212276 |
|  Zurich Insurance Group AG | 1398 |  | 1062134 |
|  |  |  | 18514471 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 102315488 |
|  **Health Care (5.9%)** | **Health Care (5.9%)** | **Health Care (5.9%)** | **Health Care (5.9%)** |
|  ***Biotechnology (0.8%)*** | ***Biotechnology (0.8%)*** | ***Biotechnology (0.8%)*** | ***Biotechnology (0.8%)*** |
|  AbbVie, Inc. | 11925 |  | 2724743 |
|  Amgen, Inc. | 3633 |  | 1189117 |
|  Argenx SE\* | 588 |  | 495321 |
|  Biogen, Inc.\* | 990 |  | 174230 |
|  CSL Ltd. | 4635 |  | 534035 |
|  Genmab A/S\* | 583 |  | 185936 |
|  Gilead Sciences, Inc. | 8371 |  | 1027457 |
|  Grifols SA (x) | 2848 |  | 35813 |
|  Incyte Corp.\* | 1113 |  | 109931 |
|  Moderna, Inc.\* | 2346 |  | 69184 |
|  Regeneron Pharmaceuticals, Inc. | 680 |  | 524872 |
|  Swedish Orphan Biovitrum AB\* | 1877 |  | 67850 |
|  Vertex Pharmaceuticals, Inc.\* | 1712 |  | 776152 |
|  |  |  | 7914641 |
|  ***Health Care Equipment & Supplies (1.1%)*** | ***Health Care Equipment & Supplies (1.1%)*** | ***Health Care Equipment & Supplies (1.1%)*** | ***Health Care Equipment & Supplies (1.1%)*** |
|  Abbott Laboratories | 11733 |  | 1470028 |
|  Alcon AG | 4774 |  | 381390 |
|  Align Technology, Inc.\* | 450 |  | 70268 |
|  Baxter International, Inc. | 3468 |  | 66273 |
|  Becton Dickinson & Co. | 1934 |  | 375331 |
|  BioMerieux | 396 |  | 51331 |
|  Boston Scientific Corp.\* | 10002 |  | 953691 |
|  Cochlear Ltd. | 624 |  | 108546 |
|  Coloplast A/S, Class B | 1204 |  | 103509 |
|  Cooper Cos., Inc. (The)\* | 1341 |  | 109908 |
|  Demant A/S (x)\* | 919 |  | 31117 |
|  Dexcom, Inc.\* | 2632 |  | 174686 |
|  Edwards Lifesciences Corp.\* | 3915 |  | 333754 |
|  EssilorLuxottica SA | 2877 |  | 912546 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 5608 |  | 121887 |
|  GE HealthCare Technologies, Inc. | 3073 |  | 252047 |
|  Hologic, Inc.\* | 1502 |  | 111884 |
|  Hoya Corp. | 3297 |  | 498528 |
|  IDEXX Laboratories, Inc.\* | 539 |  | 364650 |
|  Insulet Corp.\* | 475 |  | 135014 |
|  Intuitive Surgical, Inc.\* | 2392 |  | 1354733 |
|  Koninklijke Philips NV | 7358 |  | 200959 |
|  Medtronic plc | 8654 |  | 831303 |
|  Olympus Corp. (x) | 10814 |  | 137004 |
|  ResMed, Inc. | 985 |  | 237257 |
|  Siemens Healthineers AG (m) | 3232 |  | 170617 |
|  Smith & Nephew plc | 7698 |  | 128513 |
|  Solventum Corp.\* | 995 |  | 78844 |
|  Sonova Holding AG (Registered) | 484 |  | 126545 |
|  STERIS plc | 662 |  | 167830 |
|  Straumann Holding AG (Registered) (x) | 1066 |  | 125778 |
|  Stryker Corp. | 2322 |  | 816113 |
|  Sysmex Corp. | 4827 |  | 47534 |
|  Terumo Corp. | 12720 |  | 184336 |
|  Zimmer Biomet Holdings, Inc. | 1337 |  | 120223 |
|  |  |  | 11353977 |
|  ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** |
|  Cardinal Health, Inc. | 1603 |  | 329417 |
|  Cencora, Inc. | 1308 |  | 441777 |
|  Centene Corp.\* | 3151 |  | 129664 |
|  Cigna Group (The) | 1802 |  | 495965 |
|  CVS Health Corp. | 8565 |  | 679718 |
|  DaVita, Inc.\* | 238 |  | 27039 |
|  Elevance Health, Inc. | 1499 |  | 525474 |
|  Fresenius Medical Care AG | 2101 |  | 100640 |
|  Fresenius SE & Co. KGaA | 4035 |  | 232260 |
|  HCA Healthcare, Inc. | 1078 |  | 503275 |
|  Henry Schein, Inc.\* | 675 |  | 51017 |
|  Humana, Inc. | 811 |  | 207721 |
|  Labcorp Holdings, Inc. | 559 |  | 140242 |
|  McKesson Corp. | 833 |  | 683302 |
|  Molina Healthcare, Inc.\* | 347 |  | 60218 |
|  Quest Diagnostics, Inc. | 751 |  | 130321 |
|  Sigma Healthcare Ltd. | 49606 |  | 97327 |
|  Sonic Healthcare Ltd. | 4483 |  | 67643 |
|  UnitedHealth Group, Inc. | 6112 |  | 2017632 |
|  Universal Health Services, Inc., Class B | 373 |  | 81322 |
|  |  |  | 7001974 |
|  ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** |
|  M3, Inc. (x) | 4209 |  | 56805 |
|  Pro Medicus Ltd. | 549 |  | 80921 |
|  |  |  | 137726 |
|  ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** |
|  Agilent Technologies, Inc. | 1913 |  | 260302 |
|  Bio-Techne Corp. | 1051 |  | 61809 |
|  Charles River Laboratories International, Inc.\* | 332 |  | 66227 |
|  Danaher Corp. | 4242 |  | 971079 |
|  Eurofins Scientific SE (x) | 1131 |  | 82939 |
|  IQVIA Holdings, Inc.\* | 1149 |  | 258996 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Lonza Group AG (Registered) | 671 | $| 455578 |
|  Mettler-Toledo International, Inc.\* | 138 |  | 192398 |
|  QIAGEN NV | 2068 |  | 94430 |
|  Revvity, Inc. | 765 |  | 74014 |
|  Sartorius AG (Preference) (q) | 250 |  | 72627 |
|  Sartorius Stedim Biotech | 279 |  | 68855 |
|  Thermo Fisher Scientific, Inc. | 2535 |  | 1468906 |
|  Waters Corp.\* | 402 |  | 152692 |
|  West Pharmaceutical Services, Inc. | 485 |  | 133443 |
|  |  |  | 4414295 |
|  ***Pharmaceuticals (2.9%)*** | ***Pharmaceuticals (2.9%)*** | ***Pharmaceuticals (2.9%)*** | ***Pharmaceuticals (2.9%)*** |
|  Astellas Pharma, Inc. | 17282 |  | 230919 |
|  AstraZeneca plc | 14816 |  | 2754032 |
|  Bayer AG (Registered) | 9384 |  | 408149 |
|  Bristol-Myers Squibb Co. | 13736 |  | 740920 |
|  Chugai Pharmaceutical Co. Ltd. | 6417 |  | 337687 |
|  Daiichi Sankyo Co. Ltd. | 16247 |  | 347261 |
|  Eisai Co. Ltd. | 2530 |  | 75267 |
|  Eli Lilly & Co. | 5358 |  | 5758135 |
|  Financiere de Tubize SA | 191 |  | 46913 |
|  Galderma Group AG | 1477 |  | 302262 |
|  GSK plc | 38836 |  | 955107 |
|  Haleon plc | 85089 |  | 429880 |
|  Hikma Pharmaceuticals plc | 1589 |  | 33199 |
|  Ipsen SA | 360 |  | 50346 |
|  Johnson & Johnson | 16256 |  | 3364179 |
|  Kyowa Kirin Co. Ltd. | 2269 |  | 36605 |
|  Merck & Co., Inc. | 16747 |  | 1762789 |
|  Merck KGaA | 1234 |  | 177794 |
|  Novartis AG (Registered) | 18165 |  | 2513425 |
|  Novo Nordisk A/S, Class B | 30772 |  | 1574755 |
|  Orion OYJ, Class B | 1043 |  | 78018 |
|  Otsuka Holdings Co. Ltd. | 4111 |  | 232871 |
|  Pfizer, Inc. | 38363 |  | 955239 |
|  Recordati Industria Chimica e Farmaceutica SpA | 1098 |  | 62635 |
|  Roche Holding AG (BMV Mexico Stock Exchange) | 6713 |  | 2781475 |
|  Roche Holding AG (OTC US Exchange) | 306 |  | 129493 |
|  Sandoz Group AG (x) | 3993 |  | 291573 |
|  Sanofi SA | 10556 |  | 1026176 |
|  Shionogi & Co. Ltd. | 7215 |  | 130859 |
|  Takeda Pharmaceutical Co. Ltd. | 15113 |  | 466492 |
|  Teva Pharmaceutical Industries Ltd. (ADR)\* | 10955 |  | 341906 |
|  UCB SA | 1208 |  | 338727 |
|  Viatris, Inc. | 7771 |  | 96749 |
|  Zoetis, Inc. | 2973 |  | 374063 |
|  |  |  | 29205900 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 60028513 |
|  **Industrials (6.8%)** | **Industrials (6.8%)** | **Industrials (6.8%)** | **Industrials (6.8%)** |
|  ***Aerospace & Defense (1.5%)*** | ***Aerospace & Defense (1.5%)*** | ***Aerospace & Defense (1.5%)*** | ***Aerospace & Defense (1.5%)*** |
|  Airbus SE | 5677 |  | 1323647 |
|  Axon Enterprise, Inc.\* | 532 |  | 302139 |
|  BAE Systems plc | 28709 |  | 663289 |
|  Boeing Co. (The)\* | 5283 |  | 1147045 |
|  Dassault Aviation SA | 187 |  | 60171 |
|  Elbit Systems Ltd. | 266 |  | 153358 |
|  GE Aerospace | 7117 |  | 2192249 |
|  General Dynamics Corp. | 1711 |  | 576025 |
|  Hensoldt AG (x) | 607 |  | 52360 |
|  Howmet Aerospace, Inc. | 2713 |  | 556219 |
|  Huntington Ingalls Industries, Inc. | 265 |  | 90119 |
|  Kongsberg Gruppen ASA | 4200 |  | 107750 |
|  L3Harris Technologies, Inc. | 1262 |  | 370485 |
|  Leonardo SpA | 3866 |  | 223350 |
|  Lockheed Martin Corp. | 1374 |  | 664563 |
|  Melrose Industries plc | 12050 |  | 95573 |
|  MTU Aero Engines AG | 514 |  | 214620 |
|  Northrop Grumman Corp. | 905 |  | 516040 |
|  Rheinmetall AG | 440 |  | 807174 |
|  Rolls-Royce Holdings plc | 80413 |  | 1246516 |
|  RTX Corp. | 9047 |  | 1659220 |
|  Saab AB, Class B | 3059 |  | 178626 |
|  Safran SA | 3440 |  | 1202295 |
|  Singapore Technologies Engineering Ltd. | 15034 |  | 98480 |
|  Textron, Inc. | 1189 |  | 103645 |
|  Thales SA | 885 |  | 239004 |
|  TransDigm Group, Inc. | 380 |  | 505343 |
|  |  |  | 15349305 |
|  ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** |
|  CH Robinson Worldwide, Inc. | 797 |  | 128126 |
|  Deutsche Post AG | 9172 |  | 503700 |
|  DSV A/S | 1953 |  | 496266 |
|  Expeditors International of Washington, Inc. | 904 |  | 134705 |
|  FedEx Corp. | 1465 |  | 423180 |
|  InPost SA\* | 2387 |  | 29370 |
|  SG Holdings Co. Ltd. (x) | 2791 |  | 25542 |
|  United Parcel Service, Inc., Class B | 4986 |  | 494561 |
|  |  |  | 2235450 |
|  ***Building Products (0.3%)*** | ***Building Products (0.3%)*** | ***Building Products (0.3%)*** | ***Building Products (0.3%)*** |
|  A.O. Smith Corp. | 765 |  | 51163 |
|  AGC, Inc. | 1870 |  | 61995 |
|  Allegion plc | 580 |  | 92348 |
|  Assa Abloy AB, Class B | 9575 |  | 373265 |
|  Belimo Holding AG (Registered) | 94 |  | 92683 |
|  Builders FirstSource, Inc.\* | 746 |  | 76756 |
|  Carrier Global Corp. | 5342 |  | 282271 |
|  Cie de Saint-Gobain SA | 4291 |  | 438520 |
|  Daikin Industries Ltd. | 2503 |  | 320865 |
|  Geberit AG (Registered) (x) | 324 |  | 253441 |
|  Johnson Controls International plc | 4109 |  | 492053 |
|  Kingspan Group plc | 1467 |  | 127836 |
|  Lennox International, Inc. | 215 |  | 104400 |
|  Masco Corp. | 1401 |  | 88907 |
|  Nibe Industrier AB, Class B | 14471 |  | 55988 |
|  ROCKWOOL A/S, Class B | 923 |  | 32734 |
|  Trane Technologies plc | 1496 |  | 582243 |
|  |  |  | 3527468 |
|  ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** |
|  Brambles Ltd. | 13013 |  | 199390 |
|  Cintas Corp. | 2305 |  | 433501 |
|  Copart, Inc.\* | 6008 |  | 235213 |
|  Dai Nippon Printing Co. Ltd. | 3758 |  | 64633 |
|  Rentokil Initial plc | 24122 |  | 145506 |
|  Republic Services, Inc. | 1358 |  | 287801 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Rollins, Inc. | 1980 | $| 118839 |
|  Secom Co. Ltd. | 4026 |  | 143239 |
|  Securitas AB, Class B | 4696 |  | 75083 |
|  TOPPAN Holdings, Inc. | 2263 |  | 67338 |
|  Veralto Corp. | 1675 |  | 167131 |
|  Waste Management, Inc. | 2501 |  | 549495 |
|  |  |  | 2487169 |
|  ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** |
|  ACS Actividades de Construccion y Servicios SA | 1686 |  | 168121 |
|  Bouygues SA | 1831 |  | 95432 |
|  Comfort Systems USA, Inc. | 237 |  | 221190 |
|  Eiffage SA | 655 |  | 94218 |
|  EMCOR Group, Inc. | 302 |  | 184761 |
|  Ferrovial SE | 4907 |  | 319130 |
|  HOCHTIEF AG (x) | 148 |  | 58614 |
|  Kajima Corp. | 4051 |  | 150904 |
|  Obayashi Corp. | 6158 |  | 128514 |
|  Quanta Services, Inc. | 1006 |  | 424592 |
|  Skanska AB, Class B | 3250 |  | 89065 |
|  Taisei Corp. | 1458 |  | 138084 |
|  Vinci SA | 4766 |  | 672400 |
|  |  |  | 2745025 |
|  ***Electrical Equipment (0.9%)*** | ***Electrical Equipment (0.9%)*** | ***Electrical Equipment (0.9%)*** | ***Electrical Equipment (0.9%)*** |
|  ABB Ltd. (Registered) | 14976 |  | 1119655 |
|  AMETEK, Inc. | 1553 |  | 318846 |
|  Eaton Corp. plc | 2621 |  | 834815 |
|  Emerson Electric Co. | 3791 |  | 503142 |
|  Fuji Electric Co. Ltd. | 1256 |  | 95018 |
|  Fujikura Ltd. | 2400 |  | 267211 |
|  GE Vernova, Inc. | 1831 |  | 1196687 |
|  Generac Holdings, Inc.\* | 396 |  | 54003 |
|  Hubbell, Inc., Class B | 359 |  | 159435 |
|  Legrand SA | 2505 |  | 374608 |
|  Mitsubishi Electric Corp. | 18101 |  | 529833 |
|  Nidec Corp. | 7904 |  | 107580 |
|  Prysmian SpA | 2689 |  | 272971 |
|  Rockwell Automation, Inc. | 758 |  | 294915 |
|  Schneider Electric SE | 5239 |  | 1446249 |
|  Siemens Energy AG\* | 7405 |  | 1047764 |
|  Vestas Wind Systems A/S | 9646 |  | 263170 |
|  |  |  | 8885902 |
|  ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** |
|  Central Japan Railway Co. | 7336 |  | 203117 |
|  CSX Corp. | 12564 |  | 455445 |
|  East Japan Railway Co. (x) | 9166 |  | 241790 |
|  Grab Holdings Ltd., Class A\* | 22648 |  | 113013 |
|  Hankyu Hanshin Holdings, Inc. | 2323 |  | 58475 |
|  JB Hunt Transport Services, Inc. | 508 |  | 98725 |
|  MTR Corp. Ltd. | 15057 |  | 57653 |
|  Norfolk Southern Corp. | 1514 |  | 437122 |
|  Old Dominion Freight Line, Inc. | 1242 |  | 194746 |
|  Seibu Holdings, Inc. | 2000 |  | 54954 |
|  Tokyo Metro Co. Ltd. (x) | 2800 |  | 28502 |
|  Tokyu Corp. | 4802 |  | 56101 |
|  Uber Technologies, Inc.\* | 14020 |  | 1145574 |
|  Union Pacific Corp. | 4002 |  | 925743 |
|  West Japan Railway Co. (x) | 4039 |  | 80605 |
|  |  |  | 4151565 |
|  ***Industrial Conglomerates (0.6%)*** | ***Industrial Conglomerates (0.6%)*** | ***Industrial Conglomerates (0.6%)*** | ***Industrial Conglomerates (0.6%)*** |
|  3M Co. | 3584 |  | 573798 |
|  CK Hutchison Holdings Ltd. | 25419 |  | 172940 |
|  DCC plc | 925 |  | 57729 |
|  Hikari Tsushin, Inc. | 186 |  | 51950 |
|  Hitachi Ltd. | 43625 |  | 1365231 |
|  Honeywell International, Inc. | 4284 |  | 835766 |
|  Investment AB Latour, Class B | 1414 |  | 34619 |
|  Jardine Matheson Holdings Ltd. | 1578 |  | 107919 |
|  Keppel Ltd. | 14265 |  | 114861 |
|  Lifco AB, Class B | 2226 |  | 85109 |
|  Sekisui Chemical Co. Ltd. | 3533 |  | 59432 |
|  Siemens AG (Registered) | 7261 |  | 2040697 |
|  Smiths Group plc | 3117 |  | 98821 |
|  Swire Pacific Ltd., Class A | 3581 |  | 28850 |
|  |  |  | 5627722 |
|  ***Machinery (1.2%)*** | ***Machinery (1.2%)*** | ***Machinery (1.2%)*** | ***Machinery (1.2%)*** |
|  Alfa Laval AB | 2763 |  | 139763 |
|  Alstom SA\* | 3309 |  | 97880 |
|  Atlas Copco AB, Class A | 25592 |  | 461581 |
|  Atlas Copco AB, Class B | 14872 |  | 240692 |
|  Caterpillar, Inc. | 3158 |  | 1809124 |
|  Cummins, Inc. | 931 |  | 475229 |
|  Daifuku Co. Ltd. | 3054 |  | 96081 |
|  Daimler Truck Holding AG (x) | 4538 |  | 199030 |
|  Deere & Co. | 1696 |  | 789607 |
|  Dover Corp. | 925 |  | 180597 |
|  Ebara Corp. | 4500 |  | 105835 |
|  Epiroc AB, Class A | 6293 |  | 143475 |
|  Epiroc AB, Class B | 3724 |  | 75519 |
|  FANUC Corp. (x) | 8879 |  | 344866 |
|  Fortive Corp. | 2143 |  | 118315 |
|  GEA Group AG | 1399 |  | 95029 |
|  IDEX Corp. | 505 |  | 89860 |
|  IHI Corp. | 9800 |  | 172332 |
|  Illinois Tool Works, Inc. | 1781 |  | 438660 |
|  Indutrade AB | 2609 |  | 68126 |
|  Ingersoll Rand, Inc. | 2426 |  | 192188 |
|  Kawasaki Heavy Industries Ltd. | 1400 |  | 92773 |
|  Knorr-Bremse AG | 693 |  | 77491 |
|  Komatsu Ltd. | 9026 |  | 288113 |
|  Kone OYJ, Class B | 3246 |  | 231018 |
|  Kubota Corp. | 9309 |  | 131725 |
|  Makita Corp. | 2183 |  | 66017 |
|  Metso OYJ | 6333 |  | 111489 |
|  Minebea Mitsumi, Inc. | 3500 |  | 70183 |
|  Mitsubishi Heavy Industries Ltd. | 30491 |  | 747481 |
|  Nordson Corp. | 360 |  | 86555 |
|  Otis Worldwide Corp. | 2629 |  | 229643 |
|  PACCAR, Inc. | 3589 |  | 393031 |
|  Parker-Hannifin Corp. | 851 |  | 747995 |
|  Pentair plc | 1104 |  | 114971 |
|  Rational AG | 49 |  | 38092 |
|  Sandvik AB | 10185 |  | 332549 |
|  Schindler Holding AG | 389 |  | 146937 |
|  Schindler Holding AG (Registered) | 224 |  | 79606 |
|  SKF AB, Class B | 3257 |  | 86957 |
|  SMC Corp. | 522 |  | 181487 |
|  Snap-on, Inc. | 351 |  | 120955 |
|  Spirax Group plc | 703 |  | 64627 |
|  Stanley Black & Decker, Inc. | 1045 |  | 77623 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Techtronic Industries Co. Ltd. | 14032 | $| 162087 |
|  Toyota Industries Corp. (x) | 1536 |  | 174546 |
|  Trelleborg AB, Class B | 1937 |  | 82622 |
|  VAT Group AG (m) | 258 |  | 125694 |
|  Volvo AB, Class B | 15180 |  | 487890 |
|  Wartsila OYJ Abp | 4803 |  | 171592 |
|  Westinghouse Air Brake Technologies Corp. | 1153 |  | 246108 |
|  Xylem, Inc. | 1643 |  | 223744 |
|  Yangzijiang Shipbuilding Holdings Ltd. | 25000 |  | 67683 |
|  |  |  | 12593073 |
|  ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** |
|  AP Moller - Maersk A/S, Class A (x) | 28 |  | 64497 |
|  AP Moller - Maersk A/S, Class B (x) | 38 |  | 87532 |
|  Kawasaki Kisen Kaisha Ltd. (x) | 3377 |  | 47020 |
|  Kuehne + Nagel International AG (Registered) | 461 |  | 99667 |
|  Mitsui OSK Lines Ltd. (x) | 3247 |  | 97634 |
|  Nippon Yusen KK (x) | 4182 |  | 135573 |
|  SITC International Holdings Co. Ltd. | 13260 |  | 47467 |
|  |  |  | 579390 |
|  ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** |
|  ANA Holdings, Inc. | 1543 |  | 29345 |
|  Delta Air Lines, Inc. | 4376 |  | 303694 |
|  Deutsche Lufthansa AG (Registered) | 5731 |  | 56615 |
|  International Consolidated Airlines Group SA | 11285 |  | 62982 |
|  Japan Airlines Co. Ltd. | 1412 |  | 26187 |
|  Qantas Airways Ltd. | 7080 |  | 49044 |
|  Ryanair Holdings plc | 8059 |  | 279866 |
|  Singapore Airlines Ltd. | 14560 |  | 72494 |
|  Southwest Airlines Co. | 3489 |  | 144200 |
|  United Airlines Holdings, Inc.\* | 2184 |  | 244215 |
|  |  |  | 1268642 |
|  ***Professional Services (0.4%)*** | ***Professional Services (0.4%)*** | ***Professional Services (0.4%)*** | ***Professional Services (0.4%)*** |
|  Automatic Data Processing, Inc. | 2729 |  | 701981 |
|  Broadridge Financial Solutions, Inc. | 788 |  | 175858 |
|  Bureau Veritas SA | 3251 |  | 103843 |
|  Computershare Ltd. | 4971 |  | 113256 |
|  Dayforce, Inc.\* | 1080 |  | 74693 |
|  Equifax, Inc. | 826 |  | 179225 |
|  Experian plc | 8766 |  | 397376 |
|  Intertek Group plc | 1474 |  | 91913 |
|  Jacobs Solutions, Inc. | 807 |  | 106895 |
|  Leidos Holdings, Inc. | 863 |  | 155685 |
|  Paychex, Inc. | 2185 |  | 245113 |
|  Paycom Software, Inc. | 330 |  | 52589 |
|  Randstad NV (x) | 1036 |  | 39411 |
|  Recruit Holdings Co. Ltd. | 12625 |  | 713058 |
|  RELX plc | 17437 |  | 709827 |
|  SGS SA (Registered) (x) | 1581 |  | 181353 |
|  Verisk Analytics, Inc. | 940 |  | 210269 |
|  Wolters Kluwer NV | 2221 |  | 230578 |
|  |  |  | 4482923 |
|  ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** |
|  AddTech AB, Class B (x) | 2482 |  | 88264 |
|  AerCap Holdings NV | 1685 |  | 242236 |
|  Ashtead Group plc | 4027 |  | 276078 |
|  Beijer Ref AB, Class B | 3905 |  | 63242 |
|  Brenntag SE (x) | 1172 |  | 68261 |
|  Bunzl plc | 3102 |  | 86805 |
|  Fastenal Co. | 7746 |  | 310847 |
|  IMCD NV (x) | 564 |  | 51262 |
|  ITOCHU Corp. | 56635 |  | 714084 |
|  Marubeni Corp. (x) | 13478 |  | 374551 |
|  Mitsubishi Corp. | 30651 |  | 701701 |
|  Mitsui & Co. Ltd. | 23536 |  | 697636 |
|  MonotaRO Co. Ltd. | 2407 |  | 38424 |
|  Rexel SA | 2142 |  | 84555 |
|  SGH Ltd. | 1943 |  | 60230 |
|  Sumitomo Corp. | 10369 |  | 358255 |
|  Toyota Tsusho Corp. | 6605 |  | 222387 |
|  United Rentals, Inc. | 429 |  | 347198 |
|  W.W. Grainger, Inc. | 295 |  | 297670 |
|  |  |  | 5083686 |
|  ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** |
|  Aena SME SA (m) | 7164 |  | 200544 |
|  Aeroports de Paris SA | 331 |  | 43334 |
|  Auckland International Airport Ltd. | 16185 |  | 77623 |
|  Getlink SE | 2889 |  | 53406 |
|  Transurban Group | 29748 |  | 282101 |
|  |  |  | 657008 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 69674328 |
|  **Information Technology (14.8%)** | **Information Technology (14.8%)** | **Information Technology (14.8%)** | **Information Technology (14.8%)** |
|  ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** |
|  Arista Networks, Inc.\* | 6967 |  | 912886 |
|  Cisco Systems, Inc. | 26589 |  | 2048151 |
|  F5, Inc.\* | 389 |  | 99296 |
|  Motorola Solutions, Inc. | 1124 |  | 430852 |
|  Nokia OYJ | 50598 |  | 331327 |
|  Telefonaktiebolaget LM Ericsson, Class B | 26731 |  | 263056 |
|  |  |  | 4085568 |
|  ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** |
|  Amphenol Corp., Class A | 8259 |  | 1116121 |
|  CDW Corp. | 878 |  | 119584 |
|  Corning, Inc. | 5264 |  | 460916 |
|  Halma plc | 3626 |  | 172926 |
|  Hexagon AB, Class B | 19831 |  | 235865 |
|  Jabil, Inc. | 721 |  | 164402 |
|  Keyence Corp. | 1873 |  | 677743 |
|  Keysight Technologies, Inc.\* | 1160 |  | 235700 |
|  Kyocera Corp. | 12194 |  | 170992 |
|  Murata Manufacturing Co. Ltd. | 15896 |  | 329408 |
|  Shimadzu Corp. | 2290 |  | 60934 |
|  TDK Corp. | 18505 |  | 261201 |
|  TE Connectivity plc | 1985 |  | 451607 |
|  Teledyne Technologies, Inc.\* | 317 |  | 161901 |
|  Trimble, Inc.\* | 1605 |  | 125752 |
|  Yokogawa Electric Corp. | 2219 |  | 71058 |
|  Zebra Technologies Corp., Class A\* | 342 |  | 83045 |
|  |  |  | 4899155 |
|  ***IT Services (0.5%)*** | ***IT Services (0.5%)*** | ***IT Services (0.5%)*** | ***IT Services (0.5%)*** |
|  Accenture plc, Class A | 4184 |  | 1122567 |
|  Akamai Technologies, Inc.\* | 971 |  | 84720 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Capgemini SE | 1473 | $| 246245 |
|  Cognizant Technology Solutions Corp., Class A | 3256 |  | 270248 |
|  EPAM Systems, Inc.\* | 373 |  | 76420 |
|  Fujitsu Ltd. | 16734 |  | 462471 |
|  Gartner, Inc.\* | 486 |  | 122608 |
|  GoDaddy, Inc., Class A\* | 912 |  | 113161 |
|  International Business Machines Corp. | 6307 |  | 1868196 |
|  NEC Corp. | 12385 |  | 419844 |
|  Nomura Research Institute Ltd. (x) | 3639 |  | 139878 |
|  Obic Co. Ltd. | 3125 |  | 98195 |
|  Otsuka Corp. | 2216 |  | 45723 |
|  TIS, Inc. | 2049 |  | 68767 |
|  VeriSign, Inc. | 563 |  | 136781 |
|  Wix.com Ltd.\* | 532 |  | 55269 |
|  |  |  | 5331093 |
|  ***Semiconductors & Semiconductor Equipment (6.2%)*** | ***Semiconductors & Semiconductor Equipment (6.2%)*** | ***Semiconductors & Semiconductor Equipment (6.2%)*** | ***Semiconductors & Semiconductor Equipment (6.2%)*** |
|  Advanced Micro Devices, Inc.\* | 10985 |  | 2352548 |
|  Advantest Corp. | 7278 |  | 912305 |
|  Analog Devices, Inc. | 3319 |  | 900113 |
|  Applied Materials, Inc. | 5375 |  | 1381321 |
|  ASM International NV | 448 |  | 272511 |
|  ASML Holding NV | 3709 |  | 4016214 |
|  BE Semiconductor Industries NV | 697 |  | 109557 |
|  Broadcom, Inc. | 31800 |  | 11005980 |
|  Disco Corp. | 839 |  | 258010 |
|  First Solar, Inc.\* | 724 |  | 189131 |
|  Infineon Technologies AG | 12476 |  | 553190 |
|  Intel Corp.\* | 30253 |  | 1116336 |
|  Kioxia Holdings Corp.\* | 1300 |  | 86603 |
|  KLA Corp. | 887 |  | 1077776 |
|  Lam Research Corp. | 8475 |  | 1450751 |
|  Lasertec Corp. (x) | 734 |  | 138914 |
|  Microchip Technology, Inc. | 3646 |  | 232323 |
|  Micron Technology, Inc. | 7574 |  | 2161695 |
|  Monolithic Power Systems, Inc. | 323 |  | 292754 |
|  Nova Ltd.\* | 281 |  | 94071 |
|  NVIDIA Corp. | 163957 |  | 30577980 |
|  NXP Semiconductors NV | 1698 |  | 368568 |
|  ON Semiconductor Corp.\* | 2715 |  | 147017 |
|  Qnity Electronics, Inc. | 1413 |  | 115371 |
|  QUALCOMM, Inc. | 7226 |  | 1236007 |
|  Renesas Electronics Corp.\* | 16030 |  | 219000 |
|  SCREEN Holdings Co. Ltd. (x) | 754 |  | 73359 |
|  Skyworks Solutions, Inc. | 1003 |  | 63600 |
|  STMicroelectronics NV | 6466 |  | 170518 |
|  Teradyne, Inc. | 1057 |  | 204593 |
|  Texas Instruments, Inc. | 6131 |  | 1063667 |
|  Tokyo Electron Ltd. | 4296 |  | 941258 |
|  |  |  | 63783041 |
|  ***Software (4.3%)*** | ***Software (4.3%)*** | ***Software (4.3%)*** | ***Software (4.3%)*** |
|  Adobe, Inc.\* | 2824 |  | 988372 |
|  AppLovin Corp., Class A\* | 1826 |  | 1230395 |
|  Autodesk, Inc.\* | 1437 |  | 425366 |
|  Cadence Design Systems, Inc.\* | 1837 |  | 574209 |
|  Check Point Software Technologies Ltd.\* | 820 |  | 152159 |
|  Crowdstrike Holdings, Inc., Class A\* | 1693 |  | 793611 |
|  CyberArk Software Ltd.\* | 482 |  | 215001 |
|  Dassault Systemes SE | 6406 |  | 179475 |
|  Datadog, Inc., Class A\* | 2196 |  | 298634 |
|  Fair Isaac Corp.\* | 160 |  | 270499 |
|  Fortinet, Inc.\* | 4265 |  | 338684 |
|  Gen Digital, Inc. | 3787 |  | 102969 |
|  Intuit, Inc. | 1881 |  | 1246012 |
|  Microsoft Corp. | 50148 |  | 24252576 |
|  Monday.com Ltd.\* | 412 |  | 60795 |
|  Nebius Group NV, Class A (x)\* | 2026 |  | 169586 |
|  Nemetschek SE | 551 |  | 60091 |
|  Nice Ltd.\* | 590 |  | 66160 |
|  Oracle Corp. | 380 |  | 31998 |
|  Oracle Corp. (Moscow Stock Exchange) | 11349 |  | 2212034 |
|  Palantir Technologies, Inc., Class A\* | 15413 |  | 2739661 |
|  Palo Alto Networks, Inc.\* | 4615 |  | 850083 |
|  PTC, Inc.\* | 808 |  | 140762 |
|  Roper Technologies, Inc. | 726 |  | 323164 |
|  Sage Group plc (The) | 9200 |  | 134304 |
|  Salesforce, Inc. | 6423 |  | 1701517 |
|  SAP SE | 9977 |  | 2442898 |
|  ServiceNow, Inc.\* | 7005 |  | 1073096 |
|  Synopsys, Inc.\* | 1253 |  | 588559 |
|  Trend Micro, Inc.\* | 1236 |  | 51305 |
|  Tyler Technologies, Inc.\* | 290 |  | 131646 |
|  WiseTech Global Ltd. | 1925 |  | 87947 |
|  Workday, Inc., Class A\* | 1464 |  | 314438 |
|  Xero Ltd.\* | 1580 |  | 120224 |
|  |  |  | 44368230 |
|  ***Technology Hardware, Storage & Peripherals (2.9%)*** | ***Technology Hardware, Storage & Peripherals (2.9%)*** | ***Technology Hardware, Storage & Peripherals (2.9%)*** | ***Technology Hardware, Storage & Peripherals (2.9%)*** |
|  Apple, Inc. | 99700 |  | 27104442 |
|  Canon, Inc. | 8211 |  | 242860 |
|  Dell Technologies, Inc., Class C | 2034 |  | 256040 |
|  FUJIFILM Holdings Corp. | 10697 |  | 228363 |
|  Hewlett Packard Enterprise Co. | 8956 |  | 215123 |
|  HP, Inc. | 6307 |  | 140520 |
|  Logitech International SA (Registered) | 1459 |  | 150192 |
|  NetApp, Inc. | 1347 |  | 144250 |
|  Sandisk Corp.\* | 939 |  | 222900 |
|  Seagate Technology Holdings plc | 1470 |  | 404823 |
|  Super Micro Computer, Inc.\* | 3383 |  | 99020 |
|  Western Digital Corp. | 2307 |  | 397427 |
|  |  |  | 29605960 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 152073047 |
|  **Materials (1.8%)** | **Materials (1.8%)** | **Materials (1.8%)** | **Materials (1.8%)** |
|  ***Chemicals (0.8%)*** | ***Chemicals (0.8%)*** | ***Chemicals (0.8%)*** | ***Chemicals (0.8%)*** |
|  Air Liquide SA | 5528 |  | 1041130 |
|  Air Products and Chemicals, Inc. | 1502 |  | 371024 |
|  Akzo Nobel NV | 1633 |  | 113611 |
|  Albemarle Corp. | 794 |  | 112303 |
|  Asahi Kasei Corp. | 11745 |  | 104148 |
|  BASF SE | 8527 |  | 445230 |
|  CF Industries Holdings, Inc. | 1052 |  | 81362 |
|  Corteva, Inc. | 4559 |  | 305590 |
|  Dow, Inc. | 4796 |  | 112131 |
|  DSM-Firmenich AG | 1649 |  | 133250 |
|  DuPont de Nemours, Inc. | 2827 |  | 113645 |
|  Ecolab, Inc. | 1720 |  | 451534 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  EMS-Chemie Holding AG (Registered) (x) | 67 | $| 46480 |
|  Evonik Industries AG | 2447 |  | 38420 |
|  Givaudan SA (Registered) (x) | 88 |  | 349511 |
|  ICL Group Ltd. | 7395 |  | 42495 |
|  International Flavors & Fragrances, Inc. | 1739 |  | 117191 |
|  Linde plc | 3151 |  | 1343555 |
|  LyondellBasell Industries NV, Class A | 1737 |  | 75212 |
|  Mitsubishi Chemical Group Corp. | 12162 |  | 71051 |
|  Mosaic Co. (The) | 2142 |  | 51601 |
|  Nippon Paint Holdings Co. Ltd. | 9070 |  | 60654 |
|  Nippon Sanso Holdings Corp. (x) | 1632 |  | 48635 |
|  Nitto Denko Corp. | 6740 |  | 159851 |
|  Novonesis Novozymes B | 3366 |  | 215974 |
|  PPG Industries, Inc. | 1514 |  | 155124 |
|  Sherwin-Williams Co. (The) | 1556 |  | 504191 |
|  Shin-Etsu Chemical Co. Ltd. | 16109 |  | 501144 |
|  Sika AG (Registered) | 1456 |  | 298884 |
|  Syensqo SA (x) | 695 |  | 55997 |
|  Symrise AG, Class A | 1268 |  | 102642 |
|  Toray Industries, Inc. (x) | 13256 |  | 86320 |
|  Yara International ASA | 1581 |  | 64934 |
|  |  |  | 7774824 |
|  ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** |
|  Buzzi SpA | 736 |  | 44977 |
|  CRH plc | 4522 |  | 564345 |
|  Heidelberg Materials AG | 1278 |  | 334925 |
|  Holcim AG | 4874 |  | 478478 |
|  Martin Marietta Materials, Inc. | 407 |  | 253423 |
|  Vulcan Materials Co. | 892 |  | 254416 |
|  |  |  | 1930564 |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** |
|  Amcor plc | 15576 |  | 129904 |
|  Avery Dennison Corp. | 522 |  | 94941 |
|  Ball Corp. | 1808 |  | 95770 |
|  International Paper Co. | 3563 |  | 140347 |
|  Packaging Corp. of America | 603 |  | 124357 |
|  Smurfit WestRock plc | 3523 |  | 136234 |
|  |  |  | 721553 |
|  ***Metals & Mining (0.7%)*** | ***Metals & Mining (0.7%)*** | ***Metals & Mining (0.7%)*** | ***Metals & Mining (0.7%)*** |
|  Anglo American plc | 10692 |  | 444619 |
|  Antofagasta plc | 3766 |  | 166454 |
|  ArcelorMittal SA | 4480 |  | 205805 |
|  BHP Group Ltd. | 48526 |  | 1473140 |
|  Boliden AB\* | 2714 |  | 151877 |
|  Endeavour Mining plc | 1844 |  | 96243 |
|  Evolution Mining Ltd. | 19392 |  | 164095 |
|  Fortescue Ltd. | 16175 |  | 237584 |
|  Freeport-McMoRan, Inc. | 9688 |  | 492053 |
|  Fresnillo plc | 2111 |  | 94870 |
|  Glencore plc | 96035 |  | 526280 |
|  JFE Holdings, Inc. (x) | 5481 |  | 69895 |
|  JX Advanced Metals Corp. | 5600 |  | 70071 |
|  Lynas Rare Earths Ltd.\* | 8650 |  | 71811 |
|  Newmont Corp. | 7363 |  | 735196 |
|  Nippon Steel Corp. (x) | 45960 |  | 188312 |
|  Norsk Hydro ASA | 13225 |  | 102599 |
|  Northern Star Resources Ltd. | 12983 |  | 231594 |
|  Nucor Corp. | 1544 |  | 251842 |
|  Rio Tinto Ltd. (x) | 3546 |  | 347438 |
|  Rio Tinto plc | 10784 |  | 871305 |
|  South32 Ltd. | 42967 |  | 102080 |
|  Steel Dynamics, Inc. | 926 |  | 156911 |
|  Sumitomo Metal Mining Co. Ltd. | 2341 |  | 95006 |
|  |  |  | 7347080 |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Holmen AB, Class B | 672 |  | 25868 |
|  Stora Enso OYJ, Class R (x) | 5561 |  | 69960 |
|  Svenska Cellulosa AB SCA, Class B | 5801 |  | 77250 |
|  UPM-Kymmene OYJ (x) | 5040 |  | 146832 |
|  |  |  | 319910 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 18093931 |
|  **Real Estate (1.0%)** | **Real Estate (1.0%)** | **Real Estate (1.0%)** | **Real Estate (1.0%)** |
|  ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** |
|  CapitaLand Integrated Commercial Trust (REIT) | 58167 |  | 108152 |
|  Covivio SA (REIT) | 533 |  | 35485 |
|  Land Securities Group plc (REIT) | 6758 |  | 56661 |
|  Stockland (REIT) | 23132 |  | 88455 |
|  |  |  | 288753 |
|  ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 1049 |  | 51338 |
|  Healthpeak Properties, Inc. (REIT) | 4718 |  | 75866 |
|  Ventas, Inc. (REIT) | 3169 |  | 245217 |
|  Welltower, Inc. (REIT) | 4631 |  | 859560 |
|  |  |  | 1231981 |
|  ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** |
|  Host Hotels & Resorts, Inc. (REIT) | 4315 |  | 76505 |
|  ***Industrial REITs (0.1%)*** |  |  |  |
|  CapitaLand Ascendas REIT (REIT) | 37319 |  | 82163 |
|  Goodman Group (REIT) | 19535 |  | 403877 |
|  Prologis, Inc. (REIT) | 6267 |  | 800045 |
|  Segro plc (REIT) | 12278 |  | 119227 |
|  |  |  | 1405312 |
|  ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** |
|  BXP, Inc. (REIT) | 994 |  | 67075 |
|  Gecina SA (REIT) | 440 |  | 41832 |
|  Nippon Building Fund, Inc. (REIT) (x) | 74 |  | 67509 |
|  |  |  | 176416 |
|  ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** |
|  Azrieli Group Ltd. | 405 |  | 45847 |
|  CapitaLand Investment Ltd. | 21867 |  | 46102 |
|  CBRE Group, Inc., Class A\* | 1978 |  | 318043 |
|  CK Asset Holdings Ltd. | 18396 |  | 92941 |
|  CoStar Group, Inc.\* | 2860 |  | 192306 |
|  Daito Trust Construction Co. Ltd. | 2840 |  | 54138 |
|  Daiwa House Industry Co. Ltd. | 5305 |  | 176043 |
|  Fastighets AB Balder, Class B (x)\* | 6856 |  | 50788 |
|  Henderson Land Development Co. Ltd. (x) | 14204 |  | 51358 |
|  Hongkong Land Holdings Ltd. | 10354 |  | 71960 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Hulic Co. Ltd. | 4427 | $| 48456 |
|  LEG Immobilien SE | 722 |  | 52819 |
|  Mitsubishi Estate Co. Ltd. | 10152 |  | 247643 |
|  Mitsui Fudosan Co. Ltd. | 25219 |  | 286660 |
|  Sagax AB, Class B | 2099 |  | 45051 |
|  Sino Land Co. Ltd. | 34859 |  | 45776 |
|  Sumitomo Realty & Development Co. Ltd. | 5916 |  | 148504 |
|  Sun Hung Kai Properties Ltd. | 13696 |  | 166653 |
|  Swiss Prime Site AG (Registered) | 766 |  | 119141 |
|  Vonovia SE | 7166 |  | 206663 |
|  Wharf Holdings Ltd. (The) | 9900 |  | 27654 |
|  Wharf Real Estate Investment Co. Ltd. | 15963 |  | 50416 |
|  |  |  | 2544962 |
|  ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** |
|  AvalonBay Communities, Inc. (REIT) | 954 |  | 172970 |
|  Camden Property Trust (REIT) | 718 |  | 79037 |
|  Equity Residential (REIT) | 2336 |  | 147261 |
|  Essex Property Trust, Inc. (REIT) | 435 |  | 113831 |
|  Invitation Homes, Inc. (REIT) | 3805 |  | 105741 |
|  Mid-America Apartment Communities, Inc. (REIT) | 790 |  | 109739 |
|  UDR, Inc. (REIT) | 2029 |  | 74424 |
|  |  |  | 803003 |
|  ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** |
|  Federal Realty Investment Trust (REIT) | 530 |  | 53424 |
|  Kimco Realty Corp. (REIT) | 4569 |  | 92614 |
|  Klepierre SA (REIT) | 2054 |  | 81444 |
|  Link REIT (REIT) | 24860 |  | 110969 |
|  Realty Income Corp. (REIT) | 6207 |  | 349889 |
|  Regency Centers Corp. (REIT) | 1111 |  | 76692 |
|  Scentre Group (REIT) | 49813 |  | 139619 |
|  Simon Property Group, Inc. (REIT) | 2203 |  | 407797 |
|  Unibail-Rodamco-Westfield (REIT) | 1163 |  | 126780 |
|  Vicinity Ltd. (REIT) | 37334 |  | 63782 |
|  |  |  | 1503010 |
|  ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** |
|  American Tower Corp. (REIT) | 3159 |  | 554626 |
|  Crown Castle, Inc. (REIT) | 2938 |  | 261100 |
|  Digital Realty Trust, Inc. (REIT) | 2179 |  | 337113 |
|  Equinix, Inc. (REIT) | 662 |  | 507198 |
|  Extra Space Storage, Inc. (REIT) | 1432 |  | 186475 |
|  Iron Mountain, Inc. (REIT) | 1994 |  | 165402 |
|  Public Storage (REIT) | 1065 |  | 276368 |
|  SBA Communications Corp. (REIT) | 719 |  | 139076 |
|  VICI Properties, Inc. (REIT), Class A | 7211 |  | 202773 |
|  Weyerhaeuser Co. (REIT) | 4864 |  | 115228 |
|  |  |  | 2745359 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 10775301 |
|  **Utilities (1.6%)** | **Utilities (1.6%)** | **Utilities (1.6%)** | **Utilities (1.6%)** |
|  ***Electric Utilities (1.0%)*** | ***Electric Utilities (1.0%)*** | ***Electric Utilities (1.0%)*** | ***Electric Utilities (1.0%)*** |
|  Acciona SA (x) | 236 |  | 51559 |
|  Alliant Energy Corp. | 1734 |  | 112727 |
|  American Electric Power Co., Inc. | 3612 |  | 416500 |
|  BKW AG | 202 |  | 42945 |
|  Chubu Electric Power Co., Inc. | 6515 |  | 100320 |
|  CK Infrastructure Holdings Ltd. (x) | 5785 |  | 42815 |
|  CLP Holdings Ltd. | 15457 |  | 138231 |
|  Constellation Energy Corp. | 2107 |  | 744340 |
|  Contact Energy Ltd. | 8065 |  | 42952 |
|  Duke Energy Corp. | 5247 |  | 615001 |
|  Edison International | 2596 |  | 155812 |
|  EDP SA | 29965 |  | 137866 |
|  Elia Group SA/NV, Class B (x) | 417 |  | 53759 |
|  Endesa SA (x) | 3033 |  | 109177 |
|  Enel SpA | 77706 |  | 810648 |
|  Entergy Corp. | 3013 |  | 278492 |
|  Evergy, Inc. | 1553 |  | 112577 |
|  Eversource Energy | 2531 |  | 170412 |
|  Exelon Corp. | 6817 |  | 297153 |
|  FirstEnergy Corp. | 3508 |  | 157053 |
|  Fortum OYJ | 4284 |  | 91528 |
|  Iberdrola SA | 60643 |  | 1315957 |
|  Kansai Electric Power Co., Inc. (The) | 9013 |  | 141260 |
|  NextEra Energy, Inc. | 14052 |  | 1128095 |
|  NRG Energy, Inc. | 1293 |  | 205897 |
|  Origin Energy Ltd. | 16451 |  | 126144 |
|  PG&E Corp. | 14830 |  | 238318 |
|  Pinnacle West Capital Corp. | 808 |  | 71670 |
|  Power Assets Holdings Ltd. (x) | 13127 |  | 93021 |
|  PPL Corp. | 4991 |  | 174785 |
|  Redeia Corp. SA | 3875 |  | 69083 |
|  Southern Co. (The) | 7429 |  | 647809 |
|  SSE plc | 11520 |  | 338363 |
|  Terna - Rete Elettrica Nazionale | 13436 |  | 142962 |
|  Verbund AG | 650 |  | 47361 |
|  Xcel Energy, Inc. | 3991 |  | 294775 |
|  |  |  | 9717367 |
|  ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** |
|  APA Group | 12559 |  | 75180 |
|  Atmos Energy Corp. | 1083 |  | 181543 |
|  Hong Kong & China Gas Co. Ltd. | 107086 |  | 96454 |
|  Naturgy Energy Group SA | 1852 |  | 56414 |
|  Osaka Gas Co. Ltd. | 3375 |  | 116996 |
|  Snam SpA | 19256 |  | 127994 |
|  Tokyo Gas Co. Ltd. | 3029 |  | 119988 |
|  |  |  | 774569 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  AES Corp. (The) | 4805 |  | 68903 |
|  EDP Renovaveis SA | 3011 |  | 42604 |
|  Meridian Energy Ltd. | 12596 |  | 40612 |
|  Orsted A/S (m)\* | 5047 |  | 97158 |
|  RWE AG | 6040 |  | 321265 |
|  Vistra Corp. | 2146 |  | 346214 |
|  |  |  | 916756 |
|  ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** |
|  Ameren Corp. | 1825 |  | 182244 |
|  CenterPoint Energy, Inc. | 4405 |  | 168888 |
|  Centrica plc | 45075 |  | 103017 |
|  CMS Energy Corp. | 2053 |  | 143566 |
|  Consolidated Edison, Inc. | 2435 |  | 241844 |
|  Dominion Energy, Inc. | 5761 |  | 337537 |
|  DTE Energy Co. | 1401 |  | 180701 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  E.ON SE | 21449 | $406461 |
|  Engie SA | 17449 | 459541 |
|  National Grid plc | 47402 | 729367 |
|  NiSource, Inc. | 3220 | 134467 |
|  Public Service Enterprise Group, Inc. | 3368 | 270450 |
|  Sembcorp Industries Ltd. | 8500 | 39809 |
|  Sempra | 4404 | 388829 |
|  Veolia Environnement SA | 6022 | 210330 |
|  WEC Energy Group, Inc. | 2195 | 231485 |
|  |  | 4228536 |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** |
|  American Water Works Co., Inc. | 1317 | 171869 |
|  Severn Trent plc | 2587 | 97257 |
|  United Utilities Group plc | 6511 | 104791 |
|  |  | 373917 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 16011145 |
|  **Total Common Stocks (57.6%)**<br> *(Cost $381,989,814)* |  | 589660159 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (4.4%)** | **Equity (4.4%)** | **Equity (4.4%)** |
|  SPDR S&P MidCap 400 ETF Trust (x) | 74008 | 44647546 |
|  **Total Exchange Traded Funds (4.4%)**<br> *(Cost $33,337,329)* | **Total Exchange Traded Funds (4.4%)**<br> *(Cost $33,337,329)* | 44647546 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **U.S. Treasury Obligations (13.7%)** | **U.S. Treasury Obligations (13.7%)** | **U.S. Treasury Obligations (13.7%)** |
|  U.S. Treasury Bonds<br>6.125%, 11/15/27 | $1896100 | 1986120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 11/15/28 | 1649300 | 1725666 |
|  U.S. Treasury Notes<br>2.000%, 11/15/26 | 3908200 | 3856452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/31/27 | 990600 | 969412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/15/27 | 1962300 | 1935015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/28/27 | 497800 | 488565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/27 | 2289900 | 2255340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/27 | 5527100 | 5420351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/27 | 3255500 | 3183526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/27 | 994200 | 1001737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 2/15/28 | 2037000 | 2006533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/15/28 | 2139200 | 2172515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/31/28 | 1835600 | 1840921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/30/28 | 1531500 | 1531532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/28 | 881000 | 868650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/31/28 | 846000 | 848418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/30/28 | 517500 | 523676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/28 | 137000 | 134835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/31/28 | 1527100 | 1559824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/28 | 845400 | 869539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/28 | 2155600 | 2232714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/28 | 2244400 | 2219955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/28 | 1598200 | 1635048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/28 | 1383100 | 1391474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/31/29 | 2162700 | 2191077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 2/15/29 | 5503000 | 5352094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/28/29 | 7281500 | 7432183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/30/29 | 5290200 | 5463978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/29 | 2513800 | 2418753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/31/29 | 5037900 | 5185495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/30/29 | 8765200 | 8957870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 8/15/29 | 2297000 | 2145542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/30/29 | 2715000 | 2704264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 11/15/29 | 2344000 | 2190175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/30 | 2437400 | 2240233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 5/15/30 | 1850800 | 1625523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 8/15/30 | 1789100 | 1558055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 8/31/30 | 1896500 | 1931479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/30 | 2723000 | 2831920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/30 | 1484000 | 1560403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 11/15/30 | 1929000 | 1687875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/30 | 3221300 | 3316932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/30 | 2020300 | 2023299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/15/31 | 2788600 | 2500590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/30/31 | 1464100 | 1498872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/15/31 | 1860100 | 1622501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/30/31 | 1670100 | 1655536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/31 | 1598700 | 1394116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/32 | 2614500 | 2335119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/32 | 860100 | 812104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 8/15/32 | 945400 | 882562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/32 | 887100 | 898567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/15/33 | 666500 | 648747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/15/33 | 1044200 | 1005615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/33 | 1267700 | 1259374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/33 | 1711200 | 1770027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/15/34 | 3947000 | 3942451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/34 | 4317100 | 4419629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/34 | 2807800 | 2770077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/15/34 | 562500 | 569532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/35 | 1936900 | 2014227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/35 | 900700 | 909989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/15/35 | 1435400 | 1448799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/35 | 545300 | 538569 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  | 140371971 |
|  **Total Long-Term Debt Securities (13.7%)**<br> *(Cost $140,533,148)* |  | 140371971 |
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (23.4%)** | **Investment Companies (23.4%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 10772510 | 10772510 |
|  JPMorgan Prime Money Market Fund, IM Shares<br>3.92% (7 day yield) | 229138337 | 229229992 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | 240002502 |
|  **Total Short-Term Investments (23.4%)**<br> *(Cost $239,991,795)* |  | 240002502 |
|  **Total Investments in Securities (99.1%)**<br> *(Cost $795,852,086)* |  | 1014682178 |
|  **Other Assets Less Liabilities (0.9%)** |  | 8714429 |
|  **Net Assets (100%)** |  | $1023396607 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $2,167,268 or 0.2% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $48,253,763. This was collateralized by $39,208,276 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/13/26 – 8/15/55 and by cash of $10,772,510 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*AUD* *— Australian Dollar* 

*CHF* *— Swiss Franc* 

*CVA* *— Dutch Certification* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*JPY* *— Japanese Yen* 

*NOK* *— Norwegian Krone* 

*NZD* *— New Zealand Dollar* 

*REIT* *— Real Estate Investment Trust* 

*SEK* *— Swedish Krona* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 423 | 3/2026 | EUR | 29036171 | 500407 |
|  FTSE 100 Index | 69 | 3/2026 | GBP | 9245980 | 179378 |
|  MSCI EAFE E-Mini Index | 7 | 3/2026 | USD | 1015735 | 2120 |
|  Russell 2000 E-Mini Index | 367 | 3/2026 | USD | 45838300 | (1391794) |
|  S&P 500 E-Mini Index | 326 | 3/2026 | USD | 112347750 | (1177315) |
|  S&P 500 Micro E-Mini Index | 6 | 3/2026 | USD | 206775 | (2242) |
|  TOPIX Index | 137 | 3/2026 | JPY | 29855050 | 203524 |
|  U.S. Treasury 2 Year Note | 18 | 3/2026 | USD | 3758203 | 336 |
|  U.S. Treasury 5 Year Note | 10 | 3/2026 | USD | 1093047 | (474) |
|  U.S. Treasury 10 Year Note | 38 | 3/2026 | USD | 4272625 | (35680) |
|  |  |  |  |  | (1721740) |
|  **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
|  SPI 200 Index | (14) | 3/2026 | AUD | (2026475) | (19188) |
|  |  |  |  |  | (19188) |
|  |  |  |  |  | (1740928) |

---

Forward Foreign Currency Contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  USD | 14203603 | JPY | 2210676607 | Deutsche Bank AG | 1/23/2026 | 67051 |
|  USD | 7780380 | JPY | 1210683480 | JPMorgan Chase Bank | 1/23/2026 | 38456 |
|  AUD | 20636054 | USD | 13410918 | Bank of America | 1/28/2026 | 362463 |
|  AUD | 1927148 | USD | 1279412 | Barclays Bank plc | 1/28/2026 | 6849 |
|  NZD | 11373818 | USD | 6403892 | HSBC Bank plc | 1/28/2026 | 151236 |
|  NZD | 856066 | USD | 481726 | JPMorgan Chase Bank | 1/28/2026 | 11655 |
|  EUR | 891479 | USD | 1030735 | Barclays Bank plc | 1/29/2026 | 18160 |
|  EUR | 16468110 | USD | 19225069 | Goldman Sachs International | 1/29/2026 | 150950 |
|  NOK | 129998651 | USD | 12848977 | Morgan Stanley | 2/13/2026 | 48094 |
|  SEK | 9636926 | USD | 1023623 | HSBC Bank plc | 2/13/2026 | 25316 |
|  SEK | 136733713 | USD | 14514409 | UBS AG | 2/13/2026 | 368494 |
|  GBP | 1478942 | USD | 1970485 | HSBC Bank plc | 2/26/2026 | 22838 |
|  GBP | 869733 | USD | 1162428 | Morgan Stanley | 2/26/2026 | 9801 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 1281363 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  JPY | 901595733 | USD | 5982123 | Bank of America | 1/23/2026 | (216714) |
|  JPY | 317579498 | USD | 2076800 | Barclays Bank plc | 1/23/2026 | (45983) |
|  JPY | 180427061 | USD | 1168042 | HSBC Bank plc | 1/23/2026 | (14270) |
|  JPY | 607591529 | USD | 3905916 | JPMorgan Chase Bank | 1/23/2026 | (20567) |
|  USD | 13506256 | AUD | 20385226 | HSBC Bank plc | 1/28/2026 | (99712) |
|  USD | 5474302 | AUD | 8472656 | UBS AG | 1/28/2026 | (180709) |
|  USD | 485010 | NZD | 856066 | JPMorgan Chase Bank | 1/28/2026 | (8371) |
|  EUR | 13590486 | USD | 16006955 | Barclays Bank plc | 1/29/2026 | (16685) |
|  USD | 17651443 | CHF | 14053179 | Bank of America | 1/29/2026 | (137702) |
|  USD | 1828577 | EUR | 1570178 | JPMorgan Chase Bank | 1/29/2026 | (18861) |
|  USD | 22041748 | EUR | 18990898 | Morgan Stanley | 1/29/2026 | (302529) |
|  USD | 5754332 | NOK | 58321553 | Bank of America | 2/13/2026 | (31707) |
|  USD | 6773538 | NOK | 68905101 | Morgan Stanley | 2/13/2026 | (62486) |
|  USD | 6217886 | SEK | 58179829 | Bank of America | 2/13/2026 | (114749) |
|  USD | 6868051 | GBP | 5199116 | Barclays Bank plc | 2/26/2026 | (139336) |
|  USD | 13684428 | GBP | 10277877 | Deutsche Bank AG | 2/26/2026 | (168131) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (1578512) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (297149) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $42577401 | $7651074 | $— | $50228475 |
|  Consumer Discretionary | 41499657 | 18737784 |  | 60237441 |
|  Consumer Staples | 18766702 | 14254548 |  | 33021250 |
|  Energy | 11091841 | 6109399 |  | 17201240 |
|  Financials | 52920926 | 49394562 |  | 102315488 |
|  Health Care | 38157473 | 21871040 |  | 60028513 |
|  Industrials | 32524676 | 37149652 |  | 69674328 |
|  Information Technology | 136376087 | 15696960 |  | 152073047 |
|  Materials | 7224202 | 10869729 |  | 18093931 |
|  Real Estate | 7214733 | 3560568 |  | 10775301 |
|  Utilities | 8869956 | 7141189 |  | 16011145 |
|  **Exchange Traded Fund** | 44647546 |  |  | 44647546 |
|  **Forward Currency Contracts** |  | 1281363 |  | 1281363 |
|  **Futures** | 885765 |  |  | 885765 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 240002502 |  |  | 240002502 |
|  **U.S. Treasury Obligations** |  | 140371971 |  | 140371971 |
|  **Total Assets** | $**682759467** | $**334089839** | $**—** | $**1016849306** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(1578512) | $— | $(1578512) |
|  **Futures** | (2626693) |  |  | (2626693) |
|  **Total Liabilities** | $**(2626693)** | $**(1578512)** | $**—** | $**(4205205)** |
|  **Total** | $**680132774** | $**332511327** | $**—** | $**1012644101** |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Interest rate contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $336 |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | 1281363 |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | 885429 |
|  **Total** |  | $2167128 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(36154) |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | (1578512) |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | (2590539) |
|  **Total** |  | $(4205205) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $(624093) | $— | $(624093) |
|  Foreign exchange contracts |  | (1352142) | (1352142) |
|  Equity contracts | 18116411 |  | 18116411 |
|  **Total** | $17492318 | $(1352142) | $16140176 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $(178284) | $— | $(178284) |
|  Foreign exchange contracts |  | 290848 | 290848 |
|  Equity contracts | 1530984 |  | 1530984 |
|  **Total** | $1352700 | $290848 | $1643548 |

---

^ The Portfolio held forward foreign currency contracts and futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $169376000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 12091000 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $102709000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 90155000 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Bank of America | $362463 | $(362463) | $— | $— |
|  Barclays Bank plc | 25009 | (25009) |  |  |
|  Deutsche Bank AG | 67051 | (67051) |  |  |
|  Goldman Sachs International | 150950 |  |  | 150950 |
|  HSBC Bank plc | 199390 | (113982) |  | 85408 |
|  JPMorgan Chase Bank | 50111 | (47799) |  | 2312 |
|  Morgan Stanley | 57895 | (57895) |  |  |
|  UBS AG | 368494 | (180709) |  | 187785 |
|  **Total** | $1281363 | $(854908) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $426455 |
| **Counterparty** | **Gross Amount of<br>Derivative<br>Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  Bank of America | $500872 | $(362463) | $— | $138409 |
|  Barclays Bank plc | 202004 | (25009) |  | 176995 |
|  Deutsche Bank AG | 168131 | (67051) |  | 101080 |
|  HSBC Bank plc | 113982 | (113982) |  |  |
|  JPMorgan Chase Bank | 47799 | (47799) |  |  |
|  Morgan Stanley | 365015 | (57895) |  | 307120 |
|  UBS AG | 180709 | (180709) |  |  |
|  **Total** | $1578512 | $(854908) | $— | $723604 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $30887700.0 |
|  Long-term U.S. government debt securities | 31312111.0 |
|  | $62199811.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $13840934.0 |
|  Long-term U.S. government debt securities | 30007076.0 |
|  | $43848010.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $242586507 |
|  Aggregate gross unrealized depreciation | (26484475) |
|  Net unrealized appreciation | $216102032 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $796542069 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $795,852,086) | $1014682178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 300324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $349,063) | 350312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 10220724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 7811180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 3495819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 2639229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 1281363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 243159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 12498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1041040592 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 10772510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 4212130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 1578512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 605385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 215227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 106606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 68028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 85587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 17643985 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1023396607 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $814435728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 208960879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1023396607 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,023,396,607 / 69,199,567 shares outstanding (unlimited amount authorized: $0.01 par value) | $14.79 |

---

*(x)* *Includes value of securities on loan of $48,253,763.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $504,985 foreign withholding tax) | $16451535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 5347418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 92846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 21891799 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 6505632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 2189576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1093729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 109500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 104927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 54749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 28286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 36427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 10122826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (322306) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 9800520 |
|  **NET INVESTMENT INCOME (LOSS)** | 12091279 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (739507) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 17492318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (1352142) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (915020) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 14485649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 105100365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1352700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 290848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 175127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 106919040 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 121404689 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $133495968 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $12091279 | $8956333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 14485649 | 16667483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 106919040 | 56180574 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 133495968 | 81804390 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (32809219) | (23781629) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 13,125,098 and 12,844,552 shares, respectively ] | 183378316 | 167115882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 2,225,292 and 1,758,815 shares, respectively ] | 32809219 | 23781629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3250645) and (3082907) shares, respectively ] | (45310113) | (40308764) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 170877422 | 150588747 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 170877422 | 150588747 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 271564171 | 208611508 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 751832436 | 543220928 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1023396607 | $751832436 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $13.17 | $11.92 | $10.30 | $12.40 | $11.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.19 | 0.18 | 0.16 | 0.08 | 0.01 (x) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.93 | 1.51 | 1.57 | (2.11) | 1.91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.12 | 1.69 | 1.73 | (2.03) | 1.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.20) | (0.22) | (0.11) | (0.02) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.30) | (0.22) |  | (0.05) | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.50) | (0.44) | (0.11) | (0.07) | (0.58) |
|  Net asset value, end of year | $14.79 | $13.17 | $11.92 | $10.30 | $12.40 |
|  Total return | 16.06% | 14.06% | 16.81% | (16.42)% | 17.37% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023397 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751832 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543221 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384186 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418591 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.12 %(j) | 1.12 %(j) | 1.12 %(j) | 1.16 %(k) | 1.10 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Waivers (f) | 1.16% | 1.17% | 1.17% | 1.19% | 1.15% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.38% | 1.36% | 1.45% | 0.77% | 0.06 %(x) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Waivers (f) | 1.34% | 1.31% | 1.39% | 0.74% | 0.01 %(x) |
|  Portfolio turnover rate^ | 6% | 8% | 6% | 31% | 7% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.15% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.19% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB.* 

*(x)* *Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.* 

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  COMMON STOCKS: |  |  |
|  **Communication Services (5.8%)** |  |  |
|  ***Diversified Telecommunication Services (0.6%)*** | ***Diversified Telecommunication Services (0.6%)*** | ***Diversified Telecommunication Services (0.6%)*** |
|  AT&T, Inc. | 57384 | $1425419 |
|  BT Group plc | 65350 | 162127 |
|  Cellnex Telecom SA(m) | 5404 | 174202 |
|  Deutsche Telekom AG (Registered) | 40205 | 1306905 |
|  Elisa OYJ | 1554 | 68923 |
|  HKT Trust & HKT Ltd. | 41391 | 61214 |
|  Infrastrutture Wireless Italiane SpA(m)(x) | 3047 | 28235 |
|  Koninklijke KPN NV | 42503 | 198599 |
|  NTT, Inc. | 325766 | 327970 |
|  Orange SA | 20353 | 339648 |
|  Singapore Telecommunications Ltd. | 81203 | 287439 |
|  Swisscom AG (Registered) | 283 | 205614 |
|  Telecom Italia SpA\* | 125625 | 75855 |
|  Telefonica SA(x) | 40275 | 165328 |
|  Telenor ASA | 6728 | 97916 |
|  Telia Co. AB | 25779 | 110267 |
|  Telstra Group Ltd. | 43410 | 141082 |
|  Verizon Communications, Inc. | 34128 | 1390033 |
|  |  | 6566776 |
|  ***Entertainment (0.9%)*** | ***Entertainment (0.9%)*** | ***Entertainment (0.9%)*** |
|  Bollore SE | 7673 | 43229 |
|  Capcom Co. Ltd.(x) | 3792 | 88385 |
|  CTS Eventim AG & Co. KGaA | 682 | 62917 |
|  Electronic Arts, Inc. | 1819 | 371676 |
|  Konami Group Corp. | 1070 | 145704 |
|  Live Nation Entertainment, Inc.\* | 1278 | 182115 |
|  Netflix, Inc.\* | 34297 | 3215687 |
|  Nexon Co. Ltd. | 3591 | 87735 |
|  Nintendo Co. Ltd. | 12064 | 815999 |
|  Spotify Technology SA\* | 1709 | 992433 |
|  Take-Two Interactive Software, Inc.\* | 1406 | 359978 |
|  TKO Group Holdings, Inc., Class A | 537 | 112233 |
|  Toho Co. Ltd.(x) | 1192 | 60726 |
|  Universal Music Group NV | 12029 | 314254 |
|  Walt Disney Co. (The) | 14450 | 1643976 |
|  Warner Bros Discovery, Inc.\* | 20057 | 578043 |
|  |  | 9075090 |
|  ***Interactive Media & Services (3.8%)*** | ***Interactive Media & Services (3.8%)*** | ***Interactive Media & Services (3.8%)*** |
|  Alphabet, Inc., Class A | 47091 | 14739483 |
|  Alphabet, Inc., Class C | 37637 | 11810491 |
|  Auto Trader Group plc(m) | 9454 | 74728 |
|  CAR Group Ltd. | 4135 | 84882 |
|  LY Corp. | 30287 | 80667 |
|  Match Group, Inc. | 1911 | 61706 |
|  Meta Platforms, Inc., Class A | 17628 | 11636067 |
|  REA Group Ltd. | 577 | 70616 |
|  Scout24 SE(m) | 820 | 82683 |
|  |  | 38641323 |
|  ***Media (0.2%)*** | ***Media (0.2%)*** | ***Media (0.2%)*** |
|  Charter Communications, Inc., Class A\* | 712 | 148630 |
|  Comcast Corp., Class A | 29418 | 879304 |
|  Fox Corp., Class A | 1686 | 123196 |
|  Fox Corp., Class B | 1201 | 77981 |
|  Informa plc | 14144 | 168538 |
|  News Corp., Class A | 3031 | 79170 |
|  News Corp., Class B | 999 | 29600 |
|  Omnicom Group, Inc. | 2607 | 210515 |
|  Paramount Skydance Corp., Class B(x) | 2515 | 33701 |
|  Publicis Groupe SA | 2502 | 260574 |
|  Trade Desk, Inc. (The), Class A\* | 3564 | 135290 |
|  |  | 2146499 |
|  ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** |
|  KDDI Corp. | 34203 | 591412 |
|  SoftBank Corp. | 312686 | 428786 |
|  SoftBank Group Corp. | 41532 | 1166629 |
|  Tele2 AB, Class B | 5982 | 100420 |
|  T-Mobile US, Inc. | 3893 | 790435 |
|  Vodafone Group plc | 209324 | 278998 |
|  |  | 3356680 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 59786368 |
|  **Consumer Discretionary (6.9%)** | **Consumer Discretionary (6.9%)** | **Consumer Discretionary (6.9%)** |
|  ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** |
|  Aisin Corp. | 5404 | 100945 |
|  Aptiv plc\* | 1749 | 133081 |
|  Bridgestone Corp. | 12370 | 277504 |
|  Cie Generale des Etablissements Michelin SCA | 7328 | 243802 |
|  Continental AG | 1202 | 96000 |
|  Denso Corp. | 19065 | 262655 |
|  Sumitomo Electric Industries Ltd. | 7815 | 315564 |
|  |  | 1429551 |
|  ***Automobiles (1.6%)*** | ***Automobiles (1.6%)*** | ***Automobiles (1.6%)*** |
|  Bayerische Motoren Werke AG(x) | 3067 | 335708 |
|  Bayerische Motoren Werke AG (Preference)(q) | 597 | 64196 |
|  Dr Ing hc F Porsche AG (Preference)(m)(q)(x) | 1244 | 66694 |
|  Ferrari NV | 1378 | 516111 |
|  Ford Motor Co. | 31678 | 415615 |
|  General Motors Co. | 7551 | 614047 |
|  Honda Motor Co. Ltd. | 43131 | 422939 |
|  Isuzu Motors Ltd.(x) | 5801 | 90345 |
|  Mercedes-Benz Group AG | 7894 | 557271 |
|  Nissan Motor Co. Ltd.(x)\* | 24249 | 60390 |
|  Porsche Automobil Holding SE (Preference)(q) | 1673 | 78487 |
|  Renault SA | 2100 | 87414 |
|  Stellantis NV | 22039 | 245042 |
|  Subaru Corp. | 6350 | 137629 |
|  Suzuki Motor Corp. | 17150 | 255597 |
|  Tesla, Inc.\* | 22744 | 10228432 |
|  Toyota Motor Corp. | 103402 | 2215380 |
|  Volkswagen AG (Preference)(q)(x) | 2254 | 274294 |
|  Yamaha Motor Co. Ltd. | 9944 | 73609 |
|  |  | 16739200 |
|  ***Broadline Retail (2.1%)*** | ***Broadline Retail (2.1%)*** | ***Broadline Retail (2.1%)*** |
|  Amazon.com, Inc.\* | 78740 | 18174767 |
|  eBay, Inc. | 3659 | 318699 |
|  Next plc | 1271 | 234372 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Pan Pacific International Holdings Corp. | 20805 | $| 123828 |
|  Prosus NV | 14298 |  | 888039 |
|  Rakuten Group, Inc.\* | 16466 |  | 105540 |
|  Ryohin Keikaku Co. Ltd. | 5600 |  | 99459 |
|  Sea Ltd. (ADR)\* | 4181 |  | 533370 |
|  Wesfarmers Ltd.(x) | 12404 |  | 671248 |
|  |  |  | 21149322 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  D'ieteren Group | 235 |  | 42503 |
|  Genuine Parts Co. | 1126 |  | 138453 |
|  Pool Corp. | 265 |  | 60618 |
|  |  |  | 241574 |
|  ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** |
|  Pearson plc | 6299 |  | 89153 |
|  ***Hotels, Restaurants & Leisure (1.1%)*** | ***Hotels, Restaurants & Leisure (1.1%)*** | ***Hotels, Restaurants & Leisure (1.1%)*** | ***Hotels, Restaurants & Leisure (1.1%)*** |
|  Accor SA | 2141 |  | 121327 |
|  Airbnb, Inc., Class A\* | 3442 |  | 467148 |
|  Amadeus IT Group SA | 4924 |  | 363635 |
|  Aristocrat Leisure Ltd. | 6017 |  | 233619 |
|  Booking Holdings, Inc. | 261 |  | 1397741 |
|  Carnival Corp.\* | 8789 |  | 268416 |
|  Chipotle Mexican Grill, Inc.\* | 10703 |  | 396011 |
|  Compass Group plc | 18554 |  | 591233 |
|  Darden Restaurants, Inc. | 941 |  | 173163 |
|  Delivery Hero SE(m)(x)\* | 2118 |  | 56552 |
|  Domino's Pizza, Inc. | 252 |  | 105039 |
|  DoorDash, Inc., Class A\* | 3026 |  | 685328 |
|  Entain plc | 6639 |  | 68603 |
|  Evolution AB(m) | 1452 |  | 99329 |
|  Expedia Group, Inc. | 947 |  | 268295 |
|  FDJ United(x) | 1215 |  | 33726 |
|  Galaxy Entertainment Group Ltd. | 21312 |  | 104935 |
|  Hilton Worldwide Holdings, Inc. | 1881 |  | 540317 |
|  InterContinental Hotels Group plc | 1582 |  | 223055 |
|  Las Vegas Sands Corp. | 2463 |  | 160317 |
|  Lottery Corp. Ltd. (The) | 24320 |  | 83747 |
|  Marriott International, Inc., Class A | 1803 |  | 559363 |
|  McDonald's Corp. | 5764 |  | 1761651 |
|  MGM Resorts International\* | 1660 |  | 60573 |
|  Norwegian Cruise Line Holdings Ltd.\* | 3685 |  | 82249 |
|  Oriental Land Co. Ltd.(x) | 11813 |  | 218590 |
|  Royal Caribbean Cruises Ltd. | 2053 |  | 572623 |
|  Sands China Ltd. | 26676 |  | 67181 |
|  Sodexo SA | 967 |  | 49662 |
|  Starbucks Corp. | 9202 |  | 774900 |
|  Whitbread plc | 1890 |  | 64964 |
|  Wynn Resorts Ltd. | 683 |  | 82185 |
|  Yum! Brands, Inc. | 2247 |  | 339926 |
|  Zensho Holdings Co. Ltd. | 1027 |  | 58844 |
|  |  |  | 11134247 |
|  ***Household Durables (0.3%)*** | ***Household Durables (0.3%)*** | ***Household Durables (0.3%)*** | ***Household Durables (0.3%)*** |
|  Barratt Redrow plc | 14857 |  | 76321 |
|  DR Horton, Inc. | 2217 |  | 319314 |
|  Garmin Ltd. | 1323 |  | 268371 |
|  Lennar Corp., Class A | 1746 |  | 179489 |
|  NVR, Inc.\* | 23 |  | 167734 |
|  Panasonic Holdings Corp. | 25450 |  | 328767 |
|  PulteGroup, Inc. | 1578 |  | 185036 |
|  Sekisui House Ltd.(x) | 6459 |  | 144239 |
|  Sony Group Corp. | 67042 |  | 1722274 |
|  |  |  | 3391545 |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** |
|  Bandai Namco Holdings, Inc. | 6330 |  | 168595 |
|  Hasbro, Inc. | 1079 |  | 88478 |
|  Shimano, Inc. | 807 |  | 85187 |
|  |  |  | 342260 |
|  ***Specialty Retail (1.0%)*** | ***Specialty Retail (1.0%)*** | ***Specialty Retail (1.0%)*** | ***Specialty Retail (1.0%)*** |
|  AutoZone, Inc.\* | 135 |  | 457852 |
|  Avolta AG | 961 |  | 57192 |
|  Best Buy Co., Inc. | 1582 |  | 105883 |
|  Carvana Co.\* | 1145 |  | 483213 |
|  Fast Retailing Co. Ltd.(x) | 2034 |  | 739377 |
|  H & M Hennes & Mauritz AB, Class B(x) | 5393 |  | 108897 |
|  Home Depot, Inc. (The) | 8057 |  | 2772414 |
|  Industria de Diseno Textil SA | 11924 |  | 789497 |
|  JD Sports Fashion plc | 27530 |  | 31342 |
|  Kingfisher plc | 19001 |  | 80090 |
|  Lowe's Cos., Inc. | 4539 |  | 1094625 |
|  Nitori Holdings Co. Ltd.(x) | 4265 |  | 74673 |
|  O'Reilly Automotive, Inc.\* | 6832 |  | 623147 |
|  Ross Stores, Inc. | 2632 |  | 474128 |
|  Sanrio Co. Ltd.(x) | 1900 |  | 59642 |
|  TJX Cos., Inc. (The) | 9008 |  | 1383719 |
|  Tractor Supply Co. | 4277 |  | 213893 |
|  Ulta Beauty, Inc.\* | 363 |  | 219619 |
|  Williams-Sonoma, Inc. | 986 |  | 176090 |
|  Zalando SE(m)\* | 2454 |  | 73079 |
|  ZOZO, Inc.(x) | 4823 |  | 39750 |
|  |  |  | 10058122 |
|  ***Textiles, Apparel & Luxury Goods (0.7%)*** | ***Textiles, Apparel & Luxury Goods (0.7%)*** | ***Textiles, Apparel & Luxury Goods (0.7%)*** | ***Textiles, Apparel & Luxury Goods (0.7%)*** |
|  adidas AG | 1869 |  | 371310 |
|  Asics Corp. | 7580 |  | 181709 |
|  Cie Financiere Richemont SA (Registered) | 5875 |  | 1276094 |
|  Deckers Outdoor Corp.\* | 1180 |  | 122331 |
|  Hermes International SCA | 346 |  | 862846 |
|  Kering SA | 814 |  | 287940 |
|  Lululemon Athletica, Inc.\* | 873 |  | 181418 |
|  LVMH Moet Hennessy Louis Vuitton SE | 2732 |  | 2070867 |
|  Moncler SpA | 2553 |  | 164776 |
|  NIKE, Inc., Class B | 9626 |  | 613272 |
|  Pandora A/S | 863 |  | 96081 |
|  Ralph Lauren Corp. | 314 |  | 111033 |
|  Swatch Group AG (The)(x) | 316 |  | 67122 |
|  Tapestry, Inc. | 1656 |  | 211587 |
|  |  |  | 6618386 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 71193360 |
|  **Consumer Staples (3.8%)** | **Consumer Staples (3.8%)** | **Consumer Staples (3.8%)** | **Consumer Staples (3.8%)** |
|  ***Beverages (0.7%)*** | ***Beverages (0.7%)*** | ***Beverages (0.7%)*** | ***Beverages (0.7%)*** |
|  Anheuser-Busch InBev SA/NV | 10805 |  | 697122 |
|  Asahi Group Holdings Ltd. | 15799 |  | 165363 |
|  Brown-Forman Corp., Class B | 1425 |  | 37135 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Carlsberg A/S, Class B | 1027 | $| 134959 |
|  Coca-Cola Co. (The) | 31336 |  | 2190700 |
|  Coca-Cola Europacific Partners plc | 2271 |  | 205980 |
|  Coca-Cola HBC AG | 2383 |  | 123411 |
|  Constellation Brands, Inc., Class A | 1141 |  | 157412 |
|  Davide Campari-Milano NV(x) | 6727 |  | 43781 |
|  Diageo plc | 24335 |  | 525986 |
|  Heineken Holding NV | 1416 |  | 103839 |
|  Heineken NV | 3148 |  | 258005 |
|  Keurig Dr Pepper, Inc. | 10996 |  | 307998 |
|  Kirin Holdings Co. Ltd. | 8479 |  | 127098 |
|  Molson Coors Beverage Co., Class B | 1370 |  | 63952 |
|  Monster Beverage Corp.\* | 5773 |  | 442616 |
|  PepsiCo, Inc. | 11067 |  | 1588336 |
|  Pernod Ricard SA | 2206 |  | 189511 |
|  Suntory Beverage & Food Ltd. | 1481 |  | 44693 |
|  |  |  | 7407897 |
|  ***Consumer Staples Distribution & Retail (1.1%)*** | ***Consumer Staples Distribution & Retail (1.1%)*** | ***Consumer Staples Distribution & Retail (1.1%)*** | ***Consumer Staples Distribution & Retail (1.1%)*** |
|  Aeon Co. Ltd.(x) | 24207 |  | 382793 |
|  Carrefour SA | 6436 |  | 107630 |
|  Coles Group Ltd. | 14670 |  | 209898 |
|  Costco Wholesale Corp. | 3587 |  | 3093214 |
|  Dollar General Corp. | 1782 |  | 236596 |
|  Dollar Tree, Inc.\* | 1535 |  | 188820 |
|  J Sainsbury plc | 18782 |  | 82281 |
|  Jeronimo Martins SGPS SA | 3094 |  | 73667 |
|  Kesko OYJ, Class B | 2984 |  | 67506 |
|  Kobe Bussan Co. Ltd. | 1603 |  | 38786 |
|  Koninklijke Ahold Delhaize NV | 9804 |  | 401760 |
|  Kroger Co. (The) | 4935 |  | 308339 |
|  Marks & Spencer Group plc | 22477 |  | 99983 |
|  MatsukiyoCocokara & Co.(x) | 3544 |  | 61359 |
|  Seven & i Holdings Co. Ltd. | 22694 |  | 326052 |
|  Sysco Corp. | 3876 |  | 285622 |
|  Target Corp. | 3678 |  | 359525 |
|  Tesco plc | 71049 |  | 423114 |
|  Tsuruha Holdings, Inc. | 2884 |  | 52989 |
|  Walmart, Inc. | 35493 |  | 3954275 |
|  Woolworths Group Ltd. | 13352 |  | 261789 |
|  |  |  | 11015998 |
|  ***Food Products (0.7%)*** | ***Food Products (0.7%)*** | ***Food Products (0.7%)*** | ***Food Products (0.7%)*** |
|  Ajinomoto Co., Inc. | 9851 |  | 208604 |
|  Archer-Daniels-Midland Co. | 3890 |  | 223636 |
|  Associated British Foods plc | 3520 |  | 100922 |
|  Barry Callebaut AG (Registered)(x) | 39 |  | 64302 |
|  Bunge Global SA | 1096 |  | 97632 |
|  Campbell's Co. (The)(x) | 1590 |  | 44313 |
|  Chocoladefabriken Lindt & Spruengli AG | 10 |  | 146320 |
|  Chocoladefabriken Lindt & Spruengli AG (Registered) | 1 |  | 146951 |
|  Conagra Brands, Inc. | 3872 |  | 67024 |
|  Danone SA | 7076 |  | 638481 |
|  General Mills, Inc. | 4318 |  | 200787 |
|  Hershey Co. (The) | 1199 |  | 218194 |
|  Hormel Foods Corp. | 2359 |  | 55908 |
|  J M Smucker Co. (The) | 864 |  | 84508 |
|  JDE Peet's NV | 1867 |  | 69904 |
|  Kerry Group plc, Class A | 1772 |  | 162431 |
|  Kikkoman Corp.(x) | 7432 |  | 67469 |
|  Kraft Heinz Co. (The) | 6898 |  | 167277 |
|  Lamb Weston Holdings, Inc. | 1128 |  | 47252 |
|  Lotus Bakeries NV(x) | 4 |  | 36901 |
|  Magnum Ice Cream Co. NV (The)\* | 5358 |  | 85043 |
|  McCormick & Co., Inc. (Non-Voting) | 2050 |  | 139626 |
|  Mondelez International, Inc., Class A | 10444 |  | 562201 |
|  Mowi ASA | 5085 |  | 122686 |
|  Nestle SA (Registered) | 28153 |  | 2798595 |
|  Orkla ASA | 7660 |  | 85491 |
|  Salmar ASA | 740 |  | 45332 |
|  Tyson Foods, Inc., Class A | 2291 |  | 134298 |
|  WH Group Ltd.(m) | 90880 |  | 101241 |
|  Wilmar International Ltd. | 21473 |  | 51452 |
|  |  |  | 6974781 |
|  ***Household Products (0.5%)*** | ***Household Products (0.5%)*** | ***Household Products (0.5%)*** | ***Household Products (0.5%)*** |
|  Church & Dwight Co., Inc. | 1944 |  | 163005 |
|  Clorox Co. (The) | 987 |  | 99519 |
|  Colgate-Palmolive Co. | 6524 |  | 515527 |
|  Essity AB, Class B | 6589 |  | 189801 |
|  Henkel AG & Co. KGaA | 1135 |  | 86700 |
|  Henkel AG & Co. KGaA (Preference)(q) | 1752 |  | 143262 |
|  Kimberly-Clark Corp. | 2686 |  | 270991 |
|  Procter & Gamble Co. (The) | 18914 |  | 2710565 |
|  Reckitt Benckiser Group plc | 7380 |  | 597071 |
|  Unicharm Corp. | 12209 |  | 69759 |
|  |  |  | 4846200 |
|  ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** |
|  Beiersdorf AG | 1060 |  | 116698 |
|  Estee Lauder Cos., Inc. (The), Class A | 1990 |  | 208393 |
|  Kao Corp. | 5065 |  | 202451 |
|  Kenvue, Inc. | 15507 |  | 267496 |
|  L'Oreal SA | 2625 |  | 1130924 |
|  Shiseido Co. Ltd. | 4363 |  | 63451 |
|  Unilever plc | 23816 |  | 1560035 |
|  |  |  | 3549448 |
|  ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** |
|  Altria Group, Inc. | 13587 |  | 783426 |
|  British American Tobacco plc | 23889 |  | 1356958 |
|  Imperial Brands plc | 8366 |  | 351728 |
|  Japan Tobacco, Inc. | 13089 |  | 471284 |
|  Philip Morris International, Inc. | 12600 |  | 2021040 |
|  |  |  | 4984436 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 38778760 |
|  **Energy (2.0%)** | **Energy (2.0%)** | **Energy (2.0%)** | **Energy (2.0%)** |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** |
|  Baker Hughes Co. | 7987 |  | 363728 |
|  Halliburton Co. | 6812 |  | 192507 |
|  SLB Ltd. | 12092 |  | 464091 |
|  Tenaris SA | 4100 |  | 79551 |
|  |  |  | 1099877 |
|  ***Oil, Gas & Consumable Fuels (1.9%)*** | ***Oil, Gas & Consumable Fuels (1.9%)*** | ***Oil, Gas & Consumable Fuels (1.9%)*** | ***Oil, Gas & Consumable Fuels (1.9%)*** |
|  Aker BP ASA | 3453 |  | 88004 |
|  APA Corp. | 2871 |  | 70225 |
|  BP plc | 171940 |  | 1003086 |
|  Chevron Corp. | 15320 |  | 2334921 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  ConocoPhillips | 10002 | $| 936287 |
|  Coterra Energy, Inc. | 6163 |  | 162210 |
|  Devon Energy Corp. | 5077 |  | 185970 |
|  Diamondback Energy, Inc. | 1507 |  | 226547 |
|  ENEOS Holdings, Inc. | 29490 |  | 208411 |
|  Eni SpA | 22357 |  | 424061 |
|  EOG Resources, Inc. | 4392 |  | 461204 |
|  EQT Corp. | 5051 |  | 270734 |
|  Equinor ASA | 8383 |  | 197100 |
|  Expand Energy Corp. | 1928 |  | 212774 |
|  Exxon Mobil Corp. | 34134 |  | 4107686 |
|  Galp Energia SGPS SA | 4559 |  | 78384 |
|  Idemitsu Kosan Co. Ltd. | 8447 |  | 63795 |
|  Inpex Corp. | 9593 |  | 191505 |
|  Kinder Morgan, Inc. | 15847 |  | 435634 |
|  Marathon Petroleum Corp. | 2433 |  | 395679 |
|  Neste OYJ | 4623 |  | 105454 |
|  Occidental Petroleum Corp. | 5821 |  | 239360 |
|  OMV AG | 1609 |  | 89855 |
|  ONEOK, Inc. | 5093 |  | 374335 |
|  Phillips 66 | 3261 |  | 420799 |
|  Repsol SA | 12333 |  | 230813 |
|  Santos Ltd. | 35489 |  | 146128 |
|  Shell plc | 63291 |  | 2337579 |
|  Targa Resources Corp. | 1737 |  | 320476 |
|  Texas Pacific Land Corp. | 468 |  | 134419 |
|  TotalEnergies SE (Paris Stock Exchange) | 21702 |  | 1417778 |
|  Valero Energy Corp. | 2469 |  | 401928 |
|  Williams Cos., Inc. (The) | 9885 |  | 594187 |
|  Woodside Energy Group Ltd. | 20780 |  | 327135 |
|  |  |  | 19194463 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 20294340 |
|  **Financials (11.6%)** | **Financials (11.6%)** | **Financials (11.6%)** | **Financials (11.6%)** |
|  ***Banks (4.9%)*** | ***Banks (4.9%)*** | ***Banks (4.9%)*** | ***Banks (4.9%)*** |
|  ABN AMRO Bank NV (CVA)(m) | 6373 |  | 223114 |
|  AIB Group plc | 23355 |  | 252511 |
|  ANZ Group Holdings Ltd. | 32604 |  | 790696 |
|  Banca Monte dei Paschi di Siena SpA | 21587 |  | 231619 |
|  Banco Bilbao Vizcaya Argentaria SA | 62980 |  | 1483983 |
|  Banco BPM SpA | 12420 |  | 190040 |
|  Banco Comercial Portugues SA, Class R | 82573 |  | 86967 |
|  Banco de Sabadell SA | 54907 |  | 217132 |
|  Banco Santander SA | 162657 |  | 1924926 |
|  Bank Hapoalim BM | 13669 |  | 309259 |
|  Bank Leumi Le-Israel BM | 16036 |  | 353496 |
|  Bank of America Corp. | 54378 |  | 2990790 |
|  Bank of Ireland Group plc | 10428 |  | 200675 |
|  Bankinter SA(x) | 7366 |  | 122533 |
|  Banque Cantonale Vaudoise (Registered)(x) | 329 |  | 41701 |
|  Barclays plc | 152585 |  | 978919 |
|  BNP Paribas SA | 10984 |  | 1042869 |
|  BOC Hong Kong Holdings Ltd. | 40438 |  | 204822 |
|  BPER Banca SpA | 16101 |  | 219494 |
|  CaixaBank SA | 42596 |  | 522864 |
|  Chiba Bank Ltd. (The) | 6184 |  | 69009 |
|  Citigroup, Inc. | 14483 |  | 1690021 |
|  Citizens Financial Group, Inc. | 3476 |  | 203033 |
|  Commerzbank AG | 8010 |  | 339822 |
|  Commonwealth Bank of Australia | 18286 |  | 1959462 |
|  Credit Agricole SA | 11663 |  | 240547 |
|  Danske Bank A/S | 7302 |  | 366039 |
|  DBS Group Holdings Ltd. | 23234 |  | 1018724 |
|  DNB Bank ASA | 9690 |  | 270609 |
|  Erste Group Bank AG | 3365 |  | 406923 |
|  Fifth Third Bancorp | 5350 |  | 250433 |
|  FinecoBank Banca Fineco SpA | 6683 |  | 174356 |
|  Hang Seng Bank Ltd. | 8224 |  | 162204 |
|  HSBC Holdings plc | 188098 |  | 2976131 |
|  Huntington Bancshares, Inc. | 12725 |  | 220779 |
|  ING Groep NV | 33019 |  | 931682 |
|  Intesa Sanpaolo SpA | 155653 |  | 1083089 |
|  Israel Discount Bank Ltd., Class A | 13366 |  | 141947 |
|  Japan Post Bank Co. Ltd. | 19477 |  | 274672 |
|  JPMorgan Chase & Co. | 22034 |  | 7099795 |
|  KBC Group NV | 2510 |  | 328160 |
|  KeyCorp | 7519 |  | 155192 |
|  Lloyds Banking Group plc | 646944 |  | 856700 |
|  M&T Bank Corp. | 1244 |  | 250641 |
|  Mitsubishi UFJ Financial Group, Inc. | 124982 |  | 1989148 |
|  Mizrahi Tefahot Bank Ltd. | 1683 |  | 117536 |
|  Mizuho Financial Group, Inc. | 27409 |  | 997391 |
|  National Australia Bank Ltd. | 33473 |  | 945130 |
|  NatWest Group plc | 87831 |  | 771678 |
|  Nordea Bank Abp | 33946 |  | 641684 |
|  Oversea-Chinese Banking Corp. Ltd. | 37088 |  | 570141 |
|  PNC Financial Services Group, Inc. (The) | 3174 |  | 662509 |
|  Raiffeisen Bank International AG | 1438 |  | 64725 |
|  Regions Financial Corp. | 7097 |  | 192329 |
|  Resona Holdings, Inc. | 22685 |  | 216220 |
|  Skandinaviska Enskilda Banken AB, Class A | 16548 |  | 350678 |
|  Societe Generale SA | 7724 |  | 623788 |
|  Standard Chartered plc | 21271 |  | 522408 |
|  Sumitomo Mitsui Financial Group, Inc. | 40234 |  | 1294814 |
|  Sumitomo Mitsui Trust Group, Inc. | 7019 |  | 214056 |
|  Svenska Handelsbanken AB, Class A | 15942 |  | 232641 |
|  Swedbank AB, Class A | 9280 |  | 323664 |
|  Truist Financial Corp. | 10354 |  | 509520 |
|  UniCredit SpA | 15321 |  | 1276932 |
|  United Overseas Bank Ltd. | 13475 |  | 367538 |
|  US Bancorp | 12582 |  | 671376 |
|  Wells Fargo & Co. | 25408 |  | 2368026 |
|  Westpac Banking Corp. | 37377 |  | 962821 |
|  Yokohama Financial Group, Inc. | 11199 |  | 92479 |
|  |  |  | 50837612 |
|  ***Capital Markets (2.3%)*** | ***Capital Markets (2.3%)*** | ***Capital Markets (2.3%)*** | ***Capital Markets (2.3%)*** |
|  3i Group plc | 10857 |  | 477530 |
|  Ameriprise Financial, Inc. | 752 |  | 368736 |
|  Amundi SA(m) | 673 |  | 55838 |
|  Ares Management Corp., Class A | 1667 |  | 269437 |
|  ASX Ltd.(x) | 2123 |  | 72879 |
|  Bank of New York Mellon Corp. (The) | 5644 |  | 655212 |
|  BlackRock, Inc. | 1168 |  | 1250157 |
|  Blackstone, Inc. | 5977 |  | 921295 |
|  Cboe Global Markets, Inc. | 847 |  | 212597 |
|  Charles Schwab Corp. (The) | 13520 |  | 1350783 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  CME Group, Inc. | 2919 | $| 797121 |
|  Coinbase Global, Inc., Class A\* | 1847 |  | 417681 |
|  CVC Capital Partners plc(m)(x) | 2323 |  | 39039 |
|  Daiwa Securities Group, Inc. | 14516 |  | 127006 |
|  Deutsche Bank AG (Registered) | 20231 |  | 787206 |
|  Deutsche Boerse AG | 2058 |  | 541032 |
|  EQT AB(x) | 5397 |  | 213265 |
|  Euronext NV(m) | 832 |  | 125154 |
|  FactSet Research Systems, Inc. | 303 |  | 87928 |
|  Franklin Resources, Inc. | 2488 |  | 59438 |
|  Futu Holdings Ltd. (ADR)\* | 597 |  | 98033 |
|  Goldman Sachs Group, Inc. (The) | 2428 |  | 2134212 |
|  Hong Kong Exchanges & Clearing Ltd. | 13136 |  | 687966 |
|  Interactive Brokers Group, Inc., Class A | 3605 |  | 231838 |
|  Intercontinental Exchange, Inc. | 4615 |  | 747445 |
|  Invesco Ltd. | 3603 |  | 94651 |
|  Japan Exchange Group, Inc. | 10776 |  | 115300 |
|  Julius Baer Group Ltd.(x) | 2251 |  | 177329 |
|  KKR & Co., Inc. | 5555 |  | 708151 |
|  London Stock Exchange Group plc | 5107 |  | 616254 |
|  Macquarie Group Ltd. | 3958 |  | 536727 |
|  Moody's Corp. | 1242 |  | 634476 |
|  Morgan Stanley | 9777 |  | 1735711 |
|  MSCI, Inc. | 608 |  | 348828 |
|  Nasdaq, Inc. | 3651 |  | 354622 |
|  Nomura Holdings, Inc. | 32730 |  | 271845 |
|  Northern Trust Corp. | 1531 |  | 209119 |
|  Partners Group Holding AG | 248 |  | 307581 |
|  Raymond James Financial, Inc. | 1427 |  | 229162 |
|  Robinhood Markets, Inc., Class A\* | 6365 |  | 719882 |
|  S&P Global, Inc. | 2509 |  | 1311178 |
|  SBI Holdings, Inc. | 6206 |  | 133716 |
|  Schroders plc | 7920 |  | 43450 |
|  Singapore Exchange Ltd. | 9136 |  | 120543 |
|  State Street Corp. | 2261 |  | 291692 |
| T. Rowe Price Group, Inc. | 1766 |  | 180803 |
|  UBS Group AG (Registered) | 34690 |  | 1618662 |
|  |  |  | 23488510 |
|  ***Consumer Finance (0.3%)*** | ***Consumer Finance (0.3%)*** | ***Consumer Finance (0.3%)*** | ***Consumer Finance (0.3%)*** |
|  American Express Co. | 4349 |  | 1608912 |
|  Capital One Financial Corp. | 5146 |  | 1247185 |
|  Synchrony Financial | 2915 |  | 243198 |
|  |  |  | 3099295 |
|  ***Financial Services (2.0%)*** | ***Financial Services (2.0%)*** | ***Financial Services (2.0%)*** | ***Financial Services (2.0%)*** |
|  Adyen NV(m)\* | 276 |  | 445988 |
|  Apollo Global Management, Inc. | 3758 |  | 544008 |
|  Banca Mediolanum SpA | 2443 |  | 55899 |
|  Berkshire Hathaway, Inc., Class B\* | 14842 |  | 7460331 |
|  Block, Inc., Class A\* | 4433 |  | 288544 |
|  Corpay, Inc.\* | 566 |  | 170326 |
|  Edenred SE | 2621 |  | 58247 |
|  EXOR NV | 1022 |  | 87016 |
|  Fidelity National Information Services, Inc. | 4192 |  | 278600 |
|  Fiserv, Inc.\* | 4353 |  | 292391 |
|  Global Payments, Inc. | 1916 |  | 148299 |
|  Groupe Bruxelles Lambert NV | 873 |  | 77921 |
|  Industrivarden AB, Class A | 1294 |  | 58386 |
|  Industrivarden AB, Class C | 1706 |  | 76901 |
|  Infratil Ltd. | 10169 |  | 64871 |
|  Investor AB, Class B | 19915 |  | 714703 |
|  Jack Henry & Associates, Inc. | 586 |  | 106933 |
|  L E Lundbergforetagen AB, Class B(x) | 830 |  | 46114 |
|  M&G plc | 24964 |  | 96374 |
|  Mastercard, Inc., Class A | 6637 |  | 3788931 |
|  Mitsubishi HC Capital, Inc. | 9580 |  | 80180 |
|  Nexi SpA(m)(x) | 5765 |  | 28597 |
|  ORIX Corp. | 12701 |  | 369257 |
|  PayPal Holdings, Inc. | 7573 |  | 442112 |
|  Poste Italiane SpA(m)(x) | 4995 |  | 126090 |
|  Sofina SA | 180 |  | 52249 |
|  Sony Financial Group, Inc.(x)\* | 67042 |  | 71048 |
|  Visa, Inc., Class A | 13660 |  | 4790699 |
|  Washington H Soul Pattinson & Co. Ltd. | 3736 |  | 92598 |
|  Wise plc, Class A\* | 7280 |  | 87435 |
|  |  |  | 21001048 |
|  ***Insurance (2.1%)*** | ***Insurance (2.1%)*** | ***Insurance (2.1%)*** | ***Insurance (2.1%)*** |
|  Admiral Group plc | 2845 |  | 121797 |
|  Aegon Ltd. | 14448 |  | 112743 |
|  Aflac, Inc. | 3818 |  | 421011 |
|  Ageas SA/NV | 1630 |  | 114551 |
|  AIA Group Ltd. | 114824 |  | 1178825 |
|  Allianz SE (Registered) | 4220 |  | 1936624 |
|  Allstate Corp. (The) | 2118 |  | 440862 |
|  American International Group, Inc. | 4367 |  | 373597 |
|  Aon plc, Class A | 1740 |  | 614011 |
|  Arch Capital Group Ltd.\* | 2923 |  | 280374 |
|  Arthur J Gallagher & Co. | 2079 |  | 538024 |
|  ASR Nederland NV | 1714 |  | 122106 |
|  Assurant, Inc. | 405 |  | 97544 |
|  Aviva plc | 33414 |  | 308257 |
|  AXA SA | 18956 |  | 912470 |
|  Brown & Brown, Inc. | 2377 |  | 189447 |
|  Chubb Ltd. | 2962 |  | 924500 |
|  Cincinnati Financial Corp. | 1256 |  | 205130 |
|  Dai-ichi Life Holdings, Inc. | 38285 |  | 318594 |
|  Erie Indemnity Co., Class A | 206 |  | 59050 |
|  Everest Group Ltd. | 340 |  | 115379 |
|  Generali(x) | 9317 |  | 391439 |
|  Gjensidige Forsikring ASA | 2185 |  | 65463 |
|  Globe Life, Inc. | 644 |  | 90070 |
|  Hannover Rueck SE | 659 |  | 206160 |
|  Hartford Insurance Group, Inc. (The) | 2255 |  | 310739 |
|  Helvetia Baloise Holding AG | 861 |  | 227397 |
|  Insurance Australia Group Ltd. | 25845 |  | 137636 |
|  Japan Post Holdings Co. Ltd. | 19402 |  | 204437 |
|  Japan Post Insurance Co. Ltd. | 2041 |  | 61397 |
|  Legal & General Group plc | 62269 |  | 219827 |
|  Loews Corp. | 1372 |  | 144485 |
|  Mapfre SA | 10095 |  | 50800 |
|  Marsh & McLennan Cos., Inc. | 3965 |  | 735587 |
|  Medibank Pvt. Ltd. | 30092 |  | 96192 |
|  MetLife, Inc. | 4480 |  | 353651 |
|  MS&AD Insurance Group Holdings, Inc. | 14011 |  | 329434 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 1428 |  | 943476 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  NN Group NV | 2940 | $| 227138 |
|  Phoenix Financial Ltd. | 2500 |  | 103468 |
|  Phoenix Group Holdings plc | 7678 |  | 76276 |
|  Principal Financial Group, Inc. | 1618 |  | 142724 |
|  Progressive Corp. (The) | 4746 |  | 1080759 |
|  Prudential Financial, Inc. | 2833 |  | 319789 |
|  Prudential plc | 28009 |  | 432103 |
|  QBE Insurance Group Ltd. | 16507 |  | 219107 |
|  Sampo OYJ, Class A | 26465 |  | 321280 |
|  Sompo Holdings, Inc. | 9700 |  | 330434 |
|  Suncorp Group Ltd. | 11833 |  | 139378 |
|  Swiss Life Holding AG (Registered)(x) | 312 |  | 361118 |
|  Swiss Re AG | 3266 |  | 547769 |
|  T&D Holdings, Inc. | 5317 |  | 122708 |
|  Talanx AG | 705 |  | 94285 |
|  Tokio Marine Holdings, Inc. | 20072 |  | 745396 |
|  Travelers Cos., Inc. (The) | 1805 |  | 523558 |
|  Tryg A/S | 3674 |  | 96248 |
|  Unipol Assicurazioni SpA | 3920 |  | 94762 |
|  W.R. Berkley Corp. | 2430 |  | 170392 |
|  Willis Towers Watson plc | 775 |  | 254665 |
|  Zurich Insurance Group AG | 1599 |  | 1214844 |
|  |  |  | 21571287 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 119997752 |
|  **Health Care (6.9%)** | **Health Care (6.9%)** | **Health Care (6.9%)** | **Health Care (6.9%)** |
|  ***Biotechnology (0.9%)*** | ***Biotechnology (0.9%)*** | ***Biotechnology (0.9%)*** | ***Biotechnology (0.9%)*** |
|  AbbVie, Inc. | 14305 |  | 3268549 |
|  Amgen, Inc. | 4359 |  | 1426744 |
|  Argenx SE\* | 673 |  | 566924 |
|  Biogen, Inc.\* | 1187 |  | 208900 |
|  CSL Ltd. | 5303 |  | 611001 |
|  Genmab A/S\* | 667 |  | 212726 |
|  Gilead Sciences, Inc. | 10042 |  | 1232555 |
|  Grifols SA(x) | 3259 |  | 40981 |
|  Incyte Corp.\* | 1335 |  | 131858 |
|  Moderna, Inc.\* | 2814 |  | 82985 |
|  Regeneron Pharmaceuticals, Inc. | 816 |  | 629846 |
|  Swedish Orphan Biovitrum AB\* | 2148 |  | 77647 |
|  Vertex Pharmaceuticals, Inc.\* | 2054 |  | 931201 |
|  |  |  | 9421917 |
|  ***Health Care Equipment & Supplies (1.3%)*** | ***Health Care Equipment & Supplies (1.3%)*** | ***Health Care Equipment & Supplies (1.3%)*** | ***Health Care Equipment & Supplies (1.3%)*** |
|  Abbott Laboratories | 14075 |  | 1763457 |
|  Alcon AG | 5462 |  | 436353 |
|  Align Technology, Inc.\* | 540 |  | 84321 |
|  Baxter International, Inc. | 4161 |  | 79517 |
|  Becton Dickinson & Co. | 2320 |  | 450242 |
|  BioMerieux | 453 |  | 58720 |
|  Boston Scientific Corp.\* | 11999 |  | 1144105 |
|  Cochlear Ltd. | 715 |  | 124375 |
|  Coloplast A/S, Class B | 1378 |  | 118468 |
|  Cooper Cos., Inc. (The)\* | 1609 |  | 131874 |
|  Demant A/S\* | 1051 |  | 35586 |
|  Dexcom, Inc.\* | 3157 |  | 209530 |
|  Edwards Lifesciences Corp.\* | 4697 |  | 400419 |
|  EssilorLuxottica SA | 3290 |  | 1043544 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 6417 |  | 139471 |
|  GE HealthCare Technologies, Inc. | 3687 |  | 302408 |
|  Hologic, Inc.\* | 1801 |  | 134156 |
|  Hoya Corp. | 3712 |  | 561279 |
|  IDEXX Laboratories, Inc.\* | 646 |  | 437038 |
|  Insulet Corp.\* | 569 |  | 161733 |
|  Intuitive Surgical, Inc.\* | 2869 |  | 1624887 |
|  Koninklijke Philips NV | 8420 |  | 229964 |
|  Medtronic plc | 10382 |  | 997295 |
|  Olympus Corp.(x) | 12423 |  | 157389 |
|  ResMed, Inc. | 1181 |  | 284467 |
|  Siemens Healthineers AG(m) | 3698 |  | 195217 |
|  Smith & Nephew plc | 8809 |  | 147061 |
|  Solventum Corp.\* | 1193 |  | 94533 |
|  Sonova Holding AG (Registered) | 554 |  | 144847 |
|  STERIS plc | 794 |  | 201295 |
|  Straumann Holding AG (Registered)(x) | 1220 |  | 143948 |
|  Stryker Corp. | 2786 |  | 979195 |
|  Sysmex Corp. | 5466 |  | 53826 |
|  Terumo Corp. | 14501 |  | 210146 |
|  Zimmer Biomet Holdings, Inc. | 1604 |  | 144232 |
|  |  |  | 13424898 |
|  ***Health Care Providers & Services (0.8%)*** | ***Health Care Providers & Services (0.8%)*** | ***Health Care Providers & Services (0.8%)*** | ***Health Care Providers & Services (0.8%)*** |
|  Cardinal Health, Inc. | 1923 |  | 395177 |
|  Cencora, Inc. | 1569 |  | 529930 |
|  Centene Corp.\* | 3779 |  | 155506 |
|  Cigna Group (The) | 2162 |  | 595047 |
|  CVS Health Corp. | 10275 |  | 815424 |
|  DaVita, Inc.\* | 286 |  | 32492 |
|  Elevance Health, Inc. | 1799 |  | 630639 |
|  Fresenius Medical Care AG | 2404 |  | 115154 |
|  Fresenius SE & Co. KGaA | 4617 |  | 265761 |
|  HCA Healthcare, Inc. | 1293 |  | 603650 |
|  Henry Schein, Inc.\* | 810 |  | 61220 |
|  Humana, Inc. | 973 |  | 249214 |
|  Labcorp Holdings, Inc. | 671 |  | 168340 |
|  McKesson Corp. | 999 |  | 819470 |
|  Molina Healthcare, Inc.\* | 416 |  | 72193 |
|  NMC Health plc(r)\* | 907 |  |  |
|  Quest Diagnostics, Inc. | 900 |  | 156177 |
|  Sigma Healthcare Ltd. | 56760 |  | 111364 |
|  Sonic Healthcare Ltd. | 5130 |  | 77405 |
|  UnitedHealth Group, Inc. | 7332 |  | 2420367 |
|  Universal Health Services, Inc., Class B | 447 |  | 97455 |
|  |  |  | 8371985 |
|  ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** |
|  M3, Inc.(x) | 4804 |  | 64834 |
|  Pro Medicus Ltd. | 628 |  | 92566 |
|  |  |  | 157400 |
|  ***Life Sciences Tools & Services (0.5%)*** | ***Life Sciences Tools & Services (0.5%)*** | ***Life Sciences Tools & Services (0.5%)*** | ***Life Sciences Tools & Services (0.5%)*** |
|  Agilent Technologies, Inc. | 2295 |  | 312281 |
|  Bio-Techne Corp. | 1261 |  | 74159 |
|  Charles River Laboratories International, Inc.\* | 398 |  | 79393 |
|  Danaher Corp. | 5088 |  | 1164745 |
|  Eurofins Scientific SE(x) | 1294 |  | 94892 |
|  IQVIA Holdings, Inc.\* | 1378 |  | 310615 |
|  Lonza Group AG (Registered) | 768 |  | 521437 |
|  Mettler-Toledo International, Inc.\* | 165 |  | 230041 |
|  QIAGEN NV | 2366 |  | 108037 |
|  Revvity, Inc. | 918 |  | 88817 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Sartorius AG (Preference)(q) | 286 | $| 83086 |
|  Sartorius Stedim Biotech | 319 |  | 78727 |
|  Thermo Fisher Scientific, Inc. | 3041 |  | 1762107 |
|  Waters Corp.\* | 482 |  | 183078 |
|  West Pharmaceutical Services, Inc. | 582 |  | 160132 |
|  |  |  | 5251547 |
|  ***Pharmaceuticals (3.3%)*** | ***Pharmaceuticals (3.3%)*** | ***Pharmaceuticals (3.3%)*** | ***Pharmaceuticals (3.3%)*** |
|  Astellas Pharma, Inc. | 19686 |  | 263041 |
|  AstraZeneca plc | 16944 |  | 3149590 |
|  Bayer AG (Registered) | 10738 |  | 467040 |
|  Bristol-Myers Squibb Co. | 16478 |  | 888823 |
|  Chugai Pharmaceutical Co. Ltd. | 7357 |  | 387154 |
|  Daiichi Sankyo Co. Ltd. | 18575 |  | 397019 |
|  Eisai Co. Ltd. | 2897 |  | 86185 |
|  Eli Lilly & Co. | 6428 |  | 6908043 |
|  Financiere de Tubize SA | 219 |  | 53790 |
|  Galderma Group AG | 1690 |  | 345851 |
|  GSK plc | 44421 |  | 1092461 |
|  Haleon plc | 97350 |  | 491823 |
|  Hikma Pharmaceuticals plc | 1818 |  | 37984 |
|  Ipsen SA | 412 |  | 57618 |
|  Johnson & Johnson | 19501 |  | 4035732 |
|  Kyowa Kirin Co. Ltd. | 2620 |  | 42267 |
|  Merck & Co., Inc. | 20090 |  | 2114673 |
|  Merck KGaA | 1413 |  | 203584 |
|  Novartis AG (Registered) | 20773 |  | 2874285 |
|  Novo Nordisk A/S, Class B | 35193 |  | 1801000 |
|  Orion OYJ, Class B | 1194 |  | 89313 |
|  Otsuka Holdings Co. Ltd. | 4706 |  | 266575 |
|  Pfizer, Inc. | 46021 |  | 1145923 |
|  Recordati Industria Chimica e Farmaceutica SpA | 1257 |  | 71705 |
|  Roche Holding AG (BMV Mexico Stock Exchange) | 7677 |  | 3180901 |
|  Roche Holding AG (OTC US Exchange) | 350 |  | 148113 |
|  Sandoz Group AG(x) | 4569 |  | 333633 |
|  Sanofi SA | 12073 |  | 1173647 |
|  Shionogi & Co. Ltd. | 8259 |  | 149794 |
|  Takeda Pharmaceutical Co. Ltd. | 17355 |  | 535696 |
|  Teva Pharmaceutical Industries Ltd. (ADR)\* | 12536 |  | 391249 |
|  UCB SA | 1382 |  | 387517 |
|  Viatris, Inc. | 9322 |  | 116059 |
|  Zoetis, Inc. | 3567 |  | 448800 |
|  |  |  | 34136888 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 70764635 |
|  **Industrials (7.9%)** | **Industrials (7.9%)** | **Industrials (7.9%)** | **Industrials (7.9%)** |
|  ***Aerospace & Defense (1.7%)*** | ***Aerospace & Defense (1.7%)*** | ***Aerospace & Defense (1.7%)*** | ***Aerospace & Defense (1.7%)*** |
|  Airbus SE | 6493 |  | 1513906 |
|  Axon Enterprise, Inc.\* | 639 |  | 362907 |
|  BAE Systems plc | 32838 |  | 758685 |
|  Boeing Co. (The)\* | 6338 |  | 1376107 |
|  Dassault Aviation SA | 214 |  | 68859 |
|  Elbit Systems Ltd. | 304 |  | 175266 |
|  GE Aerospace | 8538 |  | 2629960 |
|  General Dynamics Corp. | 2052 |  | 690826 |
|  Hensoldt AG(x) | 694 |  | 59864 |
|  Howmet Aerospace, Inc. | 3254 |  | 667135 |
|  Huntington Ingalls Industries, Inc. | 318 |  | 108142 |
|  Kongsberg Gruppen ASA | 4806 |  | 123297 |
|  L3Harris Technologies, Inc. | 1514 |  | 444465 |
|  Leonardo SpA | 4423 |  | 255529 |
|  Lockheed Martin Corp. | 1648 |  | 797088 |
|  Melrose Industries plc | 13788 |  | 109357 |
|  MTU Aero Engines AG | 588 |  | 245518 |
|  Northrop Grumman Corp. | 1086 |  | 619248 |
|  Rheinmetall AG | 503 |  | 922747 |
|  Rolls-Royce Holdings plc | 91972 |  | 1425697 |
|  RTX Corp. | 10852 |  | 1990257 |
|  Saab AB, Class B | 3501 |  | 204436 |
|  Safran SA | 3935 |  | 1375300 |
|  Singapore Technologies Engineering Ltd. | 16639 |  | 108994 |
|  Textron, Inc. | 1426 |  | 124304 |
|  Thales SA | 1013 |  | 273572 |
|  TransDigm Group, Inc. | 456 |  | 606412 |
|  |  |  | 18037878 |
|  ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** |
|  CH Robinson Worldwide, Inc. | 956 |  | 153687 |
|  Deutsche Post AG | 10493 |  | 576245 |
|  DSV A/S | 2234 |  | 567670 |
|  Expeditors International of Washington, Inc. | 1085 |  | 161676 |
|  FedEx Corp. | 1757 |  | 507527 |
|  InPost SA(x)\* | 2732 |  | 33615 |
|  SG Holdings Co. Ltd.(x) | 3112 |  | 28480 |
|  United Parcel Service, Inc., Class B | 5981 |  | 593255 |
|  |  |  | 2622155 |
|  ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** |
|  A.O. Smith Corp. | 918 |  | 61396 |
|  AGC, Inc. | 2085 |  | 69123 |
|  Allegion plc | 696 |  | 110817 |
|  Assa Abloy AB, Class B | 10955 |  | 427062 |
|  Belimo Holding AG (Registered) | 108 |  | 106487 |
|  Builders FirstSource, Inc.\* | 895 |  | 92087 |
|  Carrier Global Corp. | 6408 |  | 338599 |
|  Cie de Saint-Gobain SA | 4909 |  | 501677 |
|  Daikin Industries Ltd. | 2911 |  | 373167 |
|  Geberit AG (Registered)(x) | 371 |  | 290205 |
|  Johnson Controls International plc | 4930 |  | 590367 |
|  Kingspan Group plc | 1679 |  | 146310 |
|  Lennox International, Inc. | 258 |  | 125280 |
|  Masco Corp. | 1681 |  | 106676 |
|  Nibe Industrier AB, Class B | 16559 |  | 64067 |
|  ROCKWOOL A/S, Class B | 1056 |  | 37450 |
|  Trane Technologies plc | 1795 |  | 698614 |
|  |  |  | 4139384 |
|  ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** |
|  Brambles Ltd. | 14892 |  | 228181 |
|  Cintas Corp. | 2765 |  | 520014 |
|  Copart, Inc.\* | 7207 |  | 282154 |
|  Dai Nippon Printing Co. Ltd. | 4336 |  | 74573 |
|  Rentokil Initial plc | 27602 |  | 166497 |
|  Republic Services, Inc. | 1629 |  | 345234 |
|  Rollins, Inc. | 2376 |  | 142608 |
|  Secom Co. Ltd. | 4575 |  | 162771 |
|  Securitas AB, Class B | 5374 |  | 85923 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  TOPPAN Holdings, Inc. | 2547 | $| 75789 |
|  Veralto Corp. | 2010 |  | 200558 |
|  Waste Management, Inc. | 3000 |  | 659130 |
|  |  |  | 2943432 |
|  ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** |
|  ACS Actividades de Construccion y Servicios SA | 1930 |  | 192451 |
|  Bouygues SA | 2096 |  | 109244 |
|  Comfort Systems USA, Inc. | 285 |  | 265988 |
|  Eiffage SA | 750 |  | 107883 |
|  EMCOR Group, Inc. | 362 |  | 221468 |
|  Ferrovial SE | 5614 |  | 365110 |
|  HOCHTIEF AG(x) | 170 |  | 67327 |
|  Kajima Corp. | 4625 |  | 172286 |
|  Obayashi Corp. | 7120 |  | 148591 |
|  Quanta Services, Inc. | 1207 |  | 509426 |
|  Skanska AB, Class B | 3719 |  | 101918 |
|  Taisei Corp. | 1656 |  | 156836 |
|  Vinci SA | 5452 |  | 769183 |
|  |  |  | 3187711 |
|  ***Electrical Equipment (1.0%)*** | ***Electrical Equipment (1.0%)*** | ***Electrical Equipment (1.0%)*** | ***Electrical Equipment (1.0%)*** |
|  ABB Ltd. (Registered) | 17129 |  | 1280620 |
|  AMETEK, Inc. | 1863 |  | 382493 |
|  Eaton Corp. plc | 3144 |  | 1001395 |
|  Emerson Electric Co. | 4547 |  | 603478 |
|  Fuji Electric Co. Ltd. | 1432 |  | 108332 |
|  Fujikura Ltd. | 2780 |  | 309520 |
|  GE Vernova, Inc. | 2196 |  | 1435240 |
|  Generac Holdings, Inc.\* | 475 |  | 64776 |
|  Hubbell, Inc., Class B | 430 |  | 190967 |
|  Legrand SA | 2866 |  | 428594 |
|  Mitsubishi Electric Corp. | 20769 |  | 607928 |
|  Nidec Corp. | 9096 |  | 123804 |
|  Prysmian SpA | 3077 |  | 312358 |
|  Rockwell Automation, Inc. | 909 |  | 353665 |
|  Schneider Electric SE | 5991 |  | 1653842 |
|  Siemens Energy AG\* | 8469 |  | 1198313 |
|  Vestas Wind Systems A/S | 11038 |  | 301148 |
|  |  |  | 10356473 |
|  ***Ground Transportation (0.5%)*** | ***Ground Transportation (0.5%)*** | ***Ground Transportation (0.5%)*** | ***Ground Transportation (0.5%)*** |
|  Central Japan Railway Co. | 8433 |  | 233490 |
|  CSX Corp. | 15072 |  | 546360 |
|  East Japan Railway Co.(x) | 10472 |  | 276241 |
|  Grab Holdings Ltd., Class A\* | 25916 |  | 129321 |
|  Hankyu Hanshin Holdings, Inc. | 2626 |  | 66103 |
|  JB Hunt Transport Services, Inc. | 609 |  | 118353 |
|  MTR Corp. Ltd. | 17085 |  | 65419 |
|  Norfolk Southern Corp. | 1816 |  | 524316 |
|  Old Dominion Freight Line, Inc. | 1489 |  | 233475 |
|  Seibu Holdings, Inc. | 2300 |  | 63197 |
|  Tokyo Metro Co. Ltd.(x) | 3196 |  | 32533 |
|  Tokyu Corp. | 5460 |  | 63788 |
|  Uber Technologies, Inc.\* | 16818 |  | 1374199 |
|  Union Pacific Corp. | 4801 |  | 1110567 |
|  West Japan Railway Co.(x) | 4668 |  | 93157 |
|  |  |  | 4930519 |
|  ***Industrial Conglomerates (0.6%)*** | ***Industrial Conglomerates (0.6%)*** | ***Industrial Conglomerates (0.6%)*** | ***Industrial Conglomerates (0.6%)*** |
|  3M Co. | 4300 |  | 688430 |
|  CK Hutchison Holdings Ltd. | 29073 |  | 197800 |
|  DCC plc(x) | 1059 |  | 66092 |
|  Hikari Tsushin, Inc. | 188 |  | 52509 |
|  Hitachi Ltd. | 50014 |  | 1565172 |
|  Honeywell International, Inc. | 5139 |  | 1002567 |
|  Investment AB Latour, Class B | 1618 |  | 39613 |
|  Jardine Matheson Holdings Ltd. (London Stock Exchange) | 1609 |  | 105840 |
|  Jardine Matheson Holdings Ltd. (Singapore Stock Exchange) | 200 |  | 13678 |
|  Keppel Ltd. | 15522 |  | 124983 |
|  Lifco AB, Class B | 2547 |  | 97382 |
|  Sekisui Chemical Co. Ltd. | 4126 |  | 69408 |
|  Siemens AG (Registered) | 8304 |  | 2333831 |
|  Smiths Group plc | 3566 |  | 113056 |
|  Swire Pacific Ltd., Class A | 3792 |  | 30550 |
|  |  |  | 6500911 |
|  ***Machinery (1.4%)*** | ***Machinery (1.4%)*** | ***Machinery (1.4%)*** | ***Machinery (1.4%)*** |
|  Alfa Laval AB | 3162 |  | 159946 |
|  Alstom SA\* | 3786 |  | 111989 |
|  Atlas Copco AB, Class A | 29284 |  | 528171 |
|  Atlas Copco AB, Class B | 17015 |  | 275375 |
|  Caterpillar, Inc. | 3788 |  | 2170032 |
|  Cummins, Inc. | 1117 |  | 570173 |
|  Daifuku Co. Ltd. | 3540 |  | 111371 |
|  Daimler Truck Holding AG(x) | 5193 |  | 227757 |
|  Deere & Co. | 2035 |  | 947435 |
|  Dover Corp. | 1110 |  | 216716 |
|  Ebara Corp. | 5100 |  | 119946 |
|  Epiroc AB, Class A | 7201 |  | 164176 |
|  Epiroc AB, Class B | 4261 |  | 86410 |
|  FANUC Corp.(x) | 10178 |  | 395320 |
|  Fortive Corp. | 2571 |  | 141945 |
|  GEA Group AG | 1601 |  | 108750 |
|  IDEX Corp. | 606 |  | 107832 |
|  IHI Corp. | 11200 |  | 196951 |
|  Illinois Tool Works, Inc. | 2137 |  | 526343 |
|  Indutrade AB | 2986 |  | 77970 |
|  Ingersoll Rand, Inc. | 2910 |  | 230530 |
|  Kawasaki Heavy Industries Ltd. | 1600 |  | 106027 |
|  Knorr-Bremse AG | 793 |  | 88673 |
|  Komatsu Ltd. | 10328 |  | 329673 |
|  Kone OYJ, Class B | 3715 |  | 264397 |
|  Kubota Corp. | 10625 |  | 150347 |
|  Makita Corp. | 2436 |  | 73668 |
|  Metso OYJ | 7246 |  | 127562 |
|  Minebea Mitsumi, Inc. | 3968 |  | 79568 |
|  Mitsubishi Heavy Industries Ltd. | 34957 |  | 856964 |
|  Nordson Corp. | 432 |  | 103866 |
|  Otis Worldwide Corp. | 3154 |  | 275502 |
|  PACCAR, Inc. | 4305 |  | 471440 |
|  Parker-Hannifin Corp. | 1021 |  | 897418 |
|  Pentair plc | 1325 |  | 137985 |
|  Rational AG | 56 |  | 43534 |
|  Sandvik AB | 11654 |  | 380513 |
|  Schindler Holding AG | 445 |  | 168090 |
|  Schindler Holding AG (Registered) | 257 |  | 91334 |
|  SKF AB, Class B | 3727 |  | 99505 |
|  SMC Corp. | 610 |  | 212082 |
|  Snap-on, Inc. | 421 |  | 145077 |
|  Spirax Group plc | 804 |  | 73912 |
|  Stanley Black & Decker, Inc. | 1254 |  | 93147 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Techtronic Industries Co. Ltd. | 16146 | $| 186507 |
|  Toyota Industries Corp.(x) | 1736 |  | 197273 |
|  Trelleborg AB, Class B | 2216 |  | 94523 |
|  VAT Group AG(m) | 295 |  | 143720 |
|  Volvo AB, Class B | 17368 |  | 558213 |
|  Wartsila OYJ Abp | 5497 |  | 196386 |
|  Westinghouse Air Brake Technologies Corp. | 1384 |  | 295415 |
|  Xylem, Inc. | 1971 |  | 268411 |
|  Yangzijiang Shipbuilding Holdings Ltd. | 28530 |  | 77240 |
|  |  |  | 14763110 |
|  ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** |
|  AP Moller - Maersk A/S, Class A(x) | 32 |  | 73711 |
|  AP Moller - Maersk A/S, Class B(x) | 43 |  | 99049 |
|  Kawasaki Kisen Kaisha Ltd.(x) | 3857 |  | 53703 |
|  Kuehne + Nagel International AG (Registered) | 528 |  | 114152 |
|  Mitsui OSK Lines Ltd.(x) | 3770 |  | 113360 |
|  Nippon Yusen KK(x) | 4767 |  | 154538 |
|  SITC International Holdings Co. Ltd. | 14319 |  | 51258 |
|  |  |  | 659771 |
|  ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** |
|  ANA Holdings, Inc. | 1703 |  | 32388 |
|  Delta Air Lines, Inc. | 5250 |  | 364350 |
|  Deutsche Lufthansa AG (Registered) | 6557 |  | 64775 |
|  International Consolidated Airlines Group SA | 12914 |  | 72073 |
|  Japan Airlines Co. Ltd. | 1537 |  | 28505 |
|  Qantas Airways Ltd. | 8102 |  | 56123 |
|  Ryanair Holdings plc | 9222 |  | 320254 |
|  Singapore Airlines Ltd. | 16867 |  | 83981 |
|  Southwest Airlines Co. | 4186 |  | 173007 |
|  United Airlines Holdings, Inc.\* | 2620 |  | 292968 |
|  |  |  | 1488424 |
|  ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** |
|  Automatic Data Processing, Inc. | 3274 |  | 842171 |
|  Broadridge Financial Solutions, Inc. | 945 |  | 210896 |
|  Bureau Veritas SA | 3719 |  | 118792 |
|  Computershare Ltd. | 5688 |  | 129592 |
|  Dayforce, Inc.\* | 1295 |  | 89562 |
|  Equifax, Inc. | 991 |  | 215027 |
|  Experian plc | 10029 |  | 454630 |
|  Intertek Group plc | 1687 |  | 105195 |
|  Jacobs Solutions, Inc. | 968 |  | 128221 |
|  Leidos Holdings, Inc. | 1035 |  | 186714 |
|  Paychex, Inc. | 2622 |  | 294136 |
|  Paycom Software, Inc. | 396 |  | 63107 |
|  Randstad NV(x) | 1186 |  | 45117 |
|  Recruit Holdings Co. Ltd. | 14545 |  | 821499 |
|  RELX plc | 19945 |  | 811923 |
|  SGS SA (Registered)(x) | 1810 |  | 207621 |
|  Verisk Analytics, Inc. | 1128 |  | 252322 |
|  Wolters Kluwer NV | 2541 |  | 263799 |
|  |  |  | 5240324 |
|  ***Trading Companies & Distributors (0.6%)*** | ***Trading Companies & Distributors (0.6%)*** | ***Trading Companies & Distributors (0.6%)*** | ***Trading Companies & Distributors (0.6%)*** |
|  AddTech AB, Class B(x) | 2840 |  | 100996 |
|  AerCap Holdings NV | 1929 |  | 277313 |
|  Ashtead Group plc | 4608 |  | 315909 |
|  Beijer Ref AB, Class B(x) | 4469 |  | 72376 |
|  Brenntag SE(x) | 1341 |  | 78104 |
|  Bunzl plc | 3549 |  | 99313 |
|  Fastenal Co. | 9292 |  | 372888 |
|  IMCD NV(x) | 646 |  | 58715 |
|  ITOCHU Corp. | 64840 |  | 817537 |
|  Marubeni Corp.(x) | 15344 |  | 426407 |
|  Mitsubishi Corp. | 35038 |  | 802134 |
|  Mitsui & Co. Ltd. | 26898 |  | 797289 |
|  MonotaRO Co. Ltd. | 2771 |  | 44235 |
|  Rexel SA | 2451 |  | 96753 |
|  SGH Ltd. | 2224 |  | 68940 |
|  Sumitomo Corp. | 11916 |  | 411705 |
|  Toyota Tsusho Corp. | 7492 |  | 252252 |
|  United Rentals, Inc. | 515 |  | 416800 |
|  W.W. Grainger, Inc. | 354 |  | 357204 |
|  |  |  | 5866870 |
|  ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** |
|  Aena SME SA(m) | 8198 |  | 229489 |
|  Aeroports de Paris SA | 378 |  | 49487 |
|  Auckland International Airport Ltd. | 18520 |  | 88822 |
|  Getlink SE | 3305 |  | 61096 |
|  Transurban Group | 34039 |  | 322793 |
|  |  |  | 751687 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 81488649 |
|  **Information Technology (17.6%)** | **Information Technology (17.6%)** | **Information Technology (17.6%)** | **Information Technology (17.6%)** |
|  ***Communications Equipment (0.5%)*** | ***Communications Equipment (0.5%)*** | ***Communications Equipment (0.5%)*** | ***Communications Equipment (0.5%)*** |
|  Arista Networks, Inc.\* | 8358 |  | 1095149 |
|  Cisco Systems, Inc. | 31896 |  | 2456949 |
|  F5, Inc.\* | 467 |  | 119206 |
|  Motorola Solutions, Inc. | 1348 |  | 516715 |
|  Nokia OYJ | 57899 |  | 379135 |
|  Telefonaktiebolaget LM Ericsson, Class B | 30589 |  | 301023 |
|  |  |  | 4868177 |
|  ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** |
|  Amphenol Corp., Class A | 9908 |  | 1338967 |
|  CDW Corp. | 1054 |  | 143555 |
|  Corning, Inc. | 6315 |  | 552941 |
|  Halma plc | 4149 |  | 197868 |
|  Hexagon AB, Class B | 22693 |  | 269905 |
|  Jabil, Inc. | 865 |  | 197237 |
|  Keyence Corp. | 2073 |  | 750113 |
|  Keysight Technologies, Inc.\* | 1391 |  | 282637 |
|  Kyocera Corp. | 13983 |  | 196078 |
|  Murata Manufacturing Co. Ltd. | 18182 |  | 376780 |
|  Shimadzu Corp. | 2624 |  | 69822 |
|  TDK Corp. | 21216 |  | 299468 |
|  TE Connectivity plc | 2381 |  | 541701 |
|  Teledyne Technologies, Inc.\* | 380 |  | 194077 |
|  Trimble, Inc.\* | 1926 |  | 150902 |
|  Yokogawa Electric Corp. | 2533 |  | 81113 |
|  Zebra Technologies Corp., Class A\* | 410 |  | 99556 |
|  |  |  | 5742720 |
|  ***IT Services (0.6%)*** | ***IT Services (0.6%)*** | ***IT Services (0.6%)*** | ***IT Services (0.6%)*** |
|  Accenture plc, Class A | 5019 |  | 1346598 |
|  Akamai Technologies, Inc.\* | 1164 |  | 101559 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Capgemini SE | 1686 | $| 281852 |
|  Cognizant Technology Solutions Corp., Class A | 3907 |  | 324281 |
|  EPAM Systems, Inc.\* | 447 |  | 91581 |
|  Fujitsu Ltd. | 19162 |  | 529573 |
|  Gartner, Inc.\* | 583 |  | 147079 |
|  GoDaddy, Inc., Class A\* | 1094 |  | 135744 |
|  International Business Machines Corp. | 7566 |  | 2241125 |
|  NEC Corp. | 14085 |  | 477473 |
|  Nomura Research Institute Ltd. | 4126 |  | 158597 |
|  Obic Co. Ltd. | 3549 |  | 111518 |
|  Otsuka Corp. | 2529 |  | 52182 |
|  TIS, Inc. | 2365 |  | 79372 |
|  VeriSign, Inc. | 675 |  | 163991 |
|  Wix.com Ltd.\* | 608 |  | 63165 |
|  |  |  | 6305690 |
|  ***Semiconductors & Semiconductor Equipment (7.4%)*** | ***Semiconductors & Semiconductor Equipment (7.4%)*** | ***Semiconductors & Semiconductor Equipment (7.4%)*** | ***Semiconductors & Semiconductor Equipment (7.4%)*** |
|  Advanced Micro Devices, Inc.\* | 13177 |  | 2821986 |
|  Advantest Corp. | 8365 |  | 1048562 |
|  Analog Devices, Inc. | 3982 |  | 1079918 |
|  Applied Materials, Inc. | 6448 |  | 1657071 |
|  ASM International NV | 512 |  | 311441 |
|  ASML Holding NV | 4241 |  | 4592279 |
|  BE Semiconductor Industries NV | 798 |  | 125432 |
|  Broadcom, Inc. | 38148 |  | 13203023 |
|  Disco Corp. | 981 |  | 301678 |
|  First Solar, Inc.\* | 869 |  | 227009 |
|  Infineon Technologies AG | 14274 |  | 632913 |
|  Intel Corp.\* | 36292 |  | 1339175 |
|  Kioxia Holdings Corp.\* | 1500 |  | 99927 |
|  KLA Corp. | 1063 |  | 1291630 |
|  Lam Research Corp. | 10166 |  | 1740216 |
|  Lasertec Corp.(x) | 854 |  | 161624 |
|  Microchip Technology, Inc. | 4374 |  | 278711 |
|  Micron Technology, Inc. | 9085 |  | 2592950 |
|  Monolithic Power Systems, Inc. | 388 |  | 351668 |
|  Nova Ltd.\* | 322 |  | 107797 |
|  NVIDIA Corp. | 196685 |  | 36681752 |
|  NXP Semiconductors NV | 2037 |  | 442151 |
|  ON Semiconductor Corp.\* | 3257 |  | 176367 |
|  Qnity Electronics, Inc. | 1695 |  | 138397 |
|  QUALCOMM, Inc. | 8669 |  | 1482832 |
|  Renesas Electronics Corp.\* | 18342 |  | 250587 |
|  SCREEN Holdings Co. Ltd.(x) | 866 |  | 84256 |
|  Skyworks Solutions, Inc. | 1203 |  | 76282 |
|  STMicroelectronics NV | 7399 |  | 195123 |
|  Teradyne, Inc. | 1268 |  | 245434 |
|  Texas Instruments, Inc. | 7354 |  | 1275845 |
|  Tokyo Electron Ltd. | 4875 |  | 1068118 |
|  |  |  | 76082154 |
|  ***Software (5.1%)*** | ***Software (5.1%)*** | ***Software (5.1%)*** | ***Software (5.1%)*** |
|  Adobe, Inc.\* | 3388 |  | 1185766 |
|  AppLovin Corp., Class A\* | 2191 |  | 1476340 |
|  Autodesk, Inc.\* | 1724 |  | 510321 |
|  Cadence Design Systems, Inc.\* | 2203 |  | 688614 |
|  Check Point Software Technologies Ltd.\* | 938 |  | 174055 |
|  Crowdstrike Holdings, Inc., Class A\* | 2031 |  | 952052 |
|  CyberArk Software Ltd.\* | 552 |  | 246225 |
|  Dassault Systemes SE | 7331 |  | 205391 |
|  Datadog, Inc., Class A\* | 2634 |  | 358198 |
|  Fair Isaac Corp.\* | 192 |  | 324599 |
|  Fortinet, Inc.\* | 5116 |  | 406262 |
|  Gen Digital, Inc. | 4542 |  | 123497 |
|  Intuit, Inc. | 2257 |  | 1495082 |
|  Microsoft Corp. | 60158 |  | 29093612 |
|  Monday.com Ltd.\* | 472 |  | 69648 |
|  Nebius Group NV, Class A(x)\* | 2318 |  | 194028 |
|  Nemetschek SE | 631 |  | 68816 |
|  Nice Ltd.\* | 675 |  | 75691 |
|  Oracle Corp. | 410 |  | 34524 |
|  Oracle Corp. (Moscow Stock Exchange) | 13614 |  | 2653505 |
|  Palantir Technologies, Inc., Class A\* | 18490 |  | 3286597 |
|  Palo Alto Networks, Inc.\* | 5536 |  | 1019731 |
|  PTC, Inc.\* | 970 |  | 168984 |
|  Roper Technologies, Inc. | 871 |  | 387708 |
|  Sage Group plc (The) | 10527 |  | 153676 |
|  Salesforce, Inc. | 7706 |  | 2041396 |
|  SAP SE | 11410 |  | 2793772 |
|  ServiceNow, Inc.\* | 8405 |  | 1287562 |
|  Synopsys, Inc.\* | 1503 |  | 705989 |
|  Trend Micro, Inc.\* | 1351 |  | 56079 |
|  Tyler Technologies, Inc.\* | 348 |  | 157975 |
|  WiseTech Global Ltd. | 2203 |  | 100648 |
|  Workday, Inc., Class A\* | 1756 |  | 377154 |
|  Xero Ltd.\* | 1808 |  | 137573 |
|  |  |  | 53011070 |
|  ***Technology Hardware, Storage & Peripherals (3.4%)*** | ***Technology Hardware, Storage & Peripherals (3.4%)*** | ***Technology Hardware, Storage & Peripherals (3.4%)*** | ***Technology Hardware, Storage & Peripherals (3.4%)*** |
|  Apple, Inc. | 119600 |  | 32514456 |
|  Canon, Inc. | 9450 |  | 279506 |
|  Dell Technologies, Inc., Class C | 2440 |  | 307147 |
|  FUJIFILM Holdings Corp. | 12231 |  | 261111 |
|  Hewlett Packard Enterprise Co. | 10744 |  | 258071 |
|  HP, Inc. | 7566 |  | 168571 |
|  Logitech International SA (Registered) | 1669 |  | 171810 |
|  NetApp, Inc. | 1616 |  | 173057 |
|  Sandisk Corp.\* | 1127 |  | 267527 |
|  Seagate Technology Holdings plc | 1763 |  | 485513 |
|  Super Micro Computer, Inc.\* | 4059 |  | 118807 |
|  Western Digital Corp. | 2767 |  | 476671 |
|  |  |  | 35482247 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 181492058 |
|  **Materials (2.0%)** | **Materials (2.0%)** | **Materials (2.0%)** | **Materials (2.0%)** |
|  ***Chemicals (0.9%)*** | ***Chemicals (0.9%)*** | ***Chemicals (0.9%)*** | ***Chemicals (0.9%)*** |
|  Air Liquide SA | 6323 |  | 1190858 |
|  Air Products and Chemicals, Inc. | 1801 |  | 444883 |
|  Akzo Nobel NV | 1869 |  | 130030 |
|  Albemarle Corp. | 953 |  | 134792 |
|  Asahi Kasei Corp. | 13370 |  | 118558 |
|  BASF SE | 9756 |  | 509401 |
|  CF Industries Holdings, Inc. | 1262 |  | 97603 |
|  Corteva, Inc. | 5469 |  | 366587 |
|  Dow, Inc. | 5753 |  | 134505 |
|  DSM-Firmenich AG | 1887 |  | 152482 |
|  DuPont de Nemours, Inc. | 3391 |  | 136318 |
|  Ecolab, Inc. | 2063 |  | 541579 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  EMS-Chemie Holding AG (Registered)(x) | 77 | $| 53417 |
|  Evonik Industries AG | 2800 |  | 43962 |
|  Givaudan SA (Registered) | 101 |  | 401144 |
|  ICL Group Ltd. | 8461 |  | 48621 |
|  International Flavors & Fragrances, Inc. | 2086 |  | 140576 |
|  Linde plc | 3780 |  | 1611754 |
|  LyondellBasell Industries NV, Class A | 2084 |  | 90237 |
|  Mitsubishi Chemical Group Corp. | 13948 |  | 81485 |
|  Mosaic Co. (The) | 2569 |  | 61887 |
|  Nippon Paint Holdings Co. Ltd. | 10305 |  | 68913 |
|  Nippon Sanso Holdings Corp.(x) | 1846 |  | 55012 |
|  Nitto Denko Corp. | 7732 |  | 183378 |
|  Novonesis Novozymes B | 3851 |  | 247093 |
|  PPG Industries, Inc. | 1816 |  | 186068 |
|  Sherwin-Williams Co. (The) | 1866 |  | 604640 |
|  Shin-Etsu Chemical Co. Ltd. | 18439 |  | 573629 |
|  Sika AG (Registered) | 1666 |  | 341992 |
|  Syensqo SA(x) | 795 |  | 64055 |
|  Symrise AG, Class A | 1451 |  | 117455 |
|  Toray Industries, Inc.(x) | 15079 |  | 98191 |
|  Yara International ASA | 1809 |  | 74298 |
|  |  |  | 9105403 |
|  ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** |
|  Buzzi SpA | 842 |  | 51455 |
|  CRH plc | 5425 |  | 677040 |
|  Heidelberg Materials AG | 1463 |  | 383408 |
|  Holcim AG | 5577 |  | 547491 |
|  Martin Marietta Materials, Inc. | 488 |  | 303858 |
|  Vulcan Materials Co. | 1069 |  | 304900 |
|  |  |  | 2268152 |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** |
|  Amcor plc | 18684 |  | 155825 |
|  Avery Dennison Corp. | 626 |  | 113857 |
|  Ball Corp. | 2169 |  | 114892 |
|  International Paper Co. | 4274 |  | 168353 |
|  Packaging Corp. of America | 723 |  | 149104 |
|  Smurfit WestRock plc | 4227 |  | 163458 |
|  |  |  | 865489 |
|  ***Metals & Mining (0.8%)*** | ***Metals & Mining (0.8%)*** | ***Metals & Mining (0.8%)*** | ***Metals & Mining (0.8%)*** |
|  Anglo American plc | 12233 |  | 508700 |
|  Antofagasta plc | 4309 |  | 190455 |
|  ArcelorMittal SA | 5126 |  | 235481 |
|  BHP Group Ltd. | 55501 |  | 1684886 |
|  Boliden AB\* | 3106 |  | 173813 |
|  Endeavour Mining plc | 2110 |  | 110126 |
|  Evolution Mining Ltd. | 22189 |  | 187763 |
|  Fortescue Ltd. | 18509 |  | 271867 |
|  Freeport-McMoRan, Inc. | 11623 |  | 590332 |
|  Fresnillo plc | 2416 |  | 108577 |
|  Glencore plc | 109874 |  | 602119 |
|  JFE Holdings, Inc. | 6233 |  | 79484 |
|  JX Advanced Metals Corp. | 6400 |  | 80082 |
|  Lynas Rare Earths Ltd.\* | 9898 |  | 82172 |
|  Newmont Corp. | 8833 |  | 881975 |
|  Nippon Steel Corp.(x) | 52540 |  | 215272 |
|  Norsk Hydro ASA | 15133 |  | 117401 |
|  Northern Star Resources Ltd. | 14856 |  | 265005 |
|  Nucor Corp. | 1852 |  | 302080 |
|  Rio Tinto Ltd.(x) | 4058 |  | 397604 |
|  Rio Tinto plc | 12335 |  | 996620 |
|  South32 Ltd. | 49165 |  | 116805 |
|  Steel Dynamics, Inc. | 1111 |  | 188259 |
|  Sumitomo Metal Mining Co. Ltd. | 2734 |  | 110955 |
|  |  |  | 8497833 |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Holmen AB, Class B | 769 |  | 29602 |
|  Stora Enso OYJ, Class R(x) | 6364 |  | 80063 |
|  Svenska Cellulosa AB SCA, Class B | 6638 |  | 88396 |
|  UPM-Kymmene OYJ(x) | 5767 |  | 168011 |
|  |  |  | 366072 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 21102949 |
|  **Real Estate (1.2%)** | **Real Estate (1.2%)** | **Real Estate (1.2%)** | **Real Estate (1.2%)** |
|  ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** |
|  CapitaLand Integrated Commercial Trust (REIT) | 66504 |  | 123654 |
|  Covivio SA (REIT) | 610 |  | 40611 |
|  Land Securities Group plc (REIT) | 7733 |  | 64835 |
|  Stockland (REIT) | 26468 |  | 101211 |
|  |  |  | 330311 |
|  ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 1259 |  | 61615 |
|  Healthpeak Properties, Inc. (REIT) | 5660 |  | 91013 |
|  Ventas, Inc. (REIT) | 3802 |  | 294199 |
|  Welltower, Inc. (REIT) | 5555 |  | 1031064 |
|  |  |  | 1477891 |
|  ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** |
|  Host Hotels & Resorts, Inc. (REIT) | 5177 |  | 91788 |
|  ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** |
|  CapitaLand Ascendas REIT (REIT) | 42862 |  | 94367 |
|  Goodman Group (REIT) | 22350 |  | 462075 |
|  Prologis, Inc. (REIT) | 7518 |  | 959748 |
|  Segro plc (REIT) | 14050 |  | 136435 |
|  |  |  | 1652625 |
|  ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** |
|  BXP, Inc. (REIT) | 1193 |  | 80504 |
|  Gecina SA (REIT) | 503 |  | 47822 |
|  Nippon Building Fund, Inc. (REIT)(x) | 85 |  | 77544 |
|  |  |  | 205870 |
|  ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** |
|  Azrieli Group Ltd. | 464 |  | 52526 |
|  CapitaLand Investment Ltd. | 26042 |  | 54904 |
|  CBRE Group, Inc., Class A\* | 2373 |  | 381555 |
|  CK Asset Holdings Ltd. | 21014 |  | 106168 |
|  CoStar Group, Inc.\* | 3430 |  | 230633 |
|  Daito Trust Construction Co. Ltd. | 3120 |  | 59476 |
|  Daiwa House Industry Co. Ltd. | 6074 |  | 201562 |
|  Fastighets AB Balder, Class B(x)\* | 7845 |  | 58114 |
|  Henderson Land Development Co. Ltd.(x) | 15479 |  | 55968 |
|  Hongkong Land Holdings Ltd. | 11858 |  | 82413 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Hulic Co. Ltd. | 5010 | $| 54837 |
|  LEG Immobilien SE | 826 |  | 60427 |
|  Mitsubishi Estate Co. Ltd. | 11631 |  | 283721 |
|  Mitsui Fudosan Co. Ltd. | 28768 |  | 327001 |
|  Sagax AB, Class B | 2402 |  | 51554 |
|  Sino Land Co. Ltd. | 39234 |  | 51521 |
|  Sumitomo Realty & Development Co. Ltd. | 6796 |  | 170594 |
|  Sun Hung Kai Properties Ltd. | 15941 |  | 193970 |
|  Swiss Prime Site AG (Registered) | 877 |  | 136405 |
|  Vonovia SE | 8199 |  | 236454 |
|  Wharf Holdings Ltd. (The) | 11399 |  | 31842 |
|  Wharf Real Estate Investment Co. Ltd. | 17797 |  | 56208 |
|  |  |  | 2937853 |
|  ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** |
|  AvalonBay Communities, Inc. (REIT) | 1145 |  | 207600 |
|  Camden Property Trust (REIT) | 861 |  | 94779 |
|  Equity Residential (REIT) | 2802 |  | 176638 |
|  Essex Property Trust, Inc. (REIT) | 521 |  | 136335 |
|  Invitation Homes, Inc. (REIT) | 4565 |  | 126861 |
|  Mid-America Apartment Communities, Inc. (REIT) | 948 |  | 131687 |
|  UDR, Inc. (REIT) | 2434 |  | 89279 |
|  |  |  | 963179 |
|  ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** |
|  Federal Realty Investment Trust (REIT) | 635 |  | 64008 |
|  Kimco Realty Corp. (REIT) | 5481 |  | 111100 |
|  Klepierre SA (REIT) | 2351 |  | 93220 |
|  Link REIT (REIT) | 28506 |  | 127243 |
|  Realty Income Corp. (REIT) | 7446 |  | 419731 |
|  Regency Centers Corp. (REIT) | 1332 |  | 91948 |
|  Scentre Group (REIT) | 57000 |  | 159764 |
|  Simon Property Group, Inc. (REIT) | 2642 |  | 489061 |
|  Unibail-Rodamco-Westfield (REIT) | 1330 |  | 144985 |
|  Vicinity Ltd. (REIT) | 42721 |  | 72985 |
|  |  |  | 1774045 |
|  ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** |
|  American Tower Corp. (REIT) | 3789 |  | 665235 |
|  Crown Castle, Inc. (REIT) | 3525 |  | 313267 |
|  Digital Realty Trust, Inc. (REIT) | 2614 |  | 404412 |
|  Equinix, Inc. (REIT) | 795 |  | 609097 |
|  Extra Space Storage, Inc. (REIT) | 1718 |  | 223718 |
|  Iron Mountain, Inc. (REIT) | 2393 |  | 198499 |
|  Public Storage (REIT) | 1278 |  | 331641 |
|  SBA Communications Corp. (REIT) | 862 |  | 166737 |
|  VICI Properties, Inc. (REIT), Class A | 8651 |  | 243266 |
|  Weyerhaeuser Co. (REIT) | 5835 |  | 138231 |
|  |  |  | 3294103 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 12727665 |
|  **Utilities (1.8%)** | **Utilities (1.8%)** | **Utilities (1.8%)** | **Utilities (1.8%)** |
|  ***Electric Utilities (1.1%)*** | ***Electric Utilities (1.1%)*** | ***Electric Utilities (1.1%)*** | ***Electric Utilities (1.1%)*** |
|  Acciona SA(x) | 270 |  | 58987 |
|  Alliant Energy Corp. | 2081 |  | 135286 |
|  American Electric Power Co., Inc. | 4332 |  | 499523 |
|  BKW AG | 231 |  | 49111 |
|  Chubu Electric Power Co., Inc. | 7466 |  | 114964 |
|  CK Infrastructure Holdings Ltd.(x) | 6713 |  | 49683 |
|  CLP Holdings Ltd. | 18001 |  | 160981 |
|  Constellation Energy Corp. | 2528 |  | 893067 |
|  Contact Energy Ltd. | 9228 |  | 49145 |
|  Duke Energy Corp. | 6294 |  | 737720 |
|  Edison International | 3114 |  | 186902 |
|  EDP SA | 34289 |  | 157761 |
|  Elia Group SA/NV, Class B(x) | 477 |  | 61495 |
|  Endesa SA | 3471 |  | 124943 |
|  Enel SpA | 88880 |  | 927218 |
|  Entergy Corp. | 3615 |  | 334135 |
|  Evergy, Inc. | 1863 |  | 135049 |
|  Eversource Energy | 3037 |  | 204481 |
|  Exelon Corp. | 8177 |  | 356435 |
|  FirstEnergy Corp. | 4208 |  | 188392 |
|  Fortum OYJ | 4902 |  | 104732 |
|  Iberdrola SA | 69360 |  | 1505117 |
|  Kansai Electric Power Co., Inc. (The) | 10300 |  | 161431 |
|  NextEra Energy, Inc. | 16857 |  | 1353280 |
|  NRG Energy, Inc. | 1551 |  | 246981 |
|  Origin Energy Ltd. | 18825 |  | 144347 |
|  PG&E Corp. | 17790 |  | 285885 |
|  Pinnacle West Capital Corp. | 969 |  | 85950 |
|  Power Assets Holdings Ltd.(x) | 15263 |  | 108157 |
|  PPL Corp. | 5987 |  | 209665 |
|  Redeia Corp. SA | 4434 |  | 79048 |
|  Southern Co. (The) | 8912 |  | 777126 |
|  SSE plc | 13181 |  | 387150 |
|  Terna - Rete Elettrica Nazionale | 15375 |  | 163594 |
|  Verbund AG | 744 |  | 54210 |
|  Xcel Energy, Inc. | 4788 |  | 353642 |
|  |  |  | 11445593 |
|  ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** |
|  APA Group | 14371 |  | 86027 |
|  Atmos Energy Corp. | 1299 |  | 217751 |
|  Hong Kong & China Gas Co. Ltd. | 122321 |  | 110177 |
|  Naturgy Energy Group SA | 2119 |  | 64547 |
|  Osaka Gas Co. Ltd. | 3876 |  | 134363 |
|  Snam SpA | 22035 |  | 146465 |
|  Tokyo Gas Co. Ltd. | 3430 |  | 135873 |
|  |  |  | 895203 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  AES Corp. (The) | 5764 |  | 82656 |
|  EDP Renovaveis SA | 3445 |  | 48745 |
|  Meridian Energy Ltd. | 14413 |  | 46470 |
|  Orsted A/S(m)\* | 5775 |  | 111172 |
|  RWE AG | 6911 |  | 367593 |
|  Vistra Corp. | 2574 |  | 415264 |
|  |  |  | 1071900 |
|  ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** |
|  Ameren Corp. | 2189 |  | 218593 |
|  CenterPoint Energy, Inc. | 5284 |  | 202589 |
|  Centrica plc | 51576 |  | 117874 |
|  CMS Energy Corp. | 2463 |  | 172238 |
|  Consolidated Edison, Inc. | 2921 |  | 290114 |
|  Dominion Energy, Inc. | 6912 |  | 404974 |
|  DTE Energy Co. | 1681 |  | 216815 |
|  E.ON SE | 24540 |  | 465035 |
|  Engie SA | 19964 |  | 525777 |
|  National Grid plc | 54218 |  | 834244 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  NiSource, Inc. | 3862 | $| 161277 |
|  Public Service Enterprise Group, Inc. | 4040 |  | 324412 |
|  Sembcorp Industries Ltd. | 9525 |  | 44609 |
|  Sempra | 5283 |  | 466436 |
|  Veolia Environnement SA | 6891 |  | 240682 |
|  WEC Energy Group, Inc. | 2633 |  | 277676 |
|  |  |  | 4963345 |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** |
|  American Water Works Co., Inc. | 1579 |  | 206060 |
|  Severn Trent plc | 2961 |  | 111317 |
|  United Utilities Group plc | 7451 |  | 119920 |
|  |  |  | 437297 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 18813338 |
|  **Total Common Stocks (67.5%)**<br> *(Cost $303,274,327)* |  |  | 696439874 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (3.9%)** | **Equity (3.9%)** | **Equity (3.9%)** | **Equity (3.9%)** |
|  SPDR S&P MidCap 400 ETF Trust (x) | 66277 |  | 39983589 |
|  **Total Exchange Traded Funds (3.9%)**<br> *(Cost $22,636,318)* | **Total Exchange Traded Funds (3.9%)**<br> *(Cost $22,636,318)* |  | 39983589 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **U.S. Government Agency Securities (1.8%)** | **U.S. Government Agency Securities (1.8%)** | **U.S. Government Agency Securities (1.8%)** | **U.S. Government Agency Securities (1.8%)** |
|  FHLB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/16/28 | $745000 |  | 740556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 12/8/28 | 1290000 |  | 1331186 |
|  FHLMC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 3/15/31 | 1000000 |  | 1140489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/15/32 | 2282000 |  | 2581685 |
|  FNMA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 9/24/26 | 1297000 |  | 1281114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 10/8/27 | 5000000 |  | 4767711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 5/15/30 | 1600000 |  | 1829596 |
|  Tennessee Valley Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/15/28 | 5000000 |  | 5039684 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** |  |  | 18712021 |
|  **U.S. Treasury Obligations (25.7%)** | **U.S. Treasury Obligations (25.7%)** | **U.S. Treasury Obligations (25.7%)** | **U.S. Treasury Obligations (25.7%)** |
|  U.S. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 11/15/27 | 4431200 |  | 4641578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 11/15/28 | 7983800 |  | 8353463 |
|  U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/31/27 | 3846200 |  | 3763934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/15/27 | 4750400 |  | 4684347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/28/27 | 2319900 |  | 2276864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/27 | 10030500 |  | 9879118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/30/27 | 7648500 |  | 7623416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/27 | 5434100 |  | 5329147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/27 | 2266200 |  | 2291656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/27# | 12465600 |  | 12190006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/27 | 4047600 |  | 4078284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/15/28 | 7025000 |  | 7134404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/29/28 | 4072800 |  | 4115826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/30/28 | 4241900 |  | 4241988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/31/28 | 2970400 |  | 2978891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/30/28 | 6503900 |  | 6581524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/31/28 | 8076800 |  | 8249876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/28 | 2842100 |  | 2923251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/28 | 588400 |  | 581991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/28 | 2428400 |  | 2484388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/28 | 4964900 |  | 4994962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/31/29 | 4838800 |  | 4902291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 2/15/29 | 1585100 |  | 1541633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/28/29 | 1811900 |  | 1849395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/31/29 | 5376600 |  | 5469026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/30/29 | 4178200 |  | 4315450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/29 | 4216300 |  | 4056881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/31/29 | 4628800 |  | 4764410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/30/29 | 3041400 |  | 3108254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 8/15/29 | 6028100 |  | 5630622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/30/29 | 3657000 |  | 3642538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 11/15/29 | 5128200 |  | 4791662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/30 | 4655300 |  | 4278721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 5/15/30 | 5588700 |  | 4908450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 8/15/30 | 3253500 |  | 2833341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 8/31/30 | 3113800 |  | 3171232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/30 | 4795800 |  | 4987632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/30 | 1754400 |  | 1844724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 11/15/30 | 4056200 |  | 3549175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/30 | 5245800 |  | 5401535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/30 | 3412000 |  | 3417065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/28/31 | 2390900 |  | 2448244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/15/31 | 3247100 |  | 2911736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/30/31 | 2307800 |  | 2362610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/15/31 | 15571900 |  | 13582833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/30/31 | 2746800 |  | 2722847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/31 | 2185600 |  | 1905911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/32 | 2338400 |  | 2088523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/32 | 4249400 |  | 4012270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 8/15/32 | 2982400 |  | 2784169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/32 | 3018500 |  | 3057518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/15/33 | 3262300 |  | 3175405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/15/33 | 4686500 |  | 4513324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/33 | 4592500 |  | 4562337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/33 | 3472000 |  | 3591359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/15/34 | 3123500 |  | 3119901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/34 | 3554200 |  | 3638611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/34 | 2389500 |  | 2357397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/15/34 | 1477900 |  | 1496376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/35 | 6570100 |  | 6832397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/35 | 1984500 |  | 2004967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/15/35 | 2827900 |  | 2854297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/35 | 1074400 |  | 1061138 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  |  | 264947121 |
|  **Total Long-Term Debt Securities (27.5%)**<br> *(Cost $285,294,729)* | **Total Long-Term Debt Securities (27.5%)**<br> *(Cost $285,294,729)* |  | 283659142 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (0.3%)** | **Investment Companies (0.3%)** |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund 3.65% (7 day yield) (xx) | 2000000 |  | 2000000 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 608449 | $608449 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 2608449 |
|  **Total Short-Term Investments (0.3%)**<br> *(Cost $2,608,449)* | **Total Short-Term Investments (0.3%)**<br> *(Cost $2,608,449)* | 2608449 |
|  **Total Investments in Securities (99.2%)**<br> *(Cost $613,813,823)* | **Total Investments in Securities (99.2%)**<br> *(Cost $613,813,823)* | 1022691054 |
|  **Other Assets Less Liabilities (0.8%)** | **Other Assets Less Liabilities (0.8%)** | 8188299 |
|  **Net Assets (100%)** |  | $1030879353 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $10,292,309.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $2,480,161 or 0.2% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $45,187,137. This was collateralized by $44,247,266 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/13/26 – 8/15/55 and by cash of $2,608,449 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

---

| | | |
|:---|:---|:---|
| *Glossary:* | *Glossary:* | *Glossary:* |
| *ADR* | *—* | *American Depositary Receipt* |
| *AUD* | *—* | *Australian Dollar* |
| *CHF* | *—* | *Swiss Franc* |
| *CVA* | *—* | *Dutch Certification* |
| *EUR* | *—* | *European Currency Unit* |
| *FHLB* | *—* | *Federal Home Loan Bank* |
| *FHLMC* | *—* | *Federal Home Loan Mortgage Corp.* |
| *FNMA* | *—* | *Federal National Mortgage Association* |
| *GBP* | *—* | *British Pound* |
| *JPY* | *—* | *Japanese Yen* |
| *NOK* | *—* | *Norwegian Krone* |
| *NZD* | *—* | *New Zealand Dollar* |
| *REIT* | *—* | *Real Estate Investment Trust* |
| *SEK* | *—* | *Swedish Krona* |
| *USD* | *—* | *United States Dollar* |

---

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  FTSE 100 Index | 6 | 3/2026 | GBP | 803998 | 12545 |
|  MSCI EAFE E-Mini Index | 10 | 3/2026 | USD | 1451050 | 3400 |
|  Russell 2000 E-Mini Index | 320 | 3/2026 | USD | 39968000 | (1213522) |
|  TOPIX Index | 70 | 3/2026 | JPY | 15254405 | 91236 |
|  |  |  |  |  | (1106341) |
|  **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
|  EURO STOXX 50 Index | (10) | 3/2026 | EUR | (686434) | (9418) |
|  S&P 500 E-Mini Index | (66) | 3/2026 | USD | (22745250) | (6728) |
|  SPI 200 Index | (49) | 3/2026 | AUD | (7092663) | (67147) |
|  U.S. Treasury 2 Year Note | (53) | 3/2026 | USD | (11065820) | 93 |
|  U.S. Treasury 5 Year Note | (17) | 3/2026 | USD | (1858180) | (21) |
|  U.S. Treasury 10 Year Note | (78) | 3/2026 | USD | (8770125) | 59610 |
|  |  |  |  |  | (23611) |
|  |  |  |  |  | (1129952) |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Forward Foreign Currency Contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  USD | 3768469 | JPY | 567964862 | Bank of America | 1/23/2026 | 136520 |
|  USD | 12857317 | JPY | 2000953117 | Deutsche Bank AG | 1/23/2026 | 61878 |
|  USD | 6922046 | JPY | 1077023202 | JPMorgan Chase Bank | 1/23/2026 | 34836 |
|  AUD | 14605032 | USD | 9491489 | Bank of America | 1/28/2026 | 256531 |
|  NZD | 11130625 | USD | 6266965 | HSBC Bank plc | 1/28/2026 | 148003 |
|  EUR | 1242472 | USD | 1436555 | Barclays Bank plc | 1/29/2026 | 25310 |
|  EUR | 14114759 | USD | 16477739 | Goldman Sachs Bank USA | 1/29/2026 | 129379 |
|  NOK | 115097510 | USD | 11376159 | Morgan Stanley | 2/13/2026 | 42581 |
|  SEK | 118138652 | USD | 12540526 | UBS AG | 2/13/2026 | 318380 |
|  GBP | 1231340 | USD | 1640590 | HSBC Bank plc | 2/26/2026 | 19015 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 1172433 |
|  JPY | 239293119 | USD | 1564849 | Barclays Bank plc | 1/23/2026 | (34648) |
|  JPY | 482589504 | USD | 3102337 | JPMorgan Chase Bank | 1/23/2026 | (16335) |
|  USD | 11108882 | AUD | 16750425 | HSBC Bank plc | 1/28/2026 | (71065) |
|  USD | 5225251 | AUD | 8087196 | UBS AG | 1/28/2026 | (172488) |
|  USD | 549652 | NZD | 970162 | JPMorgan Chase Bank | 1/28/2026 | (9487) |
|  EUR | 11915043 | USD | 14033608 | Barclays Bank plc | 1/29/2026 | (14628) |
|  USD | 20190929 | CHF | 16074988 | Bank of America | 1/29/2026 | (157512) |
|  USD | 1517584 | EUR | 1303132 | JPMorgan Chase Bank | 1/29/2026 | (15653) |
|  USD | 34961513 | EUR | 30122408 | Morgan Stanley | 1/29/2026 | (479857) |
|  USD | 5651959 | NOK | 57283974 | Bank of America | 2/13/2026 | (31142) |
|  USD | 257250 | NOK | 2621311 | JPMorgan Chase Bank | 2/13/2026 | (2808) |
|  USD | 5683211 | NOK | 57813536 | Morgan Stanley | 2/13/2026 | (52429) |
|  USD | 5846065 | SEK | 54700755 | Bank of America | 2/13/2026 | (107887) |
|  USD | 5941927 | GBP | 4498040 | Barclays Bank plc | 2/26/2026 | (120547) |
|  USD | 19327706 | GBP | 14519479 | UBS AG | 2/26/2026 | (241700) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (1528186) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (355753) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $51027162 | $8759206 | $— | $59786368 |
|  Consumer Discretionary | 49764973 | 21428387 |  | 71193360 |
|  Consumer Staples | 22503138 | 16275622 |  | 38778760 |
|  Energy | 13305701 | 6988639 |  | 20294340 |
|  Financials | 63480449 | 56517303 |  | 119997752 |
|  Health Care | 45754313 | 25010322 | — (a) | 70764635 |
|  Industrials | 39104807 | 42383842 |  | 81488649 |
|  Information Technology | 163561852 | 17930206 |  | 181492058 |
|  Materials | 8665362 | 12437587 |  | 21102949 |
|  Real Estate | 8655249 | 4072416 |  | 12727665 |
|  Utilities | 10640374 | 8172964 |  | 18813338 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Exchange Traded Fund** | $39983589 | $— | $— | $39983589 |
|  **Forward Currency Contracts** |  | 1172433 |  | 1172433 |
|  **Futures** | 166884 |  |  | 166884 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 2608449 |  |  | 2608449 |
|  **U.S. Government Agency Securities** |  | 18712021 |  | 18712021 |
|  **U.S. Treasury Obligations** |  | 264947121 |  | 264947121 |
|  **Total Assets** | $**519222302** | $**504808069** | $**—** | $**1024030371** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(1528186) | $— | $(1528186) |
|  **Futures** | (1296836) |  |  | (1296836) |
|  **Total Liabilities** | $**(1296836)** | $**(1528186)** | $**—** | $**(2825022)** |
|  **Total** | $**517925466** | $**503279883** | $**—** | $**1021205349** |

---

(a) Value is zero.

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Interest rate contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $59703 |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | 1172433 |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | 107181 |
|  **Total** |  | $1339317 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(21) |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | (1528186) |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | (1296815) |
|  **Total** |  | $(2825022) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $(833420) | $— | $(833420) |
|  Foreign exchange contracts |  | (2434591) | (2434591) |
|  Equity contracts | 72025 |  | 72025 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(761395) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2434591) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3195986) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $(87292) | $— | $(87292) |
|  Foreign exchange contracts |  | (167338) | (167338) |
|  Equity contracts | (16128) |  | (16128) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103420) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167338) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(270758) |

---

^ The Portfolio held forward foreign currency contracts and futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** |  |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $58021000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 45425000 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $86103000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 105717000 |

---

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Bank of America | $393051 | $(296541) | $— | $96510 |
|  Barclays Bank plc | 25310 | (25310) |  |  |
|  Deutsche Bank AG | 61878 |  |  | 61878 |
|  Goldman Sachs Bank USA | 129379 |  |  | 129379 |
|  HSBC Bank plc | 167018 | (71065) |  | 95953 |
|  JPMorgan Chase Bank | 34836 | (34836) |  |  |
|  Morgan Stanley | 42581 | (42581) |  |  |
|  UBS AG | 318380 | (318380) |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172433 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(788713) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383720 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  Bank of America | $296541 | $(296541) | $— | $— |
|  Barclays Bank plc | 169823 | (25310) |  | 144513 |
|  HSBC Bank plc | 71065 | (71065) |  |  |
|  JPMorgan Chase Bank | 44283 | (34836) |  | 9447 |
|  Morgan Stanley | 532286 | (42581) |  | 489705 |
|  UBS AG | 414188 | (318380) |  | 95808 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528186 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(788713) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739473 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $31879134 |
|  Long-term U.S. government debt securities | 61088311 |
|  | $92967445 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $73090066 |
|  Long-term U.S. government debt securities | 45361226 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118451292 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $429161397 |
|  Aggregate gross unrealized depreciation | (25567870) |
|  Net unrealized appreciation | $403593527 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617611822 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $613,813,823) | $1022691054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 7934416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $742,031) | 753830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 11755068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 3014194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 1172433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 48747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 11175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 5030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1047385947 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 10562442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 2608449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 1528186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 668910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 613578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 218356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 108587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 108156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 89930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 16506594 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1030879353 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $737407683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 293471670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1030879353 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,030,879,353 / 71,098,073 shares outstanding (unlimited amount authorized: $0.01 par value) | $14.50 |

---

*(x)* *Includes value of securities on loan of $45,187,137.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $610,187 foreign withholding tax) | $11955913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 9878971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 93737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 21928621 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 7159809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 2423144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1210245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 142100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 129785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 59203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 32500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 33910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 11190696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (140146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 11050550 |
|  **NET INVESTMENT INCOME (LOSS)** | 10878071 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 17577186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (761395) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (2434591) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1454441) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 12926759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 111574226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (103420) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (167338) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 106182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 111409650 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 124336409 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $135214480 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/AB DYNAMIC GROWTH PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $10878071 | $10774816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 12926759 | 19309464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 111409650 | 76323051 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 135214480 | 106407331 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (38528105) | (19775154) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 5,493,078 and 6,280,636 shares, respectively ] | 75751839 | 80782909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 2,661,499 and 1,474,463 shares, respectively ] | 38528105 | 19775154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (8226375) and (9086898) shares, respectively ] | (113194252) | (116995066) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 1085692 | (16437003) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 97772067 | 70195174 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 933107286 | 862912112 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1030879353 | $933107286 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/AB DYNAMIC GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $13.11 | $11.90 | $10.44 | $13.59 | $12.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.16 | 0.15 | 0.11 | 0.08 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.79 | 1.34 | 1.45 | (2.23) | 1.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.95 | 1.49 | 1.56 | (2.15) | 1.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.16) | (0.21) | (0.10) |  | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.40) | (0.07) |  | (1.00) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.56) | (0.28) | (0.10) | (1.00) | (0.27) |
|  Net asset value, end of year | $14.50 | $13.11 | $11.90 | $10.44 | $13.59 |
|  Total return | 14.89% | 12.49% | 15.00% | (15.59)% | 14.94% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $1030879 | $933107 | $862912 | $766732 | $927861 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.14 %(j) | 1.14 %(j) | 1.14 %(j) | 1.15 %(k) | 1.14 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.15% | 1.16% | 1.16% | 1.16% | 1.14% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.12% | 1.18% | 1.01% | 0.70% | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.11% | 1.16% | 0.99% | 0.69% | 0.41% |
|  Portfolio turnover rate^ | 10% | 14% | 14% | 14% | 31% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.15% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.16% for Class IB.* 

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  COMMON STOCKS: |  |  |
|  **Communication Services (4.6%)** |  |  |
|  ***Diversified Telecommunication Services (0.5%)*** | ***Diversified Telecommunication Services (0.5%)*** | ***Diversified Telecommunication Services (0.5%)*** |
|  AT&T, Inc. | 66108 | $1642123 |
|  BT Group plc | 87950 | 218195 |
|  Cellnex Telecom SA(m) | 7273 | 234451 |
|  Deutsche Telekom AG (Registered) | 54074 | 1757731 |
|  Elisa OYJ | 2092 | 92784 |
|  HKT Trust & HKT Ltd. | 55377 | 81898 |
|  Infrastrutture Wireless Italiane SpA(m)(x) | 4101 | 38002 |
|  Koninklijke KPN NV | 57178 | 267170 |
|  NTT, Inc. | 438346 | 441312 |
|  Orange SA | 27377 | 456863 |
|  Singapore Telecommunications Ltd. | 109229 | 386644 |
|  Swisscom AG (Registered) | 381 | 276815 |
|  Telecom Italia SpA\* | 169075 | 102091 |
|  Telefonica SA(x) | 54204 | 222506 |
|  Telenor ASA | 9055 | 131783 |
|  Telia Co. AB | 34696 | 148409 |
|  Telstra Group Ltd. | 58422 | 189871 |
|  Verizon Communications, Inc. | 39318 | 1601422 |
|  |  | 8290070 |
|  ***Entertainment (0.7%)*** | ***Entertainment (0.7%)*** | ***Entertainment (0.7%)*** |
|  Bollore SE | 10327 | 58181 |
|  Capcom Co. Ltd.(x) | 5071 | 118196 |
|  CTS Eventim AG & Co. KGaA | 918 | 84689 |
|  Electronic Arts, Inc. | 2094 | 427867 |
|  Konami Group Corp. | 1441 | 196224 |
|  Live Nation Entertainment, Inc.\* | 1472 | 209760 |
|  Netflix, Inc.\* | 39512 | 3704645 |
|  Nexon Co. Ltd. | 4834 | 118103 |
|  Nintendo Co. Ltd. | 16238 | 1098325 |
|  Spotify Technology SA\* | 2299 | 1335052 |
|  Take-Two Interactive Software, Inc.\* | 1620 | 414769 |
|  TKO Group Holdings, Inc., Class A | 618 | 129162 |
|  Toho Co. Ltd.(x) | 1505 | 76672 |
|  Universal Music Group NV | 16181 | 422724 |
|  Walt Disney Co. (The) | 16647 | 1893929 |
|  Warner Bros Discovery, Inc.\* | 23107 | 665944 |
|  |  | 10954242 |
|  ***Interactive Media & Services (2.9%)*** | ***Interactive Media & Services (2.9%)*** | ***Interactive Media & Services (2.9%)*** |
|  Alphabet, Inc., Class A | 54252 | 16980876 |
|  Alphabet, Inc., Class C | 43360 | 13606368 |
|  Auto Trader Group plc(m) | 12723 | 100567 |
|  CAR Group Ltd. | 5565 | 114237 |
|  LY Corp. | 40744 | 108519 |
|  Match Group, Inc. | 2201 | 71070 |
|  Meta Platforms, Inc., Class A | 20308 | 13405108 |
|  REA Group Ltd. | 777 | 95093 |
|  Scout24 SE(m) | 1103 | 111218 |
|  |  | 44593056 |
|  ***Media (0.2%)*** | ***Media (0.2%)*** | ***Media (0.2%)*** |
|  Charter Communications, Inc., Class A\* | 821 | 171384 |
|  Comcast Corp., Class A | 33891 | 1013002 |
|  Fox Corp., Class A | 1943 | 141975 |
|  Fox Corp., Class B | 1384 | 89863 |
|  Informa plc | 19035 | 226819 |
|  News Corp., Class A | 3492 | 91211 |
|  News Corp., Class B | 1151 | 34104 |
|  Omnicom Group, Inc. | 3004 | 242573 |
|  Paramount Skydance Corp., Class B(x) | 2898 | 38833 |
|  Publicis Groupe SA | 3365 | 350452 |
|  Trade Desk, Inc. (The), Class A\* | 4106 | 155864 |
|  |  | 2556080 |
|  ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** |
|  KDDI Corp. | 46128 | 797610 |
|  SoftBank Corp. | 420798 | 577039 |
|  SoftBank Group Corp. | 56036 | 1574045 |
|  Tele2 AB, Class B | 8051 | 135153 |
|  T-Mobile US, Inc. | 4485 | 910634 |
|  Vodafone Group plc | 281580 | 375305 |
|  |  | 4369786 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 70763234 |
|  **Consumer Discretionary (5.6%)** | **Consumer Discretionary (5.6%)** | **Consumer Discretionary (5.6%)** |
|  ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** |
|  Aisin Corp. | 7245 | 135335 |
|  Aptiv plc\* | 2015 | 153321 |
|  Bridgestone Corp. | 16784 | 376526 |
|  Cie Generale des Etablissements Michelin SCA | 9858 | 327975 |
|  Continental AG | 1618 | 129224 |
|  Denso Corp. | 25648 | 353348 |
|  Sumitomo Electric Industries Ltd. | 10452 | 422043 |
|  |  | 1897772 |
|  ***Automobiles (1.3%)*** | ***Automobiles (1.3%)*** | ***Automobiles (1.3%)*** |
|  Bayerische Motoren Werke AG(x) | 4125 | 451515 |
|  Bayerische Motoren Werke AG (Preference)(q) | 804 | 86455 |
|  Dr Ing hc F Porsche AG (Preference)(m)(q)(x) | 1675 | 89801 |
|  Ferrari NV | 1853 | 694016 |
|  Ford Motor Co. | 36494 | 478801 |
|  General Motors Co. | 8699 | 707403 |
|  Honda Motor Co. Ltd. | 58094 | 569665 |
|  Isuzu Motors Ltd. | 7880 | 122723 |
|  Mercedes-Benz Group AG | 10618 | 749570 |
|  Nissan Motor Co. Ltd.(x)\* | 32673 | 81370 |
|  Porsche Automobil Holding SE (Preference)(q) | 2252 | 105650 |
|  Renault SA | 2827 | 117675 |
|  Stellantis NV | 29646 | 329621 |
|  Subaru Corp. | 8614 | 186699 |
|  Suzuki Motor Corp. | 23050 | 343528 |
|  Tesla, Inc.\* | 26202 | 11783563 |
|  Toyota Motor Corp. | 138977 | 2977572 |
|  Volkswagen AG (Preference)(q)(x) | 3032 | 368970 |
|  Yamaha Motor Co. Ltd. | 13453 | 99583 |
|  |  | 20344180 |
|  ***Broadline Retail (1.6%)*** | ***Broadline Retail (1.6%)*** | ***Broadline Retail (1.6%)*** |
|  Amazon.com, Inc.\* | 90713 | 20938375 |
|  eBay, Inc. | 4215 | 367127 |
|  Next plc | 1710 | 315323 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Pan Pacific International Holdings Corp. | 27835 | $| 165670 |
|  Prosus NV | 19237 |  | 1194797 |
|  Rakuten Group, Inc.\* | 22230 |  | 142485 |
|  Ryohin Keikaku Co. Ltd. | 7400 |  | 131427 |
|  Sea Ltd. (ADR)\* | 5625 |  | 717581 |
|  Wesfarmers Ltd.(x) | 16686 |  | 902970 |
|  |  |  | 24875755 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  D'ieteren Group | 316 |  | 57153 |
|  Genuine Parts Co. | 1297 |  | 159479 |
|  Pool Corp. | 306 |  | 69997 |
|  |  |  | 286629 |
|  ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** |
|  Pearson plc | 8478 |  | 119993 |
|  ***Hotels, Restaurants & Leisure (0.9%)*** | ***Hotels, Restaurants & Leisure (0.9%)*** | ***Hotels, Restaurants & Leisure (0.9%)*** | ***Hotels, Restaurants & Leisure (0.9%)*** |
|  Accor SA | 2882 |  | 163318 |
|  Airbnb, Inc., Class A\* | 3966 |  | 538266 |
|  Amadeus IT Group SA | 6624 |  | 489180 |
|  Aristocrat Leisure Ltd. | 8094 |  | 314261 |
|  Booking Holdings, Inc. | 301 |  | 1611954 |
|  Carnival Corp.\* | 10125 |  | 309218 |
|  Chipotle Mexican Grill, Inc.\* | 12330 |  | 456210 |
|  Compass Group plc | 24960 |  | 795364 |
|  Darden Restaurants, Inc. | 1085 |  | 199662 |
|  Delivery Hero SE(m)(x)\* | 2851 |  | 76123 |
|  Domino's Pizza, Inc. | 290 |  | 120878 |
|  DoorDash, Inc., Class A\* | 3486 |  | 789509 |
|  Entain plc | 8935 |  | 92329 |
|  Evolution AB(m) | 1954 |  | 133670 |
|  Expedia Group, Inc. | 1091 |  | 309091 |
|  FDJ United(x) | 1635 |  | 45385 |
|  Galaxy Entertainment Group Ltd. | 29385 |  | 144684 |
|  Hilton Worldwide Holdings, Inc. | 2167 |  | 622471 |
|  InterContinental Hotels Group plc | 2129 |  | 300180 |
|  Las Vegas Sands Corp. | 2837 |  | 184660 |
|  Lottery Corp. Ltd. (The) | 32732 |  | 112713 |
|  Marriott International, Inc., Class A | 2077 |  | 644368 |
|  McDonald's Corp. | 6641 |  | 2029689 |
|  MGM Resorts International\* | 1913 |  | 69805 |
|  Norwegian Cruise Line Holdings Ltd.\* | 4245 |  | 94748 |
|  Oriental Land Co. Ltd.(x) | 15799 |  | 292348 |
|  Royal Caribbean Cruises Ltd. | 2365 |  | 659646 |
|  Sands China Ltd. | 35637 |  | 89748 |
|  Sodexo SA | 1301 |  | 66814 |
|  Starbucks Corp. | 10601 |  | 892710 |
|  Whitbread plc | 2544 |  | 87444 |
|  Wynn Resorts Ltd. | 787 |  | 94700 |
|  Yum! Brands, Inc. | 2589 |  | 391664 |
|  Zensho Holdings Co. Ltd. | 1383 |  | 79242 |
|  |  |  | 13302052 |
|  ***Household Durables (0.3%)*** | ***Household Durables (0.3%)*** | ***Household Durables (0.3%)*** | ***Household Durables (0.3%)*** |
|  Barratt Redrow plc | 19995 |  | 102715 |
|  DR Horton, Inc. | 2554 |  | 367853 |
|  Garmin Ltd. | 1524 |  | 309143 |
|  Lennar Corp., Class A | 2012 |  | 206833 |
|  NVR, Inc.\* | 26 |  | 189612 |
|  Panasonic Holdings Corp. | 34155 |  | 441220 |
|  PulteGroup, Inc. | 1818 |  | 213179 |
|  Sekisui House Ltd.(x) | 8761 |  | 195646 |
|  Sony Group Corp. | 90138 |  | 2315598 |
|  |  |  | 4341799 |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** |
|  Bandai Namco Holdings, Inc. | 8622 |  | 229641 |
|  Hasbro, Inc. | 1243 |  | 101926 |
|  Shimano, Inc. | 1086 |  | 114639 |
|  |  |  | 446206 |
|  ***Specialty Retail (0.8%)*** | ***Specialty Retail (0.8%)*** | ***Specialty Retail (0.8%)*** | ***Specialty Retail (0.8%)*** |
|  AutoZone, Inc.\* | 155 |  | 525683 |
|  Avolta AG | 1293 |  | 76950 |
|  Best Buy Co., Inc. | 1822 |  | 121947 |
|  Carvana Co.\* | 1319 |  | 556644 |
|  Fast Retailing Co. Ltd.(x) | 2839 |  | 1032001 |
|  H & M Hennes & Mauritz AB, Class B(x) | 7258 |  | 146555 |
|  Home Depot, Inc. (The) | 9282 |  | 3193936 |
|  Industria de Diseno Textil SA | 16040 |  | 1062021 |
|  JD Sports Fashion plc | 37054 |  | 42185 |
|  Kingfisher plc | 25573 |  | 107791 |
|  Lowe's Cos., Inc. | 5230 |  | 1261267 |
|  Nitori Holdings Co. Ltd.(x) | 5745 |  | 100585 |
|  O'Reilly Automotive, Inc.\* | 7871 |  | 717914 |
|  Ross Stores, Inc. | 3033 |  | 546365 |
|  Sanrio Co. Ltd.(x) | 2600 |  | 81615 |
|  TJX Cos., Inc. (The) | 10378 |  | 1594165 |
|  Tractor Supply Co. | 4927 |  | 246399 |
|  Ulta Beauty, Inc.\* | 418 |  | 252894 |
|  Williams-Sonoma, Inc. | 1136 |  | 202878 |
|  Zalando SE(m)\* | 3302 |  | 98332 |
|  ZOZO, Inc.(x) | 6520 |  | 53737 |
|  |  |  | 12021864 |
|  ***Textiles, Apparel & Luxury Goods (0.6%)*** | ***Textiles, Apparel & Luxury Goods (0.6%)*** | ***Textiles, Apparel & Luxury Goods (0.6%)*** | ***Textiles, Apparel & Luxury Goods (0.6%)*** |
|  adidas AG | 2514 |  | 499450 |
|  Asics Corp. | 10262 |  | 246002 |
|  Cie Financiere Richemont SA (Registered) | 7902 |  | 1716373 |
|  Deckers Outdoor Corp.\* | 1359 |  | 140888 |
|  Hermes International SCA | 466 |  | 1162099 |
|  Kering SA | 1094 |  | 386986 |
|  Lululemon Athletica, Inc.\* | 1006 |  | 209057 |
|  LVMH Moet Hennessy Louis Vuitton SE | 3676 |  | 2786423 |
|  Moncler SpA | 3435 |  | 221702 |
|  NIKE, Inc., Class B | 11090 |  | 706544 |
|  Pandora A/S | 1162 |  | 129370 |
|  Ralph Lauren Corp. | 361 |  | 127653 |
|  Swatch Group AG (The)(x) | 426 |  | 90487 |
|  Tapestry, Inc. | 1908 |  | 243785 |
|  |  |  | 8666819 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 86303069 |
|  **Consumer Staples (3.1%)** | **Consumer Staples (3.1%)** | **Consumer Staples (3.1%)** | **Consumer Staples (3.1%)** |
|  ***Beverages (0.6%)*** | ***Beverages (0.6%)*** | ***Beverages (0.6%)*** | ***Beverages (0.6%)*** |
|  Anheuser-Busch InBev SA/NV | 14535 |  | 937776 |
|  Asahi Group Holdings Ltd. | 21232 |  | 222228 |
|  Brown-Forman Corp., Class B | 1642 |  | 42791 |
|  Carlsberg A/S, Class B | 1382 |  | 181610 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Coca-Cola Co. (The) | 36100 | $| 2523751 |
|  Coca-Cola Europacific Partners plc | 3055 |  | 277089 |
|  Coca-Cola HBC AG | 3207 |  | 166085 |
|  Constellation Brands, Inc., Class A | 1315 |  | 181417 |
|  Davide Campari-Milano NV(x) | 9053 |  | 58919 |
|  Diageo plc | 32736 |  | 707568 |
|  Heineken Holding NV | 1906 |  | 139772 |
|  Heineken NV | 4234 |  | 347012 |
|  Keurig Dr Pepper, Inc. | 12669 |  | 354859 |
|  Kirin Holdings Co. Ltd. | 11447 |  | 171588 |
|  Molson Coors Beverage Co., Class B | 1579 |  | 73708 |
|  Monster Beverage Corp.\* | 6651 |  | 509932 |
|  PepsiCo, Inc. | 12750 |  | 1829880 |
|  Pernod Ricard SA | 2967 |  | 254886 |
|  Suntory Beverage & Food Ltd. | 1995 |  | 60204 |
|  |  |  | 9041075 |
|  ***Consumer Staples Distribution & Retail (0.8%)*** | ***Consumer Staples Distribution & Retail (0.8%)*** | ***Consumer Staples Distribution & Retail (0.8%)*** | ***Consumer Staples Distribution & Retail (0.8%)*** |
|  Aeon Co. Ltd.(x) | 32646 |  | 516242 |
|  Carrefour SA | 8663 |  | 144872 |
|  Coles Group Ltd. | 19733 |  | 282339 |
|  Costco Wholesale Corp. | 4133 |  | 3564051 |
|  Dollar General Corp. | 2052 |  | 272444 |
|  Dollar Tree, Inc.\* | 1769 |  | 217605 |
|  J Sainsbury plc | 25278 |  | 110739 |
|  Jeronimo Martins SGPS SA | 4164 |  | 99143 |
|  Kesko OYJ, Class B | 4017 |  | 90875 |
|  Kobe Bussan Co. Ltd. | 2159 |  | 52238 |
|  Koninklijke Ahold Delhaize NV | 13188 |  | 540434 |
|  Kroger Co. (The) | 5685 |  | 355199 |
|  Marks & Spencer Group plc | 30252 |  | 134568 |
|  MatsukiyoCocokara & Co.(x) | 4771 |  | 82603 |
|  Seven & i Holdings Co. Ltd. | 30565 |  | 439138 |
|  Sysco Corp. | 4465 |  | 329026 |
|  Target Corp. | 4237 |  | 414167 |
|  Tesco plc | 95575 |  | 569172 |
|  Tsuruha Holdings, Inc. | 3881 |  | 71307 |
|  Walmart, Inc. | 40890 |  | 4555555 |
|  Woolworths Group Ltd. | 17961 |  | 352157 |
|  |  |  | 13193874 |
|  ***Food Products (0.6%)*** | ***Food Products (0.6%)*** | ***Food Products (0.6%)*** | ***Food Products (0.6%)*** |
|  Ajinomoto Co., Inc. | 13228 |  | 280115 |
|  Archer-Daniels-Midland Co. | 4481 |  | 257613 |
|  Associated British Foods plc | 4737 |  | 135814 |
|  Barry Callebaut AG (Registered)(x) | 52 |  | 85737 |
|  Bunge Global SA | 1262 |  | 112419 |
|  Campbell's Co. (The)(x) | 1832 |  | 51058 |
|  Chocoladefabriken Lindt & Spruengli AG | 14 |  | 204848 |
|  Chocoladefabriken Lindt & Spruengli AG (Registered) | 2 |  | 293902 |
|  Conagra Brands, Inc. | 4461 |  | 77220 |
|  Danone SA | 9519 |  | 858917 |
|  General Mills, Inc. | 4974 |  | 231291 |
|  Hershey Co. (The) | 1382 |  | 251496 |
|  Hormel Foods Corp. | 2718 |  | 64417 |
|  J M Smucker Co. (The) | 995 |  | 97321 |
|  JDE Peet's NV | 2513 |  | 94091 |
|  Kerry Group plc, Class A | 2385 |  | 218622 |
|  Kikkoman Corp.(x) | 9936 |  | 90200 |
|  Kraft Heinz Co. (The) | 7947 |  | 192715 |
|  Lamb Weston Holdings, Inc. | 1299 |  | 54415 |
|  Lotus Bakeries NV(x) | 6 |  | 55352 |
|  Magnum Ice Cream Co. NV (The)\* | 7208 |  | 114406 |
|  McCormick & Co., Inc. (Non-Voting) | 2361 |  | 160808 |
|  Mondelez International, Inc., Class A | 12032 |  | 647683 |
|  Mowi ASA | 6844 |  | 165125 |
|  Nestle SA (Registered) | 37873 |  | 3764828 |
|  Orkla ASA | 10309 |  | 115056 |
|  Salmar ASA | 995 |  | 60954 |
|  Tyson Foods, Inc., Class A | 2639 |  | 154698 |
|  WH Group Ltd.(m) | 122658 |  | 136642 |
|  Wilmar International Ltd. | 28563 |  | 68441 |
|  |  |  | 9096204 |
|  ***Household Products (0.4%)*** | ***Household Products (0.4%)*** | ***Household Products (0.4%)*** | ***Household Products (0.4%)*** |
|  Church & Dwight Co., Inc. | 2239 |  | 187740 |
|  Clorox Co. (The) | 1137 |  | 114644 |
|  Colgate-Palmolive Co. | 7516 |  | 593914 |
|  Essity AB, Class B | 8864 |  | 255334 |
|  Henkel AG & Co. KGaA | 1528 |  | 116721 |
|  Henkel AG & Co. KGaA (Preference)(q) | 2358 |  | 192815 |
|  Kimberly-Clark Corp. | 3095 |  | 312254 |
|  Procter & Gamble Co. (The) | 21790 |  | 3122725 |
|  Reckitt Benckiser Group plc | 9927 |  | 803134 |
|  Unicharm Corp. | 16434 |  | 93899 |
|  |  |  | 5793180 |
|  ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** |
|  Beiersdorf AG | 1427 |  | 157102 |
|  Estee Lauder Cos., Inc. (The), Class A | 2293 |  | 240123 |
|  Kao Corp. | 6784 |  | 271161 |
|  Kenvue, Inc. | 17865 |  | 308171 |
|  L'Oreal SA | 3531 |  | 1521255 |
|  Shiseido Co. Ltd. | 5839 |  | 84916 |
|  Unilever plc | 32036 |  | 2098474 |
|  |  |  | 4681202 |
|  ***Tobacco (0.4%)*** | ***Tobacco (0.4%)*** | ***Tobacco (0.4%)*** | ***Tobacco (0.4%)*** |
|  Altria Group, Inc. | 15653 |  | 902552 |
|  British American Tobacco plc | 32134 |  | 1825295 |
|  Imperial Brands plc | 11253 |  | 473105 |
|  Japan Tobacco, Inc. | 17617 |  | 634320 |
|  Philip Morris International, Inc. | 14515 |  | 2328206 |
|  |  |  | 6163478 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 47969013 |
|  **Energy (1.6%)** | **Energy (1.6%)** | **Energy (1.6%)** | **Energy (1.6%)** |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** |
|  Baker Hughes Co. | 9202 |  | 419059 |
|  Halliburton Co. | 7848 |  | 221784 |
|  SLB Ltd. | 13931 |  | 534672 |
|  Tenaris SA | 5518 |  | 107063 |
|  |  |  | 1282578 |
|  ***Oil, Gas & Consumable Fuels (1.5%)*** | ***Oil, Gas & Consumable Fuels (1.5%)*** | ***Oil, Gas & Consumable Fuels (1.5%)*** | ***Oil, Gas & Consumable Fuels (1.5%)*** |
|  Aker BP ASA | 4647 |  | 118434 |
|  APA Corp. | 3307 |  | 80889 |
|  BP plc | 231267 |  | 1349195 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Chevron Corp. | 17649 | $| 2689884 |
|  ConocoPhillips | 11523 |  | 1078668 |
|  Coterra Energy, Inc. | 7100 |  | 186872 |
|  Devon Energy Corp. | 5849 |  | 214249 |
|  Diamondback Energy, Inc. | 1737 |  | 261123 |
|  ENEOS Holdings, Inc. | 39664 |  | 280312 |
|  Eni SpA | 30074 |  | 570435 |
|  EOG Resources, Inc. | 5060 |  | 531351 |
|  EQT Corp. | 5819 |  | 311898 |
|  Equinor ASA | 11277 |  | 265144 |
|  Expand Energy Corp. | 2221 |  | 245110 |
|  Exxon Mobil Corp. | 39324 |  | 4732250 |
|  Galp Energia SGPS SA | 6136 |  | 105497 |
|  Idemitsu Kosan Co. Ltd. | 11388 |  | 86006 |
|  Inpex Corp. | 12946 |  | 258441 |
|  Kinder Morgan, Inc. | 18256 |  | 501857 |
|  Marathon Petroleum Corp. | 2803 |  | 455852 |
|  Neste OYJ | 6222 |  | 141928 |
|  Occidental Petroleum Corp. | 6706 |  | 275751 |
|  OMV AG | 2166 |  | 120961 |
|  ONEOK, Inc. | 5867 |  | 431225 |
|  Phillips 66 | 3757 |  | 484803 |
|  Repsol SA | 16590 |  | 310483 |
|  Santos Ltd. | 47762 |  | 196662 |
|  Shell plc | 85144 |  | 3144694 |
|  Targa Resources Corp. | 2002 |  | 369369 |
|  Texas Pacific Land Corp. | 540 |  | 155099 |
|  TotalEnergies SE (Paris Stock Exchange) | 29192 |  | 1907095 |
|  Valero Energy Corp. | 2844 |  | 462975 |
|  Williams Cos., Inc. (The) | 11388 |  | 684533 |
|  Woodside Energy Group Ltd. | 27952 |  | 440042 |
|  |  |  | 23449087 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 24731665 |
|  **Financials (9.7%)** | **Financials (9.7%)** | **Financials (9.7%)** | **Financials (9.7%)** |
|  ***Banks (4.2%)*** | ***Banks (4.2%)*** | ***Banks (4.2%)*** | ***Banks (4.2%)*** |
|  ABN AMRO Bank NV (CVA)(m) | 8574 |  | 300169 |
|  AIB Group plc | 31417 |  | 339675 |
|  ANZ Group Holdings Ltd. | 43864 |  | 1063768 |
|  Banca Monte dei Paschi di Siena SpA | 29038 |  | 311565 |
|  Banco Bilbao Vizcaya Argentaria SA | 84716 |  | 1996143 |
|  Banco BPM SpA | 16708 |  | 255651 |
|  Banco Comercial Portugues SA, Class R | 111133 |  | 117047 |
|  Banco de Sabadell SA | 73861 |  | 292087 |
|  Banco Santander SA | 218805 |  | 2589396 |
|  Bank Hapoalim BM | 18387 |  | 416003 |
|  Bank Leumi Le-Israel BM | 21571 |  | 475510 |
|  Bank of America Corp. | 62648 |  | 3445640 |
|  Bank of Ireland Group plc | 14029 |  | 269973 |
|  Bankinter SA(x) | 9914 |  | 164919 |
|  Banque Cantonale Vaudoise (Registered)(x) | 443 |  | 56151 |
|  Barclays plc | 205284 |  | 1317013 |
|  BNP Paribas SA | 14777 |  | 1402993 |
|  BOC Hong Kong Holdings Ltd. | 54595 |  | 276528 |
|  BPER Banca SpA | 21661 |  | 295290 |
|  CaixaBank SA | 57300 |  | 703355 |
|  Chiba Bank Ltd. (The) | 8290 |  | 92511 |
|  Citigroup, Inc. | 16685 |  | 1946973 |
|  Citizens Financial Group, Inc. | 4005 |  | 233932 |
|  Commerzbank AG | 10775 |  | 457126 |
|  Commonwealth Bank of Australia | 24599 |  | 2635940 |
|  Credit Agricole SA | 15689 |  | 323582 |
|  Danske Bank A/S | 9822 |  | 492363 |
|  DBS Group Holdings Ltd. | 31587 |  | 1384972 |
|  DNB Bank ASA | 13035 |  | 364023 |
|  Erste Group Bank AG | 4527 |  | 547441 |
|  Fifth Third Bancorp | 6164 |  | 288537 |
|  FinecoBank Banca Fineco SpA | 8994 |  | 234648 |
|  Hang Seng Bank Ltd. | 11002 |  | 216995 |
|  HSBC Holdings plc | 253045 |  | 4003738 |
|  Huntington Bancshares, Inc. | 14660 |  | 254351 |
|  ING Groep NV | 44424 |  | 1253492 |
|  Intesa Sanpaolo SpA | 209363 |  | 1456823 |
|  Israel Discount Bank Ltd., Class A | 17989 |  | 191044 |
|  Japan Post Bank Co. Ltd. | 26252 |  | 370216 |
|  JPMorgan Chase & Co. | 25385 |  | 8179555 |
|  KBC Group NV | 3377 |  | 441512 |
|  KeyCorp | 8663 |  | 178804 |
|  Lloyds Banking Group plc | 870410 |  | 1152620 |
|  M&T Bank Corp. | 1433 |  | 288721 |
|  Mitsubishi UFJ Financial Group, Inc. | 168092 |  | 2675264 |
|  Mizrahi Tefahot Bank Ltd. | 2265 |  | 158181 |
|  Mizuho Financial Group, Inc. | 36911 |  | 1343161 |
|  National Australia Bank Ltd. | 45033 |  | 1271533 |
|  NatWest Group plc | 118152 |  | 1038076 |
|  Nordea Bank Abp | 45665 |  | 863210 |
|  Oversea-Chinese Banking Corp. Ltd. | 49585 |  | 762253 |
|  PNC Financial Services Group, Inc. (The) | 3657 |  | 763326 |
|  Raiffeisen Bank International AG | 1935 |  | 87095 |
|  Regions Financial Corp. | 8177 |  | 221597 |
|  Resona Holdings, Inc. | 30503 |  | 290737 |
|  Skandinaviska Enskilda Banken AB, Class A | 22259 |  | 471703 |
|  Societe Generale SA | 10390 |  | 839094 |
|  Standard Chartered plc | 28614 |  | 702750 |
|  Sumitomo Mitsui Financial Group, Inc. | 54094 |  | 1740857 |
|  Sumitomo Mitsui Trust Group, Inc. | 9415 |  | 287126 |
|  Svenska Handelsbanken AB, Class A | 21446 |  | 312960 |
|  Swedbank AB, Class A | 12482 |  | 435341 |
|  Truist Financial Corp. | 11929 |  | 587026 |
|  UniCredit SpA | 20606 |  | 1717411 |
|  United Overseas Bank Ltd. | 18142 |  | 494833 |
|  US Bancorp | 14495 |  | 773453 |
|  Wells Fargo & Co. | 29271 |  | 2728057 |
|  Westpac Banking Corp. | 50286 |  | 1295353 |
|  Yokohama Financial Group, Inc. | 15077 |  | 124503 |
|  |  |  | 65063695 |
|  ***Capital Markets (1.9%)*** | ***Capital Markets (1.9%)*** | ***Capital Markets (1.9%)*** | ***Capital Markets (1.9%)*** |
|  3i Group plc | 14605 |  | 642381 |
|  Ameriprise Financial, Inc. | 866 |  | 424634 |
|  Amundi SA(m) | 906 |  | 75170 |
|  Ares Management Corp., Class A | 1921 |  | 310491 |
|  ASX Ltd.(x) | 2857 |  | 98077 |
|  Bank of New York Mellon Corp. (The) | 6503 |  | 754933 |
|  BlackRock, Inc. | 1345 |  | 1439607 |
|  Blackstone, Inc. | 6886 |  | 1061408 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Cboe Global Markets, Inc. | 976 | $| 244976 |
|  Charles Schwab Corp. (The) | 15576 |  | 1556198 |
|  CME Group, Inc. | 3363 |  | 918368 |
|  Coinbase Global, Inc., Class A\* | 2128 |  | 481226 |
|  CVC Capital Partners plc(m)(x) | 3126 |  | 52534 |
|  Daiwa Securities Group, Inc. | 19540 |  | 170963 |
|  Deutsche Bank AG (Registered) | 27215 |  | 1058959 |
|  Deutsche Boerse AG | 2769 |  | 727949 |
|  EQT AB(x) | 7261 |  | 286923 |
|  Euronext NV(m) | 1120 |  | 168477 |
|  FactSet Research Systems, Inc. | 349 |  | 101276 |
|  Franklin Resources, Inc. | 2866 |  | 68469 |
|  Futu Holdings Ltd. (ADR)\* | 804 |  | 132025 |
|  Goldman Sachs Group, Inc. (The) | 2797 |  | 2458563 |
|  Hong Kong Exchanges & Clearing Ltd. | 17681 |  | 925999 |
|  Interactive Brokers Group, Inc., Class A | 4153 |  | 267079 |
|  Intercontinental Exchange, Inc. | 5317 |  | 861141 |
|  Invesco Ltd. | 4150 |  | 109021 |
|  Japan Exchange Group, Inc. | 14538 |  | 155552 |
|  Julius Baer Group Ltd.(x) | 3030 |  | 238697 |
|  KKR & Co., Inc. | 6400 |  | 815872 |
|  London Stock Exchange Group plc | 6870 |  | 828993 |
|  Macquarie Group Ltd. | 5324 |  | 721964 |
|  Moody's Corp. | 1431 |  | 731026 |
|  Morgan Stanley | 11263 |  | 1999520 |
|  MSCI, Inc. | 701 |  | 402185 |
|  Nasdaq, Inc. | 4206 |  | 408529 |
|  Nomura Holdings, Inc. | 44121 |  | 366454 |
|  Northern Trust Corp. | 1763 |  | 240808 |
|  Partners Group Holding AG | 334 |  | 414243 |
|  Raymond James Financial, Inc. | 1644 |  | 264010 |
|  Robinhood Markets, Inc., Class A\* | 7333 |  | 829362 |
|  S&P Global, Inc. | 2891 |  | 1510808 |
|  SBI Holdings, Inc. | 8218 |  | 177067 |
|  Schroders plc | 10659 |  | 58477 |
|  Singapore Exchange Ltd. | 12300 |  | 162290 |
|  State Street Corp. | 2605 |  | 336071 |
| T. Rowe Price Group, Inc. | 2035 |  | 208343 |
|  UBS Group AG (Registered) | 46663 |  | 2177332 |
|  |  |  | 28444450 |
|  ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** |
|  American Express Co. | 5010 |  | 1853450 |
|  Capital One Financial Corp. | 5928 |  | 1436710 |
|  Synchrony Financial | 3359 |  | 280241 |
|  |  |  | 3570401 |
|  ***Financial Services (1.6%)*** | ***Financial Services (1.6%)*** | ***Financial Services (1.6%)*** | ***Financial Services (1.6%)*** |
|  Adyen NV(m)\* | 371 |  | 599499 |
|  Apollo Global Management, Inc. | 4330 |  | 626811 |
|  Banca Mediolanum SpA | 3288 |  | 75233 |
|  Berkshire Hathaway, Inc., Class B\* | 17099 |  | 8594812 |
|  Block, Inc., Class A\* | 5107 |  | 332415 |
|  Corpay, Inc.\* | 652 |  | 196206 |
|  Edenred SE | 3528 |  | 78403 |
|  EXOR NV | 1375 |  | 117072 |
|  Fidelity National Information Services, Inc. | 4829 |  | 320935 |
|  Fiserv, Inc.\* | 5015 |  | 336858 |
|  Global Payments, Inc. | 2208 |  | 170899 |
|  Groupe Bruxelles Lambert NV | 1175 |  | 104876 |
|  Industrivarden AB, Class A | 1741 |  | 78554 |
|  Industrivarden AB, Class C(x) | 2296 |  | 103496 |
|  Infratil Ltd. | 13685 |  | 87301 |
|  Investor AB, Class B | 26791 |  | 961467 |
|  Jack Henry & Associates, Inc. | 675 |  | 123174 |
|  L E Lundbergforetagen AB, Class B(x) | 1118 |  | 62115 |
|  M&G plc | 33599 |  | 129710 |
|  Mastercard, Inc., Class A | 7646 |  | 4364948 |
|  Mitsubishi HC Capital, Inc. | 12928 |  | 108201 |
|  Nexi SpA(m)(x) | 7759 |  | 38489 |
|  ORIX Corp. | 17060 |  | 495986 |
|  PayPal Holdings, Inc. | 8725 |  | 509366 |
|  Poste Italiane SpA(m)(x) | 6723 |  | 169711 |
|  Sofina SA | 243 |  | 70537 |
|  Sony Financial Group, Inc.(x)\* | 90138 |  | 95524 |
|  Visa, Inc., Class A | 15737 |  | 5519123 |
|  Washington H Soul Pattinson & Co. Ltd. | 5028 |  | 124621 |
|  Wise plc, Class A\* | 9798 |  | 117676 |
|  |  |  | 24714018 |
|  ***Insurance (1.8%)*** | ***Insurance (1.8%)*** | ***Insurance (1.8%)*** | ***Insurance (1.8%)*** |
|  Admiral Group plc | 3829 |  | 163923 |
|  Aegon Ltd. | 19445 |  | 151736 |
|  Aflac, Inc. | 4399 |  | 485078 |
|  Ageas SA/NV | 2194 |  | 154188 |
|  AIA Group Ltd. | 154455 |  | 1585691 |
|  Allianz SE (Registered) | 5676 |  | 2604805 |
|  Allstate Corp. (The) | 2440 |  | 507886 |
|  American International Group, Inc. | 5031 |  | 430402 |
|  Aon plc, Class A | 2004 |  | 707172 |
|  Arch Capital Group Ltd.\* | 3367 |  | 322963 |
|  Arthur J Gallagher & Co. | 2395 |  | 619802 |
|  ASR Nederland NV | 2306 |  | 164281 |
|  Assurant, Inc. | 467 |  | 112477 |
|  Aviva plc | 44946 |  | 414643 |
|  AXA SA | 25503 |  | 1227617 |
|  Brown & Brown, Inc. | 2738 |  | 218219 |
|  Chubb Ltd. | 3413 |  | 1065266 |
|  Cincinnati Financial Corp. | 1447 |  | 236324 |
|  Dai-ichi Life Holdings, Inc. | 51546 |  | 428947 |
|  Erie Indemnity Co., Class A | 237 |  | 67936 |
|  Everest Group Ltd. | 391 |  | 132686 |
|  Generali(x) | 12532 |  | 526512 |
|  Gjensidige Forsikring ASA | 2941 |  | 88113 |
|  Globe Life, Inc. | 742 |  | 103776 |
|  Hannover Rueck SE | 887 |  | 277487 |
|  Hartford Insurance Group, Inc. (The) | 2598 |  | 358004 |
|  Helvetia Baloise Holding AG | 1159 |  | 306101 |
|  Insurance Australia Group Ltd. | 34784 |  | 185241 |
|  Japan Post Holdings Co. Ltd. | 26202 |  | 276088 |
|  Japan Post Insurance Co. Ltd. | 2749 |  | 82695 |
|  Legal & General Group plc | 83769 |  | 295728 |
|  Loews Corp. | 1580 |  | 166390 |
|  Mapfre SA | 13586 |  | 68368 |
|  Marsh & McLennan Cos., Inc. | 4568 |  | 847455 |
|  Medibank Pvt. Ltd. | 40500 |  | 129463 |
|  MetLife, Inc. | 5161 |  | 407409 |
|  MS&AD Insurance Group Holdings, Inc. | 18859 |  | 443422 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 1921 | $| 1269200 |
|  NN Group NV | 3955 |  | 305554 |
|  Phoenix Financial Ltd. | 3364 |  | 139227 |
|  Phoenix Group Holdings plc | 10333 |  | 102652 |
|  Principal Financial Group, Inc. | 1864 |  | 164423 |
|  Progressive Corp. (The) | 5468 |  | 1245173 |
|  Prudential Financial, Inc. | 3264 |  | 368440 |
|  Prudential plc | 37677 |  | 581254 |
|  QBE Insurance Group Ltd. | 22204 |  | 294727 |
|  Sampo OYJ, Class A | 35599 |  | 432165 |
|  Sompo Holdings, Inc. | 12990 |  | 442509 |
|  Suncorp Group Ltd. | 15925 |  | 187576 |
|  Swiss Life Holding AG (Registered)(x) | 420 |  | 486120 |
|  Swiss Re AG | 4393 |  | 736788 |
|  T&D Holdings, Inc. | 7224 |  | 166718 |
|  Talanx AG | 949 |  | 126917 |
|  Tokio Marine Holdings, Inc. | 26942 |  | 1000521 |
|  Travelers Cos., Inc. (The) | 2080 |  | 603325 |
|  Tryg A/S | 4945 |  | 129545 |
|  Unipol Assicurazioni SpA | 5276 |  | 127541 |
|  W.R. Berkley Corp. | 2799 |  | 196266 |
|  Willis Towers Watson plc | 893 |  | 293440 |
|  Zurich Insurance Group AG | 2151 |  | 1634228 |
|  |  |  | 27398603 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 149191167 |
|  **Health Care (5.6%)** | **Health Care (5.6%)** | **Health Care (5.6%)** | **Health Care (5.6%)** |
|  ***Biotechnology (0.7%)*** | ***Biotechnology (0.7%)*** | ***Biotechnology (0.7%)*** | ***Biotechnology (0.7%)*** |
|  AbbVie, Inc. | 16480 |  | 3765515 |
|  Amgen, Inc. | 5021 |  | 1643424 |
|  Argenx SE\* | 905 |  | 762357 |
|  Biogen, Inc.\* | 1368 |  | 240754 |
|  CSL Ltd. | 7134 |  | 821965 |
|  Genmab A/S\* | 897 |  | 286079 |
|  Gilead Sciences, Inc. | 11569 |  | 1419979 |
|  Grifols SA(x) | 4387 |  | 55165 |
|  Incyte Corp.\* | 1538 |  | 151908 |
|  Moderna, Inc.\* | 3242 |  | 95607 |
|  Regeneron Pharmaceuticals, Inc. | 940 |  | 725558 |
|  Swedish Orphan Biovitrum AB\* | 2891 |  | 104505 |
|  Vertex Pharmaceuticals, Inc.\* | 2366 |  | 1072650 |
|  |  |  | 11145466 |
|  ***Health Care Equipment & Supplies (1.1%)*** | ***Health Care Equipment & Supplies (1.1%)*** | ***Health Care Equipment & Supplies (1.1%)*** | ***Health Care Equipment & Supplies (1.1%)*** |
|  Abbott Laboratories | 16215 |  | 2031577 |
|  Alcon AG | 7347 |  | 586944 |
|  Align Technology, Inc.\* | 622 |  | 97125 |
|  Baxter International, Inc. | 4793 |  | 91594 |
|  Becton Dickinson & Co. | 2673 |  | 518749 |
|  BioMerieux | 609 |  | 78941 |
|  Boston Scientific Corp.\* | 13824 |  | 1318118 |
|  Cochlear Ltd. | 962 |  | 167341 |
|  Coloplast A/S, Class B | 1855 |  | 159476 |
|  Cooper Cos., Inc. (The)\* | 1854 |  | 151954 |
|  Demant A/S(x)\* | 1415 |  | 47911 |
|  Dexcom, Inc.\* | 3637 |  | 241388 |
|  Edwards Lifesciences Corp.\* | 5411 |  | 461288 |
|  EssilorLuxottica SA | 4425 |  | 1403550 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 8636 |  | 187700 |
|  GE HealthCare Technologies, Inc. | 4248 |  | 348421 |
|  Hologic, Inc.\* | 2075 |  | 154567 |
|  Hoya Corp. | 4997 |  | 755579 |
|  IDEXX Laboratories, Inc.\* | 745 |  | 504015 |
|  Insulet Corp.\* | 656 |  | 186462 |
|  Intuitive Surgical, Inc.\* | 3306 |  | 1872386 |
|  Koninklijke Philips NV | 11326 |  | 309332 |
|  Medtronic plc | 11960 |  | 1148878 |
|  Olympus Corp.(x) | 16752 |  | 212234 |
|  ResMed, Inc. | 1361 |  | 327824 |
|  Siemens Healthineers AG(m) | 4975 |  | 262630 |
|  Smith & Nephew plc | 11855 |  | 197912 |
|  Solventum Corp.\* | 1375 |  | 108955 |
|  Sonova Holding AG (Registered) | 745 |  | 194785 |
|  STERIS plc | 915 |  | 231971 |
|  Straumann Holding AG (Registered)(x) | 1641 |  | 193622 |
|  Stryker Corp. | 3209 |  | 1127867 |
|  Sysmex Corp. | 7425 |  | 73117 |
|  Terumo Corp. | 19518 |  | 282852 |
|  Zimmer Biomet Holdings, Inc. | 1848 |  | 166172 |
|  |  |  | 16203237 |
|  ***Health Care Providers & Services (0.6%)*** | ***Health Care Providers & Services (0.6%)*** | ***Health Care Providers & Services (0.6%)*** | ***Health Care Providers & Services (0.6%)*** |
|  Cardinal Health, Inc. | 2216 |  | 455388 |
|  Cencora, Inc. | 1808 |  | 610652 |
|  Centene Corp.\* | 4354 |  | 179167 |
|  Cigna Group (The) | 2491 |  | 685598 |
|  CVS Health Corp. | 11837 |  | 939384 |
|  DaVita, Inc.\* | 329 |  | 37378 |
|  Elevance Health, Inc. | 2072 |  | 726340 |
|  Fresenius Medical Care AG | 3236 |  | 155008 |
|  Fresenius SE & Co. KGaA | 6211 |  | 357513 |
|  HCA Healthcare, Inc. | 1490 |  | 695621 |
|  Henry Schein, Inc.\* | 933 |  | 70516 |
|  Humana, Inc. | 1122 |  | 287378 |
|  Labcorp Holdings, Inc. | 773 |  | 193930 |
|  McKesson Corp. | 1151 |  | 944154 |
|  Molina Healthcare, Inc.\* | 479 |  | 83126 |
|  NMC Health plc(r)\* | 3800 |  |  |
|  Quest Diagnostics, Inc. | 1037 |  | 179951 |
|  Sigma Healthcare Ltd. | 76394 |  | 149886 |
|  Sonic Healthcare Ltd. | 6905 |  | 104188 |
|  UnitedHealth Group, Inc. | 8447 |  | 2788439 |
|  Universal Health Services, Inc., Class B | 515 |  | 112280 |
|  |  |  | 9755897 |
|  ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** |
|  M3, Inc.(x) | 6433 |  | 86819 |
|  Pro Medicus Ltd. | 845 |  | 124551 |
|  |  |  | 211370 |
|  ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** |
|  Agilent Technologies, Inc. | 2644 |  | 359769 |
|  Bio-Techne Corp. | 1453 |  | 85451 |
|  Charles River Laboratories International, Inc.\* | 459 |  | 91561 |
|  Danaher Corp. | 5862 |  | 1341929 |
|  Eurofins Scientific SE | 1741 |  | 127672 |
|  IQVIA Holdings, Inc.\* | 1588 |  | 357951 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Lonza Group AG (Registered) | 1033 | $| 701360 |
|  Mettler-Toledo International, Inc.\* | 190 |  | 264896 |
|  QIAGEN NV | 3185 |  | 145435 |
|  Revvity, Inc. | 1057 |  | 102265 |
|  Sartorius AG (Preference) (q) | 385 |  | 111846 |
|  Sartorius Stedim Biotech | 429 |  | 105874 |
|  Thermo Fisher Scientific, Inc. | 3503 |  | 2029813 |
|  Waters Corp.\* | 555 |  | 210806 |
|  West Pharmaceutical Services, Inc. | 671 |  | 184619 |
|  |  |  | 6221247 |
|  ***Pharmaceuticals (2.8%)*** | ***Pharmaceuticals (2.8%)*** | ***Pharmaceuticals (2.8%)*** | ***Pharmaceuticals (2.8%)*** |
|  Astellas Pharma, Inc. | 26565 |  | 354958 |
|  AstraZeneca plc | 22794 |  | 4237001 |
|  Bayer AG (Registered) | 14444 |  | 628230 |
|  Bristol-Myers Squibb Co. | 18983 |  | 1023943 |
|  Chugai Pharmaceutical Co. Ltd. | 9836 |  | 517608 |
|  Daiichi Sankyo Co. Ltd. | 25042 |  | 535244 |
|  Eisai Co. Ltd. | 3866 |  | 115012 |
|  Eli Lilly & Co. | 7405 |  | 7958005 |
|  Financiere de Tubize SA | 295 |  | 72457 |
|  Galderma Group AG | 2274 |  | 465365 |
|  GSK plc | 59748 |  | 1469403 |
|  Haleon plc | 130954 |  | 661595 |
|  Hikma Pharmaceuticals plc | 2447 |  | 51126 |
|  Ipsen SA | 555 |  | 77616 |
|  Johnson & Johnson | 22466 |  | 4649339 |
|  Kyowa Kirin Co. Ltd. | 3493 |  | 56351 |
|  Merck & Co., Inc. | 23144 |  | 2436137 |
|  Merck KGaA | 1900 |  | 273751 |
|  Novartis AG (Registered) | 27946 |  | 3866787 |
|  Novo Nordisk A/S, Class B | 47341 |  | 2422673 |
|  Orion OYJ, Class B | 1607 |  | 120206 |
|  Otsuka Holdings Co. Ltd. | 6336 |  | 358908 |
|  Pfizer, Inc. | 53018 |  | 1320148 |
|  Recordati Industria Chimica e Farmaceutica SpA | 1691 |  | 96462 |
|  Roche Holding AG (BMV Mexico Stock Exchange) | 10327 |  | 4278906 |
|  Roche Holding AG (OTC US Exchange) | 471 |  | 199317 |
|  Sandoz Group AG | 6146 |  | 448788 |
|  Sanofi SA | 16238 |  | 1578537 |
|  Shionogi & Co. Ltd. | 11049 |  | 200397 |
|  Takeda Pharmaceutical Co. Ltd. | 23327 |  | 720033 |
|  Teva Pharmaceutical Industries Ltd. (ADR)\* | 16862 |  | 526263 |
|  UCB SA | 1859 |  | 521269 |
|  Viatris, Inc. | 10740 |  | 133713 |
|  Zoetis, Inc. | 4109 |  | 516994 |
|  |  |  | 42892542 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 86429759 |
|  **Industrials (6.7%)** | **Industrials (6.7%)** | **Industrials (6.7%)** | **Industrials (6.7%)** |
|  ***Aerospace & Defense (1.5%)*** | ***Aerospace & Defense (1.5%)*** | ***Aerospace & Defense (1.5%)*** | ***Aerospace & Defense (1.5%)*** |
|  Airbus SE | 8734 |  | 2036417 |
|  Axon Enterprise, Inc.\* | 736 |  | 417997 |
|  BAE Systems plc | 44179 |  | 1020706 |
|  Boeing Co. (The)\* | 7302 |  | 1585410 |
|  Dassault Aviation SA | 288 |  | 92670 |
|  Elbit Systems Ltd. | 409 |  | 235802 |
|  GE Aerospace | 9836 |  | 3029783 |
|  General Dynamics Corp. | 2364 |  | 795864 |
|  Hensoldt AG (x) | 934 |  | 80567 |
|  Howmet Aerospace, Inc. | 3749 |  | 768620 |
|  Huntington Ingalls Industries, Inc. | 366 |  | 124466 |
|  Kongsberg Gruppen ASA | 6468 |  | 165935 |
|  L3Harris Technologies, Inc. | 1744 |  | 511986 |
|  Leonardo SpA | 5950 |  | 343748 |
|  Lockheed Martin Corp. | 1899 |  | 918489 |
|  Melrose Industries plc | 18557 |  | 147182 |
|  MTU Aero Engines AG | 791 |  | 330281 |
|  Northrop Grumman Corp. | 1251 |  | 713333 |
|  Rheinmetall AG | 676 |  | 1240113 |
|  Rolls-Royce Holdings plc | 123714 |  | 1917743 |
|  RTX Corp. | 12502 |  | 2292867 |
|  Saab AB, Class B | 4709 |  | 274975 |
|  Safran SA | 5293 |  | 1849927 |
|  Singapore Technologies Engineering Ltd. | 23401 |  | 153288 |
|  Textron, Inc. | 1643 |  | 143220 |
|  Thales SA | 1363 |  | 368093 |
|  TransDigm Group, Inc. | 525 |  | 698171 |
|  |  |  | 22257653 |
|  ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** |
|  CH Robinson Worldwide, Inc. | 1102 |  | 177158 |
|  Deutsche Post AG | 14115 |  | 775155 |
|  DSV A/S | 3005 |  | 763584 |
|  Expeditors International of Washington, Inc. | 1250 |  | 186262 |
|  FedEx Corp. | 2024 |  | 584653 |
|  InPost SA (x)\* | 3676 |  | 45231 |
|  SG Holdings Co. Ltd. (x) | 4194 |  | 38382 |
|  United Parcel Service, Inc., Class B | 6891 |  | 683518 |
|  |  |  | 3253943 |
|  ***Building Products (0.3%)*** | ***Building Products (0.3%)*** | ***Building Products (0.3%)*** | ***Building Products (0.3%)*** |
|  A.O. Smith Corp. | 1057 |  | 70692 |
|  AGC, Inc. | 2907 |  | 96374 |
|  Allegion plc | 802 |  | 127694 |
|  Assa Abloy AB, Class B | 14737 |  | 574497 |
|  Belimo Holding AG (Registered) | 145 |  | 142968 |
|  Builders FirstSource, Inc.\* | 1031 |  | 106080 |
|  Carrier Global Corp. | 7382 |  | 390065 |
|  Cie de Saint-Gobain SA | 6604 |  | 674898 |
|  Daikin Industries Ltd. | 3885 |  | 498026 |
|  Geberit AG (Registered) (x) | 499 |  | 390330 |
|  Johnson Controls International plc | 5679 |  | 680060 |
|  Kingspan Group plc | 2259 |  | 196852 |
|  Lennox International, Inc. | 298 |  | 144703 |
|  Masco Corp. | 1937 |  | 122922 |
|  Nibe Industrier AB, Class B | 22286 |  | 86225 |
|  ROCKWOOL A/S, Class B | 1422 |  | 50431 |
|  Trane Technologies plc | 2068 |  | 804866 |
|  |  |  | 5157683 |
|  ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** |
|  Brambles Ltd. | 20032 |  | 306937 |
|  Cintas Corp. | 3185 |  | 599003 |
|  Copart, Inc.\* | 8303 |  | 325062 |
|  Dai Nippon Printing Co. Ltd. | 5769 |  | 99219 |
|  Rentokil Initial plc | 37148 |  | 224079 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Republic Services, Inc. | 1876 | $| 397581 |
|  Rollins, Inc. | 2737 |  | 164275 |
|  Secom Co. Ltd. | 6125 |  | 217918 |
|  Securitas AB, Class B | 7233 |  | 115646 |
|  TOPPAN Holdings, Inc. | 3429 |  | 102034 |
|  Veralto Corp. | 2315 |  | 230991 |
|  Waste Management, Inc. | 3456 |  | 759318 |
|  |  |  | 3542063 |
|  ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** |
|  ACS Actividades de Construccion y Servicios SA | 2597 |  | 258962 |
|  Bouygues SA | 2820 |  | 146979 |
|  Comfort Systems USA, Inc. | 328 |  | 306119 |
|  Eiffage SA | 1009 |  | 145139 |
|  EMCOR Group, Inc. | 417 |  | 255116 |
|  Ferrovial SE | 7552 |  | 491149 |
|  HOCHTIEF AG (x) | 229 |  | 90694 |
|  Kajima Corp. | 6188 |  | 230509 |
|  Obayashi Corp. | 9517 |  | 198615 |
|  Quanta Services, Inc. | 1390 |  | 586663 |
|  Skanska AB, Class B | 5005 |  | 137160 |
|  Taisei Corp. | 2265 |  | 214513 |
|  Vinci SA | 7335 |  | 1034842 |
|  |  |  | 4096460 |
|  ***Electrical Equipment (0.9%)*** | ***Electrical Equipment (0.9%)*** | ***Electrical Equipment (0.9%)*** | ***Electrical Equipment (0.9%)*** |
|  ABB Ltd. (Registered) | 23037 |  | 1722322 |
|  AMETEK, Inc. | 2147 |  | 440801 |
|  Eaton Corp. plc | 3622 |  | 1153643 |
|  Emerson Electric Co. | 5239 |  | 695320 |
|  Fuji Electric Co. Ltd. | 1927 |  | 145780 |
|  Fujikura Ltd. | 3708 |  | 412842 |
|  GE Vernova, Inc. | 2530 |  | 1653532 |
|  Generac Holdings, Inc.\* | 547 |  | 74594 |
|  Hubbell, Inc., Class B | 496 |  | 220279 |
|  Legrand SA | 3856 |  | 576642 |
|  Mitsubishi Electric Corp. | 27888 |  | 816308 |
|  Nidec Corp. | 12277 |  | 167100 |
|  Prysmian SpA | 4139 |  | 420165 |
|  Rockwell Automation, Inc. | 1047 |  | 407356 |
|  Schneider Electric SE | 8059 |  | 2224723 |
|  Siemens Energy AG\* | 11392 |  | 1611901 |
|  Vestas Wind Systems A/S | 14848 |  | 405095 |
|  |  |  | 13148403 |
|  ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** |
|  Central Japan Railway Co. | 11283 |  | 312400 |
|  CSX Corp. | 17364 |  | 629445 |
|  East Japan Railway Co. (x) | 14121 |  | 372497 |
|  Grab Holdings Ltd., Class A\* | 34880 |  | 174051 |
|  Hankyu Hanshin Holdings, Inc. | 3567 |  | 89790 |
|  JB Hunt Transport Services, Inc. | 701 |  | 136232 |
|  MTR Corp. Ltd. | 22828 |  | 87409 |
|  Norfolk Southern Corp. | 2092 |  | 604002 |
|  Old Dominion Freight Line, Inc. | 1716 |  | 269069 |
|  Seibu Holdings, Inc. | 3000 |  | 82431 |
|  Tokyo Metro Co. Ltd. (x) | 4268 |  | 43446 |
|  Tokyu Corp. | 7320 |  | 85519 |
|  Uber Technologies, Inc.\* | 19375 |  | 1583131 |
|  Union Pacific Corp. | 5531 |  | 1279431 |
|  West Japan Railway Co. | 6220 |  | 124130 |
|  |  |  | 5872983 |
|  ***Industrial Conglomerates (0.5%)*** | ***Industrial Conglomerates (0.5%)*** | ***Industrial Conglomerates (0.5%)*** | ***Industrial Conglomerates (0.5%)*** |
|  3M Co. | 4954 |  | 793135 |
|  CK Hutchison Holdings Ltd. | 39467 |  | 268516 |
|  DCC plc (x) | 1425 |  | 88934 |
|  Hikari Tsushin, Inc. | 254 |  | 70943 |
|  Hitachi Ltd. | 67226 |  | 2103817 |
|  Honeywell International, Inc. | 5920 |  | 1154933 |
|  Investment AB Latour, Class B | 2177 |  | 53299 |
|  Jardine Matheson Holdings Ltd. (London Stock Exchange) | 2201 |  | 144782 |
|  Jardine Matheson Holdings Ltd. (Singapore Stock Exchange) | 200 |  | 13678 |
|  Keppel Ltd. | 21897 |  | 176314 |
|  Lifco AB, Class B | 3428 |  | 131066 |
|  Sekisui Chemical Co. Ltd. | 5521 |  | 92874 |
|  Siemens AG (Registered) | 11171 |  | 3139599 |
|  Smiths Group plc | 4800 |  | 152178 |
|  Swire Pacific Ltd., Class A | 5279 |  | 42529 |
|  |  |  | 8426597 |
|  ***Machinery (1.2%)*** | ***Machinery (1.2%)*** | ***Machinery (1.2%)*** | ***Machinery (1.2%)*** |
|  Alfa Laval AB | 4255 |  | 215234 |
|  Alstom SA\* | 5096 |  | 150739 |
|  Atlas Copco AB, Class A | 39403 |  | 710679 |
|  Atlas Copco AB, Class B | 22894 |  | 370522 |
|  Caterpillar, Inc. | 4364 |  | 2500005 |
|  Cummins, Inc. | 1287 |  | 656949 |
|  Daifuku Co. Ltd. | 4732 |  | 148872 |
|  Daimler Truck Holding AG (x) | 6986 |  | 306395 |
|  Deere & Co. | 2344 |  | 1091296 |
|  Dover Corp. | 1279 |  | 249712 |
|  Ebara Corp. | 6900 |  | 162280 |
|  Epiroc AB, Class A | 9691 |  | 220946 |
|  Epiroc AB, Class B | 5735 |  | 116301 |
|  FANUC Corp. (x) | 13668 |  | 530874 |
|  Fortive Corp. | 2962 |  | 163532 |
|  GEA Group AG | 2155 |  | 146382 |
|  IDEX Corp. | 698 |  | 124202 |
|  IHI Corp. | 15400 |  | 270807 |
|  Illinois Tool Works, Inc. | 2462 |  | 606391 |
|  Indutrade AB | 4018 |  | 104918 |
|  Ingersoll Rand, Inc. | 3353 |  | 265625 |
|  Kawasaki Heavy Industries Ltd. | 2200 |  | 145786 |
|  Knorr-Bremse AG | 1067 |  | 119312 |
|  Komatsu Ltd. | 13962 |  | 445672 |
|  Kone OYJ, Class B | 4997 |  | 355637 |
|  Kubota Corp. | 14336 |  | 202858 |
|  Makita Corp. | 3315 |  | 100250 |
|  Metso OYJ | 9753 |  | 171697 |
|  Minebea Mitsumi, Inc. | 5308 |  | 106438 |
|  Mitsubishi Heavy Industries Ltd. | 46985 |  | 1151828 |
|  Nordson Corp. | 498 |  | 119734 |
|  Otis Worldwide Corp. | 3634 |  | 317430 |
|  PACCAR, Inc. | 4960 |  | 543170 |
|  Parker-Hannifin Corp. | 1177 |  | 1034536 |
|  Pentair plc | 1526 |  | 158918 |
|  Rational AG | 75 |  | 58305 |
|  Sandvik AB | 15677 |  | 511867 |
|  Schindler Holding AG | 599 |  | 226260 |
|  Schindler Holding AG (Registered) | 345 |  | 122608 |
|  SKF AB, Class B | 5017 |  | 133946 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  SMC Corp. | 821 | $| 285442 |
|  Snap-on, Inc. | 485 |  | 167131 |
|  Spirax Group plc | 1083 |  | 99560 |
|  Stanley Black & Decker, Inc. | 1444 |  | 107260 |
|  Techtronic Industries Co. Ltd. | 21717 |  | 250859 |
|  Toyota Industries Corp. (x) | 2437 |  | 276932 |
|  Trelleborg AB, Class B | 2983 |  | 127239 |
|  VAT Group AG (m) | 397 |  | 193413 |
|  Volvo AB, Class B | 23363 |  | 750895 |
|  Wartsila OYJ Abp | 7395 |  | 264194 |
|  Westinghouse Air Brake Technologies Corp. | 1594 |  | 340239 |
|  Xylem, Inc. | 2270 |  | 309129 |
|  Yangzijiang Shipbuilding Holdings Ltd. | 38063 |  | 103049 |
|  |  |  | 18414255 |
|  ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** |
|  AP Moller – Maersk A/S, Class A (x) | 43 |  | 99049 |
|  AP Moller – Maersk A/S, Class B (x) | 58 |  | 133601 |
|  Kawasaki Kisen Kaisha Ltd. (x) | 5128 |  | 71400 |
|  Kuehne + Nagel International AG (Registered) | 710 |  | 153500 |
|  Mitsui OSK Lines Ltd. (x) | 5041 |  | 151578 |
|  Nippon Yusen KK (x) | 6383 |  | 206926 |
|  SITC International Holdings Co. Ltd. | 20277 |  | 72586 |
|  |  |  | 888640 |
|  ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** |
|  ANA Holdings, Inc. | 2393 |  | 45510 |
|  Delta Air Lines, Inc. | 6048 |  | 419731 |
|  Deutsche Lufthansa AG (Registered) | 8825 |  | 87180 |
|  International Consolidated Airlines Group SA | 17379 |  | 96993 |
|  Japan Airlines Co. Ltd. | 2069 |  | 38371 |
|  Qantas Airways Ltd. | 10904 |  | 75533 |
|  Ryanair Holdings plc | 12405 |  | 430791 |
|  Singapore Airlines Ltd. | 23362 |  | 116319 |
|  Southwest Airlines Co. | 4822 |  | 199293 |
|  United Airlines Holdings, Inc.\* | 3019 |  | 337585 |
|  |  |  | 1847306 |
|  ***Professional Services (0.4%)*** | ***Professional Services (0.4%)*** | ***Professional Services (0.4%)*** | ***Professional Services (0.4%)*** |
|  Automatic Data Processing, Inc. | 3771 |  | 970014 |
|  Broadridge Financial Solutions, Inc. | 1088 |  | 242809 |
|  Bureau Veritas SA | 5006 |  | 159901 |
|  Computershare Ltd. | 7655 |  | 174406 |
|  Dayforce, Inc.\* | 1492 |  | 103187 |
|  Equifax, Inc. | 1141 |  | 247574 |
|  Experian plc | 13491 |  | 611568 |
|  Intertek Group plc | 2271 |  | 141611 |
|  Jacobs Solutions, Inc. | 1115 |  | 147693 |
|  Leidos Holdings, Inc. | 1192 |  | 215037 |
|  Paychex, Inc. | 3020 |  | 338783 |
|  Paycom Software, Inc. | 456 |  | 72668 |
|  Randstad NV (x) | 1596 |  | 60714 |
|  Recruit Holdings Co. Ltd. | 19521 |  | 1102543 |
|  RELX plc | 26834 |  | 1092361 |
|  SGS SA (Registered) (x) | 2434 |  | 279199 |
|  Verisk Analytics, Inc. | 1300 |  | 290797 |
|  Wolters Kluwer NV | 3419 |  | 354951 |
|  |  |  | 6605816 |
|  ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** |
|  AddTech AB, Class B (x) | 3823 |  | 135953 |
|  AerCap Holdings NV | 2594 |  | 372914 |
|  Ashtead Group plc | 6198 |  | 424915 |
|  Beijer Ref AB, Class B (x) | 6014 |  | 97397 |
|  Brenntag SE (x) | 1805 |  | 105129 |
|  Bunzl plc | 4777 |  | 133677 |
|  Fastenal Co. | 10705 |  | 429592 |
|  IMCD NV (x) | 869 |  | 78983 |
|  ITOCHU Corp. | 87275 |  | 1100409 |
|  Marubeni Corp. (x) | 20754 |  | 576750 |
|  Mitsubishi Corp. | 47156 |  | 1079555 |
|  Mitsui & Co. Ltd. | 36213 |  | 1073397 |
|  MonotaRO Co. Ltd. | 3696 |  | 59001 |
|  Rexel SA | 3298 |  | 130188 |
|  SGH Ltd. | 2993 |  | 92778 |
|  Sumitomo Corp. | 15939 |  | 550701 |
|  Toyota Tsusho Corp. | 10144 |  | 341544 |
|  United Rentals, Inc. | 593 |  | 479927 |
|  W.W. Grainger, Inc. | 408 |  | 411692 |
|  |  |  | 7674502 |
|  ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** |
|  Aena SME SA (m) | 11027 |  | 308682 |
|  Aeroports de Paris SA | 509 |  | 66637 |
|  Auckland International Airport Ltd. | 24926 |  | 119545 |
|  Getlink SE | 4448 |  | 82225 |
|  Transurban Group | 45788 |  | 434209 |
|  |  |  | 1011298 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 102197602 |
|  **Information Technology (13.9%)** | **Information Technology (13.9%)** | **Information Technology (13.9%)** | **Information Technology (13.9%)** |
|  ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** |
|  Arista Networks, Inc.\* | 9629 |  | 1261688 |
|  Cisco Systems, Inc. | 36746 |  | 2830544 |
|  F5, Inc.\* | 538 |  | 137330 |
|  Motorola Solutions, Inc. | 1553 |  | 595296 |
|  Nokia OYJ | 77882 |  | 509988 |
|  Telefonaktiebolaget LM Ericsson, Class B | 41147 |  | 404922 |
|  |  |  | 5739768 |
|  ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** |
|  Amphenol Corp., Class A | 11414 |  | 1542488 |
|  CDW Corp. | 1214 |  | 165347 |
|  Corning, Inc. | 7275 |  | 636999 |
|  Halma plc | 5582 |  | 266208 |
|  Hexagon AB, Class B | 30525 |  | 363057 |
|  Jabil, Inc. | 996 |  | 227108 |
|  Keyence Corp. | 2891 |  | 1046105 |
|  Keysight Technologies, Inc.\* | 1603 |  | 325714 |
|  Kyocera Corp. | 18821 |  | 263919 |
|  Murata Manufacturing Co. Ltd. | 24440 |  | 506462 |
|  Shimadzu Corp. | 3498 |  | 93077 |
|  TDK Corp. | 28490 |  | 402141 |
|  TE Connectivity plc | 2743 |  | 624060 |
|  Teledyne Technologies, Inc.\* | 438 |  | 223700 |
|  Trimble, Inc.\* | 2219 |  | 173859 |
|  Yokogawa Electric Corp. | 3376 |  | 108108 |
|  Zebra Technologies Corp., Class A\* | 472 |  | 114611 |
|  |  |  | 7082963 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  ***IT Services (0.5%)*** | ***IT Services (0.5%)*** | ***IT Services (0.5%)*** |
|  Accenture plc, Class A | 5783 | $1551579 |
|  Akamai Technologies, Inc.\* | 1342 | 117090 |
|  Capgemini SE | 2267 | 378979 |
|  Cognizant Technology Solutions Corp., Class A | 4501 | 373583 |
|  EPAM Systems, Inc.\* | 515 | 105513 |
|  Fujitsu Ltd. | 25859 | 714655 |
|  Gartner, Inc.\* | 672 | 169532 |
|  GoDaddy, Inc., Class A\* | 1260 | 156341 |
|  International Business Machines Corp. | 8716 | 2581766 |
|  NEC Corp. | 19017 | 644665 |
|  Nomura Research Institute Ltd. | 5520 | 212180 |
|  Obic Co. Ltd. | 4744 | 149068 |
|  Otsuka Corp. | 3371 | 69555 |
|  TIS, Inc. | 3150 | 105717 |
|  VeriSign, Inc. | 778 | 189015 |
|  Wix.com Ltd.\* | 819 | 85086 |
|  |  | 7604324 |
|  ***Semiconductors & Semiconductor Equipment (5.8%)*** | ***Semiconductors & Semiconductor Equipment (5.8%)*** | ***Semiconductors & Semiconductor Equipment (5.8%)*** |
|  Advanced Micro Devices, Inc.\* | 15181 | 3251163 |
|  Advantest Corp. | 11192 | 1402930 |
|  Analog Devices, Inc. | 4587 | 1243994 |
|  Applied Materials, Inc. | 7429 | 1909179 |
|  ASM International NV | 689 | 419107 |
|  ASML Holding NV | 5706 | 6178624 |
|  BE Semiconductor Industries NV | 1074 | 168815 |
|  Broadcom, Inc. | 43948 | 15210403 |
|  Disco Corp. | 1321 | 406234 |
|  First Solar, Inc.\* | 1001 | 261491 |
|  Infineon Technologies AG | 19202 | 851422 |
|  Intel Corp.\* | 41811 | 1542826 |
|  Kioxia Holdings Corp.\* | 2100 | 139897 |
|  KLA Corp. | 1225 | 1488473 |
|  Lam Research Corp. | 11712 | 2004860 |
|  Lasertec Corp. (x) | 1149 | 217455 |
|  Microchip Technology, Inc. | 5040 | 321149 |
|  Micron Technology, Inc. | 10467 | 2987386 |
|  Monolithic Power Systems, Inc. | 447 | 405143 |
|  Nova Ltd.\* | 433 | 144957 |
|  NVIDIA Corp. | 226593 | 42259595 |
|  NXP Semiconductors NV | 2347 | 509440 |
|  ON Semiconductor Corp.\* | 3752 | 203171 |
|  Qnity Electronics, Inc. | 1953 | 159462 |
|  QUALCOMM, Inc. | 9987 | 1708276 |
|  Renesas Electronics Corp.\* | 24655 | 336834 |
|  SCREEN Holdings Co. Ltd. (x) | 1166 | 113444 |
|  Skyworks Solutions, Inc. | 1386 | 87886 |
|  STMicroelectronics NV | 9957 | 262581 |
|  Teradyne, Inc. | 1460 | 282598 |
|  Texas Instruments, Inc. | 8473 | 1469981 |
|  Tokyo Electron Ltd. | 6528 | 1430292 |
|  |  | 89379068 |
|  ***Software (4.0%)*** | ***Software (4.0%)*** | ***Software (4.0%)*** |
|  Adobe, Inc.\* | 3903 | 1366011 |
|  AppLovin Corp., Class A\* | 2524 | 1700722 |
|  Autodesk, Inc.\* | 1986 | 587876 |
|  Cadence Design Systems, Inc.\* | 2538 | 793328 |
|  Check Point Software Technologies Ltd.\* | 1263 | 234362 |
|  Crowdstrike Holdings, Inc., Class A\* | 2340 | 1096898 |
|  CyberArk Software Ltd.\* | 742 | 330976 |
|  Dassault Systemes SE | 9861 | 276273 |
|  Datadog, Inc., Class A\* | 3035 | 412730 |
|  Fair Isaac Corp.\* | 221 | 373627 |
|  Fortinet, Inc.\* | 5894 | 468043 |
|  Gen Digital, Inc. | 5233 | 142285 |
|  Intuit, Inc. | 2600 | 1722292 |
|  Microsoft Corp. | 69305 | 33517284 |
|  Monday.com Ltd.\* | 635 | 93701 |
|  Nebius Group NV, Class A (x)\* | 3119 | 261076 |
|  Nemetschek SE | 849 | 92591 |
|  Nice Ltd.\* | 908 | 101819 |
|  Oracle Corp. | 552 | 46482 |
|  Oracle Corp. (Moscow Stock Exchange) | 15684 | 3056968 |
|  Palantir Technologies, Inc., Class A\* | 21301 | 3786253 |
|  Palo Alto Networks, Inc.\* | 6378 | 1174828 |
|  PTC, Inc.\* | 1117 | 194593 |
|  Roper Technologies, Inc. | 1004 | 446910 |
|  Sage Group plc (The) | 14168 | 206829 |
|  Salesforce, Inc. | 8877 | 2351606 |
|  SAP SE | 15350 | 3758492 |
|  ServiceNow, Inc.\* | 9675 | 1482113 |
|  Synopsys, Inc.\* | 1732 | 813555 |
|  Trend Micro, Inc.\* | 1819 | 75505 |
|  Tyler Technologies, Inc.\* | 401 | 182034 |
|  WiseTech Global Ltd. | 2965 | 135461 |
|  Workday, Inc., Class A\* | 2023 | 434500 |
|  Xero Ltd.\* | 2433 | 185130 |
|  |  | 61903153 |
|  ***Technology Hardware, Storage & Peripherals (2.7%)*** | ***Technology Hardware, Storage & Peripherals (2.7%)*** | ***Technology Hardware, Storage & Peripherals (2.7%)*** |
|  Apple, Inc. | 137787 | 37458774 |
|  Canon, Inc. | 12695 | 375485 |
|  Dell Technologies, Inc., Class C | 2810 | 353723 |
|  FUJIFILM Holdings Corp. | 16462 | 351436 |
|  Hewlett Packard Enterprise Co. | 12377 | 297296 |
|  HP, Inc. | 8716 | 194192 |
|  Logitech International SA (Registered) | 2246 | 231207 |
|  NetApp, Inc. | 1861 | 199294 |
|  Sandisk Corp.\* | 1298 | 308119 |
|  Seagate Technology Holdings plc | 2032 | 559592 |
|  Super Micro Computer, Inc.\* | 4676 | 136867 |
|  Western Digital Corp. | 3188 | 549197 |
|  |  | 41015182 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 212724458 |
|  **Materials (1.7%)** | **Materials (1.7%)** | **Materials (1.7%)** |
|  ***Chemicals (0.7%)*** | ***Chemicals (0.7%)*** | ***Chemicals (0.7%)*** |
|  Air Liquide SA | 8504 | 1601623 |
|  Air Products and Chemicals, Inc. | 2075 | 512567 |
|  Akzo Nobel NV | 2515 | 174973 |
|  Albemarle Corp. | 1098 | 155301 |
|  Asahi Kasei Corp. | 18000 | 159614 |
|  BASF SE | 13123 | 685206 |
|  CF Industries Holdings, Inc. | 1454 | 112452 |
|  Corteva, Inc. | 6301 | 422356 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Dow, Inc. | 6628 | $| 154963 |
|  DSM-Firmenich AG | 2540 |  | 205249 |
|  DuPont de Nemours, Inc. | 3907 |  | 157061 |
|  Ecolab, Inc. | 2377 |  | 624010 |
|  EMS-Chemie Holding AG (Registered) (x) | 103 |  | 71454 |
|  Evonik Industries AG | 3769 |  | 59176 |
|  Givaudan SA (Registered) | 136 |  | 540154 |
|  ICL Group Ltd. | 11388 |  | 65441 |
|  International Flavors & Fragrances, Inc. | 2403 |  | 161938 |
|  Linde plc | 4354 |  | 1856502 |
|  LyondellBasell Industries NV, Class A | 2401 |  | 103963 |
|  Mitsubishi Chemical Group Corp. | 18751 |  | 109545 |
|  Mosaic Co. (The) | 2960 |  | 71306 |
|  Nippon Paint Holdings Co. Ltd. | 13905 |  | 92987 |
|  Nippon Sanso Holdings Corp. (x) | 2585 |  | 77035 |
|  Nitto Denko Corp. | 10340 |  | 245232 |
|  Novonesis Novozymes B | 5181 |  | 332431 |
|  PPG Industries, Inc. | 2092 |  | 214346 |
|  Sherwin-Williams Co. (The) | 2150 |  | 696665 |
|  Shin-Etsu Chemical Co. Ltd. | 24732 |  | 769401 |
|  Sika AG (Registered) | 2242 |  | 460231 |
|  Syensqo SA (x) | 1070 |  | 86212 |
|  Symrise AG, Class A | 1953 |  | 158091 |
|  Toray Industries, Inc. (x) | 20297 |  | 132169 |
|  Yara International ASA | 2435 |  | 100009 |
|  |  |  | 11369663 |
|  ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** |
|  Buzzi SpA | 1133 |  | 69238 |
|  CRH plc | 6250 |  | 780000 |
|  Heidelberg Materials AG | 1968 |  | 515753 |
|  Holcim AG | 7502 |  | 736467 |
|  Martin Marietta Materials, Inc. | 562 |  | 349935 |
|  Vulcan Materials Co. | 1232 |  | 351391 |
|  |  |  | 2802784 |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** |
|  Amcor plc | 21525 |  | 179519 |
|  Avery Dennison Corp. | 721 |  | 131135 |
|  Ball Corp. | 2499 |  | 132372 |
|  International Paper Co. | 4924 |  | 193956 |
|  Packaging Corp. of America | 833 |  | 171790 |
|  Smurfit WestRock plc | 4869 |  | 188284 |
|  |  |  | 997056 |
|  ***Metals & Mining (0.7%)*** | ***Metals & Mining (0.7%)*** | ***Metals & Mining (0.7%)*** | ***Metals & Mining (0.7%)*** |
|  Anglo American plc | 16455 |  | 684269 |
|  Antofagasta plc | 5799 |  | 256312 |
|  ArcelorMittal SA | 6896 |  | 316792 |
|  BHP Group Ltd. | 74656 |  | 2266388 |
|  Boliden AB\* | 4180 |  | 233915 |
|  Endeavour Mining plc | 2840 |  | 148227 |
|  Evolution Mining Ltd. | 29862 |  | 252692 |
|  Fortescue Ltd. | 24898 |  | 365711 |
|  Freeport-McMoRan, Inc. | 13390 |  | 680078 |
|  Fresnillo plc | 3251 |  | 146102 |
|  Glencore plc | 147801 |  | 809963 |
|  JFE Holdings, Inc. (x) | 8457 |  | 107845 |
|  JX Advanced Metals Corp. | 8600 |  | 107610 |
|  Lynas Rare Earths Ltd.\* | 13322 |  | 110597 |
|  Newmont Corp. | 10176 |  | 1016074 |
|  Nippon Steel Corp. (x) | 70890 |  | 290457 |
|  Norsk Hydro ASA | 20367 |  | 158006 |
|  Northern Star Resources Ltd. | 19984 |  | 356480 |
|  Nucor Corp. | 2134 |  | 348077 |
|  Rio Tinto Ltd. (x) | 5458 |  | 534777 |
|  Rio Tinto plc | 16595 |  | 1340812 |
|  South32 Ltd. | 66172 |  | 157209 |
|  Steel Dynamics, Inc. | 1280 |  | 216896 |
|  Sumitomo Metal Mining Co. Ltd. | 3646 |  | 147967 |
|  |  |  | 11053256 |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Holmen AB, Class B | 1035 |  | 39842 |
|  Stora Enso OYJ, Class R (x) | 8565 |  | 107752 |
|  Svenska Cellulosa AB SCA, Class B | 8934 |  | 118971 |
|  UPM-Kymmene OYJ | 7761 |  | 226103 |
|  |  |  | 492668 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 26715427 |
|  **Real Estate (1.0%)** | **Real Estate (1.0%)** | **Real Estate (1.0%)** | **Real Estate (1.0%)** |
|  ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** |
|  CapitaLand Integrated Commercial Trust (REIT) | 89580 |  | 166560 |
|  Covivio SA (REIT) | 821 |  | 54658 |
|  Land Securities Group plc (REIT) | 10408 |  | 87264 |
|  Stockland (REIT) | 35624 |  | 136223 |
|  |  |  | 444705 |
|  ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 1450 |  | 70963 |
|  Healthpeak Properties, Inc. (REIT) | 6521 |  | 104858 |
|  Ventas, Inc. (REIT) | 4380 |  | 338924 |
|  Welltower, Inc. (REIT) | 6400 |  | 1187904 |
|  |  |  | 1702649 |
|  ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** |
|  Host Hotels & Resorts, Inc. (REIT) | 5964 |  | 105742 |
|  ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** |
|  CapitaLand Ascendas REIT (REIT) | 57665 |  | 126958 |
|  Goodman Group (REIT) | 30065 |  | 621579 |
|  Prologis, Inc. (REIT) | 8662 |  | 1105791 |
|  Segro plc (REIT) | 18909 |  | 183618 |
|  |  |  | 2037946 |
|  ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** |
|  BXP, Inc. (REIT) | 1374 |  | 92718 |
|  Gecina SA (REIT) | 678 |  | 64460 |
|  Nippon Building Fund, Inc. (REIT) (x) | 114 |  | 104000 |
|  |  |  | 261178 |
|  ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** |
|  Azrieli Group Ltd. | 624 |  | 70639 |
|  CapitaLand Investment Ltd. | 34918 |  | 73617 |
|  CBRE Group, Inc., Class A\* | 2733 |  | 439439 |
|  CK Asset Holdings Ltd. | 28118 |  | 142059 |
|  CoStar Group, Inc.\* | 3952 |  | 265732 |
|  Daito Trust Construction Co. Ltd. | 4200 |  | 80064 |
|  Daiwa House Industry Co. Ltd. | 8242 |  | 273506 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Fastighets AB Balder, Class B (x)\* | 10559 | $| 78219 |
|  Henderson Land Development Co. Ltd. (x) | 21839 |  | 78964 |
|  Hongkong Land Holdings Ltd. | 15930 |  | 110713 |
|  Hulic Co. Ltd. | 6710 |  | 73444 |
|  LEG Immobilien SE | 1111 |  | 81277 |
|  Mitsubishi Estate Co. Ltd. | 15555 |  | 379441 |
|  Mitsui Fudosan Co. Ltd. | 38723 |  | 440158 |
|  Sagax AB, Class B | 3232 |  | 69369 |
|  Sino Land Co. Ltd. | 54205 |  | 71180 |
|  Sumitomo Realty & Development Co. Ltd. | 9080 |  | 227927 |
|  Sun Hung Kai Properties Ltd. | 21288 |  | 259033 |
|  Swiss Prime Site AG (Registered) | 1180 |  | 183532 |
|  Vonovia SE | 11032 |  | 318156 |
|  Wharf Holdings Ltd. (The) | 15346 |  | 42867 |
|  Wharf Real Estate Investment Co. Ltd. | 24960 |  | 78831 |
|  |  |  | 3838167 |
|  ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** |
|  AvalonBay Communities, Inc. (REIT) | 1319 |  | 239148 |
|  Camden Property Trust (REIT) | 992 |  | 109199 |
|  Equity Residential (REIT) | 3229 |  | 203556 |
|  Essex Property Trust, Inc. (REIT) | 601 |  | 157270 |
|  Invitation Homes, Inc. (REIT) | 5259 |  | 146147 |
|  Mid-America Apartment Communities, Inc. (REIT) | 1092 |  | 151690 |
|  UDR, Inc. (REIT) | 2804 |  | 102851 |
|  |  |  | 1109861 |
|  ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** |
|  Federal Realty Investment Trust (REIT) | 732 |  | 73786 |
|  Kimco Realty Corp. (REIT) | 6315 |  | 128005 |
|  Klepierre SA (REIT) | 3164 |  | 125456 |
|  Link REIT (REIT) | 38301 |  | 170966 |
|  Realty Income Corp. (REIT) | 8578 |  | 483542 |
|  Regency Centers Corp. (REIT) | 1535 |  | 105961 |
|  Scentre Group (REIT) | 76713 |  | 215016 |
|  Simon Property Group, Inc. (REIT) | 3044 |  | 563475 |
|  Unibail-Rodamco-Westfield (REIT) | 1791 |  | 195240 |
|  Vicinity Ltd. (REIT) | 57497 |  | 98229 |
|  |  |  | 2159676 |
|  ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** |
|  American Tower Corp. (REIT) | 4365 |  | 766363 |
|  Crown Castle, Inc. (REIT) | 4061 |  | 360901 |
|  Digital Realty Trust, Inc. (REIT) | 3011 |  | 465832 |
|  Equinix, Inc. (REIT) | 916 |  | 701803 |
|  Extra Space Storage, Inc. (REIT) | 1979 |  | 257705 |
|  Iron Mountain, Inc. (REIT) | 2756 |  | 228610 |
|  Public Storage (REIT) | 1473 |  | 382244 |
|  SBA Communications Corp. (REIT) | 994 |  | 192269 |
|  VICI Properties, Inc. (REIT), Class A | 9967 |  | 280272 |
|  Weyerhaeuser Co. (REIT) | 6722 |  | 159244 |
|  |  |  | 3795243 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 15455167 |
|  **Utilities (1.5%)** | **Utilities (1.5%)** | **Utilities (1.5%)** | **Utilities (1.5%)** |
|  ***Electric Utilities (0.9%)*** | ***Electric Utilities (0.9%)*** | ***Electric Utilities (0.9%)*** | ***Electric Utilities (0.9%)*** |
|  Acciona SA (x) | 363 |  | 79305 |
|  Alliant Energy Corp. | 2397 |  | 155829 |
|  American Electric Power Co., Inc. | 4991 |  | 575512 |
|  BKW AG | 311 |  | 66118 |
|  Chubu Electric Power Co., Inc. | 10044 |  | 154661 |
|  CK Infrastructure Holdings Ltd. (x) | 9037 |  | 66883 |
|  CLP Holdings Ltd. | 24062 |  | 215184 |
|  Constellation Energy Corp. | 2912 |  | 1028722 |
|  Contact Energy Ltd. | 12420 |  | 66145 |
|  Duke Energy Corp. | 7252 |  | 850007 |
|  Edison International | 3588 |  | 215352 |
|  EDP SA | 46148 |  | 212323 |
|  Elia Group SA/NV, Class B (x) | 642 |  | 82766 |
|  Endesa SA | 4671 |  | 168139 |
|  Enel SpA | 119577 |  | 1247457 |
|  Entergy Corp. | 4164 |  | 384879 |
|  Evergy, Inc. | 2147 |  | 155636 |
|  Eversource Energy | 3499 |  | 235588 |
|  Exelon Corp. | 9421 |  | 410661 |
|  FirstEnergy Corp. | 4848 |  | 217045 |
|  Fortum OYJ | 6598 |  | 140967 |
|  Iberdrola SA | 93298 |  | 2024573 |
|  Kansai Electric Power Co., Inc. (The) | 13897 |  | 217806 |
|  NextEra Energy, Inc. | 19420 |  | 1559038 |
|  NRG Energy, Inc. | 1787 |  | 284562 |
|  Origin Energy Ltd. | 25335 |  | 194265 |
|  PG&E Corp. | 20495 |  | 329355 |
|  Pinnacle West Capital Corp. | 1116 |  | 98989 |
|  Power Assets Holdings Ltd. (x) | 20375 |  | 144382 |
|  PPL Corp. | 6898 |  | 241568 |
|  Redeia Corp. SA | 5968 |  | 106396 |
|  Southern Co. (The) | 10268 |  | 895370 |
|  SSE plc | 17730 |  | 520763 |
|  Terna – Rete Elettrica Nazionale | 20692 |  | 220168 |
|  Verbund AG | 1001 |  | 72935 |
|  Xcel Energy, Inc. | 5516 |  | 407412 |
|  |  |  | 14046761 |
|  ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** |
|  APA Group | 19341 |  | 115778 |
|  Atmos Energy Corp. | 1497 |  | 250942 |
|  Hong Kong & China Gas Co. Ltd. | 164641 |  | 148295 |
|  Naturgy Energy Group SA | 2852 |  | 86875 |
|  Osaka Gas Co. Ltd. | 5218 |  | 180884 |
|  Snam SpA | 29655 |  | 197115 |
|  Tokyo Gas Co. Ltd. | 4621 |  | 183052 |
|  |  |  | 1162941 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  AES Corp. (The) | 6640 |  | 95218 |
|  EDP Renovaveis SA | 4637 |  | 65611 |
|  Meridian Energy Ltd. | 19398 |  | 62543 |
|  Orsted A/S (m)\* | 7772 |  | 149615 |
|  RWE AG | 9296 |  | 494450 |
|  Vistra Corp. | 2966 |  | 478505 |
|  |  |  | 1345942 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** |
|  Ameren Corp. | 2522 | $251847 |
|  CenterPoint Energy, Inc. | 6088 | 233414 |
|  Centrica plc | 69416 | 158647 |
|  CMS Energy Corp. | 2838 | 198461 |
|  Consolidated Edison, Inc. | 3366 | 334311 |
|  Dominion Energy, Inc. | 7963 | 466552 |
|  DTE Energy Co. | 1937 | 249834 |
|  E.ON SE | 33011 | 625562 |
|  Engie SA | 26855 | 707260 |
|  National Grid plc | 72945 | 1122394 |
|  NiSource, Inc. | 4450 | 185832 |
|  Public Service Enterprise Group, Inc. | 4655 | 373796 |
|  Sembcorp Industries Ltd. | 12824 | 60059 |
|  Sempra | 6086 | 537333 |
|  Veolia Environnement SA | 9270 | 323773 |
|  WEC Energy Group, Inc. | 3033 | 319860 |
|  |  | 6148935 |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** |
|  American Water Works Co., Inc. | 1819 | 237380 |
|  Severn Trent plc | 3985 | 149813 |
|  United Utilities Group plc | 10028 | 161396 |
|  |  | 548589 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 23253168 |
|  **Total Common Stocks (55.0%)**<br> *(Cost $310,418,568)* |  | 845733729 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (4.0%)** | **Equity (4.0%)** | **Equity (4.0%)** |
|  SPDR S&P MidCap 400 ETF Trust (x) | 100843 | 60836565 |
|  **Total Exchange Traded Funds (4.0%)**<br> *(Cost $50,589,410)* | **Total Exchange Traded Funds (4.0%)**<br> *(Cost $50,589,410)* | 60836565 |
|  | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **U.S. Government Agency Securities (2.5%)** | **U.S. Government Agency Securities (2.5%)** | **U.S. Government Agency Securities (2.5%)** |
|  FHLB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/16/28 | $5940000 | 5904568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 12/8/28 | 3125000 | 3224772 |
|  FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 3/15/31 | 2759000 | 3146608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/15/32 | 5522000 | 6247181 |
|  FNMA<br>1.875%, 9/24/26 | 8398000 | 8295140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 5/15/30 | 10000000 | 11434974 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** | 38253243 |
|  **U.S. Treasury Obligations (37.7%)** | **U.S. Treasury Obligations (37.7%)** | **U.S. Treasury Obligations (37.7%)** |
|  U.S. Treasury Bonds<br>6.125%, 11/15/27 | 18708100 | 19596295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 11/15/28 | 8782400 | 9189040 |
|  U.S. Treasury Notes<br>1.500%, 1/31/27 | 6580200 | 6439457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/15/27 | 12890700 | 12711457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/28/27 | 6847700 | 6720670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/27 | 26341100 | 25943555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/27# | 24314100 | 23844502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/27 | 24429600 | 23889501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/27 | 9807700 | 9882051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 2/15/28 | 5963500 | 5874304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/15/28 | 15232700 | 15469926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/29/28 | 9855300 | 9959414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/30/28 | 18603400 | 18603787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/28 | 8942200 | 8816846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/31/28 | 7186600 | 7207144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/30/28 | 4387500 | 4439865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/28 | 1412600 | 1390280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/31/28 | 7191400 | 7345503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/28 | 6018300 | 6190142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/28 | 1409600 | 1460027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/28 | 3406400 | 3369299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/28 | 6858800 | 7016934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/28 | 9966000 | 10026342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/31/29 | 10533900 | 10672117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 2/15/29 | 7103500 | 6908705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/28/29 | 9177000 | 9366909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/31/29 | 8120500 | 8260096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/30/29 | 9507600 | 9819915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/29 | 9798200 | 9427728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/31/29 | 8577000 | 8828280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/30/29 | 5912400 | 6042362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 8/15/29 | 14741600 | 13769576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/30/29 | 5904300 | 5880951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 11/15/29 | 9426900 | 8808260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/30 | 9471600 | 8705419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 5/15/30 | 8669500 | 7614259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 8/15/30 | 13526000 | 11779244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 8/31/30 | 5400800 | 5500413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/30 | 10364200 | 10778768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/30 | 5071300 | 5332393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 11/15/30 | 8067900 | 7059413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/30 | 4812800 | 4955680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/30 | 6164200 | 6173350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/28/31 | 6480300 | 6635726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/15/31 | 13136200 | 11779478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/30/31 | 5004100 | 5122947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/15/31 | 7053800 | 6152787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/30/31 | 8344700 | 8271932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/31 | 9648000 | 8413357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/32 | 11983700 | 10703143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/32 | 11419200 | 10781972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 8/15/32 | 10241500 | 9560778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/32 | 9730200 | 9855976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/15/33 | 9499900 | 9246859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/15/33 | 7338500 | 7067327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/33 | 9333000 | 9271703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/33 | 2487200 | 2572704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/15/34 | 7649700 | 7640885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/34 | 8995400 | 9209036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/34 | 11358100 | 11205505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/15/34 | 2403000 | 2433040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/35 | 9890100 | 10284942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/35 | 4302600 | 4346975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/15/35 | 5672900 | 5725854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/35 | 2329600 | 2300844 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | 579653949 |
|  **Total Long-Term Debt Securities (40.2%)** | **Total Long-Term Debt Securities (40.2%)** | **Total Long-Term Debt Securities (40.2%)** |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $624,025,522)* |  | 617907192 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (1.9%)** | **Investment Companies (1.9%)** |  |
|  Goldman Sachs Financial Square Government Fund 3.67% (7 day yield) (xx) | 10000000 | $10000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 18638021 | 18638021 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 28638021 |
|  **Total Short-Term Investments (1.9%)** | **Total Short-Term Investments (1.9%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $28,638,021)* |  | 28638021 |
|  **Total Investments in Securities (101.1%)** | **Total Investments in Securities (101.1%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $1,013,671,521)* |  | 1553115507 |
|  **Other Assets Less Liabilities (-1.1%)** | **Other Assets Less Liabilities (-1.1%)** | (16403404) |
|  **Net Assets (100%)** |  | $1536712103 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $14,710,293.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $3,337,195 or 0.2% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $66,802,372. This was collateralized by $40,563,060 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/13/26 – 8/15/55 and by cash of $28,638,021 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

---

| | | |
|:---|:---|:---|
| *ADR* | *—* | *American Depositary Receipt* |
| *AUD* | *—* | *Australian Dollar* |
| *CHF* | *—* | *Swiss Franc* |
| *CVA* | *—* | *Dutch Certification* |
| *EUR* | *—* | *European Currency Unit* |
| *FHLB* | *—* | *Federal Home Loan Bank* |
| *FHLMC* | *—* | *Federal Home Loan Mortgage Corp.* |
| *FNMA* | *—* | *Federal National Mortgage Association* |
| *GBP* | *—* | *British Pound* |
| *JPY* | *—* | *Japanese Yen* |
| *NOK* | *—* | *Norwegian Krone* |
| *NZD* | *—* | *New Zealand Dollar* |
| *REIT* | *—* | *Real Estate Investment Trust* |
| *SEK* | *—* | *Swedish Krona* |
| *USD* | *—* | *United States Dollar* |

---

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  MSCI EAFE E-Mini Index | 10 | 3/2026 | USD | 1451050 | 5717 |
|  Russell 2000 E-Mini Index | 480 | 3/2026 | USD | 59952000 | (1820283) |
|  S&P 500 E-Mini Index | 43 | 3/2026 | USD | 14818875 | (160524) |
|  TOPIX Index | 76 | 3/2026 | JPY | 16561926 | 97587 |
|  |  |  |  |  | (1877503) |
|  **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
|  EURO STOXX 50 Index | (125) | 3/2026 | EUR | (8580429) | (126216) |
|  FTSE 100 Index | (8) | 3/2026 | GBP | (1071998) | (19790) |
|  SPI 200 Index | (73) | 3/2026 | AUD | (10566620) | (91440) |
|  U.S. Treasury 2 Year Note | (141) | 3/2026 | USD | (29439258) | (563) |
|  U.S. Treasury 5 Year Note | (82) | 3/2026 | USD | (8962984) | (2454) |
|  U.S. Treasury 10 Year Note | (206) | 3/2026 | USD | (23162125) | 157432 |
|  |  |  |  |  | (83031) |
|  |  |  |  |  | (1960534) |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Forward Foreign Currency Contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  USD | 6458472 | JPY | 973388636 | Bank of America | 1/23/2026 | 233971 |
|  USD | 17427425 | JPY | 2711318074 | Deutsche Bank AG | 1/23/2026 | 89435 |
|  USD | 9156108 | JPY | 1424616268 | JPMorgan Chase Bank | 1/23/2026 | 46154 |
|  AUD | 18162923 | USD | 11803684 | Bank of America | 1/28/2026 | 319024 |
|  NZD | 14401911 | USD | 8108823 | HSBC Bank plc | 1/28/2026 | 191500 |
|  EUR | 1393030 | USD | 1610632 | Barclays Bank plc | 1/29/2026 | 28377 |
|  EUR | 17813975 | USD | 20796248 | Goldman Sachs Bank USA | 1/29/2026 | 163287 |
|  NOK | 154673746 | USD | 15287846 | Morgan Stanley | 2/13/2026 | 57223 |
|  SEK | 155751400 | USD | 16533154 | UBS AG | 2/13/2026 | 419746 |
|  GBP | 2396428 | USD | 3202909 | Morgan Stanley | 2/26/2026 | 27005 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 1575722 |
|  JPY | 334034804 | USD | 2184409 | Barclays Bank plc | 1/23/2026 | (48366) |
|  JPY | 721462369 | USD | 4670575 | HSBC Bank plc | 1/23/2026 | (57060) |
|  USD | 14568126 | AUD | 21966414 | HSBC Bank plc | 1/28/2026 | (93194) |
|  USD | 6878607 | AUD | 10646120 | UBS AG | 1/28/2026 | (227066) |
|  USD | 740147 | NZD | 1306396 | JPMorgan Chase Bank | 1/28/2026 | (12775) |
|  EUR | 15125988 | USD | 17815478 | Barclays Bank plc | 1/29/2026 | (18570) |
|  USD | 27177116 | CHF | 21637034 | Bank of America | 1/29/2026 | (212013) |
|  USD | 2146532 | EUR | 1843203 | JPMorgan Chase Bank | 1/29/2026 | (22140) |
|  USD | 48534690 | EUR | 41816890 | Morgan Stanley | 1/29/2026 | (666152) |
|  USD | 7634547 | NOK | 77377987 | Bank of America | 2/13/2026 | (42067) |
|  USD | 83472 | NOK | 850553 | JPMorgan Chase Bank | 2/13/2026 | (911) |
|  USD | 7598360 | NOK | 77295759 | Morgan Stanley | 2/13/2026 | (70095) |
|  USD | 8147111 | SEK | 76231297 | Bank of America | 2/13/2026 | (150352) |
|  USD | 7778179 | GBP | 5888083 | Barclays Bank plc | 2/26/2026 | (157800) |
|  USD | 26475303 | GBP | 19888941 | UBS AG | 2/26/2026 | (331083) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (2109644) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (533922) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $58977538 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11785696 | $— | $70763234 |
|  Consumer Discretionary | 57431461 | 28871608 |  | 86303069 |
|  Consumer Staples | 25964957 | 22004056 |  | 47969013 |
|  Energy | 15329273 | 9402392 |  | 24731665 |
|  Financials | 73152181 | 76038986 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149191167 |
|  Health Care | 52787610 | 33642149 | — (a) | 86429759 |
|  Industrials | 45151298 | 57046304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 102197602 |
|  Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188576350 | 24148108 |  | 212724458 |
|  Materials | 9982937 | 16732490 |  | 26715427 |
|  Real Estate | 9971944 | 5483223 |  | 15455167 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  Utilities | $12258810 | $10994358 | $— | $23253168 |
|  **Exchange Traded Fund** | 60836565 |  |  | 60836565 |
|  **Forward Currency Contracts** |  | 1575722 |  | 1575722 |
|  **Futures** | 260736 |  |  | 260736 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 28638021 |  |  | 28638021 |
|  **U.S. Government Agency Securities** |  | 38253243 |  | 38253243 |
|  **U.S. Treasury Obligations** |  | 579653949 |  | 579653949 |
|  **Total Assets** | $**639319681** | $**915632284** | $**—** | $**1554951965** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(2109644) | $— | $(2109644) |
|  **Futures** | (2221270) |  |  | (2221270) |
|  **Total Liabilities** | $**(2221270)** | $**(2109644)** | $**—** | $**(4330914)** |
|  **Total** | $**637098411** | $**913522640** | $**—** | $**1550621051** |

---

(a) Value is zero.

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Interest rate contracts | Due from broker for futures variation margin, Net assets - Unrealized appreciation | $157432 |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | 1575722 |
|  Equity contracts | Due from broker for futures variation margin, Net assets Unrealized appreciation | 103304 |
|  **Total** |  | $1836458 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(3017) |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | (2109644) |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | (2218253) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4330914 |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $(1638293) | $— | $(1638293) |
|  Foreign exchange contracts |  | (3077306) | (3077306) |
|  Equity contracts | (2429889) |  | (2429889) |
|  **Total** | $(4068182) | $(3077306) | $(7145488) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $(148916) | $— | $(148916) |
|  Foreign exchange contracts |  | (600143) | (600143) |
|  Equity contracts | 1389928 |  | 1389928 |
|  **Total** | $1241012 | $(600143) | $640869 |

---

^ The Portfolio held forward foreign currency contracts and futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** |  |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $98270000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 75583000 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $117076000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 147310000 |

---

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Bank of America | $552995 | $(404432) | $— | $148563 |
|  Barclays Bank plc | 28377 | (28377) |  |  |
|  Deutsche Bank AG | 89435 |  |  | 89435 |
|  Goldman Sachs Bank USA | 163287 |  |  | 163287 |
|  HSBC Bank plc | 191500 | (150254) |  | 41246 |
|  JPMorgan Chase Bank | 46154 | (35826) |  | 10328 |
|  Morgan Stanley | 84228 | (84228) |  |  |
|  UBS AG | 419746 | (419746) |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575722 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1122863) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452859 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  Bank of America | $404432 | $(404432) | $— | $— |
|  Barclays Bank plc | 224736 | (28377) |  | 196359 |
|  HSBC Bank plc | 150254 | (150254) |  |  |
|  JPMorgan Chase Bank | 35826 | (35826) |  |  |
|  Morgan Stanley | 736247 | (84228) |  | 652019 |
|  UBS AG | 558149 | (419746) |  | 138403 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2109644 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1122863) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986781 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $41844571 |
|  Long-term U.S. government debt securities | 116800415 |
|  | $158644986 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $199150021 |
|  Long-term U.S. government debt securities | 150907788 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350057809 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $572962253 |
|  Aggregate gross unrealized depreciation | (42480709) |
|  Net unrealized appreciation | $530481544 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020139507 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $1,013,671,521) | $1553115507.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 5059080.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $638,408) | 641488.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 24673343.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 7411217.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 1575722.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 15579.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 11634.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 8232.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1592511802.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 28638021.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 22903021.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 2109644.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 946162.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 488705.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 326866.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 161904.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 133650.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 91726.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 55799699.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1536712103.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1259618402.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 277093701.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1536712103.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,536,712,103 / 117,801,802 shares outstanding (unlimited amount authorized: $0.01 par value) | $13.04 |

---

*(x)* *Includes value of securities on loan of $66,802,372.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $19848050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $842,371 foreign withholding tax) | 15627053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 135137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 35610240 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 11071233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 3823594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1909331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 187500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 130136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 85462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 52575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 54429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 17314260 |
|  **NET INVESTMENT INCOME (LOSS)** | 18295980 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 77036632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (4068182) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (3077306) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1923241) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 67967903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 103932835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1241012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (600143) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 288007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 104861711 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 172829614 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $191125594 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $18295980 | $20141421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 67967903 | 123009871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 104861711 | 25831230 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 191125594 | 168982522 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (141310796) | (122195544) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 5,980,081 and 9,712,388 shares, respectively ] | 79132926 | 126168307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 10,698,441 and 9,394,527 shares, respectively ] | 141310796 | 122195544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (25873318) and (24079841) shares, respectively ] | (336606088) | (313451522) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (116162366) | (65087671) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (66347568) | (18300693) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1603059671 | 1621360364 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1536712103 | $1603059671 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $12.62 | $12.29 | $11.02 | $13.41 | $12.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.16 | 0.16 | 0.12 | 0.09 | 0.08 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.54 | 1.18 | 1.30 | (2.06) | 1.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.70 | 1.34 | 1.42 | (1.97) | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.18) | (0.22) | (0.12) | (0.07) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.10) | (0.79) | (0.03) | (0.35) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.28) | (1.01) | (0.15) | (0.42) | (0.59) |
|  Net asset value, end of year | $13.04 | $12.62 | $12.29 | $11.02 | $13.41 |
|  Total return | 13.46% | 10.75% | 12.96% | (14.63)% | 12.04% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536712 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603060 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621360 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584799 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365665 |
|  Ratio of expenses to average net assets (f) | 1.13 %(j) | 1.13 %(j) | 1.13 %(k) | 1.12 %(m) | 1.10 %(o) |
|  Ratio of net investment income (loss) to average net assets (f) | 1.20% | 1.22% | 1.01% | 0.73% | 0.62 %(bb) |
|  Portfolio turnover rate^ | 11% | 19% | 12% | 24% | 19% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.14% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.13% for Class IB.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.12% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.11% for Class IB.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amount would be $0.07.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratio for class IB would have been 0.11% lower.* 

See Notes to Financial Statements.

------

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Asset-Backed Securities (4.5%)** | **Asset-Backed Securities (4.5%)** | **Asset-Backed Securities (4.5%)** |
|  ACM Auto Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A<br>6.060%, 2/20/29§ | $299209 | $299257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A<br>5.380%, 6/20/29§ | 352487 | 352445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A A<br>5.010%, 1/22/30§ | 1444059 | 1441581 |
|  Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-X2 A<br>5.220%, 12/17/29§ | 86290 | 86330 |
|  Amur Equipment Finance Receivables XI LLC, | Amur Equipment Finance Receivables XI LLC, | Amur Equipment Finance Receivables XI LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A A2<br>5.300%, 6/21/28§ | 75708 | 75852 |
|  Arivo Acceptance Auto Loan Receivables Trust, | Arivo Acceptance Auto Loan Receivables Trust, | Arivo Acceptance Auto Loan Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2<br>4.920%, 5/15/29§ | 1090000 | 1089934 |
|  Brex Commercial Charge Card Master Trust, | Brex Commercial Charge Card Master Trust, | Brex Commercial Charge Card Master Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A1<br>6.050%, 7/15/27§ | 1478000 | 1479264 |
|  Carvana Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N1 C<br>1.300%, 1/10/28 | 268524 | 263825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N2 B<br>0.750%, 3/10/28 | 60512 | 59120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N3 C<br>1.020%, 6/12/28 | 114735 | 110600 |
|  CPS Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C A<br>5.880%, 2/15/28§ | 82796 | 82891 |
|  Enterprise Fleet Financing LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2 A2<br>5.560%, 4/22/30§ | 718869 | 723005 |
|  Equify ABS LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A<br>5.430%, 4/18/33§ | 641646 | 642685 |
|  FIGRE Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE7 A<br>5.150%, 11/25/55 (l)§ | 1584031 | 1583144 |
|  First Investors Auto Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A C<br>1.470%, 11/15/27§ | 931437 | 927967 |
|  Flagship Credit Auto Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3 A<br>4.880%, 11/15/28§ | 370748 | 370493 |
|  Ford Credit Auto Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 C<br>1.910%, 10/17/33§ | 1168000 | 1159889 |
|  GLS Auto Select Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A2<br>5.580%, 6/17/30§ | 1124332 | 1135232 |
|  Go Mortgage LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.435%, 8/15/26 (l) | 876000 | 868101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.638%, 8/15/26 (l) | 98000 | 95797 |
|  Hardee's Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A A23<br>5.710%, 6/20/48§ | 1308381 | 1304408 |
|  JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE3 A1<br>5.268%, 3/20/56 (l)§ | 1754738 | 1758010 |
|  Lendbuzz Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2<br>5.100%, 10/15/30§ | 1591151 | 1592859 |
|  Lobel Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 A<br>5.060%, 11/15/27§ | 728173 | 729317 |
|  Mission Lane Credit Card Master Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A1<br>6.200%, 8/15/29§ | 1026000 | 1030644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B A<br>5.880%, 1/15/30§ | 2373000 | 2391704 |
|  Nelnet Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA AFX<br>1.320%, 4/20/62§ | 1008716 | 947394 |
|  NMEF Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A2<br>5.150%, 12/15/31§ | 1223956 | 1231612 |
|  OCCU Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2<br>4.820%, 4/17/28§ | 1988254 | 1991185 |
|  Oportun Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3 A<br>5.260%, 8/15/29§ | 165506 | 165513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 A<br>4.960%, 8/16/32§ | 454798 | 455018 |
|  Oportun Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2 A<br>5.860%, 2/9/32§ | 25709 | 25712 |
|  Pagaya AI Debt Grantor Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5 A<br>6.278%, 10/15/31§ | 332442 | 334622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-9 B<br>5.306%, 3/15/32§ | 1300141 | 1304253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 A<br>5.156%, 7/15/32 (l)§ | 130048 | 131155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5 A<br>4.865%, 3/15/33 (l)§ | 581130 | 582678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6 A2<br>4.497%, 4/15/33§ | 520000 | 521018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-8 A2<br>4.851%, 7/15/33§ | 1127550 | 1129351 |
|  Pagaya AI Debt Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2 A<br>6.319%, 8/15/31§ | 272263 | 273526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3 A<br>6.258%, 10/15/31§ | 342335 | 344355 |
|  Prestige Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2<br>4.870%, 12/15/27§ | 1198590 | 1200125 |
|  Research-Driven Pagaya Motor Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A<br>7.090%, 6/25/32§ | 355741 | 357344 |
|  SoFi Consumer Loan Program Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4 A<br>4.240%, 8/25/35§ | 1786519 | 1787645 |
|  Tesla Auto Lease Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A3<br>5.300%, 6/21/27§ | 401003 | 402432 |

---

See Notes to Financial Statements.

------

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Tricolor Auto Securitization Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A<br>6.360%, 12/15/27§ | $| 150663 | $| 145513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A<br>4.940%, 2/15/29§ |  | 1420474 |  | 850479 |
|  VFI ABS LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A<br>4.780%, 6/24/30§ |  | 1534916 |  | 1543768 |
|  Wheels Fleet Lease Funding LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A1<br>5.490%, 2/18/39§ |  | 1459932 |  | 1478609 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  |  |  | 38857661 |
|  **Collateralized Mortgage Obligations (3.6%)** | **Collateralized Mortgage Obligations (3.6%)** | **Collateralized Mortgage Obligations (3.6%)** | **Collateralized Mortgage Obligations (3.6%)** | **Collateralized Mortgage Obligations (3.6%)** |
|  Chase Mortgage Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CL1 M3<br>5.946%, 4/25/47 (l)§ |  | 238350 |  | 242112 |
|  Connecticut Avenue Securities, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R01 1A1<br>4.824%, 1/25/45 (l)§ |  | 2029277 |  | 2029279 |
|  Connecticut Avenue Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R05 2M1<br>5.774%, 4/25/42 (l)§ |  | 87565 |  | 87675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02 1M1<br>6.174%, 1/25/43 (l)§ |  | 685306 |  | 698710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R05 1M1<br>5.774%, 6/25/43 (l)§ |  | 944889 |  | 952304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R02 1M1<br>4.974%, 2/25/44 (l)§ |  | 355477 |  | 355256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R03 2M1<br>5.024%, 3/25/44 (l)§ |  | 711931 |  | 712392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R04 1M1<br>4.974%, 5/25/44 (l)§ |  | 510262 |  | 509945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05 2M1<br>4.874%, 7/25/44 (l)§ |  | 149489 |  | 149396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R06 1M1<br>4.924%, 9/25/44 (l)§ |  | 116684 |  | 116647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R02 1A1<br>4.874%, 2/25/45 (l)§ |  | 556611 |  | 557464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R03 2M1<br>5.474%, 3/25/45 (l)§ |  | 1203672 |  | 1205154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R04 1A1<br>4.874%, 5/25/45 (l)§ |  | 531338 |  | 531868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R04 1M1<br>5.074%, 5/25/45 (l)§ |  | 801824 |  | 803664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R05 2M1<br>5.074%, 7/25/45 (l)§ |  | 1833970 |  | 1836355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R06 1A1<br>4.774%, 9/25/45 (l)§ |  | 701846 |  | 702322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R06 1M1<br>4.824%, 9/25/45 (l)§ |  | 921377 |  | 921870 |
|  FHLMC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3305 FT<br>4.498%, 7/15/34 (l) |  | 28080 |  | 27869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3349 FE<br>4.588%, 7/15/37 (l) |  | 584639 |  | 581536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3807 FM<br>4.598%, 2/15/41 (l) |  | 19704 |  | 19602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3927 FH<br>4.548%, 9/15/41 (l) |  | 23362 |  | 23176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4087 FB<br>4.568%, 7/15/42 (l) |  | 554468 |  | 549094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4286 VF<br>4.548%, 12/15/43 (l) |  | 453305 |  | 448181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4350 KF<br>4.673%, 1/15/39 (l) |  | 137076 |  | 133660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4457 BA<br>3.000%, 7/15/39 |  | 1837202 |  | 1771243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4459 CA<br>5.000%, 12/15/34 |  | 125665 |  | 127948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4483 A<br>3.000%, 12/15/29 |  | 24049 |  | 23847 |
|  FHLMC STACR REMIC Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA7 M1A<br>6.374%, 3/25/52 (l)§ |  | 733435 |  | 740722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DNA1 M1A<br>5.965%, 3/25/43 (l)§ |  | 726251 |  | 735211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DNA2 M1A<br>5.965%, 4/25/43 (l)§ |  | 487018 |  | 493759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HQA2 M1A<br>5.874%, 6/25/43 (l)§ |  | 320196 |  | 320696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DNA3 A1<br>4.924%, 10/25/44 (l)§ |  | 1179009 |  | 1180128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HQA1 M1<br>5.124%, 3/25/44 (l)§ |  | 750811 |  | 750579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HQA2 M1<br>5.074%, 8/25/44 (l)§ |  | 1146318 |  | 1147229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DNA1 A1<br>4.824%, 1/25/45 (l)§ |  | 930339 |  | 930340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DNA2 A1<br>4.974%, 5/25/45 (l)§ |  | 475294 |  | 476354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DNA2 M1<br>5.074%, 5/25/45 (l)§ |  | 466822 |  | 466667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DNA3 A1<br>4.824%, 9/25/45 (l)§ |  | 1930378 |  | 1930895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DNA4 M1<br>4.974%, 10/25/45 (l)§ |  | 1635704 |  | 1636988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HQA1 A1<br>4.824%, 2/25/45 (l)§ |  | 1179743 |  | 1178985 |
|  FNMA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-42 CF<br>4.439%, 6/25/36 (l) |  | 25348 |  | 25210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-109 GF<br>4.669%, 12/25/37 (l) |  | 43241 |  | 43274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-39 FT<br>4.939%, 10/25/35 (l) |  | 913228 |  | 920400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-53 FT<br>4.569%, 6/25/41 (l) |  | 91413 |  | 91127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-86 KF<br>4.539%, 9/25/41 (l) |  | 96572 |  | 96157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-86 NF<br>4.539%, 9/25/41 (l) |  | 37471 |  | 37340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-65 FA<br>4.439%, 6/25/42 (l) |  | 20934 |  | 20710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-121 FA<br>4.389%, 12/25/43 (l) |  | 299049 |  | 296515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-49 AF<br>4.643%, 8/25/44 (l) |  | 884608 |  | 864742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02 1M2<br>9.989%, 9/25/28 (l) |  | 26984 |  | 27158 |
|  Go Mortgage LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.433%, 8/15/26 (l) |  | 297091 |  | 296130 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** |  | 30825885 |

---

See Notes to Financial Statements.

------

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
|  **Commercial Mortgage-Backed Securities (0.5%)** | **Commercial Mortgage-Backed Securities (0.5%)** | **Commercial Mortgage-Backed Securities (0.5%)** |
|  BHMS Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ATLS A<br>5.600%, 8/15/42 (l)§ | $1475000 | $1478694 |
|  CLNY Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-IKPR D<br>6.174%, 11/15/38 (l)§ | 1232000 | 1158083 |
|  GS Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-GC5 AS<br>5.166%, 8/10/44 (l)§ | 1056721 | 1028288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-GC5 D<br>5.166%, 8/10/44 (l)§ | 49051 | 38283 |
|  UBS-Barclays Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C5 B<br>3.649%, 3/10/46 (l)§ | 1033347 | 975237 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Securities** | 4678585 |
|  **Corporate Bonds (9.7%)** | **Corporate Bonds (9.7%)** | **Corporate Bonds (9.7%)** |
|  **Communication Services (0.3%)** | **Communication Services (0.3%)** |  |
|  ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** |
|  Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/15/28 | 1313000 | 1319066 |
|  Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 11/15/30 | 1320000 | 1323939 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 2643005 |
|  **Consumer Discretionary (0.6%)** | **Consumer Discretionary (0.6%)** |  |
|  ***Automobiles (0.3%)*** | ***Automobiles (0.3%)*** | ***Automobiles (0.3%)*** |
|  BMW US Capital LLC | BMW US Capital LLC | BMW US Capital LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 8/13/27 (x)§ | 1419000 | 1433560 |
|  Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 9/21/26§ | 1420000 | 1436769 |
|  |  | 2870329 |
|  ***Broadline Retail (0.2%)*** | ***Broadline Retail (0.2%)*** | ***Broadline Retail (0.2%)*** |
|  Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 11/20/28 (x) | 1304000 | 1308715 |
|  ***Hotels, Restaurants & Leisure (0.1%)*** | ***Hotels, Restaurants & Leisure (0.1%)*** | ***Hotels, Restaurants & Leisure (0.1%)*** |
|  McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/17/29 | 880000 | 906383 |
|  ***Specialty Retail (0.0%)†*** | ***Specialty Retail (0.0%)†*** | ***Specialty Retail (0.0%)†*** |
|  AutoNation, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 1/15/29 | 274000 | 274755 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 5360182 |
|  **Consumer Staples (0.7%)** | **Consumer Staples (0.7%)** |  |
|  ***Beverages (0.2%)*** | ***Beverages (0.2%)*** | ***Beverages (0.2%)*** |
|  Keurig Dr Pepper, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 3/15/29 | 1409000 | 1437520 |
|  ***Food Products (0.3%)*** | ***Food Products (0.3%)*** | ***Food Products (0.3%)*** |
|  Campbell's Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 3/20/26 | 1401000 | 1403816 |
|  Cargill, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/23/30§ | 1325000 | 1319782 |
|  |  | 2723598 |
|  ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** |
|  Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 2/4/28 | 1403000 | 1424941 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 5586059 |
|  **Energy (0.3%)** | **Energy (0.3%)** |  |
|  ***Oil, Gas & Consumable Fuels (0.3%)*** | ***Oil, Gas & Consumable Fuels (0.3%)*** | ***Oil, Gas & Consumable Fuels (0.3%)*** |
|  Cenovus Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 3/20/31 | 625000 | 622491 |
|  Continental Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 1/15/28 | 1426000 | 1423231 |
|  Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 1/15/29 | 775000 | 776771 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 2822493 |
|  **Financials (4.7%)** | **Financials (4.7%)** |  |
|  ***Banks (2.5%)*** | ***Banks (2.5%)*** | ***Banks (2.5%)*** |
|  Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 5.552%, 3/14/28 (k) | 400000 | 406485 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.00%), 4.175%, 3/24/28 (k) | 600000 | 599968 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.95%), 5.365%, 7/15/28 (k) | 400000 | 407183 |
|  Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series f2f |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.88%),<br>4.567%, 9/10/27 (k) | 1466000 | 1471718 |
|  Banque Federative du Credit Mutuel SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.591%, 10/16/28§ | 1293000 | 1307181 |
|  Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.49%),<br>5.674%, 3/12/28 (k) | 372000 | 378730 |
|  CaixaBank SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%),<br>4.634%, 7/3/29 (k)§ | 1297000 | 1309166 |
|  Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%), 4.643%, 5/7/28 (k) | 1299000 | 1308749 |
|  Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.957%, 10/17/28 | 1330000 | 1334196 |
|  HSBC Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.11%), 4.755%, 6/9/28 (k) | 1051000 | 1059821 |
|  ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.01%), 4.858%, 3/25/29 (k) | 1374000 | 1394583 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.19%), 5.040%, 1/23/28 (k) | 1396000 | 1410703 |
|  Lloyds Banking Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 5.087%, 11/26/28 (k) | 568000 | 578375 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.70%), 5.871%, 3/6/29 (k) | 810000 | 839627 |

---

See Notes to Financial Statements.

------

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
|  Morgan Stanley Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.87%),<br>5.504%, 5/26/28 (k) | 467000 | 476290 |
|  NatWest Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%), 5.847%, 3/2/27 (k) | 691000 | 692772 |
|  Santander Holdings USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%),<br>5.473%, 3/20/29 (k) | 1375000 | 1404800 |
|  Skandinaviska Enskilda Banken AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/3/30§ | 1308000 | 1311861 |
|  Societe Generale SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.519%, 1/19/28 (k)§ | 1392000 | 1409232 |
|  Standard Chartered plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.85%), 6.187%, 7/6/27 (k)§ | 502000 | 506483 |
|  Sumitomo Mitsui Trust Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 9/10/27§ | 270000 | 272325 |
|  Toronto-Dominion Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.568%, 12/17/26 | 1429000 | 1437058 |
|  |  | 21317306 |
|  ***Capital Markets (0.6%)*** | ***Capital Markets (0.6%)*** | ***Capital Markets (0.6%)*** |
|  Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.52%),<br>7.146%, 7/13/27 (k) | 542000 | 550114 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%),<br>5.373%, 1/10/29 (k) | 231000 | 235772 |
|  Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%),<br>4.937%, 4/23/28 (k) | 724000 | 732428 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.01%),<br>5.652%, 4/13/28 (k) | 942000 | 960716 |
|  Nomura Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.709%, 1/9/26 | 912000 | 912274 |
|  UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.84%),<br>4.151%, 12/23/29 (k)§ | 2172000 | 2168381 |
|  |  | 5559685 |
|  ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** |
|  Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.96%),<br>5.737%, 5/15/29 (k) | 812000 | 828715 |
|  American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.75%),<br>5.645%, 4/23/27 (k) | 661000 | 664127 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.97%),<br>5.389%, 7/28/27 (k) | 749000 | 754671 |
|  General Motors Financial Co., Inc. 2.400%, 4/10/28 | 118000 | 113600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 7/15/29 | 494000 | 512215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 10/6/29 | 269000 | 273165 |
|  John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I<br>4.550%, 6/5/30 | 1303000 | 1324466 |
|  Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.40%),<br>5.019%, 7/29/29 (k) | 1312000 | 1323004 |
|  |  | 5793963 |
|  ***Financial Services (0.6%)*** | ***Financial Services (0.6%)*** | ***Financial Services (0.6%)*** |
|  Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/28 | 369000 | 369424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/15/30 | 524000 | 524491 |
|  National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 12/10/27 | 1297000 | 1302149 |
|  Nationwide Building Society |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%),<br>2.972%, 2/16/28 (k)§ | 1611000 | 1590787 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.06%),<br>4.649%, 7/14/29 (k)§ | 1293000 | 1305093 |
|  |  | 5091944 |
|  ***Insurance (0.3%)*** | ***Insurance (0.3%)*** | ***Insurance (0.3%)*** |
|  Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.033%, 7/17/30§ | 1436000 | 1447844 |
|  Met Tower Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 9/16/30§ | 1306000 | 1298880 |
|  |  | 2746724 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 40509622 |
|  **Health Care (1.0%)** | **Health Care (1.0%)** |  |
|  ***Health Care Equipment & Supplies (0.1%)*** | ***Health Care Equipment & Supplies (0.1%)*** | ***Health Care Equipment & Supplies (0.1%)*** |
|  Baxter International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 2/15/29 | 742000 | 744172 |
|  ***Health Care Providers & Services (0.2%)*** | ***Health Care Providers & Services (0.2%)*** | ***Health Care Providers & Services (0.2%)*** |
|  Cencora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/15/27 | 1436000 | 1453964 |
|  ***Pharmaceuticals (0.7%)*** | ***Pharmaceuticals (0.7%)*** | ***Pharmaceuticals (0.7%)*** |
|  Eli Lilly & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/15/28 | 1309000 | 1316721 |
|  Merck & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 3/15/29 | 1297000 | 1296663 |
|  Novartis Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 11/5/28 | 1313000 | 1316898 |
|  Pfizer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/15/27 | 1304000 | 1307698 |
|  Roche Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.075%, 12/2/30§ | 1302000 | 1298920 |
|  |  | 6536900 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 8735036 |
|  **Industrials (0.6%)** | **Industrials (0.6%)** |  |
|  ***Aerospace & Defense (0.2%)*** | ***Aerospace & Defense (0.2%)*** | ***Aerospace & Defense (0.2%)*** |
|  Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 2/1/28 | 1743000 | 1712850 |
|  ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** |
|  Republic Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 7/15/30 | 1375000 | 1407234 |
|  ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** |
|  AS Mileage Plan IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.021%, 10/20/29§ | 877000 | 884126 |

---

See Notes to Financial Statements.

------

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
|  Southwest Airlines Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/15/28 | 379000 | 379922 |
|  |  | 1264048 |
|  ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** |
|  Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 9/20/26§ | 623000 | 612781 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 4996913 |
|  **Information Technology (0.6%)** | **Information Technology (0.6%)** |  |
|  ***IT Services (0.2%)*** | ***IT Services (0.2%)*** | ***IT Services (0.2%)*** |
|  International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 2/10/28 | 1403000 | 1422851 |
|  ***Semiconductors & Semiconductor Equipment (0.3%)*** | ***Semiconductors & Semiconductor Equipment (0.3%)*** | ***Semiconductors & Semiconductor Equipment (0.3%)*** |
|  Applied Materials, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/15/31 | 1304000 | 1297061 |
|  Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 7/12/27 | 530000 | 539199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 2/15/28 | 212000 | 212675 |
|  Foundry JV Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 1/25/30§ | 331000 | 346393 |
|  |  | 2395328 |
|  ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** |
|  Dell International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 2/1/30 | 1407000 | 1406539 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 5224718 |
|  **Materials (0.2%)** | **Materials (0.2%)** |  |
|  ***Metals & Mining (0.2%)*** | ***Metals & Mining (0.2%)*** | ***Metals & Mining (0.2%)*** |
|  Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.338%, 4/4/27§ | 502000 | 509774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.907%, 4/1/28§ | 686000 | 697506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.186%, 4/1/30§ | 291000 | 298736 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 1506016 |
|  **Real Estate (0.1%)** | **Real Estate (0.1%)** |  |
|  ***Specialized REITs (0.1%)*** | ***Specialized REITs (0.1%)*** | ***Specialized REITs (0.1%)*** |
|  American Tower Corp. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 2/15/29 | 296000 | 304113 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 304113 |
|  **Utilities (0.6%)** | **Utilities (0.6%)** |  |
|  ***Electric Utilities (0.5%)*** | ***Electric Utilities (0.5%)*** | ***Electric Utilities (0.5%)*** |
|  Enel Finance International NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 9/30/28§ | 413000 | 412077 |
|  NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.685%, 9/1/27 | 786000 | 795113 |
|  NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.734%, 10/15/30§ | 232000 | 231942 |
|  Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 12/30/26§ | 200000 | 201319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 10/15/28§ | 1125000 | 1124782 |
|  Wisconsin Electric Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/1/29 | 551000 | 551361 |
|  Xcel Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/21/28 | 1374000 | 1390227 |
|  |  | 4706821 |
|  ***Multi-Utilities (0.1%)*** | ***Multi-Utilities (0.1%)*** | ***Multi-Utilities (0.1%)*** |
|  DTE Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 6/1/28 | 606000 | 616268 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 5323089 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  | 83011246 |
|  **Mortgage-Backed Securities (0.4%)** | **Mortgage-Backed Securities (0.4%)** | **Mortgage-Backed Securities (0.4%)** |
|  FHLMC UMBS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/1/49 | 536691 | 504308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/49 | 2835568 | 2664766 |
|  **Total Mortgage-Backed Securities** |  | 3169074 |
|  **Municipal Bonds (0.1%)** | **Municipal Bonds (0.1%)** | **Municipal Bonds (0.1%)** |
|  Arizona Salt River Project, Agricultural Improvement & Power District, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010A<br>4.839%, 1/1/41 | 18000 | 17687 |
|  Bay Area Toll Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.263%, 4/1/49 | 7000 | 7384 |
|  Central Puget Sound Regional Transit Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.491%, 11/1/39 | 6000 | 6167 |
|  City of Chicago, International Airport, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010B<br>6.395%, 1/1/40 | 6000 | 6668 |
|  City of New York Municipal Water Finance Authority, Water & Sewer System, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010EE<br>6.011%, 6/15/42 | 6000 | 6213 |
|  City of New York, Municipal Water Finance Authority, Water & Sewer System, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010GG<br>5.724%, 6/15/42 | 8000 | 8047 |
|  Commonwealth of Massachusetts, General Obligation Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009E<br>5.456%, 12/1/39 | 7000 | 7153 |
|  County of Los Angeles Community College District, General Obligation Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-E<br>6.750%, 8/1/49 | 6000 | 6654 |
|  County of Nashville & Davidson Convention Center Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010B<br>6.731%, 7/1/43 | 6000 | 6391 |
|  Georgia Municipal Electric Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010A<br>6.637%, 4/1/57 | 36000 | 38932 |
|  Los Angeles Community College District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600%, 8/1/42 | 31000 | 33592 |
|  Massachusetts Clean Water Trust (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.192%, 8/1/40 | 25000 | 25542 |

---

See Notes to Financial Statements.

------

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
|  Metropolitan Transportation Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010A<br>6.668%, 11/15/39 | $8000 | $8709 |
|  Metropolitan Transportation Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010B-1<br>6.648%, 11/15/39 | 6000 | 6498 |
|  Metropolitan Washington Airports Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009D<br>7.462%, 10/1/46 | 9000 | 10698 |
|  New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010B<br>6.561%, 12/15/40 | 31000 | 34951 |
|  North Texas Tollway Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.718%, 1/1/49 | 8000 | 8796 |
|  Ohio State University (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.910%, 6/1/40 | 6000 | 6006 |
|  Pennsylvania Turnpike Commission, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010B<br>5.511%, 12/1/45 | 9000 | 8957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.561%, 12/1/49 | 7000 | 6845 |
|  San Diego County Water Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.138%, 5/1/49 | 6000 | 6170 |
|  San Francisco Bay Area Toll Authority, Subordinate Toll Bridge, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-S1<br>6.918%, 4/1/40 | 1000 | 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.043%, 4/1/50 | 6000 | 6851 |
|  State of California, Various Purposes, General Obligation Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009<br>7.350%, 11/1/39 | 6000 | 7012 |
|  State of New York Dormitory Authority, Personal Income Tax, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010D<br>5.500%, 3/15/30 | 4613 | 4691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 3/15/40 | 6000 | 6140 |
|  State of New York Urban Development Corp., Personal Income Tax, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009E<br>5.770%, 3/15/39 | 8000 | 8240 |
|  **Total Municipal Bonds** |  | 302128 |
|  **U.S. Government Agency Securities (35.1%)** | **U.S. Government Agency Securities (35.1%)** | **U.S. Government Agency Securities (35.1%)** |
|  FFCB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/13/26 | 50000000 | 50005855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/22/26 | 20000000 | 20002326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/5/26 | 12279000 | 12300682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 6/23/26 | 30892000 | 30992375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/14/26 | 10000000 | 10054949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/28/28 | 25000000 | 25360230 |
|  FHLB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 9/11/26 | 10060000 | 9941070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/15/27 | 2400000 | 2415296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 4/9/27 | 10695000 | 10865090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 9/10/27 | 41475000 | 41900343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/4/27 | 7490000 | 7480645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/30/28 | 40000000 | 40491184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/15/36 | 12000 | 13152 |
|  FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 10/8/27 | 5000000 | 4767711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 5/15/29 | 5000000 | 5423315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 11/15/30 | 26550000 | 29955826 |
|  **Total U.S. Government Agency Securities** |  | 301970049 |
|  **U.S. Treasury Obligations (15.5%)** | **U.S. Treasury Obligations (15.5%)** | **U.S. Treasury Obligations (15.5%)** |
|  U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/31/26 | 22480500 | 22484461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/28/26 | 18816900 | 18840562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/31/26 | 10815200 | 10837210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/31/26 | 17358500 | 17442007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 7/31/27 | 29513400 | 29689822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/29/28 | 9821100 | 9924853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/28 | 8503500 | 8746303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/28 | 7281100 | 7541573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/30/30 | 7975500 | 8044179 |
|  **Total U.S. Treasury Obligations** |  | 133550970 |
|  **Total Long-Term Debt Securities (69.4%)**<br> *(Cost $593,399,432)* | **Total Long-Term Debt Securities (69.4%)**<br> *(Cost $593,399,432)* | 596365598 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.2%)** | **Investment Companies (0.2%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares<br>3.68% (7 day yield) (xx) | 1880190 | 1880190 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **U.S. Treasury Obligations (28.6%)** | **U.S. Treasury Obligations (28.6%)** |  |
|  U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59%, 1/8/26 (p) | $21937600 | 21924960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 1/15/26 (p) | 16518400 | 16497389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 1/22/26 (p) | 28704500 | 28647869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 1/29/26 (p) | 26508400 | 26438370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 2/12/26 (p) | 19337400 | 19258420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 2/19/26 (p) | 14023600 | 13957340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 2/26/26 (p) | 13091200 | 13019499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 3/12/26 (p) | 73227900 | 72730910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 3/19/26 (p) | 30482200 | 30256010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/2/26 (p) | 3473600 | 3442772 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | 246173539 |
|  **Total Short-Term Investments (28.8%)**<br> *(Cost $247,998,873)* | **Total Short-Term Investments (28.8%)**<br> *(Cost $247,998,873)* | 248053729 |
|  **Total Investments in Securities (98.2%)**<br> *(Cost $841,398,305)* | **Total Investments in Securities (98.2%)**<br> *(Cost $841,398,305)* | 844419327 |
|  **Other Assets Less Liabilities (1.8%)** | **Other Assets Less Liabilities (1.8%)** | 15416803 |
|  **Net Assets (100%)** |  | $859836130 |

---

See Notes to Financial Statements.

------

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2025, the market value of these securities amounted to $91,275,469 or 10.6% of net assets.*  |

---

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of December 31, 2025.* 

*(l)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of December 31, 2025.* 

*(p)* *Yield to maturity.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $1,840,301. This was collateralized by cash of $1,880,190 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*FFCB* *— Federal Farm Credit Bank* 

*FHLB* *— Federal Home Loan Bank* 

*FHLMC* *— Federal Home Loan Mortgage Corp.* 

*FNMA* *— Federal National Mortgage Association* 

*REIT* *— Real Estate Investment Trust* 

*REMIC* *— Real Estate Mortgage Investment Conduit* 

*SOFR* *— Secured Overnight Financing Rate* 

*STACR* *— Structured Agency Credit Risk* 

*UMBS* *— Uniform Mortgage-Backed Securities* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  U.S. Treasury 2 Year Note | 775 | 3/2026 | USD | 161811523 | (30070) |
|  |  |  |  |  | (30070) |
|  **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
|  U.S. Treasury 5 Year Note | (745) | 3/2026 | USD | (81431993) | (924) |
|  U.S. Treasury 10 Year Note | (37) | 3/2026 | USD | (4160187) | 28277 |
|  U.S. Treasury Ultra Bond | (4) | 3/2026 | USD | (472000) | 8650 |
|  |  |  |  |  | 36003 |
|  |  |  |  |  | 5933 |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Asset-Backed Securities** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38857661 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38857661 |
|  **Collateralized Mortgage Obligations** |  | 30825885 |  | 30825885 |
|  **Commercial Mortgage-Backed Securities** |  | 4678585 |  | 4678585 |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services |  | 2643005 |  | 2643005 |
|  Consumer Discretionary |  | 5360182 |  | 5360182 |
|  Consumer Staples |  | 5586059 |  | 5586059 |
|  Energy |  | 2822493 |  | 2822493 |
|  Financials |  | 40509622 |  | 40509622 |

---

See Notes to Financial Statements.

------

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  Health Care | $— | $8735036 | $— | $8735036 |
|  Industrials |  | 4996913 |  | 4996913 |
|  Information Technology |  | 5224718 |  | 5224718 |
|  Materials |  | 1506016 |  | 1506016 |
|  Real Estate |  | 304113 |  | 304113 |
|  Utilities |  | 5323089 |  | 5323089 |
|  **Futures** | 36927 |  |  | 36927 |
|  **Mortgage-Backed Securities** |  | 3169074 |  | 3169074 |
|  **Municipal Bonds** |  | 302128 |  | 302128 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 1880190 |  |  | 1880190 |
|  U.S. Treasury Obligations |  | 246173539 |  | 246173539 |
|  **U.S. Government Agency Securities** |  | 301970049 |  | 301970049 |
|  **U.S. Treasury Obligations** |  | 133550970 |  | 133550970 |
|  **Total Assets** | $**1917117** | $**842539137** | $**—** | $**844456254** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(30994) | $— | $— | $(30994) |
|  **Total Liabilities** | $**(30994)** | $**—** | $**—** | $**(30994)** |
|  **Total** | $**1886123** | $**842539137** | $**—** | $**844425260** |

---

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Interest rate contracts | Due from broker for futures variation margin, Net assets - Unrealized appreciation | $36927 |
|  **Total** |  | $36927 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Due to broker for futures variation margin, Net assets - Unrealized depreciation | $(30994) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30994 |

---

*\** *Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.* 

See Notes to Financial Statements.

------

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Interest rate contracts | $(165814) | $(165814) |
|  **Total** | $(165814) | $(165814) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Interest rate contracts | $(196584) | $(196584) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196584) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196584) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** |  |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105772000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 57638000 |

---

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $177666047 |
|  Long-term U.S. government debt securities | 49011198 |
|  | $226677245 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $273919757 |
|  Long-term U.S. government debt securities | 116376521 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390296278 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $4660476 |
|  Aggregate gross unrealized depreciation | (1810076) |
|  Net unrealized appreciation | $2850400 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841574860 |

---

See Notes to Financial Statements.

------

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $841,398,305) | $844419327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 13883251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 1235980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 6440567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 29496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 11123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 866024907 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 3442763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 1880190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 364047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 290704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 74890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 65474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 70394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 6188777 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $859836130 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $870174818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (10338688) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $859836130 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $351,098,083 / 35,717,752 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.83 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $508,738,047 / 51,415,707 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.89 |

---

*(x)* *Includes value of securities on loan of $1,840,301.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $38112802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 27067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 3799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 38143668 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3961975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 927473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 802600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 101971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 62524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 43300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 30527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 38577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 5968947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (328262) |
| &nbsp;&nbsp;&nbsp;&nbsp; Voluntarywaiver from investment manager | (114272) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 5526413 |
|  **NET INVESTMENT INCOME (LOSS)** | 32617255 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 856033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (165814) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 690219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 4787520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (196584) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 4590936 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 5281155 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $37898410 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $32617255 | $33887922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 690219 | 611793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 4590936 | 7151812 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 37898410 | 41651527 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (13105111) | (13928789) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (19682253) | (21205119) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (32787364) | (35133908) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (37183) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (55845) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total tax return of capital | (93028) |  |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 5,488,165 and 6,658,447 shares, respectively ] | 54970084 | 66170812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 1,339,646 and 1,425,263 shares, respectively ] | 13142294 | 13928789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (10756161) and (10623114) shares, respectively ] | (107576538) | (105338472) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (39464160) | (25238871) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 5,304,783 and 9,865,779 shares, respectively ] | 53375604 | 98390402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 1,999,755 and 2,156,486 shares, respectively ] | 19738098 | 21205119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (12534816) and (6831045) shares, respectively ] | (125700778) | (68273663) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (52587076) | 51321858 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (92051236) | 26082987 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (87033218) | 32600606 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 946869348 | 914268742 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $859836130 | $946869348 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $9.80 | $9.73 | $9.57 | $9.80 | $9.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.35 | 0.34 | 0.23 | 0.04 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.06 | 0.09 | 0.19 | (0.22) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.41 | 0.43 | 0.42 | (0.18) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.38) | (0.36) | (0.26) | (0.05) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.38) | (0.36) | (0.26) | (0.05) | (0.04) |
|  Net asset value, end of year | $9.83 | $9.80 | $9.73 | $9.57 | $9.80 |
|  Total return | 4.17 | 4.44% | 4.35% | (1.83)% | (0.42)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $351098 | $388412 | $410524 | $462874 | $472296 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.77 | 0.77% | 0.77% | 0.77% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.82 | 0.82% | 0.82% | 0.81% | 0.80% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 3.53 | 3.47% | 2.33% | 0.47% | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 3.48 | 3.42% | 2.28% | 0.43% | 0.18% |
|  Portfolio turnover rate^ | 35 | 41% | 51% | 50% | 77% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $9.86 | $9.79 | $9.63 | $9.86 | $9.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.38 | 0.37 | 0.25 | 0.07 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.05 | 0.09 | 0.19 | (0.23) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.43 | 0.46 | 0.44 | (0.16) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.40) | (0.39) | (0.28) | (0.07) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.40) | (0.39) | (0.28) | (0.07) | (0.06) |
|  Net asset value, end of year | $9.89 | $9.86 | $9.79 | $9.63 | $9.86 |
|  Total return | 4.40 | 4.67% | 4.58% | (1.57)% | (0.09)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $508738 | $558457 | $503744 | $549239 | $711060 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.52 | 0.52% | 0.52% | 0.52% | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.57 | 0.57% | 0.57% | 0.56% | 0.55% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 3.78 | 3.72% | 2.58% | 0.68% | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 3.73 | 3.67% | 2.53% | 0.64% | 0.44% |
|  Portfolio turnover rate^ | 35 | 41% | 51% | 50% | 77% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(i)* *Includes voluntary waiver from investment manager of 0.01%.* 

See Notes to Financial Statements.

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: |  |  |
|  **Communication Services (3.6%)** |  |  |
|  ***Diversified Telecommunication Services (0.8%)*** | ***Diversified Telecommunication Services (0.8%)*** | ***Diversified Telecommunication Services (0.8%)*** |
|  Anterix, Inc.\* | 4730 | $103256 |
|  AST SpaceMobile, Inc., Class A(x)\* | 155986 | 11329263 |
|  ATN International, Inc. | 6450 | 147060 |
|  Bandwidth, Inc., Class A\* | 7400 | 114330 |
|  Cogent Communications Holdings, Inc. | 15982 | 344572 |
|  Globalstar, Inc.\* | 16206 | 989214 |
|  IDT Corp., Class B | 5200 | 266292 |
|  Liberty Latin America Ltd., Class A\* | 15260 | 112771 |
|  Liberty Latin America Ltd., Class C\* | 48523 | 361982 |
|  Lumen Technologies, Inc.\* | 330630 | 2568995 |
|  Shenandoah Telecommunications Co. | 24728 | 285856 |
|  Uniti Group, Inc. | 51427 | 360503 |
|  |  | 16984094 |
|  ***Entertainment (1.3%)*** |  |  |
|  AMC Entertainment Holdings, Inc., Class A (x)\* | 145060 | 226294 |
|  Atlanta Braves Holdings, Inc., Class A (x)\* | 4420 | 187806 |
|  Atlanta Braves Holdings, Inc., Class C\* | 14260 | 562557 |
|  Cinemark Holdings, Inc. | 40640 | 944474 |
|  CuriosityStream, Inc. | 8200 | 31160 |
|  Eventbrite, Inc., Class A\* | 48100 | 214045 |
|  Gaia, Inc., Class A\* | 600 | 2178 |
|  Golden Matrix Group, Inc. (x)\* | 5780 | 4629 |
|  IMAX Corp.\* | 16240 | 600230 |
|  Lionsgate Studios Corp.\* | 72050 | 657816 |
|  Madison Square Garden Entertainment Corp., Class A\* | 14221 | 766370 |
|  Marcus Corp. (The) | 3270 | 50718 |
|  Playstudios, Inc.\* | 15440 | 10059 |
|  Reservoir Media, Inc.\* | 4160 | 31491 |
|  Sphere Entertainment Co.\* | 10111 | 961354 |
|  Starz Entertainment Corp. | 4803 | 56195 |
|  Stubhub Holdings, Inc., Class A (x)\* | 368055 | 4979784 |
|  TKO Group Holdings, Inc., Class A | 70714 | 14779226 |
|  Vivid Seats, Inc., Class A\* | 2387 | 17210 |
|  |  | 25083596 |
|  ***Interactive Media & Services (0.9%)*** | ***Interactive Media & Services (0.9%)*** | ***Interactive Media & Services (0.9%)*** |
|  Angi, Inc., Class A\* | 15800 | 204294 |
|  Arena Group Holdings, Inc. (The)(x)\* | 2500 | 10000 |
|  Bumble, Inc., Class A\* | 31400 | 112098 |
|  Cargurus, Inc., Class A\* | 28564 | 1095429 |
|  Cars.com, Inc.\* | 24620 | 300364 |
|  EverQuote, Inc., Class A\* | 9000 | 243000 |
|  fuboTV, Inc.\* | 38982 | 98235 |
|  Getty Images Holdings, Inc. (x)\* | 31390 | 42062 |
|  Grindr, Inc.\* | 12980 | 175749 |
|  MediaAlpha, Inc., Class A\* | 14060 | 182077 |
|  Nextdoor Holdings, Inc.\* | 55050 | 115605 |
|  QuinStreet, Inc.\* | 19950 | 286681 |
|  Reddit, Inc., Class A\* | 52371 | 12038522 |
|  Rumble, Inc. (x)\* | 28700 | 181384 |
|  Shutterstock, Inc. | 2600 | 49660 |
|  Teads Holding Co. (x)\* | 9700 | 6828 |
|  Travelzoo\* | 1000 | 7120 |
|  TripAdvisor, Inc.\* | 42400 | 617344 |
|  TrueCar, Inc.\* | 43110 | 97429 |
|  Webtoon Entertainment, Inc. (x)\* | 6500 | 84695 |
|  Yelp, Inc., Class A\* | 22710 | 690157 |
|  Ziff Davis, Inc.\* | 15500 | 544825 |
|  ZipRecruiter, Inc., Class A\* | 29100 | 113490 |
|  |  | 17297048 |
|  ***Media (0.5%)*** |  |  |
|  Advantage Solutions, Inc.\* | 44160 | 38861 |
|  AMC Networks, Inc., Class A\* | 21810 | 207631 |
|  Boston Omaha Corp., Class A (x)\* | 7510 | 92899 |
|  Cable One, Inc. | 2160 | 243756 |
|  EchoStar Corp., Class A (x)\* | 46966 | 5105204 |
|  Emerald Holding, Inc. | 5870 | 26239 |
|  Entravision Communications Corp., Class A | 8210 | 24055 |
|  EW Scripps Co. (The), Class A\* | 38625 | 154114 |
|  Gambling.com Group Ltd.\* | 7940 | 43352 |
|  Gray Media, Inc. | 34230 | 165673 |
|  Ibotta, Inc., Class A\* | 5670 | 128879 |
|  iHeartMedia, Inc., Class A\* | 53250 | 221520 |
|  John Wiley & Sons, Inc., Class A | 14310 | 438315 |
|  Magnite, Inc.\* | 48238 | 782903 |
|  National CineMedia, Inc. | 6500 | 25285 |
|  Newsmax, Inc., Class B (x)\* | 14500 | 112085 |
|  Nexxen International Ltd.\* | 3300 | 21582 |
|  Optimum Communications, Inc., Class A\* | 56800 | 93720 |
|  PubMatic, Inc., Class A\* | 15200 | 134824 |
|  Scholastic Corp. | 6270 | 185780 |
|  Sinclair, Inc. | 14720 | 225216 |
|  Stagwell, Inc., Class A\* | 41500 | 202935 |
|  TechTarget, Inc.\* | 17500 | 94500 |
|  TEGNA, Inc. | 46330 | 899265 |
|  Thryv Holdings, Inc.\* | 8380 | 50699 |
|  USA TODAY Co., Inc.\* | 50570 | 260436 |
|  |  | 9979728 |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** |
|  Gogo, Inc.\* | 25100 | 116966 |
|  Spok Holdings, Inc. | 11340 | 149575 |
|  Telephone and Data Systems, Inc. | 34000 | 1394000 |
|  |  | 1660541 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 71005007 |
|  **Consumer Discretionary (9.7%)** |  |  |
|  ***Automobile Components (0.6%)*** |  |  |
|  Adient plc\* | 30670 | 587944 |
|  American Axle & Manufacturing Holdings, Inc.\* | 16730 | 107239 |
|  Cooper-Standard Holdings, Inc.\* | 6310 | 207157 |
|  Dana, Inc. | 38380 | 911909 |
|  Dorman Products, Inc.\* | 10060 | 1239291 |
|  Fox Factory Holding Corp.\* | 16800 | 287448 |
|  Garrett Motion, Inc. | 55070 | 959870 |
|  Gentherm, Inc.\* | 10230 | 372065 |
|  Goodyear Tire & Rubber Co. (The)\* | 92076 | 806586 |
|  Holley, Inc.\* | 13930 | 57531 |
|  LCI Industries | 8050 | 976787 |
|  Motorcar Parts of America, Inc.\* | 630 | 7774 |

---

See Notes to Financial Statements.

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Patrick Industries, Inc. | 11925 | $| 1293028 |
|  Phinia, Inc. | 13400 |  | 840046 |
|  Solid Power, Inc. (x)\* | 64590 |  | 274508 |
|  Standard Motor Products, Inc. | 9700 |  | 357445 |
|  Visteon Corp. | 10100 |  | 960510 |
|  XPEL, Inc. (m)\* | 7900 |  | 394289 |
|  |  |  | 10641427 |
|  ***Automobiles (0.0%)†*** |  |  |  |
|  Livewire Group, Inc. (x)\* | 8140 |  | 35979 |
|  Winnebago Industries, Inc. | 11380 |  | 461117 |
|  |  |  | 497096 |
|  ***Broadline Retail (0.1%)*** |  |  |  |
|  Groupon, Inc.\* | 7650 |  | 134717 |
|  Kohl's Corp. | 39700 |  | 810277 |
|  Savers Value Village, Inc.\* | 15360 |  | 143462 |
|  |  |  | 1088456 |
|  ***Distributors (0.0%)†*** |  |  |  |
|  GigaCloud Technology, Inc., Class A\* | 8770 |  | 344485 |
|  Gold.com, Inc. | 6540 |  | 222687 |
|  Weyco Group, Inc. | 1020 |  | 31202 |
|  |  |  | 598374 |
|  ***Diversified Consumer Services (0.6%)*** | ***Diversified Consumer Services (0.6%)*** | ***Diversified Consumer Services (0.6%)*** | ***Diversified Consumer Services (0.6%)*** |
|  Adtalem Global Education, Inc.\* | 12193 |  | 1261610 |
|  American Public Education, Inc.\* | 4060 |  | 153468 |
|  Carriage Services, Inc., Class A | 7040 |  | 297792 |
|  Coursera, Inc.\* | 49050 |  | 361008 |
|  Driven Brands Holdings, Inc.\* | 22890 |  | 339230 |
|  European Wax Center, Inc., Class A\* | 35820 |  | 128952 |
|  Frontdoor, Inc.\* | 26610 |  | 1535131 |
|  Graham Holdings Co., Class B | 1090 |  | 1197474 |
|  KinderCare Learning Cos., Inc.\* | 30050 |  | 129816 |
|  Laureate Education, Inc.\* | 42400 |  | 1427608 |
|  Lincoln Educational Services Corp.\* | 9370 |  | 226285 |
|  Matthews International Corp., Class A | 11064 |  | 288992 |
|  McGraw Hill, Inc.\* | 8200 |  | 135300 |
|  Mister Car Wash, Inc.\* | 27370 |  | 152177 |
|  Nerdy, Inc. (x)\* | 49580 |  | 51563 |
|  OneSpaWorld Holdings Ltd. | 34580 |  | 717189 |
|  Perdoceo Education Corp. | 23770 |  | 697174 |
|  Phoenix Education Partners, Inc.\* | 1000 |  | 30300 |
|  Strategic Education, Inc. | 8431 |  | 676166 |
|  Stride, Inc.\* | 15020 |  | 975249 |
|  Udemy, Inc.\* | 26300 |  | 153855 |
|  Universal Technical Institute, Inc.\* | 14400 |  | 376272 |
|  Zspace, Inc. (x)\* | 15700 |  | 7395 |
|  |  |  | 11320006 |
|  ***Hotels, Restaurants & Leisure (2.6%)*** | ***Hotels, Restaurants & Leisure (2.6%)*** | ***Hotels, Restaurants & Leisure (2.6%)*** | ***Hotels, Restaurants & Leisure (2.6%)*** |
|  Accel Entertainment, Inc., Class A\* | 16960 |  | 193514 |
|  Bally's Corp.\* | 2600 |  | 42952 |
|  Biglari Holdings, Inc., Class B\* | 570 |  | 189485 |
|  BJ's Restaurants, Inc.\* | 6700 |  | 263980 |
|  Bloomin' Brands, Inc. | 30970 |  | 191085 |
|  Brightstar Lottery plc | 31568 |  | 488673 |
|  Brinker International, Inc.\* | 16140 |  | 2316413 |
|  Cheesecake Factory, Inc. (The)(x) | 16830 |  | 849578 |
|  Cracker Barrel Old Country Store, Inc. (x) | 8485 |  | 215519 |
|  Dave & Buster's Entertainment, Inc.\* | 11300 |  | 183173 |
|  Denny's Corp.\* | 25242 |  | 157005 |
|  Dine Brands Global, Inc. (x) | 6920 |  | 222409 |
|  El Pollo Loco Holdings, Inc.\* | 5010 |  | 52405 |
|  First Watch Restaurant Group, Inc.\* | 13820 |  | 208406 |
|  Genius Sports Ltd.\* | 836710 |  | 9220544 |
|  Global Business Travel Group I (x)\* | 47940 |  | 366741 |
|  Golden Entertainment, Inc. | 6400 |  | 174016 |
|  Hilton Grand Vacations, Inc.\* | 19060 |  | 852935 |
|  Inspired Entertainment, Inc.\* | 1610 |  | 15070 |
|  Jack in the Box, Inc. | 7550 |  | 143072 |
|  Krispy Kreme, Inc. (x) | 32583 |  | 130984 |
|  Kura Sushi USA, Inc., Class A\* | 4890 |  | 255894 |
|  Life Time Group Holdings, Inc.\* | 49440 |  | 1314115 |
|  Lindblad Expeditions Holdings, Inc.\* | 13360 |  | 192651 |
|  Marriott Vacations Worldwide Corp. | 8800 |  | 507672 |
|  Monarch Casino & Resort, Inc. | 4900 |  | 468930 |
|  Nathan's Famous, Inc. | 500 |  | 46785 |
|  Navan, Inc., Class A\* | 14800 |  | 252784 |
|  Papa John's International, Inc. | 13066 |  | 502910 |
|  Portillo's, Inc., Class A\* | 20630 |  | 93660 |
|  Pursuit Attractions and Hospitality, Inc.\* | 6280 |  | 211510 |
|  RCI Hospitality Holdings, Inc. (x) | 2720 |  | 64845 |
|  Red Rock Resorts, Inc., Class A | 18260 |  | 1131207 |
|  Rush Street Interactive, Inc.\* | 27410 |  | 532576 |
|  Sabre Corp.\* | 118700 |  | 161432 |
|  Serve Robotics, Inc. (x)\* | 16800 |  | 174384 |
|  Shake Shack, Inc., Class A\* | 14070 |  | 1142062 |
|  Six Flags Entertainment Corp.\* | 34835 |  | 534369 |
|  Super Group SGHC Ltd. | 56770 |  | 678401 |
|  Sweetgreen, Inc., Class A\* | 36291 |  | 245327 |
|  Target Hospitality Corp.\* | 14580 |  | 116786 |
|  United Parks & Resorts, Inc.\* | 10110 |  | 366993 |
|  Viking Holdings Ltd.\* | 173508 |  | 12390206 |
|  Wingstop, Inc. | 53665 |  | 12798566 |
|  Xponential Fitness, Inc., Class A\* | 11200 |  | 92176 |
|  |  |  | 50754200 |
|  ***Household Durables (1.6%)*** |  |  |  |
|  Bassett Furniture Industries, Inc. | 300 |  | 5028 |
|  Beazer Homes USA, Inc.\* | 11200 |  | 227024 |
|  Cavco Industries, Inc.\* | 2590 |  | 1530017 |
|  Century Communities, Inc. | 10350 |  | 614273 |
|  Champion Homes, Inc.\* | 19460 |  | 1644370 |
|  Cricut, Inc., Class A | 13830 |  | 68459 |
|  Dream Finders Homes, Inc., Class A\* | 9020 |  | 154242 |
|  Ethan Allen Interiors, Inc. | 5610 |  | 128132 |
|  Flexsteel Industries, Inc. | 630 |  | 24879 |
|  Green Brick Partners, Inc.\* | 12010 |  | 752547 |
|  Hamilton Beach Brands Holding Co., Class A | 740 |  | 12173 |
|  Helen of Troy Ltd.\* | 8133 |  | 172826 |
|  Hovnanian Enterprises, Inc., Class A\* | 1720 |  | 167769 |
|  Installed Building Products, Inc. (x) | 8030 |  | 2082902 |
|  KB Home | 24009 |  | 1354348 |
|  La-Z-Boy, Inc. | 16360 |  | 609737 |
|  Legacy Housing Corp.\* | 3660 |  | 71443 |
|  Leggett & Platt, Inc. | 48600 |  | 534600 |
|  LGI Homes, Inc.\* | 7040 |  | 302438 |

---

See Notes to Financial Statements.

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  M/I Homes, Inc.\* | 8540 | $| 1092693 |
|  Meritage Homes Corp. | 23540 |  | 1548932 |
|  SharkNinja, Inc.\* | 137795 |  | 15419260 |
|  Sonos, Inc.\* | 38758 |  | 680590 |
|  Taylor Morrison Home Corp., Class A\* | 33700 |  | 1983919 |
|  Traeger, Inc.\* | 15350 |  | 16578 |
|  Tri Pointe Homes, Inc.\* | 27330 |  | 860075 |
|  |  |  | 32059254 |
|  ***Leisure Products (0.2%)*** |  |  |  |
|  Acushnet Holdings Corp. | 9690 |  | 773456 |
|  Clarus Corp. | 5410 |  | 18124 |
|  Escalade, Inc. | 340 |  | 4587 |
|  Funko, Inc., Class A\* | 8080 |  | 27472 |
|  JAKKS Pacific, Inc. | 4210 |  | 71065 |
|  Johnson Outdoors, Inc., Class A | 2450 |  | 104002 |
|  Latham Group, Inc.\* | 15860 |  | 100711 |
|  Malibu Boats, Inc., Class A\* | 9700 |  | 273637 |
|  Marine Products Corp. | 2250 |  | 19710 |
|  MasterCraft Boat Holdings, Inc.\* | 5840 |  | 110434 |
|  Peloton Interactive, Inc., Class A\* | 129190 |  | 795810 |
|  Polaris, Inc. (x) | 16500 |  | 1043625 |
|  Smith & Wesson Brands, Inc. | 11000 |  | 108570 |
|  Sturm Ruger & Co., Inc. | 8300 |  | 270995 |
|  Topgolf Callaway Brands Corp.\* | 46900 |  | 547323 |
|  |  |  | 4269521 |
|  ***Specialty Retail (2.4%)*** | ***Specialty Retail (2.4%)*** | ***Specialty Retail (2.4%)*** | ***Specialty Retail (2.4%)*** |
|  1-800-Flowers.com, Inc., Class A (x)\* | 14810 |  | 58203 |
|  Abercrombie & Fitch Co., Class A\* | 16420 |  | 2066785 |
|  Academy Sports & Outdoors, Inc. | 23430 |  | 1170563 |
|  Advance Auto Parts, Inc. | 21900 |  | 860670 |
|  American Eagle Outfitters, Inc. | 57600 |  | 1518912 |
|  America's Car-Mart, Inc.\* | 2940 |  | 74264 |
|  Arhaus, Inc., Class A\* | 17770 |  | 199202 |
|  Arko Corp. | 27380 |  | 124305 |
|  Asbury Automotive Group, Inc.\* | 6910 |  | 1606782 |
|  BARK, Inc.\* | 19330 |  | 11646 |
|  Barnes & Noble Education, Inc.\* | 3200 |  | 29408 |
|  Bed Bath & Beyond, Inc.\* | 16500 |  | 90090 |
|  Boot Barn Holdings, Inc.\* | 10850 |  | 1914700 |
|  Buckle, Inc. (The) | 11600 |  | 619672 |
|  Build-A-Bear Workshop, Inc. | 3570 |  | 218734 |
|  Burlington Stores, Inc.\* | 27358 |  | 7902358 |
|  Caleres, Inc. | 5100 |  | 62067 |
|  Camping World Holdings, Inc., Class A | 16900 |  | 164437 |
|  Citi Trends, Inc.\* | 1580 |  | 65665 |
|  Designer Brands, Inc., Class A (x) | 8570 |  | 63675 |
|  EVgo, Inc., Class A\* | 46000 |  | 133860 |
|  Genesco, Inc.\* | 4200 |  | 104034 |
|  Group 1 Automotive, Inc. | 4217 |  | 1658546 |
|  Haverty Furniture Cos., Inc. | 6800 |  | 158848 |
|  J Jill, Inc. | 4190 |  | 57487 |
|  Lands' End, Inc.\* | 10810 |  | 156961 |
|  MarineMax, Inc.\* | 6500 |  | 157495 |
|  Monro, Inc. | 5950 |  | 119238 |
|  Murphy USA, Inc. | 25260 |  | 10192915 |
|  National Vision Holdings, Inc.\* | 25561 |  | 659985 |
|  OneWater Marine, Inc., Class A\* | 2850 |  | 30837 |
|  Outdoor Holding Co.\* | 18420 |  | 31498 |
|  Petco Health & Wellness Co., Inc., Class A\* | 25760 |  | 72386 |
|  RealReal, Inc. (The)\* | 36380 |  | 574077 |
|  Revolve Group, Inc., Class A\* | 14400 |  | 434736 |
|  RH\* | 43140 |  | 7728531 |
|  Sally Beauty Holdings, Inc.\* | 39980 |  | 570115 |
|  Shoe Carnival, Inc. | 2490 |  | 42031 |
|  Signet Jewelers Ltd. | 12350 |  | 1023568 |
|  Sleep Number Corp. (x)\* | 9570 |  | 80962 |
|  Sonic Automotive, Inc., Class A | 6020 |  | 372397 |
|  Stitch Fix, Inc., Class A\* | 38600 |  | 202650 |
|  ThredUp, Inc., Class A\* | 28270 |  | 180645 |
|  Torrid Holdings, Inc. (x)\* | 17190 |  | 16819 |
|  Upbound Group, Inc. | 20530 |  | 360507 |
|  Urban Outfitters, Inc.\* | 20480 |  | 1541325 |
|  Victoria's Secret & Co.\* | 22380 |  | 1212325 |
|  Warby Parker, Inc., Class A\* | 35800 |  | 780082 |
|  Winmark Corp. | 1100 |  | 445434 |
|  Zumiez, Inc.\* | 3280 |  | 85444 |
|  |  |  | 48007876 |
|  ***Textiles, Apparel & Luxury Goods (1.6%)*** | ***Textiles, Apparel & Luxury Goods (1.6%)*** | ***Textiles, Apparel & Luxury Goods (1.6%)*** | ***Textiles, Apparel & Luxury Goods (1.6%)*** |
|  Amer Sports, Inc.\* | 355674 |  | 13284424 |
|  Capri Holdings Ltd.\* | 42400 |  | 1034560 |
|  Carter's, Inc. | 13000 |  | 421590 |
|  Ermenegildo Zegna NV (x) | 13500 |  | 138375 |
|  Figs, Inc., Class A\* | 46400 |  | 527104 |
|  G-III Apparel Group Ltd. | 11540 |  | 334198 |
|  Kontoor Brands, Inc. | 20040 |  | 1224244 |
|  Movado Group, Inc. | 7660 |  | 157949 |
|  On Holding AG, Class A\* | 278005 |  | 12921673 |
|  Rocky Brands, Inc. | 740 |  | 21704 |
|  Steven Madden Ltd. | 25543 |  | 1063611 |
|  Superior Group of Cos., Inc. | 1130 |  | 10938 |
|  Wolverine World Wide, Inc. | 29400 |  | 533610 |
|  |  |  | 31673980 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 190910190 |
|  **Consumer Staples (1.6%)** |  |  |  |
|  ***Beverages (0.7%)*** |  |  |  |
|  Celsius Holdings, Inc.\* | 267290 |  | 12225845 |
|  MGP Ingredients, Inc. | 5400 |  | 131220 |
|  National Beverage Corp.\* | 8430 |  | 268833 |
|  Vita Coco Co., Inc. (The)\* | 15000 |  | 795150 |
|  Zevia PBC, Class A\* | 28820 |  | 66862 |
|  |  |  | 13487910 |
|  ***Consumer Staples Distribution & Retail (0.2%)*** | ***Consumer Staples Distribution & Retail (0.2%)*** | ***Consumer Staples Distribution & Retail (0.2%)*** | ***Consumer Staples Distribution & Retail (0.2%)*** |
|  Andersons, Inc. (The) | 9700 |  | 515749 |
|  Chefs' Warehouse, Inc. (The)\* | 11000 |  | 685630 |
|  Grocery Outlet Holding Corp.\* | 34500 |  | 348450 |
|  HF Foods Group, Inc.\* | 9920 |  | 21328 |
|  Ingles Markets, Inc., Class A | 6200 |  | 425010 |
|  Natural Grocers by Vitamin Cottage, Inc. | 2610 |  | 65380 |
|  PriceSmart, Inc. | 9000 |  | 1104030 |
|  United Natural Foods, Inc.\* | 21300 |  | 717171 |
|  Village Super Market, Inc., Class A | 2600 |  | 92027 |
|  Weis Markets, Inc. | 5800 |  | 371722 |
|  |  |  | 4346497 |

---

See Notes to Financial Statements.

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  ***Food Products (0.4%)*** |  |  |  |
|  Alico, Inc. | 1960 | $| 71305 |
|  B&G Foods, Inc. (x) | 27870 |  | 119841 |
|  Beyond Meat, Inc. (x)\* | 53510 |  | 43878 |
|  BRC, Inc., Class A\* | 39800 |  | 44178 |
|  Calavo Growers, Inc. | 6440 |  | 140070 |
|  Cal-Maine Foods, Inc. | 15870 |  | 1262776 |
|  Dole plc | 27430 |  | 411176 |
|  Forafric Global plc (x)\* | 1020 |  | 11250 |
|  Fresh Del Monte Produce, Inc. | 12400 |  | 441812 |
|  Hain Celestial Group, Inc. (The)\* | 70300 |  | 75221 |
|  J & J Snack Foods Corp. | 5610 |  | 506976 |
|  John B Sanfilippo & Son, Inc. | 2300 |  | 162380 |
|  Lifeway Foods, Inc.\* | 3170 |  | 76809 |
|  Limoneira Co. | 3470 |  | 43809 |
|  Mama's Creations, Inc.\* | 11200 |  | 151088 |
|  Marzetti Co. (The) | 7080 |  | 1164094 |
|  Mission Produce, Inc.\* | 18670 |  | 216572 |
|  Seneca Foods Corp., Class A\* | 1140 |  | 126118 |
|  Simply Good Foods Co. (The)\* | 33823 |  | 679166 |
|  SunOpta, Inc.\* | 30700 |  | 116660 |
|  Tootsie Roll Industries, Inc. | 6400 |  | 234432 |
|  TreeHouse Foods, Inc.\* | 15950 |  | 376260 |
|  Utz Brands, Inc. | 23600 |  | 244968 |
|  Vital Farms, Inc.\* | 12270 |  | 391904 |
|  Westrock Coffee Co. (x)\* | 14420 |  | 58689 |
|  |  |  | 7171432 |
|  ***Household Products (0.1%)*** |  |  |  |
|  Central Garden & Pet Co.\* | 4480 |  | 144032 |
|  Central Garden & Pet Co., Class A\* | 17507 |  | 511029 |
|  Energizer Holdings, Inc. | 14000 |  | 278460 |
|  Oil-Dri Corp. of America | 3520 |  | 172269 |
|  Spectrum Brands Holdings, Inc. | 8500 |  | 502180 |
|  WD-40 Co. | 4810 |  | 947089 |
|  |  |  | 2555059 |
|  ***Personal Care Products (0.1%)*** |  |  |  |
|  Beauty Health Co. (The)\* | 82610 |  | 114828 |
|  Edgewell Personal Care Co. | 17480 |  | 298034 |
|  FitLife Brands, Inc.\* | 200 |  | 3254 |
|  Herbalife Ltd.\* | 36100 |  | 465329 |
|  Honest Co., Inc. (The)\* | 29990 |  | 77374 |
|  Interparfums, Inc. | 4140 |  | 351196 |
|  Lifevantage Corp. (x) | 1000 |  | 6160 |
|  Medifast, Inc. (x)\* | 9820 |  | 104878 |
|  Nature's Sunshine Products, Inc.\* | 6050 |  | 130559 |
|  Nu Skin Enterprises, Inc., Class A | 7700 |  | 74074 |
|  Olaplex Holdings, Inc.\* | 46190 |  | 61895 |
|  USANA Health Sciences, Inc.\* | 7870 |  | 154488 |
|  Waldencast plc, Class A (x)\* | 4700 |  | 8836 |
|  |  |  | 1850905 |
|  ***Tobacco (0.1%)*** |  |  |  |
|  Ispire Technology, Inc. (x)\* | 5660 |  | 15848 |
|  Turning Point Brands, Inc. | 6310 |  | 684004 |
|  Universal Corp. | 8980 |  | 473695 |
|  |  |  | 1173547 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 30585350 |
|  **Energy (2.9%)** |  |  |  |
|  ***Energy Equipment & Services (1.4%)*** | ***Energy Equipment & Services (1.4%)*** | ***Energy Equipment & Services (1.4%)*** | ***Energy Equipment & Services (1.4%)*** |
|  Archrock, Inc. | 58980 |  | 1534660 |
|  Atlas Energy Solutions, Inc. | 25950 |  | 244449 |
|  Borr Drilling Ltd.(x) | 80000 |  | 322400 |
|  Bristow Group, Inc., Class A\* | 7973 |  | 291971 |
|  Cactus, Inc., Class A | 24400 |  | 1114592 |
|  Core Laboratories, Inc. | 11880 |  | 190436 |
|  DMC Global, Inc.\* | 13020 |  | 87104 |
|  Energy Services of America Corp. | 2000 |  | 16340 |
|  Expro Group Holdings NV\* | 36183 |  | 483043 |
|  Flowco Holdings, Inc., Class A | 7900 |  | 148046 |
|  Forum Energy Technologies, Inc.\* | 2550 |  | 94222 |
|  Helix Energy Solutions Group, Inc.\* | 55600 |  | 348612 |
|  Helmerich & Payne, Inc. | 34080 |  | 977414 |
|  Innovex International, Inc.\* | 9570 |  | 209296 |
|  Kodiak Gas Services, Inc. | 29320 |  | 1096568 |
|  Liberty Energy, Inc., Class A | 56890 |  | 1050189 |
|  Mammoth Energy Services, Inc.\* | 4760 |  | 8806 |
|  Nabors Industries Ltd.\* | 5400 |  | 293220 |
|  National Energy Services Reunited Corp.\* | 21900 |  | 342954 |
|  Natural Gas Services Group, Inc. | 2560 |  | 86144 |
|  Noble Corp. plc | 45821 |  | 1293985 |
|  Oceaneering International, Inc.\* | 33440 |  | 803563 |
|  Oil States International, Inc.\* | 29710 |  | 201137 |
|  Patterson-UTI Energy, Inc. | 130827 |  | 799353 |
|  ProFrac Holding Corp., Class A (x)\* | 39130 |  | 152216 |
|  ProPetro Holding Corp.\* | 33200 |  | 315732 |
|  Ranger Energy Services, Inc., Class A | 6800 |  | 95064 |
|  RPC, Inc. | 16095 |  | 87557 |
|  SEACOR Marine Holdings, Inc.\* | 6280 |  | 37806 |
|  Seadrill Ltd.\* | 23180 |  | 802028 |
|  Select Water Solutions, Inc., Class A | 34860 |  | 366727 |
|  Solaris Energy Infrastructure, Inc., Class A | 12810 |  | 588876 |
|  TechnipFMC plc | 202630 |  | 9029193 |
|  TETRA Technologies, Inc.\* | 51890 |  | 486209 |
|  Tidewater, Inc.\* | 17460 |  | 881905 |
|  Transocean Ltd.\* | 322020 |  | 1329943 |
|  Valaris Ltd.\* | 22170 |  | 1117368 |
|  |  |  | 27329128 |
|  ***Oil, Gas & Consumable Fuels (1.5%)*** | ***Oil, Gas & Consumable Fuels (1.5%)*** | ***Oil, Gas & Consumable Fuels (1.5%)*** | ***Oil, Gas & Consumable Fuels (1.5%)*** |
|  Ardmore Shipping Corp. | 9970 |  | 105582 |
|  BKV Corp.\* | 5200 |  | 141180 |
|  California Resources Corp. | 25059 |  | 1120388 |
|  Calumet, Inc.\* | 25100 |  | 498737 |
|  Centrus Energy Corp., Class A (x)\* | 5890 |  | 1429856 |
|  Clean Energy Fuels Corp.\* | 30290 |  | 63609 |
|  CNX Resources Corp.\* | 46790 |  | 1720468 |
|  Comstock Resources, Inc.\* | 27000 |  | 625860 |
|  Core Natural Resources, Inc. | 17051 |  | 1509184 |
|  Crescent Energy Co., Class A | 81658 |  | 685111 |
|  CVR Energy, Inc.\* | 10800 |  | 274752 |
|  Delek US Holdings, Inc. | 20880 |  | 619301 |
|  DHT Holdings, Inc. | 51900 |  | 633699 |
|  Diversified Energy Co. | 17950 |  | 259916 |
|  Dorian LPG Ltd. | 14715 |  | 358163 |
|  Empire Petroleum Corp. (x)\* | 1752 |  | 5326 |
|  Encore Energy Corp. (x)\* | 54640 |  | 135507 |

---

See Notes to Financial Statements.

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Energy Fuels, Inc. (x)\* | 75800 | $1102132 |
|  Epsilon Energy Ltd. | 2600 | 12064 |
|  Evolution Petroleum Corp. | 7090 | 25099 |
|  Excelerate Energy, Inc., Class A | 8340 | 233937 |
|  FLEX LNG Ltd. | 10400 | 259480 |
|  FutureFuel Corp. | 22010 | 70212 |
|  Golar LNG Ltd. | 37320 | 1388677 |
|  Granite Ridge Resources, Inc. | 18360 | 86292 |
|  Green Plains, Inc.\* | 22100 | 216580 |
|  Gulfport Energy Corp.\* | 5550 | 1154344 |
|  HighPeak Energy, Inc. (x) | 16490 | 78163 |
|  International Seaways, Inc. | 14415 | 699848 |
|  Kinetik Holdings, Inc., Class A | 16110 | 580765 |
|  Kosmos Energy Ltd. (x)\* | 170060 | 154312 |
|  Magnolia Oil & Gas Corp., Class A | 67840 | 1485018 |
|  Murphy Oil Corp. | 51720 | 1616250 |
|  NACCO Industries, Inc., Class A | 670 | 32857 |
|  Navigator Holdings Ltd. | 8400 | 145488 |
|  NextDecade Corp. (x)\* | 43400 | 228718 |
|  NextNRG, Inc. (x)\* | 900 | 1305 |
|  Nordic American Tankers Ltd. | 46190 | 158894 |
|  Northern Oil & Gas, Inc. (x) | 32100 | 689187 |
|  OPAL Fuels, Inc., Class A\* | 1900 | 4474 |
|  Par Pacific Holdings, Inc.\* | 15790 | 554861 |
|  PBF Energy, Inc., Class A | 28524 | 773571 |
|  Peabody Energy Corp. | 41400 | 1229580 |
|  Prairie Operating Co. (x)\* | 9500 | 16055 |
|  PrimeEnergy Resources Corp. (x)\* | 650 | 111150 |
|  REX American Resources Corp.\* | 13600 | 439552 |
|  Riley Exploration Permian, Inc. | 4070 | 107448 |
|  Sable Offshore Corp. (x)\* | 24880 | 224418 |
|  SandRidge Energy, Inc. | 11790 | 170130 |
|  Scorpio Tankers, Inc. | 17790 | 904266 |
|  SFL Corp. Ltd. | 47800 | 373318 |
|  SM Energy Co. | 41250 | 771375 |
|  Talos Energy, Inc.\* | 46750 | 515185 |
|  Teekay Corp. Ltd. | 17320 | 156400 |
|  Teekay Tankers Ltd., Class A | 9170 | 489861 |
|  Uranium Energy Corp.\* | 165440 | 1932339 |
|  VAALCO Energy, Inc. | 30910 | 112512 |
|  Verde Clean Fuels, Inc. (x)\* | 270 | 556 |
|  Vitesse Energy, Inc. (x) | 10750 | 207045 |
|  W&T Offshore, Inc. (x) | 90230 | 147075 |
|  World Kinect Corp. | 22260 | 521552 |
|  |  | 30368984 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 57698112 |
|  **Financials (13.9%)** |  |  |
|  ***Banks (5.0%)*** |  |  |
|  1st Source Corp. | 6535 | 408372 |
|  ACNB Corp. | 1850 | 89447 |
|  Amalgamated Financial Corp. | 10010 | 320620 |
|  Amerant Bancorp, Inc., Class A | 10960 | 213830 |
|  Ameris Bancorp | 22310 | 1656964 |
|  Ames National Corp. | 1280 | 29389 |
|  Arrow Financial Corp. | 4365 | 137061 |
|  Associated Banc-Corp. | 58680 | 1511597 |
|  Atlantic Union Bankshares Corp. | 49606 | 1751092 |
|  Axos Financial, Inc.\* | 18880 | 1626701 |
|  Banc of California, Inc. | 51210 | 987841 |
|  BancFirst Corp. | 7610 | 806812 |
|  Bancorp, Inc. (The)\* | 15470 | 1044534 |
|  Bank First Corp. | 3580 | 436116 |
|  Bank of Hawaii Corp. | 15040 | 1028285 |
|  Bank of Marin Bancorp | 5260 | 136813 |
|  Bank of NT Butterfield & Son Ltd. (The) | 13730 | 684029 |
|  Bank7 Corp. | 1720 | 70486 |
|  BankFinancial Corp. | 260 | 3120 |
|  BankUnited, Inc. | 24740 | 1102662 |
|  Bankwell Financial Group, Inc. | 1230 | 56359 |
|  Banner Corp. | 13700 | 858442 |
|  Bar Harbor Bankshares | 2290 | 71104 |
|  BayCom Corp. | 2560 | 75264 |
|  BCB Bancorp, Inc. | 4110 | 33168 |
|  Beacon Financial Corp. | 27779 | 732532 |
|  Blue Foundry Bancorp\* | 3920 | 48726 |
|  Blue Ridge Bankshares, Inc. | 2520 | 10760 |
|  Bridgewater Bancshares, Inc.\* | 6750 | 118327 |
|  Burke & Herbert Financial Services Corp. | 4444 | 276906 |
|  Business First Bancshares, Inc. | 8360 | 218530 |
|  BV Financial, Inc.\* | 460 | 8344 |
|  Byline Bancorp, Inc. | 9780 | 285087 |
|  C&F Financial Corp. | 120 | 8711 |
|  Cadence Bank | 67753 | 2902539 |
|  California Bancorp | 4590 | 85695 |
|  Camden National Corp. | 5055 | 219286 |
|  Capital Bancorp, Inc. | 2700 | 76059 |
|  Capital City Bank Group, Inc. | 5250 | 223492 |
|  Capitol Federal Financial, Inc. | 60600 | 412686 |
|  Carter Bankshares, Inc.\* | 6680 | 131329 |
|  Cathay General Bancorp | 25091 | 1214153 |
|  CB Financial Services, Inc. | 160 | 5578 |
|  Central Pacific Financial Corp. | 8730 | 272027 |
|  CF Bankshares, Inc. | 110 | 2744 |
|  Chain Bridge Bancorp, Inc., Class A\* | 180 | 6235 |
|  Chemung Financial Corp. | 830 | 46314 |
|  ChoiceOne Financial Services, Inc. | 3130 | 92398 |
|  Citizens & Northern Corp. | 5970 | 120415 |
|  Citizens Community Bancorp, Inc. | 270 | 4811 |
|  Citizens Financial Services, Inc. | 680 | 38774 |
|  City Holding Co. | 5540 | 660368 |
|  Civista Bancshares, Inc. | 5330 | 118433 |
|  CNB Financial Corp. | 10051 | 263035 |
|  Coastal Financial Corp.\* | 4290 | 491591 |
|  Colony Bankcorp, Inc. | 4550 | 81081 |
|  Columbia Financial, Inc.\* | 13410 | 208391 |
|  Community Financial System, Inc. | 19366 | 1112383 |
|  Community Trust Bancorp, Inc. | 6100 | 344650 |
|  Community West Bancshares | 3550 | 79875 |
|  ConnectOne Bancorp, Inc. | 18338 | 480822 |
|  Customers Bancorp, Inc.\* | 10800 | 789696 |
|  CVB Financial Corp. | 51335 | 954831 |
|  Dime Community Bancshares, Inc. | 15719 | 472985 |
|  Eagle Bancorp Montana, Inc. | 470 | 9353 |
|  Eagle Bancorp, Inc. | 12230 | 261967 |
|  Eagle Financial Services, Inc. | 270 | 10745 |
|  Eastern Bankshares, Inc. | 79040 | 1456707 |
|  ECB Bancorp, Inc.\* | 200 | 3478 |
|  Enterprise Financial Services Corp. | 12634 | 682236 |
|  Equity Bancshares, Inc., Class A | 4720 | 210748 |
|  Esquire Financial Holdings, Inc. | 2550 | 260279 |

---

See Notes to Financial Statements.

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Farmers & Merchants Bancorp, Inc. | 2490 | $61553 |
|  Farmers National Banc Corp. | 13030 | 173560 |
|  FB Bancorp, Inc.\* | 870 | 11179 |
|  FB Financial Corp. | 14864 | 829411 |
|  Fidelity D&D Bancorp, Inc. | 630 | 27424 |
|  Financial Institutions, Inc. | 7240 | 225671 |
|  Finward Bancorp | 80 | 2815 |
|  Finwise Bancorp\* | 210 | 3767 |
|  First Bancorp (Nasdaq Stock Exchange) | 13398 | 680484 |
|  First Bancorp (New York Stock Exchange) | 54620 | 1132273 |
|  First Bancorp, Inc. (The) | 4340 | 114750 |
|  First Bank | 3890 | 64029 |
|  First Busey Corp. | 29935 | 712154 |
|  First Business Financial Services, Inc. | 1800 | 97740 |
|  First Capital, Inc. | 70 | 4144 |
|  First Commonwealth Financial Corp. | 36600 | 617076 |
|  First Community Bankshares, Inc. | 7650 | 258034 |
|  First Community Corp. | 290 | 8598 |
|  First Financial Bancorp | 35765 | 894840 |
|  First Financial Bankshares, Inc. | 48240 | 1440929 |
|  First Financial Corp. | 3690 | 222950 |
|  First Foundation, Inc.\* | 31090 | 191514 |
|  First Internet Bancorp | 1930 | 40279 |
|  First Interstate BancSystem, Inc., Class A | 30784 | 1065126 |
|  First Merchants Corp. | 20730 | 776960 |
|  First Mid Bancshares, Inc. | 7700 | 300300 |
|  First National Corp. | 260 | 6562 |
|  First Savings Financial Group, Inc. | 200 | 6372 |
|  First United Corp. | 210 | 7862 |
|  First Western Financial, Inc.\* | 1700 | 45577 |
|  Firstsun Capital Bancorp\* | 840 | 31613 |
|  Five Star Bancorp | 5990 | 214322 |
|  Flagstar Bank NA | 110693 | 1393625 |
|  Flushing Financial Corp. | 14460 | 219358 |
|  Franklin Financial Services Corp. | 170 | 8534 |
|  FS Bancorp, Inc. | 1170 | 48169 |
|  Fulton Financial Corp. | 68260 | 1319466 |
|  FVCBankcorp, Inc. | 2065 | 28724 |
|  GBank Financial Holdings, Inc. (x)\* | 1250 | 42362 |
|  German American Bancorp, Inc. | 13210 | 517568 |
|  Glacier Bancorp, Inc. | 45360 | 1998108 |
|  Great Southern Bancorp, Inc. | 2340 | 144050 |
|  Greene County Bancorp, Inc. | 3200 | 71136 |
|  Hancock Whitney Corp. | 28882 | 1839206 |
|  Hanmi Financial Corp. | 13010 | 351660 |
|  Hanover Bancorp, Inc. | 130 | 3004 |
|  Hawthorn Bancshares, Inc. | 190 | 6627 |
|  HBT Financial, Inc. | 3880 | 100298 |
|  Heritage Commerce Corp. | 34910 | 419269 |
|  Heritage Financial Corp. | 15266 | 361041 |
|  Hilltop Holdings, Inc. | 17399 | 590522 |
|  Hingham Institution For Savings (The) | 260 | 73830 |
|  Home Bancorp, Inc. | 2600 | 150280 |
|  Home BancShares, Inc. | 63795 | 1772225 |
|  HomeTrust Bancshares, Inc. | 8350 | 358549 |
|  Hope Bancorp, Inc. | 44585 | 488652 |
|  Horizon Bancorp, Inc. | 17900 | 303584 |
|  Independent Bank Corp. | 6600 | 214698 |
|  Independent Bank Corp./MA | 17415 | 1272688 |
|  International Bancshares Corp. | 20600 | 1368664 |
|  Investar Holding Corp. | 1400 | 37408 |
|  John Marshall Bancorp, Inc. | 1710 | 34183 |
|  Kearny Financial Corp. | 28655 | 212334 |
|  Lakeland Financial Corp. | 10455 | 596562 |
|  Landmark Bancorp, Inc. (x) | 177 | 4636 |
|  LCNB Corp. | 2130 | 34911 |
|  LINKBANCORP, Inc. | 2000 | 16520 |
|  Live Oak Bancshares, Inc. | 12400 | 425940 |
|  MainStreet Bancshares, Inc. | 260 | 5294 |
|  Mechanics Bancorp | 15560 | 227643 |
|  Mercantile Bank Corp. | 5840 | 280904 |
|  Meridian Corp. | 420 | 7384 |
|  Metrocity Bankshares, Inc. | 6660 | 176756 |
|  Metropolitan Bank Holding Corp. | 3540 | 270314 |
|  Mid Penn Bancorp, Inc. | 6350 | 196977 |
|  Middlefield Banc Corp. | 940 | 32468 |
|  Midland States Bancorp, Inc. | 10170 | 215299 |
|  MidWestOne Financial Group, Inc. | 6750 | 259875 |
|  MVB Financial Corp. | 2520 | 65092 |
|  National Bank Holdings Corp., Class A | 14100 | 535941 |
|  National Bankshares, Inc. | 1120 | 37554 |
|  NB Bancorp, Inc. | 15975 | 316624 |
|  NBT Bancorp, Inc. | 18655 | 774556 |
|  Nicolet Bankshares, Inc. | 4800 | 582240 |
|  Northeast Bank | 2440 | 253589 |
|  Northeast Community Bancorp, Inc. | 3880 | 87727 |
|  Northfield Bancorp, Inc. | 16890 | 193053 |
|  Northpointe Bancshares, Inc. | 900 | 15102 |
|  Northrim Bancorp, Inc. | 7600 | 202236 |
|  Northwest Bancshares, Inc. | 56393 | 676716 |
|  Norwood Financial Corp. (x) | 1540 | 43197 |
|  Oak Valley Bancorp | 1110 | 33367 |
|  OceanFirst Financial Corp. | 24343 | 436957 |
|  OFG Bancorp | 17560 | 719609 |
|  Ohio Valley Banc Corp. | 100 | 3998 |
|  Old National Bancorp | 125616 | 2802493 |
|  Old Second Bancorp, Inc. | 15690 | 305955 |
|  OP Bancorp | 670 | 9460 |
|  Orange County Bancorp, Inc. | 2240 | 63952 |
|  Origin Bancorp, Inc. | 10870 | 408821 |
|  Orrstown Financial Services, Inc. | 6950 | 246169 |
|  Park National Corp. | 5220 | 794380 |
|  Parke Bancorp, Inc. | 1760 | 44070 |
|  Pathward Financial, Inc. | 8340 | 592140 |
|  Patriot National Bancorp, Inc. (x)\* | 12780 | 23260 |
|  PCB Bancorp | 2110 | 45681 |
|  Peapack-Gladstone Financial Corp. | 6090 | 169606 |
|  Peoples Bancorp of North Carolina, Inc. | 450 | 16290 |
|  Peoples Bancorp, Inc. | 13004 | 390510 |
|  Peoples Financial Services Corp. | 1320 | 64297 |
|  Pioneer Bancorp, Inc.\* | 1540 | 20759 |
|  Plumas Bancorp | 850 | 37986 |
|  Ponce Financial Group, Inc.\* | 4030 | 65891 |
|  Preferred Bank | 4900 | 462707 |
|  Primis Financial Corp. | 7690 | 106968 |
|  Princeton Bancorp, Inc. | 920 | 31915 |
|  Provident Financial Services, Inc. | 48105 | 950074 |
|  QCR Holdings, Inc. | 5800 | 483140 |

---

See Notes to Financial Statements.

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  RBB Bancorp | 4520 | $93293 |
|  Red River Bancshares, Inc. | 1200 | 85716 |
|  Renasant Corp. | 31820 | 1120700 |
|  Republic Bancorp, Inc., Class A | 3180 | 219388 |
|  Rhinebeck Bancorp, Inc.\* | 240 | 2885 |
|  Richmond Mutual Bancorp, Inc. (x) | 580 | 8143 |
|  Riverview Bancorp, Inc. | 1310 | 6576 |
|  S&T Bancorp, Inc. | 14209 | 559124 |
|  SB Financial Group, Inc. | 260 | 5790 |
|  Seacoast Banking Corp. of Florida | 31385 | 986117 |
|  ServisFirst Bancshares, Inc. | 19300 | 1385547 |
|  Shore Bancshares, Inc. | 7105 | 125616 |
|  Sierra Bancorp | 4610 | 150655 |
|  Simmons First National Corp., Class A | 49819 | 939088 |
|  SmartFinancial, Inc. | 5360 | 198266 |
|  Sound Financial Bancorp, Inc. | 60 | 2618 |
|  South Plains Financial, Inc. | 3620 | 140456 |
|  Southern First Bancshares, Inc.\* | 1690 | 87069 |
|  Southern Missouri Bancorp, Inc. | 3250 | 192140 |
|  Southside Bancshares, Inc. | 14736 | 447827 |
|  SR Bancorp, Inc. (x) | 710 | 11175 |
|  Stellar Bancorp, Inc. | 17384 | 537861 |
|  Sterling Bancorp, Inc. (r)\* | 1320 |  |
|  Stock Yards Bancorp, Inc. | 9010 | 585200 |
|  Texas Capital Bancshares, Inc.\* | 17070 | 1545518 |
|  Third Coast Bancshares, Inc.\* | 3800 | 144438 |
|  Timberland Bancorp, Inc. | 1260 | 45108 |
|  Tompkins Financial Corp. | 4561 | 330764 |
|  Towne Bank | 28909 | 964693 |
|  TriCo Bancshares | 10782 | 510743 |
|  Triumph Financial, Inc.\* | 9000 | 563670 |
|  TrustCo Bank Corp. | 6930 | 286417 |
|  Trustmark Corp. | 18190 | 708500 |
|  UMB Financial Corp. | 26480 | 3046259 |
|  Union Bankshares, Inc. | 100 | 2373 |
|  United Bankshares, Inc. | 51582 | 1980749 |
|  United Community Banks, Inc. | 45700 | 1426754 |
|  United Security Bancshares | 270 | 2719 |
|  Unity Bancorp, Inc. | 2260 | 116887 |
|  Univest Financial Corp. | 11100 | 363414 |
|  USCB Financial Holdings, Inc. | 2670 | 49181 |
|  Valley National Bancorp | 169079 | 1974843 |
|  Virginia National Bankshares Corp. | 890 | 35467 |
|  WaFd, Inc. | 29008 | 929126 |
|  Washington Trust Bancorp, Inc. | 8490 | 250879 |
|  WesBanco, Inc. | 33598 | 1116798 |
|  West Bancorp, Inc. | 6010 | 133362 |
|  Westamerica Bancorp | 9650 | 461560 |
|  Western New England Bancorp, Inc. | 840 | 10601 |
|  WSFS Financial Corp. | 19101 | 1055139 |
|  |  | 99488687 |
|  ***Capital Markets (3.0%)*** |  |  |
|  Acadian Asset Management, Inc. | 7808 | 366976 |
|  AlTi Global, Inc. (x)\* | 9060 | 42038 |
|  Artisan Partners Asset Management, Inc., Class A | 22740 | 926428 |
|  Bakkt Holdings, Inc., Class A (x)\* | 3800 | 38152 |
|  BGC Group, Inc., Class A | 133260 | 1190012 |
|  Cohen & Steers, Inc. | 9166 | 575441 |
|  Diamond Hill Investment Group, Inc. | 1360 | 230520 |
|  DigitalBridge Group, Inc. | 60275 | 924618 |
|  Donnelley Financial Solutions, Inc.\* | 9220 | 430482 |
|  GCM Grosvenor, Inc., Class A | 10360 | 117275 |
|  Marex Group plc | 19300 | 740348 |
|  MarketWise, Inc. | 785 | 11791 |
|  Miami International Holdings, Inc. (x)\* | 8200 | 363916 |
|  Moelis & Co., Class A | 26090 | 1793427 |
|  Open Lending Corp.\* | 46160 | 71548 |
|  P10, Inc., Class A | 14850 | 145679 |
|  Patria Investments Ltd., Class A | 20850 | 331306 |
|  Perella Weinberg Partners, Class A | 18370 | 317801 |
|  Piper Sandler Cos. | 6460 | 2194527 |
|  PJT Partners, Inc., Class A | 86094 | 14394917 |
|  Siebert Financial Corp.\* | 1700 | 5967 |
|  Silvercrest Asset Management Group, Inc., Class A | 2600 | 39494 |
|  StepStone Group, Inc., Class A | 25030 | 1606175 |
|  Stifel Financial Corp. | 115845 | 14506111 |
|  StoneX Group, Inc.\* | 17003 | 1617495 |
|  TPG, Inc., Class A | 205179 | 13098627 |
|  Value Line, Inc. | 510 | 19599 |
|  Victory Capital Holdings, Inc., Class A | 16110 | 1016380 |
|  Virtus Investment Partners, Inc. | 2585 | 421743 |
|  Webull Corp.\* | 94600 | 735042 |
|  Westwood Holdings Group, Inc. | 400 | 6884 |
|  WisdomTree, Inc. (x) | 39000 | 475410 |
|  |  | 58756129 |
|  ***Consumer Finance (1.6%)*** |  |  |
|  Atlanticus Holdings Corp.\* | 2300 | 153985 |
|  Bread Financial Holdings, Inc. | 18200 | 1347346 |
|  Consumer Portfolio Services, Inc.\* | 2850 | 26591 |
|  Dave, Inc.\* | 3400 | 752794 |
|  Encore Capital Group, Inc.\* | 7180 | 390233 |
|  Enova International, Inc.\* | 8820 | 1386504 |
|  Figure Technology Solutions, Inc., Class A (x)\* | 170961 | 6982047 |
|  FirstCash Holdings, Inc. | 94353 | 15037981 |
|  Green Dot Corp., Class A\* | 17660 | 226225 |
|  LendingClub Corp.\* | 38200 | 723508 |
|  LendingTree, Inc.\* | 3600 | 191124 |
|  Medallion Financial Corp. | 1870 | 19242 |
|  Navient Corp. | 35497 | 461461 |
|  Nelnet, Inc., Class A | 3830 | 509237 |
|  NerdWallet, Inc., Class A\* | 9600 | 130080 |
|  OppFi, Inc. | 11320 | 118407 |
|  PRA Group, Inc.\* | 17960 | 317712 |
|  PROG Holdings, Inc. | 11960 | 352700 |
|  Regional Management Corp. | 2230 | 86413 |
|  Upstart Holdings, Inc. (x)\* | 30640 | 1339887 |
|  World Acceptance Corp.\* | 820 | 115120 |
|  |  | 30668597 |
|  ***Financial Services (2.1%)*** |  |  |
|  Acacia Research Corp.\* | 15010 | 56137 |
|  Affirm Holdings, Inc., Class A\* | 176373 | 13127442 |
|  Alerus Financial Corp. | 3160 | 71163 |
|  Banco Latinoamericano de Comercio Exterior SA, Class E | 10240 | 456704 |

---

See Notes to Financial Statements.

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Better Home & Finance Holding Co.\* | 1000 | $| 32580 |
|  Burford Capital Ltd. | 76550 |  | 682826 |
|  Cannae Holdings, Inc. | 17720 |  | 278736 |
|  Cantaloupe, Inc.\* | 15310 |  | 162592 |
|  Cass Information Systems, Inc. | 3353 |  | 139217 |
|  Chime Financial, Inc., Class A (x)\* | 294597 |  | 7415006 |
|  Compass Diversified Holdings | 22320 |  | 107136 |
|  Enact Holdings, Inc. | 9390 |  | 372220 |
|  Essent Group Ltd. | 31940 |  | 2076419 |
|  Evertec, Inc. | 22336 |  | 649754 |
|  Federal Agricultural Mortgage Corp., Class C | 3020 |  | 530221 |
|  Finance of America Cos., Inc., Class A\* | 700 |  | 16947 |
|  Flywire Corp.\* | 46137 |  | 653300 |
|  HA Sustainable Infrastructure Capital, Inc. | 42950 |  | 1349919 |
|  International Money Express, Inc.\* | 9120 |  | 140083 |
|  Jackson Financial, Inc., Class A | 24060 |  | 2565999 |
|  loanDepot, Inc., Class A\* | 7800 |  | 16146 |
|  Marqeta, Inc., Class A\* | 140060 |  | 665285 |
|  Merchants Bancorp | 9410 |  | 320505 |
|  NCR Atleos Corp.\* | 27560 |  | 1050312 |
|  NewtekOne, Inc. | 12300 |  | 139605 |
|  NMI Holdings, Inc., Class A\* | 26520 |  | 1081751 |
|  Onity Group, Inc.\* | 1790 |  | 81964 |
|  Pagseguro Digital Ltd., Class A | 54750 |  | 527790 |
|  Payoneer Global, Inc.\* | 98700 |  | 554694 |
|  Paysafe Ltd. (x)\* | 13804 |  | 111674 |
|  Paysign, Inc.\* | 16730 |  | 86159 |
|  PennyMac Financial Services, Inc. | 10610 |  | 1398822 |
|  Priority Technology Holdings, Inc.\* | 13010 |  | 70905 |
|  Radian Group, Inc. | 47606 |  | 1713340 |
|  Remitly Global, Inc.\* | 54186 |  | 747767 |
|  Repay Holdings Corp., Class A\* | 31500 |  | 114975 |
|  Security National Financial Corp., Class A\* | 525 |  | 4730 |
|  Sezzle, Inc. (x)\* | 4980 |  | 316106 |
|  StoneCo Ltd., Class A\* | 87640 |  | 1296196 |
|  SWK Holdings Corp. | 1010 |  | 17372 |
|  Triller Group, Inc. (x)\* | 4700 |  | 150 |
|  Velocity Financial, Inc.\* | 4810 |  | 99856 |
|  Walker & Dunlop, Inc. | 11370 |  | 683905 |
|  Waterstone Financial, Inc. | 4770 |  | 78944 |
|  |  |  | 42063354 |
|  ***Insurance (1.8%)*** |  |  |  |
|  Abacus Global Management, Inc. | 8900 |  | 76095 |
|  Accelerant Holdings, Class A (x)\* | 237853 |  | 3888897 |
|  American Coastal Insurance Corp. | 11560 |  | 146003 |
|  American Integrity Insurance Group, Inc.\* | 1500 |  | 31245 |
|  AMERISAFE, Inc. | 8790 |  | 337624 |
|  Ategrity Specialty Holdings LLC\* | 1600 |  | 33616 |
|  Baldwin Insurance Group, Inc. (The), Class A\* | 24350 |  | 585130 |
|  Bowhead Specialty Holdings, Inc.\* | 5700 |  | 162678 |
|  Citizens, Inc., Class A (x)\* | 3500 |  | 16905 |
|  CNO Financial Group, Inc. | 31710 |  | 1346724 |
|  Crawford & Co., Class A | 9850 |  | 110813 |
|  Donegal Group, Inc., Class A | 6660 |  | 133067 |
|  eHealth, Inc.\* | 5100 |  | 23460 |
|  Employers Holdings, Inc. | 8781 |  | 379076 |
|  F&G Annuities & Life, Inc. | 6980 |  | 215333 |
|  Fidelis Insurance Holdings Ltd. | 22060 |  | 431714 |
|  Genworth Financial, Inc., Class A\* | 137538 |  | 1241968 |
|  GoHealth, Inc., Class A\* | 3210 |  | 6902 |
|  Goosehead Insurance, Inc., Class A | 8260 |  | 608349 |
|  Greenlight Capital Re Ltd., Class A\* | 8176 |  | 119206 |
|  Hamilton Insurance Group Ltd., Class B\* | 14860 |  | 414594 |
|  HCI Group, Inc. | 3700 |  | 709253 |
|  Heritage Insurance Holdings, Inc.\* | 8190 |  | 239639 |
|  Hippo Holdings, Inc.\* | 5675 |  | 170704 |
|  Horace Mann Educators Corp. | 13360 |  | 616965 |
|  Investors Title Co. | 930 |  | 232165 |
|  James River Group Holdings, Inc. | 28410 |  | 180688 |
|  Kestrel Group Ltd. (x) | 1329 |  | 13609 |
|  Kingstone Cos., Inc. | 3900 |  | 65637 |
|  Kingsway Financial Services, Inc.\* | 5280 |  | 71016 |
|  Kinsale Capital Group, Inc. | 28012 |  | 10956053 |
|  Lemonade, Inc.\* | 21000 |  | 1494780 |
|  MBIA, Inc.\* | 25900 |  | 185444 |
|  Mercury General Corp. | 9700 |  | 912382 |
|  NI Holdings, Inc.\* | 5020 |  | 66766 |
|  Octave Specialty Group, Inc.\* | 19430 |  | 151165 |
|  Oscar Health, Inc., Class A\* | 63780 |  | 916519 |
|  Palomar Holdings, Inc.\* | 9480 |  | 1277525 |
|  ProAssurance Corp.\* | 18100 |  | 437296 |
|  Root, Inc., Class A\* | 3880 |  | 280252 |
|  Safety Insurance Group, Inc. | 5424 |  | 422584 |
|  Selective Insurance Group, Inc. | 21440 |  | 1793885 |
|  Selectquote, Inc.\* | 35549 |  | 50124 |
|  SiriusPoint Ltd.\* | 36000 |  | 788040 |
|  Skyward Specialty Insurance Group, Inc.\* | 14190 |  | 725251 |
|  Slide Insurance Holdings, Inc.\* | 1700 |  | 33116 |
|  Stewart Information Services Corp. | 9490 |  | 666767 |
|  Tiptree, Inc., Class A | 8570 |  | 156574 |
|  Trupanion, Inc.\* | 13560 |  | 506737 |
|  United Fire Group, Inc. | 7190 |  | 261356 |
|  Universal Insurance Holdings, Inc. | 8450 |  | 285610 |
|  |  |  | 34977301 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.4%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.4%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.4%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.4%)*** |
|  ACRES Commercial Realty Corp. (REIT)\* | 600 |  | 12804 |
|  Adamas Trust, Inc. (REIT) | 25860 |  | 188778 |
|  Advanced Flower Capital, Inc. (REIT) | 16840 |  | 47994 |
|  Angel Oak Mortgage REIT, Inc. (REIT) | 8260 |  | 71119 |
|  Apollo Commercial Real Estate Finance, Inc. (REIT) | 48388 |  | 468396 |
|  Arbor Realty Trust, Inc. (REIT) (x) | 62990 |  | 488802 |
|  Ares Commercial Real Estate Corp. (REIT) (x) | 38980 |  | 186324 |
|  ARMOUR Residential REIT, Inc. (REIT) (x) | 35587 |  | 629534 |
|  Blackstone Mortgage Trust, Inc. (REIT), Class A | 46800 |  | 895284 |
|  BrightSpire Capital, Inc. (REIT), Class A | 47630 |  | 266728 |

---

See Notes to Financial Statements.

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Chicago Atlantic Real Estate Finance, Inc. (REIT) | 10050 | $123213 |
|  Chimera Investment Corp. (REIT) | 28066 | 348860 |
|  Claros Mortgage Trust, Inc. (REIT)\* | 59700 | 182682 |
|  Dynex Capital, Inc. (REIT) | 45810 | 641798 |
|  Ellington Financial, Inc. (REIT) | 27810 | 377660 |
|  Franklin BSP Realty Trust, Inc. (REIT) | 30600 | 306918 |
|  Invesco Mortgage Capital, Inc. (REIT) (x) | 26389 | 221931 |
|  KKR Real Estate Finance Trust, Inc. (REIT) | 18800 | 154536 |
|  Ladder Capital Corp. (REIT) | 37467 | 411762 |
|  Lument Finance Trust, Inc. (REIT) (x) | 2900 | 4089 |
|  MFA Financial, Inc. (REIT) | 38105 | 354758 |
|  Nexpoint Real Estate Finance, Inc. (REIT) | 4460 | 62797 |
|  Orchid Island Capital, Inc. (REIT) (x) | 54210 | 390312 |
|  PennyMac Mortgage Investment Trust (REIT) | 28873 | 362356 |
|  Ready Capital Corp. (REIT) (x) | 66972 | 145999 |
|  Redwood Trust, Inc. (REIT) | 57300 | 316869 |
|  Rithm Property Trust, Inc. (REIT) | 750 | 12435 |
|  Seven Hills Realty Trust (REIT) | 2680 | 23852 |
|  Sunrise Realty Trust, Inc. (REIT) | 6246 | 58900 |
|  TPG Mortgage Investment Trust, Inc. (REIT) | 12020 | 102410 |
|  TPG RE Finance Trust, Inc. (REIT) | 21380 | 184082 |
|  Two Harbors Investment Corp. (REIT) | 31505 | 330803 |
|  |  | 8374785 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 274328853 |
|  **Health Care (20.3%)** |  |  |
|  ***Biotechnology (10.6%)*** |  |  |
|  4D Molecular Therapeutics, Inc.\* | 18210 | 136575 |
|  Abeona Therapeutics, Inc. (x)\* | 8960 | 47219 |
|  Absci Corp. (x)\* | 55020 | 192020 |
|  ACADIA Pharmaceuticals, Inc.\* | 45320 | 1210497 |
|  Actuate Therapeutics, Inc.\* | 940 | 5753 |
|  ADC Therapeutics SA\* | 16530 | 58351 |
|  ADMA Biologics, Inc.\* | 80740 | 1472698 |
|  Agios Pharmaceuticals, Inc.\* | 20370 | 554471 |
|  Akebia Therapeutics, Inc.\* | 78660 | 126643 |
|  Aldeyra Therapeutics, Inc.\* | 35440 | 183579 |
|  Alector, Inc.\* | 36880 | 57533 |
|  Alkermes plc\* | 57620 | 1612208 |
|  Allogene Therapeutics, Inc.\* | 106637 | 146093 |
|  Altimmune, Inc.\* | 23570 | 85088 |
|  Amicus Therapeutics, Inc.\* | 105789 | 1506435 |
|  AnaptysBio, Inc.\* | 7730 | 374750 |
|  Anavex Life Sciences Corp.\* | 38020 | 135351 |
|  Anika Therapeutics, Inc.\* | 7250 | 69672 |
|  Annexon, Inc.\* | 49280 | 247386 |
|  Apogee Therapeutics, Inc.\* | 96643 | 7294614 |
|  Arbutus Biopharma Corp.\* | 54260 | 260991 |
|  Arcellx, Inc.\* | 12170 | 793484 |
|  Arcturus Therapeutics Holdings, Inc. (x)\* | 10200 | 62526 |
|  Arcus Biosciences, Inc.\* | 27250 | 649367 |
|  Arcutis Biotherapeutics, Inc.\* | 40580 | 1178443 |
|  Ardelyx, Inc.\* | 81640 | 475961 |
|  ArriVent Biopharma, Inc. (x)\* | 10580 | 212870 |
|  Arrowhead Pharmaceuticals, Inc.\* | 45980 | 3052612 |
|  ARS Pharmaceuticals, Inc. (x)\* | 22750 | 265037 |
|  Ascendis Pharma A/S (ADR)\* | 21795 | 4647566 |
|  aTyr Pharma, Inc. (x)\* | 27600 | 21614 |
|  Aura Biosciences, Inc.\* | 15780 | 86001 |
|  Aurinia Pharmaceuticals, Inc.\* | 41040 | 654588 |
|  Avidity Biosciences, Inc.\* | 40100 | 2892413 |
|  Avita Medical, Inc. (x)\* | 8730 | 30119 |
|  Beam Therapeutics, Inc.\* | 32820 | 909770 |
|  Benitec Biopharma, Inc.\* | 1040 | 14009 |
|  Bicara Therapeutics, Inc.\* | 7530 | 126730 |
|  BioCryst Pharmaceuticals, Inc.\* | 77400 | 603720 |
|  Biohaven Ltd.\* | 28680 | 323797 |
|  Bridgebio Pharma, Inc.\* | 194685 | 14891456 |
|  Bright Minds Biosciences, Inc.\* | 190 | 14828 |
|  Candel Therapeutics, Inc. (x)\* | 25630 | 144810 |
|  Capricor Therapeutics, Inc.\* | 13340 | 384992 |
|  Cardiff Oncology, Inc. (x)\* | 18550 | 52125 |
|  CareDx, Inc.\* | 16490 | 310672 |
|  Cartesian Therapeutics, Inc. (x)\* | 4437 | 31991 |
|  Catalyst Pharmaceuticals, Inc.\* | 42700 | 996618 |
|  Celcuity, Inc.\* | 10580 | 1055249 |
|  Celldex Therapeutics, Inc.\* | 22630 | 614631 |
|  CG oncology, Inc.\* | 138007 | 5730051 |
|  Cidara Therapeutics, Inc.\* | 6790 | 1499843 |
|  Cogent Biosciences, Inc.\* | 46590 | 1654877 |
|  Coherus Oncology, Inc. (x)\* | 79950 | 113529 |
|  Compass Therapeutics, Inc.\* | 34720 | 186446 |
|  Corvus Pharmaceuticals, Inc.\* | 8560 | 65912 |
|  CRISPR Therapeutics AG (x)\* | 30140 | 1580542 |
|  Cullinan Therapeutics, Inc.\* | 19420 | 200997 |
|  Cytokinetics, Inc.\* | 39650 | 2519361 |
|  Day One Biopharmaceuticals, Inc.\* | 23590 | 219859 |
|  Denali Therapeutics, Inc.\* | 323869 | 5347077 |
|  Design Therapeutics, Inc.\* | 13910 | 130476 |
|  DiaMedica Therapeutics, Inc. (x)\* | 1340 | 10666 |
|  Dianthus Therapeutics, Inc.\* | 9130 | 376247 |
|  Disc Medicine, Inc.\* | 8190 | 650368 |
|  Dynavax Technologies Corp.\* | 29690 | 456632 |
|  Dyne Therapeutics, Inc.\* | 39140 | 765578 |
|  Editas Medicine, Inc.\* | 62920 | 128986 |
|  Eledon Pharmaceuticals, Inc.\* | 2330 | 3518 |
|  Emergent BioSolutions, Inc.\* | 19020 | 235087 |
|  Enanta Pharmaceuticals, Inc.\* | 11810 | 186244 |
|  Entrada Therapeutics, Inc.\* | 7110 | 73091 |
|  Erasca, Inc.\* | 77210 | 287221 |
|  Fate Therapeutics, Inc.\* | 78160 | 76800 |
|  Fennec Pharmaceuticals, Inc.\* | 4970 | 38269 |
|  Foghorn Therapeutics, Inc.\* | 7520 | 40608 |
|  Geron Corp.\* | 219980 | 290374 |
|  Gossamer Bio, Inc.\* | 68070 | 211017 |
|  GRAIL, Inc.\* | 11110 | 950905 |
|  Greenwich Lifesciences, Inc. (x)\* | 740 | 15547 |
|  Gyre Therapeutics, Inc. (x)\* | 7540 | 53232 |
|  Halozyme Therapeutics, Inc.\* | 116856 | 7864409 |
|  Heron Therapeutics, Inc. (x)\* | 77480 | 100724 |
|  Humacyte, Inc. (x)\* | 48130 | 46229 |
|  Ideaya Biosciences, Inc.\* | 28550 | 986973 |
|  ImmunityBio, Inc. (x)\* | 83760 | 165845 |
|  Immunome, Inc. (x)\* | 32460 | 697241 |
|  Immunovant, Inc.\* | 24290 | 617452 |

---

See Notes to Financial Statements.

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Inhibikase Therapeutics, Inc.\* | 1440 | $| 2952 |
|  Inhibrx Biosciences, Inc. (x)\* | 3190 |  | 252010 |
|  Inmune Bio, Inc. (x)\* | 9660 |  | 15070 |
|  Insmed, Inc.\* | 111290 |  | 19368912 |
|  Intellia Therapeutics, Inc. (x)\* | 36800 |  | 330832 |
|  Iovance Biotherapeutics, Inc. (x)\* | 95920 |  | 261862 |
|  Ironwood Pharmaceuticals, Inc., Class A\* | 77280 |  | 260434 |
|  Jade Biosciences, Inc. | 16033 |  | 247389 |
|  Janux Therapeutics, Inc.\* | 10710 |  | 147798 |
|  KalVista Pharmaceuticals, Inc. (x)\* | 13410 |  | 216571 |
|  Keros Therapeutics, Inc.\* | 11260 |  | 229254 |
|  Kodiak Sciences, Inc.\* | 10890 |  | 304484 |
|  Korro Bio, Inc. (x)\* | 2940 |  | 23549 |
|  Krystal Biotech, Inc.\* | 8810 |  | 2172017 |
|  Kura Oncology, Inc.\* | 26400 |  | 274296 |
|  Kymera Therapeutics, Inc.\* | 87826 |  | 6833741 |
|  Larimar Therapeutics, Inc.\* | 28980 |  | 110414 |
|  Legend Biotech Corp. (ADR)\* | 120658 |  | 2623105 |
|  Lexeo Therapeutics, Inc.\* | 21860 |  | 217070 |
|  Madrigal Pharmaceuticals, Inc.\* | 6700 |  | 3901678 |
|  MannKind Corp.\* | 96800 |  | 548856 |
|  MeiraGTx Holdings plc\* | 17720 |  | 140874 |
|  MiMedx Group, Inc.\* | 49500 |  | 335115 |
|  Mineralys Therapeutics, Inc.\* | 14030 |  | 509149 |
|  Mirum Pharmaceuticals, Inc.\* | 14990 |  | 1184060 |
|  Monopar Therapeutics, Inc.\* | 280 |  | 18284 |
|  Monte Rosa Therapeutics, Inc.\* | 24740 |  | 387923 |
|  Myriad Genetics, Inc.\* | 29370 |  | 180625 |
|  Natera, Inc.\* | 56221 |  | 12879669 |
|  Neurocrine Biosciences, Inc.\* | 80376 |  | 11399728 |
|  Neurogene, Inc. (x)\* | 2930 |  | 60358 |
|  Newamsterdam Pharma Co. NV\* | 99363 |  | 3485654 |
|  Nkarta, Inc.\* | 33350 |  | 61697 |
|  Novavax, Inc. (x)\* | 53960 |  | 362611 |
|  Nurix Therapeutics, Inc.\* | 34720 |  | 658638 |
|  Nuvalent, Inc., Class A\* | 71929 |  | 7235338 |
|  Nuvectis Pharma, Inc.\* | 980 |  | 7399 |
|  Olema Pharmaceuticals, Inc.\* | 25230 |  | 630750 |
|  Organogenesis Holdings, Inc., Class A\* | 28100 |  | 145558 |
|  ORIC Pharmaceuticals, Inc.\* | 23780 |  | 194520 |
|  Oruka Therapeutics, Inc.\* | 13370 |  | 405245 |
|  Palvella Therapeutics, Inc. (x)\* | 2510 |  | 262722 |
|  PDL BioPharma, Inc. (r)\* | 73900 |  |  |
|  Perspective Therapeutics, Inc.\* | 34730 |  | 95507 |
|  Praxis Precision Medicines, Inc.\* | 7800 |  | 2298972 |
|  Precigen, Inc.\* | 52860 |  | 220955 |
|  Prime Medicine, Inc.\* | 22760 |  | 78977 |
|  Protagonist Therapeutics, Inc.\* | 20800 |  | 1816672 |
|  Protalix BioTherapeutics, Inc.\* | 5860 |  | 10548 |
|  Protara Therapeutics, Inc.\* | 2510 |  | 13378 |
|  Prothena Corp. plc\* | 19760 |  | 188708 |
|  PTC Therapeutics, Inc.\* | 26570 |  | 2018257 |
|  Puma Biotechnology, Inc.\* | 6900 |  | 41055 |
|  Recursion Pharmaceuticals, Inc., Class A (x)\* | 123655 |  | 505749 |
|  REGENXBIO, Inc.\* | 18700 |  | 269280 |
|  Relay Therapeutics, Inc.\* | 37500 |  | 317250 |
|  Replimune Group, Inc.\* | 18280 |  | 177682 |
|  Rezolute, Inc.\* | 27730 |  | 65443 |
|  Rhythm Pharmaceuticals, Inc.\* | 83890 |  | 8979586 |
|  Rigel Pharmaceuticals, Inc.\* | 7629 |  | 326750 |
|  Rocket Pharmaceuticals, Inc.\* | 51940 |  | 182309 |
|  Sana Biotechnology, Inc.\* | 57240 |  | 232967 |
|  Savara, Inc.\* | 49430 |  | 298063 |
|  Scholar Rock Holding Corp.\* | 28140 |  | 1239567 |
|  SELLAS Life Sciences Group, Inc. (x)\* | 24980 |  | 94175 |
|  Sionna Therapeutics, Inc.\* | 5560 |  | 228738 |
|  Soleno Therapeutics, Inc.\* | 14630 |  | 677369 |
|  Solid Biosciences, Inc.\* | 29750 |  | 167790 |
|  Spyre Therapeutics, Inc.\* | 23870 |  | 781981 |
|  Stoke Therapeutics, Inc.\* | 14010 |  | 444677 |
|  Syndax Pharmaceuticals, Inc.\* | 31390 |  | 659504 |
|  Tango Therapeutics, Inc. (x)\* | 25490 |  | 225841 |
|  Taysha Gene Therapies, Inc.\* | 60470 |  | 332585 |
|  Tectonic Therapeutic, Inc. (x)\* | 1720 |  | 35879 |
|  Tevogen Bio Holdings, Inc.\* | 10910 |  | 3612 |
|  TG Therapeutics, Inc.\* | 52890 |  | 1576651 |
|  Tonix Pharmaceuticals Holding Corp.\* | 5360 |  | 83723 |
|  Travere Therapeutics, Inc.\* | 30180 |  | 1153178 |
|  TriSalus Life Sciences, Inc. (x)\* | 580 |  | 4048 |
|  TuHURA Biosciences, Inc.\* | 2570 |  | 1945 |
|  Twist Bioscience Corp.\* | 20373 |  | 646232 |
|  Tyra Biosciences, Inc.\* | 12060 |  | 317057 |
|  Upstream Bio, Inc. (x)\* | 10140 |  | 275301 |
|  UroGen Pharma Ltd. (x)\* | 13930 |  | 326241 |
|  Vanda Pharmaceuticals, Inc.\* | 35543 |  | 313489 |
|  Vaxcyte, Inc.\* | 39040 |  | 1801306 |
|  Vera Therapeutics, Inc., Class A\* | 105689 |  | 5352091 |
|  Veracyte, Inc.\* | 28100 |  | 1183010 |
|  Verastem, Inc.\* | 17050 |  | 131626 |
|  Vericel Corp.\* | 16440 |  | 592004 |
|  Vir Biotechnology, Inc.\* | 33400 |  | 201402 |
|  Viridian Therapeutics, Inc.\* | 27680 |  | 861402 |
|  Voyager Therapeutics, Inc.\* | 28520 |  | 112084 |
|  Xencor, Inc.\* | 24440 |  | 374176 |
|  Xenon Pharmaceuticals, Inc.\* | 136918 |  | 6136665 |
|  XOMA Royalty Corp.\* | 2000 |  | 53180 |
|  Zenas Biopharma, Inc.\* | 7410 |  | 269057 |
|  Zymeworks, Inc.\* | 20200 |  | 531866 |
|  |  |  | 210069930 |
|  ***Health Care Equipment & Supplies (3.2%)*** | ***Health Care Equipment & Supplies (3.2%)*** | ***Health Care Equipment & Supplies (3.2%)*** | ***Health Care Equipment & Supplies (3.2%)*** |
|  Accuray, Inc.\* | 27820 |  | 22940 |
|  Acme United Corp. (x) | 150 |  | 6047 |
|  Alphatec Holdings, Inc.\* | 41540 |  | 874002 |
|  AngioDynamics, Inc.\* | 11840 |  | 152026 |
|  Anteris Technologies Global Corp.\* | 2300 |  | 11477 |
|  Artivion, Inc.\* | 14600 |  | 665906 |
|  AtriCure, Inc.\* | 314304 |  | 12433866 |
|  Avanos Medical, Inc.\* | 12200 |  | 137006 |
|  Axogen, Inc.\* | 16580 |  | 542663 |
|  Beta Bionics, Inc.\* | 10900 |  | 332123 |
|  Bioventus, Inc., Class A\* | 6920 |  | 51485 |
|  Butterfly Network, Inc., Class A\* | 67900 |  | 258020 |
|  Ceribell, Inc.\* | 7200 |  | 157896 |
|  Cerus Corp.\* | 64090 |  | 132025 |
|  ClearPoint Neuro, Inc.\* | 9400 |  | 128592 |
|  CONMED Corp. | 10111 |  | 410507 |
|  CVRx, Inc.\* | 11480 |  | 81508 |
|  Delcath Systems, Inc.\* | 5300 |  | 53530 |

---

See Notes to Financial Statements.

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Electromed, Inc.\* | 600 | $| 17472 |
|  Embecta Corp. | 20900 |  | 248292 |
|  Enovis Corp.\* | 20800 |  | 554112 |
|  Glaukos Corp.\* | 149641 |  | 16895965 |
|  Haemonetics Corp.\* | 16670 |  | 1336100 |
|  ICU Medical, Inc.\* | 8190 |  | 1168467 |
|  Inogen, Inc.\* | 20320 |  | 136550 |
|  Integer Holdings Corp.\* | 12370 |  | 970179 |
|  Integra LifeSciences Holdings Corp.\* | 26180 |  | 325156 |
|  iRadimed Corp. | 3650 |  | 355072 |
|  iRhythm Technologies, Inc.\* | 11606 |  | 2059369 |
|  Kestra Medical Technologies Ltd. (x)\* | 2800 |  | 74256 |
|  KORU Medical Systems, Inc.\* | 1800 |  | 10458 |
|  Lantheus Holdings, Inc.\* | 22140 |  | 1473417 |
|  LeMaitre Vascular, Inc. | 7200 |  | 583920 |
|  LENSAR, Inc.\* | 1100 |  | 12793 |
|  LivaNova plc\* | 20032 |  | 1232569 |
|  Lucid Diagnostics, Inc.\* | 11100 |  | 12099 |
|  Merit Medical Systems, Inc.\* | 19145 |  | 1687440 |
|  Myomo, Inc. (x)\* | 6000 |  | 5460 |
|  Neogen Corp.\* | 56912 |  | 397815 |
|  Neuronetics, Inc. (x)\* | 6000 |  | 8280 |
|  NeuroPace, Inc.\* | 4170 |  | 64385 |
|  Novocure Ltd.\* | 40680 |  | 525992 |
|  Omnicell, Inc.\* | 18100 |  | 819930 |
|  OraSure Technologies, Inc.\* | 56720 |  | 137262 |
|  Orthofix Medical, Inc.\* | 18985 |  | 287813 |
|  OrthoPediatrics Corp.\* | 7160 |  | 127162 |
|  Outset Medical, Inc.\* | 4000 |  | 14840 |
|  PROCEPT BioRobotics Corp.\* | 303373 |  | 9544115 |
|  Pro-Dex, Inc.\* | 500 |  | 19240 |
|  Pulmonx Corp.\* | 26110 |  | 57703 |
|  Pulse Biosciences, Inc.(x)\* | 9090 |  | 124806 |
|  QuidelOrtho Corp.\* | 24700 |  | 705432 |
|  RxSight, Inc.\* | 13000 |  | 135460 |
|  Sanara Medtech, Inc.\* | 930 |  | 21715 |
|  SANUWAVE Health, Inc.\* | 1100 |  | 32824 |
|  Semler Scientific, Inc.\* | 5930 |  | 90670 |
|  SI-BONE, Inc.\* | 11450 |  | 225794 |
|  Sight Sciences, Inc.\* | 9100 |  | 72163 |
|  STAAR Surgical Co.\* | 19100 |  | 441019 |
|  Stereotaxis, Inc.\* | 5390 |  | 12397 |
|  Tactile Systems Technology, Inc.\* | 14080 |  | 408320 |
|  Tandem Diabetes Care, Inc.\* | 24740 |  | 543785 |
|  TransMedics Group, Inc.\* | 11900 |  | 1447635 |
|  Treace Medical Concepts, Inc.\* | 25310 |  | 62010 |
|  UFP Technologies, Inc.\* | 2700 |  | 599481 |
|  Utah Medical Products, Inc. | 2050 |  | 114718 |
|  Varex Imaging Corp.\* | 12160 |  | 141664 |
|  |  |  | 62795195 |
|  ***Health Care Providers & Services (3.3%)*** | ***Health Care Providers & Services (3.3%)*** | ***Health Care Providers & Services (3.3%)*** | ***Health Care Providers & Services (3.3%)*** |
|  AdaptHealth Corp., Class A\* | 32575 |  | 324447 |
|  Addus HomeCare Corp.\* | 6900 |  | 740991 |
|  agilon health, Inc.\* | 117850 |  | 81163 |
|  AirSculpt Technologies, Inc. (x)\* | 15690 |  | 31066 |
|  Alignment Healthcare, Inc.\* | 58790 |  | 1161102 |
|  AMN Healthcare Services, Inc.\* | 16300 |  | 256888 |
|  Ardent Health, Inc.\* | 7100 |  | 62693 |
|  Astrana Health, Inc.\* | 14500 |  | 359745 |
|  Aveanna Healthcare Holdings, Inc.\* | 24110 |  | 196979 |
|  BrightSpring Health Services, Inc.\* | 378251 |  | 14165500 |
|  Brookdale Senior Living, Inc.\* | 83580 |  | 901828 |
|  Castle Biosciences, Inc.\* | 9250 |  | 359825 |
|  Clover Health Investments Corp., Class A\* | 147000 |  | 345450 |
|  Community Health Systems, Inc.\* | 44300 |  | 138216 |
|  Concentra Group Holdings Parent, Inc. | 39959 |  | 786393 |
|  CorVel Corp.\* | 10600 |  | 717302 |
|  Cross Country Healthcare, Inc.\* | 10380 |  | 84078 |
|  DocGo, Inc.\* | 59520 |  | 52247 |
|  Enhabit, Inc.\* | 13270 |  | 122349 |
|  Ensign Group, Inc. (The) | 19360 |  | 3372512 |
|  Fulgent Genetics, Inc.\* | 5410 |  | 142121 |
|  GeneDx Holdings Corp., Class A\* | 6860 |  | 892212 |
|  Guardant Health, Inc.\* | 183043 |  | 18696012 |
|  Guardian Pharmacy Services, Inc., Class A\* | 7800 |  | 234702 |
|  HealthEquity, Inc.\* | 30290 |  | 2774867 |
|  Hims & Hers Health, Inc. (x)\* | 69370 |  | 2252444 |
|  Innovage Holding Corp.\* | 5900 |  | 30621 |
|  Joint Corp. (The)\* | 10680 |  | 93130 |
|  LifeStance Health Group, Inc.\* | 52350 |  | 368544 |
|  Lumexa Imaging Holdings, Inc.\* | 269946 |  | 4994001 |
|  Nano-X Imaging Ltd. (x)\* | 41400 |  | 115920 |
|  National HealthCare Corp. | 4020 |  | 551102 |
|  National Research Corp. | 6680 |  | 125384 |
|  NeoGenomics, Inc.\* | 43800 |  | 515088 |
|  Oncology Institute, Inc. (The)\* | 19000 |  | 67640 |
|  OPKO Health, Inc.\* | 116780 |  | 147143 |
|  Option Care Health, Inc.\* | 53720 |  | 1711519 |
|  Owens & Minor, Inc.\* | 32050 |  | 89740 |
|  PACS Group, Inc.\* | 14820 |  | 568940 |
|  Pediatrix Medical Group, Inc.\* | 30200 |  | 645978 |
|  Pennant Group, Inc. (The)\* | 12610 |  | 354971 |
|  Privia Health Group, Inc.\* | 41867 |  | 992666 |
|  Progyny, Inc.\* | 29100 |  | 747288 |
|  RadNet, Inc.\* | 22460 |  | 1602521 |
|  SBC Medical Group Holdings, Inc. (x)\* | 1000 |  | 4310 |
|  Select Medical Holdings Corp. | 39319 |  | 583887 |
|  Sonida Senior Living, Inc.\* | 900 |  | 29349 |
|  Strata Critical Medical, Inc. (x)\* | 24410 |  | 117412 |
|  Surgery Partners, Inc.\* | 29100 |  | 449595 |
|  Talkspace, Inc.\* | 28740 |  | 104326 |
|  US Physical Therapy, Inc. | 6200 |  | 484158 |
|  Viemed Healthcare, Inc.\* | 6900 |  | 51267 |
|  |  |  | 64799632 |
|  ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** |
|  Claritev Corp.(x)\* | 3200 |  | 136800 |
|  Definitive Healthcare Corp., Class A\* | 43170 |  | 123898 |
|  Evolent Health, Inc., Class A\* | 42230 |  | 168920 |
|  Health Catalyst, Inc.\* | 37620 |  | 89912 |
|  HealthStream, Inc. | 7430 |  | 171410 |
|  HeartFlow, Inc. (x)\* | 5700 |  | 166155 |
|  LifeMD, Inc. (x)\* | 16030 |  | 54662 |
|  OptimizeRx Corp.\* | 11000 |  | 134860 |
|  Phreesia, Inc.\* | 18900 |  | 319788 |
|  Schrodinger, Inc.\* | 17800 |  | 318264 |
|  Simulations Plus, Inc.\* | 6300 |  | 114849 |

---

See Notes to Financial Statements.

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Teladoc Health, Inc.\* | 64030 | $| 448210 |
|  TruBridge, Inc.\* | 2400 |  | 52968 |
|  Waystar Holding Corp.\* | 39234 |  | 1284914 |
|  |  |  | 3585610 |
|  ***Life Sciences Tools & Services (0.9%)*** | ***Life Sciences Tools & Services (0.9%)*** | ***Life Sciences Tools & Services (0.9%)*** | ***Life Sciences Tools & Services (0.9%)*** |
|  10X Genomics, Inc., Class A\* | 38500 |  | 627935 |
|  Adaptive Biotechnologies Corp.\* | 53130 |  | 862831 |
|  Alpha Teknova, Inc.\* | 2500 |  | 9500 |
|  Azenta, Inc.\* | 14100 |  | 468966 |
|  BioLife Solutions, Inc.\* | 12300 |  | 297414 |
|  Codexis, Inc.\* | 40840 |  | 66569 |
|  CryoPort, Inc.\* | 25170 |  | 241632 |
|  Cytek Biosciences, Inc.\* | 28742 |  | 145147 |
|  Fortrea Holdings, Inc.\* | 20400 |  | 351900 |
|  Ginkgo Bioworks Holdings, Inc., Class A\* | 10530 |  | 87504 |
|  Lifecore Biomedical, Inc.\* | 2190 |  | 17914 |
|  Maravai LifeSciences Holdings, Inc., Class A\* | 79090 |  | 257043 |
|  MaxCyte, Inc.\* | 29330 |  | 45462 |
|  Mesa Laboratories, Inc. | 2300 |  | 180550 |
|  Niagen Bioscience, Inc.\* | 50 |  | 318 |
|  OmniAb, Inc.\* | 56484 |  | 104495 |
|  Pacific Biosciences of California, Inc. (x)\* | 130370 |  | 243792 |
|  Personalis, Inc.\* | 10400 |  | 82784 |
|  Quanterix Corp.\* | 13980 |  | 88913 |
|  Quantum-Si, Inc.\* | 101760 |  | 111936 |
|  Repligen Corp.\* | 79556 |  | 13036046 |
|  Standard BioTools, Inc.\* | 115250 |  | 147520 |
|  |  |  | 17476171 |
|  ***Pharmaceuticals (2.1%)*** | ***Pharmaceuticals (2.1%)*** |  |  |
|  Aardvark Therapeutics, Inc. (x)\* | 500 |  | 6563 |
|  Aclaris Therapeutics, Inc.\* | 7600 |  | 22876 |
|  Alumis, Inc.\* | 31082 |  | 303360 |
|  Amneal Pharmaceuticals, Inc.\* | 52090 |  | 656334 |
|  Amphastar Pharmaceuticals, Inc.\* | 16400 |  | 439192 |
|  Amylyx Pharmaceuticals, Inc.\* | 24900 |  | 300792 |
|  ANI Pharmaceuticals, Inc.\* | 6100 |  | 481534 |
|  Aquestive Therapeutics, Inc.\* | 30160 |  | 194834 |
|  Arvinas, Inc.\* | 24540 |  | 291044 |
|  Atea Pharmaceuticals, Inc.\* | 45730 |  | 163256 |
|  Avadel Pharmaceuticals plc (ADR)\* | 35310 |  | 760930 |
|  Axsome Therapeutics, Inc.\* | 13920 |  | 2542349 |
|  BioAge Labs, Inc.\* | 4000 |  | 52920 |
|  Biote Corp., Class A\* | 5300 |  | 13780 |
|  Collegium Pharmaceutical, Inc.\* | 10700 |  | 495410 |
|  CorMedix, Inc. (x)\* | 20440 |  | 237717 |
|  Crinetics Pharmaceuticals, Inc.\* | 32630 |  | 1518926 |
|  Edgewise Therapeutics, Inc.\* | 103817 |  | 2576219 |
|  Enliven Therapeutics, Inc.\* | 13450 |  | 207130 |
|  Esperion Therapeutics, Inc.\* | 81030 |  | 299811 |
|  Eton Pharmaceuticals, Inc.\* | 4800 |  | 81168 |
|  Evolus, Inc.\* | 25280 |  | 168112 |
|  EyePoint, Inc.\* | 26220 |  | 479039 |
|  Fulcrum Therapeutics, Inc.\* | 2110 |  | 23864 |
|  Harmony Biosciences Holdings, Inc.\* | 15940 |  | 596475 |
|  Harrow, Inc. (x)\* | 11060 |  | 541940 |
|  Indivior plc\* | 44200 |  | 1585896 |
|  Innoviva, Inc.\* | 20000 |  | 399800 |
|  Journey Medical Corp. (x)\* | 1100 |  | 8481 |
|  LENZ Therapeutics, Inc. (x)\* | 5588 |  | 89408 |
|  Ligand Pharmaceuticals, Inc.\* | 6550 |  | 1238409 |
|  Liquidia Corp.\* | 22020 |  | 759470 |
|  Maze Therapeutics, Inc.\* | 7400 |  | 306582 |
|  MBX Biosciences, Inc.\* | 9900 |  | 312246 |
|  MediWound Ltd. (x)\* | 1250 |  | 23075 |
|  Mind Medicine MindMed, Inc. (x)\* | 27500 |  | 368225 |
|  Nuvation Bio, Inc.\* | 87909 |  | 787665 |
|  Ocular Therapeutix, Inc.\* | 409013 |  | 4965418 |
|  Omeros Corp.\* | 28600 |  | 491205 |
|  Pacira BioSciences, Inc.\* | 16500 |  | 427020 |
|  Phathom Pharmaceuticals, Inc.\* | 19610 |  | 325330 |
|  Phibro Animal Health Corp., Class A | 5300 |  | 198008 |
|  Prestige Consumer Healthcare, Inc.\* | 15260 |  | 941389 |
|  Rapport Therapeutics, Inc.\* | 9900 |  | 300366 |
|  Septerna, Inc.\* | 8300 |  | 231404 |
|  SIGA Technologies, Inc. | 29780 |  | 181956 |
|  Structure Therapeutics, Inc. (ADR)\* | 74152 |  | 5157272 |
|  Supernus Pharmaceuticals, Inc.\* | 17900 |  | 889630 |
|  Tarsus Pharmaceuticals, Inc.\* | 13810 |  | 1130763 |
|  Terns Pharmaceuticals, Inc.\* | 131638 |  | 5318175 |
|  Theravance Biopharma, Inc.\* | 18300 |  | 342393 |
|  Third Harmonic Bio, Inc. (r)\* | 5570 |  |  |
|  Trevi Therapeutics, Inc.\* | 30800 |  | 385616 |
|  Tvardi Therapeutics, Inc.\* | 800 |  | 3440 |
|  WaVe Life Sciences Ltd.\* | 40150 |  | 682550 |
|  Xeris Biopharma Holdings, Inc.\* | 54450 |  | 427432 |
|  Zevra Therapeutics, Inc.\* | 19760 |  | 177050 |
|  |  |  | 41911249 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 400637787 |
|  ***Industrials (20.4%)*** |  |  |  |
|  Aerospace & Defense (5.2%) |  |  |  |
|  AAR Corp.\* | 13000 |  | 1076270 |
|  AeroVironment, Inc.\* | 13115 |  | 3172387 |
|  AerSale Corp.\* | 13700 |  | 97407 |
|  Archer Aviation, Inc., Class A\* | 218680 |  | 1644474 |
|  Astronics Corp.\* | 10400 |  | 564096 |
|  Beta Technologies, Inc., Class A\* | 200650 |  | 5660336 |
|  BWX Technologies, Inc. | 76064 |  | 13146902 |
|  Byrna Technologies, Inc.\* | 6150 |  | 103258 |
|  Cadre Holdings, Inc. | 12930 |  | 528061 |
|  Curtiss-Wright Corp. | 23719 |  | 13075573 |
|  Ducommun, Inc.\* | 4930 |  | 468991 |
|  Eve Holding, Inc.\* | 24590 |  | 98114 |
|  Firefly Aerospace, Inc. (x)\* | 10140 |  | 226832 |
|  Intuitive Machines, Inc. (x)\* | 39850 |  | 646766 |
|  Kratos Defense & Security Solutions, Inc.\* | 278178 |  | 21116492 |
|  Loar Holdings, Inc.\* | 146797 |  | 9982196 |
|  Mercury Systems, Inc.\* | 18250 |  | 1332433 |
|  Moog, Inc., Class A | 9800 |  | 2386790 |
|  National Presto Industries, Inc. | 1870 |  | 199641 |
|  Park Aerospace Corp. | 3000 |  | 64020 |
|  Redwire Corp. (x)\* | 21050 |  | 159980 |
|  Rocket Lab Corp.\* | 370447 |  | 25842383 |
|  Satellogic, Inc., Class A\* | 13460 |  | 25170 |
|  V2X, Inc.\* | 8010 |  | 436945 |

---

See Notes to Financial Statements.

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  VSE Corp. | 7970 | $| 1376977 |
|  |  |  | 103432494 |
|  ***Air Freight & Logistics (0.1%)*** |  |  |  |
|  Arrive AI, Inc. (x)\* | 3550 |  | 9337 |
|  Forward Air Corp.\* | 6450 |  | 161250 |
|  Hub Group, Inc., Class A | 21240 |  | 905036 |
|  Radiant Logistics, Inc.\* | 9280 |  | 58742 |
|  |  |  | 1134365 |
|  ***Building Products (2.0%)*** |  |  |  |
|  American Woodmark Corp.\* | 5100 |  | 274890 |
|  Apogee Enterprises, Inc. | 8230 |  | 299654 |
|  Armstrong World Industries, Inc. | 56015 |  | 10704467 |
|  AZZ, Inc. | 10610 |  | 1137180 |
|  CSW Industrials, Inc. | 5410 |  | 1587997 |
|  Gibraltar Industries, Inc.\* | 10370 |  | 512693 |
|  Griffon Corp. | 13880 |  | 1022262 |
|  Insteel Industries, Inc. | 6800 |  | 215356 |
|  Janus International Group, Inc.\* | 54200 |  | 354468 |
|  Masterbrand, Inc.\* | 49750 |  | 549240 |
|  Modine Manufacturing Co.\* | 17940 |  | 2395169 |
|  Quanex Building Products Corp. | 16780 |  | 258076 |
|  Resideo Technologies, Inc.\* | 48490 |  | 1702969 |
|  Tecnoglass, Inc. | 8580 |  | 431746 |
|  UFP Industries, Inc. | 19854 |  | 1807707 |
|  Zurn Elkay Water Solutions Corp. | 327472 |  | 15224173 |
|  |  |  | 38478047 |
|  ***Commercial Services & Supplies (0.7%)*** | ***Commercial Services & Supplies (0.7%)*** | ***Commercial Services & Supplies (0.7%)*** | ***Commercial Services & Supplies (0.7%)*** |
|  ABM Industries, Inc. | 23150 |  | 979245 |
|  ACCO Brands Corp. | 9400 |  | 35062 |
|  ACV Auctions, Inc., Class A\* | 56530 |  | 453371 |
|  BrightView Holdings, Inc.\* | 21830 |  | 276586 |
|  Brink's Co. (The) | 15326 |  | 1789004 |
|  Casella Waste Systems, Inc., Class A\* | 22687 |  | 2221965 |
|  Cimpress plc\* | 6700 |  | 446153 |
|  CompX International, Inc. | 490 |  | 11402 |
|  CoreCivic, Inc.\* | 40740 |  | 778541 |
|  Deluxe Corp. | 16600 |  | 370678 |
|  Ennis, Inc. | 4310 |  | 77623 |
|  Enviri Corp.\* | 28440 |  | 509645 |
|  GEO Group, Inc. (The)\* | 44280 |  | 713794 |
|  Healthcare Services Group, Inc.\* | 21610 |  | 413183 |
|  HNI Corp. | 22071 |  | 927865 |
|  Interface, Inc., Class A | 18510 |  | 516799 |
|  Liquidity Services, Inc.\* | 7790 |  | 236115 |
|  MillerKnoll, Inc. | 18680 |  | 341470 |
|  Mobile Infrastructure Corp., Class A\* | 290 |  | 740 |
|  Montrose Environmental Group, Inc.\* | 12150 |  | 301685 |
|  NL Industries, Inc. | 1470 |  | 8041 |
|  OPENLANE, Inc.\* | 35644 |  | 1061478 |
|  Perma-Fix Environmental Services, Inc.(x)\* | 3160 |  | 39784 |
|  Pitney Bowes, Inc. | 64600 |  | 682822 |
|  Quad/Graphics, Inc. | 5080 |  | 31852 |
|  UniFirst Corp. | 4530 |  | 873837 |
|  Vestis Corp. | 39980 |  | 266667 |
|  Virco Mfg. Corp. | 3960 |  | 25304 |
|  |  |  | 14390711 |
|  ***Construction & Engineering (3.3%)*** | ***Construction & Engineering (3.3%)*** | ***Construction & Engineering (3.3%)*** | ***Construction & Engineering (3.3%)*** |
|  Ameresco, Inc., Class A\* | 11510 |  | 337128 |
|  Arcosa, Inc. | 17630 |  | 1874422 |
|  Argan, Inc. | 4720 |  | 1478870 |
|  Bowman Consulting Group Ltd., Class A\* | 4360 |  | 143967 |
|  Centuri Holdings, Inc.\* | 25210 |  | 636552 |
|  Comfort Systems USA, Inc. | 27359 |  | 25533881 |
|  Concrete Pumping Holdings, Inc. | 9960 |  | 66832 |
|  Construction Partners, Inc., Class A\* | 16580 |  | 1799759 |
|  Dycom Industries, Inc.\* | 9620 |  | 3250598 |
|  Fluor Corp.\* | 56630 |  | 2244247 |
|  Granite Construction, Inc. | 151319 |  | 17454647 |
|  Great Lakes Dredge & Dock Corp.\* | 23060 |  | 302547 |
|  IES Holdings, Inc.\* | 3050 |  | 1186511 |
|  Legence Corp., Class A\* | 12840 |  | 552634 |
|  Limbach Holdings, Inc.\* | 3650 |  | 284152 |
|  Matrix Service Co.\* | 2560 |  | 29952 |
|  MYR Group, Inc.\* | 5290 |  | 1155865 |
|  NWPX Infrastructure, Inc.\* | 3280 |  | 204967 |
|  Orion Group Holdings, Inc.\* | 7520 |  | 74749 |
|  Primoris Services Corp. | 18870 |  | 2342522 |
|  Southland Holdings, Inc.\* | 1800 |  | 5976 |
|  Sterling Infrastructure, Inc.\* | 10340 |  | 3166418 |
|  Tutor Perini Corp. | 15460 |  | 1036129 |
|  |  |  | 65163325 |
|  ***Electrical Equipment (2.3%)*** |  |  |  |
|  Allient, Inc. | 5160 |  | 277350 |
|  American Superconductor Corp.\* | 15640 |  | 450119 |
|  Amprius Technologies, Inc.\* | 33440 |  | 263842 |
|  Array Technologies, Inc.\* | 58600 |  | 540292 |
|  Atkore, Inc. | 10810 |  | 683732 |
|  Bloom Energy Corp., Class A\* | 207336 |  | 18015425 |
|  EnerSys | 13470 |  | 1976723 |
|  Enovix Corp.(x)\* | 64820 |  | 473834 |
|  Eos Energy Enterprises, Inc.(x)\* | 107000 |  | 1226220 |
|  Fluence Energy, Inc., Class A\* | 27200 |  | 538016 |
|  Hyliion Holdings Corp.\* | 46210 |  | 85026 |
|  KULR Technology Group, Inc.(x)\* | 14400 |  | 42624 |
|  LSI Industries, Inc. | 7790 |  | 142713 |
|  NANO Nuclear Energy, Inc.(x)\* | 11200 |  | 268912 |
|  Net Power, Inc.\* | 23720 |  | 54082 |
|  Nextpower, Inc., Class A\* | 168434 |  | 14672286 |
|  NuScale Power Corp., Class A(x)\* | 46150 |  | 653945 |
|  Plug Power, Inc.(x)\* | 391540 |  | 771334 |
|  Powell Industries, Inc. | 3450 |  | 1099791 |
|  Power Solutions International, Inc.\* | 2300 |  | 131422 |
|  Shoals Technologies Group, Inc., Class A\* | 60200 |  | 511700 |
|  SKYX Platforms Corp.(x)\* | 5100 |  | 11067 |
|  SunPower, Inc.(x)\* | 14100 |  | 22137 |
|  Sunrun, Inc.\* | 77510 |  | 1426184 |
|  T1 Energy, Inc.\* | 46200 |  | 308616 |
|  Thermon Group Holdings, Inc.\* | 12820 |  | 476391 |
|  Vicor Corp.\* | 7600 |  | 832960 |
|  |  |  | 45956743 |
|  ***Ground Transportation (0.2%)*** |  |  |  |
|  ArcBest Corp. | 7885 |  | 584988 |
|  Covenant Logistics Group, Inc., Class A | 5640 |  | 124306 |

---

See Notes to Financial Statements.

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  FTAI Infrastructure, Inc.(x) | 36040 | $| 166144 |
|  Heartland Express, Inc. | 13720 |  | 123892 |
|  Hertz Global Holdings, Inc.(x)\* | 44000 |  | 226160 |
|  Marten Transport Ltd. | 26949 |  | 306680 |
|  PAMT Corp.\* | 1400 |  | 16912 |
|  Proficient Auto Logistics, Inc.(x)\* | 4200 |  | 40488 |
|  RXO, Inc.\* | 57890 |  | 731730 |
|  Saia, Inc.\* | 6030 |  | 1968915 |
|  Universal Logistics Holdings, Inc.(x) | 3230 |  | 49064 |
|  Werner Enterprises, Inc. | 16147 |  | 484571 |
|  |  |  | 4823850 |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** |
|  Brookfield Business Corp., Class A(x) | 9680 |  | 347318 |
|  ***Machinery (3.6%)*** |  |  |  |
|  3D Systems Corp.(x)\* | 50410 |  | 89226 |
|  Aebi Schmidt Holding AG | 7933 |  | 100352 |
|  Alamo Group, Inc. | 3760 |  | 631191 |
|  Albany International Corp., Class A | 11350 |  | 575445 |
|  Alliance Laundry Holdings, Inc.\* | 15200 |  | 309320 |
|  Astec Industries, Inc. | 7100 |  | 307572 |
|  Atmus Filtration Technologies, Inc. | 30639 |  | 1590471 |
|  Blue Bird Corp.\* | 12280 |  | 577160 |
|  CECO Environmental Corp.\* | 11060 |  | 661941 |
|  Chart Industries, Inc.\* | 15440 |  | 3184191 |
|  Columbus McKinnon Corp. | 5700 |  | 98325 |
|  Crane Co. | 67716 |  | 12488862 |
|  Douglas Dynamics, Inc. | 5760 |  | 188064 |
|  Eastern Co. (The) | 440 |  | 8664 |
|  Energy Recovery, Inc.\* | 18990 |  | 256175 |
|  Enerpac Tool Group Corp., Class A | 19740 |  | 754858 |
|  Enpro, Inc. | 7810 |  | 1672355 |
|  ESCO Technologies, Inc. | 9584 |  | 1872618 |
|  Federal Signal Corp. | 21870 |  | 2374863 |
|  Franklin Electric Co., Inc. | 13580 |  | 1297297 |
|  Gencor Industries, Inc.\* | 1420 |  | 18403 |
|  Gorman-Rupp Co. (The) | 8100 |  | 386775 |
|  Graham Corp.\* | 3690 |  | 237009 |
|  Greenbrier Cos., Inc. (The) | 11947 |  | 558403 |
|  Helios Technologies, Inc. | 12000 |  | 641880 |
|  Hillenbrand, Inc. | 27341 |  | 867257 |
|  Hillman Solutions Corp.\* | 68330 |  | 591738 |
|  Hyster-Yale, Inc. | 3250 |  | 96558 |
|  ITT, Inc. | 70008 |  | 12147088 |
|  JBT Marel Corp. | 17736 |  | 2672283 |
|  Kadant, Inc. | 4316 |  | 1230146 |
|  Kennametal, Inc. | 28200 |  | 801162 |
|  L B Foster Co., Class A\* | 1230 |  | 33149 |
|  Lindsay Corp. | 3510 |  | 413724 |
|  Luxfer Holdings plc | 6930 |  | 93763 |
|  Manitowoc Co., Inc. (The)\* | 7340 |  | 88007 |
|  Mayville Engineering Co., Inc.\* | 3720 |  | 69638 |
|  Microvast Holdings, Inc.\* | 25800 |  | 72240 |
|  Miller Industries, Inc. | 2150 |  | 80346 |
|  Mueller Water Products, Inc., Class A | 57820 |  | 1377272 |
|  Omega Flex, Inc. | 1810 |  | 53286 |
|  Park-Ohio Holdings Corp. | 1650 |  | 34551 |
|  Proto Labs, Inc.\* | 7470 |  | 377907 |
|  RBC Bearings, Inc.\* | 17740 |  | 7955148 |
|  REV Group, Inc. | 16020 |  | 974176 |
|  SPX Technologies, Inc.\* | 16340 |  | 3268980 |
|  Standex International Corp. | 4520 |  | 982106 |
|  Tennant Co. | 6900 |  | 508530 |
|  Terex Corp. | 22380 |  | 1194644 |
|  Titan International, Inc.\* | 12570 |  | 98423 |
|  Trinity Industries, Inc. | 29140 |  | 770462 |
|  Wabash National Corp. | 9700 |  | 83905 |
|  Watts Water Technologies, Inc., Class A | 9312 |  | 2570298 |
|  Worthington Enterprises, Inc. | 11699 |  | 603317 |
|  |  |  | 70991524 |
|  ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** |
|  Costamare Bulkers Holdings Ltd.\* | 2972 |  | 45799 |
|  Costamare, Inc. | 11860 |  | 187270 |
|  Genco Shipping & Trading Ltd. | 15680 |  | 288982 |
|  Himalaya Shipping Ltd.(x) | 7090 |  | 64519 |
|  Matson, Inc. | 10280 |  | 1270094 |
|  Pangaea Logistics Solutions Ltd. | 17380 |  | 119574 |
|  Safe Bulkers, Inc. | 32110 |  | 154770 |
|  |  |  | 2131008 |
|  ***Passenger Airlines (0.3%)*** | ***Passenger Airlines (0.3%)*** | ***Passenger Airlines (0.3%)*** | ***Passenger Airlines (0.3%)*** |
|  Allegiant Travel Co.\* | 6490 |  | 553402 |
|  JetBlue Airways Corp.\* | 113480 |  | 516334 |
|  Joby Aviation, Inc.\* | 168620 |  | 2225784 |
|  SkyWest, Inc.\* | 14270 |  | 1432851 |
|  Sun Country Airlines Holdings, Inc.\* | 14550 |  | 209375 |
|  |  |  | 4937746 |
|  ***Professional Services (1.4%)*** | ***Professional Services (1.4%)*** | ***Professional Services (1.4%)*** | ***Professional Services (1.4%)*** |
|  Alight, Inc., Class A | 154280 |  | 300846 |
|  Asure Software, Inc.\* | 6900 |  | 64998 |
|  Barrett Business Services, Inc. | 9840 |  | 356306 |
|  CBIZ, Inc.\* | 18366 |  | 926565 |
|  Conduent, Inc.\* | 70940 |  | 136205 |
|  CRA International, Inc. | 1700 |  | 341181 |
|  CSG Systems International, Inc. | 9352 |  | 717205 |
|  Exponent, Inc. | 18870 |  | 1310710 |
|  First Advantage Corp.\* | 28800 |  | 418464 |
|  Forrester Research, Inc.\* | 6820 |  | 55378 |
|  Franklin Covey Co.\* | 4730 |  | 79369 |
|  FTI Consulting, Inc.\* | 65456 |  | 11181848 |
|  HireQuest, Inc.(x) | 670 |  | 7042 |
|  Huron Consulting Group, Inc.\* | 5989 |  | 1035558 |
|  IBEX Holdings Ltd.\* | 2700 |  | 103086 |
|  ICF International, Inc. | 6780 |  | 578334 |
|  Innodata, Inc.(x)\* | 9990 |  | 508991 |
|  Insperity, Inc. | 13130 |  | 508394 |
|  Kelly Services, Inc., Class A | 5900 |  | 51920 |
|  Kforce, Inc. | 4190 |  | 129555 |
|  Korn Ferry | 18450 |  | 1218069 |
|  Legalzoom.com, Inc.\* | 48720 |  | 483790 |
|  Maximus, Inc. | 20483 |  | 1768093 |
|  Mistras Group, Inc.\* | 6250 |  | 79063 |
|  Planet Labs PBC\* | 78670 |  | 1551372 |
|  RCM Technologies, Inc.\* | 400 |  | 8178 |
|  Resolute Holdings Management, Inc.\* | 1074 |  | 221706 |
|  Resources Connection, Inc. | 13210 |  | 66578 |
|  Skillsoft Corp.(x)\* | 600 |  | 5580 |
|  Spire Global, Inc.(x)\* | 16720 |  | 125400 |

---

See Notes to Financial Statements.

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  TIC Solutions, Inc.\* | 60746 | $| 614142 |
|  TriNet Group, Inc. | 10630 |  | 628552 |
|  TrueBlue, Inc.\* | 16270 |  | 74028 |
|  TTEC Holdings, Inc.\* | 22010 |  | 79236 |
|  Upwork, Inc.\* | 46700 |  | 925594 |
|  Verra Mobility Corp., Class A\* | 56210 |  | 1259666 |
|  Willdan Group, Inc.\* | 4570 |  | 473726 |
|  |  |  | 28394728 |
|  ***Trading Companies & Distributors (1.2%)*** | ***Trading Companies & Distributors (1.2%)*** | ***Trading Companies & Distributors (1.2%)*** | ***Trading Companies & Distributors (1.2%)*** |
|  Alta Equipment Group, Inc. | 12860 |  | 59156 |
|  Applied Industrial Technologies, Inc. | 47701 |  | 12248186 |
|  BlueLinx Holdings, Inc.\* | 2730 |  | 167704 |
|  Boise Cascade Co. | 10950 |  | 805920 |
|  Custom Truck One Source, Inc.\* | 26470 |  | 152467 |
|  Distribution Solutions Group, Inc.\* | 3876 |  | 106164 |
|  DNOW, Inc.\* | 65956 |  | 873917 |
|  DXP Enterprises, Inc.\* | 4490 |  | 492957 |
|  EVI Industries, Inc. | 970 |  | 23901 |
|  GATX Corp. | 12610 |  | 2138656 |
|  Global Industrial Co. | 3610 |  | 105484 |
|  Herc Holdings, Inc. | 11580 |  | 1718240 |
|  Hudson Technologies, Inc.\* | 21490 |  | 147206 |
|  Karat Packaging, Inc. | 3240 |  | 73127 |
|  McGrath RentCorp | 8790 |  | 922335 |
|  NPK International, Inc.\* | 27260 |  | 324939 |
|  Rush Enterprises, Inc., Class A | 21755 |  | 1173465 |
|  Rush Enterprises, Inc., Class B | 2690 |  | 151339 |
|  Titan Machinery, Inc.\* | 9560 |  | 143782 |
|  Transcat, Inc.\* | 1550 |  | 87932 |
|  Willis Lease Finance Corp. | 640 |  | 86810 |
|  Xometry, Inc., Class A(x)\* | 15430 |  | 917622 |
|  |  |  | 22921309 |
|  ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** |
|  Sky Harbour Group Corp.\* | 7070 |  | 63418 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 403166586 |
|  **Information Technology (19.0%)** | **Information Technology (19.0%)** | **Information Technology (19.0%)** | **Information Technology (19.0%)** |
|  ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** |
|  ADTRAN Holdings, Inc.\* | 35830 |  | 311363 |
|  Applied Optoelectronics, Inc.(x)\* | 19570 |  | 682210 |
|  Aviat Networks, Inc.\* | 7040 |  | 150515 |
|  BK Technologies Corp.\* | 1160 |  | 86524 |
|  Calix, Inc.\* | 20020 |  | 1059659 |
|  Clearfield, Inc.\* | 6180 |  | 180147 |
|  CommScope Holding Co., Inc.\* | 75650 |  | 1371534 |
|  Digi International, Inc.\* | 12400 |  | 536796 |
|  Extreme Networks, Inc.\* | 43410 |  | 722776 |
|  Harmonic, Inc.\* | 34400 |  | 340216 |
|  Inseego Corp.(x)\* | 4310 |  | 44264 |
|  NETGEAR, Inc.\* | 11170 |  | 274000 |
|  NetScout Systems, Inc.\* | 24180 |  | 654311 |
|  Ribbon Communications, Inc.\* | 37120 |  | 106906 |
|  Viasat, Inc.\* | 42840 |  | 1476266 |
|  Viavi Solutions, Inc.\* | 70180 |  | 1250608 |
|  |  |  | 9248095 |
|  ***Electronic Equipment, Instruments & Components (3.5%)*** | ***Electronic Equipment, Instruments & Components (3.5%)*** | ***Electronic Equipment, Instruments & Components (3.5%)*** | ***Electronic Equipment, Instruments & Components (3.5%)*** |
|  908 Devices, Inc.\* | 7200 |  | 37800 |
|  Advanced Energy Industries, Inc. | 13320 |  | 2788808 |
|  Arlo Technologies, Inc.\* | 33330 |  | 466287 |
|  Badger Meter, Inc. | 10790 |  | 1881884 |
|  Bel Fuse, Inc., Class A | 400 |  | 60720 |
|  Bel Fuse, Inc., Class B | 3900 |  | 661557 |
|  Belden, Inc. | 13938 |  | 1624474 |
|  Benchmark Electronics, Inc. | 13189 |  | 563962 |
|  Celestica, Inc.\* | 26682 |  | 7887466 |
|  Climb Global Solutions, Inc. | 520 |  | 53451 |
|  Coherent Corp.\* | 60951 |  | 11249726 |
|  CTS Corp. | 11962 |  | 512811 |
|  Daktronics, Inc.\* | 10320 |  | 204026 |
|  ePlus, Inc. | 9900 |  | 868230 |
|  Evolv Technologies Holdings, Inc.\* | 47470 |  | 339885 |
|  Fabrinet\* | 47183 |  | 21481476 |
|  Insight Enterprises, Inc.\* | 10095 |  | 822440 |
|  Itron, Inc.\* | 16370 |  | 1520118 |
|  Kimball Electronics, Inc.\* | 7460 |  | 207537 |
|  Knowles Corp.\* | 33000 |  | 707190 |
|  Methode Electronics, Inc. | 7540 |  | 50066 |
|  MicroVision, Inc.(x)\* | 26440 |  | 21895 |
|  Mirion Technologies, Inc., Class A\* | 82840 |  | 1940113 |
|  M-Tron Industries, Inc.\* | 700 |  | 37254 |
|  Napco Security Technologies, Inc. | 12370 |  | 515829 |
|  nLight, Inc.\* | 17200 |  | 645172 |
|  Novanta, Inc.\* | 13180 |  | 1568288 |
|  OSI Systems, Inc.\* | 5300 |  | 1351818 |
|  Ouster, Inc.\* | 20050 |  | 433882 |
|  PC Connection, Inc. | 4260 |  | 246058 |
|  Plexus Corp.\* | 8695 |  | 1278165 |
|  Powerfleet, Inc.\* | 45310 |  | 241049 |
|  Red Cat Holdings, Inc.(x)\* | 27300 |  | 216489 |
|  Richardson Electronics Ltd. | 2290 |  | 24915 |
|  Rogers Corp.\* | 7200 |  | 659304 |
|  Sanmina Corp.\* | 18380 |  | 2758287 |
|  ScanSource, Inc.\* | 9400 |  | 367164 |
|  TTM Technologies, Inc.\* | 35480 |  | 2448120 |
|  Vishay Intertechnology, Inc. | 43070 |  | 624084 |
|  Vishay Precision Group, Inc.\* | 610 |  | 23485 |
|  Vuzix Corp.(x)\* | 18900 |  | 71442 |
|  |  |  | 69462727 |
|  ***IT Services (1.0%)*** | ***IT Services (1.0%)*** | ***IT Services (1.0%)*** | ***IT Services (1.0%)*** |
|  Applied Digital Corp.(x)\* | 82390 |  | 2020203 |
|  ASGN, Inc.\* | 14003 |  | 674525 |
|  Backblaze, Inc., Class A\* | 14490 |  | 67523 |
|  BigBear.ai Holdings, Inc.(x)\* | 150300 |  | 811620 |
|  Commerce.com, Inc.\* | 49000 |  | 201880 |
|  Crexendo, Inc.\* | 3100 |  | 20057 |
|  CSP, Inc. | 700 |  | 8750 |
|  DigitalOcean Holdings, Inc.\* | 23020 |  | 1107722 |
|  Fastly, Inc., Class A\* | 40600 |  | 413308 |
|  Grid Dynamics Holdings, Inc.\* | 23070 |  | 208322 |
|  Hackett Group, Inc. (The) | 11640 |  | 228493 |
|  Information Services Group, Inc. | 10900 |  | 63002 |
|  MongoDB, Inc.\* | 33321 |  | 13984491 |
|  Rackspace Technology, Inc.(x)\* | 115420 |  | 112061 |
|  TSS, Inc.(x)\* | 11100 |  | 78477 |
|  Tucows, Inc., Class A\* | 3460 |  | 77573 |
|  Unisys Corp.\* | 48780 |  | 134633 |
|  VTEX, Class A\* | 20500 |  | 77080 |
|  |  |  | 20289720 |

---

See Notes to Financial Statements.

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Semiconductors & Semiconductor Equipment (6.2%)*** | ***Semiconductors & Semiconductor Equipment (6.2%)*** | ***Semiconductors & Semiconductor Equipment (6.2%)*** |
|  ACM Research, Inc., Class A\* | 17240 | $680118 |
|  Aehr Test Systems\* | 10160 | 205130 |
|  Alpha & Omega Semiconductor Ltd.\* | 5600 | 110936 |
|  Ambarella, Inc.\* | 13900 | 984676 |
|  Atomera, Inc.(x)\* | 3700 | 8177 |
|  Axcelis Technologies, Inc.\* | 10400 | 835536 |
|  CEVA, Inc.\* | 2070 | 44546 |
|  Cohu, Inc.\* | 17387 | 404596 |
|  Credo Technology Group Holding Ltd.\* | 196588 | 28287047 |
|  Diodes, Inc.\* | 17300 | 853582 |
|  FormFactor, Inc.\* | 29140 | 1625429 |
|  Ichor Holdings Ltd.\* | 4840 | 89201 |
|  Impinj, Inc.\* | 9500 | 1653095 |
|  indie Semiconductor, Inc., Class A(x)\* | 51720 | 182572 |
|  Kulicke & Soffa Industries, Inc. | 18980 | 864729 |
|  MACOM Technology Solutions Holdings, Inc.\* | 80726 | 13826749 |
|  MaxLinear, Inc., Class A\* | 27656 | 482044 |
|  Navitas Semiconductor Corp., Class A\* | 55430 | 395770 |
|  Nova Ltd.\* | 35004 | 11494964 |
|  NVE Corp. | 840 | 49837 |
|  PDF Solutions, Inc.\* | 11600 | 330948 |
|  Penguin Solutions, Inc.\* | 18530 | 362447 |
|  Photronics, Inc.\* | 22740 | 727680 |
|  Power Integrations, Inc. | 21160 | 752026 |
|  Rambus, Inc.\* | 173457 | 15938964 |
|  Rigetti Computing, Inc.\* | 114543 | 2537128 |
|  Semtech Corp.\* | 247358 | 18227811 |
|  Silicon Laboratories, Inc.\* | 11754 | 1536248 |
|  SiTime Corp.\* | 7620 | 2691308 |
|  SkyWater Technology, Inc.\* | 9300 | 168888 |
|  Synaptics, Inc.\* | 12102 | 895790 |
|  Teradyne, Inc. | 69757 | 13502165 |
|  Ultra Clean Holdings, Inc.\* | 18200 | 461006 |
|  Veeco Instruments, Inc.\* | 21239 | 607011 |
|  |  | 121818154 |
|  ***Software (7.2%)*** | ***Software (7.2%)*** | ***Software (7.2%)*** |
|  8x8, Inc.\* | 61570 | 121293 |
|  A10 Networks, Inc. | 23000 | 406870 |
|  ACI Worldwide, Inc.\* | 36731 | 1756109 |
|  Adeia, Inc. | 39331 | 678460 |
|  Agilysys, Inc.\* | 9430 | 1120661 |
|  Airship AI Holdings, Inc.(x)\* | 26250 | 75863 |
|  Alarm.com Holdings, Inc.\* | 13919 | 710147 |
|  Alkami Technology, Inc.\* | 24860 | 573520 |
|  Amplitude, Inc., Class A\* | 27670 | 320419 |
|  Appian Corp., Class A\* | 13900 | 492338 |
|  Arteris, Inc.\* | 2700 | 41850 |
|  Asana, Inc., Class A\* | 29600 | 405816 |
|  AudioEye, Inc.\* | 4610 | 46054 |
|  AvePoint, Inc.\* | 48410 | 672415 |
|  Bit Digital, Inc.\* | 114100 | 215649 |
|  Bitdeer Technologies Group, Class A(x)\* | 32700 | 366567 |
|  Blackbaud, Inc.\* | 13910 | 880781 |
|  BlackLine, Inc.\* | 17100 | 945459 |
|  Blend Labs, Inc., Class A\* | 88200 | 268128 |
|  Box, Inc., Class A\* | 48910 | 1462898 |
|  Braze, Inc., Class A\* | 28549 | 978945 |
|  C3.ai, Inc., Class A(x)\* | 40400 | 544592 |
|  Cerence, Inc.\* | 4160 | 44470 |
|  Chaince Digital Holdings, Inc.(x)\* | 11400 | 56658 |
|  Cipher Mining, Inc.(x)\* | 112470 | 1660057 |
|  Cleanspark, Inc.\* | 99060 | 1002487 |
|  Clear Secure, Inc., Class A | 29470 | 1033808 |
|  Clearwater Analytics Holdings, Inc., Class A\* | 96683 | 2331994 |
|  Commvault Systems, Inc.\* | 16100 | 2018296 |
|  Consensus Cloud Solutions, Inc.\* | 6070 | 132447 |
|  Core Scientific, Inc.\* | 100530 | 1463717 |
|  CS Disco, Inc.\* | 19090 | 148138 |
|  Daily Journal Corp.(x)\* | 400 | 194928 |
|  Digimarc Corp.(x)\* | 9350 | 61336 |
|  Digital Turbine, Inc.\* | 33800 | 169000 |
|  Domo, Inc., Class B\* | 1030 | 8683 |
|  D-Wave Quantum, Inc.(x)\* | 116004 | 3033505 |
|  eGain Corp.\* | 4310 | 44350 |
|  EverCommerce, Inc.(x)\* | 13900 | 168329 |
|  Expensify, Inc., Class A\* | 5100 | 7701 |
|  Five9, Inc.\* | 27800 | 557390 |
|  Freshworks, Inc., Class A\* | 70780 | 867055 |
|  Guidewire Software, Inc.\* | 67366 | 13541240 |
|  HubSpot, Inc.\* | 18941 | 7601023 |
|  Hut 8 Corp.\* | 33740 | 1550016 |
|  I3 Verticals, Inc., Class A\* | 5600 | 141064 |
|  Intapp, Inc.\* | 19475 | 892345 |
|  InterDigital, Inc. | 9140 | 2909993 |
|  Jamf Holding Corp.\* | 26790 | 348538 |
|  Kaltura, Inc.\* | 13450 | 22058 |
|  Klaviyo, Inc., Class A\* | 398973 | 12954653 |
|  Life360, Inc.(x)\* | 5800 | 372012 |
|  LiveRamp Holdings, Inc.\* | 24757 | 727113 |
|  MARA Holdings, Inc.(x)\* | 133256 | 1196639 |
|  Mitek Systems, Inc.\* | 15000 | 158250 |
|  N-able, Inc.\* | 16200 | 121176 |
|  NCR Voyix Corp.\* | 48180 | 491436 |
|  NextNav, Inc.(x)\* | 28660 | 476902 |
|  ON24, Inc.\* | 18710 | 148932 |
|  OneSpan, Inc. | 9480 | 121723 |
|  Ooma, Inc.\* | 5810 | 68151 |
|  Pagaya Technologies Ltd., Class A\* | 17000 | 355300 |
|  PagerDuty, Inc.\* | 32300 | 423453 |
|  PAR Technology Corp.\* | 14580 | 528962 |
|  Porch Group, Inc.\* | 28310 | 258470 |
|  Procore Technologies, Inc.\* | 225105 | 16374138 |
|  Progress Software Corp.\* | 15950 | 685212 |
|  Q2 Holdings, Inc.\* | 22630 | 1632981 |
|  Qualys, Inc.\* | 12360 | 1642644 |
|  Rapid7, Inc.\* | 23800 | 361760 |
|  Red Violet, Inc. | 4010 | 228370 |
|  ReposiTrak, Inc.(x) | 2470 | 30554 |
|  Rimini Street, Inc.\* | 26990 | 104721 |
|  Riot Platforms, Inc.(x)\* | 120390 | 1525341 |
|  Runway AI, Inc.(r)\* | 146096 | 1602841 |
|  SailPoint, Inc.\* | 471298 | 9534359 |
|  Samsara, Inc., Class A\* | 325036 | 11522526 |
|  SEMrush Holdings, Inc., Class A\* | 19510 | 231974 |
|  Silvaco Group, Inc.\* | 1900 | 7695 |

---

See Notes to Financial Statements.

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  SoundHound AI, Inc., Class A(x)\* | 133420 | $| 1330197 |
|  SoundThinking, Inc.\* | 2980 |  | 23929 |
|  Sprinklr, Inc., Class A\* | 47520 |  | 369706 |
|  Sprout Social, Inc., Class A\* | 18200 |  | 205114 |
|  SPS Commerce, Inc.\* | 13680 |  | 1219298 |
|  Synchronoss Technologies, Inc.\* | 700 |  | 5992 |
|  Telos Corp.\* | 14210 |  | 72471 |
|  Tenable Holdings, Inc.\* | 36950 |  | 869434 |
|  Terawulf, Inc.(x)\* | 101700 |  | 1168533 |
|  Unity Software, Inc.\* | 286290 |  | 12645429 |
|  Varonis Systems, Inc.\* | 38420 |  | 1260176 |
|  Vertex, Inc., Class A\* | 23730 |  | 473888 |
|  Viant Technology, Inc., Class A\* | 9970 |  | 120039 |
|  Weave Communications, Inc.\* | 14380 |  | 109144 |
|  WM Technology, Inc.\* | 22350 |  | 18441 |
|  Workiva, Inc., Class A\* | 17530 |  | 1511963 |
|  Xperi, Inc.\* | 14012 |  | 82110 |
|  Yext, Inc.\* | 32800 |  | 264368 |
|  Zeta Global Holdings Corp., Class A\* | 67090 |  | 1365282 |
|  |  |  | 142099262 |
|  ***Technology Hardware, Storage & Peripherals (0.7%)*** | ***Technology Hardware, Storage & Peripherals (0.7%)*** | ***Technology Hardware, Storage & Peripherals (0.7%)*** | ***Technology Hardware, Storage & Peripherals (0.7%)*** |
|  CompoSecure, Inc., Class A\* | 15430 |  | 297490 |
|  Corsair Gaming, Inc.\* | 24600 |  | 146124 |
|  CPI Card Group, Inc.\* | 940 |  | 13799 |
|  Diebold Nixdorf, Inc.\* | 9100 |  | 617799 |
|  Eastman Kodak Co.\* | 13470 |  | 113956 |
|  Immersion Corp. | 18490 |  | 125732 |
|  IonQ, Inc.(x)\* | 241992 |  | 10858181 |
|  Quantum Computing, Inc.(x)\* | 69860 |  | 716764 |
|  Turtle Beach Corp.\* | 10820 |  | 151805 |
|  Xerox Holdings Corp.(x) | 77530 |  | 183746 |
|  |  |  | 13225396 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 376143354 |
|  **Materials (2.3%)** |  |  |  |
|  ***Chemicals (0.8%)*** |  |  |  |
|  AdvanSix, Inc. | 6100 |  | 105530 |
|  American Vanguard Corp.\* | 9870 |  | 37703 |
|  Arq, Inc.\* | 4170 |  | 13636 |
|  Aspen Aerogels, Inc.\* | 20630 |  | 58383 |
|  Avient Corp. | 31984 |  | 999180 |
|  Balchem Corp. | 10803 |  | 1656748 |
|  Cabot Corp. | 17570 |  | 1164540 |
|  Chemours Co. (The) | 54870 |  | 646917 |
|  Core Molding Technologies, Inc.\* | 1270 |  | 25463 |
|  Ecovyst, Inc.\* | 44450 |  | 432499 |
|  Flotek Industries, Inc.\* | 5920 |  | 102002 |
|  Hawkins, Inc. | 7200 |  | 1022832 |
|  HB Fuller Co. | 19450 |  | 1156497 |
|  Ingevity Corp.\* | 13071 |  | 773542 |
|  Innospec, Inc. | 9192 |  | 703556 |
|  Intrepid Potash, Inc.\* | 3670 |  | 101769 |
|  Koppers Holdings, Inc. | 4270 |  | 115632 |
|  Kronos Worldwide, Inc. | 14070 |  | 62189 |
|  LSB Industries, Inc.\* | 14000 |  | 119000 |
|  Mativ Holdings, Inc. | 23118 |  | 280884 |
|  Minerals Technologies, Inc. | 12120 |  | 738714 |
|  Orion SA | 20100 |  | 106128 |
|  Perimeter Solutions, Inc.\* | 49910 |  | 1374022 |
|  PureCycle Technologies, Inc.(x)\* | 42310 |  | 363443 |
|  Quaker Chemical Corp. | 4090 |  | 561598 |
|  Rayonier Advanced Materials, Inc.\* | 28090 |  | 165450 |
|  Sensient Technologies Corp. | 14910 |  | 1400795 |
|  Solesence, Inc.\* | 2120 |  | 3381 |
|  Stepan Co. | 8200 |  | 388352 |
|  Trinseo plc(x) | 2920 |  | 1451 |
|  Tronox Holdings plc | 33520 |  | 139778 |
|  Valhi, Inc. | 2300 |  | 27715 |
|  |  |  | 14849329 |
|  ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** |
|  Knife River Corp.\* | 21080 |  | 1482978 |
|  Smith-Midland Corp.\* | 880 |  | 31979 |
|  Titan America SA(x) | 7000 |  | 115360 |
|  United States Lime & Minerals, Inc. | 3750 |  | 449025 |
|  |  |  | 2079342 |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** |
|  Ardagh Metal Packaging SA | 48350 |  | 198235 |
|  Greif, Inc., Class A | 8570 |  | 580189 |
|  Greif, Inc., Class B | 1920 |  | 143405 |
|  Myers Industries, Inc. | 14760 |  | 276307 |
|  O-I Glass, Inc.\* | 43100 |  | 636156 |
|  Ranpak Holdings Corp., Class A\* | 30530 |  | 165167 |
|  TriMas Corp. | 11830 |  | 419374 |
|  |  |  | 2418833 |
|  ***Metals & Mining (1.3%)*** | ***Metals & Mining (1.3%)*** | ***Metals & Mining (1.3%)*** | ***Metals & Mining (1.3%)*** |
|  Alpha Metallurgical Resources, Inc.\* | 4250 |  | 849490 |
|  American Battery Technology Co.\* | 60800 |  | 203072 |
|  Ascent Industries Co.\* | 900 |  | 14571 |
|  Caledonia Mining Corp. plc | 5820 |  | 152309 |
|  Century Aluminum Co.\* | 17120 |  | 670762 |
|  Coeur Mining, Inc.\* | 225171 |  | 4014799 |
|  Commercial Metals Co. | 38585 |  | 2670854 |
|  Compass Minerals International, Inc.\* | 15167 |  | 297880 |
|  Constellium SE\* | 49200 |  | 927420 |
|  Contango ORE, Inc.(x)\* | 3960 |  | 104584 |
|  Critical Metals Corp.(x)\* | 39705 |  | 275553 |
|  Dakota Gold Corp.\* | 23780 |  | 135070 |
|  Ferroglobe plc | 22300 |  | 103472 |
|  Friedman Industries, Inc. | 600 |  | 12294 |
|  Hecla Mining Co. | 219421 |  | 4210689 |
|  Idaho Strategic Resources, Inc.\* | 3000 |  | 120900 |
|  Ivanhoe Electric, Inc.\* | 36970 |  | 590781 |
|  Kaiser Aluminum Corp. | 5690 |  | 653553 |
|  Lifezone Metals Ltd.\* | 2140 |  | 9138 |
|  Materion Corp. | 7700 |  | 957264 |
|  Metallus, Inc.\* | 17200 |  | 295152 |
|  MP Materials Corp.(x)\* | 38845 |  | 1962449 |
|  NioCorp Developments Ltd.\* | 7700 |  | 40810 |
|  Novagold Resources, Inc.\* | 108600 |  | 1012152 |
|  Olympic Steel, Inc. | 5170 |  | 221198 |
|  Perpetua Resources Corp.\* | 26970 |  | 652944 |
|  Ramaco Resources, Inc., Class A\* | 16330 |  | 293940 |
|  Ryerson Holding Corp. | 9830 |  | 247323 |
|  SSR Mining, Inc.\* | 69330 |  | 1519713 |
|  SunCoke Energy, Inc. | 32100 |  | 231120 |
|  Tredegar Corp.\* | 5410 |  | 38844 |
|  United States Antimony Corp.\* | 37900 |  | 190258 |

---

See Notes to Financial Statements.

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  US Gold Corp.(x)\* | 6500 | $| 126165 |
|  US Goldmining, Inc.\* | 300 |  | 2646 |
|  USA Rare Earth, Inc.\* | 30500 |  | 362950 |
|  Vox Royalty Corp. | 9800 |  | 46452 |
|  Warrior Met Coal, Inc. | 18800 |  | 1657596 |
|  Worthington Steel, Inc. | 11699 |  | 405019 |
|  |  |  | 26281186 |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Clearwater Paper Corp.\* | 6040 |  | 105096 |
|  Magnera Corp.\* | 14600 |  | 221044 |
|  Sylvamo Corp. | 8900 |  | 428535 |
|  |  |  | 754675 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 46383365 |
|  **Real Estate (2.9%)** | **Real Estate (2.9%)** | **Real Estate (2.9%)** | **Real Estate (2.9%)** |
|  ***Diversified REITs (0.3%)*** | ***Diversified REITs (0.3%)*** | ***Diversified REITs (0.3%)*** | ***Diversified REITs (0.3%)*** |
|  Alexander & Baldwin, Inc. (REIT) | 27154 |  | 560458 |
|  Alpine Income Property Trust, Inc. (REIT) | 3530 |  | 59022 |
|  American Assets Trust, Inc. (REIT) | 19996 |  | 378524 |
|  Armada Hoffler Properties, Inc. (REIT) | 23300 |  | 154246 |
|  Broadstone Net Lease, Inc. (REIT) | 62000 |  | 1076940 |
|  CTO Realty Growth, Inc. (REIT) | 10480 |  | 192937 |
|  Essential Properties Realty Trust, Inc. (REIT) | 65650 |  | 1947179 |
|  Gladstone Commercial Corp. (REIT) | 20570 |  | 219482 |
|  Global Net Lease, Inc. (REIT) | 72432 |  | 622915 |
|  Modiv Industrial, Inc. (REIT), Class C(x) | 500 |  | 7195 |
|  NexPoint Diversified Real Estate Trust (REIT) | 8042 |  | 30801 |
|  |  |  | 5249699 |
|  ***Health Care REITs (0.5%)*** | ***Health Care REITs (0.5%)*** | ***Health Care REITs (0.5%)*** | ***Health Care REITs (0.5%)*** |
|  American Healthcare REIT, Inc. (REIT) | 58626 |  | 2758940 |
|  CareTrust REIT, Inc. (REIT) | 77900 |  | 2816864 |
|  Community Healthcare Trust, Inc. (REIT) | 9750 |  | 160095 |
|  Diversified Healthcare Trust (REIT) | 85850 |  | 416373 |
|  Global Medical REIT, Inc. (REIT) | 5940 |  | 200416 |
|  LTC Properties, Inc. (REIT) | 14809 |  | 509133 |
|  National Health Investors, Inc. (REIT) | 16250 |  | 1241012 |
|  Sabra Health Care REIT, Inc. (REIT) | 84943 |  | 1608820 |
|  Sila Realty Trust, Inc. (REIT) | 20300 |  | 473193 |
|  Strawberry Fields REIT, Inc. (REIT) | 1550 |  | 20305 |
|  Universal Health Realty Income Trust (REIT) | 5830 |  | 228594 |
|  |  |  | 10433745 |
|  ***Hotel & Resort REITs (0.3%)*** |  |  |  |
|  Apple Hospitality REIT, Inc. (REIT) | 67500 |  | 799875 |
|  Braemar Hotels & Resorts, Inc. (REIT) | 9340 |  | 26806 |
|  Chatham Lodging Trust (REIT) | 23640 |  | 160988 |
|  DiamondRock Hospitality Co. (REIT) | 74678 |  | 669115 |
|  Pebblebrook Hotel Trust (REIT) | 37408 |  | 423459 |
|  RLJ Lodging Trust (REIT) | 58587 |  | 436473 |
|  Ryman Hospitality Properties, Inc. (REIT) | 21596 |  | 2043414 |
|  Service Properties Trust (REIT) | 77130 |  | 141919 |
|  Summit Hotel Properties, Inc. (REIT) | 22100 |  | 107627 |
|  Sunstone Hotel Investors, Inc. (REIT) | 72914 |  | 651851 |
|  Xenia Hotels & Resorts, Inc. (REIT) | 28501 |  | 403004 |
|  |  |  | 5864531 |
|  ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** |
|  Industrial Logistics Properties Trust (REIT) | 14380 |  | 79665 |
|  Innovative Industrial Properties, Inc. (REIT) | 10310 |  | 488282 |
|  LXP Industrial Trust (REIT) | 21109 |  | 1046584 |
|  One Liberty Properties, Inc. (REIT) | 2200 |  | 44638 |
|  Plymouth Industrial REIT, Inc. (REIT) | 16450 |  | 359926 |
|  Terreno Realty Corp. (REIT) | 36070 |  | 2117670 |
|  |  |  | 4136765 |
|  ***Office REITs (0.2%)*** | ***Office REITs (0.2%)*** | ***Office REITs (0.2%)*** | ***Office REITs (0.2%)*** |
|  Brandywine Realty Trust (REIT) | 68000 |  | 198560 |
|  City Office REIT, Inc. (REIT) | 16540 |  | 115615 |
|  COPT Defense Properties (REIT) | 39120 |  | 1087536 |
|  Douglas Emmett, Inc. (REIT) | 54200 |  | 595658 |
|  Easterly Government Properties, Inc. (REIT), Class A | 14640 |  | 310222 |
|  Empire State Realty Trust, Inc. (REIT), Class A | 27000 |  | 176040 |
|  Franklin Street Properties Corp. (REIT) | 29150 |  | 27570 |
|  Hudson Pacific Properties, Inc. (REIT)\* | 16385 |  | 177450 |
|  JBG SMITH Properties (REIT) | 22380 |  | 380684 |
|  NET Lease Office Properties (REIT) | 4500 |  | 116055 |
|  Peakstone Realty Trust (REIT) | 18610 |  | 267053 |
|  Piedmont Realty Trust, Inc. (REIT) | 42500 |  | 354450 |
|  Postal Realty Trust, Inc. (REIT), Class A | 7160 |  | 115562 |
|  SL Green Realty Corp. (REIT) | 20660 |  | 947674 |
|  |  |  | 4870129 |
|  ***Real Estate Management & Development (0.4%)*** | ***Real Estate Management & Development (0.4%)*** | ***Real Estate Management & Development (0.4%)*** | ***Real Estate Management & Development (0.4%)*** |
|  American Realty Investors, Inc.\* | 200 |  | 3212 |
|  Anywhere Real Estate, Inc.\* | 37240 |  | 527318 |
|  Compass, Inc., Class A\* | 166080 |  | 1755466 |
|  Cushman & Wakefield Ltd.\* | 74680 |  | 1209069 |
|  Douglas Elliman, Inc.\* | 10600 |  | 25122 |
|  eXp World Holdings, Inc.(x) | 30940 |  | 280007 |
|  Forestar Group, Inc.\* | 8880 |  | 218714 |
|  FRP Holdings, Inc.\* | 3580 |  | 81588 |
|  Kennedy-Wilson Holdings, Inc. | 44526 |  | 430567 |
|  Logistic Properties of The Americas(x)\* | 300 |  | 819 |
|  Marcus & Millichap, Inc. | 10000 |  | 272900 |
|  Maui Land & Pineapple Co., Inc.\* | 1220 |  | 20667 |
|  Newmark Group, Inc., Class A | 51130 |  | 886594 |
|  RE/MAX Holdings, Inc., Class A\* | 13330 |  | 101175 |
|  Real Brokerage, Inc. (The)\* | 36050 |  | 131583 |
|  RMR Group, Inc. (The), Class A | 9030 |  | 134547 |
|  Seaport Entertainment Group, Inc.(x)\* | 1800 |  | 35586 |
|  St Joe Co. (The) | 12830 |  | 761717 |
|  Stratus Properties, Inc.\* | 440 |  | 10639 |
|  Tejon Ranch Co.\* | 7040 |  | 111021 |

---

See Notes to Financial Statements.

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Transcontinental Realty Investors, Inc.\* | 150 | $| 8793 |
|  |  |  | 7007104 |
|  ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** |
|  Apartment Investment and Management Co. (REIT), Class A | 50500 |  | 299970 |
|  BRT Apartments Corp. (REIT) | 1780 |  | 26166 |
|  Centerspace (REIT) | 5632 |  | 375767 |
|  Clipper Realty, Inc. (REIT) | 4700 |  | 17954 |
|  Elme Communities (REIT) | 32300 |  | 562020 |
|  Independence Realty Trust, Inc. (REIT) | 84588 |  | 1478598 |
|  NexPoint Residential Trust, Inc. (REIT) | 8700 |  | 261870 |
|  UMH Properties, Inc. (REIT) | 28440 |  | 452480 |
|  Veris Residential, Inc. (REIT) | 16270 |  | 242098 |
|  |  |  | 3716923 |
|  ***Retail REITs (0.6%)*** | ***Retail REITs (0.6%)*** | ***Retail REITs (0.6%)*** | ***Retail REITs (0.6%)*** |
|  Acadia Realty Trust (REIT) | 48086 |  | 987686 |
|  Alexander's, Inc. (REIT) | 210 |  | 45767 |
|  CBL & Associates Properties, Inc. (REIT) | 9700 |  | 358900 |
|  Curbline Properties Corp. (REIT) | 29550 |  | 685856 |
|  FrontView REIT, Inc. (REIT) | 5400 |  | 79704 |
|  Getty Realty Corp. (REIT) | 16254 |  | 444872 |
|  InvenTrust Properties Corp. (REIT) | 28140 |  | 793829 |
|  Kite Realty Group Trust (REIT) | 77840 |  | 1865825 |
|  Macerich Co. (The) (REIT) | 89600 |  | 1654016 |
|  NETSTREIT Corp. (REIT)(x) | 29380 |  | 518263 |
|  Phillips Edison & Co., Inc. (REIT) | 46008 |  | 1636505 |
|  Saul Centers, Inc. (REIT) | 3440 |  | 108463 |
|  SITE Centers Corp. (REIT) | 2775 |  | 17816 |
|  Tanger, Inc. (REIT) | 40670 |  | 1357158 |
|  Urban Edge Properties (REIT) | 37900 |  | 727301 |
|  Whitestone REIT (REIT) | 18120 |  | 251687 |
|  |  |  | 11533648 |
|  ***Specialized REITs (0.2%)*** | ***Specialized REITs (0.2%)*** | ***Specialized REITs (0.2%)*** | ***Specialized REITs (0.2%)*** |
|  Farmland Partners, Inc. (REIT) | 23340 |  | 226164 |
|  Four Corners Property Trust, Inc. (REIT) | 35030 |  | 807792 |
|  Gladstone Land Corp. (REIT) | 20590 |  | 188398 |
|  Outfront Media, Inc. (REIT) | 48520 |  | 1169332 |
|  PotlatchDeltic Corp. (REIT) | 26673 |  | 1061052 |
|  Safehold, Inc. (REIT) | 18269 |  | 250103 |
|  Smartstop Self Storage REIT, Inc. (REIT) | 10300 |  | 318682 |
|  |  |  | 4021523 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 56834067 |
|  **Utilities (2.1%)** |  |  |  |
|  ***Electric Utilities (1.1%)*** | ***Electric Utilities (1.1%)*** | ***Electric Utilities (1.1%)*** | ***Electric Utilities (1.1%)*** |
|  Genie Energy Ltd., Class B | 6180 |  | 85161 |
|  Hawaiian Electric Industries, Inc.\* | 61650 |  | 758295 |
|  MGE Energy, Inc. | 13110 |  | 1028086 |
|  NRG Energy, Inc. | 75113 |  | 11960994 |
|  Oklo, Inc., Class A(x)\* | 39000 |  | 2798640 |
|  Otter Tail Corp. | 12880 |  | 1040833 |
|  Portland General Electric Co. | 38000 |  | 1823620 |
|  TXNM Energy, Inc. | 35000 |  | 2060800 |
|  |  |  | 21556429 |
|  ***Gas Utilities (0.5%)*** | ***Gas Utilities (0.5%)*** | ***Gas Utilities (0.5%)*** | ***Gas Utilities (0.5%)*** |
|  Brookfield Infrastructure Corp., Class A | 42329 |  | 1921737 |
|  Chesapeake Utilities Corp. | 8340 |  | 1040498 |
|  New Jersey Resources Corp. | 36210 |  | 1670005 |
|  Northwest Natural Holding Co. | 14500 |  | 677730 |
|  ONE Gas, Inc. | 19180 |  | 1481655 |
|  RGC Resources, Inc. | 1630 |  | 34719 |
|  Southwest Gas Holdings, Inc. | 22450 |  | 1796449 |
|  Spire, Inc. | 20670 |  | 1709409 |
|  |  |  | 10332202 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  Hallador Energy Co.\* | 11570 |  | 220293 |
|  Montauk Renewables, Inc.\* | 37360 |  | 62391 |
|  Ormat Technologies, Inc. | 19720 |  | 2178469 |
|  |  |  | 2461153 |
|  ***Multi-Utilities (0.2%)*** |  |  |  |
|  Avista Corp. | 27470 |  | 1058694 |
|  Black Hills Corp. | 23500 |  | 1631370 |
|  Northwestern Energy Group, Inc. | 22101 |  | 1426398 |
|  Unitil Corp. | 5800 |  | 280952 |
|  |  |  | 4397414 |
|  ***Water Utilities (0.2%)*** |  |  |  |
|  American States Water Co. | 10700 |  | 775536 |
|  Cadiz, Inc.\* | 38460 |  | 215761 |
|  California Water Service Group | 20430 |  | 885232 |
|  Consolidated Water Co. Ltd. | 9720 |  | 343019 |
|  Global Water Resources, Inc. | 4520 |  | 38194 |
|  H2O America | 11300 |  | 553587 |
|  Middlesex Water Co. | 6000 |  | 302520 |
|  Pure Cycle Corp.\* | 5150 |  | 56598 |
|  York Water Co. (The) | 4360 |  | 138822 |
|  |  |  | 3309269 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 42056467 |
|  **Total Common Stocks (98.7%)**<br> *(Cost $1,420,741,266)* | **Total Common Stocks (98.7%)**<br> *(Cost $1,420,741,266)* |  | 1949749138 |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  RIGHTS: |  |  |  |
|  **Health Care (0.0%)†** |  |  |  |
|  ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** |
|  89bio, Inc., CVR (r)\* | 40150 |  | 10238 |
|  Aduro Biotech, Inc., CVR (r)\* | 1252 |  |  |
|  Akero Therapeutics, Inc., CVR (r)\* | 24840 |  | 12110 |
|  Cartesian Therapeutics, Inc. (x)\* | 5920 |  | 799 |
|  Chinook Therapeutics, Inc., CVR \* | 19340 |  | 3869 |
|  Metsera, Inc., CVR (r)(x)\* | 18043 |  | 66308 |
|  Sanofi Aatd, Inc., CVR(r)\* | 10800 |  | 5244 |
|  |  |  | 98568 |
|  ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** |
|  Paragon 28, Inc., CVR(r)\* | 18460 |  | 1246 |
|  ***Life Sciences Tools & Services (0.0%)*** | ***Life Sciences Tools & Services (0.0%)*** | ***Life Sciences Tools & Services (0.0%)*** | ***Life Sciences Tools & Services (0.0%)*** |
|  OmniAb, Inc., expiring 11/1/27(r)(x)\* | 4966 |  |  |

---

See Notes to Financial Statements.

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  ***Pharmaceuticals (0.0%)†*** |  |  |
|  Rain Oncology, Inc., CVR(r)(x)\* | 21290 | $798 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 100612 |
|  **Materials (0.0%)†** |  |  |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Resolute Forest Products, Inc., CVR\* | 26500 | 39750 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 39750 |
|  **Total Rights (0.0%)†**<br> *(Cost $124,966)* | **Total Rights (0.0%)†**<br> *(Cost $124,966)* | 140362 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (2.6%)** | **Investment Companies (2.6%)** | **Investment Companies (2.6%)** |
|  Allspring Government Money Market Fund, Select Shares 3.72% (7 day yield) (xx) | 7000000 | 7000000 |
|  Dreyfus Treasury Obligations Cash Management Fund 3.65% (7 day yield) (xx) | 1000000 | 1000000 |
|  Goldman Sachs Financial Square Government Fund 3.67% (7 day yield) (xx) | 10000000 | 10000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 21548368 | 21548368 |
|  Morgan Stanley Institutional Liquidity Fund – Government Portfolio 3.69% (7 day yield) (xx) | 10000000 | 10000000 |
|  State Street Institutional U.S. Government Money Market Fund, Premier Shares 3.74% (7 day yield) (xx) | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 51548368 |
|  **Total Short-Term Investments (2.6%)**<br> *(Cost $51,548,368)* | **Total Short-Term Investments (2.6%)**<br> *(Cost $51,548,368)* | 51548368 |
|  **Total Investments in Securities (101.3%)**<br> *(Cost $1,472,414,600)* | **Total Investments in Securities (101.3%)**<br> *(Cost $1,472,414,600)* | 2001437868 |
|  **Other Assets Less Liabilities (-1.3%)** | **Other Assets Less Liabilities (-1.3%)** | (26608465) |
|  **Net Assets (100%)** |  | $1974829403 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $394,289 or 0.0% of net assets.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $78,094,550. This was collateralized by $30,749,539 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/15/26 – 8/15/55 and by cash of $51,548,368 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Russell 2000 E-Mini Index | 57 | 3/2026 | USD | 7119300 | (329898) |
|  |  |  |  |  | (329898) |

---

See Notes to Financial Statements.

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $71005007 | $— | $— | $71005007 |
|  Consumer Discretionary | 190910190 |  |  | 190910190 |
|  Consumer Staples | 30585350 |  |  | 30585350 |
|  Energy | 57698112 |  |  | 57698112 |
|  Financials | 274328853 |  | — (a) | 274328853 |
|  Health Care | 400637787 |  | — (a) | 400637787 |
|  Industrials | 403166586 |  |  | 403166586 |
|  Information Technology | 374540513 |  | 1602841 | 376143354 |
|  Materials | 46383365 |  |  | 46383365 |
|  Real Estate | 56834067 |  |  | 56834067 |
|  Utilities | 42056467 |  |  | 42056467 |
|  **Rights** |  |  |  |  |
|  Health Care |  | 4668 | 95944 | 100612 |
|  Materials |  | 39750 |  | 39750 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 51548368 |  |  | 51548368 |
|  **Total Assets** | $**1999694665** | $**44418** | $**1698785** | $**2001437868** |
|  **Liabilities:** |  |  |  |  |
|  **Futures** | $(329898) | $— | $— | $(329898) |
|  **Total Liabilities** | $**(329898)** | $**—** | $**—** | $**(329898)** |
|  **Total** | $**1999364767** | $**44418** | $**1698785** | $**2001107970** |

---

(a) Value is zero.

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(329898) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329898 |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

See Notes to Financial Statements.

500

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $1303749 | $1303749 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303749 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303749 |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(167822) | $(167822) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167822) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167822) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** |  |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7188000 |

---

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $1006813118 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174715249 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $690006307 |
|  Aggregate gross unrealized depreciation | (174342641) |
|  Net unrealized appreciation | $515663666 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485444304 |

---

See Notes to Financial Statements.

501

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $1,472,414,600) | $2001437868.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 24090698.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 685470.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1366042.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1053951.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 448682.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 92986.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 7489.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 2029183186.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 51548368.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1255547.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 870903.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 313333.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 210434.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 59008.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 284.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 95906.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 54353783.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1974829403.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1436881810.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 537947593.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1974829403.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,457,239,684 / 98,490,636 shares outstanding (unlimited amount authorized: $0.01 par value) | $14.8 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $517,589,719 / 29,245,556 shares outstanding (unlimited amount authorized: $0.01 par value) | $17.7 |

---

*(x)* *Includes value of securities on loan of $78,094,550.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $31,224 foreign withholding tax) | $13439233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1147559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 1038310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 15625102 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 9744994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 3483607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 2363666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 183700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 130909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 103085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 65183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 43130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 16118274 |
|  **NET INVESTMENT INCOME (LOSS)** | (493172) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 175874807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1303749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 177178556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (414956) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (167822) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (582778) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 176595778 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $176102606 |

---

See Notes to Financial Statements.

502

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#### EQ ADVISORS TRUST
EQ/AB SMALL CAP GROWTH PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(493172) | $1007021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 177178556 | 203288730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (582778) | 51897170 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 176102606 | 256192921 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (141104165) | (142125332) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (43501892) | (43850565) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (184606057) | (185975897) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 522,172 shares, respectively ] |  | 8972985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (30941309) shares, respectively ] |  | (533660871) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (2424286) shares, respectively ] |  | (41320512) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (566008398) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 4,512,582 and 4,603,574 shares, respectively ] | 65975124 | 72164952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 35,722,484 shares, respectively ] |  | 533660871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 9,277,974 and 9,004,645 shares, respectively ] | 141104165 | 142125332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (12769632) and (10104675) shares, respectively ] | (189455617) | (158135390) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 17623672 | 589815765 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,579,343 and 792,157 shares, respectively ] | 38650969 | 13865479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 2,395,962 and 2,361,525 shares, respectively ] | 43501892 | 43850565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (4658311) and (4857846) shares, respectively ] | (82187187) | (88820598) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (34326) | (31104554) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 17589346 | (7297187) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 9085895 | 62919837 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1965743508 | 1902823671 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1974829403 | $1965743508 |

---

See Notes to Financial Statements.

503

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#### EQ ADVISORS TRUST
EQ/AB SMALL CAP GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $14.95 | $14.45 | $12.33 | $18.07 | $19.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations†:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.01) |  | 0.02 | 0.01 | (0.05)(aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.41 | 2.09 | 2.16 | (5.13) | 2.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.40 | 2.09 | 2.18 | (5.12) | 2.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.02) | (0.05) | (0.04) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.53) | (1.54) | (0.02) | (0.60) | (3.88) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.55) | (1.59) | (0.06) | (0.62) | (3.88) |
|  Net asset value, end of year | $14.80 | $14.95 | $14.45 | $12.33 | $18.07 |
|  Total return | 9.21 | 13.93 | 17.70% | (28.42)% | 12.90% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $1457240 | $1456766 | $841466 | $745413 | $1009287 |
|  Ratio of expenses to average net assets (f) | 0.92 | 0.92 | 0.93% | 0.91% | 0.90% |
|  Ratio of net investment income (loss) to average net assets (f) | (0.09) | (0.01) | 0.16% | 0.09% | (0.25)%(bb) |
|  Portfolio turnover rate^ | 54 | 51 | 38% | 42% | 44% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $17.59 | $16.76 | $14.29 | $20.82 | $21.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations†:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.03 | 0.04 | 0.06 | 0.06 | — (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.67 | 2.42 | 2.50 | (5.93) | 2.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.70 | 2.46 | 2.56 | (5.87) | 2.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.06) | (0.09) | (0.07) | (0.06) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.53) | (1.54) | (0.02) | (0.60) | (3.88) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.59) | (1.63) | (0.09) | (0.66) | (3.88) |
|  Net asset value, end of year | $17.70 | $17.59 | $16.76 | $14.29 | $20.82 |
|  Total return | 9.52 | 14.20 | 17.97% | (28.28)% | 13.25% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $517590 | $508978 | $513536 | $513527 | $647127 |
|  Ratio of expenses to average net assets (f) | 0.67 | 0.67 | 0.68% | 0.66% | 0.65% |
|  Ratio of net investment income (loss) to average net assets (f) | 0.16 | 0.23 | 0.41% | 0.35% | (0.01)%(bb) |
|  Portfolio turnover rate^ | 54 | 51 | 38% | 42% | 44% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*†* *The amount shown for a share outstanding throughout the period may not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.* 

*\** *The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $(0.06) and $(0.01) for Class IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.05% lower.* 

See Notes to Financial Statements.

504

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EQ/AB SUSTAINABLE U.S. THEMATIC PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: |  |  |
|  **Communication Services (2.1%)** |  |  |
|  ***Entertainment (2.1%)*** |  |  |
|  Spotify Technology SA\* | 447 | $259578 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 259578 |
|  **Consumer Discretionary (1.7%)** |  |  |
|  ***Automobile Components (1.7%)*** |  |  |
|  Aptiv plc\* | 2735 | 208106 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 208106 |
|  **Energy (1.4%)** |  |  |
|  ***Oil, Gas & Consumable Fuels (1.4%)*** | ***Oil, Gas & Consumable Fuels (1.4%)*** | ***Oil, Gas & Consumable Fuels (1.4%)*** |
|  Cameco Corp. | 1843 | 168616 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 168616 |
|  **Financials (11.9%)** |  |  |
|  ***Capital Markets (6.5%)*** |  |  |
|  Intercontinental Exchange, Inc. | 2019 | 326997 |
|  Jefferies Financial Group, Inc. | 4582 | 283947 |
|  LPL Financial Holdings, Inc. | 528 | 188586 |
|  |  | 799530 |
|  ***Financial Services (3.3%)*** |  |  |
|  Visa, Inc., Class A | 1143 | 400861 |
|  ***Insurance (2.1%)*** |  |  |
|  Aflac, Inc. | 2356 | 259796 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 1460187 |
|  **Health Care (18.9%)** |  |  |
|  ***Biotechnology (3.8%)*** |  |  |
|  AbbVie, Inc. | 2036 | 465206 |
|  ***Health Care Equipment & Supplies (10.7%)*** | ***Health Care Equipment & Supplies (10.7%)*** | ***Health Care Equipment & Supplies (10.7%)*** |
|  GE HealthCare Technologies, Inc. | 2960 | 242779 |
|  Hologic, Inc.\* | 2115 | 157546 |
|  Medtronic plc | 3270 | 314116 |
|  STERIS plc | 1341 | 339970 |
|  Stryker Corp. | 703 | 247084 |
|  |  | 1301495 |
|  ***Life Sciences Tools & Services (1.3%)*** | ***Life Sciences Tools & Services (1.3%)*** | ***Life Sciences Tools & Services (1.3%)*** |
|  Danaher Corp. | 688 | 157497 |
|  ***Pharmaceuticals (3.1%)*** |  |  |
|  Johnson & Johnson | 1855 | 383892 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 2308090 |
|  **Industrials (14.4%)** |  |  |
|  ***Commercial Services & Supplies (7.4%)*** | ***Commercial Services & Supplies (7.4%)*** | ***Commercial Services & Supplies (7.4%)*** |
|  Tetra Tech, Inc. | 3832 | 128525 |
|  Veralto Corp. | 4305 | 429553 |
|  Waste Management, Inc. | 1555 | 341649 |
|  |  | 899727 |
|  ***Construction & Engineering (1.5%)*** |  |  |
|  AECOM | 1888 | 179983 |
|  ***Electrical Equipment (5.5%)*** |  |  |
|  Emerson Electric Co. | 1894 | 251372 |
|  Rockwell Automation, Inc. | 1089 | 423697 |
|  |  | 675069 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 1754779 |
|  **Information Technology (41.7%)** | **Information Technology (41.7%)** | **Information Technology (41.7%)** |
|  ***Electronic Equipment, Instruments & Components (5.3%)*** | ***Electronic Equipment, Instruments & Components (5.3%)*** | ***Electronic Equipment, Instruments & Components (5.3%)*** |
|  Flex Ltd.\* | 3807 | 230019 |
|  TE Connectivity plc | 1844 | 419528 |
|  |  | 649547 |
|  ***IT Services (1.1%)*** |  |  |
|  Shopify, Inc., Class A\* | 866 | 139400 |
|  ***Semiconductors & Semiconductor Equipment (13.5%)*** | ***Semiconductors & Semiconductor Equipment (13.5%)*** | ***Semiconductors & Semiconductor Equipment (13.5%)*** |
|  Broadcom, Inc. | 1379 | 477272 |
|  Monolithic Power Systems, Inc. | 150 | 135954 |
|  NVIDIA Corp. | 2953 | 550735 |
|  NXP Semiconductors NV | 908 | 197090 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 950 | 288696 |
|  |  | 1649747 |
|  ***Software (15.7%)*** |  |  |
|  Cadence Design Systems, Inc.\* | 856 | 267569 |
|  Crowdstrike Holdings, Inc., Class A\* | 508 | 238130 |
|  Microsoft Corp. | 1299 | 628222 |
|  Palo Alto Networks, Inc.\* | 1036 | 190831 |
|  Salesforce, Inc. | 1192 | 315773 |
|  ServiceNow, Inc.\* | 1790 | 274210 |
|  |  | 1914735 |
|  ***Technology Hardware, Storage & Peripherals (6.1%)*** | ***Technology Hardware, Storage & Peripherals (6.1%)*** | ***Technology Hardware, Storage & Peripherals (6.1%)*** |
|  Apple, Inc. | 2723 | 740275 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 5093704 |
|  **Utilities (2.8%)** |  |  |
|  ***Electric Utilities (2.8%)*** |  |  |
|  NextEra Energy, Inc. | 4333 | 347853 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 347853 |
|  **Total Common Stocks (94.9%)**<br> *(Cost $9,554,643)* |  | 11600913 |
|  SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (2.9%)** |  |  |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 349803 | 349943 |
|  **Total Short-Term Investments (2.9%)***<br>(Cost $349,968)* | **Total Short-Term Investments (2.9%)***<br>(Cost $349,968)* | 349943 |
|  **Total Investments in Securities (97.8%)**<br> *(Cost $9,904,611)* | **Total Investments in Securities (97.8%)**<br> *(Cost $9,904,611)* | 11950856 |
|  **Other Assets Less Liabilities (2.2%)** | **Other Assets Less Liabilities (2.2%)** | 265343 |
|  **Net Assets (100%)** |  | $12216199 |

---

*\** *Non-income producing.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

See Notes to Financial Statements.

505

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EQ/AB SUSTAINABLE U.S. THEMATIC PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $259578 | $— | $— | $259578 |
|  Consumer Discretionary | 208106 |  |  | 208106 |
|  Energy | 168616 |  |  | 168616 |
|  Financials | 1460187 |  |  | 1460187 |
|  Health Care | 2308090 |  |  | 2308090 |
|  Industrials | 1754779 |  |  | 1754779 |
|  Information Technology | 5093704 |  |  | 5093704 |
|  Utilities | 347853 |  |  | 347853 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 349943 |  |  | 349943 |
|  **Total Assets** | $**11950856** | $**—** | $**—** | $**11950856** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**11950856** | $**—** | $**—** | $**11950856** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $10501012 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16036810 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $2507397 |
|  Aggregate gross unrealized depreciation | (466738) |
|  Net unrealized appreciation | $2040659 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9910197 |

---

See Notes to Financial Statements.

506

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EQ/AB SUSTAINABLE U.S. THEMATIC PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $9,904,611) | $11950856.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 300001.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 8192.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment manager | 4262.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 68.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 12263379.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 80.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 43.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 47057.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 47180.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $12216199.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $9904899.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 2311300.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $12216199.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $198,780 / 18,142 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.96 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $12,017,419 / 1,096,483 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.96 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $2,250 foreign withholding tax) | $174663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 13276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 188047 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 104525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 55381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 20106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 19400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 11485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 2705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 244200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (112100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 132100 |
|  **NET INVESTMENT INCOME (LOSS)** | 55947 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 1675825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (565775) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 1110050 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1165997 |

---

See Notes to Financial Statements.

507

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#### EQ ADVISORS TRUST
EQ/AB SUSTAINABLE U.S. THEMATIC PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $55947 | $50334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1675825 | 265770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (565775) | 1245896 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 1165997 | 1562000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (16737) | (7096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (1037913) | (43506) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (1054650) | (50602) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (420) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total tax return of capital |  | (488) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 177,078 and 194,841 shares, respectively ] | 1967010 | 2180521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 1,501 and 616 shares, respectively ] | 16737 | 7164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (610577) and (133586) shares, respectively ] | (7399524) | (1540745) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (5415777) | 646940 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 93,087 and 3,779 shares, respectively ] | 1037913 | 43926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 1037913 | 43926 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (4377864) | 690866 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (4266517) | 2201776 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 16482716 | 14280940 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $12216199 | $16482716 |

---

See Notes to Financial Statements.

508

------

#### EQ ADVISORS TRUST
EQ/AB SUSTAINABLE U.S. THEMATIC PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **February 15, 2022\* to<br>December 31, 2022** |
| **Class IB** | **2025** | **2024** | **2023** | **February 15, 2022\* to<br>December 31, 2022** |
|  Net asset value, beginning of period | $11.34 | $10.29 | $8.56 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.02 | 0.01 | 0.03 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.61 | 1.06 | 1.73 | (1.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.63 | 1.07 | 1.76 | (1.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.03) | (0.02) | (0.03) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.98) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.01) | (0.02) | (0.03) | (0.02) |
|  Net asset value, end of period | $10.96 | $11.34 | $10.29 | $8.56 |
|  Total return (b) | 5.37% | 10.36 | 20.56% | (14.20)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |
|  Net assets, end of period (000's) | $199 | $5103 | $3995 | $495 |
|  Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 1.00% | 1.00 | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.55% | 1.63 | 2.09% | 3.36% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.15% | 0.13 | 0.30% | 0.09 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | (0.40)% | (0.50) | (0.79)% | (2.27)%(l) |
|  Portfolio turnover rate^ | 70% | 38 | 20% | 22 %(z) |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **February 15, 2022\* to<br>December 31, 2022** |
| **Class K** | **2025** | **2024** | **2023** | **February 15, 2022\* to<br>December 31, 2022** |
|  Net asset value, beginning of period | $11.34 | $10.29 | $8.56 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.05 | 0.04 | 0.05 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.61 | 1.05 | 1.73 | (1.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.66 | 1.09 | 1.78 | (1.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.06) | (0.04) | (0.05) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.98) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.04) | (0.04) | (0.05) | (0.04) |
|  Net asset value, end of period | $10.96 | $11.34 | $10.29 | $8.56 |
|  Total return (b) | 5.62% | 10.62 | 20.84% | (14.02)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12017 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11379 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10286 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8515 |
|  Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.75% | 0.75 | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.51% | 1.39 | 1.70% | 2.76% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.43% | 0.39 | 0.55% | 0.29 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | (0.33)% | (0.25) | (0.41)% | (1.72)%(l) |
|  Portfolio turnover rate^ | 70% | 38 | 20% | 22 %(z) |

---

See Notes to Financial Statements.

509

------

EQ/AB SUSTAINABLE U.S. THEMATIC PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*\** *Commencement of operations.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*#* *Per share amount is less than $0.005.* 

*(a)* *Ratios for periods less than one year are annualized. Certain non-recurring expenses incurred by the Portfolio are not annualized for periods less than one year.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

510

------

EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (1.3%)** | **Communication Services (1.3%)** | **Communication Services (1.3%)** |
|  ***Media (1.3%)*** | ***Media (1.3%)*** | ***Media (1.3%)*** |
|  Omnicom Group, Inc. | 59425 | $4798569 |
|  Publicis Groupe SA | 29638 | 3086686 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 7885255 |
|  **Consumer Discretionary (3.7%)** | **Consumer Discretionary (3.7%)** | **Consumer Discretionary (3.7%)** |
|  ***Automobile Components (1.5%)*** | ***Automobile Components (1.5%)*** | ***Automobile Components (1.5%)*** |
|  BorgWarner, Inc. | 65090 | 2932956 |
|  Cie Generale des Etablissements Michelin SCA | 91407 | 3041103 |
|  Gentex Corp. | 138779 | 3229387 |
|  |  | 9203446 |
|  ***Hotels, Restaurants & Leisure (0.5%)*** | ***Hotels, Restaurants & Leisure (0.5%)*** | ***Hotels, Restaurants & Leisure (0.5%)*** |
|  Sodexo SA | 68291 | 3507169 |
|  ***Household Durables (1.7%)*** | ***Household Durables (1.7%)*** | ***Household Durables (1.7%)*** |
|  Mohawk Industries, Inc.\* | 47775 | 5221807 |
|  PulteGroup, Inc. | 44984 | 5274824 |
|  |  | 10496631 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 23207246 |
|  **Consumer Staples (10.4%)** | **Consumer Staples (10.4%)** | **Consumer Staples (10.4%)** |
|  ***Beverages (1.5%)*** | ***Beverages (1.5%)*** | ***Beverages (1.5%)*** |
|  Heineken NV | 51660 | 4233973 |
|  Pernod Ricard SA | 59142 | 5080719 |
|  |  | 9314692 |
|  ***Consumer Staples Distribution & Retail (2.1%)*** | ***Consumer Staples Distribution & Retail (2.1%)*** | ***Consumer Staples Distribution & Retail (2.1%)*** |
|  Koninklijke Ahold Delhaize NV | 191050 | 7829081 |
|  Sysco Corp. | 67725 | 4990655 |
|  |  | 12819736 |
|  ***Food Products (1.6%)*** | ***Food Products (1.6%)*** | ***Food Products (1.6%)*** |
|  Conagra Brands, Inc. | 237279 | 4107299 |
|  General Mills, Inc. | 33012 | 1535058 |
|  Magnum Ice Cream Co. NV (The) (x)\* | 98435 | 1575110 |
|  Mondelez International, Inc., Class A | 51890 | 2793239 |
|  |  | 10010706 |
|  ***Household Products (2.9%)*** | ***Household Products (2.9%)*** | ***Household Products (2.9%)*** |
|  Henkel AG & Co. KGaA (Preference) (q) | 67072 | 5484505 |
|  Kimberly-Clark Corp. | 92781 | 9360675 |
|  Reckitt Benckiser Group plc | 41541 | 3360832 |
|  |  | 18206012 |
|  ***Personal Care Products (2.3%)*** | ***Personal Care Products (2.3%)*** | ***Personal Care Products (2.3%)*** |
|  Estee Lauder Cos., Inc. (The), Class A | 40653 | 4257182 |
|  Kenvue, Inc. | 564146 | 9731519 |
|  |  | 13988701 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 64339847 |
|  **Energy (4.9%)** | **Energy (4.9%)** | **Energy (4.9%)** |
|  ***Energy Equipment & Services (1.7%)*** | ***Energy Equipment & Services (1.7%)*** | ***Energy Equipment & Services (1.7%)*** |
|  Baker Hughes Co. | 233719 | 10643563 |
|  ***Oil, Gas & Consumable Fuels (3.2%)*** | ***Oil, Gas & Consumable Fuels (3.2%)*** | ***Oil, Gas & Consumable Fuels (3.2%)*** |
|  ConocoPhillips | 52930 | 4954777 |
|  Coterra Energy, Inc. | 199675 | 5255446 |
|  Diamondback Energy, Inc. | 41211 | 6195250 |
|  ONEOK, Inc. | 48538 | 3567543 |
|  |  | 19973016 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 30616579 |
|  **Financials (14.7%)** | **Financials (14.7%)** | **Financials (14.7%)** |
|  ***Banks (7.2%)*** | ***Banks (7.2%)*** | ***Banks (7.2%)*** |
|  Commerce Bancshares, Inc. | 208503 | 10913047 |
|  First Hawaiian, Inc. | 189954 | 4805836 |
|  Prosperity Bancshares, Inc. | 118785 | 8209231 |
|  Truist Financial Corp. | 162699 | 8006418 |
|  US Bancorp | 184250 | 9831580 |
|  Westamerica Bancorp | 57923 | 2770457 |
|  |  | 44536569 |
|  ***Capital Markets (2.7%)*** | ***Capital Markets (2.7%)*** | ***Capital Markets (2.7%)*** |
|  Bank of New York Mellon Corp. (The) | 20161 | 2340490 |
|  Northern Trust Corp. | 65180 | 8902936 |
|  Raymond James Financial, Inc. | 7749 | 1244412 |
| T. Rowe Price Group, Inc. | 44465 | 4552327 |
|  |  | 17040165 |
|  ***Insurance (4.8%)*** | ***Insurance (4.8%)*** | ***Insurance (4.8%)*** |
|  Allstate Corp. (The) | 16446 | 3423235 |
|  Hanover Insurance Group, Inc. (The) | 13740 | 2511260 |
|  Marsh & McLennan Cos., Inc. | 21038 | 3902970 |
|  Reinsurance Group of America, Inc. | 48654 | 9899143 |
|  Willis Towers Watson plc | 30879 | 10146839 |
|  |  | 29883447 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 91460181 |
|  **Health Care (14.4%)** | **Health Care (14.4%)** | **Health Care (14.4%)** |
|  ***Health Care Equipment & Supplies (7.5%)*** | ***Health Care Equipment & Supplies (7.5%)*** | ***Health Care Equipment & Supplies (7.5%)*** |
|  Becton Dickinson & Co. | 49560 | 9618109 |
|  Envista Holdings Corp.\* | 213155 | 4627595 |
|  GE HealthCare Technologies, Inc. | 103997 | 8529834 |
|  Hologic, Inc.\* | 49458 | 3684127 |
|  Medtronic plc | 49255 | 4731435 |
|  Zimmer Biomet Holdings, Inc. | 172550 | 15515696 |
|  |  | 46706796 |
|  ***Health Care Providers & Services (5.4%)*** | ***Health Care Providers & Services (5.4%)*** | ***Health Care Providers & Services (5.4%)*** |
|  Cencora, Inc. | 6749 | 2279475 |
|  Henry Schein, Inc.\* | 158768 | 11999686 |
|  Labcorp Holdings, Inc. | 38813 | 9737405 |
|  Quest Diagnostics, Inc. | 29097 | 5049202 |
|  Universal Health Services, Inc., Class B | 21000 | 4578420 |
|  |  | 33644188 |
|  ***Life Sciences Tools & Services (1.5%)*** | ***Life Sciences Tools & Services (1.5%)*** | ***Life Sciences Tools & Services (1.5%)*** |
|  ICON plc\* | 30966 | 5642624 |
|  IQVIA Holdings, Inc.\* | 15317 | 3452605 |
|  |  | 9095229 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 89446213 |
|  **Industrials (16.8%)** | **Industrials (16.8%)** | **Industrials (16.8%)** |
|  ***Aerospace & Defense (1.9%)*** | ***Aerospace & Defense (1.9%)*** | ***Aerospace & Defense (1.9%)*** |
|  Hexcel Corp. | 34249 | 2531001 |
|  L3Harris Technologies, Inc. | 31088 | 9126504 |
|  |  | 11657505 |

---

See Notes to Financial Statements.

511

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EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Building Products (1.3%)*** | ***Building Products (1.3%)*** | ***Building Products (1.3%)*** |
|  A.O. Smith Corp. | 66907 | $4474740 |
|  Masco Corp. | 53153 | 3373090 |
|  |  | 7847830 |
|  ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** |
|  ABM Industries, Inc. | 66145 | 2797933 |
|  ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** |
|  Emerson Electric Co. | 11567 | 1535172 |
|  Sensata Technologies Holding plc | 94172 | 3134986 |
|  |  | 4670158 |
|  ***Ground Transportation (2.4%)*** | ***Ground Transportation (2.4%)*** | ***Ground Transportation (2.4%)*** |
|  CSX Corp. | 247645 | 8977131 |
|  Norfolk Southern Corp. | 21316 | 6154356 |
|  |  | 15131487 |
|  ***Machinery (5.7%)*** | ***Machinery (5.7%)*** | ***Machinery (5.7%)*** |
|  Cummins, Inc. | 14440 | 7370898 |
|  Dover Corp. | 9609 | 1876061 |
|  Fortive Corp. | 57563 | 3178053 |
|  IDEX Corp. | 15654 | 2785473 |
|  Oshkosh Corp. | 42105 | 5289651 |
|  PACCAR, Inc. | 44904 | 4917437 |
|  Timken Co. (The) | 66007 | 5553169 |
|  Toro Co. (The) | 56202 | 4424222 |
|  |  | 35394964 |
|  ***Passenger Airlines (1.0%)*** | ***Passenger Airlines (1.0%)*** | ***Passenger Airlines (1.0%)*** |
|  Southwest Airlines Co. | 145037 | 5994379 |
|  ***Trading Companies & Distributors (3.3%)*** | ***Trading Companies & Distributors (3.3%)*** | ***Trading Companies & Distributors (3.3%)*** |
|  Ashtead Group plc | 49359 | 3383892 |
|  Bunzl plc | 332185 | 9295680 |
|  MSC Industrial Direct Co., Inc., Class A | 92415 | 7772101 |
|  |  | 20451673 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 103945929 |
|  **Information Technology (7.2%)** | **Information Technology (7.2%)** | **Information Technology (7.2%)** |
|  ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** |
|  F5, Inc.\* | 19027 | 4856832 |
|  ***Electronic Equipment, Instruments & Components (1.6%)*** | ***Electronic Equipment, Instruments & Components (1.6%)*** | ***Electronic Equipment, Instruments & Components (1.6%)*** |
|  CDW Corp. | 29922 | 4075376 |
|  Ralliant Corp. | 75723 | 3855058 |
|  TE Connectivity plc | 8592 | 1954766 |
|  |  | 9885200 |
|  ***IT Services (2.1%)*** | ***IT Services (2.1%)*** | ***IT Services (2.1%)*** |
|  Amdocs Ltd. | 88201 | 7101063 |
|  Cognizant Technology Solutions Corp., Class A | 73682 | 6115606 |
|  |  | 13216669 |
|  ***Semiconductors & Semiconductor Equipment (1.7%)*** | ***Semiconductors & Semiconductor Equipment (1.7%)*** | ***Semiconductors & Semiconductor Equipment (1.7%)*** |
|  Infineon Technologies AG | 65874 | 2920873 |
|  NXP Semiconductors NV | 12063 | 2618395 |
|  Teradyne, Inc. | 27913 | 5402840 |
|  |  | 10942108 |
|  ***Technology Hardware, Storage & Peripherals (1.0%)*** | ***Technology Hardware, Storage & Peripherals (1.0%)*** | ***Technology Hardware, Storage & Peripherals (1.0%)*** |
|  HP, Inc. | 270369 | 6023821 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 44924630 |
|  **Materials (5.6%)** | **Materials (5.6%)** | **Materials (5.6%)** |
|  ***Chemicals (1.3%)*** | ***Chemicals (1.3%)*** | ***Chemicals (1.3%)*** |
|  Axalta Coating Systems Ltd.\* | 114095 | 3686409 |
|  PPG Industries, Inc. | 45588 | 4670947 |
|  |  | 8357356 |
|  ***Construction Materials (0.9%)*** | ***Construction Materials (0.9%)*** | ***Construction Materials (0.9%)*** |
|  Amrize Ltd.\* | 61335 | 3316997 |
|  Eagle Materials, Inc. | 10455 | 2160839 |
|  |  | 5477836 |
|  ***Containers & Packaging (2.4%)*** | ***Containers & Packaging (2.4%)*** | ***Containers & Packaging (2.4%)*** |
|  Graphic Packaging Holding Co. | 366082 | 5513195 |
|  Packaging Corp. of America | 45297 | 9341600 |
|  |  | 14854795 |
|  ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** |
|  Reliance, Inc. | 21052 | 6081292 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 34771279 |
|  **Real Estate (8.4%)** | **Real Estate (8.4%)** | **Real Estate (8.4%)** |
|  ***Health Care REITs (2.0%)*** | ***Health Care REITs (2.0%)*** | ***Health Care REITs (2.0%)*** |
|  CareTrust REIT, Inc. (REIT) | 50852 | 1838808 |
|  Healthpeak Properties, Inc. (REIT) | 359043 | 5773412 |
|  Ventas, Inc. (REIT) | 59861 | 4632044 |
|  |  | 12244264 |
|  ***Residential REITs (1.6%)*** | ***Residential REITs (1.6%)*** | ***Residential REITs (1.6%)*** |
|  Equity Residential (REIT) | 133700 | 8428448 |
|  Essex Property Trust, Inc. (REIT) | 7079 | 1852433 |
|  |  | 10280881 |
|  ***Retail REITs (2.2%)*** | ***Retail REITs (2.2%)*** | ***Retail REITs (2.2%)*** |
|  Agree Realty Corp. (REIT) | 30188 | 2174442 |
|  Realty Income Corp. (REIT) | 169044 | 9529010 |
|  Regency Centers Corp. (REIT) | 29414 | 2030448 |
|  |  | 13733900 |
|  ***Specialized REITs (2.6%)*** | ***Specialized REITs (2.6%)*** | ***Specialized REITs (2.6%)*** |
|  American Tower Corp. (REIT) | 37123 | 6517685 |
|  Public Storage (REIT) | 23553 | 6112003 |
|  VICI Properties, Inc. (REIT), Class A | 119864 | 3370576 |
|  |  | 16000264 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 52259309 |
|  **Utilities (8.6%)** | **Utilities (8.6%)** | **Utilities (8.6%)** |
|  ***Electric Utilities (5.2%)*** | ***Electric Utilities (5.2%)*** | ***Electric Utilities (5.2%)*** |
|  Duke Energy Corp. | 38461 | 4508014 |
|  Evergy, Inc. | 131354 | 9521851 |
|  Eversource Energy | 87556 | 5895146 |
|  PPL Corp. | 91792 | 3214556 |
|  Xcel Energy, Inc. | 126172 | 9319064 |
|  |  | 32458631 |
|  ***Gas Utilities (2.2%)*** | ***Gas Utilities (2.2%)*** | ***Gas Utilities (2.2%)*** |
|  ONE Gas, Inc. | 104312 | 8058102 |

---

See Notes to Financial Statements.

512

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EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Spire, Inc. | 62350 | $5156345 |
|  |  | 13214447 |
|  ***Multi-Utilities (1.2%)*** | ***Multi-Utilities (1.2%)*** | ***Multi-Utilities (1.2%)*** |
|  Northwestern Energy Group, Inc. | 117849 | 7605974 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 53279052 |
|  **Total Common Stocks (96.0%)**<br> *(Cost $568,199,669)* |  | 596135520 |
|  MASTER LIMITED PARTNERSHIP: | MASTER LIMITED PARTNERSHIP: | MASTER LIMITED PARTNERSHIP: |
|  **Energy (1.5%)** | **Energy (1.5%)** | **Energy (1.5%)** |
|  ***Oil, Gas & Consumable Fuels (1.5%)*** | ***Oil, Gas & Consumable Fuels (1.5%)*** | ***Oil, Gas & Consumable Fuels (1.5%)*** |
|  Enterprise Products Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (*Cost $7,201,883*) | 292493 | 9377326 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (1.0%)** | **Investment Companies (1.0%)** |  |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 6339758 | 6342294 |
|  **Total Short-Term Investments (1.0%)**<br> *(Cost $6,342,004)* | **Total Short-Term Investments (1.0%)**<br> *(Cost $6,342,004)* | 6342294 |
|  **Total Investments in Securities (98.5%)**<br> *(Cost $581,743,556)* | **Total Investments in Securities (98.5%)**<br> *(Cost $581,743,556)* | 611855140 |
|  **Other Assets Less Liabilities (1.5%)** | **Other Assets Less Liabilities (1.5%)** | 9009248 |
|  **Net Assets (100%)** |  | $620864388 |

---

*\** *Non-income producing.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(x)* *All or a portion of security is on loan at December 31, 2025, the Portfolio had loaned securities with a total value of $142,612. This was collateralized by $148,546 of various U.S. Government Treasury Securities, ranging from 0.000% - 4.875%, maturing 1/31/26 - 5/15/55.* 

*Glossary:* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Forward Foreign Currency Contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  GBP | 295089 | USD | 396681 | Bank of America | 3/27/2026 | 996 |
|  GBP | 1116913 | USD | 1497040 | JPMorgan Chase Bank | 3/27/2026 | 8170 |
|  USD | 7568056 | EUR | 6407221 | Citibank NA | 3/27/2026 | 9444 |
|  USD | 9462540 | EUR | 8009432 | Goldman Sachs & Co. LLC | 3/27/2026 | 13798 |
|  USD | 7458389 | EUR | 6317945 | Morgan Stanley | 3/27/2026 | 5096 |
|  USD | 6735196 | EUR | 5700475 | UBS AG | 3/27/2026 | 10335 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 47839 |
|  GBP | 418883 | USD | 564906 | Bank of America | 3/27/2026 | (399) |
|  USD | 5357046 | GBP | 4002222 | Citibank NA | 3/27/2026 | (36552) |
|  USD | 5354933 | GBP | 4002222 | Goldman Sachs & Co. LLC | 3/27/2026 | (38666) |
|  USD | 5355683 | GBP | 4002222 | JPMorgan Chase Bank | 3/27/2026 | (37914) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (113531) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (65692) |

---

See Notes to Financial Statements.

513

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EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $4798569 | $3086686 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $7885255 |
|  Consumer Discretionary | 16658974 | 6548272 |  | 23207246 |
|  Consumer Staples | 36775627 | 27564220 |  | 64339847 |
|  Energy | 30616579 |  |  | 30616579 |
|  Financials | 91460181 |  |  | 91460181 |
|  Health Care | 89446213 |  |  | 89446213 |
|  Industrials | 91266357 | 12679572 |  | 103945929 |
|  Information Technology | 42003757 | 2920873 |  | 44924630 |
|  Materials | 34771279 |  |  | 34771279 |
|  Real Estate | 52259309 |  |  | 52259309 |
|  Utilities | 53279052 |  |  | 53279052 |
|  **Forward Currency Contracts** |  | 47839 |  | 47839 |
|  **Master Limited Partnerships** |  |  |  |  |
|  Energy | 9377326 |  |  | 9377326 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 6342294 |  |  | 6342294 |
|  **Total Assets** | $**559055517** | $**52847462** | $**—** | $**611902979** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(113531) | $— | $(113531) |
|  **Total Liabilities** | $**—** | $**(113531)** | $**—** | $**(113531)** |
|  **Total** | $**559055517** | $**52733931** | $**—** | $**611789448** |

---

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | $47839 |
|  **Total** |  | $47839 |
|  | **Liability Derivatives** |  |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | $(113531) |
|  **Total** |  | $(113531) |

---

See Notes to Financial Statements.

514

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EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $(3441370) | $(3441370) |
|  **Total** | $(3441370) | $(3441370) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $(626920) | $(626920) |
|  **Total** | $(626920) | $(626920) |

---

^ The Portfolio held forward foreign currency contracts for hedging.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $3232000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46879000 |

---

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Bank of America | $996 | $(399) | $— | $597 |
|  Citibank NA | 9444 | (9444) |  |  |
|  Goldman Sachs & Co. LLC | 13798 | (13798) |  |  |
|  JPMorgan Chase Bank | 8170 | (8170) |  |  |
|  Morgan Stanley | 5096 |  |  | 5096 |
|  UBS AG | 10335 |  |  | 10335 |
|  **Total** | $47839 | $(31811) | $— | $16028 |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  Bank of America | $399 | $(399) | $— | $— |
|  Citibank NA | 36552 | (9444) |  | 27108 |
|  Goldman Sachs & Co. LLC | 38666 | (13798) |  | 24868 |
|  JPMorgan Chase Bank | 37914 | (8170) |  | 29744 |
|  **Total** | $113531 | $(31811) | $— | $81720 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

See Notes to Financial Statements.

515

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EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $438074512.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $470343280.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $73630989 |
|  Aggregate gross unrealized depreciation | (42733617) |
|  Net unrealized appreciation | $30897372 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $580892076 |

---

For the period ended December 31, 2025, the Portfolio incurred approximately $19,739 as brokerage commissions with Bernstein Institutional Services, LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

516

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EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $581,743,556) | $611855140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 8699999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $8,708) | 8701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1477163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 603724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 191863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 47839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 622887015 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 1085095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 308242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 273741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 116265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 113531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 47558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 77978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2022627 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $620864388 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $586989335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 33875053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $620864388 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $545,231,382 / 25,164,781 shares outstanding (unlimited amount authorized: $0.01 par value) | $21.67 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $75,633,006 / 3,491,473 shares outstanding (unlimited amount authorized: $0.01 par value) | $21.66 |

---

*(x)* *Includes value of securities on loan of $142,612.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $227,239 foreign withholding tax) | $16124819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 343592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 4087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 16472498 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 5494843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1335231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 553008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 113489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 66100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 44774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 21053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 24880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 7653378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (1749549) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 5903829 |
|  **NET INVESTMENT INCOME (LOSS)** | 10568669 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 38468436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (3441370) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 7193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 35034259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 6631475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (626920) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 5613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 6010168 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 41044427 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $51613096 |

---

See Notes to Financial Statements.

517

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#### EQ ADVISORS TRUST
EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $10568669 | $11135924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 35034259 | 44651410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 6010168 | (6367932) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 51613096 | 49419402 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (45718439) | (39241974) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (6527061) | (5917311) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (52245500) | (45159285) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,522,324 and 1,497,651 shares, respectively ] | 34076839 | 33747744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 2,059,007 and 1,756,086 shares, respectively ] | 45718439 | 39241974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2867037) and (3110224) shares, respectively ] | (64152242) | (70474924) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 15643036 | 2514794 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 214,803 and 44,000 shares, respectively ] | 4396027 | 992773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 294,046 and 264,917 shares, respectively ] | 6527061 | 5917311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (589843) and (348746) shares, respectively ] | (13070187) | (7932782) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (2147099) | (1022698) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 13495937 | 1492096 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 12863533 | 5752213 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 608000855 | 602248642 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $620864388 | $608000855 |

---

See Notes to Financial Statements.

518

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#### EQ ADVISORS TRUST
EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $21.70 | $21.57 | $21.50 | $25.00 | $23.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.38 | 0.40 | 0.39 | 0.41 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.54 | 1.45 | 0.87 | (0.76) | 4.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.92 | 1.85 | 1.26 | (0.35) | 5.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.28) | (0.42) | (0.33) | (0.70) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.67) | (1.30) | (0.86) | (2.45) | (3.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.95) | (1.72) | (1.19) | (3.15) | (3.33) |
|  Net asset value, end of year | $21.67 | $21.70 | $21.57 | $21.50 | $25.00 |
|  Total return | 8.72% | 8.37% | 5.98% | (1.47) | 23.02% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $545231 | $530512 | $524357 | $510935 | $525686 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.00 %(j) | 1.00 %(j) | 1.00 %(j) | 1.00 | 1.00 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.28% | 1.29% | 1.29% | 1.28 | 1.28% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.70% | 1.79% | 1.82% | 1.71 | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.41% | 1.50% | 1.52% | 1.43 | 1.00% |
|  Portfolio turnover rate^ | 73% | 58% | 49% | 75 | 51% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $21.69 | $21.56 | $21.49 | $24.99 | $23.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.44 | 0.46 | 0.44 | 0.48 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.54 | 1.45 | 0.87 | (0.77) | 4.91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.98 | 1.91 | 1.31 | (0.29) | 5.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.34) | (0.48) | (0.38) | (0.76) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.67) | (1.30) | (0.86) | (2.45) | (3.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.01) | (1.78) | (1.24) | (3.21) | (3.40) |
|  Net asset value, end of year | $21.66 | $21.69 | $21.56 | $21.49 | $24.99 |
|  Total return | 8.98% | 8.62% | 6.23% | (1.24) | 23.35% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $75633 | $77489 | $77891 | $80988 | $79617 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.75 %(j) | 0.75 %(j) | 0.75 %(j) | 0.75 | 0.75 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.03% | 1.04% | 1.04% | 1.03 | 1.03% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.95% | 2.04% | 2.06% | 1.98 | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.67% | 1.75% | 1.77% | 1.70 | 1.20% |
|  Portfolio turnover rate^ | 73% | 58% | 49% | 75 | 51% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.37 and $0.44 for Class IB and Class K, respectively.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.00% for Class IB and 0.75% for Class K.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.17% lower.* 

See Notes to Financial Statements.

519

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EQ/AMERICAN CENTURY MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (64.9%)** | **Equity (64.9%)** | **Equity (64.9%)** |
|  iShares Core MSCI EAFE ETF | 338700 | $30300102 |
|  iShares Core S&P 500 ETF | 39600 | 27123624 |
|  iShares Core S&P Mid-Cap ETF | 106700 | 7042200 |
|  iShares Russell 2000 ETF(x) | 31000 | 7630960 |
|  State Street SPDR Portfolio S&P 500 ETF | 337700 | 27090294 |
|  Vanguard S&P 500 ETF | 43100 | 27029303 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 126216483 |
|  **Fixed Income (34.6%)** | **Fixed Income (34.6%)** | **Fixed Income (34.6%)** |
|  Vanguard Intermediate-Term Corporate Bond ETF(x) | 804300 | 67360125 |
|  **Total Exchange Traded Funds (99.5%)**<br> *(Cost $160,445,694)* |  | 193576608 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (1.0%)** | **Investment Companies (1.0%)** |  |
|  Allspring Government Money Market Fund, Select Shares 3.72% (7 day yield) (xx) | 900000 | 900000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 34387 | 34387 |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 1031433 | 1031846 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 1966233 |
|  **Total Short-Term Investments (1.0%)**<br> *(Cost $1,966,188)* | **Total Short-Term Investments (1.0%)**<br> *(Cost $1,966,188)* | 1966233 |
|  **Total Investments in Securities (100.5%)**<br> *(Cost $162,411,882)* | **Total Investments in Securities (100.5%)**<br> *(Cost $162,411,882)* | 195542841 |
|  **Other Assets Less Liabilities (-0.5%)** | **Other Assets Less Liabilities (-0.5%)** | (1021927) |
|  **Net Assets (100%)** |  | $194520914 |

---

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $53,330,049. This was collateralized by $53,702,622 of various U.S. Government Treasury Securities, ranging from 0.125% – 6.250%, maturing 1/15/26 – 5/15/55 and by cash of $934,387 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Exchange Traded Funds | $193576608 | $— | $— | $193576608 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 1966233 |  |  | 1966233 |
|  **Total Assets** | $**195542841** | $**—** | $**—** | $**195542841** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**195542841** | $**—** | $**—** | $**195542841** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $192243392.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $173804513.0 |

---

See Notes to Financial Statements.

520

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EQ/AMERICAN CENTURY MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $31227247 |
|  Aggregate gross unrealized depreciation | (467378) |
|  Net unrealized appreciation | $30759869 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $164782972 |

---

For the period ended December 31, 2025, the Portfolio incurred approximately $2,591 as brokerage commissions with Bernstein Institutional Services, LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

521

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EQ/AMERICAN CENTURY MODERATE GROWTH ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $162,411,882) | $195542841.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 299999.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 182427.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 13663.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 3641.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1490.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 196044061.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 934387.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 365869.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 115655.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 41039.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 20328.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 3009.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 42860.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1523147.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $194520914.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $163442884.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 31078030.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $194520914.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $194,520,914 / 14,477,458 shares outstanding (unlimited amount authorized: $0.01 par value) | $13.44 |

---

*(x)* *Includes value of securities on loan of $53,330,049.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $5294801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 12212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 135616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 5442629 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1384197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 432561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 216195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 58932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 21627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 10500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 5723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 5506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 2135241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (223292) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1911949 |
|  **NET INVESTMENT INCOME (LOSS)** | 3530680 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | (296911) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 17295240 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 16998329 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $20529009 |

---

See Notes to Financial Statements.

522

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#### EQ ADVISORS TRUST
EQ/AMERICAN CENTURY MODERATE GROWTH ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3530680 | $2414611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (296911) | 3715201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 17295240 | 7638620 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 20529009 | 13768432 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (3625490) | (6086732) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,785,700 and 2,904,096 shares, respectively ] | 22906825 | 35202921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 270,699 and 487,772 shares, respectively ] | 3625490 | 6086732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (664020) and (854142) shares, respectively ] | (8405907) | (10489243) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 18126408 | 30800410 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 18126408 | 30800410 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 35029927 | 38482110 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 159490987 | 121008877 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $194520914 | $159490987 |

---

See Notes to Financial Statements.

523

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#### EQ ADVISORS TRUST
EQ/AMERICAN CENTURY MODERATE GROWTH ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $12.19 | $11.47 | $10.07 | $12.60 | $11.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.26 | 0.21 | 0.20 | 0.14 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.25 | 1.00 | 1.37 | (2.32) | 0.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.51 | 1.21 | 1.57 | (2.18) | 1.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.24) | (0.19) | (0.17) | (0.15) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.02) | (0.30) |  | (0.20) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.26) | (0.49) | (0.17) | (0.35) | (0.19) |
|  Net asset value, end of year | $13.44 | $12.19 | $11.47 | $10.07 | $12.60 |
|  Total return | 12.37% | 10.43% | 15.62% | (17.28)% | 9.36% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $194521 | $159491 | $121009 | $82790 | $81197 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.10 %(j) | 1.10 %(j) | 1.10 %(j) | 1.13 %(k) | 1.14 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.23% | 1.25% | 1.27% | 1.28% | 1.29% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(x) | 2.04% | 1.67% | 1.83% | 1.25% | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(x) | 1.91% | 1.53% | 1.66% | 1.11% | 0.81% |
|  Portfolio turnover rate^ | 100% | 94% | 71% | 248% | 87% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.15% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.18% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB.* 

*(x)* *Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.* 

See Notes to Financial Statements.

524

------

EQ/CAPITAL GROUP RESEARCH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (9.2%)** | **Communication Services (9.2%)** | **Communication Services (9.2%)** |
|  ***Entertainment (0.6%)*** | ***Entertainment (0.6%)*** | ***Entertainment (0.6%)*** |
|  ROBLOX Corp., Class A\* | 50501 | $4092096 |
|  ***Interactive Media & Services (8.1%)*** | ***Interactive Media & Services (8.1%)*** | ***Interactive Media & Services (8.1%)*** |
|  Alphabet, Inc., Class C | 115924 | 36376951 |
|  Meta Platforms, Inc., Class A | 33964 | 22419297 |
|  |  | 58796248 |
|  ***Wireless Telecommunication Services (0.5%)*** | ***Wireless Telecommunication Services (0.5%)*** | ***Wireless Telecommunication Services (0.5%)*** |
|  T-Mobile US, Inc. | 19323 | 3923342 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 66811686 |
|  **Consumer Discretionary (10.6%)** | **Consumer Discretionary (10.6%)** | **Consumer Discretionary (10.6%)** |
|  ***Broadline Retail (3.5%)*** | ***Broadline Retail (3.5%)*** | ***Broadline Retail (3.5%)*** |
|  Amazon.com, Inc.\* | 109973 | 25383968 |
|  ***Hotels, Restaurants & Leisure (5.6%)*** | ***Hotels, Restaurants & Leisure (5.6%)*** | ***Hotels, Restaurants & Leisure (5.6%)*** |
|  Booking Holdings, Inc. | 840 | 4498477 |
|  Chipotle Mexican Grill, Inc.\* | 169609 | 6275533 |
|  Flutter Entertainment plc, Class DI\* | 21693 | 4664863 |
|  Marriott International, Inc., Class A | 25822 | 8011017 |
|  Royal Caribbean Cruises Ltd. | 42748 | 11923272 |
|  Yum! Brands, Inc. | 33117 | 5009940 |
|  |  | 40383102 |
|  ***Specialty Retail (1.5%)*** | ***Specialty Retail (1.5%)*** | ***Specialty Retail (1.5%)*** |
|  Burlington Stores, Inc.\* | 21091 | 6092135 |
|  Tractor Supply Co. | 93320 | 4666933 |
|  |  | 10759068 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 76526138 |
|  **Consumer Staples (4.9%)** | **Consumer Staples (4.9%)** | **Consumer Staples (4.9%)** |
|  ***Consumer Staples Distribution & Retail (0.7%)*** | ***Consumer Staples Distribution & Retail (0.7%)*** | ***Consumer Staples Distribution & Retail (0.7%)*** |
|  Dollar Tree, Inc.\* | 41650 | 5123367 |
|  ***Food Products (0.8%)*** | ***Food Products (0.8%)*** | ***Food Products (0.8%)*** |
|  Mondelez International, Inc., Class A | 107000 | 5759810 |
|  ***Household Products (0.7%)*** | ***Household Products (0.7%)*** | ***Household Products (0.7%)*** |
|  Church & Dwight Co., Inc. | 58485 | 4903967 |
|  ***Tobacco (2.7%)*** | ***Tobacco (2.7%)*** | ***Tobacco (2.7%)*** |
|  Philip Morris International, Inc. | 124780 | 20014712 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 35801856 |
|  **Energy (0.5%)** | **Energy (0.5%)** | **Energy (0.5%)** |
|  ***Oil, Gas & Consumable Fuels (0.5%)*** | ***Oil, Gas & Consumable Fuels (0.5%)*** | ***Oil, Gas & Consumable Fuels (0.5%)*** |
|  ConocoPhillips | 37778 | 3536399 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 3536399 |
|  **Financials (14.9%)** | **Financials (14.9%)** | **Financials (14.9%)** |
|  ***Banks (4.7%)*** | ***Banks (4.7%)*** | ***Banks (4.7%)*** |
|  Bank of America Corp. | 140598 | 7732890 |
|  JPMorgan Chase & Co. | 55018 | 17727900 |
|  Truist Financial Corp. | 171000 | 8414910 |
|  |  | 33875700 |
|  ***Capital Markets (1.8%)*** | ***Capital Markets (1.8%)*** | ***Capital Markets (1.8%)*** |
|  KKR & Co., Inc. | 76814 | 9792249 |
|  S&P Global, Inc. | 6617 | 3457978 |
|  |  | 13250227 |
|  ***Consumer Finance (0.9%)*** | ***Consumer Finance (0.9%)*** | ***Consumer Finance (0.9%)*** |
|  Capital One Financial Corp. | 27031 | 6551233 |
|  ***Financial Services (4.8%)*** | ***Financial Services (4.8%)*** | ***Financial Services (4.8%)*** |
|  Mastercard, Inc., Class A | 26585 | 15176845 |
|  Toast, Inc., Class A\* | 212457 | 7544348 |
|  Visa, Inc., Class A | 34403 | 12065476 |
|  |  | 34786669 |
|  ***Insurance (2.7%)*** | ***Insurance (2.7%)*** | ***Insurance (2.7%)*** |
|  Brown & Brown, Inc. | 46457 | 3702623 |
|  Marsh & McLennan Cos., Inc. | 41557 | 7709654 |
|  Progressive Corp. (The) | 35425 | 8066981 |
|  |  | 19479258 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 107943087 |
|  **Health Care (7.0%)** | **Health Care (7.0%)** | **Health Care (7.0%)** |
|  ***Biotechnology (2.1%)*** | ***Biotechnology (2.1%)*** | ***Biotechnology (2.1%)*** |
|  AbbVie, Inc. | 29190 | 6669623 |
|  Amgen, Inc. | 25921 | 8484203 |
|  |  | 15153826 |
|  ***Health Care Equipment & Supplies (0.8%)*** | ***Health Care Equipment & Supplies (0.8%)*** | ***Health Care Equipment & Supplies (0.8%)*** |
|  Abbott Laboratories | 47876 | 5998384 |
|  ***Health Care Providers & Services (1.7%)*** | ***Health Care Providers & Services (1.7%)*** | ***Health Care Providers & Services (1.7%)*** |
|  Humana, Inc. | 11921 | 3053325 |
|  UnitedHealth Group, Inc. | 27571 | 9101463 |
|  |  | 12154788 |
|  ***Life Sciences Tools & Services (1.4%)*** | ***Life Sciences Tools & Services (1.4%)*** | ***Life Sciences Tools & Services (1.4%)*** |
|  Danaher Corp. | 22091 | 5057072 |
|  Mettler-Toledo International, Inc.\* | 3879 | 5408063 |
|  |  | 10465135 |
|  ***Pharmaceuticals (1.0%)*** | ***Pharmaceuticals (1.0%)*** | ***Pharmaceuticals (1.0%)*** |
|  Royalty Pharma plc, Class A | 184460 | 7127534 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 50899667 |
|  **Industrials (10.3%)** | **Industrials (10.3%)** | **Industrials (10.3%)** |
|  ***Aerospace & Defense (4.3%)*** | ***Aerospace & Defense (4.3%)*** | ***Aerospace & Defense (4.3%)*** |
|  ATI, Inc.\* | 86879 | 9970234 |
|  GE Aerospace | 36611 | 11277287 |
|  TransDigm Group, Inc. | 7772 | 10335594 |
|  |  | 31583115 |
|  ***Air Freight & Logistics (1.2%)*** | ***Air Freight & Logistics (1.2%)*** | ***Air Freight & Logistics (1.2%)*** |
|  FedEx Corp. | 28989 | 8373763 |
|  ***Building Products (0.8%)*** | ***Building Products (0.8%)*** | ***Building Products (0.8%)*** |
|  Lennox International, Inc. | 11400 | 5535612 |
|  ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** |
|  Waste Connections, Inc. | 18500 | 3244160 |
|  ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** |
|  Saia, Inc.\* | 8695 | 2839091 |

---

See Notes to Financial Statements.

525

------

EQ/CAPITAL GROUP RESEARCH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Machinery (1.5%)*** | ***Machinery (1.5%)*** | ***Machinery (1.5%)*** |
|  Caterpillar, Inc. | 9772 | $5598085 |
|  Ingersoll Rand, Inc. | 68954 | 5462536 |
|  |  | 11060621 |
|  ***Trading Companies & Distributors (1.7%)*** | ***Trading Companies & Distributors (1.7%)*** | ***Trading Companies & Distributors (1.7%)*** |
|  FTAI Aviation Ltd. | 61993 | 12203322 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 74839684 |
|  **Information Technology (32.2%)** | **Information Technology (32.2%)** | **Information Technology (32.2%)** |
|  ***Electronic Equipment, Instruments & Components (2.3%)*** | ***Electronic Equipment, Instruments & Components (2.3%)*** | ***Electronic Equipment, Instruments & Components (2.3%)*** |
|  Amphenol Corp., Class A | 65162 | 8805993 |
|  TE Connectivity plc | 34882 | 7936004 |
|  |  | 16741997 |
|  ***IT Services (1.2%)*** | ***IT Services (1.2%)*** | ***IT Services (1.2%)*** |
|  Accenture plc, Class A | 19456 | 5220045 |
|  Gartner, Inc.\* | 14131 | 3564969 |
|  |  | 8785014 |
|  ***Semiconductors & Semiconductor Equipment (17.9%)*** | ***Semiconductors & Semiconductor Equipment (17.9%)*** | ***Semiconductors & Semiconductor Equipment (17.9%)*** |
|  Broadcom, Inc. | 157895 | 54647459 |
|  Intel Corp.\* | 105546 | 3894647 |
|  KLA Corp. | 13744 | 16700060 |
|  Micron Technology, Inc. | 80961 | 23107079 |
|  NVIDIA Corp. | 167280 | 31197720 |
|  |  | 129546965 |
|  ***Software (8.1%)*** | ***Software (8.1%)*** | ***Software (8.1%)*** |
|  Atlassian Corp., Class A\* | 22118 | 3586212 |
|  Microsoft Corp. | 67832 | 32804912 |
|  Salesforce, Inc. | 53277 | 14113610 |
|  ServiceNow, Inc.\* | 53720 | 8229367 |
|  |  | 58734101 |
|  ***Technology Hardware, Storage & Peripherals (2.7%)*** | ***Technology Hardware, Storage & Peripherals (2.7%)*** | ***Technology Hardware, Storage & Peripherals (2.7%)*** |
|  Apple, Inc. | 73206 | 19901783 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 233709860 |
|  **Materials (1.5%)** | **Materials (1.5%)** | **Materials (1.5%)** |
|  ***Chemicals (1.5%)*** | ***Chemicals (1.5%)*** | ***Chemicals (1.5%)*** |
|  Air Products and Chemicals, Inc. | 18683 | 4615075 |
|  Linde plc | 15211 | 6485818 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 11100893 |
|  **Real Estate (1.9%)** | **Real Estate (1.9%)** | **Real Estate (1.9%)** |
|  ***Health Care REITs (1.4%)*** | ***Health Care REITs (1.4%)*** | ***Health Care REITs (1.4%)*** |
|  Welltower, Inc. (REIT) | 55510 | 10303211 |
|  ***Specialized REITs (0.5%)*** | ***Specialized REITs (0.5%)*** | ***Specialized REITs (0.5%)*** |
|  Public Storage (REIT) | 13121 | 3404900 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 13708111 |
|  **Utilities (5.9%)** | **Utilities (5.9%)** | **Utilities (5.9%)** |
|  ***Electric Utilities (1.7%)*** | ***Electric Utilities (1.7%)*** | ***Electric Utilities (1.7%)*** |
|  Constellation Energy Corp. | 35615 | 12581711 |
|  ***Gas Utilities (2.1%)*** | ***Gas Utilities (2.1%)*** | ***Gas Utilities (2.1%)*** |
|  Atmos Energy Corp. | 92032 | 15427324 |
|  ***Multi-Utilities (2.1%)*** | ***Multi-Utilities (2.1%)*** | ***Multi-Utilities (2.1%)*** |
|  NiSource, Inc. | 359646 | 15018817 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 43027852 |
|  **Total Investments in Securities (98.9%)**<br> *(Cost $356,184,409)* | **Total Investments in Securities (98.9%)**<br> *(Cost $356,184,409)* | 717905233 |
|  **Other Assets Less Liabilities (1.1%)** | **Other Assets Less Liabilities (1.1%)** | 8018671 |
|  **Net Assets (100%)** |  | $725923904 |

---

*\** *Non-income producing.* 

*Glossary:* 

*REIT* *— Real Estate Investment Trust* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $66811686 | $— | $— | $66811686 |
|  Consumer Discretionary | 76526138 |  |  | 76526138 |
|  Consumer Staples | 35801856 |  |  | 35801856 |
|  Energy | 3536399 |  |  | 3536399 |
|  Financials | 107943087 |  |  | 107943087 |

---

See Notes to Financial Statements.

526

------

EQ/CAPITAL GROUP RESEARCH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  Health Care | $50899667 | $— | $— | $50899667 |
|  Industrials | 74839684 |  |  | 74839684 |
|  Information Technology | 233709860 |  |  | 233709860 |
|  Materials | 11100893 |  |  | 11100893 |
|  Real Estate | 13708111 |  |  | 13708111 |
|  Utilities | 43027852 |  |  | 43027852 |
|  **Total Assets** | $**717905233** | $**—** | $**—** | $**717905233** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**717905233** | $**—** | $**—** | $**717905233** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $122503099 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183899043 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $362169770 |
|  Aggregate gross unrealized depreciation | (7097763) |
|  Net unrealized appreciation | $355072007 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362833226 |

---

For the period ended December 31, 2025, the Portfolio incurred approximately $88 as brokerage commissions with Bernstein Institutional Services, LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

527

------

EQ/CAPITAL GROUP RESEARCH PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value<br>(Cost $356,184,409) | $717905233.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 8590891.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 427860.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 25075.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2702.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 726951761.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 363740.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 356182.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 153462.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 55122.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1352.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 97999.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1027857.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $725923904.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $356013345.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 369910559.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $725923904.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $725,923,904 / 19,471,493 shares outstanding (unlimited amount authorized: $0.01 par value) | $37.28 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $6,203 foreign withholding tax) | $7340024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 403030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 1369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 7744423 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4449401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1711306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 619486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 74758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 44832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 35000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 23090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 15512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 6973385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (313581) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voluntary waiver from investment manager | (154989) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 6504815 |
|  **NET INVESTMENT INCOME (LOSS)** | 1239608 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 69372942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 54065119 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 123438061 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $124677669 |

---

See Notes to Financial Statements.

528

------

#### EQ ADVISORS TRUST
EQ/CAPITAL GROUP RESEARCH PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1239608 | $1994325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 69372942 | 58307503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 54065119 | 101542526 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 124677669 | 161844354 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (60316240) | (84355270) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 17,757 shares, respectively ] |  | 574791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (2695513) shares, respectively ] |  | (92743259) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (178453) shares, respectively ] |  | (5732244) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (97900712) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 610,215 and 438,928 shares, respectively ] | 22026701 | 14977448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 2,690,338 shares, respectively ] |  | 92743259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,627,246 and 2,394,757 shares, respectively ] | 60316240 | 84355270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2351647) and (2166935) shares, respectively ] | (85340414) | (74311882) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (2997473) | 117764095 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (2997473) | 19863383 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 61363956 | 97352467 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 664559948 | 567207481 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $725923904 | $664559948 |

---

See Notes to Financial Statements.

529

------

#### EQ ADVISORS TRUST
EQ/CAPITAL GROUP RESEARCH PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $33.93 | $29.73 | $25.47 | $35.80 | $30.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.07 | 0.11 | 0.09 | 0.05 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 6.63 | 8.83 | 5.68 | (6.79) | 7.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 6.70 | 8.94 | 5.77 | (6.74) | 7.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.17) | (0.57) | (0.10) | (0.05) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (3.18) | (4.17) | (1.41) | (3.54) | (1.75) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (3.35) | (4.74) | (1.51) | (3.59) | (1.75) |
|  Net asset value, end of year | $37.28 | $33.93 | $29.73 | $25.47 | $35.80 |
|  Total return | 19.83 | 29.87 | 22.98 | (18.97)% | 23.06% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $725924 | $664560 | $482458 | $428260 | $562690 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.95 | 0.96 | 0.97 | 0.97% | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.02 | 1.02 | 1.03 | 1.02% | 1.02% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.18 | 0.32 | 0.33 | 0.17% | (0.11)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.11 | 0.26 | 0.27 | 0.11% | (0.15)% |
|  Portfolio turnover rate^ | 18 | 25 | 33 | 25% | 20% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amount would be $0.08 for Class IB.* 

*(2)* *Includes income resulting from a special dividend. Without this dividend, the per share income amount would be $0.03 for Class IB.* 

*(3)* *Includes income resulting from a special dividend. Without this dividend, the per share income amount would be $0.07 for Class IB.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(i)* *Includes voluntary waiver from investment manager of 0.02%.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for the class would have been 0.10% lower.* 

*(bb)* *Includes income resulting from a special dividend. Without this dividend, the ratios for the class would have been 0.08% lower.* 

See Notes to Financial Statements.

530

------

EQ/CLEARBRIDGE LARGE CAP GROWTH ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (12.5%)** | **Communication Services (12.5%)** | **Communication Services (12.5%)** |
|  ***Entertainment (3.5%)*** | ***Entertainment (3.5%)*** | ***Entertainment (3.5%)*** |
|  Netflix, Inc.\* | 168092 | $15760306 |
|  ***Interactive Media & Services (9.0%)*** | ***Interactive Media & Services (9.0%)*** | ***Interactive Media & Services (9.0%)*** |
|  Alphabet, Inc., Class A | 42900 | 13427700 |
|  Meta Platforms, Inc., Class A | 41003 | 27065670 |
|  |  | 40493370 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 56253676 |
|  **Consumer Discretionary (13.3%)** | **Consumer Discretionary (13.3%)** | **Consumer Discretionary (13.3%)** |
|  ***Automobiles (2.2%)*** | ***Automobiles (2.2%)*** | ***Automobiles (2.2%)*** |
|  Tesla, Inc.\* | 22000 | 9893840 |
|  ***Broadline Retail (7.8%)*** | ***Broadline Retail (7.8%)*** | ***Broadline Retail (7.8%)*** |
|  Amazon.com, Inc.\* | 151320 | 34927682 |
|  ***Hotels, Restaurants & Leisure (3.3%)*** | ***Hotels, Restaurants & Leisure (3.3%)*** | ***Hotels, Restaurants & Leisure (3.3%)*** |
|  Airbnb, Inc., Class A\* | 61700 | 8373924 |
|  Chipotle Mexican Grill, Inc.\* | 181600 | 6719200 |
|  |  | 15093124 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 59914646 |
|  **Consumer Staples (1.3%)** | **Consumer Staples (1.3%)** | **Consumer Staples (1.3%)** |
|  ***Beverages (1.3%)*** | ***Beverages (1.3%)*** | ***Beverages (1.3%)*** |
|  Monster Beverage Corp.\* | 75320 | 5774784 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 5774784 |
|  **Financials (7.4%)** | **Financials (7.4%)** | **Financials (7.4%)** |
|  ***Capital Markets (1.3%)*** | ***Capital Markets (1.3%)*** | ***Capital Markets (1.3%)*** |
|  S&P Global, Inc. | 10732 | 5608436 |
|  ***Financial Services (4.6%)*** | ***Financial Services (4.6%)*** | ***Financial Services (4.6%)*** |
|  PayPal Holdings, Inc. | 38300 | 2235954 |
|  Visa, Inc., Class A | 52461 | 18398597 |
|  |  | 20634551 |
|  ***Insurance (1.5%)*** | ***Insurance (1.5%)*** | ***Insurance (1.5%)*** |
|  Marsh & McLennan Cos., Inc. | 36896 | 6844946 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 33087933 |
|  **Health Care (7.8%)** | **Health Care (7.8%)** | **Health Care (7.8%)** |
|  ***Biotechnology (1.8%)*** | ***Biotechnology (1.8%)*** | ***Biotechnology (1.8%)*** |
|  Vertex Pharmaceuticals, Inc.\* | 18100 | 8205816 |
|  ***Health Care Equipment & Supplies (4.1%)*** | ***Health Care Equipment & Supplies (4.1%)*** | ***Health Care Equipment & Supplies (4.1%)*** |
|  Intuitive Surgical, Inc.\* | 21500 | 12176740 |
|  Stryker Corp. | 17100 | 6010137 |
|  |  | 18186877 |
|  ***Life Sciences Tools & Services (1.9%)*** | ***Life Sciences Tools & Services (1.9%)*** | ***Life Sciences Tools & Services (1.9%)*** |
|  Thermo Fisher Scientific, Inc. | 14797 | 8574122 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 34966815 |
|  **Industrials (8.2%)** | **Industrials (8.2%)** | **Industrials (8.2%)** |
|  ***Aerospace & Defense (1.5%)*** | ***Aerospace & Defense (1.5%)*** | ***Aerospace & Defense (1.5%)*** |
|  Airbus SE (ADR) | 113219 | 6557644 |
|  ***Electrical Equipment (2.1%)*** | ***Electrical Equipment (2.1%)*** | ***Electrical Equipment (2.1%)*** |
|  Eaton Corp. plc | 29660 | 9447007 |
|  ***Ground Transportation (1.5%)*** | ***Ground Transportation (1.5%)*** | ***Ground Transportation (1.5%)*** |
|  Uber Technologies, Inc.\* | 82880 | 6772125 |
|  ***Industrial Conglomerates (1.1%)*** | ***Industrial Conglomerates (1.1%)*** | ***Industrial Conglomerates (1.1%)*** |
|  Honeywell International, Inc. | 26700 | 5208903 |
|  ***Trading Companies & Distributors (2.0%)*** | ***Trading Companies & Distributors (2.0%)*** | ***Trading Companies & Distributors (2.0%)*** |
|  W.W. Grainger, Inc. | 8740 | 8819097 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 36804776 |
|  **Information Technology (44.6%)** | **Information Technology (44.6%)** | **Information Technology (44.6%)** |
|  ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** |
|  Arista Networks, Inc.\* | 10400 | 1362712 |
|  ***Semiconductors & Semiconductor Equipment (20.1%)*** | ***Semiconductors & Semiconductor Equipment (20.1%)*** | ***Semiconductors & Semiconductor Equipment (20.1%)*** |
|  ASML Holding NV (Registered) (ADR) | 9440 | 10099478 |
|  Broadcom, Inc. | 28257 | 9779748 |
|  Marvell Technology, Inc. | 31300 | 2659874 |
|  NVIDIA Corp. | 311200 | 58038800 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 31254 | 9497778 |
|  |  | 90075678 |
|  ***Software (18.4%)*** | ***Software (18.4%)*** | ***Software (18.4%)*** |
|  Datadog, Inc., Class A\* | 17900 | 2434221 |
|  Intuit, Inc. | 15400 | 10201268 |
|  Microsoft Corp. | 68027 | 32899218 |
|  Oracle Corp. | 52629 | 10257918 |
|  Palo Alto Networks, Inc.\* | 57800 | 10646760 |
|  Salesforce, Inc. | 18805 | 4981632 |
|  ServiceNow, Inc.\* | 24600 | 3768474 |
|  Synopsys, Inc.\* | 16123 | 7573296 |
|  |  | 82762787 |
|  ***Technology Hardware, Storage & Peripherals (5.8%)*** | ***Technology Hardware, Storage & Peripherals (5.8%)*** | ***Technology Hardware, Storage & Peripherals (5.8%)*** |
|  Apple, Inc. | 96134 | 26134990 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 200336167 |
|  **Materials (2.8%)** | **Materials (2.8%)** | **Materials (2.8%)** |
|  ***Chemicals (2.8%)*** | ***Chemicals (2.8%)*** | ***Chemicals (2.8%)*** |
|  Linde plc | 13900 | 5926821 |
|  Sherwin-Williams Co. (The) | 20600 | 6675018 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 12601839 |
|  **Real Estate (1.4%)** | **Real Estate (1.4%)** | **Real Estate (1.4%)** |
|  ***Specialized REITs (1.4%)*** | ***Specialized REITs (1.4%)*** | ***Specialized REITs (1.4%)*** |
|  Equinix, Inc. (REIT) | 8400 | 6435744 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 6435744 |
|  **Total Investments in Securities (99.3%)**<br> *(Cost $180,675,506)* | **Total Investments in Securities (99.3%)**<br> *(Cost $180,675,506)* | 446176380 |
|  **Other Assets Less Liabilities (0.7%)** | **Other Assets Less Liabilities (0.7%)** | 3246264 |
|  **Net Assets (100%)** |  | $449422644 |

---

*\** *Non-income producing.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*REIT* *— Real Estate Investment Trust* 

See Notes to Financial Statements.

531

------

EQ/CLEARBRIDGE LARGE CAP GROWTH ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $56253676 | $— | $— | $56253676 |
|  Consumer Discretionary | 59914646 |  |  | 59914646 |
|  Consumer Staples | 5774784 |  |  | 5774784 |
|  Financials | 33087933 |  |  | 33087933 |
|  Health Care | 34966815 |  |  | 34966815 |
|  Industrials | 36804776 |  |  | 36804776 |
|  Information Technology | 200336167 |  |  | 200336167 |
|  Materials | 12601839 |  |  | 12601839 |
|  Real Estate | 6435744 |  |  | 6435744 |
|  **Total Assets** | $**446176380** | $**—** | $**—** | $**446176380** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**446176380** | $**—** | $**—** | $**446176380** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $98861231 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146463091 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $274743228 |
|  Aggregate gross unrealized depreciation | (9267967) |
|  Net unrealized appreciation | $265475261 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180701119 |

---

For the period ended December 31, 2025, the Portfolio incurred approximately $1,572 as brokerage commissions with Bernstein Institutional Services, LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

532

------

EQ/CLEARBRIDGE LARGE CAP GROWTH ESG PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $180,675,506) | $446176380.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 2687606.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 906066.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 64145.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 35301.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1801.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 449871299.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 240799.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 93828.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 38044.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 34262.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 41722.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 448655.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $449422644.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $180447702.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 268974942.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $449422644.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $442,240,770 / 26,364,444 shares outstanding (unlimited amount authorized: $0.01 par value) | $16.77 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $7,181,874 / 385,467 shares outstanding (unlimited amount authorized: $0.01 par value) | $18.63 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $43,076 foreign withholding tax) | $2379356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 237225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 2617638 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2908961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1100174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 405048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 66766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 36790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 29700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 15325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 10655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 4573419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (117076) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 4456343 |
|  **NET INVESTMENT INCOME (LOSS)** | (1838705) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 44243366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (9361894) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 34881472 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $33042767 |

---

See Notes to Financial Statements.

533

------

#### EQ ADVISORS TRUST
EQ/CLEARBRIDGE LARGE CAP GROWTH ESG PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1838705) | $(1364885) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 44243366 | 36465608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (9361894) | 69059275 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 33042767 | 104159998 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (47543738) | (30281773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (726701) | (510012) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (48270439) | (30791785) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 32,964 shares, respectively ] |  | 535486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (1015080) shares, respectively ] |  | (18377252) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (96941) shares, respectively ] |  | (1646141) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (19487907) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,384,588 and 1,208,623 shares, respectively ] | 24692629 | 20373444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 1,069,324 shares, respectively ] |  | 18377252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 2,816,600 and 1,684,773 shares, respectively ] | 47543738 | 30281773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3704398) and (3995356) shares, respectively ] | (65558821) | (67824185) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 6677546 | 1208284 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 51,666 and 224,927 shares, respectively ] | 1029367 | 3978943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 38,800 and 25,902 shares, respectively ] | 726701 | 510012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (144186) and (327945) shares, respectively ] | (2792270) | (6071700) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (1036202) | (1582745) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 5641344 | (19862368) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (9586328) | 53505845 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 459008972 | 405503127 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $449422644 | $459008972 |

---

See Notes to Financial Statements.

534

------

#### EQ ADVISORS TRUST
EQ/CLEARBRIDGE LARGE CAP GROWTH ESG PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $17.42 | $14.69 | $10.40 | $17.82 | $15.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.07) | (0.05) | (0.04) | (0.04) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.39 | 4.02 | 4.79 | (5.61) | 3.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.32 | 3.97 | 4.75 | (5.65) | 3.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.97) | (1.24) | (0.46) | (1.77) | (1.19) |
|  Net asset value, end of year | $16.77 | $17.42 | $14.69 | $10.40 | $17.82 |
|  Total return | 7.69% | 26.79% | 45.91 | (32.13)% | 21.67% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $442241 | $450622 | $380553 | $289321 | $455081 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.00% | 1.00% | 1.00 | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.03% | 1.03% | 1.03 | 1.03% | 1.02% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.42)% | (0.31)% | (0.28) | (0.30)% | (0.40)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.44)% | (0.34)% | (0.31) | (0.33)% | (0.42)% |
|  Portfolio turnover rate^ | 22% | 15% | 10 | 28% | 16% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $19.10 | $15.98 | $11.26 | $19.03 | $16.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.03) | (0.01) |  | (0.01) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.53 | 4.37 | 5.18 | (5.99) | 3.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.50 | 4.36 | 5.18 | (6.00) | 3.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.97) | (1.24) | (0.46) | (1.77) | (1.19) |
|  Net asset value, end of year | $18.63 | $19.10 | $15.98 | $11.26 | $19.03 |
|  Total return | 7.96% | 27.07% | 46.23 | (31.92)% | 22.00% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $7182 | $8387 | $8248 | $4045 | $8180 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.75% | 0.75% | 0.75 | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.78% | 0.78% | 0.79 | 0.78% | 0.77% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.16)% | (0.06)% | (0.03) | (0.05)% | (0.15)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.19)% | (0.08)% | (0.07) | (0.09)% | (0.17)% |
|  Portfolio turnover rate^ | 22% | 15% | 10 | 28% | 16% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

535

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EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: |  |  |
|  **Communication Services (5.5%)** |  |  |
|  ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** |
|  AT&T, Inc. | 31856 | $791303 |
|  Verizon Communications, Inc. | 18945 | 771630 |
|  |  | 1562933 |
|  ***Entertainment (1.1%)*** | ***Entertainment (1.1%)*** | ***Entertainment (1.1%)*** |
|  Electronic Arts, Inc. | 995 | 203308 |
|  Live Nation Entertainment, Inc.\* | 23899 | 3405608 |
|  Netflix, Inc.\* | 19040 | 1785191 |
|  Take-Two Interactive Software, Inc.\* | 766 | 196119 |
|  TKO Group Holdings, Inc., Class A | 307 | 64163 |
|  Walt Disney Co. (The) | 8022 | 912663 |
|  Warner Bros Discovery, Inc.\* | 11171 | 321948 |
|  |  | 6889000 |
|  ***Interactive Media & Services (4.0%)*** | ***Interactive Media & Services (4.0%)*** | ***Interactive Media & Services (4.0%)*** |
|  Alphabet, Inc., Class A | 26143 | 8182759 |
|  Alphabet, Inc., Class C | 20895 | 6556851 |
|  Match Group, Inc. | 1119 | 36132 |
|  Meta Platforms, Inc., Class A | 9786 | 6459641 |
|  Reddit, Inc., Class A\* | 19400 | 4459478 |
|  |  | 25694861 |
|  ***Media (0.1%)*** |  |  |
|  Charter Communications, Inc., Class A\* | 382 | 79743 |
|  Comcast Corp., Class A | 16331 | 488134 |
|  Fox Corp., Class A | 901 | 65836 |
|  Fox Corp., Class B | 676 | 43893 |
|  News Corp., Class A | 1638 | 42784 |
|  News Corp., Class B | 511 | 15141 |
|  Omnicom Group, Inc. | 1419 | 114584 |
|  Paramount Skydance Corp., Class B | 1228 | 16455 |
|  Trade Desk, Inc. (The), Class A\* | 1988 | 75464 |
|  |  | 942034 |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** |
|  T-Mobile US, Inc. | 2151 | 436739 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 35525567 |
|  **Consumer Discretionary (8.8%)** | **Consumer Discretionary (8.8%)** | **Consumer Discretionary (8.8%)** |
|  ***Automobile Components (0.0%)†*** |  |  |
|  Aptiv plc\* | 1006 | 76547 |
|  ***Automobiles (1.0%)*** |  |  |
|  Ford Motor Co. | 17675 | 231896 |
|  General Motors Co. | 4192 | 340893 |
|  Tesla, Inc.\* | 12626 | 5678165 |
|  |  | 6250954 |
|  ***Broadline Retail (3.7%)*** |  |  |
|  Amazon.com, Inc.\* | 43713 | 10089834 |
|  eBay, Inc. | 2009 | 174984 |
|  Global-e Online Ltd.\* | 97317 | 3825531 |
|  MercadoLibre, Inc.\* | 4945 | 9960516 |
|  |  | 24050865 |
|  ***Distributors (0.0%)†*** |  |  |
|  Genuine Parts Co. | 655 | 80539 |
|  Pool Corp. | 148 | 33855 |
|  |  | 114394 |
|  ***Hotels, Restaurants & Leisure (1.5%)*** | ***Hotels, Restaurants & Leisure (1.5%)*** | ***Hotels, Restaurants & Leisure (1.5%)*** |
|  Airbnb, Inc., Class A\* | 1888 | 256239 |
|  Booking Holdings, Inc. | 145 | 776523 |
|  Carnival Corp.\* | 4839 | 147783 |
|  Chipotle Mexican Grill, Inc.\* | 5922 | 219114 |
|  Darden Restaurants, Inc. | 532 | 97899 |
|  Domino's Pizza, Inc. | 145 | 60439 |
|  DoorDash, Inc., Class A\* | 1673 | 378901 |
|  Expedia Group, Inc. | 14688 | 4161257 |
|  Hilton Worldwide Holdings, Inc. | 1036 | 297591 |
|  Las Vegas Sands Corp. | 1403 | 91321 |
|  Marriott International, Inc., Class A | 994 | 308379 |
|  McDonald's Corp. | 3200 | 978016 |
|  MGM Resorts International\* | 1035 | 37767 |
|  Norwegian Cruise Line Holdings Ltd.\* | 1998 | 44595 |
|  Royal Caribbean Cruises Ltd. | 1143 | 318806 |
|  Starbucks Corp. | 5081 | 427871 |
|  Wingstop, Inc. | 4000 | 953960 |
|  Wynn Resorts Ltd. | 379 | 45605 |
|  Yum! Brands, Inc. | 1228 | 185772 |
|  |  | 9787838 |
|  ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** |
|  DR Horton, Inc. | 1211 | 174420 |
|  Garmin Ltd. | 723 | 146660 |
|  Lennar Corp., Class A | 947 | 97352 |
|  NVR, Inc.\* | 13 | 94806 |
|  PulteGroup, Inc. | 854 | 100140 |
|  |  | 613378 |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** |
|  Hasbro, Inc. | 618 | 50676 |
|  ***Specialty Retail (2.4%)*** | ***Specialty Retail (2.4%)*** | ***Specialty Retail (2.4%)*** |
|  AutoZone, Inc.\* | 74 | 250971 |
|  Best Buy Co., Inc. | 892 | 59702 |
|  Burlington Stores, Inc.\* | 17851 | 5156261 |
|  Carvana Co.\* | 635 | 267983 |
|  Home Depot, Inc. (The) | 4473 | 1539159 |
|  Lowe's Cos., Inc. | 25450 | 6137522 |
|  O'Reilly Automotive, Inc.\* | 3828 | 349152 |
|  Ross Stores, Inc. | 1478 | 266247 |
|  TJX Cos., Inc. (The) | 5001 | 768204 |
|  Tractor Supply Co. | 2323 | 116173 |
|  Ulta Beauty, Inc.\* | 201 | 121607 |
|  Williams-Sonoma, Inc. | 556 | 99296 |
|  |  | 15132277 |
|  ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** |
|  Deckers Outdoor Corp.\* | 672 | 69666 |
|  Lululemon Athletica, Inc.\* | 505 | 104944 |
|  NIKE, Inc., Class B | 5406 | 344416 |
|  Ralph Lauren Corp. | 165 | 58346 |
|  Tapestry, Inc. | 900 | 114993 |
|  |  | 692365 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 56769294 |
|  **Consumer Staples (5.6%)** | **Consumer Staples (5.6%)** | **Consumer Staples (5.6%)** |
|  ***Beverages (1.1%)*** |  |  |
|  Brown-Forman Corp., Class B | 670 | 17460 |
|  Coca-Cola Co. (The) | 17396 | 1216154 |
|  Constellation Brands, Inc., Class A | 650 | 89674 |

---

See Notes to Financial Statements.

536

------

EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Keurig Dr Pepper, Inc. | 6043 | $| 169265 |
|  Molson Coors Beverage Co., Class B | 725 |  | 33843 |
|  Monster Beverage Corp.\* | 61323 |  | 4701634 |
|  PepsiCo, Inc. | 6144 |  | 881787 |
|  |  |  | 7109817 |
|  ***Consumer Staples Distribution & Retail (3.6%)*** | ***Consumer Staples Distribution & Retail (3.6%)*** | ***Consumer Staples Distribution & Retail (3.6%)*** | ***Consumer Staples Distribution & Retail (3.6%)*** |
|  Casey's General Stores, Inc. | 17060 |  | 9429233 |
|  Costco Wholesale Corp. | 1991 |  | 1716919 |
|  Dollar General Corp. | 977 |  | 129716 |
|  Dollar Tree, Inc.\* | 840 |  | 103329 |
|  Grocery Outlet Holding Corp.\* | 100900 |  | 1019090 |
|  Kroger Co. (The) | 2684 |  | 167696 |
|  Performance Food Group Co.\* | 88977 |  | 8000812 |
|  Sysco Corp. | 2154 |  | 158728 |
|  Target Corp. | 2043 |  | 199703 |
|  Walmart, Inc. | 19704 |  | 2195223 |
|  |  |  | 23120449 |
|  ***Food Products (0.3%)*** |  |  |  |
|  Archer-Daniels-Midland Co. | 2199 |  | 126421 |
|  Bunge Global SA | 588 |  | 52379 |
|  Campbell's Co. (The)(x) | 749 |  | 20875 |
|  Conagra Brands, Inc. | 2295 |  | 39726 |
|  General Mills, Inc. | 2361 |  | 109787 |
|  Hershey Co. (The) | 676 |  | 123018 |
|  Hormel Foods Corp. | 1261 |  | 29886 |
|  J M Smucker Co. (The) | 472 |  | 46166 |
|  Kraft Heinz Co. (The) | 3966 |  | 96175 |
|  Lamb Weston Holdings, Inc. | 623 |  | 26097 |
|  McCormick & Co., Inc. (Non-Voting) | 1109 |  | 75534 |
|  Mondelez International, Inc., Class A | 5845 |  | 314636 |
|  Premium Brands Holdings Corp. | 7253 |  | 537469 |
|  Tyson Foods, Inc., Class A | 1224 |  | 71751 |
|  |  |  | 1669920 |
|  ***Household Products (0.3%)*** |  |  |  |
|  Church & Dwight Co., Inc. | 1110 |  | 93074 |
|  Clorox Co. (The) | 587 |  | 59187 |
|  Colgate-Palmolive Co. | 3605 |  | 284867 |
|  Kimberly-Clark Corp. | 1479 |  | 149216 |
|  Procter & Gamble Co. (The) | 10500 |  | 1504755 |
|  |  |  | 2091099 |
|  ***Personal Care Products (0.0%)†*** |  |  |  |
|  Estee Lauder Cos., Inc. (The), Class A | 1114 |  | 116658 |
|  Kenvue, Inc. | 8510 |  | 146798 |
|  |  |  | 263456 |
|  ***Tobacco (0.3%)*** |  |  |  |
|  Altria Group, Inc. | 7624 |  | 439600 |
|  Philip Morris International, Inc. | 6995 |  | 1121998 |
|  |  |  | 1561598 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 35816339 |
|  **Energy (3.0%)** | **Energy (3.0%)** | **Energy (3.0%)** | **Energy (3.0%)** |
|  ***Energy Equipment & Services (1.0%)*** | ***Energy Equipment & Services (1.0%)*** | ***Energy Equipment & Services (1.0%)*** | ***Energy Equipment & Services (1.0%)*** |
|  Baker Hughes Co. | 130912 |  | 5961733 |
|  Halliburton Co. | 3801 |  | 107416 |
|  SLB Ltd. | 6739 |  | 258643 |
|  |  |  | 6327792 |
|  ***Oil, Gas & Consumable Fuels (2.0%)*** | ***Oil, Gas & Consumable Fuels (2.0%)*** | ***Oil, Gas & Consumable Fuels (2.0%)*** | ***Oil, Gas & Consumable Fuels (2.0%)*** |
|  APA Corp. | 1661 |  | 40628 |
|  Chevron Corp. | 8505 |  | 1296247 |
|  ConocoPhillips | 5553 |  | 519816 |
|  Coterra Energy, Inc. | 3504 |  | 92225 |
|  Devon Energy Corp. | 2907 |  | 106483 |
|  Diamondback Energy, Inc. | 19551 |  | 2939102 |
|  EOG Resources, Inc. | 2462 |  | 258535 |
|  EQT Corp. | 2790 |  | 149544 |
|  Expand Energy Corp. | 33456 |  | 3692204 |
|  Exxon Mobil Corp. | 18950 |  | 2280443 |
|  Kinder Morgan, Inc. | 8678 |  | 238558 |
|  Marathon Petroleum Corp. | 1340 |  | 217924 |
|  Occidental Petroleum Corp. | 3289 |  | 135244 |
|  ONEOK, Inc. | 2807 |  | 206315 |
|  Phillips 66 | 1819 |  | 234724 |
|  Targa Resources Corp. | 967 |  | 178412 |
|  Texas Pacific Land Corp. | 243 |  | 69794 |
|  Valero Energy Corp. | 1371 |  | 223185 |
|  Williams Cos., Inc. (The) | 5463 |  | 328381 |
|  |  |  | 13207764 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 19535556 |
|  **Financials (8.2%)** |  |  |  |
|  ***Banks (1.5%)*** |  |  |  |
|  Bank of America Corp. | 30188 |  | 1660340 |
|  Citigroup, Inc. | 8041 |  | 938304 |
|  Citizens Financial Group, Inc. | 1941 |  | 113374 |
|  Fifth Third Bancorp | 2913 |  | 136358 |
|  Huntington Bancshares, Inc. | 7076 |  | 122769 |
|  JPMorgan Chase & Co. | 12232 |  | 3941395 |
|  KeyCorp | 4300 |  | 88752 |
|  M&T Bank Corp. | 676 |  | 136201 |
|  PNC Financial Services Group, Inc. (The) | 1762 |  | 367782 |
|  Regions Financial Corp. | 3794 |  | 102817 |
|  Truist Financial Corp. | 5821 |  | 286451 |
|  US Bancorp | 7027 |  | 374961 |
|  Wells Fargo & Co. | 14105 |  | 1314586 |
|  |  |  | 9584090 |
|  ***Capital Markets (3.6%)*** |  |  |  |
|  Ameriprise Financial, Inc. | 412 |  | 202020 |
|  Ares Management Corp., Class A | 933 |  | 150801 |
|  Bank of New York Mellon Corp. (The) | 3107 |  | 360692 |
|  BlackRock, Inc.‡ | 646 |  | 691440 |
|  Blackstone, Inc. | 3301 |  | 508816 |
|  Cboe Global Markets, Inc. | 476 |  | 119476 |
|  Charles Schwab Corp. (The) | 67706 |  | 6764506 |
|  CME Group, Inc. | 1635 |  | 446486 |
|  Coinbase Global, Inc., Class A\* | 1024 |  | 231567 |
|  FactSet Research Systems, Inc. | 177 |  | 51364 |
|  Franklin Resources, Inc. | 1448 |  | 34593 |
|  Goldman Sachs Group, Inc. (The) | 1348 |  | 1184892 |
|  Interactive Brokers Group, Inc., Class A | 2056 |  | 132221 |
|  Intercontinental Exchange, Inc. | 32291 |  | 5229850 |
|  Invesco Ltd. | 1971 |  | 51778 |
|  KKR & Co., Inc. | 30599 |  | 3900760 |
|  Moody's Corp. | 680 |  | 347378 |

---

See Notes to Financial Statements.

537

------

EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Morgan Stanley | 5428 | $| 963633 |
|  MSCI, Inc. | 338 |  | 193921 |
|  Nasdaq, Inc. | 2002 |  | 194454 |
|  Northern Trust Corp. | 835 |  | 114053 |
|  Raymond James Financial, Inc. | 788 |  | 126545 |
|  Robinhood Markets, Inc., Class A\* | 3518 |  | 397886 |
|  S&P Global, Inc. | 1393 |  | 727968 |
|  State Street Corp. | 1240 |  | 159972 |
| T. Rowe Price Group, Inc. | 1011 |  | 103506 |
|  |  |  | 23390578 |
|  ***Consumer Finance (0.3%)*** |  |  |  |
|  American Express Co. | 2414 |  | 893059 |
|  Capital One Financial Corp. | 2857 |  | 692423 |
|  Synchrony Financial | 1595 |  | 133071 |
|  |  |  | 1718553 |
|  ***Financial Services (2.1%)*** |  |  |  |
|  Apollo Global Management, Inc. | 2066 |  | 299074 |
|  Berkshire Hathaway, Inc., Class B\* | 8240 |  | 4141836 |
|  Block, Inc., Class A\* | 2424 |  | 157778 |
|  Corpay, Inc.\* | 305 |  | 91784 |
|  Fidelity National Information Services, Inc. | 2318 |  | 154054 |
|  Fiserv, Inc.\* | 2385 |  | 160200 |
|  Global Payments, Inc. | 1115 |  | 86301 |
|  Jack Henry & Associates, Inc. | 307 |  | 56021 |
|  Mastercard, Inc., Class A | 3684 |  | 2103122 |
|  PayPal Holdings, Inc. | 4204 |  | 245430 |
|  Shift4 Payments, Inc., Class A(x)\* | 48900 |  | 3079233 |
|  Visa, Inc., Class A | 7583 |  | 2659434 |
|  |  |  | 13234267 |
|  ***Insurance (0.7%)*** | ***Insurance (0.7%)*** | ***Insurance (0.7%)*** | ***Insurance (0.7%)*** |
|  Aflac, Inc. | 2120 |  | 233772 |
|  Allstate Corp. (The) | 1159 |  | 241246 |
|  American International Group, Inc. | 2425 |  | 207459 |
|  Aon plc, Class A | 974 |  | 343705 |
|  Arch Capital Group Ltd.\* | 1572 |  | 150786 |
|  Arthur J Gallagher & Co. | 1166 |  | 301749 |
|  Assurant, Inc. | 221 |  | 53228 |
|  Brown & Brown, Inc. | 1359 |  | 108312 |
|  Chubb Ltd. | 1645 |  | 513437 |
|  Cincinnati Financial Corp. | 701 |  | 114487 |
|  Erie Indemnity Co., Class A | 126 |  | 36118 |
|  Everest Group Ltd. | 198 |  | 67191 |
|  Globe Life, Inc. | 331 |  | 46294 |
|  Hartford Insurance Group, Inc. (The) | 1224 |  | 168667 |
|  Loews Corp. | 755 |  | 79509 |
|  Marsh & McLennan Cos., Inc. | 2222 |  | 412226 |
|  MetLife, Inc. | 2457 |  | 193956 |
|  Principal Financial Group, Inc. | 923 |  | 81418 |
|  Progressive Corp. (The) | 2626 |  | 597993 |
|  Prudential Financial, Inc. | 1576 |  | 177899 |
|  Travelers Cos., Inc. (The) | 1002 |  | 290640 |
|  W.R. Berkley Corp. | 1352 |  | 94802 |
|  Willis Towers Watson plc | 437 |  | 143598 |
|  |  |  | 4658492 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 52585980 |
|  **Health Care (9.6%)** |  |  |  |
|  ***Biotechnology (2.7%)*** |  |  |  |
|  AbbVie, Inc. | 7942 |  | 1814668 |
|  Amgen, Inc. | 2420 |  | 792090 |
|  Argenx SE (ADR)\* | 5900 |  | 4961605 |
|  Biogen, Inc.\* | 657 |  | 115625 |
|  Caris Life Sciences, Inc.(x)\* | 29834 |  | 804921 |
|  Gilead Sciences, Inc. | 5564 |  | 682925 |
|  Incyte Corp.\* | 724 |  | 71510 |
|  Moderna, Inc.\* | 1689 |  | 49809 |
|  Regeneron Pharmaceuticals, Inc. | 4748 |  | 3664839 |
|  TG Therapeutics, Inc.\* | 51700 |  | 1541177 |
|  Vertex Pharmaceuticals, Inc.\* | 6840 |  | 3100982 |
|  |  |  | 17600151 |
|  ***Health Care Equipment & Supplies (2.0%)*** | ***Health Care Equipment & Supplies (2.0%)*** | ***Health Care Equipment & Supplies (2.0%)*** | ***Health Care Equipment & Supplies (2.0%)*** |
|  Abbott Laboratories | 7814 |  | 979016 |
|  Align Technology, Inc.\* | 279 |  | 43566 |
|  Baxter International, Inc. | 2479 |  | 47374 |
|  Becton Dickinson & Co. | 1297 |  | 251709 |
|  Boston Scientific Corp.\* | 6636 |  | 632743 |
|  Cooper Cos., Inc. (The)\* | 922 |  | 75567 |
|  Dexcom, Inc.\* | 1797 |  | 119267 |
|  Edwards Lifesciences Corp.\* | 2656 |  | 226424 |
|  GE HealthCare Technologies, Inc. | 2027 |  | 166254 |
|  Hologic, Inc.\* | 1045 |  | 77842 |
|  IDEXX Laboratories, Inc.\* | 356 |  | 240845 |
|  Insulet Corp.\* | 17897 |  | 5087043 |
|  Intuitive Surgical, Inc.\* | 1593 |  | 902211 |
|  Medtronic plc | 5730 |  | 550424 |
|  Penumbra, Inc.\* | 7800 |  | 2425098 |
|  ResMed, Inc. | 650 |  | 156565 |
|  Solventum Corp.\* | 637 |  | 50476 |
|  STERIS plc | 446 |  | 113070 |
|  Stryker Corp. | 1538 |  | 540561 |
|  Zimmer Biomet Holdings, Inc. | 855 |  | 76882 |
|  |  |  | 12762937 |
|  ***Health Care Providers & Services (1.8%)*** | ***Health Care Providers & Services (1.8%)*** | ***Health Care Providers & Services (1.8%)*** | ***Health Care Providers & Services (1.8%)*** |
|  Cardinal Health, Inc. | 1082 |  | 222351 |
|  Cencora, Inc. | 874 |  | 295193 |
|  Centene Corp.\* | 2112 |  | 86909 |
|  Cigna Group (The) | 1215 |  | 334404 |
|  CVS Health Corp. | 5737 |  | 455288 |
|  DaVita, Inc.\* | 190 |  | 21586 |
|  Elevance Health, Inc. | 997 |  | 349498 |
|  HCA Healthcare, Inc. | 718 |  | 335205 |
|  HealthEquity, Inc.\* | 50611 |  | 4636474 |
|  Henry Schein, Inc.\* | 448 |  | 33860 |
|  Humana, Inc. | 530 |  | 135749 |
|  Labcorp Holdings, Inc. | 377 |  | 94582 |
|  McKesson Corp. | 551 |  | 451980 |
|  Molina Healthcare, Inc.\* | 214 |  | 37138 |
|  Quest Diagnostics, Inc. | 498 |  | 86418 |
|  Surgery Partners, Inc.\* | 149022 |  | 2302390 |
|  UnitedHealth Group, Inc. | 4070 |  | 1343548 |
|  Universal Health Services, Inc., Class B | 252 |  | 54941 |
|  |  |  | 11277514 |
|  ***Health Care Technology (0.4%)*** |  |  |  |
|  Doximity, Inc., Class A\* | 52299 |  | 2315800 |

---

See Notes to Financial Statements.

538

------

EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Life Sciences Tools & Services (1.4%)*** | ***Life Sciences Tools & Services (1.4%)*** | ***Life Sciences Tools & Services (1.4%)*** |
|  Agilent Technologies, Inc. | 1270 | $172809 |
|  Bio-Techne Corp. | 744 | 43755 |
|  Charles River Laboratories International, Inc.\* | 22637 | 4515629 |
|  Danaher Corp. | 2825 | 646699 |
|  IQVIA Holdings, Inc.\* | 763 | 171988 |
|  Mettler-Toledo International, Inc.\* | 93 | 129660 |
|  Revvity, Inc. | 538 | 52051 |
|  Sartorius AG (Preference)(q) | 7900 | 2295024 |
|  Thermo Fisher Scientific, Inc. | 1688 | 978112 |
|  Waters Corp.\* | 263 | 99895 |
|  West Pharmaceutical Services, Inc. | 322 | 88595 |
|  |  | 9194217 |
|  ***Pharmaceuticals (1.3%)*** |  |  |
|  Bristol-Myers Squibb Co. | 9224 | 497542 |
|  Eli Lilly & Co. | 3568 | 3834458 |
|  Johnson & Johnson | 10826 | 2240441 |
|  Merck & Co., Inc. | 11153 | 1173965 |
|  Pfizer, Inc. | 25500 | 634950 |
|  Viatris, Inc. | 5048 | 62847 |
|  Zoetis, Inc. | 2002 | 251892 |
|  |  | 8696095 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 61846714 |
|  **Industrials (10.7%)** |  |  |
|  ***Aerospace & Defense (2.6%)*** |  |  |
|  Axon Enterprise, Inc.\* | 351 | 199343 |
|  Beta Technologies, Inc., Class A\* | 29330 | 827399 |
|  Boeing Co. (The)\* | 3506 | 761223 |
|  GE Aerospace | 4740 | 1460062 |
|  General Dynamics Corp. | 1149 | 386822 |
|  Howmet Aerospace, Inc. | 1825 | 374161 |
|  Huntington Ingalls Industries, Inc. | 168 | 57132 |
|  Kratos Defense & Security Solutions, Inc.\* | 18200 | 1381562 |
|  L3Harris Technologies, Inc. | 30301 | 8895465 |
|  Lockheed Martin Corp. | 912 | 441107 |
|  Northrop Grumman Corp. | 608 | 346688 |
|  RTX Corp. | 6025 | 1104985 |
|  Textron, Inc. | 783 | 68254 |
|  TransDigm Group, Inc. | 256 | 340442 |
|  |  | 16644645 |
|  ***Air Freight & Logistics (0.6%)*** |  |  |
|  CH Robinson Worldwide, Inc. | 530 | 85203 |
|  Expeditors International of Washington, Inc. | 603 | 89853 |
|  FedEx Corp. | 967 | 279328 |
|  GXO Logistics, Inc.\* | 58802 | 3095337 |
|  United Parcel Service, Inc., Class B | 3344 | 331691 |
|  |  | 3881412 |
|  ***Building Products (0.5%)*** |  |  |
|  A.O. Smith Corp. | 539 | 36048 |
|  Allegion plc | 409 | 65121 |
|  Builders FirstSource, Inc.\* | 486 | 50005 |
|  Carrier Global Corp. | 3517 | 185838 |
|  Johnson Controls International plc | 2746 | 328833 |
|  Lennox International, Inc. | 141 | 68467 |
|  Masco Corp. | 885 | 56162 |
|  Trane Technologies plc | 988 | 384530 |
|  Trex Co., Inc.\* | 51588 | 1809707 |
|  |  | 2984711 |
|  ***Commercial Services & Supplies (2.4%)*** | ***Commercial Services & Supplies (2.4%)*** | ***Commercial Services & Supplies (2.4%)*** |
|  Casella Waste Systems, Inc., Class A\* | 23300 | 2282002 |
|  Cintas Corp. | 1527 | 287183 |
|  Clean Harbors, Inc.\* | 7800 | 1828944 |
|  Copart, Inc.\* | 129816 | 5082296 |
|  Republic Services, Inc. | 900 | 190737 |
|  Rollins, Inc. | 1350 | 81027 |
|  Veralto Corp. | 1100 | 109758 |
|  Waste Connections, Inc. | 31400 | 5506304 |
|  Waste Management, Inc. | 1681 | 369333 |
|  |  | 15737584 |
|  ***Construction & Engineering (1.2%)*** | ***Construction & Engineering (1.2%)*** | ***Construction & Engineering (1.2%)*** |
|  Comfort Systems USA, Inc. | 5958 | 5560542 |
|  EMCOR Group, Inc. | 195 | 119299 |
|  Quanta Services, Inc. | 673 | 284046 |
|  WillScot Holdings Corp. | 85549 | 1610888 |
|  |  | 7574775 |
|  ***Electrical Equipment (1.0%)*** |  |  |
|  AMETEK, Inc. | 1023 | 210032 |
|  Eaton Corp. plc | 1742 | 554845 |
|  Emerson Electric Co. | 2524 | 334985 |
|  GE Vernova, Inc. | 1219 | 796702 |
|  Generac Holdings, Inc.\* | 270 | 36820 |
|  Hubbell, Inc., Class B | 234 | 103922 |
|  Rockwell Automation, Inc. | 506 | 196869 |
|  Vertiv Holdings Co., Class A | 26941 | 4364711 |
|  |  | 6598886 |
|  ***Ground Transportation (0.5%)*** |  |  |
|  CSX Corp. | 8483 | 307509 |
|  JB Hunt Transport Services, Inc. | 329 | 63938 |
|  Norfolk Southern Corp. | 1003 | 289586 |
|  Old Dominion Freight Line, Inc. | 812 | 127322 |
|  Uber Technologies, Inc.\* | 9337 | 762926 |
|  Union Pacific Corp. | 2658 | 614848 |
|  XPO, Inc.\* | 5800 | 788278 |
|  |  | 2954407 |
|  ***Industrial Conglomerates (0.1%)*** |  |  |
|  3M Co. | 2405 | 385040 |
|  Honeywell International, Inc. | 2839 | 553861 |
|  |  | 938901 |
|  ***Machinery (0.7%)*** |  |  |
|  Brain Corp.(r)\* | 52300 | 153370 |
|  Caterpillar, Inc. | 2103 | 1204746 |
|  Cummins, Inc. | 622 | 317500 |
|  Deere & Co. | 1125 | 523766 |
|  Dover Corp. | 622 | 121439 |
|  Fortive Corp. | 1490 | 82263 |
|  IDEX Corp. | 342 | 60855 |
|  Illinois Tool Works, Inc. | 1195 | 294329 |
|  Ingersoll Rand, Inc. | 1585 | 125564 |
|  Nordson Corp. | 235 | 56501 |

---

See Notes to Financial Statements.

539

------

EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Otis Worldwide Corp. | 1752 | $| 153037 |
|  PACCAR, Inc. | 2371 |  | 259648 |
|  Parker-Hannifin Corp. | 567 |  | 498370 |
|  Pentair plc | 771 |  | 80292 |
|  Snap-on, Inc. | 231 |  | 79603 |
|  Stanley Black & Decker, Inc. | 715 |  | 53110 |
|  Westinghouse Air Brake Technologies Corp. | 754 |  | 160941 |
|  Xylem, Inc. | 1071 |  | 145849 |
|  |  |  | 4371183 |
|  ***Passenger Airlines (0.1%)*** |  |  |  |
|  Delta Air Lines, Inc. | 2877 |  | 199664 |
|  Southwest Airlines Co. | 2340 |  | 96712 |
|  United Airlines Holdings, Inc.\* | 1441 |  | 161133 |
|  |  |  | 457509 |
|  ***Professional Services (0.5%)*** |  |  |  |
|  Automatic Data Processing, Inc. | 1806 |  | 464557 |
|  Broadridge Financial Solutions, Inc. | 538 |  | 120065 |
|  Dayforce, Inc.\* | 673 |  | 46545 |
|  Equifax, Inc. | 535 |  | 116084 |
|  Jacobs Solutions, Inc. | 530 |  | 70204 |
|  Leidos Holdings, Inc. | 594 |  | 107158 |
|  Paychex, Inc. | 1489 |  | 167036 |
|  Paycom Software, Inc. | 227 |  | 36175 |
|  Verisk Analytics, Inc. | 10426 |  | 2332192 |
|  |  |  | 3460016 |
|  ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** |
|  Fastenal Co. | 5189 |  | 208235 |
|  United Rentals, Inc. | 3883 |  | 3142589 |
|  W.W. Grainger, Inc. | 198 |  | 199792 |
|  |  |  | 3550616 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 69154645 |
|  **Information Technology (32.9%)** |  |  |  |
|  ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** |
|  Arista Networks, Inc.\* | 4627 |  | 606276 |
|  Cisco Systems, Inc. | 17707 |  | 1363970 |
|  F5, Inc.\* | 266 |  | 67899 |
|  Motorola Solutions, Inc. | 750 |  | 287490 |
|  |  |  | 2325635 |
|  ***Electronic Equipment, Instruments & Components (0.8%)*** | ***Electronic Equipment, Instruments & Components (0.8%)*** | ***Electronic Equipment, Instruments & Components (0.8%)*** | ***Electronic Equipment, Instruments & Components (0.8%)*** |
|  Amphenol Corp., Class A | 5480 |  | 740567 |
|  CDW Corp. | 601 |  | 81856 |
|  Coherent Corp.\* | 16500 |  | 3045405 |
|  Corning, Inc. | 3508 |  | 307161 |
|  Jabil, Inc. | 496 |  | 113098 |
|  Keysight Technologies, Inc.\* | 756 |  | 153612 |
|  TE Connectivity plc | 1316 |  | 299403 |
|  Teledyne Technologies, Inc.\* | 212 |  | 108275 |
|  Trimble, Inc.\* | 1034 |  | 81014 |
|  Zebra Technologies Corp., Class A\* | 214 |  | 51963 |
|  |  |  | 4982354 |
|  ***IT Services (2.0%)*** |  |  |  |
|  Accenture plc, Class A | 2787 |  | 747752 |
|  Akamai Technologies, Inc.\* | 680 |  | 59330 |
|  Cognizant Technology Solutions Corp., Class A | 2188 |  | 181604 |
|  EPAM Systems, Inc.\* | 264 |  | 54088 |
|  Gartner, Inc.\* | 310 |  | 78207 |
|  GoDaddy, Inc., Class A\* | 632 |  | 78418 |
|  International Business Machines Corp. | 4200 |  | 1244082 |
|  Shopify, Inc., Class A\* | 57047 |  | 9182856 |
|  VeriSign, Inc. | 386 |  | 93779 |
|  Wix.com Ltd.\* | 12700 |  | 1319403 |
|  |  |  | 13039519 |
|  ***Semiconductors & Semiconductor Equipment (10.4%)*** | ***Semiconductors & Semiconductor Equipment (10.4%)*** | ***Semiconductors & Semiconductor Equipment (10.4%)*** | ***Semiconductors & Semiconductor Equipment (10.4%)*** |
|  Advanced Micro Devices, Inc.\* | 7316 |  | 1566795 |
|  Analog Devices, Inc. | 2211 |  | 599623 |
|  Applied Materials, Inc. | 3580 |  | 920024 |
|  Broadcom, Inc. | 21220 |  | 7344242 |
|  First Solar, Inc.\* | 480 |  | 125390 |
|  Intel Corp.\* | 20180 |  | 744642 |
|  KLA Corp. | 590 |  | 716897 |
|  Lam Research Corp. | 35744 |  | 6118658 |
|  Lattice Semiconductor Corp.\* | 17600 |  | 1295008 |
|  Microchip Technology, Inc. | 2383 |  | 151845 |
|  Micron Technology, Inc. | 5044 |  | 1439608 |
|  Monolithic Power Systems, Inc. | 212 |  | 192148 |
|  NVIDIA Corp. | 234859 |  | 43801203 |
|  NXP Semiconductors NV | 1142 |  | 247883 |
|  ON Semiconductor Corp.\* | 1846 |  | 99961 |
|  Qnity Electronics, Inc. | 964 |  | 78711 |
|  QUALCOMM, Inc. | 4812 |  | 823093 |
|  Skyworks Solutions, Inc. | 705 |  | 44704 |
|  Teradyne, Inc. | 709 |  | 137234 |
|  Texas Instruments, Inc. | 4081 |  | 708013 |
|  |  |  | 67155682 |
|  ***Software (13.7%)*** |  |  |  |
|  Adobe, Inc.\* | 1881 |  | 658331 |
|  AppLovin Corp., Class A\* | 14116 |  | 9511643 |
|  Autodesk, Inc.\* | 11463 |  | 3393163 |
|  Cadence Design Systems, Inc.\* | 1215 |  | 379785 |
|  Crowdstrike Holdings, Inc., Class A\* | 1134 |  | 531574 |
|  CyberArk Software Ltd.\* | 1400 |  | 624484 |
|  Databricks(r)\* | 15491 |  | 2207468 |
|  Datadog, Inc., Class A\* | 1483 |  | 201673 |
|  Docusign, Inc.\* | 62335 |  | 4263714 |
|  Fair Isaac Corp.\* | 107 |  | 180896 |
|  Fortinet, Inc.\* | 50252 |  | 3990511 |
|  Gen Digital, Inc. | 2640 |  | 71782 |
|  HubSpot, Inc.\* | 4455 |  | 1787791 |
|  Intuit, Inc. | 1253 |  | 830012 |
|  Microsoft Corp. | 76597 |  | 37043841 |
|  Netskope, Inc., Class A\* | 16534 |  | 290006 |
|  Oracle Corp. | 7541 |  | 1469816 |
|  Palantir Technologies, Inc., Class A\* | 10265 |  | 1824604 |
|  Palo Alto Networks, Inc.\* | 3039 |  | 559784 |
|  PTC, Inc.\* | 543 |  | 94596 |
|  Roper Technologies, Inc. | 485 |  | 215888 |
|  Rubrik, Inc., Class A\* | 18300 |  | 1399584 |
|  SailPoint, Inc.(x)\* | 75991 |  | 1537298 |
|  Salesforce, Inc. | 4278 |  | 1133285 |
|  SentinelOne, Inc., Class A\* | 108938 |  | 1634070 |
|  ServiceNow, Inc.\* | 61115 |  | 9362207 |

---

See Notes to Financial Statements.

540

------

EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Sprout Social, Inc., Class A\* | 46766 | $| 527053 |
|  Synopsys, Inc.\* | 832 |  | 390807 |
|  Tyler Technologies, Inc.\* | 191 |  | 86704 |
|  Varonis Systems, Inc.\* | 59300 |  | 1945040 |
|  Workday, Inc., Class A\* | 960 |  | 206189 |
|  |  |  | 88353599 |
|  ***Technology Hardware, Storage & Peripherals (5.6%)*** | ***Technology Hardware, Storage & Peripherals (5.6%)*** | ***Technology Hardware, Storage & Peripherals (5.6%)*** | ***Technology Hardware, Storage & Peripherals (5.6%)*** |
|  Apple, Inc. | 123247 |  | 33505929 |
|  CompoSecure, Inc.(r)\* | 62162 |  | 1018711 |
|  CompoSecure, Inc., Class A\* | 23500 |  | 453080 |
|  Dell Technologies, Inc., Class C | 1355 |  | 170567 |
|  Hewlett Packard Enterprise Co. | 6027 |  | 144769 |
|  HP, Inc. | 4192 |  | 93398 |
|  NetApp, Inc. | 910 |  | 97452 |
|  Sandisk Corp.\* | 628 |  | 149075 |
|  Seagate Technology Holdings plc | 979 |  | 269607 |
|  Super Micro Computer, Inc.\* | 2198 |  | 64335 |
|  Western Digital Corp. | 1527 |  | 263056 |
|  |  |  | 36229979 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 212086768 |
|  **Materials (1.4%)** |  |  |  |
|  ***Chemicals (0.4%)*** |  |  |  |
|  Air Products and Chemicals, Inc. | 1011 |  | 249737 |
|  Albemarle Corp. | 528 |  | 74680 |
|  CF Industries Holdings, Inc. | 750 |  | 58005 |
|  Corteva, Inc. | 3002 |  | 201224 |
|  Dow, Inc. | 3031 |  | 70865 |
|  DuPont de Nemours, Inc. | 1929 |  | 77546 |
|  Ecolab, Inc. | 1153 |  | 302686 |
|  International Flavors & Fragrances, Inc. | 1126 |  | 75881 |
|  Linde plc | 2098 |  | 894566 |
|  LyondellBasell Industries NV, Class A | 1074 |  | 46504 |
|  Mosaic Co. (The) | 1512 |  | 36424 |
|  PPG Industries, Inc. | 983 |  | 100718 |
|  Sherwin-Williams Co. (The) | 1049 |  | 339908 |
|  |  |  | 2528744 |
|  ***Construction Materials (0.7%)*** |  |  |  |
|  CRH plc | 3012 |  | 375898 |
|  Martin Marietta Materials, Inc. | 268 |  | 166873 |
|  Vulcan Materials Co. | 14688 |  | 4189311 |
|  |  |  | 4732082 |
|  ***Containers & Packaging (0.1%)*** |  |  |  |
|  Amcor plc | 10005 |  | 83442 |
|  Avery Dennison Corp. | 361 |  | 65659 |
|  Ball Corp. | 1173 |  | 62134 |
|  International Paper Co. | 2393 |  | 94260 |
|  Packaging Corp. of America | 394 |  | 81254 |
|  Smurfit WestRock plc | 2407 |  | 93079 |
|  |  |  | 479828 |
|  ***Metals & Mining (0.2%)*** |  |  |  |
|  Freeport-McMoRan, Inc. | 6521 |  | 331202 |
|  Newmont Corp. | 4895 |  | 488766 |
|  Nucor Corp. | 1028 |  | 167677 |
|  Steel Dynamics, Inc. | 619 |  | 104889 |
|  |  |  | 1092534 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 8833188 |
|  **Real Estate (2.2%)** |  |  |  |
|  ***Health Care REITs (0.1%)*** |  |  |  |
|  Alexandria Real Estate Equities, Inc. (REIT) | 720 |  | 35237 |
|  Healthpeak Properties, Inc. (REIT) | 3332 |  | 53579 |
|  Ventas, Inc. (REIT) | 2152 |  | 166522 |
|  Welltower, Inc. (REIT) | 3096 |  | 574648 |
|  |  |  | 829986 |
|  ***Hotel & Resort REITs (0.0%)†*** |  |  |  |
|  Host Hotels & Resorts, Inc. (REIT) | 2760 |  | 48935 |
|  ***Industrial REITs (0.1%)*** |  |  |  |
|  Prologis, Inc. (REIT) | 4152 |  | 530044 |
|  ***Office REITs (0.0%)†*** |  |  |  |
|  BXP, Inc. (REIT) | 654 |  | 44132 |
|  ***Real Estate Management & Development (1.0%)*** | ***Real Estate Management & Development (1.0%)*** | ***Real Estate Management & Development (1.0%)*** | ***Real Estate Management & Development (1.0%)*** |
|  CBRE Group, Inc., Class A\* | 39204 |  | 6303611 |
|  CoStar Group, Inc.\* | 1964 |  | 132059 |
|  |  |  | 6435670 |
|  ***Residential REITs (0.1%)*** |  |  |  |
|  AvalonBay Communities, Inc. (REIT) | 651 |  | 118033 |
|  Camden Property Trust (REIT) | 439 |  | 48325 |
|  Equity Residential (REIT) | 1531 |  | 96514 |
|  Essex Property Trust, Inc. (REIT) | 303 |  | 79289 |
|  Invitation Homes, Inc. (REIT) | 2461 |  | 68391 |
|  Mid-America Apartment Communities, Inc. (REIT) | 551 |  | 76540 |
|  UDR, Inc. (REIT) | 1409 |  | 51682 |
|  |  |  | 538774 |
|  ***Retail REITs (0.1%)*** |  |  |  |
|  Federal Realty Investment Trust (REIT) | 379 |  | 38203 |
|  Kimco Realty Corp. (REIT) | 3179 |  | 64439 |
|  Realty Income Corp. (REIT) | 4121 |  | 232301 |
|  Regency Centers Corp. (REIT) | 710 |  | 49011 |
|  Simon Property Group, Inc. (REIT) | 1475 |  | 273037 |
|  |  |  | 656991 |
|  ***Specialized REITs (0.8%)*** |  |  |  |
|  American Tower Corp. (REIT) | 2115 |  | 371331 |
|  Crown Castle, Inc. (REIT) | 1952 |  | 173474 |
|  Digital Realty Trust, Inc. (REIT) | 1430 |  | 221235 |
|  Equinix, Inc. (REIT) | 445 |  | 340941 |
|  Extra Space Storage, Inc. (REIT) | 975 |  | 126965 |
|  Iron Mountain, Inc. (REIT) | 1351 |  | 112065 |
|  Public Storage (REIT) | 710 |  | 184245 |
|  SBA Communications Corp. (REIT) | 19132 |  | 3700703 |
|  VICI Properties, Inc. (REIT), Class A | 4892 |  | 137563 |
|  Weyerhaeuser Co. (REIT) | 3203 |  | 75879 |
|  |  |  | 5444401 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 14528933 |
|  **Utilities (1.1%)** |  |  |  |
|  ***Electric Utilities (0.6%)*** |  |  |  |
|  Alliant Energy Corp. | 1102 |  | 71641 |
|  American Electric Power Co., Inc. | 2427 |  | 279857 |
|  Constellation Energy Corp. | 1398 |  | 493871 |
|  Duke Energy Corp. | 3524 |  | 413048 |
|  Edison International | 1718 |  | 103114 |

---

See Notes to Financial Statements.

541

------

EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Entergy Corp. | 2004 | $185230 |
|  Evergy, Inc. | 987 | 71548 |
|  Eversource Energy | 1643 | 110623 |
|  Exelon Corp. | 4548 | 198247 |
|  FirstEnergy Corp. | 2326 | 104135 |
|  NextEra Energy, Inc. | 9371 | 752304 |
|  NRG Energy, Inc. | 877 | 139654 |
|  PG&E Corp. | 9650 | 155076 |
|  Pinnacle West Capital Corp. | 563 | 49938 |
|  PPL Corp. | 3375 | 118193 |
|  Southern Co. (The) | 4971 | 433471 |
|  Xcel Energy, Inc. | 2687 | 198462 |
|  |  | 3878412 |
|  ***Gas Utilities (0.0%)†*** |  |  |
|  Atmos Energy Corp. | 715 | 119855 |
|  ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** |
|  AES Corp. (The) | 3043 | 43636 |
|  Vistra Corp. | 8336 | 1344847 |
|  |  | 1388483 |
|  ***Multi-Utilities (0.3%)*** |  |  |
|  Ameren Corp. | 1237 | 123527 |
|  CenterPoint Energy, Inc. | 2966 | 113716 |
|  CMS Energy Corp. | 1340 | 93706 |
|  Consolidated Edison, Inc. | 1608 | 159707 |
|  Dominion Energy, Inc. | 3794 | 222290 |
|  DTE Energy Co. | 943 | 121628 |
|  NiSource, Inc. | 2104 | 87863 |
|  Public Service Enterprise Group, Inc. | 2239 | 179792 |
|  Sempra | 2969 | 262133 |
|  WEC Energy Group, Inc. | 1473 | 155343 |
|  |  | 1519705 |
|  ***Water Utilities (0.0%)†*** |  |  |
|  American Water Works Co., Inc. | 895 | 116798 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 7023253 |
|  **Total Common Stocks (89.0%)**<br> *(Cost $327,002,167)* |  | 573706237 |
|  PREFERRED STOCK: |  |  |
|  **Information Technology (0.0%)†** |  |  |
|  ***Software (0.0%)†*** |  |  |
|  DataRobot, Inc. 0.000%(r)\* | 22891 | 56483 |
|  **Total Preferred Stock (0.0%)†**<br> *(Cost $300,833)* |  | 56483 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Convertible Bond (0.4%)** | **Convertible Bond (0.4%)** | **Convertible Bond (0.4%)** |
|  **Communication Services (0.4%)** | **Communication Services (0.4%)** |  |
|  ***Entertainment (0.4%)*** | ***Entertainment (0.4%)*** | ***Entertainment (0.4%)*** |
|  Live Nation Entertainment, Inc. 3.125%, 1/15/29 | $1955000 | 2840615 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 2840615 |
|  **Total Long-Term Debt Securities (0.4%)**<br> *(Cost $2,047,544)* |  | 2840615 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (9.7%)** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 2639674 | 2639674 |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 59709327 | 59733211 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 62372885 |
|  **Total Short-Term Investments (9.7%)**<br> *(Cost $62,374,441)* |  | 62372885 |
|  **Total Investments in Securities (99.1%)**<br> *(Cost $391,724,985)* |  | 638976220 |
|  **Other Assets Less Liabilities (0.9%)** |  | 5547704 |
|  **Net Assets (100%)** |  | $644523924 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $2,742,287. This was collateralized by $239,075 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/29/26 – 8/15/55 and by cash of $2,639,674 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

542

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EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Capital Markets** |  |  |  |  |  |  |  |  |  |
|  BlackRock, Inc. | 646 | 815988 |  | (149275) | 5630 | 19097 | 691440 | 14750 |  |

---

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P 500 E-Mini Index | 185 | 3/2026 | USD | 63755625 | 91582 |
|  |  |  |  |  | 91582 |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $35525567 | $— | $— | $35525567 |
|  Consumer Discretionary | 56769294 |  |  | 56769294 |
|  Consumer Staples | 35816339 |  |  | 35816339 |
|  Energy | 19535556 |  |  | 19535556 |
|  Financials | 52585980 |  |  | 52585980 |
|  Health Care | 59551690 | 2295024 |  | 61846714 |
|  Industrials | 69001275 |  | 153370 | 69154645 |
|  Information Technology | 208860589 |  | 3226179 | 212086768 |
|  Materials | 8833188 |  |  | 8833188 |
|  Real Estate | 14528933 |  |  | 14528933 |
|  Utilities | 7023253 |  |  | 7023253 |
|  **Convertible Bonds** |  |  |  |  |
|  Communication Services |  | 2840615 |  | 2840615 |
|  **Futures** | 91582 |  |  | 91582 |
|  **Preferred Stocks** |  |  |  |  |
|  Information Technology |  |  | 56483 | 56483 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 62372885 |  |  | 62372885 |
|  **Total Assets** | $**630496131** | $**5135639** | $**3436032** | $**639067802** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**630496131** | $**5135639** | $**3436032** | $**639067802** |

---

See Notes to Financial Statements.

543

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EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $91582 \* |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91582 |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Options<br>Purchased(1)** | **Options<br>Written** | **Futures** | **Total** |
|  Equity contracts | $163068 | $17176 | $(14339971) | $(14159727) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163068 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17176 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14339971) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14159727) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $2254772 | $2254772 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2254772 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2254772 |

---

(1) Included in Realized gain (loss) on investment transactions in the Statement of Operations.

^ The Portfolio held futures contracts and option contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63181000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 97773000 |
|  Options |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | $24000 |

---

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $88588649 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179837523 |

---

During the year ended December 31, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 3%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 4%)\*** | **Net Realized<br>Gain (Loss)** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2398371 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6778431 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434360 |

---

\* Represents percentage/amount of total Purchases and/or Sales.

See Notes to Financial Statements.

544

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EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $279953255 |
|  Aggregate gross unrealized depreciation | (33049422) |
|  Net unrealized appreciation | $246903833 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392163969 |

---

For the period ended December 31, 2025, the Portfolio incurred approximately $2,135 as brokerage commissions with Bernstein Institutional Services, LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

545

------

EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $403,468) | $691440.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $391,321,517) | 638284780.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 5999709.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $67) | 74.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 4626200.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 390649.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 19201.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 2401.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2600.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 650017054.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 2639674.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 1564045.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 479716.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 353748.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 213020.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 68489.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 50362.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 564.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 123512.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5493130.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $644523924.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $434363062.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 210160862.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $644523924.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $234,433,871 / 17,851,336 shares outstanding (unlimited amount authorized: $0.01 par value) | $13.13 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $410,090,053 / 31,257,519 shares outstanding (unlimited amount authorized: $0.01 par value) | $13.12 |

---

*(x)* *Includes value of securities on loan of $2,742,287.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($14,750 of dividend income received from affiliates) (net of $10,593 foreign withholding tax) | $7007845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 498769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 44948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 7551562 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4519324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 805936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 592298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 98400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 91670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 45907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 22360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 23218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 6199113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (440716) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 5758397 |
|  **NET INVESTMENT INCOME (LOSS)** | 1793165 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($5,630 realized gain (loss) from affiliates) | 29290250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (14339971) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (615) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 17176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 14966840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($19,097 of change in unrealized appreciation (depreciation) from affiliates) | 28695491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 2254772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 30950867 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 45917707 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $47710872 |

---

See Notes to Financial Statements.

546

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#### EQ ADVISORS TRUST
EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1793165 | $2911631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 14966840 | 37679361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 30950867 | 96738493 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 47710872 | 137329485 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (1632060) | (774001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (3807458) | (2275955) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (5439518) | (3049956) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (810) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (2382) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total tax return of capital |  | (3192) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 102,832 shares, respectively ] |  | 1113384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (1473134) shares,<br>respectively ] |  | (16457259) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (327048) shares, respectively ] |  | (3575037) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (18918912) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 668,549 and 850,391 shares, respectively ] | 8264172 | 9477410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 1,479,347 shares, respectively ] |  | 16457259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 124,111 and 61,099 shares, respectively ] | 1632060 | 774811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3559094) and (4261785) shares, respectively ] | (44127049) | (47575237) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (34230817) | (20865757) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 35,426 and 249,593 shares, respectively ] | 439663 | 2834794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 289,982 and 179,628 shares, respectively ] | 3807458 | 2278337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3970618) and (5745252) shares, respectively ] | (49266463) | (65624375) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (45019342) | (60511244) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (79250159) | (100295913) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (36978805) | 33980424 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 681502729 | 647522305 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $644523924 | $681502729 |

---

See Notes to Financial Statements.

547

------

#### EQ ADVISORS TRUST
EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $12.28 | $10.06 | $8.12 | $11.21 | $9.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations†:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.01 | 0.03 | 0.05 | 0.03 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.93 | 2.23 | 1.95 | (3.06) | 2.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.94 | 2.26 | 2.00 | (3.03) | 2.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.02) | (0.04) | (0.06) | (0.03) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.07) |  |  | (0.03) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.09) | (0.04) | (0.06) | (0.06) | (0.45) |
|  Net asset value, end of year | $13.13 | $12.28 | $10.06 | $8.12 | $11.21 |
|  Total return | 7.66% | 22.43 | 24.58% | (27.06)% | 25.06% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $234434 | $253260 | $226281 | $203847 | $318296 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.05% | 1.05 | 1.05% | 1.05% | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.12% | 1.12 | 1.12% | 1.11% | 1.11% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.12% | 0.27 | 0.55% | 0.38% | (0.19)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.05% | 0.21 | 0.48% | 0.32% | (0.26)% |
|  Portfolio turnover rate^ | 15% | 10 | 11% | 15% | 17% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **October 26, 2021\*\*<br>December 31, 2021** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **October 26, 2021\*\*<br>December 31, 2021** |
|  Net asset value, beginning of period | $12.27 | $10.05 | $8.11 | $11.19 | $11.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations†:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.05 | 0.06 | 0.07 | 0.06 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.92 | 2.23 | 1.95 | (3.06) | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.97 | 2.29 | 2.02 | (3.00) | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.05) | (0.07) | (0.08) | (0.05) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.07) |  |  | (0.03) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.12) | (0.07) | (0.08) | (0.08) | (0.30) |
|  Net asset value, end of period | $13.12 | $12.27 | $10.05 | $8.11 | $11.19 |
|  Total return (b) | 7.92% | 22.72 | 24.89% | (26.83)% | 1.74% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $410090 | $428243 | $404091 | $372573 | $514679 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.80% | 0.80 | 0.80% | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.87% | 0.87 | 0.87% | 0.86% | 0.84% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.37% | 0.53 | 0.80% | 0.64% | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.30% | 0.46 | 0.73% | 0.58% | 0.29% |
|  Portfolio turnover rate^ | 15% | 10 | 11% | 15% | 17% |

---

See Notes to Financial Statements.

548

------

EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*\*\** *Resumed operations* 

*#* *Per share amount is less than $0.005.* 

*†* *The amount shown for a share outstanding throughout the period may not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

549

------

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (10.0%)** | **Communication Services (10.0%)** | **Communication Services (10.0%)** |
|  ***Diversified Telecommunication Services (0.6%)*** | ***Diversified Telecommunication Services (0.6%)*** | ***Diversified Telecommunication Services (0.6%)*** |
|  AST SpaceMobile, Inc., Class A (x)\* | 21600 | $1568808 |
|  AT&T, Inc. | 852778 | 21183006 |
|  Cogent Communications Holdings, Inc. | 4300 | 92708 |
|  Frontier Communications Parent, Inc.\* | 37900 | 1442853 |
|  GCI Liberty, Inc., Class A\* | 200 | 7374 |
|  GCI Liberty, Inc., Class C\* | 2925 | 108839 |
|  Globalstar, Inc.\* | 5033 | 307214 |
|  Iridium Communications, Inc. | 11300 | 196394 |
|  Liberty Global Ltd., Class A\* | 21600 | 240624 |
|  Liberty Global Ltd., Class C\* | 19900 | 219696 |
|  Lumen Technologies, Inc.\* | 135700 | 1054389 |
|  Uniti Group, Inc. | 20438 | 143270 |
|  Verizon Communications, Inc. | 509694 | 20759837 |
|  |  | 47325012 |
|  ***Entertainment (1.5%)*** | ***Entertainment (1.5%)*** | ***Entertainment (1.5%)*** |
|  Electronic Arts, Inc. | 32700 | 6681591 |
|  Liberty Live Holdings, Inc., Class C\* | 4634 | 385364 |
|  Liberty Media Corp.-Liberty Formula One, Class A\* | 2995 | 267693 |
|  Liberty Media Corp.-Liberty Formula One, Class C\* | 25379 | 2500085 |
|  Live Nation Entertainment, Inc.\* | 20800 | 2964000 |
|  Madison Square Garden Sports Corp.\* | 1700 | 439705 |
|  Netflix, Inc.\* | 507700 | 47601952 |
|  Playtika Holding Corp. | 43142 | 170411 |
|  ROBLOX Corp., Class A\* | 74800 | 6061044 |
|  Roku, Inc.\* | 18500 | 2007065 |
|  Spotify Technology SA\* | 19260 | 11184475 |
|  Take-Two Interactive Software, Inc.\* | 22111 | 5661079 |
|  TKO Group Holdings, Inc., Class A | 10800 | 2257200 |
|  Walt Disney Co. (The) | 218539 | 24863182 |
|  Warner Bros Discovery, Inc.\* | 283146 | 8160268 |
|  |  | 121205114 |
|  ***Interactive Media & Services (7.3%)*** | ***Interactive Media & Services (7.3%)*** | ***Interactive Media & Services (7.3%)*** |
|  Alphabet, Inc., Class A | 696340 | 217954420 |
|  Alphabet, Inc., Class C | 566900 | 177893220 |
|  Angi, Inc., Class A\* | 2756 | 35635 |
|  Cargurus, Inc., Class A\* | 6900 | 264615 |
|  Grindr, Inc.\* | 17500 | 236950 |
|  IAC, Inc.\* | 5250 | 205275 |
|  Match Group, Inc. | 44698 | 1443298 |
|  Meta Platforms, Inc., Class A | 261587 | 172670963 |
|  Pinterest, Inc., Class A\* | 73500 | 1902915 |
|  Reddit, Inc., Class A\* | 14600 | 3356102 |
|  TripAdvisor, Inc.\* | 17100 | 248976 |
|  Yelp, Inc., Class A\* | 8100 | 246159 |
|  Ziff Davis, Inc.\* | 3800 | 133570 |
|  |  | 576592098 |
|  ***Media (0.4%)*** | ***Media (0.4%)*** | ***Media (0.4%)*** |
|  Cable One, Inc. | 500 | 56425 |
|  Charter Communications, Inc., Class A\* | 11379 | 2375366 |
|  Comcast Corp., Class A | 441148 | 13185914 |
|  DoubleVerify Holdings, Inc.\* | 19700 | 225368 |
|  EchoStar Corp., Class A\* | 16600 | 1804420 |
|  Fox Corp., Class A | 26708 | 1951553 |
|  Fox Corp., Class B | 18600 | 1207698 |
|  John Wiley & Sons, Inc., Class A | 800 | 24504 |
|  Liberty Broadband Corp., Class A\* | 1000 | 48280 |
|  Liberty Broadband Corp., Class C\* | 14628 | 710921 |
|  New York Times Co. (The), Class A | 20500 | 1423110 |
|  News Corp., Class A | 45961 | 1200501 |
|  News Corp., Class B (x) | 8100 | 240003 |
|  Nexstar Media Group, Inc., Class A | 6272 | 1273530 |
|  Omnicom Group, Inc. | 38324 | 3094663 |
|  Sirius XM Holdings, Inc. | 33300 | 665833 |
|  TEGNA, Inc. | 17800 | 345498 |
|  Trade Desk, Inc. (The), Class A\* | 61660 | 2340614 |
|  |  | 32174201 |
|  ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** |
|  Millicom International Cellular SA | 7000 | 388080 |
|  Telephone and Data Systems, Inc. | 9400 | 385400 |
|  T-Mobile US, Inc. | 57003 | 11573889 |
|  |  | 12347369 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 789643794 |
|  **Consumer Discretionary (10.4%)** | **Consumer Discretionary (10.4%)** | **Consumer Discretionary (10.4%)** |
|  ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** |
|  Adient plc\* | 15253 | 292400 |
|  Aptiv plc\* | 30800 | 2343572 |
|  BorgWarner, Inc. | 35360 | 1593321 |
|  Dana, Inc. | 19100 | 453816 |
|  Dorman Products, Inc.\* | 2600 | 320294 |
|  Fox Factory Holding Corp.\* | 6900 | 118059 |
|  Gentex Corp. | 27100 | 630617 |
|  Goodyear Tire & Rubber Co. (The)\* | 39400 | 345144 |
|  LCI Industries | 3100 | 376154 |
|  Lear Corp. | 10600 | 1214760 |
|  Phinia, Inc. | 7072 | 443344 |
|  QuantumScape Corp., Class A\* | 33400 | 348028 |
|  Visteon Corp. | 900 | 85590 |
|  |  | 8565099 |
|  ***Automobiles (2.1%)*** | ***Automobiles (2.1%)*** | ***Automobiles (2.1%)*** |
|  Ford Motor Co. | 504036 | 6612952 |
|  General Motors Co. | 116600 | 9481912 |
|  Rivian Automotive, Inc., Class A\* | 95884 | 1889874 |
|  Tesla, Inc.\* | 336927 | 151522810 |
|  Thor Industries, Inc. | 6300 | 646821 |
|  |  | 170154369 |
|  ***Broadline Retail (3.5%)*** | ***Broadline Retail (3.5%)*** | ***Broadline Retail (3.5%)*** |
|  Amazon.com, Inc.\* | 1149075 | 265229492 |
|  Coupang, Inc., Class A\* | 161600 | 3812144 |
|  eBay, Inc. | 55170 | 4805307 |
|  Etsy, Inc.\* | 12000 | 665280 |
|  Macy's, Inc. | 32800 | 723240 |
|  Ollie's Bargain Outlet Holdings, Inc.\* | 10100 | 1107061 |
|  |  | 276342524 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  Genuine Parts Co. | 17100 | 2102616 |
|  LKQ Corp. | 37900 | 1144580 |

---

See Notes to Financial Statements.

550

------

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Pool Corp. | 4400 | $| 1006500 |
|  |  |  | 4253696 |
|  ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** |
|  ADT, Inc. | 18814 |  | 151829 |
|  Adtalem Global Education, Inc.\* | 4700 |  | 486309 |
|  Bright Horizons Family Solutions, Inc.\* | 7500 |  | 760500 |
|  Coursera, Inc.\* | 13100 |  | 96416 |
|  Driven Brands Holdings, Inc.\* | 8331 |  | 123465 |
|  Duolingo, Inc., Class A\* | 4800 |  | 842400 |
|  Graham Holdings Co., Class B | 400 |  | 439440 |
|  Grand Canyon Education, Inc.\* | 2800 |  | 465668 |
|  H&R Block, Inc. | 25450 |  | 1109111 |
|  Matthews International Corp., Class A | 7100 |  | 185452 |
|  Mister Car Wash, Inc.\* | 8900 |  | 49484 |
|  Service Corp. International | 23900 |  | 1863483 |
|  Strategic Education, Inc. | 2600 |  | 208520 |
|  Stride, Inc.\* | 5500 |  | 357115 |
|  |  |  | 7139192 |
|  ***Hotels, Restaurants & Leisure (2.0%)*** | ***Hotels, Restaurants & Leisure (2.0%)*** | ***Hotels, Restaurants & Leisure (2.0%)*** | ***Hotels, Restaurants & Leisure (2.0%)*** |
|  Airbnb, Inc., Class A\* | 55000 |  | 7464600 |
|  Aramark | 35100 |  | 1293786 |
|  Booking Holdings, Inc. | 3880 |  | 20778681 |
|  Boyd Gaming Corp. | 1300 |  | 110812 |
|  Brinker International, Inc.\* | 5800 |  | 832416 |
|  Caesars Entertainment, Inc.\* | 33000 |  | 771870 |
|  Carnival Corp.\* | 141160 |  | 4311027 |
|  Cava Group, Inc.\* | 10400 |  | 610376 |
|  Chipotle Mexican Grill, Inc.\* | 168300 |  | 6227100 |
|  Churchill Downs, Inc. | 7400 |  | 841972 |
|  Darden Restaurants, Inc. | 15350 |  | 2824707 |
|  Domino's Pizza, Inc. | 5100 |  | 2125782 |
|  DoorDash, Inc., Class A\* | 44998 |  | 10191147 |
|  DraftKings, Inc., Class A\* | 61700 |  | 2126182 |
|  Dutch Bros, Inc., Class A\* | 14500 |  | 887690 |
|  Expedia Group, Inc. | 16287 |  | 4614270 |
|  Flutter Entertainment plc, Class DI\* | 22000 |  | 4730880 |
|  Hilton Worldwide Holdings, Inc. | 29087 |  | 8355241 |
|  Hyatt Hotels Corp., Class A | 7100 |  | 1138272 |
|  Las Vegas Sands Corp. | 40200 |  | 2616618 |
|  Marriott International, Inc., Class A | 27805 |  | 8626223 |
|  McDonald's Corp. | 87521 |  | 26749043 |
|  MGM Resorts International (x)\* | 33500 |  | 1222415 |
|  Norwegian Cruise Line Holdings Ltd.\* | 55300 |  | 1234296 |
|  Papa John's International, Inc. | 5200 |  | 200148 |
|  Planet Fitness, Inc., Class A\* | 12600 |  | 1366722 |
|  Red Rock Resorts, Inc., Class A | 6100 |  | 377895 |
|  Restaurant Brands International, Inc. | 40600 |  | 2770138 |
|  Royal Caribbean Cruises Ltd. | 30850 |  | 8604682 |
|  Shake Shack, Inc., Class A\* | 4800 |  | 389616 |
|  Starbucks Corp. | 137300 |  | 11562033 |
|  Texas Roadhouse, Inc., Class A | 8400 |  | 1394400 |
|  Travel + Leisure Co. | 5470 |  | 385799 |
|  Vail Resorts, Inc. | 4300 |  | 571040 |
|  Viking Holdings Ltd.\* | 25500 |  | 1820955 |
|  Wingstop, Inc. | 4000 |  | 953960 |
|  Wyndham Hotels & Resorts, Inc. | 14570 |  | 1100909 |
|  Wynn Resorts Ltd. | 10300 |  | 1239399 |
|  Yum! Brands, Inc. | 33340 |  | 5043675 |
|  |  |  | 158466777 |
|  ***Household Durables (0.4%)*** | ***Household Durables (0.4%)*** | ***Household Durables (0.4%)*** | ***Household Durables (0.4%)*** |
|  Champion Homes, Inc.\* | 7600 |  | 642200 |
|  DR Horton, Inc. | 33900 |  | 4882617 |
|  Garmin Ltd. | 21900 |  | 4442415 |
|  Helen of Troy Ltd.\* | 1700 |  | 36125 |
|  Installed Building Products, Inc. (x) | 2700 |  | 700353 |
|  Leggett & Platt, Inc. | 10100 |  | 111100 |
|  Lennar Corp., Class A | 25889 |  | 2661389 |
|  Lennar Corp., Class B | 1300 |  | 123656 |
|  LGI Homes, Inc.\* | 200 |  | 8592 |
|  M/I Homes, Inc.\* | 900 |  | 115155 |
|  Meritage Homes Corp. | 8700 |  | 572460 |
|  Mohawk Industries, Inc.\* | 7200 |  | 786960 |
|  Newell Brands, Inc. | 26190 |  | 97427 |
|  NVR, Inc.\* | 400 |  | 2917108 |
|  PulteGroup, Inc. | 24900 |  | 2919774 |
|  SharkNinja, Inc.\* | 9100 |  | 1018290 |
|  Somnigroup International, Inc. | 25500 |  | 2276640 |
|  Sonos, Inc.\* | 13700 |  | 240572 |
|  Taylor Morrison Home Corp., Class A\* | 14900 |  | 877163 |
|  Toll Brothers, Inc. | 15300 |  | 2068866 |
|  TopBuild Corp.\* | 4711 |  | 1965382 |
|  Tri Pointe Homes, Inc.\* | 5000 |  | 157350 |
|  Whirlpool Corp. | 6700 |  | 483338 |
|  |  |  | 30104932 |
|  ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** |
|  Acushnet Holdings Corp. | 6600 |  | 526812 |
|  Hasbro, Inc. | 22600 |  | 1853200 |
|  Mattel, Inc.\* | 54800 |  | 1087232 |
|  Peloton Interactive, Inc., Class A\* | 44903 |  | 276603 |
|  Polaris, Inc. | 2600 |  | 164450 |
|  Topgolf Callaway Brands Corp.\* | 16300 |  | 190221 |
|  YETI Holdings, Inc.\* | 12900 |  | 569793 |
|  |  |  | 4668311 |
|  ***Specialty Retail (1.8%)*** | ***Specialty Retail (1.8%)*** | ***Specialty Retail (1.8%)*** | ***Specialty Retail (1.8%)*** |
|  Abercrombie & Fitch Co., Class A\* | 5600 |  | 704872 |
|  Advance Auto Parts, Inc. | 8500 |  | 334050 |
|  American Eagle Outfitters, Inc. | 25800 |  | 680346 |
|  Asbury Automotive Group, Inc.\* | 1600 |  | 372048 |
|  AutoNation, Inc.\* | 2700 |  | 557496 |
|  AutoZone, Inc.\* | 2090 |  | 7088235 |
|  Best Buy Co., Inc. | 22910 |  | 1533366 |
|  Boot Barn Holdings, Inc.\* | 3700 |  | 652939 |
|  Burlington Stores, Inc.\* | 7800 |  | 2253030 |
|  CarMax, Inc.\* | 18150 |  | 701316 |
|  Carvana Co.\* | 16100 |  | 6794522 |
|  Chewy, Inc., Class A\* | 26200 |  | 865910 |
|  Dick's Sporting Goods, Inc. | 9713 |  | 1922883 |
|  Five Below, Inc.\* | 8200 |  | 1544552 |
|  Floor & Decor Holdings, Inc., Class A\* | 16700 |  | 1016863 |
|  GameStop Corp., Class A (x)\* | 51500 |  | 1034120 |
|  Gap, Inc. (The) | 25700 |  | 657920 |
|  Home Depot, Inc. (The) | 119240 |  | 41030484 |
|  Lithia Motors, Inc., Class A | 4300 |  | 1429019 |
|  Lowe's Cos., Inc. | 67163 |  | 16197029 |

---

See Notes to Financial Statements.

551

------

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Monro, Inc. | 1800 | $| 36072 |
|  Murphy USA, Inc. | 2555 |  | 1030994 |
|  O'Reilly Automotive, Inc.\* | 105250 |  | 9599852 |
|  Penske Automotive Group, Inc. | 2000 |  | 316580 |
|  RH\* | 2000 |  | 358300 |
|  Ross Stores, Inc. | 39120 |  | 7047077 |
|  TJX Cos., Inc. (The) | 134000 |  | 20583740 |
|  Tractor Supply Co. | 72000 |  | 3600720 |
|  Ulta Beauty, Inc.\* | 5700 |  | 3448557 |
|  Upbound Group, Inc. | 9600 |  | 168576 |
|  Urban Outfitters, Inc.\* | 8000 |  | 602080 |
|  Valvoline, Inc. (x)\* | 11388 |  | 330935 |
|  Victoria's Secret & Co.\* | 13730 |  | 743754 |
|  Wayfair, Inc., Class A\* | 11800 |  | 1184838 |
|  Williams-Sonoma, Inc. | 15600 |  | 2786004 |
|  |  |  | 139209079 |
|  ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** |
|  Amer Sports, Inc.\* | 18700 |  | 698445 |
|  Capri Holdings Ltd.\* | 15600 |  | 380640 |
|  Carter's, Inc. | 4180 |  | 135557 |
|  Columbia Sportswear Co. | 700 |  | 38563 |
|  Deckers Outdoor Corp.\* | 20000 |  | 2073400 |
|  Kontoor Brands, Inc. | 7400 |  | 452066 |
|  Lululemon Athletica, Inc.\* | 13200 |  | 2743092 |
|  NIKE, Inc., Class B | 145120 |  | 9245595 |
|  On Holding AG, Class A\* | 27600 |  | 1282848 |
|  PVH Corp. | 6981 |  | 467867 |
|  Ralph Lauren Corp. | 4570 |  | 1615998 |
|  Tapestry, Inc. | 24727 |  | 3159369 |
|  Under Armour, Inc., Class A (x)\* | 44900 |  | 223153 |
|  VF Corp. | 43300 |  | 782864 |
|  |  |  | 23299457 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 822203436 |
|  **Consumer Staples (4.4%)** | **Consumer Staples (4.4%)** | **Consumer Staples (4.4%)** | **Consumer Staples (4.4%)** |
|  ***Beverages (0.9%)*** | ***Beverages (0.9%)*** | ***Beverages (0.9%)*** | ***Beverages (0.9%)*** |
|  Celsius Holdings, Inc.\* | 22800 |  | 1042872 |
|  Coca-Cola Co. (The) | 467840 |  | 32706694 |
|  Coca-Cola Consolidated, Inc. | 7000 |  | 1073100 |
|  Constellation Brands, Inc., Class A | 16400 |  | 2262544 |
|  Keurig Dr Pepper, Inc. | 154510 |  | 4327825 |
|  Molson Coors Beverage Co., Class B | 20650 |  | 963942 |
|  Monster Beverage Corp.\* | 86300 |  | 6616621 |
|  PepsiCo, Inc. | 165390 |  | 23736773 |
|  |  |  | 72730371 |
|  ***Consumer Staples Distribution & Retail (1.8%)*** | ***Consumer Staples Distribution & Retail (1.8%)*** | ***Consumer Staples Distribution & Retail (1.8%)*** | ***Consumer Staples Distribution & Retail (1.8%)*** |
|  Albertsons Cos., Inc., Class A | 61400 |  | 1054238 |
|  BJ's Wholesale Club Holdings, Inc.\* | 20700 |  | 1863621 |
|  Casey's General Stores, Inc. | 5200 |  | 2874092 |
|  Costco Wholesale Corp. | 53150 |  | 45833371 |
|  Dollar General Corp. | 27100 |  | 3598067 |
|  Dollar Tree, Inc.\* | 27923 |  | 3434808 |
|  Kroger Co. (The) | 76120 |  | 4755978 |
|  Maplebear, Inc.\* | 23600 |  | 1061528 |
|  Performance Food Group Co.\* | 23132 |  | 2080029 |
|  Sprouts Farmers Market, Inc.\* | 12500 |  | 995875 |
|  Sysco Corp. | 63450 |  | 4675630 |
|  Target Corp. | 60160 |  | 5880640 |
|  US Foods Holding Corp.\* | 30600 |  | 2304792 |
|  Walmart, Inc. | 525060 |  | 58496935 |
|  |  |  | 138909604 |
|  ***Food Products (0.4%)*** | ***Food Products (0.4%)*** | ***Food Products (0.4%)*** | ***Food Products (0.4%)*** |
|  Archer-Daniels-Midland Co. | 57760 |  | 3320622 |
|  Bunge Global SA | 14580 |  | 1298786 |
|  Campbell's Co. (The) (x) | 31300 |  | 872331 |
|  Conagra Brands, Inc. | 77592 |  | 1343118 |
|  Darling Ingredients, Inc.\* | 18900 |  | 680400 |
|  General Mills, Inc. | 76300 |  | 3547950 |
|  Hershey Co. (The) | 18650 |  | 3393927 |
|  Hormel Foods Corp. | 44500 |  | 1054650 |
|  Ingredion, Inc. | 8200 |  | 904132 |
|  J M Smucker Co. (The) | 12403 |  | 1213138 |
|  Kraft Heinz Co. (The) | 118536 |  | 2874498 |
|  Lamb Weston Holdings, Inc. | 22050 |  | 923675 |
|  McCormick & Co., Inc. (Non-Voting) | 31800 |  | 2165898 |
|  Mondelez International, Inc., Class A | 162510 |  | 8747913 |
|  Post Holdings, Inc.\* | 1300 |  | 128765 |
|  Tyson Foods, Inc., Class A | 39200 |  | 2297904 |
|  |  |  | 34767707 |
|  ***Household Products (0.7%)*** | ***Household Products (0.7%)*** | ***Household Products (0.7%)*** | ***Household Products (0.7%)*** |
|  Church & Dwight Co., Inc. | 33700 |  | 2825745 |
|  Clorox Co. (The) | 16250 |  | 1638488 |
|  Colgate-Palmolive Co. | 102520 |  | 8101130 |
|  Kimberly-Clark Corp. | 44400 |  | 4479516 |
|  Procter & Gamble Co. (The) | 281245 |  | 40305221 |
|  |  |  | 57350100 |
|  ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** |
|  Estee Lauder Cos., Inc. (The), Class A | 28100 |  | 2942632 |
|  Kenvue, Inc. | 250956 |  | 4328991 |
|  |  |  | 7271623 |
|  ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** |
|  Altria Group, Inc. | 207190 |  | 11946575 |
|  Philip Morris International, Inc. | 188930 |  | 30304372 |
|  |  |  | 42250947 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 353280352 |
|  **Energy (3.0%)** | **Energy (3.0%)** | **Energy (3.0%)** | **Energy (3.0%)** |
|  ***Energy Equipment & Services (0.3%)*** | ***Energy Equipment & Services (0.3%)*** | ***Energy Equipment & Services (0.3%)*** | ***Energy Equipment & Services (0.3%)*** |
|  Archrock, Inc. | 12600 |  | 327852 |
|  Baker Hughes Co. | 130084 |  | 5924025 |
|  Cactus, Inc., Class A | 4300 |  | 196424 |
|  Halliburton Co. | 102730 |  | 2903150 |
|  Helmerich & Payne, Inc. | 3900 |  | 111852 |
|  Innovex International, Inc.\* | 1000 |  | 21870 |
|  Kodiak Gas Services, Inc. | 12000 |  | 448800 |
|  Liberty Energy, Inc., Class A | 21863 |  | 403591 |
|  Noble Corp. plc | 13200 |  | 372768 |
|  NOV, Inc. | 45380 |  | 709290 |
|  Oceaneering International, Inc.\* | 14000 |  | 336420 |
|  Patterson-UTI Energy, Inc. (x) | 51000 |  | 311610 |
|  SLB Ltd. | 194171 |  | 7452283 |
|  TechnipFMC plc | 48000 |  | 2138880 |
|  Valaris Ltd.\* | 9900 |  | 498960 |
|  Weatherford International plc | 7900 |  | 618254 |
|  |  |  | 22776029 |

---

See Notes to Financial Statements.

552

------

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Oil, Gas & Consumable Fuels (2.7%)*** | ***Oil, Gas & Consumable Fuels (2.7%)*** | ***Oil, Gas & Consumable Fuels (2.7%)*** |
|  Antero Midstream Corp. | 54300 | $965997 |
|  Antero Resources Corp.\* | 37300 | 1285358 |
|  APA Corp. | 56117 | 1372622 |
|  California Resources Corp. | 8300 | 371093 |
|  Centrus Energy Corp., Class A\* | 3300 | 801108 |
|  Cheniere Energy, Inc. | 28700 | 5578993 |
|  Chevron Corp. | 231768 | 35323761 |
|  Chord Energy Corp. | 7345 | 680881 |
|  Civitas Resources, Inc. | 12000 | 325080 |
|  Clean Energy Fuels Corp.\* | 52500 | 110250 |
|  CNX Resources Corp.\* | 16300 | 599351 |
|  Comstock Resources, Inc.\* | 20800 | 482144 |
|  ConocoPhillips | 151586 | 14189965 |
|  Core Natural Resources, Inc. | 4700 | 415997 |
|  Coterra Energy, Inc. | 110235 | 2901385 |
|  CVR Energy, Inc.\* | 11200 | 284928 |
|  Devon Energy Corp. | 89694 | 3285491 |
|  Diamondback Energy, Inc. | 24141 | 3629117 |
|  DT Midstream, Inc. | 17200 | 2058496 |
|  EOG Resources, Inc. | 68800 | 7224688 |
|  EQT Corp. | 71997 | 3859039 |
|  Excelerate Energy, Inc., Class A | 4700 | 131835 |
|  Expand Energy Corp. | 27545 | 3039866 |
|  Exxon Mobil Corp.# | 519112 | 62469938 |
|  Gulfport Energy Corp.\* | 1900 | 395181 |
|  HF Sinclair Corp. | 23686 | 1091451 |
|  HighPeak Energy, Inc. (x) | 400 | 1896 |
|  Kinder Morgan, Inc. | 254071 | 6984412 |
|  Kinetik Holdings, Inc., Class A (x) | 7100 | 255955 |
|  Kosmos Energy Ltd. (x)\* | 28800 | 26133 |
|  Marathon Petroleum Corp. | 39133 | 6364200 |
|  Matador Resources Co. | 15000 | 636600 |
|  Northern Oil & Gas, Inc. (x) | 23700 | 508839 |
|  Occidental Petroleum Corp. | 87535 | 3599439 |
|  ONEOK, Inc. | 77013 | 5660455 |
|  Ovintiv, Inc. | 31500 | 1234485 |
|  PBF Energy, Inc., Class A | 14700 | 398664 |
|  Permian Resources Corp. | 86200 | 1209386 |
|  Phillips 66 | 48788 | 6295604 |
|  Range Resources Corp. | 38900 | 1371614 |
|  Scorpio Tankers, Inc. | 6900 | 350727 |
|  SM Energy Co. | 2100 | 39270 |
|  Targa Resources Corp. | 27800 | 5129100 |
|  Texas Pacific Land Corp. | 7500 | 2154150 |
|  Uranium Energy Corp.\* | 55300 | 645904 |
|  Valero Energy Corp. | 39130 | 6369973 |
|  Viper Energy, Inc., Class A | 16500 | 637395 |
|  Williams Cos., Inc. (The) | 152779 | 9183546 |
|  World Kinect Corp. | 10700 | 250701 |
|  |  | 212182463 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 234958492 |
|  **Financials (13.9%)** | **Financials (13.9%)** | **Financials (13.9%)** |
|  ***Banks (3.9%)*** | ***Banks (3.9%)*** | ***Banks (3.9%)*** |
|  Ameris Bancorp | 6900 | 512463 |
|  Associated Banc-Corp. | 8200 | 211232 |
|  Atlantic Union Bankshares Corp. | 12100 | 427130 |
|  Axos Financial, Inc.\* | 3800 | 327408 |
|  Banc of California, Inc. | 26300 | 507327 |
|  BancFirst Corp. | 3600 | 381672 |
|  Bancorp, Inc. (The)\* | 7100 | 479392 |
|  Bank of America Corp. | 814046 | 44772530 |
|  Bank of Hawaii Corp. | 7100 | 485427 |
|  Bank of NT Butterfield & Son Ltd. (The) | 900 | 44838 |
|  Bank OZK | 4900 | 225498 |
|  BankUnited, Inc. | 2600 | 115882 |
|  Banner Corp. | 1100 | 68926 |
|  Beacon Financial Corp. | 2610 | 68826 |
|  BOK Financial Corp. | 4050 | 479763 |
|  Cadence Bank | 29750 | 1274490 |
|  Cathay General Bancorp | 8930 | 432123 |
|  Citigroup, Inc. | 223684 | 26101686 |
|  Citizens Financial Group, Inc. | 62178 | 3631817 |
|  City Holding Co. | 1430 | 170456 |
|  Columbia Banking System, Inc. | 42310 | 1182564 |
|  Columbia Financial, Inc.\* | 6000 | 93240 |
|  Comerica, Inc. | 15500 | 1347415 |
|  Commerce Bancshares, Inc. | 20365 | 1065904 |
|  Community Financial System, Inc. | 7000 | 402080 |
|  Cullen/Frost Bankers, Inc. | 7800 | 987714 |
|  CVB Financial Corp. | 20700 | 385020 |
|  Dime Community Bancshares, Inc. | 297 | 8937 |
|  East West Bancorp, Inc. | 18200 | 2045498 |
|  Eastern Bankshares, Inc. | 12000 | 221160 |
|  Enterprise Financial Services Corp. | 100 | 5400 |
|  FB Financial Corp. | 2500 | 139500 |
|  Fifth Third Bancorp | 79545 | 3723501 |
|  First Bancorp | 24700 | 512031 |
|  First Busey Corp. | 1833 | 43607 |
|  First Citizens BancShares, Inc., Class A | 1272 | 2729941 |
|  First Commonwealth Financial Corp. | 3500 | 59010 |
|  First Financial Bancorp | 12300 | 307746 |
|  First Financial Bankshares, Inc. | 12300 | 367401 |
|  First Financial Corp. | 5300 | 320226 |
|  First Hawaiian, Inc. | 9300 | 235290 |
|  First Horizon Corp. | 63050 | 1506895 |
|  First Merchants Corp. | 7800 | 292344 |
|  FNB Corp. | 46456 | 794398 |
|  Fulton Financial Corp. | 12600 | 243558 |
|  Glacier Bancorp, Inc. | 20100 | 885405 |
|  Hancock Whitney Corp. | 8124 | 517336 |
|  Hilltop Holdings, Inc. | 8700 | 295278 |
|  Home BancShares, Inc. | 27800 | 772284 |
|  Hope Bancorp, Inc. | 3383 | 37078 |
|  Huntington Bancshares, Inc. | 196424 | 3407956 |
|  Independent Bank Corp. | 5000 | 365400 |
|  International Bancshares Corp. | 6800 | 451792 |
|  JPMorgan Chase & Co. | 332625 | 107178428 |
|  Kearny Financial Corp. | 9432 | 69891 |
|  KeyCorp | 115802 | 2390153 |
|  Live Oak Bancshares, Inc. | 3400 | 116790 |
|  M&T Bank Corp. | 20412 | 4112610 |
|  Mechanics Bancorp | 900 | 13167 |
|  NBT Bancorp, Inc. | 2600 | 107952 |
|  NU Holdings Ltd., Class A\* | 394100 | 6597234 |
|  OceanFirst Financial Corp. | 3200 | 57440 |
|  Old National Bancorp | 46300 | 1032953 |
|  Park National Corp. | 1500 | 228270 |
|  Pinnacle Financial Partners, Inc. | 10056 | 959443 |

---

See Notes to Financial Statements.

553

------

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  PNC Financial Services Group, Inc. (The) | 49618 | $| 10356765 |
|  Popular, Inc. | 8750 |  | 1089550 |
|  Prosperity Bancshares, Inc. | 13412 |  | 926903 |
|  Provident Financial Services, Inc. | 5800 |  | 114550 |
|  Regions Financial Corp. | 121200 |  | 3284520 |
|  Renasant Corp. | 300 |  | 10566 |
|  S&T Bancorp, Inc. | 4200 |  | 165270 |
|  ServisFirst Bancshares, Inc. | 6300 |  | 452277 |
|  Simmons First National Corp., Class A | 14600 |  | 275210 |
|  SouthState Bank Corp. | 14557 |  | 1369959 |
|  Synovus Financial Corp. | 23113 |  | 1156806 |
|  TFS Financial Corp. | 26400 |  | 353232 |
|  Tompkins Financial Corp. | 2639 |  | 191380 |
|  Towne Bank | 8879 |  | 296292 |
|  Truist Financial Corp. | 164360 |  | 8088156 |
|  Trustmark Corp. | 850 |  | 33107 |
|  UMB Financial Corp. | 6715 |  | 772494 |
|  United Bankshares, Inc. | 20400 |  | 783360 |
|  United Community Banks, Inc. | 14900 |  | 465178 |
|  US Bancorp | 197590 |  | 10543402 |
|  Valley National Bancorp | 46100 |  | 538448 |
|  WaFd, Inc. | 9500 |  | 304285 |
|  Webster Financial Corp. | 22688 |  | 1427983 |
|  Wells Fargo & Co. | 386273 |  | 36000644 |
|  WesBanco, Inc. | 4600 |  | 152904 |
|  Western Alliance Bancorp | 14200 |  | 1193794 |
|  Wintrust Financial Corp. | 11500 |  | 1607930 |
|  WSFS Financial Corp. | 8990 |  | 496608 |
|  Zions Bancorp NA | 17400 |  | 1018596 |
|  |  |  | 312806295 |
|  ***Capital Markets (3.5%)*** | ***Capital Markets (3.5%)*** | ***Capital Markets (3.5%)*** | ***Capital Markets (3.5%)*** |
|  Acadian Asset Management, Inc. | 600 |  | 28200 |
|  Affiliated Managers Group, Inc. | 4640 |  | 1337619 |
|  Ameriprise Financial, Inc. | 12360 |  | 6060602 |
|  Ares Management Corp., Class A | 24481 |  | 3956864 |
|  Artisan Partners Asset Management, Inc., Class A | 10105 |  | 411678 |
|  Bank of New York Mellon Corp. (The) | 85250 |  | 9896673 |
|  BGC Group, Inc., Class A | 24600 |  | 219678 |
|  BlackRock, Inc. | 18563 |  | 19868721 |
|  Blackstone, Inc. | 90300 |  | 13918842 |
|  Blue Owl Capital, Inc., Class A (x) | 62400 |  | 932256 |
|  Brookfield Asset Management Ltd., Class A | 48000 |  | 2514720 |
|  Carlyle Group, Inc. (The) | 32000 |  | 1891520 |
|  Cboe Global Markets, Inc. | 14300 |  | 3589300 |
|  Charles Schwab Corp. (The) | 207475 |  | 20728827 |
|  CME Group, Inc. | 44665 |  | 12197118 |
|  Cohen & Steers, Inc. | 5200 |  | 326456 |
|  Coinbase Global, Inc., Class A\* | 27100 |  | 6128394 |
|  DigitalBridge Group, Inc. | 18075 |  | 277270 |
|  Evercore, Inc., Class A | 4800 |  | 1633200 |
|  FactSet Research Systems, Inc. | 4900 |  | 1421931 |
|  Franklin Resources, Inc. | 54890 |  | 1311322 |
|  Freedom Holding Corp. (x)\* | 1500 |  | 182520 |
|  Goldman Sachs Group, Inc. (The) | 36000 |  | 31644000 |
|  Hamilton Lane, Inc., Class A | 900 |  | 120879 |
|  Houlihan Lokey, Inc., Class A | 6600 |  | 1149654 |
|  Interactive Brokers Group, Inc., Class A | 56160 |  | 3611650 |
|  Intercontinental Exchange, Inc. | 71616 |  | 11598927 |
|  Invesco Ltd. | 66200 |  | 1739074 |
|  Janus Henderson Group plc | 16100 |  | 765877 |
|  Jefferies Financial Group, Inc. | 24488 |  | 1517521 |
|  KKR & Co., Inc. | 85391 |  | 10885645 |
|  Lazard, Inc. | 3900 |  | 189384 |
|  LPL Financial Holdings, Inc. | 10600 |  | 3786002 |
|  Marex Group plc | 9900 |  | 379764 |
|  MarketAxess Holdings, Inc. | 5660 |  | 1025875 |
|  Moelis & Co., Class A | 2200 |  | 151228 |
|  Moody's Corp. | 19550 |  | 9987118 |
|  Morgan Stanley | 138987 |  | 24674362 |
|  MSCI, Inc. | 9034 |  | 5183077 |
|  Nasdaq, Inc. | 52300 |  | 5079899 |
|  Northern Trust Corp. | 26650 |  | 3640123 |
|  Piper Sandler Cos. | 1800 |  | 611478 |
|  Raymond James Financial, Inc. | 25100 |  | 4030809 |
|  Robinhood Markets, Inc., Class A\* | 92800 |  | 10495680 |
|  S&P Global, Inc. | 37234 |  | 19458116 |
|  SEI Investments Co. | 16150 |  | 1324623 |
|  State Street Corp. | 36150 |  | 4663712 |
|  StepStone Group, Inc., Class A | 4400 |  | 282348 |
|  Stifel Financial Corp. | 15508 |  | 1941912 |
|  StoneX Group, Inc.\* | 2550 |  | 242582 |
| T. Rowe Price Group, Inc. | 31280 |  | 3202446 |
|  TPG, Inc., Class A | 16200 |  | 1034208 |
|  Tradeweb Markets, Inc., Class A | 15000 |  | 1613100 |
|  Victory Capital Holdings, Inc., Class A | 5500 |  | 346995 |
|  Virtu Financial, Inc., Class A | 6900 |  | 229908 |
|  XP, Inc., Class A | 49000 |  | 802130 |
|  |  |  | 276243817 |
|  ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** |
|  Ally Financial, Inc. | 37869 |  | 1715087 |
|  American Express Co. | 66756 |  | 24696382 |
|  Bread Financial Holdings, Inc. | 300 |  | 22209 |
|  Capital One Financial Corp. | 75878 |  | 18389792 |
|  Credit Acceptance Corp. (x)\* | 500 |  | 221730 |
|  Enova International, Inc.\* | 2300 |  | 361560 |
|  FirstCash Holdings, Inc. | 4572 |  | 728685 |
|  Navient Corp. | 25584 |  | 332592 |
|  Nelnet, Inc., Class A | 4000 |  | 531840 |
|  OneMain Holdings, Inc. | 17900 |  | 1209145 |
|  SLM Corp. | 32084 |  | 868193 |
|  SoFi Technologies, Inc.\* | 139800 |  | 3659964 |
|  Synchrony Financial | 46952 |  | 3917206 |
|  Upstart Holdings, Inc. (x)\* | 10100 |  | 441673 |
|  |  |  | 57096058 |
|  ***Financial Services (3.7%)*** | ***Financial Services (3.7%)*** | ***Financial Services (3.7%)*** | ***Financial Services (3.7%)*** |
|  Affirm Holdings, Inc., Class A\* | 34000 |  | 2530620 |
|  Apollo Global Management, Inc. | 51686 |  | 7482065 |
|  Berkshire Hathaway, Inc., Class B\* | 220936 |  | 111053481 |
|  Block, Inc., Class A\* | 73324 |  | 4772659 |
|  Burford Capital Ltd. | 17600 |  | 156992 |
|  Corebridge Financial, Inc. | 37700 |  | 1137409 |
|  Corpay, Inc.\* | 8800 |  | 2648184 |
|  Enact Holdings, Inc. | 10900 |  | 432076 |
|  Essent Group Ltd. | 17600 |  | 1144176 |
|  Euronet Worldwide, Inc.\* | 4700 |  | 357717 |

---

See Notes to Financial Statements.

554

------

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Evertec, Inc. | 2500 | $| 72725 |
|  Fidelity National Information Services, Inc. | 66069 |  | 4390946 |
|  Fiserv, Inc.\* | 69202 |  | 4648298 |
|  Flywire Corp.\* | 14600 |  | 206736 |
|  Global Payments, Inc. | 32476 |  | 2513642 |
|  Jack Henry & Associates, Inc. | 11430 |  | 2085746 |
|  Jackson Financial, Inc., Class A | 11800 |  | 1258470 |
|  Marqeta, Inc., Class A\* | 66800 |  | 317300 |
|  Mastercard, Inc., Class A | 97500 |  | 55660800 |
|  MGIC Investment Corp. | 42500 |  | 1241850 |
|  NCR Atleos Corp.\* | 3300 |  | 125763 |
|  NMI Holdings, Inc., Class A\* | 4700 |  | 191713 |
|  Payoneer Global, Inc.\* | 56500 |  | 317530 |
|  PayPal Holdings, Inc. | 117153 |  | 6839392 |
|  PennyMac Financial Services, Inc. | 3833 |  | 505343 |
|  Radian Group, Inc. | 7800 |  | 280722 |
|  Remitly Global, Inc.\* | 22900 |  | 316020 |
|  Rocket Cos., Inc., Class A | 114400 |  | 2214784 |
|  Sezzle, Inc. (x)\* | 3800 |  | 241205 |
|  Toast, Inc., Class A\* | 52200 |  | 1853622 |
|  Visa, Inc., Class A | 204012 |  | 71549049 |
|  Voya Financial, Inc. | 14900 |  | 1109901 |
|  Walker & Dunlop, Inc. | 3700 |  | 222555 |
|  |  |  | 289879491 |
|  ***Insurance (2.0%)*** | ***Insurance (2.0%)*** | ***Insurance (2.0%)*** | ***Insurance (2.0%)*** |
|  Aflac, Inc. | 61100 |  | 6737497 |
|  Allstate Corp. (The) | 33740 |  | 7022981 |
|  American Financial Group, Inc. | 12030 |  | 1644260 |
|  American International Group, Inc. | 72436 |  | 6196900 |
|  Aon plc, Class A | 26319 |  | 9287449 |
|  Arch Capital Group Ltd.\* | 48300 |  | 4632936 |
|  Arthur J Gallagher & Co. | 32300 |  | 8358917 |
|  Assurant, Inc. | 6200 |  | 1493270 |
|  Assured Guaranty Ltd. | 4800 |  | 431376 |
|  Axis Capital Holdings Ltd. | 10270 |  | 1099814 |
|  Baldwin Insurance Group, Inc. (The), Class A (x)\* | 11200 |  | 269136 |
|  Brighthouse Financial, Inc.\* | 1932 |  | 125174 |
|  Brown & Brown, Inc. | 32900 |  | 2622130 |
|  Chubb Ltd. | 44551 |  | 13905258 |
|  Cincinnati Financial Corp. | 20320 |  | 3318663 |
|  CNA Financial Corp. | 6900 |  | 329406 |
|  CNO Financial Group, Inc. | 7400 |  | 314278 |
|  Employers Holdings, Inc. | 600 |  | 25902 |
|  Everest Group Ltd. | 6100 |  | 2070035 |
|  F&G Annuities & Life, Inc. | 11550 |  | 356318 |
|  Fidelity National Financial, Inc. | 33580 |  | 1833132 |
|  First American Financial Corp. | 17600 |  | 1081344 |
|  Genworth Financial, Inc., Class A\* | 19600 |  | 176988 |
|  Globe Life, Inc. | 10605 |  | 1483215 |
|  Goosehead Insurance, Inc., Class A | 600 |  | 44190 |
|  Hanover Insurance Group, Inc. (The) | 6190 |  | 1131346 |
|  Hartford Insurance Group, Inc. (The) | 36910 |  | 5086198 |
|  Kemper Corp. | 1782 |  | 72242 |
|  Kinsale Capital Group, Inc. | 3800 |  | 1486256 |
|  Lincoln National Corp. | 30350 |  | 1351486 |
|  Loews Corp. | 25392 |  | 2674032 |
|  Markel Group, Inc.\* | 1760 |  | 3783384 |
|  Marsh & McLennan Cos., Inc. | 62450 |  | 11585724 |
|  MBIA, Inc.\* | 3100 |  | 22196 |
|  Mercury General Corp. | 5000 |  | 470300 |
|  MetLife, Inc. | 70560 |  | 5570006 |
|  Old Republic International Corp. | 30794 |  | 1405438 |
|  Palomar Holdings, Inc.\* | 1700 |  | 229092 |
|  Primerica, Inc. | 5900 |  | 1524324 |
|  Principal Financial Group, Inc. | 30800 |  | 2716868 |
|  ProAssurance Corp.\* | 600 |  | 14496 |
|  Progressive Corp. (The) | 71500 |  | 16281980 |
|  Prudential Financial, Inc. | 42831 |  | 4834763 |
|  Reinsurance Group of America, Inc. | 9310 |  | 1894213 |
|  RenaissanceRe Holdings Ltd. | 6560 |  | 1844410 |
|  RLI Corp. | 10560 |  | 675629 |
|  Ryan Specialty Holdings, Inc., Class A | 12600 |  | 650538 |
|  Selective Insurance Group, Inc. | 1800 |  | 150606 |
|  Travelers Cos., Inc. (The) | 28170 |  | 8170990 |
|  Trupanion, Inc.\* | 1000 |  | 37370 |
|  Unum Group | 23800 |  | 1844500 |
|  W.R. Berkley Corp. | 39300 |  | 2755716 |
|  White Mountains Insurance Group Ltd. | 100 |  | 207803 |
|  Willis Towers Watson plc | 13100 |  | 4304660 |
|  |  |  | 157637135 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** |
|  AGNC Investment Corp. (REIT) (x) | 103900 |  | 1113808 |
|  Annaly Capital Management, Inc. (REIT) | 69288 |  | 1549280 |
|  Apollo Commercial Real Estate Finance, Inc. (REIT) | 2900 |  | 28072 |
|  Arbor Realty Trust, Inc. (REIT) (x) | 34900 |  | 270824 |
|  Blackstone Mortgage Trust, Inc. (REIT), Class A | 6800 |  | 130084 |
|  Claros Mortgage Trust, Inc. (REIT)\* | 2700 |  | 8262 |
|  Rithm Capital Corp. (REIT) | 66550 |  | 725395 |
|  Starwood Property Trust, Inc. (REIT) | 57200 |  | 1030172 |
|  |  |  | 4855897 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 1098518693 |
|  **Health Care (10.0%)** | **Health Care (10.0%)** | **Health Care (10.0%)** | **Health Care (10.0%)** |
|  ***Biotechnology (2.1%)*** | ***Biotechnology (2.1%)*** | ***Biotechnology (2.1%)*** | ***Biotechnology (2.1%)*** |
|  AbbVie, Inc. | 213830 |  | 48858017 |
|  ACADIA Pharmaceuticals, Inc.\* | 17100 |  | 456741 |
|  ADMA Biologics, Inc.\* | 29900 |  | 545376 |
|  Agios Pharmaceuticals, Inc.\* | 2300 |  | 62606 |
|  Alector, Inc.\* | 1800 |  | 2808 |
|  Alkermes plc\* | 20700 |  | 579186 |
|  Allogene Therapeutics, Inc.\* | 24600 |  | 33702 |
|  Alnylam Pharmaceuticals, Inc.\* | 15400 |  | 6123810 |
|  Amgen, Inc. | 64868 |  | 21231945 |
|  Amicus Therapeutics, Inc.\* | 51600 |  | 734784 |
|  AnaptysBio, Inc.\* | 6600 |  | 319968 |
|  Anavex Life Sciences Corp.\* | 23900 |  | 85084 |
|  Apellis Pharmaceuticals, Inc.\* | 14000 |  | 351680 |
|  Arcellx, Inc.\* | 4900 |  | 319480 |
|  Arcturus Therapeutics Holdings, Inc. (x)\* | 400 |  | 2452 |
|  Arcus Biosciences, Inc.\* | 6200 |  | 147746 |
|  Arrowhead Pharmaceuticals, Inc.\* | 22200 |  | 1473858 |
|  Avidity Biosciences, Inc.\* | 14500 |  | 1045885 |
|  Beam Therapeutics, Inc.\* | 7300 |  | 202356 |
|  BioCryst Pharmaceuticals, Inc.\* | 35300 |  | 275340 |

---

See Notes to Financial Statements.

555

------

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Biogen, Inc.\* | 20560 | $| 3618354 |
|  Biohaven Ltd.\* | 9700 |  | 109513 |
|  BioMarin Pharmaceutical, Inc.\* | 28200 |  | 1675926 |
|  Bridgebio Pharma, Inc.\* | 18844 |  | 1441378 |
|  Caris Life Sciences, Inc.\* | 14400 |  | 388512 |
|  Cidara Therapeutics, Inc.\* | 2800 |  | 618492 |
|  Cogent Biosciences, Inc.\* | 16600 |  | 589632 |
|  CRISPR Therapeutics AG (x)\* | 10000 |  | 524400 |
|  Cytokinetics, Inc.\* | 12600 |  | 800604 |
|  Denali Therapeutics, Inc.\* | 14300 |  | 236093 |
|  Dyne Therapeutics, Inc.\* | 10800 |  | 211248 |
|  Editas Medicine, Inc.\* | 11500 |  | 23575 |
|  Exact Sciences Corp.\* | 26700 |  | 2711652 |
|  Exelixis, Inc.\* | 38900 |  | 1704987 |
|  Fate Therapeutics, Inc.\* | 12600 |  | 12381 |
|  Gilead Sciences, Inc. | 149191 |  | 18311703 |
|  GRAIL, Inc.\* | 4016 |  | 343729 |
|  Halozyme Therapeutics, Inc.\* | 17900 |  | 1204670 |
|  Ideaya Biosciences, Inc.\* | 13500 |  | 466695 |
|  ImmunityBio, Inc. (x)\* | 71300 |  | 141174 |
|  Immunovant, Inc.\* | 15700 |  | 399094 |
|  Incyte Corp.\* | 19700 |  | 1945769 |
|  Insmed, Inc.\* | 21200 |  | 3689648 |
|  Ionis Pharmaceuticals, Inc.\* | 24800 |  | 1961928 |
|  Ironwood Pharmaceuticals, Inc., Class A\* | 4000 |  | 13480 |
|  Kodiak Sciences, Inc.\* | 3500 |  | 97860 |
|  Krystal Biotech, Inc.\* | 3200 |  | 788928 |
|  Kura Oncology, Inc.\* | 12500 |  | 129875 |
|  Madrigal Pharmaceuticals, Inc.\* | 2400 |  | 1397616 |
|  Moderna, Inc.\* | 44417 |  | 1309857 |
|  Myriad Genetics, Inc.\* | 11500 |  | 70725 |
|  Natera, Inc.\* | 16300 |  | 3734167 |
|  Neurocrine Biosciences, Inc.\* | 14500 |  | 2056535 |
|  Nkarta, Inc.\* | 800 |  | 1480 |
|  Novavax, Inc. (x)\* | 12200 |  | 81984 |
|  Nuvalent, Inc., Class A\* | 4800 |  | 482832 |
|  Organogenesis Holdings, Inc., Class A\* | 25100 |  | 130018 |
|  PDL BioPharma, Inc. (r)\* | 46000 |  |  |
|  Praxis Precision Medicines, Inc.\* | 2400 |  | 707376 |
|  Protagonist Therapeutics, Inc.\* | 6900 |  | 602646 |
|  Prothena Corp. plc\* | 3300 |  | 31515 |
|  PTC Therapeutics, Inc.\* | 8000 |  | 607680 |
|  Recursion Pharmaceuticals, Inc., Class A (x)\* | 1000 |  | 4090 |
|  Regeneron Pharmaceuticals, Inc. | 13000 |  | 10034310 |
|  REGENXBIO, Inc.\* | 7400 |  | 106560 |
|  Relay Therapeutics, Inc.\* | 22001 |  | 186128 |
|  Replimune Group, Inc.\* | 1100 |  | 10692 |
|  Revolution Medicines, Inc.\* | 20724 |  | 1650667 |
|  Rhythm Pharmaceuticals, Inc.\* | 7100 |  | 759984 |
|  Rocket Pharmaceuticals, Inc.\* | 8900 |  | 31239 |
|  Roivant Sciences Ltd.\* | 47400 |  | 1028580 |
|  Sana Biotechnology, Inc.\* | 14595 |  | 59402 |
|  Sarepta Therapeutics, Inc.\* | 12700 |  | 273304 |
|  Stoke Therapeutics, Inc.\* | 500 |  | 15870 |
|  TG Therapeutics, Inc.\* | 18300 |  | 545523 |
|  Twist Bioscience Corp.\* | 6900 |  | 218868 |
|  Ultragenyx Pharmaceutical, Inc.\* | 10000 |  | 230000 |
|  United Therapeutics Corp.\* | 5400 |  | 2631150 |
|  Vaxcyte, Inc.\* | 14700 |  | 678258 |
|  Veracyte, Inc.\* | 7700 |  | 324170 |
|  Vericel Corp.\* | 3600 |  | 129636 |
|  Vertex Pharmaceuticals, Inc.\* | 31300 |  | 14190168 |
|  Vir Biotechnology, Inc.\* | 10700 |  | 64521 |
|  Xencor, Inc.\* | 8900 |  | 136259 |
|  |  |  | 171537934 |
|  ***Health Care Equipment & Supplies (2.0%)*** | ***Health Care Equipment & Supplies (2.0%)*** | ***Health Care Equipment & Supplies (2.0%)*** | ***Health Care Equipment & Supplies (2.0%)*** |
|  Abbott Laboratories | 210512 |  | 26375048 |
|  Align Technology, Inc.\* | 11300 |  | 1764495 |
|  AtriCure, Inc.\* | 1800 |  | 71208 |
|  Avanos Medical, Inc.\* | 7975 |  | 89559 |
|  Baxter International, Inc. | 80080 |  | 1530329 |
|  Becton Dickinson & Co. | 35613 |  | 6911415 |
|  Boston Scientific Corp.\* | 179500 |  | 17115325 |
|  CONMED Corp. | 4500 |  | 182700 |
|  Cooper Cos., Inc. (The)\* | 27600 |  | 2262096 |
|  Dexcom, Inc.\* | 55200 |  | 3663624 |
|  Edwards Lifesciences Corp.\* | 74700 |  | 6368175 |
|  Embecta Corp. | 2602 |  | 30912 |
|  Enovis Corp.\* | 4333 |  | 115431 |
|  Envista Holdings Corp.\* | 21763 |  | 472475 |
|  GE HealthCare Technologies, Inc. | 60015 |  | 4922430 |
|  Glaukos Corp.\* | 6800 |  | 767788 |
|  Globus Medical, Inc., Class A\* | 19837 |  | 1731968 |
|  Haemonetics Corp.\* | 600 |  | 48090 |
|  Hologic, Inc.\* | 30600 |  | 2279394 |
|  ICU Medical, Inc.\* | 1700 |  | 242539 |
|  IDEXX Laboratories, Inc.\* | 10000 |  | 6765300 |
|  Inogen, Inc.\* | 3600 |  | 24192 |
|  Insulet Corp.\* | 9100 |  | 2586584 |
|  Integer Holdings Corp.\* | 3500 |  | 274505 |
|  Integra LifeSciences Holdings Corp.\* | 6500 |  | 80730 |
|  Intuitive Surgical, Inc.\* | 42700 |  | 24183572 |
|  iRhythm Technologies, Inc.\* | 4000 |  | 709760 |
|  Lantheus Holdings, Inc.\* | 8700 |  | 578985 |
|  LivaNova plc\* | 5100 |  | 313803 |
|  Masimo Corp.\* | 5700 |  | 741342 |
|  Medtronic plc | 158285 |  | 15204857 |
|  Merit Medical Systems, Inc.\* | 300 |  | 26442 |
|  Neogen Corp.\* | 32700 |  | 228573 |
|  Novocure Ltd.\* | 17900 |  | 231447 |
|  Omnicell, Inc.\* | 7900 |  | 357870 |
|  Penumbra, Inc.\* | 6300 |  | 1958733 |
|  PROCEPT BioRobotics Corp.\* | 5700 |  | 179322 |
|  QuidelOrtho Corp.\* | 7797 |  | 222682 |
|  ResMed, Inc. | 19100 |  | 4600617 |
|  Solventum Corp.\* | 19607 |  | 1553659 |
|  STAAR Surgical Co.\* | 3500 |  | 80815 |
|  STERIS plc | 12709 |  | 3221986 |
|  Stryker Corp. | 41270 |  | 14505167 |
|  Teleflex, Inc. | 7700 |  | 939708 |
|  TransMedics Group, Inc.\* | 4400 |  | 535260 |
|  Varex Imaging Corp.\* | 2624 |  | 30570 |
|  Zimmer Biomet Holdings, Inc. | 26000 |  | 2337920 |
|  |  |  | 159419402 |
|  ***Health Care Providers & Services (1.7%)*** | ***Health Care Providers & Services (1.7%)*** | ***Health Care Providers & Services (1.7%)*** | ***Health Care Providers & Services (1.7%)*** |
|  AdaptHealth Corp., Class A\* | 16900 |  | 168324 |
|  Addus HomeCare Corp.\* | 200 |  | 21478 |
|  AMN Healthcare Services, Inc.\* | 200 |  | 3152 |
|  Astrana Health, Inc.\* | 7300 |  | 181113 |

---

See Notes to Financial Statements.

556

------

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Aveanna Healthcare Holdings, Inc.\* | 7400 | $| 60458 |
|  BrightSpring Health Services, Inc.\* | 26000 |  | 973700 |
|  Brookdale Senior Living, Inc.\* | 36435 |  | 393134 |
|  Cardinal Health, Inc. | 29000 |  | 5959500 |
|  Castle Biosciences, Inc.\* | 200 |  | 7780 |
|  Cencora, Inc. | 23400 |  | 7903350 |
|  Centene Corp.\* | 64400 |  | 2650060 |
|  Chemed Corp. | 2100 |  | 898506 |
|  Cigna Group (The) | 33576 |  | 9241122 |
|  Concentra Group Holdings Parent, Inc. | 10974 |  | 215968 |
|  CorVel Corp.\* | 3900 |  | 263913 |
|  CVS Health Corp. | 154634 |  | 12271754 |
|  Elevance Health, Inc. | 28380 |  | 9948609 |
|  Encompass Health Corp. | 12700 |  | 1347978 |
|  Enhabit, Inc.\* | 9250 |  | 85285 |
|  Ensign Group, Inc. (The) | 5800 |  | 1010360 |
|  Fulgent Genetics, Inc.\* | 300 |  | 7881 |
|  Guardant Health, Inc.\* | 14800 |  | 1511672 |
|  HCA Healthcare, Inc. | 20600 |  | 9617316 |
|  HealthEquity, Inc.\* | 13100 |  | 1200091 |
|  Henry Schein, Inc.\* | 19200 |  | 1451136 |
|  Hims & Hers Health, Inc. (x)\* | 26800 |  | 870196 |
|  Humana, Inc. | 16600 |  | 4251758 |
|  Innovage Holding Corp.\* | 1200 |  | 6228 |
|  Labcorp Holdings, Inc. | 11435 |  | 2868813 |
|  LifeStance Health Group, Inc.\* | 27100 |  | 190784 |
|  McKesson Corp. | 15280 |  | 12534031 |
|  Molina Healthcare, Inc.\* | 7200 |  | 1249488 |
|  National Research Corp. | 100 |  | 1877 |
|  NeoGenomics, Inc.\* | 17900 |  | 210504 |
|  OPKO Health, Inc.\* | 104600 |  | 131796 |
|  Option Care Health, Inc.\* | 19525 |  | 622067 |
|  PACS Group, Inc.\* | 9400 |  | 360866 |
|  Pediatrix Medical Group, Inc.\* | 10340 |  | 221173 |
|  Pennant Group, Inc. (The)\* | 2100 |  | 59115 |
|  Privia Health Group, Inc.\* | 14200 |  | 336682 |
|  Progyny, Inc.\* | 8900 |  | 228552 |
|  Quest Diagnostics, Inc. | 16230 |  | 2816392 |
|  RadNet, Inc.\* | 8000 |  | 570800 |
|  Select Medical Holdings Corp. | 13600 |  | 201960 |
|  Surgery Partners, Inc.\* | 798 |  | 12329 |
|  Tenet Healthcare Corp.\* | 10700 |  | 2126304 |
|  UnitedHealth Group, Inc. | 108957 |  | 35967795 |
|  Universal Health Services, Inc., Class B | 7980 |  | 1739800 |
|  |  |  | 134972950 |
|  ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** |
|  Certara, Inc.\* | 16330 |  | 143867 |
|  Definitive Healthcare Corp., Class A\* | 12000 |  | 34440 |
|  Doximity, Inc., Class A\* | 13800 |  | 611064 |
|  Evolent Health, Inc., Class A\* | 7400 |  | 29600 |
|  Phreesia, Inc.\* | 6100 |  | 103212 |
|  Schrodinger, Inc.\* | 14100 |  | 252108 |
|  Teladoc Health, Inc.\* | 24260 |  | 169820 |
|  Veeva Systems, Inc., Class A\* | 19700 |  | 4397631 |
|  Waystar Holding Corp.\* | 15000 |  | 491250 |
|  |  |  | 6232992 |
|  ***Life Sciences Tools & Services (1.0%)*** | ***Life Sciences Tools & Services (1.0%)*** | ***Life Sciences Tools & Services (1.0%)*** | ***Life Sciences Tools & Services (1.0%)*** |
|  10X Genomics, Inc., Class A\* | 13900 |  | 226709 |
|  Agilent Technologies, Inc. | 37430 |  | 5093100 |
|  Avantor, Inc.\* | 96094 |  | 1101237 |
|  Azenta, Inc.\* | 7987 |  | 265648 |
|  Bio-Rad Laboratories, Inc., Class A\* | 2400 |  | 727176 |
|  Bio-Techne Corp. | 25800 |  | 1517298 |
|  Bruker Corp. | 14400 |  | 678384 |
|  Charles River Laboratories International, Inc.\* | 5850 |  | 1166958 |
|  Codexis, Inc.\* | 600 |  | 978 |
|  CryoPort, Inc.\* | 3300 |  | 31680 |
|  Danaher Corp. | 76960 |  | 17617683 |
|  Fortrea Holdings, Inc.\* | 235 |  | 4054 |
|  Illumina, Inc.\* | 19100 |  | 2505156 |
|  IQVIA Holdings, Inc.\* | 20380 |  | 4593856 |
|  Maravai LifeSciences Holdings, Inc., Class A\* | 11581 |  | 37638 |
|  Medpace Holdings, Inc.\* | 2800 |  | 1572620 |
|  Mettler-Toledo International, Inc.\* | 2900 |  | 4043151 |
|  OmniAb, Inc.\* | 11270 |  | 20849 |
|  Pacific Biosciences of California, Inc. (x)\* | 3200 |  | 5984 |
|  QIAGEN NV | 33885 |  | 1523808 |
|  Repligen Corp.\* | 9700 |  | 1589442 |
|  Revvity, Inc. (x) | 18600 |  | 1799550 |
|  Sotera Health Co.\* | 33931 |  | 598543 |
|  Tempus AI, Inc., Class A\* | 10300 |  | 608215 |
|  Thermo Fisher Scientific, Inc. | 45950 |  | 26625728 |
|  Waters Corp.\* | 7800 |  | 2962674 |
|  West Pharmaceutical Services, Inc. | 8500 |  | 2338690 |
|  |  |  | 79256809 |
|  ***Pharmaceuticals (3.1%)*** | ***Pharmaceuticals (3.1%)*** | ***Pharmaceuticals (3.1%)*** | ***Pharmaceuticals (3.1%)*** |
|  Amneal Pharmaceuticals, Inc.\* | 20200 |  | 254520 |
|  Amphastar Pharmaceuticals, Inc.\* | 5200 |  | 139256 |
|  Arvinas, Inc.\* | 5200 |  | 61672 |
|  Atea Pharmaceuticals, Inc.\* | 12500 |  | 44625 |
|  Axsome Therapeutics, Inc.\* | 4700 |  | 858408 |
|  Bristol-Myers Squibb Co. | 249644 |  | 13465797 |
|  Corcept Therapeutics, Inc.\* | 11200 |  | 389760 |
|  Crinetics Pharmaceuticals, Inc.\* | 500 |  | 23275 |
|  Elanco Animal Health, Inc. (x)\* | 74632 |  | 1688922 |
|  Eli Lilly & Co. | 95988 |  | 103156384 |
|  Harmony Biosciences Holdings, Inc.\* | 9200 |  | 344264 |
|  Innoviva, Inc.\* | 6818 |  | 136292 |
|  Jazz Pharmaceuticals plc\* | 7800 |  | 1326000 |
|  Johnson & Johnson | 288288 |  | 59661202 |
|  Ligand Pharmaceuticals, Inc.\* | 2300 |  | 434861 |
|  Merck & Co., Inc. | 301790 |  | 31766416 |
|  Organon & Co. | 2300 |  | 16491 |
|  Pacira BioSciences, Inc.\* | 7400 |  | 191512 |
|  Perrigo Co. plc | 13700 |  | 190704 |
|  Pfizer, Inc. | 695917 |  | 17328333 |
|  Phibro Animal Health Corp., Class A | 1200 |  | 44832 |
|  Prestige Consumer Healthcare, Inc.\* | 5900 |  | 363971 |
|  Royalty Pharma plc, Class A | 54600 |  | 2109744 |
|  Theravance Biopharma, Inc.\* | 13700 |  | 256327 |
|  Viatris, Inc. | 184274 |  | 2294211 |
|  Zoetis, Inc. | 55100 |  | 6932682 |
|  |  |  | 243480461 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 794900548 |

---

See Notes to Financial Statements.

557

------

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Industrials (9.4%)** | **Industrials (9.4%)** | **Industrials (9.4%)** |
|  ***Aerospace & Defense (2.3%)*** | ***Aerospace & Defense (2.3%)*** | ***Aerospace & Defense (2.3%)*** |
|  AAR Corp.\* | 1800 | $149022 |
|  AeroVironment, Inc.\* | 3600 | 870804 |
|  Archer Aviation, Inc., Class A\* | 66700 | 501584 |
|  ATI, Inc.\* | 19000 | 2180440 |
|  Axon Enterprise, Inc.\* | 9900 | 5622507 |
|  Boeing Co. (The)\* | 89500 | 19432240 |
|  BWX Technologies, Inc. | 12200 | 2108648 |
|  Carpenter Technology Corp. | 6700 | 2109428 |
|  Curtiss-Wright Corp. | 4700 | 2590969 |
|  GE Aerospace | 125945 | 38794838 |
|  General Dynamics Corp. | 31670 | 10662022 |
|  HEICO Corp. | 6941 | 2246038 |
|  HEICO Corp., Class A | 11245 | 2838575 |
|  Hexcel Corp. | 9600 | 709440 |
|  Howmet Aerospace, Inc. | 49129 | 10072428 |
|  Huntington Ingalls Industries, Inc. | 6200 | 2108434 |
|  Karman Holdings, Inc.\* | 8000 | 585360 |
|  Kratos Defense & Security Solutions, Inc. (x)\* | 18900 | 1434699 |
|  L3Harris Technologies, Inc. | 23391 | 6866896 |
|  Leonardo DRS, Inc. | 8700 | 296583 |
|  Lockheed Martin Corp. | 26160 | 12652807 |
|  Moog, Inc., Class A | 3000 | 730650 |
|  Northrop Grumman Corp. | 17050 | 9722081 |
|  Rocket Lab Corp.\* | 45900 | 3201984 |
|  RTX Corp. | 160267 | 29392968 |
|  StandardAero, Inc.\* | 14800 | 424464 |
|  Textron, Inc. | 25900 | 2257703 |
|  TransDigm Group, Inc. | 6850 | 9109472 |
|  V2X, Inc.\* | 1600 | 87280 |
|  Woodward, Inc. | 7430 | 2246238 |
|  |  | 182006602 |
|  ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** |
|  CH Robinson Worldwide, Inc. | 14530 | 2335843 |
|  Expeditors International of Washington, Inc. | 19400 | 2890794 |
|  FedEx Corp. | 25850 | 7467031 |
|  GXO Logistics, Inc.\* | 14900 | 784336 |
|  United Parcel Service, Inc., Class B | 93650 | 9289143 |
|  |  | 22767147 |
|  ***Building Products (0.6%)*** | ***Building Products (0.6%)*** | ***Building Products (0.6%)*** |
|  A.O. Smith Corp. | 21900 | 1464672 |
|  AAON, Inc. | 8700 | 663375 |
|  Advanced Drainage Systems, Inc. | 9900 | 1433817 |
|  Allegion plc | 10612 | 1689643 |
|  Apogee Enterprises, Inc. | 2100 | 76461 |
|  Armstrong World Industries, Inc. | 6500 | 1242150 |
|  Builders FirstSource, Inc.\* | 17490 | 1799546 |
|  Carlisle Cos., Inc. | 6100 | 1951146 |
|  Carrier Global Corp. | 101071 | 5340592 |
|  Fortune Brands Innovations, Inc. | 16450 | 822829 |
|  Gibraltar Industries, Inc.\* | 1900 | 93936 |
|  Johnson Controls International plc | 80871 | 9684302 |
|  Lennox International, Inc. | 4910 | 2384198 |
|  Masco Corp. | 32100 | 2037066 |
|  Masterbrand, Inc.\* | 11450 | 126408 |
|  Modine Manufacturing Co.\* | 6600 | 881166 |
|  Owens Corning | 14070 | 1574574 |
|  Simpson Manufacturing Co., Inc. | 6100 | 984967 |
|  Trane Technologies plc | 28012 | 10902270 |
|  UFP Industries, Inc. | 11500 | 1047075 |
|  Zurn Elkay Water Solutions Corp. | 14900 | 692701 |
|  |  | 46892894 |
|  ***Commercial Services & Supplies (0.5%)*** | ***Commercial Services & Supplies (0.5%)*** | ***Commercial Services & Supplies (0.5%)*** |
|  ABM Industries, Inc. | 700 | 29610 |
|  Casella Waste Systems, Inc., Class A\* | 6200 | 607228 |
|  Cimpress plc\* | 1700 | 113203 |
|  Cintas Corp. | 44100 | 8293887 |
|  Clean Harbors, Inc.\* | 7100 | 1664808 |
|  Copart, Inc.\* | 111400 | 4361310 |
|  CoreCivic, Inc.\* | 4100 | 78351 |
|  Deluxe Corp. | 1400 | 31262 |
|  HNI Corp. | 2500 | 105100 |
|  MillerKnoll, Inc. | 5300 | 96884 |
|  MSA Safety, Inc. | 5900 | 944826 |
|  OPENLANE, Inc.\* | 1700 | 50626 |
|  RB Global, Inc. | 26748 | 2751567 |
|  Republic Services, Inc. | 26335 | 5581177 |
|  Rollins, Inc. | 35450 | 2127709 |
|  Tetra Tech, Inc. | 46500 | 1559610 |
|  UniFirst Corp. | 500 | 96450 |
|  Veralto Corp. | 32486 | 3241453 |
|  Vestis Corp. | 16250 | 108387 |
|  Waste Management, Inc. | 46450 | 10205529 |
|  |  | 42048977 |
|  ***Construction & Engineering (0.4%)*** | ***Construction & Engineering (0.4%)*** | ***Construction & Engineering (0.4%)*** |
|  AECOM | 18202 | 1735197 |
|  Ameresco, Inc., Class A\* | 5000 | 146450 |
|  API Group Corp.\* | 44550 | 1704483 |
|  Arcosa, Inc. | 5780 | 614529 |
|  Comfort Systems USA, Inc. | 4300 | 4013147 |
|  Construction Partners, Inc., Class A\* | 1200 | 130260 |
|  Dycom Industries, Inc.\* | 3900 | 1317810 |
|  EMCOR Group, Inc. | 5500 | 3364845 |
|  Fluor Corp.\* | 22300 | 883749 |
|  IES Holdings, Inc.\* | 1400 | 544628 |
|  MasTec, Inc.\* | 8900 | 1934593 |
|  Primoris Services Corp. | 6700 | 831738 |
|  Quanta Services, Inc. | 17950 | 7575977 |
|  Sterling Infrastructure, Inc.\* | 3800 | 1163674 |
|  Valmont Industries, Inc. | 3100 | 1247192 |
|  |  | 27208272 |
|  ***Electrical Equipment (1.0%)*** | ***Electrical Equipment (1.0%)*** | ***Electrical Equipment (1.0%)*** |
|  Acuity, Inc. | 4100 | 1476164 |
|  AMETEK, Inc. | 27575 | 5661423 |
|  Bloom Energy Corp., Class A\* | 25200 | 2189628 |
|  Eaton Corp. plc | 47997 | 15287525 |
|  Emerson Electric Co. | 67510 | 8959927 |
|  EnerSys | 4600 | 675050 |
|  GE Vernova, Inc. | 33211 | 21705713 |
|  Generac Holdings, Inc.\* | 7800 | 1063686 |
|  Hubbell, Inc., Class B | 7200 | 3197592 |
|  Nextpower, Inc., Class A\* | 17700 | 1541847 |
|  nVent Electric plc | 19853 | 2024411 |
|  Regal Rexnord Corp. | 8522 | 1195807 |
|  Rockwell Automation, Inc. | 13800 | 5369166 |

---

See Notes to Financial Statements.

558

------

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Vertiv Holdings Co., Class A | 48500 | $| 7857485 |
|  |  |  | 78205424 |
|  ***Ground Transportation (0.8%)*** | ***Ground Transportation (0.8%)*** | ***Ground Transportation (0.8%)*** | ***Ground Transportation (0.8%)*** |
|  ArcBest Corp. | 500 |  | 37095 |
|  CSX Corp. | 224850 |  | 8150813 |
|  Heartland Express, Inc. | 9600 |  | 86688 |
|  Hertz Global Holdings, Inc. (x)\* | 3300 |  | 16962 |
|  JB Hunt Transport Services, Inc. | 12450 |  | 2419533 |
|  Knight-Swift Transportation Holdings, Inc., Class A | 18835 |  | 984694 |
|  Lyft, Inc., Class A\* | 48300 |  | 935571 |
|  Norfolk Southern Corp. | 27070 |  | 7815650 |
|  Old Dominion Freight Line, Inc. | 22350 |  | 3504480 |
|  RXO, Inc.\* | 5100 |  | 64464 |
|  Ryder System, Inc. | 5400 |  | 1033506 |
|  Saia, Inc.\* | 3800 |  | 1240776 |
|  Schneider National, Inc., Class B | 1195 |  | 31703 |
|  Uber Technologies, Inc.\* | 244789 |  | 20001709 |
|  U-Haul Holding Co. | 12600 |  | 588924 |
|  Union Pacific Corp. | 72220 |  | 16705931 |
|  XPO, Inc.\* | 17800 |  | 2419198 |
|  |  |  | 66037697 |
|  ***Industrial Conglomerates (0.3%)*** | ***Industrial Conglomerates (0.3%)*** | ***Industrial Conglomerates (0.3%)*** | ***Industrial Conglomerates (0.3%)*** |
|  3M Co. | 65330 |  | 10459333 |
|  Brookfield Business Corp., Class A | 400 |  | 14352 |
|  Honeywell International, Inc. | 77300 |  | 15080457 |
|  |  |  | 25554142 |
|  ***Machinery (1.9%)*** | ***Machinery (1.9%)*** | ***Machinery (1.9%)*** | ***Machinery (1.9%)*** |
|  AGCO Corp. | 12400 |  | 1293568 |
|  Albany International Corp., Class A | 1100 |  | 55770 |
|  Allison Transmission Holdings, Inc. | 10500 |  | 1027950 |
|  Caterpillar, Inc. | 55510 |  | 31800014 |
|  Chart Industries, Inc.\* | 6500 |  | 1340495 |
|  CNH Industrial NV | 144100 |  | 1328602 |
|  Crane Co. | 7900 |  | 1456997 |
|  Cummins, Inc. | 16760 |  | 8555142 |
|  Deere & Co. | 29240 |  | 13613267 |
|  Donaldson Co., Inc. | 18700 |  | 1657942 |
|  Dover Corp. | 18190 |  | 3551416 |
|  Enerpac Tool Group Corp., Class A | 3000 |  | 114720 |
|  Esab Corp. | 6033 |  | 674007 |
|  ESCO Technologies, Inc. | 3300 |  | 644787 |
|  Federal Signal Corp. | 6400 |  | 694976 |
|  Flowserve Corp. | 15840 |  | 1098979 |
|  Fortive Corp. | 47530 |  | 2624131 |
|  Franklin Electric Co., Inc. | 700 |  | 66871 |
|  Gates Industrial Corp. plc\* | 30000 |  | 644100 |
|  Graco, Inc. | 22380 |  | 1834488 |
|  Hillenbrand, Inc. | 5900 |  | 187148 |
|  Hillman Solutions Corp.\* | 9200 |  | 79672 |
|  IDEX Corp. | 12240 |  | 2177986 |
|  Illinois Tool Works, Inc. | 35110 |  | 8647593 |
|  Ingersoll Rand, Inc. | 54866 |  | 4346484 |
|  ITT, Inc. | 9425 |  | 1635332 |
|  JBT Marel Corp. | 6100 |  | 919087 |
|  Lincoln Electric Holdings, Inc. | 6760 |  | 1619966 |
|  Middleby Corp. (The)\* | 9700 |  | 1442099 |
|  Mueller Industries, Inc. | 17000 |  | 1951600 |
|  Nordson Corp. | 8660 |  | 2082124 |
|  Oshkosh Corp. | 11600 |  | 1457308 |
|  Otis Worldwide Corp. | 47374 |  | 4138119 |
|  PACCAR, Inc. | 62045 |  | 6794548 |
|  Parker-Hannifin Corp. | 15410 |  | 13544773 |
|  Pentair plc | 21587 |  | 2248070 |
|  RBC Bearings, Inc.\* | 3900 |  | 1748877 |
|  Snap-on, Inc. | 7300 |  | 2515580 |
|  SPX Technologies, Inc.\* | 4900 |  | 980294 |
|  Standex International Corp. | 500 |  | 108640 |
|  Stanley Black & Decker, Inc. | 21835 |  | 1621904 |
|  Tennant Co. | 1100 |  | 81070 |
|  Terex Corp. | 1600 |  | 85408 |
|  Timken Co. (The) | 7500 |  | 630975 |
|  Toro Co. (The) | 15880 |  | 1250073 |
|  Trinity Industries, Inc. | 5140 |  | 135902 |
|  Watts Water Technologies, Inc., Class A | 4000 |  | 1104080 |
|  Westinghouse Air Brake Technologies Corp. | 21787 |  | 4650435 |
|  Worthington Enterprises, Inc. | 2100 |  | 108297 |
|  Xylem, Inc. | 30954 |  | 4215316 |
|  |  |  | 146586982 |
|  ***Marine Transportation (0.0%)†*** | ***Marine Transportation (0.0%)†*** | ***Marine Transportation (0.0%)†*** | ***Marine Transportation (0.0%)†*** |
|  Costamare Bulkers Holdings Ltd.\* | 740 |  | 11403 |
|  Costamare, Inc. | 3700 |  | 58423 |
|  Kirby Corp.\* | 7450 |  | 820841 |
|  |  |  | 890667 |
|  ***Passenger Airlines (0.2%)*** | ***Passenger Airlines (0.2%)*** | ***Passenger Airlines (0.2%)*** | ***Passenger Airlines (0.2%)*** |
|  Alaska Air Group, Inc.\* | 13800 |  | 694140 |
|  Allegiant Travel Co.\* | 2200 |  | 187594 |
|  American Airlines Group, Inc.\* | 105200 |  | 1612716 |
|  Delta Air Lines, Inc. | 78750 |  | 5465250 |
|  Joby Aviation, Inc.\* | 69100 |  | 912120 |
|  SkyWest, Inc.\* | 600 |  | 60246 |
|  Southwest Airlines Co. | 56900 |  | 2351677 |
|  United Airlines Holdings, Inc.\* | 43540 |  | 4868643 |
|  |  |  | 16152386 |
|  ***Professional Services (0.6%)*** | ***Professional Services (0.6%)*** | ***Professional Services (0.6%)*** | ***Professional Services (0.6%)*** |
|  Amentum Holdings, Inc.\* | 2919 |  | 84651 |
|  Automatic Data Processing, Inc. | 51150 |  | 13157314 |
|  Booz Allen Hamilton Holding Corp. | 16800 |  | 1417248 |
|  Broadridge Financial Solutions, Inc. | 15509 |  | 3461144 |
|  CACI International, Inc., Class A\* | 2600 |  | 1385306 |
|  CBIZ, Inc.\* | 1220 |  | 61549 |
|  Conduent, Inc.\* | 1586 |  | 3045 |
|  Dayforce, Inc.\* | 20100 |  | 1390116 |
|  Equifax, Inc. | 15820 |  | 3432624 |
|  ExlService Holdings, Inc.\* | 22500 |  | 954900 |
|  Exponent, Inc. | 900 |  | 62514 |
|  First Advantage Corp.\* | 4000 |  | 58120 |
|  FTI Consulting, Inc.\* | 3800 |  | 649154 |
|  Genpact Ltd. | 30000 |  | 1403400 |
|  Huron Consulting Group, Inc.\* | 800 |  | 138328 |
|  Jacobs Solutions, Inc. | 18400 |  | 2437264 |
|  KBR, Inc. | 15400 |  | 619080 |
|  Korn Ferry | 1400 |  | 92428 |
|  Leidos Holdings, Inc. | 18348 |  | 3309979 |
|  ManpowerGroup, Inc. | 1480 |  | 44000 |
|  Paychex, Inc. | 42810 |  | 4802426 |

---

See Notes to Financial Statements.

559

------

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Paycom Software, Inc. | 6500 | $| 1035840 |
|  Paylocity Holding Corp.\* | 5700 |  | 869250 |
|  Resources Connection, Inc. | 13850 |  | 69804 |
|  Science Applications International Corp. | 3401 |  | 342345 |
|  SS&C Technologies Holdings, Inc. | 30200 |  | 2640084 |
|  TransUnion | 30305 |  | 2598654 |
|  Verisk Analytics, Inc. | 18800 |  | 4205372 |
|  |  |  | 50725939 |
|  ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** |
|  Air Lease Corp., Class A | 21000 |  | 1348830 |
|  Applied Industrial Technologies, Inc. | 4300 |  | 1104111 |
|  Core & Main, Inc., Class A\* | 23100 |  | 1200507 |
|  Distribution Solutions Group, Inc.\* | 600 |  | 16434 |
|  Fastenal Co. | 142700 |  | 5726551 |
|  Ferguson Enterprises, Inc. | 24300 |  | 5409909 |
|  FTAI Aviation Ltd. | 14400 |  | 2834640 |
|  GATX Corp. | 5000 |  | 848000 |
|  McGrath RentCorp | 1000 |  | 104930 |
|  MSC Industrial Direct Co., Inc., Class A | 1600 |  | 134560 |
|  QXO, Inc. (x)\* | 74700 |  | 1440963 |
|  SiteOne Landscape Supply, Inc.\* | 6700 |  | 834552 |
|  United Rentals, Inc. | 8022 |  | 6492365 |
|  W.W. Grainger, Inc. | 5750 |  | 5802037 |
|  Watsco, Inc. | 5210 |  | 1755510 |
|  WESCO International, Inc. | 5786 |  | 1415487 |
|  |  |  | 36469386 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 741546515 |
|  **Information Technology (31.6%)** | **Information Technology (31.6%)** | **Information Technology (31.6%)** | **Information Technology (31.6%)** |
|  ***Communications Equipment (0.9%)*** | ***Communications Equipment (0.9%)*** | ***Communications Equipment (0.9%)*** | ***Communications Equipment (0.9%)*** |
|  Arista Networks, Inc.\* | 125400 |  | 16431162 |
|  Calix, Inc.\* | 1500 |  | 79395 |
|  Ciena Corp.\* | 17100 |  | 3999177 |
|  Cisco Systems, Inc. | 476770 |  | 36725593 |
|  F5, Inc.\* | 7800 |  | 1991028 |
|  Lumentum Holdings, Inc.\* | 8600 |  | 3169874 |
|  Motorola Solutions, Inc. | 20521 |  | 7866110 |
|  NetScout Systems, Inc.\* | 1300 |  | 35178 |
|  Viavi Solutions, Inc.\* | 9550 |  | 170181 |
|  |  |  | 70467698 |
|  ***Electronic Equipment, Instruments & Components (0.8%)*** | ***Electronic Equipment, Instruments & Components (0.8%)*** | ***Electronic Equipment, Instruments & Components (0.8%)*** | ***Electronic Equipment, Instruments & Components (0.8%)*** |
|  Advanced Energy Industries, Inc. | 3600 |  | 753732 |
|  Aeva Technologies, Inc. (x)\* | 2220 |  | 29482 |
|  Amphenol Corp., Class A | 144460 |  | 19522324 |
|  Arrow Electronics, Inc.\* | 9300 |  | 1024674 |
|  Avnet, Inc. | 2320 |  | 111546 |
|  Badger Meter, Inc. | 4400 |  | 767404 |
|  Belden, Inc. | 2400 |  | 279720 |
|  CDW Corp. | 19151 |  | 2608366 |
|  Cognex Corp. | 30400 |  | 1093792 |
|  Coherent Corp.\* | 18357 |  | 3388152 |
|  Corning, Inc. | 96290 |  | 8431152 |
|  Crane NXT Co. | 5500 |  | 258885 |
|  Fabrinet\* | 5100 |  | 2321928 |
|  Flex Ltd.\* | 47800 |  | 2888076 |
|  Ingram Micro Holding Corp. (x) | 11300 |  | 241142 |
|  IPG Photonics Corp.\* | 1100 |  | 78760 |
|  Itron, Inc.\* | 4010 |  | 372369 |
|  Jabil, Inc. | 13700 |  | 3123874 |
|  Keysight Technologies, Inc.\* | 23015 |  | 4676418 |
|  Littelfuse, Inc. | 3100 |  | 784052 |
|  MicroVision, Inc. (x)\* | 33100 |  | 27410 |
|  Mirion Technologies, Inc., Class A\* | 28500 |  | 667470 |
|  Plexus Corp.\* | 200 |  | 29400 |
|  Ralliant Corp. | 13643 |  | 694565 |
|  Rogers Corp.\* | 200 |  | 18314 |
|  Sanmina Corp.\* | 6800 |  | 1020476 |
|  TD SYNNEX Corp. | 8766 |  | 1316916 |
|  Teledyne Technologies, Inc.\* | 6346 |  | 3241093 |
|  Trimble, Inc.\* | 32400 |  | 2538540 |
|  TTM Technologies, Inc.\* | 12200 |  | 841800 |
|  Vishay Intertechnology, Inc. | 5000 |  | 72450 |
|  Vontier Corp. | 23452 |  | 871945 |
|  Zebra Technologies Corp., Class A\* | 7100 |  | 1724022 |
|  |  |  | 65820249 |
|  ***IT Services (1.2%)*** | ***IT Services (1.2%)*** | ***IT Services (1.2%)*** | ***IT Services (1.2%)*** |
|  Accenture plc, Class A | 76700 |  | 20578610 |
|  Akamai Technologies, Inc.\* | 22100 |  | 1928225 |
|  Amdocs Ltd. | 16610 |  | 1337271 |
|  ASGN, Inc.\* | 4300 |  | 207131 |
|  Cloudflare, Inc., Class A\* | 38400 |  | 7570560 |
|  Cognizant Technology Solutions Corp., Class A | 64900 |  | 5386700 |
|  DXC Technology Co.\* | 21096 |  | 309056 |
|  EPAM Systems, Inc.\* | 8800 |  | 1802944 |
|  Fastly, Inc., Class A\* | 13300 |  | 135394 |
|  Gartner, Inc.\* | 10378 |  | 2618162 |
|  Globant SA\* | 6398 |  | 418237 |
|  GoDaddy, Inc., Class A\* | 17800 |  | 2208624 |
|  International Business Machines Corp. | 111431 |  | 33006977 |
|  Kyndryl Holdings, Inc.\* | 32800 |  | 871168 |
|  MongoDB, Inc.\* | 10100 |  | 4238869 |
|  Okta, Inc.\* | 22800 |  | 1971516 |
|  Rackspace Technology, Inc. (x)\* | 9900 |  | 9612 |
|  Snowflake, Inc., Class A\* | 38622 |  | 8472122 |
|  Twilio, Inc., Class A\* | 20100 |  | 2859024 |
|  VeriSign, Inc. | 10950 |  | 2660303 |
|  |  |  | 98590505 |
|  ***Semiconductors & Semiconductor Equipment (12.6%)*** | ***Semiconductors & Semiconductor Equipment (12.6%)*** | ***Semiconductors & Semiconductor Equipment (12.6%)*** | ***Semiconductors & Semiconductor Equipment (12.6%)*** |
|  Advanced Micro Devices, Inc.\* | 194353 |  | 41622638 |
|  Allegro MicroSystems, Inc.\* | 17900 |  | 472202 |
|  Ambarella, Inc.\* | 1700 |  | 120428 |
|  Analog Devices, Inc. | 61234 |  | 16606661 |
|  Applied Materials, Inc. | 98220 |  | 25241558 |
|  Astera Labs, Inc.\* | 18000 |  | 2994480 |
|  Broadcom, Inc. | 553200 |  | 191462520 |
|  Cirrus Logic, Inc.\* | 7400 |  | 876900 |
|  Credo Technology Group Holding Ltd.\* | 17000 |  | 2446130 |
|  Diodes, Inc.\* | 5900 |  | 291106 |
|  Entegris, Inc. | 22073 |  | 1859650 |
|  First Solar, Inc.\* | 12300 |  | 3213129 |
|  Intel Corp.\* | 531290 |  | 19604601 |
|  KLA Corp. | 16080 |  | 19538486 |
|  Kulicke & Soffa Industries, Inc. | 7500 |  | 341700 |

---

See Notes to Financial Statements.

560

------

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Lam Research Corp. | 155450 | $| 26609931 |
|  Lattice Semiconductor Corp.\* | 23300 |  | 1714414 |
|  MACOM Technology Solutions Holdings, Inc.\* | 6700 |  | 1147576 |
|  Marvell Technology, Inc. | 107661 |  | 9149032 |
|  Microchip Technology, Inc. | 63240 |  | 4029653 |
|  Micron Technology, Inc. | 133850 |  | 38202129 |
|  MKS, Inc. | 9500 |  | 1518100 |
|  Monolithic Power Systems, Inc. | 5900 |  | 5347524 |
|  NVIDIA Corp. | 2803479 |  | 522848833 |
|  ON Semiconductor Corp.\* | 56700 |  | 3070305 |
|  Onto Innovation, Inc.\* | 7900 |  | 1247094 |
|  Power Integrations, Inc. | 1900 |  | 67526 |
|  Qnity Electronics, Inc. | 26016 |  | 2124206 |
|  Qorvo, Inc.\* | 17127 |  | 1447403 |
|  QUALCOMM, Inc. | 132305 |  | 22630770 |
|  Rambus, Inc.\* | 16700 |  | 1534563 |
|  Rigetti Computing, Inc.\* | 38700 |  | 857205 |
|  Semtech Corp.\* | 10700 |  | 788483 |
|  Silicon Laboratories, Inc.\* | 1400 |  | 182980 |
|  SiTime Corp.\* | 2600 |  | 918294 |
|  Skyworks Solutions, Inc. | 24900 |  | 1578909 |
|  Synaptics, Inc.\* | 5900 |  | 436718 |
|  Teradyne, Inc. | 21410 |  | 4144120 |
|  Texas Instruments, Inc. | 112190 |  | 19463843 |
|  Universal Display Corp. | 800 |  | 93424 |
|  |  |  | 997845224 |
|  ***Software (9.7%)*** | ***Software (9.7%)*** | ***Software (9.7%)*** | ***Software (9.7%)*** |
|  8x8, Inc.\* | 18300 |  | 36051 |
|  ACI Worldwide, Inc.\* | 6800 |  | 325108 |
|  Adobe, Inc.\* | 51320 |  | 17961487 |
|  Alarm.com Holdings, Inc.\* | 2300 |  | 117346 |
|  Alkami Technology, Inc.\* | 1500 |  | 34605 |
|  Appian Corp., Class A\* | 3700 |  | 131054 |
|  AppLovin Corp., Class A\* | 28800 |  | 19406016 |
|  Atlassian Corp., Class A\* | 22400 |  | 3631936 |
|  Aurora Innovation, Inc., Class A\* | 90400 |  | 347136 |
|  Autodesk, Inc.\* | 26550 |  | 7859066 |
|  AvePoint, Inc.\* | 14000 |  | 194460 |
|  Bentley Systems, Inc., Class B | 28300 |  | 1080070 |
|  Blackbaud, Inc.\* | 7500 |  | 474900 |
|  BlackLine, Inc.\* | 3500 |  | 193515 |
|  Box, Inc., Class A\* | 9300 |  | 278163 |
|  C3.ai, Inc., Class A (x)\* | 24900 |  | 335652 |
|  Cadence Design Systems, Inc.\* | 34530 |  | 10793387 |
|  CCC Intelligent Solutions Holdings, Inc.\* | 11300 |  | 89835 |
|  Cerence, Inc.\* | 1600 |  | 17104 |
|  Cipher Mining, Inc.\* | 31900 |  | 470844 |
|  Circle Internet Group, Inc., Class A\* | 5800 |  | 459940 |
|  Clearwater Analytics Holdings, Inc., Class A\* | 20000 |  | 482400 |
|  Commvault Systems, Inc.\* | 5300 |  | 664408 |
|  Confluent, Inc., Class A\* | 33200 |  | 1003968 |
|  Consensus Cloud Solutions, Inc.\* | 2166 |  | 47262 |
|  Crowdstrike Holdings, Inc., Class A\* | 30200 |  | 14156552 |
|  Datadog, Inc., Class A\* | 40700 |  | 5534793 |
|  Docusign, Inc.\* | 25400 |  | 1737360 |
|  Dolby Laboratories, Inc., Class A | 5900 |  | 378898 |
|  Domo, Inc., Class B\* | 800 |  | 6744 |
|  Dropbox, Inc., Class A\* | 5600 |  | 155680 |
|  D-Wave Quantum, Inc. (x)\* | 35500 |  | 928325 |
|  Dynatrace, Inc.\* | 39500 |  | 1711930 |
|  Elastic NV\* | 10000 |  | 754400 |
|  Fair Isaac Corp.\* | 3000 |  | 5071860 |
|  Five9, Inc.\* | 11500 |  | 230575 |
|  Fortinet, Inc.\* | 79200 |  | 6289272 |
|  Freshworks, Inc., Class A\* | 24200 |  | 296450 |
|  Gen Digital, Inc. | 66516 |  | 1808570 |
|  Guidewire Software, Inc.\* | 11700 |  | 2351817 |
|  HubSpot, Inc.\* | 6500 |  | 2608450 |
|  Intapp, Inc.\* | 6500 |  | 297830 |
|  InterDigital, Inc. | 3300 |  | 1050654 |
|  Intuit, Inc. | 32950 |  | 21826739 |
|  Jamf Holding Corp.\* | 2000 |  | 26020 |
|  Life360, Inc. (x)\* | 2800 |  | 179592 |
|  LiveRamp Holdings, Inc.\* | 1900 |  | 55803 |
|  Manhattan Associates, Inc.\* | 9200 |  | 1594452 |
|  MARA Holdings, Inc.\* | 43200 |  | 387936 |
|  Microsoft Corp. | 888378 |  | 429637368 |
|  N-able, Inc.\* | 9750 |  | 72930 |
|  nCino, Inc.\* | 12100 |  | 310244 |
|  NCR Voyix Corp.\* | 15200 |  | 155040 |
|  Nutanix, Inc., Class A\* | 34600 |  | 1788474 |
|  Oracle Corp. | 201321 |  | 39239476 |
|  Palantir Technologies, Inc., Class A\* | 261700 |  | 46517175 |
|  Palo Alto Networks, Inc.\* | 81700 |  | 15049140 |
|  Procore Technologies, Inc.\* | 14500 |  | 1054730 |
|  PTC, Inc.\* | 16150 |  | 2813492 |
|  Q2 Holdings, Inc.\* | 6700 |  | 483472 |
|  Qualys, Inc.\* | 4300 |  | 571470 |
|  Roper Technologies, Inc. | 13950 |  | 6209564 |
|  Rubrik, Inc., Class A\* | 12200 |  | 933056 |
|  SailPoint, Inc.\* | 22000 |  | 445060 |
|  Salesforce, Inc. | 113551 |  | 30080795 |
|  Samsara, Inc., Class A\* | 33700 |  | 1194665 |
|  ServiceNow, Inc.\* | 124500 |  | 19072155 |
|  SoundHound AI, Inc., Class A (x)\* | 44400 |  | 442668 |
|  SPS Commerce, Inc.\* | 2100 |  | 187173 |
|  Strategy, Inc. (x)\* | 32300 |  | 4907985 |
|  Synopsys, Inc.\* | 23428 |  | 11004600 |
|  Tenable Holdings, Inc.\* | 4300 |  | 101179 |
|  Tyler Technologies, Inc.\* | 6000 |  | 2723700 |
|  UiPath, Inc., Class A\* | 57700 |  | 945703 |
|  Unity Software, Inc.\* | 42396 |  | 1872631 |
|  Workday, Inc., Class A\* | 28480 |  | 6116934 |
|  Workiva, Inc., Class A\* | 4000 |  | 345000 |
|  Yext, Inc.\* | 7100 |  | 57226 |
|  Zeta Global Holdings Corp., Class A\* | 23700 |  | 482295 |
|  Zoom Communications, Inc., Class A\* | 31500 |  | 2718135 |
|  Zscaler, Inc.\* | 12100 |  | 2721532 |
|  |  |  | 766131482 |
|  ***Technology Hardware, Storage & Peripherals (6.4%)*** | ***Technology Hardware, Storage & Peripherals (6.4%)*** | ***Technology Hardware, Storage & Peripherals (6.4%)*** | ***Technology Hardware, Storage & Peripherals (6.4%)*** |
|  Apple, Inc. | 1746285 |  | 474745040 |
|  Corsair Gaming, Inc.\* | 4303 |  | 25560 |
|  Dell Technologies, Inc., Class C | 39900 |  | 5022612 |
|  Hewlett Packard Enterprise Co. | 161832 |  | 3887205 |
|  HP, Inc. | 127468 |  | 2839987 |
|  IonQ, Inc. (x)\* | 33500 |  | 1503145 |
|  NetApp, Inc. | 25450 |  | 2725440 |
|  Pure Storage, Inc., Class A\* | 43200 |  | 2894832 |

---

See Notes to Financial Statements.

561

------

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Sandisk Corp.\* | 16900 | $| 4011722 |
|  Super Micro Computer, Inc.\* | 69000 |  | 2019630 |
|  Western Digital Corp. | 44778 |  | 7713906 |
|  |  |  | 507389079 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 2506244237 |
|  **Materials (2.2%)** | **Materials (2.2%)** | **Materials (2.2%)** | **Materials (2.2%)** |
|  ***Chemicals (1.0%)*** | ***Chemicals (1.0%)*** | ***Chemicals (1.0%)*** | ***Chemicals (1.0%)*** |
|  Air Products and Chemicals, Inc. | 28980 |  | 7158640 |
|  Albemarle Corp. | 18276 |  | 2584958 |
|  Ashland, Inc. | 264 |  | 15489 |
|  Avient Corp. | 6700 |  | 209308 |
|  Axalta Coating Systems Ltd.\* | 32258 |  | 1042256 |
|  Balchem Corp. | 4100 |  | 628776 |
|  Celanese Corp. | 13800 |  | 583464 |
|  CF Industries Holdings, Inc. | 23410 |  | 1810529 |
|  Chemours Co. (The) | 4600 |  | 54234 |
|  Corteva, Inc. | 88390 |  | 5924782 |
|  Dow, Inc. | 95756 |  | 2238775 |
|  DuPont de Nemours, Inc. | 52032 |  | 2091686 |
|  Eastman Chemical Co. | 17028 |  | 1086897 |
|  Ecolab, Inc. | 31588 |  | 8292482 |
|  Element Solutions, Inc. | 38300 |  | 957117 |
|  FMC Corp. | 16000 |  | 221920 |
|  Huntsman Corp. | 5000 |  | 50000 |
|  International Flavors & Fragrances, Inc. | 30247 |  | 2038345 |
|  Linde plc | 57500 |  | 24517425 |
|  LyondellBasell Industries NV, Class A | 39300 |  | 1701690 |
|  Mosaic Co. (The) | 39330 |  | 947460 |
|  NewMarket Corp. | 300 |  | 206178 |
|  Olin Corp. | 2500 |  | 52075 |
|  PPG Industries, Inc. | 28500 |  | 2920110 |
|  RPM International, Inc. | 18150 |  | 1887600 |
|  Sherwin-Williams Co. (The) | 28600 |  | 9267258 |
|  Solstice Advanced Materials, Inc.\* | 20200 |  | 981316 |
|  Westlake Corp. | 7200 |  | 532368 |
|  |  |  | 80003138 |
|  ***Construction Materials (0.3%)*** | ***Construction Materials (0.3%)*** | ***Construction Materials (0.3%)*** | ***Construction Materials (0.3%)*** |
|  CRH plc | 83000 |  | 10358400 |
|  Eagle Materials, Inc. | 6100 |  | 1260748 |
|  James Hardie Industries plc (ADR)\* | 30100 |  | 624575 |
|  Knife River Corp.\* | 1800 |  | 126630 |
|  Martin Marietta Materials, Inc. | 7130 |  | 4439566 |
|  Vulcan Materials Co. | 17500 |  | 4991350 |
|  |  |  | 21801269 |
|  ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** |
|  Amcor plc | 324679 |  | 2707823 |
|  AptarGroup, Inc. | 10000 |  | 1219600 |
|  Avery Dennison Corp. | 11350 |  | 2064338 |
|  Ball Corp. | 32400 |  | 1716228 |
|  Crown Holdings, Inc. | 17450 |  | 1796827 |
|  Graphic Packaging Holding Co. | 1300 |  | 19578 |
|  International Paper Co. | 68250 |  | 2688368 |
|  Packaging Corp. of America | 13000 |  | 2680990 |
|  Sealed Air Corp. | 18460 |  | 764798 |
|  Silgan Holdings, Inc. | 11200 |  | 452144 |
|  Smurfit WestRock plc | 69232 |  | 2677201 |
|  Sonoco Products Co. | 6360 |  | 277550 |
|  |  |  | 19065445 |
|  ***Metals & Mining (0.6%)*** | ***Metals & Mining (0.6%)*** | ***Metals & Mining (0.6%)*** | ***Metals & Mining (0.6%)*** |
|  Alcoa Corp. | 32900 |  | 1748306 |
|  Anglogold Ashanti plc | 63200 |  | 5389696 |
|  Cleveland-Cliffs, Inc.\* | 60600 |  | 804768 |
|  Coeur Mining, Inc.\* | 78600 |  | 1401438 |
|  Commercial Metals Co. | 21300 |  | 1474386 |
|  Freeport-McMoRan, Inc. | 183894 |  | 9339976 |
|  Hecla Mining Co. | 72700 |  | 1395113 |
|  MP Materials Corp. (x)\* | 16100 |  | 813372 |
|  Newmont Corp. | 137408 |  | 13720189 |
|  Nucor Corp. | 28320 |  | 4619275 |
|  Reliance, Inc. | 7600 |  | 2195412 |
|  Royal Gold, Inc. | 8600 |  | 1911694 |
|  Southern Copper Corp. | 13709 |  | 1966830 |
|  Steel Dynamics, Inc. | 17000 |  | 2880650 |
|  |  |  | 49661105 |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Louisiana-Pacific Corp. | 8900 |  | 718764 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 171249721 |
|  **Real Estate (2.2%)** | **Real Estate (2.2%)** | **Real Estate (2.2%)** | **Real Estate (2.2%)** |
|  ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** |
|  American Assets Trust, Inc. (REIT) | 3100 |  | 58683 |
|  Broadstone Net Lease, Inc. (REIT) | 5600 |  | 97272 |
|  Essential Properties Realty Trust, Inc. (REIT) | 21500 |  | 637690 |
|  WP Carey, Inc. (REIT) | 29921 |  | 1925716 |
|  |  |  | 2719361 |
|  ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 25080 |  | 1227415 |
|  American Healthcare REIT, Inc. (REIT) | 19500 |  | 917670 |
|  CareTrust REIT, Inc. (REIT) | 24200 |  | 875072 |
|  Diversified Healthcare Trust (REIT) | 22690 |  | 110047 |
|  Healthcare Realty Trust, Inc. (REIT), Class A | 58041 |  | 983795 |
|  Healthpeak Properties, Inc. (REIT) | 110518 |  | 1777129 |
|  LTC Properties, Inc. (REIT) | 2400 |  | 82512 |
|  National Health Investors, Inc. (REIT) | 300 |  | 22911 |
|  Omega Healthcare Investors, Inc. (REIT) | 44440 |  | 1970470 |
|  Sabra Health Care REIT, Inc. (REIT) | 3157 |  | 59794 |
|  Ventas, Inc. (REIT) | 53479 |  | 4138205 |
|  Welltower, Inc. (REIT) | 81317 |  | 15093248 |
|  |  |  | 27258268 |
|  ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** |
|  Apple Hospitality REIT, Inc. (REIT) | 43500 |  | 515475 |
|  DiamondRock Hospitality Co. (REIT) | 14300 |  | 128128 |
|  Host Hotels & Resorts, Inc. (REIT) | 82113 |  | 1455863 |
|  Park Hotels & Resorts, Inc. (REIT) (x) | 12535 |  | 131116 |
|  RLJ Lodging Trust (REIT) | 15000 |  | 111750 |
|  Ryman Hospitality Properties, Inc. (REIT) | 10751 |  | 1017260 |
|  Service Properties Trust (REIT) | 11300 |  | 20792 |
|  Sunstone Hotel Investors, Inc. (REIT) | 8400 |  | 75096 |

---

See Notes to Financial Statements.

562

------

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Xenia Hotels & Resorts, Inc. (REIT) | 5100 | $| 72114 |
|  |  |  | 3527594 |
|  ***Industrial REITs (0.3%)*** | ***Industrial REITs (0.3%)*** | ***Industrial REITs (0.3%)*** | ***Industrial REITs (0.3%)*** |
|  Americold Realty Trust, Inc. (REIT) (x) | 37100 |  | 477106 |
|  EastGroup Properties, Inc. (REIT) | 6800 |  | 1211352 |
|  First Industrial Realty Trust, Inc. (REIT) | 20000 |  | 1145400 |
|  Innovative Industrial Properties, Inc. (REIT) | 1300 |  | 61568 |
|  Lineage, Inc. (REIT) | 8697 |  | 304395 |
|  LXP Industrial Trust (REIT) | 2340 |  | 116017 |
|  Prologis, Inc. (REIT) | 114463 |  | 14612347 |
|  Rexford Industrial Realty, Inc. (REIT) | 29300 |  | 1134496 |
|  STAG Industrial, Inc. (REIT) | 27800 |  | 1021928 |
|  Terreno Realty Corp. (REIT) | 11600 |  | 681036 |
|  |  |  | 20765645 |
|  ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** |
|  Brandywine Realty Trust (REIT) | 11500 |  | 33580 |
|  BXP, Inc. (REIT) | 20970 |  | 1415056 |
|  Cousins Properties, Inc. (REIT) | 6061 |  | 156252 |
|  Easterly Government Properties, Inc. (REIT), Class A | 3280 |  | 69503 |
|  Hudson Pacific Properties, Inc. (REIT)\* | 3500 |  | 37905 |
|  JBG SMITH Properties (REIT) | 9600 |  | 163296 |
|  Kilroy Realty Corp. (REIT) (x) | 100 |  | 3737 |
|  NET Lease Office Properties (REIT) | 2014 |  | 51941 |
|  Piedmont Realty Trust, Inc. (REIT) | 25100 |  | 209334 |
|  SL Green Realty Corp. (REIT) | 2200 |  | 100914 |
|  Vornado Realty Trust (REIT) | 25900 |  | 861952 |
|  |  |  | 3103470 |
|  ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** |
|  CBRE Group, Inc., Class A\* | 37350 |  | 6005506 |
|  Compass, Inc., Class A\* | 30900 |  | 326613 |
|  CoStar Group, Inc.\* | 53050 |  | 3567082 |
|  Cushman & Wakefield Ltd.\* | 1700 |  | 27523 |
|  eXp World Holdings, Inc. (x) | 11270 |  | 101994 |
|  Howard Hughes Holdings, Inc.\* | 5800 |  | 462666 |
|  Jones Lang LaSalle, Inc.\* | 6600 |  | 2220702 |
|  Kennedy-Wilson Holdings, Inc. | 19700 |  | 190499 |
|  Marcus & Millichap, Inc. | 1100 |  | 30019 |
|  Newmark Group, Inc., Class A | 15219 |  | 263897 |
|  RMR Group, Inc. (The), Class A | 271 |  | 4038 |
|  Seaport Entertainment Group, Inc. (x)\* | 854 |  | 16884 |
|  St Joe Co. (The) | 5100 |  | 302787 |
|  Zillow Group, Inc., Class C\* | 18424 |  | 1256885 |
|  |  |  | 14777095 |
|  ***Residential REITs (0.3%)*** | ***Residential REITs (0.3%)*** | ***Residential REITs (0.3%)*** | ***Residential REITs (0.3%)*** |
|  American Homes 4 Rent (REIT), Class A | 47500 |  | 1524750 |
|  AvalonBay Communities, Inc. (REIT) | 20249 |  | 3671346 |
|  Camden Property Trust (REIT) | 15680 |  | 1726054 |
|  Elme Communities (REIT) | 11170 |  | 194358 |
|  Equity LifeStyle Properties, Inc. (REIT) | 27500 |  | 1666775 |
|  Equity Residential (REIT) | 49687 |  | 3132269 |
|  Essex Property Trust, Inc. (REIT) | 8677 |  | 2270597 |
|  Independence Realty Trust, Inc. (REIT) | 11400 |  | 199272 |
|  Invitation Homes, Inc. (REIT) | 77996 |  | 2167509 |
|  Mid-America Apartment Communities, Inc. (REIT) | 14938 |  | 2075038 |
|  Sun Communities, Inc. (REIT) | 18600 |  | 2304726 |
|  UDR, Inc. (REIT) | 52936 |  | 1941692 |
|  Veris Residential, Inc. (REIT) | 5300 |  | 78864 |
|  |  |  | 22953250 |
|  ***Retail REITs (0.3%)*** | ***Retail REITs (0.3%)*** | ***Retail REITs (0.3%)*** | ***Retail REITs (0.3%)*** |
|  Acadia Realty Trust (REIT) | 9000 |  | 184860 |
|  Agree Realty Corp. (REIT) | 13200 |  | 950796 |
|  Brixmor Property Group, Inc. (REIT) | 45300 |  | 1187766 |
|  Curbline Properties Corp. (REIT) | 6200 |  | 143902 |
|  Federal Realty Investment Trust (REIT) | 12380 |  | 1247904 |
|  Getty Realty Corp. (REIT) | 3100 |  | 84847 |
|  InvenTrust Properties Corp. (REIT) | 1900 |  | 53599 |
|  Kimco Realty Corp. (REIT) | 99485 |  | 2016561 |
|  Kite Realty Group Trust (REIT) | 15198 |  | 364296 |
|  Macerich Co. (The) (REIT) | 10822 |  | 199774 |
|  NNN REIT, Inc. (REIT) | 27190 |  | 1077540 |
|  Phillips Edison & Co., Inc. (REIT) | 3700 |  | 131609 |
|  Realty Income Corp. (REIT) | 108341 |  | 6107182 |
|  Regency Centers Corp. (REIT) | 26006 |  | 1795194 |
|  Simon Property Group, Inc. (REIT) | 38759 |  | 7174679 |
|  SITE Centers Corp. (REIT) | 3100 |  | 19902 |
|  Tanger, Inc. (REIT) | 5300 |  | 176861 |
|  Urban Edge Properties (REIT) | 8910 |  | 170983 |
|  |  |  | 23088255 |
|  ***Specialized REITs (0.7%)*** | ***Specialized REITs (0.7%)*** | ***Specialized REITs (0.7%)*** | ***Specialized REITs (0.7%)*** |
|  American Tower Corp. (REIT) | 57700 |  | 10130389 |
|  Crown Castle, Inc. (REIT) | 56850 |  | 5052259 |
|  CubeSmart (REIT) | 39700 |  | 1431185 |
|  Digital Realty Trust, Inc. (REIT) | 41272 |  | 6385191 |
|  EPR Properties (REIT) | 1700 |  | 84830 |
|  Equinix, Inc. (REIT) | 11861 |  | 9087424 |
|  Extra Space Storage, Inc. (REIT) | 28741 |  | 3742653 |
|  Gaming and Leisure Properties, Inc. (REIT) | 36886 |  | 1648435 |
|  Iron Mountain, Inc. (REIT) | 39355 |  | 3264497 |
|  Lamar Advertising Co. (REIT), Class A | 13639 |  | 1726425 |
|  Millrose Properties, Inc. (REIT) | 10300 |  | 307661 |
|  National Storage Affiliates Trust (REIT) | 3000 |  | 84630 |
|  PotlatchDeltic Corp. (REIT) | 151 |  | 6007 |
|  Public Storage (REIT) | 19702 |  | 5112669 |
|  Rayonier, Inc. (REIT) | 3567 |  | 77226 |
|  Safehold, Inc. (REIT) | 3000 |  | 41070 |
|  SBA Communications Corp. (REIT) | 15300 |  | 2959479 |
|  VICI Properties, Inc. (REIT), Class A | 130300 |  | 3664036 |
|  Weyerhaeuser Co. (REIT) | 111535 |  | 2642264 |
|  |  |  | 57448330 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 175641268 |
|  **Utilities (2.2%)** | **Utilities (2.2%)** | **Utilities (2.2%)** | **Utilities (2.2%)** |
|  ***Electric Utilities (1.4%)*** | ***Electric Utilities (1.4%)*** | ***Electric Utilities (1.4%)*** | ***Electric Utilities (1.4%)*** |
|  Alliant Energy Corp. | 34700 |  | 2255847 |
|  American Electric Power Co., Inc. | 66570 |  | 7676187 |
|  Constellation Energy Corp. | 38052 |  | 13442630 |
|  Duke Energy Corp. | 94585 |  | 11086308 |

---

See Notes to Financial Statements.

563

------

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Edison International | 51360 | $3082627 |
|  Entergy Corp. | 57000 | 5268510 |
|  Evergy, Inc. | 28409 | 2059368 |
|  Eversource Energy | 44958 | 3027022 |
|  Exelon Corp. | 118156 | 5150420 |
|  FirstEnergy Corp. | 73504 | 3290774 |
|  IDACORP, Inc. | 6850 | 866936 |
|  NextEra Energy, Inc. | 248900 | 19981692 |
|  NRG Energy, Inc. | 23321 | 3713636 |
|  OGE Energy Corp. | 25400 | 1084580 |
|  Oklo, Inc., Class A (x)\* | 12700 | 911352 |
|  PG&E Corp. | 288900 | 4642623 |
|  Pinnacle West Capital Corp. | 15000 | 1330500 |
|  Portland General Electric Co. | 13200 | 633468 |
|  PPL Corp. | 100450 | 3517759 |
|  Southern Co. (The) | 134950 | 11767640 |
|  TXNM Energy, Inc. | 11600 | 683008 |
|  Xcel Energy, Inc. | 75680 | 5589725 |
|  |  | 111062612 |
|  ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** |
|  Atmos Energy Corp. | 21100 | 3536993 |
|  Brookfield Infrastructure Corp., Class A | 9561 | 434070 |
|  National Fuel Gas Co. | 13700 | 1096822 |
|  New Jersey Resources Corp. | 3000 | 138360 |
|  ONE Gas, Inc. | 900 | 69525 |
|  Southwest Gas Holdings, Inc. | 800 | 64016 |
|  UGI Corp. | 23175 | 867440 |
|  |  | 6207226 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  AES Corp. (The) | 103695 | 1486986 |
|  Brookfield Renewable Corp. | 6000 | 230040 |
|  Ormat Technologies, Inc. | 7600 | 839572 |
|  Talen Energy Corp.\* | 5700 | 2136588 |
|  Vistra Corp. | 42215 | 6810546 |
|  |  | 11503732 |
|  ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** |
|  Ameren Corp. | 34400 | 3435184 |
|  Black Hills Corp. | 3300 | 229086 |
|  CenterPoint Energy, Inc. | 83150 | 3187971 |
|  CMS Energy Corp. | 38000 | 2657340 |
|  Consolidated Edison, Inc. | 44500 | 4419740 |
|  Dominion Energy, Inc. | 106454 | 6237140 |
|  DTE Energy Co. | 26400 | 3405072 |
|  NiSource, Inc. | 61600 | 2572416 |
|  Public Service Enterprise Group, Inc. | 60200 | 4834060 |
|  Sempra | 82980 | 7326304 |
|  WEC Energy Group, Inc. | 40898 | 4313103 |
|  |  | 42617416 |
|  **Water Utilities (0.1%)** | **Water Utilities (0.1%)** | **Water Utilities (0.1%)** |
|  American Water Works Co., Inc. | 23600 | 3079800 |
|  Essential Utilities, Inc. | 42062 | 1613499 |
|  |  | 4693299 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 176084285 |
|  **Total Common Stocks (99.3%)**<br> *(Cost $1,599,994,638)* |  | 7864271341 |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** |
|  Akero Therapeutics, Inc., CVR (r)\* | 6600 | 3218 |
|  Chinook Therapeutics, Inc., CVR \* | 13100 | 2620 |
|  Mirati Therapeutics, Inc., CVR (r)\* | 7300 | 2737 |
|  |  | 8575 |
|  ***Life Sciences Tools & Services (0.0%)*** | ***Life Sciences Tools & Services (0.0%)*** | ***Life Sciences Tools & Services (0.0%)*** |
|  OmniAb, Inc., expiring 11/1/27 (r)\* | 1744 |  |
|  **Total Rights (0.0%)†**<br> *(Cost $7,050)* |  | 8575 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.1%)** | **Investment Companies (0.1%)** |  |
|  BlackRock Liquidity FedFund, Institutional Shares 3.65% (7 day yield) (xx) | 1000000 | 1000000 |
|  Dreyfus Treasury Obligations Cash Management Fund 3.65% (7 day yield) (xx) | 2000000 | 2000000 |
|  Goldman Sachs Financial Square Government Fund 3.67% (7 day yield) (xx) | 2000000 | 2000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 3858064 | 3858064 |
|  Morgan Stanley Institutional Liquidity Fund - Government Portfolio 3.69% (7 day yield) (xx) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 9858064 |
|  **Total Short-Term Investments (0.1%)**<br> *(Cost $9,858,064)* | **Total Short-Term Investments (0.1%)**<br> *(Cost $9,858,064)* | 9858064 |
|  **Total Investments in Securities (99.4%)**<br> *(Cost $1,609,859,752)* | **Total Investments in Securities (99.4%)**<br> *(Cost $1,609,859,752)* | 7874137980 |
|  **Other Assets Less Liabilities (0.6%)** | **Other Assets Less Liabilities (0.6%)** | 47142273 |
|  **Net Assets (100%)** |  | $7921280253 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $36,824,040.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $17,061,893. This was collateralized by $8,174,101 of various U.S. Government Treasury Securities, ranging from 0.000% - 6.750%, maturing 1/15/26 - 8/15/55 and by cash of $9,858,064 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

564

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EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading**<br>**Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Russell 2000 E-Mini Index | 22 | 3/2026 | USD | 2747800 | (78366) |
|  S&P 500 E-Mini Index | 149 | 3/2026 | USD | 51349125 | 167988 |
|  |  |  |  |  | 89622 |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $789643794 | $— | $— | $789643794 |
|  Consumer Discretionary | 822203436 |  |  | 822203436 |
|  Consumer Staples | 353280352 |  |  | 353280352 |
|  Energy | 234958492 |  |  | 234958492 |
|  Financials | 1098518693 |  |  | 1098518693 |
|  Health Care | 794900548 |  | — (a) | 794900548 |
|  Industrials | 741546515 |  |  | 741546515 |
|  Information Technology | 2506244237 |  |  | 2506244237 |
|  Materials | 171249721 |  |  | 171249721 |
|  Real Estate | 175641268 |  |  | 175641268 |
|  Utilities | 176084285 |  |  | 176084285 |
|  **Futures** | 167988 |  |  | 167988 |
|  **Rights** |  |  |  |  |
|  Health Care |  | 2620 | 5955 | 8575 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 9858064 |  |  | 9858064 |
|  **Total Assets** | $**7874297393** | $**2620** | $**5955** | $**7874305968** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(78366) | $— | $— | $(78366) |
|  **Total Liabilities** | $**(78366)** | $**—** | $**—** | $**(78366)** |
|  **Total** | $**7874219027** | $**2620** | $**5955** | $**7874227602** |

---

(a) Value is zero.

See Notes to Financial Statements.

565

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EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $167988 |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167988 |
|  | **Liability Derivatives** |  |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(78366) |
|  **Total** |  | $(78366) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $4133355 | $4133355 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4133355 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4133355 |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $889432 | $889432 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889432 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889432 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $44968000 |

---

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $191511077.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $907937413.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $6460995284 |
|  Aggregate gross unrealized depreciation | (215305888) |
|  Net unrealized appreciation | $6245689396 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $1628538206 |

---

See Notes to Financial Statements.

566

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EQ/COMMON STOCK INDEX PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $1,609,859,752) | $7874137980.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 58586637.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 4407086.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 626784.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 6363.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 30242.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 7937795092.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 9858064.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 1997430.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1650712.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 1199479.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 605732.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 486904.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 422619.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 9781.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 284118.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 16514839.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $7921280253.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1528628049.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 6392652204.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $7921280253.0 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $5,631,248,209 / 105,772,706 shares outstanding (unlimited amount authorized: $0.01 par value) | $53.24 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $2,290,032,044 / 43,426,160 shares outstanding (unlimited amount authorized: $0.01 par value) | $52.73 |

---

*(x)* *Includes value of securities on loan of $17,061,893.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $33,283 foreign withholding tax) | $93856581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1927051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 307859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 96091491 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 23265924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 13484974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 6834880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 5393969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 369007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 353457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 255639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 173100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recoupment fees | 160084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 1127359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 51418393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (308405) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voluntary waiver from investment manager | (553555) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 50556433 |
|  **NET INVESTMENT INCOME (LOSS)** | 45535058 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investmentsin securities | 595496582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futurescontracts | 4133355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 599629937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Changein unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Changein unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investmentsin securities | 504122893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futurescontracts | 889432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 505012325 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 1104642262 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1150177320 |

---

See Notes to Financial Statements.

567

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#### EQ ADVISORS TRUST
EQ/COMMON STOCK INDEX PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $45535058 | $50708847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 599629937 | 521782945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 505012325 | 917399356 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 1150177320 | 1489891148 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (422643050) | (386572303) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (172862835) | (153205630) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (595505885) | (539777933) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 722,852 and 927,345 shares, respectively ] | 36656849 | 44636766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 7,882,517 and 7,571,714 shares, respectively ] | 422643050 | 386572303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (11841769) and (11431042) shares, respectively ] | (613902313) | (558453800) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (154602414) | (127244731) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,004,252 and 1,982,019 shares, respectively ] | 102757945 | 95704399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 3,255,031 and 3,027,210 shares, respectively ] | 172862835 | 153205630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (5180104) and (5353159) shares, respectively ] | (266539443) | (257689822) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 9081337 | (8779793) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (145521077) | (136024524) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 409150358 | 814088691 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 7512129895 | 6698041204 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $7921280253 | $7512129895 |

---

See Notes to Financial Statements.

568

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#### EQ ADVISORS TRUST
EQ/COMMON STOCK INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IA** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $49.43 | $43.14 | $36.26 | $48.10 | $41.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.31 | 0.34 | 0.35 | 0.36 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 7.73 | 9.70 | 8.71 | (9.64) | 9.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 8.04 | 10.04 | 9.06 | (9.28) | 10.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.33) | (0.38) | (0.46) | (0.32) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (3.90) | (3.37) | (1.72) | (2.24) | (3.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (4.23) | (3.75) | (2.18) | (2.56) | (3.48) |
|  Net asset value, end of year | $53.24 | $49.43 | $43.14 | $36.26 | $48.10 |
|  Total return | 16.30% | 23.07% | 25.12% | (19.46)% | 24.93% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $5631248 | $5388310 | $4828771 | $4220653 | $5655827 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.67 %(i) | 0.67% | 0.68% | 0.68% | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.68% | 0.68% | 0.70% | 0.68% | 0.68% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.60% | 0.70% | 0.88% | 0.87% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.59% | 0.69% | 0.86% | 0.87% | 0.65% |
|  Portfolio turnover rate^ | 3% | 2% | 2% | 3% | 3% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $49.00 | $42.78 | $35.97 | $47.75 | $41.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.31 | 0.34 | 0.35 | 0.35 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 7.65 | 9.63 | 8.64 | (9.57) | 9.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 7.96 | 9.97 | 8.99 | (9.22) | 10.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.33) | (0.38) | (0.46) | (0.32) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (3.90) | (3.37) | (1.72) | (2.24) | (3.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (4.23) | (3.75) | (2.18) | (2.56) | (3.48) |
|  Net asset value, end of year | $52.73 | $49.00 | $42.78 | $35.97 | $47.75 |
|  Total return | 16.28% | 23.10% | 25.13% | (19.47)% | 24.93% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $2290032 | $2123819 | $1869271 | $1580746 | $2088870 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.67 %(i) | 0.67% | 0.68% | 0.68% | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.68% | 0.68% | 0.70% | 0.68% | 0.68% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.60% | 0.70% | 0.88% | 0.87% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.59% | 0.69% | 0.86% | 0.87% | 0.65% |
|  Portfolio turnover rate^ | 3% | 2% | 2% | 3% | 3% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(i)* *Includes voluntary waiver from investment manager of 0.01%.* 

See Notes to Financial Statements.

569

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Asset-Backed Securities (0.0%)†** | **Asset-Backed Securities (0.0%)†** | **Asset-Backed Securities (0.0%)†** |
|  American Airlines Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2 AA<br>3.350%, 10/15/29 | $207929 | $200729 |
|  Delta Air Lines Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 AA<br>2.000%, 6/10/28 | 335567 | 322473 |
|  United Airlines Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A<br>5.875%, 10/15/27 | 1630580 | 1667396 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  | 2190598 |
|  **Corporate Bonds (30.8%)** | **Corporate Bonds (30.8%)** | **Corporate Bonds (30.8%)** |
|  **Communication Services (1.8%)** | **Communication Services (1.8%)** | **Communication Services (1.8%)** |
|  ***Diversified Telecommunication Services (0.7%)*** | ***Diversified Telecommunication Services (0.7%)*** | ***Diversified Telecommunication Services (0.7%)*** |
|  AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 2/15/27 | 1000000 | 997743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 6/1/27 | 500000 | 488855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 2/1/28 | 185000 | 176312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 2/15/28 | 453000 | 453028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 3/1/29 | 1665000 | 1672463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 2/15/30 | 5159000 | 5166693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 2/15/34 | 3000000 | 3113028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 8/15/35 | 1000000 | 1023277 |
|  Bell Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 5/11/33 (x) | 500000 | 507467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 2/15/34 | 2000000 | 2034994 |
|  British Telecommunications plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/4/28 | 500000 | 513050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, 12/15/30 (e) | 2000000 | 2439744 |
|  Deutsche Telekom International<br>Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 6/15/30 (e) | 2500000 | 2921248 |
|  Telefonica Emisiones SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.103%, 3/8/27 | 440000 | 439566 |
|  TELUS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 2/16/27 | 400000 | 393934 |
|  Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 3/22/28 | 750000 | 720261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.329%, 9/21/28 | 7238000 | 7295620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/8/29 (x) | 140000 | 139216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.016%, 12/3/29 | 1500000 | 1488582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 3/22/30 | 375000 | 359082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 9/18/30 (x) | 600000 | 528840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.680%, 10/30/30 | 1957000 | 1735719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 3/21/31 | 1220000 | 1112620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 1/15/33 | 300000 | 299939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 5/9/33 | 325000 | 333596 |
|  |  | 36354877 |
|  ***Entertainment (0.1%)*** |  |  |
|  Electronic Arts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 2/15/31 | 295000 | 283938 |
|  Netflix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 8/15/34 (x) | 1385000 | 1418521 |
|  Take-Two Interactive Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 3/28/28 | 500000 | 509443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 6/12/29 | 95000 | $98185 |
|  Tencent Music Entertainment Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/3/30 | 215000 | 194373 |
|  TWDC Enterprises 18 Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 6/15/27 | 1000000 | 989544 |
|  Walt Disney Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 1/13/28 | 700000 | 678905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/1/29 | 500000 | 467227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 1/13/31 (x) | 1250000 | 1167917 |
|  |  | 5808053 |
|  ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** |
|  Alphabet, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 8/15/27 | 1000000 | 956705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/15/28 | 180000 | 180832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100%, 8/15/30 | 650000 | 572771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 11/15/30 | 535000 | 536913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/15/35 | 500000 | 497370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 11/15/35 | 605000 | 606375 |
|  Baidu, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 2/23/27 | 290000 | 282364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/29/28 | 290000 | 292308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/14/28 | 315000 | 321902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 10/9/30 | 200000 | 183956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 8/23/31 | 500000 | 456060 |
|  Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 5/15/28 | 500000 | 509057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 5/15/30 | 350000 | 360214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 11/15/30 (x) | 565000 | 566686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 11/15/32 | 1385000 | 1396962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 5/15/33 | 2750000 | 2828209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 8/15/34 | 410000 | 413976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/15/35 | 1875000 | 1874789 |
|  Weibo Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 7/8/30 | 500000 | 473510 |
|  |  | 13310959 |
|  ***Media (0.3%)*** |  |  |
|  Charter Communications Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1/15/29 | 585000 | 547332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 6/1/29 | 3235000 | 3374428 |
|  Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 10/15/28 | 5025000 | 5047203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 1/15/29 | 350000 | 355238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 6/1/29 | 295000 | 304392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 4/1/30 | 2500000 | 2422072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 2/15/33 | 750000 | 753109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 5/15/33 (x) | 500000 | 505134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 5/15/35 (x) | 350000 | 358667 |
|  Fox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.709%, 1/25/29 | 730000 | 738722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/8/30 | 2000000 | 1942087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/13/33 | 450000 | 495798 |
|  Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 2/15/28 (x) | 570000 | 553516 |
|  |  | 17397698 |
|  ***Wireless Telecommunication Services (0.4%)*** | ***Wireless Telecommunication Services (0.4%)*** | ***Wireless Telecommunication Services (0.4%)*** |
|  America Movil SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 4/22/29 | 500000 | 488945 |

---

See Notes to Financial Statements.

570

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/7/30 | $| 1450000 | $| 1363834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 7/21/32 |  | 405000 |  | 405506 |
|  Rogers Communications, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 3/15/27 |  | 500000 |  | 495011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 3/15/32 |  | 625000 |  | 588527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 2/15/34 |  | 2000000 |  | 2016755 |
|  T-Mobile USA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/15/27 |  | 2500000 |  | 2491353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 2/15/28 |  | 700000 |  | 672219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 3/15/28 |  | 305000 |  | 310730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 7/15/28 |  | 625000 |  | 635631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 3/15/29 |  | 340000 |  | 321749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/15/30 |  | 3000000 |  | 2947324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 5/15/32 |  | 500000 |  | 514322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 1/15/33 |  | 2610000 |  | 2697570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 1/15/34 |  | 2000000 |  | 2121105 |
|  |  |  |  | 18070581 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 90942168 |
|  **Consumer Discretionary (1.5%)** | **Consumer Discretionary (1.5%)** | **Consumer Discretionary (1.5%)** |  |  |
|  ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** |
|  Aptiv Swiss Holdings Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 9/13/34 |  | 400000 |  | 404111 |
|  BorgWarner, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 7/1/27 |  | 300000 |  | 293851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 8/15/34 |  | 75000 |  | 77450 |
|  Lear Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/29 |  | 125000 |  | 124614 |
|  Magna International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 6/15/30 |  | 300000 |  | 278784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/21/33 |  | 500000 |  | 524164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 6/1/35 |  | 90000 |  | 95334 |
|  |  |  |  | 1798308 |
|  ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** |
|  Ford Motor Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 2/12/32 |  | 2500000 |  | 2205325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 8/19/32 |  | 2500000 |  | 2575125 |
|  General Motors Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800%, 10/1/27 |  | 405000 |  | 421345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/1/28 |  | 750000 |  | 763813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 10/15/29 |  | 500000 |  | 517941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 4/15/35 |  | 500000 |  | 530460 |
|  Honda Motor Co. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.534%, 3/10/27 |  | 165000 |  | 162261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.967%, 3/10/32 |  | 200000 |  | 182787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.337%, 7/8/35 |  | 750000 |  | 766417 |
|  Toyota Motor Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.118%, 7/13/28 |  | 500000 |  | 514740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.669%, 7/20/28 |  | 355000 |  | 353576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.760%, 7/2/29 |  | 250000 |  | 240142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.362%, 3/25/31 |  | 600000 |  | 549260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.123%, 7/13/33 |  | 500000 |  | 519835 |
|  |  |  |  | 10303027 |
|  ***Broadline Retail (0.4%)*** | ***Broadline Retail (0.4%)*** | ***Broadline Retail (0.4%)*** | ***Broadline Retail (0.4%)*** | ***Broadline Retail (0.4%)*** |
|  Alibaba Group Holding Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 12/6/27 |  | 1780000 |  | 1763749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 5/26/30 |  | 1000000 |  | 1029700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/9/31 |  | 490000 |  | 444356 |
|  Amazon.com, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 4/13/27 |  | 1300000 |  | 1293265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 6/3/27 |  | 340000 |  | 328507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 8/22/27 |  | 4000000 |  | 3970120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 12/1/27 (x) |  | 1000000 |  | 1016239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 11/20/30 |  | 300000 |  | 300279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 4/13/32 |  | 1650000 |  | 1602067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 12/1/32 (x) |  | 1000000 |  | 1027701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 11/20/35 |  | 1000000 |  | 995332 |
|  eBay, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 6/5/27 |  | 750000 |  | 745714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 3/11/30 |  | 700000 |  | 657228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 5/10/31 |  | 1000000 |  | 913658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 11/6/35 |  | 500000 |  | 499812 |
|  JD.com, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 1/14/30 |  | 320000 |  | 310291 |
|  |  |  |  | 16898018 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  Genuine Parts Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 11/1/30 |  | 285000 |  | 250695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/1/33 |  | 1000000 |  | 1111819 |
|  |  |  |  | 1362514 |
|  ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** |
|  Cornell University |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>4.733%, 6/15/35 |  | 300000 |  | 301062 |
|  Leland Stanford Junior University (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.289%, 6/1/27 |  | 35000 |  | 33761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.679%, 3/1/35 |  | 250000 |  | 252357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>4.146%, 8/1/30 |  | 210000 |  | 211165 |
|  Yale University |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>1.482%, 4/15/30 |  | 500000 |  | 450519 |
|  |  |  |  | 1248864 |
|  ***Hotels, Restaurants & Leisure (0.3%)*** | ***Hotels, Restaurants & Leisure (0.3%)*** | ***Hotels, Restaurants & Leisure (0.3%)*** | ***Hotels, Restaurants & Leisure (0.3%)*** | ***Hotels, Restaurants & Leisure (0.3%)*** |
|  Darden Restaurants, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300%, 10/10/33 |  | 290000 |  | 315300 |
|  Expedia Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 8/1/27 |  | 840000 |  | 845296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 2/15/30 |  | 1500000 |  | 1438989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/15/31 |  | 185000 |  | 171839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 2/15/35 |  | 160000 |  | 164319 |
|  Hyatt Hotels Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 1/30/27 |  | 320000 |  | 324735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 9/15/28 |  | 950000 |  | 952187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/30/29 |  | 275000 |  | 282618 |
|  Las Vegas Sands Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 8/15/29 |  | 250000 |  | 260817 |
|  Marriott International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 7/15/27 |  | 145000 |  | 145523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/15/27 |  | 165000 |  | 167808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 10/15/28 |  | 585000 |  | 607006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 4/15/29 |  | 185000 |  | 188904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/15/31 |  | 500000 |  | 501237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA<br>4.650%, 12/1/28 |  | 500000 |  | 508334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FF<br>4.625%, 6/15/30 |  | 725000 |  | 735999 |

---

See Notes to Financial Statements.

571

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series X<br>4.000%, 4/15/28 | $| 500000 | $| 500338 |
|  McDonald's Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/27 |  | 775000 |  | 771433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 4/1/28 (x) |  | 1100000 |  | 1097957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 8/14/28 |  | 500000 |  | 510689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/17/29 |  | 320000 |  | 329594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 9/1/29 |  | 290000 |  | 276641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 3/1/30 |  | 220000 |  | 203214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 2/12/31 |  | 250000 |  | 251928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 9/9/32 (x) |  | 350000 |  | 356654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 8/14/33 |  | 500000 |  | 516540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 3/3/35 (x) |  | 500000 |  | 506142 |
|  Starbucks Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/12/27 |  | 350000 |  | 341886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/28 |  | 750000 |  | 741889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/28 |  | 800000 |  | 798788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 3/12/30 |  | 350000 |  | 322872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/14/32 (x) |  | 220000 |  | 202863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 2/15/33 |  | 355000 |  | 359371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 5/15/35 |  | 290000 |  | 301662 |
|  |  |  |  | 16001372 |
|  ***Household Durables (0.1%)*** |  |  |  |  |
|  DR Horton, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 10/15/27 |  | 750000 |  | 717627 |
|  Leggett & Platt, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/15/27 (x) |  | 500000 |  | 491068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 3/15/29 |  | 350000 |  | 345887 |
|  Mohawk Industries, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 9/18/28 |  | 125000 |  | 129903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/15/30 |  | 350000 |  | 339473 |
|  NVR, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/30 |  | 1320000 |  | 1249840 |
|  PulteGroup, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/15/27 |  | 424000 |  | 426957 |
|  Toll Brothers Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 6/15/35 (x) |  | 355000 |  | 368014 |
|  |  |  |  | 4068769 |
|  ***Leisure Products (0.0%)†*** |  |  |  |  |
|  Hasbro, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/15/27 |  | 290000 |  | 287083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 11/19/29 |  | 500000 |  | 491711 |
|  Polaris, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 3/1/31 |  | 315000 |  | 318369 |
|  |  |  |  | 1097163 |
|  ***Specialty Retail (0.4%)*** |  |  |  |  |
|  AutoNation, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 11/15/27 |  | 500000 |  | 495934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 8/1/28 |  | 225000 |  | 212080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 8/1/31 |  | 150000 |  | 132500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 3/1/32 |  | 300000 |  | 281740 |
|  AutoZone, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/1/28 |  | 280000 |  | 282421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/18/29 |  | 500000 |  | 492547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 7/15/29 |  | 385000 |  | 396184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 8/1/32 |  | 330000 |  | 333256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 8/1/33 |  | 500000 |  | 512275 |
|  Best Buy Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 10/1/28 |  | 1000000 |  | 1009759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 10/1/30 (x) |  | 375000 |  | 336941 |
|  Home Depot, Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 4/15/27 |  | 335000 |  | 331446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 9/14/27 |  | 750000 |  | 738286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 3/15/28 (x) |  | 700000 |  | 659390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 12/6/28 |  | 290000 |  | 291141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 4/15/29 |  | 585000 |  | 601230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 6/15/29 |  | 455000 |  | 440006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 6/25/29 |  | 340000 |  | 348706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/15/32 |  | 435000 |  | 410218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/32 |  | 440000 |  | 445427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 6/25/34 |  | 3000000 |  | 3069530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 9/15/35 (x) |  | 415000 |  | 411808 |
|  Lowe's Cos., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 4/1/27 |  | 180000 |  | 178658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 5/3/27 |  | 750000 |  | 741517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 4/15/28 |  | 655000 |  | 617333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 9/15/28 |  | 250000 |  | 235311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 4/5/29 |  | 680000 |  | 671376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 10/15/30 |  | 655000 |  | 582075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 3/15/31 |  | 250000 |  | 248745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 4/1/31 |  | 1750000 |  | 1606725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/1/32 |  | 500000 |  | 479511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/15/33 |  | 415000 |  | 424399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 10/15/35 |  | 470000 |  | 467098 |
|  O'Reilly Automotive, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 6/1/28 |  | 800000 |  | 805682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 6/15/32 |  | 250000 |  | 252161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/19/34 |  | 500000 |  | 504117 |
|  TJX Cos., Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 5/15/28 |  | 300000 |  | 281723 |
|  Tractor Supply Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 11/1/30 |  | 280000 |  | 247816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 5/15/33 |  | 75000 |  | 77522 |
|  |  |  |  | 20654594 |
|  ***Textiles, Apparel & Luxury Goods (0.0%)†*** | ***Textiles, Apparel & Luxury Goods (0.0%)†*** | ***Textiles, Apparel & Luxury Goods (0.0%)†*** | ***Textiles, Apparel & Luxury Goods (0.0%)†*** | ***Textiles, Apparel & Luxury Goods (0.0%)†*** |
|  NIKE, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 3/27/30 |  | 1000000 |  | 954507 |
|  Ralph Lauren Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 6/15/30 |  | 130000 |  | 123573 |
|  |  |  |  | 1078080 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  |  | 74510709 |
|  **Consumer Staples (1.8%)** |  |  |  |  |
|  ***Beverages (0.5%)*** |  |  |  |  |
|  Anheuser-Busch InBev Worldwide, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 1/23/29 |  | 3470000 |  | 3539972 |
|  Brown-Forman Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 4/15/33 |  | 800000 |  | 811983 |
|  Coca-Cola Co.(The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 5/25/27 |  | 500000 |  | 494892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 6/1/27 |  | 300000 |  | 291043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 3/5/28 |  | 730000 |  | 697235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 3/15/28 |  | 440000 |  | 415307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 9/6/29 |  | 750000 |  | 705566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 6/1/30 |  | 1010000 |  | 913367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/5/31 |  | 835000 |  | 757318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 8/14/34 (x) |  | 280000 |  | 285858 |
|  Coca-Cola Consolidated, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/1/29 |  | 125000 |  | 129283 |

---

See Notes to Financial Statements.

572

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Coca-Cola Femsa SAB de CV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 1/22/30 | $| 1295000 | $| 1224591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 5/6/35 |  | 500000 |  | 507785 |
|  Constellation Brands, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/9/27 |  | 300000 |  | 297897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 5/9/27 |  | 500000 |  | 501860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 11/15/28 |  | 310000 |  | 314543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 8/1/29 |  | 750000 |  | 722895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/1/31 |  | 475000 |  | 421723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/9/32 |  | 500000 |  | 502390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 5/1/33 |  | 250000 |  | 251051 |
|  Diageo Capital plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/18/28 |  | 400000 |  | 398997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 10/24/29 (x) |  | 410000 |  | 385296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 4/29/30 |  | 245000 |  | 224212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 10/5/33 |  | 1500000 |  | 1596751 |
|  Keurig Dr Pepper, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 4/15/29 |  | 500000 |  | 494092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 3/15/31 |  | 210000 |  | 187136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 4/15/32 |  | 335000 |  | 322206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 5/15/35 |  | 750000 |  | 752694 |
|  Pepsico Singapore Financing I Pte. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 2/16/34 |  | 2000000 |  | 2023753 |
|  PepsiCo, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 3/19/27 |  | 350000 |  | 345696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 2/18/28 |  | 500000 |  | 498616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 5/15/28 |  | 300000 |  | 304527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 7/29/29 |  | 375000 |  | 358120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 3/19/30 |  | 350000 |  | 332419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/1/30 (x) |  | 190000 |  | 172089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 10/21/31 |  | 3130000 |  | 2784323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 7/18/32 |  | 200000 |  | 196606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 2/15/33 |  | 300000 |  | 305530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 7/17/34 |  | 200000 |  | 204689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/23/35 |  | 250000 |  | 255436 |
|  |  |  |  | 25929747 |
|  ***Consumer Staples Distribution & Retail (0.3%)*** | ***Consumer Staples Distribution & Retail (0.3%)*** | ***Consumer Staples Distribution & Retail (0.3%)*** | ***Consumer Staples Distribution & Retail (0.3%)*** | ***Consumer Staples Distribution & Retail (0.3%)*** |
|  Costco Wholesale Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/18/27 |  | 2500000 |  | 2480781 |
|  Dollar General Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 7/5/28 |  | 415000 |  | 425111 |
|  Dollar Tree, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 12/1/31 |  | 500000 |  | 451504 |
|  Kroger Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/15/29 |  | 350000 |  | 354509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 1/15/31 |  | 625000 |  | 551383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/15/34 |  | 2340000 |  | 2354536 |
|  Sysco Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 2/15/30 |  | 115000 |  | 107002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 4/1/30 |  | 2000000 |  | 2117883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 12/14/31 (x) |  | 180000 |  | 161289 |
|  Target Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 1/15/27 |  | 400000 |  | 392688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 4/15/29 |  | 750000 |  | 736393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/32 (x) |  | 500000 |  | 505770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 1/15/33 |  | 85000 |  | 85004 |
|  Walmart, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 9/9/27 |  | 440000 |  | 442336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 4/15/28 |  | 315000 |  | 316215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 9/22/28 |  | 475000 |  | 449286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 9/24/29 |  | 19000 |  | 18030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/15/30 |  | 250000 |  | 252096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 9/22/31 (x) |  | 210000 |  | 186793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 9/9/32 |  | 470000 |  | 473192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 4/15/33 |  | 2335000 |  | 2330656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 4/28/35 |  | 180000 |  | 185190 |
|  |  |  |  | 15377647 |
|  ***Food Products (0.4%)*** |  |  |  |  |
|  Archer-Daniels-Midland Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 3/1/32 |  | 340000 |  | 312213 |
|  Bunge Ltd. Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 9/25/27 |  | 225000 |  | 224151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 5/14/31 |  | 750000 |  | 688418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 9/17/34 |  | 200000 |  | 195908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 8/4/35 |  | 500000 |  | 508193 |
|  Campbell's Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 3/21/31 |  | 750000 |  | 746995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 3/21/34 |  | 750000 |  | 764122 |
|  Conagra Brands, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 11/1/28 |  | 885000 |  | 894723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 8/1/35 |  | 500000 |  | 510895 |
|  Flowers Foods, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 3/15/31 |  | 160000 |  | 141291 |
|  General Mills, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 4/17/28 |  | 375000 |  | 376054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 10/14/31 |  | 875000 |  | 776606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 3/29/33 (x) |  | 180000 |  | 182555 |
|  Hershey Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/4/28 |  | 350000 |  | 353405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 11/15/29 |  | 200000 |  | 188723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 6/1/30 |  | 390000 |  | 351406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/4/33 |  | 355000 |  | 356731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 2/24/35 |  | 200000 |  | 205920 |
|  Hormel Foods Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 6/3/28 |  | 535000 |  | 508484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 6/11/30 |  | 415000 |  | 374893 |
|  J M Smucker Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 12/15/27 |  | 850000 |  | 840968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 3/15/30 |  | 185000 |  | 171785 |
|  Kellanova |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 11/15/27 |  | 650000 |  | 644579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 5/15/28 |  | 500000 |  | 502666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/1/33 |  | 180000 |  | 186871 |
|  McCormick & Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 8/15/27 |  | 750000 |  | 743625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 2/15/31 |  | 165000 |  | 145632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 4/15/33 |  | 290000 |  | 294660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 10/15/34 |  | 165000 |  | 162783 |
|  Mondelez International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 3/17/27 |  | 400000 |  | 393677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/13/30 |  | 835000 |  | 786795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/17/32 |  | 400000 |  | 367001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 8/28/34 |  | 125000 |  | 124596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 5/6/35 |  | 500000 |  | 511521 |
|  Tyson Foods, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 6/2/27 |  | 975000 |  | 968131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 3/1/29 |  | 325000 |  | 325723 |
|  Unilever Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/22/28 |  | 1000000 |  | 993098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 9/8/28 |  | 200000 |  | 205245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 9/6/29 |  | 500000 |  | 469558 |

---

See Notes to Financial Statements.

573

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 9/14/30 | $| 210000 | $| 186690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 8/12/31 |  | 345000 |  | 303638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 8/12/34 |  | 220000 |  | 221609 |
|  |  |  |  | 18212537 |
|  ***Household Products (0.2%)*** |  |  |  |  |
|  Church & Dwight Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 12/15/31 |  | 210000 |  | 186633 |
|  Clorox Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 10/1/27 |  | 500000 |  | 493081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 5/15/28 |  | 500000 |  | 499814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 5/1/29 |  | 500000 |  | 505915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 5/15/30 |  | 140000 |  | 126148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 5/1/32 |  | 500000 |  | 505041 |
|  Colgate-Palmolive Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 8/15/27 |  | 250000 |  | 247521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 3/1/28 |  | 355000 |  | 360446 |
|  Kimberly-Clark Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.050%, 9/15/27 |  | 250000 |  | 239022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 11/1/28 |  | 375000 |  | 376009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 4/25/29 |  | 750000 |  | 731738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/2/31 |  | 750000 |  | 674521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/16/33 |  | 100000 |  | 101423 |
|  Procter & Gamble Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 2/1/27 |  | 600000 |  | 589060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 8/11/27 |  | 1000000 |  | 988590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 1/26/28 |  | 250000 |  | 251847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 10/29/30 (x) |  | 500000 |  | 440570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 4/23/31 |  | 1000000 |  | 902445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 2/1/32 |  | 600000 |  | 548191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 1/26/33 (x) |  | 250000 |  | 249935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 11/3/35 |  | 500000 |  | 494153 |
|  |  |  |  | 9512103 |
|  ***Personal Care Products (0.1%)*** |  |  |  |  |
|  Estee Lauder Cos., Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 3/15/27 |  | 500000 |  | 495530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/28 |  | 225000 |  | 227092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 3/15/31 (x) |  | 585000 |  | 521048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 5/15/33 |  | 250000 |  | 251520 |
|  Haleon US Capital LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/24/27 |  | 550000 |  | 545671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/24/29 |  | 500000 |  | 488414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/24/32 |  | 610000 |  | 580972 |
|  |  |  |  | 3110247 |
|  ***Tobacco (0.3%)*** |  |  |  |  |
|  Altria Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 5/6/30 |  | 2240000 |  | 2154089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/1/33 |  | 1000000 |  | 1129932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 8/6/35 |  | 250000 |  | 253150 |
|  BAT Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.259%, 3/25/28 |  | 350000 |  | 336817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.462%, 9/6/29 |  | 750000 |  | 730340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.906%, 4/2/30 |  | 1500000 |  | 1530412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.343%, 8/2/30 |  | 500000 |  | 540744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.742%, 3/16/32 |  | 500000 |  | 504719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 10/19/32 |  | 110000 |  | 128590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.421%, 8/2/33 |  | 500000 |  | 552246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/15/35 (x) |  | 1000000 |  | 1042571 |
|  BAT International Finance plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.448%, 3/16/28 |  | 500000 |  | 503742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.931%, 2/2/29 |  | 390000 |  | 408976 |
|  Philip Morris International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 8/17/27 |  | 1000000 |  | 988424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 2/15/28 |  | 1500000 |  | 1527901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 9/7/28 |  | 500000 |  | 515821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 2/15/30 |  | 1500000 |  | 1550717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 5/1/30 |  | 120000 |  | 109809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 11/1/30 |  | 300000 |  | 267211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 2/15/33 |  | 1500000 |  | 1569698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 9/7/33 |  | 500000 |  | 531003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 11/1/34 |  | 500000 |  | 504560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 4/30/35 |  | 375000 |  | 376796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 10/29/35 |  | 315000 |  | 308073 |
|  |  |  |  | 18066341 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  |  | 90208622 |
|  **Energy (1.8%)** |  |  |  |  |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** |
|  Baker Hughes Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.337%, 12/15/27 |  | 1250000 |  | 1236757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.138%, 11/7/29 (x) |  | 215000 |  | 207418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.486%, 5/1/30 |  | 145000 |  | 146118 |
|  Halliburton Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.920%, 3/1/30 |  | 2000000 |  | 1892949 |
|  Helmerich & Payne, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 9/29/31 |  | 105000 |  | 93680 |
|  |  |  |  | 3576922 |
|  ***Oil, Gas & Consumable Fuels (1.7%)*** | ***Oil, Gas & Consumable Fuels (1.7%)*** | ***Oil, Gas & Consumable Fuels (1.7%)*** | ***Oil, Gas & Consumable Fuels (1.7%)*** | ***Oil, Gas & Consumable Fuels (1.7%)*** |
|  Boardwalk Pipelines LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 5/3/29 |  | 415000 |  | 419646 |
|  BP Capital Markets America, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.234%, 11/6/28 |  | 1250000 |  | 1258216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.970%, 10/17/29 |  | 500000 |  | 515311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.749%, 8/10/30 |  | 3300000 |  | 2964691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.721%, 1/12/32 |  | 625000 |  | 568130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.812%, 2/13/33 |  | 215000 |  | 217729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.893%, 9/11/33 |  | 1000000 |  | 1016484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.227%, 11/17/34 |  | 1000000 |  | 1032299 |
|  BP Capital Markets plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.279%, 9/19/27 |  | 1250000 |  | 1239960 |
|  Canadian Natural Resources Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 6/1/27 (x) |  | 1300000 |  | 1296514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 7/15/30 (x) |  | 350000 |  | 329360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 12/15/34 |  | 250000 |  | 254915 |
|  Cenovus Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 3/20/31 |  | 225000 |  | 224097 |
|  Cheniere Corpus Christi Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/30/27 |  | 2500000 |  | 2524658 |
|  Cheniere Energy Partners LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 6/30/33 |  | 925000 |  | 981423 |
|  Chevron Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.995%, 5/11/27 |  | 250000 |  | 244415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.236%, 5/11/30 |  | 1325000 |  | 1229416 |
|  Chevron USA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.018%, 8/12/27 |  | 310000 |  | 297226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.819%, 4/15/32 |  | 500000 |  | 513851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/15/32 |  | 1000000 |  | 1010345 |
|  CNOOC Finance 2013 Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 9/30/29 |  | 600000 |  | 576312 |

---

See Notes to Financial Statements.

574

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  CNOOC Finance 2015 USA LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/2/28 | $200000 | $202378 |
|  Coterra Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/15/29 | 350000 | 350835 |
|  Devon Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 9/15/34 | 1000000 | 995151 |
|  Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 1/30/30 | 375000 | 385641 |
|  Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/29 | 750000 | 717630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 3/8/33 | 275000 | 289960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 6/20/35 | 335000 | 346012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 11/20/35 | 350000 | 352927 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.97%), 7.200%, 6/27/54 (k) | 2000000 | 2117500 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.43%), 8.500%, 1/15/84 (k) | 355000 | 406808 |
|  Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 5/15/28 | 300000 | 304794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 6/15/28 | 375000 | 380991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 4/15/29 | 1000000 | 1027395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 9/15/29 | 750000 | 745184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 12/1/30 | 460000 | 497034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550%, 12/1/33 | 1500000 | 1643641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 5/15/34 | 1000000 | 1027664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 9/1/34 | 1000000 | 1027714 |
|  Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 10/16/28 | 600000 | 603807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 7/31/29 | 750000 | 726816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 1/31/30 | 755000 | 717786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 1/31/33 | 500000 | 522327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 1/31/34 | 1000000 | 1008974 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 2.83%), 5.375%, 2/15/78 (k) | 500000 | 496875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 3.29%), 5.250%, 8/16/77 (k) | 750000 | 745313 |
|  EOG Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 1/15/31 | 290000 | 290676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/15/32 | 500000 | 513142 |
|  EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 4/1/28 | 375000 | 386702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 2/1/34 | 2000000 | 2089784 |
|  Equinor ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/10/28 | 600000 | 598455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/22/30 | 375000 | 348992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/3/35 | 500000 | 513849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/14/35 | 500000 | 497676 |
|  HF Sinclair Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 1/15/35 | 750000 | 783021 |
|  Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 3/1/28 | 1250000 | 1256962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 8/1/29 | 235000 | 241519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 2/1/34 | 2000000 | 2063232 |
|  Marathon Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 4/1/28 | 300000 | 298231 |
|  MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/1/27 | 2085000 | 2085749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 8/15/30 | 455000 | 420624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/15/33 | 750000 | 751798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 9/15/35 | 1000000 | 1006610 |
|  Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 8/1/29 | 320000 | 327818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 1/1/32 (x) | 2000000 | 2042803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 10/1/34 (x) | 1000000 | 1019980 |
|  ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/13/27 | 225000 | 224716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 11/1/28 | 190000 | 197448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 3/15/29 | 500000 | 501399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 9/1/29 | 500000 | 484414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 3/15/30 | 350000 | 333113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/1/30 | 250000 | 238043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 11/1/30 | 310000 | 326275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 10/15/32 | 250000 | 251550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 11/1/34 | 2000000 | 1981756 |
|  Ovintiv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 5/15/28 | 420000 | 432506 |
|  Phillips 66 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 3/15/28 | 500000 | 498046 |
|  Phillips 66 Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 12/1/27 | 500000 | 507906 |
|  Pioneer Natural Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 8/15/30 | 1000000 | 905570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 1/15/31 | 260000 | 235831 |
|  Plains All American Pipeline LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 12/15/29 | 2500000 | 2428219 |
|  Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/15/27 | 500000 | 503212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/15/30 | 1225000 | 1230642 |
|  Shell Finance US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/6/30 | 415000 | 393472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/6/30 | 175000 | 175135 |
|  South Bow USA Infrastructure Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.584%, 10/1/34 | 1000000 | 1009728 |
|  Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 7/1/27 | 1040000 | 1056096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 1/15/29 | 110000 | 110251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 3/30/34 | 2000000 | 2187210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 8/15/35 | 1000000 | 1022786 |
|  TC PipeLines LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 5/25/27 | 200000 | 199308 |
|  TotalEnergies Capital International SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.455%, 2/19/29 | 750000 | 738970 |
|  TotalEnergies Capital SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.883%, 10/11/28 | 250000 | 250302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.724%, 9/10/34 | 250000 | 251987 |
|  TransCanada PipeLines Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/28 | 1750000 | 1751947 |
|  Transcontinental Gas Pipe Line Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/28 | 500000 | 499402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/15/30 | 250000 | 239463 |
|  Valero Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 9/15/27 | 750000 | 726221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 6/1/28 | 240000 | 241161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/29 | 765000 | 759262 |
|  Valero Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/15/28 | 500000 | 503762 |

---

See Notes to Financial Statements.

575

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Viper Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 8/1/35 | $1000000 | $1018330 |
|  Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 1/15/29 | 415000 | 436508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 4/1/33 | 415000 | 438888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 11/15/34 | 1000000 | 1006204 |
|  Williams Cos., Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 6/15/27 | 500000 | 497862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 8/15/28 | 500000 | 514477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 3/15/31 | 1165000 | 1063905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 8/15/32 | 750000 | 751682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 3/15/33 | 500000 | 526100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/15/34 | 750000 | 762754 |
|  |  | 84307597 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 87884519 |
|  **Financials (12.8%)** |  |  |
|  ***Banks (7.3%)*** |  |  |
|  Australia & New Zealand Banking Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.919%, 12/8/28 | 625000 | 627325 |
|  Banco Bilbao Vizcaya Argentaria SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.70%), 6.138%, 9/14/28 (k) | 600000 | 620976 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.30%), 7.883%, 11/15/34 (k) | 500000 | 581172 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.95%), 6.033%, 3/13/35 (k) | 1000000 | 1064608 |
|  Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 4/11/27 | 1000000 | 1001607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.294%, 8/18/27 | 435000 | 442630 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.00%), 4.175%, 3/24/28 (k) | 200000 | 199989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.379%, 4/12/28 | 1200000 | 1206013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.588%, 8/8/28 | 500000 | 518213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.306%, 6/27/29 | 800000 | 776824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.490%, 5/28/30 | 200000 | 192405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.749%, 12/3/30 | 1745000 | 1583015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.958%, 3/25/31 | 480000 | 445018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.439%, 7/15/31 | 500000 | 526001 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 3.225%, 11/22/32 (k) | 600000 | 549936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.921%, 8/8/33 | 295000 | 326733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.938%, 11/7/33 | 1250000 | 1429169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 3/14/34 | 600000 | 645988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.033%, 1/17/35 | 325000 | 348221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.127%, 11/6/35 | 295000 | 295268 |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.84%), 3.824%, 1/20/28 (k) | 1000000 | 997543 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.05%),<br>2.551%, 2/4/28 (k) | 800000 | 786930 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.77%), 3.705%, 4/24/28 (k) | 1500000 | 1493405 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%),<br>4.376%, 4/27/28 (k) | 1250000 | 1254489 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.30%), 3.419%, 12/20/28 (k) | 4450000 | 4399181 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.33%), 3.970%, 3/5/29 (k) | 2000000 | 1995706 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.63%),<br>5.202%, 4/25/29 (k) | 1000000 | 1024703 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.06%),<br>2.087%, 6/14/29 (k) | 2150000 | 2050713 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.57%), 4.271%, 7/23/29 (k) | 2250000 | 2259476 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.57%),<br>5.819%, 9/15/29 (k) | 1000000 | 1043235 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.44%), 3.194%, 7/23/30 (k) | 1300000 | 1255022 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.25%), 2.496%, 2/13/31 (k) | 2500000 | 2329029 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.53%),<br>1.898%, 7/23/31 (k) | 1000000 | 898525 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.37%),<br>1.922%, 10/24/31 (k) | 1500000 | 1341089 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%),<br>2.687%, 4/22/32 (k) | 2000000 | 1835204 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%),<br>2.299%, 7/21/32 (k) | 1500000 | 1341630 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%),<br>2.572%, 10/20/32 (k) | 1350000 | 1217891 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.33%),<br>2.972%, 2/4/33 (k) | 490000 | 448305 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.83%),<br>4.571%, 4/27/33 (k) | 1000000 | 998449 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.16%),<br>5.015%, 7/22/33 (k) | 1000000 | 1020450 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%),<br>5.288%, 4/25/34 (k) | 1000000 | 1031686 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.84%),<br>5.872%, 9/15/34 (k) | 1750000 | 1868554 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.65%),<br>5.468%, 1/23/35 (k) | 2000000 | 2085706 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%),<br>5.425%, 8/15/35 (k) | 500000 | 510526 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%),<br>5.518%, 10/25/35 (k) | 500000 | 512544 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.31%),<br>5.511%, 1/24/36 (k) | 375000 | 391327 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.70%),<br>5.744%, 2/12/36 (k) | 675000 | 703378 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.64%),<br>5.464%, 5/9/36 (k) | 500000 | 520613 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.20%), 2.482%, 9/21/36 (k) | 1750000 | 1534768 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%), 3.846%, 3/8/37 (k) | 1400000 | 1319238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%),<br>2.651%, 3/11/32 (k) | 500000 | 459018 |
|  Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 3/8/27 | 265000 | 261183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.203%, 2/1/28 | 500000 | 512353 |

---

See Notes to Financial Statements.

576

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.717%, 9/25/28 | $500000 | $521026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.511%, 6/4/31 | 500000 | 526347 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.08%), 4.350%, 9/22/31 (k) | 600000 | 599247 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.40%), 3.088%, 1/10/37 (k) | 750000 | 673587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 9/14/27 (x) | 500000 | 506470 |
|  Bank of Nova Scotia (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 2/2/27 | 175000 | 171535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.951%, 3/11/27 (x) | 500000 | 494839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/12/28 | 200000 | 206082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 8/1/29 | 295000 | 308637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 2/1/30 | 125000 | 127971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 8/1/31 (x) | 500000 | 445133 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.09%),<br>4.338%, 9/15/31 (k) | 500000 | 498451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 2/2/32 | 250000 | 222997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.61%), 3.625%, 10/27/81 (k) | 2250000 | 2168201 |
|  BankUnited, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/11/30 | 750000 | 750937 |
|  Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.65%), 5.501%, 8/9/28 (k) | 690000 | 704663 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%),<br>4.837%, 9/10/28 (k) | 305000 | 308491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.972%, 5/16/29 | 1000000 | 1016256 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.08%),<br>4.476%, 11/11/29 (k) | 1000000 | 1003792 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%),<br>5.690%, 3/12/30 (k) | 2000000 | 2078125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.088%, 6/20/30 | 2000000 | 2031699 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%),<br>4.942%, 9/10/30 (k) | 285000 | 289917 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.23%),<br>5.367%, 2/25/31 (k) | 1000000 | 1033247 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 2.667%, 3/10/32 (k) | 1000000 | 910449 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.894%, 11/24/32 (k) | 675000 | 613242 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.98%),<br>6.224%, 5/9/34 (k) | 450000 | 484109 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.57%),<br>7.119%, 6/27/34 (k) | 935000 | 1046376 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.62%),<br>6.692%, 9/13/34 (k) | 1350000 | 1494423 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%),<br>5.335%, 9/10/35 (k) | 460000 | 467575 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.59%),<br>5.785%, 2/25/36 (k) | 1250000 | 1310111 |
|  Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 4/7/27 (x) | 225000 | 224076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.001%, 4/28/28 | 500000 | 512028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.986%, 10/3/28 | 500000 | 526130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.260%, 4/8/29 (x) | 500000 | 517309 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%),<br>4.631%, 9/11/30 (k) | 160000 | 162187 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.17%), 4.580%, 9/8/31 (k) | 1000000 | 1005767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 4/7/32 (x) | 225000 | 214053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.092%, 10/3/33 | 250000 | 273778 |
|  Capital One NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 9/13/28 | 625000 | 633725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 2/6/30 | 250000 | 235410 |
|  Citibank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.803%, 9/29/28 | 1000000 | 1048873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.914%, 5/29/30 | 715000 | 735620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.570%, 4/30/34 | 1500000 | 1586289 |
|  Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 9/29/27 | 1250000 | 1258271 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%),<br>3.070%, 2/24/28 (k) | 1000000 | 988636 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.89%),<br>4.658%, 5/24/28 (k) | 715000 | 721353 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.41%), 3.520%, 10/27/28 (k) | 2500000 | 2475852 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.45%), 4.075%, 4/23/29 (k) | 2000000 | 1997780 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.60%), 3.980%, 3/20/30 (k) | 1750000 | 1734472 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%),<br>2.976%, 11/5/30 (k) | 1250000 | 1190280 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.15%),<br>2.666%, 1/29/31 (k) | 1500000 | 1404509 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.11%),<br>2.572%, 6/3/31 (k) | 2000000 | 1852395 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.17%),<br>4.503%, 9/11/31 (k) | 1000000 | 1001656 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.17%),<br>2.561%, 5/1/32 (k) | 835000 | 757655 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%),<br>2.520%, 11/3/32 (k) | 895000 | 801177 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.35%),<br>3.057%, 1/25/33 (k) | 800000 | 732567 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.94%),<br>3.785%, 3/17/33 (k) | 1500000 | 1430105 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.09%),<br>4.910%, 5/24/33 (k) | 500000 | 506037 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.66%),<br>6.174%, 5/25/34 (k) | 715000 | 760927 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.28%), 5.592%, 11/19/34 (k) | 3000000 | 3075924 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.06%),<br>5.827%, 2/13/35 (k) | 3000000 | 3119372 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.45%),<br>5.449%, 6/11/35 (k) | 1000000 | 1035533 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.83%),<br>6.020%, 1/24/36(k) | 320000 | 335485 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.47%),<br>5.333%, 3/27/36 (k) | 750000 | 767811 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.49%),<br>5.174%, 9/11/36 (k) | 415000 | 419321 |

---

See Notes to Financial Statements.

577

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.73%), 5.411%, 9/19/39 (k) | $500000 | $503491 |
|  Citizens Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.00%),<br>4.575%, 8/9/28 (k) | 500000 | 503442 |
|  Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/6/30 | 150000 | 139435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/30/30 | 470000 | 449464 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%), 5.718%, 7/23/32 (k) | 300000 | 314501 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.75%), 5.641%, 5/21/37 (k)(x) | 500000 | 507237 |
|  Comerica Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.61%), 5.332%, 8/25/33 (k) | 250000 | 251552 |
|  Comerica, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/1/29 | 450000 | 445833 |
|  Commonwealth Bank of Australia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 10/1/30 | 250000 | 250435 |
|  Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.957%, 10/17/28 | 250000 | 250789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.494%, 10/17/29 | 1200000 | 1221530 |
|  Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/14/28 | 750000 | 748323 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.36%), 4.055%, 4/25/28 (k) | 290000 | 289675 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.34%), 6.339%, 7/27/29 (k) | 105000 | 110532 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 2.13%), 4.772%, 7/28/30 (k) | 500000 | 505942 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.66%), 4.337%, 4/25/33 (k) | 250000 | 244566 |
|  Fifth Third Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/1/27 | 300000 | 294513 |
|  First Citizens BancShares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.97%), 6.254%, 3/12/40 (k) | 500000 | 507812 |
|  HSBC Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.81%), 4.041%, 3/13/28 (k) | 1250000 | 1248534 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.11%),<br>4.755%, 6/9/28 (k) | 1000000 | 1008393 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.61%), 5.210%, 8/11/28 (k) | 495000 | 503330 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.97%),<br>6.161%, 3/9/29 (k) | 380000 | 395424 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.80%), 4.583%, 6/19/29 (k) | 1120000 | 1130067 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 2.206%, 8/17/29 (k) | 450000 | 427853 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.87%), 3.973%, 5/22/30 (k) | 1165000 | 1151370 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 5.286%, 11/19/30 (k) | 2000000 | 2060588 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.39%),<br>2.848%, 6/4/31 (k) | 5715000 | 5342740 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.52%), 5.733%, 5/17/32 (k) | 370000 | 390153 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.19%), 2.804%, 5/24/32 (k) | 595000 | 544497 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.41%), 2.871%, 11/22/32 (k) | 790000 | 717235 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.53%), 4.762%, 3/29/33 (k) | 420000 | 418022 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.87%), 5.402%, 8/11/33 (k) | 490000 | 508222 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.39%),<br>6.254%, 3/9/34 (k) | 750000 | 816554 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.98%), 6.547%, 6/20/34 (k) | 1000000 | 1083801 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.02%), 7.399%, 11/13/34 (k) | 1000000 | 1141229 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.78%),<br>5.719%, 3/4/35 (k) | 750000 | 790951 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.90%), 5.874%, 11/18/35 (k) | 2000000 | 2086337 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%),<br>5.450%, 3/3/36 (k) | 460000 | 475795 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.88%), 5.790%, 5/13/36 (k) | 500000 | 528870 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.96%), 5.741%, 9/10/36 (k) | 305000 | 313158 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.43%), 5.133%, 11/6/36 (k) | 375000 | 375952 |
|  Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.97%),<br>4.443%, 8/4/28 (k) | 250000 | 251362 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.02%), 6.208%, 8/21/29 (k) | 500000 | 524513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 2/4/30 | 500000 | 466507 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%), 5.272%, 1/15/31 (k) | 1000000 | 1029018 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.05%), 5.023%, 5/17/33 (k) | 420000 | 425087 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.17%), 2.487%, 8/15/36 (k) | 500000 | 432883 |
|  Huntington National Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.65%), 4.552%, 5/17/28 (k) | 250000 | 251411 |
|  Industrial & Commercial Bank of China Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.538%, 11/8/27 | 500000 | 497175 |
|  ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/29/27 | 1250000 | 1249449 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.83%), 4.017%, 3/28/28 (k) | 500000 | 499927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 4/9/29 | 560000 | 558788 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.44%), 5.335%, 3/19/30 (k) | 1000000 | 1031498 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%),<br>2.727%, 4/1/32 (k) | 265000 | 243738 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.09%), 6.114%, 9/11/34 (k)(x) | 315000 | 340723 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.77%), 5.550%, 3/19/35 (k) | 750000 | 781601 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%), 5.525%, 3/25/36 (k) | 425000 | 441971 |

---

See Notes to Financial Statements.

578

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.17%), 2.947%, 2/24/28 (k) | $300000 | $296343 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%), 4.323%, 4/26/28 (k) | 1000000 | 1004090 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.64%), 3.540%, 5/1/28 (k) | 2750000 | 2735240 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.89%),<br>2.182%, 6/1/28 (k) | 1750000 | 1706832 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.21%), 3.509%, 1/23/29 (k) | 4750000 | 4704622 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.38%), 4.005%, 4/23/29 (k) | 1500000 | 1497309 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.02%),<br>2.069%, 6/1/29 (k) | 1110000 | 1059714 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.52%), 4.203%, 7/23/29 (k) | 1500000 | 1504183 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.45%), 5.299%, 7/24/29 (k) | 1250000 | 1287447 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.57%), 6.087%, 10/23/29 (k) | 865000 | 910997 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.59%), 4.452%, 12/5/29 (k) | 1000000 | 1010246 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.16%), 5.581%, 4/22/30 (k) | 2435000 | 2541875 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.42%), 3.702%, 5/6/30 (k) | 625000 | 616000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.75%), 4.565%, 6/14/30 (k) | 555000 | 561287 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.13%), 4.995%, 7/22/30 (k) | 500000 | 513140 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.51%), 2.739%, 10/15/30 (k) | 1735000 | 1646086 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 2.52%), 2.956%, 5/13/31 (k) | 815000 | 768515 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.11%), 1.764%, 11/19/31 (k) | 1250000 | 1110257 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.07%),<br>1.953%, 2/4/32 (k) | 750000 | 670060 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.25%), 2.580%, 4/22/32 (k) | 1155000 | 1056111 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%), 2.545%, 11/8/32 (k) | 2750000 | 2480331 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%), 2.963%, 1/25/33 (k) | 700000 | 642070 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.80%), 4.586%, 4/26/33 (k) | 835000 | 838474 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.58%), 5.717%, 9/14/33 (k) | 960000 | 1016174 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.85%),<br>5.350%, 6/1/34 (k) | 965000 | 1002667 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.81%), 6.254%, 10/23/34 (k) | 800000 | 878875 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.62%), 5.336%, 1/23/35 (k) | 4000000 | 4147076 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.49%), 5.766%, 4/22/35 (k) | 2000000 | 2131098 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.46%), 5.294%, 7/22/35 (k) | 2000000 | 2064792 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%), 4.946%, 10/22/35 (k) | 375000 | 378911 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 5.502%, 1/24/36 (k) | 665000 | 696991 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.64%),<br> 5.576%, 7/23/36 (k) | 1215000 | 1258444 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.19%),<br>4.810%, 10/22/36 (k) | 505000 | 502307 |
|  KeyBank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390%, 12/14/27 | 100000 | 100452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 8/8/32 | 500000 | 498611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/26/33 | 500000 | 504926 |
|  KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 4/6/27 | 750000 | 733048 |
|  Korea Development Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 4/25/27 | 500000 | 484560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/15/28 | 525000 | 531337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 9/16/30 | 358000 | 354631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 1/19/31 | 500000 | 446630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/25/31 | 500000 | 448085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/8/32 | 500000 | 501965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 10/23/33 | 400000 | 433400 |
|  Kreditanstalt fuer Wiederaufbau |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/1/27 | 5000000 | 5043286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/20/27 | 1575000 | 1563265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/28/27 | 1000000 | 1006539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 2/15/28 | 1420000 | 1425274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 4/3/28 | 1750000 | 1724563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/15/28 | 1000000 | 1007178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/15/28 | 735000 | 740124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 8/9/28 (x) | 715000 | 714022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/29 | 5000000 | 5041985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 9/14/29 | 525000 | 491486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/18/30 | 1000000 | 1034608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 9/30/30 | 400000 | 348437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 7/15/33 | 1200000 | 1207407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/28/34 (x) | 1500000 | 1529426 |
|  Landwirtschaftliche Rentenbank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/17/29 | 450000 | 463921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 9/3/30 | 750000 | 657585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/24/33 | 750000 | 795250 |
|  Lloyds Banking Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 1/11/27 | 1385000 | 1382312 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.80%), 3.750%, 3/18/28 (k) | 400000 | 398537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/22/28 | 1350000 | 1357836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 8/16/28 | 850000 | 860332 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.70%), 5.871%, 3/6/29 (k) | 500000 | 518289 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 5.679%, 1/5/35 (k) | 1000000 | 1053866 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 6.068%, 6/13/36 (k) | 1210000 | 1271989 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.97%), 4.943%, 11/4/36 (k) | 750000 | 743046 |
|  M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.78%), 4.553%, 8/16/28 (k) | 335000 | 336498 |

---

See Notes to Financial Statements.

579

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.26%), 6.082%, 3/13/32 (k) | $1000000 | $1063126 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.43%), 5.400%, 7/30/35 (k) | 115000 | 116030 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%), 5.385%, 1/16/36 (k) | 125000 | 127174 |
|  Manufacturers & Traders Trust Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 8/17/27 | 330000 | 326011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 1/27/28 | 500000 | 506954 |
|  Mitsubishi UFJ Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.677%, 2/22/27 | 1000000 | 997559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.287%, 7/25/27 | 1000000 | 991162 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.83%), 2.341%, 1/19/28 (k) | 600000 | 589425 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.95%), 5.017%, 7/20/28 (k) | 400000 | 405829 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.90%), 5.354%, 9/13/28 (k)(x) | 400000 | 408669 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.38%), 5.422%, 2/22/29 (k) | 205000 | 210713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.741%, 3/7/29 | 750000 | 743967 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.70%), 5.242%, 4/19/29 (k) | 215000 | 220675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.195%, 7/18/29 | 1000000 | 965105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.559%, 2/25/30 | 1000000 | 934915 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.82%), 5.258%, 4/17/30 (k) | 500000 | 515018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.048%, 7/17/30 | 460000 | 418809 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.852%, 1/19/33 (k) | 500000 | 453604 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.13%), 5.133%, 7/20/33 (k) | 400000 | 410815 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.13%), 5.472%, 9/13/33 (k) | 600000 | 628098 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.63%), 5.441%, 2/22/34 (k) | 200000 | 209148 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.97%), 5.406%, 4/19/34 (k)(x) | 290000 | 303069 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 5.426%, 4/17/35 (k) | 1000000 | 1038935 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.93%), 5.188%, 9/12/36 (k) | 200000 | 203322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 8NC7 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.53%), 5.475%, 2/22/31 (k) | 205000 | 213576 |
|  Mizuho Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.667%, 5/27/29 (k) | 500000 | 517680 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.53%), 4.254%, 9/11/29 (k) | 1000000 | 1002522 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 3.261%, 5/22/30 (k) | 500000 | 483638 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 5.382%, 7/10/30 (k) | 300000 | 310226 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.39%), 3.153%, 7/16/30 (k) | 750000 | 720646 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 5.739%, 5/27/31 (k) | 500000 | 525941 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.77%), 2.201%, 7/10/31 (k) | 500000 | 454423 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.53%), 1.979%, 9/8/31 (k) | 300000 | 269110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.564%, 9/13/31 | 310000 | 277256 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 2.260%, 7/9/32 (k) | 750000 | 666749 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 5.594%, 7/10/35 (k) | 1000000 | 1043690 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.07%), 5.323%, 7/8/36 (k) | 500000 | 514049 |
|  Morgan Stanley Private Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.08%), 4.734%, 7/18/31 (k) | 2500000 | 2535575 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.02%), 4.465%, 11/19/31 (k) | 810000 | 812463 |
|  National Australia Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.905%, 6/9/27 (x) | 500000 | 501180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.944%, 1/12/28 | 300000 | 306711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 6/13/28 | 500000 | 512115 |
|  NatWest Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.55%), 3.073%, 5/22/28 (k) | 295000 | 291241 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.27%), 5.516%, 9/30/28 (k) | 200000 | 204962 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.95%), 5.808%, 9/13/29 (k) | 730000 | 760060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.445%, 5/8/30 | 750000 | 752022 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 6.016%, 3/2/34 (k) | 200000 | 214473 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.778%, 3/1/35 (k) | 1000000 | 1058492 |
|  Oesterreichische Kontrollbank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/9/27 | 409000 | 409123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 3/1/28 | 545000 | 552118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/18/29 | 1000000 | 1013324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 9/10/30 | 1500000 | 1496872 |

---

See Notes to Financial Statements.

580

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  PNC Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 10/25/27 | $500000 | $493775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 10/22/29 | 395000 | 373176 |
|  PNC Financial Services Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 5/19/27 | 750000 | 742837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 4/23/29 | 750000 | 737579 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.84%), 5.582%, 6/12/29 (k) | 440000 | 456014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 1/22/30 (x) | 750000 | 707980 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.20%), 5.492%, 5/14/30 (k) | 250000 | 260217 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.98%), 2.307%, 4/23/32 (k) | 1000000 | 902394 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.85%), 4.626%, 6/6/33 (k) | 500000 | 495776 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.93%), 5.068%, 1/24/34 (k) | 210000 | 215105 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.95%), 5.939%, 8/18/34 (k) | 750000 | 805568 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.28%), 6.875%, 10/20/34 (k) | 400000 | 453224 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.90%), 5.676%, 1/22/35 (k) | 1000000 | 1055228 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.60%), 5.401%, 7/23/35 (k) | 2000000 | 2072178 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.39%), 5.575%, 1/29/36 (k) | 125000 | 130265 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%), 5.373%, 7/21/36 (k) | 275000 | 282878 |
|  Regions Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 8/12/28 | 500000 | 472830 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.49%),<br>5.722%, 6/6/30 (k) | 180000 | 187451 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.06%),<br>5.502%, 9/6/35 (k)(x) | 165000 | 169960 |
|  Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 1/21/27 | 500000 | 491088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/4/27 | 500000 | 498830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.240%, 8/3/27 | 500000 | 503313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 1/12/28 | 500000 | 509603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 8/1/28 | 500000 | 515360 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.86%), 4.522%, 10/18/28 (k) | 320000 | 322765 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.10%),<br> 4.969%, 8/2/30 (k) | 280000 | 286833 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.08%), 4.650%, 10/18/30 (k) | 400000 | 405137 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.06%),<br>4.696%, 8/6/31 (k) | 415000 | 420078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 11/3/31 | 500000 | 449384 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.98%), 4.305%, 11/3/31 (k) | 500000 | 497673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/2/33 | 500000 | 513305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 2/1/34 (x) | 3000000 | 3124784 |
|  Santander Holdings USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 7/13/27 | 485000 | 486430 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%),<br>2.490%, 1/6/28 (k)(x) | 260000 | 255418 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.36%),<br>6.499%, 3/9/29 (k) | 125000 | 130283 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.70%), 6.565%, 6/12/29 (k) | 500000 | 522660 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.94%),<br>5.353%, 9/6/30 (k) | 1000000 | 1022596 |
|  Santander UK Group Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%),<br>2.469%, 1/11/28 (k) | 500000 | 491176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.823%, 11/3/28 | 750000 | 745135 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.60%),<br>6.534%, 1/10/29 (k) | 235000 | 245362 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.48%),<br>2.896%, 3/15/32 (k) | 500000 | 458600 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR<br>Compounded Index + 1.58%),<br>5.136%, 9/22/36 (k) | 440000 | 437538 |
|  Sumitomo Mitsui Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.174%, 1/14/27 | 220000 | 216000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.364%, 7/12/27 | 750000 | 744033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.352%, 10/18/27 | 750000 | 742722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 7/13/28 | 500000 | 521143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.306%, 10/16/28 | 750000 | 756454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.472%, 1/14/29 | 500000 | 476341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.040%, 7/16/29 | 1000000 | 959729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.724%, 9/27/29 | 350000 | 331855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.710%, 1/13/30 | 320000 | 336662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 1/15/30 | 400000 | 376566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.130%, 7/8/30 | 750000 | 682442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.852%, 7/13/30 | 500000 | 530826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.710%, 1/12/31 | 500000 | 439339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.222%, 9/17/31 | 1000000 | 887434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.766%, 1/13/33 | 1500000 | 1598554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.776%, 7/13/33 | 500000 | 532510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.808%, 9/14/33 | 200000 | 213776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.632%, 1/15/35 (x) | 1000000 | 1058971 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.50%),<br>5.246%, 7/8/36 (k) | 750000 | 769026 |
|  Synovus Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 2/15/28 | 250000 | 255000 |
|  Toronto-Dominion Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 1/12/27 | 500000 | 490095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 3/10/27 | 500000 | 494096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.108%, 6/8/27 | 500000 | 501748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.693%, 9/15/27 | 400000 | 404991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.523%, 7/17/28 | 400000 | 414988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/10/31 | 500000 | 446292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 1/12/32 | 500000 | 445695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 3/10/32 | 500000 | 466002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.456%, 6/8/32 | 265000 | 264362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.928%, 10/15/35 | 1000000 | 1002159 |
|  Truist Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 3/11/30 | 535000 | 489887 |
|  Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.37%),<br>4.123%, 6/6/28 (k) | 315000 | 315769 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.44%),<br>4.873%, 1/26/29 (k) | 205000 | 208209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/19/29 | 750000 | 740533 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.86%),<br>1.887%, 6/7/29 (k) | 375000 | 355774 |

---

See Notes to Financial Statements.

581

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 6/5/30 | $335000 | $302874 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.24%),<br>4.916%, 7/28/33 (k) | 500000 | 503231 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.85%),<br>5.122%, 1/26/34 (k) | 205000 | 209039 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.36%),<br>5.867%, 6/8/34 (k) | 500000 | 532383 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.92%),<br>5.711%, 1/24/35 (k) | 2000000 | 2106956 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.40%),<br>4.964%, 10/23/36 (k) | 500000 | 494521 |
|  US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.73%),<br>2.215%, 1/27/28 (k) | 400000 | 392884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 4/26/28 | 650000 | 651627 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.66%),<br>4.548%, 7/22/28 (k) | 500000 | 504043 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.23%),<br>4.653%, 2/1/29 (k) | 500000 | 506004 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.02%),<br>5.775%, 6/12/29 (k) | 500000 | 519951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 7/22/30 | 600000 | 530194 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%),<br>5.100%, 7/23/30 (k) | 415000 | 427109 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.02%),<br>2.677%, 1/27/33 (k) | 400000 | 360858 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.11%),<br>4.967%, 7/22/33 (k) | 350000 | 352076 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.60%),<br>4.839%, 2/1/34 (k) | 500000 | 503845 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.26%),<br>5.836%, 6/12/34 (k) | 750000 | 800094 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.86%),<br>5.678%, 1/23/35 (k) | 2000000 | 2113483 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.41%),<br>5.424%, 2/12/36 (k)(x) | 190000 | 197836 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 0.95%), 2.491%, 11/3/36 (k) | 1000000 | 872052 |
|  Webster Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 3/25/29 | 500000 | 493462 |
|  Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.51%), 3.526%, 3/24/28 (k) | 710000 | 705420 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month +<br>1.57%), 3.584%, 5/22/28 (k) | 8035000 | 7981290 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.10%),<br>2.393%, 6/2/28 (k) | 1010000 | 986722 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.98%),<br>4.808%, 7/25/28 (k) | 665000 | 672194 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%),<br>5.574%, 7/25/29 (k) | 435000 | 450286 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.88%),<br>4.078%, 9/15/29 (k) | 980000 | 978873 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month +<br>1.43%), 2.879%, 10/30/30 (k) | 1250000 | 1189216 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month +<br>1.26%), 2.572%, 2/11/31 (k) | 2625000 | 2453020 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.50%),<br>5.150%, 4/23/31 (k) | 835000 | 861722 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.50%),<br>3.350%, 3/2/33 (k) | 2135000 | 1993223 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.10%),<br>4.897%, 7/25/33 (k) | 625000 | 635077 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.02%),<br>5.389%, 4/24/34 (k) | 325000 | 338114 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.99%),<br>5.557%, 7/25/34 (k) | 600000 | 629295 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.06%),<br>6.491%, 10/23/34(k) | 1430000 | 1583076 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.78%),<br>5.499%, 1/23/35 (k) | 2000000 | 2088429 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.38%),<br>5.211%, 12/3/35(k) | 285000 | 291550 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%),<br>5.605%, 4/23/36 (k) | 665000 | 698239 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%),<br>4.892%, 9/15/36 (k) | 1500000 | 1496217 |
|  Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 3/8/27 | 1250000 | 1244435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.043%, 8/26/27 | 1500000 | 1506909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.953%, 11/20/28 | 500000 | 474366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 4/16/29 | 500000 | 516497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 1/16/30 (x) | 350000 | 331557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 6/3/31 | 500000 | 451722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.820%, 11/17/33 | 1250000 | 1397452 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.75%), 2.668%, 11/15/35 (k) | 2000000 | 1808734 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 5.618%, 11/20/35 (k) | 1400000 | 1446255 |
|  Wintrust Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 6/6/29 | 250000 | 248895 |
|  Zions Bancorp NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 10/29/29 | 500000 | 468893 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.83%),<br>6.816%, 11/19/35(k) | 250000 | 265308 |
|  |  | 361749992 |
|  ***Capital Markets (2.6%)*** |  |  |
|  Affiliated Managers Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 6/15/30 (x) | 210000 | 200273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 8/20/34 | 250000 | 256425 |
|  Ameriprise Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/13/32 | 90000 | 90577 |
|  Apollo Debt Solutions BDC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 12/8/28§ | 65000 | 64954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700%, 7/29/31 | 400000 | 421095 |
|  Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 1/15/27 | 110000 | 112734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 6/15/27 | 500000 | 489272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 6/15/28 | 500000 | 477691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 7/15/29 | 315000 | 323305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 9/1/30 | 250000 | 251415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 1/15/31 | 300000 | 296361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 11/15/31 | 500000 | 443462 |
|  Ares Strategic Income Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 8/15/29 | 500000 | 513992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 1/15/31§ | 750000 | 736069 |
|  Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 1/26/27 | 400000 | 392826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/16/27 | 700000 | 695407 |

---

See Notes to Financial Statements.

582

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 4/28/28 | $850000 | $851186 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.15%),<br>3.992%, 6/13/28 (k) | 500000 | 500393 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.17%),<br>4.543%, 2/1/29 (k) | 250000 | 252857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 4/26/29 | 500000 | 498680 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.76%),<br>4.596%, 7/26/30 (k) | 145000 | 147563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 1/28/31 | 500000 | 442787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 7/28/31 | 750000 | 660420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/26/32 | 200000 | 181243 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.23%),<br>5.060%, 7/22/32 (k) | 300000 | 310279 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%),<br>4.289%, 6/13/33 (k) | 500000 | 492775 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.85%),<br>6.474%, 10/25/34 (k) | 1000000 | 1116345 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%),<br>5.188%, 3/14/35 (k) | 1000000 | 1032924 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.35%),<br>5.316%, 6/6/36 (k) | 140000 | 145244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 1/25/29 | 500000 | 471496 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%),<br>4.967%, 4/26/34 (k) | 350000 | 356361 |
|  Barings BDC, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 9/15/28 | 235000 | 234017 |
|  BGC Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 5/25/28 | 500000 | 533681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600%, 6/10/29 | 185000 | 192836 |
|  BlackRock Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/14/34 | 1000000 | 1033539 |
|  BlackRock, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 3/15/27 | 347000 | 345035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/30/29 | 445000 | 435560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/25/33 | 900000 | 919753 |
|  Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 3/15/27 | 500000 | 491680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/15/29 (x) | 250000 | 243048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 7/16/29 | 500000 | 510338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 9/10/30 | 290000 | 285492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/22/34 | 500000 | 503613 |
|  Blackstone Reg Finance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 11/3/30 | 250000 | 250009 |
|  Blackstone Secured Lending Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/15/27 (x) | 500000 | 486292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 9/30/28 | 500000 | 472420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 1/31/31 | 250000 | 246566 |
|  Blue Owl Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 6/11/28 | 750000 | 707360 |
|  Blue Owl Credit Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 2/8/27 | 300000 | 298671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.950%, 6/13/28 | 500000 | 528575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600%, 9/15/29 | 185000 | 190013 |
|  Brookfield Asset Management Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.653%, 11/15/30(x) | 500000 | 503940 |
|  Brookfield Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 1/25/28 | 500000 | 498722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 4/15/30 | 2000000 | 2006005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.724%, 4/15/31 | 230000 | 210272 |
|  Carlyle Secured Lending, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 2/15/31 | 210000 | 206733 |
|  Cboe Global Markets, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 1/12/27 | 650000 | 648716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/16/32 (x) | 500000 | 461837 |
|  Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 3/2/27 | 500000 | 496519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 3/3/27 | 210000 | 206862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 4/1/27 | 455000 | 452146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/20/28 | 1200000 | 1153850 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.21%),<br>5.643%, 5/19/29 (k) | 500000 | 518217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/22/29 | 500000 | 487364 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.88%),<br>6.196%, 11/17/29 (k) | 280000 | 296205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 5/13/31 | 750000 | 678570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 3/3/32 | 280000 | 256102 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.50%),<br>5.853%, 5/19/34 (k) | 250000 | 267470 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.01%),<br>6.136%, 8/24/34 (k) | 500000 | 545011 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.23%),<br>4.914%, 11/14/36 (k) | 500000 | 496779 |
|  CI Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 12/17/30 | 565000 | 510676 |
|  CME Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 6/15/28 | 350000 | 350192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 3/15/32 | 355000 | 324320 |
|  Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.371%, 9/9/27 | 500000 | 511573 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%),<br>2.552%, 1/7/28 (k) | 1000000 | 982675 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.18%),<br>6.720%, 1/18/29 (k) | 150000 | 156921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.414%, 5/10/29 | 280000 | 290449 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.30%),<br>4.950%, 8/4/31 (k) | 2000000 | 2021175 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.04%),<br>3.547%, 9/18/31 (k) | 2355000 | 2242628 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.10%),<br>4.469%, 12/10/31 (k) | 150000 | 149477 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.65%),<br>7.079%, 2/10/34 (k) | 225000 | 247210 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.05%),<br>5.403%, 9/11/35 (k) | 220000 | 224344 |
|  Eaton Vance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/6/27 | 250000 | 248573 |
|  Franklin Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%, 10/30/30 (x) | 600000 | 532263 |
|  FS KKR Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 1/15/27 | 500000 | 486656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 7/15/27 (x) | 500000 | 482961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 10/12/28 | 300000 | 276663 |
|  Goldman Sachs BDC, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 9/9/30 | 160000 | 160454 |
|  Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%),<br>2.640%, 2/24/28 (k) | 455000 | 447976 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.85%),<br>3.615%, 3/15/28 (k) | 1000000 | 994700 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.77%), 3.691%, 6/5/28 (k) | 1000000 | 994854 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.56%), 4.223%, 5/1/29 (k) | 2000000 | 2004209 |

---

See Notes to Financial Statements.

583

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 2/7/30 | $6515000 | $6117323 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.27%), 5.727%, 4/25/30 (k) | 300000 | 313503 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%),<br>5.049%, 7/23/30 (k) | 345000 | 353688 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.09%),<br>1.992%, 1/27/32 (k) | 570000 | 505165 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%),<br>2.615%, 4/22/32 (k) | 1070000 | 975799 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%),<br>2.383%, 7/21/32 (k) | 2140000 | 1916875 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%),<br>2.650%, 10/21/32 (k) | 720000 | 649605 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.41%),<br>3.102%, 2/24/33 (k) | 1000000 | 921128 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.95%),<br>6.561%, 10/24/34 (k) | 3000000 | 3345080 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.55%),<br>5.851%, 4/25/35 (k) | 1000000 | 1063385 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.55%),<br>5.330%, 7/23/35 (k) | 1500000 | 1540484 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%),<br>5.016%, 10/23/35 (k) | 1790000 | 1798424 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.38%),<br>5.536%, 1/28/36 (k) | 525000 | 546185 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.33%),<br>4.939%, 10/21/36 (k) | 625000 | 621048 |
|  Goldman Sachs Private Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 1/31/29§ | 125000 | 125519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 1/31/31§ | 125000 | 125057 |
|  Golub Capital BDC, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 2/15/27 | 500000 | 484991 |
|  Hercules Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 1/20/27 | 335000 | 330347 |
|  HPS Corporate Lending Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 9/30/29 | 500000 | 517736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 11/15/30§ | 500000 | 496960 |
|  Intercontinental Exchange, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/15/27 (x) | 600000 | 601340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 9/21/28 | 535000 | 532584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 6/15/29 | 250000 | 252231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 3/15/31 | 500000 | 500020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/15/31 | 275000 | 287931 |
|  Jefferies Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 1/15/27 | 665000 | 669226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 7/21/28 | 270000 | 280667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 10/15/31 | 1500000 | 1328554 |
|  Lazard Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/19/28 | 350000 | 352228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/11/29 | 500000 | 501623 |
|  LPL Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 3/15/35 | 500000 | 512367 |
|  Main Street Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 6/4/27 | 65000 | 66336 |
|  Moody's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/19/31 | 1250000 | 1109403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/8/32 | 250000 | 246891 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 1/20/27 | 4000000 | 3989386 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.00%),<br>2.475%, 1/21/28 (k) | 1035000 | 1018068 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%),<br>4.210%, 4/20/28 (k) | 870000 | 871706 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.24%), 6.296%, 10/18/28 (k) | 1000000 | 1037859 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.40%), 3.772%, 1/24/29 (k) | 1800000 | 1788274 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%),<br>5.123%, 2/1/29 (k) | 500000 | 510367 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.59%),<br>5.164%, 4/20/29 (k) | 765000 | 782477 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.63%),<br>5.449%, 7/20/29 (k) | 430000 | 443745 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.89%), 4.431%, 1/23/30 (k) | 950000 | 955134 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%),<br>5.656%, 4/18/30 (k) | 665000 | 693335 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%),<br>5.042%, 7/19/30 (k) | 225000 | 230744 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%),<br>2.699%, 1/22/31 (k) | 4140000 | 3883960 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.12%),<br>3.622%, 4/1/31 (k) | 2000000 | 1943515 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%),<br>2.239%, 7/21/32 (k) | 2000000 | 1774757 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.20%),<br>2.511%, 10/20/32 (k) | 925000 | 830311 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%),<br>2.943%, 1/21/33 (k) | 820000 | 748116 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.08%),<br>4.889%, 7/20/33 (k) | 750000 | 760860 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.56%),<br>6.342%, 10/18/33 (k) | 925000 | 1014220 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.87%),<br>5.250%, 4/21/34 (k) | 910000 | 937257 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.88%),<br>5.424%, 7/21/34 (k) | 560000 | 582993 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%),<br>5.466%, 1/18/35 (k) | 2000000 | 2079905 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%),<br>5.831%, 4/19/35 (k) | 1500000 | 1594310 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%),<br>5.587%, 1/18/36 (k) | 625000 | 653420 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.76%),<br>5.664%, 4/17/36 (k) | 400000 | 420186 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.36%),<br>2.484%, 9/16/36 (k) | 1250000 | 1097849 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.62%),<br>5.297%, 4/20/37 (k) | 785000 | 797448 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity<br>5 Year + 2.43%), 5.948%, 1/19/38 (k) | 500000 | 527011 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity<br>5 Year + 1.80%), 5.942%, 2/7/39 (k) | 3000000 | 3143894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.31%),<br>4.892%, 10/22/36 (k) | 250000 | 247889 |
|  Morgan Stanley Direct Lending Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 5/17/29 | 115000 | 118305 |

---

See Notes to Financial Statements.

584

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Nasdaq, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 6/28/28 | $225000 | $232142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 1/15/31 | 750000 | 663741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 2/15/34 (x) | 2000000 | 2101488 |
|  Nomura Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.329%, 1/22/27 | 500000 | 491279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.386%, 7/6/27 (x) | 500000 | 509447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.842%, 1/18/28 | 200000 | 206531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.070%, 7/12/28 | 500000 | 521990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.710%, 1/22/29 | 500000 | 477586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.103%, 1/16/30 | 750000 | 713257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.679%, 7/16/30 | 1000000 | 925749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.608%, 7/14/31 | 685000 | 617905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.999%, 1/22/32 | 500000 | 453670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.181%, 1/18/33 | 200000 | 215932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.087%, 7/12/33 | 500000 | 538969 |
|  North Haven Private Income Fund LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 9/25/28§ | 105000 | 104596 |
|  Northern Trust Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/10/27 | 335000 | 336108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 8/3/28 | 500000 | 497300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 5/3/29 | 500000 | 487501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 5/1/30 | 560000 | 512489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/8/32 | 468000 | 461159 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.05%), 5.117%, 11/19/40 (k) | 295000 | 294259 |
|  Oaktree Specialty Lending Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 1/15/27 | 500000 | 488595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.100%, 2/15/29 | 500000 | 514375 |
|  Oaktree Strategic Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 7/23/29 | 120000 | 123376 |
|  Raymond James Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 9/11/35 | 245000 | 244175 |
|  S&P Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 3/1/27 | 235000 | 231223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 3/1/29 | 500000 | 480536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/15/30 | 975000 | 855802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 3/1/32 | 350000 | 323003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 9/15/33 | 635000 | 666543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 12/4/35§ | 175000 | 174845 |
|  Sixth Street Lending Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 3/11/29 (x) | 355000 | 367681 |
|  Sixth Street Specialty Lending, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 8/14/28 | 355000 | 371918 |
|  Stifel Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/15/30 | 500000 | 487684 |
|  UBS AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 9/11/28 | 500000 | 521771 |
|  |  | 129848807 |
|  ***Consumer Finance (1.6%)*** |  |  |
|  AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 7/21/27 | 1000000 | 993650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 10/15/27 | 500000 | 503951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 1/23/28 | 500000 | 497158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 6/6/28 | 210000 | 217315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/29/28 | 390000 | 377579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/10/29 | 1500000 | 1515182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 9/30/30 | 365000 | 390263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/15/30 | 150000 | 149441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 9/10/34 | 335000 | 334531 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.72%), 6.950%, 3/10/55 (k) | 2000000 | 2095000 |
|  Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 6/9/27 | 500000 | 504598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 11/2/28 | 250000 | 235521 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.26%),<br>6.992%, 6/13/29 (k) | 625000 | 658838 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.78%),<br>5.548%, 7/31/33 (k) | 500000 | 504533 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.29%),<br>6.184%, 7/26/35 (k) | 1000000 | 1036527 |
|  American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 3/4/27 | 335000 | 330314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 5/3/27 | 1150000 | 1142925 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.93%),<br>5.043%, 7/26/28 (k) | 375000 | 381124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 5/3/29 | 335000 | 335908 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.28%), 5.282%, 7/27/29 (k) | 500000 | 514697 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.09%), 5.532%, 4/25/30 (k) | 500000 | 521431 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.94%),<br>6.489%, 10/30/31 (k) | 335000 | 366089 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.26%),<br>4.989%, 5/26/33 (k) | 265000 | 269112 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%),<br>4.918%, 7/20/33 (k) | 1170000 | 1190595 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.84%),<br>5.043%, 5/1/34 (k) | 750000 | 769544 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%),<br>5.284%, 7/26/35 (k)(x) | 1500000 | 1542012 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.32%),<br>5.442%, 1/30/36 (k) | 185000 | 192416 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.79%),<br>5.667%, 4/25/36 (k) | 135000 | 142370 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.24%),<br>4.804%, 10/24/36 (k) | 750000 | 740833 |
|  American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 1/8/27 | 500000 | 492287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 7/9/27 | 290000 | 292603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 1/12/28 | 350000 | 354552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 7/7/28 | 500000 | 512661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 4/17/30 | 500000 | 505636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/4/30 | 500000 | 501896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 10/4/30 | 440000 | 467501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 1/13/31 | 350000 | 308777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 7/10/31 | 500000 | 513604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 7/9/32 | 350000 | 359761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 1/10/34 | 1000000 | 1002709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 3/5/35 | 500000 | 506920 |
|  Andrew W Mellon Foundation (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>0.947%, 8/1/27 | 300000 | 286612 |
|  Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 2/9/27 | 565000 | 565314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 3/9/27 | 1150000 | 1146323 |

---

See Notes to Financial Statements.

585

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 5/11/27 | $500000 | $497462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 1/31/28 | 1000000 | 994377 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.06%),<br>4.927%, 5/10/28 (k) | 500000 | 505883 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.64%),<br>6.312%, 6/8/29 (k) | 335000 | 351504 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.79%),<br>3.273%, 3/1/30 (k) | 500000 | 484970 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.60%),<br>5.247%, 7/26/30 (k) | 500000 | 516087 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%),<br>5.463%, 7/26/30 (k) | 200000 | 207294 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.07%),<br>7.624%, 10/30/31 (k) | 715000 | 808085 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%),<br>2.359%, 7/29/32 (k) | 1000000 | 874730 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.27%),<br>2.618%, 11/2/32 (k) | 1000000 | 894502 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.37%),<br>5.268%, 5/10/33 (k) | 500000 | 512680 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.60%),<br>5.817%, 2/1/34 (k) | 500000 | 523524 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.86%),<br>6.377%, 6/8/34 (k) | 335000 | 362930 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 3.37%),<br>7.964%, 11/2/34 (k) | 1000000 | 1178864 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.04%),<br>6.183%, 1/30/36 (k) | 200000 | 209082 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.63%),<br>5.197%, 9/11/36 (k) | 280000 | 278448 |
|  Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 1/8/27 | 355000 | 347754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 8/12/27 | 500000 | 499327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 11/14/28 | 300000 | 300838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 11/15/29 | 2000000 | 2050506 |
|  Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 3/8/29 | 2000000 | 2040000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 3/5/31 | 3000000 | 3075000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.054%, 11/5/31 | 1000000 | 1023880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.122%, 11/7/33 | 2805000 | 3012149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 3/8/34 | 3000000 | 3060270 |
|  General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 1/17/27 | 835000 | 836158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 2/26/27 | 500000 | 490009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/9/27 | 450000 | 454759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 1/5/28 | 500000 | 497279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/9/28 | 200000 | 206727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 4/10/28 | 600000 | 577625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 6/23/28 | 500000 | 518094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 10/15/28 | 500000 | 476995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 10/27/28 | 145000 | 145312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 1/17/29 | 350000 | 362554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 4/6/29 | 500000 | 498948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 4/6/30 | 295000 | 310096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 1/8/31 | 500000 | 449106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 6/10/31 | 750000 | 679470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 6/18/31 | 155000 | 161565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 1/9/33 | 700000 | 754945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 1/7/34 | 1000000 | 1060944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 9/6/34 | 220000 | 223425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 1/7/35 | 500000 | 520876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 7/15/35 | 1000000 | 1054881 |
|  John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 3/8/27 | 250000 | 245880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 3/9/27 | 175000 | 170986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 9/8/27 | 400000 | 393953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 1/6/28 | 500000 | 493326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 1/20/28 | 530000 | 539882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 3/3/28 | 300000 | 306952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 7/14/28 | 785000 | 806120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 3/7/29 | 270000 | 266404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 6/11/29 | 500000 | 514207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 7/18/29 | 325000 | 312664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 10/11/29 | 500000 | 515999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 1/9/30 | 290000 | 274204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 6/10/30 | 415000 | 425543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 9/15/32 | 375000 | 376300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 4/11/34 | 1000000 | 1032315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I<br> 5.150%, 9/8/33 | 500000 | 524225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series MTN1<br> 5.050%, 6/12/34 | 1000000 | 1031240 |
|  PACCAR Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/4/27 | 350000 | 343246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 1/10/28 | 100000 | 101825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 8/10/28 | 500000 | 514180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R<br> 4.000%, 11/7/28 | 225000 | 225923 |
|  Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 12/1/27 | 1500000 | 1494209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/19/29 | 250000 | 253318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 10/28/31 | 250000 | 224285 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.07%),<br>6.000%, 7/29/36 (k) | 65000 | 66746 |
|  Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 8/13/27 | 590000 | 565876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 1/11/28 | 500000 | 492938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 1/12/28 | 320000 | 324821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 4/6/28 | 600000 | 575446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 9/11/28 | 750000 | 775881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 1/8/29 | 500000 | 495382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 5/16/29 | 500000 | 515144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 6/29/29 | 500000 | 506000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 2/13/30 (x) | 500000 | 464178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 5/17/30 | 750000 | 762518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 1/10/31 | 550000 | 485752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 1/13/32 | 500000 | 448295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 1/12/33 (x) | 350000 | 354615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 1/5/34 | 1500000 | 1530073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 1/9/35 | 300000 | 314896 |
|  |  | 81226274 |
|  ***Financial Services (0.5%)*** |  |  |
|  Apollo Global Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 8/12/35 | 590000 | 591342 |
|  Block Financial LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/15/28 | 350000 | 333597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/30 | 230000 | 221380 |
|  Corebridge Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 9/15/33 | 1165000 | 1237401 |

---

See Notes to Financial Statements.

586

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Fidelity National Information Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 3/1/28 | $215000 | $203917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 7/15/32 (x) | 500000 | 511095 |
|  Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/1/27 | 1000000 | 973417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 8/21/28 | 500000 | 512428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 10/1/28 | 465000 | 464050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/1/29 | 890000 | 863882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 6/1/30 | 1500000 | 1383302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 3/2/33 | 225000 | 232557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/21/33 | 500000 | 516325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 8/12/34 | 500000 | 496236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 8/11/35 | 290000 | 289140 |
|  Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 1/15/27 | 500000 | 489981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 8/15/27 | 315000 | 318686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 6/1/28 | 500000 | 500039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 8/15/29 | 300000 | 306846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 5/15/30 | 235000 | 217685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 11/15/31 | 500000 | 447659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 8/15/32 | 500000 | 508913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 11/15/35 | 750000 | 746015 |
|  HA Sustainable Infrastructure Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 7/1/34 | 125000 | 127219 |
|  Jackson Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.170%, 6/8/27 | 280000 | 283365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.670%, 6/8/32 | 250000 | 259507 |
|  Mastercard, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/26/28 | 140000 | 139407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/9/28 | 355000 | 363466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 6/1/29 | 700000 | 678194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/18/31 | 500000 | 443683 |
|  National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 4/25/27 | 350000 | 346103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 2/7/28 (x) | 500000 | 495148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/15/28 | 145000 | 147523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 9/15/28 | 1250000 | 1281517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 11/1/28 | 250000 | 249492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 6/15/29 | 500000 | 516562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 12/10/30 | 100000 | 100183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 1/15/33 | 165000 | 176843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/15/34 | 600000 | 610714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D<br> 4.150%, 8/25/28 | 155000 | 155765 |
|  ORIX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 7/18/27 | 400000 | 397889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/13/27 | 200000 | 203288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 3/9/31 | 350000 | 314708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/13/32 | 250000 | 242295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 9/13/32 | 200000 | 206614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 2/25/35 | 200000 | 205965 |
|  PayPal Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 6/1/27 | 180000 | 180243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 6/1/30 | 1000000 | 926523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 6/1/32 | 500000 | 500011 |
|  Private Export Funding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/7/27§ | 625000 | 630410 |
|  Synchrony Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/23/27 | 250000 | 255068 |
|  Visa, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 8/15/27 | 465000 | 444717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 9/15/27 | 300000 | 296384 |
|  Voya Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/20/34 | 110000 | 109233 |
|  Western Union Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 3/15/31 (x) | 350000 | 318535 |
|  Woodside Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 9/12/34 | 1000000 | 988254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 5/19/35 | 500000 | 519971 |
|  |  | 25480692 |
|  ***Insurance (0.8%)*** |  |  |
|  Alleghany Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/15/30 | 500000 | 487678 |
|  Allstate Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 6/24/29 | 125000 | 129218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 12/15/30 | 300000 | 261308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/30/33 | 390000 | 405689 |
|  American Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/23/35 | 65000 | 63774 |
|  American International Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 3/27/33 | 665000 | 684084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 5/7/35 | 125000 | 130285 |
|  American National Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 7/15/35 | 500000 | 507511 |
|  Aon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 5/28/27 | 180000 | 177230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/15/28 | 650000 | 657355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/2/29 | 350000 | 346139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 5/15/30 | 500000 | 472153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 8/23/31 | 750000 | 661804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 12/2/31 | 355000 | 321192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/12/32 | 500000 | 512187 |
|  Aon North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 3/1/34 | 750000 | 779822 |
|  Arthur J Gallagher & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/2/33 | 315000 | 328239 |
|  Assurant, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 3/27/28 | 250000 | 253562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 1/15/32 | 500000 | 443534 |
|  Assured Guaranty US Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 9/15/28 | 185000 | 194279 |
|  Athene Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/12/28 | 750000 | 748981 |
|  AXIS Specialty Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 7/15/29 | 250000 | 247491 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.19%), 4.900%, 1/15/40 (k) | 200000 | 192000 |
|  AXIS Specialty Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/6/27 | 500000 | 499116 |
|  Berkshire Hathaway Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 3/15/27 | 500000 | 492565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 3/12/30 | 165000 | 151554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 10/15/30 | 395000 | 351850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 3/15/32 | 500000 | 465979 |
|  Brighthouse Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 6/22/27 | 2000000 | 1975892 |

---

See Notes to Financial Statements.

587

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 5/15/30 | $145000 | $147056 |
|  Brown & Brown, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/15/29 | 300000 | 299115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 3/17/32 | 325000 | 313752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 6/23/35 | 250000 | 256744 |
|  Chubb INA Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 8/15/29 | 400000 | 408913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 9/15/30 | 1665000 | 1465603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 8/15/35 | 415000 | 417505 |
|  CNA Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 8/15/27 | 500000 | 495570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 5/1/29 | 210000 | 207890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 8/15/30 | 170000 | 152877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 8/15/35 | 250000 | 251025 |
|  Enstar Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 6/1/29 | 350000 | 352615 |
|  F&G Annuities & Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 6/4/29 | 85000 | 88510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 10/4/34 | 315000 | 320823 |
|  Fairfax Financial Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 4/17/28 | 250000 | 253367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/29/30 | 750000 | 752400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/3/31(x) | 355000 | 335053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/16/32 | 250000 | 261083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/7/33 | 500000 | 530627 |
|  Fidelity National Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/15/28 | 475000 | 477921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 6/15/30 | 300000 | 285904 |
|  First American Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/15/30(x) | 180000 | 174114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 8/15/31 | 315000 | 274760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 9/30/34 | 100000 | 100341 |
|  Globe Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 9/15/28 | 500000 | 504559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 8/15/30 | 500000 | 452288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 6/15/32 | 150000 | 151213 |
|  Hanover Insurance Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 9/1/35 | 105000 | 106622 |
|  Hartford Insurance Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 8/19/29 | 535000 | 511257 |
|  Horace Mann Educators Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 10/1/30 | 125000 | 123953 |
|  Kemper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 9/30/30 (x) | 500000 | 447808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 2/23/32 | 500000 | 460622 |
|  Lincoln National Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 3/1/32 | 750000 | 695308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 11/15/35 | 145000 | 146418 |
|  Loews Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 5/15/30 | 60000 | 57399 |
|  Manulife Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.484%, 5/19/27 (x) | 350000 | 343233 |
| &nbsp;&nbsp;&nbsp;&nbsp; (USD ICE Swap Rate 5 Year + 1.65%), 4.061%, 2/24/32 (k) | 750000 | 747279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.703%, 3/16/32 | 500000 | 478981 |
|  Markel Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/27 | 350000 | 347262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 9/17/29 | 90000 | 87070 |
|  Marsh & McLennan Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/15/29 | 700000 | 707484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 12/15/31 | 340000 | 304978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 9/15/33 (x) | 1350000 | 1417555 |
|  Mercury General Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 3/15/27 | 300000 | 299583 |
|  MetLife, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 7/15/33 | 200000 | 210789 |
|  PartnerRe Finance B LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 7/2/29 | 350000 | 341711 |
|  Principal Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 5/15/29 | 375000 | 368829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 6/15/30 | 750000 | 683154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 3/15/33 (x) | 140000 | 146146 |
|  Progressive Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/15/27 | 290000 | 285449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/15/32 | 350000 | 323297 |
|  Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.878%, 3/27/28 | 650000 | 649597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 3/10/30 | 235000 | 217947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/47 | 1075000 | 1061353 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 5.125%, 3/1/52 (k) | 175000 | 173250 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.23%), 6.000%, 9/1/52 (k) | 350000 | 360500 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.40%), 6.500%, 3/15/54 (k) | 750000 | 789375 |
|  Prudential Funding Asia plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 4/14/30 | 1500000 | 1438041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/24/32 | 500000 | 473935 |
|  Reinsurance Group of America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 5/15/29 | 175000 | 172829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 6/15/30 (x) | 175000 | 165841 |
|  RenaissanceRe Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 7/1/27 | 195000 | 193182 |
|  RenaissanceRe Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 4/15/29 | 500000 | 488195 |
|  Travelers Cos., Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 7/24/35 | 75000 | 76232 |
|  Unum Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/15/29 | 180000 | 177952 |
|  Willis North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 6/15/27 | 200000 | 201413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/28 | 500000 | 503633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 9/15/29 | 540000 | 513883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 5/15/33 | 500000 | 515535 |
|  |  | 40488979 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 638794744 |
|  **Health Care (2.6%)** |  |  |
|  ***Biotechnology (0.4%)*** |  |  |
|  AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 11/21/29 (x) | 1790000 | 1736171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 3/15/34 | 4000000 | 4118953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 3/15/35 | 500000 | 517385 |
|  Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 2/21/27 | 705000 | 691217 |

---

See Notes to Financial Statements.

588

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 11/2/27 | $| 1250000 | $| 1234076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/2/28 |  | 800000 |  | 818848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 8/15/28 |  | 600000 |  | 565326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/22/29 |  | 290000 |  | 281034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 8/18/29 |  | 500000 |  | 499847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 2/21/30 |  | 950000 |  | 887179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/2/30 |  | 600000 |  | 621897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 2/22/32 |  | 290000 |  | 273181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 3/1/33 |  | 500000 |  | 488212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/2/33 |  | 730000 |  | 755689 |
|  Biogen, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 5/1/30 |  | 735000 |  | 675252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 5/15/35 (x) |  | 140000 |  | 147519 |
|  Gilead Sciences, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 10/1/27 |  | 235000 |  | 225156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 10/1/30 |  | 2790000 |  | 2494643 |
|  Regeneron Pharmaceuticals, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 9/15/30 |  | 850000 |  | 757973 |
|  |  |  |  | 17789558 |
|  ***Health Care Equipment & Supplies (0.2%)*** | ***Health Care Equipment & Supplies (0.2%)*** | ***Health Care Equipment & Supplies (0.2%)*** | ***Health Care Equipment & Supplies (0.2%)*** | ***Health Care Equipment & Supplies (0.2%)*** |
|  Abbott Laboratories |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 1/30/28 |  | 170000 |  | 161504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 6/30/30 |  | 160000 |  | 142998 |
|  Baxter International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.915%, 2/1/27 |  | 500000 |  | 487988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.272%, 12/1/28 |  | 500000 |  | 472542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 12/15/35 |  | 415000 |  | 420816 |
|  Becton Dickinson & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 6/6/27 |  | 1467000 |  | 1460215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.693%, 2/13/28 |  | 375000 |  | 380053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.823%, 5/20/30 |  | 355000 |  | 334815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.957%, 2/11/31 |  | 665000 |  | 592004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.298%, 8/22/32 |  | 105000 |  | 103322 |
|  DH Europe Finance II Sarl |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 11/15/29 |  | 315000 |  | 298698 |
|  Edwards Lifesciences Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 6/15/28 |  | 750000 |  | 754487 |
|  GE HealthCare Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 8/14/29 |  | 1000000 |  | 1022200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 6/15/35 |  | 250000 |  | 259930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 12/15/35 |  | 235000 |  | 234853 |
|  Smith & Nephew plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.032%, 10/14/30 |  | 500000 |  | 449654 |
|  Solventum Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 3/23/34 |  | 1000000 |  | 1043112 |
|  STERIS Irish FinCo. UnLtd. Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 3/15/31 |  | 430000 |  | 396925 |
|  Stryker Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 3/7/28 |  | 600000 |  | 595817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 6/15/30 |  | 500000 |  | 454205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/11/34 |  | 500000 |  | 497044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 2/10/35 |  | 235000 |  | 241734 |
|  Zimmer Biomet Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 11/24/31 |  | 500000 |  | 451812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/19/35 |  | 500000 |  | 518872 |
|  |  |  |  | 11775600 |
|  ***Health Care Providers & Services (1.0%)*** | ***Health Care Providers & Services (1.0%)*** | ***Health Care Providers & Services (1.0%)*** |  |  |
|  Adventist Health System |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.742%, 12/1/30 |  | 125000 |  | 125368 |
|  Advocate Health & Hospitals Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.829%, 8/15/28 |  | 100000 |  | 99661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br> 2.211%, 6/15/30 |  | 150000 |  | 138123 |
|  Ascension Health |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br> 4.923%, 11/15/35 |  | 750000 |  | 752809 |
|  Banner Health |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.338%, 1/1/30 |  | 190000 |  | 177119 |
|  Baylor Scott & White Holdings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br> 1.777%, 11/15/30 |  | 50000 |  | 44759 |
|  Bon Secours Mercy Health, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br> 4.302%, 7/1/28 |  | 125000 |  | 125586 |
|  Cardinal Health, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.410%, 6/15/27 |  | 1250000 |  | 1239760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 11/15/34 |  | 750000 |  | 773012 |
|  Cencora, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 12/15/27 |  | 400000 |  | 396530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 5/15/30 |  | 750000 |  | 706511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 3/15/31 |  | 600000 |  | 553057 |
|  Cigna Group (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/15/28 |  | 1340000 |  | 1350873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 3/15/30 |  | 2350000 |  | 2180943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 3/15/31 |  | 450000 |  | 407081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 9/15/32 |  | 355000 |  | 359665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 3/15/33 |  | 500000 |  | 521178 |
|  CommonSpirit Health |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.073%, 11/1/27 |  | 390000 |  | 402538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.347%, 10/1/29 |  | 185000 |  | 178713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.782%, 10/1/30 |  | 340000 |  | 316815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.975%, 9/1/35 |  | 425000 |  | 420057 |
|  CVS Health Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 8/21/27 |  | 1500000 |  | 1434511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 3/25/28 |  | 2587000 |  | 2596491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/30/29 |  | 180000 |  | 183717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 6/1/29 |  | 335000 |  | 346656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 8/15/29 |  | 335000 |  | 323119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 2/21/30 |  | 400000 |  | 411072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 8/21/30 |  | 2000000 |  | 1776460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 1/30/31 |  | 180000 |  | 185828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 6/1/31 |  | 2000000 |  | 2093590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 2/21/33 |  | 400000 |  | 412125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 6/1/33 |  | 195000 |  | 201454 |
|  Elevance Health, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 12/1/27 |  | 715000 |  | 711912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/15/28 |  | 465000 |  | 464093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 6/15/29 |  | 310000 |  | 319678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 9/15/29 |  | 200000 |  | 190346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 5/15/30 |  | 165000 |  | 151478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 3/15/31 |  | 750000 |  | 685543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 5/15/32 |  | 1000000 |  | 973749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 9/15/32 |  | 500000 |  | 499141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/15/33 |  | 500000 |  | 502065 |
|  HCA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/15/27 |  | 820000 |  | 821728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 3/15/27 |  | 235000 |  | 232478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 6/1/28 |  | 2500000 |  | 2560245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/15/29 |  | 335000 |  | 326510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 6/15/29 |  | 525000 |  | 523436 |

---

See Notes to Financial Statements.

589

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 7/15/31 | $| 750000 | $| 672042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/15/32 |  | 500000 |  | 472917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 9/15/34 |  | 1000000 |  | 1030758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 3/1/35 |  | 200000 |  | 209960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 11/15/35 |  | 415000 |  | 409566 |
|  Humana, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 2/3/27 |  | 540000 |  | 523460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/15/27 |  | 375000 |  | 373915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 3/1/28 |  | 200000 |  | 205968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 3/23/29 |  | 625000 |  | 613641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 8/15/29 |  | 625000 |  | 599433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 4/15/31 |  | 750000 |  | 774918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 3/1/33 |  | 200000 |  | 210252 |
|  Kaiser Foundation Hospitals |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 5/1/27 |  | 375000 |  | 371878 |
|  McKesson Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 5/30/35 |  | 750000 |  | 774744 |
|  Quest Diagnostics, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 11/30/33 |  | 140000 |  | 154986 |
|  Sutter Health |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.294%, 8/15/30 |  | 415000 |  | 381793 |
|  UnitedHealth Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 1/15/27 |  | 750000 |  | 746935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 5/15/27 |  | 350000 |  | 349225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 10/15/27 |  | 1000000 |  | 985336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 2/15/28 |  | 715000 |  | 734485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/15/28 |  | 250000 |  | 249960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/15/29 |  | 500000 |  | 503109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/15/29 |  | 390000 |  | 389401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/29 |  | 770000 |  | 738349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 5/15/30 |  | 395000 |  | 360511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 5/15/31 |  | 750000 |  | 676793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 1/15/32 |  | 500000 |  | 512311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 5/15/32 |  | 315000 |  | 311584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/15/33 |  | 500000 |  | 496628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 7/15/34 (x) |  | 2000000 |  | 2053098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 6/15/35 (x) |  | 205000 |  | 212265 |
|  Universal Health Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 10/15/34 |  | 245000 |  | 240739 |
|  |  |  |  | 47538543 |
|  ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** |
|  Agilent Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 9/15/29 |  | 175000 |  | 166966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 6/4/30 |  | 290000 |  | 264901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 3/12/31 |  | 750000 |  | 678590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 9/9/34 |  | 300000 |  | 299368 |
|  Illumina, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 12/12/30 |  | 250000 |  | 252496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 3/23/31 (x) |  | 225000 |  | 203902 |
|  Revvity, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 9/15/29 |  | 625000 |  | 601758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 3/15/31 |  | 415000 |  | 374976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 9/15/31 |  | 355000 |  | 312934 |
|  Thermo Fisher Scientific, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 10/15/28 |  | 890000 |  | 839587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.977%, 8/10/30 |  | 500000 |  | 517881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.086%, 8/10/33 |  | 700000 |  | 725937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.794%, 10/7/35 |  | 525000 |  | 527177 |
|  |  |  |  | 5766473 |
|  ***Pharmaceuticals (0.9%)*** |  |  |  |  |
|  Astrazeneca Finance LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/3/28 |  | 500000 |  | 510823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 5/28/28 |  | 400000 |  | 381269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 3/3/30 (x) |  | 500000 |  | 515966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 5/28/31 |  | 325000 |  | 295544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/3/33 |  | 500000 |  | 516169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/26/34 |  | 3000000 |  | 3098976 |
|  Bristol-Myers Squibb Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 11/13/27 |  | 600000 |  | 572569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 7/26/29 |  | 773000 |  | 758516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 11/13/30 |  | 355000 |  | 314736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 11/15/33 |  | 665000 |  | 727228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 2/22/34 |  | 3000000 |  | 3124914 |
|  Eli Lilly & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/15/29 |  | 258000 |  | 254269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/12/30 |  | 1000000 |  | 1026960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 3/15/31 |  | 500000 |  | 502992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 10/15/32 |  | 355000 |  | 360254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 2/9/34 |  | 2000000 |  | 2030323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 8/14/34 |  | 355000 |  | 356248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 2/12/35 |  | 1000000 |  | 1034369 |
|  GlaxoSmithKline Capital, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/15/28 |  | 500000 |  | 500229 |
|  Johnson & Johnson |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/3/27 |  | 500000 |  | 496381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.950%, 9/1/27 |  | 625000 |  | 598622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 3/1/30 |  | 1000000 |  | 1031270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 9/1/30 (x) |  | 705000 |  | 627289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 6/1/31 |  | 2315000 |  | 2417440 |
|  Merck & Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 6/10/27 |  | 600000 |  | 583861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 5/17/28 |  | 250000 |  | 251766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 12/10/28 |  | 300000 |  | 284328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 3/7/29 |  | 750000 |  | 737841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 5/17/30 |  | 500000 |  | 504638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 6/24/30 |  | 895000 |  | 799957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 12/10/31 |  | 570000 |  | 507802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/17/33 |  | 295000 |  | 297803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 9/15/35 |  | 625000 |  | 635326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 12/4/35 |  | 295000 |  | 294392 |
|  Novartis Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/14/27 |  | 750000 |  | 736526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 5/17/27 |  | 1000000 |  | 991803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 9/18/34 |  | 1250000 |  | 1222356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 11/5/35 |  | 500000 |  | 495773 |
|  Pfizer Investment Enterprises Pte. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 5/19/28 |  | 2000000 |  | 2027388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 5/19/30 |  | 1500000 |  | 1529422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/19/33 |  | 1195000 |  | 1208037 |
|  Pfizer, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 9/15/28 |  | 1350000 |  | 1347021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 3/15/29 |  | 1000000 |  | 988668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 5/28/30 |  | 250000 |  | 226338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 8/18/31 (x) |  | 490000 |  | 432232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/15/35 |  | 500000 |  | 502520 |
|  Royalty Pharma plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 9/2/27 |  | 455000 |  | 437969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 9/2/29 |  | 390000 |  | 400525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 9/2/30 |  | 415000 |  | 375899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 9/25/35 |  | 500000 |  | 502989 |

---

See Notes to Financial Statements.

590

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Sanofi SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 6/19/28 | $| 750000 | $748591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 11/3/32 |  | 500000 | 500010 |
|  Takeda Pharmaceutical Co. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/26/28 |  | 1000000 | 1022526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 3/31/30 |  | 470000 | 429168 |
|  Takeda US Financing, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 7/7/35 |  | 500000 | 509256 |
|  Viatris, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 6/22/27 |  | 375000 | 364175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 6/22/30 |  | 885000 | 808710 |
|  Zoetis, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/12/27 |  | 500000 | 492391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 8/20/28 |  | 350000 | 349770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 5/15/30 |  | 500000 | 457470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/17/35 |  | 140000 | 141577 |
|  |  |  | 46200180 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 129070354 |
|  **Industrials (1.9%)** |  |  |  |
|  ***Aerospace & Defense (0.5%)*** |  |  |  |
|  Boeing Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 2/1/27 |  | 365000 | 359589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.040%, 5/1/27 |  | 1500000 | 1515267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 2/1/28 |  | 600000 | 589621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 11/1/28 |  | 300000 | 293921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 3/1/29 |  | 500000 | 484620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 2/1/30 (x) |  | 750000 | 710895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 5/1/30 |  | 1000000 | 1027432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.388%, 5/1/31 |  | 190000 | 206199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.528%, 5/1/34 |  | 2000000 | 2213812 |
|  Embraer Netherlands Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.980%, 2/11/35 |  | 110000 | 116479 |
|  General Dynamics Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/15/28 (x) |  | 805000 | 806551 |
|  General Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 7/29/30 |  | 500000 | 504109 |
|  Hexcel Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 2/26/35 |  | 70000 | 73387 |
|  Howmet Aerospace, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 11/15/32 |  | 155000 | 155761 |
|  Huntington Ingalls Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.043%, 8/16/28 |  | 1000000 | 945877 |
|  L3Harris Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 1/15/27 |  | 335000 | 339865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 6/15/28 |  | 1750000 | 1761975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 7/31/33 |  | 750000 | 781712 |
|  Leidos, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/30 |  | 95000 | 94872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 3/15/33 |  | 375000 | 397684 |
|  Lockheed Martin Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 5/15/28 |  | 480000 | 485976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/15/34 |  | 2000000 | 2027661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/15/35 |  | 555000 | 565427 |
|  Northrop Grumman Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 1/15/28 |  | 1500000 | 1480067 |
|  RTX Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/15/27 |  | 715000 | 711515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 5/4/27 |  | 1250000 | 1235916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 3/15/31 |  | 625000 | 673287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 9/1/31 |  | 1520000 | 1334225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 3/15/32 |  | 750000 | 668350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 2/27/33 |  | 290000 | 300224 |
|  Textron, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 3/15/27 |  | 250000 | 248696 |
|  |  |  | 23110972 |
|  ***Air Freight & Logistics (0.1%)*** |  |  |  |
|  CH Robinson Worldwide, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 4/15/28 |  | 500000 | 501208 |
|  FedEx Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 8/5/29 |  | 750000 | 721836 |
|  GXO Logistics, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 5/6/29 |  | 155000 | 163291 |
|  United Parcel Service, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 11/15/27 |  | 750000 | 741852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 3/15/29 |  | 310000 | 305382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/1/29 |  | 150000 | 142359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/3/33 |  | 290000 | 299028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 5/14/35 (x) |  | 290000 | 301082 |
|  |  |  | 3176038 |
|  ***Building Products (0.2%)*** |  |  |  |
|  Carrier Global Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.493%, 2/15/27 |  | 830000 | 816287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.722%, 2/15/30 |  | 1570000 | 1476882 |
|  CRH America Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 2/9/31 |  | 500000 | 500042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/9/35 |  | 1000000 | 1042472 |
|  Fortune Brands Innovations, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 9/15/29 |  | 350000 | 336624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/25/32 |  | 500000 | 479715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 6/1/33 |  | 315000 | 333392 |
|  Johnson Controls International plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/19/29 |  | 250000 | 260141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 9/15/30 |  | 265000 | 236100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/16/31 (x) |  | 585000 | 515145 |
|  Lennox International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 8/1/27 |  | 100000 | 96413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 9/15/28 |  | 250000 | 257818 |
|  Masco Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/28 |  | 375000 | 354775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/1/30 |  | 500000 | 446136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/15/31 (x) |  | 500000 | 442173 |
|  Owens Corning |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 8/15/29 |  | 250000 | 247598 |
|  Trane Technologies Financing Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 3/21/29 |  | 500000 | 496120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/3/33 |  | 135000 | 140644 |
|  |  |  | 8478477 |
|  ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** |  |
|  Cintas Corp. No. 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 4/1/27 |  | 600000 | 598563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/1/32 |  | 500000 | 489056 |
|  RELX Capital, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/18/29 |  | 750000 | 747326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/22/30 |  | 250000 | 237716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/20/32 |  | 105000 | 106511 |
|  Republic Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/15/27 |  | 275000 | 273024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 5/15/28 |  | 750000 | 750988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 4/1/29 |  | 555000 | 568154 |

---

See Notes to Financial Statements.

591

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/15/29 | $| 500000 | $| 517433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/15/35 |  | 355000 |  | 367108 |
|  Waste Connections, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/1/29 |  | 750000 |  | 737284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/1/34 |  | 1000000 |  | 1021678 |
|  Waste Management, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 11/15/27 |  | 750000 |  | 740928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 3/15/28 |  | 195000 |  | 183724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 2/15/29 |  | 500000 |  | 512557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 6/1/29 |  | 250000 |  | 233823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/30 |  | 500000 |  | 509337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 4/15/32 |  | 1000000 |  | 991272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/33 |  | 500000 |  | 506934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 2/15/34 |  | 2000000 |  | 2052040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 3/15/35 |  | 500000 |  | 508344 |
|  |  |  |  | 12653800 |
|  ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** |
|  Quanta Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 10/1/30 |  | 1000000 |  | 935590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 8/9/34 |  | 175000 |  | 179894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 8/9/35 |  | 500000 |  | 500447 |
|  |  |  |  | 1615931 |
|  ***Electrical Equipment (0.1%)*** |  |  |  |  |
|  Eaton Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.103%, 9/15/27 |  | 500000 |  | 494491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 5/18/28 |  | 310000 |  | 313336 |
|  Emerson Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 10/15/27 |  | 235000 |  | 227169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/21/28 |  | 600000 |  | 568726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 12/21/31 |  | 600000 |  | 534921 |
|  Hubbell, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 8/15/27 |  | 150000 |  | 148189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/15/28 |  | 500000 |  | 494702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 3/15/31 |  | 290000 |  | 263742 |
|  Regal Rexnord Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 4/15/33 |  | 2000000 |  | 2150241 |
|  Rockwell Automation, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/29 |  | 300000 |  | 294890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 8/15/31 |  | 200000 |  | 175345 |
|  |  |  |  | 5665752 |
|  ***Ground Transportation (0.2%)*** |  |  |  |  |
|  Burlington Northern Santa Fe LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/15/27 |  | 400000 |  | 397388 |
|  Canadian National Railway Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 8/5/32 |  | 500000 |  | 485260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 9/18/34 |  | 260000 |  | 254746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/12/35 (x) |  | 210000 |  | 209677 |
|  Canadian Pacific Railway Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 11/15/29 |  | 310000 |  | 296231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 3/5/30 (x) |  | 180000 |  | 165394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 12/2/31 |  | 335000 |  | 301417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 3/30/35 |  | 500000 |  | 514426 |
|  CSX Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/1/27 |  | 550000 |  | 545228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 6/15/35 (x) |  | 500000 |  | 508888 |
|  Norfolk Southern Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 6/1/27 |  | 365000 |  | 360645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 11/1/29 |  | 500000 |  | 472463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 8/1/30 |  | 355000 |  | 367655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 5/1/35 |  | 100000 |  | 102193 |
|  Ryder System, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 3/1/27 |  | 145000 |  | 143077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 6/15/27 |  | 250000 |  | 250844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 3/1/28 |  | 750000 |  | 773619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/1/28 |  | 355000 |  | 364183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 9/1/29 |  | 300000 |  | 306519 |
|  Uber Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 9/15/34 |  | 1000000 |  | 997890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 9/15/35 |  | 155000 |  | 153933 |
|  Union Pacific Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 2/5/27 |  | 500000 |  | 491120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 3/1/29 |  | 530000 |  | 525988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 2/5/30 |  | 430000 |  | 402743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/20/31 |  | 470000 |  | 431008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 2/14/32 |  | 350000 |  | 321856 |
|  |  |  |  | 10144391 |
|  ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** |
|  3M Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 10/15/27 |  | 500000 |  | 491265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/14/28 |  | 500000 |  | 496424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 8/26/29 |  | 750000 |  | 706340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/15/35 |  | 500000 |  | 511909 |
|  Honeywell International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/15/29 |  | 475000 |  | 479006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 8/15/29 |  | 295000 |  | 281633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 2/1/30 |  | 600000 |  | 612526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 6/1/30 |  | 1000000 |  | 912159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 9/1/31 |  | 960000 |  | 839492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/1/32 |  | 600000 |  | 612434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/1/35 |  | 500000 |  | 509027 |
|  Pentair Finance Sarl |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/29 |  | 250000 |  | 250926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 7/15/32 |  | 500000 |  | 530983 |
|  |  |  |  | 7234124 |
|  ***Machinery (0.2%)*** |  |  |  |  |
|  Caterpillar, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 9/19/29 |  | 350000 |  | 333606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 3/12/31 |  | 350000 |  | 315395 |
|  CNH Industrial Capital LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/16/30 |  | 500000 |  | 499998 |
|  CNH Industrial NV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 11/15/27 |  | 655000 |  | 652232 |
|  Cummins, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 5/9/35 |  | 500000 |  | 518293 |
|  Deere & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 1/16/35 |  | 500000 |  | 527669 |
|  Deere Funding Canada Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 10/9/30 |  | 165000 |  | 165124 |
|  Dover Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 11/4/29 |  | 105000 |  | 100431 |
|  IDEX Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/1/30 |  | 250000 |  | 236345 |
|  Ingersoll Rand, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.176%, 6/15/29 |  | 350000 |  | 361877 |
|  Kennametal, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/15/28 |  | 250000 |  | 251360 |
|  nVent Finance Sarl |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 11/15/31 (x) |  | 500000 |  | 449807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 5/15/33 |  | 500000 |  | 522034 |

---

See Notes to Financial Statements.

592

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Oshkosh Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 5/15/28 | $| 250000 | $| 253155 |
|  Otis Worldwide Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.293%, 4/5/27 |  | 800000 |  | 783333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 8/16/28 |  | 185000 |  | 190550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.565%, 2/15/30(x) |  | 925000 |  | 865709 |
|  Parker-Hannifin Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/15/27 |  | 355000 |  | 357451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/14/29 |  | 270000 |  | 262615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/29 |  | 250000 |  | 253417 |
|  Stanley Black & Decker, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 3/6/28 |  | 500000 |  | 518205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/15/28 |  | 350000 |  | 350389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/32 |  | 285000 |  | 258308 |
|  Westinghouse Air Brake Technologies Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 9/15/28 (e) |  | 750000 |  | 759611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 5/29/35 |  | 350000 |  | 365383 |
|  Xylem, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 1/30/28 |  | 350000 |  | 335822 |
|  |  |  |  | 10488119 |
|  ***Passenger Airlines (0.0%)†*** |  |  |  |  |
|  Southwest Airlines Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/15/27 |  | 850000 |  | 861048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 11/16/27 |  | 250000 |  | 246197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 2/10/30(x) |  | 350000 |  | 325500 |
|  |  |  |  | 1432745 |
|  ***Professional Services (0.1%)*** |  |  |  |  |
|  Automatic Data Processing, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 5/15/28 |  | 485000 |  | 463233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 9/9/34 (x) |  | 1000000 |  | 996451 |
|  Broadridge Financial Solutions, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 12/1/29 |  | 500000 |  | 474189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 5/1/31 |  | 1000000 |  | 909114 |
|  Equifax, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 12/15/27 |  | 565000 |  | 576146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 6/1/28 |  | 750000 |  | 765753 |
|  Verisk Analytics, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/15/29 |  | 500000 |  | 498743 |
|  |  |  |  | 4683629 |
|  ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** |  |  |
|  Air Lease Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 1/15/27 |  | 750000 |  | 734754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 12/15/27 |  | 500000 |  | 514012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 2/1/28 |  | 250000 |  | 254520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 9/1/28 |  | 455000 |  | 428242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/1/30 |  | 250000 |  | 234220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 12/1/30 |  | 350000 |  | 324192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 7/15/31 |  | 250000 |  | 254007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 1/15/32 |  | 750000 |  | 673314 |
|  Ferguson Enterprises, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 3/15/31 |  | 250000 |  | 249121 |
|  GATX Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 6/15/35 |  | 400000 |  | 410977 |
|  |  |  |  | 4077359 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  |  | 92761337 |
|  **Information Technology (2.2%)** |  |  |  |  |
|  ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** |
|  Cisco Systems, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/24/30 |  | 1000000 |  | 1026426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 2/26/34 |  | 3000000 |  | 3088749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 2/24/35 |  | 400000 |  | 411254 |
|  Juniper Networks, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/15/29 |  | 500000 |  | 488269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/10/30 |  | 320000 |  | 282592 |
|  Motorola Solutions, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 2/23/28 |  | 550000 |  | 555909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 5/23/29 |  | 350000 |  | 354414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 6/1/32 |  | 500000 |  | 526059 |
|  |  |  |  | 6733672 |
|  ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** |
|  Allegion US Holding Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 10/1/27 |  | 500000 |  | 495261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.411%, 7/1/32 |  | 200000 |  | 208413 |
|  Amphenol Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 11/15/28 |  | 240000 |  | 239699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/30 |  | 210000 |  | 208773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 9/15/31 |  | 440000 |  | 392909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 2/15/33 |  | 350000 |  | 346443 |
|  Avnet, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 3/15/28 |  | 500000 |  | 517430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/31 |  | 500000 |  | 451465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 6/1/32 |  | 100000 |  | 101414 |
|  CDW LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.276%, 12/1/28 |  | 535000 |  | 519349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.569%, 12/1/31 |  | 750000 |  | 696411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 8/22/34 |  | 175000 |  | 178654 |
|  Flex Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 6/15/29 |  | 350000 |  | 354417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 5/12/30 |  | 665000 |  | 673712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/13/35 |  | 140000 |  | 139784 |
|  Jabil, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/27 |  | 375000 |  | 375623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 1/12/28(x) |  | 270000 |  | 269451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 2/1/29 |  | 315000 |  | 325460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 1/15/30 |  | 150000 |  | 145399 |
|  Keysight Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 4/6/27 |  | 465000 |  | 467347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/30/29 |  | 250000 |  | 239246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 10/15/34 |  | 85000 |  | 85829 |
|  TD SYNNEX Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 10/10/35 |  | 1000000 |  | 992471 |
|  Teledyne Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 4/1/28 |  | 500000 |  | 480060 |
|  Trimble, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 6/15/28 |  | 450000 |  | 455964 |
|  Tyco Electronics Group SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 8/15/27 |  | 365000 |  | 361523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/4/32 |  | 85000 |  | 76289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/9/35 |  | 290000 |  | 294254 |
|  Vontier Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 4/1/28 |  | 500000 |  | 479272 |
|  |  |  |  | 10572322 |
|  ***IT Services (0.2%)*** |  |  |  |  |
|  Accenture Capital, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/4/34 |  | 1500000 |  | 1479735 |

---

See Notes to Financial Statements.

593

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Amdocs Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.538%, 6/15/30 | $| 500000 | $| 458565 |
|  DXC Technology Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 9/15/28 |  | 750000 |  | 707196 |
|  Genpact Luxembourg Sarl |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 6/4/29 |  | 125000 |  | 130485 |
|  Genpact UK Finco plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 11/18/30 |  | 125000 |  | 125004 |
|  International Business Machines Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 1/27/27 |  | 1095000 |  | 1089011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 2/9/27 |  | 185000 |  | 181488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 5/15/27 |  | 405000 |  | 393512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 7/27/27 |  | 500000 |  | 502614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/6/28 |  | 500000 |  | 504734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 5/15/30 (x) |  | 220000 |  | 200521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.720%, 2/9/32 |  | 380000 |  | 344261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 7/27/32 |  | 500000 |  | 498885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/6/33 |  | 500000 |  | 507327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 2/10/35 |  | 1000000 |  | 1026476 |
|  |  |  |  | 8149814 |
|  ***Semiconductors & Semiconductor Equipment (0.7%)*** | ***Semiconductors & Semiconductor Equipment (0.7%)*** | ***Semiconductors & Semiconductor Equipment (0.7%)*** | ***Semiconductors & Semiconductor Equipment (0.7%)*** | ***Semiconductors & Semiconductor Equipment (0.7%)*** |
|  Advanced Micro Devices, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.924%, 6/1/32 |  | 65000 |  | 63716 |
|  Analog Devices, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 6/15/27 |  | 500000 |  | 496740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 10/1/28 |  | 340000 |  | 320896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 10/1/31 |  | 435000 |  | 386548 |
|  Applied Materials, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 6/15/29 |  | 135000 |  | 138254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 6/1/30 |  | 585000 |  | 529380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/15/31 |  | 115000 |  | 114388 |
|  Broadcom, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 2/15/28 |  | 515000 |  | 494300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.110%, 9/15/28 |  | 1942000 |  | 1947613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/15/29§ |  | 250000 |  | 248938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 7/12/29 |  | 325000 |  | 334641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/15/30 |  | 4500000 |  | 4632681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 10/15/30 |  | 180000 |  | 179924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 2/15/31 |  | 1250000 |  | 1143230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 11/15/31 |  | 1000000 |  | 1037657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 4/15/32§ |  | 200000 |  | 195882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 10/15/34 |  | 1405000 |  | 1407994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 7/15/35 |  | 1060000 |  | 1087584 |
|  Intel Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 5/11/27 |  | 1000000 |  | 987735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/5/27 |  | 500000 |  | 497430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 2/10/28 |  | 375000 |  | 380327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 11/15/29 |  | 1605000 |  | 1496448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 2/10/30 (x) |  | 355000 |  | 363853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 3/25/30 |  | 1000000 |  | 979780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/12/31 (x) |  | 750000 |  | 657643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 8/5/32 |  | 500000 |  | 481555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 2/10/33 |  | 335000 |  | 341790 |
|  KLA Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 3/15/29 |  | 625000 |  | 629407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 7/15/32 |  | 440000 |  | 446263 |
|  Lam Research Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/29 |  | 530000 |  | 532712 |
|  Marvell Technology, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 4/15/28 |  | 335000 |  | 322160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 6/22/28 |  | 350000 |  | 355684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 4/15/31 |  | 290000 |  | 268688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 9/15/33 |  | 470000 |  | 502640 |
|  Micron Technology, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.327%, 2/6/29 |  | 350000 |  | 360905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.703%, 4/15/32 |  | 220000 |  | 197220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 2/9/33 |  | 315000 |  | 334976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 1/15/35 |  | 750000 |  | 789893 |
|  NVIDIA Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.550%, 6/15/28 |  | 1000000 |  | 950134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 6/15/31 |  | 1000000 |  | 900223 |
|  NXP BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 5/1/27 |  | 165000 |  | 163017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 6/1/27 |  | 115000 |  | 115519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 12/1/28 |  | 335000 |  | 346979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 6/18/29 (x) |  | 750000 |  | 750645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 5/1/30 |  | 1215000 |  | 1170895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/11/31 |  | 500000 |  | 452200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 8/19/35 |  | 200000 |  | 202823 |
|  QUALCOMM, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/20/27 |  | 1500000 |  | 1492238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 5/20/30 |  | 500000 |  | 460893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/20/32 |  | 260000 |  | 259572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/20/35 |  | 315000 |  | 320569 |
|  Texas Instruments, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 11/3/27 |  | 355000 |  | 350892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 2/15/28 |  | 55000 |  | 55827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 9/4/29 (x) |  | 320000 |  | 301272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 9/15/31 |  | 600000 |  | 531827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 8/16/32 |  | 140000 |  | 134416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 3/14/33 |  | 650000 |  | 670954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 5/23/35 |  | 350000 |  | 360595 |
|  TSMC Arizona Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/22/27 |  | 460000 |  | 460074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 4/22/29 |  | 500000 |  | 500940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 4/22/32 |  | 345000 |  | 345148 |
|  |  |  |  | 36985127 |
|  ***Software (0.6%)*** |  |  |  |  |
|  Adobe, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 2/1/27 |  | 465000 |  | 457211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 1/17/35 |  | 750000 |  | 790462 |
|  AppLovin Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/1/29 |  | 1000000 |  | 1023110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 12/1/31 |  | 1000000 |  | 1036340 |
|  Autodesk, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/15/27 |  | 1000000 |  | 992926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 1/15/30 |  | 195000 |  | 184637 |
|  Fortinet, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 3/15/31 |  | 125000 |  | 111856 |
|  Intuit, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 7/15/27 |  | 165000 |  | 159320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 9/15/28 |  | 500000 |  | 515412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 9/15/33 |  | 650000 |  | 679827 |
|  Microsoft Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 2/6/27 |  | 1000000 |  | 996400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 6/15/27 |  | 310000 |  | 309148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 9/15/30 |  | 180000 |  | 161532 |
|  Oracle Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/15/27 |  | 1000000 |  | 978579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/6/28 |  | 610000 |  | 608291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 11/9/29 |  | 295000 |  | 308024 |

---

See Notes to Financial Statements.

594

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 4/1/30 | $| 5000000 | $| 4615860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 5/6/30 |  | 1000000 |  | 988033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 9/26/30 (x) |  | 625000 |  | 611193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 9/26/32 |  | 1060000 |  | 1023308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 2/6/33 |  | 525000 |  | 505809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 9/27/34 |  | 500000 |  | 463323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 8/3/35 |  | 1000000 |  | 980347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 9/26/35 |  | 1440000 |  | 1383633 |
|  Roper Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 9/15/27 |  | 375000 |  | 359127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 9/15/29 |  | 210000 |  | 200743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 6/30/30 |  | 440000 |  | 397896 |
|  Salesforce, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 4/11/28 |  | 375000 |  | 374781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 7/15/28 |  | 650000 |  | 615456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 7/15/31 |  | 1200000 |  | 1066313 |
|  ServiceNow, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 9/1/30 |  | 2000000 |  | 1763599 |
|  Synopsys, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 4/1/30 |  | 750000 |  | 765033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/1/32 |  | 500000 |  | 510519 |
|  VMware LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 8/21/27 |  | 2050000 |  | 2049763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 8/15/28 |  | 405000 |  | 382898 |
|  |  |  |  | 28370709 |
|  ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** |
|  Apple, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 2/9/27 (x) |  | 1500000 |  | 1494902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 5/11/27 |  | 923000 |  | 917819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/20/27 |  | 2060000 |  | 2041462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 2/8/28 |  | 1000000 |  | 950796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/10/28 |  | 355000 |  | 357642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 8/5/28 |  | 1000000 |  | 945422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 8/8/29 |  | 750000 |  | 735778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 9/11/29 |  | 750000 |  | 706833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 5/10/30 |  | 225000 |  | 227345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 5/11/30 |  | 440000 |  | 400602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 8/8/32 |  | 750000 |  | 719041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 5/10/33 |  | 500000 |  | 507063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/12/35 (x) |  | 1000000 |  | 1025352 |
|  Dell International LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 2/1/28 |  | 250000 |  | 255531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 10/1/29 |  | 1500000 |  | 1546836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 10/6/32 |  | 435000 |  | 434745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/1/35 |  | 500000 |  | 514673 |
|  Hewlett Packard Enterprise Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 7/1/28 |  | 500000 |  | 512193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 9/15/28 |  | 160000 |  | 160123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 10/15/30 |  | 500000 |  | 498267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 10/15/31 |  | 500000 |  | 504443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/15/34 |  | 1000000 |  | 991586 |
|  HP, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 1/15/28 |  | 500000 |  | 506001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 6/17/31 |  | 750000 |  | 676453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 4/15/32 |  | 500000 |  | 485466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 4/25/35 (x) |  | 355000 |  | 375042 |
|  NetApp, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 6/22/27 (x) |  | 300000 |  | 293116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 6/22/30 |  | 300000 |  | 279520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 3/17/35 |  | 250000 |  | 261605 |
|  Teledyne FLIR LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/1/30 |  | 250000 |  | 231387 |
|  Western Digital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 2/1/29 |  | 500000 |  | 477515 |
|  |  |  |  | 20034559 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 110846203 |
|  **Materials (0.7%)** |  |  |  |  |
|  ***Chemicals (0.3%)*** |  |  |  |  |
|  Air Products and Chemicals, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 5/15/27 |  | 195000 |  | 190032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 5/15/30 |  | 125000 |  | 114945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/3/33 |  | 500000 |  | 510051 |
|  Albemarle Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 6/1/27 |  | 250000 |  | 251610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 6/1/32 |  | 250000 |  | 251859 |
|  Cabot Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/1/29 |  | 500000 |  | 494411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/30/32 |  | 200000 |  | 203560 |
|  CF Industries, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 11/26/35 |  | 500000 |  | 498868 |
|  Dow Chemical Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 11/30/28 |  | 500000 |  | 506924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 1/15/31 |  | 250000 |  | 248586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 3/15/35 (x) |  | 1000000 |  | 991397 |
|  DuPont de Nemours, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.725%, 11/15/28§ |  | 432000 |  | 436773 |
|  Eastman Chemical Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/1/29 |  | 125000 |  | 127658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 3/8/33 |  | 750000 |  | 787126 |
|  Ecolab, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 2/1/27 |  | 1000000 |  | 977076 |
|  EIDP, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 5/15/33 (x) |  | 500000 |  | 500402 |
|  International Flavors & Fragrances, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 9/26/28 |  | 385000 |  | 387381 |
|  Linde, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100%, 8/10/30 |  | 500000 |  | 438625 |
|  LYB International Finance III LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 10/1/30 |  | 270000 |  | 240667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 1/15/31 |  | 60000 |  | 60268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 5/15/33 |  | 500000 |  | 507487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 5/15/35 |  | 60000 |  | 61603 |
|  Mosaic Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 11/15/27 (x) |  | 750000 |  | 750297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/15/28 |  | 105000 |  | 108280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 11/15/30 |  | 250000 |  | 250654 |
|  NewMarket Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 3/18/31 |  | 500000 |  | 457319 |
|  Nutrien Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 3/27/28 |  | 235000 |  | 239096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 4/1/29 |  | 280000 |  | 279665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 5/13/30 |  | 500000 |  | 472090 |
|  PPG Industries, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 8/15/29 |  | 250000 |  | 238856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/15/31 |  | 355000 |  | 354622 |
|  RPM International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 3/15/27 |  | 350000 |  | 348459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 3/1/29 |  | 500000 |  | 505600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 1/15/32 |  | 470000 |  | 425839 |

---

See Notes to Financial Statements.

595

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Sherwin-Williams Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 6/1/27 | $| 750000 | $| 744213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 8/15/29 |  | 500000 |  | 479721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 8/15/35 |  | 225000 |  | 228860 |
|  Westlake Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 6/15/30 |  | 280000 |  | 266999 |
|  |  |  |  | 14937879 |
|  ***Construction Materials (0.0%) †*** | ***Construction Materials (0.0%) †*** | ***Construction Materials (0.0%) †*** | ***Construction Materials (0.0%) †*** | ***Construction Materials (0.0%) †*** |
|  Eagle Materials, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/1/31 |  | 375000 |  | 340406 |
|  Martin Marietta Materials, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 6/1/27 |  | 321000 |  | 319002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/15/27 |  | 500000 |  | 496128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 7/15/31 |  | 250000 |  | 225690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/15/30 |  | 235000 |  | 218817 |
|  Vulcan Materials Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 4/1/27 |  | 130000 |  | 129860 |
|  |  |  |  | 1729903 |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** |
|  Amcor Finance USA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 5/26/33 |  | 320000 |  | 334659 |
|  Amcor Flexibles North America, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 9/15/26 |  | 500000 |  | 496262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.630%, 6/19/30 |  | 220000 |  | 203712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.690%, 5/25/31 (x) |  | 490000 |  | 447951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/17/35 |  | 350000 |  | 362273 |
|  AptarGroup, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/30/31 |  | 250000 |  | 251759 |
|  Avery Dennison Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 12/6/28 |  | 300000 |  | 306267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 3/15/33 |  | 250000 |  | 265122 |
|  Berry Global, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 1/15/27 |  | 500000 |  | 487374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/15/28 |  | 250000 |  | 257691 |
|  Packaging Corp. of America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 12/15/27 |  | 360000 |  | 356475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 12/1/33 |  | 280000 |  | 295105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 8/15/35 |  | 70000 |  | 71199 |
|  Sonoco Products Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/1/27 |  | 415000 |  | 406809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/1/34 (x) |  | 290000 |  | 287589 |
|  WRKCo., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/28 |  | 500000 |  | 498464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 6/1/28 |  | 175000 |  | 173980 |
|  |  |  |  | 5502691 |
|  ***Metals & Mining (0.2%)*** |  |  |  |  |
|  AngloGold Ashanti Holdings plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/1/28 |  | 385000 |  | 373719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 10/1/30 |  | 200000 |  | 191912 |
|  BHP Billiton Finance USA Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/28/28 |  | 500000 |  | 507825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 9/8/28 |  | 500000 |  | 514001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 9/8/30 |  | 500000 |  | 520179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 2/28/33 |  | 530000 |  | 539971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 9/8/33 |  | 500000 |  | 519652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 2/21/35 |  | 200000 |  | 206593 |
|  Freeport-McMoRan, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 8/1/30 |  | 1500000 |  | 1511556 |
|  Kinross Gold Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/15/33 |  | 500000 |  | 546435 |
|  Nucor Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 5/23/27 |  | 500000 |  | 503190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 5/1/28 |  | 1350000 |  | 1349792 |
|  Reliance, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 8/15/30 |  | 275000 |  | 248973 |
|  Rio Tinto Finance USA plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/14/32 |  | 500000 |  | 516031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/9/33 |  | 750000 |  | 769918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/14/35 |  | 915000 |  | 944784 |
|  Steel Dynamics, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 10/15/27 |  | 190000 |  | 182483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 5/15/35 |  | 210000 |  | 214747 |
|  Vale Overseas Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 7/8/30 |  | 1190000 |  | 1142852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 6/12/33 |  | 375000 |  | 401209 |
|  |  |  |  | 11705822 |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** |
|  Celulosa Arauco y Constitucion SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/2/27 |  | 500000 |  | 493660 |
|  Suzano Austria GmbH |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/15/28 |  | 210000 |  | 198581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/15/29 |  | 1000000 |  | 1028125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/15/30 |  | 2000000 |  | 2000020 |
|  |  |  |  | 3720386 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  |  | 37596681 |
|  **Real Estate (1.2%)** |  |  |  |  |
|  ***Diversified REITs (0.2%)*** |  |  |  |  |
|  Broadstone Net Lease LLC (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/1/32 |  | 105000 |  | 105051 |
|  Digital Realty Trust LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 8/15/27 |  | 1500000 |  | 1491452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 1/15/28 |  | 500000 |  | 513908 |
|  Equinix Europe 2 Financing Corp. LLC (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 11/15/30 |  | 250000 |  | 250482 |
|  GLP Capital LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 6/1/28 |  | 385000 |  | 394794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 1/15/32 |  | 250000 |  | 226188 |
|  Simon Property Group LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 6/15/27 |  | 1750000 |  | 1737974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 12/1/27 |  | 750000 |  | 743811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 2/1/28 |  | 500000 |  | 478855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 9/13/29 |  | 750000 |  | 708711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 7/15/30 |  | 500000 |  | 468327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 9/26/34 (x) |  | 120000 |  | 119611 |
|  VICI Properties LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 4/1/35 |  | 165000 |  | 168213 |
|  WP Carey, Inc. (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 7/15/29 |  | 250000 |  | 246197 |
|  |  |  |  | 7653574 |
|  ***Health Care REITs (0.1%)*** |  |  |  |  |
|  DOC DR LLC (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 3/15/27 |  | 250000 |  | 250382 |

---

See Notes to Financial Statements.

596

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Healthpeak OP LLC (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 2/1/27 | $| 1000000 | $| 970751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 12/1/28 |  | 795000 |  | 751751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/15/29 |  | 200000 |  | 194430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 12/15/32 |  | 375000 |  | 384824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 2/15/35 |  | 75000 |  | 76676 |
|  National Health Investors, Inc. (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/1/31 |  | 150000 |  | 136128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 2/1/33 |  | 40000 |  | 39955 |
|  Sabra Health Care LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 10/15/29 |  | 750000 |  | 733995 |
|  Welltower OP LLC (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 2/15/27 |  | 250000 |  | 246510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 4/15/28 |  | 1225000 |  | 1233695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 1/15/29 |  | 1165000 |  | 1096889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 7/1/35 |  | 855000 |  | 874378 |
|  |  |  |  | 6990364 |
|  ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** |
|  Host Hotels & Resorts LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/15/28 |  | 180000 |  | 180113 |
|  ***Industrial REITs (0.1%)*** |  |  |  |  |
|  Prologis LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 4/15/27 |  | 500000 |  | 489173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 12/15/27 |  | 680000 |  | 674033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 6/15/28 |  | 500000 |  | 511676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/15/28 |  | 300000 |  | 300312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/1/29 |  | 155000 |  | 156346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 11/15/29 |  | 185000 |  | 176719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 7/1/30 |  | 200000 |  | 179819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1/15/32 |  | 500000 |  | 442595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/15/34 |  | 750000 |  | 763825 |
|  Rexford Industrial Realty LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 12/1/30 |  | 250000 |  | 223690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 9/1/31 |  | 200000 |  | 175274 |
|  |  |  |  | 4093462 |
|  ***Office REITs (0.1%)*** |  |  |  |  |
|  Boston Properties LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 6/21/29 |  | 750000 |  | 724745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 1/30/31 (x) |  | 1500000 |  | 1406725 |
|  COPT Defense Properties LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/15/29 |  | 425000 |  | 396439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/15/30 |  | 100000 |  | 99575 |
|  Highwoods Realty LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 1/15/33 |  | 205000 |  | 204728 |
|  Kilroy Realty LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 12/15/28 (x) |  | 350000 |  | 351642 |
|  Piedmont Operating Partnership LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 7/15/29 (x) |  | 175000 |  | 185247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 8/15/30 |  | 500000 |  | 459178 |
|  |  |  |  | 3828279 |
|  ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** |
|  CBRE Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/1/31 |  | 250000 |  | 226874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 1/15/33 |  | 295000 |  | 296684 |
|  |  |  |  | 523558 |
|  ***Residential REITs (0.2%)*** |  |  |  |  |
|  American Homes 4 Rent LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/15/28 |  | 500000 |  | 501118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 7/15/31 |  | 160000 |  | 142860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 4/15/32 |  | 350000 |  | 329909 |
|  AvalonBay Communities, Inc. (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 5/15/27 |  | 175000 |  | 173597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 12/1/28 |  | 1250000 |  | 1180925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 12/1/30 |  | 210000 |  | 210561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 12/7/33 |  | 145000 |  | 150946 |
|  Camden Property Trust (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 10/15/28 |  | 215000 |  | 215796 |
|  ERP Operating LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 8/1/27 |  | 355000 |  | 351462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 12/1/28 |  | 300000 |  | 301395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 8/1/31 |  | 200000 |  | 176207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 9/15/34 |  | 320000 |  | 316619 |
|  Essex Portfolio LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 3/1/28 |  | 625000 |  | 593546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/1/29 |  | 500000 |  | 495758 |
|  Invitation Homes Operating Partnership LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 11/15/28 |  | 375000 |  | 356454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 8/15/30 |  | 300000 |  | 311900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 4/15/32 |  | 250000 |  | 242457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 8/15/33 |  | 500000 |  | 518088 |
|  Mid-America Apartments LP(REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 6/1/27 |  | 500000 |  | 498453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/15/29 |  | 750000 |  | 745552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 1/15/33 |  | 180000 |  | 179657 |
|  Store Capital LLC (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/15/28 |  | 275000 |  | 275432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/15/29 |  | 250000 |  | 248933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 11/18/30 |  | 250000 |  | 227043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 12/1/31 |  | 500000 |  | 441311 |
|  Sun Communities Operating LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 11/1/28 (x) |  | 310000 |  | 294704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 7/15/31 |  | 185000 |  | 168007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 4/15/32 |  | 250000 |  | 242469 |
|  Tanger Properties LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 9/1/31 |  | 200000 |  | 181000 |
|  UDR, Inc. (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/1/27 |  | 350000 |  | 346955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 1/15/30 |  | 1000000 |  | 960415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/15/31 |  | 150000 |  | 138594 |
|  |  |  |  | 11518123 |
|  ***Retail REITs (0.2%)*** |  |  |  |  |
|  Agree LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 6/15/28 |  | 320000 |  | 304934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 6/15/35 |  | 70000 |  | 73285 |
|  Brixmor Operating Partnership LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 3/15/27 |  | 250000 |  | 249247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 4/1/28 |  | 175000 |  | 167876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 5/15/29 |  | 375000 |  | 373434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 7/1/30 |  | 375000 |  | 369577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/16/31 (x) |  | 250000 |  | 224382 |
|  Federal Realty OP LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 7/15/27 |  | 500000 |  | 494278 |

---

See Notes to Financial Statements.

597

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 5/1/28 | $500000 | $512515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 6/15/29 | 500000 | 482705 |
|  Kimco Realty OP LLC (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 3/1/28 | 200000 | 191873 |
|  NNN REIT, Inc. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 10/15/28 | 665000 | 668568 |
|  Realty Income Corp. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 8/15/27 | 320000 | 319964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 3/15/28 | 500000 | 479993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 6/15/28 | 500000 | 479561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 12/15/28 | 350000 | 356345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/15/29 | 350000 | 339981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/15/29 | 225000 | 223766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 3/15/30 | 155000 | 159236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 10/13/32 | 250000 | 264902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 2/15/34 | 2000000 | 2053192 |
|  Regency Centers LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 2/1/27 | 360000 | 358351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/15/28 | 500000 | 501302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 9/15/29 | 250000 | 239311 |
|  |  | 9888578 |
|  ***Specialized REITs (0.3%)*** |  |  |
|  American Tower Corp. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 1/15/27 | 350000 | 345411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 3/15/27 | 400000 | 397960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/31/28 | 350000 | 331910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/15/28 | 500000 | 513800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 7/15/28 | 355000 | 364983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 11/15/28 | 415000 | 433111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/15/29 | 500000 | 495704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 1/15/30 | 240000 | 227686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 6/15/30 | 250000 | 226873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 10/15/30 | 1000000 | 891745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 4/15/31 | 600000 | 550521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 9/15/31 | 355000 | 315791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 12/15/32 | 105000 | 105147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 3/15/33 | 250000 | 262899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 3/15/35 | 790000 | 809797 |
|  Crown Castle, Inc. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 3/15/27 | 970000 | 956054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 9/1/27 | 750000 | 744178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/11/28 | 180000 | 182947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 9/1/28 | 415000 | 420969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 6/1/29 | 250000 | 259450 |
|  CubeSmart LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 12/15/28 | 500000 | 474182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/15/29 | 150000 | 150350 |
|  EPR Properties (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/15/30 | 500000 | 495866 |
|  Equinix, Inc. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 7/15/27 | 215000 | 207755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.550%, 3/15/28 (x) | 375000 | 355539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 5/15/28 | 350000 | 333823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 11/18/29 | 455000 | 436844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/15/31 (x) | 750000 | 679199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 4/15/32 | 500000 | 479761 |
|  Extra Space Storage LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/15/27 | 400000 | 398580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 4/1/28 | 330000 | 340643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 4/1/29 | 165000 | 162923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/15/29 | 500000 | 495415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/1/30 | 355000 | 369442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 10/15/31 | 350000 | 310634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 1/15/33 | 160000 | 161498 |
|  Public Storage Operating Co. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.094%, 9/15/27 | 300000 | 296456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 5/1/28 | 280000 | 267174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 11/9/28 | 415000 | 392645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 1/15/29 | 295000 | 304867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.385%, 5/1/29 | 320000 | 313049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 5/1/31 | 280000 | 253343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/9/31 | 310000 | 276552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 8/1/33 | 95000 | 98353 |
|  |  | 16891829 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 61567880 |
|  **Utilities (2.5%)** |  |  |
|  ***Electric Utilities (1.9%)*** |  |  |
|  AEP Texas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 5/15/32 | 250000 | 251069 |
|  Alabama Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 9/1/27 | 500000 | 500181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20-A<br> 1.450%, 9/15/30 | 500000 | 443680 |
|  American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 11/13/27 | 400000 | 394260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 3/1/30 | 150000 | 138626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 3/1/33 | 190000 | 199367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C<br> (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.13%), 5.800%, 3/15/56(k) | 675000 | 669309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J<br> 4.300%, 12/1/28 | 500000 | 503701 |
|  Appalachian Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA<br> 2.700%, 4/1/31 | 500000 | 457496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB<br> 4.500%, 8/1/32 | 85000 | 84049 |
|  Arizona Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 9/15/27 | 350000 | 344363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 8/15/29 | 250000 | 236547 |
|  Atlantic City Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/15/28 | 350000 | 350208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 3/15/31 | 250000 | 226489 |
|  Avangrid, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 6/1/29 | 750000 | 739639 |
|  Baltimore Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/15/31 | 500000 | 451369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 6/1/35 | 1000000 | 1036743 |
|  CenterPoint Energy Houston Electric LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 4/1/33 | 200000 | 203418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AE<br> 2.350%, 4/1/31 | 275000 | 248855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AG<br> 3.000%, 3/1/32 | 200000 | 183604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AQ<br> 4.950%, 8/15/35 | 440000 | 441314 |
|  Commonwealth Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 8/15/28(x) | 220000 | 219097 |

---

See Notes to Financial Statements.

598

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 122<br> 2.950%, 8/15/27 | $500000 | $492949 |
|  Connecticut Light & Power Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 8/15/34 | 125000 | 126202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br> 3.200%, 3/15/27 | 250000 | 248026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 7/1/31 | 500000 | 444126 |
|  DTE Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 5/15/35 | 440000 | 452876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br> 1.900%, 4/1/28 | 320000 | 306649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/32 | 250000 | 231286 |
|  Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 11/15/28 | 500000 | 500805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 8/15/29 | 300000 | 283906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 4/15/31 | 375000 | 344954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 3/15/32 | 220000 | 201667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 1/15/33 | 500000 | 513961 |
|  Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 8/15/27 | 750000 | 741755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 3/15/28 | 375000 | 376914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 6/15/29 | 310000 | 302510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 6/1/30 (x) | 250000 | 231886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 6/15/31 | 750000 | 683098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/15/32 | 355000 | 354400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 9/15/33 | 500000 | 529168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 9/15/35 | 500000 | 496035 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.59%), 6.450%, 9/1/54 (k) | 500000 | 523125 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.32%), 3.250%, 1/15/82 (k) | 280000 | 270900 |
|  Duke Energy Florida LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 1/15/27 | 650000 | 646165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 7/15/28 | 750000 | 748286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 6/15/30 | 215000 | 193580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 12/15/31 | 390000 | 352245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/15/33 | 225000 | 243127 |
|  Duke Energy Ohio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 4/1/33 | 35000 | 36243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 6/15/35 | 165000 | 170229 |
|  Duke Energy Progress LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 3/15/29 | 350000 | 344686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/15/31 | 500000 | 444091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 3/15/34 | 500000 | 514505 |
|  Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 6/15/27 | 40000 | 40682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/15/28 | 500000 | 494072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 11/15/28 | 285000 | 288783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 11/15/29 | 100000 | 106490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/15/32 | 500000 | 499723 |
|  Emera US Finance LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.639%, 6/15/31 | 335000 | 302453 |
|  Enel Chile SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 6/12/28 | 750000 | 759435 |
|  Entergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 6/15/28 | 1165000 | 1104846 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.67%), 7.125%, 12/1/54 (k) | 500000 | 523358 |
|  Entergy Louisiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 3/15/34 | 500000 | 520728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 9/15/34 | 1000000 | 1024132 |
|  Evergy Kansas Central, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 11/15/33 | 300000 | 321661 |
|  Evergy Metro, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 4/15/33 | 315000 | 320092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 8/15/35 | 65000 | 65752 |
|  Evergy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 9/15/29 | 500000 | 476452 |
|  Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 3/1/27 | 200000 | 197237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 7/1/27 | 350000 | 352080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 3/15/31 | 500000 | 452210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/1/32 | 200000 | 184949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 5/15/33 | 500000 | 504627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 7/15/34 | 1000000 | 1057660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R<br> 1.650%, 8/15/30 | 250000 | 220690 |
|  Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 3/15/27 | 500000 | 492713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/15/28 | 150000 | 153283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 3/15/32 | 500000 | 466606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 3/15/33 | 300000 | 312027 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.98%), 6.500%, 3/15/55 (k) | 500000 | 520000 |
|  FirstEnergy Transmission LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 1/15/33§ | 500000 | 499045 |
|  Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 4/1/28 | 585000 | 599608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 5/15/28 | 375000 | 379891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 5/15/30 | 500000 | 509498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 5/15/33 | 500000 | 509691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br> 3.300%, 5/30/27 | 250000 | 248590 |
|  Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 3/30/27 | 500000 | 496587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 5/16/28 | 500000 | 507800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 3/15/31 | 850000 | 871419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 5/15/32 | 250000 | 253597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 5/17/33 | 500000 | 510514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B<br> 2.650%, 9/15/29 (x) | 350000 | 332740 |
|  Indiana Michigan Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 5/15/28 | 1250000 | 1247853 |
|  Interstate Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 9/26/28 (x) | 450000 | 449803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 4/1/29 | 500000 | 489948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 6/1/30 | 125000 | 114580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 6/29/35 | 1125000 | 1172087 |
|  ITC Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 11/15/27 | 400000 | 395455 |
|  Jersey Central Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 1/15/31§ | 1000000 | 994543 |
|  MidAmerican Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 5/1/27 | 1000000 | 990137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 4/15/29 | 850000 | 840423 |
|  Mississippi Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/30/28 | 250000 | 249721 |

---

See Notes to Financial Statements.

599

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 1/15/27 | $400000 | $391711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 5/1/27 | 1500000 | 1491759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 7/15/27 | 500000 | 505178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 2/28/28 | 500000 | 509103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 6/15/28 | 750000 | 714808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/29 | 500000 | 489782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/28/30 | 500000 | 515325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/1/30 | 2500000 | 2300280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.440%, 1/15/32 | 400000 | 356294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/15/32 | 150000 | 153503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 2/28/33 | 500000 | 512020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/15/34 | 500000 | 514670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 3/15/35 | 500000 | 517197 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.46%), 6.750%, 6/15/54 (k) | 1000000 | 1066250 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 6.375%, 8/15/55 (k) | 500000 | 516250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 5/1/79 | 500000 | 504375 |
|  Northern States Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 4/1/31 (x) | 300000 | 272591 |
|  NSTAR Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 5/15/27 | 500000 | 495132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/15/29 | 500000 | 485540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 8/15/31 | 500000 | 440550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 3/1/35 | 190000 | 193938 |
|  Ohio Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 1/15/31 | 235000 | 206334 |
|  Oklahoma Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 8/15/28 (x) | 350000 | 348393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 1/15/33 | 350000 | 365665 |
|  Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 5/15/28 | 500000 | 504271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 11/15/28 | 1250000 | 1241389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 5/15/30 | 185000 | 174402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 6/1/32 | 95000 | 92909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 9/15/32 | 180000 | 179690 |
|  Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 6/15/27 (x) | 500000 | 508074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 8/1/27 | 750000 | 727279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/15/28 | 520000 | 504474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 1/15/29 | 500000 | 523335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 3/1/29 | 350000 | 347548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 7/1/30 | 3500000 | 3489026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/1/31 | 1085000 | 1010141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 1/15/33 | 85000 | 90224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 6/15/33 | 500000 | 540073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 5/15/34 | 500000 | 520365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 3/1/35 | 500000 | 514200 |
|  PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 2/15/34 | 2000000 | 2030783 |
|  PECO Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 6/15/33 | 210000 | 214490 |
|  PPL Capital Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 9/1/34 | 115000 | 117754 |
|  PPL Electric Utilities Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 2/15/34 | 1000000 | 1011147 |
|  Public Service Co. of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 6/15/28 | 350000 | 348008 |
|  Public Service Co. of New Hampshire |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V<br> 2.200%, 6/15/31 | 290000 | 260176 |
|  Public Service Co. of Oklahoma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 1/15/33 | 200000 | 205063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J<br> 2.200%, 8/15/31 | 250000 | 221746 |
|  Public Service Electric & Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 5/1/28 | 500000 | 497718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 9/1/28 | 300000 | 297696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 5/15/29 | 250000 | 243531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 1/15/30 | 165000 | 154977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 8/15/31 | 235000 | 207560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 8/1/33 | 500000 | 518213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 8/15/35 | 355000 | 357144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q<br> 5.050%, 3/1/35 | 115000 | 117490 |
|  Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 3/1/28 | 310000 | 316315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 8/1/29 | 660000 | 625220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/1/30 | 655000 | 593689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 6/1/31 | 750000 | 775969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 2/1/32 | 315000 | 280225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D<br> 4.700%, 6/1/27 | 500000 | 503749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G<br> 2.500%, 6/1/31 | 500000 | 448656 |
|  Southern Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.113%, 8/1/27 (e) | 500000 | 507697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 6/15/28 | 500000 | 508719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/15/29 | 200000 | 207637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 10/15/32 | 310000 | 328426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br> (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.07%), 6.375%, 3/15/55 (k) | 500000 | 520625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21-B<br> 1.750%, 3/15/28 | 210000 | 199935 |
|  Southwestern Electric Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M<br> 4.100%, 9/15/28 | 750000 | 749487 |
|  System Energy Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 12/15/34 | 185000 | 186300 |
|  Tampa Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 3/15/31 | 140000 | 127418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/1/35 | 350000 | 354763 |
|  Tucson Electric Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 8/1/30 | 225000 | 200113 |
|  Union Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 6/15/27 | 500000 | 494354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/15/29 | 500000 | 490354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 4/15/35 | 160000 | 164882 |
|  Virginia Electric and Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 11/15/31 | 500000 | 444561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/1/33 | 500000 | 512172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 8/15/33 | 500000 | 518535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 8/15/34 (x) | 105000 | 106365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/15/35 | 250000 | 254498 |

---

See Notes to Financial Statements.

600

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br> 3.500%, 3/15/27 | $| 750000 | $| 745999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 4/1/28 |  | 500000 |  | 498432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 7/15/29 |  | 175000 |  | 167852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B<br> 3.750%, 5/15/27 |  | 390000 |  | 389136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 9/15/35 |  | 500000 |  | 497711 |
|  Wisconsin Electric Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 6/15/28 |  | 310000 |  | 294505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 10/1/34 |  | 500000 |  | 494331 |
|  Wisconsin Power & Light Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 10/15/27 |  | 350000 |  | 344339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 9/16/31 |  | 250000 |  | 219291 |
|  Xcel Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 3/15/27 |  | 415000 |  | 403777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/15/28 |  | 500000 |  | 499586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 12/1/29 |  | 350000 |  | 328552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 11/15/31 |  | 500000 |  | 443214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 8/15/33 |  | 250000 |  | 258181 |
|  |  |  |  | 92743124 |
|  ***Gas Utilities (0.1%)*** |  |  |  |  |
|  Atmos Energy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/15/27 |  | 310000 |  | 306760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 9/15/29 |  | 800000 |  | 760134 |
|  CenterPoint Energy Resources Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/1/28 |  | 1000000 |  | 1025115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/28 |  | 500000 |  | 498965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 7/1/32 |  | 100000 |  | 98893 |
|  National Fuel Gas Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 9/15/27 |  | 300000 |  | 298643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 9/1/28 |  | 300000 |  | 303099 |
|  Piedmont Natural Gas Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/1/29 |  | 500000 |  | 488839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/15/31 |  | 380000 |  | 346438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 2/15/35 |  | 500000 |  | 507516 |
|  Southern California Gas Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 4/15/27 |  | 280000 |  | 276806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 6/15/35 |  | 1000000 |  | 1041203 |
|  Southwest Gas Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 3/23/28 |  | 335000 |  | 343308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 6/15/30 |  | 500000 |  | 454473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 3/15/32 |  | 150000 |  | 144649 |
|  Spire Missouri, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2034<br> 5.150%, 8/15/34 |  | 220000 |  | 225423 |
|  |  |  |  | 7120264 |
|  ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** |
|  AES Corp. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 6/1/28 |  | 500000 |  | 511340 |
|  Constellation Energy Generation LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 3/1/28 |  | 310000 |  | 319831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 3/1/33 |  | 355000 |  | 379137 |
|  Southern Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br> 4.250%, 10/1/30 |  | 125000 |  | 124736 |
|  |  |  |  | 1335044 |
|  ***Multi-Utilities (0.5%)*** |  |  |  |  |
|  Ameren Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 3/15/27 |  | 500000 |  | 488396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 3/15/28 |  | 375000 |  | 356269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 3/15/35 |  | 250000 |  | 257075 |
|  Ameren Illinois Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 5/15/28 |  | 350000 |  | 348772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.550%, 11/15/30 |  | 210000 |  | 185394 |
|  Black Hills Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 3/15/28 |  | 200000 |  | 207287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 10/15/29 |  | 250000 |  | 238858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 6/15/30 |  | 315000 |  | 291901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 1/31/31 |  | 225000 |  | 224918 |
|  CMS Energy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.96%), 6.500%, 6/1/55 (k) |  | 1000000 |  | 1027500 |
|  Consolidated Edison Co. of New York, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 5/15/28 |  | 550000 |  | 548193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 6/15/31 |  | 750000 |  | 685220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 3/1/33 |  | 500000 |  | 520926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B<br> 3.125%, 11/15/27 |  | 300000 |  | 296290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D<br> 4.000%, 12/1/28 |  | 500000 |  | 500948 |
|  Consumers Energy Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 3/1/28 |  | 500000 |  | 507858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 11/15/28 |  | 750000 |  | 747050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 2/15/29 |  | 500000 |  | 513098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 1/15/30 |  | 115000 |  | 117458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 8/15/32 |  | 335000 |  | 317727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 5/15/35 |  | 175000 |  | 177880 |
|  Dominion Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/1/28 |  | 500000 |  | 501188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 3/15/35 |  | 250000 |  | 256346 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.26%), 6.000%, 2/15/56 (k) |  | 500000 |  | 502500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br> 4.350%, 8/15/32 |  | 250000 |  | 245213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C<br> 2.250%, 8/15/31 |  | 455000 |  | 405324 |
|  DTE Energy Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 7/1/27 |  | 130000 |  | 131677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 6/1/28 |  | 415000 |  | 422032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/1/30 |  | 250000 |  | 236914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 4/1/30 |  | 500000 |  | 515663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 6/1/34 |  | 1000000 |  | 1066835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 6/15/29 |  | 164000 |  | 159421 |
|  NiSource, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.490%, 5/15/27 |  | 1250000 |  | 1241791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/30/28 |  | 450000 |  | 461409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 7/1/29 |  | 175000 |  | 180136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 9/1/29 |  | 350000 |  | 335756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 6/30/33 |  | 210000 |  | 217788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 7/15/35 |  | 250000 |  | 255530 |
|  Public Service Enterprise Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%, 8/15/30 |  | 500000 |  | 442660 |

---

See Notes to Financial Statements.

601

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 11/15/31 | $| 500000 | $447196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 10/15/33 |  | 500000 | 538229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 3/15/35 |  | 115000 | 118209 |
|  Puget Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.379%, 6/15/28 |  | 625000 | 598097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.224%, 3/15/32 |  | 355000 | 339910 |
|  San Diego Gas & Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 8/15/28 |  | 500000 | 512251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series VVV<br> 1.700%, 10/1/30 |  | 235000 | 209777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XXX<br> 3.000%, 3/15/32 |  | 500000 | 459804 |
|  Sempra |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/15/27 |  | 500000 | 494300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 4/1/29 |  | 445000 | 438052 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.87%), 4.125%, 4/1/52 (k) |  | 40000 | 39150 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.63%), 6.400%, 10/1/54 (k) |  | 1000000 | 1015000 |
|  Southern Co. Gas Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 9/15/32 |  | 250000 | 256529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 9/15/33 |  | 360000 | 381287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 9/15/34 |  | 500000 | 502340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B<br> 5.100%, 9/15/35 |  | 125000 | 125912 |
|  WEC Energy Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 10/1/27 |  | 355000 | 361699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 10/15/27 |  | 500000 | 477872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 1/15/28 |  | 250000 | 253845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 12/15/28 |  | 500000 | 475230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 10/15/30 |  | 172000 | 152966 |
|  |  |  | 24334856 |
|  ***Water Utilities (0.0%)†*** |  |  |  |
|  American Water Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 9/1/28 |  | 750000 | 746305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 6/1/29 |  | 500000 | 489295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 6/1/31 |  | 400000 | 360852 |
|  Essential Utilities, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.566%, 5/1/29 |  | 300000 | 294043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 8/15/35 |  | 350000 | 357291 |
|  |  |  | 2247786 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 127781074 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  |  | 1541964291 |
|  ***Foreign Government Securities (2.2%)*** | ***Foreign Government Securities (2.2%)*** | ***Foreign Government Securities (2.2%)*** |  |
|  Canada Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/26/28 (x) |  | 780000 | 782807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/30/29 (x) |  | 2335000 | 2396190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/18/30 (x) |  | 1500000 | 1515698 |
|  Export Development Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/25/27 |  | 1000000 | 991941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/14/28 |  | 750000 | 754372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/13/29 |  | 1500000 | 1522158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/20/30 |  | 1000000 | 1009855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 6/5/34 |  | 295000 | 307915 |
|  Export-Import Bank of Korea |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 1/18/27 |  | 364000 | 355835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 4/21/27 |  | 1500000 | 1472010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/15/27 |  | 323000 | 325171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/11/28 |  | 220000 | 225117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 1/14/30 |  | 1000000 | 1032270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 2/9/31 |  | 750000 | 659925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 1/18/32 |  | 356000 | 316726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 1/11/33 |  | 260000 | 271742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 9/18/33 |  | 345000 | 361846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 1/14/35 |  | 200000 | 212538 |
|  Italian Republic Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 10/17/29 |  | 1000000 | 962521 |
|  Japan Bank for International Cooperation |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 7/22/27 |  | 360000 | 364628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 11/16/27 |  | 475000 | 466772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 7/19/28 |  | 200000 | 204137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/31/28 |  | 2000000 | 1985304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/16/29 |  | 750000 | 709346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/17/29 |  | 430000 | 402344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 1/21/31 |  | 600000 | 525831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 1/24/31 |  | 1000000 | 1018474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 4/15/31 |  | 1200000 | 1080727 |
|  Japan International Cooperation Agency |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/27/27 |  | 690000 | 679478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/25/27 (x) |  | 750000 | 741759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 6/12/28 |  | 500000 | 495594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/21/29 |  | 200000 | 204775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 4/28/31 |  | 595000 | 526132 |
|  Oriental Republic of Uruguay |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/27/27 |  | 1666667 | 1677500 |
|  Province of Alberta |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 3/15/28 |  | 1250000 | 1239080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/26/29 |  | 500000 | 512168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 7/22/30 |  | 1100000 | 983466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/24/34 |  | 1500000 | 1518279 |
|  Province of British Columbia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 1/24/28 |  | 1500000 | 1530218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 4/24/29 |  | 500000 | 518069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 8/27/30 (x) |  | 1590000 | 1590741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 1/29/31 |  | 400000 | 353441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 7/6/33 |  | 680000 | 676145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 6/12/34 |  | 1000000 | 1023093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 6/11/35 |  | 1485000 | 1516753 |
|  Province of Manitoba |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/25/28 |  | 585000 | 550970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 7/27/33 |  | 500000 | 506146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 5/31/34 |  | 1000000 | 1031901 |
|  Province of New Brunswick |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 2/24/28 |  | 600000 | 598264 |
|  Province of Ontario |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 5/19/27 |  | 400000 | 396868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 1/18/29 |  | 1000000 | 1013163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/2/29 |  | 1250000 | 1174190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 1/15/30 |  | 1000000 | 1031933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 10/7/30 |  | 1000000 | 880080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%, 2/25/31 |  | 1000000 | 893310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 10/14/31 (x) |  | 1500000 | 1329001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 6/11/35 |  | 1000000 | 1028283 |
|  Province of Quebec |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/12/27 |  | 1750000 | 1730134 |

---

See Notes to Financial Statements.

602

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/3/29 | $2500000 | $2557710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 5/28/30 | 1000000 | 899645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 4/21/31 | 1250000 | 1125212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/5/34 | 1000000 | 989298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 8/28/35 (x) | 1000000 | 1008164 |
|  Republic of Chile |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 1/31/27 | 200000 | 196700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 1/31/31 | 325000 | 297213 |
|  Republic of Indonesia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 9/20/27 | 200000 | 200350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/11/28 | 1000000 | 991000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 1/11/28 | 400000 | 403500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 4/24/28 | 800000 | 801300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/11/29 | 2500000 | 2537500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 7/28/31 | 1250000 | 1109375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 3/31/32 | 200000 | 189800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 9/20/32 | 200000 | 201250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 1/11/33 | 400000 | 404250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 2/10/34 | 2000000 | 1996880 |
|  Republic of Korea |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 1/19/27 | 1750000 | 1732780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/20/28 (x) | 1000000 | 994190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 6/19/29 | 505000 | 483871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 10/15/31 | 210000 | 187398 |
|  Republic of Panama |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.160%, 1/23/30 | 1500000 | 1404000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 3/1/31 | 1500000 | 1662750 |
|  Republic of Peru |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.783%, 1/23/31 | 2240000 | 2073120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 1/15/34 | 2000000 | 1740000 |
|  Republic of Philippines |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.170%, 10/13/27 | 200000 | 203812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/1/28 | 1150000 | 1124125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 7/17/28 | 240000 | 242926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 1/14/29 | 975000 | 962812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.457%, 5/5/30 | 3360000 | 3131100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 5/14/34 | 2000000 | 2090000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/4/35 | 500000 | 529110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/5/35 | 1000000 | 1002500 |
|  Republic of Poland |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/18/29 | 500000 | 509580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 9/18/34 | 2000000 | 2045540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 2/12/35 | 1050000 | 1090163 |
|  State of Israel Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 1/17/28 | 750000 | 735937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 3/12/29 | 500000 | 514350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/15/30 | 515000 | 477141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/17/33 | 220000 | 214729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/12/34 | 1250000 | 1296238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 2/19/35 | 660000 | 687786 |
|  Svensk Exportkredit AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 3/22/27 | 500000 | 491313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 6/14/28 | 500000 | 506037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 7/29/30 (x) | 755000 | 752229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/4/30 | 600000 | 625452 |
|  United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 3/28/27 | 2745000 | 2742255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 1/11/28 | 855000 | 848160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/22/29 | 455000 | 457787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/16/30 | 2500000 | 2360000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 5/13/30 | 1000000 | 1047500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/22/31 | 1000000 | 988650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 3/22/33 | 1500000 | 1486095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/12/34 | 2000000 | 1730000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 9/22/35 | 1550000 | 1531012 |
|  **Total Foreign Government Securities** | **Total Foreign Government Securities** | 108796729 |
|  **Municipal Bonds (0.1%)** |  |  |
|  Arizona Salt River Project, Agricultural Improvement & Power District, Revenue Bonds, Series 2010A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.839%, 1/1/41 | 2000 | 1965 |
|  Central Puget Sound Regional Transit Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.491%, 11/1/39 | 4000 | 4111 |
|  City of Chicago, International Airport, Revenue Bonds, Series 2010B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.395%, 1/1/40 | 4000 | 4445 |
|  City of New York Municipal Water Finance Authority, Water & Sewer System, Revenue Bonds, Series 2010EE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.011%, 6/15/42 | 4000 | 4142 |
|  City of New York, Municipal Water Finance Authority, Water & Sewer System, Revenue Bonds, Series 2010GG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.724%, 6/15/42 | 2000 | 2012 |
|  County of Los Angeles Community College District, General Obligation Bonds, Series 2008-E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 8/1/49 | 4000 | 4436 |
|  County of Nashville & Davidson Convention Center Authority, Revenue Bonds,<br>Series 2010B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.731%, 7/1/43 | 204000 | 217301 |
|  Florida State Board of Administration Finance Corp. Revenue Bonds,<br>Series 2020A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.154%, 7/1/30 | 500000 | 460054 |
|  Georgia Municipal Electric Authority, Revenue Bonds, Series 2010A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.055%, 4/1/57 | 3000 | 3365 |
|  New Jersey Economic Development Authority, NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.425%, 2/15/29 | 1000000 | 1044400 |
|  Ohio State University (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.910%, 6/1/40 | 4000 | 4004 |
|  Pennsylvania Turnpike Commission, Revenue Bonds, Series 2010B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.511%, 12/1/45 | 1000 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.561%, 12/1/49 | 3000 | 2934 |
|  Regents of the University of California Medical Center Pooled Revenue,<br>Series 2022<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.132%, 5/15/32 | 250000 | 247956 |

---

See Notes to Financial Statements.

603

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  San Diego County Water Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.138%, 5/1/49 | $4000 | $4113 |
|  San Francisco Bay Area Toll Authority, Subordinate Toll Bridge, Revenue Bonds,<br>Series 2010-S1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.043%, 4/1/50 | 4000 | 4567 |
|  State Board of Administration Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.705%, 7/1/27 | 500000 | 485040 |
|  State of California Federally Taxable General Obligation Bonds Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/28 | 250000 | 249409 |
|  State of New York Urban Development Corp., Personal Income Tax, Revenue Bonds, Series 2009E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.770%, 3/15/39 | 2000 | 2060 |
|  State of Wisconsin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.154%, 5/1/27 | 1300000 | 1293239 |
|  University of California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.316%, 5/15/27 | 250000 | 241962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.614%, 5/15/30 | 125000 | 113556 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds** |  | 4396066 |
|  ***Supranational (2.5%)*** |  |  |
|  African Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/14/28 | 800000 | 813049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/18/29 | 2000000 | 1988364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/18/30 (x) | 750000 | 757265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/12/35 | 1195000 | 1219981 |
|  Asian Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 1/12/27 | 2500000 | 2473993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/20/27 | 2000000 | 1955782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/2/27 | 2500000 | 2453526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 1/14/28 (x) | 2000000 | 2031873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 1/19/28 | 1000000 | 983841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/25/28 | 1040000 | 1043737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 6/9/28 | 500000 | 473145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/25/28 | 1531000 | 1566406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 9/26/28 | 400000 | 394826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/6/29 | 1000000 | 1022186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 3/15/29 | 1000000 | 947422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 9/19/29 | 500000 | 466975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 1/24/30 | 1000000 | 930395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/28/30 | 1300000 | 1300613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 10/8/30 | 1000000 | 869032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 3/4/31 | 600000 | 535531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 4/27/32 | 500000 | 476869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/28/32 | 400000 | 397309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/12/33 | 85000 | 84901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/14/33 | 500000 | 494761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/22/35 | 500000 | 507026 |
|  Asian Infrastructure Investment Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 9/14/27 | 400000 | 401168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/15/28 | 535000 | 535557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/16/30 | 3000000 | 3088680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 3/13/34 | 500000 | 505415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/21/35 | 140000 | 143833 |
|  Corp. Andina de Fomento |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/8/27 | 650000 | 635649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 4/26/27 | 440000 | 451633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/7/28 | 1000000 | 1004216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/22/30 | 1000000 | 1034876 |
|  Council of Europe Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 1/26/28 (x) | 500000 | 500089 |
|  European Bank for Reconstruction & Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/9/28 | 1400000 | 1421225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 3/13/34 | 1500000 | 1512436 |
|  European Investment Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 3/15/27 | 2500000 | 2434913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/19/27 | 1500000 | 1513526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/24/27 | 1000000 | 983667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 10/21/27 (x) | 980000 | 929951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/15/28 | 800000 | 805639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/15/28 | 1500000 | 1511159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/16/28 | 750000 | 767823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/15/29 | 2000000 | 2022870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 3/15/29 | 800000 | 754941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 6/15/29 | 833000 | 863060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 10/9/29 | 410000 | 381302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/14/30 | 2000000 | 2060200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 7/15/30 | 960000 | 954709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 9/23/30 | 750000 | 653452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/15/30 | 1645000 | 1651854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 2/14/31 | 1475000 | 1301638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/13/31 | 750000 | 671874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/10/31 | 250000 | 256736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/16/32 (x) | 2592000 | 2633950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 2/14/33 | 815000 | 802511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/13/34 | 3500000 | 3506100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/12/35 | 570000 | 589513 |
|  Inter-American Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/13/27 | 1500000 | 1460703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 9/16/27 | 1000000 | 951125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/12/28 | 800000 | 806430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 7/20/28 | 1250000 | 1165184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 9/18/28 | 750000 | 740946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/18/29 | 1000000 | 955235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/14/29 | 800000 | 795906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/15/30 | 2000000 | 2059154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 1/13/31 | 3800000 | 3337220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/17/31 | 800000 | 789651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/13/33 | 800000 | 823081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/17/34 | 1000000 | 1016818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/16/35 | 415000 | 420034 |
|  Inter-American Investment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/15/28 | 750000 | 756186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/14/29 | 2000000 | 2030383 |
|  International Bank for Reconstruction & Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 6/15/27 | 1200000 | 1192911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 11/24/27 | 1855000 | 1760472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 4/20/28 | 2000000 | 1903644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 8/1/28 | 1000000 | 1025638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 9/13/28 | 2400000 | 2249464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/16/29 | 2000000 | 2014435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 10/23/29 | 1350000 | 1258721 |

---

See Notes to Financial Statements.

604

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/14/30 | $| 1030000 | $| 1036087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/20/30 |  | 2000000 |  | 2030625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/25/30 |  | 2475000 |  | 2499855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 8/26/30 |  | 1685000 |  | 1469925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/28/30 (x) |  | 1055000 |  | 1043057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 2/10/31 |  | 8500000 |  | 7506948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 11/3/31 |  | 1667000 |  | 1471606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 1/15/32 |  | 3000000 |  | 3112500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/29/32 |  | 2000000 |  | 1843097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/28/34 |  | 1476000 |  | 1448148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/27/35 |  | 1000000 |  | 1012216 |
|  International Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/13/28 |  | 450000 |  | 459325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 7/2/29 |  | 1400000 |  | 1427920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 8/27/30 |  | 750000 |  | 653629 |
|  Nordic Investment Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 9/8/27 |  | 643000 |  | 637175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/14/28 |  | 400000 |  | 406440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/28/29 |  | 2000000 |  | 2036098 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Supranational** |  |  |  | 125082965 |
|  **U.S. Government Agency Securities (1.3%)** | **U.S. Government Agency Securities (1.3%)** | **U.S. Government Agency Securities (1.3%)** | **U.S. Government Agency Securities (1.3%)** | **U.S. Government Agency Securities (1.3%)** |
|  FFCB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/14/28 |  | 1000000 |  | 1014516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.040%, 1/25/29 |  | 10000000 |  | 9273564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/30 |  | 2000000 |  | 2026847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.380%, 1/14/31 |  | 15000000 |  | 13336200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.970%, 9/17/35 |  | 250000 |  | 249743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/29/35 |  | 500000 |  | 498583 |
|  FHLB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/10/27 |  | 5000000 |  | 5028189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/4/27 |  | 800000 |  | 804227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/9/27 (x) |  | 7000000 |  | 7001811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/4/27 |  | 3600000 |  | 3595504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/16/28 (x) |  | 5000000 |  | 4970175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/15/36 |  | 3000 |  | 3288 |
|  FHLMC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 2/11/28 |  | 1000000 |  | 1000402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/20/28 |  | 1000000 |  | 999839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 9/19/30 |  | 250000 |  | 249176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 9/26/30 |  | 500000 |  | 499767 |
|  FNMA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 10/8/27 |  | 9000000 |  | 8581880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 8/5/30(x) |  | 5000000 |  | 4405351 |
|  Tennessee Valley Authority |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/1/30 |  | 660000 |  | 661945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/1/34 (x) |  | 730000 |  | 738808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 5/15/35 |  | 835000 |  | 860422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 2/1/27 |  | 1000000 |  | 993150 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** |  |  |  | 66793387 |
|  **U.S. Treasury Obligations (53.9%)** | **U.S. Treasury Obligations (53.9%)** | **U.S. Treasury Obligations (53.9%)** | **U.S. Treasury Obligations (53.9%)** | **U.S. Treasury Obligations (53.9%)** |
|  U.S. Treasury Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/31/27 |  | 20000000 |  | 20128394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/15/27 |  | 34000000 |  | 33527237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/15/27 |  | 25000000 |  | 25162002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/28/27 |  | 20000000 |  | 20137324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 3/15/27 |  | 15000000 |  | 15127125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/31/27 |  | 15000000 |  | 15066347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/30/27 (x) |  | 20000000 |  | 20064196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/31/27 |  | 15000000 |  | 15078885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 6/30/27 |  | 20000000 |  | 20080536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/15/27 |  | 20000000 |  | 20266750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 7/31/27 |  | 15000000 |  | 15089666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/27 |  | 25000000 |  | 24517155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/31/27 |  | 20000000 |  | 20046462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 9/15/27 |  | 25000000 |  | 24958942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 9/30/27 |  | 17000000 |  | 16115738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/30/27 |  | 20000000 |  | 20008150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/15/27 |  | 15000000 |  | 15103365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/27 |  | 15000000 |  | 15168497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/27 |  | 14000000 |  | 13690482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/27 |  | 20000000 |  | 20232688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 11/30/27 |  | 16500000 |  | 15638327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/30/27 |  | 10000000 |  | 10073120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/15/27 |  | 10000000 |  | 10099330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 12/31/27 |  | 22000000 |  | 20799427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/27 |  | 15000000 |  | 15113714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/15/28 |  | 15000000 |  | 15224856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/31/28 |  | 15000000 |  | 15004638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 2/15/28 |  | 23500000 |  | 23148510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/15/28 |  | 20000000 |  | 20311470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/29/28 |  | 15000000 |  | 15158465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/15/28 |  | 15000000 |  | 15124893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/31/28 |  | 17500000 |  | 17550727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/30/28 |  | 29000000 |  | 29000603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/28 |  | 60000000 |  | 59158908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 5/31/28 (x) |  | 51000000 |  | 48367370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/31/28 |  | 16000000 |  | 16045737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/15/28 |  | 15000000 |  | 15134172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/30/28 |  | 25000000 |  | 25298375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 7/15/28 |  | 20000000 |  | 20176918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 7/31/28 |  | 20000000 |  | 20303674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/28 |  | 49000000 |  | 48225775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/15/28 |  | 15000000 |  | 15043308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 8/31/28 |  | 10000000 |  | 9396254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/31/28 |  | 25000000 |  | 25535720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 9/15/28 |  | 10000000 |  | 9963027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/28 |  | 20000000 |  | 20571066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/28 |  | 25000000 |  | 25894348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/28 |  | 77500000 |  | 76655901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/15/28 |  | 10000000 |  | 9992875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/28 |  | 15000000 |  | 15345836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/28 |  | 38000000 |  | 38230082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 1/31/29 |  | 10000000 |  | 9478011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/31/29 |  | 25000000 |  | 25328030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 2/15/29 |  | 64000000 |  | 62244966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/28/29 |  | 35000000 |  | 35724290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/31/29 |  | 50000000 |  | 50859525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/30/29 |  | 10000000 |  | 10328490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/29 |  | 69000000 |  | 66391096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/31/29 |  | 25000000 |  | 25732423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/30/29 |  | 20000000 |  | 20439624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/31/29 |  | 10000000 |  | 10135492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/31/29 |  | 17000000 |  | 17007970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/30/29 |  | 10000000 |  | 9960455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/31/29 |  | 15000000 |  | 15206185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/29 |  | 20000000 |  | 20354688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/30/29 |  | 20000000 |  | 20357812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/29 |  | 15000000 |  | 15136064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/31/29 |  | 15000000 |  | 15411094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/31/30 |  | 15000000 |  | 14923829 |

---

See Notes to Financial Statements.

605

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/30 | $| 17500000 | $16084381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/28/30 |  | 10000000 | 10135153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/31/30 |  | 15000000 | 14982422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/31/30 |  | 20000000 | 20271866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/30/30 |  | 15000000 | 14905079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/31/30 |  | 13000000 | 13041318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 6/30/30 |  | 15000000 | 15049218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/30/30 |  | 12000000 | 12100313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 7/31/30 |  | 7500000 | 7561523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/31/30 |  | 15000000 | 15201963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 8/15/30 |  | 35000000 | 30480079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/31/30 |  | 20000000 | 19946876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 8/31/30 |  | 15000000 | 15276663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/30/30 |  | 10000000 | 9970312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/30 |  | 10000000 | 10400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/30 |  | 15000000 | 15772266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 11/15/30 |  | 15000000 | 13125000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/30/30 |  | 10000000 | 9909375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/30 |  | 7500000 | 7722656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/30 |  | 20000000 | 20029688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/31/31 |  | 18500000 | 18731250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 2/15/31 |  | 21300000 | 18768961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/31/31 |  | 15000000 | 15270704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/30/31 |  | 15000000 | 15629430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/15/31 |  | 40000000 | 35868752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 5/31/31 |  | 10000000 | 10421117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/30/31 |  | 12000000 | 12285000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 7/31/31 |  | 15000000 | 15262961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/15/31 |  | 45000000 | 39251952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/31/31 |  | 15000000 | 14966016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/30/31 |  | 15000000 | 14869195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/31 |  | 41000000 | 35753279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/30/31 |  | 15000000 | 15244921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/31/31 |  | 10000000 | 10361725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/32 |  | 40000000 | 35725672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/29/32 |  | 15000000 | 15232728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/31/32 |  | 10000000 | 10150565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/30/32 |  | 10000000 | 10079737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/32 |  | 22000000 | 20772330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 5/31/32 |  | 18000000 | 18262319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/30/32 |  | 12000000 | 12086880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/31/32 |  | 15000000 | 15101673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 8/15/32 |  | 40000000 | 37341320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/31/32 |  | 13000000 | 12985792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/30/32 |  | 5000000 | 4992191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 10/31/32 |  | 5000000 | 4952779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/32 |  | 17000000 | 17219749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/15/33 |  | 32000000 | 31147642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/15/33 |  | 37000000 | 35632772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/33 |  | 35000000 | 34770127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/33 |  | 36000000 | 37237590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/15/34 |  | 18000000 | 17979257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/34 |  | 27500000 | 28153111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/34 |  | 33000000 | 32556648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/15/34 |  | 32000000 | 32400038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/35 |  | 38000000 | 39517070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/35 |  | 29500000 | 29804251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/15/35 |  | 29500000 | 29775368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/35 |  | 12500000 | 12345704 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  |  | 2697052138 |
|  **Total Long-Term Debt Securities (90.8%)**<br> *(Cost $4,590,214,676)* | **Total Long-Term Debt Securities (90.8%)**<br> *(Cost $4,590,214,676)* | **Total Long-Term Debt Securities (90.8%)**<br> *(Cost $4,590,214,676)* | 4546276174 |
|  | **Number of<br>Shares** | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  PREFERRED STOCKS: |  |  |  |
|  **Financials (0.0%)†** |  |  |  |
|  ***Financial Services (0.0%)†*** |  |  |  |
|  FHLMC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Z<br> (0.00%, 7.88% Floor), 8.375% (k)(x)(y) \* |  | 17000 | 244800 |
|  FNMA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S<br> (0.00%, 7.75% Floor), 8.250% (k)(y)\* |  | 22000 | 335060 |
|  **Total Preferred Stocks (0.0%)†**<br> *(Cost $18,166)* | **Total Preferred Stocks (0.0%)†**<br> *(Cost $18,166)* | **Total Preferred Stocks (0.0%)†**<br> *(Cost $18,166)* | 579860 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |  |
|  **Fixed Income (8.1%)** |  |  |  |
|  Schwab Intermediate-Term U.S. Treasury ETF (x) |  | 1000000 | 25080000 |
|  Schwab Short-Term U.S. Treasury ETF (x) |  | 1200000 | 29244000 |
|  Vanguard Intermediate-Term Treasury ETF |  | 2900000 | 173797000 |
|  Vanguard Short-Term Treasury ETF (x) |  | 3000000 | 176190000 |
|  **Total Exchange Traded Funds (8.1%)**<br> *(Cost $414,627,605)* | **Total Exchange Traded Funds (8.1%)**<br> *(Cost $414,627,605)* | **Total Exchange Traded Funds (8.1%)**<br> *(Cost $414,627,605)* | 404311000 |
|  SHORT-TERM INVESTMENTS: |  |  |  |
|  ***Investment Companies (1.2%)*** | ***Investment Companies (1.2%)*** | ***Investment Companies (1.2%)*** |  |
|  BlackRock Liquidity FedFund, Institutional Shares 3.65%<br>(7 day yield) (xx) |  | 7000000 | 7000000 |
|  Dreyfus Treasury Obligations Cash Management Fund 3.65%<br>(7 day yield) (xx) |  | 1000000 | 1000000 |
|  Goldman Sachs Financial Square Government Fund 3.67%<br>(7 day yield) (xx) |  | 15000000 | 15000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) |  | 25715130 | 25715130 |
|  Morgan Stanley Institutional Liquidity Fund – Government Portfolio 3.69% (7 day yield) (xx) |  | 10000000 | 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 58715130 |
|  **Total Short-Term Investments (1.2%)**<br> *(Cost $58,715,130)* | **Total Short-Term Investments (1.2%)**<br> *(Cost $58,715,130)* | **Total Short-Term Investments (1.2%)**<br> *(Cost $58,715,130)* | 58715130 |
|  **Total Investments in Securities (100.1%)**<br> *(Cost $5,063,575,577)* | **Total Investments in Securities (100.1%)**<br> *(Cost $5,063,575,577)* | **Total Investments in Securities (100.1%)**<br> *(Cost $5,063,575,577)* | 5009882164 |
|  **Other Assets Less Liabilities (-0.1%)** | **Other Assets Less Liabilities (-0.1%)** | **Other Assets Less Liabilities (-0.1%)** | (3252402) |
|  **Net Assets (100%)** |  |  | $5006629762 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2025, the market value of these securities amounted to $4,833,591 or 0.1% of net assets.*  |

---

See Notes to Financial Statements.

606

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

*(e)* *Step Bond – Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of December 31, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of December 31, 2025.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(y)* *Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $85,405,633. This was collateralized by $28,605,779 of various U.S. Government Treasury Securities, ranging from 0.000% - 6.750%, maturing 1/29/26 - 8/15/55 and by cash of $58,715,130 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

---

| | | |
|:---|:---|:---|
| *CME* | *—* | *Chicago Mercantile Exchange* |
| *FFCB* | *—* | *Federal Farm Credit Bank* |
| *FHLB* | *—* | *Federal Home Loan Bank* |
| *FHLMC* | *—* | *Federal Home Loan Mortgage Corp.* |
| *Floor* | *—* | *The minimum dividend yield an investor can expect to receive* |
| *FNMA* | *—* | *Federal National Mortgage Association* |
| *ICE* | *—* | *Intercontinental Exchange* |
| *NATL-RE* | *—* | *Insured by National Public Finance Guarantee Corp.* |
| *REIT* | *—* | *Real Estate Investment Trust* |
| *SOFR* | *—* | *Secured Overnight Financing Rate* |
| *USD* | *—* | *United States Dollar* |

---

See Notes to Financial Statements.

607

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Asset-Backed Securities | $— | $2190598 | $— | $2190598 |
|  Corporate Bonds |  |  |  |  |
|  Communication Services |  | 90942168 |  | 90942168 |
|  Consumer Discretionary |  | 74510709 |  | 74510709 |
|  Consumer Staples |  | 90208622 |  | 90208622 |
|  Energy |  | 87884519 |  | 87884519 |
|  Financials |  | 638794744 |  | 638794744 |
|  Health Care |  | 129070354 |  | 129070354 |
|  Industrials |  | 92761337 |  | 92761337 |
|  Information Technology |  | 110846203 |  | 110846203 |
|  Materials |  | 37596681 |  | 37596681 |
|  Real Estate |  | 61567880 |  | 61567880 |
|  Utilities |  | 127781074 |  | 127781074 |
|  **Exchange Traded Funds** | 404311000 |  |  | 404311000 |
|  **Foreign Government Securities** |  | 108796729 |  | 108796729 |
|  **Municipal Bonds** |  | 4396066 |  | 4396066 |
|  **Preferred Stocks** |  |  |  |  |
|  Financials | 579860 |  |  | 579860 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 58715130 |  |  | 58715130 |
|  **Supranational** |  | 125082965 |  | 125082965 |
|  **U.S. Government Agency Securities** |  | 66793387 |  | 66793387 |
|  **U.S. Treasury Obligations** |  | 2697052138 |  | 2697052138 |
|  **Total Assets** | $**463605990** | $**4546276174** | $**—** | $**5009882164** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**463605990** | $**4546276174** | $**—** | $**5009882164** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $278758326 |
|  Long-term U.S. government debt securities | 593878592 |
|  | $872636918 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $466644075 |
|  Long-term U.S. government debt securities | 877300751 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343944826 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $49168051 |
|  Aggregate gross unrealized depreciation | (103329826) |
|  Net unrealized depreciation | $(54161775) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5064043939 |

---

See Notes to Financial Statements.

608

------

EQ/CORE BOND INDEX PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $5,063,575,577) | $5009882164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 17428113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $476) | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 41697782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 353899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 21374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 21830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 5069405580 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 58715130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1940963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 1131950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 380578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 294557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 312640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 62775818 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $5006629762 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $5225238566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (218608804) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $5006629762 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share,$1,388,208,562 / 145,940,884 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.51 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share,$3,618,421,200 / 381,095,808 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.49 |

---

*(x)* *Includes value of securities on loan of $85,405,633.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $163647700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 15267695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 236618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 179152013 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 16334008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 4627215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 3694897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 263802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 258960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 175180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 127700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 233779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 25715541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (1309537) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voluntary waiver from investment manager | (1689052) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 22716952 |
|  **NET INVESTMENT INCOME (LOSS)** | 156435061 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | (28366567) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 200956568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 200956618 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 172590051 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $329025112 |

---

See Notes to Financial Statements.

609

------

#### EQ ADVISORS TRUST
EQ/CORE BOND INDEX PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $156435061 | $141629430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (28366567) | (24757669) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 200956618 | 21230829 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 329025112 | 138102590 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (41394610) | (37096401) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (115469023) | (104291592) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (156863633) | (141387993) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (41278) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (115143) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total tax return of capital | (156421) |  |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 342,337 shares, respectively ] |  | 3123261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (5151822) shares, respectively ] |  | (47609236) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (261455) shares, respectively ] |  | (2394864) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (46880839) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 13,192,577 and 15,506,290 shares, respectively ] | 125686445 | 144354206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 5,141,908 shares, respectively ] |  | 47609236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 4,370,610 and 4,013,966 shares, respectively ] | 41435888 | 37096401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (34300947) and (20263749) shares, respectively ] | (328633372) | (188810741) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (161511039) | 40249102 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 36,533,854 and 72,719,457 shares, respectively ] | 347784279 | 673123680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 12,217,496 and 11,306,618 shares, respectively ] | 115584166 | 104291592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (82456331) and (53326374) shares, respectively ] | (780645322) | (496612558) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (317276877) | 280802714 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (478787916) | 274170977 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (306782858) | 270885574 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 5313412620 | 5042527046 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $5006629762 | $5313412620 |

---

See Notes to Financial Statements.

610

------

#### EQ ADVISORS TRUST
EQ/CORE BOND INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $9.21 | $9.22 | $9.01 | $10.07 | $10.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.27 | 0.23 | 0.19 | 0.14 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.32 | (0.01) | 0.22 | (1.03) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.59 | 0.22 | 0.41 | (0.89) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.29) | (0.23) | (0.20) | (0.15) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.02) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.29) | (0.23) | (0.20) | (0.17) | (0.20) |
|  Net asset value, end of year | $9.51 | $9.21 | $9.22 | $9.01 | $10.07 |
|  Total return | 6.43 | 2.41% | 4.51% | (8.76)% | (2.08)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $1388209 | $1498765 | $1459781 | $1493043 | $1847383 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.62 | 0.64 %(i) | 0.64% | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.68 | 0.68% | 0.69% | 0.68% | 0.66% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 2.88 | 2.50% | 2.05% | 1.50% | 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 2.82 | 2.46% | 2.00% | 1.47% | 1.17% |
|  Portfolio turnover rate^ | 17 | 19% | 21% | 18% | 24% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $9.20 | $9.21 | $8.99 | $10.05 | $10.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.30 | 0.26 | 0.21 | 0.16 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.31 | (0.01) | 0.23 | (1.02) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.61 | 0.25 | 0.44 | (0.86) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.32) | (0.26) | (0.22) | (0.18) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.02) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.32) | (0.26) | (0.22) | (0.20) | (0.22) |
|  Net asset value, end of year | $9.49 | $9.20 | $9.21 | $8.99 | $10.05 |
|  Total return | 6.59 | 2.67% | 4.89% | (8.55)% | (1.86)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $3618421 | $3814647 | $3536068 | $3546880 | $4808382 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.37 | 0.39 %(i) | 0.39% | 0.40% | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.43 | 0.43% | 0.44% | 0.43% | 0.41% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 3.13 | 2.76% | 2.30% | 1.74% | 1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 3.07 | 2.71% | 2.26% | 1.71% | 1.42% |
|  Portfolio turnover rate^ | 17 | 19% | 21% | 18% | 24% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(i)* *Includes voluntary waiver from investment manager of 0.03% and 0.01% for years ended December 31, 2025 and 2024, respectively.* 

See Notes to Financial Statements.

611

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Asset-Backed Securities (11.4%)** | **Asset-Backed Securities (11.4%)** | **Asset-Backed Securities (11.4%)** |
|  Affirm Asset Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A 1A<br>5.610%, 2/15/29§ | $525000 | $525852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A<br>5.610%, 2/15/29§ | 150000 | 150243 |
|  Ally Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 A3<br>3.960%, 3/15/30 | 170000 | 170563 |
|  American Credit Acceptance Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3 C<br>6.440%, 10/12/29§ | 145794 | 146537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 C<br>5.110%, 3/12/31§ | 255000 | 256601 |
|  AmeriCredit Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3 C<br>1.410%, 8/18/27 | 219410 | 218004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1 B<br>5.570%, 3/20/28 | 450000 | 453585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A3<br>5.430%, 1/18/29 | 359237 | 362399 |
|  Applebee's Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2<br>6.720%, 6/7/55§ | 720000 | 725240 |
|  Aqua Finance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A A<br>1.540%, 7/17/46§ | 92809 | 85662 |
|  AutoNation Finance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A3<br>4.620%, 11/13/29§ | 180000 | 181690 |
|  Auxilior Term Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A2<br>6.180%, 12/15/28§ | 29241 | 29386 |
|  Avis Budget Rental Car Funding AESOP LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A A<br>5.440%, 2/22/28§ | 940000 | 951459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A<br>5.360%, 6/20/30§ | 120000 | 123878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A A<br>5.120%, 8/20/31§ | 100000 | 102618 |
|  BHG Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1CON A<br>5.810%, 4/17/35§ | 52705 | 53862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2CON A<br>4.840%, 9/17/36§ | 228270 | 230437 |
|  Bluepeak ABS Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2<br>5.858%, 12/20/55§ | 740000 | 742232 |
|  BMW Vehicle Lease Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2 A3<br>4.180%, 10/25/27 | 300000 | 301056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 A3<br>4.430%, 6/26/28 | 135000 | 136219 |
|  BofA Auto Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A3<br>4.350%, 11/20/29§ | 125000 | 125860 |
|  Bridgecrest Lending Auto Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3 B<br>5.370%, 10/16/28 | 175000 | 175864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 A3<br>4.780%, 12/15/28 | 345000 | 346655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3 A3<br>4.660%, 1/15/29 | 235000 | 236229 |
|  CarMax Auto Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2 A3<br>5.050%, 1/18/28 | 256941 | 258319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4 A3<br>4.600%, 10/15/29 | 665000 | 672000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 A3<br>4.480%, 3/15/30 | 240000 | 242866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4 A3<br>3.970%, 12/16/30 | 220000 | 220411 |
|  CarMax Select Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A A3<br>4.770%, 9/17/29 | 380000 | 383326 |
|  Carvana Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-P1 A3<br>5.980%, 12/10/27§ | 79456 | 79586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P2 A3<br>5.330%, 7/10/29 | 175076 | 176393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P4 A3<br>4.640%, 1/10/30 | 120000 | 120736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P2 A4<br>4.750%, 6/10/31 | 500000 | 508382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P3 A3<br>4.040%, 11/11/30 | 155000 | 155424 |
|  Chesapeake Funding II LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A1<br>5.650%, 5/15/35§ | 118112 | 118693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A1<br>5.520%, 5/15/36§ | 107940 | 108975 |
|  Citizens Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A3<br>5.110%, 4/17/28§ | 111180 | 111825 |
|  Cloud Capital Holdco LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A2<br>5.781%, 11/22/49§ | 3260000 | 3283682 |
|  Compass Datacenters Issuer II LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A1<br>5.022%, 8/25/49§ | 195000 | 195753 |
|  Compass Datacenters Issuer III LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2<br>5.656%, 2/25/50§ | 120000 | 121640 |
|  Consolidated Communications LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A B<br>6.506%, 5/20/55§ | 3560000 | 3640383 |
|  Credit Acceptance Auto Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A<br>6.480%, 3/15/33§ | 42370 | 42405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A B<br>6.610%, 7/15/33§ | 435000 | 438456 |

---

See Notes to Financial Statements.

612

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A C<br>7.620%, 12/15/33§ | $100000 | $103219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A<br>5.020%, 3/15/35§ | 365000 | 370282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A B<br>4.870%, 1/15/36§ | 310000 | 312888 |
|  Crockett Partners Equipment Co. IIA LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1C A<br>6.050%, 1/20/31§ | 258747 | 261857 |
|  CyrusOne Data Centers Issuer I LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2<br>5.910%, 2/20/50§ | 350000 | 356924 |
|  Dell Equipment Finance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3 A3<br>5.930%, 4/23/29§ | 270914 | 272392 |
|  DLLMT LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A3<br>5.340%, 3/22/27§ | 228985 | 229926 |
|  Drive Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2 B<br>4.520%, 7/16/29 | 420000 | 421688 |
|  Enterprise Fleet Financing LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3 A2<br>4.380%, 7/20/29§ | 6251 | 6254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2 A2<br>5.560%, 4/22/30§ | 115111 | 115774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A3<br>5.160%, 9/20/30§ | 150000 | 152914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3 A4<br>5.060%, 3/20/31§ | 245000 | 250419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 A3<br>4.820%, 2/20/29§ | 175000 | 177925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3 A3<br>4.460%, 9/20/29§ | 430000 | 435343 |
|  Exeter Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4A C<br>5.480%, 8/15/30 | 200000 | 202078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A A3<br>4.740%, 1/16/29 | 630000 | 631859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4A A3<br>4.390%, 9/17/29 | 85000 | 85384 |
|  Exeter Select Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 A3<br>4.690%, 4/15/30 | 105000 | 106160 |
|  First Investors Auto Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A C<br>4.750%, 12/15/31§ | 350000 | 350631 |
|  Flagship Credit Auto Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2 C<br>5.810%, 5/15/29§ | 460000 | 459339 |
|  Ford Credit Auto Lease Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A A3<br>4.720%, 6/15/28 | 220000 | 221969 |
|  Ford Credit Auto Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A<br>1.370%, 10/17/33§ | 275000 | 272916 |
|  Frontier Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1 A2<br>6.600%, 8/20/53§ | 605000 | 610831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A2<br>6.190%, 6/20/54§ | 170000 | 174220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 B<br>7.020%, 6/20/54§ | 1588000 | 1653383 |
|  GECU Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A3<br>5.630%, 8/15/28§ | 198042 | 199042 |
|  GLS Auto Receivables Issuer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A B<br>5.770%, 11/15/28§ | 395000 | 397853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A B<br>5.080%, 1/16/29§ | 205000 | 206380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4A A3<br>4.750%, 7/17/28§ | 135000 | 135289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A C<br>5.110%, 1/15/31§ | 150000 | 152709 |
|  GLS Auto Select Receivables Issuer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4A A2<br>4.170%, 2/18/31§ | 145000 | 145480 |
|  GLS Auto Select Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A2<br>5.580%, 6/17/30§ | 51965 | 52469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A A2<br>5.590%, 10/15/29§ | 179949 | 182021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4A A2<br>4.430%, 12/17/29§ | 134566 | 135053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2<br>4.710%, 4/15/30§ | 179783 | 180996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A A2<br>4.460%, 10/15/30§ | 175738 | 176390 |
|  GM Financial Automobile Leasing Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 A3<br>4.660%, 2/21/28 | 295000 | 297380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3 A3<br>4.170%, 8/21/28 | 390000 | 392169 |
|  GM Financial Revolving Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A<br>1.170%, 6/12/34§ | 195000 | 191234 |
|  GreenSky Home Improvement Issuer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2 A4<br>5.150%, 10/27/59§ | 45302 | 45970 |
|  GreenSky Home Improvement Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A3<br>5.550%, 6/25/59§ | 195000 | 200699 |
|  Hertz Vehicle Financing III LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A A<br>5.940%, 2/25/28§ | 630000 | 639269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A<br>5.440%, 1/25/29§ | 375000 | 383034 |
|  Hertz Vehicle Financing LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A A<br>2.330%, 6/26/28§ | 400000 | 390783 |

---

See Notes to Financial Statements.

613

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Hilton Grand Vacations Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A C<br>5.570%, 1/25/37§ | $31391 | $31702 |
|  Huntington Auto Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A3<br>5.230%, 1/16/29§ | 234167 | 236776 |
|  Hyundai Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B A3<br>4.360%, 12/17/29 | 175000 | 176638 |
|  LAD Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4A B<br>6.390%, 10/16/28§ | 190000 | 192081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A4<br>5.170%, 9/15/28§ | 125000 | 125711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A3<br>5.610%, 8/15/28§ | 152070 | 152873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A A3<br>4.520%, 3/15/29§ | 180000 | 180624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A3<br>4.690%, 7/16/29§ | 470000 | 473012 |
|  M&T Bank Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A3<br>4.730%, 6/17/30§ | 150000 | 151924 |
|  M&T Equipment Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A3<br>5.740%, 7/15/30§ | 148637 | 149401 |
|  Merchants Fleet Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A<br>7.210%, 5/20/36§ | 202832 | 203719 |
|  Mercury Financial Credit Card Master Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A<br>6.560%, 7/20/29§ | 355000 | 357784 |
|  MetroNet Infrastructure Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A A2<br>5.400%, 8/20/55§ | 220000 | 222436 |
|  Mission Lane Credit Card Master Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B A<br>5.880%, 1/15/30§ | 330000 | 332601 |
|  MVW LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A<br>5.320%, 2/20/43§ | 85903 | 87665 |
|  Navient Private Education Refi Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GA A<br>2.400%, 10/15/68§ | 32335 | 31383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-EA A<br>0.970%, 12/16/69§ | 640587 | 576431 |
|  New Economy Assets - Phase 1 Sponsor LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A1<br>1.910%, 10/20/61§ | 695000 | 567572 |
|  NextGear Floorplan Master Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A A2<br>4.230%, 10/15/30§ | 240000 | 240419 |
|  Octagon 55 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A D1R<br>6.721%, 3/20/38 (l)§ | 2015000 | 2022329 |
|  Octane Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A2<br>5.800%, 7/20/32§ | 207249 | 209020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2<br>4.250%, 2/20/31§ | 450000 | 450437 |
|  OHA Credit Funding 2 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A D1R2<br>6.570%, 1/21/38 (l)§ | 2850000 | 2859707 |
|  OneMain Financial Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-S1 A<br>4.130%, 5/14/35§ | 368802 | 368765 |
|  OWN Equipment Fund I LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2M A<br>5.700%, 12/20/32§ | 397205 | 403193 |
|  PenFed Auto Receivables Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A3<br>4.700%, 6/15/29§ | 190000 | 190821 |
|  Planet Fitness Master Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2I<br>5.274%, 12/6/55§ | 200000 | 201170 |
|  Point Broadband Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2<br>5.336%, 7/20/55§ | 3100000 | 3117295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A B<br>5.727%, 7/20/55§ | 3930000 | 3976438 |
|  Post Road Equipment Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A2<br>5.590%, 11/15/29§ | 30556 | 30688 |
|  Prestige Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A C<br> 5.650%, 2/15/28§ | 202677 | 203010 |
|  Regional Management Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A<br>5.830%, 7/15/36§ | 150000 | 153070 |
|  Republic Finance Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A<br>5.910%, 8/20/32§ | 235000 | 237310 |
|  Santander Drive Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1 C<br>5.090%, 5/15/30 | 101455 | 102221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3 C<br>5.770%, 11/15/30 | 155000 | 157897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4 B<br>5.770%, 12/15/28 | 325000 | 328129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5 B<br>6.160%, 12/17/29 | 495000 | 502689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3 A3<br>5.630%, 1/16/29 | 198383 | 199150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4 A3<br>4.850%, 1/16/29 | 202544 | 203072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 A3<br>4.670%, 8/15/29 | 340000 | 341692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3 A2<br>4.630%, 10/16/28 | 280761 | 281646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4 A3<br>4.170%, 4/15/30 | 290000 | 290767 |

---

See Notes to Financial Statements.

614

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  SBNA Auto Lease Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A3<br>5.390%, 11/20/26§ | $| 37933 | $| 38000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B A3<br>5.560%, 11/22/27§ |  | 217201 |  | 218377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C A3<br>4.560%, 2/22/28§ |  | 91834 |  | 92064 |
|  SCF Equipment Leasing LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A3<br>5.520%, 1/20/32§ |  | 190000 |  | 193705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A3<br>5.110%, 11/21/33§ |  | 325000 |  | 330253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A A3<br>4.330%, 6/20/36§ |  | 445000 |  | 446358 |
|  SEB Funding LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A2<br>7.386%, 4/30/54§ |  | 240000 |  | 245972 |
|  SFS Auto Receivables Securitization Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A3<br>5.470%, 10/20/28§ |  | 208685 |  | 210009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A A3<br>4.550%, 6/20/30§ |  | 145000 |  | 145742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A3<br>4.750%, 7/22/30§ |  | 145000 |  | 146552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A A3<br>4.440%, 12/20/30§ |  | 495000 |  | 499236 |
|  Shentel Issuer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2<br>5.640%, 12/20/55§ |  | 545000 |  | 550020 |
|  Sierra Timeshare Receivables Funding LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A<br>5.140%, 6/20/41§ |  | 178736 |  | 181108 |
|  SMB Private Education Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D A1A<br>1.340%, 3/17/53§ |  | 127491 |  | 120801 |
|  SoFi Consumer Loan Program Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 A<br>4.820%, 6/25/34§ |  | 115324 |  | 115819 |
|  SoFi Professional Loan Program Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A A2FX<br>2.540%, 5/15/46§ |  | 34613 |  | 33519 |
|  Stack Infrastructure Issuer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A A2<br>5.900%, 7/25/48§ |  | 6510000 |  | 6545798 |
|  Stellantis Financial Underwritten Enhanced Lease Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BA A3<br>4.270%, 1/22/29§ |  | 455000 |  | 457841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CA A3<br>4.110%, 4/20/29§ |  | 780000 |  | 781102 |
|  Stream Innovations Issuer Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A<br>6.270%, 7/15/44§ |  | 63832 |  | 67358 |
|  Toyota Lease Owner Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B A3<br>3.960%, 11/20/28§ |  | 330000 |  | 331005 |
|  TRTX Issuer Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL6 C<br>6.130%, 9/18/42 (l)§ |  | 4060000 |  | 4059595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL7 A<br>5.480%, 6/18/43 (l)§ |  | 3250000 |  | 3251018 |
|  USB Auto Owner Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A3<br>4.490%, 6/17/30§ |  | 70000 |  | 70711 |
|  Volofin Finance DAC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A<br>5.935%, 6/15/37§ |  | 236128 |  | 240654 |
|  VStrong Auto Receivables Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A B<br>5.770%, 7/15/30§ |  | 48000 |  | 48757 |
|  Westlake Automobile Receivables Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A C<br>6.020%, 9/15/28§ |  | 615000 |  | 621714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A3<br>5.560%, 2/15/28§ |  | 200000 |  | 200859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A A3<br>4.710%, 4/17/28§ |  | 265000 |  | 265896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A3<br>4.750%, 8/15/28§ |  | 475000 |  | 477882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A A3<br>4.510%, 5/15/29§ |  | 140000 |  | 140947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A A3<br>4.220%, 6/15/29§ |  | 205000 |  | 205696 |
|  Wheels Fleet Lease Funding LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A<br>5.800%, 4/18/38§ |  | 219749 |  | 221190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A1<br>5.490%, 2/18/39§ |  | 171757 |  | 173954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A1<br>4.870%, 6/21/39§ |  | 198741 |  | 200743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A A1<br>4.800%, 9/19/39§ |  | 187710 |  | 189725 |
|  World Omni Auto Receivables Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C A3<br>4.430%, 12/17/29 |  | 280000 |  | 281456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C A3<br>4.080%, 11/15/30 |  | 505000 |  | 507644 |
|  Zayo Issuer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2<br>5.648%, 3/20/55§ |  | 1150000 |  | 1168109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A A2<br>5.953%, 6/20/55§ |  | 8705000 |  | 8916036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A A2<br>5.570%, 10/20/55§ |  | 790000 |  | 791182 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  |  |  | 85557856 |
|  **Collateralized Mortgage Obligations (1.9%)** | **Collateralized Mortgage Obligations (1.9%)** | **Collateralized Mortgage Obligations (1.9%)** | **Collateralized Mortgage Obligations (1.9%)** | **Collateralized Mortgage Obligations (1.9%)** |
|  Connecticut Avenue Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04 1B1<br>9.124%, 3/25/42 (l)§ |  | 2850000 |  | 2988260 |
|  FHLMC STACR REMIC Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2 B1<br>8.624%, 2/25/42 (l)§ |  | 1380000 |  | 1434320 |

---

See Notes to Financial Statements.

615

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA6 M2<br>9.624%, 9/25/42 (l)§ | $| 3700000 | $| 3986199 |
|  GNMA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-149 IP<br>4.000%, 10/20/46 IO |  | 2006517 |  | 366488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-120 EI<br>5.500%, 2/20/47 IO |  | 1197345 |  | 185263 |
|  JP Morgan Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VIS1 A2<br>5.695%, 8/25/55 (e)§ |  | 5393722 |  | 5434689 |
|  **Total Collateralized Mortgage Obligations** |  |  |  | 14395219 |
|  **Commercial Mortgage-Backed Securities (4.9%)** | **Commercial Mortgage-Backed Securities (4.9%)** | **Commercial Mortgage-Backed Securities (4.9%)** | **Commercial Mortgage-Backed Securities (4.9%)** | **Commercial Mortgage-Backed Securities (4.9%)** |
|  ALA Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-OANA A<br>5.494%, 6/15/40 (l)§ |  | 150000 |  | 150562 |
|  BANK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN27 A5<br>2.144%, 4/15/63 |  | 250000 |  | 223587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN34 A5<br>2.438%, 6/15/63 |  | 660000 |  | 582794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN37 A5<br>2.618%, 11/15/64 (l) |  | 755000 |  | 675164 |
|  BANK5, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5YR3 A3<br>6.724%, 9/15/56 (l) |  | 385000 |  | 406737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5YR4 A3<br>6.500%, 12/15/56 |  | 142826 |  | 150260 |
|  BANK5 Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5YR6 A3<br>6.225%, 5/15/57 |  | 740000 |  | 779242 |
|  BBCMS Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C12 A5<br>2.689%, 11/15/54 |  | 755000 |  | 677419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C25 A3<br>5.946%, 3/15/57 |  | 400000 |  | 418473 |
|  Benchmark Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B28 A5<br>2.224%, 8/15/54 |  | 780000 |  | 689556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-V2 A3<br>5.812%, 5/15/55 (l) |  | 470000 |  | 485284 |
|  BFLD Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-660F A<br>5.250%, 11/15/42 (l)§ |  | 350000 |  | 350982 |
|  BPR Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NRD A<br>5.276%, 12/15/38 (l)§ |  | 420000 |  | 417656 |
|  BX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT4 A<br>5.242%, 6/15/41 (l)§ |  | 420000 |  | 419739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DELC A<br>5.507%, 12/15/42 (l)§ |  | 180000 |  | 180224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VLT7 A<br>5.450%, 7/15/44 (l)§ |  | 735000 |  | 734518 |
|  CFCRE Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C4 D<br>4.837%, 5/10/58 (l)§ |  | 1300000 |  | 1270963 |
|  Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CBM A2<br>5.867%, 12/10/41 (l)§ |  | 100000 |  | 101499 |
|  CSMC LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA A1<br>3.304%, 9/15/37§ |  | 272399 |  | 250576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA A2<br>3.953%, 9/15/37§ |  | 575000 |  | 528928 |
|  DC Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DC A<br>6.314%, 9/12/40§ |  | 295000 |  | 303961 |
|  DROP Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FILE A<br>5.014%, 10/15/43 (l)§ |  | 420000 |  | 409201 |
|  Extended Stay America Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ESH A<br>5.050%, 10/15/42 (l)§ |  | 110000 |  | 110069 |
|  FHLMC MSCR Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MN10 M2<br>6.724%, 2/25/45 (l)§ |  | 1960000 |  | 1940565 |
|  FHLMC Multifamily Structured Pass-Through Certificates, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-1512 X1<br>0.902%, 4/25/34 IO (l) |  | 5083692 |  | 250313 |
|  GNMA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-67 EI<br>0.658%, 10/16/65 IO (l) |  | 717398 |  | 41027 |
|  GS Mortgage Securities Corp. Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-BWTR A<br>2.954%, 11/5/34§ |  | 289540 |  | 248987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-PEMB A<br>3.549%, 3/5/33 (l)§ |  | 140000 |  | 107302 |
|  JP Morgan Chase Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BMS A<br>5.350%, 1/15/42 (l)§ |  | 420000 |  | 419608 |
|  Morgan Stanley Capital I Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HR8 A4<br>2.041%, 7/15/53 |  | 275000 |  | 248735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L7 A5<br>2.574%, 10/15/54 |  | 775000 |  | 691638 |
|  Multifamily Connecticut Avenue Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01 M10<br>7.239%, 10/25/49 (l)§ |  | 4704433 |  | 4780178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01 M10<br>10.374%, 11/25/53 (l)§ |  | 6280000 |  | 7112463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01 M7<br>6.624%, 7/25/54 (l)§ |  | 5409146 |  | 5473967 |
|  SCOTT Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SFS A<br>5.910%, 3/10/40§ |  | 480000 |  | 491592 |
|  SPGN Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-TFLM A<br>5.300%, 2/15/39 (l)§ |  | 760000 |  | 758420 |
|  TCO Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DPM A<br>4.993%, 12/15/39 (l)§ |  | 270000 |  | 270000 |
|  Wells Fargo Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C57 A4<br>2.118%, 8/15/53 |  | 355000 |  | 323089 |

---

See Notes to Financial Statements.

616

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C58 A4<br>2.092%, 7/15/53 | $| 100000 | $| 89725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C60 A4<br>2.342%, 8/15/54 |  | 1540000 |  | 1373543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C61 A4<br>2.658%, 11/15/54 |  | 1100000 |  | 989495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C62 A4<br>4.000%, 4/15/55 (l) |  | 715000 |  | 684868 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Securities** |  |  |  | 36612909 |
|  **Convertible Bond (0.1%)** | **Convertible Bond (0.1%)** | **Convertible Bond (0.1%)** | **Convertible Bond (0.1%)** | **Convertible Bond (0.1%)** |
|  **Information Technology (0.1%)** | **Information Technology (0.1%)** | **Information Technology (0.1%)** |  |  |
|  ***Software (0.1%)*** | ***Software (0.1%)*** | ***Software (0.1%)*** | ***Software (0.1%)*** | ***Software (0.1%)*** |
|  IREN Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 7/1/31§ |  | 1090000 |  | 807145 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  |  | 807145 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Convertible Bond** |  |  |  | 807145 |
|  **Corporate Bonds (26.2%)** | **Corporate Bonds (26.2%)** | **Corporate Bonds (26.2%)** | **Corporate Bonds (26.2%)** | **Corporate Bonds (26.2%)** |
|  **Communication Services (1.2%)** | **Communication Services (1.2%)** | **Communication Services (1.2%)** |  |  |
|  ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** |
|  CCO Holdings LLC<br>6.375%, 9/1/29§ |  | 149000 |  | 150500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/1/32 (x)§ |  | 434000 |  | 396568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/1/32 |  | 436000 |  | 390765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/1/33 (x)§ |  | 526000 |  | 460329 |
|  Level 3 Financing, Inc.<br>6.875%, 6/30/33§ |  | 394000 |  | 403184 |
|  Windstream Services LLC<br>8.250%, 10/1/31§ |  | 221000 |  | 231849 |
|  Zayo Group Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; + 0.00%),<br>5.750%, 3/9/30 PIK (k)§ |  | 397916 |  | 377506 |
|  |  |  |  | 2410701 |
|  ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** |
|  Live Nation Entertainment, Inc.<br>6.500%, 5/15/27§ |  | 150000 |  | 151066 |
|  Take-Two Interactive Software, Inc.<br>4.950%, 3/28/28 |  | 360000 |  | 366799 |
|  Warnermedia Holdings, Inc.<br>5.050%, 3/15/42 |  | 148000 |  | 104765 |
|  |  |  |  | 622630 |
|  ***Interactive Media & Services (0.1%)*** | ***Interactive Media & Services (0.1%)*** | ***Interactive Media & Services (0.1%)*** | ***Interactive Media & Services (0.1%)*** | ***Interactive Media & Services (0.1%)*** |
|  Meta Platforms, Inc.<br>5.625%, 11/15/55 (x) |  | 360000 |  | 346230 |
|  ***Media (0.7%)*** | ***Media (0.7%)*** | ***Media (0.7%)*** | ***Media (0.7%)*** | ***Media (0.7%)*** |
|  Charter Communications Operating LLC<br>6.100%, 6/1/29 |  | 395000 |  | 412024 |
|  Cox Communications, Inc.<br>5.950%, 9/1/54§ |  | 775000 |  | 675011 |
|  CSC Holdings LLC<br>11.750%, 1/31/29§ |  | 292000 |  | 216030 |
|  Gray Media, Inc.<br>10.500%, 7/15/29§ |  | 94000 |  | 100955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 10/15/30§ |  | 450000 |  | 348660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, 7/15/32 (x)§ |  | 151000 |  | 156663 |
|  McGraw-Hill Education, Inc.<br>8.000%, 8/1/29§ |  | 425000 |  | 429156 |
|  Neptune Bidco US, Inc.<br>9.290%, 4/15/29§ |  | 577000 |  | 577635 |
|  Nexstar Media, Inc.<br>5.625%, 7/15/27§ |  | 212000 |  | 212301 |
|  Outfront Media Capital LLC 5.000%, 8/15/27§ |  | 327000 |  | 326460 |
|  Sinclair Television Group, Inc.<br>5.500%, 3/1/30§ |  | 222000 |  | 199565 |
|  Sirius XM Radio LLC<br>3.125%, 9/1/26§ |  | 112000 |  | 110896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/1/31§ |  | 474000 |  | 435748 |
|  Stagwell Global LLC<br>5.625%, 8/15/29§ |  | 386000 |  | 376319 |
|  Univision Communications, Inc.<br>8.500%, 7/31/31§ |  | 482000 |  | 502543 |
|  VZ Secured Financing BV<br>5.000%, 1/15/32§ |  | 330000 |  | 298294 |
|  |  |  |  | 5378260 |
|  ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** |
|  SoftBank Corp. 4.699%, 7/9/30§ |  | 220000 |  | 220887 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  |  |  | 8978708 |
|  **Consumer Discretionary (3.0%)** | **Consumer Discretionary (3.0%)** | **Consumer Discretionary (3.0%)** |  |  |
|  ***Automobile Components (0.2%)*** | ***Automobile Components (0.2%)*** | ***Automobile Components (0.2%)*** | ***Automobile Components (0.2%)*** | ***Automobile Components (0.2%)*** |
|  Clarios Global LP<br>6.750%, 5/15/28§ |  | 451000 |  | 461576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 2/15/30§ |  | 140000 |  | 146140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 9/15/32§ |  | 372000 |  | 385493 |
|  Denso Corp.<br>1.239%, 9/16/26§ |  | 565000 |  | 553728 |
|  Forvia SE<br>8.000%, 6/15/30 (x)§ |  | 220000 |  | 235004 |
|  ZF North America Capital, Inc.<br>7.500%, 3/24/31§ |  | 190000 |  | 192067 |
|  |  |  |  | 1974008 |
|  ***Automobiles (0.4%)*** | ***Automobiles (0.4%)*** | ***Automobiles (0.4%)*** | ***Automobiles (0.4%)*** | ***Automobiles (0.4%)*** |
|  General Motors Co.<br>5.625%, 4/15/30 |  | 360000 |  | 375086 |
|  Honda Motor Co. Ltd.<br>4.688%, 7/8/30 |  | 363000 |  | 367352 |
|  Hyundai Capital America<br>4.250%, 9/18/28§ |  | 185000 |  | 184966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/27/30§ |  | 470000 |  | 480223 |
|  Nissan Motor Acceptance Co. LLC<br>5.550%, 9/13/29§ |  | 365000 |  | 361500 |
|  Stellantis Finance US, Inc.<br>6.450%, 3/18/35§ |  | 335000 |  | 349110 |
|  Volkswagen Group of America Finance LLC<br>5.250%, 3/22/29§ |  | 670000 |  | 683393 |
|  |  |  |  | 2801630 |

---

See Notes to Financial Statements.

617

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Broadline Retail (0.3%)*** | ***Broadline Retail (0.3%)*** | ***Broadline Retail (0.3%)*** |
|  Amazon.com, Inc.<br>4.650%, 11/20/35 | $806000 | $802238 |
|  eBay, Inc.<br>4.250%, 3/6/29 | 345000 | 345922 |
|  Getty Images, Inc.<br>14.000%, 3/1/28§ | 562000 | 529685 |
|  K2016470219 South Africa Ltd.<br>3.000%, 12/31/22 (h)(r)§ | 245575 |  |
|  SGUS LLC<br>11.000%, 12/15/29§ | 1088800 | 408300 |
|  |  | 2086145 |
|  ***Distributors (0.3%)*** | ***Distributors (0.3%)*** |  |
|  Genuine Parts Co.<br>4.950%, 8/15/29 | 435000 | 441639 |
|  LKQ Corp.<br>5.750%, 6/15/28 | 360000 | 371195 |
|  RB Global Holdings, Inc.<br>6.750%, 3/15/28§ | 374000 | 381719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 3/15/31§ | 196000 | 204699 |
|  Resideo Funding, Inc.<br>6.500%, 7/15/32§ | 192000 | 196560 |
|  Velocity Vehicle Group LLC<br>8.000%, 6/1/29§ | 158000 | 149834 |
|  Windsor Holdings III LLC<br>8.500%, 6/15/30§ | 441000 | 465965 |
|  |  | 2211611 |
|  ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** |
|  Matthews International Corp.<br>8.625%, 10/1/27§ | 273000 | 281488 |
|  Service Corp. International<br>5.750%, 10/15/32 | 202000 | 205666 |
|  Wand NewCo 3, Inc.<br>7.625%, 1/30/32§ | 216000 | 228202 |
|  |  | 715356 |
|  ***Hotels, Restaurants & Leisure (1.0%)*** | ***Hotels, Restaurants & Leisure (1.0%)*** | ***Hotels, Restaurants & Leisure (1.0%)*** |
|  1011778 BC ULC<br>3.875%, 1/15/28§ | 294000 | 289402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 9/15/29§ | 207000 | 210763 |
|  Caesars Entertainment, Inc.<br>7.000%, 2/15/30§ | 797000 | 824839 |
|  Carnival Corp.<br>7.000%, 8/15/29§ | 202000 | 211595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 8/1/32§ | 329000 | 337636 |
|  Churchill Downs, Inc.<br>5.750%, 4/1/30§ | 427000 | 430928 |
|  Flutter Treasury DAC<br>6.375%, 4/29/29§ | 200000 | 206014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 6/4/31§ | 202000 | 204808 |
|  Great Canadian Gaming Corp.<br>8.750%, 11/15/29§ | 303000 | 305719 |
|  Hilton Domestic Operating Co., Inc.<br>5.875%, 3/15/33§ | 185000 | 190121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/31/34§ | 203000 | 204567 |
|  Hyatt Hotels Corp.<br>5.250%, 6/30/29 | 355000 | 364835 |
|  Kingpin Intermediate Holdings LLC<br>7.250%, 10/15/32§ | 240000 | 226800 |
|  Las Vegas Sands Corp.<br>5.625%, 6/15/28 | 525000 | 537964 |
|  Lindblad Expeditions LLC<br>7.000%, 9/15/30§ | 169000 | 176260 |
|  NCL Corp. Ltd.<br>6.750%, 2/1/32§ | 152000 | 155643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 9/15/33§ | 132000 | 131753 |
|  Ontario Gaming GTA LP<br>8.000%, 8/1/30§ | 324000 | 306585 |
|  Royal Caribbean Cruises Ltd.<br>5.375%, 7/15/27§ | 261000 | 263049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/1/33§ | 296000 | 304136 |
|  Sabre GLBL, Inc.<br>11.125%, 7/15/30§ | 234000 | 195055 |
|  Scientific Games Holdings LP<br>6.625%, 3/1/30§ | 267000 | 237213 |
|  Six Flags Entertainment Corp.<br>6.625%, 5/1/32§ | 300000 | 302040 |
|  Station Casinos LLC<br>4.500%, 2/15/28§ | 182000 | 180317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/1/31§ | 110000 | 104428 |
|  Voyager Parent LLC<br>9.250%, 7/1/32§ | 168000 | 178177 |
|  Wyndham Hotels & Resorts, Inc.<br>4.375%, 8/15/28§ | 207000 | 204210 |
|  |  | 7284857 |
|  ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** |
|  Century Communities, Inc.<br>6.625%, 9/15/33§ | 187000 | 188286 |
|  Newell Brands, Inc.<br>8.500%, 6/1/28§ | 180000 | 188466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 5/15/32 | 266000 | 257211 |
|  Sekisui House US, Inc.<br>3.966%, 8/6/61 | 360000 | 241077 |
|  Whirlpool Corp.<br>6.500%, 6/15/33 | 262000 | 253448 |
|  |  | 1128488 |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** |
|  Polaris, Inc.<br>5.600%, 3/1/31 | 200000 | 202139 |
|  ***Specialty Retail (0.4%)*** | ***Specialty Retail (0.4%)*** | ***Specialty Retail (0.4%)*** |
|  AutoNation, Inc.<br>4.450%, 1/15/29 | 670000 | 671847 |
|  EG Global Finance plc<br>12.000%, 11/30/28§ | 400000 | 433716 |
|  Global Auto Holdings Ltd.<br>8.375%, 1/15/29§ | 400000 | 390448 |
|  LBM Acquisition LLC<br>9.500%, 6/15/31§ | 193000 | 200237 |
|  Lowe's Cos., Inc.<br>4.850%, 10/15/35 | 675000 | 670832 |
|  Park River Holdings, Inc.<br>8.000%, 3/15/31§ | 159000 | 163939 |
|  Saks Global Enterprises LLC<br>11.000%, 12/15/29§ | 1527200 | 92276 |

---

See Notes to Financial Statements.

618

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  White Cap Supply Holdings LLC<br>7.375%, 11/15/30§ | $| 134000 | $| 138469 |
|  |  |  |  | 2761764 |
|  ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** |
|  Champ Acquisition Corp.<br>8.375%, 12/1/31§ |  | 248000 |  | 267651 |
|  PVH Corp.<br>5.500%, 6/13/30 |  | 429000 |  | 435340 |
|  S&S Holdings LLC<br>8.375%, 10/1/31§ |  | 394000 |  | 378035 |
|  William Carter Co. (The)<br>7.375%, 2/15/31§ |  | 248000 |  | 255450 |
|  |  |  |  | 1336476 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  |  | 22502474 |
|  **Consumer Staples (1.0%)** | **Consumer Staples (1.0%)** | **Consumer Staples (1.0%)** | **Consumer Staples (1.0%)** | **Consumer Staples (1.0%)** |
|  ***Beverages (0.1%)*** | ***Beverages (0.1%)*** | ***Beverages (0.1%)*** | ***Beverages (0.1%)*** | ***Beverages (0.1%)*** |
|  Bacardi-Martini BV<br>5.550%, 2/1/30§ |  | 565000 |  | 582770 |
|  Primo Water Holdings, Inc.<br>4.375%, 4/30/29§ |  | 203000 |  | 197618 |
|  Suntory Holdings Ltd.<br>5.124%, 6/11/29§ |  | 240000 |  | 245989 |
|  |  |  |  | 1026377 |
|  ***Consumer Staples Distribution & Retail (0.2%)*** | ***Consumer Staples Distribution & Retail (0.2%)*** | ***Consumer Staples Distribution & Retail (0.2%)*** | ***Consumer Staples Distribution & Retail (0.2%)*** | ***Consumer Staples Distribution & Retail (0.2%)*** |
|  Alimentation Couche-Tard, Inc.<br>4.148%, 9/29/28§ |  | 660000 |  | 660524 |
|  Performance Food Group, Inc.<br>6.125%, 9/15/32§ |  | 159000 |  | 163776 |
|  US Foods, Inc.<br>4.625%, 6/1/30§ |  | 166000 |  | 163479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 1/15/32§ |  | 177000 |  | 185671 |
|  |  |  |  | 1173450 |
|  ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | ***Food Products (0.5%)*** |
|  Campbell's Co. (The)<br>4.550%, 3/21/31 |  | 660000 |  | 657356 |
|  Cargill, Inc.<br>5.375%, 10/23/55§ |  | 355000 |  | 342061 |
|  Darling Ingredients, Inc.<br>6.000%, 6/15/30§ |  | 398000 |  | 403731 |
|  Fiesta Purchaser, Inc.<br>9.625%, 9/15/32§ |  | 219000 |  | 229096 |
|  Froneri Lux FinCo. Sarl<br>6.000%, 8/1/32 (x)§ |  | 422000 |  | 427343 |
|  JBS USA Holding Lux Sarl<br>6.250%, 3/1/56§ |  | 715000 |  | 711197 |
|  Post Holdings, Inc.<br>6.250%, 2/15/32§ |  | 189000 |  | 194197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 3/15/36§ |  | 192000 |  | 192319 |
|  Simmons Foods, Inc.<br>4.625%, 3/1/29§ |  | 180000 |  | 173430 |
|  Viking Baked Goods Acquisition Corp.<br>8.625%, 11/1/31§ |  | 508000 |  | 510769 |
|  |  |  |  | 3841499 |
|  ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | ***Household Products (0.1%)*** |
|  Energizer Holdings, Inc.<br>4.750%, 6/15/28§ |  | 247000 |  | 244103 |
|  Procter & Gamble Co. (The)<br>4.100%, 11/3/32 |  | 533000 |  | 529242 |
|  |  |  |  | 773345 |
|  ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** |
|  Opal Bidco SAS<br>6.500%, 3/31/32§ |  | 200000 |  | 204354 |
|  Prestige Brands, Inc.<br>3.750%, 4/1/31§ |  | 132000 |  | 123397 |
|  |  |  |  | 327751 |
|  ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** |
|  Imperial Brands Finance plc<br>4.500%, 6/30/28§ |  | 505000 |  | 508972 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  |  | 7651394 |
|  **Energy (1.3%)** | **Energy (1.3%)** | **Energy (1.3%)** |  |  |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** |
|  Helmerich & Payne, Inc.<br>5.500%, 12/1/34 |  | 300000 |  | 296062 |
|  Transocean International Ltd.<br>8.750%, 2/15/30§ |  | 176250 |  | 183258 |
|  WBI Operating LLC<br>6.500%, 10/15/33§ |  | 386000 |  | 383946 |
|  |  |  |  | 863266 |
|  ***Oil, Gas & Consumable Fuels (1.2%)*** | ***Oil, Gas & Consumable Fuels (1.2%)*** | ***Oil, Gas & Consumable Fuels (1.2%)*** | ***Oil, Gas & Consumable Fuels (1.2%)*** | ***Oil, Gas & Consumable Fuels (1.2%)*** |
|  Antero Midstream Partners LP<br>5.750%, 7/1/34§ |  | 316000 |  | 318531 |
|  APA Corp.<br>6.750%, 2/15/55 |  | 450000 |  | 447795 |
|  Ascent Resources Utica Holdings LLC<br>6.625%, 10/15/32§ |  | 148000 |  | 152952 |
|  Blue Racer Midstream LLC<br>6.625%, 7/15/26§ |  | 255000 |  | 255138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 7/15/32§ |  | 182000 |  | 192920 |
|  Boardwalk Pipelines LP<br>5.375%, 2/15/36 |  | 365000 |  | 366583 |
|  Chevron USA, Inc.<br>4.687%, 4/15/30 |  | 420000 |  | 429612 |
|  Crescent Energy Finance LLC<br>7.625%, 4/1/32§ |  | 384000 |  | 372591 |
|  Delek Logistics Partners LP<br>8.625%, 3/15/29§ |  | 403000 |  | 421615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 6/30/33§ |  | 201000 |  | 204883 |
|  Genesis Energy LP<br>7.750%, 2/1/28 |  | 277000 |  | 277803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 5/15/32 |  | 402000 |  | 418345 |
|  Kinetik Holdings LP<br>5.875%, 6/15/30§ |  | 394000 |  | 396502 |
|  NFE Financing LLC<br>12.000%, 11/15/29§ |  | 2876400 |  | 719100 |
|  NGL Energy Operating LLC<br>8.375%, 2/15/32§ |  | 509000 |  | 526484 |
|  Northern Oil & Gas, Inc.<br>7.875%, 10/15/33§ |  | 248000 |  | 240694 |
|  NuStar Logistics LP<br>6.000%, 6/1/26 |  | 165000 |  | 165127 |

---

See Notes to Financial Statements.

619

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  ONEOK, Inc.<br>6.250%, 10/15/55 | $| 440000 | $| 439982 |
|  Permian Resources Operating LLC<br>5.875%, 7/1/29§ |  | 144000 |  | 144494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 2/1/33§ |  | 204000 |  | 209165 |
|  Plains All American Pipeline LP<br>5.600%, 1/15/36 |  | 250000 |  | 252846 |
|  Santos Finance Ltd.<br>5.750%, 11/13/35§ |  | 210000 |  | 209218 |
|  Summit Midstream Holdings LLC<br>8.625%, 10/31/29§ |  | 610000 |  | 629996 |
|  Sunoco LP<br>7.250%, 5/1/32§ |  | 228000 |  | 240825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/1/33§ |  | 212000 |  | 216870 |
|  Targa Resources Corp.<br>6.125%, 5/15/55 |  | 595000 |  | 589106 |
|  Western Midstream Operating LP<br>7.250%, 4/1/30§ |  | 212000 |  | 225564 |
|  |  |  |  | 9064741 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  |  | 9928007 |
|  **Financials (10.3%)** | **Financials (10.3%)** | **Financials (10.3%)** |  |  |
|  ***Banks (2.9%)*** | ***Banks (2.9%)*** | ***Banks (2.9%)*** | ***Banks (2.9%)*** | ***Banks (2.9%)*** |
|  ABN AMRO Bank NV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%),<br>6.339%, 9/18/27 (k)§ |  | 400000 |  | 406035 |
|  ANZ New Zealand Int'l Ltd.<br>5.355%, 8/14/28§ |  | 285000 |  | 294905 |
|  Armor Holdco, Inc.<br>8.500%, 11/15/29§ |  | 410000 |  | 410431 |
|  Bank of America NA<br>5.526%, 8/18/26 |  | 510000 |  | 514491 |
|  Bank of Montreal |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.67%),<br>5.004%, 1/27/29 (k) |  | 295000 |  | 300559 |
|  Bank of New Zealand<br>2.285%, 1/27/27§ |  | 605000 |  | 594592 |
|  Bank of Nova Scotia (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.09%),<br>4.338%, 9/15/31 (k) |  | 601000 |  | 599139 |
|  Banque Federative du Credit Mutuel SA<br>5.194%, 2/16/28§ |  | 275000 |  | 281195 |
|  BNP Paribas SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%),<br>5.283%, 11/19/30 (k)§ |  | 230000 |  | 236434 |
|  Canadian Imperial Bank of Commerce |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.03%),<br>4.857%, 3/30/29 (k) |  | 745000 |  | 756914 |
|  Citibank NA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.71%),<br>4.876%, 11/19/27 (k) |  | 345000 |  | 347390 |
|  Citigroup, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%),<br>4.643%, 5/7/28 (k) |  | 1010000 |  | 1017580 |
|  Commonwealth Bank of Australia<br>4.423%, 3/14/28 |  | 295000 |  | 299035 |
|  Credit Agricole SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.13%),<br>5.230%, 1/9/29 (k)§ |  | 440000 |  | 448805 |
|  DNB Bank ASA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.05%),<br>4.853%, 11/5/30 (k)§ |  | 230000 |  | 234545 |
|  Federation des Caisses Desjardins du Quebec<br>5.700%, 3/14/28§ |  | 295000 |  | 305033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.565%, 8/26/30§ |  | 370000 |  | 372399 |
|  Fifth Third Bank NA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.81%),<br>4.967%, 1/28/28 (k) |  | 250000 |  | 252189 |
|  HSBC Holdings plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.04%),<br>5.130%, 11/19/28 (k) |  | 200000 |  | 203745 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.57%),<br>5.240%, 5/13/31 (k) |  | 252000 |  | 259717 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.43%),<br>5.133%, 11/6/36 (k) |  | 272000 |  | 272690 |
|  HSBC USA, Inc.<br>4.650%, 6/3/28 |  | 260000 |  | 263728 |
|  Huntington Bancshares, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.02%),<br>6.208%, 8/21/29 (k) |  | 295000 |  | 309462 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%),<br>5.272%, 1/15/31 (k) |  | 155000 |  | 159498 |
|  ING Groep NV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.01%),<br>4.858%, 3/25/29 (k) |  | 380000 |  | 385693 |
|  KBC Group NV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%),<br>4.454%, 9/23/31 (k)§ |  | 810000 |  | 807426 |
|  M&T Bank Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.40%),<br>5.179%, 7/8/31 (k) |  | 295000 |  | 303146 |
|  Mizuho Financial Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.92%),<br>4.711%, 7/8/31 (k) |  | 720000 |  | 728548 |
|  Morgan Stanley Private Bank NA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.08%),<br>4.734%, 7/18/31 (k) |  | 575000 |  | 583182 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.02%),<br>4.465%, 11/19/31 (k) |  | 910000 |  | 912767 |
|  National Bank of Canada<br>4.500%, 10/10/29 |  | 510000 |  | 515676 |
|  NatWest Markets plc<br>4.789%, 3/21/28§ |  | 530000 |  | 538597 |
|  Norinchukin Bank (The)<br>4.674%, 9/9/30§ |  | 285000 |  | 286722 |
|  Royal Bank of Canada |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.89%),<br>4.498%, 8/6/29 (k) |  | 1045000 |  | 1054717 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.03%),<br>5.153%, 2/4/31 (k) |  | 255000 |  | 262508 |

---

See Notes to Financial Statements.

620

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Santander UK Group Holdings plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.58%),<br>5.136%, 9/22/36 (k) | $| 275000 | $| 273461 |
|  Societe Generale SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.65%),<br>5.512%, 5/22/31 (k)§ |  | 600000 |  | 618895 |
|  Sumitomo Mitsui Trust Bank Ltd.<br>5.200%, 3/7/27§ |  | 415000 |  | 420974 |
|  Svenska Handelsbanken AB<br>4.375%, 5/23/28§ |  | 520000 |  | 525408 |
|  Swedbank AB<br>6.136%, 9/12/26§ |  | 380000 |  | 385177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.407%, 3/14/29§ |  | 360000 |  | 372824 |
|  Truist Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%),<br>4.420%, 7/24/28 (k) |  | 600000 |  | 603361 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%),<br>4.136%, 10/23/29 (k) |  | 430000 |  | 427661 |
|  US Bank NA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.69%),<br>4.507%, 10/22/27 (k) |  | 510000 |  | 512101 |
|  Wells Fargo & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%),<br>5.605%, 4/23/36 (k) |  | 325000 |  | 341245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%),<br>3.900%, 3/15/26 (k)(y) |  | 1700000 |  | 1690067 |
|  |  |  |  | 21690667 |
|  ***Capital Markets (3.2%)*** | ***Capital Markets (3.2%)*** | ***Capital Markets (3.2%)*** | ***Capital Markets (3.2%)*** | ***Capital Markets (3.2%)*** |
|  Antares Holdings LP<br>3.750%, 7/15/27§ |  | 375000 |  | 366714 |
|  Apollo Debt Solutions BDC<br>5.875%, 8/30/30 |  | 175000 |  | 176743 |
|  Ares Capital Corp.<br>5.800%, 3/8/32 |  | 295000 |  | 298135 |
|  Ares Strategic Income Fund<br>5.700%, 3/15/28 |  | 300000 |  | 303711 |
|  Aretec Group, Inc.<br>10.000%, 8/15/30§ |  | 145000 |  | 156040 |
|  Bain Capital Specialty Finance, Inc.<br>2.550%, 10/13/26 |  | 193000 |  | 189856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 3/15/30 |  | 105000 |  | 104958 |
|  Bank of New York Mellon Corp. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.03%),<br>4.947%, 4/26/27 (k) |  | 315000 |  | 315988 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.89%),<br>4.942%, 2/11/31 (k) |  | 495000 |  | 508556 |
|  Barings BDC, Inc.<br>5.200%, 9/15/28 |  | 395000 |  | 393348 |
|  BGC Group, Inc.<br>6.150%, 4/2/30 |  | 155000 |  | 160398 |
|  Blue Owl Capital Corp. II<br>8.450%, 11/15/26 |  | 230000 |  | 236691 |
|  Blue Owl Credit Income Corp.<br>7.950%, 6/13/28 |  | 270000 |  | 285431 |
|  Blue Owl Technology Finance Corp.<br>6.750%, 4/4/29 |  | 335000 |  | 342061 |
|  Brookfield Asset Management Ltd.<br>4.653%, 11/15/30 |  | 741000 |  | 746838 |
|  Cantor Fitzgerald LP<br>7.200%, 12/12/28§ |  | 275000 |  | 292113 |
|  Carlyle Secured Lending, Inc.<br>5.750%, 2/15/31 |  | 245000 |  | 241188 |
|  Charles Schwab Corp. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.17%),<br>4.000%, 6/1/26 (k)(y) |  | 3150000 |  | 3122438 |
|  Deutsche Bank AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.72%),<br>5.297%, 5/9/31 (k) |  | 615000 |  | 629797 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.30%),<br>4.950%, 8/4/31 (k) |  | 320000 |  | 323388 |
|  FS KKR Capital Corp.<br>7.875%, 1/15/29 |  | 275000 |  | 285953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 1/15/30 |  | 145000 |  | 142850 |
|  Goldman Sachs Bank USA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.75%),<br>5.414%, 5/21/27 (k) |  | 420000 |  | 422048 |
|  Goldman Sachs Group, Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%),<br>5.049%, 7/23/30 (k) |  | 465000 |  | 476710 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.33%),<br>4.939%, 10/21/36 (k)(x) |  | 784000 |  | 779042 |
|  Golub Capital BDC, Inc.<br>2.500%, 8/24/26 |  | 3248000 |  | 3203363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.050%, 12/5/28 |  | 200000 |  | 210926 |
|  Golub Capital Private Credit Fund<br>5.450%, 8/15/28§ |  | 95000 |  | 95498 |
|  Hercules Capital, Inc.<br>3.375%, 1/20/27 |  | 310000 |  | 305694 |
|  HPS Corporate Lending Fund<br>5.450%, 1/14/28 |  | 226000 |  | 228478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 11/15/30§ |  | 215000 |  | 213693 |
|  Jefferies Financial Group, Inc.<br>5.875%, 7/21/28 |  | 295000 |  | 306655 |
|  KKR & Co., Inc.<br>5.100%, 8/7/35 |  | 295000 |  | 295611 |
|  LPL Holdings, Inc.<br>5.150%, 6/15/30 |  | 285000 |  | 290940 |
|  Main Street Capital Corp.<br>3.000%, 7/14/26 |  | 35000 |  | 34703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 6/4/27 |  | 245000 |  | 250037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 8/15/28 |  | 155000 |  | 155560 |
|  Marex Group plc<br>5.829%, 5/8/28 |  | 325000 |  | 330314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.404%, 11/4/29 |  | 335000 |  | 347109 |
|  Morgan Stanley |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.10%),<br>4.654%, 10/18/30 (k) |  | 750000 |  | 758751 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%),<br>5.230%, 1/15/31 (k) |  | 295000 |  | 304206 |

---

See Notes to Financial Statements.

621

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Morgan Stanley Direct Lending Fund<br>6.000%, 5/19/30 | $| 100000 | $| 102356 |
|  MSCI, Inc.<br>3.250%, 8/15/33§ |  | 522000 |  | 468099 |
|  MSD Investment Corp.<br>6.250%, 5/31/30§ |  | 135000 |  | 135542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 2/5/31§ |  | 90000 |  | 89410 |
|  New Mountain Finance Corp.<br>6.875%, 2/1/29 |  | 150000 |  | 152288 |
|  North Haven Private Income Fund LLC<br>5.125%, 9/25/28§ |  | 160000 |  | 159384 |
|  Osaic Holdings, Inc.<br>6.750%, 8/1/32§ |  | 102000 |  | 106398 |
|  Sixth Street Lending Partners<br>6.500%, 3/11/29 |  | 350000 |  | 362502 |
|  TPG Operating Group II LP<br>5.375%, 1/15/36 |  | 520000 |  | 517047 |
|  UBS Group AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.10%),<br>3.875%, 6/2/26 (k)(y)§ |  | 2350000 |  | 2328027 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%),<br>4.844%, 11/6/33 (k)§ |  | 911000 |  | 912785 |
|  |  |  |  | 23966371 |
|  ***Consumer Finance (1.0%)*** | ***Consumer Finance (1.0%)*** | ***Consumer Finance (1.0%)*** | ***Consumer Finance (1.0%)*** | ***Consumer Finance (1.0%)*** |
|  Ally Financial, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.78%),<br>5.548%, 7/31/33 (k) |  | 900000 |  | 908160 |
|  American Express Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%),<br>3.550%, 9/15/26 (k)(y) |  | 530000 |  | 522713 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.24%),<br>4.804%, 10/24/36 (k) |  | 330000 |  | 325966 |
|  Avolon Holdings Funding Ltd.<br>4.950%, 1/15/28§ |  | 384000 |  | 389403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 10/15/32§ |  | 650000 |  | 643494 |
|  Capital One Financial Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.44%),<br>7.149%, 10/29/27 (k) |  | 335000 |  | 342963 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%),<br>4.493%, 9/11/31 (k) |  | 290000 |  | 288288 |
|  Caterpillar Financial Services Corp.<br>3.950%, 11/14/28 |  | 745000 |  | 747081 |
|  Enova International, Inc.<br>9.125%, 8/1/29§ |  | 359000 |  | 380425 |
|  GGAM Finance Ltd.<br>8.000%, 2/15/27§ |  | 172000 |  | 175994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 6/15/28§ |  | 240000 |  | 253742 |
|  Macquarie Airfinance Holdings Ltd.<br>5.200%, 3/27/28§ |  | 300000 |  | 304406 |
|  Mitsubishi HC Finance America LLC<br>5.150%, 10/24/29§ |  | 555000 |  | 568039 |
|  Stellantis Financial Services US Corp.<br>4.950%, 9/15/28§ |  | 610000 |  | 618121 |
|  Synchrony Financial |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 2.13%),<br>5.935%, 8/2/30 (k) |  | 285000 |  | 296871 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.68%),<br>5.450%, 3/6/31 (k) |  | 185000 |  | 189785 |
|  Toyota Motor Credit Corp.<br>4.650%, 9/3/32 |  | 437000 |  | 440741 |
|  |  |  |  | 7396192 |
|  ***Financial Services (1.0%)*** | ***Financial Services (1.0%)*** | ***Financial Services (1.0%)*** | ***Financial Services (1.0%)*** | ***Financial Services (1.0%)*** |
|  Apollo Global Management, Inc.<br>5.150%, 8/12/35 |  | 195000 |  | 195444 |
|  Atlas Warehouse Lending Co. LP<br>6.250%, 1/15/30§ |  | 250000 |  | 263118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 11/15/30§ |  | 305000 |  | 306047 |
|  Block Financial LLC<br>5.375%, 9/15/32 |  | 395000 |  | 398201 |
|  Block, Inc.<br>6.000%, 8/15/33§ |  | 126000 |  | 129200 |
|  Enact Holdings, Inc.<br>6.250%, 5/28/29 |  | 625000 |  | 653728 |
|  Freedom Mortgage Corp.<br>6.625%, 1/15/27§ |  | 1850000 |  | 1851813 |
|  Freedom Mortgage Holdings LLC<br>9.250%, 2/1/29§ |  | 237000 |  | 248234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 4/1/32§ |  | 250000 |  | 263545 |
|  Global Payments, Inc.<br>4.875%, 11/15/30 |  | 737000 |  | 737691 |
|  ION Platform Finance US, Inc.<br>7.875%, 9/30/32§ |  | 200000 |  | 189844 |
|  Nationwide Building Society<br>5.127%, 7/29/29§ |  | 342000 |  | 351291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.351%, 9/30/30§ |  | 585000 |  | 585126 |
|  Rocket Cos., Inc.<br>6.375%, 8/1/33§ |  | 197000 |  | 205426 |
|  Shift4 Payments LLC<br>6.750%, 8/15/32§ |  | 481000 |  | 496253 |
|  Western Union Co. (The)<br>1.350%, 3/15/26 |  | 175000 |  | 174054 |
|  |  |  |  | 7049015 |
|  ***Insurance (2.2%)*** | ***Insurance (2.2%)*** | ***Insurance (2.2%)*** | ***Insurance (2.2%)*** | ***Insurance (2.2%)*** |
|  Acrisure LLC<br>8.250%, 2/1/29§ |  | 371000 |  | 384312 |
|  Alliant Holdings Intermediate LLC<br>6.750%, 10/15/27§ |  | 374000 |  | 374684 |
|  American National Global Funding<br>4.625%, 12/15/28§ |  | 288000 |  | 289176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/3/30§ |  | 240000 |  | 243787 |
|  American National Group, Inc.<br>6.000%, 7/15/35 |  | 295000 |  | 299431 |
|  Ardonagh Group Finance Ltd.<br>8.875%, 2/15/32§ |  | 200000 |  | 207412 |
|  Asurion LLC and Asurion Co-Issuer, Inc.<br>8.000%, 12/31/32§ |  | 239000 |  | 247903 |

---

See Notes to Financial Statements.

622

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Athene Global Funding<br>4.830%, 5/9/28§ | $| 50000 | $| 50367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.380%, 1/7/30§ |  | 470000 |  | 480220 |
|  Brighthouse Financial Global Funding<br>5.550%, 4/9/27§ |  | 610000 |  | 618411 |
|  Broadstreet Partners Group LLC<br>5.875%, 4/15/29§ |  | 250000 |  | 249148 |
|  CNO Global Funding<br>4.375%, 9/8/28§ |  | 460000 |  | 460321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 12/11/30§ |  | 284000 |  | 284686 |
|  Corebridge Global Funding<br>5.200%, 6/24/29§ |  | 425000 |  | 436290 |
|  F&G Global Funding<br>4.650%, 9/8/28§ |  | 205000 |  | 206298 |
|  Fortitude Global Funding<br>4.625%, 10/6/28§ |  | 305000 |  | 305293 |
|  GA Global Funding Trust<br>5.500%, 4/1/32§ |  | 305000 |  | 311284 |
|  Global Atlantic Fin Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.55%), 7.250%, 3/1/56 (k)§ |  | 445000 |  | 446886 |
|  HUB International Ltd.<br>7.250%, 6/15/30§ |  | 308000 |  | 322695 |
|  Jackson National Life Global Funding<br>4.700%, 6/5/28§ |  | 570000 |  | 575768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 9/9/30§ |  | 450000 |  | 448322 |
|  Lincoln Financial Global Funding<br>4.625%, 5/28/28§ |  | 400000 |  | 403609 |
|  MassMutual Global Funding II<br>4.950%, 1/10/30§ |  | 550000 |  | 562703 |
|  Mutual of Omaha Cos. Global Funding<br>5.000%, 4/1/30§ |  | 130000 |  | 132791 |
|  New York Life Global Funding<br>4.150%, 7/25/28§ |  | 145000 |  | 145715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/6/29§ |  | 570000 |  | 585785 |
|  NLG Global Funding<br>5.400%, 1/23/30§ |  | 145000 |  | 149311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 9/15/30§ |  | 595000 |  | 587551 |
|  Northwestern Mutual Global Funding<br>4.900%, 6/12/28§ |  | 580000 |  | 592502 |
|  Pacific Life Global Funding II<br>4.850%, 2/10/30§ |  | 575000 |  | 587022 |
|  Pricoa Global Funding I<br>4.750%, 8/26/32§ |  | 480000 |  | 483264 |
|  Principal Life Global Funding II<br>4.600%, 8/19/27§ |  | 270000 |  | 272372 |
|  Protective Life Corp.<br>4.700%, 1/15/31§ |  | 295000 |  | 296027 |
|  RGA Global Funding<br>4.600%, 11/25/30§ |  | 473000 |  | 473021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/25/32§ |  | 750000 |  | 755052 |
|  Sammons Financial Group Global Funding<br>4.950%, 6/12/30§ |  | 675000 |  | 684164 |
|  SBL Holdings, Inc.<br>5.900%, 9/26/28§ |  | 273000 |  | 271784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200%, 10/30/34§ |  | 455000 |  | 440014 |
|  SiriusPoint Ltd.<br>7.000%, 4/5/29 |  | 332000 |  | 351673 |
|  Trustage Financial Group, Inc.<br>4.625%, 4/15/32§ |  | 290000 |  | 280094 |
|  Western-Southern Global Funding<br>4.500%, 7/16/28§ |  | 433000 |  | 436142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 12/10/32§ |  | 685000 |  | 681416 |
|  Willis North America, Inc.<br>4.550%, 3/15/31 |  | 350000 |  | 350503 |
|  |  |  |  | 16765209 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** |
|  Starwood Property Trust, Inc. (REIT)<br>6.500%, 7/1/30§ |  | 138000 |  | 143985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 1/15/31§ |  | 118000 |  | 119461 |
|  |  |  |  | 263446 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  |  | 77130900 |
|  **Health Care (1.1%)** | **Health Care (1.1%)** | **Health Care (1.1%)** |  |  |
|  ***Health Care Equipment & Supplies (0.1%)*** | ***Health Care Equipment & Supplies (0.1%)*** | ***Health Care Equipment & Supplies (0.1%)*** | ***Health Care Equipment & Supplies (0.1%)*** | ***Health Care Equipment & Supplies (0.1%)*** |
|  GE HealthCare Technologies, Inc.<br>4.150%, 12/15/28 |  | 151000 |  | 151305 |
|  Medline Borrower LP<br>5.250%, 10/1/29§ |  | 206000 |  | 207146 |
|  Neogen Food Safety Corp.<br>8.625%, 7/20/30§ |  | 381000 |  | 406043 |
|  Varex Imaging Corp.<br>7.875%, 10/15/27§ |  | 208000 |  | 211569 |
|  |  |  |  | 976063 |
|  ***Health Care Providers & Services (0.5%)*** | ***Health Care Providers & Services (0.5%)*** | ***Health Care Providers & Services (0.5%)*** | ***Health Care Providers & Services (0.5%)*** | ***Health Care Providers & Services (0.5%)*** |
|  AdaptHealth LLC<br>5.125%, 3/1/30§ |  | 198000 |  | 193014 |
|  Cardinal Health, Inc.<br>5.000%, 11/15/29 |  | 825000 |  | 846472 |
|  CVS Health Corp.<br>6.200%, 9/15/55 |  | 393000 |  | 399988 |
|  Elevance Health, Inc.<br>4.000%, 9/15/28 |  | 660000 |  | 658713 |
|  HealthEquity, Inc.<br>4.500%, 10/1/29§ |  | 370000 |  | 362626 |
|  Heartland Dental LLC<br>10.500%, 4/30/28§ |  | 92000 |  | 96150 |
|  Star Parent, Inc.<br>9.000%, 10/1/30§ |  | 286000 |  | 305279 |
|  Surgery Center Holdings, Inc.<br>7.250%, 4/15/32§ |  | 494000 |  | 500279 |
|  Universal Health Services, Inc.<br>4.625%, 10/15/29 |  | 230000 |  | 230979 |
|  US Acute Care Solutions LLC<br>9.750%, 5/15/29§ |  | 558000 |  | 562185 |
|  |  |  |  | 4155685 |
|  ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** |
|  IQVIA, Inc.<br>5.700%, 5/15/28 |  | 550000 |  | 566766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 2/1/29 |  | 293000 |  | 308785 |

---

See Notes to Financial Statements.

623

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 6/1/32 (x)§ | $| 384000 | $| 401280 |
|  |  |  |  | 1276831 |
|  ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** |
|  Illumina, Inc.<br>4.650%, 9/9/26 |  | 320000 |  | 320613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 12/12/30 |  | 410000 |  | 414094 |
|  |  |  |  | 734707 |
|  ***Pharmaceuticals (0.2%)*** | ***Pharmaceuticals (0.2%)*** | ***Pharmaceuticals (0.2%)*** | ***Pharmaceuticals (0.2%)*** | ***Pharmaceuticals (0.2%)*** |
|  1261229 BC Ltd.<br>10.000%, 4/15/32§ |  | 200000 |  | 208246 |
|  Merck & Co., Inc.<br>4.950%, 9/15/35 |  | 275000 |  | 279543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 12/4/55 |  | 440000 |  | 435464 |
|  Sanofi SA<br>4.200%, 11/3/32 |  | 439000 |  | 439009 |
|  |  |  |  | 1362262 |
|  **Total Health Care** |  |  |  | 8505548 |
|  **Industrials (2.4%)** | **Industrials (2.4%)** | **Industrials (2.4%)** |  |  |
|  ***Aerospace & Defense (0.1%)*** | ***Aerospace & Defense (0.1%)*** | ***Aerospace & Defense (0.1%)*** | ***Aerospace & Defense (0.1%)*** | ***Aerospace & Defense (0.1%)*** |
|  Goat Holdco LLC<br>6.750%, 2/1/32§ |  | 337000 |  | 345287 |
|  Rolls-Royce plc<br>5.750%, 10/15/27§ |  | 200000 |  | 205089 |
|  |  |  |  | 550376 |
|  ***Building Products (0.2%)*** | ***Building Products (0.2%)*** | ***Building Products (0.2%)*** | ***Building Products (0.2%)*** | ***Building Products (0.2%)*** |
|  Advanced Drainage Systems, Inc.<br>6.375%, 6/15/30§ |  | 158000 |  | 161160 |
|  AmeriTex HoldCo Intermediate LLC<br>7.625%, 8/15/33§ |  | 231000 |  | 242120 |
|  Camelot Return Merger Sub, Inc.<br>8.750%, 8/1/28§ |  | 258000 |  | 200272 |
|  EMRLD Borrower LP<br>6.625%, 12/15/30§ |  | 364000 |  | 379361 |
|  New Enterprise Stone & Lime Co., Inc.<br>5.250%, 7/15/28§ |  | 152000 |  | 151525 |
|  Standard Building Solutions, Inc.<br>5.875%, 3/15/34§ |  | 235000 |  | 235642 |
|  |  |  |  | 1370080 |
|  ***Commercial Services & Supplies (0.7%)*** | ***Commercial Services & Supplies (0.7%)*** | ***Commercial Services & Supplies (0.7%)*** | ***Commercial Services & Supplies (0.7%)*** | ***Commercial Services & Supplies (0.7%)*** |
|  ACCO Brands Corp.<br>4.250%, 3/15/29§ |  | 180000 |  | 166736 |
|  ADT Security Corp. (The)<br>5.875%, 10/15/33§ |  | 378000 |  | 382993 |
|  Allied Universal Holdco LLC<br>6.000%, 6/1/29§ |  | 48000 |  | 47431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 6/15/30§ |  | 384000 |  | 399168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 2/15/31§ |  | 246000 |  | 259247 |
|  Aramark Services, Inc.<br>5.000%, 2/1/28§ |  | 491000 |  | 490111 |
|  Clarivate Science Holdings Corp.<br>4.875%, 7/1/29§ |  | 328000 |  | 309370 |
|  Element Fleet Management Corp.<br>5.037%, 3/25/30§ |  | 180000 |  | 183764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.641%, 11/24/30§ |  | 531000 |  | 532195 |
|  Garda World Security Corp.<br>6.000%, 6/1/29§ |  | 305000 |  | 298900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 1/15/31§ |  | 153000 |  | 156381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 8/1/32§ |  | 148000 |  | 150006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 11/15/32§ |  | 484000 |  | 492794 |
|  Madison IAQ LLC<br>5.875%, 6/30/29§ |  | 244000 |  | 241838 |
|  Raven Acquisition Holdings LLC<br>6.875%, 11/15/31§ |  | 370000 |  | 381278 |
|  Veritiv Operating Co.<br>10.500%, 11/30/30§ |  | 458000 |  | 492387 |
|  Waste Pro USA, Inc.<br>7.000%, 2/1/33§ |  | 86000 |  | 88399 |
|  Williams Scotsman, Inc.<br>7.375%, 10/1/31§ |  | 362000 |  | 377747 |
|  |  |  |  | 5450745 |
|  ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** |
|  AECOM<br>6.000%, 8/1/33§ |  | 264000 |  | 270206 |
|  Arcosa, Inc.<br>6.875%, 8/15/32§ |  | 200000 |  | 210638 |
|  Brand Industrial Services, Inc.<br>10.375%, 8/1/30 (x)§ |  | 279000 |  | 273942 |
|  Dycom Industries, Inc.<br>4.500%, 4/15/29§ |  | 242000 |  | 238501 |
|  Weekley Homes LLC<br>4.875%, 9/15/28§ |  | 196000 |  | 192521 |
|  |  |  |  | 1185808 |
|  ***Electrical Equipment (0.0%)†*** | ***Electrical Equipment (0.0%)†*** | ***Electrical Equipment (0.0%)†*** | ***Electrical Equipment (0.0%)†*** | ***Electrical Equipment (0.0%)†*** |
|  EnerSys<br>6.625%, 1/15/32§ |  | 198000 |  | 205542 |
|  ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** |
|  Beacon Mobility Corp.<br>7.250%, 8/1/30§ |  | 193000 |  | 201874 |
|  Burlington Northern Santa Fe LLC<br>5.550%, 3/15/56 |  | 230000 |  | 227749 |
|  Genesee & Wyoming, Inc.<br>6.250%, 4/15/32§ |  | 150000 |  | 154787 |
|  NESCO Holdings II, Inc.<br>5.500%, 4/15/29§ |  | 383000 |  | 377718 |
|  RXO, Inc.<br>7.500%, 11/15/27§ |  | 134000 |  | 136500 |
|  Synergy Infrastructure Holdings LLC<br>7.875%, 12/1/30§ |  | 149000 |  | 154401 |
|  Watco Cos. LLC<br>7.125%, 8/1/32§ |  | 443000 |  | 462926 |
|  XPO, Inc.<br>7.125%, 6/1/31§ |  | 222000 |  | 231535 |
|  |  |  |  | 1947490 |
|  ***Machinery (0.5%)*** | ***Machinery (0.5%)*** | ***Machinery (0.5%)*** | ***Machinery (0.5%)*** | ***Machinery (0.5%)*** |
|  ATS Corp.<br>4.125%, 12/15/28 (x)§ |  | 316000 |  | 307430 |
|  Chart Industries, Inc.<br>7.500%, 1/1/30§ |  | 542000 |  | 564748 |
|  CNH Industrial Capital LLC<br>4.750%, 3/21/28 |  | 255000 |  | 257907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/16/30 |  | 475000 |  | 474999 |

---

See Notes to Financial Statements.

624

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Cummins, Inc.<br>5.300%, 5/9/35 | $| 360000 | $| 373171 |
|  Daimler Truck Finance North America LLC<br>4.650%, 10/12/30§ |  | 445000 |  | 448193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 1/13/35§ |  | 405000 |  | 418785 |
|  Enpro, Inc.<br>6.125%, 6/1/33§ |  | 146000 |  | 150348 |
|  Hillenbrand, Inc.<br>6.250%, 2/15/29 |  | 290000 |  | 296252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 3/1/31 |  | 90000 |  | 89954 |
|  Husky Injection Molding Systems Ltd.<br>9.000%, 2/15/29§ |  | 256000 |  | 267917 |
|  Terex Corp.<br>6.250%, 10/15/32§ |  | 230000 |  | 235824 |
|  |  |  |  | 3885528 |
|  ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** |
|  Southwest Airlines Co.<br>4.375%, 11/15/28 |  | 350000 |  | 350851 |
|  ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** |
|  CACI International, Inc.<br>6.375%, 6/15/33§ |  | 195000 |  | 201388 |
|  Equifax, Inc.<br>5.100%, 6/1/28 |  | 295000 |  | 301196 |
|  VT Topco, Inc.<br>8.500%, 8/15/30§ |  | 259000 |  | 269886 |
|  |  |  |  | 772470 |
|  ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** |
|  Aircastle Ltd.<br>2.850%, 1/26/28§ |  | 430000 |  | 417581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 7/18/28§ |  | 190000 |  | 199735 |
|  Aviation Capital Group LLC<br>5.125%, 4/10/30§ |  | 315000 |  | 319570 |
|  GATX Corp.<br>5.400%, 3/15/27 |  | 200000 |  | 202909 |
|  Herc Holdings, Inc.<br>6.000%, 3/15/34§ |  | 153000 |  | 154948 |
|  Mitsubishi Corp.<br>5.000%, 7/2/29§ |  | 310000 |  | 318045 |
|  United Rentals North America, Inc.<br>6.000%, 12/15/29§ |  | 230000 |  | 235962 |
|  WESCO Distribution, Inc.<br>7.250%, 6/15/28§ |  | 314000 |  | 318095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 3/15/32§ |  | 216000 |  | 225817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 3/15/33§ |  | 189000 |  | 196934 |
|  |  |  |  | 2589596 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  |  | 18308486 |
|  **Information Technology (2.1%)** | **Information Technology (2.1%)** | **Information Technology (2.1%)** |  |  |
|  ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** |
|  CommScope LLC<br>8.250%, 3/1/27 (x)§ |  | 212000 |  | 212299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 9/1/29§ |  | 222000 |  | 221584 |
|  |  |  |  | 433883 |
|  ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** |
|  Arrow Electronics, Inc.<br>5.150%, 8/21/29 |  | 440000 |  | 450183 |
|  CDW LLC<br>3.276%, 12/1/28 |  | 490000 |  | 475665 |
|  Flex Ltd.<br>6.000%, 1/15/28 |  | 290000 |  | 299123 |
|  TD SYNNEX Corp.<br>4.300%, 1/17/29 |  | 305000 |  | 302618 |
|  Tyco Electronics Group SA<br>4.625%, 2/1/30 |  | 540000 |  | 550623 |
|  Zebra Technologies Corp.<br>6.500%, 6/1/32§ |  | 184000 |  | 190100 |
|  |  |  |  | 2268312 |
|  ***IT Services (0.5%)*** | ***IT Services (0.5%)*** | ***IT Services (0.5%)*** | ***IT Services (0.5%)*** | ***IT Services (0.5%)*** |
|  Ahead DB Holdings LLC<br>6.625%, 5/1/28§ |  | 327000 |  | 328433 |
|  CGI, Inc.<br>4.950%, 3/14/30§ |  | 645000 |  | 653164 |
|  DXC Technology Co.<br>2.375%, 9/15/28 |  | 790000 |  | 744913 |
|  Gartner, Inc.<br>5.600%, 11/20/35 |  | 737000 |  | 737004 |
|  ION Platform Finance US, Inc.<br>4.625%, 5/1/28§ |  | 334000 |  | 307280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 5/15/28§ |  | 400000 |  | 379040 |
|  Unisys Corp.<br>10.625%, 1/15/31§ |  | 352000 |  | 358202 |
|  |  |  |  | 3508036 |
|  ***Semiconductors & Semiconductor Equipment (0.2%)*** | ***Semiconductors & Semiconductor Equipment (0.2%)*** | ***Semiconductors & Semiconductor Equipment (0.2%)*** | ***Semiconductors & Semiconductor Equipment (0.2%)*** | ***Semiconductors & Semiconductor Equipment (0.2%)*** |
|  Amkor Technology, Inc.<br>5.875%, 10/1/33§ |  | 263000 |  | 269002 |
|  Analog Devices, Inc.<br>4.250%, 6/15/28 |  | 575000 |  | 579583 |
|  Microchip Technology, Inc.<br>5.050%, 2/15/30 |  | 325000 |  | 331466 |
|  NXP BV<br>4.300%, 8/19/28 |  | 305000 |  | 305907 |
|  Qnity Electronics, Inc.<br>6.250%, 8/15/33§ |  | 215000 |  | 222955 |
|  |  |  |  | 1708913 |
|  ***Software (0.9%)*** | ***Software (0.9%)*** | ***Software (0.9%)*** | ***Software (0.9%)*** | ***Software (0.9%)*** |
|  AthenaHealth Group, Inc.<br>6.500%, 2/15/30§ |  | 470000 |  | 470465 |
|  Camelot Finance SA<br>4.500%, 11/1/26§ |  | 34000 |  | 33642 |
|  Capstone Borrower, Inc.<br>8.000%, 6/15/30§ |  | 447000 |  | 460254 |
|  Central Parent, Inc.<br>7.250%, 6/15/29§ |  | 168000 |  | 142583 |
|  Cloud Software Group, Inc.<br>6.500%, 3/31/29§ |  | 194000 |  | 196547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 9/30/29§ |  | 617000 |  | 642066 |
|  Ellucian Holdings, Inc.<br>6.500%, 12/1/29§ |  | 117000 |  | 119217 |
|  Gen Digital, Inc.<br>7.125%, 9/30/30§ |  | 267000 |  | 275739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 4/1/33§ |  | 268000 |  | 275370 |

---

See Notes to Financial Statements.

625

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  McAfee Corp.<br>7.375%, 2/15/30§ | $| 480000 | $| 418454 |
|  NCR Voyix Corp.<br>5.000%, 10/1/28§ |  | 242000 |  | 239786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 4/15/29§ |  | 114000 |  | 112981 |
|  Open Text Corp.<br>6.900%, 12/1/27§ |  | 250000 |  | 259835 |
|  Open Text Holdings, Inc.<br>4.125%, 12/1/31§ |  | 324000 |  | 302133 |
|  Oracle Corp.<br>5.950%, 9/26/55 |  | 1040000 |  | 920552 |
|  Rocket Software, Inc.<br>9.000%, 11/28/28§ |  | 254000 |  | 261107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 2/15/29§ |  | 166000 |  | 162577 |
|  Roper Technologies, Inc.<br>4.250%, 9/15/28 |  | 160000 |  | 160561 |
|  SS&C Technologies, Inc.<br>5.500%, 9/30/27§ |  | 275000 |  | 274981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 6/1/32§ |  | 210000 |  | 218112 |
|  UKG, Inc.<br>6.875%, 2/1/31§ |  | 220000 |  | 226083 |
|  ZoomInfo Technologies LLC<br>3.875%, 2/1/29§ |  | 605000 |  | 570993 |
|  |  |  |  | 6744038 |
|  ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** |
|  Dell International LLC<br>4.750%, 10/6/32 |  | 515000 |  | 514698 |
|  Hewlett Packard Enterprise Co.<br>4.400%, 10/15/30 |  | 565000 |  | 563042 |
|  |  |  |  | 1077740 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  |  | 15740922 |
|  **Materials (1.9%)** | **Materials (1.9%)** | **Materials (1.9%)** |  |  |
|  ***Chemicals (1.0%)*** | ***Chemicals (1.0%)*** | ***Chemicals (1.0%)*** | ***Chemicals (1.0%)*** | ***Chemicals (1.0%)*** |
|  Avient Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 8/1/30§ |  | 208000 |  | 213439 |
|  Axalta Coating Systems LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 6/15/27§ |  | 300000 |  | 298749 |
|  Celanese US Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 4/15/33 |  | 418000 |  | 415179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200%, 11/15/33 (e) |  | 144000 |  | 152038 |
|  Dow Chemical Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 1/15/31 |  | 635000 |  | 631409 |
|  Eastman Chemical Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/1/29 |  | 245000 |  | 250210 |
|  HB Fuller Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/15/28 |  | 255000 |  | 251805 |
|  Illuminate Buyer LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 7/1/28§ |  | 146000 |  | 146074 |
|  INEOS Quattro Finance 2 plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, 3/15/29§ |  | 400000 |  | 278460 |
|  LYB International Finance III LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 1/15/31 |  | 153000 |  | 153684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/1/34 |  | 445000 |  | 439815 |
|  Maxam Prill Sarl |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 7/15/30 (x)§ |  | 400000 |  | 413500 |
|  Minerals Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/1/28§ |  | 458000 |  | 455266 |
|  Mosaic Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 1/15/29 |  | 182000 |  | 182503 |
|  NOVA Chemicals Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 11/15/28§ |  | 355000 |  | 371752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 2/15/30§ |  | 96000 |  | 102342 |
|  Nufarm Australia Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/27/30§ |  | 402000 |  | 369703 |
|  Olympus Water US Holding Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 10/1/29§ |  | 200000 |  | 193818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 6/15/31§ |  | 398000 |  | 406891 |
|  PPG Industries, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/15/31 |  | 505000 |  | 504462 |
|  Solstice Advanced Materials, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 9/30/33§ |  | 148000 |  | 149245 |
|  Westlake Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 11/15/55 |  | 410000 |  | 403864 |
|  WR Grace Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/15/29§ |  | 641000 |  | 606598 |
|  |  |  |  | 7390806 |
|  ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** |
|  Eagle Materials, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/15/36 |  | 226000 |  | 221600 |
|  ***Containers & Packaging (0.7%)*** | ***Containers & Packaging (0.7%)*** | ***Containers & Packaging (0.7%)*** | ***Containers & Packaging (0.7%)*** | ***Containers & Packaging (0.7%)*** |
|  Amcor Flexibles North America, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/17/28 |  | 350000 |  | 354548 |
|  Amcor Group Finance plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 5/23/29 |  | 520000 |  | 536666 |
|  Ardagh Metal Packaging Finance USA LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/1/29§ |  | 410000 |  | 384793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 1/30/31§ |  | 200000 |  | 204270 |
|  Clydesdale Acquisition Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 4/15/30 (x)§ |  | 559000 |  | 567228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 4/15/32§ |  | 154000 |  | 158126 |
|  Graphic Packaging International LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 7/15/32 (x)§ |  | 151000 |  | 153579 |
|  LABL, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/1/28§ |  | 441000 |  | 276727 |
|  Mauser Packaging Solutions Holding Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 4/15/30§ |  | 302000 |  | 300901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 4/15/30§ |  | 622000 |  | 597033 |
|  Owens-Brockway Glass Container, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 5/13/27§ |  | 288000 |  | 288490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 5/15/31§ |  | 211000 |  | 214836 |
|  Sealed Air Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 2/1/28§ |  | 150000 |  | 152250 |
|  Toucan FinCo Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, 5/15/30§ |  | 292000 |  | 291317 |
|  Trivium Packaging Finance BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 7/15/30§ |  | 262000 |  | 280070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.250%, 1/15/31§ |  | 200000 |  | 217000 |
|  |  |  |  | 4977834 |

---

See Notes to Financial Statements.

626

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Metals & Mining (0.2%)*** | ***Metals & Mining (0.2%)*** | ***Metals & Mining (0.2%)*** |
|  Commercial Metals Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/15/35§ | $168000 | $172410 |
|  Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.186%, 4/1/30§ | 255000 | 261779 |
|  Kaiser Aluminum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/1/31§ | 319000 | 308001 |
|  Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 1/30/30§ | 97000 | 100435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 8/15/33§ | 297000 | 300843 |
|  |  | 1143468 |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Magnera Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 11/15/31§ | 373000 | 366006 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 14099714 |
|  **Real Estate (0.8%)** | **Real Estate (0.8%)** |  |
|  ***Diversified REITs (0.2%)*** | ***Diversified REITs (0.2%)*** | ***Diversified REITs (0.2%)*** |
|  Equinix Europe 2 Financing Corp. LLC (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 11/15/30 | 510000 | 510984 |
|  Trust Fibra Uno (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.700%, 1/23/32§ | 699000 | 768670 |
|  VICI Properties LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/1/26§ | 190000 | 190042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 4/1/28 | 225000 | 227365 |
|  |  | 1697061 |
|  ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** |
|  Omega Healthcare Investors, Inc. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 7/1/30 | 430000 | 437501 |
|  ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** |
|  Host Hotels & Resorts LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/15/28 | 120000 | 120075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 6/15/32 | 285000 | 297388 |
|  Park Intermediate Holdings LLC (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 10/1/28§ | 183000 | 182736 |
|  Pebblebrook Hotel LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 10/15/29§ | 162000 | 165684 |
|  |  | 765883 |
|  ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** |
|  Trust 2401 (REIT)<br>7.700%, 1/23/32§ | 351000 | 388013 |
|  ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** |
|  Cushman & Wakefield US Borrower LLC<br>6.750%, 5/15/28§ | 296000 | 297187 |
|  Greystar Real Estate Partners LLC<br>7.750%, 9/1/30§ | 180000 | 188887 |
|  Prologis Targeted US Logistics Fund LP<br>4.250%, 1/15/31§ | 180000 | 178569 |
|  |  | 664643 |
|  ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** |
|  Essential Properties LP (REIT)<br>5.400%, 12/1/35 | 245000 | 245934 |
|  Mid-America Apartments LP (REIT)<br>4.650%, 1/15/33 | 445000 | 444152 |
|  |  | 690086 |
|  ***Specialized REITs (0.1%)*** | ***Specialized REITs (0.1%)*** | ***Specialized REITs (0.1%)*** |
|  EPR Properties (REIT)<br>4.750%, 11/15/30 | 590000 | 585123 |
|  Extra Space Storage LP (REIT)<br>5.700%, 4/1/28 | 135000 | 139354 |
|  Iron Mountain, Inc. (REIT)<br>5.000%, 7/15/28§ | 266000 | 264715 |
|  SBA Communications Corp. (REIT)<br>3.875%, 2/15/27 | 66000 | 65426 |
|  |  | 1054618 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 5697805 |
|  **Utilities (1.1%)** | **Utilities (1.1%)** |  |
|  ***Electric Utilities (0.7%)*** | ***Electric Utilities (0.7%)*** | ***Electric Utilities (0.7%)*** |
|  Alliant Energy Finance LLC<br>5.400%, 6/6/27§ | 310000 | 314066 |
|  American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.94%),<br>6.050%, 3/15/56 (k) | 268000 | 263138 |
|  Capital Power US Holdings, Inc.<br>5.257%, 6/1/28§ | 190000 | 193843 |
|  Enel Finance International NV<br>4.375%, 9/30/30§ | 875000 | 870372 |
|  Florida Power & Light Co.<br>5.600%, 2/15/66 | 730000 | 717782 |
|  NextEra Energy Capital Holdings, Inc.<br>4.685%, 9/1/27 | 345000 | 349000 |
|  NSTAR Electric Co.<br>4.850%, 3/1/30 | 190000 | 193954 |
|  Pacific Gas and Electric Co.<br>5.000%, 6/4/28 | 150000 | 152749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 3/1/55 | 450000 | 445857 |
|  Public Service Co. of New Hampshire<br>4.400%, 7/1/28 | 290000 | 292628 |
|  RWE Finance US LLC<br>5.875%, 9/18/55§ | 499000 | 488309 |
|  Southwestern Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 8<br>3.150%, 5/1/50 | 75000 | 49489 |
|  Virginia Electric and Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D<br>5.600%, 9/15/55 | 525000 | 510575 |
|  Wisconsin Public Service Corp.<br>4.550%, 12/1/29 | 175000 | 178087 |
|  Xcel Energy, Inc.<br>4.750%, 3/21/28 | 125000 | 126476 |
|  |  | 5146325 |

---

See Notes to Financial Statements.

627

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple<br>7.250%, 1/31/41§ | $881552 | $926070 |
|  ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** |
|  Ameren Corp.<br>5.000%, 1/15/29 | 190000 | 194315 |
|  CenterPoint Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.59%),<br>6.700%, 5/15/55 (k) | 440000 | 451000 |
|  Dominion Energy, Inc. 4.600%, 5/15/28 | 420000 | 425127 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.26%),<br>6.000%, 2/15/56 (k) | 214000 | 215070 |
|  DTE Energy Co.<br>4.950%, 7/1/27 | 310000 | 313998 |
|  |  | 1599510 |
|  ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** |
|  Essential Utilities, Inc.<br>4.800%, 8/15/27 | 300000 | 303426 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 7975331 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  | 196519289 |
|  **Foreign Government Securities (10.7%)** | **Foreign Government Securities (10.7%)** | **Foreign Government Securities (10.7%)** |
|  Argentine Republic<br>0.750%, 7/9/30 (e) | 2544000 | 2167488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 7/9/35 (e) | 5500000 | 4092000 |
|  Japan Government Bond<br>2.400%, 3/20/55 | 2165000000 | 11338288 |
|  Mex Bonos Desarr Fix Rt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M<br>8.000%, 7/31/53 | 366600000 | 17280381 |
|  Notas do Tesouro Nacional<br>10.000%, 1/1/35 | 143860000 | 21545343 |
|  Oriental Republic of Uruguay<br>8.000%, 10/29/35 | 302670000 | 7991635 |
|  Titulos de Tesoreria<br>11.750%, 1/24/35 | 5980000000 | 1477088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500%, 7/25/46 | 54850000000 | 12881718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000%, 3/13/58 | 5980000000 | 1573604 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** |  | 80347545 |
|  **Mortgage-Backed Securities (13.7%)** | **Mortgage-Backed Securities (13.7%)** | **Mortgage-Backed Securities (13.7%)** |
|  FHLMC UMBS<br>4.000%, 6/1/38 | $5624 | 5567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/1/48 | 4695 | 4522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/1/49 | 38665 | 37230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/1/49 | 179473 | 172757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/1/49 | 4871 | 4686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/1/50 | 300042 | 256917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 6/1/50 | 310188 | 265605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/1/50 | 227494 | 186046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/1/52 | 3158217 | 2686521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/1/52 | 12539010 | 10654470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/52 | 1170559 | 1039494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/52 | 2774960 | 2647705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/1/53 | 2907858 | 2915281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 8/1/54 | 2498641 | 2568063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/1/54 | 2696015 | 2635301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 7/1/55 | 1363310 | 1399483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/1/55 | 799411 | 798904 |
|  FNMA UMBS<br>3.500%, 8/1/49 | 1663546 | 1556932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/50 | 653844 | 585538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/1/50 | 166485 | 142348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/51 | 2141457 | 2002207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/1/52 | 17598725 | 14292191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/52 | 995610 | 808306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/52 | 2293477 | 2037398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/1/52 | 2477031 | 2107073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/1/52 | 2905052 | 2587950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/1/53 | 1533720 | 1359339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 1/1/54 | 967356 | 1005410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 2/1/54 | 1098373 | 1141581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/1/54 | 993410 | 995636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 6/1/55 | 4112446 | 4172845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/1/55 | 199780 | 203163 |
|  GNMA<br>3.500%, 12/20/49 | 419864 | 388290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/20/52 | 2678776 | 2412066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/20/52 | 2578616 | 2321878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/20/53 | 1577829 | 1602578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 4/20/54 | 2485080 | 2542508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/20/54 | 8397913 | 8581484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/20/54 | 4212562 | 4302012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/20/54 | 3994824 | 4080587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/20/55 | 6555981 | 6681875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/20/55 | 6616916 | 6741913 |
|  **Total Mortgage-Backed Securities** |  | 102931660 |
|  **U.S. Treasury Obligations (23.6%)** | **U.S. Treasury Obligations (23.6%)** | **U.S. Treasury Obligations (23.6%)** |
|  U.S. Treasury Bonds<br>1.750%, 8/15/41 | 15095000 | 10224505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/15/41 | 5505000 | 3856933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/15/42 | 1800000 | 1506656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 8/15/42 | 3370000 | 2857655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/15/43 | 270000 | 243759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/15/43 | 1575000 | 1417746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/15/43 | 1095000 | 1049660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/15/43 | 1105000 | 1108799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 8/15/44 | 1560000 | 1437122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/44 | 5000 | 4917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/15/45 | 900000 | 898707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/15/45 | 1095000 | 1128192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 8/15/45 | 455000 | 461112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/51 | 7255000 | 4592189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/15/53 | 1060000 | 1044928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/55 | 4015000 | 3884513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/15/55 | 43785000 | 43217161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/55 | 1303000 | 1260449 |

---

See Notes to Financial Statements.

628

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury 3 Month Bill Money Market Yield + 0.16%),<br>3.761%, 7/31/27 (k) | $| 17710000 | $17719533 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury 3 Month Bill Money Market Yield + 0.19%),<br>3.792%, 10/31/27 (k) |  | 23300000 | 23319728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/30/27 |  | 745000 | 743663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 10/31/30 |  | 4457000 | 4442376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/30/30 |  | 1502000 | 1488388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/15/35 |  | 41692400 | 42081578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/35 |  | 7374000 | 7282977 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  |  | 177273246 |
|  **Total Long-Term Debt Securities (92.5%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $713,751,551)* |  |  | 694444869 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Foreign Government Treasury Bills (3.2%)** | **Foreign Government Treasury Bills (3.2%)** | **Foreign Government Treasury Bills (3.2%)** |  |
|  Arab Republic of Egypt 25.40%, 2/3/26 (p) | EGP | 549100000 | 11245441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24.86%, 4/21/26 (p) |  | 646200000 | 12594939 |
|  **Total Foreign Government Treasury Bills** |  |  | 23840380 |
|  | **Number of<br>Shares** | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Investment Companies (0.3%)** | **Investment Companies (0.3%)** | **Investment Companies (0.3%)** |  |
|  BlackRock Liquidity FedFund, Institutional Shares 3.65% (7 day yield) (xx) |  | 700000 | 700000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) |  | 1416416 | 1416416 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 2116416 |
|  **Total Short-Term Investments (3.5%)** | **Total Short-Term Investments (3.5%)** | **Total Short-Term Investments (3.5%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $25,825,845)* |  |  | 25956796 |
|  **Total Investments in Securities (96.0%)** | **Total Investments in Securities (96.0%)** | **Total Investments in Securities (96.0%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $739,577,396)* |  |  | 720401665 |
|  **Other Assets Less Liabilities (4.0%)** | **Other Assets Less Liabilities (4.0%)** | **Other Assets Less Liabilities (4.0%)** | 30345560 |
|  **Net Assets (100%)** |  |  | $750747225 |

---

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2025, the market value of these securities amounted to $232,322,722 or 30.9% of net assets.*  |

---

*(e)* *Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of December 31, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(h)* *Defaulted security. A security is classified as defaulted if the issuer files for bankruptcy or fails to make a scheduled interest or principal payment within the grace period set forth in the security's governing documents.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of December 31, 2025.* 

*(l)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of December 31, 2025.* 

*(p)* *Yield to maturity.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(y)* *Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $2,074,453. This was collateralized by cash of $2,116,416 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*BRL* *— Brazilian Real* 

*CAD* *— Canadian Dollar* 

*CHF* *— Swiss Franc* 

*COP* *— Colombian Peso* 

*EGP* *— Egyptian Pound* 

*FHLMC* *— Federal Home Loan Mortgage Corp.* 

*FNMA* *— Federal National Mortgage Association* 

*GBP* *— British Pound* 

*GNMA* *— Government National Mortgage Association* 

*IO* *— Interest Only* 

*JPY* *— Japanese Yen* 

*KRW* *— Korean (South) Won* 

*MXN* *— Mexican Peso* 

*NOK* *— Norwegian Krone* 

*NZD* *— New Zealand Dollar* 

*PIK* *— Payment-in Kind Security* 

*REIT* *— Real Estate Investment Trust* 

*REMIC* *— Real Estate Mortgage Investment Conduit* 

*SOFR* *— Secured Overnight Financing Rate* 

*STACR* *— Structured Agency Credit Risk* 

*UMBS* *— Uniform Mortgage-Backed Securities* 

*USD* *— United States Dollar* 

*UYU* *— Uruguayan Peso* 

See Notes to Financial Statements.

629

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures contracts outstanding as of December 31, 2025 (Note 1): | Futures contracts outstanding as of December 31, 2025 (Note 1): | Futures contracts outstanding as of December 31, 2025 (Note 1): | Futures contracts outstanding as of December 31, 2025 (Note 1): | Futures contracts outstanding as of December 31, 2025 (Note 1): | Futures contracts outstanding as of December 31, 2025 (Note 1): |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Long Gilt | 617 | 3/2026 | GBP | 75991072 | 186898 |
|  U.S. Treasury 5 Year Note | 1378 | 3/2026 | USD | 150621860 | (569416) |
|  |  |  |  |  | (382518) |
|  **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
|  Canada 10 Year Bond | (1650) | 3/2026 | CAD | (145350989) | 2165100 |
|  Japan 10 Year Bond | (30) | 3/2026 | JPY | (25359423) | 191414 |
|  |  |  |  |  | 2356514 |
|  |  |  |  |  | 1973996 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward Foreign Currency Contracts outstanding as of December 31, 2025 (Note 1): | Forward Foreign Currency Contracts outstanding as of December 31, 2025 (Note 1): | Forward Foreign Currency Contracts outstanding as of December 31, 2025 (Note 1): | Forward Foreign Currency Contracts outstanding as of December 31, 2025 (Note 1): | Forward Foreign Currency Contracts outstanding as of December 31, 2025 (Note 1): | Forward Foreign Currency Contracts outstanding as of December 31, 2025 (Note 1): | Forward Foreign Currency Contracts outstanding as of December 31, 2025 (Note 1): |
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  CHF | 44010000 | USD | 55342917 | Goldman Sachs Bank USA | 1/13/2026 | 266767 |
|  USD | 74865064 | CHF | 58940000 | Goldman Sachs Bank USA | 1/13/2026 | 390290 |
|  USD | 38256603 | CHF | 30220000 | UBS AG | 1/13/2026 | 71539 |
|  GBP | 11360000 | USD | 15027099 | Morgan Stanley | 1/16/2026 | 285431 |
|  GBP | 13750000 | USD | 18433030 | Standard Chartered Bank | 1/16/2026 | 101062 |
|  USD | 66781389 | JPY | 10060000000 | Citibank NA | 1/16/2026 | 2492325 |
|  USD | 34056299 | JPY | 5166000000 | Goldman Sachs Bank USA | 1/16/2026 | 1042651 |
|  USD | 8837284 | JPY | 1310000000 | HSBC Bank plc | 1/16/2026 | 465646 |
|  USD | 56910516 | JPY | 8734000000 | JPMorgan Chase Bank | 1/16/2026 | 1095339 |
|  CAD | 82790000 | USD | 59416031 | Citibank NA | 1/23/2026 | 953152 |
|  MXN | 213800000 | USD | 11493944 | Citibank NA | 2/13/2026 | 333534 |
|  MXN | 350000000 | USD | 19125992 | Wells Fargo Bank NA | 2/13/2026 | 236110 |
|  NZD | 32920000 | USD | 18799295 | Goldman Sachs Bank USA | 2/27/2026 | 193390 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 7927236 |
|  CHF | 30220000 | USD | 38462028 | UBS AG | 1/13/2026 | (276964) |
|  USD | 1874259 | CHF | 1500000 | Barclays Bank plc | 1/13/2026 | (21094) |
|  USD | 1963640 | CHF | 1580000 | Citibank NA | 1/13/2026 | (32800) |
|  USD | 10267156 | CHF | 8210000 | Morgan Stanley | 1/13/2026 | (106748) |
|  JPY | 2857000000 | USD | 18925042 | Barclays Bank plc | 1/16/2026 | (667203) |
|  JPY | 10027000000 | USD | 68021744 | Citibank NA | 1/16/2026 | (3943569) |
|  JPY | 2891000000 | USD | 19106925 | Goldman Sachs Bank USA | 1/16/2026 | (631807) |
|  JPY | 2903000000 | USD | 19062941 | Morgan Stanley | 1/16/2026 | (511137) |
|  JPY | 2874000000 | USD | 18926946 | UBS AG | 1/16/2026 | (560468) |
|  JPY | 1876000000 | USD | 12176491 | Wells Fargo Bank NA | 1/16/2026 | (187795) |
|  USD | 33763108 | GBP | 25110000 | HSBC Bank plc | 1/16/2026 | (83515) |
|  USD | 50466987 | CAD | 70800000 | Citibank NA | 1/23/2026 | (1159274) |
|  USD | 18827385 | CAD | 26200000 | Goldman Sachs Bank USA | 1/23/2026 | (277249) |
|  USD | 4700163 | CAD | 6600000 | Morgan Stanley | 1/23/2026 | (112455) |
|  USD | 3860344 | CAD | 5390000 | Wells Fargo Bank NA | 1/23/2026 | (69960) |
|  KRW | 81080000000 | USD | 56886270 | Citibank NA<sup>\*\*</sup> | 2/10/2026 | (527885) |
|  USD | 34068057 | KRW | 49930000000 | Citibank NA<sup>\*\*</sup> | 2/10/2026 | (638085) |
|  USD | 23936113 | MXN | 445700000 | Citibank NA | 2/13/2026 | (720140) |
|  USD | 11367127 | MXN | 211900000 | Goldman Sachs Bank USA | 2/13/2026 | (355242) |
|  NZD | 32300000 | USD | 18672953 | Goldman Sachs Bank USA | 2/27/2026 | (37968) |
|  NOK | 190400000 | USD | 18942537 | Citibank NA | 3/16/2026 | (57833) |
|  USD | 15820264 | COP | 62250000000 | Barclays Bank plc<sup>\*\*</sup> | 3/19/2026 | (256857) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (11236048) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (3308812) |

---

*\*\** *Non-deliverable forward.* 

See Notes to Financial Statements.

630

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Asset-Backed Securities** | $— | $85557856 | $— | $85557856 |
|  **Collateralized Mortgage Obligations** |  | 14395219 |  | 14395219 |
|  **Commercial Mortgage-Backed Securities** |  | 36612909 |  | 36612909 |
|  **Convertible Bonds** |  |  |  |  |
|  Information Technology |  | 807145 |  | 807145 |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services |  | 8978708 |  | 8978708 |
|  Consumer Discretionary |  | 22502474 | — (a) | 22502474 |
|  Consumer Staples |  | 7651394 |  | 7651394 |
|  Energy |  | 9928007 |  | 9928007 |
|  Financials |  | 77130900 |  | 77130900 |
|  Health Care |  | 8505548 |  | 8505548 |
|  Industrials |  | 18308486 |  | 18308486 |
|  Information Technology |  | 15740922 |  | 15740922 |
|  Materials |  | 14099714 |  | 14099714 |
|  Real Estate |  | 5697805 |  | 5697805 |
|  Utilities |  | 7975331 |  | 7975331 |
|  **Foreign Government Securities** |  | 80347545 |  | 80347545 |
|  **Forward Currency Contracts** |  | 7927236 |  | 7927236 |
|  **Futures** | 2543412 |  |  | 2543412 |
|  **Mortgage-Backed Securities** |  | 102931660 |  | 102931660 |
|  **Short-Term Investments** |  |  |  |  |
|  Foreign Government Treasury Bills |  | 23840380 |  | 23840380 |
|  Investment Companies | 2116416 |  |  | 2116416 |
|  **U.S. Treasury Obligations** |  | 177273246 |  | 177273246 |
|  **Total Assets** | $**4659828** | $**726212485** | $**—** | $**730872313** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(11236048) | $— | $(11236048) |
|  **Futures** | (569416) |  |  | (569416) |
|  **Total Liabilities** | $**(569416)** | $**(11236048)** | $**—** | $**(11805464)** |
|  **Total** | $**4090412** | $**714976437** | $**—** | $**719066849** |

---

(a) Value is zero.

See Notes to Financial Statements.

631

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Interest rate contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $2543412 |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | 7927236 |
|  **Total** |  | $10470648 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(569416) |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | (11236048) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11805464 |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Swaps** | **Total** |
|  Interest rate contracts | $8309115 | $— | $— | $8309115 |
|  Foreign exchange contracts |  | (5896060) |  | (5896060) |
|  Credit contracts |  |  | (1049196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1049196) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8309115 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5896060) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1049196) | $1363859 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $2475720 | $— | $2475720 |
|  Foreign exchange contracts |  | (1893265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1893265) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475720 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1893265) | $582455 |

---

^ The Portfolio held forward foreign currency contracts, futures contracts and swaps contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** |  |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $214696000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 158881000 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304197000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 319732000 |
|  Credit index swaps |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — sell protection | $17250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — buy protection | 48956000 |

---

See Notes to Financial Statements.

632

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Citibank NA | $3779011 | $(3779011) | $— | $— |
|  Goldman Sachs Bank USA | 1893098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1302266) |  | 590832 |
|  HSBC Bank plc | 465646 | (83515) |  | 382131 |
|  JPMorgan Chase Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095339 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095339 |
|  Morgan Stanley | 285431 | (285431) |  |  |
|  Standard Chartered Bank | 101062 |  |  | 101062 |
|  UBS AG | 71539 | (71539) |  |  |
|  Wells Fargo Bank NA | 236110 | (236110) |  |  |
|  **Total** | $7927236 | $(5757872) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $2169364 |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  Barclays Bank plc | $945154 | $— | $(370000) | $575154 |
|  Citibank NA | 7079586 | (3779011) | (1250000) | 2050575 |
|  Goldman Sachs Bank USA | 1302266 | (1302266) |  |  |
|  HSBC Bank plc | 83515 | (83515) |  |  |
|  Morgan Stanley | 730340 | (285431) |  | 444909 |
|  UBS AG | 837432 | (71539) |  | 765893 |
|  Wells Fargo Bank NA | 257755 | (236110) |  | 21645 |
|  **Total** | $11236048 | $(5757872) | $(1620000) | $3858176 |

---

(370,000)

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $703207835 |
|  Long-term U.S. government debt securities | 523918542 |
|  | $1227126377 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $739332176 |
|  Long-term U.S. government debt securities | 496764349 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236096525 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $18093002 |
|  Aggregate gross unrealized depreciation | (37879596) |
|  Net unrealized depreciation | $(19786594) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738853443 |

---

See Notes to Financial Statements.

633

------

EQ/CORE PLUS BOND PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $739,577,396) | $720401665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 18204391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $690) | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 360000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral for forward foreign currency contracts | 1620000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 8555906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 7927236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 7705591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 113381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 48271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 4369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 764944723 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 11236048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 2116416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 307337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 208879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 78488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 42386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 29188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 178756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 14197498 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $750747225 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $881142408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (130395183) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $750747225 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $137,684,405 / 40,490,490 shares outstanding (unlimited amount authorized: $0.01 par value) | $3.40 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $200,840,870 / 59,318,687 shares outstanding (unlimited amount authorized: $0.01 par value) | $3.39 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $412,221,950 / 120,682,148 shares outstanding (unlimited amount authorized: $0.01 par value) | $3.42 |

---

*(x)* *Includes value of securities on loan of $2,074,453.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest (net of $623,401 foreign withholding tax) | $43570824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 38527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 43609351 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4432816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 922482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 482195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 340749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 275101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 113820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 53887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 25021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 58792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 6704863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (857426) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 5847437 |
|  **NET INVESTMENT INCOME (LOSS)** | 37761914 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (13257973) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 8309115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (5896060) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 579067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (1049196) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (11315047) |
|  Change in unrealized appreciation (depreciation) on: | Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 33701300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 2475720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (1893265) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 217157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 34500912 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 23185865 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $60947779 |

---

See Notes to Financial Statements.

634

------

#### EQ ADVISORS TRUST
EQ/CORE PLUS BOND PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $37761914 | $36305920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (11315047) | 4866391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 34500912 | (44969112) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 60947779 | (3796801) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (6948564) | (6840928) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (10111384) | (9565538) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (21372272) | (22408188) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (38432220) | (38814654) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (36099) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (52531) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (111034) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total tax return of capital | (199664) |  |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,792,285 and 3,495,493 shares, respectively ] | 13150504 | 12084635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 2,057,808 and 2,018,869 shares, respectively ] | 6984663 | 6840928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (5739116) and (5117207) shares, respectively ] | (19869656) | (17808893) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | 265511 | 1116670 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 8,065,065 and 7,780,370 shares, respectively ] | 27781292 | 26947064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 3,012,278 and 2,834,801 shares, respectively ] | 10163915 | 9565538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (8038435) and (8058436) shares, respectively ] | (27602730) | (27863162) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 10342477 | 8649440 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 10,199,355 and 12,474,535 shares, respectively ] | 35340606 | 43538506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 6,310,632 and 6,589,647 shares, respectively ] | 21483306 | 22408188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (21158900) and (17525190) shares, respectively ] | (73106587) | (61498237) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (16282675) | 4448457 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (5674687) | 14214567 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 16641208 | (28396888) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 734106017 | 762502905 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $750747225 | $734106017 |

---

See Notes to Financial Statements.

635

------

#### EQ ADVISORS TRUST
EQ/CORE PLUS BOND PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IA** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $3.30 | $3.50 | $3.43 | $4.04 | $4.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.17 | 0.16 | 0.14 | 0.10 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.11 | (0.18) | 0.01 | (0.62) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.28 | (0.02) | 0.15 | (0.52) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.18) | (0.18) | (0.08) | (0.09) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.18) | (0.18) | (0.08) | (0.09) | (0.10) |
|  Net asset value, end of year | $3.40 | $3.30 | $3.50 | $3.43 | $4.04 |
|  Total return | 8.53 | (0.73)% | 4.50% | (12.86) | (1.76)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $137684 | $133348 | $139982 | $137580 | $157063 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.93 | 0.93 %(j) | 0.93 %(j) | 0.95 | 1.01 %(m)(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.05 | 1.04% | 1.09% | 1.04 | 1.10% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 4.97 | 4.68% | 4.18% | 2.65 | 1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 4.86 | 4.57% | 4.02% | 2.56 | 1.56% |
|  Portfolio turnover rate^ | 177 | 125% | 145% | 187 | 200% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $3.29 | $3.49 | $3.42 | $4.03 | $4.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.17 | 0.16 | 0.14 | 0.10 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.11 | (0.18) | 0.01 | (0.62) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.28 | (0.02) | 0.15 | (0.52) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.18) | (0.18) | (0.08) | (0.09) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.18) | (0.18) | (0.08) | (0.09) | (0.10) |
|  Net asset value, end of year | $3.39 | $3.29 | $3.49 | $3.42 | $4.03 |
|  Total return | 8.58 | (0.72)% | 4.51% | (12.89) | (1.53)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $200841 | $185113 | $187375 | $182542 | $100338 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.93 | 0.93 %(j) | 0.93 %(j) | 0.94 | 1.00 %(m)(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.05 | 1.04% | 1.09% | 1.04 | 1.09% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 4.97 | 4.68% | 4.18% | 2.81 | 1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 4.86 | 4.57% | 4.02% | 2.72 | 1.52% |
|  Portfolio turnover rate^ | 177 | 125% | 145% | 187 | 200% |

---

See Notes to Financial Statements.

636

------

EQ/CORE PLUS BOND PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $3.32 | $3.52 | $3.44 | $4.06 | $4.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.18 | 0.17 | 0.15 | 0.11 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.11 | (0.18) | 0.02 | (0.63) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.29 | (0.01) | 0.17 | (0.52) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.19) | (0.09) | (0.10) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.19) | (0.19) | (0.09) | (0.10) | (0.11) |
|  Net asset value, end of year | $3.42 | $3.32 | $3.52 | $3.44 | $4.06 |
|  Total return | 8.76 | (0.47)% | 5.03% | (12.83) | (1.29)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412222 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415645 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435145 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429225 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513183 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.68 | 0.68 %(j) | 0.68 %(j) | 0.70 | 0.73 %(m)(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.80 | 0.79% | 0.84% | 0.79 | 0.81% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 5.22 | 4.93% | 4.43% | 2.90 | 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 5.10 | 4.82% | 4.27% | 2.81 | 1.67% |
|  Portfolio turnover rate^ | 177 | 125% | 145% | 187 | 200% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.93% for Class IA, 0.93% for Class IB and 0.68% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.95% for Class IA, 0.95% for Class IB and 0.70% for Class K.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.01% for Class IA, 1.00% for Class IB and 0.73% for Class K.* 

*(o)* *Includes extraordinary expenses of 0.06%, 0.05% and 0.03% for Class IA, Class IB and Class K, respectively.* 

See Notes to Financial Statements.

637

------

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Australia (0.3%)** | **Australia (0.3%)** | **Australia (0.3%)** |
|  Anglogold Ashanti plc | 4104 | $355172 |
|  **Brazil (5.3%)** | **Brazil (5.3%)** | **Brazil (5.3%)** |
|  Ambev SA | 333091 | 849786 |
|  Axia Energia | 10350 | 94967 |
|  Axia Energia (Preference) (q)\* | 2720 | 24407 |
|  B3 SA - Brasil Bolsa Balcao | 42931 | 109291 |
|  Banco Bradesco SA | 15196 | 43482 |
|  Banco Bradesco SA (Preference) (q) | 48381 | 161307 |
|  Banco Bradesco SA (ADR) | 170120 | 566500 |
|  Banco BTG Pactual SA | 11079 | 106913 |
|  Banco do Brasil SA | 15588 | 62526 |
|  BB Seguridade Participacoes SA | 7812 | 51764 |
|  Cia de Saneamento Basico do Estado de Sao Paulo | 4011 | 97403 |
|  Cia Energetica de Minas Gerais (Preference) (q) | 13635 | 27943 |
|  Embraer SA | 6169 | 99981 |
|  Eneva SA\* | 7990 | 29424 |
|  Equatorial SA | 9398 | 66029 |
|  Gerdau SA (Preference) (q) | 12862 | 48164 |
|  Itau Unibanco Holding SA (Preference) (q) | 46471 | 334132 |
|  Itau Unibanco Holding SA (ADR) | 80235 | 574483 |
|  Itausa SA (Preference) (q) | 46531 | 99605 |
|  Localiza Rent a Car SA | 8299 | 66183 |
|  Localiza Rent a Car SA (Preference) (q)\* | 319 | 2417 |
|  Motiva Infraestrutura de Mobilidade SA | 8419 | 23199 |
|  NU Holdings Ltd., Class A\* | 28704 | 480505 |
|  Petroleo Brasileiro SA - Petrobras | 30386 | 180328 |
|  Petroleo Brasileiro SA - Petrobras (Preference) (q) | 41223 | 232605 |
|  Petroleo Brasileiro SA - Petrobras (ADR) | 26317 | 311856 |
|  PRIO SA\* | 6935 | 52508 |
|  Raia Drogasil SA | 11345 | 48653 |
|  Rede D'Or Sao Luiz SA (m) | 7027 | 52423 |
|  Rumo SA | 12965 | 34898 |
|  StoneCo Ltd., Class A\* | 1840 | 27214 |
|  Suzano SA | 5126 | 48129 |
|  Telefonica Brasil SA\* | 9600 | 57865 |
|  TIM SA | 7200 | 28092 |
|  TOTVS SA | 3956 | 30379 |
|  Ultrapar Participacoes SA | 6044 | 23151 |
|  Vale SA | 31464 | 413414 |
|  Vibra Energia SA | 11365 | 52493 |
|  WEG SA | 14388 | 127319 |
|  XP, Inc., Class A | 47931 | 784630 |
|  |  | 6526368 |
|  **Chile (1.1%)** | **Chile (1.1%)** | **Chile (1.1%)** |
|  Banco de Chile | 462284 | 89291 |
|  Banco de Credito e Inversiones SA | 655 | 42463 |
|  Banco Santander Chile | 707561 | 55845 |
|  Cencosud SA | 11427 | 36723 |
|  Empresas Copec SA | 4090 | 32054 |
|  Enel Chile SA | 382107 | 31384 |
|  Falabella SA | 6082 | 42426 |
|  Latam Airlines Group SA | 2652664 | 71820 |
|  Sociedad Quimica y Minera de Chile SA (Preference), Class B (q)\* | 1224 | 86687 |
|  Sociedad Quimica y Minera de Chile SA (ADR)\* | 12580 | 865504 |
|  |  | 1354197 |
|  **China (26.9%)** | **China (26.9%)** | **China (26.9%)** |
|  360 Security Technology, Inc., Class A | 6600 | 10550 |
|  37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | 3900 | 13171 |
|  3SBio, Inc. (m)\* | 15233 | 47327 |
|  AAC Technologies Holdings, Inc. | 8075 | 40465 |
|  Agricultural Bank of China Ltd., Class A | 43400 | 47697 |
|  Agricultural Bank of China Ltd., Class H | 242452 | 180063 |
|  Aier Eye Hospital Group Co. Ltd., Class A | 6500 | 10213 |
|  Air China Ltd., Class A\* | 9800 | 13140 |
|  Airtac International Group | 1516 | 44871 |
|  Akeso, Inc. (m)(x)\* | 5275 | 76590 |
|  Alibaba Group Holding Ltd. | 141736 | 2600627 |
|  Alibaba Health Information Technology Ltd. (x)\* | 40386 | 26205 |
|  Aluminum Corp. of China Ltd., Class A | 13700 | 23957 |
|  Aluminum Corp. of China Ltd., Class H | 27304 | 42696 |
|  Anhui Conch Cement Co. Ltd., Class H | 10537 | 29894 |
|  Anhui Gujing Distillery Co. Ltd., Class A | 300 | 5692 |
|  ANTA Sports Products Ltd. | 10667 | 110402 |
|  Autohome, Inc. (ADR) | 529 | 11776 |
|  Avary Holding Shenzhen Co. Ltd., Class A | 2200 | 15924 |
|  AviChina Industry & Technology Co. Ltd., Class H (x) | 20991 | 10708 |
|  Baidu, Inc., Class A\* | 18695 | 315879 |
|  Baidu, Inc. (ADR)\* | 4688 | 612534 |
|  Bank of Beijing Co. Ltd., Class A | 20300 | 15919 |
|  Bank of Chengdu Co. Ltd., Class A | 6200 | 14302 |
|  Bank of China Ltd., Class H | 613761 | 351725 |
|  Bank of China Ltd., Class A | 29700 | 24353 |
|  Bank of Communications Co. Ltd., Class A | 19500 | 20231 |
|  Bank of Communications Co. Ltd., Class H | 71634 | 59367 |
|  Bank of Hangzhou Co. Ltd., Class A | 5900 | 12901 |
|  Bank of Jiangsu Co. Ltd., Class A | 14100 | 20984 |
|  Bank of Nanjing Co. Ltd., Class A | 9600 | 15702 |
|  Bank of Ningbo Co. Ltd., Class A | 6500 | 26128 |
|  Bank of Shanghai Co. Ltd., Class A | 12700 | 18355 |
|  Baoshan Iron & Steel Co. Ltd., Class A | 12500 | 13326 |
|  Beijing Enterprises Holdings Ltd. | 4062 | 16608 |
|  Beijing Kingsoft Office Software, Inc., Class A | 346 | 15204 |
|  Beijing Tong Ren Tang Co. Ltd., Class A | 2200 | 10156 |
|  Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A\* | 1869 | 12019 |

---

See Notes to Financial Statements.

638

------

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  Beijing-Shanghai High Speed Railway Co. Ltd., Class A | 22500 | $16582 |
|  Bilibili, Inc., Class Z\* | 2013 | 49894 |
|  BOC Aviation Ltd. (m) | 84400 | 789484 |
|  Bosideng International Holdings Ltd. | 26968 | 15454 |
|  BYD Co. Ltd., Class A | 2402 | 33589 |
|  BYD Co. Ltd., Class H | 81901 | 1003413 |
|  BYD Electronic International Co. Ltd. (x) | 6850 | 29608 |
|  C&D International Investment Group Ltd. | 5493 | 11046 |
|  Cambricon Technologies Corp. Ltd., Class A\* | 217 | 42093 |
|  CGN Power Co. Ltd., Class H (m) | 115031 | 43306 |
|  Changchun High-Tech Industry Group Co. Ltd., Class A | 900 | 11919 |
|  Chaozhou Three-Circle Group Co. Ltd., Class A | 3400 | 22259 |
|  China CITIC Bank Corp. Ltd., Class H | 77354 | 68978 |
|  China Construction Bank Corp., Class H | 801652 | 792103 |
|  China CSSC Holdings Ltd., Class A | 3800 | 18086 |
|  China Eastern Airlines Corp. Ltd., Class A\* | 18500 | 15884 |
|  China Energy Engineering Corp. Ltd., Class A | 32000 | 10761 |
|  China Everbright Bank Co. Ltd., Class A | 27100 | 13534 |
|  China Feihe Ltd. (m)(x) | 25661 | 13387 |
|  China Galaxy Securities Co. Ltd., Class H | 25162 | 32428 |
|  China Gas Holdings Ltd. | 20606 | 20334 |
|  China Gold International Resources Corp. Ltd. | 1962 | 39554 |
|  China Hongqiao Group Ltd. | 24646 | 103300 |
|  China International Capital Corp. Ltd., Class H (m) | 12618 | 31729 |
|  China International Capital Corp. Ltd., Class A | 1900 | 9516 |
|  China Jushi Co. Ltd., Class A | 7600 | 18597 |
|  China Life Insurance Co. Ltd., Class H | 65859 | 231696 |
|  China Life Insurance Co. Ltd., Class A | 3100 | 20184 |
|  China Literature Ltd. (m)(x)\* | 2830 | 11992 |
|  China Mengniu Dairy Co. Ltd. | 27275 | 52253 |
|  China Merchants Bank Co. Ltd., Class H | 33441 | 226873 |
|  China Merchants Bank Co. Ltd., Class A | 10000 | 60245 |
|  China Merchants Energy Shipping Co. Ltd., Class A | 13300 | 17091 |
|  China Merchants Port Holdings Co. Ltd. | 10365 | 20163 |
|  China Merchants Securities Co. Ltd., Class A | 5400 | 12858 |
|  China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 7000 | 8655 |
|  China Minsheng Banking Corp. Ltd., Class A | 23300 | 12770 |
|  China Minsheng Banking Corp. Ltd., Class H | 40320 | 20360 |
|  China National Building Material Co. Ltd., Class H | 28033 | 18442 |
|  China National Nuclear Power Co. Ltd., Class A | 12300 | 15225 |
|  China Oilfield Services Ltd., Class H | 14287 | 12832 |
|  China Overseas Land & Investment Ltd. | 30956 | 48725 |
|  China Pacific Insurance Group Co. Ltd., Class A | 3300 | 19791 |
|  China Pacific Insurance Group Co. Ltd., Class H | 21306 | 96364 |
|  China Petroleum & Chemical Corp., Class A | 21700 | 19190 |
|  China Petroleum & Chemical Corp., Class H | 222383 | 133441 |
|  China Power International Development Ltd. (x) | 42899 | 17804 |
|  China Railway Group Ltd., Class A | 15300 | 11845 |
|  China Railway Group Ltd., Class H | 27671 | 13617 |
|  China Resources Beer Holdings Co. Ltd. | 13811 | 46529 |
|  China Resources Gas Group Ltd. | 6220 | 18078 |
|  China Resources Land Ltd. | 27662 | 96677 |
|  China Resources Microelectronics Ltd., Class A | 1732 | 13101 |
|  China Resources Mixc Lifestyle Services Ltd. (m) | 5604 | 30919 |
|  China Resources Power Holdings Co. Ltd. (x) | 16587 | 36892 |
|  China Ruyi Holdings Ltd. (x)\* | 94717 | 26653 |
|  China Shenhua Energy Co. Ltd., Class A | 3400 | 19705 |
|  China Shenhua Energy Co. Ltd., Class H | 30762 | 153361 |
|  China Southern Airlines Co. Ltd., Class A\* | 12300 | 14099 |
|  China State Construction Engineering Corp. Ltd., Class A | 18400 | 13507 |
|  China State Construction International Holdings Ltd. | 13950 | 16329 |
|  China Taiping Insurance Holdings Co. Ltd. | 11196 | 26887 |
|  China Tower Corp. Ltd., Class H (m) | 36279 | 53887 |
|  China United Network Communications Ltd., Class A | 23100 | 16892 |
|  China Vanke Co. Ltd., Class A\* | 13400 | 8917 |
|  China Yangtze Power Co. Ltd., Class A | 12200 | 47469 |
|  Chongqing Changan Automobile Co. Ltd., Class A | 8450 | 14341 |
|  Chongqing Zhifei Biological Products Co. Ltd., Class A\* | 1834 | 4952 |
|  Chow Tai Fook Jewellery Group Ltd. (x) | 17069 | 27174 |
|  CITIC Ltd. | 47016 | 72856 |
|  CITIC Securities Co. Ltd., Class A | 5200 | 21364 |
|  CITIC Securities Co. Ltd., Class H | 13770 | 48479 |
|  CMOC Group Ltd., Class H | 27294 | 67475 |
|  CNGR Advanced Material Co. Ltd., Class A | 560 | 3713 |
|  Contemporary Amperex Technology Co. Ltd., Class A | 2059 | 108210 |

---

See Notes to Financial Statements.

639

------

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  Contemporary Amperex Technology Co. Ltd., Class H | 734 | $47675 |
|  COSCO SHIPPING Energy Transportation Co. Ltd., Class A | 6000 | 10028 |
|  COSCO SHIPPING Holdings Co. Ltd., Class A | 9000 | 19550 |
|  COSCO SHIPPING Holdings Co. Ltd., Class H (x) | 22544 | 39830 |
|  CRRC Corp. Ltd., Class A | 15200 | 14834 |
|  CRRC Corp. Ltd., Class H | 32579 | 25033 |
|  CSC Financial Co. Ltd., Class A | 3400 | 13025 |
|  CSPC Pharmaceutical Group Ltd. | 76349 | 82699 |
|  Daqin Railway Co. Ltd., Class A | 12800 | 9451 |
|  Dongfang Electric Corp. Ltd., Class A | 4300 | 14940 |
|  East Money Information Co. Ltd., Class A | 8200 | 27200 |
|  ENN Energy Holdings Ltd. | 6393 | 56843 |
|  ENN Natural Gas Co. Ltd., Class A | 5100 | 15151 |
|  Eoptolink Technology, Inc. Ltd., Class A | 500 | 30829 |
|  Everbright Securities Co. Ltd., Class A | 6500 | 16324 |
|  Far East Horizon Ltd. | 16103 | 16635 |
|  Flat Glass Group Co. Ltd., Class A\* | 1700 | 3812 |
|  Focus Media Information Technology Co. Ltd., Class A | 11600 | 12234 |
|  Foshan Haitian Flavouring & Food Co. Ltd., Class A | 3700 | 19601 |
|  Fosun International Ltd. | 17382 | 9782 |
|  Foxconn Industrial Internet Co. Ltd., Class A | 8000 | 71035 |
|  Fuyao Glass Industry Group Co. Ltd., Class A | 1800 | 16683 |
|  Fuyao Glass Industry Group Co. Ltd., Class H (m) | 4201 | 36274 |
|  Ganfeng Lithium Group Co. Ltd., Class H (m)(x) | 3660 | 24431 |
|  GCL Technology Holdings Ltd.\* | 173521 | 23633 |
|  GD Power Development Co. Ltd., Class A | 22100 | 15939 |
|  GDS Holdings Ltd., Class A\* | 8844 | 38296 |
|  Geely Automobile Holdings Ltd. | 48576 | 111723 |
|  Genscript Biotech Corp. (x)\* | 8779 | 14010 |
|  Giant Biogene Holding Co. Ltd. (m)(x) | 2673 | 11430 |
|  GoerTek, Inc., Class A | 5500 | 22612 |
|  Goneo Group Co. Ltd., Class A | 2436 | 14233 |
|  Gotion High-tech Co. Ltd., Class A | 2900 | 16230 |
|  Great Wall Motor Co. Ltd., Class H | 20829 | 40948 |
|  Gree Electric Appliances, Inc. of Zhuhai, Class A | 2300 | 13238 |
|  Guangdong Haid Group Co. Ltd., Class A | 1300 | 10302 |
|  Guangdong Investment Ltd. | 27094 | 23638 |
|  Guanghui Energy Co. Ltd., Class A | 8100 | 5703 |
|  Guangzhou Tinci Materials Technology Co. Ltd., Class A | 1600 | 10608 |
|  Guosen Securities Co. Ltd., Class A | 8100 | 15207 |
|  Guotai Haitong Securities Co. Ltd., Class H (m) | 11707 | 25030 |
|  Guotai Haitong Securities Co. Ltd. | 8900 | 26172 |
|  H World Group Ltd. (ADR) | 1648 | 77538 |
|  Haidilao International Holding Ltd. (m)(x) | 14435 | 26430 |
|  Haier Smart Home Co. Ltd., Class A | 3200 | 11947 |
|  Haier Smart Home Co. Ltd., Class H | 19657 | 61325 |
|  Haitian International Holdings Ltd. | 5159 | 14689 |
|  Hangzhou First Applied Material Co. Ltd., Class A | 1920 | 3836 |
|  Hangzhou Silan Microelectronics Co. Ltd., Class A | 1500 | 6098 |
|  Hangzhou Tigermed Consulting Co. Ltd., Class A | 1000 | 8114 |
|  Hansoh Pharmaceutical Group Co. Ltd. (m) | 12489 | 57898 |
|  Henan Shuanghui Investment & Development Co. Ltd., Class A | 3000 | 11364 |
|  Hengan International Group Co. Ltd. | 6606 | 23682 |
|  Horizon Robotics\* | 34830 | 38756 |
|  Hoshine Silicon Industry Co. Ltd., Class A | 700 | 5279 |
|  Hua Hong Semiconductor Ltd., Class H (m)\* | 5600 | 53462 |
|  Huadian Power International Corp. Ltd., Class A | 13900 | 9866 |
|  Huadong Medicine Co. Ltd., Class A | 2300 | 12984 |
|  Huaneng Power International, Inc., Class A | 10000 | 10675 |
|  Huaneng Power International, Inc., Class H | 26775 | 19713 |
|  Huatai Securities Co. Ltd., Class A | 5300 | 17891 |
|  Huatai Securities Co. Ltd., Class H (m) | 10711 | 25901 |
|  Huayu Automotive Systems Co. Ltd., Class A | 3900 | 11162 |
|  Huizhou Desay Sv Automotive Co. Ltd., Class A | 700 | 12050 |
|  Hundsun Technologies, Inc., Class A | 2800 | 12080 |
|  Hygon Information Technology Co. Ltd., Class A | 1749 | 56166 |
|  Iflytek Co. Ltd., Class A | 1900 | 13673 |
|  Imeik Technology Development Co. Ltd., Class A | 420 | 8518 |
|  Industrial & Commercial Bank of China Ltd., Class H | 956069 | 772698 |
|  Industrial & Commercial Bank of China Ltd., Class A | 26100 | 29618 |
|  Industrial Bank Co. Ltd., Class A | 8600 | 25918 |
|  Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | 35900 | 12227 |
|  Innovent Biologics, Inc. (m)\* | 12299 | 120498 |
|  JA Solar Technology Co. Ltd., Class A\* | 7060 | 11568 |
|  JD Health International, Inc. (m)\* | 9566 | 68217 |
|  JD Logistics, Inc. (m)\* | 17101 | 25093 |
|  JD.com, Inc., Class A | 19700 | 282488 |
|  Jiangsu Expressway Co. Ltd., Class H | 13780 | 17688 |
|  Jiangsu Hengli Hydraulic Co. Ltd., Class A | 1100 | 17301 |
|  Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 2600 | 22164 |
|  Jiangsu King's Luck Brewery JSC Ltd., Class A | 2100 | 10452 |
|  Jiangsu Yanghe Distillery Co. Ltd., Class A | 1600 | 13907 |
|  Jiangsu Zhongtian Technology Co. Ltd., Class A | 4100 | 10631 |
|  Jiangxi Copper Co. Ltd., Class H | 300623 | 1656329 |

---

See Notes to Financial Statements.

640

------

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  Jinko Solar Co. Ltd., Class A\* | 10288 | $8303 |
|  Kanzhun Ltd. (ADR) | 3125 | 63687 |
|  KE Holdings, Inc., Class A | 17656 | 94148 |
|  Kingdee International Software Group Co. Ltd.\* | 22327 | 38126 |
|  Kingsoft Corp. Ltd. | 8075 | 29508 |
|  Kuaishou Technology (m) | 23119 | 189967 |
|  Kunlun Energy Co. Ltd. | 35918 | 34290 |
|  Kweichow Moutai Co. Ltd., Class A | 600 | 118244 |
|  Lenovo Group Ltd. | 66278 | 78859 |
|  Lens Technology Co. Ltd., Class A | 4400 | 19059 |
|  Li Auto, Inc., Class A (x)\* | 10456 | 87125 |
|  Li Ning Co. Ltd. | 20187 | 48427 |
|  Longfor Group Holdings Ltd. (m)(x) | 14732 | 16203 |
|  LONGi Green Energy Technology Co. Ltd., Class A\* | 3080 | 8022 |
|  Luxshare Precision Industry Co. Ltd., Class A | 2900 | 23534 |
|  Mango Excellent Media Co. Ltd., Class A | 2200 | 7688 |
|  Maxscend Microelectronics Co. Ltd., Class A | 480 | 5597 |
|  Meitu, Inc. (m)\* | 28987 | 26072 |
|  Meituan, Class B (m)\* | 42631 | 565842 |
|  Metallurgical Corp. of China Ltd., Class A | 31200 | 13260 |
|  Midea Group Co. Ltd., Class A | 2200 | 24603 |
|  Midea Group Co. Ltd., Class H | 3200 | 34929 |
|  MINISO Group Holding Ltd. | 3453 | 16150 |
|  MMG Ltd.\* | 35690 | 40218 |
|  Montage Technology Co. Ltd., Class A | 1153 | 19436 |
|  Muyuan Foods Co. Ltd., Class A | 2100 | 15200 |
|  NARI Technology Co. Ltd., Class A | 3456 | 11118 |
|  NAURA Technology Group Co. Ltd., Class A | 405 | 26606 |
|  NetEase Cloud Music, Inc. (m)\* | 736 | 17590 |
|  NetEase, Inc. | 14902 | 410907 |
|  New China Life Insurance Co. Ltd., Class H | 7910 | 55239 |
|  New Hope Liuhe Co. Ltd., Class A | 6100 | 8048 |
|  New Oriental Education & Technology Group, Inc. | 13567 | 73634 |
|  Ningbo Deye Technology Co. Ltd., Class A | 2116 | 26101 |
|  Ningxia Baofeng Energy Group Co. Ltd., Class A | 5600 | 15731 |
|  NIO, Inc., Class A\* | 15499 | 81571 |
|  Nongfu Spring Co. Ltd., Class H (m) | 17805 | 107159 |
|  PDD Holdings, Inc. (ADR)\* | 5856 | 664012 |
|  People's Insurance Co. Group of China Ltd. (The), Class A | 19700 | 25230 |
|  People's Insurance Co. Group of China Ltd. (The), Class H | 74868 | 64934 |
|  PetroChina Co. Ltd., Class H | 192170 | 206918 |
|  PetroChina Co. Ltd., Class A | 17200 | 25622 |
|  Pharmaron Beijing Co. Ltd., Class A | 1350 | 5492 |
|  PICC Property & Casualty Co. Ltd., Class H | 55754 | 117200 |
|  Ping An Bank Co. Ltd., Class A | 8000 | 13062 |
|  Ping An Insurance Group Co. of China Ltd., Class A | 5600 | 54813 |
|  Ping An Insurance Group Co. of China Ltd., Class H | 57361 | 480176 |
|  Poly Property Services Co. Ltd., Class H (m) | 137400 | 562827 |
|  Pop Mart International Group Ltd. (m) | 4597 | 110869 |
|  Postal Savings Bank of China Co. Ltd., Class A | 16600 | 12946 |
|  Postal Savings Bank of China Co. Ltd., Class H (m) | 68063 | 46526 |
|  Qfin Holdings, Inc. (ADR), Class A | 1009 | 19443 |
|  Qinghai Salt Lake Industry Co. Ltd., Class A\* | 3700 | 14910 |
|  Rongsheng Petrochemical Co. Ltd., Class A | 15100 | 25303 |
|  Sanan Optoelectronics Co. Ltd., Class A | 7800 | 15772 |
|  Sany Heavy Industry Co. Ltd., Class A | 8900 | 26911 |
|  Satellite Chemical Co. Ltd., Class A | 4505 | 11398 |
|  SG Micro Corp., Class A | 1521 | 14940 |
|  Shaanxi Coal Industry Co. Ltd., Class A | 5300 | 16170 |
|  Shandong Gold Mining Co. Ltd., Class A | 4600 | 25481 |
|  Shandong Gold Mining Co. Ltd., Class H (m)(x) | 6907 | 30707 |
|  Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 3300 | 14842 |
|  Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 27428 | 17692 |
|  Shanghai Baosight Software Co. Ltd., Class A | 3456 | 10242 |
|  Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 157000 | 394381 |
|  Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 1800 | 6823 |
|  Shanghai International Airport Co. Ltd., Class A | 2700 | 12657 |
|  Shanghai Pudong Development Bank Co. Ltd., Class A | 15700 | 27948 |
|  Shanghai Putailai New Energy Technology Group Co. Ltd. | 1740 | 6807 |
|  Shanghai Rural Commercial Bank Co. Ltd., Class A | 18600 | 24727 |
|  Shanghai United Imaging Healthcare Co. Ltd., Class A | 925 | 16612 |
|  Shanxi Coking Coal Energy Group Co. Ltd., Class A | 7000 | 6431 |
|  Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 500 | 12285 |
|  Shenwan Hongyuan Group Co. Ltd., Class A | 18200 | 13725 |
|  Shenzhen Inovance Technology Co. Ltd., Class A | 1900 | 20481 |
|  Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 500 | 13627 |
|  Shenzhen Transsion Holdings Co. Ltd., Class A | 1428 | 13520 |
|  Shenzhou International Group Holdings Ltd. | 76385 | 600661 |
|  Sichuan Chuantou Energy Co. Ltd., Class A | 7500 | 14918 |

---

See Notes to Financial Statements.

641

------

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., Class H\* | 413 | $| 20813 |
|  Sichuan Road and Bridge Group Co. Ltd., Class A | 12740 |  | 18140 |
|  Sino Biopharmaceutical Ltd. | 84712 |  | 67267 |
|  Sinopharm Group Co. Ltd., Class H | 227376 |  | 567951 |
|  Smoore International Holdings Ltd. (m) | 12083 |  | 18491 |
|  Sungrow Power Supply Co. Ltd., Class A | 1000 |  | 24476 |
|  Sunny Optical Technology Group Co. Ltd. (x) | 6110 |  | 51462 |
|  TAL Education Group (ADR)\* | 4182 |  | 45626 |
|  TCL Technology Group Corp., Class A | 26290 |  | 17080 |
|  TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A\* | 2750 |  | 3372 |
|  Tencent Holdings Ltd. | 77164 |  | 5938972 |
|  Tencent Music Entertainment Group (ADR) | 4851 |  | 85038 |
|  Tianqi Lithium Corp., Class A\* | 2700 |  | 21397 |
|  Tingyi Cayman Islands Holding Corp. | 16474 |  | 24956 |
|  Tongcheng Travel Holdings Ltd. (m) | 7983 |  | 23018 |
|  TravelSky Technology Ltd., Class H | 570000 |  | 752901 |
|  Trina Solar Co. Ltd., Class A\* | 1157 |  | 2740 |
|  Trip.com Group Ltd. | 5341 |  | 380191 |
|  Tsingtao Brewery Co. Ltd., Class H | 5436 |  | 34030 |
|  Tsingtao Brewery Co. Ltd., Class A | 1000 |  | 8758 |
|  UBTech Robotics Corp. Ltd., Class H\* | 1655 |  | 26858 |
|  Unigroup Guoxin Microelectronics Co. Ltd., Class A (r) | 1959 |  | 22093 |
|  Unisplendour Corp. Ltd., Class A | 4600 |  | 16193 |
|  Vipshop Holdings Ltd. (ADR) | 3654 |  | 64639 |
|  Wanhua Chemical Group Co. Ltd., Class A | 1300 |  | 14265 |
|  Want Want China Holdings Ltd. | 36211 |  | 21589 |
|  Weichai Power Co. Ltd., Class H | 279768 |  | 677609 |
|  Weichai Power Co. Ltd., Class A | 5400 |  | 13291 |
|  Wens Foodstuff Group Co. Ltd., Class A | 4700 |  | 11353 |
|  Wingtech Technology Co. Ltd., Class A\* | 2400 |  | 12803 |
|  Wuliangye Yibin Co. Ltd., Class A | 1900 |  | 28804 |
|  WuXi AppTec Co. Ltd., Class H (m) | 3043 |  | 38591 |
|  WuXi AppTec Co. Ltd., Class A | 1000 |  | 12971 |
|  Wuxi Biologics Cayman, Inc. (m)\* | 32857 |  | 132733 |
|  WuXi XDC Cayman, Inc. (x)\* | 3041 |  | 23737 |
|  Xiaomi Corp., Class B (m)\* | 146513 |  | 739841 |
|  Xinjiang Daqo New Energy Co. Ltd., Class A\* | 3122 |  | 11982 |
|  Xinyi Solar Holdings Ltd. | 39532 |  | 15086 |
|  XPeng, Inc., Class A\* | 10728 |  | 109379 |
|  Yadea Group Holdings Ltd. (m) | 9032 |  | 13195 |
|  Yankuang Energy Group Co. Ltd., Class H (x) | 32978 |  | 40763 |
|  Yankuang Energy Group Co. Ltd., Class A | 5070 |  | 9540 |
|  Yealink Network Technology Corp. Ltd., Class A | 1540 |  | 7856 |
|  Yonyou Network Technology Co. Ltd., Class A\* | 7500 |  | 14231 |
|  YTO Express Group Co. Ltd., Class A | 4500 |  | 10574 |
|  Yum China Holdings, Inc. (New York Stock Exchange) | 15421 |  | 736199 |
|  Yum China Holdings, Inc.(Hong Kong Stock Exchange) | 3136 |  | 148526 |
|  Yunnan Baiyao Group Co. Ltd., Class A | 1260 |  | 10234 |
|  Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 300 |  | 7246 |
|  Zhaojin Mining Industry Co. Ltd., Class H | 11548 |  | 45612 |
|  Zhejiang Chint Electrics Co. Ltd., Class A | 5400 |  | 21552 |
|  Zhejiang Dahua Technology Co. Ltd., Class A | 4900 |  | 13280 |
|  Zhejiang Expressway Co. Ltd., Class H | 16432 |  | 15138 |
|  Zhejiang Huayou Cobalt Co. Ltd., Class A | 1040 |  | 10159 |
|  Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | 1300 |  | 6837 |
|  Zhejiang Leapmotor Technology Co. Ltd., Class H (m)\* | 4442 |  | 27750 |
|  Zhejiang NHU Co. Ltd., Class A | 3120 |  | 11247 |
|  Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | 72 |  | 570 |
|  Zhongji Innolight Co. Ltd., Class A | 500 |  | 43645 |
|  Zhuzhou CRRC Times Electric Co. Ltd., Class H | 3789 |  | 18315 |
|  Zijin Mining Group Co. Ltd., Class A | 9400 |  | 46367 |
|  Zijin Mining Group Co. Ltd., Class H | 46361 |  | 212424 |
|  ZTE Corp., Class H (x) | 5230 |  | 18238 |
|  ZTE Corp., Class A | 2900 |  | 15703 |
|  ZTO Express Cayman, Inc. | 3720 |  | 77577 |
|  |  |  | 33049642 |
|  **Colombia (1.5%)** | **Colombia (1.5%)** | **Colombia (1.5%)** | **Colombia (1.5%)** |
|  Ecopetrol SA | 515410 |  | 255139 |
|  Grupo Cibest SA | 2059 |  | 36791 |
|  Grupo Cibest SA (Preference) (q) | 2310 |  | 36812 |
|  Grupo Cibest SA (ADR) | 23359 |  | 1485866 |
|  Interconexion Electrica SA ESP | 4497 |  | 29737 |
|  |  |  | 1844345 |
|  **Czech Republic (1.1%)** | **Czech Republic (1.1%)** | **Czech Republic (1.1%)** | **Czech Republic (1.1%)** |
|  CEZ A/S | 1385 |  | 87248 |
|  Komercni Banka A/S | 21845 |  | 1234784 |
|  |  |  | 1322032 |
|  **Egypt (0.1%)** | **Egypt (0.1%)** | **Egypt (0.1%)** | **Egypt (0.1%)** |
|  Commercial International Bank - Egypt (CIB) | 22535 |  | 48660 |
|  Eastern Co. SAE | 36347 |  | 28270 |
|  |  |  | 76930 |
|  **Greece (0.4%)** | **Greece (0.4%)** | **Greece (0.4%)** | **Greece (0.4%)** |
|  Alpha Bank SA | 18515 |  | 77897 |
|  Eurobank SA | 20982 |  | 84454 |
|  Hellenic Telecommunications Organization SA | 1387 |  | 27482 |
|  JUMBO SA | 971 |  | 31837 |
|  National Bank of Greece SA | 6874 |  | 105018 |
|  OPAP SA | 1568 |  | 35196 |
|  Piraeus Bank SA\* | 9215 |  | 73575 |

---

See Notes to Financial Statements.

642

------

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Public Power Corp. SA | 1606 | $| 34350 |
|  |  |  | 469809 |
|  **Hong Kong (0.1%)** | **Hong Kong (0.1%)** | **Hong Kong (0.1%)** | **Hong Kong (0.1%)** |
|  J&T Global Express Ltd.\* | 20245 |  | 27184 |
|  Orient Overseas International Ltd. | 986 |  | 15887 |
|  Zijin Gold International Co. Ltd.\* | 1766 |  | 33129 |
|  |  |  | 76200 |
|  **Hungary (0.2%)** | **Hungary (0.2%)** | **Hungary (0.2%)** | **Hungary (0.2%)** |
|  MOL Hungarian Oil & Gas plc | 3803 |  | 34189 |
|  OTP Bank Nyrt. | 1880 |  | 201780 |
|  Richter Gedeon Nyrt. | 1130 |  | 34087 |
|  |  |  | 270056 |
|  **India (11.7%)** | **India (11.7%)** | **India (11.7%)** | **India (11.7%)** |
|  ABB India Ltd. | 452 |  | 26000 |
|  Adani Enterprises Ltd. | 1467 |  | 36556 |
|  Adani Ports & Special Economic Zone Ltd. | 4268 |  | 69795 |
|  Adani Power Ltd.\* | 31170 |  | 49589 |
|  Alkem Laboratories Ltd. | 394 |  | 24139 |
|  Ambuja Cements Ltd. | 4814 |  | 29798 |
|  APL Apollo Tubes Ltd. | 1471 |  | 31325 |
|  Apollo Hospitals Enterprise Ltd. | 813 |  | 63703 |
|  Ashok Leyland Ltd. | 25502 |  | 50843 |
|  Asian Paints Ltd. | 3435 |  | 105844 |
|  AU Small Finance Bank Ltd. (m) | 3155 |  | 34910 |
|  Aurobindo Pharma Ltd. | 2672 |  | 35169 |
|  Avenue Supermarts Ltd. (m)\* | 1333 |  | 56094 |
|  Axis Bank Ltd. | 20378 |  | 287806 |
|  Bajaj Auto Ltd. | 561 |  | 58316 |
|  Bajaj Finance Ltd. | 24830 |  | 272612 |
|  Bajaj Finserv Ltd. | 3952 |  | 89694 |
|  Bajaj Holdings & Investment Ltd. | 228 |  | 28736 |
|  Bank of Baroda | 8875 |  | 29218 |
|  Bharat Electronics Ltd. | 29710 |  | 132089 |
|  Bharat Forge Ltd. | 2069 |  | 33848 |
|  Bharat Heavy Electricals Ltd. | 8708 |  | 27850 |
|  Bharat Petroleum Corp. Ltd. | 13348 |  | 57028 |
|  Bharti Airtel Ltd. | 21390 |  | 501102 |
|  Bosch Ltd. | 64 |  | 25663 |
|  Britannia Industries Ltd. | 876 |  | 58780 |
|  BSE Ltd. | 1702 |  | 49845 |
|  Canara Bank | 15123 |  | 26065 |
|  CG Power & Industrial Solutions Ltd. | 5242 |  | 37787 |
|  Cholamandalam Investment and Finance Co. Ltd. | 3330 |  | 63066 |
|  Cipla Ltd. | 5287 |  | 88900 |
|  Coal India Ltd. | 16235 |  | 72072 |
|  Colgate-Palmolive India Ltd. | 1111 |  | 25658 |
|  Coromandel International Ltd. | 983 |  | 24787 |
|  Cummins India Ltd. | 1204 |  | 59402 |
|  Dabur India Ltd. | 5000 |  | 28015 |
|  Divi's Laboratories Ltd. | 1073 |  | 76315 |
|  Dixon Technologies India Ltd. (m) | 289 |  | 38913 |
|  DLF Ltd. | 6460 |  | 49406 |
|  Dr Reddy's Laboratories Ltd. | 4865 |  | 68818 |
|  Eicher Motors Ltd. | 1105 |  | 89902 |
|  Eternal Ltd.\* | 20434 |  | 63214 |
|  Fortis Healthcare Ltd. | 4048 |  | 39814 |
|  FSN E-Commerce Ventures Ltd.\* | 9779 |  | 28849 |
|  GAIL India Ltd. | 18839 |  | 36085 |
|  GE Vernova T&D India Ltd. | 1057 |  | 36839 |
|  GMR Airports Ltd.\* | 22005 |  | 25553 |
|  Godrej Consumer Products Ltd. | 3305 |  | 44942 |
|  Godrej Properties Ltd.\* | 1011 |  | 22546 |
|  Grasim Industries Ltd. | 2123 |  | 66822 |
|  Havells India Ltd. | 2025 |  | 32103 |
|  HCL Technologies Ltd. | 8243 |  | 148876 |
|  HDFC Asset Management Co. Ltd. (m) | 1484 |  | 44121 |
|  HDFC Bank Ltd. | 94602 |  | 1043281 |
|  HDFC Bank Ltd. (ADR) | 20144 |  | 736062 |
|  HDFC Life Insurance Co. Ltd. (m) | 9843 |  | 82119 |
|  Hero MotoCorp Ltd. | 1052 |  | 67547 |
|  Hindalco Industries Ltd. | 13286 |  | 131072 |
|  Hindustan Aeronautics Ltd. (m) | 1774 |  | 86622 |
|  Hindustan Petroleum Corp. Ltd. | 8424 |  | 46774 |
|  Hindustan Unilever Ltd. | 7085 |  | 182557 |
|  Hitachi Energy India Ltd. | 111 |  | 22613 |
|  Hyundai Motor India Ltd. | 1408 |  | 35999 |
|  ICICI Bank Ltd. | 44923 |  | 671200 |
|  ICICI Bank Ltd. (ADR) | 26360 |  | 785528 |
|  ICICI Lombard General Insurance Co. Ltd. (m) | 1944 |  | 42438 |
|  IDFC First Bank Ltd. | 28209 |  | 26869 |
|  Indian Hotels Co. Ltd. (The), Class A | 7274 |  | 59796 |
|  Indian Oil Corp. Ltd. | 22823 |  | 42269 |
|  Indus Towers Ltd.\* | 10660 |  | 49665 |
|  IndusInd Bank Ltd.\* | 4995 |  | 48027 |
|  Info Edge India Ltd. | 2865 |  | 42510 |
|  Infosys Ltd. | 28691 |  | 515663 |
|  InterGlobe Aviation Ltd. (m) | 1506 |  | 84776 |
|  ITC Ltd. | 27117 |  | 121587 |
|  Jindal Steel Ltd. | 3297 |  | 38656 |
|  Jio Financial Services Ltd. | 26609 |  | 87321 |
|  JSW Steel Ltd. | 5842 |  | 75710 |
|  Kotak Mahindra Bank Ltd. | 9956 |  | 243817 |
|  Kwality Wall's India Ltd.\* | 7085 |  | 3011 |
|  Larsen & Toubro Ltd. | 5560 |  | 252608 |
|  Lodha Developers Ltd. (m) | 3172 |  | 37455 |
|  LTIMindtree Ltd. (m) | 765 |  | 51609 |
|  Lupin Ltd. | 1767 |  | 41472 |
|  Mahindra & Mahindra Ltd. | 7696 |  | 317603 |
|  Mankind Pharma Ltd. | 868 |  | 21212 |
|  Marico Ltd. | 4174 |  | 34858 |
|  Maruti Suzuki India Ltd. | 1104 |  | 205091 |
|  Max Healthcare Institute Ltd. | 6705 |  | 77964 |
|  Mphasis Ltd. | 683 |  | 21210 |
|  MRF Ltd. | 20 |  | 34013 |
|  Muthoot Finance Ltd. | 1044 |  | 44275 |
|  Nestle India Ltd. | 6700 |  | 96013 |
|  NTPC Ltd. | 39087 |  | 143316 |
|  Oil & Natural Gas Corp. Ltd. | 27150 |  | 72612 |
|  One 97 Communications Ltd.\* | 3164 |  | 45725 |
|  PB Fintech Ltd.\* | 2543 |  | 51653 |
|  Persistent Systems Ltd. | 884 |  | 61688 |
|  Phoenix Mills Ltd. (The) | 1704 |  | 35140 |
|  Pidilite Industries Ltd. | 2464 |  | 40639 |
|  Polycab India Ltd. | 398 |  | 33738 |
|  Power Finance Corp. Ltd. | 12146 |  | 48028 |
|  Power Grid Corp. of India Ltd. | 41114 |  | 121037 |
|  Prestige Estates Projects Ltd. | 1237 |  | 21949 |
|  Punjab National Bank | 19156 |  | 26339 |

---

See Notes to Financial Statements.

643

------

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Rail Vikas Nigam Ltd. (m) | 4461 | $| 17731 |
|  REC Ltd. | 10919 |  | 43346 |
|  Reliance Industries Ltd. | 50125 |  | 875799 |
|  Samvardhana Motherson International Ltd. | 35250 |  | 47040 |
|  SBI Life Insurance Co. Ltd. (m) | 3685 |  | 83430 |
|  Shriram Finance Ltd. | 12445 |  | 137937 |
|  Siemens Energy India Ltd.\* | 735 |  | 20936 |
|  Siemens Ltd. | 769 |  | 26209 |
|  Solar Industries India Ltd. | 235 |  | 32034 |
|  SRF Ltd. | 1198 |  | 40987 |
|  State Bank of India | 16309 |  | 178224 |
|  Sun Pharmaceutical Industries Ltd. | 8901 |  | 170307 |
|  Sundaram Finance Ltd. | 578 |  | 33973 |
|  Suzlon Energy Ltd.\* | 78004 |  | 45711 |
|  Swiggy Ltd.\* | 7380 |  | 31715 |
|  Tata Consultancy Services Ltd. | 8070 |  | 287875 |
|  Tata Consumer Products Ltd. | 5807 |  | 77014 |
|  Tata Motors Ltd.\* | 17107 |  | 79083 |
|  Tata Motors Passenger Vehicles Ltd. | 17107 |  | 69919 |
|  Tata Power Co. Ltd. (The) | 13796 |  | 58267 |
|  Tata Steel Ltd. | 70152 |  | 140555 |
|  Tech Mahindra Ltd. | 4625 |  | 81864 |
|  Titan Co. Ltd. | 3297 |  | 148619 |
|  Torrent Pharmaceuticals Ltd. | 821 |  | 35168 |
|  Trent Ltd. | 1544 |  | 73507 |
|  Tube Investments of India Ltd. | 906 |  | 26351 |
|  TVS Motor Co. Ltd. | 2080 |  | 86084 |
|  UltraTech Cement Ltd. | 980 |  | 128487 |
|  United Spirits Ltd. | 2349 |  | 37731 |
|  UPL Ltd. | 3943 |  | 34883 |
|  Varun Beverages Ltd. | 11720 |  | 63875 |
|  Vedanta Ltd. | 11664 |  | 78435 |
|  Vishal Mega Mart Ltd.\* | 17763 |  | 26951 |
|  Vodafone Idea Ltd.\* | 209033 |  | 25025 |
|  Voltas Ltd. | 1856 |  | 28109 |
|  WAAREE Energies Ltd. | 730 |  | 24107 |
|  Wipro Ltd. | 22080 |  | 64678 |
|  Yes Bank Ltd.\* | 153764 |  | 36953 |
|  |  |  | 14414877 |
|  **Indonesia (1.7%)** | **Indonesia (1.7%)** | **Indonesia (1.7%)** | **Indonesia (1.7%)** |
|  Amman Mineral Internasional PT\* | 122762 |  | 47301 |
|  Astra International Tbk. PT | 183159 |  | 73593 |
|  Bank Central Asia Tbk. PT | 482549 |  | 233678 |
|  Bank Mandiri Persero Tbk. PT | 328096 |  | 100347 |
|  Bank Negara Indonesia Persero Tbk. PT | 120140 |  | 31485 |
|  Bank Rakyat Indonesia Persero Tbk. PT | 3320337 |  | 728782 |
|  Barito Pacific Tbk. PT\* | 199187 |  | 39061 |
|  Barito Renewables Energy Tbk. PT\* | 66227 |  | 38525 |
|  Bumi Resources Minerals Tbk. PT\* | 467905 |  | 30866 |
|  Chandra Asri Pacific Tbk. PT | 67504 |  | 28338 |
|  Charoen Pokphand Indonesia Tbk. PT | 64683 |  | 17494 |
|  Dian Swastatika Sentosa Tbk. PT\* | 8479 |  | 51357 |
|  GoTo Gojek Tokopedia Tbk. PT, Class A\* | 7156883 |  | 27469 |
|  Indofood Sukses Makmur Tbk. PT | 1090704 |  | 443150 |
|  Petrindo Jaya Kreasi Tbk. PT | 188847 |  | 26501 |
|  Telkom Indonesia Persero Tbk. PT | 432651 |  | 90292 |
|  United Tractors Tbk. PT | 14428 |  | 25525 |
|  |  |  | 2033764 |
|  **Kuwait (0.5%)** | **Kuwait (0.5%)** | **Kuwait (0.5%)** | **Kuwait (0.5%)** |
|  Boubyan Bank KSCP | 12474 |  | 28976 |
|  Gulf Bank KSCP | 16708 |  | 19379 |
|  Kuwait Finance House KSCP | 96116 |  | 253249 |
|  Mabanee Co. KPSC | 7551 |  | 26740 |
|  Mobile Telecommunications Co. KSCP | 17706 |  | 29855 |
|  National Bank of Kuwait SAKP | 70589 |  | 232774 |
|  |  |  | 590973 |
|  **Luxembourg (0.0%)†** | **Luxembourg (0.0%)†** | **Luxembourg (0.0%)†** | **Luxembourg (0.0%)†** |
|  Reinet Investments SCA | 1110 |  | 38877 |
|  **Malaysia (0.8%)** | **Malaysia (0.8%)** | **Malaysia (0.8%)** | **Malaysia (0.8%)** |
|  AMMB Holdings Bhd. | 19972 |  | 31991 |
|  Axiata Group Bhd. | 25967 |  | 16125 |
|  Celcomdigi Bhd. | 39934 |  | 31392 |
|  CIMB Group Holdings Bhd. | 64788 |  | 131715 |
|  Gamuda Bhd. | 34628 |  | 42496 |
|  Hong Leong Bank Bhd. | 7591 |  | 41416 |
|  IHH Healthcare Bhd. | 9335 |  | 20128 |
|  IOI Corp. Bhd. | 19549 |  | 19270 |
|  Kuala Lumpur Kepong Bhd. | 3372 |  | 16619 |
|  Malayan Banking Bhd. | 46826 |  | 120931 |
|  Maxis Bhd. | 18034 |  | 16843 |
|  MISC Bhd. | 10465 |  | 20115 |
|  MR DIY Group M Bhd. (m) | 33669 |  | 12694 |
|  Nestle Malaysia Bhd. | 550 |  | 15451 |
|  Petronas Chemicals Group Bhd. | 23324 |  | 20864 |
|  Petronas Gas Bhd. | 9344 |  | 41769 |
|  Press Metal Aluminium Holdings Bhd. | 30517 |  | 53544 |
|  Public Bank Bhd. | 124755 |  | 139573 |
|  RHB Bank Bhd. | 14181 |  | 26943 |
|  SD Guthrie Bhd. | 17851 |  | 25206 |
|  Sunway Bhd. | 22652 |  | 31371 |
|  Telekom Malaysia Bhd. | 13795 |  | 27366 |
|  Tenaga Nasional Bhd. | 23207 |  | 78462 |
|  YTL Corp. Bhd. | 28680 |  | 14418 |
|  YTL Power International Bhd. | 21290 |  | 17366 |
|  |  |  | 1014068 |
|  **Mexico (2.0%)** | **Mexico (2.0%)** | **Mexico (2.0%)** | **Mexico (2.0%)** |
|  America Movil SAB de CV | 162970 |  | 168242 |
|  Arca Continental SAB de CV | 4520 |  | 48821 |
|  Cemex SAB de CV | 136177 |  | 156387 |
|  Coca-Cola Femsa SAB de CV | 4244 |  | 40306 |
|  Fibra Uno Administracion SA de CV (REIT) | 24588 |  | 36949 |
|  Fomento Economico Mexicano SAB de CV | 15752 |  | 159230 |
|  Grupo Aeroportuario del Centro Norte SAB de CV, Class B | 2528 |  | 34313 |
|  Grupo Aeroportuario del Pacifico SAB de CV, Class B | 3282 |  | 85847 |
|  Grupo Aeroportuario del Sureste SAB de CV, Class B | 1628 |  | 52519 |
|  Grupo Bimbo SAB de CV, Class A (x) | 12149 |  | 39805 |
|  Grupo Carso SAB de CV (x) | 4856 |  | 31907 |
|  Grupo Comercial Chedraui SA de CV | 69 |  | 472 |
|  Grupo Financiero Banorte SAB de CV, Class O | 96561 |  | 894640 |

---

See Notes to Financial Statements.

644

------

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Grupo Financiero Inbursa SAB de CV, Class O | 19184 | $| 46257 |
|  Grupo Mexico SAB de CV | 26998 |  | 255175 |
|  Industrias Penoles SAB de CV\* | 1546 |  | 81215 |
|  Kimberly-Clark de Mexico SAB de CV, Class A | 13047 |  | 27829 |
|  Prologis Property Mexico SA de CV (REIT) | 6406 |  | 26759 |
|  Southern Copper Corp. | 648 |  | 92969 |
|  Wal-Mart de Mexico SAB de CV | 47712 |  | 148402 |
|  |  |  | 2428044 |
|  **Peru (0.2%)** | **Peru (0.2%)** | **Peru (0.2%)** | **Peru (0.2%)** |
|  Cia de Minas Buenaventura SAA (ADR) | 1110 |  | 30891 |
|  Credicorp Ltd. | 578 |  | 165886 |
|  |  |  | 196777 |
|  **Philippines (0.3%)** | **Philippines (0.3%)** | **Philippines (0.3%)** | **Philippines (0.3%)** |
|  Ayala Corp. | 3097 |  | 24636 |
|  Ayala Land, Inc. | 63229 |  | 24128 |
|  Bank of the Philippine Islands | 16379 |  | 32322 |
|  BDO Unibank, Inc. | 18896 |  | 43231 |
|  International Container Terminal Services, Inc. | 8579 |  | 82680 |
|  Manila Electric Co. | 2433 |  | 23738 |
|  Metropolitan Bank & Trust Co. | 15777 |  | 18369 |
|  SM Investments Corp. | 2687 |  | 31948 |
|  SM Prime Holdings, Inc. | 98339 |  | 38027 |
|  |  |  | 319079 |
|  **Poland (0.8%)** | **Poland (0.8%)** | **Poland (0.8%)** | **Poland (0.8%)** |
|  Allegro.eu SA (m)\* | 5040 |  | 43549 |
|  Bank Millennium SA\* | 5191 |  | 24046 |
|  Bank Polska Kasa Opieki SA | 1598 |  | 91295 |
|  CD Projekt SA | 561 |  | 37660 |
|  Dino Polska SA (m)\* | 3960 |  | 45612 |
|  KGHM Polska Miedz SA\* | 1393 |  | 108957 |
|  LPP SA | 9 |  | 52170 |
|  mBank SA\* | 183 |  | 54110 |
|  ORLEN SA | 5334 |  | 142800 |
|  PGE Polska Grupa Energetyczna SA\* | 7628 |  | 18707 |
|  Powszechna Kasa Oszczednosci Bank Polski SA | 7831 |  | 185763 |
|  Powszechny Zaklad Ubezpieczen SA | 5218 |  | 97005 |
|  Santander Bank Polska SA | 306 |  | 46488 |
|  |  |  | 948162 |
|  **Qatar (0.4%)** | **Qatar (0.4%)** | **Qatar (0.4%)** | **Qatar (0.4%)** |
|  Al Rayan Bank | 50968 |  | 30712 |
|  Barwa Real Estate Co. | 33504 |  | 24072 |
|  Commercial Bank PSQC (The) | 25888 |  | 29863 |
|  Industries Qatar QSC | 13744 |  | 45033 |
|  Mesaieed Petrochemical Holding Co. | 46863 |  | 14068 |
|  Ooredoo QPSC | 4608 |  | 16491 |
|  Qatar Electricity & Water Co. QSC | 5127 |  | 21192 |
|  Qatar Fuel QSC | 5099 |  | 21245 |
|  Qatar Gas Transport Co. Ltd. | 27866 |  | 34356 |
|  Qatar Islamic Bank QPSC | 15864 |  | 104351 |
|  Qatar National Bank QPSC | 42063 |  | 215571 |
|  |  |  | 556954 |
|  **Romania (0.0%)†** | **Romania (0.0%)†** | **Romania (0.0%)†** | **Romania (0.0%)†** |
|  NEPI Rockcastle NV\* | 5048 |  | 44460 |
|  **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** |
|  Gazprom PJSC (r)\* | 80604 |  |  |
|  GMK Norilskiy Nickel PAO (ADR) (r)\* | 4277 |  |  |
|  LUKOIL PJSC (r)\* | 2799 |  |  |
|  Magnit PJSC (r)\* | 1475 |  |  |
|  Mobile TeleSystems PJSC (r)\* | 26722 |  |  |
|  Novatek PJSC (GDR) (m)(r)\* | 780 |  |  |
|  Novolipetsk Steel PJSC (r)\* | 12566 |  |  |
|  PhosAgro PJSC (GDR) (m)(r)\* | 4890 |  |  |
|  Rosneft Oil Co. PJSC (r)\* | 8744 |  |  |
|  Sberbank of Russia PJSC (r)\* | 73260 |  |  |
|  Severstal PAO (GDR) (m)(r)\* | 1815 |  |  |
|  Surgutneftegas PAO (ADR) (r)\* | 7330 |  |  |
|  Tatneft PJSC (ADR) (r)\* | 1723 |  |  |
|  VTB Bank PJSC (r)\* | 22126 |  |  |
|  **Saudi Arabia (1.9%)** | **Saudi Arabia (1.9%)** | **Saudi Arabia (1.9%)** | **Saudi Arabia (1.9%)** |
|  ACWA Power Co.\* | 1328 |  | 64368 |
|  Ades Holding Co. | 3523 |  | 16381 |
|  Al Rajhi Bank | 16117 |  | 418953 |
|  Alinma Bank | 10656 |  | 69263 |
|  Almarai Co. JSC | 4368 |  | 50379 |
|  Arab National Bank | 7829 |  | 45127 |
|  Bank AlBilad | 6392 |  | 42297 |
|  Banque Saudi Fransi | 10652 |  | 47768 |
|  Bupa Arabia for Cooperative Insurance Co. | 718 |  | 26589 |
|  Dallah Healthcare Co. | 379 |  | 12681 |
|  Dar Al Arkan Real Estate Development Co.\* | 4570 |  | 19421 |
|  Dr Sulaiman Al Habib Medical Services Group Co. | 761 |  | 52143 |
|  Elm Co. | 209 |  | 41680 |
|  Etihad Etisalat Co. | 3282 |  | 57751 |
|  Jarir Marketing Co. | 5115 |  | 17428 |
|  Makkah Construction & Development Co. | 836 |  | 17731 |
|  Mouwasat Medical Services Co. | 852 |  | 15140 |
|  Riyad Bank | 12787 |  | 92524 |
|  SABIC Agri-Nutrients Co. | 2029 |  | 59883 |
|  Sahara International Petrochemical Co. | 3126 |  | 12501 |
|  SAL Saudi Logistics Services | 259 |  | 11076 |
|  Saudi Arabian Mining Co.\* | 11240 |  | 182649 |
|  Saudi Arabian Oil Co. (m) | 51774 |  | 328936 |
|  Saudi Awwal Bank | 8758 |  | 75606 |
|  Saudi Basic Industries Corp. | 7829 |  | 107078 |
|  Saudi Electricity Co. | 7249 |  | 27154 |
|  Saudi National Bank (The) | 25574 |  | 258276 |
|  Saudi Research & Media Group\* | 313 |  | 10389 |
|  Saudi Telecom Co. | 17397 |  | 199350 |
|  Yanbu National Petrochemical Co. | 2398 |  | 17569 |
|  |  |  | 2398091 |
|  **South Africa (3.4%)** | **South Africa (3.4%)** | **South Africa (3.4%)** | **South Africa (3.4%)** |
|  Absa Group Ltd. | 7635 |  | 110357 |
|  Bid Corp. Ltd. | 3037 |  | 77368 |
|  Bidvest Group Ltd. | 2950 |  | 42306 |

---

See Notes to Financial Statements.

645

------

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Capitec Bank Holdings Ltd. | 746 | $| 187212 |
|  Clicks Group Ltd. | 1829 |  | 37173 |
|  Discovery Ltd. | 3986 |  | 54779 |
|  FirstRand Ltd. | 211763 |  | 1160477 |
|  Gold Fields Ltd. | 7581 |  | 332223 |
|  Harmony Gold Mining Co. Ltd. | 4617 |  | 93979 |
|  Impala Platinum Holdings Ltd. | 7991 |  | 126428 |
|  MTN Group Ltd. | 13987 |  | 143164 |
|  Naspers Ltd., Class N | 6252 |  | 416993 |
|  Nedbank Group Ltd. | 3289 |  | 52882 |
|  Ninety One Ltd. | 159153 |  | 459487 |
|  Northam Platinum Holdings Ltd. | 2971 |  | 60480 |
|  OUTsurance Group Ltd. | 7360 |  | 31849 |
|  Pepkor Holdings Ltd. (m) | 29817 |  | 47624 |
|  Remgro Ltd. | 3981 |  | 43659 |
|  Sanlam Ltd. | 14076 |  | 83717 |
|  Sasol Ltd.\* | 4953 |  | 31764 |
|  Shoprite Holdings Ltd. | 3103 |  | 50635 |
|  Sibanye Stillwater Ltd. (x)\* | 23959 |  | 87531 |
|  Standard Bank Group Ltd. | 10865 |  | 190531 |
|  Valterra Platinum Ltd. | 2247 |  | 191261 |
|  Vodacom Group Ltd. (x) | 5143 |  | 43886 |
|  |  |  | 4157765 |
|  **South Korea (11.7%)** | **South Korea (11.7%)** | **South Korea (11.7%)** | **South Korea (11.7%)** |
|  Alteogen, Inc.\* | 345 |  | 107652 |
|  APR Corp.\* | 201 |  | 32231 |
|  Celltrion, Inc.\* | 1238 |  | 155550 |
|  CJ Corp. | 2901 |  | 346376 |
|  Cosmax, Inc.\* | 8236 |  | 931913 |
|  Coway Co. Ltd.\* | 373 |  | 22501 |
|  DB Insurance Co. Ltd. | 311 |  | 28303 |
|  Doosan Bobcat, Inc. | 386 |  | 15461 |
|  Doosan Co. Ltd. | 63 |  | 34156 |
|  Doosan Enerbility Co. Ltd.\* | 3699 |  | 193353 |
|  Ecopro BM Co. Ltd.\* | 452 |  | 45999 |
|  Ecopro Co. Ltd. | 882 |  | 55594 |
|  Hana Financial Group, Inc. | 2373 |  | 155010 |
|  Hanjin Kal Corp.\* | 200 |  | 17216 |
|  Hanmi Semiconductor Co. Ltd. | 360 |  | 31838 |
|  Hanwha Aerospace Co. Ltd.\* | 293 |  | 191394 |
|  Hanwha Ocean Co. Ltd.\* | 1037 |  | 81777 |
|  HD Hyundai Co. Ltd. | 320 |  | 41873 |
|  HD Hyundai Electric Co. Ltd. | 188 |  | 101011 |
|  HD Hyundai Heavy Industries Co. Ltd. | 299 |  | 105648 |
|  HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 372 |  | 105101 |
|  HLB, Inc.\* | 1119 |  | 39461 |
|  HMM Co. Ltd. | 2351 |  | 33456 |
|  HYBE Co. Ltd.\* | 224 |  | 51314 |
|  Hyosung Heavy Industries Corp.\* | 47 |  | 58108 |
|  Hyundai Glovis Co. Ltd. | 254 |  | 31844 |
|  Hyundai Mobis Co. Ltd. | 515 |  | 133348 |
|  Hyundai Motor Co. | 1196 |  | 246166 |
|  Hyundai Motor Co. (2nd Preference) (q) | 246 |  | 36288 |
|  Hyundai Motor Co. (Preference) (q) | 185 |  | 26455 |
|  Hyundai Rotem Co. Ltd. | 660 |  | 86088 |
|  Industrial Bank of Korea | 1761 |  | 25610 |
|  Kakao Corp. | 2876 |  | 119987 |
|  KakaoBank Corp. | 1692 |  | 25370 |
|  KB Financial Group, Inc. | 3228 |  | 279429 |
|  Kia Corp. | 1949 |  | 164790 |
|  Korea Aerospace Industries Ltd. | 507 |  | 40263 |
|  Korea Electric Power Corp.\* | 2726 |  | 89318 |
|  Korea Investment Holdings Co. Ltd. | 282 |  | 31654 |
|  Korea Zinc Co. Ltd. | 32 |  | 29233 |
|  Krafton, Inc.\* | 251 |  | 42863 |
|  KT&G Corp. | 899 |  | 88680 |
|  LG Chem Ltd. | 450 |  | 104023 |
|  LG Corp. | 944 |  | 52883 |
|  LG Display Co. Ltd.\* | 2065 |  | 16929 |
|  LG Electronics, Inc. | 1095 |  | 69856 |
|  LG Energy Solution Ltd.\* | 406 |  | 103857 |
|  LIG Nex1 Co. Ltd.\* | 112 |  | 32732 |
|  LS Electric Co. Ltd.\* | 130 |  | 41512 |
|  Meritz Financial Group, Inc. | 711 |  | 55822 |
|  Mirae Asset Securities Co. Ltd. | 1943 |  | 31494 |
|  NAVER Corp. | 1195 |  | 201164 |
|  POSCO Future M Co. Ltd.\* | 296 |  | 38424 |
|  POSCO Holdings, Inc. | 651 |  | 137833 |
|  Posco International Corp. | 468 |  | 16114 |
|  Samsung Biologics Co. Ltd. (m)\* | 105 |  | 123547 |
|  Samsung C&T Corp.\* | 707 |  | 117543 |
|  Samsung Electro-Mechanics Co. Ltd.\* | 486 |  | 86030 |
|  Samsung Electronics Co. Ltd. | 60432 |  | 5029882 |
|  Samsung Electronics Co. Ltd. (Preference) (q) | 6907 |  | 427687 |
|  Samsung Fire & Marine Insurance Co. Ltd. | 264 |  | 91082 |
|  Samsung Heavy Industries Co. Ltd.\* | 5732 |  | 95895 |
|  Samsung Life Insurance Co. Ltd.\* | 603 |  | 65970 |
|  Samsung SDI Co. Ltd.\* | 501 |  | 93728 |
|  Samsung SDS Co. Ltd.\* | 334 |  | 39763 |
|  Samyang Foods Co. Ltd. | 35 |  | 29909 |
|  Shinhan Financial Group Co. Ltd. | 3662 |  | 195486 |
|  SK Biopharmaceuticals Co. Ltd.\* | 287 |  | 24824 |
|  SK hynix, Inc. | 4505 |  | 2035858 |
|  SK Innovation Co. Ltd. | 598 |  | 42010 |
|  SK Square Co. Ltd.\* | 773 |  | 197469 |
|  SK Telecom Co. Ltd. | 868 |  | 32236 |
|  SK, Inc. | 283 |  | 50390 |
|  S-Oil Corp.\* | 304 |  | 17515 |
|  Woori Financial Group, Inc. | 5542 |  | 107720 |
|  Yuhan Corp.\* | 494 |  | 38545 |
|  |  |  | 14325414 |
|  **Taiwan (22.8%)** | **Taiwan (22.8%)** | **Taiwan (22.8%)** | **Taiwan (22.8%)** |
|  Accton Technology Corp. | 3892 |  | 146784 |
|  Advantech Co. Ltd. | 4455 |  | 40834 |
|  Alchip Technologies Ltd. | 655 |  | 73170 |
|  ASE Technology Holding Co. Ltd. | 284021 |  | 2264358 |
|  Asia Vital Components Co. Ltd. | 2825 |  | 135763 |
|  ASPEED Technology, Inc. | 250 |  | 57765 |
|  Asustek Computer, Inc. | 6027 |  | 105116 |
|  Bizlink Holding, Inc. | 1448 |  | 70049 |
|  Caliway Biopharmaceuticals Co. Ltd.\* | 8533 |  | 42094 |
|  Catcher Technology Co. Ltd. | 4883 |  | 32325 |
|  Cathay Financial Holding Co. Ltd. | 82317 |  | 198585 |
|  Chailease Holding Co. Ltd. | 16200 |  | 54394 |
|  Chang Hwa Commercial Bank Ltd. | 50801 |  | 33064 |
|  China Steel Corp. | 107475 |  | 64990 |
|  Chroma ATE, Inc. | 3158 |  | 77893 |
|  Chunghwa Telecom Co. Ltd. | 33116 |  | 137542 |

---

See Notes to Financial Statements.

646

------

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Compal Electronics, Inc. | 47199 | $| 45666 |
|  CTBC Financial Holding Co. Ltd. | 137717 |  | 220028 |
|  Delta Electronics, Inc. | 16557 |  | 507452 |
|  E Ink Holdings, Inc. | 6857 |  | 43210 |
|  E.Sun Financial Holding Co. Ltd. | 129522 |  | 139125 |
|  Elite Material Co. Ltd. | 2543 |  | 133137 |
|  eMemory Technology, Inc. | 490 |  | 26979 |
|  Evergreen Marine Corp. Taiwan Ltd. | 9288 |  | 56165 |
|  Far EasTone Telecommunications Co. Ltd. | 16092 |  | 45223 |
|  Feng TAY Enterprise Co. Ltd. | 82120 |  | 304482 |
|  First Financial Holding Co. Ltd. | 105252 |  | 98484 |
|  Formosa Chemicals & Fibre Corp. | 33062 |  | 33777 |
|  Formosa Plastics Corp. | 32974 |  | 40928 |
|  Fortune Electric Co. Ltd. | 1342 |  | 32674 |
|  Fubon Financial Holding Co. Ltd. | 69152 |  | 211502 |
|  Gigabyte Technology Co. Ltd. | 4417 |  | 35074 |
|  Global Unichip Corp. | 752 |  | 50859 |
|  Gold Circuit Electronics Ltd. | 2638 |  | 57679 |
|  Hon Hai Precision Industry Co. Ltd. | 253022 |  | 1856163 |
|  Hotai Motor Co. Ltd. | 2895 |  | 50676 |
|  Hua Nan Financial Holdings Co. Ltd. | 80222 |  | 79148 |
|  Innolux Corp. | 70356 |  | 38178 |
|  International Games System Co. Ltd. | 2068 |  | 47454 |
|  Inventec Corp. | 19884 |  | 27149 |
|  Jentech Precision Industrial Co. Ltd. | 729 |  | 63688 |
|  KGI Financial Holding Co. Ltd. | 128076 |  | 70314 |
|  King Slide Works Co. Ltd. | 484 |  | 57765 |
|  King Yuan Electronics Co. Ltd. | 9079 |  | 71515 |
|  Largan Precision Co. Ltd. | 926 |  | 73531 |
|  Lite-On Technology Corp. | 17592 |  | 91542 |
|  Lotes Co. Ltd. | 731 |  | 30128 |
|  MediaTek, Inc. | 48403 |  | 2202902 |
|  Mega Financial Holding Co. Ltd. | 107652 |  | 137047 |
|  Micro-Star International Co. Ltd. | 146000 |  | 446543 |
|  Nan Ya Plastics Corp. | 47296 |  | 90617 |
|  Novatek Microelectronics Corp. | 4946 |  | 58873 |
|  Pegatron Corp. | 15898 |  | 34710 |
|  PharmaEssentia Corp. | 1832 |  | 27404 |
|  President Chain Store Corp. | 5487 |  | 38681 |
|  Quanta Computer, Inc. | 23573 |  | 204066 |
|  Realtek Semiconductor Corp. | 4073 |  | 63388 |
|  Shanghai Commercial & Savings Bank Ltd. (The) | 34168 |  | 44150 |
|  SinoPac Financial Holdings Co. Ltd. | 104332 |  | 94967 |
|  Taiwan Business Bank | 62203 |  | 31675 |
|  Taiwan Cooperative Financial Holding Co. Ltd. | 91502 |  | 70766 |
|  Taiwan Mobile Co. Ltd. | 15213 |  | 52533 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 295255 |  | 14565180 |
|  TCC Group Holdings Co. Ltd. | 60564 |  | 44719 |
|  Teco Electric and Machinery Co. Ltd. | 9803 |  | 26207 |
|  TS Financial Holding Co. Ltd. | 189731 |  | 123184 |
|  Unimicron Technology Corp. | 11840 |  | 82901 |
|  Uni-President Enterprises Corp. | 251419 |  | 616935 |
|  United Microelectronics Corp. | 101617 |  | 159279 |
|  Vanguard International Semiconductor Corp. | 8530 |  | 25003 |
|  Wistron Corp. | 22536 |  | 107944 |
|  Wiwynn Corp. | 970 |  | 138459 |
|  Yageo Corp. | 15160 |  | 111455 |
|  Yuanta Financial Holding Co. Ltd. | 91730 |  | 114734 |
|  Zhen Ding Technology Holding Ltd. | 5691 |  | 25720 |
|  |  |  | 27914463 |
|  **Thailand (1.7%)** | **Thailand (1.7%)** | **Thailand (1.7%)** | **Thailand (1.7%)** |
|  Advanced Info Service PCL | 10424 |  | 103231 |
|  Airports of Thailand PCL | 37552 |  | 63173 |
|  Bangkok Dusit Medical Services PCL, Class F | 97473 |  | 59712 |
|  Bumrungrad Hospital PCL | 5224 |  | 26116 |
|  Central Pattana PCL | 17696 |  | 31033 |
|  Charoen Pokphand Foods PCL | 37647 |  | 26050 |
|  CP ALL PCL | 51162 |  | 70235 |
|  Delta Electronics Thailand PCL | 27324 |  | 150041 |
|  Gulf Development PCL\* | 40643 |  | 53860 |
|  Kasikornbank PCL | 103990 |  | 641995 |
|  Krung Thai Bank PCL | 29159 |  | 26146 |
|  Minor International PCL | 39697 |  | 30619 |
|  PTT Exploration & Production PCL | 147378 |  | 526267 |
|  PTT Global Chemical PCL | 162800 |  | 108516 |
|  PTT PCL | 87053 |  | 88421 |
|  SCB X PCL | 7376 |  | 32426 |
|  Siam Cement PCL (The) | 6834 |  | 39804 |
|  TMBThanachart Bank PCL | 422044 |  | 27060 |
|  True Corp. PCL | 90825 |  | 31423 |
|  |  |  | 2136128 |
|  **Turkiye (0.3%)** | **Turkiye (0.3%)** | **Turkiye (0.3%)** | **Turkiye (0.3%)** |
|  Akbank TAS | 25213 |  | 41001 |
|  Aselsan Elektronik Sanayi ve Ticaret A/S | 11792 |  | 63655 |
|  BIM Birlesik Magazalar A/S | 3131 |  | 39136 |
|  Eregli Demir ve Celik Fabrikalari TAS | 22628 |  | 12558 |
|  Haci Omer Sabanci Holding A/S | 8743 |  | 17161 |
|  KOC Holding A/S | 6608 |  | 25987 |
|  Turk Hava Yollari AO | 4461 |  | 27906 |
|  Turkcell Iletisim Hizmetleri A/S | 11528 |  | 25005 |
|  Turkiye Is Bankasi A/S, Class C | 70706 |  | 23211 |
|  Turkiye Petrol Rafinerileri A/S | 7175 |  | 30825 |
|  Yapi ve Kredi Bankasi A/S\* | 30053 |  | 25360 |
|  |  |  | 331805 |
|  **United Arab Emirates (1.0%)** | **United Arab Emirates (1.0%)** | **United Arab Emirates (1.0%)** | **United Arab Emirates (1.0%)** |
|  Abu Dhabi Commercial Bank PJSC | 27159 |  | 105745 |
|  Abu Dhabi Islamic Bank PJSC | 12467 |  | 70469 |
|  Abu Dhabi National Oil Co. for Distribution PJSC | 26817 |  | 28476 |
|  ADNOC Drilling Co. PJSC | 29255 |  | 42535 |
|  Adnoc Gas plc | 52545 |  | 50789 |
|  Aldar Properties PJSC | 33061 |  | 78315 |
|  Dubai Electricity & Water Authority PJSC | 51346 |  | 38725 |
|  Dubai Islamic Bank PJSC | 24854 |  | 62731 |
|  Emaar Development PJSC | 8665 |  | 35743 |
|  Emaar Properties PJSC | 56887 |  | 217619 |
|  Emirates NBD Bank PJSC | 16262 |  | 123313 |
|  Emirates Telecommunications Group Co. PJSC | 32256 |  | 161071 |
|  First Abu Dhabi Bank PJSC | 38158 |  | 181193 |
|  Salik Co. PJSC | 16046 |  | 27743 |
|  Two Point Zero Group PJSC\* | 34256 |  | 24344 |
|  |  |  | 1248811 |

---

See Notes to Financial Statements.

647

------

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  **United States (0.2%)** | **United States (0.2%)** | **United States (0.2%)** |
|  BeOne Medicines Ltd., Class H\* | 7103 | $163641 |
|  JBS NV, Class A\* | 3103 | 44745 |
|  Legend Biotech Corp. (ADR)\* | 645 | 14022 |
|  |  | 222408 |
|  **Total Common Stocks (98.4%)** <br> *(Cost $89,435,394)* |  | 120665671 |
|  PREFERRED STOCK: | PREFERRED STOCK: | PREFERRED STOCK: |
|  **India (0.0%)** | **India (0.0%)** | **India (0.0%)** |
|  TVS Motor Co. Ltd.,6.000% *(r)* <br>*(Cost $—)* | 8320 |  |
|  | **Number of**<br> **Rights** | **Value**<br> **(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  RIGHTS: | RIGHTS: | RIGHTS: |
|  **Taiwan (0.0%)†** | **Taiwan (0.0%)†** | **Taiwan (0.0%)†** |
|  Unimicron Technology Corp., expiring 1/5/26\* (*Cost $—*) | 267 | 884 |
|  | **Number of<br>Warrants** | **Value<br>(Note 1)** |
|  WARRANTS: | WARRANTS: | WARRANTS: |
|  **Malaysia (0.0%)†** | **Malaysia (0.0%)†** | **Malaysia (0.0%)†** |
|  YTL Corp. Bhd., expiring 6/2/28\* <br>*(Cost $—)* | 5736 | 763 |
|  YTL Power International Bhd., expiring 6/2/28\* <br>*(Cost $—)* | 4258 | 903 |
|  **Total Warrants ($—)** <br>*(Cost $—)* |  | 1666 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.9%)** | **Investment Companies (0.9%)** |  |
|  BlackRock Liquidity FedFund, Institutional Shares 3.65% (7 day yield) (xx) | 20000 | 20000 |
|  Dreyfus Treasury Obligations Cash Management Fund 3.65% (7 day yield) (xx) | 20000 | 20000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 333369 | 333369 |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 778283 | 778594 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 1151963 |
|  **Total Short-Term Investments (0.9%)**<br> *(Cost $1,151,883)* | **Total Short-Term Investments (0.9%)**<br> *(Cost $1,151,883)* | 1151963 |
|  **Total Investments in Securities (99.3%)**<br> *(Cost $90,587,277)* | **Total Investments in Securities (99.3%)**<br> *(Cost $90,587,277)* | 121820184 |
|  **Other Assets Less Liabilities (0.7%)** | **Other Assets Less Liabilities (0.7%)** | 805310 |
|  **Net Assets (100%)** |  | $122625494 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $5,555,269 or 4.5% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $575,519. This was collateralized by $237,573 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/15/26 – 8/15/55 and by cash of $373,369 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*GDR* *— Global Depositary Receipt* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  MSCI Emerging Markets E-Mini Index | 12 | 3/2026 | USD | 846840 | 9341 |
|  |  |  |  |  | 9341 |

---

See Notes to Financial Statements.

648

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EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Australia | $— | $355172 | $— | $355172 |
|  Brazil | 2745188 | 3781180 |  | 6526368 |
|  Chile | 865504 | 488693 |  | 1354197 |
|  China | 2380492 | 30647057 | 22093 | 33049642 |
|  Colombia | 1485866 | 358479 |  | 1844345 |
|  Czech Republic |  | 1322032 |  | 1322032 |
|  Egypt |  | 76930 |  | 76930 |
|  Greece |  | 469809 |  | 469809 |
|  Hong Kong |  | 76200 |  | 76200 |
|  Hungary |  | 270056 |  | 270056 |
|  India | 1521590 | 12893287 |  | 14414877 |
|  Indonesia |  | 2033764 |  | 2033764 |
|  Kuwait |  | 590973 |  | 590973 |
|  Luxembourg |  | 38877 |  | 38877 |
|  Malaysia |  | 1014068 |  | 1014068 |
|  Mexico | 2428044 |  |  | 2428044 |
|  Peru | 196777 |  |  | 196777 |
|  Philippines |  | 319079 |  | 319079 |
|  Poland |  | 948162 |  | 948162 |
|  Qatar |  | 556954 |  | 556954 |
|  Romania |  | 44460 |  | 44460 |
|  Russia |  |  | — (a) | —(a) |
|  Saudi Arabia |  | 2398091 |  | 2398091 |
|  South Africa |  | 4157765 |  | 4157765 |
|  South Korea |  | 14325414 |  | 14325414 |
|  Taiwan |  | 27914463 |  | 27914463 |
|  Thailand |  | 2136128 |  | 2136128 |
|  Turkiye |  | 331805 |  | 331805 |
|  United Arab Emirates |  | 1248811 |  | 1248811 |
|  United States | 58767 | 163641 |  | 222408 |
|  Futures | 9341 |  |  | 9341 |
|  **Preferred Stock** |  |  |  |  |
|  India |  |  | — (a) | —(a) |
|  **Rights** |  |  |  |  |
|  Taiwan |  | 884 |  | 884 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 1151963 |  |  | 1151963 |
|  **Warrants** |  |  |  |  |
|  Malaysia |  | 1666 |  | 1666 |
|  **Total Assets** | $**12843532** | $**108963900** | $**22093** | $**121829525** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | **—** |
|  **Total** | $**12843532** | $**108963900** | $**22093** | $**121829525** |

---

(a) Value is zero.

See Notes to Financial Statements.

649

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EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $9341 \* |
|  **Total** |  | $9341 |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $118575 | $118575 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118575 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118575 |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $38476 | $38476 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38476 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38476 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772000 |

---

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5483135 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $8197259 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $39603859 |
|  Aggregate gross unrealized depreciation | (10059935) |
|  Net unrealized appreciation | $29543924 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92285601 |

---

See Notes to Financial Statements.

650

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EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $90,587,277) | $121820184.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1031800.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $282,236) | 283956.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 47254.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 335228.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 249789.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 720.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 55091.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 123824022.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued India taxes | 624633.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 373369.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 47286.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 32923.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable - Class IB | 13716.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 12579.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 2760.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 91262.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1198528.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $122625494.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $96978282.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 25647212.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $122625494.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $66,464,542 / 5,686,614 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.69 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $56,160,952 / 4,802,559 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.69 |

---

*(x)* *Includes value of securities on loan of $575,519.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $405,927 foreign withholding tax) | $3114335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 43927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 21031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 3179293 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 755279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 192800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class IB | 140963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 134755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 106310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 21049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 3480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 39207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1393843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (227010) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1166833 |
|  **NET INVESTMENT INCOME (LOSS)** | 2012460 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $188 on realized gain on investments) | (321100) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 118575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (9175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (211700) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $153,598 on unrealized appreciation on investments) | 29550630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 38476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 8014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 29597120 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 29385420 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $31397880 |

---

See Notes to Financial Statements.

651

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#### EQ ADVISORS TRUST
EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2012460 | $1773149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (211700) | (2057698) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 29597120 | 4068299 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 31397880 | 3783750 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (1302280) | (1044027) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (1228431) | (1130054) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (2530711) | (2174081) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (9409) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (10185) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total tax return of capital |  | (19594) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,067,956 and 937,794 shares, respectively ] | 11103416 | 8493385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 113,737 and 113,964 shares, respectively ] | 1302280 | 1053436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (925312) and (964294) shares, respectively ] | (9555383) | (8727087) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 2850313 | 819734 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 254,313 and 826,464 shares, respectively ] | 2577321 | 7438224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 107,286 and 123,405 shares, respectively ] | 1228431 | 1140239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (793210) and (455521) shares, respectively ] | (8250029) | (4206807) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (4444277) | 4371656 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (1593964) | 5191390 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 27273205 | 6781465 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 95352289 | 88570824 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $122625494 | $95352289 |

---

See Notes to Financial Statements.

652

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#### EQ ADVISORS TRUST
EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $8.94 | $8.78 | $8.16 | $10.68 | $11.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.18 | 0.16 | 0.17 | 0.21 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.81 | 0.20 | 0.67 | (2.09) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.99 | 0.36 | 0.84 | (1.88) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.24) | (0.20) | (0.22) | (0.19) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.45) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.24) | (0.20) | (0.22) | (0.64) | (0.42) |
|  Net asset value, end of year | $11.69 | $8.94 | $8.78 | $8.16 | $10.68 |
|  Total return | 33.46% | 4.01 | 10.34% | (17.63)% | (0.55)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $66465 | $48548 | $46929 | $38799 | $41915 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.20% | 1.20 | 1.20% | 1.20% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.41% | 1.46 | 1.47% | 1.48% | 1.26% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.74% | 1.76 | 1.98% | 2.29% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.53% | 1.50 | 1.71% | 2.01% | 1.07% |
|  Portfolio turnover rate^ | 5% | 8 | 5% | 73% | 13% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $8.94 | $8.79 | $8.16 | $10.68 | $11.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.21 | 0.18 | 0.19 | 0.24 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.80 | 0.19 | 0.68 | (2.09) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.01 | 0.37 | 0.87 | (1.85) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.26) | (0.22) | (0.24) | (0.22) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.45) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.26) | (0.22) | (0.24) | (0.67) | (0.44) |
|  Net asset value, end of year | $11.69 | $8.94 | $8.79 | $8.16 | $10.68 |
|  Total return | 33.75% | 4.16 | 10.73% | (17.43)% | (0.31)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $56161 | $46804 | $41642 | $37862 | $37195 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.95% | 0.95 | 0.95% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.16% | 1.21 | 1.21% | 1.24% | 1.01% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 2.00% | 2.01 | 2.24% | 2.57% | 1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.79% | 1.76 | 1.97% | 2.28% | 1.20% |
|  Portfolio turnover rate^ | 5% | 8 | 5% | 73% | 13% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

653

------

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (10.5%)** | **Communication Services (10.5%)** | **Communication Services (10.5%)** |
|  ***Diversified Telecommunication Services (0.6%)*** | ***Diversified Telecommunication Services (0.6%)*** | ***Diversified Telecommunication Services (0.6%)*** |
|  AT&T, Inc. | 1481669 | $36804658 |
|  Verizon Communications, Inc. | 881217 | 35891968 |
|  |  | 72696626 |
|  ***Entertainment (1.3%)*** | ***Entertainment (1.3%)*** | ***Entertainment (1.3%)*** |
|  Electronic Arts, Inc. | 47379 | 9680951 |
|  Live Nation Entertainment, Inc.\* | 33001 | 4702642 |
|  Netflix, Inc.\* | 885585 | 83032450 |
|  Take-Two Interactive Software, Inc.\* | 36301 | 9294145 |
|  TKO Group Holdings, Inc., Class A | 13855 | 2895695 |
|  Walt Disney Co. (The) | 373119 | 42449749 |
|  Warner Bros Discovery, Inc.\* | 517888 | 14925532 |
|  |  | 166981164 |
|  ***Interactive Media & Services (8.0%)*** | ***Interactive Media & Services (8.0%)*** | ***Interactive Media & Services (8.0%)*** |
|  Alphabet, Inc., Class A | 1215940 | 380589220 |
|  Alphabet, Inc., Class C | 971837 | 304962451 |
|  Match Group, Inc. | 49338 | 1593124 |
|  Meta Platforms, Inc., Class A | 455171 | 300453825 |
|  |  | 987598620 |
|  ***Media (0.4%)*** | ***Media (0.4%)*** | ***Media (0.4%)*** |
|  Charter Communications, Inc., Class A\* | 18391 | 3839121 |
|  Comcast Corp., Class A | 759587 | 22704055 |
|  Fox Corp., Class A | 43547 | 3181979 |
|  Fox Corp., Class B | 31018 | 2013999 |
|  News Corp., Class A | 78265 | 2044282 |
|  News Corp., Class B(x) | 25798 | 764395 |
|  Omnicom Group, Inc. | 67325 | 5436494 |
|  Paramount Skydance Corp., Class B(x) | 64953 | 870370 |
|  Trade Desk, Inc. (The), Class A\* | 92025 | 3493269 |
|  |  | 44347964 |
|  ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** |
|  T-Mobile US, Inc. | 100518 | 20409175 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** | 1292033549 |
|  **Consumer Discretionary (10.3%)** | **Consumer Discretionary (10.3%)** | **Consumer Discretionary (10.3%)** |
|  ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** |
|  Aptiv plc\* | 45160 | 3436225 |
|  ***Automobiles (2.4%)*** | ***Automobiles (2.4%)*** | ***Automobiles (2.4%)*** |
|  Ford Motor Co. | 817938 | 10731346 |
|  General Motors Co. | 194965 | 15854554 |
|  Tesla, Inc.\* | 587268 | 264106165 |
|  |  | 290692065 |
|  ***Broadline Retail (3.9%)*** | ***Broadline Retail (3.9%)*** | ***Broadline Retail (3.9%)*** |
|  Amazon.com, Inc.\* | 2033136 | 469288451 |
|  eBay, Inc. | 94466 | 8227989 |
|  |  | 477516440 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  Genuine Parts Co. | 29074 | 3574939 |
|  Pool Corp. | 6851 | 1567166 |
|  |  | 5142105 |
|  ***Hotels, Restaurants & Leisure (1.8%)*** | ***Hotels, Restaurants & Leisure (1.8%)*** | ***Hotels, Restaurants & Leisure (1.8%)*** |
|  Airbnb, Inc., Class A\* | 88885 | 12063472 |
|  Booking Holdings, Inc. | 6737 | 36078858 |
|  Carnival Corp.\* | 226931 | 6930473 |
|  Chipotle Mexican Grill, Inc.\* | 276351 | 10224987 |
|  Darden Restaurants, Inc. | 24309 | 4473342 |
|  Domino's Pizza, Inc. | 6496 | 2707663 |
|  DoorDash, Inc., Class A\* | 78129 | 17694656 |
|  Expedia Group, Inc. | 24454 | 6928063 |
|  Hilton Worldwide Holdings, Inc. | 48578 | 13954030 |
|  Las Vegas Sands Corp. | 63587 | 4138878 |
|  Marriott International, Inc., Class A | 46550 | 14441672 |
|  McDonald's Corp. | 148838 | 45489358 |
|  MGM Resorts International\* | 42871 | 1564363 |
|  Norwegian Cruise Line Holdings Ltd.\* | 95147 | 2123681 |
|  Royal Caribbean Cruises Ltd. | 53006 | 14784434 |
|  Starbucks Corp. | 237608 | 20008970 |
|  Wynn Resorts Ltd. | 17644 | 2123102 |
|  Yum! Brands, Inc. | 58028 | 8778476 |
|  |  | 224508478 |
|  ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** |
|  DR Horton, Inc. | 57236 | 8243701 |
|  Garmin Ltd. | 34168 | 6930979 |
|  Lennar Corp., Class A | 45092 | 4635457 |
|  NVR, Inc.\* | 593 | 4324613 |
|  PulteGroup, Inc. | 40737 | 4776821 |
|  |  | 28911571 |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** |
|  Hasbro, Inc. | 27863 | 2284766 |
|  ***Specialty Retail (1.7%)*** | ***Specialty Retail (1.7%)*** | ***Specialty Retail (1.7%)*** |
|  AutoZone, Inc.\* | 3476 | 11788854 |
|  Best Buy Co., Inc. | 40837 | 2733220 |
|  Carvana Co.\* | 29557 | 12473645 |
|  Home Depot, Inc. (The) | 208032 | 71583811 |
|  Lowe's Cos., Inc. | 117210 | 28266364 |
|  O'Reilly Automotive, Inc.\* | 176415 | 16090812 |
|  Ross Stores, Inc. | 67971 | 12244296 |
|  TJX Cos., Inc. (The) | 232600 | 35729686 |
|  Tractor Supply Co. | 110434 | 5522804 |
|  Ulta Beauty, Inc.\* | 9371 | 5669549 |
|  Williams-Sonoma, Inc. | 25454 | 4545830 |
|  |  | 206648871 |
|  ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** |
|  Deckers Outdoor Corp.\* | 30460 | 3157788 |
|  Lululemon Athletica, Inc.\* | 22553 | 4686739 |
|  NIKE, Inc., Class B | 248562 | 15835885 |
|  Ralph Lauren Corp. | 8100 | 2864241 |
|  Tapestry, Inc. | 42771 | 5464851 |
|  |  | 32009504 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 1271150025 |
|  **Consumer Staples (4.6%)** | **Consumer Staples (4.6%)** | **Consumer Staples (4.6%)** |
|  ***Beverages (1.0%)*** | ***Beverages (1.0%)*** | ***Beverages (1.0%)*** |
|  Brown-Forman Corp., Class B (x) | 36803 | 959086 |
|  Coca-Cola Co. (The) | 809118 | 56565439 |
|  Constellation Brands, Inc., Class A | 29463 | 4064716 |
|  Keurig Dr Pepper, Inc. | 283939 | 7953131 |

---

See Notes to Financial Statements.

654

------

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Molson Coors Beverage Co., Class B | 35384 | $| 1651725 |
|  Monster Beverage Corp.\* | 149061 |  | 11428507 |
|  PepsiCo, Inc. | 285769 |  | 41013567 |
|  |  |  | 123636171 |
|  ***Consumer Staples Distribution & Retail (1.7%)*** | ***Consumer Staples Distribution & Retail (1.7%)*** | ***Consumer Staples Distribution & Retail (1.7%)*** | ***Consumer Staples Distribution & Retail (1.7%)*** |
|  Costco Wholesale Corp. | 92623 |  | 79872518 |
|  Dollar General Corp. | 46001 |  | 6107553 |
|  Dollar Tree, Inc.\* | 39645 |  | 4876731 |
|  Kroger Co. (The) | 127417 |  | 7961014 |
|  Sysco Corp. | 100080 |  | 7374895 |
|  Target Corp. | 94968 |  | 9283122 |
|  Walmart, Inc. | 916463 |  | 102103143 |
|  |  |  | 217578976 |
|  ***Food Products (0.4%)*** | ***Food Products (0.4%)*** | ***Food Products (0.4%)*** | ***Food Products (0.4%)*** |
|  Archer-Daniels-Midland Co. | 100437 |  | 5774123 |
|  Bunge Global SA | 28288 |  | 2519895 |
|  Campbell's Co. (The)(x) | 41064 |  | 1144454 |
|  Conagra Brands, Inc. | 99974 |  | 1730550 |
|  General Mills, Inc. | 111482 |  | 5183913 |
|  Hershey Co. (The) | 30967 |  | 5635375 |
|  Hormel Foods Corp. | 60922 |  | 1443851 |
|  J M Smucker Co. (The) | 22297 |  | 2180870 |
|  Kraft Heinz Co. (The) | 178113 |  | 4319240 |
|  Lamb Weston Holdings, Inc. | 29124 |  | 1220004 |
|  McCormick & Co., Inc. (Non-Voting) | 52926 |  | 3604790 |
|  Mondelez International, Inc., Class A | 269680 |  | 14516874 |
|  Tyson Foods, Inc., Class A | 59155 |  | 3467666 |
|  |  |  | 52741605 |
|  ***Household Products (0.8%)*** | ***Household Products (0.8%)*** | ***Household Products (0.8%)*** | ***Household Products (0.8%)*** |
|  Church & Dwight Co., Inc. | 50186 |  | 4208096 |
|  Clorox Co. (The) | 25493 |  | 2570459 |
|  Colgate-Palmolive Co. | 168465 |  | 13312104 |
|  Kimberly-Clark Corp. | 69357 |  | 6997428 |
|  Procter & Gamble Co. (The) | 488369 |  | 69988162 |
|  |  |  | 97076249 |
|  ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** |
|  Estee Lauder Cos., Inc. (The), Class A | 51382 |  | 5380723 |
|  Kenvue, Inc. | 400395 |  | 6906814 |
|  |  |  | 12287537 |
|  ***Tobacco (0.6%)*** | ***Tobacco (0.6%)*** | ***Tobacco (0.6%)*** | ***Tobacco (0.6%)*** |
|  Altria Group, Inc. | 350836 |  | 20229204 |
|  Philip Morris International, Inc. | 325332 |  | 52183253 |
|  |  |  | 72412457 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 575732995 |
|  **Energy (2.8%)** | **Energy (2.8%)** | **Energy (2.8%)** | **Energy (2.8%)** |
|  ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** |
|  Baker Hughes Co. | 206232 |  | 9391805 |
|  Halliburton Co. | 175897 |  | 4970849 |
|  SLB Ltd. | 312225 |  | 11983196 |
|  |  |  | 26345850 |
|  ***Oil, Gas & Consumable Fuels (2.6%)*** | ***Oil, Gas & Consumable Fuels (2.6%)*** | ***Oil, Gas & Consumable Fuels (2.6%)*** | ***Oil, Gas & Consumable Fuels (2.6%)*** |
|  APA Corp.(x) | 74124 |  | 1813073 |
|  Chevron Corp. | 395570 |  | 60288824 |
|  ConocoPhillips | 258261 |  | 24175812 |
|  Coterra Energy, Inc. | 159125 |  | 4188170 |
|  Devon Energy Corp. | 131103 |  | 4802303 |
|  Diamondback Energy, Inc. | 38924 |  | 5851445 |
|  EOG Resources, Inc. | 113401 |  | 11908239 |
|  EQT Corp. | 130428 |  | 6990941 |
|  Expand Energy Corp. | 49777 |  | 5493390 |
|  Exxon Mobil Corp.# | 881372 |  | 106064306 |
|  Kinder Morgan, Inc. | 409171 |  | 11248111 |
|  Marathon Petroleum Corp. | 62825 |  | 10217230 |
|  Occidental Petroleum Corp. | 150311 |  | 6180788 |
|  ONEOK, Inc. | 131507 |  | 9665764 |
|  Phillips 66 | 84209 |  | 10866329 |
|  Targa Resources Corp. | 44863 |  | 8277224 |
|  Texas Pacific Land Corp. | 12189 |  | 3500925 |
|  Valero Energy Corp. | 63746 |  | 10377211 |
|  Williams Cos., Inc. (The) | 255230 |  | 15341875 |
|  |  |  | 317251960 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 343597810 |
|  **Financials (13.2%)** | **Financials (13.2%)** | **Financials (13.2%)** | **Financials (13.2%)** |
|  ***Banks (3.6%)*** | ***Banks (3.6%)*** | ***Banks (3.6%)*** | ***Banks (3.6%)*** |
|  Bank of America Corp. | 1404099 |  | 77225445 |
|  Citigroup, Inc. | 373957 |  | 43637042 |
|  Citizens Financial Group, Inc. | 89761 |  | 5242940 |
|  Fifth Third Bancorp | 138149 |  | 6466755 |
|  Huntington Bancshares, Inc. | 328579 |  | 5700846 |
|  JPMorgan Chase & Co. | 568943 |  | 183324813 |
|  KeyCorp | 194154 |  | 4007339 |
|  M&T Bank Corp. | 32121 |  | 6471739 |
|  PNC Financial Services Group, Inc. (The) | 81960 |  | 17107511 |
|  Regions Financial Corp. | 183264 |  | 4966454 |
|  Truist Financial Corp. | 267358 |  | 13156687 |
|  US Bancorp | 324871 |  | 17335117 |
|  Wells Fargo & Co. | 656057 |  | 61144512 |
|  |  |  | 445787200 |
|  ***Capital Markets (3.4%)*** | ***Capital Markets (3.4%)*** | ***Capital Markets (3.4%)*** | ***Capital Markets (3.4%)*** |
|  Ameriprise Financial, Inc. | 19417 |  | 9520932 |
|  Ares Management Corp., Class A | 43055 |  | 6958980 |
|  Bank of New York Mellon Corp. (The) | 145743 |  | 16919305 |
|  BlackRock, Inc. | 30156 |  | 32277173 |
|  Blackstone, Inc. | 154334 |  | 23789043 |
|  Cboe Global Markets, Inc. | 21870 |  | 5489370 |
|  Charles Schwab Corp. (The) | 349091 |  | 34877682 |
|  CME Group, Inc. | 75363 |  | 20580128 |
|  Coinbase Global, Inc., Class A\* | 47685 |  | 10783486 |
|  FactSet Research Systems, Inc. | 7828 |  | 2271607 |
|  Franklin Resources, Inc. | 64240 |  | 1534693 |
|  Goldman Sachs Group, Inc. (The) | 62684 |  | 55099236 |
|  Interactive Brokers Group, Inc., Class A | 93079 |  | 5985910 |
|  Intercontinental Exchange, Inc. | 119165 |  | 19299963 |
|  Invesco Ltd. | 93023 |  | 2443714 |
|  KKR & Co., Inc. | 143443 |  | 18286114 |
|  Moody's Corp. | 32065 |  | 16380405 |

---

See Notes to Financial Statements.

655

------

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Morgan Stanley | 252441 | $| 44815851 |
|  MSCI, Inc. | 15704 |  | 9009856 |
|  Nasdaq, Inc. | 94275 |  | 9156931 |
|  Northern Trust Corp. | 39525 |  | 5398720 |
|  Raymond James Financial, Inc. | 36848 |  | 5917420 |
|  Robinhood Markets, Inc., Class A\* | 164346 |  | 18587533 |
|  S&P Global, Inc. | 64789 |  | 33858083 |
|  State Street Corp. | 58375 |  | 7530959 |
| T. Rowe Price Group, Inc. | 45611 |  | 4669654 |
|  |  |  | 421442748 |
|  ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** |
|  American Express Co. | 112295 |  | 41543535 |
|  Capital One Financial Corp. | 132866 |  | 32201404 |
|  Synchrony Financial | 75274 |  | 6280110 |
|  |  |  | 80025049 |
|  ***Financial Services (3.8%)*** | ***Financial Services (3.8%)*** | ***Financial Services (3.8%)*** | ***Financial Services (3.8%)*** |
|  Apollo Global Management, Inc. | 97045 |  | 14048234 |
|  Berkshire Hathaway, Inc., Class B\* | 383244 |  | 192637597 |
|  Block, Inc., Class A\* | 114460 |  | 7450201 |
|  Corpay, Inc.\* | 14621 |  | 4399898 |
|  Fidelity National Information Services, Inc. | 108229 |  | 7192899 |
|  Fiserv, Inc.\* | 112409 |  | 7550512 |
|  Global Payments, Inc. | 49479 |  | 3829675 |
|  Jack Henry & Associates, Inc. | 15127 |  | 2760375 |
|  Mastercard, Inc., Class A | 171368 |  | 97830564 |
|  PayPal Holdings, Inc. | 195548 |  | 11416092 |
|  Visa, Inc., Class A | 352708 |  | 123698223 |
|  |  |  | 472814270 |
|  ***Insurance (1.8%)*** | ***Insurance (1.8%)*** | ***Insurance (1.8%)*** | ***Insurance (1.8%)*** |
|  Aflac, Inc. | 98584 |  | 10870858 |
|  Allstate Corp. (The) | 54691 |  | 11383932 |
|  American International Group, Inc. | 112769 |  | 9647388 |
|  Aon plc, Class A | 44921 |  | 15851722 |
|  Arch Capital Group Ltd.\* | 75468 |  | 7238891 |
|  Arthur J Gallagher & Co. | 53671 |  | 13889518 |
|  Assurant, Inc. | 10467 |  | 2520977 |
|  Brown & Brown, Inc. | 61366 |  | 4890870 |
|  Chubb Ltd. | 76493 |  | 23874995 |
|  Cincinnati Financial Corp. | 32438 |  | 5297774 |
|  Erie Indemnity Co., Class A | 5309 |  | 1521825 |
|  Everest Group Ltd. | 8773 |  | 2977117 |
|  Globe Life, Inc. | 16637 |  | 2326851 |
|  Hartford Insurance Group, Inc. (The) | 58237 |  | 8025059 |
|  Loews Corp. | 35417 |  | 3729764 |
|  Marsh & McLennan Cos., Inc. | 102389 |  | 18995207 |
|  MetLife, Inc. | 115673 |  | 9131227 |
|  Principal Financial Group, Inc. | 41783 |  | 3685678 |
|  Progressive Corp. (The) | 122555 |  | 27908225 |
|  Prudential Financial, Inc. | 73149 |  | 8257059 |
|  Travelers Cos., Inc. (The) | 46619 |  | 13522307 |
|  W.R. Berkley Corp. | 62744 |  | 4399609 |
|  Willis Towers Watson plc | 20011 |  | 6575615 |
|  |  |  | 216522468 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 1636591735 |
|  **Health Care (9.5%)** | **Health Care (9.5%)** | **Health Care (9.5%)** | **Health Care (9.5%)** |
|  ***Biotechnology (1.7%)*** | ***Biotechnology (1.7%)*** | ***Biotechnology (1.7%)*** | ***Biotechnology (1.7%)*** |
|  AbbVie, Inc. | 369377 |  | 84398951 |
|  Amgen, Inc. | 112541 |  | 36835795 |
|  Biogen, Inc.\* | 30660 |  | 5395853 |
|  Gilead Sciences, Inc. | 259298 |  | 31826236 |
|  Incyte Corp.\* | 34466 |  | 3404207 |
|  Moderna, Inc.\* | 72669 |  | 2143009 |
|  Regeneron Pharmaceuticals, Inc. | 21063 |  | 16257898 |
|  Vertex Pharmaceuticals, Inc.\* | 53026 |  | 24039867 |
|  |  |  | 204301816 |
|  ***Health Care Equipment & Supplies (2.0%)*** | ***Health Care Equipment & Supplies (2.0%)*** | ***Health Care Equipment & Supplies (2.0%)*** | ***Health Care Equipment & Supplies (2.0%)*** |
|  Abbott Laboratories | 363418 |  | 45532641 |
|  Align Technology, Inc.\* | 13946 |  | 2177668 |
|  Baxter International, Inc. | 107436 |  | 2053102 |
|  Becton Dickinson & Co. | 59904 |  | 11625569 |
|  Boston Scientific Corp.\* | 309825 |  | 29541814 |
|  Cooper Cos., Inc. (The)\* | 41550 |  | 3405438 |
|  Dexcom, Inc.\* | 81512 |  | 5409951 |
|  Edwards Lifesciences Corp.\* | 121281 |  | 10339205 |
|  GE HealthCare Technologies, Inc. | 95202 |  | 7808468 |
|  Hologic, Inc.\* | 46516 |  | 3464977 |
|  IDEXX Laboratories, Inc.\* | 16689 |  | 11290609 |
|  Insulet Corp.\* | 14702 |  | 4178896 |
|  Intuitive Surgical, Inc.\* | 74088 |  | 41960480 |
|  Medtronic plc | 268062 |  | 25750036 |
|  ResMed, Inc. | 30506 |  | 7347980 |
|  Solventum Corp.\* | 30812 |  | 2441543 |
|  STERIS plc | 20512 |  | 5200202 |
|  Stryker Corp. | 71933 |  | 25282292 |
|  Zimmer Biomet Holdings, Inc. | 41419 |  | 3724397 |
|  |  |  | 248535268 |
|  ***Health Care Providers & Services (1.6%)*** | ***Health Care Providers & Services (1.6%)*** | ***Health Care Providers & Services (1.6%)*** | ***Health Care Providers & Services (1.6%)*** |
|  Cardinal Health, Inc. | 49656 |  | 10204308 |
|  Cencora, Inc. | 40520 |  | 13685630 |
|  Centene Corp.\* | 97589 |  | 4015787 |
|  Cigna Group (The) | 55828 |  | 15365540 |
|  CVS Health Corp. | 265307 |  | 21054763 |
|  DaVita, Inc.(x)\* | 7378 |  | 838215 |
|  Elevance Health, Inc. | 46447 |  | 16281996 |
|  HCA Healthcare, Inc. | 33384 |  | 15585654 |
|  Henry Schein, Inc.\* | 20913 |  | 1580605 |
|  Humana, Inc. | 25137 |  | 6438340 |
|  Labcorp Holdings, Inc. | 17326 |  | 4346747 |
|  McKesson Corp. | 25796 |  | 21160201 |
|  Molina Healthcare, Inc.\* | 10742 |  | 1864167 |
|  Quest Diagnostics, Inc. | 23249 |  | 4034399 |
|  UnitedHealth Group, Inc. | 189317 |  | 62495435 |
|  Universal Health Services, Inc., Class B | 11544 |  | 2516823 |
|  |  |  | 201468610 |
|  ***Life Sciences Tools & Services (0.9%)*** | ***Life Sciences Tools & Services (0.9%)*** | ***Life Sciences Tools & Services (0.9%)*** | ***Life Sciences Tools & Services (0.9%)*** |
|  Agilent Technologies, Inc. | 59250 |  | 8062147 |
|  Bio-Techne Corp. | 32564 |  | 1915089 |
|  Charles River Laboratories International, Inc.\* | 10286 |  | 2051851 |
|  Danaher Corp. | 131386 |  | 30076883 |
|  IQVIA Holdings, Inc.\* | 35592 |  | 8022793 |
|  Mettler-Toledo International, Inc.\* | 4269 |  | 5951797 |

---

See Notes to Financial Statements.

656

------

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Revvity, Inc.(x) | 23695 | $| 2292491 |
|  Thermo Fisher Scientific, Inc. | 78522 |  | 45499573 |
|  Waters Corp.\* | 12443 |  | 4726225 |
|  West Pharmaceutical Services, Inc. | 15036 |  | 4137005 |
|  |  |  | 112735854 |
|  ***Pharmaceuticals (3.3%)*** | ***Pharmaceuticals (3.3%)*** | ***Pharmaceuticals (3.3%)*** | ***Pharmaceuticals (3.3%)*** |
|  Bristol-Myers Squibb Co. | 425465 |  | 22949582 |
|  Eli Lilly & Co. | 165969 |  | 178363565 |
|  Johnson & Johnson | 503534 |  | 104206361 |
|  Merck & Co., Inc. | 518734 |  | 54601941 |
|  Pfizer, Inc. | 1188292 |  | 29588471 |
|  Viatris, Inc. | 240716 |  | 2996914 |
|  Zoetis, Inc. | 92103 |  | 11588400 |
|  |  |  | 404295234 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 1171336782 |
|  **Industrials (8.1%)** | **Industrials (8.1%)** | **Industrials (8.1%)** | **Industrials (8.1%)** |
|  ***Aerospace & Defense (2.2%)*** | ***Aerospace & Defense (2.2%)*** | ***Aerospace & Defense (2.2%)*** | ***Aerospace & Defense (2.2%)*** |
|  Axon Enterprise, Inc.\* | 16492 |  | 9366302 |
|  Boeing Co. (The)\* | 163655 |  | 35532774 |
|  GE Aerospace | 220452 |  | 67905830 |
|  General Dynamics Corp. | 52987 |  | 17838603 |
|  Howmet Aerospace, Inc. | 84029 |  | 17227626 |
|  Huntington Ingalls Industries, Inc. | 8201 |  | 2788914 |
|  L3Harris Technologies, Inc. | 39093 |  | 11476532 |
|  Lockheed Martin Corp. | 42558 |  | 20584028 |
|  Northrop Grumman Corp. | 28038 |  | 15987548 |
|  RTX Corp. | 280216 |  | 51391614 |
|  Textron, Inc. | 36830 |  | 3210471 |
|  TransDigm Group, Inc. | 11770 |  | 15652334 |
|  |  |  | 268962576 |
|  ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** |
|  CH Robinson Worldwide, Inc. | 24690 |  | 3969165 |
|  Expeditors International of Washington, Inc. | 28010 |  | 4173770 |
|  FedEx Corp. | 45369 |  | 13105289 |
|  United Parcel Service, Inc., Class B | 154446 |  | 15319499 |
|  |  |  | 36567723 |
|  ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** |
|  A.O. Smith Corp. | 23694 |  | 1584655 |
|  Allegion plc | 17980 |  | 2862775 |
|  Builders FirstSource, Inc.\* | 23111 |  | 2377891 |
|  Carrier Global Corp. | 165458 |  | 8742801 |
|  Johnson Controls International plc | 127291 |  | 15243097 |
|  Lennox International, Inc. | 6670 |  | 3238819 |
|  Masco Corp. | 43408 |  | 2754672 |
|  Trane Technologies plc | 46343 |  | 18036695 |
|  |  |  | 54841405 |
|  ***Commercial Services & Supplies (0.5%)*** | ***Commercial Services & Supplies (0.5%)*** | ***Commercial Services & Supplies (0.5%)*** | ***Commercial Services & Supplies (0.5%)*** |
|  Cintas Corp. | 71390 |  | 13426317 |
|  Copart, Inc.\* | 186092 |  | 7285502 |
|  Republic Services, Inc. | 42054 |  | 8912504 |
|  Rollins, Inc. | 61341 |  | 3681687 |
|  Veralto Corp. | 51893 |  | 5177884 |
|  Waste Management, Inc. | 77462 |  | 17019176 |
|  |  |  | 55503070 |
|  ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** |
|  Comfort Systems USA, Inc. | 7355 |  | 6864348 |
|  EMCOR Group, Inc. | 9356 |  | 5723907 |
|  Quanta Services, Inc. | 31165 |  | 13153500 |
|  |  |  | 25741755 |
|  ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** |
|  AMETEK, Inc. | 48112 |  | 9877875 |
|  Eaton Corp. plc | 81174 |  | 25854731 |
|  Emerson Electric Co. | 117414 |  | 15583186 |
|  GE Vernova, Inc. | 56705 |  | 37060687 |
|  Generac Holdings, Inc.\* | 12265 |  | 1672578 |
|  Hubbell, Inc., Class B | 11107 |  | 4932730 |
|  Rockwell Automation, Inc. | 23465 |  | 9129527 |
|  |  |  | 104111314 |
|  ***Ground Transportation (0.8%)*** | ***Ground Transportation (0.8%)*** | ***Ground Transportation (0.8%)*** | ***Ground Transportation (0.8%)*** |
|  CSX Corp. | 389180 |  | 14107775 |
|  JB Hunt Transport Services, Inc. | 15721 |  | 3055219 |
|  Norfolk Southern Corp. | 46896 |  | 13539813 |
|  Old Dominion Freight Line, Inc. | 38457 |  | 6030057 |
|  Uber Technologies, Inc.\* | 434259 |  | 35483303 |
|  Union Pacific Corp. | 123968 |  | 28676278 |
|  |  |  | 100892445 |
|  ***Industrial Conglomerates (0.4%)*** | ***Industrial Conglomerates (0.4%)*** | ***Industrial Conglomerates (0.4%)*** | ***Industrial Conglomerates (0.4%)*** |
|  3M Co. | 111024 |  | 17774942 |
|  Honeywell International, Inc. | 132689 |  | 25886297 |
|  |  |  | 43661239 |
|  ***Machinery (1.6%)*** | ***Machinery (1.6%)*** | ***Machinery (1.6%)*** | ***Machinery (1.6%)*** |
|  Caterpillar, Inc. | 97806 |  | 56030123 |
|  Cummins, Inc. | 28849 |  | 14725972 |
|  Deere & Co. | 52543 |  | 24462445 |
|  Dover Corp. | 28664 |  | 5596359 |
|  Fortive Corp. | 66380 |  | 3664840 |
|  IDEX Corp. | 15643 |  | 2783516 |
|  Illinois Tool Works, Inc. | 55173 |  | 13589110 |
|  Ingersoll Rand, Inc. | 75145 |  | 5952987 |
|  Nordson Corp. | 11156 |  | 2682237 |
|  Otis Worldwide Corp. | 81449 |  | 7114570 |
|  PACCAR, Inc. | 111161 |  | 12173241 |
|  Parker-Hannifin Corp. | 26373 |  | 23180812 |
|  Pentair plc | 34201 |  | 3561692 |
|  Snap-on, Inc. | 10869 |  | 3745457 |
|  Stanley Black & Decker, Inc. | 32370 |  | 2404444 |
|  Westinghouse Air Brake Technologies Corp. | 35729 |  | 7626355 |
|  Xylem, Inc. | 50884 |  | 6929383 |
|  |  |  | 196223543 |
|  ***Passenger Airlines (0.2%)*** | ***Passenger Airlines (0.2%)*** | ***Passenger Airlines (0.2%)*** | ***Passenger Airlines (0.2%)*** |
|  Delta Air Lines, Inc. | 135563 |  | 9408072 |
|  Southwest Airlines Co. | 108083 |  | 4467071 |
|  United Airlines Holdings, Inc.\* | 67660 |  | 7565741 |
|  |  |  | 21440884 |
|  ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** |
|  Automatic Data Processing, Inc. | 84528 |  | 21743138 |
|  Broadridge Financial Solutions, Inc. | 24396 |  | 5444455 |
|  Dayforce, Inc.\* | 33447 |  | 2313195 |
|  Equifax, Inc. | 25580 |  | 5550348 |

---

See Notes to Financial Statements.

657

------

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Jacobs Solutions, Inc. | 24983 | $| 3309248 |
|  Leidos Holdings, Inc. | 26721 |  | 4820468 |
|  Paychex, Inc. | 67695 |  | 7594025 |
|  Paycom Software, Inc. | 10213 |  | 1627544 |
|  Verisk Analytics, Inc. | 29128 |  | 6515642 |
|  |  |  | 58918063 |
|  ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** |
|  Fastenal Co. | 239935 |  | 9628592 |
|  United Rentals, Inc. | 13298 |  | 10762337 |
|  W.W. Grainger, Inc. | 9143 |  | 9225744 |
|  |  |  | 29616673 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 996480690 |
|  **Information Technology (34.1%)** | **Information Technology (34.1%)** | **Information Technology (34.1%)** | **Information Technology (34.1%)** |
|  ***Communications Equipment (0.9%)*** | ***Communications Equipment (0.9%)*** | ***Communications Equipment (0.9%)*** | ***Communications Equipment (0.9%)*** |
|  Arista Networks, Inc.\* | 215812 |  | 28277846 |
|  Cisco Systems, Inc. | 823597 |  | 63441677 |
|  F5, Inc.\* | 12056 |  | 3077415 |
|  Motorola Solutions, Inc. | 34809 |  | 13342986 |
|  |  |  | 108139924 |
|  ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** |
|  Amphenol Corp., Class A | 255823 |  | 34571920 |
|  CDW Corp. | 27210 |  | 3706002 |
|  Corning, Inc. | 163058 |  | 14277358 |
|  Jabil, Inc. | 22329 |  | 5091459 |
|  Keysight Technologies, Inc.\* | 35917 |  | 7297975 |
|  TE Connectivity plc | 61484 |  | 13988225 |
|  Teledyne Technologies, Inc.\* | 9813 |  | 5011794 |
|  Trimble, Inc.\* | 49725 |  | 3895954 |
|  Zebra Technologies Corp., Class A\* | 10588 |  | 2570978 |
|  |  |  | 90411665 |
|  ***IT Services (1.0%)*** | ***IT Services (1.0%)*** | ***IT Services (1.0%)*** | ***IT Services (1.0%)*** |
|  Accenture plc, Class A | 129607 |  | 34773558 |
|  Akamai Technologies, Inc.\* | 30067 |  | 2623346 |
|  Cognizant Technology Solutions Corp., Class A | 100871 |  | 8372293 |
|  EPAM Systems, Inc.\* | 11546 |  | 2365544 |
|  Gartner, Inc.\* | 15064 |  | 3800346 |
|  GoDaddy, Inc., Class A\* | 28244 |  | 3504516 |
|  International Business Machines Corp. | 195356 |  | 57866401 |
|  VeriSign, Inc. | 17437 |  | 4236319 |
|  |  |  | 117542323 |
|  ***Semiconductors & Semiconductor Equipment (14.0%)*** | ***Semiconductors & Semiconductor Equipment (14.0%)*** | ***Semiconductors & Semiconductor Equipment (14.0%)*** | ***Semiconductors & Semiconductor Equipment (14.0%)*** |
|  Advanced Micro Devices, Inc.\* | 340255 |  | 72869011 |
|  Analog Devices, Inc. | 102817 |  | 27883970 |
|  Applied Materials, Inc. | 166495 |  | 42787550 |
|  Broadcom, Inc. | 985012 |  | 340912653 |
|  First Solar, Inc.\* | 22427 |  | 5858605 |
|  Intel Corp.\* | 937098 |  | 34578916 |
|  KLA Corp. | 27460 |  | 33366097 |
|  Lam Research Corp. | 262506 |  | 44935777 |
|  Microchip Technology, Inc. | 112951 |  | 7197238 |
|  Micron Technology, Inc. | 234591 |  | 66954617 |
|  Monolithic Power Systems, Inc. | 10012 |  | 9074476 |
|  NVIDIA Corp. | 5078610 |  | 947160765 |
|  NXP Semiconductors NV | 52599 |  | 11417139 |
|  ON Semiconductor Corp.\* | 84096 |  | 4553799 |
|  Qnity Electronics, Inc. | 43771 |  | 3573902 |
|  QUALCOMM, Inc. | 223835 |  | 38286977 |
|  Skyworks Solutions, Inc. | 31074 |  | 1970402 |
|  Teradyne, Inc. | 32730 |  | 6335219 |
|  Texas Instruments, Inc. | 189899 |  | 32945578 |
|  |  |  | 1732662691 |
|  ***Software (10.2%)*** | ***Software (10.2%)*** | ***Software (10.2%)*** | ***Software (10.2%)*** |
|  Adobe, Inc.\* | 87486 |  | 30619225 |
|  AppLovin Corp., Class A\* | 56572 |  | 38119345 |
|  Autodesk, Inc.\* | 44516 |  | 13177181 |
|  Cadence Design Systems, Inc.\* | 56889 |  | 17782364 |
|  Crowdstrike Holdings, Inc., Class A\* | 52449 |  | 24585993 |
|  Datadog, Inc., Class A\* | 68016 |  | 9249496 |
|  Fair Isaac Corp.\* | 4955 |  | 8377022 |
|  Fortinet, Inc.\* | 132107 |  | 10490617 |
|  Gen Digital, Inc. | 117291 |  | 3189142 |
|  Intuit, Inc. | 58269 |  | 38598551 |
|  Microsoft Corp. | 1553339 |  | 751225807 |
|  Oracle Corp. | 351525 |  | 68515738 |
|  Palantir Technologies, Inc., Class A\* | 477417 |  | 84860872 |
|  Palo Alto Networks, Inc.\* | 142950 |  | 26331390 |
|  PTC, Inc.\* | 25036 |  | 4361522 |
|  Roper Technologies, Inc. | 22496 |  | 10013644 |
|  Salesforce, Inc. | 198964 |  | 52707553 |
|  ServiceNow, Inc.\* | 218815 |  | 33520270 |
|  Synopsys, Inc.\* | 38821 |  | 18235000 |
|  Tyler Technologies, Inc.\* | 8993 |  | 4082372 |
|  Workday, Inc., Class A\* | 45352 |  | 9740703 |
|  |  |  | 1257783807 |
|  ***Technology Hardware, Storage & Peripherals (7.3%)*** | ***Technology Hardware, Storage & Peripherals (7.3%)*** | ***Technology Hardware, Storage & Peripherals (7.3%)*** | ***Technology Hardware, Storage & Peripherals (7.3%)*** |
|  Apple, Inc. | 3088203 |  | 839558868 |
|  Dell Technologies, Inc., Class C | 62991 |  | 7929307 |
|  Hewlett Packard Enterprise Co. | 277413 |  | 6663460 |
|  HP, Inc. | 195349 |  | 4352376 |
|  NetApp, Inc. | 41719 |  | 4467688 |
|  Sandisk Corp.\* | 29098 |  | 6907283 |
|  Seagate Technology Holdings plc | 45534 |  | 12539608 |
|  Super Micro Computer, Inc.\* | 104802 |  | 3067554 |
|  Western Digital Corp. | 71456 |  | 12309725 |
|  |  |  | 897795869 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 4204336279 |
|  **Materials (1.8%)** | **Materials (1.8%)** | **Materials (1.8%)** | **Materials (1.8%)** |
|  ***Chemicals (0.9%)*** | ***Chemicals (0.9%)*** | ***Chemicals (0.9%)*** | ***Chemicals (0.9%)*** |
|  Air Products and Chemicals, Inc. | 46513 |  | 11489641 |
|  Albemarle Corp. | 24598 |  | 3479141 |
|  CF Industries Holdings, Inc. | 32598 |  | 2521129 |
|  Corteva, Inc. | 141225 |  | 9466312 |
|  Dow, Inc. | 148548 |  | 3473052 |
|  DuPont de Nemours, Inc. | 87564 |  | 3520073 |
|  Ecolab, Inc. | 53276 |  | 13986016 |
|  International Flavors & Fragrances, Inc. | 53852 |  | 3629086 |
|  Linde plc | 97591 |  | 41611827 |

---

See Notes to Financial Statements.

658

------

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  LyondellBasell Industries NV, Class A | 53816 | $| 2330233 |
|  Mosaic Co. (The) | 66337 |  | 1598058 |
|  PPG Industries, Inc. | 46899 |  | 4805272 |
|  Sherwin-Williams Co. (The) | 48182 |  | 15612413 |
|  |  |  | 117522253 |
|  ***Construction Materials (0.3%)*** | ***Construction Materials (0.3%)*** | ***Construction Materials (0.3%)*** | ***Construction Materials (0.3%)*** |
|  CRH plc | 140084 |  | 17482483 |
|  Martin Marietta Materials, Inc. | 12604 |  | 7848007 |
|  Vulcan Materials Co. | 27615 |  | 7876350 |
|  |  |  | 33206840 |
|  ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** |
|  Amcor plc | 482439 |  | 4023541 |
|  Avery Dennison Corp. | 16154 |  | 2938089 |
|  Ball Corp. | 56008 |  | 2966744 |
|  International Paper Co. | 110358 |  | 4347002 |
|  Packaging Corp. of America | 18678 |  | 3851964 |
|  Smurfit WestRock plc | 109135 |  | 4220250 |
|  |  |  | 22347590 |
|  ***Metals & Mining (0.4%)*** | ***Metals & Mining (0.4%)*** | ***Metals & Mining (0.4%)*** | ***Metals & Mining (0.4%)*** |
|  Freeport-McMoRan, Inc. | 300104 |  | 15242282 |
|  Newmont Corp. | 228070 |  | 22772790 |
|  Nucor Corp. | 47831 |  | 7801714 |
|  Steel Dynamics, Inc. | 28690 |  | 4861521 |
|  |  |  | 50678307 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 223754990 |
|  **Real Estate (1.8%)** | **Real Estate (1.8%)** | **Real Estate (1.8%)** | **Real Estate (1.8%)** |
|  ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 32508 |  | 1590942 |
|  Healthpeak Properties, Inc. (REIT) | 146148 |  | 2350060 |
|  Ventas, Inc. (REIT) | 98172 |  | 7596549 |
|  Welltower, Inc. (REIT) | 143440 |  | 26623898 |
|  |  |  | 38161449 |
|  ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** |
|  Host Hotels & Resorts, Inc. (REIT) | 133664 |  | 2369863 |
|  ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** |
|  Prologis, Inc. (REIT) | 194130 |  | 24782636 |
|  ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** |
|  BXP, Inc. (REIT)(x) | 30801 |  | 2078451 |
|  ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** |
|  CBRE Group, Inc., Class A\* | 61264 |  | 9850639 |
|  CoStar Group, Inc.\* | 88577 |  | 5955917 |
|  |  |  | 15806556 |
|  ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** |
|  AvalonBay Communities, Inc. (REIT) | 29557 |  | 5358980 |
|  Camden Property Trust (REIT) | 22236 |  | 2447739 |
|  Equity Residential (REIT) | 72361 |  | 4561637 |
|  Essex Property Trust, Inc. (REIT) | 13460 |  | 3522213 |
|  Invitation Homes, Inc. (REIT) | 117870 |  | 3275607 |
|  Mid-America Apartment Communities, Inc. (REIT) | 24470 |  | 3399128 |
|  UDR, Inc. (REIT) | 62854 |  | 2305485 |
|  |  |  | 24870789 |
|  ***Retail REITs (0.3%)*** | ***Retail REITs (0.3%)*** | ***Retail REITs (0.3%)*** | ***Retail REITs (0.3%)*** |
|  Federal Realty Investment Trust (REIT) | 16407 |  | 1653826 |
|  Kimco Realty Corp. (REIT) | 141531 |  | 2868833 |
|  Realty Income Corp. (REIT) | 192257 |  | 10837527 |
|  Regency Centers Corp. (REIT) | 34403 |  | 2374839 |
|  Simon Property Group, Inc. (REIT) | 68229 |  | 12629870 |
|  |  |  | 30364895 |
|  ***Specialized REITs (0.7%)*** | ***Specialized REITs (0.7%)*** | ***Specialized REITs (0.7%)*** | ***Specialized REITs (0.7%)*** |
|  American Tower Corp. (REIT) | 97841 |  | 17177945 |
|  Crown Castle, Inc. (REIT) | 91013 |  | 8088325 |
|  Digital Realty Trust, Inc. (REIT) | 67483 |  | 10440295 |
|  Equinix, Inc. (REIT) | 20521 |  | 15722370 |
|  Extra Space Storage, Inc. (REIT) | 44359 |  | 5776429 |
|  Iron Mountain, Inc. (REIT) | 61777 |  | 5124402 |
|  Public Storage (REIT) | 33004 |  | 8564538 |
|  SBA Communications Corp. (REIT) | 22268 |  | 4307299 |
|  VICI Properties, Inc. (REIT), Class A | 223378 |  | 6281389 |
|  Weyerhaeuser Co. (REIT) | 150657 |  | 3569064 |
|  |  |  | 85052056 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 223486695 |
|  **Utilities (2.2%)** | **Utilities (2.2%)** | **Utilities (2.2%)** | **Utilities (2.2%)** |
|  ***Electric Utilities (1.5%)*** | ***Electric Utilities (1.5%)*** | ***Electric Utilities (1.5%)*** | ***Electric Utilities (1.5%)*** |
|  Alliant Energy Corp. | 53723 |  | 3492532 |
|  American Electric Power Co., Inc. | 111869 |  | 12899614 |
|  Constellation Energy Corp. | 65267 |  | 23056873 |
|  Duke Energy Corp. | 162528 |  | 19049907 |
|  Edison International | 80419 |  | 4826748 |
|  Entergy Corp. | 93337 |  | 8627139 |
|  Evergy, Inc. | 48114 |  | 3487784 |
|  Eversource Energy | 78413 |  | 5279547 |
|  Exelon Corp. | 211147 |  | 9203898 |
|  FirstEnergy Corp. | 108657 |  | 4864574 |
|  NextEra Energy, Inc. | 435258 |  | 34942512 |
|  NRG Energy, Inc. | 40052 |  | 6377881 |
|  PG&E Corp. | 459355 |  | 7381835 |
|  Pinnacle West Capital Corp. | 25015 |  | 2218831 |
|  PPL Corp. | 154603 |  | 5414197 |
|  Southern Co. (The) | 230127 |  | 20067074 |
|  Xcel Energy, Inc. | 123630 |  | 9131312 |
|  |  |  | 180322258 |
|  ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** |
|  Atmos Energy Corp. | 33549 |  | 5623819 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  AES Corp. (The) | 148831 |  | 2134237 |
|  Vistra Corp. | 66473 |  | 10724089 |
|  |  |  | 12858326 |
|  ***Multi-Utilities (0.6%)*** | ***Multi-Utilities (0.6%)*** | ***Multi-Utilities (0.6%)*** | ***Multi-Utilities (0.6%)*** |
|  Ameren Corp. | 56532 |  | 5645286 |
|  CenterPoint Energy, Inc. | 136447 |  | 5231378 |
|  CMS Energy Corp. | 63602 |  | 4447688 |
|  Consolidated Edison, Inc. | 75434 |  | 7492105 |
|  Dominion Energy, Inc. | 178465 |  | 10456264 |

---

See Notes to Financial Statements.

659

------

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  DTE Energy Co. | 43405 | $5598377 |
|  NiSource, Inc. | 99732 | 4164808 |
|  Public Service Enterprise Group, Inc. | 104321 | 8376976 |
|  Sempra | 136408 | 12043462 |
|  WEC Energy Group, Inc. | 67985 | 7169698 |
|  |  | 70626042 |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** |
|  American Water Works Co., Inc. | 40780 | 5321790 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 274752235 |
|  **Total Common Stocks (98.9%)**<br> *(Cost $2,667,212,140)* |  | 12213253785 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.1%)** | **Investment Companies (0.1%)** |  |
|  Goldman Sachs Financial Square Government Fund 3.67% (7 day yield) (xx) | 700000 | 700000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 5988103 | 5988103 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 6688103 |
|  **Total Short-Term Investments (0.1%)**<br> *(Cost $6,688,103)* | **Total Short-Term Investments (0.1%)**<br> *(Cost $6,688,103)* | 6688103 |
|  **Total Investments in Securities (99.0%)**<br> *(Cost $2,673,900,243)* | **Total Investments in Securities (99.0%)**<br> *(Cost $2,673,900,243)* | 12219941888 |
|  **Other Assets Less Liabilities (1.0%)** | **Other Assets Less Liabilities (1.0%)** | 120390398 |
|  **Net Assets (100%)** |  | $12340332286 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $30,927,380.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $6,466,241. This was collateralized by cash of $6,688,103 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P 500 E-Mini Index | 342 | 3/2026 | USD | 117861750 | (319238) |
|  |  |  |  |  | (319238) |

---

See Notes to Financial Statements.

660

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EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $1292033549 | $— | $— | $1292033549 |
|  Consumer Discretionary | 1271150025 |  |  | 1271150025 |
|  Consumer Staples | 575732995 |  |  | 575732995 |
|  Energy | 343597810 |  |  | 343597810 |
|  Financials | 1636591735 |  |  | 1636591735 |
|  Health Care | 1171336782 |  |  | 1171336782 |
|  Industrials | 996480690 |  |  | 996480690 |
|  Information Technology | 4204336279 |  |  | 4204336279 |
|  Materials | 223754990 |  |  | 223754990 |
|  Real Estate | 223486695 |  |  | 223486695 |
|  Utilities | 274752235 |  |  | 274752235 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 6688103 |  |  | 6688103 |
|  **Total Assets** | $**12219941888** | $**—** | $**—** | $**12219941888** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(319238) | $— | $— | $(319238) |
|  **Total Liabilities** | $**(319238)** | $**—** | $**—** | $**(319238)** |
|  **Total** | $**12219622650** | $**—** | $**—** | $**12219622650** |

---

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(319238) |
|  **Total** |  | $(319238) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

See Notes to Financial Statements.

661

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EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $7818963 | $7818963 |
|  **Total** | $7818963 | $7818963 |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $2467273 | $2467273 |
|  **Total** | $2467273 | $2467273 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $90955000 |

---

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $357424041.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $518266461.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $9705822547 |
|  Aggregate gross unrealized depreciation | (174095752) |
|  Net unrealized appreciation | $9531726795 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $2687895855 |

---

See Notes to Financial Statements.

662

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EQ/EQUITY 500 INDEX PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $2,673,900,243) | $12219941888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 128465976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 8171189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 6460053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 44426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 12363084968 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 9461024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 6688103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 1935705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 1735378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 941792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 884917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 781322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 324441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 22752682 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $12340332286 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $2787457093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 9552875193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $12340332286 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $3,666,954,154 / 38,083,265 shares outstanding (unlimited amount authorized: $0.01 par value) | $96.29 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $8,180,407,050 / 85,529,928 shares outstanding (unlimited amount authorized: $0.01 par value) | $95.64 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $492,971,082 / 5,114,471 shares outstanding (unlimited amount authorized: $0.01 par value) | $96.39 |

---

*(x)* *Includes value of securities on loan of $6,466,241.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $23,728 foreign withholding tax) | $139454557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 3608703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 280317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 143343577 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 21027298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 18342784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 10160631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 8556590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 543868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 491134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 373855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 218700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recoupment fees | 30180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 230810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 59975850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (331265) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voluntary waiver from investment manager | (676863) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 58967722 |
|  **NET INVESTMENT INCOME (LOSS)** | 84375855 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 247491753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 7818963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 255310716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 1481852100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 2467273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1484319373 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 1739630089 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1824005944 |

---

See Notes to Financial Statements.

663

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#### EQ ADVISORS TRUST
EQ/EQUITY 500 INDEX PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $84375855 | $86321499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 255310716 | 259445108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1484319373 | 1800576594 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 1824005944 | 2146343201 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (118263079) | (95241950) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (263238420) | (194715441) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (17034804) | (13793436) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (398536303) | (303750827) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,823,755 and 1,630,073 shares, respectively ] | 162883489 | 129363927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,229,740 and 1,095,609 shares, respectively ] | 118263079 | 95241950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (4830805) and (4343186) shares, respectively ] | (429948799) | (347623794) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (148802231) | (123017917) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 8,641,399 and 7,925,857 shares, respectively ] | 773550611 | 627761933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 2,755,600 and 2,254,392 shares, respectively ] | 263238420 | 194715441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (7949472) and (8179412) shares, respectively ] | (708698346) | (650394702) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 328090685 | 172082672 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 510,598 and 436,183 shares, respectively ] | 44432600 | 34501022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 176,930 and 158,497 shares, respectively ] | 17034804 | 13793436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (931978) and (1129952) shares, respectively ] | (83818619) | (90812875) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (22351215) | (42518417) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 156937239 | 6546338 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 1582406880 | 1849138712 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 10757925406 | 8908786694 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $12340332286 | $10757925406 |

---

See Notes to Financial Statements.

664

------

#### EQ ADVISORS TRUST
EQ/EQUITY 500 INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IA** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IA** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $84.86 | $70.17 | $56.92 | $71.75 | $58.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.66 | 0.68 | 0.67 | 0.65 | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 13.95 | 16.44 | 13.86 | (13.91) | 15.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 14.61 | 17.12 | 14.53 | (13.26) | 16.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.67) | (0.71) | (0.71) | (0.66) | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.51) | (1.72) | (0.57) | (0.91) | (2.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (3.18) | (2.43) | (1.28) | (1.57) | (2.58) |
|  Net asset value, end of year | $96.29 | $84.86 | $70.17 | $56.92 | $71.75 |
|  Total return | 17.24% | 24.33% | 25.57% | (18.55)% | 27.98% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $3666954 | $3382521 | $2910703 | $2436105 | $3111842 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.54 %(i) | 0.54 %(i) | 0.54% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.54% | 0.55% | 0.57% | 0.56% | 0.56% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.74% | 0.85% | 1.05% | 1.04% | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.73% | 0.83% | 1.02% | 1.02% | 0.82% |
|  Portfolio turnover rate^ | 3% | 2% | 2% | 2% | 6% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $84.31 | $69.73 | $56.57 | $71.32 | $57.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.66 | 0.67 | 0.67 | 0.64 | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 13.85 | 16.34 | 13.77 | (13.82) | 15.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 14.51 | 17.01 | 14.44 | (13.18) | 16.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.67) | (0.71) | (0.71) | (0.66) | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.51) | (1.72) | (0.57) | (0.91) | (2.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (3.18) | (2.43) | (1.28) | (1.57) | (2.58) |
|  Net asset value, end of year | $95.64 | $84.31 | $69.73 | $56.57 | $71.32 |
|  Total return | 17.23% | 24.32% | 25.57% | (18.55)% | 27.98% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $8180407 | $6920316 | $5584288 | $4448213 | $5434534 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.54 %(i) | 0.54 %(i) | 0.54% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.54% | 0.55% | 0.57% | 0.57% | 0.56% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.74% | 0.85% | 1.05% | 1.04% | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.73% | 0.83% | 1.02% | 1.03% | 0.82% |
|  Portfolio turnover rate^ | 3% | 2% | 2% | 2% | 6% |

---

See Notes to Financial Statements.

665

------

EQ/EQUITY 500 INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class K** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $84.92 | $70.20 | $56.93 | $71.76 | $58.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.89 | 0.88 | 0.83 | 0.80 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 13.98 | 16.47 | 13.88 | (13.91) | 15.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 14.87 | 17.35 | 14.71 | (13.11) | 16.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.89) | (0.91) | (0.87) | (0.81) | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.51) | (1.72) | (0.57) | (0.91) | (2.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (3.40) | (2.63) | (1.44) | (1.72) | (2.73) |
|  Net asset value, end of year | $96.39 | $84.92 | $70.20 | $56.93 | $71.76 |
|  Total return | 17.53% | 24.63% | 25.88% | (18.33)% | 28.30% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $492971 | $455088 | $413796 | $345809 | $439450 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.29 %(i) | 0.29 %(i) | 0.29% | 0.30% | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.29% | 0.31% | 0.32% | 0.31% | 0.31% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.99% | 1.10% | 1.30% | 1.29% | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.98% | 1.08% | 1.27% | 1.28% | 1.07% |
|  Portfolio turnover rate^ | 3% | 2% | 2% | 2% | 6% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(i)* *Includes voluntary waiver from investment manager of 0.01% and 0.005% for years ended December 31, 2025 and 2024, respectively.* 

See Notes to Financial Statements.

666

------

EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (10.6%)** | **Communication Services (10.6%)** | **Communication Services (10.6%)** |
|  ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** |
|  Orange SA | 106300 | $1773917 |
|  Zegona Communications plc | 42300 | 795405 |
|  |  | 2569322 |
|  ***Entertainment (1.1%)*** | ***Entertainment (1.1%)*** | ***Entertainment (1.1%)*** |
|  Liberty Media Corp.-Liberty Formula One, Class C\* | 8800 | 866888 |
|  Live Nation Entertainment, Inc.\* | 3800 | 541500 |
|  Netflix, Inc.\* | 82120 | 7699571 |
|  ROBLOX Corp., Class A\* | 17700 | 1434231 |
|  Spotify Technology SA\* | 5400 | 3135834 |
|  Warner Bros Discovery, Inc.\* | 86300 | 2487166 |
|  |  | 16165190 |
|  ***Interactive Media & Services (8.6%)*** | ***Interactive Media & Services (8.6%)*** | ***Interactive Media & Services (8.6%)*** |
|  Alphabet, Inc., Class A | 42267 | 13229571 |
|  Alphabet, Inc., Class C | 247740 | 77740812 |
|  Meta Platforms, Inc., Class A | 52629 | 34739877 |
|  |  | 125710260 |
|  ***Media (0.4%)*** | ***Media (0.4%)*** | ***Media (0.4%)*** |
|  EchoStar Corp., Class A (x)\* | 10600 | 1152220 |
|  Fox Corp., Class A | 24000 | 1753680 |
|  Omnicom Group, Inc. | 43000 | 3472250 |
|  |  | 6378150 |
|  ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** |
|  T-Mobile US, Inc. | 25300 | 5136912 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 155959834 |
|  **Consumer Discretionary (10.4%)** | **Consumer Discretionary (10.4%)** | **Consumer Discretionary (10.4%)** |
|  ***Automobiles (2.1%)*** | ***Automobiles (2.1%)*** | ***Automobiles (2.1%)*** |
|  General Motors Co. | 6500 | 528580 |
|  Tesla, Inc.\* | 65860 | 29618559 |
|  |  | 30147139 |
|  ***Broadline Retail (4.4%)*** | ***Broadline Retail (4.4%)*** | ***Broadline Retail (4.4%)*** |
|  Amazon.com, Inc.\* | 271000 | 62552220 |
|  Etsy, Inc.\* | 8700 | 482328 |
|  Prosus NV | 37100 | 2304256 |
|  |  | 65338804 |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** |
|  LKQ Corp. | 23800 | 718760 |
|  ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** |
|  Service Corp. International | 23700 | 1847889 |
|  ***Hotels, Restaurants & Leisure (1.6%)*** | ***Hotels, Restaurants & Leisure (1.6%)*** | ***Hotels, Restaurants & Leisure (1.6%)*** |
|  Airbnb, Inc., Class A\* | 18700 | 2537964 |
|  Booking Holdings, Inc. | 514 | 2752640 |
|  Chipotle Mexican Grill, Inc.\* | 46900 | 1735300 |
|  Churchill Downs, Inc. | 12800 | 1456384 |
|  Domino's Pizza, Inc. | 4480 | 1867354 |
|  DraftKings, Inc., Class A (x)\* | 41900 | 1443874 |
|  Dutch Bros, Inc., Class A\* | 10400 | 636688 |
|  Marriott International, Inc., Class A | 11410 | 3539838 |
|  Restaurant Brands International, Inc. | 17800 | 1214635 |
|  Starbucks Corp. | 29200 | 2458932 |
|  Wyndham Hotels & Resorts, Inc. | 13600 | 1027616 |
|  Yum! Brands, Inc. | 15550 | 2352404 |
|  |  | 23023629 |
|  ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** |
|  PulteGroup, Inc. | 17000 | 1993420 |
|  Somnigroup International, Inc. | 10600 | 946368 |
|  |  | 2939788 |
|  ***Specialty Retail (1.6%)*** | ***Specialty Retail (1.6%)*** | ***Specialty Retail (1.6%)*** |
|  Best Buy Co., Inc. | 4100 | 274413 |
|  Dick's Sporting Goods, Inc. | 4700 | 930459 |
|  Floor & Decor Holdings, Inc., Class A\* | 13800 | 840282 |
|  Home Depot, Inc. (The) | 11920 | 4101672 |
|  Lithia Motors, Inc., Class A | 3200 | 1063456 |
|  Lowe's Cos., Inc. | 42900 | 10345764 |
|  RealReal, Inc. (The)\* | 16500 | 260370 |
|  Ross Stores, Inc. | 31000 | 5584340 |
|  |  | 23400756 |
|  ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** |
|  Amer Sports, Inc.\* | 8500 | 317475 |
|  NIKE, Inc., Class B | 45750 | 2914732 |
|  On Holding AG, Class A\* | 6400 | 297472 |
|  PVH Corp. | 18800 | 1259976 |
|  |  | 4789655 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 152206420 |
|  **Consumer Staples (4.6%)** | **Consumer Staples (4.6%)** | **Consumer Staples (4.6%)** |
|  ***Beverages (1.4%)*** | ***Beverages (1.4%)*** | ***Beverages (1.4%)*** |
|  Coca-Cola Co. (The) | 149706 | 10465946 |
|  Constellation Brands, Inc., Class A | 7503 | 1035114 |
|  Diageo plc | 35400 | 765149 |
|  Keurig Dr Pepper, Inc. | 116374 | 3259636 |
|  Monster Beverage Corp.\* | 16471 | 1262832 |
|  PepsiCo, Inc. | 22703 | 3258334 |
|  |  | 20047011 |
|  ***Consumer Staples Distribution & Retail (1.7%)*** | ***Consumer Staples Distribution & Retail (1.7%)*** | ***Consumer Staples Distribution & Retail (1.7%)*** |
|  Alimentation Couche-Tard, Inc. | 21320 | 1164364 |
|  BJ's Wholesale Club Holdings, Inc.\* | 11100 | 999333 |
|  Costco Wholesale Corp. | 10897 | 9396919 |
|  Kroger Co. (The) | 20200 | 1262096 |
|  Target Corp. | 13850 | 1353837 |
|  Walmart, Inc. | 96363 | 10735802 |
|  |  | 24912351 |
|  ***Food Products (0.2%)*** | ***Food Products (0.2%)*** | ***Food Products (0.2%)*** |
|  Bunge Global SA | 15200 | 1354016 |
|  Lamb Weston Holdings, Inc. | 4441 | 186033 |
|  Mondelez International, Inc., Class A | 41231 | 2219465 |
|  |  | 3759514 |
|  ***Household Products (0.7%)*** | ***Household Products (0.7%)*** | ***Household Products (0.7%)*** |
|  Colgate-Palmolive Co. | 11900 | 940338 |
|  Procter & Gamble Co. (The) | 67374 | 9655368 |
|  Reynolds Consumer Products, Inc. | 3482 | 79808 |
|  |  | 10675514 |
|  ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** |
|  Estee Lauder Cos., Inc. (The), Class A | 7037 | 736915 |

---

See Notes to Financial Statements.

667

------

EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Kenvue, Inc. | 115426 | $| 1991098 |
|  |  |  | 2728013 |
|  ***Tobacco (0.4%)*** | ***Tobacco (0.4%)*** | ***Tobacco (0.4%)*** | ***Tobacco (0.4%)*** |
|  British American Tobacco plc (ADR) | 26400 |  | 1494768 |
|  Philip Morris International, Inc. | 28000 |  | 4491200 |
|  |  |  | 5985968 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 68108371 |
|  **Energy (2.8%)** | **Energy (2.8%)** | **Energy (2.8%)** | **Energy (2.8%)** |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** |
|  SLB Ltd. | 33560 |  | 1288033 |
|  ***Oil, Gas & Consumable Fuels (2.7%)*** | ***Oil, Gas & Consumable Fuels (2.7%)*** | ***Oil, Gas & Consumable Fuels (2.7%)*** | ***Oil, Gas & Consumable Fuels (2.7%)*** |
|  Athabasca Oil Corp.\* | 333191 |  | 1706555 |
|  Cameco Corp. | 1040 |  | 95150 |
|  Chevron Corp. | 22523 |  | 3432730 |
|  ConocoPhillips | 49960 |  | 4676756 |
|  Exxon Mobil Corp. | 147215 |  | 17715853 |
|  Galp Energia SGPS SA | 25160 |  | 432580 |
|  Imperial Oil Ltd. (x) | 47879 |  | 4136455 |
|  Murphy Oil Corp. | 34910 |  | 1090938 |
|  Phillips 66 | 11310 |  | 1459442 |
|  Shell plc (ADR) | 33909 |  | 2491633 |
|  Valero Energy Corp. | 17197 |  | 2799500 |
|  |  |  | 40037592 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 41325625 |
|  **Financials (13.2%)** | **Financials (13.2%)** | **Financials (13.2%)** | **Financials (13.2%)** |
|  ***Banks (4.8%)*** | ***Banks (4.8%)*** | ***Banks (4.8%)*** | ***Banks (4.8%)*** |
|  AIB Group plc | 13938 |  | 150695 |
|  Bancorp, Inc. (The)\* | 2900 |  | 195808 |
|  Bank of America Corp. | 325153 |  | 17883415 |
|  BOK Financial Corp. | 6700 |  | 793682 |
|  Citigroup, Inc. | 67360 |  | 7860238 |
|  Comerica, Inc. | 15588 |  | 1355065 |
|  Eurobank SA | 51654 |  | 207910 |
|  First Horizon Corp. | 58005 |  | 1386320 |
|  JPMorgan Chase & Co. | 19971 |  | 6435056 |
|  KeyCorp | 100013 |  | 2064268 |
|  M&T Bank Corp. | 13250 |  | 2669610 |
|  Pathward Financial, Inc. | 5863 |  | 416273 |
|  Piraeus Bank SA\* | 143834 |  | 1148415 |
|  Popular, Inc. | 10600 |  | 1319912 |
|  Synovus Financial Corp. | 13569 |  | 679129 |
|  Truist Financial Corp. | 70200 |  | 3454542 |
|  UMB Financial Corp. | 10653 |  | 1225521 |
|  US Bancorp | 87275 |  | 4656994 |
|  Wells Fargo & Co. | 159698 |  | 14883854 |
|  Wintrust Financial Corp. | 9000 |  | 1258380 |
|  |  |  | 70045087 |
|  ***Capital Markets (3.2%)*** | ***Capital Markets (3.2%)*** | ***Capital Markets (3.2%)*** | ***Capital Markets (3.2%)*** |
|  Amundi SA (m) | 5535 |  | 459234 |
|  Bank of New York Mellon Corp. (The) | 10189 |  | 1182841 |
|  BlackRock, Inc. | 5847 |  | 6258278 |
|  Blue Owl Capital, Inc., Class A | 52155 |  | 779196 |
|  Carlyle Group, Inc. (The) | 17121 |  | 1012022 |
|  Cboe Global Markets, Inc. | 3008 |  | 755008 |
|  Charles Schwab Corp. (The) | 79157 |  | 7908576 |
|  Etoro Group Ltd., Class A\* | 637 |  | 22378 |
|  Evercore, Inc., Class A | 3600 |  | 1224900 |
|  Goldman Sachs Group, Inc. (The) | 1957 |  | 1720203 |
|  Intercontinental Exchange, Inc. | 25964 |  | 4205129 |
|  KKR & Co., Inc. | 28860 |  | 3679073 |
|  MarketAxess Holdings, Inc. | 14964 |  | 2712225 |
|  Moody's Corp. | 6159 |  | 3146325 |
|  Nasdaq, Inc. | 20608 |  | 2001655 |
|  Northern Trust Corp. | 22910 |  | 3129277 |
|  Raymond James Financial, Inc. | 13196 |  | 2119146 |
|  State Street Corp. | 26912 |  | 3471917 |
|  Tradeweb Markets, Inc., Class A | 1281 |  | 137759 |
|  Virtu Financial, Inc., Class A | 51858 |  | 1727908 |
|  Wealthfront Corp.\* | 10400 |  | 141336 |
|  |  |  | 47794386 |
|  ***Consumer Finance (0.3%)*** | ***Consumer Finance (0.3%)*** | ***Consumer Finance (0.3%)*** | ***Consumer Finance (0.3%)*** |
|  Capital One Financial Corp. | 12350 |  | 2993146 |
|  SLM Corp. | 42600 |  | 1152756 |
|  |  |  | 4145902 |
|  ***Financial Services (2.8%)*** | ***Financial Services (2.8%)*** | ***Financial Services (2.8%)*** | ***Financial Services (2.8%)*** |
|  Apollo Global Management, Inc. | 29862 |  | 4322823 |
|  Berkshire Hathaway, Inc., Class A\* | 4 |  | 3019200 |
|  Berkshire Hathaway, Inc., Class B\* | 6645 |  | 3340109 |
|  Block, Inc., Class A\* | 8018 |  | 521892 |
|  Corpay, Inc.\* | 7900 |  | 2377347 |
|  Mastercard, Inc., Class A | 47254 |  | 26976364 |
|  UWM Holdings Corp., Class A | 46203 |  | 202369 |
|  |  |  | 40760104 |
|  ***Insurance (2.1%)*** | ***Insurance (2.1%)*** | ***Insurance (2.1%)*** | ***Insurance (2.1%)*** |
|  American Financial Group, Inc. | 18129 |  | 2477872 |
|  Arthur J Gallagher & Co. | 16735 |  | 4330851 |
|  Assurant, Inc. | 5900 |  | 1421015 |
|  Baldwin Insurance Group, Inc. (The), Class A (x)\* | 29696 |  | 713595 |
|  Brighthouse Financial, Inc.\* | 4999 |  | 323885 |
|  Brown & Brown, Inc. | 18460 |  | 1471262 |
|  Chubb Ltd. | 25401 |  | 7928160 |
|  Hartford Insurance Group, Inc. (The) | 22118 |  | 3047860 |
|  Hiscox Ltd. | 118842 |  | 2279547 |
|  Marsh & McLennan Cos., Inc. | 7425 |  | 1377486 |
|  Reinsurance Group of America, Inc. | 13200 |  | 2685672 |
|  Travelers Cos., Inc. (The) | 3900 |  | 1131234 |
|  Unum Group | 28205 |  | 2185888 |
|  Willis Towers Watson plc | 987 |  | 324328 |
|  |  |  | 31698655 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 194444134 |
|  **Health Care (9.4%)** | **Health Care (9.4%)** | **Health Care (9.4%)** | **Health Care (9.4%)** |
|  ***Biotechnology (2.2%)*** | ***Biotechnology (2.2%)*** | ***Biotechnology (2.2%)*** | ***Biotechnology (2.2%)*** |
|  AbbVie, Inc. | 52160 |  | 11918038 |
|  Alnylam Pharmaceuticals, Inc.\* | 4419 |  | 1757215 |
|  Argenx SE (ADR)\* | 4211 |  | 3541240 |
|  BeOne Medicines Ltd. (ADR)\* | 2081 |  | 632229 |
|  Biogen, Inc.\* | 3100 |  | 545569 |
|  BioNTech SE (ADR)\* | 5313 |  | 505798 |
|  Cogent Biosciences, Inc.\* | 35448 |  | 1259113 |
|  Disc Medicine, Inc.\* | 4200 |  | 333522 |
|  Gilead Sciences, Inc. | 71693 |  | 8799599 |

---

See Notes to Financial Statements.

668

------

EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Insmed, Inc.\* | 3577 | $| 622541 |
|  Moderna, Inc.\* | 39900 |  | 1176651 |
|  Nuvalent, Inc., Class A\* | 9700 |  | 975723 |
|  Travere Therapeutics, Inc.\* | 10100 |  | 385921 |
|  |  |  | 32453159 |
|  ***Health Care Equipment & Supplies (1.9%)*** | ***Health Care Equipment & Supplies (1.9%)*** | ***Health Care Equipment & Supplies (1.9%)*** | ***Health Care Equipment & Supplies (1.9%)*** |
|  Abbott Laboratories | 14689 |  | 1840385 |
|  Boston Scientific Corp.\* | 71152 |  | 6784343 |
|  Edwards Lifesciences Corp.\* | 49952 |  | 4258408 |
|  Insulet Corp.\* | 6486 |  | 1843580 |
|  Intuitive Surgical, Inc.\* | 6649 |  | 3765728 |
|  Masimo Corp.\* | 10106 |  | 1314386 |
|  Medline, Inc., Class A\* | 30800 |  | 1293600 |
|  Penumbra, Inc.\* | 9015 |  | 2802854 |
|  Shoulder Innovations, Inc. (x)\* | 18300 |  | 261690 |
|  Stryker Corp. | 10917 |  | 3836998 |
|  |  |  | 28001972 |
|  ***Health Care Providers & Services (1.3%)*** | ***Health Care Providers & Services (1.3%)*** | ***Health Care Providers & Services (1.3%)*** | ***Health Care Providers & Services (1.3%)*** |
|  Cencora, Inc. | 15457 |  | 5220602 |
|  CVS Health Corp. | 78026 |  | 6192144 |
|  HCA Healthcare, Inc. | 1493 |  | 697022 |
|  Tenet Healthcare Corp.\* | 7957 |  | 1581215 |
|  UnitedHealth Group, Inc. | 15439 |  | 5096568 |
|  |  |  | 18787551 |
|  ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** |
|  Waystar Holding Corp.\* | 10400 |  | 340600 |
|  ***Life Sciences Tools & Services (1.0%)*** | ***Life Sciences Tools & Services (1.0%)*** | ***Life Sciences Tools & Services (1.0%)*** | ***Life Sciences Tools & Services (1.0%)*** |
|  Danaher Corp. | 33474 |  | 7662868 |
|  IQVIA Holdings, Inc.\* | 10997 |  | 2478834 |
|  Repligen Corp.\* | 9151 |  | 1499483 |
|  Thermo Fisher Scientific, Inc. | 4105 |  | 2378642 |
|  |  |  | 14019827 |
|  ***Pharmaceuticals (3.0%)*** | ***Pharmaceuticals (3.0%)*** | ***Pharmaceuticals (3.0%)*** | ***Pharmaceuticals (3.0%)*** |
|  Amylyx Pharmaceuticals, Inc.\* | 33243 |  | 401575 |
|  Elanco Animal Health, Inc. (x)\* | 164014 |  | 3711637 |
|  Eli Lilly & Co. | 24801 |  | 26653139 |
|  Johnson & Johnson | 13241 |  | 2740225 |
|  Merck & Co., Inc. | 25900 |  | 2726234 |
|  Roche Holding AG | 1000 |  | 414342 |
|  Teva Pharmaceutical Industries Ltd. (ADR)\* | 33400 |  | 1042414 |
|  UCB SA | 24164 |  | 6775651 |
|  |  |  | 44465217 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 138068326 |
|  **Industrials (8.2%)** | **Industrials (8.2%)** | **Industrials (8.2%)** | **Industrials (8.2%)** |
|  ***Aerospace & Defense (2.7%)*** | ***Aerospace & Defense (2.7%)*** | ***Aerospace & Defense (2.7%)*** | ***Aerospace & Defense (2.7%)*** |
|  Boeing Co. (The)\* | 31665 |  | 6875105 |
|  GE Aerospace | 43043 |  | 13258535 |
|  Howmet Aerospace, Inc. | 29080 |  | 5961982 |
|  Lockheed Martin Corp. | 8575 |  | 4147470 |
|  Northrop Grumman Corp. | 5359 |  | 3055755 |
|  RTX Corp. | 12749 |  | 2338167 |
|  TransDigm Group, Inc. | 3220 |  | 4282117 |
|  |  |  | 39919131 |
|  ***Building Products (0.6%)*** | ***Building Products (0.6%)*** | ***Building Products (0.6%)*** | ***Building Products (0.6%)*** |
|  Trane Technologies plc | 22529 |  | 8768287 |
|  ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** |
|  Cintas Corp. | 13040 |  | 2452433 |
|  Republic Services, Inc. | 11310 |  | 2396928 |
|  |  |  | 4849361 |
|  ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** |
|  Argan, Inc. | 200 |  | 62664 |
|  MasTec, Inc.\* | 990 |  | 215196 |
|  Quanta Services, Inc. | 7340 |  | 3097921 |
|  |  |  | 3375781 |
|  **Electrical Equipment (1.1%)** | **Electrical Equipment (1.1%)** | **Electrical Equipment (1.1%)** | **Electrical Equipment (1.1%)** |
|  AMETEK, Inc. | 25907 |  | 5318966 |
|  Eaton Corp. plc | 11690 |  | 3723382 |
|  GE Vernova, Inc. | 10950 |  | 7156591 |
|  Nextpower, Inc., Class A\* | 4000 |  | 348440 |
|  |  |  | 16547379 |
|  ***Ground Transportation (0.7%)*** | ***Ground Transportation (0.7%)*** | ***Ground Transportation (0.7%)*** | ***Ground Transportation (0.7%)*** |
|  CSX Corp. | 56320 |  | 2041600 |
|  Old Dominion Freight Line, Inc. | 13970 |  | 2190496 |
|  Uber Technologies, Inc.\* | 45590 |  | 3725159 |
|  Union Pacific Corp. | 6060 |  | 1401799 |
|  |  |  | 9359054 |
|  ***Machinery (2.1%)*** | ***Machinery (2.1%)*** | ***Machinery (2.1%)*** | ***Machinery (2.1%)*** |
|  Caterpillar, Inc. | 12270 |  | 7029115 |
|  Cummins, Inc. | 10290 |  | 5252531 |
|  Dover Corp. | 12060 |  | 2354594 |
|  Ingersoll Rand, Inc. | 26910 |  | 2131810 |
|  PACCAR, Inc. | 21270 |  | 2329278 |
|  Parker-Hannifin Corp. | 10804 |  | 9496284 |
|  Westinghouse Air Brake Technologies Corp. | 12070 |  | 2576341 |
|  |  |  | 31169953 |
|  ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** |
|  TransUnion | 12403 |  | 1063557 |
|  Verisk Analytics, Inc. | 9020 |  | 2017684 |
|  |  |  | 3081241 |
|  ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** |
|  Fastenal Co. | 34300 |  | 1376459 |
|  United Rentals, Inc. | 1550 |  | 1254446 |
|  |  |  | 2630905 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 119701092 |
|  **Information Technology (34.0%)** | **Information Technology (34.0%)** | **Information Technology (34.0%)** | **Information Technology (34.0%)** |
|  ***Communications Equipment (1.6%)*** | ***Communications Equipment (1.6%)*** | ***Communications Equipment (1.6%)*** | ***Communications Equipment (1.6%)*** |
|  Arista Networks, Inc.\* | 84907 |  | 11125364 |
|  Cisco Systems, Inc. | 88212 |  | 6794970 |
|  Lumentum Holdings, Inc. (x)\* | 12900 |  | 4754811 |
|  Motorola Solutions, Inc. | 2800 |  | 1073296 |
|  |  |  | 23748441 |
|  ***Electronic Equipment, Instruments & Components (1.4%)*** | ***Electronic Equipment, Instruments & Components (1.4%)*** | ***Electronic Equipment, Instruments & Components (1.4%)*** | ***Electronic Equipment, Instruments & Components (1.4%)*** |
|  Amphenol Corp., Class A | 40289 |  | 5444655 |
|  Celestica, Inc.\* | 800 |  | 236488 |
|  Chroma ATE, Inc. | 106000 |  | 2614535 |

---

See Notes to Financial Statements.

669

------

EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Coherent Corp.\* | 22000 | $| 4060540 |
|  Corning, Inc. | 26300 |  | 2302828 |
|  Delta Electronics, Inc. | 187000 |  | 5731322 |
|  Fabrinet\* | 900 |  | 409752 |
|  |  |  | 20800120 |
|  ***IT Services (0.0%)†*** | ***IT Services (0.0%)†*** | ***IT Services (0.0%)†*** | ***IT Services (0.0%)†*** |
|  Accenture plc, Class A | 700 |  | 187810 |
|  ***Semiconductors & Semiconductor Equipment (16.0%)*** | ***Semiconductors & Semiconductor Equipment (16.0%)*** | ***Semiconductors & Semiconductor Equipment (16.0%)*** | ***Semiconductors & Semiconductor Equipment (16.0%)*** |
|  Advanced Micro Devices, Inc.\* | 3600 |  | 770976 |
|  ASM International NV | 1100 |  | 669112 |
|  Broadcom, Inc. | 138832 |  | 48049755 |
|  Disco Corp. | 2000 |  | 615041 |
|  First Solar, Inc.\* | 20320 |  | 5308194 |
|  Jentech Precision Industrial Co. Ltd. | 16000 |  | 1397814 |
|  Lam Research Corp. | 21400 |  | 3663252 |
|  MACOM Technology Solutions Holdings, Inc.\* | 1400 |  | 239792 |
|  Marvell Technology, Inc. | 79900 |  | 6789902 |
|  Micron Technology, Inc. | 66822 |  | 19071667 |
|  NVIDIA Corp. | 647645 |  | 120785792 |
|  NXP Semiconductors NV | 5337 |  | 1158449 |
|  SiTime Corp.\* | 2100 |  | 741699 |
|  SK hynix, Inc. | 24480 |  | 11062775 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 131000 |  | 6462341 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 28300 |  | 8600087 |
|  |  |  | 235386648 |
|  ***Software (7.8%)*** | ***Software (7.8%)*** | ***Software (7.8%)*** | ***Software (7.8%)*** |
|  Cadence Design Systems, Inc.\* | 12800 |  | 4001024 |
|  Datadog, Inc., Class A\* | 44800 |  | 6092352 |
|  Figma, Inc., Class A (x)\* | 2800 |  | 104636 |
|  Microsoft Corp. | 198700 |  | 96095294 |
|  Oracle Corp. | 3171 |  | 618060 |
|  Palantir Technologies, Inc., Class A\* | 18300 |  | 3252825 |
|  Synopsys, Inc.\* | 8400 |  | 3945648 |
|  |  |  | 114109839 |
|  ***Technology Hardware, Storage & Peripherals (7.2%)*** | ***Technology Hardware, Storage & Peripherals (7.2%)*** | ***Technology Hardware, Storage & Peripherals (7.2%)*** | ***Technology Hardware, Storage & Peripherals (7.2%)*** |
|  Apple, Inc. | 386454 |  | 105061385 |
|  Asia Vital Components Co. Ltd. | 14000 |  | 672809 |
|  Sandisk Corp.\* | 800 |  | 189904 |
|  |  |  | 105924098 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 500156956 |
|  **Materials (1.7%)** | **Materials (1.7%)** | **Materials (1.7%)** | **Materials (1.7%)** |
|  ***Chemicals (1.0%)*** | ***Chemicals (1.0%)*** | ***Chemicals (1.0%)*** | ***Chemicals (1.0%)*** |
|  Air Products and Chemicals, Inc. | 4839 |  | 1195330 |
|  Balchem Corp. | 2790 |  | 427874 |
|  Chemours Co. (The) | 11197 |  | 132013 |
|  Corteva, Inc. | 19702 |  | 1320625 |
|  Dow, Inc. | 20206 |  | 472416 |
|  Ecolab, Inc. | 8746 |  | 2296000 |
|  Linde plc | 11267 |  | 4804136 |
|  LyondellBasell Industries NV, Class A | 17586 |  | 761474 |
|  Mosaic Co. (The) | 41984 |  | 1011395 |
|  Sherwin-Williams Co. (The) | 3218 |  | 1042729 |
|  Solstice Advanced Materials, Inc.\* | 13430 |  | 652429 |
|  |  |  | 14116421 |
|  ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** |
|  CRH plc | 6810 |  | 849888 |
|  Martin Marietta Materials, Inc. | 2570 |  | 1600236 |
|  |  |  | 2450124 |
|  ***Containers & Packaging (0.0%)†*** | ***Containers & Packaging (0.0%)†*** | ***Containers & Packaging (0.0%)†*** | ***Containers & Packaging (0.0%)†*** |
|  International Paper Co. | 22375 |  | 881351 |
|  ***Metals & Mining (0.5%)*** | ***Metals & Mining (0.5%)*** | ***Metals & Mining (0.5%)*** | ***Metals & Mining (0.5%)*** |
|  Alcoa Corp. | 5794 |  | 307893 |
|  Altius Minerals Corp. (x) | 14732 |  | 438348 |
|  First Quantum Minerals Ltd.\* | 38463 |  | 1031247 |
|  Freeport-McMoRan, Inc. | 21983 |  | 1116517 |
|  Newmont Corp. | 23447 |  | 2341183 |
|  Nucor Corp. | 9364 |  | 1527362 |
|  Wheaton Precious Metals Corp. | 5378 |  | 632023 |
|  |  |  | 7394573 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 24842469 |
|  **Real Estate (1.7%)** | **Real Estate (1.7%)** | **Real Estate (1.7%)** | **Real Estate (1.7%)** |
|  ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** |
|  Ventas, Inc. (REIT) | 55699 |  | 4309989 |
|  Welltower, Inc. (REIT) | 1258 |  | 233497 |
|  |  |  | 4543486 |
|  ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** |
|  Prologis, Inc. (REIT) | 20394 |  | 2603498 |
|  Terreno Realty Corp. (REIT) | 8540 |  | 501383 |
|  |  |  | 3104881 |
|  ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** |
|  Jones Lang LaSalle, Inc.\* | 6650 |  | 2237526 |
|  Zillow Group, Inc., Class C\* | 5410 |  | 369070 |
|  |  |  | 2606596 |
|  ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** |
|  Camden Property Trust (REIT) | 19312 |  | 2125865 |
|  Invitation Homes, Inc. (REIT) | 21853 |  | 607295 |
|  |  |  | 2733160 |
|  ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** |
|  Federal Realty Investment Trust (REIT) | 9000 |  | 907200 |
|  Macerich Co. (The) (REIT) | 42532 |  | 785141 |
|  NNN REIT, Inc. (REIT) | 11327 |  | 448889 |
|  Tanger, Inc. (REIT) | 25799 |  | 860912 |
|  |  |  | 3002142 |
|  ***Specialized REITs (0.6%)*** | ***Specialized REITs (0.6%)*** | ***Specialized REITs (0.6%)*** | ***Specialized REITs (0.6%)*** |
|  American Tower Corp. (REIT) | 20612 |  | 3618849 |
|  Equinix, Inc. (REIT) | 3866 |  | 2961975 |
|  Extra Space Storage, Inc. (REIT) | 13291 |  | 1730754 |
|  Four Corners Property Trust, Inc. (REIT) | 15811 |  | 364602 |
|  Iron Mountain, Inc. (REIT) | 10430 |  | 865168 |
|  |  |  | 9541348 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 25531613 |

---

See Notes to Financial Statements.

670

------

EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  **Utilities (2.1%)** | **Utilities (2.1%)** | **Utilities (2.1%)** |
|  ***Electric Utilities (1.5%)*** | ***Electric Utilities (1.5%)*** | ***Electric Utilities (1.5%)*** |
|  Alliant Energy Corp. | 8090 | $525931 |
|  American Electric Power Co., Inc. | 3990 | 460087 |
|  Constellation Energy Corp. | 9506 | 3358185 |
|  Duke Energy Corp. | 21670 | 2539941 |
|  Entergy Corp. | 17970 | 1660967 |
|  Evergy, Inc. | 14360 | 1040956 |
|  Exelon Corp. | 38360 | 1672112 |
|  NextEra Energy, Inc. | 58360 | 4685141 |
|  NRG Energy, Inc. | 11040 | 1758010 |
|  PG&E Corp. | 74200 | 1192394 |
|  PPL Corp. | 31610 | 1106982 |
|  Southern Co. (The) | 9810 | 855432 |
|  Xcel Energy, Inc. | 20340 | 1502312 |
|  |  | 22358450 |
|  ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** |
|  AES Corp. (The) | 10520 | 150857 |
|  Talen Energy Corp.\* | 160 | 59975 |
|  Vistra Corp. | 10840 | 1748817 |
|  |  | 1959649 |
|  ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** |
|  Ameren Corp. | 12770 | 1275212 |
|  CenterPoint Energy, Inc. | 31120 | 1193141 |
|  NiSource, Inc. | 22920 | 957139 |
|  Sempra | 26800 | 2366172 |
|  |  | 5791664 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 30109763 |
|  **Total Common Stocks (98.7%)**<br> *(Cost $831,990,215)* |  | 1450454603 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (0.7%)** | **Equity (0.7%)** | **Equity (0.7%)** |
|  iShares Core S&P 500 ETF | 14700 | 10068618 |
|  **Total Exchange Traded Funds (0.7%)**<br> *(Cost $10,097,550)* | **Total Exchange Traded Funds (0.7%)**<br> *(Cost $10,097,550)* | 10068618 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.0%**)**†** | **Investment Companies (0.0%**)**†** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 314863 | $314863 |
|  **Total Short-Term Investments (0.0%)†**<br> *(Cost $314,863)* | **Total Short-Term Investments (0.0%)†**<br> *(Cost $314,863)* | 314863 |
|  **Total Investments in Securities (99.4%)**<br> *(Cost $842,402,628)* | **Total Investments in Securities (99.4%)**<br> *(Cost $842,402,628)* | 1460838084 |
|  **Other Assets Less Liabilities (0.6%)** | **Other Assets Less Liabilities (0.6%)** | 8650604 |
|  **Net Assets (100%)** |  | $1469488688 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $459,234 or 0.0% of net assets.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $11,107,505. This was collateralized by $11,415,147 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/15/26 – 8/15/55 and by cash of $314,863 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

671

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EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153390512 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2569322 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155959834 |
|  Consumer Discretionary | 149902164 | 2304256 |  | 152206420 |
|  Consumer Staples | 67343222 | 765149 |  | 68108371 |
|  Energy | 40893045 | 432580 |  | 41325625 |
|  Financials | 190198333 | 4245801 |  | 194444134 |
|  Health Care | 130878333 | 7189993 |  | 138068326 |
|  Industrials | 119701092 |  |  | 119701092 |
|  Information Technology | 470931207 | 29225749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 500156956 |
|  Materials | 24842469 |  |  | 24842469 |
|  Real Estate | 25531613 |  |  | 25531613 |
|  Utilities | 30109763 |  |  | 30109763 |
|  **Exchange Traded Funds** | 10068618 |  |  | 10068618 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 314863 |  |  | 314863 |
|  **Total Assets** | $**1414105234** | $**46732850** | $**—** | $**1460838084** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**1414105234** | $**46732850** | $**—** | $**1460838084** |

---

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4323) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4323) |
|  **Total** | $(4323) | $(4323) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1687 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1687 |
|  **Total** | $1687 | $1687 |

---

^ The Portfolio held forward foreign currency contracts for hedging.

See Notes to Financial Statements.

672

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EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501000 |

---

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822961808 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $875426450 |

---

During the year ended December 31, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 4%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 6%)\*** | **Net Realized<br>Gain (Loss)** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35961490 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48629217 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5190218 |

---

\* Represents percentage/amount of total Purchases and/or Sales.

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631731852 |
|  Aggregate gross unrealized depreciation | (16108786) |
|  Net unrealized appreciation | $615623066 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $845215018 |

---

For the period ended December 31, 2025, the Portfolio incurred approximately $37,977 as brokerage commissions with National Financial Services LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

673

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EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $842,402,628) | $1460838084.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 10079787.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $174,574) | 198385.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 2934021.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 885981.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 274492.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 2707.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 6516.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1475219973.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 2345007.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1925440.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 635981.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 314863.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 313083.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 112713.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 84198.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5731285.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1469488688.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $820762782.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 648725906.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1469488688.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,466,117,177 / 22,235,044 shares outstanding (unlimited amount authorized: $0.01 par value) | $65.94 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $3,371,511 / 48,940 shares outstanding (unlimited amount authorized: $0.01 par value) | $68.89 |

---

*(x)* *Includes value of securities on loan of $11,107,505.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $169,323 foreign withholding tax) | $14427724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 421407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 19299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 14868430 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 6976894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 3327679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1208937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 144700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 128400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 78534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 44576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 30448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 11940168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (331325) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 11608843 |
|  **NET INVESTMENT INCOME (LOSS)** | 3259587 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $86,270 on realized gain on investments) | 90390408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (4323) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 90386052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $(13283) on unrealized depreciation on investments) | 134834424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 1687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 26719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 134862830 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 225248882 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $228508469 |

---

See Notes to Financial Statements.

674

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#### EQ ADVISORS TRUST
EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3259587 | $4154049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 90386052 | 110210151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 134862830 | 152155649 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 228508469 | 266519849 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (93399296) | (89899235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (252116) | (320270) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (93651412) | (90219505) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,092,311 and 1,129,444 shares, respectively ] | 136443067 | 66859082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,419,234 and 1,464,379 shares, respectively ] | 93399296 | 89899235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3066697) and (2500969) shares, respectively ] | (194974574) | (147216830) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 34867789 | 9541487 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,663 and 17,662 shares, respectively ] | 112333 | 1140248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 3,661 and 5,010 shares, respectively ] | 252116 | 320270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (31727) and (1802) shares, respectively ] | (2153270) | (107924) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (1788821) | 1352594 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 33078968 | 10894081 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 167936025 | 187194425 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1301552663 | 1114358238 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1469488688 | $1301552663 |

---

See Notes to Financial Statements.

675

------

#### EQ ADVISORS TRUST
EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $59.52 | $51.23 | $40.04 | $54.08 | $48.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.15 | 0.20 | 0.20 | 0.21 | 0.18 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 10.69 | 12.46 | 12.34 | (11.54) | 11.80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 10.84 | 12.66 | 12.54 | (11.33) | 11.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.21) | (0.22) | (0.21) | (0.23) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (4.21) | (4.15) | (1.14) | (2.48) | (5.89) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (4.42) | (4.37) | (1.35) | (2.71) | (6.10) |
|  Net asset value, end of year | $65.94 | $59.52 | $51.23 | $40.04 | $54.08 |
|  Total return | 18.34% | 24.51% | 31.38% | (21.06)% | 25.22% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $1466117 | $1296882 | $1111461 | $892616 | $1133781 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.87 %(j) | 0.87 %(j) | 0.87 %(j) | 0.87 %(j) | 0.87 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.89% | 0.90% | 0.91% | 0.91% | 0.90% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.24% | 0.33% | 0.44% | 0.46% | 0.33 %(bb) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.22% | 0.30% | 0.40% | 0.43% | 0.30 %(bb) |
|  Portfolio turnover rate^ | 62% | 54% | 44% | 54% | 53% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $61.99 | $53.19 | $41.52 | $55.96 | $49.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.32 | 0.36 | 0.34 | 0.33 | 0.33 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 11.16 | 12.96 | 12.80 | (11.94) | 12.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 11.48 | 13.32 | 13.14 | (11.61) | 12.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.37) | (0.37) | (0.33) | (0.35) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (4.21) | (4.15) | (1.14) | (2.48) | (5.89) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (4.58) | (4.52) | (1.47) | (2.83) | (6.23) |
|  Net asset value, end of year | $68.89 | $61.99 | $53.19 | $41.52 | $55.96 |
|  Total return | 18.64% | 24.84% | 31.70% | (20.87)% | 25.53% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $3372 | $4671 | $2898 | $1527 | $2802 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.62 %(j) | 0.62 %(j) | 0.62 %(j) | 0.62 %(j) | 0.62 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.65% | 0.65% | 0.66% | 0.66% | 0.65% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.50% | 0.59% | 0.71% | 0.70% | 0.58 %(bb) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.47% | 0.56% | 0.66% | 0.66% | 0.55 %(bb) |
|  Portfolio turnover rate^ | 62% | 54% | 44% | 54% | 53% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.87% for Class IB and 0.62% for Class K.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.13 and $0.28 for Class IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.09% lower.* 

See Notes to Financial Statements.

676

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EQ/FRANKLIN RISING DIVIDENDS PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Consumer Discretionary (6.7%)** | **Consumer Discretionary (6.7%)** | **Consumer Discretionary (6.7%)** |
|  ***Hotels, Restaurants & Leisure (2.0%)*** | ***Hotels, Restaurants & Leisure (2.0%)*** | ***Hotels, Restaurants & Leisure (2.0%)*** |
|  McDonald's Corp. | 23377 | $7144713 |
|  ***Household Durables (0.8%)*** | ***Household Durables (0.8%)*** | ***Household Durables (0.8%)*** |
|  DR Horton, Inc. | 21202 | 3053724 |
|  ***Specialty Retail (3.9%)*** | ***Specialty Retail (3.9%)*** | ***Specialty Retail (3.9%)*** |
|  Lowe's Cos., Inc. | 25819 | 6226510 |
|  Ross Stores, Inc. | 25904 | 4666346 |
|  Tractor Supply Co. | 56678 | 2834467 |
|  |  | 13727323 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 23925760 |
|  **Consumer Staples (6.7%)** | **Consumer Staples (6.7%)** | **Consumer Staples (6.7%)** |
|  ***Beverages (1.2%)*** | ***Beverages (1.2%)*** | ***Beverages (1.2%)*** |
|  PepsiCo, Inc. | 30165 | 4329281 |
|  ***Consumer Staples Distribution & Retail (4.0%)*** | ***Consumer Staples Distribution & Retail (4.0%)*** | ***Consumer Staples Distribution & Retail (4.0%)*** |
|  Casey's General Stores, Inc. | 6424 | 3550609 |
|  Walmart, Inc. | 95469 | 10636201 |
|  |  | 14186810 |
|  ***Household Products (1.5%)*** | ***Household Products (1.5%)*** | ***Household Products (1.5%)*** |
|  Procter & Gamble Co. (The) | 38021 | 5448790 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 23964881 |
|  **Energy (2.7%)** | **Energy (2.7%)** | **Energy (2.7%)** |
|  ***Oil, Gas & Consumable Fuels (2.7%)*** | ***Oil, Gas & Consumable Fuels (2.7%)*** | ***Oil, Gas & Consumable Fuels (2.7%)*** |
|  Chevron Corp. | 28598 | 4358621 |
|  EOG Resources, Inc. | 18713 | 1965052 |
|  Exxon Mobil Corp. | 27508 | 3310313 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 9633986 |
|  **Financials (16.7%)** | **Financials (16.7%)** | **Financials (16.7%)** |
|  ***Banks (3.3%)*** | ***Banks (3.3%)*** | ***Banks (3.3%)*** |
|  JPMorgan Chase & Co. | 36386 | 11724297 |
|  ***Capital Markets (8.8%)*** | ***Capital Markets (8.8%)*** | ***Capital Markets (8.8%)*** |
|  Ares Management Corp., Class A | 34728 | 5613087 |
|  Charles Schwab Corp. (The) | 71533 | 7146862 |
|  Morgan Stanley | 52029 | 9236708 |
|  Nasdaq, Inc. | 83340 | 8094814 |
|  S&P Global, Inc. | 2088 | 1091168 |
|  |  | 31182639 |
|  ***Financial Services (3.4%)*** | ***Financial Services (3.4%)*** | ***Financial Services (3.4%)*** |
|  Visa, Inc., Class A | 33989 | 11920282 |
|  ***Insurance (1.2%)*** | ***Insurance (1.2%)*** | ***Insurance (1.2%)*** |
|  Erie Indemnity Co., Class A | 5548 | 1590334 |
|  Marsh & McLennan Cos., Inc. | 15367 | 2850886 |
|  |  | 4441220 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 59268438 |
|  **Health Care (15.4%)** | **Health Care (15.4%)** | **Health Care (15.4%)** |
|  ***Biotechnology (1.8%)*** | ***Biotechnology (1.8%)*** | ***Biotechnology (1.8%)*** |
|  AbbVie, Inc. | 27344 | 6247830 |
|  ***Health Care Equipment & Supplies (5.5%)*** | ***Health Care Equipment & Supplies (5.5%)*** | ***Health Care Equipment & Supplies (5.5%)*** |
|  Abbott Laboratories | 57806 | 7242514 |
|  STERIS plc | 13761 | 3488689 |
|  Stryker Corp. | 25339 | 8905898 |
|  |  | 19637101 |
|  ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** |
|  Humana, Inc. | 10111 | 2589730 |
|  ***Life Sciences Tools & Services (2.5%)*** | ***Life Sciences Tools & Services (2.5%)*** | ***Life Sciences Tools & Services (2.5%)*** |
|  Danaher Corp. | 26908 | 6159780 |
|  West Pharmaceutical Services, Inc. | 10073 | 2771485 |
|  |  | 8931265 |
|  ***Pharmaceuticals (4.9%)*** | ***Pharmaceuticals (4.9%)*** | ***Pharmaceuticals (4.9%)*** |
|  Eli Lilly & Co. | 9204 | 9891355 |
|  Johnson & Johnson | 36213 | 7494280 |
|  |  | 17385635 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 54791561 |
|  **Industrials (13.9%)** | **Industrials (13.9%)** | **Industrials (13.9%)** |
|  ***Aerospace & Defense (3.4%)*** | ***Aerospace & Defense (3.4%)*** | ***Aerospace & Defense (3.4%)*** |
|  General Dynamics Corp. | 14268 | 4803465 |
|  RTX Corp. | 40165 | 7366261 |
|  |  | 12169726 |
|  ***Building Products (3.0%)*** | ***Building Products (3.0%)*** | ***Building Products (3.0%)*** |
|  Carlisle Cos., Inc. | 11634 | 3721251 |
|  Johnson Controls International plc | 58923 | 7056029 |
|  |  | 10777280 |
|  ***Commercial Services & Supplies (1.4%)*** | ***Commercial Services & Supplies (1.4%)*** | ***Commercial Services & Supplies (1.4%)*** |
|  Cintas Corp. | 26114 | 4911260 |
|  ***Electrical Equipment (1.5%)*** | ***Electrical Equipment (1.5%)*** | ***Electrical Equipment (1.5%)*** |
|  nVent Electric plc | 53185 | 5423274 |
|  ***Ground Transportation (0.5%)*** | ***Ground Transportation (0.5%)*** | ***Ground Transportation (0.5%)*** |
|  Old Dominion Freight Line, Inc. | 11446 | 1794733 |
|  ***Industrial Conglomerates (1.0%)*** | ***Industrial Conglomerates (1.0%)*** | ***Industrial Conglomerates (1.0%)*** |
|  Honeywell International, Inc. | 18014 | 3514351 |
|  ***Machinery (1.6%)*** | ***Machinery (1.6%)*** | ***Machinery (1.6%)*** |
|  Parker-Hannifin Corp. | 6337 | 5569970 |
|  ***Trading Companies & Distributors (1.5%)*** | ***Trading Companies & Distributors (1.5%)*** | ***Trading Companies & Distributors (1.5%)*** |
|  W.W. Grainger, Inc. | 5070 | 5115884 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 49276478 |
|  **Information Technology (29.9%)** | **Information Technology (29.9%)** | **Information Technology (29.9%)** |
|  ***Communications Equipment (0.7%)*** | ***Communications Equipment (0.7%)*** | ***Communications Equipment (0.7%)*** |
|  Motorola Solutions, Inc. | 6668 | 2555978 |
|  ***IT Services (1.2%)*** | ***IT Services (1.2%)*** | ***IT Services (1.2%)*** |
|  Accenture plc, Class A | 16185 | 4342436 |
|  ***Semiconductors & Semiconductor Equipment (11.1%)*** | ***Semiconductors & Semiconductor Equipment (11.1%)*** | ***Semiconductors & Semiconductor Equipment (11.1%)*** |
|  Analog Devices, Inc. | 28927 | 7845002 |
|  Applied Materials, Inc. | 17527 | 4504264 |
|  Broadcom, Inc. | 54968 | 19024425 |
|  Texas Instruments, Inc. | 47209 | 8190289 |
|  |  | 39563980 |
|  ***Software (13.0%)*** | ***Software (13.0%)*** | ***Software (13.0%)*** |
|  Intuit, Inc. | 1817 | 1203617 |
|  Microsoft Corp. | 64349 | 31120463 |
|  Oracle Corp. | 47401 | 9238929 |

---

See Notes to Financial Statements.

677

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EQ/FRANKLIN RISING DIVIDENDS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Roper Technologies, Inc. | 10030 | $4464654 |
|  |  | 46027663 |
|  ***Technology Hardware, Storage & Peripherals (3.9%)*** | ***Technology Hardware, Storage & Peripherals (3.9%)*** | ***Technology Hardware, Storage & Peripherals (3.9%)*** |
|  Apple, Inc. | 50612 | 13759378 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 106249435 |
|  **Materials (4.6%)** | **Materials (4.6%)** | **Materials (4.6%)** |
|  ***Chemicals (4.6%)*** | ***Chemicals (4.6%)*** | ***Chemicals (4.6%)*** |
|  Ecolab, Inc. | 16935 | 4445776 |
|  Linde plc | 21859 | 9320459 |
|  Sherwin-Williams Co. (The) | 8152 | 2641493 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 16407728 |
|  **Utilities (1.7%)** | **Utilities (1.7%)** | **Utilities (1.7%)** |
|  ***Electric Utilities (1.0%)*** | ***Electric Utilities (1.0%)*** | ***Electric Utilities (1.0%)*** |
|  NextEra Energy, Inc. | 46143 | 3704360 |
|  ***Multi-Utilities (0.7%)*** | ***Multi-Utilities (0.7%)*** | ***Multi-Utilities (0.7%)*** |
|  WEC Energy Group, Inc. | 22135 | 2334357 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 6038717 |
|  **Total Common Stocks (98.3%)**<br> *(Cost $202,826,414)* |  | 349556984 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (1.9%)** | **Investment Companies (1.9%)** |  |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 6826993 | 6829724 |
|  **Total Short-Term Investments (1.9%)**<br> *(Cost $6,829,733)* | **Total Short-Term Investments (1.9%)**<br> *(Cost $6,829,733)* | 6829724 |
|  **Total Investments in Securities (100.2%)**<br> *(Cost $209,656,147)* | **Total Investments in Securities (100.2%)**<br> *(Cost $209,656,147)* | 356386708 |
|  **Other Assets Less Liabilities (-0.2%)** | **Other Assets Less Liabilities (-0.2%)** | (616757) |
|  **Net Assets (100%)** |  | $355769951 |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Consumer Discretionary | $23925760 | $— | $— | $23925760 |
|  Consumer Staples | 23964881 |  |  | 23964881 |
|  Energy | 9633986 |  |  | 9633986 |
|  Financials | 59268438 |  |  | 59268438 |
|  Health Care | 54791561 |  |  | 54791561 |
|  Industrials | 49276478 |  |  | 49276478 |
|  Information Technology | 106249435 |  |  | 106249435 |
|  Materials | 16407728 |  |  | 16407728 |
|  Utilities | 6038717 |  |  | 6038717 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 6829724 |  |  | 6829724 |
|  **Total Assets** | $**356386708** | $**—** | $**—** | $**356386708** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**356386708** | $**—** | $**—** | $**356386708** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| Cost of Purchases: |  |
|  Long-term investments other than U.S. government debt securities | $53715366.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $72472820.0 |

---

See Notes to Financial Statements.

678

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EQ/FRANKLIN RISING DIVIDENDS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $148520990 |
|  Aggregate gross unrealized depreciation | (1795424) |
|  Net unrealized appreciation | $146725566 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $209661142 |

---

For the period ended December 31, 2025, the Portfolio incurred approximately $1,854 as brokerage commissions with Bernstein Institutional Services, LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

679

------

EQ/FRANKLIN RISING DIVIDENDS PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value<br>(Cost $209,656,147) | $356386708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 183429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 163979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 83057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 356818845 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 642341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 153225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 100050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable - Class IB | 75942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 27278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 50058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1048894 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $355769951 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $204299820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 151470131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $355769951 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $355,769,951 / 6,942,024 shares outstanding (unlimited amount authorized: $0.01 par value) | $51.25 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; INVESTMENT INCOME |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $5432762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 160604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 5594167 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2065066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class IB | 860440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 311626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 68669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 29228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 19800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 11746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 8768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 3375343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (383793) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2991550 |
|  **NET INVESTMENT INCOME (LOSS)** | 2602617 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 12411779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 23360406 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 35772185 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $38374802 |

---

See Notes to Financial Statements.

680

------

#### EQ ADVISORS TRUST
EQ/FRANKLIN RISING DIVIDENDS PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2602617 | $2930063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 12411779 | 14851617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 23360406 | 16659537 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 38374802 | 34441217 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (16114984) | (12966507) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
|  **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 477,763 and 621,206 shares, respectively ] | 23904996 | 29876222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 310,614 and 261,235 shares, respectively ] | 16114984 | 12966507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (894189) and (1032878) shares, respectively ] | (44539478) | (49876138) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (4519498) | (7033409) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 17740320 | 14441301 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 338029631 | 323588330 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $355769951 | $338029631 |

---

See Notes to Financial Statements.

681

------

#### EQ ADVISORS TRUST
EQ/FRANKLIN RISING DIVIDENDS PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $47.96 | $44.95 | $40.67 | $46.42 | $36.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.38 | 0.42 | 0.47 | 0.39 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 5.31 | 4.49 | 4.46 | (5.30) | 9.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.69 | 4.91 | 4.93 | (4.91) | 9.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.39) | (0.43) | (0.48) | (0.31) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.01) | (1.47) | (0.17) | (0.53) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.40) | (1.90) | (0.65) | (0.84) | (0.29) |
|  Net asset value, end of year | $51.25 | $47.96 | $44.95 | $40.67 | $46.42 |
|  Total return | 11.84% | 10.80% | 12.10% | (10.60)% | 26.76% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $355770 | $338030 | $323588 | $303252 | $263897 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.87 %(j) | 0.87 %(j) | 0.87 %(j) | 0.87 %(j) | 0.87 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.98% | 0.99% | 0.99% | 0.99% | 0.99% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.76% | 0.87% | 1.10% | 0.96% | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.64% | 0.75% | 0.98% | 0.84% | 0.55% |
|  Portfolio turnover rate^ | 16% | 16% | 4% | 5% | 4% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.87% for Class IB.* 

See Notes to Financial Statements.

682

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (1.1%)** | **Communication Services (1.1%)** | **Communication Services (1.1%)** |
|  ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** |
|  Anterix, Inc.\* | 415 | $9059 |
|  ATN International, Inc. | 332 | 7570 |
|  Bandwidth, Inc., Class A\* | 960 | 14832 |
|  Cogent Communications Holdings, Inc. | 1597 | 34431 |
|  Globalstar, Inc.\* | 1723 | 105172 |
|  IDT Corp., Class B | 570 | 29190 |
|  Liberty Latin America Ltd., Class A\* | 663 | 4900 |
|  Liberty Latin America Ltd., Class C\* | 4599 | 34308 |
|  Lumen Technologies, Inc.\* | 31977 | 248461 |
|  Shenandoah Telecommunications Co. | 1694 | 19583 |
|  Uniti Group, Inc. | 5308 | 37209 |
|  |  | 544715 |
|  ***Entertainment (0.2%)*** | ***Entertainment (0.2%)*** | ***Entertainment (0.2%)*** |
|  AMC Entertainment Holdings, Inc., Class A (x)\* | 17110 | 26692 |
|  Atlanta Braves Holdings, Inc., Class A (x)\* | 206 | 8753 |
|  Atlanta Braves Holdings, Inc., Class C\* | 1534 | 60516 |
|  Cinemark Holdings, Inc. | 3407 | 79179 |
|  CuriosityStream, Inc. | 1093 | 4153 |
|  Eventbrite, Inc., Class A\* | 2155 | 9590 |
|  Gaia, Inc., Class A\* | 957 | 3474 |
|  Golden Matrix Group, Inc. (x)\* | 1009 | 808 |
|  IMAX Corp.\* | 1468 | 54257 |
|  Lionsgate Studios Corp.\* | 6682 | 61007 |
|  Madison Square Garden Entertainment Corp., Class A\* | 1325 | 71404 |
|  Marcus Corp. (The) | 697 | 10811 |
|  Playstudios, Inc.\* | 3467 | 2259 |
|  Playtika Holding Corp. | 1997 | 7888 |
|  Reservoir Media, Inc.\* | 816 | 6177 |
|  Sphere Entertainment Co.\* | 955 | 90801 |
|  Starz Entertainment Corp. | 487 | 5698 |
|  Vivid Seats, Inc., Class A (x)\* | 148 | 1067 |
|  |  | 504534 |
|  ***Interactive Media & Services (0.2%)*** | ***Interactive Media & Services (0.2%)*** | ***Interactive Media & Services (0.2%)*** |
|  Angi, Inc., Class A\* | 1130 | 14611 |
|  Arena Group Holdings, Inc. (The)\* | 758 | 3032 |
|  Bumble, Inc., Class A\* | 2807 | 10021 |
|  Cargurus, Inc., Class A\* | 2810 | 107763 |
|  Cars.com, Inc.\* | 1673 | 20411 |
|  EverQuote, Inc., Class A\* | 959 | 25893 |
|  fuboTV, Inc.\* | 11903 | 29996 |
|  Getty Images Holdings, Inc. (x)\* | 4250 | 5695 |
|  Grindr, Inc.\* | 1206 | 16329 |
|  MediaAlpha, Inc., Class A\* | 1235 | 15993 |
|  Nextdoor Holdings, Inc.\* | 7332 | 15397 |
|  QuinStreet, Inc.\* | 1908 | 27418 |
|  Rumble, Inc. (x)\* | 3527 | 22291 |
|  Shutterstock, Inc. | 699 | 13351 |
|  Teads Holding Co. (x)\* | 1596 | 1123 |
|  Travelzoo\* | 356 | 2535 |
|  TripAdvisor, Inc.\* | 3852 | 56085 |
|  TrueCar, Inc.\* | 1539 | 3478 |
|  Webtoon Entertainment, Inc. (x)\* | 617 | 8040 |
|  Yelp, Inc., Class A\* | 2006 | 60962 |
|  Ziff Davis, Inc.\* | 1341 | 47136 |
|  ZipRecruiter, Inc., Class A\* | 2224 | 8674 |
|  |  | 516234 |
|  ***Media (0.4%)*** | ***Media (0.4%)*** | ***Media (0.4%)*** |
|  Advantage Solutions, Inc.\* | 4429 | 3897 |
|  AMC Networks, Inc., Class A\* | 807 | 7683 |
|  Boston Omaha Corp., Class A (x)\* | 657 | 8127 |
|  Cable One, Inc. | 171 | 19297 |
|  EchoStar Corp., Class A (x)\* | 4558 | 495455 |
|  Emerald Holding, Inc. | 687 | 3071 |
|  Entravision Communications Corp., Class A | 2600 | 7618 |
|  EW Scripps Co. (The), Class A\* | 2577 | 10282 |
|  Gambling.com Group Ltd.\* | 684 | 3735 |
|  Gray Media, Inc. | 3418 | 16543 |
|  Ibotta, Inc., Class A\* | 463 | 10524 |
|  iHeartMedia, Inc., Class A\* | 4455 | 18533 |
|  John Wiley & Sons, Inc., Class A | 1435 | 43954 |
|  Magnite, Inc.\* | 4848 | 78683 |
|  National CineMedia, Inc. | 1606 | 6247 |
|  Newsmax, Inc., Class B (x)\* | 1544 | 11935 |
|  Nexxen International Ltd.\* | 1334 | 8724 |
|  Optimum Communications, Inc., Class A\* | 9381 | 15479 |
|  PubMatic, Inc., Class A\* | 1391 | 12338 |
|  Scholastic Corp. | 762 | 22578 |
|  Sinclair, Inc. | 1179 | 18039 |
|  Stagwell, Inc., Class A\* | 3356 | 16411 |
|  TechTarget, Inc.\* | 1069 | 5773 |
|  TEGNA, Inc. | 5434 | 105474 |
|  Thryv Holdings, Inc.\* | 1291 | 7811 |
|  USA TODAY Co., Inc.\* | 4310 | 22196 |
|  |  | 980407 |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** |
|  Gogo, Inc.\* | 2873 | 13388 |
|  Spok Holdings, Inc. | 601 | 7927 |
|  Telephone and Data Systems, Inc. | 3298 | 135218 |
|  |  | 156533 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 2702423 |
|  **Consumer Discretionary (10.2%)** | **Consumer Discretionary (10.2%)** | **Consumer Discretionary (10.2%)** |
|  ***Automobile Components (0.4%)*** | ***Automobile Components (0.4%)*** | ***Automobile Components (0.4%)*** |
|  Adient plc\* | 2679 | 51356 |
|  American Axle & Manufacturing Holdings, Inc.\* | 4074 | 26114 |
|  Cooper-Standard Holdings, Inc.\* | 597 | 19600 |
|  Dana, Inc. | 3947 | 93781 |
|  Dorman Products, Inc.\* | 933 | 114936 |
|  Fox Factory Holding Corp.\* | 1285 | 21986 |
|  Garrett Motion, Inc. | 5328 | 92867 |
|  Gentherm, Inc.\* | 1042 | 37898 |
|  Goodyear Tire & Rubber Co. (The)\* | 9419 | 82510 |
|  Holley, Inc.\* | 2154 | 8896 |
|  LCI Industries | 793 | 96223 |
|  Motorcar Parts of America, Inc.\* | 328 | 4048 |
|  Patrick Industries, Inc. | 1096 | 118839 |
|  Phinia, Inc. | 1318 | 82625 |
|  Solid Power, Inc. (x)\* | 4906 | 20851 |

---

See Notes to Financial Statements.

683

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Standard Motor Products, Inc. | 672 | $| 24763 |
|  Strattec Security Corp.\* | 139 |  | 10583 |
|  Visteon Corp. | 899 |  | 85495 |
|  XPEL, Inc. (m)\* | 848 |  | 42324 |
|  |  |  | 1035695 |
|  ***Automobiles (0.0%)†*** | ***Automobiles (0.0%)†*** | ***Automobiles (0.0%)†*** | ***Automobiles (0.0%)†*** |
|  Faraday Future Intelligent Electric, Inc., Class A (x)\* | 3214 |  | 3278 |
|  Livewire Group, Inc. (x)\* | 1343 |  | 5936 |
|  Winnebago Industries, Inc. | 953 |  | 38616 |
|  |  |  | 47830 |
|  ***Broadline Retail (0.0%)†*** | ***Broadline Retail (0.0%)†*** | ***Broadline Retail (0.0%)†*** | ***Broadline Retail (0.0%)†*** |
|  Groupon, Inc. (x)\* | 833 |  | 14669 |
|  Kohl's Corp. | 3654 |  | 74578 |
|  Savers Value Village, Inc.\* | 1272 |  | 11881 |
|  |  |  | 101128 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  GigaCloud Technology, Inc., Class A\* | 790 |  | 31031 |
|  Gold.com, Inc. | 651 |  | 22167 |
|  Weyco Group, Inc. | 214 |  | 6546 |
|  |  |  | 59744 |
|  ***Diversified Consumer Services (0.4%)*** | ***Diversified Consumer Services (0.4%)*** | ***Diversified Consumer Services (0.4%)*** | ***Diversified Consumer Services (0.4%)*** |
|  Adtalem Global Education, Inc.\* | 1195 |  | 123647 |
|  American Public Education, Inc.\* | 558 |  | 21092 |
|  Carriage Services, Inc., Class A | 455 |  | 19247 |
|  Coursera, Inc.\* | 4953 |  | 36454 |
|  Driven Brands Holdings, Inc.\* | 1858 |  | 27536 |
|  European Wax Center, Inc., Class A\* | 1381 |  | 4972 |
|  Frontdoor, Inc.\* | 2463 |  | 142090 |
|  Graham Holdings Co., Class B | 109 |  | 119747 |
|  KinderCare Learning Cos., Inc.\* | 992 |  | 4285 |
|  Laureate Education, Inc.\* | 4237 |  | 142660 |
|  Lincoln Educational Services Corp.\* | 1088 |  | 26275 |
|  Matthews International Corp., Class A | 1018 |  | 26590 |
|  McGraw Hill, Inc.\* | 959 |  | 15823 |
|  Mister Car Wash, Inc.\* | 3325 |  | 18487 |
|  Nerdy, Inc.\* | 2323 |  | 2416 |
|  OneSpaWorld Holdings Ltd. | 3439 |  | 71325 |
|  Perdoceo Education Corp. | 2327 |  | 68251 |
|  Phoenix Education Partners, Inc.\* | 146 |  | 4424 |
|  Strategic Education, Inc. | 783 |  | 62797 |
|  Stride, Inc.\* | 1428 |  | 92720 |
|  Udemy, Inc.\* | 3505 |  | 20504 |
|  Universal Technical Institute, Inc.\* | 1509 |  | 39430 |
|  |  |  | 1090772 |
|  ***Hotels, Restaurants & Leisure (2.4%)*** | ***Hotels, Restaurants & Leisure (2.4%)*** | ***Hotels, Restaurants & Leisure (2.4%)*** | ***Hotels, Restaurants & Leisure (2.4%)*** |
|  Accel Entertainment, Inc., Class A\* | 1580 |  | 18028 |
|  Bally's Corp. (x)\* | 456 |  | 7533 |
|  Biglari Holdings, Inc., Class B\* | 15 |  | 4986 |
|  BJ's Restaurants, Inc.\* | 631 |  | 24861 |
|  Black Rock Coffee Bar, Inc., Class A\* | 318 |  | 7076 |
|  Bloomin' Brands, Inc. | 2833 |  | 17480 |
|  Boyd Gaming Corp. | 20910 |  | 1782368 |
|  Brightstar Lottery plc | 3423 |  | 52988 |
|  Brinker International, Inc.\* | 1479 |  | 212266 |
|  Cheesecake Factory, Inc. (The) (x) | 1582 |  | 79859 |
|  Cracker Barrel Old Country Store, Inc. (x) | 800 |  | 20320 |
|  Dave & Buster's Entertainment, Inc.\* | 978 |  | 15853 |
|  Denny's Corp.\* | 1963 |  | 12210 |
|  Dine Brands Global, Inc. (x) | 579 |  | 18609 |
|  El Pollo Loco Holdings, Inc.\* | 919 |  | 9613 |
|  First Watch Restaurant Group, Inc.\* | 1802 |  | 27174 |
|  Genius Sports Ltd.\* | 7528 |  | 82959 |
|  Global Business Travel Group I\* | 4348 |  | 33262 |
|  Golden Entertainment, Inc. | 658 |  | 17891 |
|  Hilton Grand Vacations, Inc.\* | 38222 |  | 1710435 |
|  Inspired Entertainment, Inc.\* | 947 |  | 8864 |
|  Jack in the Box, Inc. (x) | 695 |  | 13170 |
|  Krispy Kreme, Inc. (x) | 1990 |  | 8000 |
|  Kura Sushi USA, Inc., Class A\* | 238 |  | 12455 |
|  Life Time Group Holdings, Inc.\* | 5085 |  | 135159 |
|  Lindblad Expeditions Holdings, Inc.\* | 1385 |  | 19972 |
|  Marriott Vacations Worldwide Corp. | 915 |  | 52786 |
|  Monarch Casino & Resort, Inc. | 452 |  | 43256 |
|  Nathan's Famous, Inc. | 92 |  | 8608 |
|  Navan, Inc., Class A\* | 1211 |  | 20684 |
|  Papa John's International, Inc. | 1142 |  | 43956 |
|  Portillo's, Inc., Class A\* | 2083 |  | 9457 |
|  Pursuit Attractions and Hospitality, Inc.\* | 666 |  | 22431 |
|  RCI Hospitality Holdings, Inc. (x) | 251 |  | 5984 |
|  Red Rock Resorts, Inc., Class A | 1623 |  | 100545 |
|  Rush Street Interactive, Inc.\* | 3186 |  | 61904 |
|  Sabre Corp.\* | 12775 |  | 17374 |
|  Serve Robotics, Inc. (x)\* | 2147 |  | 22286 |
|  Shake Shack, Inc., Class A\* | 1291 |  | 104790 |
|  Six Flags Entertainment Corp.\* | 3127 |  | 47968 |
|  Super Group SGHC Ltd. | 5303 |  | 63371 |
|  Sweetgreen, Inc., Class A\* | 3690 |  | 24944 |
|  Target Hospitality Corp.\* | 1297 |  | 10389 |
|  United Parks & Resorts, Inc.\* | 975 |  | 35393 |
|  Wyndham Hotels & Resorts, Inc. | 9059 |  | 684498 |
|  Xponential Fitness, Inc., Class A\* | 944 |  | 7769 |
|  |  |  | 5741784 |
|  ***Household Durables (1.5%)*** | ***Household Durables (1.5%)*** | ***Household Durables (1.5%)*** | ***Household Durables (1.5%)*** |
|  Bassett Furniture Industries, Inc. | 314 |  | 5263 |
|  Beazer Homes USA, Inc.\* | 1005 |  | 20371 |
|  Cavco Industries, Inc.\* | 261 |  | 154183 |
|  Century Communities, Inc. | 5110 |  | 303279 |
|  Champion Homes, Inc.\* | 1898 |  | 160381 |
|  Cricut, Inc., Class A | 1863 |  | 9222 |
|  Dream Finders Homes, Inc., Class A\* | 1007 |  | 17220 |
|  Ethan Allen Interiors, Inc. | 861 |  | 19665 |
|  Flexsteel Industries, Inc. | 64 |  | 2527 |
|  Green Brick Partners, Inc.\* | 1080 |  | 67673 |
|  Hamilton Beach Brands Holding Co., Class A | 321 |  | 5280 |
|  Helen of Troy Ltd.\* | 816 |  | 17340 |
|  Hovnanian Enterprises, Inc., Class A\* | 158 |  | 15411 |
|  Installed Building Products, Inc. | 779 |  | 202065 |
|  KB Home | 2085 |  | 117615 |
|  La-Z-Boy, Inc. | 34104 |  | 1271056 |
|  Legacy Housing Corp.\* | 385 |  | 7515 |
|  Leggett & Platt, Inc. | 4337 |  | 47707 |
|  LGI Homes, Inc.\* | 656 |  | 28182 |
|  Lovesac Co. (The)\* | 553 |  | 8157 |

---

See Notes to Financial Statements.

684

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  M/I Homes, Inc.\* | 1803 | $| 230694 |
|  Meritage Homes Corp. | 6803 |  | 447637 |
|  Sonos, Inc.\* | 3949 |  | 69344 |
|  Taylor Morrison Home Corp., Class A\* | 5188 |  | 305418 |
|  Traeger, Inc.\* | 1512 |  | 1633 |
|  Tri Pointe Homes, Inc.\* | 2771 |  | 87203 |
|  |  |  | 3622041 |
|  ***Leisure Products (2.1%)*** | ***Leisure Products (2.1%)*** | ***Leisure Products (2.1%)*** | ***Leisure Products (2.1%)*** |
|  Acushnet Holdings Corp. | 908 |  | 72477 |
|  American Outdoor Brands, Inc.\* | 412 |  | 3185 |
|  BRP, Inc. | 8528 |  | 602996 |
|  Brunswick Corp. | 17868 |  | 1326520 |
|  Escalade, Inc. | 438 |  | 5909 |
|  Funko, Inc., Class A\* | 1271 |  | 4321 |
|  JAKKS Pacific, Inc. | 318 |  | 5368 |
|  Johnson Outdoors, Inc., Class A | 193 |  | 8193 |
|  Latham Group, Inc.\* | 1677 |  | 10649 |
|  Malibu Boats, Inc., Class A\* | 654 |  | 18449 |
|  Marine Products Corp. | 412 |  | 3609 |
|  MasterCraft Boat Holdings, Inc.\* | 524 |  | 9909 |
|  Mattel, Inc.\* | 138194 |  | 2741769 |
|  Peloton Interactive, Inc., Class A\* | 12808 |  | 78897 |
|  Polaris, Inc. | 1770 |  | 111953 |
|  Smith & Wesson Brands, Inc. | 1482 |  | 14627 |
|  Sturm Ruger & Co., Inc. | 426 |  | 13909 |
|  Topgolf Callaway Brands Corp.\* | 4382 |  | 51138 |
|  |  |  | 5083878 |
|  ***Specialty Retail (2.5%)*** | ***Specialty Retail (2.5%)*** | ***Specialty Retail (2.5%)*** | ***Specialty Retail (2.5%)*** |
|  Abercrombie & Fitch Co., Class A\* | 1563 |  | 196735 |
|  Academy Sports & Outdoors, Inc. | 2272 |  | 113509 |
|  Advance Auto Parts, Inc. | 1980 |  | 77814 |
|  American Eagle Outfitters, Inc. | 5342 |  | 140869 |
|  America's Car-Mart, Inc.\* | 253 |  | 6391 |
|  Arhaus, Inc., Class A\* | 1536 |  | 17219 |
|  Arko Corp. | 2238 |  | 10161 |
|  Asbury Automotive Group, Inc.\* | 651 |  | 151377 |
|  BARK, Inc. (x)\* | 5208 |  | 3138 |
|  Barnes & Noble Education, Inc.\* | 522 |  | 4797 |
|  Bed Bath & Beyond, Inc.\* | 1836 |  | 10025 |
|  Boot Barn Holdings, Inc.\* | 1022 |  | 180352 |
|  Buckle, Inc. (The) | 1091 |  | 58281 |
|  Build-A-Bear Workshop, Inc. | 457 |  | 28000 |
|  Caleres, Inc. | 1151 |  | 14008 |
|  Camping World Holdings, Inc., Class A | 2189 |  | 21299 |
|  Citi Trends, Inc.\* | 112 |  | 4655 |
|  Designer Brands, Inc., Class A (x) | 1160 |  | 8619 |
|  Envela Corp.\* | 215 |  | 2877 |
|  EVgo, Inc., Class A\* | 4366 |  | 12705 |
|  Gap, Inc. (The) | 115568 |  | 2958541 |
|  Genesco, Inc.\* | 291 |  | 7208 |
|  Group 1 Automotive, Inc. | 1868 |  | 734684 |
|  Haverty Furniture Cos., Inc. | 357 |  | 8340 |
|  J Jill, Inc. | 200 |  | 2744 |
|  Lands' End, Inc.\* | 366 |  | 5314 |
|  MarineMax, Inc.\* | 558 |  | 13520 |
|  Monro, Inc. | 917 |  | 18377 |
|  National Vision Holdings, Inc.\* | 2654 |  | 68526 |
|  OneWater Marine, Inc., Class A\* | 475 |  | 5139 |
|  Outdoor Holding Co.\* | 2920 |  | 4993 |
|  Petco Health & Wellness Co., Inc., Class A\* | 2284 |  | 6418 |
|  RealReal, Inc. (The)\* | 3235 |  | 51048 |
|  Revolve Group, Inc., Class A\* | 1368 |  | 41300 |
|  Sally Beauty Holdings, Inc.\* | 3292 |  | 46944 |
|  Shoe Carnival, Inc. | 689 |  | 11630 |
|  Signet Jewelers Ltd. | 5845 |  | 484434 |
|  Sleep Number Corp. (x)\* | 878 |  | 7428 |
|  Sonic Automotive, Inc., Class A | 537 |  | 33219 |
|  Stitch Fix, Inc., Class A\* | 3918 |  | 20569 |
|  ThredUp, Inc., Class A\* | 3255 |  | 20799 |
|  Torrid Holdings, Inc. (x)\* | 861 |  | 842 |
|  Upbound Group, Inc. | 1826 |  | 32065 |
|  Urban Outfitters, Inc.\* | 2059 |  | 154960 |
|  Victoria's Secret & Co.\* | 2337 |  | 126595 |
|  Warby Parker, Inc., Class A\* | 3288 |  | 71646 |
|  Winmark Corp. | 96 |  | 38874 |
|  Zumiez, Inc.\* | 403 |  | 10498 |
|  |  |  | 6049486 |
|  ***Textiles, Apparel & Luxury Goods (0.9%)*** | ***Textiles, Apparel & Luxury Goods (0.9%)*** | ***Textiles, Apparel & Luxury Goods (0.9%)*** | ***Textiles, Apparel & Luxury Goods (0.9%)*** |
|  Capri Holdings Ltd.\* | 3877 |  | 94599 |
|  Carter's, Inc. | 1268 |  | 41121 |
|  Crocs, Inc.\* | 8122 |  | 694593 |
|  Dr Martens plc (x) | 878826 |  | 907414 |
|  Ermenegildo Zegna NV (x) | 2153 |  | 22068 |
|  Figs, Inc., Class A\* | 3157 |  | 35864 |
|  G-III Apparel Group Ltd. | 1248 |  | 36142 |
|  Kontoor Brands, Inc. | 1881 |  | 114910 |
|  Lakeland Industries, Inc. (x) | 325 |  | 2873 |
|  Movado Group, Inc. | 625 |  | 12888 |
|  Oxford Industries, Inc. | 403 |  | 13783 |
|  Rocky Brands, Inc. | 155 |  | 4546 |
|  Steven Madden Ltd. | 2447 |  | 101893 |
|  Superior Group of Cos., Inc. | 551 |  | 5334 |
|  Wolverine World Wide, Inc. | 2627 |  | 47680 |
|  |  |  | 2135708 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 24968066 |
|  **Consumer Staples (0.7%)** | **Consumer Staples (0.7%)** | **Consumer Staples (0.7%)** | **Consumer Staples (0.7%)** |
|  ***Beverages (0.0%)†*** | ***Beverages (0.0%)†*** | ***Beverages (0.0%)†*** | ***Beverages (0.0%)†*** |
|  MGP Ingredients, Inc. | 487 |  | 11834 |
|  National Beverage Corp.\* | 854 |  | 27234 |
|  Vita Coco Co., Inc. (The)\* | 1548 |  | 82059 |
|  Zevia PBC, Class A\* | 1330 |  | 3086 |
|  |  |  | 124213 |
|  ***Consumer Staples Distribution & Retail (0.2%)*** | ***Consumer Staples Distribution & Retail (0.2%)*** | ***Consumer Staples Distribution & Retail (0.2%)*** | ***Consumer Staples Distribution & Retail (0.2%)*** |
|  Andersons, Inc. (The) | 1082 |  | 57530 |
|  Chefs' Warehouse, Inc. (The)\* | 1214 |  | 75669 |
|  Grocery Outlet Holding Corp.\* | 3423 |  | 34572 |
|  HF Foods Group, Inc.\* | 1470 |  | 3160 |
|  Ingles Markets, Inc., Class A | 512 |  | 35098 |
|  Natural Grocers by Vitamin Cottage, Inc. | 472 |  | 11824 |
|  PriceSmart, Inc. | 854 |  | 104760 |
|  United Natural Foods, Inc.\* | 2002 |  | 67407 |
|  Village Super Market, Inc., Class A | 307 |  | 10866 |
|  Weis Markets, Inc. | 433 |  | 27751 |
|  |  |  | 428637 |

---

See Notes to Financial Statements.

685

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Food Products (0.3%)*** | ***Food Products (0.3%)*** | ***Food Products (0.3%)*** |
|  Alico, Inc. | 176 | $6403 |
|  B&G Foods, Inc. (x) | 2819 | 12122 |
|  Beyond Meat, Inc. (x)\* | 12073 | 9900 |
|  BRC, Inc., Class A\* | 2395 | 2659 |
|  Calavo Growers, Inc. | 652 | 14181 |
|  Cal-Maine Foods, Inc. | 1484 | 118082 |
|  Dole plc | 2775 | 41597 |
|  Forafric Global plc (x)\* | 233 | 2570 |
|  Fresh Del Monte Produce, Inc. | 1115 | 39727 |
|  Hain Celestial Group, Inc. (The)\* | 3458 | 3700 |
|  J & J Snack Foods Corp. | 498 | 45004 |
|  John B Sanfilippo & Son, Inc. | 268 | 18921 |
|  Lifeway Foods, Inc.\* | 184 | 4458 |
|  Limoneira Co. | 685 | 8648 |
|  Mama's Creations, Inc.\* | 1313 | 17712 |
|  Marzetti Co. (The) | 685 | 112628 |
|  Mission Produce, Inc.\* | 1266 | 14686 |
|  Seneca Foods Corp., Class A\* | 162 | 17922 |
|  Simply Good Foods Co. (The)\* | 3207 | 64397 |
|  SunOpta, Inc.\* | 2959 | 11244 |
|  Tootsie Roll Industries, Inc. | 652 | 23883 |
|  TreeHouse Foods, Inc.\* | 1651 | 38947 |
|  Utz Brands, Inc. | 2613 | 27123 |
|  Vital Farms, Inc.\* | 1171 | 37402 |
|  Westrock Coffee Co. (x)\* | 1249 | 5083 |
|  |  | 698999 |
|  ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | ***Household Products (0.1%)*** |
|  Central Garden & Pet Co.\* | 285 | 9163 |
|  Central Garden & Pet Co., Class A\* | 1775 | 51812 |
|  Energizer Holdings, Inc. | 2062 | 41013 |
|  Oil-Dri Corp. of America | 377 | 18450 |
|  Spectrum Brands Holdings, Inc. | 729 | 43069 |
|  WD-40 Co. | 466 | 91756 |
|  |  | 255263 |
|  ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** |
|  Beauty Health Co. (The)\* | 3549 | 4933 |
|  Edgewell Personal Care Co. | 1351 | 23035 |
|  FitLife Brands, Inc.\* | 85 | 1383 |
|  Herbalife Ltd.\* | 3337 | 43014 |
|  Honest Co., Inc. (The)\* | 3817 | 9848 |
|  Interparfums, Inc. | 604 | 51237 |
|  Lifevantage Corp. (x) | 373 | 2298 |
|  Medifast, Inc. (x)\* | 434 | 4635 |
|  Nature's Sunshine Products, Inc.\* | 593 | 12797 |
|  Nu Skin Enterprises, Inc., Class A | 1492 | 14353 |
|  Olaplex Holdings, Inc.\* | 5874 | 7871 |
|  USANA Health Sciences, Inc.\* | 319 | 6262 |
|  Waldencast plc, Class A\* | 765 | 1438 |
|  |  | 183104 |
|  ***Tobacco (0.0%)†*** | ***Tobacco (0.0%)†*** | ***Tobacco (0.0%)†*** |
|  Ispire Technology, Inc. (x)\* | 757 | 2119 |
|  Turning Point Brands, Inc. | 579 | 62764 |
|  Universal Corp. | 781 | 41198 |
|  |  | 106081 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 1796297 |
|  **Energy (4.1%)** | **Energy (4.1%)** | **Energy (4.1%)** |
|  ***Energy Equipment & Services (2.3%)*** | ***Energy Equipment & Services (2.3%)*** | ***Energy Equipment & Services (2.3%)*** |
|  Archrock, Inc. | 5764 | 149979 |
|  Atlas Energy Solutions, Inc. (x) | 2639 | 24859 |
|  Borr Drilling Ltd. | 8590 | 34618 |
|  Bristow Group, Inc., Class A\* | 926 | 33910 |
|  Cactus, Inc., Class A | 2288 | 104516 |
|  Core Laboratories, Inc. | 1616 | 25904 |
|  DMC Global, Inc.\* | 848 | 5673 |
|  Energy Services of America Corp. | 481 | 3930 |
|  Expro Group Holdings NV\* | 2986 | 39863 |
|  Flowco Holdings, Inc., Class A | 699 | 13099 |
|  Forum Energy Technologies, Inc.\* | 281 | 10383 |
|  Helix Energy Solutions Group, Inc.\* | 4304 | 26986 |
|  Helmerich & Payne, Inc. | 3328 | 95447 |
|  Hunting plc | 240675 | 1201968 |
|  Innovex International, Inc.\* | 1325 | 28978 |
|  Kodiak Gas Services, Inc. | 2806 | 104944 |
|  Liberty Energy, Inc., Class A | 59918 | 1106086 |
|  Mammoth Energy Services, Inc.\* | 1025 | 1896 |
|  Nabors Industries Ltd.\* | 498 | 27041 |
|  National Energy Services Reunited Corp.\* | 2119 | 33184 |
|  Natural Gas Services Group, Inc. | 289 | 9725 |
|  Noble Corp. plc | 4316 | 121884 |
|  Oceaneering International, Inc.\* | 3201 | 76920 |
|  Oil States International, Inc.\* | 1671 | 11313 |
|  Patterson-UTI Energy, Inc. | 11925 | 72862 |
|  ProFrac Holding Corp., Class A (x)\* | 468 | 1821 |
|  ProPetro Holding Corp.\* | 2605 | 24774 |
|  Ranger Energy Services, Inc., Class A | 516 | 7214 |
|  RPC, Inc. | 3248 | 17669 |
|  SEACOR Marine Holdings, Inc.\* | 384 | 2312 |
|  Seadrill Ltd.\* | 2116 | 73214 |
|  Select Water Solutions, Inc., Class A | 152708 | 1606488 |
|  Solaris Energy Infrastructure, Inc., Class A | 1428 | 65645 |
|  TechnipFMC plc | 3700 | 164872 |
|  TETRA Technologies, Inc.\* | 4274 | 40047 |
|  Tidewater, Inc.\* | 1625 | 82079 |
|  Transocean Ltd.\* | 30942 | 127790 |
|  Valaris Ltd.\* | 2110 | 106344 |
|  |  | 5686237 |
|  ***Oil, Gas & Consumable Fuels (1.8%)*** | ***Oil, Gas & Consumable Fuels (1.8%)*** | ***Oil, Gas & Consumable Fuels (1.8%)*** |
|  Ardmore Shipping Corp. | 1082 | 11458 |
|  BKV Corp.\* | 735 | 19955 |
|  California Resources Corp. | 2451 | 109584 |
|  Calumet, Inc.\* | 2221 | 44131 |
|  Centrus Energy Corp., Class A\* | 566 | 137402 |
|  Clean Energy Fuels Corp.\* | 6679 | 14026 |
|  CNX Resources Corp.\* | 4377 | 160942 |
|  Comstock Resources, Inc.\* | 2486 | 57626 |
|  Core Natural Resources, Inc. | 1705 | 150910 |
|  Crescent Energy Co., Class A | 8069 | 67699 |
|  CVR Energy, Inc.\* | 994 | 25287 |
|  Delek US Holdings, Inc. | 2026 | 60091 |
|  DHT Holdings, Inc. | 4540 | 55433 |
|  Diversified Energy Co. | 1797 | 26021 |
|  Dorian LPG Ltd. | 1294 | 31496 |
|  Empire Petroleum Corp. (x)\* | 421 | 1280 |
|  Encore Energy Corp. (x)\* | 6232 | 15455 |

---

See Notes to Financial Statements.

686

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Energy Fuels, Inc. (x)\* | 7652 | $| 111260 |
|  Epsilon Energy Ltd. | 584 |  | 2710 |
|  Evolution Petroleum Corp. | 1387 |  | 4910 |
|  Excelerate Energy, Inc., Class A | 825 |  | 23141 |
|  FLEX LNG Ltd. | 1117 |  | 27869 |
|  FutureFuel Corp. | 1238 |  | 3949 |
|  Gevo, Inc.\* | 8037 |  | 16074 |
|  Golar LNG Ltd. | 3248 |  | 120858 |
|  Granite Ridge Resources, Inc. | 2103 |  | 9884 |
|  Green Plains, Inc.\* | 2354 |  | 23069 |
|  Gulfport Energy Corp.\* | 548 |  | 113979 |
|  HighPeak Energy, Inc. (x) | 468 |  | 2218 |
|  Infinity Natural Resources, Inc., Class A\* | 452 |  | 6658 |
|  International Seaways, Inc. | 1374 |  | 66708 |
|  Kinetik Holdings, Inc., Class A | 1415 |  | 51011 |
|  Kolibri Global Energy, Inc.\* | 1221 |  | 4799 |
|  Kosmos Energy Ltd. (x)\* | 17325 |  | 15721 |
|  Lightbridge Corp. (x)\* | 1013 |  | 12804 |
|  Magnolia Oil & Gas Corp., Class A | 5837 |  | 127772 |
|  Murphy Oil Corp. | 4621 |  | 144406 |
|  NACCO Industries, Inc., Class A | 82 |  | 4021 |
|  Navigator Holdings Ltd. | 1044 |  | 18082 |
|  New Fortress Energy, Inc. (x)\* | 5956 |  | 6790 |
|  NextDecade Corp.\* | 4821 |  | 25407 |
|  NextNRG, Inc. (x)\* | 3437 |  | 4984 |
|  Nordic American Tankers Ltd. | 6923 |  | 23815 |
|  Northern Oil & Gas, Inc. (x) | 3321 |  | 71302 |
|  OPAL Fuels, Inc., Class A (x)\* | 2171 |  | 5113 |
|  Par Pacific Holdings, Inc.\* | 1649 |  | 57946 |
|  PBF Energy, Inc., Class A | 2876 |  | 77997 |
|  Peabody Energy Corp. | 4054 |  | 120404 |
|  Prairie Operating Co. (x)\* | 1364 |  | 2305 |
|  PrimeEnergy Resources Corp.\* | 30 |  | 5130 |
|  REX American Resources Corp.\* | 992 |  | 32061 |
|  Riley Exploration Permian, Inc. | 472 |  | 12461 |
|  Sable Offshore Corp. (x)\* | 2685 |  | 24219 |
|  SandRidge Energy, Inc. | 1017 |  | 14675 |
|  Scorpio Tankers, Inc. | 1541 |  | 78329 |
|  SFL Corp. Ltd. | 4213 |  | 32904 |
|  SM Energy Co. | 3936 |  | 73603 |
|  Summit Midstream Corp.\* | 308 |  | 8217 |
|  Talos Energy, Inc.\* | 4261 |  | 46956 |
|  Teekay Corp. Ltd. | 1616 |  | 14593 |
|  Teekay Tankers Ltd., Class A | 831 |  | 44392 |
|  Uranium Energy Corp.\* | 16004 |  | 186927 |
|  VAALCO Energy, Inc. | 4138 |  | 15062 |
|  Vitesse Energy, Inc. (x) | 1043 |  | 20088 |
|  W&T Offshore, Inc. (x) | 4166 |  | 6791 |
|  Whitecap Resources, Inc. (x) | 159263 |  | 1334396 |
|  World Kinect Corp. | 1900 |  | 44517 |
|  |  |  | 4292083 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 9978320 |
|  **Financials (21.4%)** | **Financials (21.4%)** | **Financials (21.4%)** | **Financials (21.4%)** |
|  ***Banks (13.2%)*** | ***Banks (13.2%)*** | ***Banks (13.2%)*** | ***Banks (13.2%)*** |
|  1st Source Corp. | 629 |  | 39306 |
|  ACNB Corp. | 331 |  | 16004 |
|  Amalgamated Financial Corp. | 856 |  | 27418 |
|  Amerant Bancorp, Inc., Class A | 1138 |  | 22202 |
|  Ameris Bancorp | 2197 |  | 163171 |
|  Ames National Corp. | 379 |  | 8702 |
|  Arrow Financial Corp. | 521 |  | 16359 |
|  Associated Banc-Corp. | 5387 |  | 138769 |
|  Atlantic Union Bankshares Corp. | 69758 |  | 2462457 |
|  Avidbank Holdings, Inc.\* | 181 |  | 4807 |
|  Axos Financial, Inc.\* | 1822 |  | 156983 |
|  Banc of California, Inc. | 4397 |  | 84818 |
|  BancFirst Corp. | 712 |  | 75486 |
|  Bancorp, Inc. (The)\* | 1418 |  | 95743 |
|  Bank First Corp. | 291 |  | 35450 |
|  Bank of Hawaii Corp. | 1349 |  | 92231 |
|  Bank of Marin Bancorp | 498 |  | 12953 |
|  Bank of NT Butterfield & Son Ltd. (The) | 1368 |  | 68154 |
|  Bank7 Corp. | 164 |  | 6721 |
|  BankFinancial Corp. | 397 |  | 4764 |
|  BankUnited, Inc. | 2537 |  | 113074 |
|  Bankwell Financial Group, Inc. | 248 |  | 11363 |
|  Banner Corp. | 1179 |  | 73876 |
|  Bar Harbor Bankshares | 484 |  | 15028 |
|  BayCom Corp. | 341 |  | 10025 |
|  BCB Bancorp, Inc. | 663 |  | 5350 |
|  Beacon Financial Corp. | 2822 |  | 74416 |
|  Blue Foundry Bancorp\* | 558 |  | 6936 |
|  Blue Ridge Bankshares, Inc. | 2117 |  | 9040 |
|  Bridgewater Bancshares, Inc.\* | 801 |  | 14041 |
|  Burke & Herbert Financial Services Corp. | 443 |  | 27603 |
|  Business First Bancshares, Inc. | 1043 |  | 27264 |
|  BV Financial, Inc.\* | 308 |  | 5587 |
|  Byline Bancorp, Inc. | 1120 |  | 32648 |
|  C&F Financial Corp. | 102 |  | 7404 |
|  Cadence Bank | 6304 |  | 270063 |
|  California Bancorp | 838 |  | 15645 |
|  Camden National Corp. | 31305 |  | 1358011 |
|  Capital Bancorp, Inc. | 347 |  | 9775 |
|  Capital City Bank Group, Inc. | 494 |  | 21030 |
|  Capitol Federal Financial, Inc. | 4009 |  | 27301 |
|  Carter Bankshares, Inc.\* | 792 |  | 15571 |
|  Cathay General Bancorp | 2289 |  | 110765 |
|  CB Financial Services, Inc. | 165 |  | 5752 |
|  Central BanCo, Inc., Class A | 19252 |  | 464358 |
|  Central Pacific Financial Corp. | 898 |  | 27982 |
|  CF Bankshares, Inc. | 193 |  | 4815 |
|  Chain Bridge Bancorp, Inc., Class A\* | 26 |  | 901 |
|  Chemung Financial Corp. | 156 |  | 8705 |
|  ChoiceOne Financial Services, Inc. | 510 |  | 15055 |
|  Citizens & Northern Corp. | 580 |  | 11699 |
|  Citizens Community Bancorp, Inc. | 341 |  | 6077 |
|  Citizens Financial Services, Inc. | 188 |  | 10720 |
|  City Holding Co. | 482 |  | 57454 |
|  Civista Bancshares, Inc. | 641 |  | 14243 |
|  CNB Financial Corp. | 908 |  | 23762 |
|  Coastal Financial Corp.\* | 415 |  | 47555 |
|  CoastalSouth Bancshares, Inc.\* | 211 |  | 4906 |
|  Colony Bankcorp, Inc. | 685 |  | 12207 |
|  Columbia Banking System, Inc. | 111164 |  | 3107034 |
|  Columbia Financial, Inc.\* | 916 |  | 14235 |
|  Commercial Bancgroup, Inc.\* | 196 |  | 4814 |
|  Community Financial System, Inc. | 1714 |  | 98452 |
|  Community Trust Bancorp, Inc. | 561 |  | 31696 |

---

See Notes to Financial Statements.

687

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Community West Bancshares | 507 | $11407 |
|  ConnectOne Bancorp, Inc. | 1566 | 41060 |
|  Customers Bancorp, Inc.\* | 1015 | 74217 |
|  CVB Financial Corp. | 4451 | 82789 |
|  Dime Community Bancshares, Inc. | 1400 | 42126 |
|  Eagle Bancorp Montana, Inc. | 287 | 5711 |
|  Eagle Bancorp, Inc. | 882 | 18892 |
|  Eagle Financial Services, Inc. | 155 | 6168 |
|  Eastern Bankshares, Inc. | 7540 | 138962 |
|  ECB Bancorp, Inc.\* | 303 | 5269 |
|  Enterprise Financial Services Corp. | 1181 | 63774 |
|  Equity Bancshares, Inc., Class A | 408 | 18217 |
|  Esquire Financial Holdings, Inc. | 265 | 27049 |
|  Farmers & Merchants Bancorp, Inc. | 394 | 9740 |
|  Farmers National Banc Corp. | 1249 | 16637 |
|  FB Bancorp, Inc.\* | 563 | 7235 |
|  FB Financial Corp. | 1427 | 79627 |
|  Fidelity D&D Bancorp, Inc. | 205 | 8924 |
|  Financial Institutions, Inc. | 659 | 20541 |
|  Finward Bancorp | 162 | 5701 |
|  Finwise Bancorp\* | 326 | 5848 |
|  First Bancorp (Nasdaq Stock Exchange) | 36640 | 1860946 |
|  First Bancorp (New York Stock Exchange) | 5231 | 108439 |
|  First Bancorp, Inc. (The) | 426 | 11263 |
|  First Bank | 872 | 14353 |
|  First Busey Corp. | 2697 | 64162 |
|  First Business Financial Services, Inc. | 227 | 12326 |
|  First Capital, Inc. | 110 | 6512 |
|  First Commonwealth Financial Corp. | 68024 | 1146885 |
|  First Community Bankshares, Inc. | 539 | 18180 |
|  First Community Corp. | 240 | 7116 |
|  First Financial Bancorp | 3233 | 80890 |
|  First Financial Bankshares, Inc. | 4336 | 129516 |
|  First Financial Corp. | 349 | 21087 |
|  First Foundation, Inc.\* | 2122 | 13071 |
|  First Internet Bancorp | 344 | 7179 |
|  First Interstate BancSystem, Inc., Class A | 54473 | 1884766 |
|  First Merchants Corp. | 1973 | 73948 |
|  First Mid Bancshares, Inc. | 688 | 26832 |
|  First National Corp. | 253 | 6386 |
|  First Savings Financial Group, Inc. | 191 | 6085 |
|  First United Corp. | 204 | 7638 |
|  First Western Financial, Inc.\* | 305 | 8177 |
|  Firstsun Capital Bancorp\* | 442 | 16635 |
|  Five Star Bancorp | 600 | 21468 |
|  Flagstar Bank NA | 10190 | 128292 |
|  Flushing Financial Corp. | 977 | 14821 |
|  Franklin Financial Services Corp. | 144 | 7229 |
|  FS Bancorp, Inc. | 223 | 9181 |
|  Fulton Financial Corp. | 6191 | 119672 |
|  FVCBankcorp, Inc. | 705 | 9807 |
|  GBank Financial Holdings, Inc. (x)\* | 320 | 10845 |
|  German American Bancorp, Inc. | 41002 | 1606458 |
|  Glacier Bancorp, Inc. | 4252 | 187301 |
|  Great Southern Bancorp, Inc. | 254 | 15636 |
|  Greene County Bancorp, Inc. | 298 | 6625 |
|  Hancock Whitney Corp. | 2845 | 181170 |
|  Hanmi Financial Corp. | 1091 | 29490 |
|  Hanover Bancorp, Inc. | 215 | 4969 |
|  Hawthorn Bancshares, Inc. | 196 | 6836 |
|  HBT Financial, Inc. | 310 | 8013 |
|  Heritage Commerce Corp. | 1877 | 22543 |
|  Heritage Financial Corp. | 1114 | 26346 |
|  Hilltop Holdings, Inc. | 1505 | 51080 |
|  Hingham Institution For Savings (The) | 53 | 15050 |
|  Home Bancorp, Inc. | 200 | 11560 |
|  Home BancShares, Inc. | 6128 | 170236 |
|  HomeTrust Bancshares, Inc. | 523 | 22458 |
|  Hope Bancorp, Inc. | 4142 | 45396 |
|  Horizon Bancorp, Inc. | 1498 | 25406 |
|  Independent Bank Corp. | 653 | 21242 |
|  Independent Bank Corp./MA | 1659 | 121240 |
|  International Bancshares Corp. | 1816 | 120655 |
|  Investar Holding Corp. | 305 | 8150 |
|  John Marshall Bancorp, Inc. | 296 | 5917 |
|  Kearny Financial Corp. | 2196 | 16272 |
|  Lakeland Financial Corp. | 826 | 47132 |
|  Landmark Bancorp, Inc. (x) | 197 | 5159 |
|  LCNB Corp. | 465 | 7621 |
|  LINKBANCORP, Inc. | 414 | 3420 |
|  Live Oak Bancshares, Inc. | 1153 | 39606 |
|  MainStreet Bancshares, Inc. | 245 | 4988 |
|  Mechanics Bancorp | 1584 | 23174 |
|  Mercantile Bank Corp. | 518 | 24916 |
|  Meridian Corp. | 384 | 6751 |
|  Metrocity Bankshares, Inc. | 623 | 16534 |
|  Metropolitan Bank Holding Corp. | 296 | 22603 |
|  Mid Penn Bancorp, Inc. | 609 | 18891 |
|  Middlefield Banc Corp. | 246 | 8497 |
|  Midland States Bancorp, Inc. | 735 | 15560 |
|  MidWestOne Financial Group, Inc. | 536 | 20636 |
|  MVB Financial Corp. | 314 | 8111 |
|  National Bank Holdings Corp., Class A | 1335 | 50743 |
|  National Bankshares, Inc. | 254 | 8517 |
|  NB Bancorp, Inc. | 1397 | 27689 |
|  NBT Bancorp, Inc. | 1749 | 72618 |
|  Nicolet Bankshares, Inc. | 439 | 53251 |
|  Northeast Bank | 254 | 26398 |
|  Northeast Community Bancorp, Inc. | 510 | 11531 |
|  Northfield Bancorp, Inc. | 1036 | 11841 |
|  Northpointe Bancshares, Inc. | 621 | 10420 |
|  Northrim Bancorp, Inc. | 656 | 17456 |
|  Northwest Bancshares, Inc. | 4880 | 58560 |
|  Norwood Financial Corp. | 325 | 9116 |
|  Oak Valley Bancorp | 296 | 8898 |
|  OceanFirst Financial Corp. | 2003 | 35954 |
|  OFG Bancorp | 1398 | 57290 |
|  Ohio Valley Banc Corp. | 153 | 6117 |
|  Old National Bancorp | 11818 | 263660 |
|  Old Second Bancorp, Inc. | 1556 | 30342 |
|  OP Bancorp | 379 | 5351 |
|  Orange County Bancorp, Inc. | 424 | 12105 |
|  Origin Bancorp, Inc. | 1062 | 39942 |
|  Orrstown Financial Services, Inc. | 654 | 23165 |
|  Park National Corp. | 512 | 77916 |
|  Parke Bancorp, Inc. | 244 | 6110 |
|  Pathward Financial, Inc. | 791 | 56161 |
|  Patriot National Bancorp, Inc. (x)\* | 2878 | 5238 |

---

See Notes to Financial Statements.

688

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  PCB Bancorp | 419 | $| 9071 |
|  Peapack-Gladstone Financial Corp. | 577 |  | 16069 |
|  Peoples Bancorp of North Carolina, Inc. | 64 |  | 2317 |
|  Peoples Bancorp, Inc. | 15599 |  | 468438 |
|  Peoples Financial Services Corp. | 299 |  | 14564 |
|  Pioneer Bancorp, Inc.\* | 535 |  | 7212 |
|  Plumas Bancorp | 187 |  | 8357 |
|  Ponce Financial Group, Inc.\* | 793 |  | 12966 |
|  Preferred Bank | 379 |  | 35789 |
|  Primis Financial Corp. | 828 |  | 11517 |
|  Princeton Bancorp, Inc. | 224 |  | 7771 |
|  Provident Financial Services, Inc. | 4061 |  | 80205 |
|  QCR Holdings, Inc. | 585 |  | 48730 |
|  RBB Bancorp | 436 |  | 8999 |
|  Red River Bancshares, Inc. | 191 |  | 13643 |
|  Renasant Corp. | 3236 |  | 113972 |
|  Republic Bancorp, Inc., Class A | 309 |  | 21318 |
|  Rhinebeck Bancorp, Inc.\* | 396 |  | 4760 |
|  Richmond Mutual Bancorp, Inc. | 344 |  | 4830 |
|  Riverview Bancorp, Inc. | 831 |  | 4172 |
|  S&T Bancorp, Inc. | 1276 |  | 50211 |
|  SB Financial Group, Inc. | 258 |  | 5746 |
|  Seacoast Banking Corp. of Florida | 43788 |  | 1375819 |
|  ServisFirst Bancshares, Inc. | 1708 |  | 122617 |
|  Shore Bancshares, Inc. | 1018 |  | 17998 |
|  Sierra Bancorp | 374 |  | 12222 |
|  Simmons First National Corp., Class A | 4830 |  | 91045 |
|  SmartFinancial, Inc. | 491 |  | 18162 |
|  Sound Financial Bancorp, Inc. | 98 |  | 4276 |
|  South Plains Financial, Inc. | 427 |  | 16568 |
|  Southern First Bancshares, Inc.\* | 250 |  | 12880 |
|  Southern Missouri Bancorp, Inc. | 326 |  | 19273 |
|  Southside Bancshares, Inc. | 1016 |  | 30876 |
|  SouthState Bank Corp. | 31578 |  | 2971806 |
|  SR Bancorp, Inc. (x) | 347 |  | 5462 |
|  Stellar Bancorp, Inc. | 1583 |  | 48978 |
|  Sterling Bancorp, Inc.(r)\* | 817 |  |  |
|  Stock Yards Bancorp, Inc. | 902 |  | 58585 |
|  Texas Capital Bancshares, Inc.\* | 1530 |  | 138526 |
|  Third Coast Bancshares, Inc.\* | 408 |  | 15508 |
|  Timberland Bancorp, Inc. | 189 |  | 6766 |
|  Tompkins Financial Corp. | 442 |  | 32054 |
|  Towne Bank | 2480 |  | 82758 |
|  TriCo Bancshares | 31727 |  | 1502908 |
|  Triumph Financial, Inc.\* | 775 |  | 48538 |
|  TrustCo Bank Corp. | 681 |  | 28146 |
|  Trustmark Corp. | 1781 |  | 69370 |
|  UMB Financial Corp. | 2453 |  | 282193 |
|  Union Bankshares, Inc. | 176 |  | 4176 |
|  United Bankshares, Inc. | 4584 |  | 176026 |
|  United Community Banks, Inc. | 3971 |  | 123975 |
|  United Security Bancshares | 541 |  | 5448 |
|  Unity Bancorp, Inc. | 246 |  | 12723 |
|  Univest Financial Corp. | 932 |  | 30514 |
|  USCB Financial Holdings, Inc. | 400 |  | 7368 |
|  Valley National Bancorp | 16234 |  | 189613 |
|  Virginia National Bankshares Corp. | 208 |  | 8289 |
|  WaFd, Inc. | 2674 |  | 85648 |
|  Washington Trust Bancorp, Inc. | 9368 |  | 276824 |
|  WesBanco, Inc. | 3127 |  | 103941 |
|  West Bancorp, Inc. | 436 |  | 9675 |
|  Westamerica Bancorp | 812 |  | 38838 |
|  Western New England Bancorp, Inc. | 583 |  | 7357 |
|  WSFS Financial Corp. | 51043 |  | 2819615 |
|  |  |  | 32164395 |
|  ***Capital Markets (1.5%)*** | ***Capital Markets (1.5%)*** | ***Capital Markets (1.5%)*** | ***Capital Markets (1.5%)*** |
|  Acadian Asset Management, Inc. | 881 |  | 41407 |
|  AlTi Global, Inc.\* | 1396 |  | 6477 |
|  Artisan Partners Asset Management, Inc., Class A | 2025 |  | 82499 |
|  Bakkt Holdings, Inc., Class A (x)\* | 346 |  | 3474 |
|  BGC Group, Inc., Class A | 12092 |  | 107982 |
|  Cohen & Steers, Inc. | 932 |  | 58511 |
|  Diamond Hill Investment Group, Inc. | 66 |  | 11187 |
|  DigitalBridge Group, Inc. | 6032 |  | 92531 |
|  Donnelley Financial Solutions, Inc.\* | 836 |  | 39033 |
|  Forge Global Holdings, Inc.\* | 321 |  | 14304 |
|  GCM Grosvenor, Inc., Class A | 1737 |  | 19663 |
|  Innventure, Inc. (x)\* | 1012 |  | 4230 |
|  Marex Group plc | 1883 |  | 72232 |
|  MarketWise, Inc. | 46 |  | 691 |
|  Miami International Holdings, Inc. (x)\* | 779 |  | 34572 |
|  Moelis & Co., Class A | 2485 |  | 170819 |
|  Open Lending Corp.\* | 4059 |  | 6291 |
|  P10, Inc., Class A | 1822 |  | 17874 |
|  Patria Investments Ltd., Class A | 2151 |  | 34179 |
|  Perella Weinberg Partners, Class A | 2207 |  | 38181 |
|  Piper Sandler Cos. | 598 |  | 203147 |
|  PJT Partners, Inc., Class A | 775 |  | 129580 |
|  Rosebank Industries plc\* | 209050 |  | 986261 |
|  Siebert Financial Corp. (x)\* | 1049 |  | 3682 |
|  Silvercrest Asset Management Group, Inc., Class A | 360 |  | 5468 |
|  StepStone Group, Inc., Class A | 2347 |  | 150607 |
|  StoneX Group, Inc.\* | 1661 |  | 158011 |
|  Value Line, Inc. | 34 |  | 1307 |
|  Victory Capital Holdings, Inc., Class A | 16557 |  | 1044581 |
|  Virtus Investment Partners, Inc. | 200 |  | 32630 |
|  Webull Corp.\* | 9146 |  | 71064 |
|  Westwood Holdings Group, Inc. | 286 |  | 4922 |
|  WisdomTree, Inc. (x) | 3971 |  | 48406 |
|  |  |  | 3695803 |
|  ***Consumer Finance (1.6%)*** | ***Consumer Finance (1.6%)*** | ***Consumer Finance (1.6%)*** | ***Consumer Finance (1.6%)*** |
|  Atlanticus Holdings Corp.\* | 147 |  | 9842 |
|  Bread Financial Holdings, Inc. | 39398 |  | 2916634 |
|  Consumer Portfolio Services, Inc.\* | 337 |  | 3144 |
|  Dave, Inc.\* | 347 |  | 76829 |
|  Encore Capital Group, Inc.\* | 741 |  | 40273 |
|  Enova International, Inc.\* | 814 |  | 127961 |
|  FirstCash Holdings, Inc. | 1329 |  | 211816 |
|  Green Dot Corp., Class A\* | 1919 |  | 24582 |
|  Jefferson Capital, Inc. | 277 |  | 6188 |
|  LendingClub Corp.\* | 3738 |  | 70798 |
|  LendingTree, Inc.\* | 389 |  | 20652 |
|  Medallion Financial Corp. | 767 |  | 7892 |
|  Navient Corp. | 2117 |  | 27521 |
|  Nelnet, Inc., Class A | 382 |  | 50791 |
|  NerdWallet, Inc., Class A\* | 1231 |  | 16680 |
|  Oportun Financial Corp.\* | 1175 |  | 6216 |

---

See Notes to Financial Statements.

689

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  OppFi, Inc. | 730 | $| 7636 |
|  PRA Group, Inc.\* | 1198 |  | 21193 |
|  PROG Holdings, Inc. | 1342 |  | 39576 |
|  Regional Management Corp. | 354 |  | 13717 |
|  Upstart Holdings, Inc. (x)\* | 2845 |  | 124412 |
|  World Acceptance Corp.\* | 81 |  | 11372 |
|  |  |  | 3835725 |
|  ***Financial Services (0.9%)*** | ***Financial Services (0.9%)*** | ***Financial Services (0.9%)*** | ***Financial Services (0.9%)*** |
|  Acacia Research Corp.\* | 1672 |  | 6253 |
|  Alerus Financial Corp. | 814 |  | 18331 |
|  Banco Latinoamericano de Comercio Exterior SA, Class E | 964 |  | 42994 |
|  Better Home & Finance Holding Co.\* | 162 |  | 5278 |
|  Burford Capital Ltd. | 6941 |  | 61914 |
|  Cannae Holdings, Inc. | 1474 |  | 23186 |
|  Cantaloupe, Inc.\* | 1766 |  | 18755 |
|  Cass Information Systems, Inc. | 376 |  | 15612 |
|  Compass Diversified Holdings | 2353 |  | 11294 |
|  Enact Holdings, Inc. | 1001 |  | 39680 |
|  Essent Group Ltd. | 3181 |  | 206797 |
|  Evertec, Inc. | 2215 |  | 64434 |
|  Federal Agricultural Mortgage Corp., Class C | 309 |  | 54251 |
|  Finance of America Cos., Inc., Class A\* | 207 |  | 5011 |
|  Flywire Corp.\* | 4012 |  | 56810 |
|  HA Sustainable Infrastructure Capital, Inc. | 4143 |  | 130215 |
|  International Money Express, Inc.\* | 1037 |  | 15928 |
|  Jackson Financial, Inc., Class A | 2327 |  | 248175 |
|  loanDepot, Inc., Class A\* | 3307 |  | 6846 |
|  Marqeta, Inc., Class A\* | 11876 |  | 56411 |
|  Merchants Bancorp | 934 |  | 31812 |
|  NCR Atleos Corp.\* | 2531 |  | 96456 |
|  NewtekOne, Inc. | 580 |  | 6583 |
|  NMI Holdings, Inc., Class A\* | 2654 |  | 108257 |
|  Onity Group, Inc.\* | 228 |  | 10440 |
|  Pagseguro Digital Ltd., Class A | 5789 |  | 55806 |
|  Payoneer Global, Inc.\* | 9644 |  | 54199 |
|  Paysafe Ltd.\* | 1264 |  | 10226 |
|  Paysign, Inc.\* | 1436 |  | 7395 |
|  PennyMac Financial Services, Inc. | 1004 |  | 132367 |
|  Priority Technology Holdings, Inc.\* | 766 |  | 4175 |
|  Radian Group, Inc. | 4506 |  | 162171 |
|  Remitly Global, Inc.\* | 5540 |  | 76452 |
|  Repay Holdings Corp., Class A\* | 1855 |  | 6771 |
|  Security National Financial Corp., Class A\* | 512 |  | 4613 |
|  Sezzle, Inc. (x)\* | 542 |  | 34403 |
|  StoneCo Ltd., Class A\* | 8418 |  | 124502 |
|  SWK Holdings Corp. | 160 |  | 2752 |
|  Triller Group, Inc. (x)\* | 6645 |  | 213 |
|  Velocity Financial, Inc.\* | 373 |  | 7743 |
|  Walker & Dunlop, Inc. | 1085 |  | 65263 |
|  Waterstone Financial, Inc. | 630 |  | 10427 |
|  |  |  | 2101201 |
|  ***Insurance (3.9%)*** | ***Insurance (3.9%)*** | ***Insurance (3.9%)*** | ***Insurance (3.9%)*** |
|  Abacus Global Management, Inc. | 1255 |  | 10730 |
|  American Coastal Insurance Corp. | 892 |  | 11266 |
|  American Integrity Insurance Group, Inc.\* | 243 |  | 5062 |
|  AMERISAFE, Inc. | 690 |  | 26503 |
|  Aspen Insurance Holdings Ltd., Class A (x)\* | 542 |  | 20108 |
|  Ategrity Specialty Holdings LLC\* | 240 |  | 5042 |
|  Baldwin Insurance Group, Inc. (The), Class A\* | 2405 |  | 57792 |
|  Bowhead Specialty Holdings, Inc.\* | 580 |  | 16553 |
|  Citizens, Inc., Class A (x)\* | 1539 |  | 7433 |
|  CNO Financial Group, Inc. | 78824 |  | 3347655 |
|  Crawford & Co., Class A | 556 |  | 6255 |
|  Donegal Group, Inc., Class A | 633 |  | 12647 |
|  eHealth, Inc.\* | 1051 |  | 4835 |
|  Employers Holdings, Inc. | 666 |  | 28751 |
|  F&G Annuities & Life, Inc. | 1243 |  | 38347 |
|  Fidelis Insurance Holdings Ltd. | 1920 |  | 37574 |
|  Genworth Financial, Inc., Class A\* | 13626 |  | 123043 |
|  GoHealth, Inc., Class A\* | 172 |  | 370 |
|  Goosehead Insurance, Inc., Class A | 797 |  | 58699 |
|  Greenlight Capital Re Ltd., Class A\* | 1005 |  | 14653 |
|  Hamilton Insurance Group Ltd., Class B\* | 1561 |  | 43552 |
|  Hanover Insurance Group, Inc. (The) | 4641 |  | 848236 |
|  HCI Group, Inc. | 367 |  | 70350 |
|  Heritage Insurance Holdings, Inc.\* | 847 |  | 24783 |
|  Hippo Holdings, Inc.\* | 568 |  | 17085 |
|  Horace Mann Educators Corp. | 61334 |  | 2832404 |
|  Investors Title Co. | 53 |  | 13231 |
|  James River Group Holdings, Inc. | 1303 |  | 8287 |
|  Kestrel Group Ltd. (x) | 180 |  | 1843 |
|  Kingstone Cos., Inc. | 399 |  | 6715 |
|  Kingsway Financial Services, Inc.\* | 801 |  | 10773 |
|  Lemonade, Inc.\* | 2031 |  | 144567 |
|  MBIA, Inc.\* | 1772 |  | 12688 |
|  Mercury General Corp. | 929 |  | 87382 |
|  NI Holdings, Inc.\* | 358 |  | 4761 |
|  Octave Specialty Group, Inc.\* | 1741 |  | 13545 |
|  Oscar Health, Inc., Class A\* | 6592 |  | 94727 |
|  Palomar Holdings, Inc.\* | 881 |  | 118724 |
|  ProAssurance Corp.\* | 1664 |  | 40202 |
|  Root, Inc., Class A\* | 385 |  | 27809 |
|  Safety Insurance Group, Inc. | 478 |  | 37241 |
|  Selective Insurance Group, Inc. | 12512 |  | 1046879 |
|  Selectquote, Inc.\* | 5223 |  | 7364 |
|  SiriusPoint Ltd.\* | 2639 |  | 57768 |
|  Skyward Specialty Insurance Group, Inc.\* | 1215 |  | 62099 |
|  Slide Insurance Holdings, Inc.\* | 803 |  | 15642 |
|  Stewart Information Services Corp. | 957 |  | 67239 |
|  Tiptree, Inc., Class A | 680 |  | 12424 |
|  Trupanion, Inc.\* | 1207 |  | 45106 |
|  TWFG, Inc., Class A (x)\* | 229 |  | 6588 |
|  United Fire Group, Inc. | 769 |  | 27953 |
|  Universal Insurance Holdings, Inc. | 937 |  | 31671 |
|  |  |  | 9672956 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.3%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.3%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.3%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.3%)*** |
|  ACRES Commercial Realty Corp. (REIT)\* | 256 |  | 5463 |
|  Adamas Trust, Inc. (REIT) | 3198 |  | 23345 |
|  Advanced Flower Capital, Inc. (REIT) | 711 |  | 2026 |

---

See Notes to Financial Statements.

690

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Angel Oak Mortgage REIT, Inc. (REIT) | 418 | $| 3599 |
|  Apollo Commercial Real Estate Finance, Inc. (REIT) | 4740 |  | 45883 |
|  Arbor Realty Trust, Inc. (REIT) (x) | 6526 |  | 50642 |
|  Ares Commercial Real Estate Corp. (REIT) (x) | 1283 |  | 6133 |
|  ARMOUR Residential REIT, Inc. (REIT) (x) | 3616 |  | 63967 |
|  Blackstone Mortgage Trust, Inc. (REIT), Class A | 5380 |  | 102919 |
|  BrightSpire Capital, Inc. (REIT), Class A | 4339 |  | 24298 |
|  Chicago Atlantic Real Estate Finance, Inc. (REIT) | 720 |  | 8827 |
|  Chimera Investment Corp. (REIT) | 2713 |  | 33723 |
|  Claros Mortgage Trust, Inc. (REIT)\* | 3688 |  | 11285 |
|  Dynex Capital, Inc. (REIT) | 5033 |  | 70512 |
|  Ellington Financial, Inc. (REIT) | 3311 |  | 44963 |
|  Franklin BSP Realty Trust, Inc. (REIT) | 2942 |  | 29508 |
|  Invesco Mortgage Capital, Inc. (REIT) (x) | 2531 |  | 21286 |
|  KKR Real Estate Finance Trust, Inc. (REIT) | 1993 |  | 16383 |
|  Ladder Capital Corp. (REIT) | 3738 |  | 41081 |
|  Lument Finance Trust, Inc. (REIT) (x) | 1959 |  | 2762 |
|  MFA Financial, Inc. (REIT) | 3682 |  | 34280 |
|  Nexpoint Real Estate Finance, Inc. (REIT) | 352 |  | 4956 |
|  Orchid Island Capital, Inc. (REIT) (x) | 4747 |  | 34178 |
|  PennyMac Mortgage Investment Trust (REIT) | 3061 |  | 38416 |
|  Ready Capital Corp. (REIT) (x) | 5626 |  | 12265 |
|  Redwood Trust, Inc. (REIT) | 3927 |  | 21716 |
|  Rithm Property Trust, Inc. (REIT) | 289 |  | 4794 |
|  Seven Hills Realty Trust (REIT) | 813 |  | 7236 |
|  Sunrise Realty Trust, Inc. (REIT) | 328 |  | 3093 |
|  TPG Mortgage Investment Trust, Inc. (REIT) | 1219 |  | 10386 |
|  TPG RE Finance Trust, Inc. (REIT) | 2095 |  | 18038 |
|  Two Harbors Investment Corp. (REIT) | 3341 |  | 35081 |
|  |  |  | 833044 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 52303124 |
|  **Health Care (9.6%)** | **Health Care (9.6%)** | **Health Care (9.6%)** | **Health Care (9.6%)** |
|  ***Biotechnology (3.7%)*** | ***Biotechnology (3.7%)*** | ***Biotechnology (3.7%)*** | ***Biotechnology (3.7%)*** |
|  4D Molecular Therapeutics, Inc.\* | 1398 |  | 10485 |
|  Abeona Therapeutics, Inc. (x)\* | 1554 |  | 8190 |
|  Absci Corp. (x)\* | 4777 |  | 16672 |
|  ACADIA Pharmaceuticals, Inc.\* | 4167 |  | 111301 |
|  Actuate Therapeutics, Inc.\* | 711 |  | 4351 |
|  ADC Therapeutics SA\* | 2966 |  | 10470 |
|  ADMA Biologics, Inc.\* | 7870 |  | 143549 |
|  Agios Pharmaceuticals, Inc.\* | 1930 |  | 52535 |
|  Akebia Therapeutics, Inc.\* | 8995 |  | 14482 |
|  Aldeyra Therapeutics, Inc.\* | 2048 |  | 10609 |
|  Alector, Inc.\* | 1679 |  | 2619 |
|  Alkermes plc\* | 5363 |  | 150057 |
|  Allogene Therapeutics, Inc.\* | 5657 |  | 7750 |
|  Altimmune, Inc.\* | 2507 |  | 9050 |
|  Amicus Therapeutics, Inc.\* | 9753 |  | 138883 |
|  AnaptysBio, Inc.\* | 655 |  | 31754 |
|  Anavex Life Sciences Corp.\* | 3186 |  | 11342 |
|  Anika Therapeutics, Inc.\* | 323 |  | 3104 |
|  Annexon, Inc.\* | 3568 |  | 17911 |
|  Apogee Therapeutics, Inc.\* | 1292 |  | 97520 |
|  Arbutus Biopharma Corp.\* | 5027 |  | 24180 |
|  Arcellx, Inc.\* | 1119 |  | 72959 |
|  Arcturus Therapeutics Holdings, Inc.\* | 941 |  | 5768 |
|  Arcus Biosciences, Inc.\* | 2680 |  | 63864 |
|  Arcutis Biotherapeutics, Inc.\* | 3628 |  | 105357 |
|  Ardelyx, Inc.\* | 8452 |  | 49275 |
|  ArriVent Biopharma, Inc. (x)\* | 1019 |  | 20502 |
|  Arrowhead Pharmaceuticals, Inc.\* | 4453 |  | 295635 |
|  ARS Pharmaceuticals, Inc. (x)\* | 2059 |  | 23987 |
|  Astria Therapeutics, Inc.\* | 1549 |  | 20276 |
|  aTyr Pharma, Inc. (x)\* | 3140 |  | 2459 |
|  Aura Biosciences, Inc.\* | 1195 |  | 6513 |
|  Aurinia Pharmaceuticals, Inc.\* | 3948 |  | 62971 |
|  Avidity Biosciences, Inc.\* | 3882 |  | 280009 |
|  Avita Medical, Inc. (x)\* | 272 |  | 938 |
|  Beam Therapeutics, Inc.\* | 3132 |  | 86819 |
|  Benitec Biopharma, Inc.\* | 514 |  | 6924 |
|  Bicara Therapeutics, Inc.\* | 942 |  | 15854 |
|  BioCryst Pharmaceuticals, Inc.\* | 6873 |  | 53609 |
|  Biohaven Ltd.\* | 3102 |  | 35022 |
|  Bridgebio Pharma, Inc.\* | 5369 |  | 410675 |
|  Bright Minds Biosciences, Inc.\* | 163 |  | 12721 |
|  Candel Therapeutics, Inc. (x)\* | 1753 |  | 9904 |
|  Capricor Therapeutics, Inc.\* | 1261 |  | 36392 |
|  Cardiff Oncology, Inc. (x)\* | 1845 |  | 5184 |
|  CareDx, Inc.\* | 1694 |  | 31915 |
|  Cartesian Therapeutics, Inc. (x)\* | 384 |  | 2769 |
|  Catalyst Pharmaceuticals, Inc.\* | 3931 |  | 91750 |
|  Celcuity, Inc.\* | 1082 |  | 107919 |
|  Celldex Therapeutics, Inc.\* | 2130 |  | 57851 |
|  CG oncology, Inc.\* | 1826 |  | 75816 |
|  Cidara Therapeutics, Inc.\* | 658 |  | 145346 |
|  Cogent Biosciences, Inc.\* | 4664 |  | 165665 |
|  Coherus Oncology, Inc. (x)\* | 3363 |  | 4775 |
|  Compass Therapeutics, Inc.\* | 4360 |  | 23413 |
|  Corvus Pharmaceuticals, Inc.\* | 1873 |  | 14422 |
|  CRISPR Therapeutics AG (x)\* | 2895 |  | 151814 |
|  Cullinan Therapeutics, Inc.\* | 2035 |  | 21062 |
|  Cytokinetics, Inc.\* | 3912 |  | 248568 |
|  Day One Biopharmaceuticals, Inc.\* | 2311 |  | 21539 |
|  Denali Therapeutics, Inc.\* | 4502 |  | 74328 |
|  Design Therapeutics, Inc.\* | 983 |  | 9221 |
|  DiaMedica Therapeutics, Inc.\* | 1223 |  | 9735 |
|  Dianthus Therapeutics, Inc.\* | 814 |  | 33545 |
|  Disc Medicine, Inc.\* | 863 |  | 68531 |
|  Dynavax Technologies Corp.\* | 3400 |  | 52292 |
|  Dyne Therapeutics, Inc.\* | 4242 |  | 82974 |
|  Editas Medicine, Inc.\* | 3056 |  | 6265 |
|  Eledon Pharmaceuticals, Inc.\* | 2044 |  | 3086 |
|  Emergent BioSolutions, Inc.\* | 1890 |  | 23360 |
|  Enanta Pharmaceuticals, Inc.\* | 881 |  | 13893 |
|  Entrada Therapeutics, Inc.\* | 941 |  | 9673 |
|  Erasca, Inc.\* | 5409 |  | 20121 |
|  Fate Therapeutics, Inc.\* | 4143 |  | 4071 |
|  Fennec Pharmaceuticals, Inc.\* | 798 |  | 6145 |
|  Foghorn Therapeutics, Inc.\* | 1017 |  | 5492 |
|  Geron Corp.\* | 16844 |  | 22234 |
|  Gossamer Bio, Inc.\* | 6688 |  | 20733 |

---

See Notes to Financial Statements.

691

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  GRAIL, Inc.\* | 1179 | $| 100911 |
|  Greenwich Lifesciences, Inc. (x)\* | 334 |  | 7017 |
|  Gyre Therapeutics, Inc. (x)\* | 289 |  | 2040 |
|  Heron Therapeutics, Inc. (x)\* | 4710 |  | 6123 |
|  Humacyte, Inc. (x)\* | 3500 |  | 3362 |
|  Ideaya Biosciences, Inc.\* | 2755 |  | 95240 |
|  ImmunityBio, Inc. (x)\* | 10512 |  | 20814 |
|  Immunome, Inc.\* | 2641 |  | 56729 |
|  Immunovant, Inc.\* | 2259 |  | 57424 |
|  Inhibikase Therapeutics, Inc.\* | 2749 |  | 5635 |
|  Inhibrx Biosciences, Inc.\* | 300 |  | 23700 |
|  Inmune Bio, Inc. (x)\* | 808 |  | 1260 |
|  Intellia Therapeutics, Inc. (x)\* | 3599 |  | 32355 |
|  Iovance Biotherapeutics, Inc. (x)\* | 9618 |  | 26257 |
|  Ironwood Pharmaceuticals, Inc., Class A\* | 5617 |  | 18929 |
|  Jade Biosciences, Inc. | 1541 |  | 23778 |
|  Janux Therapeutics, Inc.\* | 1418 |  | 19568 |
|  KalVista Pharmaceuticals, Inc. (x)\* | 1391 |  | 22465 |
|  Keros Therapeutics, Inc.\* | 945 |  | 19240 |
|  Kodiak Sciences, Inc.\* | 1124 |  | 31427 |
|  Korro Bio, Inc. (x)\* | 258 |  | 2067 |
|  Krystal Biotech, Inc.\* | 824 |  | 203149 |
|  Kura Oncology, Inc.\* | 2838 |  | 29487 |
|  Kymera Therapeutics, Inc.\* | 1888 |  | 146905 |
|  Larimar Therapeutics, Inc.\* | 1858 |  | 7079 |
|  Lexeo Therapeutics, Inc.\* | 2061 |  | 20466 |
|  Madrigal Pharmaceuticals, Inc.\* | 624 |  | 363380 |
|  MannKind Corp.\* | 10091 |  | 57216 |
|  MapLight Therapeutics, Inc.\* | 551 |  | 9678 |
|  MeiraGTx Holdings plc\* | 1610 |  | 12800 |
|  MiMedx Group, Inc.\* | 4252 |  | 28786 |
|  Mineralys Therapeutics, Inc.\* | 1559 |  | 56576 |
|  Mirum Pharmaceuticals, Inc.\* | 1413 |  | 111613 |
|  Monopar Therapeutics, Inc.\* | 142 |  | 9273 |
|  Monte Rosa Therapeutics, Inc.\* | 1649 |  | 25856 |
|  Myriad Genetics, Inc.\* | 3309 |  | 20350 |
|  Neurogene, Inc. (x)\* | 436 |  | 8982 |
|  Nkarta, Inc.\* | 2241 |  | 4146 |
|  Novavax, Inc. (x)\* | 5232 |  | 35159 |
|  Nurix Therapeutics, Inc.\* | 3345 |  | 63455 |
|  Nuvalent, Inc., Class A\* | 1677 |  | 168689 |
|  Nuvectis Pharma, Inc.\* | 572 |  | 4319 |
|  Olema Pharmaceuticals, Inc.\* | 1957 |  | 48925 |
|  Organogenesis Holdings, Inc., Class A\* | 2386 |  | 12359 |
|  ORIC Pharmaceuticals, Inc. (x)\* | 1975 |  | 16156 |
|  Oruka Therapeutics, Inc.\* | 1284 |  | 38918 |
|  Palvella Therapeutics, Inc.\* | 238 |  | 24911 |
|  Perspective Therapeutics, Inc.\* | 2407 |  | 6619 |
|  Praxis Precision Medicines, Inc.\* | 756 |  | 222823 |
|  Precigen, Inc. (x)\* | 6220 |  | 26000 |
|  Prime Medicine, Inc. (x)\* | 3888 |  | 13491 |
|  Protagonist Therapeutics, Inc.\* | 1945 |  | 169876 |
|  Protalix BioTherapeutics, Inc.\* | 2983 |  | 5369 |
|  Protara Therapeutics, Inc.\* | 840 |  | 4477 |
|  Prothena Corp. plc\* | 1412 |  | 13485 |
|  PTC Therapeutics, Inc.\* | 2590 |  | 196736 |
|  Puma Biotechnology, Inc.\* | 1347 |  | 8015 |
|  Recursion Pharmaceuticals, Inc., Class A (x)\* | 12245 |  | 50082 |
|  REGENXBIO, Inc.\* | 1607 |  | 23141 |
|  Relay Therapeutics, Inc.\* | 4972 |  | 42063 |
|  Replimune Group, Inc.\* | 2428 |  | 23600 |
|  Rezolute, Inc.\* | 2384 |  | 5626 |
|  Rhythm Pharmaceuticals, Inc.\* | 1784 |  | 190959 |
|  Rigel Pharmaceuticals, Inc.\* | 605 |  | 25912 |
|  Rocket Pharmaceuticals, Inc.\* | 2723 |  | 9558 |
|  Sana Biotechnology, Inc.\* | 5192 |  | 21131 |
|  Savara, Inc.\* | 4792 |  | 28896 |
|  Scholar Rock Holding Corp.\* | 2790 |  | 122900 |
|  SELLAS Life Sciences Group, Inc. (x)\* | 3361 |  | 12671 |
|  Sionna Therapeutics, Inc.\* | 550 |  | 22627 |
|  Soleno Therapeutics, Inc.\* | 1560 |  | 72228 |
|  Solid Biosciences, Inc.\* | 2352 |  | 13265 |
|  Spyre Therapeutics, Inc.\* | 2301 |  | 75381 |
|  Stoke Therapeutics, Inc.\* | 1479 |  | 46943 |
|  Syndax Pharmaceuticals, Inc.\* | 2915 |  | 61244 |
|  Tango Therapeutics, Inc. (x)\* | 3509 |  | 31090 |
|  Taysha Gene Therapies, Inc.\* | 7627 |  | 41948 |
|  Tectonic Therapeutic, Inc. (x)\* | 386 |  | 8052 |
|  Tevogen Bio Holdings, Inc. (x)\* | 242 |  | 80 |
|  TG Therapeutics, Inc.\* | 4935 |  | 147112 |
|  Tonix Pharmaceuticals Holding Corp.\* | 270 |  | 4217 |
|  Travere Therapeutics, Inc.\* | 2760 |  | 105460 |
|  TriSalus Life Sciences, Inc. (x)\* | 873 |  | 6094 |
|  Twist Bioscience Corp.\* | 1986 |  | 62996 |
|  Tyra Biosciences, Inc.\* | 872 |  | 22925 |
|  Upstream Bio, Inc.\* | 1065 |  | 28915 |
|  UroGen Pharma Ltd.\* | 1183 |  | 27706 |
|  Vanda Pharmaceuticals, Inc.\* | 1879 |  | 16573 |
|  Vaxcyte, Inc.\* | 3786 |  | 174686 |
|  Vera Therapeutics, Inc., Class A\* | 1861 |  | 94241 |
|  Veracyte, Inc.\* | 2687 |  | 113123 |
|  Verastem, Inc.\* | 1896 |  | 14637 |
|  Vericel Corp.\* | 1643 |  | 59164 |
|  Vir Biotechnology, Inc.\* | 3231 |  | 19483 |
|  Viridian Therapeutics, Inc.\* | 2671 |  | 83122 |
|  Voyager Therapeutics, Inc.\* | 2054 |  | 8072 |
|  Xencor, Inc.\* | 2305 |  | 35290 |
|  Xenon Pharmaceuticals, Inc.\* | 2607 |  | 116846 |
|  XOMA Royalty Corp.\* | 322 |  | 8562 |
|  Zenas Biopharma, Inc. (x)\* | 639 |  | 23202 |
|  Zymeworks, Inc.\* | 1602 |  | 42181 |
|  |  |  | 9106623 |
|  ***Health Care Equipment & Supplies (2.4%)*** | ***Health Care Equipment & Supplies (2.4%)*** | ***Health Care Equipment & Supplies (2.4%)*** | ***Health Care Equipment & Supplies (2.4%)*** |
|  Accuray, Inc.\* | 4103 |  | 3383 |
|  Acme United Corp. (x) | 114 |  | 4595 |
|  Alphatec Holdings, Inc.\* | 3949 |  | 83087 |
|  AngioDynamics, Inc.\* | 1364 |  | 17514 |
|  Anteris Technologies Global Corp.\* | 1291 |  | 6442 |
|  Artivion, Inc.\* | 1418 |  | 64675 |
|  AtriCure, Inc.\* | 1595 |  | 63098 |
|  Avanos Medical, Inc.\* | 1429 |  | 16048 |
|  Axogen, Inc.\* | 1466 |  | 47982 |
|  Beta Bionics, Inc.\* | 1307 |  | 39824 |
|  Bioventus, Inc., Class A\* | 1590 |  | 11830 |
|  Butterfly Network, Inc., Class A\* | 6789 |  | 25798 |
|  CapsoVision, Inc. (x)\* | 412 |  | 4404 |
|  Carlsmed, Inc.\* | 336 |  | 4150 |
|  Ceribell, Inc.\* | 886 |  | 19430 |
|  Cerus Corp.\* | 7008 |  | 14436 |

---

See Notes to Financial Statements.

692

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  ClearPoint Neuro, Inc.\* | 918 | $| 12558 |
|  CONMED Corp. | 990 |  | 40194 |
|  CVRx, Inc.\* | 489 |  | 3472 |
|  Delcath Systems, Inc.\* | 1073 |  | 10837 |
|  Electromed, Inc.\* | 236 |  | 6872 |
|  Embecta Corp. | 2082 |  | 24734 |
|  Enovis Corp.\* | 1822 |  | 48538 |
|  Envista Holdings Corp.\* | 143854 |  | 3123070 |
|  Glaukos Corp.\* | 1871 |  | 211255 |
|  Haemonetics Corp.\* | 1610 |  | 129041 |
|  ICU Medical, Inc.\* | 796 |  | 113565 |
|  Inogen, Inc.\* | 950 |  | 6384 |
|  Integer Holdings Corp.\* | 1151 |  | 90273 |
|  Integra LifeSciences Holdings Corp.\* | 2052 |  | 25486 |
|  iRadimed Corp. | 261 |  | 25390 |
|  iRhythm Technologies, Inc.\* | 1060 |  | 188086 |
|  Kestra Medical Technologies Ltd. (x)\* | 650 |  | 17238 |
|  KORU Medical Systems, Inc.\* | 1413 |  | 8210 |
|  Lantheus Holdings, Inc.\* | 2250 |  | 149737 |
|  LeMaitre Vascular, Inc. | 677 |  | 54905 |
|  LENSAR, Inc.\* | 365 |  | 4245 |
|  LivaNova plc\* | 1810 |  | 111369 |
|  Lucid Diagnostics, Inc.\* | 3835 |  | 4180 |
|  Merit Medical Systems, Inc.\* | 1957 |  | 172490 |
|  Myomo, Inc. (x)\* | 1934 |  | 1760 |
|  Neogen Corp.\* | 7144 |  | 49937 |
|  Neuronetics, Inc. (x)\* | 1289 |  | 1779 |
|  NeuroPace, Inc.\* | 690 |  | 10654 |
|  Novocure Ltd.\* | 3221 |  | 41648 |
|  Omnicell, Inc.\* | 1529 |  | 69264 |
|  OraSure Technologies, Inc.\* | 2772 |  | 6708 |
|  Orthofix Medical, Inc.\* | 1356 |  | 20557 |
|  OrthoPediatrics Corp.\* | 659 |  | 11704 |
|  Outset Medical, Inc.\* | 617 |  | 2289 |
|  PROCEPT BioRobotics Corp.\* | 1736 |  | 54615 |
|  Pro-Dex, Inc.\* | 108 |  | 4156 |
|  Pulmonx Corp.\* | 1522 |  | 3364 |
|  Pulse Biosciences, Inc. (x)\* | 761 |  | 10449 |
|  QuidelOrtho Corp.\* | 2255 |  | 64403 |
|  RxSight, Inc.\* | 1273 |  | 13265 |
|  Sanara Medtech, Inc.\* | 167 |  | 3899 |
|  SANUWAVE Health, Inc.\* | 246 |  | 7341 |
|  Semler Scientific, Inc.\* | 426 |  | 6514 |
|  Shoulder Innovations, Inc.\* | 8 |  | 114 |
|  SI-BONE, Inc.\* | 1372 |  | 27056 |
|  Sight Sciences, Inc.\* | 1454 |  | 11530 |
|  STAAR Surgical Co.\* | 1636 |  | 37775 |
|  Stereotaxis, Inc.\* | 853 |  | 1962 |
|  Tactile Systems Technology, Inc.\* | 770 |  | 22330 |
|  Tandem Diabetes Care, Inc.\* | 2386 |  | 52444 |
|  TransMedics Group, Inc.\* | 1117 |  | 135883 |
|  Treace Medical Concepts, Inc.\* | 1841 |  | 4510 |
|  UFP Technologies, Inc.\* | 264 |  | 58616 |
|  Utah Medical Products, Inc. | 120 |  | 6715 |
|  Varex Imaging Corp.\* | 1530 |  | 17825 |
|  |  |  | 5769891 |
|  ***Health Care Providers & Services (1.3%)*** | ***Health Care Providers & Services (1.3%)*** | ***Health Care Providers & Services (1.3%)*** | ***Health Care Providers & Services (1.3%)*** |
|  AdaptHealth Corp., Class A\* | 3164 |  | 31513 |
|  Addus HomeCare Corp.\* | 594 |  | 63790 |
|  agilon health, Inc.\* | 11419 |  | 7864 |
|  AirSculpt Technologies, Inc.\* | 535 |  | 1059 |
|  Alignment Healthcare, Inc.\* | 5675 |  | 112081 |
|  AMN Healthcare Services, Inc.\* | 1178 |  | 18565 |
|  Ardent Health, Inc.\* | 851 |  | 7514 |
|  Astrana Health, Inc.\* | 1386 |  | 34387 |
|  Aveanna Healthcare Holdings, Inc.\* | 2368 |  | 19347 |
|  BrightSpring Health Services, Inc.\* | 3733 |  | 139801 |
|  Brookdale Senior Living, Inc.\* | 7816 |  | 84335 |
|  Castle Biosciences, Inc.\* | 1002 |  | 38978 |
|  Clover Health Investments Corp., Class A\* | 14492 |  | 34056 |
|  Community Health Systems, Inc.\* | 3886 |  | 12124 |
|  Concentra Group Holdings Parent, Inc. | 3949 |  | 77716 |
|  CorVel Corp.\* | 985 |  | 66655 |
|  Cross Country Healthcare, Inc.\* | 1248 |  | 10109 |
|  DocGo, Inc.\* | 3984 |  | 3497 |
|  Enhabit, Inc.\* | 1610 |  | 14844 |
|  Ensign Group, Inc. (The) | 1891 |  | 329412 |
|  Fulgent Genetics, Inc.\* | 738 |  | 19387 |
|  GeneDx Holdings Corp., Class A\* | 639 |  | 83108 |
|  Guardant Health, Inc.\* | 4102 |  | 418978 |
|  Guardian Pharmacy Services, Inc., Class A\* | 821 |  | 24704 |
|  HealthEquity, Inc.\* | 2867 |  | 262646 |
|  Hims & Hers Health, Inc. (x)\* | 6880 |  | 223394 |
|  Innovage Holding Corp.\* | 953 |  | 4946 |
|  Joint Corp. (The)\* | 451 |  | 3933 |
|  LifeStance Health Group, Inc.\* | 5641 |  | 39713 |
|  Nano-X Imaging Ltd. (x)\* | 1963 |  | 5496 |
|  National HealthCare Corp. | 430 |  | 58949 |
|  National Research Corp. | 330 |  | 6194 |
|  NeoGenomics, Inc.\* | 4132 |  | 48592 |
|  Nutex Health, Inc.\* | 122 |  | 20084 |
|  Omada Health, Inc.\* | 274 |  | 4324 |
|  Oncology Institute, Inc. (The)\* | 2023 |  | 7202 |
|  OPKO Health, Inc.\* | 14645 |  | 18453 |
|  Option Care Health, Inc.\* | 5375 |  | 171248 |
|  Owens & Minor, Inc.\* | 2909 |  | 8145 |
|  PACS Group, Inc.\* | 1487 |  | 57086 |
|  Pediatrix Medical Group, Inc.\* | 2943 |  | 62951 |
|  Pennant Group, Inc. (The)\* | 1168 |  | 32879 |
|  Privia Health Group, Inc.\* | 3947 |  | 93583 |
|  Progyny, Inc.\* | 2515 |  | 64585 |
|  RadNet, Inc.\* | 2276 |  | 162393 |
|  SBC Medical Group Holdings, Inc. (x)\* | 1207 |  | 5202 |
|  Select Medical Holdings Corp. | 3534 |  | 52480 |
|  Sonida Senior Living, Inc.\* | 154 |  | 5022 |
|  Strata Critical Medical, Inc.\* | 2500 |  | 12025 |
|  Surgery Partners, Inc.\* | 2459 |  | 37992 |
|  Talkspace, Inc.\* | 4287 |  | 15562 |
|  US Physical Therapy, Inc. | 486 |  | 37952 |
|  Viemed Healthcare, Inc.\* | 1017 |  | 7556 |
|  |  |  | 3184411 |
|  ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** |
|  Claritev Corp. (x)\* | 271 |  | 11585 |
|  Definitive Healthcare Corp., Class A\* | 845 |  | 2425 |
|  Evolent Health, Inc., Class A\* | 4279 |  | 17116 |
|  Health Catalyst, Inc.\* | 2421 |  | 5786 |
|  HealthStream, Inc. | 888 |  | 20486 |
|  HeartFlow, Inc. (x)\* | 613 |  | 17869 |

---

See Notes to Financial Statements.

693

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  LifeMD, Inc. (x)\* | 1411 | $| 4811 |
|  OptimizeRx Corp.\* | 561 |  | 6878 |
|  Phreesia, Inc.\* | 2027 |  | 34297 |
|  Schrodinger, Inc.\* | 2028 |  | 36261 |
|  Simulations Plus, Inc.\* | 616 |  | 11230 |
|  Teladoc Health, Inc.\* | 6184 |  | 43288 |
|  TruBridge, Inc.\* | 343 |  | 7570 |
|  Waystar Holding Corp.\* | 3705 |  | 121339 |
|  |  |  | 340941 |
|  ***Life Sciences Tools & Services (1.0%)*** | ***Life Sciences Tools & Services (1.0%)*** | ***Life Sciences Tools & Services (1.0%)*** | ***Life Sciences Tools & Services (1.0%)*** |
|  10X Genomics, Inc., Class A\* | 3785 |  | 61733 |
|  Adaptive Biotechnologies Corp.\* | 5098 |  | 82792 |
|  Alpha Teknova, Inc.\* | 1067 |  | 4055 |
|  Azenta, Inc.\* | 1319 |  | 43870 |
|  BioLife Solutions, Inc.\* | 1286 |  | 31095 |
|  Bruker Corp. | 44190 |  | 2081791 |
|  Codexis, Inc.\* | 2907 |  | 4738 |
|  CryoPort, Inc.\* | 1749 |  | 16790 |
|  Cytek Biosciences, Inc.\* | 3911 |  | 19751 |
|  Fortrea Holdings, Inc.\* | 2957 |  | 51008 |
|  Ginkgo Bioworks Holdings, Inc., Class A (x)\* | 1384 |  | 11501 |
|  Lifecore Biomedical, Inc.\* | 1093 |  | 8941 |
|  Maravai LifeSciences Holdings, Inc., Class A\* | 3055 |  | 9929 |
|  MaxCyte, Inc.\* | 4124 |  | 6392 |
|  Mesa Laboratories, Inc. | 200 |  | 15700 |
|  Niagen Bioscience, Inc.\* | 1791 |  | 11391 |
|  OmniAb, Inc.\* | 3388 |  | 6268 |
|  Pacific Biosciences of California, Inc. (x)\* | 10163 |  | 19005 |
|  Personalis, Inc.\* | 1797 |  | 14304 |
|  Quanterix Corp.\* | 1465 |  | 9317 |
|  Quantum-Si, Inc.\* | 3948 |  | 4343 |
|  Standard BioTools, Inc.\* | 8250 |  | 10560 |
|  |  |  | 2525274 |
|  ***Pharmaceuticals (1.1%)*** | ***Pharmaceuticals (1.1%)*** | ***Pharmaceuticals (1.1%)*** | ***Pharmaceuticals (1.1%)*** |
|  Aardvark Therapeutics, Inc.\* | 290 |  | 3806 |
|  Aclaris Therapeutics, Inc.\* | 3120 |  | 9391 |
|  Alumis, Inc.\* | 2053 |  | 20037 |
|  Amneal Pharmaceuticals, Inc.\* | 4899 |  | 61727 |
|  Amphastar Pharmaceuticals, Inc.\* | 1126 |  | 30154 |
|  Amylyx Pharmaceuticals, Inc.\* | 2967 |  | 35841 |
|  ANI Pharmaceuticals, Inc.\* | 635 |  | 50127 |
|  Aquestive Therapeutics, Inc.\* | 3146 |  | 20323 |
|  Arvinas, Inc.\* | 2367 |  | 28073 |
|  Atea Pharmaceuticals, Inc.\* | 2282 |  | 8147 |
|  Avadel Pharmaceuticals plc (ADR)\* | 3084 |  | 66460 |
|  Axsome Therapeutics, Inc.\* | 1387 |  | 253322 |
|  BioAge Labs, Inc.\* | 580 |  | 7673 |
|  Biote Corp., Class A\* | 1326 |  | 3448 |
|  Collegium Pharmaceutical, Inc.\* | 1062 |  | 49171 |
|  CorMedix, Inc. (x)\* | 2595 |  | 30180 |
|  Crinetics Pharmaceuticals, Inc.\* | 3024 |  | 140767 |
|  Edgewise Therapeutics, Inc.\* | 2310 |  | 57323 |
|  Enliven Therapeutics, Inc.\* | 1420 |  | 21868 |
|  Esperion Therapeutics, Inc.\* | 7761 |  | 28716 |
|  Eton Pharmaceuticals, Inc.\* | 918 |  | 15523 |
|  Evolus, Inc.\* | 1448 |  | 9629 |
|  EyePoint, Inc.\* | 2523 |  | 46095 |
|  Fulcrum Therapeutics, Inc.\* | 1591 |  | 17994 |
|  Harmony Biosciences Holdings, Inc.\* | 1431 |  | 53548 |
|  Harrow, Inc.\* | 1038 |  | 50862 |
|  Indivior plc\* | 4025 |  | 144417 |
|  Innoviva, Inc.\* | 2232 |  | 44618 |
|  Journey Medical Corp. (x)\* | 657 |  | 5065 |
|  LB Pharmaceuticals, Inc.\* | 594 |  | 13222 |
|  LENZ Therapeutics, Inc. (x)\* | 518 |  | 8288 |
|  Ligand Pharmaceuticals, Inc.\* | 664 |  | 125543 |
|  Liquidia Corp.\* | 2134 |  | 73602 |
|  Maze Therapeutics, Inc.\* | 665 |  | 27551 |
|  MBX Biosciences, Inc.\* | 941 |  | 29679 |
|  MediWound Ltd. (x)\* | 306 |  | 5649 |
|  Mind Medicine MindMed, Inc.\* | 3104 |  | 41563 |
|  Nuvation Bio, Inc.\* | 7997 |  | 71653 |
|  Ocular Therapeutix, Inc.\* | 6237 |  | 75717 |
|  Omeros Corp.\* | 2142 |  | 36789 |
|  Pacira BioSciences, Inc.\* | 1475 |  | 38173 |
|  Phathom Pharmaceuticals, Inc.\* | 1412 |  | 23425 |
|  Phibro Animal Health Corp., Class A | 692 |  | 25853 |
|  Prestige Consumer Healthcare, Inc.\* | 1676 |  | 103392 |
|  Rapport Therapeutics, Inc.\* | 940 |  | 28520 |
|  Septerna, Inc.\* | 792 |  | 22081 |
|  SIGA Technologies, Inc. | 1247 |  | 7619 |
|  Supernus Pharmaceuticals, Inc.\* | 1862 |  | 92541 |
|  Tarsus Pharmaceuticals, Inc.\* | 1295 |  | 106035 |
|  Terns Pharmaceuticals, Inc.\* | 2884 |  | 116514 |
|  Theravance Biopharma, Inc.\* | 1240 |  | 23200 |
|  Third Harmonic Bio, Inc.(r)\* | 857 |  |  |
|  Trevi Therapeutics, Inc.\* | 2870 |  | 35932 |
|  Tvardi Therapeutics, Inc.\* | 160 |  | 688 |
|  WaVe Life Sciences Ltd.\* | 3913 |  | 66521 |
|  Xeris Biopharma Holdings, Inc.\* | 5030 |  | 39486 |
|  Zevra Therapeutics, Inc.\* | 1856 |  | 16630 |
|  |  |  | 2570171 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 23497311 |
|  **Industrials (17.6%)** | **Industrials (17.6%)** | **Industrials (17.6%)** | **Industrials (17.6%)** |
|  ***Aerospace & Defense (3.3%)*** | ***Aerospace & Defense (3.3%)*** | ***Aerospace & Defense (3.3%)*** | ***Aerospace & Defense (3.3%)*** |
|  AAR Corp.\* | 1302 |  | 107793 |
|  AeroVironment, Inc.\* | 1269 |  | 306958 |
|  AerSale Corp.\* | 1291 |  | 9179 |
|  AIRO Group Holdings, Inc.\* | 243 |  | 1988 |
|  Archer Aviation, Inc., Class A\* | 21012 |  | 158010 |
|  Astronics Corp.\* | 1071 |  | 58091 |
|  Babcock International Group plc | 83959 |  | 1406735 |
|  Byrna Technologies, Inc.\* | 674 |  | 11316 |
|  Cadre Holdings, Inc. | 952 |  | 38880 |
|  Ducommun, Inc.\* | 439 |  | 41762 |
|  Eve Holding, Inc.\* | 3132 |  | 12497 |
|  Firefly Aerospace, Inc. (x)\* | 674 |  | 15077 |
|  Intuitive Machines, Inc. (x)\* | 3485 |  | 56562 |
|  Kratos Defense & Security Solutions, Inc.\* | 5600 |  | 425096 |
|  Melrose Industries plc | 42019 |  | 333267 |
|  Mercury Systems, Inc.\* | 1757 |  | 128279 |
|  Moog, Inc., Class A | 957 |  | 233077 |
|  National Presto Industries, Inc. | 186 |  | 19857 |
|  Park Aerospace Corp. | 557 |  | 11886 |
|  QinetiQ Group plc | 388283 |  | 2311273 |

---

See Notes to Financial Statements.

694

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Redwire Corp. (x)\* | 2511 | $| 19084 |
|  Satellogic, Inc., Class A\* | 2414 |  | 4514 |
|  Senior plc | 823110 |  | 2161328 |
|  V2X, Inc.\* | 788 |  | 42985 |
|  Voyager Technologies, Inc., Class A\* | 427 |  | 11162 |
|  VSE Corp. | 787 |  | 135970 |
|  |  |  | 8062626 |
|  ***Air Freight & Logistics (0.0%)†*** | ***Air Freight & Logistics (0.0%)†*** | ***Air Freight & Logistics (0.0%)†*** | ***Air Freight & Logistics (0.0%)†*** |
|  Forward Air Corp.\* | 716 |  | 17900 |
|  Hub Group, Inc., Class A | 2046 |  | 87180 |
|  Radiant Logistics, Inc.\* | 885 |  | 5602 |
|  |  |  | 110682 |
|  ***Building Products (1.8%)*** | ***Building Products (1.8%)*** | ***Building Products (1.8%)*** | ***Building Products (1.8%)*** |
|  American Woodmark Corp.\* | 10012 |  | 539647 |
|  Apogee Enterprises, Inc. | 698 |  | 25414 |
|  AZZ, Inc. | 998 |  | 106966 |
|  CSW Industrials, Inc. | 546 |  | 160267 |
|  Gibraltar Industries, Inc.\* | 1015 |  | 50182 |
|  Griffon Corp. | 1269 |  | 93462 |
|  Insteel Industries, Inc. | 683 |  | 21631 |
|  Janus International Group, Inc.\* | 4919 |  | 32170 |
|  JELD-WEN Holding, Inc.\* | 3265 |  | 8032 |
|  Masterbrand, Inc.\* | 4124 |  | 45529 |
|  Modine Manufacturing Co.\* | 1761 |  | 235111 |
|  Quanex Building Products Corp. | 1364 |  | 20978 |
|  Resideo Technologies, Inc.\* | 50568 |  | 1775948 |
|  Tecnoglass, Inc. | 880 |  | 44282 |
|  UFP Industries, Inc. | 9946 |  | 905583 |
|  Zurn Elkay Water Solutions Corp. | 5013 |  | 233054 |
|  |  |  | 4298256 |
|  ***Commercial Services & Supplies (1.9%)*** | ***Commercial Services & Supplies (1.9%)*** | ***Commercial Services & Supplies (1.9%)*** | ***Commercial Services & Supplies (1.9%)*** |
|  ABM Industries, Inc. | 2093 |  | 88534 |
|  ACCO Brands Corp. | 3613 |  | 13476 |
|  ACV Auctions, Inc., Class A\* | 5404 |  | 43340 |
|  Brady Corp., Class A | 23031 |  | 1804939 |
|  BrightView Holdings, Inc.\* | 2221 |  | 28140 |
|  Brink's Co. (The) | 1398 |  | 163189 |
|  Casella Waste Systems, Inc., Class A\* | 2107 |  | 206360 |
|  Cimpress plc\* | 534 |  | 35559 |
|  CompX International, Inc. | 68 |  | 1582 |
|  CoreCivic, Inc.\* | 3504 |  | 66961 |
|  Deluxe Corp. | 1450 |  | 32378 |
|  Ennis, Inc. | 866 |  | 15597 |
|  Enviri Corp.\* | 2563 |  | 45929 |
|  GEO Group, Inc. (The)\* | 4413 |  | 71138 |
|  Healthcare Services Group, Inc.\* | 2440 |  | 46653 |
|  HNI Corp. | 2083 |  | 87569 |
|  Interface, Inc., Class A | 1985 |  | 55421 |
|  Liquidity Services, Inc.\* | 824 |  | 24975 |
|  MillerKnoll, Inc. | 2363 |  | 43196 |
|  Montrose Environmental Group, Inc.\* | 1073 |  | 26643 |
|  MSA Safety, Inc. | 8679 |  | 1389855 |
|  NL Industries, Inc. | 460 |  | 2516 |
|  OPENLANE, Inc.\* | 3523 |  | 104915 |
|  Perma-Fix Environmental Services, Inc.\* | 555 |  | 6987 |
|  Pitney Bowes, Inc. | 5663 |  | 59858 |
|  Quad/Graphics, Inc. | 1010 |  | 6333 |
|  UniFirst Corp. | 494 |  | 95293 |
|  Vestis Corp. | 4119 |  | 27474 |
|  Virco Mfg. Corp. | 456 |  | 2914 |
|  |  |  | 4597724 |
|  **Construction & Engineering (2.1%)** | **Construction & Engineering (2.1%)** | **Construction & Engineering (2.1%)** | **Construction & Engineering (2.1%)** |
|  Ameresco, Inc., Class A\* | 1104 |  | 32336 |
|  Arcosa, Inc. | 1618 |  | 172026 |
|  Argan, Inc. | 444 |  | 139114 |
|  Bowman Consulting Group Ltd., Class A\* | 458 |  | 15123 |
|  Centuri Holdings, Inc.\* | 2646 |  | 66811 |
|  Concrete Pumping Holdings, Inc. | 789 |  | 5294 |
|  Construction Partners, Inc., Class A\* | 1563 |  | 169664 |
|  Dycom Industries, Inc.\* | 944 |  | 318978 |
|  Fluor Corp.\* | 5398 |  | 213923 |
|  Granite Construction, Inc. | 1487 |  | 171525 |
|  Great Lakes Dredge & Dock Corp.\* | 2139 |  | 28064 |
|  IES Holdings, Inc.\* | 303 |  | 117873 |
|  Legence Corp., Class A\* | 1237 |  | 53240 |
|  Limbach Holdings, Inc.\* | 376 |  | 29272 |
|  Matrix Service Co.\* | 867 |  | 10144 |
|  MYR Group, Inc.\* | 507 |  | 110779 |
|  NWPX Infrastructure, Inc.\* | 297 |  | 18560 |
|  Orion Group Holdings, Inc.\* | 1299 |  | 12912 |
|  Primoris Services Corp. | 1820 |  | 225935 |
|  Southland Holdings, Inc.\* | 165 |  | 548 |
|  Sterling Infrastructure, Inc.\* | 1001 |  | 306536 |
|  Tutor Perini Corp. | 1506 |  | 100932 |
|  Valmont Industries, Inc. | 6887 |  | 2770778 |
|  |  |  | 5090367 |
|  **Electrical Equipment (2.5%)** | **Electrical Equipment (2.5%)** | **Electrical Equipment (2.5%)** | **Electrical Equipment (2.5%)** |
|  Allient, Inc. | 450 |  | 24187 |
|  American Superconductor Corp.\* | 1533 |  | 44120 |
|  Amprius Technologies, Inc.\* | 3782 |  | 29840 |
|  Array Technologies, Inc.\* | 5092 |  | 46948 |
|  Atkore, Inc. | 1161 |  | 73433 |
|  Bloom Energy Corp., Class A\* | 7318 |  | 635861 |
|  EnerSys | 6580 |  | 965615 |
|  Enovix Corp. (x)\* | 5903 |  | 43151 |
|  Eos Energy Enterprises, Inc. (x)\* | 10510 |  | 120445 |
|  Fluence Energy, Inc., Class A (x)\* | 2136 |  | 42250 |
|  Hyliion Holdings Corp.\* | 3025 |  | 5566 |
|  KULR Technology Group, Inc. (x)\* | 1135 |  | 3360 |
|  LSI Industries, Inc. | 953 |  | 17459 |
|  NANO Nuclear Energy, Inc. (x)\* | 1342 |  | 32221 |
|  Net Power, Inc.\* | 896 |  | 2043 |
|  Nextpower, Inc., Class A\* | 4899 |  | 426752 |
|  NuScale Power Corp., Class A (x)\* | 4160 |  | 58947 |
|  Plug Power, Inc. (x)\* | 37632 |  | 74135 |
|  Powell Industries, Inc. (x) | 325 |  | 103604 |
|  Power Solutions International, Inc.\* | 313 |  | 17885 |
|  Preformed Line Products Co. | 72 |  | 14883 |
|  Regal Rexnord Corp. | 20763 |  | 2913464 |
|  Shoals Technologies Group, Inc., Class A\* | 5773 |  | 49070 |
|  SKYX Platforms Corp. (x)\* | 1404 |  | 3047 |
|  SunPower, Inc. (x)\* | 2593 |  | 4071 |
|  Sunrun, Inc.\* | 7496 |  | 137926 |
|  T1 Energy, Inc.\* | 4442 |  | 29673 |
|  Thermon Group Holdings, Inc.\* | 1067 |  | 39650 |

---

See Notes to Financial Statements.

695

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Vicor Corp.\* | 769 | $| 84282 |
|  |  |  | 6043888 |
|  ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** |
|  ArcBest Corp. | 751 |  | 55717 |
|  Covenant Logistics Group, Inc., Class A | 461 |  | 10160 |
|  FTAI Infrastructure, Inc. | 3446 |  | 15886 |
|  Heartland Express, Inc. | 1284 |  | 11595 |
|  Hertz Global Holdings, Inc. (x)\* | 4459 |  | 22919 |
|  Knight-Swift Transportation Holdings, Inc., Class A | 12519 |  | 654493 |
|  Marten Transport Ltd. | 1645 |  | 18720 |
|  PAMT Corp.\* | 268 |  | 3237 |
|  Proficient Auto Logistics, Inc. (x)\* | 686 |  | 6613 |
|  RXO, Inc.\* | 14681 |  | 185568 |
|  Universal Logistics Holdings, Inc. | 234 |  | 3555 |
|  Werner Enterprises, Inc. | 2002 |  | 60080 |
|  |  |  | 1048543 |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** |
|  Brookfield Business Corp., Class A (x) | 780 |  | 27986 |
|  ***Machinery (4.1%)*** | ***Machinery (4.1%)*** | ***Machinery (4.1%)*** | ***Machinery (4.1%)*** |
|  3D Systems Corp.\* | 5273 |  | 9333 |
|  Aebi Schmidt Holding AG | 1385 |  | 17520 |
|  AirJoule Technologies Corp.\* | 1001 |  | 3944 |
|  Alamo Group, Inc. | 353 |  | 59258 |
|  Albany International Corp., Class A | 961 |  | 48723 |
|  Alliance Laundry Holdings, Inc.\* | 1364 |  | 27757 |
|  Astec Industries, Inc. | 820 |  | 35522 |
|  Atmus Filtration Technologies, Inc. | 2849 |  | 147892 |
|  Blue Bird Corp.\* | 1084 |  | 50948 |
|  CECO Environmental Corp.\* | 970 |  | 58054 |
|  Chart Industries, Inc.\* | 1516 |  | 312645 |
|  Columbus McKinnon Corp. | 1017 |  | 17543 |
|  Douglas Dynamics, Inc. | 718 |  | 23443 |
|  Eastern Co. (The) | 217 |  | 4273 |
|  Energy Recovery, Inc.\* | 1672 |  | 22555 |
|  Enerpac Tool Group Corp., Class A | 1725 |  | 65964 |
|  Enpro, Inc. | 717 |  | 153531 |
|  ESCO Technologies, Inc. | 866 |  | 169208 |
|  Federal Signal Corp. | 2012 |  | 218483 |
|  Franklin Electric Co., Inc. | 1260 |  | 120368 |
|  Gates Industrial Corp. plc\* | 126731 |  | 2720915 |
|  Gencor Industries, Inc.\* | 464 |  | 6013 |
|  Gorman-Rupp Co. (The) | 720 |  | 34380 |
|  Graham Corp.\* | 359 |  | 23059 |
|  Greenbrier Cos., Inc. (The) | 995 |  | 46506 |
|  Helios Technologies, Inc. | 1121 |  | 59962 |
|  Hillenbrand, Inc. | 2330 |  | 73908 |
|  Hillman Solutions Corp.\* | 6898 |  | 59737 |
|  Hyster-Yale, Inc. | 442 |  | 13132 |
|  JBT Marel Corp. | 1755 |  | 264426 |
|  Kadant, Inc. | 390 |  | 111158 |
|  Kennametal, Inc. | 2564 |  | 72843 |
|  L B Foster Co., Class A\* | 384 |  | 10349 |
|  Lindsay Corp. | 371 |  | 43730 |
|  Luxfer Holdings plc | 1050 |  | 14207 |
|  Manitowoc Co., Inc. (The)\* | 1000 |  | 11990 |
|  Mayville Engineering Co., Inc.\* | 486 |  | 9098 |
|  Microvast Holdings, Inc.\* | 7120 |  | 19936 |
|  Middleby Corp. (The)\* | 10818 |  | 1608312 |
|  Miller Industries, Inc. | 427 |  | 15957 |
|  Mueller Water Products, Inc., Class A | 67039 |  | 1596869 |
|  Omega Flex, Inc. | 149 |  | 4387 |
|  Oshkosh Corp. | 4796 |  | 602521 |
|  Palladyne AI Corp. (x)\* | 913 |  | 3889 |
|  Park-Ohio Holdings Corp. | 369 |  | 7727 |
|  Proto Labs, Inc.\* | 812 |  | 41079 |
|  REV Group, Inc. | 1631 |  | 99181 |
|  Richtech Robotics, Inc., Class B\* | 5012 |  | 16189 |
|  SPX Technologies, Inc.\* | 1618 |  | 323697 |
|  Standex International Corp. | 396 |  | 86043 |
|  Tennant Co. | 650 |  | 47905 |
|  Terex Corp. | 2125 |  | 113432 |
|  Titan International, Inc.\* | 1699 |  | 13303 |
|  Trinity Industries, Inc. | 2785 |  | 73635 |
|  Wabash National Corp. | 1087 |  | 9403 |
|  Watts Water Technologies, Inc., Class A | 921 |  | 254214 |
|  Worthington Enterprises, Inc. | 1077 |  | 55541 |
|  |  |  | 10135597 |
|  ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** |
|  Costamare Bulkers Holdings Ltd.\* | 325 |  | 5008 |
|  Costamare, Inc. | 1629 |  | 25722 |
|  Genco Shipping & Trading Ltd. | 1027 |  | 18928 |
|  Himalaya Shipping Ltd. | 1210 |  | 11011 |
|  Matson, Inc. | 1052 |  | 129975 |
|  Pangaea Logistics Solutions Ltd. | 996 |  | 6852 |
|  Safe Bulkers, Inc. | 1418 |  | 6835 |
|  |  |  | 204331 |
|  ***Passenger Airlines (0.2%)*** | ***Passenger Airlines (0.2%)*** | ***Passenger Airlines (0.2%)*** | ***Passenger Airlines (0.2%)*** |
|  Allegiant Travel Co.\* | 500 |  | 42635 |
|  Frontier Group Holdings, Inc.\* | 2999 |  | 14125 |
|  JetBlue Airways Corp.\* | 9888 |  | 44990 |
|  Joby Aviation, Inc.\* | 16314 |  | 215345 |
|  SkyWest, Inc.\* | 1361 |  | 136658 |
|  Sun Country Airlines Holdings, Inc.\* | 1563 |  | 22492 |
|  |  |  | 476245 |
|  **Professional Services (0.7%)** | **Professional Services (0.7%)** | **Professional Services (0.7%)** | **Professional Services (0.7%)** |
|  Alight, Inc., Class A | 15091 |  | 29427 |
|  Asure Software, Inc.\* | 830 |  | 7819 |
|  Barrett Business Services, Inc. | 861 |  | 31177 |
|  BlackSky Technology, Inc., Class A (x)\* | 1127 |  | 21131 |
|  CBIZ, Inc.\* | 1626 |  | 82032 |
|  Conduent, Inc.\* | 6227 |  | 11956 |
|  CRA International, Inc. | 225 |  | 45156 |
|  CSG Systems International, Inc. | 952 |  | 73009 |
|  Exponent, Inc. | 1728 |  | 120027 |
|  Falcon's Beyond Global, Inc., Class A (x)\* | 477 |  | 7160 |
|  First Advantage Corp.\* | 2510 |  | 36470 |
|  Forrester Research, Inc.\* | 473 |  | 3841 |
|  Franklin Covey Co.\* | 446 |  | 7484 |
|  HireQuest, Inc. | 236 |  | 2480 |
|  Huron Consulting Group, Inc.\* | 579 |  | 100115 |
|  IBEX Holdings Ltd.\* | 343 |  | 13096 |
|  ICF International, Inc. | 630 |  | 53739 |
|  Innodata, Inc.\* | 997 |  | 50797 |
|  Insperity, Inc. | 1173 |  | 45419 |

---

See Notes to Financial Statements.

696

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Kelly Services, Inc., Class A | 1215 | $| 10692 |
|  Kforce, Inc. | 535 |  | 16542 |
|  Korn Ferry | 1763 |  | 116393 |
|  Legalzoom.com, Inc.\* | 3963 |  | 39353 |
|  Maximus, Inc. | 1928 |  | 166425 |
|  Mistras Group, Inc.\* | 401 |  | 5073 |
|  Planet Labs PBC\* | 7921 |  | 156202 |
|  RCM Technologies, Inc.\* | 197 |  | 4028 |
|  Resolute Holdings Management, Inc. (x)\* | 146 |  | 30139 |
|  Resources Connection, Inc. | 1162 |  | 5856 |
|  Skillsoft Corp.\* | 301 |  | 2799 |
|  Spire Global, Inc. (x)\* | 945 |  | 7087 |
|  TIC Solutions, Inc.\* | 6650 |  | 67231 |
|  TriNet Group, Inc. | 977 |  | 57770 |
|  TrueBlue, Inc.\* | 1267 |  | 5765 |
|  TTEC Holdings, Inc.\* | 825 |  | 2970 |
|  Upwork, Inc.\* | 4248 |  | 84195 |
|  Verra Mobility Corp., Class A\* | 5302 |  | 118818 |
|  Willdan Group, Inc.\* | 462 |  | 47891 |
|  |  |  | 1687564 |
|  ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** |
|  Alta Equipment Group, Inc. | 939 |  | 4319 |
|  BlueLinx Holdings, Inc.\* | 244 |  | 14989 |
|  Boise Cascade Co. | 1296 |  | 95386 |
|  Custom Truck One Source, Inc.\* | 1990 |  | 11462 |
|  Distribution Solutions Group, Inc.\* | 278 |  | 7614 |
|  DNOW, Inc.\* | 6365 |  | 84336 |
|  DXP Enterprises, Inc.\* | 448 |  | 49186 |
|  EVI Industries, Inc. | 209 |  | 5150 |
|  GATX Corp. | 1203 |  | 204029 |
|  Global Industrial Co. | 539 |  | 15750 |
|  Herc Holdings, Inc. | 1092 |  | 162031 |
|  Hudson Technologies, Inc.\* | 1218 |  | 8343 |
|  Karat Packaging, Inc. | 208 |  | 4695 |
|  McGrath RentCorp | 2021 |  | 212064 |
|  NPK International, Inc.\* | 2619 |  | 31218 |
|  Rush Enterprises, Inc., Class A | 2012 |  | 108527 |
|  Rush Enterprises, Inc., Class B | 317 |  | 17835 |
|  Titan Machinery, Inc.\* | 794 |  | 11942 |
|  Transcat, Inc.\* | 346 |  | 19629 |
|  Willis Lease Finance Corp. | 99 |  | 13428 |
|  Xometry, Inc., Class A (x)\* | 1426 |  | 84804 |
|  |  |  | 1166737 |
|  ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** |
|  Sky Harbour Group Corp.\* | 929 |  | 8333 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 42958879 |
|  **Information Technology (12.6%)** | **Information Technology (12.6%)** | **Information Technology (12.6%)** | **Information Technology (12.6%)** |
|  ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** |
|  ADTRAN Holdings, Inc.\* | 2755 |  | 23941 |
|  Applied Optoelectronics, Inc. (x)\* | 2103 |  | 73311 |
|  Aviat Networks, Inc.\* | 434 |  | 9279 |
|  BK Technologies Corp.\* | 97 |  | 7235 |
|  Calix, Inc.\* | 2001 |  | 105913 |
|  Clearfield, Inc.\* | 366 |  | 10669 |
|  CommScope Holding Co., Inc.\* | 7463 |  | 135304 |
|  Digi International, Inc.\* | 1203 |  | 52078 |
|  Extreme Networks, Inc.\* | 4420 |  | 73593 |
|  Harmonic, Inc.\* | 3625 |  | 35851 |
|  Inseego Corp. (x)\* | 554 |  | 5690 |
|  NETGEAR, Inc.\* | 818 |  | 20065 |
|  NetScout Systems, Inc.\* | 2317 |  | 62698 |
|  Ribbon Communications, Inc.\* | 3619 |  | 10423 |
|  Viasat, Inc.\* | 4094 |  | 141079 |
|  Viavi Solutions, Inc.\* | 7607 |  | 135557 |
|  |  |  | 902686 |
|  ***Electronic Equipment, Instruments & Components (4.2%)*** | ***Electronic Equipment, Instruments & Components (4.2%)*** | ***Electronic Equipment, Instruments & Components (4.2%)*** | ***Electronic Equipment, Instruments & Components (4.2%)*** |
|  908 Devices, Inc. (x)\* | 903 |  | 4741 |
|  Advanced Energy Industries, Inc. | 1266 |  | 265062 |
|  Aeva Technologies, Inc.\* | 1107 |  | 14701 |
|  Arlo Technologies, Inc.\* | 3520 |  | 49245 |
|  Badger Meter, Inc. | 988 |  | 172317 |
|  Bel Fuse, Inc., Class A | 43 |  | 6527 |
|  Bel Fuse, Inc., Class B | 361 |  | 61237 |
|  Belden, Inc. | 1302 |  | 151748 |
|  Benchmark Electronics, Inc. | 60702 |  | 2595617 |
|  Climb Global Solutions, Inc. | 126 |  | 12952 |
|  CTS Corp. | 866 |  | 37125 |
|  Daktronics, Inc.\* | 1327 |  | 26235 |
|  ePlus, Inc. | 903 |  | 79193 |
|  Evolv Technologies Holdings, Inc.\* | 5050 |  | 36158 |
|  Fabrinet\* | 1214 |  | 552710 |
|  Frequency Electronics, Inc.\* | 230 |  | 12383 |
|  Insight Enterprises, Inc.\* | 1003 |  | 81714 |
|  Itron, Inc.\* | 1547 |  | 143654 |
|  Kimball Electronics, Inc.\* | 807 |  | 22451 |
|  Knowles Corp.\* | 26788 |  | 574067 |
|  Methode Electronics, Inc. | 1199 |  | 7961 |
|  MicroVision, Inc. (x)\* | 7782 |  | 6444 |
|  Mirion Technologies, Inc., Class A\* | 8109 |  | 189913 |
|  M-Tron Industries, Inc.\* | 117 |  | 6227 |
|  Napco Security Technologies, Inc. | 1180 |  | 49206 |
|  Neonode, Inc.\* | 370 |  | 644 |
|  nLight, Inc.\* | 1625 |  | 60954 |
|  Novanta, Inc.\* | 1231 |  | 146477 |
|  OSI Systems, Inc.\* | 544 |  | 138753 |
|  Ouster, Inc.\* | 1833 |  | 39666 |
|  Oxford Instruments plc | 27314 |  | 754767 |
|  PC Connection, Inc. | 338 |  | 19523 |
|  Plexus Corp.\* | 908 |  | 133476 |
|  Powerfleet, Inc.\* | 3766 |  | 20035 |
|  Red Cat Holdings, Inc. (x)\* | 3171 |  | 25146 |
|  Richardson Electronics Ltd. | 526 |  | 5723 |
|  Rogers Corp.\* | 583 |  | 53385 |
|  Sanmina Corp.\* | 1757 |  | 263673 |
|  ScanSource, Inc.\* | 704 |  | 27498 |
|  TTM Technologies, Inc.\* | 3459 |  | 238671 |
|  Vishay Intertechnology, Inc. | 4185 |  | 60641 |
|  Vishay Precision Group, Inc.\* | 431 |  | 16593 |
|  Vontier Corp. | 85188 |  | 3167290 |
|  Vuzix Corp. (x)\* | 2210 |  | 8354 |
|  |  |  | 10340857 |
|  ***IT Services (0.3%)*** | ***IT Services (0.3%)*** | ***IT Services (0.3%)*** | ***IT Services (0.3%)*** |
|  Applied Digital Corp. (x)\* | 7992 |  | 195964 |
|  ASGN, Inc.\* | 1453 |  | 69991 |
|  Backblaze, Inc., Class A\* | 1691 |  | 7880 |
|  BigBear.ai Holdings, Inc. (x)\* | 14536 |  | 78494 |
|  Commerce.com, Inc.\* | 2000 |  | 8240 |

---

See Notes to Financial Statements.

697

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Crexendo, Inc.\* | 790 | $| 5111 |
|  CSP, Inc. | 407 |  | 5087 |
|  DigitalOcean Holdings, Inc.\* | 2307 |  | 111013 |
|  Fastly, Inc., Class A\* | 4596 |  | 46787 |
|  Grid Dynamics Holdings, Inc.\* | 2299 |  | 20760 |
|  Hackett Group, Inc. (The) | 930 |  | 18256 |
|  Information Services Group, Inc. | 815 |  | 4711 |
|  Rackspace Technology, Inc. (x)\* | 2744 |  | 2664 |
|  TSS, Inc. (x)\* | 657 |  | 4645 |
|  Tucows, Inc., Class A\* | 109 |  | 2444 |
|  Unisys Corp.\* | 2335 |  | 6445 |
|  VTEX, Class A\* | 2039 |  | 7667 |
|  Whitefiber, Inc. (x)\* | 339 |  | 5356 |
|  |  |  | 601515 |
|  ***Semiconductors & Semiconductor Equipment (3.6%)*** | ***Semiconductors & Semiconductor Equipment (3.6%)*** | ***Semiconductors & Semiconductor Equipment (3.6%)*** | ***Semiconductors & Semiconductor Equipment (3.6%)*** |
|  ACM Research, Inc., Class A\* | 1737 |  | 68525 |
|  Aehr Test Systems\* | 967 |  | 19524 |
|  Aeluma, Inc.\* | 326 |  | 5597 |
|  Alpha & Omega Semiconductor Ltd.\* | 912 |  | 18067 |
|  Ambarella, Inc.\* | 1344 |  | 95209 |
|  Ambiq Micro, Inc.\* | 149 |  | 4246 |
|  Atomera, Inc. (x)\* | 963 |  | 2128 |
|  Axcelis Technologies, Inc.\* | 1034 |  | 83072 |
|  Blaize Holdings, Inc. (x)\* | 2142 |  | 4177 |
|  CEVA, Inc.\* | 902 |  | 19411 |
|  Cohu, Inc.\* | 1471 |  | 34230 |
|  Credo Technology Group Holding Ltd.\* | 5152 |  | 741321 |
|  Diodes, Inc.\* | 1514 |  | 74701 |
|  FormFactor, Inc.\* | 2588 |  | 144359 |
|  Ichor Holdings Ltd.\* | 1247 |  | 22982 |
|  Impinj, Inc.\* | 909 |  | 158175 |
|  indie Semiconductor, Inc., Class A (x)\* | 5874 |  | 20735 |
|  Kopin Corp. (x)\* | 5171 |  | 12100 |
|  Kulicke & Soffa Industries, Inc. | 1695 |  | 77224 |
|  MaxLinear, Inc., Class A\* | 2878 |  | 50164 |
|  MKS, Inc. | 20111 |  | 3213738 |
|  Navitas Semiconductor Corp., Class A\* | 5303 |  | 37863 |
|  NVE Corp. | 179 |  | 10620 |
|  Onto Innovation, Inc.\* | 14260 |  | 2251084 |
|  PDF Solutions, Inc.\* | 1011 |  | 28844 |
|  Penguin Solutions, Inc.\* | 1656 |  | 32391 |
|  Photronics, Inc.\* | 1863 |  | 59616 |
|  Power Integrations, Inc. | 1939 |  | 68912 |
|  Rambus, Inc.\* | 3622 |  | 332826 |
|  Rigetti Computing, Inc.\* | 10720 |  | 237448 |
|  Semtech Corp.\* | 2909 |  | 214364 |
|  Silicon Laboratories, Inc.\* | 1089 |  | 142332 |
|  SiTime Corp.\* | 725 |  | 256063 |
|  SkyWater Technology, Inc.\* | 1105 |  | 20067 |
|  Synaptics, Inc.\* | 1314 |  | 97262 |
|  Ultra Clean Holdings, Inc.\* | 1582 |  | 40072 |
|  Veeco Instruments, Inc.\* | 1886 |  | 53902 |
|  |  |  | 8753351 |
|  ***Software (3.8%)*** |  |  |  |
|  8x8, Inc.\* | 4741 |  | 9340 |
|  A10 Networks, Inc. | 2338 |  | 41359 |
|  ACI Worldwide, Inc.\* | 84805 |  | 4054527 |
|  Adeia, Inc. | 3584 |  | 61824 |
|  Agilysys, Inc.\* | 849 |  | 100895 |
|  Airship AI Holdings, Inc. (x)\* | 966 |  | 2792 |
|  Alarm.com Holdings, Inc.\* | 1574 |  | 80305 |
|  Alkami Technology, Inc.\* | 2239 |  | 51654 |
|  Amplitude, Inc., Class A\* | 3226 |  | 37357 |
|  Appian Corp., Class A\* | 1331 |  | 47144 |
|  Arteris, Inc.\* | 1126 |  | 17453 |
|  Asana, Inc., Class A\* | 2956 |  | 40527 |
|  AudioEye, Inc.\* | 271 |  | 2707 |
|  AvePoint, Inc.\* | 4912 |  | 68228 |
|  Bit Digital, Inc.\* | 10741 |  | 20300 |
|  Bitdeer Technologies Group, Class A (x)\* | 3228 |  | 36186 |
|  Blackbaud, Inc.\* | 1280 |  | 81050 |
|  BlackLine, Inc.\* | 1789 |  | 98914 |
|  Blend Labs, Inc., Class A\* | 6374 |  | 19377 |
|  Box, Inc., Class A\* | 4715 |  | 141026 |
|  Braze, Inc., Class A\* | 2898 |  | 99372 |
|  C3.ai, Inc., Class A (x)\* | 4369 |  | 58894 |
|  Cerence, Inc.\* | 1186 |  | 12678 |
|  Chaince Digital Holdings, Inc. (x)\* | 1176 |  | 5845 |
|  Cipher Mining, Inc. (x)\* | 10905 |  | 160958 |
|  Cleanspark, Inc. (x)\* | 9171 |  | 92810 |
|  Clear Secure, Inc., Class A | 2897 |  | 101627 |
|  Clearwater Analytics Holdings, Inc., Class A\* | 9383 |  | 226318 |
|  Commvault Systems, Inc.\* | 1489 |  | 186661 |
|  Consensus Cloud Solutions, Inc.\* | 653 |  | 14248 |
|  Core Scientific, Inc.\* | 9663 |  | 140693 |
|  CS Disco, Inc.\* | 1040 |  | 8070 |
|  Daily Journal Corp. (x)\* | 38 |  | 18518 |
|  Digimarc Corp. (x)\* | 578 |  | 3792 |
|  Digital Turbine, Inc.\* | 3461 |  | 17305 |
|  Domo, Inc., Class B\* | 1032 |  | 8700 |
|  D-Wave Quantum, Inc. (x)\* | 11244 |  | 294031 |
|  eGain Corp.\* | 715 |  | 7357 |
|  EverCommerce, Inc.\* | 373 |  | 4517 |
|  Expensify, Inc., Class A\* | 2056 |  | 3105 |
|  Five9, Inc.\* | 2517 |  | 50466 |
|  Freshworks, Inc., Class A\* | 6837 |  | 83753 |
|  Hut 8 Corp.\* | 3252 |  | 149397 |
|  I3 Verticals, Inc., Class A (x)\* | 823 |  | 20731 |
|  Intapp, Inc.\* | 1915 |  | 87745 |
|  InterDigital, Inc. | 873 |  | 277946 |
|  Jamf Holding Corp.\* | 2772 |  | 36064 |
|  Kaltura, Inc.\* | 3651 |  | 5988 |
|  Life360, Inc.\* | 687 |  | 44064 |
|  LiveRamp Holdings, Inc.\* | 2170 |  | 63733 |
|  MARA Holdings, Inc. (x)\* | 12569 |  | 112870 |
|  Mitek Systems, Inc.\* | 1587 |  | 16743 |
|  N-able, Inc.\* | 2160 |  | 16157 |
|  NCR Voyix Corp.\* | 4777 |  | 48725 |
|  NextNav, Inc.\* | 3301 |  | 54929 |
|  ON24, Inc.\* | 1375 |  | 10945 |
|  OneSpan, Inc. | 1361 |  | 17475 |
|  Ooma, Inc.\* | 1003 |  | 11765 |
|  Pagaya Technologies Ltd., Class A\* | 1643 |  | 34339 |
|  PagerDuty, Inc.\* | 3090 |  | 40510 |
|  PAR Technology Corp.\* | 1300 |  | 47164 |
|  Porch Group, Inc.\* | 2870 |  | 26203 |
|  Progress Software Corp.\* | 1411 |  | 60617 |
|  Q2 Holdings, Inc.\* | 2086 |  | 150526 |

---

See Notes to Financial Statements.

698

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Qualys, Inc.\* | 1227 | $| 163068 |
|  Rapid7, Inc.\* | 2244 |  | 34109 |
|  Red Violet, Inc. | 344 |  | 19591 |
|  ReposiTrak, Inc. (x) | 296 |  | 3661 |
|  Rezolve AI plc (x)\* | 6639 |  | 17062 |
|  Rimini Street, Inc.\* | 1038 |  | 4027 |
|  Riot Platforms, Inc. (x)\* | 11879 |  | 150507 |
|  SEMrush Holdings, Inc., Class A\* | 1838 |  | 21854 |
|  Silvaco Group, Inc.\* | 361 |  | 1462 |
|  SoundHound AI, Inc., Class A (x)\* | 12425 |  | 123877 |
|  SoundThinking, Inc.\* | 440 |  | 3533 |
|  Sprinklr, Inc., Class A\* | 3555 |  | 27658 |
|  Sprout Social, Inc., Class A\* | 1908 |  | 21503 |
|  SPS Commerce, Inc.\* | 1258 |  | 112126 |
|  Synchronoss Technologies, Inc.\* | 151 |  | 1293 |
|  Telos Corp.\* | 1654 |  | 8435 |
|  Tenable Holdings, Inc.\* | 4150 |  | 97649 |
|  Terawulf, Inc. (x)\* | 10206 |  | 117267 |
|  Varonis Systems, Inc.\* | 3850 |  | 126280 |
|  Vertex, Inc., Class A\* | 2349 |  | 46909 |
|  Via Transportation, Inc., Class A\* | 325 |  | 9428 |
|  Viant Technology, Inc., Class A\* | 614 |  | 7393 |
|  Weave Communications, Inc.\* | 2064 |  | 15666 |
|  WM Technology, Inc.\* | 3549 |  | 2928 |
|  Workiva, Inc., Class A\* | 1683 |  | 145159 |
|  Xperi, Inc.\* | 1283 |  | 7518 |
|  Yext, Inc.\* | 3209 |  | 25865 |
|  Zeta Global Holdings Corp., Class A\* | 6235 |  | 126882 |
|  |  |  | 9390029 |
|  ***Technology Hardware, Storage & Peripherals (0.3%)*** | ***Technology Hardware, Storage & Peripherals (0.3%)*** | ***Technology Hardware, Storage & Peripherals (0.3%)*** | ***Technology Hardware, Storage & Peripherals (0.3%)*** |
|  CompoSecure, Inc., Class A\* | 1929 |  | 37191 |
|  Corsair Gaming, Inc.\* | 1529 |  | 9082 |
|  CPI Card Group, Inc.\* | 187 |  | 2745 |
|  Diebold Nixdorf, Inc.\* | 867 |  | 58861 |
|  Eastman Kodak Co.\* | 1594 |  | 13485 |
|  Immersion Corp. | 1086 |  | 7385 |
|  IonQ, Inc. (x)\* | 11359 |  | 509678 |
|  Quantum Computing, Inc. (x)\* | 6754 |  | 69296 |
|  Turtle Beach Corp.\* | 392 |  | 5500 |
|  Xerox Holdings Corp. | 4504 |  | 10675 |
|  |  |  | 723898 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 30712336 |
|  **Materials (6.7%)** | **Materials (6.7%)** | **Materials (6.7%)** | **Materials (6.7%)** |
|  ***Chemicals (3.6%)*** |  |  |  |
|  AdvanSix, Inc. | 903 |  | 15622 |
|  American Vanguard Corp.\* | 1172 |  | 4477 |
|  Arq, Inc.\* | 1204 |  | 3937 |
|  Ashland, Inc. | 32147 |  | 1886064 |
|  ASP Isotopes, Inc.\* | 2648 |  | 14167 |
|  Aspen Aerogels, Inc.\* | 2243 |  | 6348 |
|  Avient Corp. | 85519 |  | 2671614 |
|  Balchem Corp. | 1115 |  | 170996 |
|  Cabot Corp. | 1749 |  | 115924 |
|  Chemours Co. (The) | 4988 |  | 58809 |
|  Core Molding Technologies, Inc.\* | 341 |  | 6837 |
|  Ecovyst, Inc.\* | 3640 |  | 35417 |
|  Elementis plc | 1342387 |  | 3003721 |
|  Flotek Industries, Inc.\* | 505 |  | 8701 |
|  Hawkins, Inc. | 647 |  | 91913 |
|  HB Fuller Co. | 1860 |  | 110596 |
|  Ingevity Corp.\* | 1219 |  | 72140 |
|  Innospec, Inc. | 758 |  | 58017 |
|  Intrepid Potash, Inc.\* | 386 |  | 10704 |
|  Koppers Holdings, Inc. | 640 |  | 17331 |
|  Kronos Worldwide, Inc. | 966 |  | 4270 |
|  LSB Industries, Inc.\* | 1920 |  | 16320 |
|  Mativ Holdings, Inc. | 1784 |  | 21676 |
|  Minerals Technologies, Inc. | 1059 |  | 64546 |
|  Orion SA | 1805 |  | 9530 |
|  Perimeter Solutions, Inc.\* | 4670 |  | 128565 |
|  PureCycle Technologies, Inc. (x)\* | 4058 |  | 34858 |
|  Quaker Chemical Corp. | 442 |  | 60691 |
|  Rayonier Advanced Materials, Inc.\* | 2486 |  | 14643 |
|  Sensient Technologies Corp. | 1442 |  | 135476 |
|  Solesence, Inc.\* | 878 |  | 1400 |
|  Stepan Co. | 614 |  | 29079 |
|  Trinseo plc (x) | 1366 |  | 679 |
|  Tronox Holdings plc | 4577 |  | 19086 |
|  Valhi, Inc. | 115 |  | 1386 |
|  |  |  | 8905540 |
|  ***Construction Materials (0.1%)*** |  |  |  |
|  Knife River Corp.\* | 1889 |  | 132891 |
|  Smith-Midland Corp.\* | 40 |  | 1454 |
|  Titan America SA | 841 |  | 13860 |
|  United States Lime & Minerals, Inc. | 383 |  | 45860 |
|  |  |  | 194065 |
|  ***Containers & Packaging (0.1%)*** |  |  |  |
|  Ardagh Metal Packaging SA | 5271 |  | 21611 |
|  Greif, Inc., Class A | 865 |  | 58560 |
|  Greif, Inc., Class B | 152 |  | 11353 |
|  Myers Industries, Inc. | 1141 |  | 21360 |
|  O-I Glass, Inc.\* | 5228 |  | 77165 |
|  Ranpak Holdings Corp., Class A\* | 1818 |  | 9835 |
|  TriMas Corp. | 1057 |  | 37471 |
|  |  |  | 237355 |
|  ***Metals & Mining (2.6%)*** |  |  |  |
|  Alpha Metallurgical Resources, Inc.\* | 400 |  | 79952 |
|  American Battery Technology Co.\* | 3651 |  | 12194 |
|  Ascent Industries Co.\* | 361 |  | 5844 |
|  Caledonia Mining Corp. plc | 595 |  | 15571 |
|  Century Aluminum Co.\* | 1739 |  | 68134 |
|  Coeur Mining, Inc.\* | 21501 |  | 383363 |
|  Commercial Metals Co. | 39138 |  | 2709132 |
|  Compass Minerals International, Inc.\* | 1251 |  | 24570 |
|  Constellium SE\* | 4579 |  | 86314 |
|  Contango ORE, Inc.\* | 350 |  | 9243 |
|  Critical Metals Corp. (x)\* | 1484 |  | 10299 |
|  Dakota Gold Corp.\* | 3248 |  | 18449 |
|  Ferroglobe plc | 4418 |  | 20499 |
|  Friedman Industries, Inc. | 277 |  | 5676 |
|  Hecla Mining Co. | 21351 |  | 409726 |
|  Idaho Strategic Resources, Inc.\* | 470 |  | 18941 |
|  Ivanhoe Electric, Inc.\* | 3547 |  | 56681 |
|  Kaiser Aluminum Corp. | 529 |  | 60761 |
|  Lifezone Metals Ltd.\* | 592 |  | 2528 |
|  Materion Corp. | 704 |  | 87521 |
|  Metallus, Inc.\* | 1104 |  | 18945 |
|  NioCorp Developments Ltd.\* | 3536 |  | 18741 |

---

See Notes to Financial Statements.

699

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Novagold Resources, Inc.\* | 10096 | $| 94095 |
|  Olympic Steel, Inc. | 367 |  | 15702 |
|  Perpetua Resources Corp.\* | 2858 |  | 69192 |
|  Ramaco Resources, Inc., Class A\* | 1354 |  | 24372 |
|  Ryerson Holding Corp. | 60318 |  | 1517601 |
|  SSR Mining, Inc.\* | 6951 |  | 152366 |
|  SunCoke Energy, Inc. | 2526 |  | 18187 |
|  Tredegar Corp.\* | 1082 |  | 7769 |
|  United States Antimony Corp.\* | 4384 |  | 22008 |
|  US Gold Corp.\* | 422 |  | 8191 |
|  USA Rare Earth, Inc.\* | 2944 |  | 35034 |
|  Vox Royalty Corp. | 1593 |  | 7551 |
|  Warrior Met Coal, Inc. | 1760 |  | 155179 |
|  Worthington Steel, Inc. | 1049 |  | 36316 |
|  |  |  | 6286647 |
|  ***Paper & Forest Products (0.3%)*** |  |  |  |
|  Clearwater Paper Corp.\* | 626 |  | 10892 |
|  Louisiana-Pacific Corp. | 9883 |  | 798151 |
|  Magnera Corp.\* | 1170 |  | 17714 |
|  Sylvamo Corp. | 1134 |  | 54602 |
|  |  |  | 881359 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 16504966 |
|  **Real Estate (3.3%)** | **Real Estate (3.3%)** | **Real Estate (3.3%)** | **Real Estate (3.3%)** |
|  ***Diversified REITs (0.2%)*** |  |  |  |
|  Alexander & Baldwin, Inc. (REIT) | 2360 |  | 48710 |
|  Alpine Income Property Trust, Inc. (REIT) | 334 |  | 5584 |
|  American Assets Trust, Inc. (REIT) | 1903 |  | 36024 |
|  Armada Hoffler Properties, Inc. (REIT) | 2784 |  | 18430 |
|  Broadstone Net Lease, Inc. (REIT) | 6512 |  | 113113 |
|  CTO Realty Growth, Inc. (REIT) | 1033 |  | 19018 |
|  Essential Properties Realty Trust, Inc. (REIT) | 6665 |  | 197684 |
|  Gladstone Commercial Corp. (REIT) | 1530 |  | 16325 |
|  Global Net Lease, Inc. (REIT) | 6660 |  | 57276 |
|  Modiv Industrial, Inc. (REIT), Class C (x) | 320 |  | 4605 |
|  NexPoint Diversified Real Estate Trust (REIT) | 1643 |  | 6293 |
|  |  |  | 523062 |
|  ***Health Care REITs (0.4%)*** |  |  |  |
|  American Healthcare REIT, Inc. (REIT) | 5727 |  | 269513 |
|  CareTrust REIT, Inc. (REIT) | 7613 |  | 275286 |
|  Community Healthcare Trust, Inc. (REIT) | 962 |  | 15796 |
|  Diversified Healthcare Trust (REIT) | 7270 |  | 35260 |
|  Global Medical REIT, Inc. (REIT) | 427 |  | 14407 |
|  LTC Properties, Inc. (REIT) | 1601 |  | 55042 |
|  National Health Investors, Inc. (REIT) | 1570 |  | 119901 |
|  Sabra Health Care REIT, Inc. (REIT) | 7895 |  | 149531 |
|  Sila Realty Trust, Inc. (REIT) | 1788 |  | 41678 |
|  Strawberry Fields REIT, Inc. (REIT) | 293 |  | 3838 |
|  Universal Health Realty Income Trust (REIT) | 462 |  | 18115 |
|  |  |  | 998367 |
|  ***Hotel & Resort REITs (0.2%)*** |  |  |  |
|  Apple Hospitality REIT, Inc. (REIT) | 7685 |  | 91067 |
|  Braemar Hotels & Resorts, Inc. (REIT) | 1153 |  | 3309 |
|  Chatham Lodging Trust (REIT) | 1459 |  | 9936 |
|  DiamondRock Hospitality Co. (REIT) | 6856 |  | 61430 |
|  Pebblebrook Hotel Trust (REIT) | 4215 |  | 47714 |
|  RLJ Lodging Trust (REIT) | 4169 |  | 31059 |
|  Ryman Hospitality Properties, Inc. (REIT) | 2099 |  | 198607 |
|  Service Properties Trust (REIT) | 4618 |  | 8497 |
|  Summit Hotel Properties, Inc. (REIT) | 4063 |  | 19787 |
|  Sunstone Hotel Investors, Inc. (REIT) | 6392 |  | 57144 |
|  Xenia Hotels & Resorts, Inc. (REIT) | 3299 |  | 46648 |
|  |  |  | 575198 |
|  ***Industrial REITs (0.3%)*** |  |  |  |
|  Industrial Logistics Properties Trust (REIT) | 1772 |  | 9817 |
|  Innovative Industrial Properties, Inc. (REIT) | 937 |  | 44376 |
|  LXP Industrial Trust (REIT) | 1991 |  | 98714 |
|  One Liberty Properties, Inc. (REIT) | 547 |  | 11099 |
|  Plymouth Industrial REIT, Inc. (REIT) | 1418 |  | 31026 |
|  STAG Industrial, Inc. (REIT) | 10460 |  | 384509 |
|  Terreno Realty Corp. (REIT) | 3432 |  | 201493 |
|  |  |  | 781034 |
|  ***Office REITs (0.2%)*** |  |  |  |
|  Brandywine Realty Trust (REIT) | 5194 |  | 15166 |
|  City Office REIT, Inc. (REIT) | 1002 |  | 7004 |
|  COPT Defense Properties (REIT) | 3853 |  | 107113 |
|  Douglas Emmett, Inc. (REIT) | 4645 |  | 51049 |
|  Easterly Government Properties, Inc. (REIT), Class A | 1499 |  | 31764 |
|  Empire State Realty Trust, Inc. (REIT), Class A | 4908 |  | 32000 |
|  Franklin Street Properties Corp. (REIT) | 4251 |  | 4021 |
|  Hudson Pacific Properties, Inc. (REIT)\* | 1695 |  | 18357 |
|  JBG SMITH Properties (REIT) | 1882 |  | 32013 |
|  NET Lease Office Properties (REIT) | 583 |  | 15036 |
|  Peakstone Realty Trust (REIT) | 1420 |  | 20377 |
|  Piedmont Realty Trust, Inc. (REIT) | 4275 |  | 35653 |
|  Postal Realty Trust, Inc. (REIT), Class A | 804 |  | 12977 |
|  SL Green Realty Corp. (REIT) | 2366 |  | 108528 |
|  |  |  | 491058 |
|  ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** |
|  American Realty Investors, Inc.\* | 2 |  | 32 |
|  Anywhere Real Estate, Inc.\* | 3437 |  | 48668 |
|  Compass, Inc., Class A\* | 16491 |  | 174310 |
|  Cushman & Wakefield Ltd.\* | 6741 |  | 109137 |
|  Douglas Elliman, Inc.\* | 2600 |  | 6162 |
|  eXp World Holdings, Inc. (x) | 2891 |  | 26164 |
|  Forestar Group, Inc.\* | 625 |  | 15394 |
|  FRP Holdings, Inc.\* | 447 |  | 10187 |
|  Kennedy-Wilson Holdings, Inc. | 4267 |  | 41262 |
|  Marcus & Millichap, Inc. | 825 |  | 22514 |
|  Maui Land & Pineapple Co., Inc.\* | 332 |  | 5624 |
|  Newmark Group, Inc., Class A | 4969 |  | 86162 |
|  RE/MAX Holdings, Inc., Class A\* | 778 |  | 5905 |
|  Real Brokerage, Inc. (The)\* | 4091 |  | 14932 |
|  RMR Group, Inc. (The), Class A | 654 |  | 9745 |
|  Seaport Entertainment Group, Inc. (x)\* | 240 |  | 4745 |

---

See Notes to Financial Statements.

700

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  St Joe Co. (The) | 1292 | $| 76706 |
|  Stratus Properties, Inc.\* | 244 |  | 5900 |
|  Tejon Ranch Co.\* | 772 |  | 12174 |
|  Transcontinental Realty Investors, Inc.\* | 56 |  | 3283 |
|  |  |  | 679006 |
|  ***Residential REITs (0.7%)*** |  |  |  |
|  Apartment Investment and Management Co. (REIT), Class A | 4949 |  | 29397 |
|  BRT Apartments Corp. (REIT) | 500 |  | 7350 |
|  Centerspace (REIT) | 551 |  | 36763 |
|  Clipper Realty, Inc. (REIT) | 606 |  | 2315 |
|  Elme Communities (REIT) | 2932 |  | 51017 |
|  Independence Realty Trust, Inc. (REIT) | 78904 |  | 1379242 |
|  NexPoint Residential Trust, Inc. (REIT) | 793 |  | 23869 |
|  UMH Properties, Inc. (REIT) | 2834 |  | 45089 |
|  Veris Residential, Inc. (REIT) | 2212 |  | 32914 |
|  |  |  | 1607956 |
|  ***Retail REITs (0.8%)*** |  |  |  |
|  Acadia Realty Trust (REIT) | 4438 |  | 91157 |
|  Alexander's, Inc. (REIT) | 82 |  | 17871 |
|  CBL & Associates Properties, Inc. (REIT) | 600 |  | 22200 |
|  Curbline Properties Corp. (REIT) | 3235 |  | 75084 |
|  FrontView REIT, Inc. (REIT) | 705 |  | 10406 |
|  Getty Realty Corp. (REIT) | 1787 |  | 48910 |
|  InvenTrust Properties Corp. (REIT) | 2645 |  | 74615 |
|  Kite Realty Group Trust (REIT) | 43628 |  | 1045763 |
|  Macerich Co. (The) (REIT) | 8451 |  | 156005 |
|  NETSTREIT Corp. (REIT) (x) | 2757 |  | 48634 |
|  Phillips Edison & Co., Inc. (REIT) | 4333 |  | 154125 |
|  Saul Centers, Inc. (REIT) | 340 |  | 10720 |
|  SITE Centers Corp. (REIT) | 1752 |  | 11248 |
|  Tanger, Inc. (REIT) | 3779 |  | 126105 |
|  Urban Edge Properties (REIT) | 4364 |  | 83745 |
|  Whitestone REIT (REIT) | 1413 |  | 19627 |
|  |  |  | 1996215 |
|  **Specialized REITs (0.2%)** | **Specialized REITs (0.2%)** | **Specialized REITs (0.2%)** | **Specialized REITs (0.2%)** |
|  Farmland Partners, Inc. (REIT) | 1217 |  | 11793 |
|  Four Corners Property Trust, Inc. (REIT) | 3418 |  | 78819 |
|  Gladstone Land Corp. (REIT) | 972 |  | 8894 |
|  Outfront Media, Inc. (REIT) | 4991 |  | 120283 |
|  PotlatchDeltic Corp. (REIT) | 2544 |  | 101200 |
|  Safehold, Inc. (REIT) | 1836 |  | 25135 |
|  Smartstop Self Storage REIT, Inc. (REIT) | 1015 |  | 31404 |
|  |  |  | 377528 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 8029424 |
|  **Utilities (1.8%)** | **Utilities (1.8%)** | **Utilities (1.8%)** | **Utilities (1.8%)** |
|  ***Electric Utilities (0.7%)*** |  |  |  |
|  Genie Energy Ltd., Class B | 768 |  | 10583 |
|  Hawaiian Electric Industries, Inc.\* | 5909 |  | 72681 |
|  IDACORP, Inc. | 5290 |  | 669502 |
|  MGE Energy, Inc. | 1215 |  | 95280 |
|  Oklo, Inc., Class A\* | 3654 |  | 262211 |
|  Otter Tail Corp. | 1324 |  | 106993 |
|  Portland General Electric Co. | 3776 |  | 181210 |
|  TXNM Energy, Inc. | 3349 |  | 197189 |
|  |  |  | 1595649 |
|  ***Gas Utilities (0.4%)*** |  |  |  |
|  Brookfield Infrastructure Corp., Class A | 4070 |  | 184778 |
|  Chesapeake Utilities Corp. | 786 |  | 98061 |
|  New Jersey Resources Corp. | 3352 |  | 154594 |
|  Northwest Natural Holding Co. | 1355 |  | 63333 |
|  ONE Gas, Inc. | 1994 |  | 154037 |
|  RGC Resources, Inc. | 352 |  | 7498 |
|  Southwest Gas Holdings, Inc. | 2162 |  | 173003 |
|  Spire, Inc. | 1946 |  | 160934 |
|  |  |  | 996238 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  Hallador Energy Co.\* | 1107 |  | 21077 |
|  Montauk Renewables, Inc.\* | 2861 |  | 4778 |
|  Ormat Technologies, Inc. | 2045 |  | 225911 |
|  |  |  | 251766 |
|  ***Multi-Utilities (0.5%)*** |  |  |  |
|  Avista Corp. | 2679 |  | 103249 |
|  Black Hills Corp. | 12487 |  | 866847 |
|  Northwestern Energy Group, Inc. | 2109 |  | 136115 |
|  Unitil Corp. | 552 |  | 26739 |
|  |  |  | 1132950 |
|  ***Water Utilities (0.1%)*** |  |  |  |
|  American States Water Co. | 1313 |  | 95166 |
|  Cadiz, Inc.\* | 1784 |  | 10008 |
|  California Water Service Group | 2041 |  | 88437 |
|  Consolidated Water Co. Ltd. | 458 |  | 16163 |
|  Global Water Resources, Inc. | 500 |  | 4225 |
|  H2O America | 1066 |  | 52223 |
|  Middlesex Water Co. | 635 |  | 32017 |
|  Pure Cycle Corp.\* | 795 |  | 8737 |
|  York Water Co. (The) | 440 |  | 14010 |
|  |  |  | 320986 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 4297589 |
|  **Total Common Stocks (89.1%)**<br> *(Cost $161,841,230)* |  |  | 217748735 |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: | RIGHTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Biotechnology (0.0%)†*** |  |  |  |
|  Aduro Biotech, Inc., CVR (r)\* | 1038 |  |  |
|  Akero Therapeutics, Inc., CVR (r)\* | 2412 |  | 1176 |
|  Chinook Therapeutics, Inc., CVR \* | 2552 |  | 511 |
|  Icosavax, Inc., CVR \* | 1211 |  | 363 |
|  Sanofi Aatd, Inc., CVR(r)\* | 1372 |  | 666 |
|  |  |  | 2716 |
|  ***Life Sciences Tools & Services (0.0%)*** | ***Life Sciences Tools & Services (0.0%)*** | ***Life Sciences Tools & Services (0.0%)*** | ***Life Sciences Tools & Services (0.0%)*** |
|  OmniAb, Inc., expiring 11/1/27(r)\* | 530 |  |  |
|  **Total Rights (0.0%)†**<br> *(Cost $2,124)* |  |  | 2716 |

---

See Notes to Financial Statements.

701

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EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (7.1%)** | **Investment Companies (7.1%)** |  |
|  BlackRock Liquidity FedFund, Institutional Shares 3.65% (7 day yield) (xx) | 800000 | $800000 |
|  Dreyfus Treasury Obligations Cash Management Fund 3.65% (7 day yield) (xx) | 800000 | 800000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 1277103 | 1277103 |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 14442595 | 14448372 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 17325475 |
|  **Total Short-Term Investments (7.1%)**<br> *(Cost $17,322,262)*  | **Total Short-Term Investments (7.1%)**<br> *(Cost $17,322,262)*  | 17325475 |
|  **Total Investments in Securities (96.2%)**<br> *(Cost $179,165,616)* | **Total Investments in Securities (96.2%)**<br> *(Cost $179,165,616)* | 235076926 |
|  **Other Assets Less Liabilities (3.8%)** | **Other Assets Less Liabilities (3.8%)** | 9238502 |
|  **Net Assets (100%)** |  | $244315428 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $42,324 or 0.0% of net assets.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $5,679,340. This was collateralized by $3,068,288 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/15/26 – 8/15/55 and by cash of $2,877,103 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Russell 2000 E-Mini Index | 190 | 3/2026 | USD | 23731000 | (625678) |
|  |  |  |  |  | (625678) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $2702423 | $— | $— | $2702423 |
|  Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24060652 | 907414 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24968066 |
|  Consumer Staples | 1796297 |  |  | 1796297 |
|  Energy | 8776352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201968 |  | 9978320 |
|  Financials | 51316863 | 986261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— (a) | 52303124 |
|  Health Care | 23497311 |  | — (a) | 23497311 |
|  Industrials | 36746276 | 6212603 |  | 42958879 |
|  Information Technology | 29957569 | 754767 |  | 30712336 |
|  Materials | 13501245 | 3003721 |  | 16504966 |

---

See Notes to Financial Statements.

702

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EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  Real Estate | $8029424 | $— | $— | $8029424 |
|  Utilities | 4297589 |  |  | 4297589 |
|  **Rights** |  |  |  |  |
|  Health Care |  | 874 | 1842 | 2716 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 17325475 |  |  | 17325475 |
|  **Total Assets** | $**222007476** | $**13067608** | $**1842** | $**235076926** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(625678) | $— | $— | $(625678) |
|  **Total Liabilities** | $**(625678)** | $**—** | $**—** | $**(625678)** |
|  **Total** | $**221381798** | $**13067608** | $**1842** | $**234451248** |

---

(a) Value is zero.

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(625678) |
|  **Total** |  | $(625678) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(4603994) | $(4603994) |
|  **Total** | $(4603994) | $(4603994) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $869643 | $869643 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;869643 | $&nbsp;&nbsp;&nbsp;&nbsp;869643 |

---

^ The Portfolio held futures contracts for hedging.

See Notes to Financial Statements.

703

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EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $23449000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 11228000 |

---

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $76669259.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $117654092.0 |

---

During the year ended December 31, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 2%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 4%)\*** | **Net Realized<br>Gain (Loss)** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151805 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4479933 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2675394 |

---

\* Represents percentage/amount of total Purchases and/or Sales.

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $72551347 |
|  Aggregate gross unrealized depreciation | (17346994) |
|  Net unrealized appreciation | $55204353 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $179246895 |

---

For the period ended December 31, 2025, the Portfolio incurred approximately $8,708 as brokerage commissions with Bernstein Institutional Services, LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

704

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EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $179,165,616) | $235076926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 10587230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $76) | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 1829600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 267798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 32197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 15681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 4846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 247815327 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 2877103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 187151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 121770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 118910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 53821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 26091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 22109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 92918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3499899 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $244315428 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $208241413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 36074015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $244315428 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $102,396,010 / 7,384,964 shares outstanding (unlimited amount authorized: $0.01 par value) | $13.87 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $141,919,418 / 10,244,326 shares outstanding (unlimited amount authorized: $0.01 par value) | $13.85 |

---

*(x)* *Includes value of securities on loan of $5,679,340.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $10,674 foreign withholding tax) | $3985352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 474069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 78684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 4538105 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1711644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 305182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 256157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 134500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 63941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 27109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 8661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 27811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 2535005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (322789) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2212216 |
|  **NET INVESTMENT INCOME (LOSS)** | 2325889 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 18738569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (4603994) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (767) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 14133808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (1702749) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 869643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 1992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (831114) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 13302694 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $15628583 |

---

See Notes to Financial Statements.

705

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#### EQ ADVISORS TRUST
EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2325889 | $2993999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 14133808 | 24518868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (831114) | 1858163 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 15628583 | 29371030 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (9006412) | (10736229) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (12737367) | (15428336) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (21743779) | (26164565) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 1,592 shares, respectively ] |  | 22219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (103669) shares, respectively ] |  | (1452286) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (36386) shares, respectively ] |  | (507869) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (1937936) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 413,194 and 482,542 shares, respectively ] | 5678746 | 7091772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 103,483 shares, respectively ] |  | 1452286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 629,583 and 719,483 shares, respectively ] | 9006412 | 10736229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1600435) and (1586511) shares, respectively ] | (22243296) | (23154767) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (7558138) | (3874480) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,880 and 907,400 shares, respectively ] | 52176 | 12899650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 891,409 and 1,034,699 shares, respectively ] | 12737367 | 15428336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1726243) and (2033296) shares, respectively ] | (23609293) | (29843400) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (10819750) | (1515414) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (18377888) | (7327830) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (24493084) | (4121365) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 268808512 | 272929877 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $244315428 | $268808512 |

---

See Notes to Financial Statements.

706

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#### EQ ADVISORS TRUST
EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $14.14 | $13.99 | $12.79 | $16.05 | $16.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.11 | 0.14 | 0.12 | 0.06 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.91 | 1.46 | 1.65 | (2.80) | 3.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.02 | 1.60 | 1.77 | (2.74) | 3.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.13) | (0.18) | (0.15) | (0.06) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.16) | (1.27) | (0.42) | (0.46) | (3.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.29) | (1.45) | (0.57) | (0.52) | (3.55) |
|  Net asset value, end of year | $13.87 | $14.14 | $13.99 | $12.79 | $16.05 |
|  Total return | 7.06% | 11.03% | 14.07% | (17.06)% | 19.61 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $102396 | 112332 | $115012 | $112095 | $149168 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.05% | 1.05% | 1.05% | 1.05% | 1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.18% | 1.17% | 1.17% | 1.16% | 1.13 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.81% | 0.96% | 0.91% | 0.41% | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.67% | 0.84% | 0.79% | 0.31% | 0.20 |
|  Portfolio turnover rate^ | 35% | 39% | 39% | 34% | 37 |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $14.13 | $13.97 | $12.77 | $16.03 | $16.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.15 | 0.18 | 0.15 | 0.09 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.90 | 1.47 | 1.65 | (2.79) | 3.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.05 | 1.65 | 1.80 | (2.70) | 3.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.17) | (0.22) | (0.18) | (0.10) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.16) | (1.27) | (0.42) | (0.46) | (3.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.33) | (1.49) | (0.60) | (0.56) | (3.59) |
|  Net asset value, end of year | $13.85 | $14.13 | $13.97 | $12.77 | $16.03 |
|  Total return | 7.24% | 11.37% | 14.35% | (16.87)% | 19.91 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $141919 | $156476 | $155985 | $153988 | $205957 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.80% | 0.80% | 0.80% | 0.80% | 0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.93% | 0.92% | 0.92% | 0.91% | 0.88 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.06% | 1.21% | 1.16% | 0.66% | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.92% | 1.09% | 1.04% | 0.55% | 0.45 |
|  Portfolio turnover rate^ | 35% | 39% | 39% | 34% | 37 |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.04 and $0.09 for Class IB and Class K, respectively.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of less than 0.005%.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.07% lower.* 

See Notes to Financial Statements.

707

------

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Australia (1.6%)** | **Australia (1.6%)** | **Australia (1.6%)** |
|  ANZ Group Holdings Ltd. | 57914 | $1404501 |
|  APA Group | 23461 | 140441 |
|  Aristocrat Leisure Ltd. | 10993 | 426819 |
|  ASX Ltd. | 3562 | 122278 |
|  BHP Group Ltd. | 98664 | 2995217 |
|  Brambles Ltd. | 26614 | 407789 |
|  CAR Group Ltd. | 7415 | 152213 |
|  Cochlear Ltd. | 1271 | 221092 |
|  Coles Group Ltd. | 25397 | 363380 |
|  Commonwealth Bank of Australia | 32591 | 3492334 |
|  Computershare Ltd. | 10365 | 236149 |
|  CSL Ltd. | 9587 | 1104595 |
|  Evolution Mining Ltd. | 40972 | 346705 |
|  Fortescue Ltd. | 32551 | 478121 |
|  Glencore plc | 193932 | 1062765 |
|  Goodman Group (REIT) | 40231 | 831756 |
|  Insurance Australia Group Ltd. | 44280 | 235811 |
|  Lottery Corp. Ltd. (The) | 38693 | 133240 |
|  Lynas Rare Earths Ltd.\* | 24232 | 201170 |
|  Macquarie Group Ltd. | 7172 | 972563 |
|  Medibank Pvt. Ltd. | 52521 | 167889 |
|  National Australia Bank Ltd. | 59498 | 1679961 |
|  Northern Star Resources Ltd. | 26859 | 479118 |
|  Origin Energy Ltd. | 34850 | 267225 |
|  Pro Medicus Ltd. | 1135 | 167296 |
|  Qantas Airways Ltd. | 12448 | 86228 |
|  QBE Insurance Group Ltd. | 30341 | 402734 |
|  REA Group Ltd. | 1110 | 135848 |
|  Rio Tinto Ltd. | 6880 | 674105 |
|  Rio Tinto plc | 22355 | 1806197 |
|  Santos Ltd. | 63220 | 260312 |
|  Scentre Group (REIT) | 101224 | 283718 |
|  SGH Ltd. | 3789 | 117453 |
|  Sigma Healthcare Ltd. | 94092 | 184609 |
|  Sonic Healthcare Ltd. | 9042 | 136433 |
|  South32 Ltd. | 92580 | 219948 |
|  Stockland (REIT) | 47469 | 181517 |
|  Suncorp Group Ltd. | 21321 | 251134 |
|  Telstra Group Ltd. | 77972 | 253409 |
|  Transurban Group | 60960 | 578086 |
|  Vicinity Ltd. (REIT) | 78809 | 134639 |
|  Washington H Soul Pattinson & Co. Ltd. (x) | 6918 | 171465 |
|  Wesfarmers Ltd. | 21963 | 1188537 |
|  Westpac Banking Corp. | 66503 | 1713098 |
|  WiseTech Global Ltd. | 3707 | 169361 |
|  Woodside Energy Group Ltd. | 37382 | 588497 |
|  Woolworths Group Ltd. | 23592 | 462562 |
|  |  | 28090318 |
|  **Austria (0.1%)** | **Austria (0.1%)** | **Austria (0.1%)** |
|  Erste Group Bank AG | 6050 | 731615 |
|  OMV AG | 2807 | 156758 |
|  Raiffeisen Bank International AG | 2363 | 106359 |
|  Verbund AG | 1371 | 99895 |
|  |  | 1094627 |
|  **Belgium (0.2%)** | **Belgium (0.2%)** | **Belgium (0.2%)** |
|  Ageas SA/NV | 2867 | 201484 |
|  Anheuser-Busch InBev SA/NV | 19205 | 1239077 |
|  D'ieteren Group | 428 | 77410 |
|  Elia Group SA/NV, Class B | 827 | 106616 |
|  Financiere de Tubize SA | 373 | 91615 |
|  Groupe Bruxelles Lambert NV | 1523 | 135938 |
|  KBC Group NV | 4471 | 584543 |
|  Lotus Bakeries NV | 8 | 73803 |
|  Sofina SA | 315 | 91436 |
|  Syensqo SA (x) | 1369 | 110303 |
|  UCB SA | 2453 | 687828 |
|  |  | 3400053 |
|  **Brazil (1.1%)** | **Brazil (1.1%)** | **Brazil (1.1%)** |
|  Banco BTG Pactual SA | 82407 | 795234 |
|  Itau Unibanco Holding SA (Preference) (q) | 440510 | 3167315 |
|  MercadoLibre, Inc.\* | 1475 | 2971034 |
|  Motiva Infraestrutura de Mobilidade SA | 794177 | 2188434 |
|  Rede D'Or Sao Luiz SA (m) | 350775 | 2616850 |
|  Telefonica Brasil SA\* | 223399 | 1346570 |
|  Vale SA | 129559 | 1702313 |
|  WEG SA | 510909 | 4521005 |
|  Yara International ASA | 2946 | 120996 |
|  |  | 19429751 |
|  **Canada (0.4%)** | **Canada (0.4%)** | **Canada (0.4%)** |
|  Shopify, Inc., Class A\* | 39554 | 6367007 |
|  **Chile (0.4%)** | **Chile (0.4%)** | **Chile (0.4%)** |
|  Antofagasta plc | 106160 | 4692196 |
|  Banco de Chile | 11626844 | 2245760 |
|  |  | 6937956 |
|  **China (3.8%)** | **China (3.8%)** | **China (3.8%)** |
|  Airtac International Group | 39109 | 1157568 |
|  Alibaba Group Holding Ltd. | 539600 | 9900790 |
|  Bank of Jiangsu Co. Ltd., Class A | 1083100 | 1611906 |
|  Bank of Ningbo Co. Ltd., Class A | 311300 | 1251321 |
|  BOC Hong Kong Holdings Ltd. | 73000 | 369751 |
|  BYD Co. Ltd., Class H | 75400 | 923766 |
|  China Construction Bank Corp., Class H | 4715420 | 4659254 |
|  China International Capital Corp. Ltd., Class H (m) | 408800 | 1027949 |
|  China Merchants Bank Co. Ltd., Class H | 545000 | 3697431 |
|  Contemporary Amperex Technology Co. Ltd., Class A | 33000 | 1734305 |
|  JD.com, Inc. (ADR) (x) | 118697 | 3406604 |
|  Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 240004 | 2045897 |
|  Kuaishou Technology (m) | 119900 | 985211 |
|  NARI Technology Co. Ltd., Class A | 451940 | 1453834 |
|  NAURA Technology Group Co. Ltd., Class A | 25970 | 1706075 |
|  NetEase, Inc. | 70200 | 1935693 |
|  Ping An Insurance Group Co. of China Ltd., Class H | 177000 | 1481690 |
|  Prosus NV | 25392 | 1577080 |

---

See Notes to Financial Statements.

708

------

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Shenzhen Inovance Technology Co. Ltd., Class A | 157700 | $| 1699955 |
|  SITC International Holdings Co. Ltd. | 28000 |  | 100233 |
|  Tencent Holdings Ltd. | 222400 |  | 17117144 |
|  Trip.com Group Ltd. (ADR) | 38695 |  | 2782557 |
|  Wharf Holdings Ltd. (The) | 19000 |  | 53074 |
|  Wilmar International Ltd. | 35300 |  | 84584 |
|  Xiaomi Corp., Class B (m)\* | 352000 |  | 1777481 |
|  Yangzijiang Shipbuilding Holdings Ltd. | 51000 |  | 138074 |
|  Yum China Holdings, Inc. | 27205 |  | 1298767 |
|  |  |  | 65977994 |
|  **Czech Republic (0.1%)** | **Czech Republic (0.1%)** | **Czech Republic (0.1%)** | **Czech Republic (0.1%)** |
|  Komercni Banka A/S | 31338 |  | 1771374 |
|  **Denmark (0.4%)** | **Denmark (0.4%)** | **Denmark (0.4%)** | **Denmark (0.4%)** |
|  Carlsberg A/S, Class B | 1827 |  | 240087 |
|  Coloplast A/S, Class B | 2427 |  | 208651 |
|  Danske Bank A/S | 13080 |  | 655683 |
|  Demant A/S\* | 1624 |  | 54988 |
|  DSV A/S | 3959 |  | 1006000 |
|  Genmab A/S\* | 1167 |  | 372190 |
|  Novo Nordisk A/S, Class B | 62754 |  | 3211432 |
|  Novonesis Novozymes B | 6821 |  | 437659 |
|  Orsted A/S (m)\* | 10220 |  | 196741 |
|  Pandora A/S | 1557 |  | 173347 |
|  ROCKWOOL A/S, Class B | 1975 |  | 70042 |
|  Tryg A/S | 6331 |  | 165854 |
|  Vestas Wind Systems A/S | 20281 |  | 553323 |
|  |  |  | 7345997 |
|  **Finland (0.3%)** | **Finland (0.3%)** | **Finland (0.3%)** | **Finland (0.3%)** |
|  Elisa OYJ | 2530 |  | 112211 |
|  Fortum OYJ | 8548 |  | 182629 |
|  Kesko OYJ, Class B | 5738 |  | 129808 |
|  Kone OYJ, Class B | 6843 |  | 487017 |
|  Metso OYJ | 13520 |  | 238013 |
|  Neste OYJ | 8428 |  | 192248 |
|  Nokia OYJ | 104083 |  | 681558 |
|  Nordea Bank Abp | 60453 |  | 1142749 |
|  Orion OYJ, Class B | 2035 |  | 152221 |
|  Sampo OYJ, Class A | 45782 |  | 555785 |
|  Stora Enso OYJ, Class R (x) | 10772 |  | 135517 |
|  UPM-Kymmene OYJ | 10506 |  | 306073 |
|  Wartsila OYJ Abp | 9931 |  | 354796 |
|  |  |  | 4670625 |
|  **France (3.0%)** | **France (3.0%)** | **France (3.0%)** | **France (3.0%)** |
|  Accor SA | 3898 |  | 220892 |
|  Aeroports de Paris SA | 731 |  | 95701 |
|  Air Liquide SA | 11332 |  | 2134241 |
|  Airbus SE | 45575 |  | 10626252 |
|  Alstom SA\* | 6489 |  | 191943 |
|  Amundi SA (m) | 1281 |  | 106283 |
|  AXA SA | 33648 |  | 1619687 |
|  BioMerieux | 778 |  | 100848 |
|  BNP Paribas SA | 19538 |  | 1855024 |
|  Bollore SE | 12965 |  | 73044 |
|  Bouygues SA | 3915 |  | 204050 |
|  Bureau Veritas SA | 6461 |  | 206377 |
|  Capgemini SE | 2984 |  | 498842 |
|  Carrefour SA | 11374 |  | 190209 |
|  Cie de Saint-Gobain SA | 8693 |  | 888385 |
|  Cie Generale des Etablissements Michelin SCA | 13010 |  | 432842 |
|  Covivio SA (REIT) | 1249 |  | 83152 |
|  Credit Agricole SA | 21344 |  | 440215 |
|  Danone SA | 12822 |  | 1156953 |
|  Dassault Aviation SA | 398 |  | 128064 |
|  Dassault Systemes SE | 13547 |  | 379543 |
|  Edenred SE | 4879 |  | 108426 |
|  Eiffage SA | 1287 |  | 185128 |
|  Engie SA | 36177 |  | 952766 |
|  EssilorLuxottica SA | 13235 |  | 4197963 |
|  FDJ United | 2399 |  | 66592 |
|  Gecina SA (REIT) | 880 |  | 83665 |
|  Getlink SE | 6355 |  | 117478 |
|  Hermes International SCA | 616 |  | 1536165 |
|  Ipsen SA | 686 |  | 95936 |
|  Kering SA | 1430 |  | 505841 |
|  Klepierre SA (REIT) | 4337 |  | 171968 |
|  Legrand SA | 5194 |  | 776733 |
|  L'Oreal SA | 4670 |  | 2011968 |
|  LVMH Moet Hennessy Louis Vuitton SE | 11897 |  | 9017974 |
|  Orange SA | 36626 |  | 611209 |
|  Pernod Ricard SA | 4065 |  | 349212 |
|  Publicis Groupe SA | 4386 |  | 456785 |
|  Renault SA | 3570 |  | 148603 |
|  Rexel SA | 4333 |  | 171045 |
|  Safran SA | 7014 |  | 2451424 |
|  Sartorius Stedim Biotech | 542 |  | 133761 |
|  Societe Generale SA | 13767 |  | 1111819 |
|  Sodexo SA | 1725 |  | 88590 |
|  Thales SA | 1815 |  | 490161 |
|  TotalEnergies SE (Paris Stock Exchange) | 38778 |  | 2533342 |
|  Unibail-Rodamco-Westfield (REIT) | 2357 |  | 256940 |
|  Veolia Environnement SA | 11953 |  | 417482 |
|  Vinci SA | 9796 |  | 1382047 |
|  |  |  | 52063570 |
|  **Germany (2.6%)** | **Germany (2.6%)** | **Germany (2.6%)** | **Germany (2.6%)** |
|  adidas AG | 3387 |  | 672887 |
|  Allianz SE (Registered) | 12531 |  | 5750671 |
|  BASF SE | 17581 |  | 917977 |
|  Bayer AG (Registered) | 19358 |  | 841960 |
|  Bayerische Motoren Werke AG | 5571 |  | 609791 |
|  Bayerische Motoren Werke AG (Preference) (q) | 1025 |  | 110219 |
|  Beiersdorf AG | 1921 |  | 211488 |
|  Brenntag SE | 2270 |  | 132211 |
|  Commerzbank AG | 14227 |  | 603576 |
|  Continental AG | 2189 |  | 174828 |
|  CTS Eventim AG & Co. KGaA | 1224 |  | 112918 |
|  Daimler Truck Holding AG | 9585 |  | 420383 |
|  Deutsche Bank AG (Registered) | 35967 |  | 1399507 |
|  Deutsche Boerse AG | 3624 |  | 952721 |
|  Deutsche Lufthansa AG (Registered) | 11720 |  | 115779 |
|  Deutsche Post AG | 19015 |  | 1044249 |
|  Deutsche Telekom AG (Registered) | 71395 |  | 2320768 |

---

See Notes to Financial Statements.

709

------

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Dr Ing hc F Porsche AG (Preference) (m)(q)(x) | 2111 | $| 113176 |
|  E.ON SE | 43985 |  | 833520 |
|  Evonik Industries AG | 4262 |  | 66916 |
|  Fresenius Medical Care AG | 4232 |  | 202718 |
|  Fresenius SE & Co. KGaA | 8087 |  | 465498 |
|  GEA Group AG | 2969 |  | 201674 |
|  Hannover Rueck SE | 1207 |  | 377596 |
|  Heidelberg Materials AG | 2601 |  | 681643 |
|  Henkel AG & Co. KGaA | 2067 |  | 157894 |
|  Henkel AG & Co. KGaA (Preference) (q) | 3020 |  | 246947 |
|  Hensoldt AG (x) | 1278 |  | 110240 |
|  HOCHTIEF AG | 287 |  | 113664 |
|  Infineon Technologies AG | 25383 |  | 1125490 |
|  Knorr-Bremse AG | 1488 |  | 166389 |
|  LEG Immobilien SE | 1315 |  | 96200 |
|  Mercedes-Benz Group AG | 14208 |  | 1003003 |
|  Merck KGaA | 2565 |  | 369564 |
|  MTU Aero Engines AG | 1044 |  | 435921 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 2535 |  | 1674868 |
|  Nemetschek SE | 1026 |  | 111894 |
|  Porsche Automobil Holding SE (Preference) (q) | 2766 |  | 129764 |
|  Rational AG | 104 |  | 80849 |
|  Rheinmetall AG | 896 |  | 1643701 |
|  RWE AG | 12436 |  | 661465 |
|  SAP SE | 36359 |  | 8902607 |
|  Sartorius AG (Preference) (q) | 545 |  | 158328 |
|  Scout24 SE (m) | 1413 |  | 142476 |
|  Siemens AG (Registered) | 14785 |  | 4155311 |
|  Siemens Energy AG\* | 15108 |  | 2137693 |
|  Siemens Healthineers AG (m) | 6548 |  | 345669 |
|  Symrise AG, Class A | 2603 |  | 210707 |
|  Talanx AG | 1336 |  | 178674 |
|  Volkswagen AG (Preference) (q) | 3970 |  | 483117 |
|  Vonovia SE | 14988 |  | 432245 |
|  Zalando SE (m)\* | 3955 |  | 117778 |
|  |  |  | 44727132 |
|  **Hong Kong (0.4%)** | **Hong Kong (0.4%)** | **Hong Kong (0.4%)** | **Hong Kong (0.4%)** |
|  AIA Group Ltd. | 205400 |  | 2108710 |
|  CK Asset Holdings Ltd. | 36264 |  | 183214 |
|  CK Infrastructure Holdings Ltd. (x) | 12000 |  | 88812 |
|  CLP Holdings Ltd. | 32000 |  | 286173 |
|  Futu Holdings Ltd. (ADR)\* | 1032 |  | 169465 |
|  Hang Seng Bank Ltd. | 14400 |  | 284015 |
|  Henderson Land Development Co. Ltd. (x) | 26474 |  | 95722 |
|  HKT Trust & HKT Ltd. | 72260 |  | 106867 |
|  Hong Kong & China Gas Co. Ltd. | 207856 |  | 187219 |
|  Hong Kong Exchanges & Clearing Ltd. | 23428 |  | 1226985 |
|  Hongkong Land Holdings Ltd. | 19300 |  | 134135 |
|  Link REIT (REIT) | 50900 |  | 227205 |
|  MTR Corp. Ltd. (x) | 32000 |  | 122528 |
|  Power Assets Holdings Ltd. (x) | 28000 |  | 198414 |
|  Prudential plc | 51042 |  | 787440 |
|  Sino Land Co. Ltd. | 73001 |  | 95863 |
|  Sun Hung Kai Properties Ltd. | 28500 |  | 346788 |
|  Swire Pacific Ltd., Class A | 7500 |  | 60422 |
|  Techtronic Industries Co. Ltd. | 28500 |  | 329211 |
|  WH Group Ltd. (m) | 155466 |  | 173191 |
|  Wharf Real Estate Investment Co. Ltd. | 29100 |  | 91906 |
|  |  |  | 7304285 |
|  **India (4.0%)** | **India (4.0%)** | **India (4.0%)** | **India (4.0%)** |
|  360 ONE WAM Ltd. | 100149 |  | 1325969 |
|  Avenue Supermarts Ltd. (m)\* | 25496 |  | 1072893 |
|  Axis Bank Ltd. | 157233 |  | 2220660 |
|  Bajaj Auto Ltd. | 18969 |  | 1971835 |
|  Bajaj Finance Ltd. | 224595 |  | 2465864 |
|  CG Power & Industrial Solutions Ltd. | 95910 |  | 691372 |
|  Colgate-Palmolive India Ltd. | 19688 |  | 454680 |
|  DLF Ltd. | 997413 |  | 7628241 |
|  Grasim Industries Ltd. | 58991 |  | 1856772 |
|  HDFC Asset Management Co. Ltd. (m) | 77392 |  | 2300938 |
|  HDFC Bank Ltd. | 283408 |  | 3125455 |
|  HDFC Bank Ltd. (ADR) | 72780 |  | 2659381 |
|  Hindalco Industries Ltd. | 110561 |  | 1090733 |
|  Hitachi Energy India Ltd. | 10404 |  | 2119476 |
|  ICICI Bank Ltd. | 290885 |  | 4346151 |
|  ICICI Bank Ltd. (ADR) | 89089 |  | 2654852 |
|  IDFC First Bank Ltd. | 2735128 |  | 2605206 |
|  Infosys Ltd. (ADR) (x) | 159307 |  | 2838851 |
|  Larsen & Toubro Ltd. | 37486 |  | 1703105 |
|  Lodha Developers Ltd. (m) | 129372 |  | 1527630 |
|  Mahindra & Mahindra Ltd. | 95715 |  | 3950027 |
|  MakeMyTrip Ltd. (x)\* | 10964 |  | 900364 |
|  Max Healthcare Institute Ltd. | 169457 |  | 1970413 |
|  Pidilite Industries Ltd. | 97308 |  | 1604921 |
|  Reliance Industries Ltd. | 294698 |  | 5149052 |
|  Samvardhana Motherson International Ltd. | 960576 |  | 1281845 |
|  Shriram Finance Ltd. | 164163 |  | 1819540 |
|  State Bank of India | 331474 |  | 3622340 |
|  Swiggy Ltd.\* | 162514 |  | 698392 |
|  United Breweries Ltd. | 69467 |  | 1253398 |
|  |  |  | 68910356 |
|  **Indonesia (0.1%)** | **Indonesia (0.1%)** | **Indonesia (0.1%)** | **Indonesia (0.1%)** |
|  Cisarua Mountain Dairy PT Tbk. | 3697400 |  | 1252792 |
|  Jardine Matheson Holdings Ltd. | 3200 |  | 210496 |
|  |  |  | 1463288 |
|  **Ireland (0.1%)** | **Ireland (0.1%)** | **Ireland (0.1%)** | **Ireland (0.1%)** |
|  AerCap Holdings NV | 3392 |  | 487634 |
|  AIB Group plc | 43065 |  | 465612 |
|  Bank of Ireland Group plc | 19514 |  | 375526 |
|  Kerry Group plc, Class A | 3142 |  | 288013 |
|  Kingspan Group plc | 3000 |  | 261423 |
|  |  |  | 1878208 |
|  **Israel (0.2%)** | **Israel (0.2%)** | **Israel (0.2%)** | **Israel (0.2%)** |
|  Azrieli Group Ltd. (x) | 794 |  | 89883 |
|  Bank Hapoalim BM | 24287 |  | 549490 |
|  Bank Leumi Le-Israel BM | 28944 |  | 638040 |

---

See Notes to Financial Statements.

710

------

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Check Point Software Technologies Ltd.\* | 1558 | $| 289103 |
|  Elbit Systems Ltd. | 562 |  | 324012 |
|  ICL Group Ltd. | 15080 |  | 86657 |
|  Israel Discount Bank Ltd., Class A | 23593 |  | 250558 |
|  Mizrahi Tefahot Bank Ltd. | 3259 |  | 227599 |
|  Nice Ltd.\* | 1185 |  | 132880 |
|  Nova Ltd.\* | 572 |  | 191490 |
|  Phoenix Financial Ltd. | 4222 |  | 174737 |
|  Teva Pharmaceutical Industries Ltd. (ADR)\* | 21769 |  | 679411 |
|  Wix.com Ltd.\* | 870 |  | 90384 |
|  |  |  | 3724244 |
|  **Italy (0.9%)** | **Italy (0.9%)** | **Italy (0.9%)** | **Italy (0.9%)** |
|  Banca Mediolanum SpA | 3381 |  | 77361 |
|  Banca Monte dei Paschi di Siena SpA | 39951 |  | 428657 |
|  Banco BPM SpA | 22399 |  | 342730 |
|  BPER Banca SpA | 28191 |  | 384309 |
|  Brunello Cucinelli SpA (x) | 21748 |  | 2515443 |
|  Coca-Cola HBC AG | 4480 |  | 232011 |
|  Davide Campari-Milano NV (x) | 12948 |  | 84269 |
|  Enel SpA | 157796 |  | 1646167 |
|  Eni SpA | 39670 |  | 752450 |
|  Ferrari NV | 2478 |  | 928101 |
|  FinecoBank Banca Fineco SpA | 11796 |  | 307751 |
|  Generali (x) | 16974 |  | 713136 |
|  Infrastrutture Wireless Italiane SpA (m) | 5172 |  | 47926 |
|  Intesa Sanpaolo SpA | 274866 |  | 1912616 |
|  Leonardo SpA | 7838 |  | 452824 |
|  Moncler SpA | 13343 |  | 861184 |
|  Nexi SpA (m)(x) | 11018 |  | 54655 |
|  Poste Italiane SpA (m) | 9310 |  | 235015 |
|  Prysmian SpA | 5643 |  | 572842 |
|  Recordati Industria Chimica e Farmaceutica SpA | 2122 |  | 121048 |
|  Ryanair Holdings plc | 16625 |  | 577339 |
|  Snam SpA | 39133 |  | 260114 |
|  Telecom Italia SpA\* | 245462 |  | 148214 |
|  Terna - Rete Elettrica Nazionale | 27587 |  | 293533 |
|  UniCredit SpA | 27262 |  | 2272156 |
|  Unipol Assicurazioni SpA | 6648 |  | 160708 |
|  |  |  | 16382559 |
|  **Ivory Coast (0.0%)†** | **Ivory Coast (0.0%)†** | **Ivory Coast (0.0%)†** | **Ivory Coast (0.0%)†** |
|  Endeavour Mining plc | 3257 |  | 169991 |
|  **Japan (5.4%)** | **Japan (5.4%)** | **Japan (5.4%)** | **Japan (5.4%)** |
|  Advantest Corp. | 14900 |  | 1867732 |
|  Aeon Co. Ltd. | 43500 |  | 687880 |
|  AGC, Inc. (x) | 4000 |  | 132610 |
|  Aisin Corp. | 9100 |  | 169986 |
|  Ajinomoto Co., Inc. | 18400 |  | 389637 |
|  ANA Holdings, Inc. | 3300 |  | 62760 |
|  Asahi Group Holdings Ltd. (x) | 30600 |  | 320280 |
|  Asahi Kasei Corp. | 23900 |  | 211932 |
|  Asics Corp. | 13400 |  | 321227 |
|  Astellas Pharma, Inc. | 34200 |  | 456975 |
|  Bandai Namco Holdings, Inc. | 11800 |  | 314285 |
|  Bridgestone Corp. (x) | 22000 |  | 493539 |
|  Canon, Inc. (x) | 16900 |  | 499858 |
|  Capcom Co. Ltd. (x) | 81500 |  | 1899620 |
|  Central Japan Railway Co. | 14600 |  | 404240 |
|  Chiba Bank Ltd. (The) | 11000 |  | 122753 |
|  Chubu Electric Power Co., Inc. | 13900 |  | 214037 |
|  Chugai Pharmaceutical Co. Ltd. (x) | 13100 |  | 689372 |
|  Dai Nippon Printing Co. Ltd. | 7600 |  | 130710 |
|  Daifuku Co. Ltd. (x) | 6000 |  | 188764 |
|  Dai-ichi Life Holdings, Inc. | 68200 |  | 567535 |
|  Daiichi Sankyo Co. Ltd. | 35100 |  | 750222 |
|  Daikin Industries Ltd. | 5100 |  | 653779 |
|  Daito Trust Construction Co. Ltd. | 6600 |  | 125815 |
|  Daiwa House Industry Co. Ltd. | 11100 |  | 368347 |
|  Daiwa Securities Group, Inc. | 25400 |  | 222234 |
|  Denso Corp. | 32900 |  | 453257 |
|  Disco Corp. | 1800 |  | 553537 |
|  East Japan Railway Co. | 19011 |  | 501490 |
|  Ebara Corp. (x) | 9000 |  | 211670 |
|  Eisai Co. Ltd. | 5300 |  | 157674 |
|  ENEOS Holdings, Inc. | 50733 |  | 358538 |
|  FANUC Corp. | 18500 |  | 718552 |
|  Fast Retailing Co. Ltd. | 3700 |  | 1344982 |
|  Fuji Electric Co. Ltd. | 2800 |  | 211823 |
|  FUJIFILM Holdings Corp. | 21500 |  | 458989 |
|  Fujikura Ltd. | 4800 |  | 534423 |
|  Fujitsu Ltd. | 34400 |  | 950700 |
|  Hankyu Hanshin Holdings, Inc. | 4800 |  | 120827 |
|  Hikari Tsushin, Inc. | 400 |  | 111721 |
|  Hitachi Ltd. | 89400 |  | 2797745 |
|  Honda Motor Co. Ltd. | 72400 |  | 709949 |
|  Hoya Corp. | 16300 |  | 2464667 |
|  Hulic Co. Ltd. (x) | 9400 |  | 102888 |
|  Idemitsu Kosan Co. Ltd. | 15195 |  | 114758 |
|  IHI Corp. | 20300 |  | 356974 |
|  Inpex Corp. (x) | 16300 |  | 325396 |
|  Isuzu Motors Ltd. (x) | 9500 |  | 147952 |
|  ITOCHU Corp. | 115500 |  | 1456285 |
|  Japan Airlines Co. Ltd. | 3488 |  | 64687 |
|  Japan Exchange Group, Inc. | 18700 |  | 200084 |
|  Japan Post Bank Co. Ltd. | 35400 |  | 499225 |
|  Japan Post Holdings Co. Ltd. | 35000 |  | 368792 |
|  Japan Post Insurance Co. Ltd. | 4200 |  | 126343 |
|  Japan Tobacco, Inc. (x) | 23200 |  | 835342 |
|  JFE Holdings, Inc. | 11200 |  | 142824 |
|  JX Advanced Metals Corp. | 10700 |  | 133887 |
|  Kajima Corp. | 8200 |  | 305458 |
|  Kansai Electric Power Co., Inc. (The) | 18400 |  | 288381 |
|  Kao Corp. (x) | 9300 |  | 371727 |
|  Kawasaki Heavy Industries Ltd. | 3100 |  | 205426 |
|  Kawasaki Kisen Kaisha Ltd. (x) | 7100 |  | 98858 |
|  KDDI Corp. | 57400 |  | 992517 |
|  Keyence Corp. | 7072 |  | 2558995 |
|  Kikkoman Corp. (x) | 11900 |  | 108030 |
|  Kioxia Holdings Corp.\* | 3700 |  | 246486 |
|  Kirin Holdings Co. Ltd. (x) | 15000 |  | 224847 |
|  Kobe Bussan Co. Ltd. (x) | 2400 |  | 58069 |
|  Komatsu Ltd. | 18600 |  | 593718 |
|  Konami Group Corp. | 2000 |  | 272344 |
|  Kubota Corp. | 18900 |  | 267440 |
|  Kyocera Corp. | 25300 |  | 354772 |
|  Kyowa Kirin Co. Ltd. (x) | 4600 |  | 74210 |

---

See Notes to Financial Statements.

711

------

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Lasertec Corp. | 1500 | $| 283883 |
|  LY Corp. | 49000 |  | 130508 |
|  M3, Inc. (x) | 9000 |  | 121463 |
|  Makita Corp. | 3900 |  | 117941 |
|  Marubeni Corp. | 27100 |  | 753105 |
|  MatsukiyoCocokara & Co. | 6400 |  | 110807 |
|  Minebea Mitsumi, Inc. | 6300 |  | 126330 |
|  Mitsubishi Chemical Group Corp. | 24500 |  | 143130 |
|  Mitsubishi Corp. | 62800 |  | 1437697 |
|  Mitsubishi Electric Corp. | 37100 |  | 1085952 |
|  Mitsubishi Estate Co. Ltd. | 20400 |  | 497628 |
|  Mitsubishi HC Capital, Inc. | 18400 |  | 153999 |
|  Mitsubishi Heavy Industries Ltd. | 62500 |  | 1532176 |
|  Mitsubishi UFJ Financial Group, Inc. | 223700 |  | 3560292 |
|  Mitsui & Co. Ltd. | 48200 |  | 1428707 |
|  Mitsui Fudosan Co. Ltd. | 51400 |  | 584255 |
|  Mitsui OSK Lines Ltd. (x) | 6600 |  | 198455 |
|  Mizuho Financial Group, Inc. | 48553 |  | 1766804 |
|  MonotaRO Co. Ltd. (x) | 6300 |  | 100569 |
|  MS&AD Insurance Group Holdings, Inc. | 25121 |  | 590658 |
|  Murata Manufacturing Co. Ltd. | 32600 |  | 675559 |
|  NEC Corp. | 25600 |  | 867824 |
|  Nexon Co. Ltd. (x) | 7300 |  | 178352 |
|  Nidec Corp. | 16500 |  | 224579 |
|  Nintendo Co. Ltd. | 31000 |  | 2096814 |
|  Nippon Building Fund, Inc. (REIT) (x) | 146 |  | 133193 |
|  Nippon Paint Holdings Co. Ltd. (x) | 16300 |  | 109003 |
|  Nippon Sanso Holdings Corp. (x) | 3400 |  | 101323 |
|  Nippon Steel Corp. (x) | 91555 |  | 375128 |
|  Nippon Yusen KK (x) | 7900 |  | 256104 |
|  Nissan Motor Co. Ltd. (x)\* | 46600 |  | 116054 |
|  Nitori Holdings Co. Ltd. | 8000 |  | 140066 |
|  Nitto Denko Corp. | 13000 |  | 308318 |
|  Nomura Holdings, Inc. | 57600 |  | 478407 |
|  Nomura Research Institute Ltd. | 7754 |  | 298052 |
|  NTT, Inc. | 591400 |  | 595402 |
|  Obayashi Corp. | 12300 |  | 256695 |
|  Obic Co. Ltd. | 6000 |  | 188534 |
|  Olympus Corp. | 23500 |  | 297726 |
|  Oracle Corp. | 1000 |  | 84206 |
|  Oriental Land Co. Ltd. | 22000 |  | 407093 |
|  ORIX Corp. | 23400 |  | 680309 |
|  Osaka Gas Co. Ltd. | 6800 |  | 235725 |
|  Otsuka Corp. | 4800 |  | 99040 |
|  Otsuka Holdings Co. Ltd. (x) | 8200 |  | 464496 |
|  Pan Pacific International Holdings Corp. | 35100 |  | 208910 |
|  Panasonic Holdings Corp. | 47000 |  | 607153 |
|  Rakuten Group, Inc. (x)\* | 31500 |  | 201902 |
|  Recruit Holdings Co. Ltd. | 27500 |  | 1553195 |
|  Renesas Electronics Corp. (x)\* | 34900 |  | 476800 |
|  Resona Holdings, Inc. | 39705 |  | 378445 |
|  Ryohin Keikaku Co. Ltd. | 10200 |  | 181157 |
|  Sanrio Co. Ltd. (x) | 3300 |  | 103589 |
|  SBI Holdings, Inc. | 10320 |  | 222357 |
|  SCREEN Holdings Co. Ltd. (x) | 1500 |  | 145940 |
|  Secom Co. Ltd. | 8300 |  | 295301 |
|  Seibu Holdings, Inc. | 4100 |  | 112656 |
|  Sekisui Chemical Co. Ltd. | 6500 |  | 109343 |
|  Sekisui House Ltd. (x) | 11500 |  | 256812 |
|  Seven & i Holdings Co. Ltd. | 40700 |  | 584751 |
|  SG Holdings Co. Ltd. (x) | 5400 |  | 49418 |
|  Shimadzu Corp. | 5100 |  | 135705 |
|  Shimano, Inc. | 1300 |  | 137229 |
|  Shin-Etsu Chemical Co. Ltd. | 32700 |  | 1017282 |
|  Shionogi & Co. Ltd. | 14700 |  | 266616 |
|  Shiseido Co. Ltd. (x) | 8300 |  | 120706 |
|  SMC Corp. | 1100 |  | 382444 |
|  SoftBank Corp. | 554700 |  | 760659 |
|  SoftBank Group Corp. | 74400 |  | 2089888 |
|  Sompo Holdings, Inc. | 17343 |  | 590796 |
|  Sony Financial Group, Inc. (x)\* | 124600 |  | 132045 |
|  Sony Group Corp. | 119900 |  | 3080169 |
|  Subaru Corp. | 11600 |  | 251417 |
|  Sumitomo Corp. | 21400 |  | 739382 |
|  Sumitomo Electric Industries Ltd. | 14200 |  | 573385 |
|  Sumitomo Metal Mining Co. Ltd. | 4900 |  | 198859 |
|  Sumitomo Mitsui Financial Group, Inc. | 71621 |  | 2304912 |
|  Sumitomo Mitsui Trust Group, Inc. | 12004 |  | 366082 |
|  Sumitomo Realty & Development Co. Ltd. | 12000 |  | 301226 |
|  Suntory Beverage & Food Ltd. (x) | 3000 |  | 90532 |
|  Suzuki Motor Corp. | 29800 |  | 444127 |
|  Sysmex Corp. | 11100 |  | 109306 |
|  T&D Holdings, Inc. | 9000 |  | 207706 |
|  Taisei Corp. | 2800 |  | 265181 |
|  Takeda Pharmaceutical Co. Ltd. | 31190 |  | 962740 |
|  TDK Corp. | 37300 |  | 526496 |
|  Terumo Corp. | 25500 |  | 369542 |
|  TIS, Inc. | 3600 |  | 120820 |
|  Toho Co. Ltd. (x) | 2400 |  | 122268 |
|  Tokio Marine Holdings, Inc. | 35900 |  | 1333186 |
|  Tokyo Electron Ltd. | 8700 |  | 1906180 |
|  Tokyo Gas Co. Ltd. | 6200 |  | 245601 |
|  Tokyo Metro Co. Ltd. (x) | 6600 |  | 67184 |
|  Tokyu Corp. | 8700 |  | 101641 |
|  TOPPAN Holdings, Inc. | 4500 |  | 133903 |
|  Toray Industries, Inc. | 26200 |  | 170608 |
|  Toyota Industries Corp. (x) | 3000 |  | 340909 |
|  Toyota Motor Corp. | 185170 |  | 3967253 |
|  Toyota Tsusho Corp. | 14000 |  | 471374 |
|  Trend Micro, Inc. (x)\* | 2300 |  | 95471 |
|  Tsuruha Holdings, Inc. (x) | 5100 |  | 93704 |
|  Unicharm Corp. (x) | 24000 |  | 137130 |
|  West Japan Railway Co. | 7900 |  | 157657 |
|  Yamaha Motor Co. Ltd. (x) | 18100 |  | 133982 |
|  Yokogawa Electric Corp. | 4400 |  | 140899 |
|  Yokohama Financial Group, Inc. | 18700 |  | 154421 |
|  Zensho Holdings Co. Ltd. | 2000 |  | 114594 |
|  ZOZO, Inc. (x) | 9300 |  | 76649 |
|  |  |  | 93213344 |
|  **Luxembourg (0.0%)†** | **Luxembourg (0.0%)†** | **Luxembourg (0.0%)†** | **Luxembourg (0.0%)†** |
|  ArcelorMittal SA | 8803 |  | 404397 |
|  CVC Capital Partners plc (m) | 3952 |  | 66415 |
|  Eurofins Scientific SE | 2208 |  | 161918 |
|  |  |  | 632730 |
|  **Macau (0.0%)†** | **Macau (0.0%)†** | **Macau (0.0%)†** | **Macau (0.0%)†** |
|  Galaxy Entertainment Group Ltd. | 39000 |  | 192026 |
|  Sands China Ltd. | 51187 |  | 128910 |
|  |  |  | 320936 |

---

See Notes to Financial Statements.

712

------

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Malaysia (0.2%)** | **Malaysia (0.2%)** | **Malaysia (0.2%)** |
|  CIMB Group Holdings Bhd. | 1000500 | $2034038 |
|  Malayan Banking Bhd. | 601100 | 1552372 |
|  |  | 3586410 |
|  **Mexico (0.6%)** | **Mexico (0.6%)** | **Mexico (0.6%)** |
|  Fresnillo plc | 4261 | 191492 |
|  Grupo Financiero Banorte SAB de CV, Class O | 398524 | 3692336 |
|  Kimberly-Clark de Mexico SAB de CV, Class A | 417710 | 890976 |
|  Prologis Property Mexico SA de CV (REIT) | 494174 | 2064238 |
|  Wal-Mart de Mexico SAB de CV | 943508 | 2934660 |
|  |  | 9773702 |
|  **Netherlands (1.4%)** | **Netherlands (1.4%)** | **Netherlands (1.4%)** |
|  ABN AMRO Bank NV (CVA) (m) | 11597 | 406002 |
|  Adyen NV (m)\* | 2624 | 4240122 |
|  Akzo Nobel NV | 3306 | 230004 |
|  Argenx SE\* | 1209 | 1018441 |
|  ASM International NV | 917 | 557796 |
|  ASML Holding NV | 8400 | 9095766 |
|  ASR Nederland NV | 2967 | 211371 |
|  BE Semiconductor Industries NV | 9523 | 1496854 |
|  Euronext NV (m) | 1509 | 226992 |
|  EXOR NV | 1857 | 158111 |
|  Heineken Holding NV | 2440 | 178931 |
|  Heineken NV | 5590 | 458148 |
|  IMCD NV | 1193 | 108432 |
|  ING Groep NV | 58598 | 1653434 |
|  JDE Peet's NV | 3692 | 138235 |
|  Koninklijke Ahold Delhaize NV | 17226 | 705908 |
|  Koninklijke KPN NV | 77741 | 363252 |
|  Koninklijke Philips NV | 15539 | 424396 |
|  Magnum Ice Cream Co. NV (The) (x)\* | 9554 | 151642 |
|  Nebius Group NV, Class A (x)\* | 3883 | 325027 |
|  NN Group NV | 5367 | 414642 |
|  NXP Semiconductors NV | 2014 | 437159 |
|  Randstad NV | 1992 | 75778 |
|  Universal Music Group NV | 45410 | 1186322 |
|  Wolters Kluwer NV | 4466 | 463647 |
|  |  | 24726412 |
|  **New Zealand (0.1%)** | **New Zealand (0.1%)** | **New Zealand (0.1%)** |
|  Auckland International Airport Ltd. | 30562 | 146575 |
|  Contact Energy Ltd. | 16763 | 89275 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 11253 | 244579 |
|  Infratil Ltd. | 19272 | 122942 |
|  Meridian Energy Ltd. | 27587 | 88946 |
|  Xero Ltd.\* | 3270 | 248818 |
|  |  | 941135 |
|  **Norway (0.1%)** | **Norway (0.1%)** | **Norway (0.1%)** |
|  Aker BP ASA | 6267 | 159721 |
|  DNB Bank ASA | 17165 | 479360 |
|  Equinor ASA | 15351 | 360931 |
|  Gjensidige Forsikring ASA | 3885 | 116396 |
|  Kongsberg Gruppen ASA | 8202 | 210420 |
|  Mowi ASA | 9339 | 225322 |
|  Norsk Hydro ASA | 25744 | 199720 |
|  Orkla ASA | 14166 | 158103 |
|  Salmar ASA | 1438 | 88092 |
|  Telenor ASA | 11182 | 162738 |
|  |  | 2160803 |
|  **Peru (0.1%)** | **Peru (0.1%)** | **Peru (0.1%)** |
|  Credicorp Ltd. | 4798 | 1377026 |
|  **Poland (0.5%)** | **Poland (0.5%)** | **Poland (0.5%)** |
|  Allegro.eu SA (m)\* | 364289 | 3147700 |
|  Budimex SA | 9484 | 1684929 |
|  InPost SA (x)\* | 5043 | 62051 |
|  Powszechna Kasa Oszczednosci Bank Polski SA | 143056 | 3393496 |
|  |  | 8288176 |
|  **Portugal (0.0%)†** | **Portugal (0.0%)†** | **Portugal (0.0%)†** |
|  Banco Comercial Portugues SA, Class R | 142069 | 149629 |
|  EDP SA | 59090 | 271867 |
|  Galp Energia SGPS SA | 8007 | 137666 |
|  Jeronimo Martins SGPS SA | 5451 | 129786 |
|  |  | 688948 |
|  **Singapore (0.4%)** | **Singapore (0.4%)** | **Singapore (0.4%)** |
|  CapitaLand Ascendas REIT (REIT) | 72515 | 159653 |
|  CapitaLand Integrated Commercial Trust (REIT) | 111898 | 208057 |
|  CapitaLand Investment Ltd. | 46200 | 97403 |
|  DBS Group Holdings Ltd. | 42240 | 1852067 |
|  Grab Holdings Ltd., Class A\* | 45800 | 228542 |
|  Keppel Ltd. | 29400 | 236728 |
|  Oversea-Chinese Banking Corp. Ltd. | 65978 | 1014256 |
|  Sea Ltd. (ADR)\* | 7421 | 946697 |
|  Sembcorp Industries Ltd. | 18800 | 88047 |
|  Singapore Airlines Ltd. | 29450 | 146631 |
|  Singapore Exchange Ltd. | 17500 | 230901 |
|  Singapore Technologies Engineering Ltd. | 29500 | 193239 |
|  Singapore Telecommunications Ltd. | 144300 | 510787 |
|  STMicroelectronics NV | 13644 | 359813 |
|  United Overseas Bank Ltd. | 24267 | 661896 |
|  |  | 6934717 |
|  **South Africa (0.6%)** | **South Africa (0.6%)** | **South Africa (0.6%)** |
|  Anglo American plc | 21625 | 899260 |
|  AVI Ltd. | 352865 | 2248023 |
|  Capitec Bank Holdings Ltd. | 15843 | 3975866 |
|  Clicks Group Ltd. | 82075 | 1668115 |
|  OUTsurance Group Ltd. | 285823 | 1236840 |
|  |  | 10028104 |
|  **South Korea (2.1%)** | **South Korea (2.1%)** | **South Korea (2.1%)** |
|  Delivery Hero SE (m)(x)\* | 3687 | 98445 |
|  HYBE Co. Ltd.\* | 3424 | 784367 |
|  Hyundai Motor Co. | 11933 | 2456100 |

---

See Notes to Financial Statements.

713

------

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  KB Financial Group, Inc. | 30487 | $| 2639081 |
|  Kia Corp. | 18510 |  | 1565040 |
|  KT&G Corp. | 14432 |  | 1423614 |
|  NAVER Corp. | 12950 |  | 2179983 |
|  Samsung Electronics Co. Ltd. | 257541 |  | 21435678 |
|  SK hynix, Inc. | 7639 |  | 3452146 |
|  |  |  | 36034454 |
|  **Spain (1.0%)** | **Spain (1.0%)** | **Spain (1.0%)** | **Spain (1.0%)** |
|  Acciona SA (x) | 464 |  | 101370 |
|  ACS Actividades de Construccion y Servicios SA | 3576 |  | 356583 |
|  Aena SME SA (m) | 14329 |  | 401116 |
|  Amadeus IT Group SA | 34660 |  | 2559626 |
|  Banco Bilbao Vizcaya Argentaria SA | 112339 |  | 2647017 |
|  Banco de Sabadell SA | 96732 |  | 382531 |
|  Banco Santander SA | 289789 |  | 3429440 |
|  Bankinter SA | 12898 |  | 214558 |
|  CaixaBank SA | 77190 |  | 947504 |
|  Cellnex Telecom SA (m) | 9768 |  | 314879 |
|  EDP Renovaveis SA | 5607 |  | 79336 |
|  Endesa SA (x) | 6397 |  | 230269 |
|  Grifols SA (x) | 5584 |  | 70217 |
|  Iberdrola SA | 123737 |  | 2685101 |
|  Industria de Diseno Textil SA | 21606 |  | 1430550 |
|  Mapfre SA | 12338 |  | 62087 |
|  Naturgy Energy Group SA | 4642 |  | 141401 |
|  Redeia Corp. SA | 8169 |  | 145635 |
|  Repsol SA | 22958 |  | 429660 |
|  Telefonica SA | 73001 |  | 299667 |
|  |  |  | 16928547 |
|  **Sweden (0.9%)** | **Sweden (0.9%)** | **Sweden (0.9%)** | **Sweden (0.9%)** |
|  AddTech AB, Class B | 5353 |  | 190362 |
|  Alfa Laval AB | 5631 |  | 284838 |
|  Assa Abloy AB, Class B | 61511 |  | 2397903 |
|  Atlas Copco AB, Class A | 132133 |  | 2383173 |
|  Atlas Copco AB, Class B | 29068 |  | 470443 |
|  Beijer Ref AB, Class B (x) | 8032 |  | 130079 |
|  Boliden AB\* | 5509 |  | 308286 |
|  Epiroc AB, Class A | 12776 |  | 291282 |
|  Epiroc AB, Class B | 7724 |  | 156636 |
|  EQT AB | 9414 |  | 371999 |
|  Essity AB, Class B | 12079 |  | 347944 |
|  Evolution AB (m) | 2514 |  | 171978 |
|  Fastighets AB Balder, Class B\* | 13471 |  | 99791 |
|  H & M Hennes & Mauritz AB, Class B (x) | 9337 |  | 188535 |
|  Hexagon AB, Class B | 41123 |  | 489108 |
|  Holmen AB, Class B | 1282 |  | 49350 |
|  Industrivarden AB, Class C | 3356 |  | 151278 |
|  Industrivarden AB, Class A | 2213 |  | 99851 |
|  Indutrade AB | 5055 |  | 131996 |
|  Investment AB Latour, Class B | 2908 |  | 71196 |
|  Investor AB, Class B | 35138 |  | 1261022 |
|  L E Lundbergforetagen AB, Class B | 1437 |  | 79838 |
|  Lifco AB, Class B | 4897 |  | 187231 |
|  Nibe Industrier AB, Class B | 29491 |  | 114101 |
|  Saab AB, Class B | 6344 |  | 370449 |
|  Sagax AB, Class B | 3886 |  | 83406 |
|  Sandvik AB | 20296 |  | 662682 |
|  Securitas AB, Class B | 10265 |  | 164124 |
|  Skandinaviska Enskilda Banken AB, Class A | 29613 |  | 627545 |
|  Skanska AB, Class B | 6367 |  | 174485 |
|  SKF AB, Class B | 7166 |  | 191322 |
|  Svenska Cellulosa AB SCA, Class B | 11685 |  | 155605 |
|  Svenska Handelsbanken AB, Class A | 29083 |  | 424407 |
|  Swedbank AB, Class A | 16474 |  | 574572 |
|  Swedish Orphan Biovitrum AB\* | 4072 |  | 147196 |
|  Tele2 AB, Class B | 10240 |  | 171899 |
|  Telefonaktiebolaget LM Ericsson, Class B | 53857 |  | 530000 |
|  Telia Co. AB | 47731 |  | 204165 |
|  Trelleborg AB, Class B | 3870 |  | 165073 |
|  Volvo AB, Class B | 30678 |  | 986001 |
|  |  |  | 16061151 |
|  **Switzerland (1.5%)** | **Switzerland (1.5%)** | **Switzerland (1.5%)** | **Switzerland (1.5%)** |
|  ABB Ltd. (Registered) | 30500 |  | 2280280 |
|  Avolta AG | 1798 |  | 107004 |
|  Banque Cantonale Vaudoise (Registered) | 572 |  | 72502 |
|  Barry Callebaut AG (Registered) (x) | 66 |  | 108820 |
|  Belimo Holding AG (Registered) | 197 |  | 194239 |
|  BKW AG | 421 |  | 89504 |
|  Chocoladefabriken Lindt & Spruengli AG | 19 |  | 278008 |
|  Chocoladefabriken Lindt & Spruengli AG (Registered) | 2 |  | 293901 |
|  Cie Financiere Richemont SA (Registered) | 10462 |  | 2272424 |
|  DSM-Firmenich AG | 3710 |  | 299793 |
|  EMS-Chemie Holding AG (Registered) | 140 |  | 97122 |
|  Galderma Group AG | 12932 |  | 2646481 |
|  Geberit AG (Registered) | 652 |  | 510010 |
|  Givaudan SA (Registered) | 183 |  | 726825 |
|  Helvetia Baloise Holding AG | 1570 |  | 414650 |
|  Julius Baer Group Ltd. | 4058 |  | 319681 |
|  Kuehne + Nagel International AG (Registered) | 872 |  | 188524 |
|  Logitech International SA (Registered) | 2966 |  | 305325 |
|  Lonza Group AG (Registered) | 6286 |  | 4267909 |
|  Partners Group Holding AG | 446 |  | 553150 |
|  Sandoz Group AG | 8396 |  | 613085 |
|  Schindler Holding AG | 746 |  | 281787 |
|  Schindler Holding AG (Registered) | 493 |  | 175205 |
|  SGS SA (Registered) | 3183 |  | 365115 |
|  Sika AG (Registered) | 2921 |  | 599614 |
|  Sonova Holding AG (Registered) | 999 |  | 261195 |
|  Straumann Holding AG (Registered) | 2181 |  | 257337 |
|  Swatch Group AG (The) (x) | 547 |  | 116188 |
|  Swiss Life Holding AG (Registered) | 549 |  | 635429 |
|  Swiss Prime Site AG (Registered) | 1481 |  | 230349 |
|  Swisscom AG (Registered) | 512 |  | 371993 |
|  TE Connectivity plc | 2340 |  | 532373 |
|  UBS Group AG (Registered) | 61793 |  | 2883309 |
|  VAT Group AG (m) | 542 |  | 264055 |
|  Zurich Insurance Group AG | 2848 |  | 2163775 |
|  |  |  | 25776961 |

---

See Notes to Financial Statements.

714

------

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Taiwan (4.5%)** | **Taiwan (4.5%)** | **Taiwan (4.5%)** |
|  Alchip Technologies Ltd. | 27000 | $3016184 |
|  ASE Technology Holding Co. Ltd. | 368000 | 2933881 |
|  Chailease Holding Co. Ltd. | 293020 | 983868 |
|  Delta Electronics, Inc. | 70000 | 2145415 |
|  Hon Hai Precision Industry Co. Ltd. | 558000 | 4093474 |
|  MediaTek, Inc. | 64000 | 2912748 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 1153133 | 56885032 |
|  Unimicron Technology Corp. | 364000 | 2548654 |
|  Wiwynn Corp. | 25127 | 3586658 |
|  |  | 79105914 |
|  **United Kingdom (2.6%)** | **United Kingdom (2.6%)** | **United Kingdom (2.6%)** |
|  3i Group plc | 19143 | 841978 |
|  Admiral Group plc | 5042 | 215852 |
|  Ashtead Group plc | 8154 | 559012 |
|  Associated British Foods plc | 6158 | 176555 |
|  AstraZeneca plc | 30251 | 5623126 |
|  Auto Trader Group plc (m) | 16770 | 132556 |
|  Aviva plc | 59048 | 544740 |
|  BAE Systems plc | 58492 | 1351391 |
|  Barclays plc | 272010 | 1745099 |
|  Barratt Redrow plc | 27754 | 142573 |
|  British American Tobacco plc | 42222 | 2398320 |
|  BT Group plc | 118600 | 294235 |
|  Bunzl plc | 6309 | 176547 |
|  Centrica plc | 97819 | 223560 |
|  CK Hutchison Holdings Ltd. | 53264 | 362384 |
|  Coca-Cola Europacific Partners plc | 3982 | 361167 |
|  Compass Group plc | 32629 | 1039741 |
|  DCC plc (x) | 1835 | 114522 |
|  Diageo plc | 44077 | 952697 |
|  Entain plc | 11649 | 120374 |
|  Halma plc | 7502 | 357774 |
|  Hikma Pharmaceuticals plc | 3590 | 75007 |
|  HSBC Holdings plc | 335805 | 5313186 |
|  Imperial Brands plc | 14759 | 620506 |
|  Informa plc | 24588 | 292988 |
|  InterContinental Hotels Group plc | 2779 | 391827 |
|  International Consolidated Airlines Group SA | 23424 | 130730 |
|  Intertek Group plc | 3254 | 202907 |
|  J Sainsbury plc | 34539 | 151310 |
|  JD Sports Fashion plc | 51464 | 58591 |
|  Kingfisher plc | 34827 | 146797 |
|  Land Securities Group plc (REIT) | 14674 | 123030 |
|  Legal & General Group plc | 112072 | 395646 |
|  Lloyds Banking Group plc | 1154163 | 1528373 |
|  London Stock Exchange Group plc | 9081 | 1095790 |
|  M&G plc | 47013 | 181495 |
|  Marks & Spencer Group plc | 38997 | 173468 |
|  Melrose Industries plc | 24342 | 193065 |
|  National Grid plc | 97091 | 1493925 |
|  NatWest Group plc | 156796 | 1377600 |
|  Next plc | 2352 | 433708 |
|  Pearson plc | 11217 | 158759 |
|  Phoenix Group Holdings plc | 14545 | 144496 |
|  Reckitt Benckiser Group plc | 13136 | 1062754 |
|  RELX plc | 35487 | 1444608 |
|  Rentokil Initial plc | 51438 | 310278 |
|  Rolls-Royce Holdings plc | 164069 | 2543303 |
|  Sage Group plc (The) | 18628 | 271937 |
|  Schroders plc | 14730 | 80811 |
|  Segro plc (REIT) | 26711 | 259381 |
|  Severn Trent plc | 5097 | 191618 |
|  Smith & Nephew plc | 16403 | 273838 |
|  Smiths Group plc | 6162 | 195359 |
|  Spirax Group plc | 1403 | 128978 |
|  SSE plc | 23080 | 677902 |
|  Standard Chartered plc | 37850 | 929583 |
|  Tesco plc | 130036 | 774396 |
|  Unilever plc | 42464 | 2781546 |
|  United Utilities Group plc | 13789 | 221927 |
|  Vodafone Group plc | 372431 | 496396 |
|  Whitbread plc | 3531 | 121370 |
|  Wise plc, Class A\* | 12515 | 150308 |
|  |  | 45333700 |
|  **United States (39.0%)** | **United States (39.0%)** | **United States (39.0%)** |
|  3M Co. | 4255 | 681225 |
|  A.O. Smith Corp. | 934 | 62466 |
|  Abbott Laboratories | 13754 | 1723239 |
|  AbbVie, Inc. | 14023 | 3204115 |
|  Accenture plc, Class A | 4905 | 1316011 |
|  Adobe, Inc.\* | 3321 | 1162317 |
|  Advanced Micro Devices, Inc.\* | 12898 | 2762236 |
|  Aegon Ltd. | 24049 | 187662 |
|  AES Corp. (The) | 5295 | 75930 |
|  Aflac, Inc. | 3740 | 412410 |
|  Agilent Technologies, Inc. | 2259 | 307382 |
|  Air Products and Chemicals, Inc. | 1778 | 439202 |
|  Airbnb, Inc., Class A\* | 3322 | 450862 |
|  Akamai Technologies, Inc.\* | 1119 | 97633 |
|  Albemarle Corp. | 908 | 128428 |
|  Alcon AG | 9654 | 771247 |
|  Alexandria Real Estate Equities, Inc. (REIT) | 1253 | 61322 |
|  Align Technology, Inc.\* | 507 | 79168 |
|  Allegion plc | 656 | 104448 |
|  Alliant Energy Corp. | 2097 | 136326 |
|  Allstate Corp. (The) | 2105 | 438156 |
|  Alphabet, Inc., Class C | 36894 | 11577337 |
|  Alphabet, Inc., Class A | 146205 | 45762165 |
|  Altria Group, Inc. | 13421 | 773855 |
|  Amazon.com, Inc.\* | 108361 | 25011886 |
|  Amcor plc | 18408 | 153523 |
|  Ameren Corp. | 2194 | 219093 |
|  American Electric Power Co., Inc. | 4273 | 492720 |
|  American Express Co. | 4263 | 1577097 |
|  American International Group, Inc. | 4211 | 360251 |
|  American Tower Corp. (REIT) | 3741 | 656807 |
|  American Water Works Co., Inc. | 1588 | 207234 |
|  Ameriprise Financial, Inc. | 724 | 355006 |
|  AMETEK, Inc. | 1823 | 374280 |
|  Amgen, Inc. | 4258 | 1393686 |
|  Amphenol Corp., Class A | 9754 | 1318156 |
|  Analog Devices, Inc. | 29681 | 8049487 |
|  Aon plc, Class A | 1723 | 608012 |
|  AP Moller - Maersk A/S, Class A (x) | 48 | 110566 |
|  AP Moller - Maersk A/S, Class B (x) | 77 | 177367 |
|  APA Corp. | 2671 | 65333 |

---

See Notes to Financial Statements.

715

------

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Apollo Global Management, Inc. | 3715 | $537783 |
|  Apple, Inc. | 117237 | 31872051 |
|  Applied Materials, Inc. | 6321 | 1624434 |
|  AppLovin Corp., Class A\* | 2142 | 1443322 |
|  Aptiv plc\* | 1827 | 139016 |
|  Arch Capital Group Ltd.\* | 2827 | 271166 |
|  Archer-Daniels-Midland Co. | 3819 | 219554 |
|  Ares Management Corp., Class A | 1638 | 264750 |
|  Arista Networks, Inc.\* | 8234 | 1078901 |
|  ARM Holdings plc (ADR)\* | 14547 | 1590133 |
|  Arthur J Gallagher & Co. | 2048 | 530002 |
|  Assurant, Inc. | 424 | 102120 |
|  AT&T, Inc. | 56248 | 1397200 |
|  Atmos Energy Corp. | 1303 | 218422 |
|  Autodesk, Inc.\* | 1703 | 504105 |
|  Automatic Data Processing, Inc. | 3183 | 818763 |
|  AutoZone, Inc.\* | 132 | 447678 |
|  AvalonBay Communities, Inc. (REIT) | 1155 | 209413 |
|  Avery Dennison Corp. | 638 | 116039 |
|  Axon Enterprise, Inc.\* | 625 | 354956 |
|  Baker Hughes Co. | 7840 | 357034 |
|  Ball Corp. | 2048 | 108483 |
|  Bank of America Corp. | 53304 | 2931720 |
|  Bank of New York Mellon Corp. (The) | 5469 | 634896 |
|  Baxter International, Inc. | 3801 | 72637 |
|  Becton Dickinson & Co. | 2290 | 444420 |
|  Berkshire Hathaway, Inc., Class A\* | 1 | 754800 |
|  Berkshire Hathaway, Inc., Class B\* | 14549 | 7313055 |
|  Best Buy Co., Inc. | 1636 | 109497 |
|  Biogen, Inc.\* | 1141 | 200805 |
|  Bio-Techne Corp. | 1215 | 71454 |
|  BlackRock, Inc.‡ | 1151 | 1231962 |
|  Blackstone, Inc. | 5889 | 907730 |
|  Block, Inc., Class A\* | 4261 | 277348 |
|  Boeing Co. (The)\* | 6224 | 1351355 |
|  Booking Holdings, Inc. | 255 | 1365609 |
|  Boston Scientific Corp.\* | 50280 | 4794198 |
|  BP plc | 307112 | 1791669 |
|  Bristol-Myers Squibb Co. | 16261 | 877118 |
|  Broadcom, Inc. | 61657 | 21339488 |
|  Broadridge Financial Solutions, Inc. | 957 | 213574 |
|  Brown & Brown, Inc. | 2410 | 192077 |
|  Brown-Forman Corp., Class B | 1502 | 39142 |
|  Builders FirstSource, Inc.\* | 892 | 91778 |
|  Bunge Global SA | 1103 | 98255 |
|  Buzzi SpA | 1400 | 85555 |
|  BXP, Inc. (REIT) | 1210 | 81651 |
|  Cadence Design Systems, Inc.\* | 6446 | 2014891 |
|  Camden Property Trust (REIT) | 811 | 89275 |
|  Campbell's Co. (The) (x) | 1625 | 45289 |
|  Capital One Financial Corp. | 5028 | 1218586 |
|  Cardinal Health, Inc. | 1904 | 391272 |
|  Carnival Corp.\* | 8805 | 268905 |
|  Carrier Global Corp. | 6224 | 328876 |
|  Carvana Co.\* | 1122 | 473506 |
|  Caterpillar, Inc. | 3710 | 2125348 |
|  Cboe Global Markets, Inc. | 817 | 205067 |
|  CBRE Group, Inc., Class A\* | 2338 | 375927 |
|  CDW Corp. | 1067 | 145325 |
|  Cencora, Inc. | 1549 | 523175 |
|  Centene Corp.\* | 3683 | 151555 |
|  CenterPoint Energy, Inc. | 5179 | 198563 |
|  CF Industries Holdings, Inc. | 1211 | 93659 |
|  CH Robinson Worldwide, Inc. | 943 | 151597 |
|  Charles River Laboratories<br>International, Inc.\* | 368 | 73409 |
|  Charles Schwab Corp. (The) | 13252 | 1324007 |
|  Charter Communications, Inc., Class A\* | 678 | 141532 |
|  Chevron Corp. | 15017 | 2288741 |
|  Chipotle Mexican Grill, Inc.\* | 10395 | 384615 |
|  Chubb Ltd. | 2899 | 904836 |
|  Church & Dwight Co., Inc. | 1917 | 160740 |
|  Cigna Group (The) | 2133 | 587066 |
|  Cincinnati Financial Corp. | 1260 | 205783 |
|  Cintas Corp. | 2737 | 514748 |
|  Cisco Systems, Inc. | 31266 | 2408420 |
|  Citigroup, Inc. | 14197 | 1656648 |
|  Citizens Financial Group, Inc. | 3471 | 202741 |
|  Clorox Co. (The) | 1036 | 104460 |
|  CME Group, Inc. | 2879 | 786197 |
|  CMS Energy Corp. | 2380 | 166433 |
|  Coca-Cola Co. (The) | 30670 | 2144140 |
|  Cognizant Technology Solutions Corp., Class A | 3826 | 317558 |
|  Coinbase Global, Inc., Class A\* | 1801 | 407278 |
|  Colgate-Palmolive Co. | 6408 | 506360 |
|  Comcast Corp., Class A | 28734 | 858859 |
|  Comfort Systems USA, Inc. | 279 | 260388 |
|  Conagra Brands, Inc. | 3540 | 61277 |
|  ConocoPhillips | 9772 | 914757 |
|  Consolidated Edison, Inc. | 2855 | 283559 |
|  Constellation Brands, Inc., Class A | 1076 | 148445 |
|  Constellation Energy Corp. | 2457 | 867984 |
|  Cooper Cos., Inc. (The)\* | 1513 | 124005 |
|  Copart, Inc.\* | 7176 | 280940 |
|  Corning, Inc. | 6192 | 542172 |
|  Corpay, Inc.\* | 579 | 174238 |
|  Corteva, Inc. | 5244 | 351505 |
|  CoStar Group, Inc.\* | 3456 | 232381 |
|  Costco Wholesale Corp. | 3516 | 3031987 |
|  Coterra Energy, Inc. | 5998 | 157867 |
|  CRH plc | 5318 | 663686 |
|  Crowdstrike Holdings, Inc., Class A\* | 1991 | 933301 |
|  Crown Castle, Inc. (REIT) | 3416 | 303580 |
|  CSX Corp. | 14894 | 539907 |
|  Cummins, Inc. | 1101 | 562005 |
|  CVS Health Corp. | 10133 | 804155 |
|  CyberArk Software Ltd.\* | 973 | 434016 |
|  Danaher Corp. | 4988 | 1141853 |
|  Darden Restaurants, Inc. | 945 | 173899 |
|  Datadog, Inc., Class A\* | 2625 | 356974 |
|  DaVita, Inc.\* | 248 | 28175 |
|  Dayforce, Inc.\* | 1368 | 94611 |
|  Deckers Outdoor Corp.\* | 1192 | 123575 |
|  Deere & Co. | 1983 | 923225 |
|  Dell Technologies, Inc., Class C | 2385 | 300224 |
|  Delta Air Lines, Inc. | 5204 | 361158 |
|  Devon Energy Corp. | 4990 | 182784 |
|  Dexcom, Inc.\* | 2994 | 198712 |
|  Diamondback Energy, Inc. | 1509 | 226848 |
|  Digital Realty Trust, Inc. (REIT) | 2530 | 391416 |
|  Dollar General Corp. | 1761 | 233808 |

---

See Notes to Financial Statements.

716

------

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Dollar Tree, Inc.\* | 1488 | $183039 |
|  Dominion Energy, Inc. | 6696 | 392319 |
|  Domino's Pizza, Inc. | 248 | 103371 |
|  DoorDash, Inc., Class A\* | 2957 | 669701 |
|  Dover Corp. | 1091 | 213007 |
|  Dow, Inc. | 5365 | 125434 |
|  DR Horton, Inc. | 2207 | 317874 |
|  DTE Energy Co. | 1691 | 218105 |
|  Duke Energy Corp. | 6212 | 728109 |
|  DuPont de Nemours, Inc. | 3428 | 137806 |
|  Eaton Corp. plc | 3068 | 977189 |
|  eBay, Inc. | 3515 | 306157 |
|  Ecolab, Inc. | 7806 | 2049231 |
|  Edison International | 3085 | 185162 |
|  Edwards Lifesciences Corp.\* | 4523 | 385586 |
|  Electronic Arts, Inc. | 1807 | 369224 |
|  Elevance Health, Inc. | 1745 | 611710 |
|  Eli Lilly & Co. | 14239 | 15302369 |
|  EMCOR Group, Inc. | 345 | 211068 |
|  Emerson Electric Co. | 4496 | 596709 |
|  Entergy Corp. | 3556 | 328681 |
|  EOG Resources, Inc. | 4362 | 458054 |
|  EPAM Systems, Inc.\* | 414 | 84820 |
|  EQT Corp. | 4986 | 267250 |
|  Equifax, Inc. | 11076 | 2403270 |
|  Equinix, Inc. (REIT) | 782 | 599137 |
|  Equity Residential (REIT) | 2726 | 171847 |
|  Erie Indemnity Co., Class A | 205 | 58763 |
|  Essex Property Trust, Inc. (REIT) | 522 | 136597 |
|  Estee Lauder Cos., Inc. (The), Class A | 1933 | 202424 |
|  Everest Group Ltd. | 318 | 107913 |
|  Evergy, Inc. | 1911 | 138528 |
|  Eversource Energy | 2949 | 198556 |
|  Exelon Corp. | 7954 | 346715 |
|  Expand Energy Corp. | 1855 | 204718 |
|  Expedia Group, Inc. | 944 | 267445 |
|  Expeditors International of Washington, Inc. | 1066 | 158845 |
|  Experian plc | 18162 | 823312 |
|  Extra Space Storage, Inc. (REIT) | 1734 | 225801 |
|  Exxon Mobil Corp. | 33459 | 4026456 |
|  F5, Inc.\* | 465 | 118696 |
|  FactSet Research Systems, Inc. | 321 | 93151 |
|  Fair Isaac Corp.\* | 189 | 319527 |
|  Fastenal Co. | 9169 | 367952 |
|  Federal Realty Investment Trust (REIT) | 575 | 57960 |
|  FedEx Corp. | 1716 | 495684 |
|  Ferrovial SE | 9911 | 644568 |
|  Fidelity National Information Services, Inc. | 4200 | 279132 |
|  Fifth Third Bancorp | 5142 | 240697 |
|  First Solar, Inc.\* | 829 | 216560 |
|  FirstEnergy Corp. | 4229 | 189332 |
|  Fiserv, Inc.\* | 4166 | 279830 |
|  Ford Motor Co. | 30912 | 405565 |
|  Fortinet, Inc.\* | 5013 | 398082 |
|  Fortive Corp. | 2607 | 143932 |
|  Fox Corp., Class A | 1716 | 125388 |
|  Fox Corp., Class B | 1150 | 74670 |
|  Franklin Resources, Inc. | 2286 | 54613 |
|  Freeport-McMoRan, Inc. | 11470 | 582561 |
|  Garmin Ltd. | 1279 | 259445 |
|  Gartner, Inc.\* | 549 | 138502 |
|  GE Aerospace | 8369 | 2577903 |
|  GE HealthCare Technologies, Inc. | 3588 | 294288 |
|  GE Vernova, Inc. | 2146 | 1402561 |
|  Gen Digital, Inc. | 4225 | 114878 |
|  Generac Holdings, Inc.\* | 483 | 65867 |
|  General Dynamics Corp. | 2017 | 679043 |
|  General Mills, Inc. | 4205 | 195533 |
|  General Motors Co. | 7369 | 599247 |
|  Genuine Parts Co. | 1134 | 139437 |
|  Gilead Sciences, Inc. | 9913 | 1216722 |
|  Global Payments, Inc. | 1879 | 145435 |
|  Globe Life, Inc. | 638 | 89231 |
|  GoDaddy, Inc., Class A\* | 1085 | 134627 |
|  Goldman Sachs Group, Inc. (The) | 2380 | 2092020 |
|  GSK plc | 79417 | 1953130 |
|  Haleon plc | 173854 | 878331 |
|  Halliburton Co. | 6789 | 191857 |
|  Hartford Insurance Group, Inc. (The) | 2232 | 307570 |
|  Hasbro, Inc. | 1051 | 86182 |
|  HCA Healthcare, Inc. | 1267 | 591512 |
|  Healthpeak Properties, Inc. (REIT) | 5459 | 87781 |
|  Henry Schein, Inc.\* | 768 | 58045 |
|  Hershey Co. (The) | 1189 | 216374 |
|  Hewlett Packard Enterprise Co. | 10329 | 248103 |
|  Hilton Worldwide Holdings, Inc. | 1830 | 525668 |
|  Holcim AG | 9873 | 969227 |
|  Hologic, Inc.\* | 1830 | 136317 |
|  Home Depot, Inc. (The) | 7894 | 2716325 |
|  Honeywell International, Inc. | 5072 | 989496 |
|  Hormel Foods Corp. | 2437 | 57757 |
|  Host Hotels & Resorts, Inc. (REIT) | 4946 | 87693 |
|  Howmet Aerospace, Inc. | 3221 | 660369 |
|  HP, Inc. | 7396 | 164783 |
|  Hubbell, Inc., Class B | 418 | 185638 |
|  Humana, Inc. | 935 | 239482 |
|  Huntington Bancshares, Inc. | 12193 | 211549 |
|  Huntington Ingalls Industries, Inc. | 296 | 100661 |
|  IDEX Corp. | 623 | 110857 |
|  IDEXX Laboratories, Inc.\* | 2652 | 1794158 |
|  Illinois Tool Works, Inc. | 2111 | 519939 |
|  Incyte Corp.\* | 1348 | 133142 |
|  Ingersoll Rand, Inc. | 2801 | 221895 |
|  Insulet Corp.\* | 554 | 157469 |
|  Intel Corp.\* | 35575 | 1312717 |
|  Interactive Brokers Group, Inc., Class A | 3626 | 233188 |
|  Intercontinental Exchange, Inc. | 4486 | 726553 |
|  International Business Machines Corp. | 7442 | 2204395 |
|  International Flavors & Fragrances, Inc. | 1976 | 133163 |
|  International Paper Co. | 4233 | 166738 |
|  Intuit, Inc. | 13392 | 8871129 |
|  Intuitive Surgical, Inc.\* | 10188 | 5770076 |
|  Invesco Ltd. | 3778 | 99248 |
|  Invitation Homes, Inc. (REIT) | 4692 | 130391 |
|  IQVIA Holdings, Inc.\* | 7605 | 1714243 |
|  Iron Mountain, Inc. (REIT) | 2395 | 198665 |

---

See Notes to Financial Statements.

717

------

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  J M Smucker Co. (The) | 809 | $79128 |
|  Jabil, Inc. | 861 | 196325 |
|  Jack Henry & Associates, Inc. | 567 | 103466 |
|  Jacobs Solutions, Inc. | 982 | 130076 |
|  JB Hunt Transport Services, Inc. | 632 | 122823 |
|  Johnson & Johnson | 19116 | 3956056 |
|  Johnson Controls International plc | 4849 | 580668 |
|  JPMorgan Chase & Co. | 21599 | 6959630 |
|  Kenvue, Inc. | 14856 | 256266 |
|  Keurig Dr Pepper, Inc. | 10689 | 299399 |
|  KeyCorp | 7379 | 152303 |
|  Keysight Technologies, Inc.\* | 1342 | 272681 |
|  Kimberly-Clark Corp. | 2581 | 260397 |
|  Kimco Realty Corp. (REIT) | 5627 | 114059 |
|  Kinder Morgan, Inc. | 15465 | 425133 |
|  KKR & Co., Inc. | 5481 | 698718 |
|  KLA Corp. | 1038 | 1261253 |
|  Kraft Heinz Co. (The) | 7041 | 170744 |
|  Kroger Co. (The) | 4940 | 308651 |
|  L3Harris Technologies, Inc. | 1495 | 438887 |
|  Labcorp Holdings, Inc. | 645 | 161818 |
|  Lam Research Corp. | 64349 | 11015262 |
|  Lamb Weston Holdings, Inc. | 1025 | 42937 |
|  Las Vegas Sands Corp. | 10549 | 686634 |
|  Leidos Holdings, Inc. | 981 | 176972 |
|  Lennar Corp., Class A | 1688 | 173526 |
|  Lennox International, Inc. | 262 | 127222 |
|  Linde plc | 5497 | 2343866 |
|  Live Nation Entertainment, Inc.\* | 1272 | 181260 |
|  Lockheed Martin Corp. | 1600 | 773872 |
|  Loews Corp. | 1286 | 135429 |
|  Lowe's Cos., Inc. | 4477 | 1079673 |
|  Lululemon Athletica, Inc.\* | 833 | 173106 |
|  LyondellBasell Industries NV, Class A | 2098 | 90843 |
|  M&T Bank Corp. | 1191 | 239963 |
|  Marathon Petroleum Corp. | 2354 | 382831 |
|  Marriott International, Inc., Class A | 11307 | 3507884 |
|  Marsh & McLennan Cos., Inc. | 3853 | 714809 |
|  Martin Marietta Materials, Inc. | 481 | 299499 |
|  Marvell Technology, Inc. | 40276 | 3422654 |
|  Masco Corp. | 1653 | 104899 |
|  Mastercard, Inc., Class A | 10914 | 6230584 |
|  Match Group, Inc. | 1914 | 61803 |
|  McCormick & Co., Inc. (Non-Voting) | 1939 | 132065 |
|  McDonald's Corp. | 5640 | 1723753 |
|  McKesson Corp. | 970 | 795681 |
|  Medtronic plc | 10236 | 983270 |
|  Merck & Co., Inc. | 19693 | 2072885 |
|  Meta Platforms, Inc., Class A | 41589 | 27452483 |
|  MetLife, Inc. | 4351 | 343468 |
|  Mettler-Toledo International, Inc.\* | 158 | 220282 |
|  MGM Resorts International\* | 1574 | 57435 |
|  Microchip Technology, Inc. | 4364 | 278074 |
|  Micron Technology, Inc. | 8882 | 2535012 |
|  Microsoft Corp. | 75023 | 36282623 |
|  Mid-America Apartment Communities, Inc. (REIT) | 970 | 134743 |
|  Moderna, Inc.\* | 2736 | 80685 |
|  Molina Healthcare, Inc.\* | 378 | 65598 |
|  Molson Coors Beverage Co., Class B | 1269 | 59237 |
|  Monday.com Ltd.\* | 704 | 103882 |
|  Mondelez International, Inc., Class A | 10337 | 556441 |
|  Monolithic Power Systems, Inc. | 375 | 339885 |
|  Monster Beverage Corp.\* | 5606 | 429812 |
|  Moody's Corp. | 1231 | 628856 |
|  Morgan Stanley | 9582 | 1701092 |
|  Mosaic Co. (The) | 2383 | 57406 |
|  Motorola Solutions, Inc. | 1331 | 510199 |
|  MSCI, Inc. | 584 | 335058 |
|  Nasdaq, Inc. | 3570 | 346754 |
|  Nestle SA (Registered) | 50198 | 4990015 |
|  NetApp, Inc. | 1605 | 171879 |
|  Netflix, Inc.\* | 62548 | 5864500 |
|  Newmont Corp. | 8581 | 856813 |
|  News Corp., Class A | 3183 | 83140 |
|  News Corp., Class B | 1004 | 29748 |
|  NextEra Energy, Inc. | 16452 | 1320767 |
|  NIKE, Inc., Class B | 9491 | 604672 |
|  NiSource, Inc. | 3746 | 156433 |
|  Nordson Corp. | 409 | 98336 |
|  Norfolk Southern Corp. | 1782 | 514499 |
|  Northern Trust Corp. | 1517 | 207207 |
|  Northrop Grumman Corp. | 1075 | 612976 |
|  Norwegian Cruise Line Holdings Ltd.\* | 3497 | 78053 |
|  Novartis AG (Registered) | 37108 | 5134499 |
|  NRG Energy, Inc. | 1551 | 246981 |
|  Nucor Corp. | 1792 | 292293 |
|  NVIDIA Corp. | 268634 | 50100241 |
|  NVR, Inc.\* | 22 | 160441 |
|  Occidental Petroleum Corp. | 5831 | 239771 |
|  Old Dominion Freight Line, Inc. | 1501 | 235357 |
|  Omnicom Group, Inc. | 2581 | 208416 |
|  ON Semiconductor Corp.\* | 3271 | 177125 |
|  ONEOK, Inc. | 4907 | 360665 |
|  Oracle Corp. (Moscow Stock Exchange) | 13345 | 2601074 |
|  O'Reilly Automotive, Inc.\* | 6633 | 604996 |
|  Otis Worldwide Corp. | 3082 | 269213 |
|  PACCAR, Inc. | 4195 | 459394 |
|  Packaging Corp. of America | 730 | 150548 |
|  Palantir Technologies, Inc., Class A\* | 18093 | 3216031 |
|  Palo Alto Networks, Inc.\* | 5441 | 1002232 |
|  Paramount Skydance Corp., Class B (x) | 2047 | 27430 |
|  Parker-Hannifin Corp. | 999 | 878081 |
|  Paychex, Inc. | 2629 | 294921 |
|  Paycom Software, Inc. | 418 | 66612 |
|  PayPal Holdings, Inc. | 7346 | 428859 |
|  Pentair plc | 1368 | 142464 |
|  PepsiCo, Inc. | 10809 | 1551308 |
|  Pfizer, Inc. | 45422 | 1131008 |
|  PG&E Corp. | 17170 | 275922 |
|  Phathom Pharmaceuticals, Inc. (x)\* | 55750 | 924893 |
|  Philip Morris International, Inc. | 12313 | 1975005 |
|  Phillips 66 | 3207 | 413831 |
|  Pinnacle West Capital Corp. | 922 | 81781 |
|  PNC Financial Services Group, Inc. (The) | 3146 | 656665 |

---

See Notes to Financial Statements.

718

------

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Pool Corp. | 270 | $61762 |
|  PPG Industries, Inc. | 1827 | 187194 |
|  PPL Corp. | 5985 | 209595 |
|  Principal Financial Group, Inc. | 1542 | 136020 |
|  Procter & Gamble Co. (The) | 18540 | 2656967 |
|  Progressive Corp. (The) | 4683 | 1066413 |
|  Prologis, Inc. (REIT) | 7414 | 946471 |
|  Prudential Financial, Inc. | 2754 | 310872 |
|  PTC, Inc.\* | 975 | 169855 |
|  Public Service Enterprise Group, Inc. | 3903 | 313411 |
|  Public Storage (REIT) | 1243 | 322559 |
|  PulteGroup, Inc. | 1582 | 185505 |
|  QIAGEN NV | 4104 | 187398 |
|  Qnity Electronics, Inc. | 1714 | 139948 |
|  QUALCOMM, Inc. | 8497 | 1453412 |
|  Quanta Services, Inc. | 1190 | 502251 |
|  Quest Diagnostics, Inc. | 898 | 155830 |
|  Ralph Lauren Corp. | 299 | 105729 |
|  Raymond James Financial, Inc. | 1387 | 222738 |
|  Realty Income Corp. (REIT) | 7304 | 411726 |
|  Regency Centers Corp. (REIT) | 1239 | 85528 |
|  Regeneron Pharmaceuticals, Inc. | 795 | 613637 |
|  Regions Financial Corp. | 7165 | 194171 |
|  Republic Services, Inc. | 1608 | 340783 |
|  ResMed, Inc. | 1148 | 276519 |
|  Revvity, Inc. | 939 | 90848 |
|  Robinhood Markets, Inc., Class A\* | 6183 | 699297 |
|  Roche Holding AG (BMV Mexico Stock Exchange) | 13708 | 5679795 |
|  Roche Holding AG (OTC US Exchange) | 621 | 262794 |
|  Rockwell Automation, Inc. | 885 | 344327 |
|  Rollins, Inc. | 2227 | 133665 |
|  Roper Technologies, Inc. | 858 | 381922 |
|  Ross Stores, Inc. | 2613 | 470706 |
|  Royal Caribbean Cruises Ltd. | 2018 | 562861 |
|  RTX Corp. | 10617 | 1947158 |
|  S&P Global, Inc. | 22534 | 11776043 |
|  Salesforce, Inc. | 7553 | 2000865 |
|  Sandisk Corp.\* | 1102 | 261593 |
|  Sanofi SA | 21529 | 2092889 |
|  SBA Communications Corp. (REIT) | 855 | 165383 |
|  Schneider Electric SE | 10680 | 2948262 |
|  Seagate Technology Holdings plc | 1725 | 475048 |
|  Sempra | 5213 | 460256 |
|  ServiceNow, Inc.\* | 16485 | 2525337 |
|  Shell plc | 113260 | 4183126 |
|  Sherwin-Williams Co. (The) | 1810 | 586494 |
|  Simon Property Group, Inc. (REIT) | 2608 | 482767 |
|  Skyworks Solutions, Inc. | 1143 | 72478 |
|  SLB Ltd. | 11919 | 457451 |
|  Smurfit WestRock plc | 4212 | 162878 |
|  Snap-on, Inc. | 429 | 147833 |
|  Solventum Corp.\* | 1249 | 98971 |
|  Southern Co. (The) | 8788 | 766314 |
|  Southwest Airlines Co. | 4153 | 171643 |
|  Spotify Technology SA\* | 6634 | 3852430 |
|  Stanley Black & Decker, Inc. | 1289 | 95747 |
|  Starbucks Corp. | 9081 | 764711 |
|  State Street Corp. | 2205 | 284467 |
|  Steel Dynamics, Inc. | 1071 | 181481 |
|  Stellantis NV | 40517 | 450491 |
|  STERIS plc | 792 | 200788 |
|  Stryker Corp. | 5832 | 2049773 |
|  Super Micro Computer, Inc. (x)\* | 3852 | 112748 |
|  Swiss Re AG | 5918 | 992559 |
|  Synchrony Financial | 2786 | 232436 |
|  Synopsys, Inc.\* | 1478 | 694246 |
|  Sysco Corp. | 3796 | 279727 |
| T. Rowe Price Group, Inc. | 1768 | 181008 |
|  Take-Two Interactive Software, Inc.\* | 1359 | 347945 |
|  Tapestry, Inc. | 1609 | 205582 |
|  Targa Resources Corp. | 1684 | 310698 |
|  Target Corp. | 3630 | 354832 |
|  Teledyne Technologies, Inc.\* | 366 | 186927 |
|  Tenaris SA | 6997 | 135760 |
|  Teradyne, Inc. | 1202 | 232659 |
|  Tesla, Inc.\* | 22294 | 10026058 |
|  Texas Instruments, Inc. | 7185 | 1246526 |
|  Texas Pacific Land Corp. | 471 | 135281 |
|  Textron, Inc. | 1349 | 117592 |
|  Thermo Fisher Scientific, Inc. | 9569 | 5544757 |
|  TJX Cos., Inc. (The) | 22313 | 3427500 |
|  TKO Group Holdings, Inc., Class A | 537 | 112233 |
|  T-Mobile US, Inc. | 3795 | 770537 |
|  Tractor Supply Co. | 4083 | 204191 |
|  Trade Desk, Inc. (The), Class A\* | 3517 | 133505 |
|  Trane Technologies plc | 1742 | 677986 |
|  TransDigm Group, Inc. | 450 | 598432 |
|  Travelers Cos., Inc. (The) | 1788 | 518627 |
|  Trimble, Inc.\* | 1952 | 152939 |
|  Truist Financial Corp. | 10072 | 495643 |
|  Tyler Technologies, Inc.\* | 340 | 154343 |
|  Tyson Foods, Inc., Class A | 2240 | 131309 |
|  Uber Technologies, Inc.\* | 16424 | 1342005 |
|  UDR, Inc. (REIT) | 2550 | 93534 |
|  Ulta Beauty, Inc.\* | 348 | 210543 |
|  Union Pacific Corp. | 4680 | 1082578 |
|  United Airlines Holdings, Inc.\* | 2522 | 282010 |
|  United Parcel Service, Inc., Class B | 5880 | 583237 |
|  United Rentals, Inc. | 496 | 401423 |
|  UnitedHealth Group, Inc. | 7178 | 2369530 |
|  Universal Health Services, Inc., Class B | 436 | 95057 |
|  US Bancorp | 12432 | 663372 |
|  Valero Energy Corp. | 2395 | 389882 |
|  Ventas, Inc. (REIT) | 3680 | 284758 |
|  Veralto Corp. | 1973 | 196866 |
|  VeriSign, Inc. | 684 | 166178 |
|  Verisk Analytics, Inc. | 1116 | 249638 |
|  Verizon Communications, Inc. | 33344 | 1358101 |
|  Vertex Pharmaceuticals, Inc.\* | 2005 | 908987 |
|  Viatris, Inc. | 9449 | 117640 |
|  VICI Properties, Inc. (REIT), Class A | 8688 | 244307 |
|  Visa, Inc., Class A | 37066 | 12999417 |
|  Vistra Corp. | 2535 | 408972 |
|  Vulcan Materials Co. | 1027 | 292921 |
|  W.R. Berkley Corp. | 2317 | 162468 |
|  W.W. Grainger, Inc. | 352 | 355186 |
|  Walmart, Inc. | 34792 | 3876177 |
|  Walt Disney Co. (The) | 14165 | 1611552 |
|  Warner Bros Discovery, Inc.\* | 19754 | 569310 |
|  Waste Management, Inc. | 2961 | 650561 |

---

See Notes to Financial Statements.

719

------

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Waters Corp.\* | 474 | $180039 |
|  WEC Energy Group, Inc. | 2615 | 275778 |
|  Wells Fargo & Co. | 24906 | 2321239 |
|  Welltower, Inc. (REIT) | 5445 | 1010646 |
|  West Pharmaceutical Services, Inc. | 578 | 159031 |
|  Western Digital Corp. | 2686 | 462717 |
|  Westinghouse Air Brake Technologies Corp. | 1337 | 285383 |
|  Weyerhaeuser Co. (REIT) | 5470 | 129584 |
|  Williams Cos., Inc. (The) | 9756 | 586433 |
|  Williams-Sonoma, Inc. | 945 | 168768 |
|  Willis Towers Watson plc | 762 | 250393 |
|  Workday, Inc., Class A\* | 1694 | 363837 |
|  Wynn Resorts Ltd. | 645 | 77613 |
|  Xcel Energy, Inc. | 4725 | 348988 |
|  Xylem, Inc. | 1904 | 259287 |
|  Yum! Brands, Inc. | 2190 | 331303 |
|  Zebra Technologies Corp., Class A\* | 375 | 91057 |
|  Zimmer Biomet Holdings, Inc. | 1547 | 139106 |
|  Zoetis, Inc. | 3426 | 431059 |
|  |  | 678500351 |
|  **Total Common Stocks (80.7%)** <br>(Cost $535,824,052) |  | 1402122856 |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: |
|  **Taiwan (0.0%)†** | **Taiwan (0.0%)†** | **Taiwan (0.0%)†** |
|  Unimicron Technology Corp., expiring 1/5/26\* <br>(*Cost $—*) | 8367 | 27694 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (5.4%)** | **Investment Companies (5.4%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 9979492 | 9979492 |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 82846759 | 82879898 |
|  Morgan Stanley Institutional Liquidity Fund - Government Portfolio 3.69% (7 day yield) (xx) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 93859390 |
|  **Total Short-Term Investments (5.4%)** *(Cost $93,850,358)* | **Total Short-Term Investments (5.4%)** *(Cost $93,850,358)* | 93859390 |
|  **Total Investments in Securities (86.1%)**<br> *(Cost $629,674,410)* | **Total Investments in Securities (86.1%)**<br> *(Cost $629,674,410)* | 1496009940 |
|  **Other Assets Less Liabilities (13.9%)** | **Other Assets Less Liabilities (13.9%)** | 241344953 |
|  **Net Assets (100%)** |  | $1737354893 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $22,312,122 or 1.3% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $21,730,812. This was collateralized by $11,803,979 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/13/26 – 8/15/55 and by cash of $10,979,492 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*AUD* *— Australian Dollar* 

*CHF* *— Swiss Franc* 

*CVA* *— Dutch Certification* 

*CZK* *— Czech Koruna* 

*DKK* *— Denmark Krone* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*HKD* *— Hong Kong Dollar* 

*ILS* *— Israel New Shekel* 

*INR* *— India Rupee* 

*JPY* *— Japanese Yen* 

*KRW* *— Korean Republic Won* 

*MXN* *— Mexican Peso* 

*NOK* *— Norwegian Krone* 

*NZD* *— New Zealand Dollar* 

*PLN* *— Polish Zloty* 

*REIT* *— Real Estate Investment Trust* 

*SEK* *— Swedish Krona* 

*SGD* *— Singapore Dollar* 

*TRY* *— Turkish Lira* 

*USD* *— United States Dollar* 

*ZAR* *— South African Rand* 

See Notes to Financial Statements.

720

------

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,**<br>**2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Capital Markets** |  |  |  |  |  |  |  |  |  |
|  BlackRock, Inc. | 1151 | 1289588 | 85264 | (197133) | 57159 | (2916) | 1231962 | 25872 |  |

---

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount**<br>**($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 881 | 3/2026 | EUR | 60474863 | 699676 |
|  FTSE 100 Index | 280 | 3/2026 | GBP | 37519919 | 666704 |
|  S&P 500 E-Mini Index | 530 | 3/2026 | USD | 182651250 | 265704 |
|  SPI 200 Index | 102 | 3/2026 | AUD | 14764318 | 78334 |
|  TOPIX Index | 170 | 3/2026 | JPY | 37046412 | 275681 |
|  |  |  |  |  | 1986099 |

---

Forward Foreign Currency Contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  AUD | 18567488 | USD | 12337953 | HSBC Bank plc | 3/19/2026 | 54020 |
|  GBP | 3444482 | USD | 4579446 | HSBC Bank plc | 3/19/2026 | 62670 |
|  USD | 346217 | JPY | 53823633 | HSBC Bank plc | 3/19/2026 | 427 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 117117 |
|  USD | 555693 | EUR | 471992 | Deutsche Bank AG | 3/19/2026 | (895) |
|  USD | 5024131 | EUR | 4299213 | HSBC Bank plc | 3/19/2026 | (45642) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (46537) |
|  **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** |  | 70580 |

---

Foreign cash on the statement of assets and liabilities is maintained at JPMorgan or its affiliates and is comprised of the following (in USD): AUD 2,419,826, CHF 4,553, CZK 37, DKK 3,355, EUR 65,511,170, GBP 32,648,587, HKD 10,297, ILS 2,609, INR 3,939, JPY 37,515,034, KRW 19,142, MXN 1, NOK 2,015, NZD 4,001, PLN 104, SEK 3,928, SGD 3,838, TRY 2 and ZAR 10.

See Notes to Financial Statements.

721

------

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Australia | $— | $28090318 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $28090318 |
|  Austria |  | 1094627 |  | 1094627 |
|  Belgium |  | 3400053 |  | 3400053 |
|  Brazil | 2971034 | 16458717 |  | 19429751 |
|  Canada | 6367007 |  |  | 6367007 |
|  Chile |  | 6937956 |  | 6937956 |
|  China | 7487928 | 58490066 |  | 65977994 |
|  Czech Republic |  | 1771374 |  | 1771374 |
|  Denmark |  | 7345997 |  | 7345997 |
|  Finland |  | 4670625 |  | 4670625 |
|  France |  | 52063570 |  | 52063570 |
|  Germany |  | 44727132 |  | 44727132 |
|  Hong Kong | 169465 | 7134820 |  | 7304285 |
|  India | 9053448 | 59856908 |  | 68910356 |
|  Indonesia | 210496 | 1252792 |  | 1463288 |
|  Ireland | 487634 | 1390574 |  | 1878208 |
|  Israel | 1058898 | 2665346 |  | 3724244 |
|  Italy |  | 16382559 |  | 16382559 |
|  Ivory Coast |  | 169991 |  | 169991 |
|  Japan |  | 93213344 |  | 93213344 |
|  Luxembourg |  | 632730 |  | 632730 |
|  Macau |  | 320936 |  | 320936 |
|  Malaysia |  | 3586410 |  | 3586410 |
|  Mexico | 9582210 | 191492 |  | 9773702 |
|  Netherlands | 762186 | 23964226 |  | 24726412 |
|  New Zealand |  | 941135 |  | 941135 |
|  Norway |  | 2160803 |  | 2160803 |
|  Peru | 1377026 |  |  | 1377026 |
|  Poland |  | 8288176 |  | 8288176 |
|  Portugal |  | 688948 |  | 688948 |
|  Singapore | 1175239 | 5759478 |  | 6934717 |
|  South Africa |  | 10028104 |  | 10028104 |
|  South Korea |  | 36034454 |  | 36034454 |
|  Spain |  | 16928547 |  | 16928547 |
|  Sweden |  | 16061151 |  | 16061151 |
|  Switzerland | 532373 | 25244588 |  | 25776961 |
|  Taiwan |  | 79105914 |  | 79105914 |
|  United Kingdom | 361167 | 44972533 |  | 45333700 |
|  United States | 643050129 | 35450222 |  | 678500351 |
|  **Forward Currency Contracts** |  | 117117 |  | 117117 |
|  **Futures** | 1986099 |  |  | 1986099 |
|  **Rights** |  |  |  |  |
|  Taiwan |  | 27694 |  | 27694 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 93859390 |  |  | 93859390 |
|  **Total Assets** | $**780491729** | $**717621427** | $**—** | $**1498113156** |

---

See Notes to Financial Statements.

722

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EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(46537) | $— | $(46537) |
|  **Total Liabilities** | $**—** | $**(46537)** | $**—** | $**(46537)** |
|  **Total** | $**780491729** | $**717574890** | $**—** | $**1498066619** |

---

---

| | | |
|:---|:---|:---|
| Fair Values of Derivative Instruments as of December 31, 2025: | Fair Values of Derivative Instruments as of December 31, 2025: | Fair Values of Derivative Instruments as of December 31, 2025: |
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | $117117 |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | 1986099 \* |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103216 |
|  | **Liability Derivatives** |  |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | (46537) |
|  **Total** |  | $(46537) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $— | $(6143403) | $(6143403) |
|  Equity contracts | (9623844) |  | (9623844) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9623844) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6143403) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15767247) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $— | $343642 | $343642 |
|  Equity contracts | 9245837 |  | 9245837 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9245837 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343642 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9589479 |

---

See Notes to Financial Statements.

723

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EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

^ The Portfolio held forward foreign currency contracts and futures contracts for hedging.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** |  |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315195000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 52518000 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $54164000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 50228000 |

---

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  HSBC Bank plc | $117117 | $(45642) | $— | $71475 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117117 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45642) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71475 |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  Deutsche Bank AG | $895 | $— | $— | $895 |
|  HSBC Bank plc | 45642 | (45642) |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46537 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45642) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $167726015 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371011734 |

---

During the year ended December 31, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 16%)\*** | **Net Proceeds<br>of Sales and<br>Redemptions<br>(affiliated<br>5%)\*** | **Net<br>Realized<br>Gain (Loss)** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26600752 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18111794 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7459487 |

---

\* Represents percentage/amount of total Purchases and/or Sales.

See Notes to Financial Statements.

724

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EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $874527625 |
|  Aggregate gross unrealized depreciation | (22505122) |
|  Net unrealized appreciation | $852022503 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646044116 |

---

For the period ended December 31, 2025, the Portfolio incurred approximately $31 as brokerage commissions with Bernstein Institutional Services, LLC, and $200 as brokerage commissions with Invesco Capital Market Inc., affiliated broker/dealers.

See Notes to Financial Statements.

725

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EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $233,000) | $1231962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $629,441,410) | 1494777978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 96133324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $143,683,825) | 138152448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 21044668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 4631392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 140182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 121676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 117117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 23450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 61538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1756435735 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 10979492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued India taxes | 4329052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 1693350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 940740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 448032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 266918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 181230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 46537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 3981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 190280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 19080842 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1737354893 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $986749227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 750605666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1737354893 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,267,410,063 / 74,005,588 shares outstanding (unlimited amount authorized: $0.01 par value) | $17.13 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $469,944,830 / 27,260,751 shares outstanding (unlimited amount authorized: $0.01 par value) | $17.24 |

---

*(x)* *Includes value of securities on loan of $21,730,812.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($25,872 of dividend income received from affiliates) (net of $2,032,934 foreign withholding tax) | $27779738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 5234958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 128932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 33143628 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 12169655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 3054990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 2093383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 637400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 203403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 94743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 56782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 149592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 18459948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (856992) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voluntary waiver from investment manager | (400993) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 17201963 |
|  **NET INVESTMENT INCOME (LOSS)** | 15941665 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($57,159 realized gain (loss) from affiliates) (net of India tax of $729,316 on realized gain on investments) | 143719987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (9623844) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (6143403) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1363316) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 126589424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $104,172 on unrealized appreciation on investments) ($(2916) of change in unrealized appreciation (depreciation) from affiliates) | 131621347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 9245837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 343642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 11778192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 152989018 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 279578442 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $295520107 |

---

See Notes to Financial Statements.

726

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#### EQ ADVISORS TRUST
EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $15941665 | $19701834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 126589424 | 194777630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 152989018 | (6347301) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 295520107 | 208132163 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (134742198) | (145138839) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (50610809) | (55446348) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (185353007) | (200585187) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 16,862 shares, respectively ] |  | 285386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (2293726) shares, respectively ] |  | (40894524) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (131702) shares, respectively ] |  | (2254193) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (42863331) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,056,771 and 948,280 shares, respectively ] | 17798475 | 16568580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 2,302,347 shares, respectively ] |  | 40894524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 7,839,957 and 8,603,565 shares, respectively ] | 134742198 | 145138839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (10530067) and (9759851) shares, respectively ] | (179895016) | (169935263) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (27354343) | 32666680 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 65,296 and 275,668 shares, respectively ] | 1079780 | 4964598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 2,925,689 and 3,268,340 shares, respectively ] | 50610809 | 55446348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3986850) and (4585773) shares, respectively ] | (68315253) | (80322398) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (16624664) | (19911452) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (43979007) | (30108103) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 66188093 | (22561127) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1671166800 | 1693727927 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1737354893 | $1671166800 |

---

See Notes to Financial Statements.

727

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#### EQ ADVISORS TRUST
EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $16.06 | $16.07 | $13.91 | $18.20 | $19.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.15 | 0.18 | 0.18 | 0.13 | 0.08 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.89 | 1.91 | 2.78 | (3.97) | 2.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.04 | 2.09 | 2.96 | (3.84) | 2.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.14) | (0.22) | (0.14) | (0.05) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.83) | (1.88) | (0.66) | (0.40) | (3.81) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.97) | (2.10) | (0.80) | (0.45) | (4.00) |
|  Net asset value, end of year | $17.13 | $16.06 | $16.07 | $13.91 | $18.20 |
|  Total return | 19.14% | 12.62% | 21.37% | (20.96)% | 15.91% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267410 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214787 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181788 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086961 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488733 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.09 %(i) | 1.10% | 1.10% | 1.10% | 1.14 %(g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.17% | 1.17% | 1.17% | 1.16% | 1.18 %(g) |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.88% | 1.06% | 1.17% | 0.85% | 0.38 %(bb) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.81% | 0.99% | 1.10% | 0.79% | 0.35 %(bb) |
|  Portfolio turnover rate^ | 12% | 12% | 12% | 13% | 11% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $16.15 | $16.15 | $13.97 | $18.28 | $19.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.19 | 0.23 | 0.22 | 0.17 | 0.13 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.92 | 1.92 | 2.80 | (3.99) | 2.91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.11 | 2.15 | 3.02 | (3.82) | 3.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.27) | (0.18) | (0.09) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.83) | (1.88) | (0.66) | (0.40) | (3.81) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.02) | (2.15) | (0.84) | (0.49) | (4.05) |
|  Net asset value, end of year | $17.24 | $16.15 | $16.15 | $13.97 | $18.28 |
|  Total return | 19.42% | 12.88% | 21.70% | (20.78)% | 16.17% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469945 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456380 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473091 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479692 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647493 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.84 %(i) | 0.85% | 0.85% | 0.85% | 0.89 %(g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.92% | 0.92% | 0.92% | 0.91% | 0.93 %(g) |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.13% | 1.32% | 1.43% | 1.10% | 0.63 %(bb) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.06% | 1.25% | 1.36% | 1.04% | 0.60 %(bb) |
|  Portfolio turnover rate^ | 12% | 12% | 12% | 13% | 11% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of 0.04%.* 

*(i)* *Includes voluntary waiver from investment manager of 0.02%.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.06 and $0.11 for Class IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.10% lower.* 

See Notes to Financial Statements.

728

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EQ/GOLDMAN SACHS GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (32.0%)** | **Equity (32.0%)** | **Equity (32.0%)** |
|  iShares Core S&P 500 ETF | 45400 | $31096276 |
|  SPDR S&P 500 ETF Trust | 277252 | 189063684 |
|  Vanguard S&P 500 ETF | 49600 | 31105648 |
|  **Total Equity** |  | 251265608 |
|  **Fixed Income (29.8%)** | **Fixed Income (29.8%)** | **Fixed Income (29.8%)** |
|  Vanguard Intermediate-Term Corporate Bond ETF (x) | 2797200 | 234265500 |
|  **Total Exchange Traded Funds (61.8%)**<br> *(Cost $388,467,639)* |  | 485531108 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (48.8%)** | **Investment Companies (48.8%)** |  |
|  Allspring Government Money Market Fund, Select Shares 3.72% (7 day yield) (xx) | 10000000 | 10000000 |
|  BlackRock Liquidity FedFund, Institutional Shares 3.65% (7 day yield) (xx) | 10000000 | 10000000 |
|  Dreyfus Treasury Obligations Cash Management Fund 3.65% (7 day yield) (xx) | 2000000 | 2000000 |
|  Goldman Sachs Financial Square Funds - Government Fund 3.67% (7 day yield)‡(xx) | 71796744 | 71796744 |
|  Goldman Sachs Financial Square Funds - Treasury Obligations Fund 3.64% (7 day yield)‡ | 57555480 | 57555480 |
|  Goldman Sachs Financial Square Funds - Treasury Solutions Fund 3.62% (7 day yield)‡ | 59640511 | 59640511 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 64970713 | 64970713 |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 102015167 | 102055972 |
|  Morgan Stanley Institutional Liquidity Fund - Government Portfolio 3.69% (7 day yield) (xx) | 5000000 | 5000000 |
|  State Street Institutional U.S. Government Money Market Fund, Premier Shares 3.74% (7 day yield) (xx) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 384019420 |
|  **Total Short-Term Investments (48.8%)**<br> *(Cost $384,012,735)* |  | 384019420 |
|  **Total Investments in Securities (110.6%)**<br> *(Cost $772,480,374)* |  | 869550528 |
|  **Other Assets Less Liabilities (-10.6%)** | **Other Assets Less Liabilities (-10.6%)** | (83162950) |
|  **Net Assets (100%)** |  | $786387578 |

---

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $210,296,501. This was collateralized by $112,367,075 of various U.S. Government Treasury Securities, ranging from 0.125% - 6.250%, maturing 1/15/26 - 5/15/55 and by cash of $102,970,713 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*JPY* *— Japanese Yen* 

*USD* *— United States Dollar* 

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |  |  |  |  |  |  |
|  **Money Market Funds** |  |  |  |  |  |  |  |  |  |
|  Goldman Sachs Financial Square Funds – Government Fund 3.67% (7 day yield) | 71796744 | 47478257 | 27911307 | (3592820) |  |  | 71796744 | 2203885 |  |
|  Goldman Sachs Financial Square Funds – Treasury Obligations Fund 3.64% (7 day yield) | 57555480 | 43410815 | 17737485 | (3592820) |  |  | 57555480 | 2014756 |  |
|  Goldman Sachs Financial Square Funds – Treasury Solutions Fund 3.62% (7 day yield) | 59640511 | 45434067 | 17799264 | (3592820) |  |  | 59640511 | 2128893 |  |
|  **Total** |  | **136323139** | **63448056** | **(10778460)** |  |  | **188992735** | **6347534** |  |

---

See Notes to Financial Statements.

729

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EQ/GOLDMAN SACHS GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading**<br>**Currency** | **Notional<br>Amount**<br>**($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 1021 | 3/2026 | EUR | 70084944 | 1549691 |
|  FTSE 100 Index | 358 | 3/2026 | GBP | 47971896 | 1093710 |
|  Russell 2000 E-Mini Index | 372 | 3/2026 | USD | 46462800 | (1400286) |
|  S&P 500 E-Mini Index | 49 | 3/2026 | USD | 16886625 | 34879 |
|  S&P Midcap 400 E-Mini Index | 205 | 3/2026 | USD | 68166600 | (1067137) |
|  TOPIX Index | 212 | 3/2026 | JPY | 46199055 | 307872 |
|  |  |  |  |  | 518729 |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Exchange Traded Funds** | $485531108 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $485531108 |
|  **Futures** | 2986152 |  |  | 2986152 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 384019420 |  |  | 384019420 |
|  **Total Assets** | $**872536680** | $**—** | $**—** | $**872536680** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(2467423) | $— | $— | $(2467423) |
|  **Total Liabilities** | $**(2467423)** | $**—** | $**—** | $**(2467423)** |
|  **Total** | $**870069257** | $**—** | $**—** | $**870069257** |

---

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $2986152 |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2986152 |
|  | **Liability Derivatives** |  |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(2467423) |
|  **Total** |  | $(2467423) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

See Notes to Financial Statements.

730

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EQ/GOLDMAN SACHS GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $16359344 | $16359344 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16359344 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16359344 |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6396338 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6396338 |
|  **Total** | $6396338 | $6396338 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261656000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 117048000 |

---

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144273922 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $69229497 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99652109 |
|  Aggregate gross unrealized depreciation | (2708448) |
|  Net unrealized appreciation | $96943661 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773125596 |

---

See Notes to Financial Statements.

731

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EQ/GOLDMAN SACHS GROWTH ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

---

| | |
|:---|:---|
| ***December 31, 2025***<br>|  |
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $188,992,735) | $188992735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $583,487,639) | 680557793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 500001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $41,239) | 41596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 18589983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1525422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 45212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 12738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 890268361 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 102970713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 440303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 165772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 164047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 82110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 57838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 103880783 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $786387578 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $707362889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 79024689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $786387578 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $786,387,578 / 61,281,306 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.83 |

---

*(x)* *Includes value of securities on loan of $210,296,501.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($6,347,534 of dividend income received from affiliates) | $22667026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 450165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 503176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 23620367 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 5499962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1719463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 859530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 82162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 45707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 22292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 17900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 31850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 8278866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (716554) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voluntary waiver from investment manager | (294442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 7267870 |
|  **NET INVESTMENT INCOME (LOSS)** | 16352497 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 493133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 16359344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (285549) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 16566928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 42806005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 6396338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 30831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 49233174 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 65800102 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $82152599 |

---

See Notes to Financial Statements.

732

------

#### EQ ADVISORS TRUST
EQ/GOLDMAN SACHS GROWTH ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $16352497 | $13409748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 16566928 | 21628566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 49233174 | 20267113 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 82152599 | 55305427 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (47123693) | (28529410) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 10,362,758 and 13,220,338 shares, respectively ] | 129621700 | 161649451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 3,670,998 and 2,286,598 shares, respectively ] | 47123693 | 28529410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1722134) and (2045605) shares, respectively ] | (21628382) | (24998145) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 155117011 | 165180716 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 155117011 | 165180716 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 190145917 | 191956733 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 596241661 | 404284928 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $786387578 | $596241661 |

---

See Notes to Financial Statements.

733

------

#### EQ ADVISORS TRUST
EQ/GOLDMAN SACHS GROWTH ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $12.18 | $11.39 | $9.88 | $11.82 | $11.41 |
|  **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.30 | 0.33 | 0.27 | 0.10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.17 | 1.09 | 1.47 | (1.92) | 1.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.47 | 1.42 | 1.74 | (1.82) | 1.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.28) | (0.29) | (0.23) | (0.08) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.54) | (0.34) |  | (0.04) | (1.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.82) | (0.63) | (0.23) | (0.12) | (1.11) |
|  Net asset value, end of year | $12.83 | $12.18 | $11.39 | $9.88 | $11.82 |
|  Total return | 12.09% | 12.30% | 17.62% | (15.46)% | 13.58 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $786388 | $596242 | $404285 | $248619 | $224275 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.06 %(i)(j) | 1.05 %(i)(j) | 1.06 %(j) | 1.11 %(k) | 1.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.20% | 1.21% | 1.22% | 1.23% | 1.23 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(x) | 2.38% | 2.65% | 2.53% | 0.95% | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(x) | 2.23% | 2.50% | 2.37% | 0.83% | (0.08) |
|  Portfolio turnover rate^ | 16% | 9% | 6% | 23% | 13 |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of 0.01%.* 

*(i)* *Includes voluntary waiver from investment manager of 0.04%.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.15% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.18% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB.* 

*(x)* *Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.* 

See Notes to Financial Statements.

734

------

EQ/GOLDMAN SACHS MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (2.2%)** | **Communication Services (2.2%)** | **Communication Services (2.2%)** |
|  ***Entertainment (1.2%)*** | ***Entertainment (1.2%)*** | ***Entertainment (1.2%)*** |
|  Live Nation Entertainment, Inc.\* | 6257 | $891622 |
|  TKO Group Holdings, Inc., Class A | 5642 | 1179178 |
|  |  | 2070800 |
|  ***Media (1.0%)*** | ***Media (1.0%)*** | ***Media (1.0%)*** |
|  Omnicom Group, Inc. | 21134 | 1706571 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 3777371 |
|  **Consumer Discretionary (8.9%)** | **Consumer Discretionary (8.9%)** | **Consumer Discretionary (8.9%)** |
|  ***Automobile Components (1.1%)*** | ***Automobile Components (1.1%)*** | ***Automobile Components (1.1%)*** |
|  Aptiv plc\* | 24477 | 1862455 |
|  ***Automobiles (0.5%)*** | ***Automobiles (0.5%)*** | ***Automobiles (0.5%)*** |
|  Ford Motor Co. | 64111 | 841136 |
|  ***Broadline Retail (1.4%)*** | ***Broadline Retail (1.4%)*** | ***Broadline Retail (1.4%)*** |
|  eBay, Inc. | 27503 | 2395511 |
|  ***Hotels, Restaurants & Leisure (0.5%)*** | ***Hotels, Restaurants & Leisure (0.5%)*** | ***Hotels, Restaurants & Leisure (0.5%)*** |
|  Wyndham Hotels & Resorts, Inc. | 11702 | 884203 |
|  ***Household Durables (1.7%)*** | ***Household Durables (1.7%)*** | ***Household Durables (1.7%)*** |
|  DR Horton, Inc. | 11058 | 1592684 |
|  SharkNinja, Inc.\* | 11411 | 1276891 |
|  |  | 2869575 |
|  ***Specialty Retail (2.4%)*** | ***Specialty Retail (2.4%)*** | ***Specialty Retail (2.4%)*** |
|  Ross Stores, Inc. | 22978 | 4139257 |
|  ***Textiles, Apparel & Luxury Goods (1.3%)*** | ***Textiles, Apparel & Luxury Goods (1.3%)*** | ***Textiles, Apparel & Luxury Goods (1.3%)*** |
|  Tapestry, Inc. | 17231 | 2201605 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 15193742 |
|  **Consumer Staples (4.9%)** | **Consumer Staples (4.9%)** | **Consumer Staples (4.9%)** |
|  ***Beverages (2.3%)*** | ***Beverages (2.3%)*** | ***Beverages (2.3%)*** |
|  Coca-Cola Europacific Partners plc | 43103 | 3909442 |
|  ***Consumer Staples Distribution & Retail (2.6%)*** | ***Consumer Staples Distribution & Retail (2.6%)*** | ***Consumer Staples Distribution & Retail (2.6%)*** |
|  Casey's General Stores, Inc. | 3182 | 1758723 |
|  Performance Food Group Co.\* | 30122 | 2708571 |
|  |  | 4467294 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 8376736 |
|  **Energy (8.2%)** | **Energy (8.2%)** | **Energy (8.2%)** |
|  ***Oil, Gas & Consumable Fuels (8.2%)*** | ***Oil, Gas & Consumable Fuels (8.2%)*** | ***Oil, Gas & Consumable Fuels (8.2%)*** |
|  BKV Corp.\* | 64633 | 1754786 |
|  Diamondback Energy, Inc. | 9182 | 1380330 |
|  DT Midstream, Inc. | 12983 | 1553805 |
|  EOG Resources, Inc. | 8423 | 884499 |
|  Expand Energy Corp. | 21669 | 2391391 |
|  HF Sinclair Corp. | 14706 | 677652 |
|  Kinetik Holdings, Inc., Class A (x) | 17701 | 638121 |
|  Permian Resources Corp. | 62191 | 872540 |
|  Phillips 66 | 21454 | 2768424 |
|  Targa Resources Corp. | 6249 | 1152941 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 14074489 |
|  **Financials (17.4%)** | **Financials (17.4%)** | **Financials (17.4%)** |
|  ***Banks (4.2%)*** | ***Banks (4.2%)*** | ***Banks (4.2%)*** |
|  Fifth Third Bancorp | 53852 | 2520812 |
|  First Horizon Corp. | 73301 | 1751894 |
|  SouthState Bank Corp. | 14739 | 1387087 |
|  Wintrust Financial Corp. | 11125 | 1555498 |
|  |  | 7215291 |
|  ***Capital Markets (4.4%)*** | ***Capital Markets (4.4%)*** | ***Capital Markets (4.4%)*** |
|  Invesco Ltd. | 75434 | 1981651 |
|  Jefferies Financial Group, Inc. | 23181 | 1436527 |
|  Nasdaq, Inc. | 13498 | 1311061 |
|  Raymond James Financial, Inc. | 13673 | 2195747 |
|  Robinhood Markets, Inc., Class A\* | 5030 | 568893 |
|  |  | 7493879 |
|  ***Consumer Finance (1.2%)*** | ***Consumer Finance (1.2%)*** | ***Consumer Finance (1.2%)*** |
|  Synchrony Financial | 24615 | 2053630 |
|  ***Financial Services (3.4%)*** | ***Financial Services (3.4%)*** | ***Financial Services (3.4%)*** |
|  Corebridge Financial, Inc. | 37129 | 1120182 |
|  Fidelity National Information Services, Inc. | 19341 | 1285403 |
|  Global Payments, Inc. | 17230 | 1333602 |
|  Rocket Cos., Inc., Class A | 104154 | 2016421 |
|  |  | 5755608 |
|  ***Insurance (4.2%)*** | ***Insurance (4.2%)*** | ***Insurance (4.2%)*** |
|  American Financial Group, Inc. | 13840 | 1891651 |
|  Arch Capital Group Ltd.\* | 10770 | 1033058 |
|  Globe Life, Inc. | 13549 | 1894963 |
|  Prudential Financial, Inc. | 21361 | 2411230 |
|  |  | 7230902 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 29749310 |
|  **Health Care (7.7%)** | **Health Care (7.7%)** | **Health Care (7.7%)** |
|  ***Biotechnology (0.5%)*** | ***Biotechnology (0.5%)*** | ***Biotechnology (0.5%)*** |
|  Revolution Medicines, Inc.\* | 11006 | 876628 |
|  ***Health Care Equipment & Supplies (0.4%)*** | ***Health Care Equipment & Supplies (0.4%)*** | ***Health Care Equipment & Supplies (0.4%)*** |
|  Dexcom, Inc.\* | 9061 | 601378 |
|  ***Health Care Providers & Services (3.8%)*** | ***Health Care Providers & Services (3.8%)*** | ***Health Care Providers & Services (3.8%)*** |
|  Cencora, Inc. | 8456 | 2856014 |
|  Humana, Inc. | 4583 | 1173844 |
|  Quest Diagnostics, Inc. | 14178 | 2460308 |
|  |  | 6490166 |
|  ***Life Sciences Tools & Services (2.5%)*** | ***Life Sciences Tools & Services (2.5%)*** | ***Life Sciences Tools & Services (2.5%)*** |
|  Agilent Technologies, Inc. | 19624 | 2670238 |
|  Mettler-Toledo International, Inc.\* | 1195 | 1666057 |
|  |  | 4336295 |
|  ***Pharmaceuticals (0.5%)*** | ***Pharmaceuticals (0.5%)*** | ***Pharmaceuticals (0.5%)*** |
|  Royalty Pharma plc, Class A | 23520 | 908813 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 13213280 |
|  **Industrials (17.3%)** | **Industrials (17.3%)** | **Industrials (17.3%)** |
|  ***Aerospace & Defense (1.7%)*** | ***Aerospace & Defense (1.7%)*** | ***Aerospace & Defense (1.7%)*** |
|  L3Harris Technologies, Inc. | 10087 | 2961241 |
|  ***Building Products (1.1%)*** | ***Building Products (1.1%)*** | ***Building Products (1.1%)*** |
|  Builders FirstSource, Inc.\* | 19155 | 1970858 |
|  ***Electrical Equipment (4.1%)*** | ***Electrical Equipment (4.1%)*** | ***Electrical Equipment (4.1%)*** |
|  AMETEK, Inc. | 14425 | 2961597 |

---

See Notes to Financial Statements.

735

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EQ/GOLDMAN SACHS MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Rockwell Automation, Inc. | 10612 | $4128811 |
|  |  | 7090408 |
|  ***Ground Transportation (1.2%)*** | ***Ground Transportation (1.2%)*** | ***Ground Transportation (1.2%)*** |
|  Old Dominion Freight Line, Inc. | 13203 | 2070230 |
|  ***Machinery (3.4%)*** | ***Machinery (3.4%)*** | ***Machinery (3.4%)*** |
|  IDEX Corp. | 5537 | 985254 |
|  Ingersoll Rand, Inc. | 21941 | 1738166 |
|  ITT, Inc. | 6942 | 1204506 |
|  Stanley Black & Decker, Inc. | 25281 | 1877873 |
|  |  | 5805799 |
|  ***Passenger Airlines (2.2%)*** | ***Passenger Airlines (2.2%)*** | ***Passenger Airlines (2.2%)*** |
|  United Airlines Holdings, Inc.\* | 32989 | 3688830 |
|  ***Trading Companies & Distributors (3.6%)*** | ***Trading Companies & Distributors (3.6%)*** | ***Trading Companies & Distributors (3.6%)*** |
|  Fastenal Co. | 56835 | 2280788 |
|  United Rentals, Inc. | 4708 | 3810279 |
|  |  | 6091067 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 29678433 |
|  **Information Technology (8.7%)** | **Information Technology (8.7%)** | **Information Technology (8.7%)** |
|  ***Electronic Equipment, Instruments & Components (3.8%)*** | ***Electronic Equipment, Instruments & Components (3.8%)*** | ***Electronic Equipment, Instruments & Components (3.8%)*** |
|  Coherent Corp.\* | 11504 | 2123293 |
|  Ingram Micro Holding Corp. (x) | 47679 | 1017470 |
|  Jabil, Inc. | 4810 | 1096776 |
|  Mirion Technologies, Inc., Class A\* | 99370 | 2327246 |
|  |  | 6564785 |
|  ***Semiconductors & Semiconductor Equipment (1.8%)*** | ***Semiconductors & Semiconductor Equipment (1.8%)*** | ***Semiconductors & Semiconductor Equipment (1.8%)*** |
|  Marvell Technology, Inc. | 16250 | 1380925 |
|  Teradyne, Inc. | 8305 | 1607516 |
|  |  | 2988441 |
|  ***Software (0.6%)*** | ***Software (0.6%)*** | ***Software (0.6%)*** |
|  Dynatrace, Inc.\* | 25107 | 1088137 |
|  ***Technology Hardware, Storage & Peripherals (2.5%)*** | ***Technology Hardware, Storage & Peripherals (2.5%)*** | ***Technology Hardware, Storage & Peripherals (2.5%)*** |
|  Hewlett Packard Enterprise Co. | 69463 | 1668501 |
|  Western Digital Corp. | 14899 | 2566651 |
|  |  | 4235152 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 14876515 |
|  **Materials (7.2%)** | **Materials (7.2%)** | **Materials (7.2%)** |
|  ***Chemicals (2.4%)*** | ***Chemicals (2.4%)*** | ***Chemicals (2.4%)*** |
|  RPM International, Inc. | 17411 | 1810744 |
|  Solstice Advanced Materials, Inc.\* | 22384 | 1087415 |
|  Westlake Corp. (x) | 16682 | 1233467 |
|  |  | 4131626 |
|  ***Construction Materials (2.1%)*** | ***Construction Materials (2.1%)*** | ***Construction Materials (2.1%)*** |
|  Martin Marietta Materials, Inc. | 5848 | 3641315 |
|  ***Containers & Packaging (1.6%)*** | ***Containers & Packaging (1.6%)*** | ***Containers & Packaging (1.6%)*** |
|  International Paper Co. | 68448 | 2696167 |
|  ***Metals & Mining (1.1%)*** | ***Metals & Mining (1.1%)*** | ***Metals & Mining (1.1%)*** |
|  Steel Dynamics, Inc. | 10773 | 1825485 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 12294593 |
|  **Real Estate (8.0%)** | **Real Estate (8.0%)** | **Real Estate (8.0%)** |
|  ***Health Care REITs (0.5%)*** | ***Health Care REITs (0.5%)*** | ***Health Care REITs (0.5%)*** |
|  Ventas, Inc. (REIT) | 10820 | 837252 |
|  ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** |
|  Americold Realty Trust, Inc. (REIT) (x) | 59436 | 764347 |
|  ***Real Estate Management & Development (0.6%)*** | ***Real Estate Management & Development (0.6%)*** | ***Real Estate Management & Development (0.6%)*** |
|  CBRE Group, Inc., Class A\* | 6545 | 1052370 |
|  ***Residential REITs (2.7%)*** | ***Residential REITs (2.7%)*** | ***Residential REITs (2.7%)*** |
|  American Homes 4 Rent (REIT), Class A | 49729 | 1596301 |
|  AvalonBay Communities, Inc. (REIT) | 10940 | 1983532 |
|  Mid-America Apartment Communities, Inc. (REIT) | 7208 | 1001263 |
|  |  | 4581096 |
|  ***Retail REITs (0.8%)*** | ***Retail REITs (0.8%)*** | ***Retail REITs (0.8%)*** |
|  Realty Income Corp. (REIT) | 24251 | 1367029 |
|  ***Specialized REITs (3.0%)*** | ***Specialized REITs (3.0%)*** | ***Specialized REITs (3.0%)*** |
|  Digital Realty Trust, Inc. (REIT) | 12213 | 1889473 |
|  Extra Space Storage, Inc. (REIT) | 11416 | 1486591 |
|  VICI Properties, Inc. (REIT), Class A | 62931 | 1769620 |
|  |  | 5145684 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 13747778 |
|  **Utilities (7.7%)** | **Utilities (7.7%)** | **Utilities (7.7%)** |
|  ***Electric Utilities (3.0%)*** | ***Electric Utilities (3.0%)*** | ***Electric Utilities (3.0%)*** |
|  Exelon Corp. | 20801 | 906716 |
|  NRG Energy, Inc. | 4831 | 769288 |
|  PG&E Corp. | 76225 | 1224936 |
|  PPL Corp. | 63194 | 2213054 |
|  |  | 5113994 |
|  ***Multi-Utilities (4.7%)*** | ***Multi-Utilities (4.7%)*** | ***Multi-Utilities (4.7%)*** |
|  Ameren Corp. | 10412 | 1039742 |
|  CMS Energy Corp. | 29144 | 2038040 |
|  NiSource, Inc. | 65291 | 2726552 |
|  Public Service Enterprise Group, Inc. | 28360 | 2277308 |
|  |  | 8081642 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 13195636 |
|  **Total Common Stocks (98.2%)**<br> *(Cost $144,794,558)* | **Total Common Stocks (98.2%)**<br> *(Cost $144,794,558)* | 168177883 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.7%)** | **Investment Companies (0.7%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 1175166 | 1175166 |
|  **Total Short-Term Investments (0.7%)**<br> *(Cost $1,175,166)* | **Total Short-Term Investments (0.7%)**<br> *(Cost $1,175,166)* | 1175166 |
|  **Total Investments in Securities (98.9%)**<br> *(Cost $145,969,724)* | **Total Investments in Securities (98.9%)**<br> *(Cost $145,969,724)* | 169353049 |
|  **Other Assets Less Liabilities (1.1%)** | **Other Assets Less Liabilities (1.1%)** | 1837065 |
|  **Net Assets (100%)** |  | $171190114 |

---

See Notes to Financial Statements.

736

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EQ/GOLDMAN SACHS MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

*\** *Non-income producing.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $3,041,991. This was collateralized by $1,991,716 of various U.S. Government Treasury Securities, ranging from 0.125% – 4.750%, maturing 10/15/26 – 5/15/55 and by cash of $1,175,166 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*REIT* *— Real Estate Investment Trust* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $3777371 | $— | $— | $3777371 |
|  Consumer Discretionary | 15193742 |  |  | 15193742 |
|  Consumer Staples | 8376736 |  |  | 8376736 |
|  Energy | 14074489 |  |  | 14074489 |
|  Financials | 29749310 |  |  | 29749310 |
|  Health Care | 13213280 |  |  | 13213280 |
|  Industrials | 29678433 |  |  | 29678433 |
|  Information Technology | 14876515 |  |  | 14876515 |
|  Materials | 12294593 |  |  | 12294593 |
|  Real Estate | 13747778 |  |  | 13747778 |
|  Utilities | 13195636 |  |  | 13195636 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 1175166 |  |  | 1175166 |
|  **Total Assets** | $**169353049** | $**—** | $**—** | $**169353049** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**169353049** | $**—** | $**—** | $**169353049** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $154629841.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $153880861.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $28735837 |
|  Aggregate gross unrealized depreciation | (5643417) |
|  Net unrealized appreciation | $23092420 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $146260629 |

---

For the period ended December 31, 2025, the Portfolio incurred approximately $429 as brokerage commissions with BTIG LLC, and $443 as

brokerage commissions with Liquidnet Inc., affiliated broker/dealers.

See Notes to Financial Statements.

737

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EQ/GOLDMAN SACHS MID CAP VALUE PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $145,969,724) | $169353049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 2989787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 196922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 57173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 172598397 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 1175166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 99311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 36349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 35340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 13056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 49061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1408283 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $171190114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $144216067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 26974047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $171190114 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $171,190,114 / 7,880,823 shares outstanding (unlimited amount authorized: $0.01 par value) | $21.72 |

---

*(x)* *Includes value of securities on loan of $3,041,991.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $580 foreign withholding tax) | $2927502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 97517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 4647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 3029666 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1235991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 401295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 145352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 61738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 25400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 20568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 5491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 5262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1901097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (152057) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1749040 |
|  **NET INVESTMENT INCOME (LOSS)** | 1280626 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 14913499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (1786916) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 13126583 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $14407209 |

---

See Notes to Financial Statements.

738

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#### EQ ADVISORS TRUST
EQ/GOLDMAN SACHS MID CAP VALUE PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1280626 | $1148479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 14913499 | 10519007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1786916) | 5827157 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 14407209 | 17494643 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (14929384) | (8457389) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 995,624 and 1,019,032 shares, respectively ] | 21774269 | 21979428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 674,241 and 374,227 shares, respectively ] | 14929384 | 8457389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1023320) and (1174392) shares, respectively ] | (22356384) | (25903201) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 14347269 | 4533616 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 13825094 | 13570870 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 157365020 | 143794150 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $171190114 | $157365020 |

---

See Notes to Financial Statements.

739

------

#### EQ ADVISORS TRUST
EQ/GOLDMAN SACHS MID CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $21.75 | $20.50 | $19.26 | $24.23 | $20.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.18 | 0.16 | 0.15 | 0.12 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.84 | 2.33 | 2.01 | (2.67) | 6.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.02 | 2.49 | 2.16 | (2.55) | 6.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.23) | (0.18) | (0.15) | (0.13) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.82) | (1.06) | (0.77) | (2.29) | (2.63) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.05) | (1.24) | (0.92) | (2.42) | (2.69) |
|  Net asset value, end of year | $21.72 | $21.75 | $20.50 | $19.26 | $24.23 |
|  Total return | 9.22% | 11.89% | 11.22% | (10.60)% | 30.49 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $171190 | $157365 | $143794 | $133167 | $152024 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.09 %(j) | 1.09 %(j) | 1.09 %(j) | 1.09 %(j) | 1.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.18% | 1.19% | 1.20% | 1.18% | 1.19 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.80 | 0.74% | 0.77% | 0.57% | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.70 | 0.64% | 0.66% | 0.48% | 0.13 |
|  Portfolio turnover rate^ | 97% | 64% | 62% | 72% | 65 |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amount would be $0.03 for Class IB.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.09% for Class IB.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratio for Class IB would have been 0.09% lower.* 

See Notes to Financial Statements.

740

------

EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (3.2%)** | **Communication Services (3.2%)** | **Communication Services (3.2%)** |
|  ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** |
|  AT&T, Inc. | 32111 | $797637 |
|  Verizon Communications, Inc. | 18935 | 771223 |
|  |  | 1568860 |
|  ***Entertainment (0.4%)*** | ***Entertainment (0.4%)*** | ***Entertainment (0.4%)*** |
|  Electronic Arts, Inc. | 1011 | 206577 |
|  Live Nation Entertainment, Inc.\* | 708 | 100890 |
|  Netflix, Inc.\* | 19080 | 1788941 |
|  Take-Two Interactive Software, Inc.\* | 779 | 199447 |
|  TKO Group Holdings, Inc., Class A | 310 | 64790 |
|  Walt Disney Co. (The) | 8074 | 918579 |
|  Warner Bros Discovery, Inc.\* | 11118 | 320421 |
|  |  | 3599645 |
|  ***Interactive Media & Services (2.5%)*** | ***Interactive Media & Services (2.5%)*** | ***Interactive Media & Services (2.5%)*** |
|  Alphabet, Inc., Class A | 26123 | 8176499 |
|  Alphabet, Inc., Class C | 20971 | 6580700 |
|  Match Group, Inc. | 1081 | 34905 |
|  Meta Platforms, Inc., Class A | 9740 | 6429277 |
|  |  | 21221381 |
|  ***Media (0.1%)*** | ***Media (0.1%)*** | ***Media (0.1%)*** |
|  Charter Communications, Inc., Class A\* | 417 | 87049 |
|  Comcast Corp., Class A | 16538 | 494321 |
|  Fox Corp., Class A | 943 | 68905 |
|  Fox Corp., Class B | 667 | 43308 |
|  News Corp., Class A | 1691 | 44169 |
|  News Corp., Class B | 559 | 16563 |
|  Omnicom Group, Inc. | 1435 | 115876 |
|  Paramount Skydance Corp., Class B(x) | 1387 | 18586 |
|  Trade Desk, Inc. (The), Class A\* | 2001 | 75958 |
|  |  | 964735 |
|  ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** |
|  T-Mobile US, Inc. | 2173 | 441206 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 27795827 |
|  **Consumer Discretionary (3.2%)** | **Consumer Discretionary (3.2%)** | **Consumer Discretionary (3.2%)** |
|  ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** |
|  Aptiv plc\* | 978 | 74416 |
|  ***Automobiles (0.7%)*** | ***Automobiles (0.7%)*** | ***Automobiles (0.7%)*** |
|  Ford Motor Co. | 17554 | 230309 |
|  General Motors Co. | 4276 | 347724 |
|  Tesla, Inc.\* | 12602 | 5667371 |
|  |  | 6245404 |
|  ***Broadline Retail (1.2%)*** | ***Broadline Retail (1.2%)*** | ***Broadline Retail (1.2%)*** |
|  Amazon.com, Inc.\* | 43583 | 10059828 |
|  eBay, Inc. | 2052 | 178729 |
|  |  | 10238557 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  Genuine Parts Co. | 625 | 76850 |
|  LKQ Corp. | 1155 | 34881 |
|  Pool Corp. | 147 | 33626 |
|  |  | 145357 |
|  ***Hotels, Restaurants & Leisure (0.6%)*** | ***Hotels, Restaurants & Leisure (0.6%)*** | ***Hotels, Restaurants & Leisure (0.6%)*** |
|  Airbnb, Inc., Class A\* | 1927 | 261532 |
|  Booking Holdings, Inc. | 146 | 781878 |
|  Carnival Corp.\* | 4876 | 148913 |
|  Chipotle Mexican Grill, Inc.\* | 6022 | 222814 |
|  Darden Restaurants, Inc. | 526 | 96795 |
|  Domino's Pizza, Inc. | 140 | 58355 |
|  DoorDash, Inc., Class A\* | 1662 | 376410 |
|  Expedia Group, Inc. | 531 | 150438 |
|  Hilton Worldwide Holdings, Inc. | 1056 | 303336 |
|  Las Vegas Sands Corp. | 1387 | 90280 |
|  Marriott International, Inc., Class A | 1012 | 313963 |
|  McDonald's Corp. | 3205 | 979544 |
|  MGM Resorts International\* | 917 | 33461 |
|  Norwegian Cruise Line Holdings Ltd.\* | 2030 | 45310 |
|  Royal Caribbean Cruises Ltd. | 1134 | 316295 |
|  Starbucks Corp. | 5105 | 429892 |
|  Wynn Resorts Ltd. | 379 | 45605 |
|  Yum! Brands, Inc. | 1246 | 188495 |
|  |  | 4843316 |
|  ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** |
|  DR Horton, Inc. | 1245 | 179317 |
|  Garmin Ltd. | 735 | 149095 |
|  Lennar Corp., Class A | 1022 | 105062 |
|  Mohawk Industries, Inc.\* | 234 | 25576 |
|  NVR, Inc.\* | 13 | 94806 |
|  PulteGroup, Inc. | 886 | 103892 |
|  |  | 657748 |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** |
|  Hasbro, Inc. | 598 | 49036 |
|  ***Specialty Retail (0.5%)*** | ***Specialty Retail (0.5%)*** | ***Specialty Retail (0.5%)*** |
|  AutoZone, Inc.\* | 75 | 254362 |
|  Best Buy Co., Inc. | 883 | 59099 |
|  CarMax, Inc.\* | 674 | 26043 |
|  Home Depot, Inc. (The) | 4468 | 1537439 |
|  Lowe's Cos., Inc. | 2517 | 607000 |
|  O'Reilly Automotive, Inc.\* | 3810 | 347510 |
|  Ross Stores, Inc. | 1469 | 264626 |
|  TJX Cos., Inc. (The) | 5010 | 769586 |
|  Tractor Supply Co. | 2380 | 119024 |
|  Ulta Beauty, Inc.\* | 202 | 122212 |
|  Williams-Sonoma, Inc. | 552 | 98582 |
|  |  | 4205483 |
|  ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** |
|  Deckers Outdoor Corp.\* | 666 | 69044 |
|  Lululemon Athletica, Inc.\* | 490 | 101827 |
|  NIKE, Inc., Class B | 5335 | 339893 |
|  Ralph Lauren Corp. | 174 | 61528 |
|  Tapestry, Inc. | 935 | 119465 |
|  |  | 691757 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 27151074 |
|  **Consumer Staples (1.4%)** | **Consumer Staples (1.4%)** | **Consumer Staples (1.4%)** |
|  ***Beverages (0.3%)*** | ***Beverages (0.3%)*** | ***Beverages (0.3%)*** |
|  Brown-Forman Corp., Class B | 791 | 20613 |
|  Coca-Cola Co. (The) | 17394 | 1216015 |
|  Constellation Brands, Inc., Class A | 641 | 88432 |

---

See Notes to Financial Statements.

741

------

EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Keurig Dr Pepper, Inc. | 6100 | $| 170861 |
|  Molson Coors Beverage Co., Class B | 761 |  | 35523 |
|  Monster Beverage Corp.\* | 3201 |  | 245421 |
|  PepsiCo, Inc. | 6148 |  | 882361 |
|  |  |  | 2659226 |
|  ***Consumer Staples Distribution & Retail (0.6%)*** | ***Consumer Staples Distribution & Retail (0.6%)*** | ***Consumer Staples Distribution & Retail (0.6%)*** | ***Consumer Staples Distribution & Retail (0.6%)*** |
|  Costco Wholesale Corp. | 1992 |  | 1717781 |
|  Dollar General Corp. | 988 |  | 131177 |
|  Dollar Tree, Inc.\* | 872 |  | 107265 |
|  Kroger Co. (The) | 2732 |  | 170695 |
|  Sysco Corp. | 2144 |  | 157991 |
|  Target Corp. | 2040 |  | 199410 |
|  Walmart, Inc. | 19711 |  | 2196003 |
|  |  |  | 4680322 |
|  ***Food Products (0.1%)*** | ***Food Products (0.1%)*** | ***Food Products (0.1%)*** | ***Food Products (0.1%)*** |
|  Archer-Daniels-Midland Co. | 2158 |  | 124063 |
|  Bunge Global SA | 629 |  | 56031 |
|  Campbell's Co. (The)(x) | 884 |  | 24637 |
|  Conagra Brands, Inc. | 2151 |  | 37234 |
|  General Mills, Inc. | 2401 |  | 111647 |
|  Hershey Co. (The) | 665 |  | 121017 |
|  Hormel Foods Corp. | 1309 |  | 31023 |
|  J M Smucker Co. (The) | 479 |  | 46851 |
|  Kraft Heinz Co. (The) | 3827 |  | 92805 |
|  Lamb Weston Holdings, Inc. | 626 |  | 26223 |
|  McCormick & Co., Inc. (Non-Voting) | 1136 |  | 77373 |
|  Mondelez International, Inc., Class A | 5811 |  | 312806 |
|  Tyson Foods, Inc., Class A | 1283 |  | 75210 |
|  |  |  | 1136920 |
|  ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** |
|  Church & Dwight Co., Inc. | 1094 |  | 91732 |
|  Clorox Co. (The) | 549 |  | 55356 |
|  Colgate-Palmolive Co. | 3630 |  | 286842 |
|  Kimberly-Clark Corp. | 1490 |  | 150326 |
|  Procter & Gamble Co. (The) | 10519 |  | 1507478 |
|  |  |  | 2091734 |
|  ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** |
|  Estee Lauder Cos., Inc. (The), Class A | 1052 |  | 110165 |
|  Kenvue, Inc. | 8618 |  | 148661 |
|  |  |  | 258826 |
|  ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** |
|  Altria Group, Inc. | 7544 |  | 434987 |
|  Philip Morris International, Inc. | 6990 |  | 1121196 |
|  |  |  | 1556183 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 12383211 |
|  **Energy (0.9%)** | **Energy (0.9%)** | **Energy (0.9%)** | **Energy (0.9%)** |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** |
|  Baker Hughes Co. | 4427 |  | 201606 |
|  Halliburton Co. | 3829 |  | 108207 |
|  SLB Ltd. | 6700 |  | 257146 |
|  |  |  | 566959 |
|  ***Oil, Gas & Consumable Fuels (0.8%)*** | ***Oil, Gas & Consumable Fuels (0.8%)*** | ***Oil, Gas & Consumable Fuels (0.8%)*** | ***Oil, Gas & Consumable Fuels (0.8%)*** |
|  APA Corp. | 1607 |  | 39307 |
|  Chevron Corp. | 8643 |  | 1317280 |
|  ConocoPhillips | 5609 |  | 525058 |
|  Coterra Energy, Inc. | 3427 |  | 90199 |
|  Devon Energy Corp. | 2851 |  | 104432 |
|  Diamondback Energy, Inc. | 845 |  | 127029 |
|  EOG Resources, Inc. | 2452 |  | 257485 |
|  EQT Corp. | 2803 |  | 150241 |
|  Expand Energy Corp. | 1069 |  | 117975 |
|  Exxon Mobil Corp. | 19145 |  | 2303909 |
|  Kinder Morgan, Inc. | 8781 |  | 241390 |
|  Marathon Petroleum Corp. | 1365 |  | 221990 |
|  Occidental Petroleum Corp. | 3227 |  | 132694 |
|  ONEOK, Inc. | 2828 |  | 207858 |
|  Phillips 66 | 1815 |  | 234208 |
|  Targa Resources Corp. | 966 |  | 178227 |
|  Texas Pacific Land Corp. | 261 |  | 74964 |
|  Valero Energy Corp. | 1395 |  | 227092 |
|  Williams Cos., Inc. (The) | 5484 |  | 329643 |
|  |  |  | 6880981 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 7447940 |
|  **Financials (4.0%)** | **Financials (4.0%)** | **Financials (4.0%)** | **Financials (4.0%)** |
|  ***Banks (1.1%)*** | ***Banks (1.1%)*** | ***Banks (1.1%)*** | ***Banks (1.1%)*** |
|  Bank of America Corp. | 30602 |  | 1683110 |
|  Citigroup, Inc. | 8267 |  | 964676 |
|  Citizens Financial Group, Inc. | 1937 |  | 113140 |
|  Fifth Third Bancorp | 2972 |  | 139119 |
|  Huntington Bancshares, Inc. | 7062 |  | 122526 |
|  JPMorgan Chase & Co. | 12349 |  | 3979095 |
|  KeyCorp | 4186 |  | 86399 |
|  M&T Bank Corp. | 702 |  | 141439 |
|  PNC Financial Services Group, Inc. (The) | 1768 |  | 369034 |
|  Regions Financial Corp. | 4007 |  | 108590 |
|  Truist Financial Corp. | 5791 |  | 284975 |
|  US Bancorp | 6988 |  | 372880 |
|  Wells Fargo & Co. | 14386 |  | 1340775 |
|  |  |  | 9705758 |
|  ***Capital Markets (0.9%)*** | ***Capital Markets (0.9%)*** | ***Capital Markets (0.9%)*** | ***Capital Markets (0.9%)*** |
|  Ameriprise Financial, Inc. | 423 |  | 207414 |
|  Bank of New York Mellon Corp. (The) | 3167 |  | 367657 |
|  BlackRock, Inc. | 647 |  | 692510 |
|  Blackstone, Inc. | 3310 |  | 510203 |
|  Cboe Global Markets, Inc. | 470 |  | 117970 |
|  Charles Schwab Corp. (The) | 7663 |  | 765610 |
|  CME Group, Inc. | 1618 |  | 441844 |
|  Coinbase Global, Inc., Class A\* | 1016 |  | 229758 |
|  FactSet Research Systems, Inc. | 170 |  | 49332 |
|  Franklin Resources, Inc. | 1376 |  | 32873 |
|  Interactive Brokers Group, Inc., Class A | 2000 |  | 128620 |
|  Intercontinental Exchange, Inc. | 2571 |  | 416399 |
|  Invesco Ltd. | 2003 |  | 52619 |
|  KKR & Co., Inc. | 3081 |  | 392766 |
|  Moody's Corp. | 693 |  | 354019 |
|  Morgan Stanley | 5448 |  | 967183 |
|  MSCI, Inc. | 347 |  | 199084 |
|  Nasdaq, Inc. | 2036 |  | 197757 |
|  Northern Trust Corp. | 859 |  | 117331 |
|  Raymond James Financial, Inc. | 797 |  | 127990 |
|  Robinhood Markets, Inc., Class A\* | 3476 |  | 393136 |

---

See Notes to Financial Statements.

742

------

EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  S&P Global, Inc. | 1403 | $| 733194 |
|  State Street Corp. | 1274 |  | 164359 |
| T. Rowe Price Group, Inc. | 971 |  | 99411 |
|  |  |  | 7759039 |
|  ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** |
|  American Express Co. | 2438 |  | 901938 |
|  Capital One Financial Corp. | 2872 |  | 696058 |
|  Synchrony Financial | 1671 |  | 139412 |
|  |  |  | 1737408 |
|  ***Financial Services (1.2%)*** | ***Financial Services (1.2%)*** | ***Financial Services (1.2%)*** | ***Financial Services (1.2%)*** |
|  Apollo Global Management, Inc. | 2066 |  | 299074 |
|  Berkshire Hathaway, Inc., Class B\* | 8235 |  | 4139323 |
|  Block, Inc., Class A\* | 2468 |  | 160642 |
|  Corpay, Inc.\* | 317 |  | 95395 |
|  Fidelity National Information Services, Inc. | 2251 |  | 149601 |
|  Fiserv, Inc.\* | 2441 |  | 163962 |
|  Global Payments, Inc. | 1089 |  | 84289 |
|  Jack Henry & Associates, Inc. | 327 |  | 59671 |
|  Mastercard, Inc., Class A | 3707 |  | 2116252 |
|  PayPal Holdings, Inc. | 4290 |  | 250450 |
|  Visa, Inc., Class A | 7628 |  | 2675216 |
|  |  |  | 10193875 |
|  ***Insurance (0.6%)*** | ***Insurance (0.6%)*** | ***Insurance (0.6%)*** | ***Insurance (0.6%)*** |
|  Aflac, Inc. | 2162 |  | 238404 |
|  Allstate Corp. (The) | 1183 |  | 246241 |
|  American International Group, Inc. | 2488 |  | 212848 |
|  Aon plc, Class A | 968 |  | 341588 |
|  Arch Capital Group Ltd.\* | 1669 |  | 160091 |
|  Arthur J Gallagher & Co. | 1151 |  | 297867 |
|  Assurant, Inc. | 227 |  | 54673 |
|  Brown & Brown, Inc. | 1316 |  | 104885 |
|  Chubb Ltd. | 1665 |  | 519680 |
|  Cincinnati Financial Corp. | 702 |  | 114651 |
|  Erie Indemnity Co., Class A | 114 |  | 32678 |
|  Everest Group Ltd. | 188 |  | 63798 |
|  Globe Life, Inc. | 364 |  | 50909 |
|  Hartford Insurance Group, Inc. (The) | 1263 |  | 174041 |
|  Loews Corp. | 764 |  | 80457 |
|  Marsh & McLennan Cos., Inc. | 2208 |  | 409628 |
|  MetLife, Inc. | 2509 |  | 198060 |
|  Principal Financial Group, Inc. | 910 |  | 80271 |
|  Progressive Corp. (The) | 2633 |  | 599587 |
|  Prudential Financial, Inc. | 1581 |  | 178463 |
|  Travelers Cos., Inc. (The) | 1011 |  | 293251 |
|  W.R. Berkley Corp. | 1346 |  | 94382 |
|  Willis Towers Watson plc | 438 |  | 143927 |
|  |  |  | 4690380 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 34086460 |
|  **Health Care (2.9%)** | **Health Care (2.9%)** | **Health Care (2.9%)** | **Health Care (2.9%)** |
|  ***Biotechnology (0.5%)*** | ***Biotechnology (0.5%)*** | ***Biotechnology (0.5%)*** | ***Biotechnology (0.5%)*** |
|  AbbVie, Inc. | 7933 |  | 1812611 |
|  Amgen, Inc. | 2418 |  | 791436 |
|  Biogen, Inc.\* | 658 |  | 115801 |
|  Gilead Sciences, Inc. | 5572 |  | 683907 |
|  Incyte Corp.\* | 737 |  | 72794 |
|  Moderna, Inc.\* | 1555 |  | 45857 |
|  Regeneron Pharmaceuticals, Inc. | 457 |  | 352745 |
|  Vertex Pharmaceuticals, Inc.\* | 1151 |  | 521817 |
|  |  |  | 4396968 |
|  ***Health Care Equipment & Supplies (0.6%)*** | ***Health Care Equipment & Supplies (0.6%)*** | ***Health Care Equipment & Supplies (0.6%)*** | ***Health Care Equipment & Supplies (0.6%)*** |
|  Abbott Laboratories | 7816 |  | 979267 |
|  Align Technology, Inc.\* | 303 |  | 47313 |
|  Baxter International, Inc. | 2307 |  | 44087 |
|  Becton Dickinson & Co. | 1287 |  | 249768 |
|  Boston Scientific Corp.\* | 6654 |  | 634459 |
|  Cooper Cos., Inc. (The)\* | 896 |  | 73436 |
|  Dexcom, Inc.\* | 1761 |  | 116878 |
|  Edwards Lifesciences Corp.\* | 2637 |  | 224804 |
|  GE HealthCare Technologies, Inc. | 2050 |  | 168141 |
|  Hologic, Inc.\* | 999 |  | 74415 |
|  IDEXX Laboratories, Inc.\* | 359 |  | 242874 |
|  Insulet Corp.\* | 316 |  | 89820 |
|  Intuitive Surgical, Inc.\* | 1610 |  | 911840 |
|  Medtronic plc | 5754 |  | 552729 |
|  ResMed, Inc. | 658 |  | 158492 |
|  Solventum Corp.\* | 662 |  | 52457 |
|  STERIS plc | 442 |  | 112056 |
|  Stryker Corp. | 1545 |  | 543021 |
|  Zimmer Biomet Holdings, Inc. | 890 |  | 80029 |
|  |  |  | 5355886 |
|  ***Health Care Providers & Services (0.5%)*** | ***Health Care Providers & Services (0.5%)*** | ***Health Care Providers & Services (0.5%)*** | ***Health Care Providers & Services (0.5%)*** |
|  Cardinal Health, Inc. | 1072 |  | 220296 |
|  Cencora, Inc. | 871 |  | 294180 |
|  Centene Corp.\* | 2095 |  | 86209 |
|  Cigna Group (The) | 1199 |  | 330001 |
|  CVS Health Corp. | 5696 |  | 452035 |
|  DaVita, Inc.\* | 161 |  | 18291 |
|  Elevance Health, Inc. | 1011 |  | 354406 |
|  HCA Healthcare, Inc. | 736 |  | 343609 |
|  Henry Schein, Inc.\* | 463 |  | 34994 |
|  Humana, Inc. | 540 |  | 138310 |
|  Labcorp Holdings, Inc. | 373 |  | 93578 |
|  McKesson Corp. | 559 |  | 458542 |
|  Molina Healthcare, Inc.\* | 243 |  | 42170 |
|  Quest Diagnostics, Inc. | 502 |  | 87112 |
|  UnitedHealth Group, Inc. | 4067 |  | 1342558 |
|  Universal Health Services, Inc., Class B | 253 |  | 55159 |
|  |  |  | 4351450 |
|  ***Life Sciences Tools & Services (0.3%)*** | ***Life Sciences Tools & Services (0.3%)*** | ***Life Sciences Tools & Services (0.3%)*** | ***Life Sciences Tools & Services (0.3%)*** |
|  Agilent Technologies, Inc. | 1276 |  | 173625 |
|  Bio-Techne Corp. | 704 |  | 41402 |
|  Charles River Laboratories International, Inc.\* | 221 |  | 44085 |
|  Danaher Corp. | 2862 |  | 655169 |
|  IQVIA Holdings, Inc.\* | 763 |  | 171988 |
|  Mettler-Toledo International, Inc.\* | 93 |  | 129660 |
|  Revvity, Inc. | 521 |  | 50407 |
|  Thermo Fisher Scientific, Inc. | 1696 |  | 982747 |
|  Waters Corp.\* | 267 |  | 101415 |
|  West Pharmaceutical Services, Inc. | 323 |  | 88870 |
|  |  |  | 2439368 |
|  ***Pharmaceuticals (1.0%)*** | ***Pharmaceuticals (1.0%)*** | ***Pharmaceuticals (1.0%)*** | ***Pharmaceuticals (1.0%)*** |
|  Bristol-Myers Squibb Co. | 9141 |  | 493066 |

---

See Notes to Financial Statements.

743

------

EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Eli Lilly & Co. | 3570 | $| 3836608 |
|  Johnson & Johnson | 10815 |  | 2238164 |
|  Merck & Co., Inc. | 11217 |  | 1180701 |
|  Pfizer, Inc. | 25533 |  | 635772 |
|  Viatris, Inc. | 5236 |  | 65188 |
|  Zoetis, Inc. | 1990 |  | 250382 |
|  |  |  | 8699881 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 25243553 |
|  **Industrials (2.5%)** | **Industrials (2.5%)** | **Industrials (2.5%)** | **Industrials (2.5%)** |
|  ***Aerospace & Defense (0.7%)*** | ***Aerospace & Defense (0.7%)*** | ***Aerospace & Defense (0.7%)*** | ***Aerospace & Defense (0.7%)*** |
|  Axon Enterprise, Inc.\* | 353 |  | 200479 |
|  Boeing Co. (The)\* | 3396 |  | 737340 |
|  GE Aerospace | 4762 |  | 1466839 |
|  General Dynamics Corp. | 1134 |  | 381773 |
|  Howmet Aerospace, Inc. | 1810 |  | 371086 |
|  Huntington Ingalls Industries, Inc. | 176 |  | 59852 |
|  L3Harris Technologies, Inc. | 840 |  | 246599 |
|  Lockheed Martin Corp. | 923 |  | 446427 |
|  Northrop Grumman Corp. | 604 |  | 344407 |
|  RTX Corp. | 6011 |  | 1102417 |
|  Textron, Inc. | 800 |  | 69736 |
|  TransDigm Group, Inc. | 253 |  | 336452 |
|  |  |  | 5763407 |
|  ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** |
|  CH Robinson Worldwide, Inc. | 530 |  | 85203 |
|  Expeditors International of Washington, Inc. | 609 |  | 90747 |
|  FedEx Corp. | 975 |  | 281638 |
|  United Parcel Service, Inc., Class B | 3305 |  | 327823 |
|  |  |  | 785411 |
|  ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** |
|  A.O. Smith Corp. | 513 |  | 34310 |
|  Allegion plc | 386 |  | 61459 |
|  Builders FirstSource, Inc.\* | 496 |  | 51033 |
|  Carrier Global Corp. | 3592 |  | 189801 |
|  Johnson Controls International plc | 2939 |  | 351945 |
|  Lennox International, Inc. | 144 |  | 69924 |
|  Masco Corp. | 940 |  | 59652 |
|  Trane Technologies plc | 999 |  | 388811 |
|  |  |  | 1206935 |
|  ***Commercial Services & Supplies (0.1%)*** | ***Commercial Services & Supplies (0.1%)*** | ***Commercial Services & Supplies (0.1%)*** | ***Commercial Services & Supplies (0.1%)*** |
|  Cintas Corp. | 1538 |  | 289252 |
|  Copart, Inc.\* | 3995 |  | 156404 |
|  Republic Services, Inc. | 911 |  | 193068 |
|  Rollins, Inc. | 1262 |  | 75745 |
|  Veralto Corp. | 1114 |  | 111155 |
|  Waste Management, Inc. | 1664 |  | 365598 |
|  |  |  | 1191222 |
|  ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** |
|  EMCOR Group, Inc. | 201 |  | 122970 |
|  Quanta Services, Inc. | 669 |  | 282358 |
|  |  |  | 405328 |
|  ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** |
|  AMETEK, Inc. | 1037 |  | 212906 |
|  Eaton Corp. plc | 1748 |  | 556756 |
|  Emerson Electric Co. | 2527 |  | 335383 |
|  GE Vernova, Inc. | 1222 |  | 798663 |
|  Generac Holdings, Inc.\* | 264 |  | 36002 |
|  Hubbell, Inc., Class B | 239 |  | 106142 |
|  Rockwell Automation, Inc. | 505 |  | 196480 |
|  |  |  | 2242332 |
|  ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** |
|  CSX Corp. | 8372 |  | 303485 |
|  JB Hunt Transport Services, Inc. | 343 |  | 66658 |
|  Norfolk Southern Corp. | 1008 |  | 291030 |
|  Old Dominion Freight Line, Inc. | 831 |  | 130301 |
|  Uber Technologies, Inc.\* | 9365 |  | 765214 |
|  Union Pacific Corp. | 2663 |  | 616005 |
|  |  |  | 2172693 |
|  ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** |
|  3M Co. | 2392 |  | 382959 |
|  Honeywell International, Inc. | 2851 |  | 556202 |
|  |  |  | 939161 |
|  ***Machinery (0.5%)*** | ***Machinery (0.5%)*** | ***Machinery (0.5%)*** | ***Machinery (0.5%)*** |
|  Caterpillar, Inc. | 2104 |  | 1205318 |
|  Cummins, Inc. | 619 |  | 315968 |
|  Deere & Co. | 1131 |  | 526560 |
|  Dover Corp. | 616 |  | 120268 |
|  Fortive Corp. | 1519 |  | 83864 |
|  IDEX Corp. | 338 |  | 60144 |
|  Illinois Tool Works, Inc. | 1191 |  | 293343 |
|  Ingersoll Rand, Inc. | 1624 |  | 128653 |
|  Nordson Corp. | 241 |  | 57944 |
|  Otis Worldwide Corp. | 1763 |  | 153998 |
|  PACCAR, Inc. | 2358 |  | 258225 |
|  Parker-Hannifin Corp. | 574 |  | 504523 |
|  Pentair plc | 736 |  | 76647 |
|  Snap-on, Inc. | 234 |  | 80636 |
|  Stanley Black & Decker, Inc. | 695 |  | 51625 |
|  Westinghouse Air Brake Technologies Corp. | 768 |  | 163930 |
|  Xylem, Inc. | 1093 |  | 148845 |
|  |  |  | 4230491 |
|  ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** |
|  Delta Air Lines, Inc. | 2913 |  | 202162 |
|  Southwest Airlines Co. | 2359 |  | 97498 |
|  United Airlines Holdings, Inc.\* | 1454 |  | 162586 |
|  |  |  | 462246 |
|  ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** |
|  Automatic Data Processing, Inc. | 1819 |  | 467901 |
|  Broadridge Financial Solutions, Inc. | 526 |  | 117388 |
|  Dayforce, Inc.\* | 717 |  | 49588 |
|  Equifax, Inc. | 556 |  | 120641 |
|  Jacobs Solutions, Inc. | 537 |  | 71131 |
|  Leidos Holdings, Inc. | 576 |  | 103910 |
|  Paychex, Inc. | 1456 |  | 163334 |
|  Paycom Software, Inc. | 225 |  | 35856 |
|  Verisk Analytics, Inc. | 627 |  | 140254 |
|  |  |  | 1270003 |
|  ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** |
|  Fastenal Co. | 5154 |  | 206830 |
|  United Rentals, Inc. | 289 |  | 233893 |

---

See Notes to Financial Statements.

744

------

EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  W.W. Grainger, Inc. | 198 | $| 199792 |
|  |  |  | 640515 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 21309744 |
|  **Information Technology (10.5%)** | **Information Technology (10.5%)** | **Information Technology (10.5%)** | **Information Technology (10.5%)** |
|  ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** |
|  Arista Networks, Inc.\* | 4628 |  | 606407 |
|  Cisco Systems, Inc. | 17783 |  | 1369825 |
|  F5, Inc.\* | 258 |  | 65857 |
|  Motorola Solutions, Inc. | 748 |  | 286723 |
|  |  |  | 2328812 |
|  ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** |
|  Amphenol Corp., Class A | 5483 |  | 740972 |
|  CDW Corp. | 589 |  | 80222 |
|  Corning, Inc. | 3501 |  | 306547 |
|  Jabil, Inc. | 482 |  | 109906 |
|  Keysight Technologies, Inc.\* | 773 |  | 157066 |
|  TE Connectivity plc | 1327 |  | 301906 |
|  Teledyne Technologies, Inc.\* | 211 |  | 107764 |
|  Trimble, Inc.\* | 1069 |  | 83756 |
|  Zebra Technologies Corp., Class A\* | 228 |  | 55363 |
|  |  |  | 1943502 |
|  ***IT Services (0.3%)*** | ***IT Services (0.3%)*** | ***IT Services (0.3%)*** | ***IT Services (0.3%)*** |
|  Accenture plc, Class A | 2797 |  | 750435 |
|  Akamai Technologies, Inc.\* | 644 |  | 56189 |
|  Cognizant Technology Solutions Corp., Class A | 2193 |  | 182019 |
|  EPAM Systems, Inc.\* | 250 |  | 51220 |
|  Gartner, Inc.\* | 340 |  | 85775 |
|  GoDaddy, Inc., Class A\* | 622 |  | 77178 |
|  International Business Machines Corp. | 4183 |  | 1239047 |
|  VeriSign, Inc. | 378 |  | 91835 |
|  |  |  | 2533698 |
|  ***Semiconductors & Semiconductor Equipment (4.3%)*** | ***Semiconductors & Semiconductor Equipment (4.3%)*** | ***Semiconductors & Semiconductor Equipment (4.3%)*** | ***Semiconductors & Semiconductor Equipment (4.3%)*** |
|  Advanced Micro Devices, Inc.\* | 7288 |  | 1560798 |
|  Analog Devices, Inc. | 2229 |  | 604505 |
|  Applied Materials, Inc. | 3604 |  | 926192 |
|  Broadcom, Inc. | 21122 |  | 7310324 |
|  First Solar, Inc.\* | 482 |  | 125913 |
|  Intel Corp.\* | 19656 |  | 725306 |
|  KLA Corp. | 593 |  | 720542 |
|  Lam Research Corp. | 5684 |  | 972987 |
|  Microchip Technology, Inc. | 2424 |  | 154457 |
|  Micron Technology, Inc. | 5026 |  | 1434471 |
|  Monolithic Power Systems, Inc. | 215 |  | 194867 |
|  NVIDIA Corp. | 109575 |  | 20435738 |
|  NXP Semiconductors NV | 1132 |  | 245712 |
|  ON Semiconductor Corp.\* | 1837 |  | 99474 |
|  Qnity Electronics, Inc. | 940 |  | 76751 |
|  QUALCOMM, Inc. | 4843 |  | 828395 |
|  Skyworks Solutions, Inc. | 667 |  | 42294 |
|  Teradyne, Inc. | 714 |  | 138202 |
|  Texas Instruments, Inc. | 4083 |  | 708360 |
|  |  |  | 37305288 |
|  ***Software (3.2%)*** | ***Software (3.2%)*** | ***Software (3.2%)*** | ***Software (3.2%)*** |
|  Adobe, Inc.\* | 1905 |  | 666731 |
|  AppLovin Corp., Class A\* | 1216 |  | 819365 |
|  Autodesk, Inc.\* | 961 |  | 284466 |
|  Cadence Design Systems, Inc.\* | 1224 |  | 382598 |
|  Crowdstrike Holdings, Inc., Class A\* | 1119 |  | 524542 |
|  Datadog, Inc., Class A\* | 1452 |  | 197458 |
|  Fair Isaac Corp.\* | 108 |  | 182587 |
|  Fortinet, Inc.\* | 2925 |  | 232274 |
|  Gen Digital, Inc. | 2517 |  | 68437 |
|  Intuit, Inc. | 1253 |  | 830012 |
|  Microsoft Corp. | 33381 |  | 16143719 |
|  Oracle Corp. | 7442 |  | 1450520 |
|  Palantir Technologies, Inc., Class A\* | 10213 |  | 1815361 |
|  Palo Alto Networks, Inc.\* | 3000 |  | 552600 |
|  PTC, Inc.\* | 538 |  | 93725 |
|  Roper Technologies, Inc. | 483 |  | 214998 |
|  Salesforce, Inc. | 4293 |  | 1137259 |
|  ServiceNow, Inc.\* | 4670 |  | 715397 |
|  Synopsys, Inc.\* | 831 |  | 390337 |
|  Tyler Technologies, Inc.\* | 194 |  | 88066 |
|  Workday, Inc., Class A\* | 970 |  | 208337 |
|  |  |  | 26998789 |
|  ***Technology Hardware, Storage & Peripherals (2.2%)*** | ***Technology Hardware, Storage & Peripherals (2.2%)*** | ***Technology Hardware, Storage & Peripherals (2.2%)*** | ***Technology Hardware, Storage & Peripherals (2.2%)*** |
|  Apple, Inc. | 66645 |  | 18118110 |
|  Dell Technologies, Inc., Class C | 1362 |  | 171448 |
|  Hewlett Packard Enterprise Co. | 5893 |  | 141550 |
|  HP, Inc. | 4218 |  | 93977 |
|  NetApp, Inc. | 899 |  | 96274 |
|  Seagate Technology Holdings plc | 955 |  | 262997 |
|  Super Micro Computer, Inc.(x)\* | 2251 |  | 65887 |
|  Western Digital Corp. | 1558 |  | 268397 |
|  |  |  | 19218640 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 90328729 |
|  **Materials (0.5%)** | **Materials (0.5%)** | **Materials (0.5%)** | **Materials (0.5%)** |
|  ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** |
|  Air Products and Chemicals, Inc. | 999 |  | 246773 |
|  Albemarle Corp. | 528 |  | 74680 |
|  CF Industries Holdings, Inc. | 727 |  | 56226 |
|  Corteva, Inc. | 3050 |  | 204442 |
|  Dow, Inc. | 3183 |  | 74419 |
|  DuPont de Nemours, Inc. | 1880 |  | 75576 |
|  Eastman Chemical Co. | 516 |  | 32936 |
|  Ecolab, Inc. | 1146 |  | 300848 |
|  International Flavors & Fragrances, Inc. | 1151 |  | 77566 |
|  Linde plc | 2106 |  | 897977 |
|  LyondellBasell Industries NV, Class A | 1156 |  | 50055 |
|  Mosaic Co. (The) | 1425 |  | 34328 |
|  PPG Industries, Inc. | 1014 |  | 103895 |
|  Sherwin-Williams Co. (The) | 1041 |  | 337315 |
|  Solstice Advanced Materials, Inc.\* | 712 |  | 34589 |
|  |  |  | 2601625 |
|  ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** |
|  Martin Marietta Materials, Inc. | 271 |  | 168741 |
|  Vulcan Materials Co. | 593 |  | 169135 |
|  |  |  | 337876 |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** |
|  Amcor plc | 10353 |  | 86344 |

---

See Notes to Financial Statements.

745

------

EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Avery Dennison Corp. | 350 | $| 63658 |
|  Ball Corp. | 1222 |  | 64729 |
|  International Paper Co. | 2371 |  | 93394 |
|  Packaging Corp. of America | 401 |  | 82698 |
|  Smurfit WestRock plc | 2345 |  | 90681 |
|  |  |  | 481504 |
|  ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** |
|  Freeport-McMoRan, Inc. | 6448 |  | 327494 |
|  Newmont Corp. | 4933 |  | 492560 |
|  Nucor Corp. | 1031 |  | 168166 |
|  Steel Dynamics, Inc. | 621 |  | 105229 |
|  |  |  | 1093449 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 4514454 |
|  **Real Estate (0.5%)** | **Real Estate (0.5%)** | **Real Estate (0.5%)** | **Real Estate (0.5%)** |
|  ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 699 |  | 34209 |
|  Healthpeak Properties, Inc. (REIT) | 3121 |  | 50186 |
|  Ventas, Inc. (REIT) | 2041 |  | 157933 |
|  Welltower, Inc. (REIT) | 3004 |  | 557572 |
|  |  |  | 799900 |
|  ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** |
|  Host Hotels & Resorts, Inc. (REIT) | 2871 |  | 50903 |
|  ***Industrial REITs (0.0%)†*** | ***Industrial REITs (0.0%)†*** | ***Industrial REITs (0.0%)†*** | ***Industrial REITs (0.0%)†*** |
|  Prologis, Inc. (REIT) | 4168 |  | 532087 |
|  ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** |
|  BXP, Inc. (REIT) | 661 |  | 44604 |
|  ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** |
|  CBRE Group, Inc., Class A\* | 1316 |  | 211599 |
|  CoStar Group, Inc.\* | 1903 |  | 127958 |
|  |  |  | 339557 |
|  ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** |
|  AvalonBay Communities, Inc. (REIT) | 639 |  | 115857 |
|  Camden Property Trust (REIT) | 480 |  | 52838 |
|  Equity Residential (REIT) | 1561 |  | 98405 |
|  Essex Property Trust, Inc. (REIT) | 289 |  | 75626 |
|  Invitation Homes, Inc. (REIT) | 2533 |  | 70392 |
|  Mid-America Apartment Communities, Inc. (REIT) | 526 |  | 73067 |
|  UDR, Inc. (REIT) | 1354 |  | 49665 |
|  |  |  | 535850 |
|  ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** |
|  Federal Realty Investment Trust (REIT) | 353 |  | 35583 |
|  Kimco Realty Corp. (REIT) | 3041 |  | 61641 |
|  Realty Income Corp. (REIT) | 4106 |  | 231455 |
|  Regency Centers Corp. (REIT) | 734 |  | 50668 |
|  Simon Property Group, Inc. (REIT) | 1466 |  | 271371 |
|  |  |  | 650718 |
|  ***Specialized REITs (0.2%)*** | ***Specialized REITs (0.2%)*** | ***Specialized REITs (0.2%)*** | ***Specialized REITs (0.2%)*** |
|  American Tower Corp. (REIT) | 2103 |  | 369224 |
|  Crown Castle, Inc. (REIT) | 1956 |  | 173830 |
|  Digital Realty Trust, Inc. (REIT) | 1440 |  | 222782 |
|  Equinix, Inc. (REIT) | 439 |  | 336344 |
|  Extra Space Storage, Inc. (REIT) | 953 |  | 124100 |
|  Iron Mountain, Inc. (REIT) | 1326 |  | 109992 |
|  Public Storage (REIT) | 709 |  | 183985 |
|  SBA Communications Corp. (REIT) | 482 |  | 93233 |
|  VICI Properties, Inc. (REIT), Class A | 4789 |  | 134667 |
|  Weyerhaeuser Co. (REIT) | 3240 |  | 76755 |
|  |  |  | 1824912 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 4778531 |
|  **Utilities (0.7%)** | **Utilities (0.7%)** | **Utilities (0.7%)** | **Utilities (0.7%)** |
|  ***Electric Utilities (0.5%)*** | ***Electric Utilities (0.5%)*** | ***Electric Utilities (0.5%)*** | ***Electric Utilities (0.5%)*** |
|  Alliant Energy Corp. | 1154 |  | 75022 |
|  American Electric Power Co., Inc. | 2402 |  | 276975 |
|  Constellation Energy Corp. | 1403 |  | 495638 |
|  Duke Energy Corp. | 3492 |  | 409297 |
|  Edison International | 1728 |  | 103715 |
|  Entergy Corp. | 2005 |  | 185322 |
|  Evergy, Inc. | 1034 |  | 74955 |
|  Eversource Energy | 1667 |  | 112239 |
|  Exelon Corp. | 4536 |  | 197724 |
|  FirstEnergy Corp. | 2334 |  | 104493 |
|  NextEra Energy, Inc. | 9248 |  | 742429 |
|  NRG Energy, Inc. | 869 |  | 138380 |
|  PG&E Corp. | 9870 |  | 158611 |
|  Pinnacle West Capital Corp. | 536 |  | 47543 |
|  PPL Corp. | 3321 |  | 116301 |
|  Southern Co. (The) | 4940 |  | 430768 |
|  Xcel Energy, Inc. | 2656 |  | 196172 |
|  |  |  | 3865584 |
|  ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** |
|  Atmos Energy Corp. | 721 |  | 120862 |
|  ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** |
|  AES Corp. (The) | 3198 |  | 45859 |
|  Vistra Corp. | 1430 |  | 230702 |
|  |  |  | 276561 |
|  ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** |
|  Ameren Corp. | 1214 |  | 121230 |
|  CenterPoint Energy, Inc. | 2932 |  | 112413 |
|  CMS Energy Corp. | 1344 |  | 93986 |
|  Consolidated Edison, Inc. | 1620 |  | 160898 |
|  Dominion Energy, Inc. | 3833 |  | 224576 |
|  DTE Energy Co. | 932 |  | 120209 |
|  NiSource, Inc. | 2115 |  | 88322 |
|  Public Service Enterprise Group, Inc. | 2241 |  | 179952 |
|  Sempra | 2930 |  | 258690 |
|  WEC Energy Group, Inc. | 1445 |  | 152390 |
|  |  |  | 1512666 |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** |
|  American Water Works Co., Inc. | 876 |  | 114318 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 5889991 |
|  **Total Common Stocks (30.3%)**<br> *(Cost $113,561,809)* |  |  | 260929514 |

---

See Notes to Financial Statements.

746

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EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **U.S. Treasury Obligation (41.0%)** | **U.S. Treasury Obligation (41.0%)** | **U.S. Treasury Obligation (41.0%)** |
|  U.S. Treasury Notes 4.000%, 2/15/34 | $352700000 | $352293549 |
|  **Total Long-Term Debt Securities (41.0%)**<br> *(Cost $353,657,945)* |  | 352293549 |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: |
|  **Consumer Staples (0.0%)†** | **Consumer Staples (0.0%)†** | **Consumer Staples (0.0%)†** |
|  ***Consumer Staples Distribution & Retail (0.0%)†*** | ***Consumer Staples Distribution & Retail (0.0%)†*** | ***Consumer Staples Distribution & Retail (0.0%)†*** |
|  Walgreens Boots Alliance, Inc., CVR (r)\* | 3179 | 1264 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 1264 |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** |
|  ABIOMED, Inc., CVR\* | 274 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 438 |
|  **Total Rights (0.0%)†**<br> *(Cost $1,543)* |  | 1702 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (24.3%)** | **Investment Companies (24.3%)** |  |
|  Goldman Sachs Financial Square Funds – Government Fund 3.67% (7 day yield)‡ | 42527658 | 42527658 |
|  Goldman Sachs Financial Square Funds – Treasury Obligations Fund 3.64% (7 day yield)‡ | 41660547 | 41660547 |
|  Goldman Sachs Financial Square Funds – Treasury Solutions Fund 3.62% (7 day yield)‡ | 41225791 | 41225791 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 36278 | 36278 |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 83266596 | 83299902 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 208750176 |
|  **Total Short-Term Investments (24.3%)**<br> *(Cost $208,728,190)* |  | 208750176 |
|  **Total Investments in Securities (95.6%)**<br> *(Cost $675,949,487)* |  | 821974941 |
|  **Other Assets Less Liabilities (4.4%)** |  | 37794262 |
|  **Net Assets (100%)** |  | $859769203 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $89,980. This was collateralized by $56,911 of various U.S. Government Treasury Securities, ranging from 0.125% – 4.750%, maturing 10/15/26 – 5/15/55 and by cash of $36,278 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

---

| | | |
|:---|:---|:---|
| *Glossary:* | *Glossary:* | *Glossary:* |
| *CVR* | *—* | *Contingent Value Right* |
| *EUR* | *—* | *European Currency Unit* |
| *GBP* | *—* | *British Pound* |
| *JPY* | *—* | *Japanese Yen* |
| *REIT* | *—* | *Real Estate Investment Trust* |
| *USD* | *—* | *United States Dollar* |

---

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  SHORT-TERM INVESTMENTS: |  |  |  |  |  |  |  |  |  |
|  **Money Market Funds** |  |  |  |  |  |  |  |  |  |
|  Goldman Sachs Financial Square Funds – Government Fund 3.67% (7 day yield) | 42527658 | 39579751 | 8112260 | (5164353) |  |  | 42527658 | 1545079 |  |
|  Goldman Sachs Financial Square Funds – Treasury Obligations Fund 3.64% (7 day yield) | 41660547 | 38772801 | 7946703 | (5058957) |  |  | 41660547 | 1511340 |  |
|  Goldman Sachs Financial Square Funds – Treasury Solutions Fund 3.62% (7 day yield) | 41225791 | 38368126 | 7863924 | (5006259) |  |  | 41225791 | 1602489 |  |
|  **Total** |  | **116720678** | **23922887** | **(15229569)** |  |  | **125413996** | **4658908** |  |

---

See Notes to Financial Statements.

747

------

EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures contracts outstanding as of December 31, 2025 (Note 1): | Futures contracts outstanding as of December 31, 2025 (Note 1): | Futures contracts outstanding as of December 31, 2025 (Note 1): | Futures contracts outstanding as of December 31, 2025 (Note 1): | Futures contracts outstanding as of December 31, 2025 (Note 1): | Futures contracts outstanding as of December 31, 2025 (Note 1): |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 966 | 3/2026 | EUR | 66309555 | 1466211 |
|  FTSE 100 Index | 330 | 3/2026 | GBP | 44219904 | 1008168 |
|  Russell 2000 E-Mini Index | 343 | 3/2026 | USD | 42840700 | (1291123) |
|  S&P Midcap 400 E-Mini Index | 194 | 3/2026 | USD | 64508880 | (1009876) |
|  TOPIX Index | 195 | 3/2026 | JPY | 42494414 | 282731 |
|  |  |  |  |  | 456111 |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $27795827 | $— | $— | $27795827 |
|  Consumer Discretionary | 27151074 |  |  | 27151074 |
|  Consumer Staples | 12383211 |  |  | 12383211 |
|  Energy | 7447940 |  |  | 7447940 |
|  Financials | 34086460 |  |  | 34086460 |
|  Health Care | 25243553 |  |  | 25243553 |
|  Industrials | 21309744 |  |  | 21309744 |
|  Information Technology | 90328729 |  |  | 90328729 |
|  Materials | 4514454 |  |  | 4514454 |
|  Real Estate | 4778531 |  |  | 4778531 |
|  Utilities | 5889991 |  |  | 5889991 |
|  **Futures** | 2757110 |  |  | 2757110 |
|  **Rights** |  |  |  |  |
|  Consumer Staples |  |  | 1264 | 1264 |
|  Health Care |  | 438 |  | 438 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 208750176 |  |  | 208750176 |
|  **U.S. Treasury Obligation** |  | 352293549 |  | 352293549 |
|  **Total Assets** | $**472436800** | $**352293987** | $**1264** | $**824732051** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(2300999) | $— | $— | $(2300999) |
|  **Total Liabilities** | $**(2300999)** | $**—** | $**—** | $**(2300999)** |
|  **Total** | $**470135801** | $**352293987** | $**1264** | $**822431052** |

---

See Notes to Financial Statements.

748

------

EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| Fair Values of Derivative Instruments as of December 31, 2025: | Fair Values of Derivative Instruments as of December 31, 2025: | Fair Values of Derivative Instruments as of December 31, 2025: |
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $2757110 \* |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2757110 |

---

---

| | | |
|:---|:---|:---|
|  | **Liability Derivatives** | **Liability Derivatives** |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(2300999) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2300999 |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $3954169 | $3954169 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3954169 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3954169 |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $6578345 | $6578345 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6578345 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6578345 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237369000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 68720000 |

---

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $25964734 |
|  Long-term U.S. government debt securities | 1429272137 |
|  | $1455236871 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $39334028 |
|  Long-term U.S. government debt securities | 1420577874 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459911902 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $155924158 |
|  Aggregate gross unrealized depreciation | (10188467) |
|  Net unrealized appreciation | $145735691 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676695361 |

---

See Notes to Financial Statements.

749

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EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $125,413,996) | $125413996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $550,535,491) | 696560945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 16092641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $260,033) | 261888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 17450394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 6233482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 68537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 4121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 862086038 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 1232145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 526079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 182754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 181073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 90522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 36278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 67984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2316835 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $859769203 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $768375566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 91393637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $859769203 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $859,769,203 / 73,295,758 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.73 |

---

*(x)* *Includes value of securities on loan of $89,980.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $14559518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($4,658,908 of dividend income received from affiliates) (net of $1,051 foreign withholding tax) | 11037560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 6199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 25603277 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 6356019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1993884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 995678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 86617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 63500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 50917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 26842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 33802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 9607259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (536944) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voluntary waiver from investment manager | (216468) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 8853847 |
|  **NET INVESTMENT INCOME (LOSS)** | 16749430 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 21074958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 3954169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (150641) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 24878486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 28261169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 6578345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 4349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 34843863 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 59722349 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $76471779 |

---

See Notes to Financial Statements.

750

------

#### EQ ADVISORS TRUST
EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $16749430 | $19075341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 24878486 | 45795458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 34843863 | 4735287 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 76471779 | 69606086 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (30258498) | (19052341) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 8,582,742 and 7,797,375 shares, respectively ] | 99321161 | 85350750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 2,586,177 and 1,687,813 shares, respectively ] | 30258498 | 19052341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (9166494) and (9614335) shares, respectively ] | (104105634) | (105960871) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 25474025 | (1557780) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 71687306 | 48995965 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 788081897 | 739085932 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $859769203 | $788081897 |

---

See Notes to Financial Statements.

751

------

#### EQ ADVISORS TRUST
EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $11.05 | $10.35 | $9.29 | $11.09 | $11.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.24 | 0.27 | 0.23 | 0.08 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.87 | 0.70 | 1.07 | (1.83) | 1.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.11 | 0.97 | 1.30 | (1.75) | 1.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.24) | (0.27) | (0.24) | (0.05) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.19) |  |  |  | (1.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.43) | (0.27) | (0.24) | (0.05) | (1.22) |
|  Net asset value, end of year | $11.73 | $11.05 | $10.35 | $9.29 | $11.09 |
|  Total return | 10.02% | 9.35% | 13.97% | (15.76)% | 10.60% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859769 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788082 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739086 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650822 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788609 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.11 %(i)(j) | 1.11 %(i)(j) | 1.11 %(j) | 1.16 %(k) | 1.17 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.20% | 1.21% | 1.21% | 1.20% | 1.20% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 2.10% | 2.45% | 2.37% | 0.79% | (0.21)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 2.01% | 2.35% | 2.27% | 0.75% | (0.23)% |
|  Portfolio turnover rate^ | 254% | 139% | 132% | 250% | 252% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(i)* *Includes voluntary waiver from investment manager of 0.03%.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.15% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.19% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB.* 

See Notes to Financial Statements.

752

------

EQ/INTERMEDIATE CORPORATE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Corporate Bonds (98.0%)** | **Corporate Bonds (98.0%)** | **Corporate Bonds (98.0%)** |
|  **Communication Services (5.1%)** | **Communication Services (5.1%)** |  |
|  ***Diversified Telecommunication Services (1.6%)*** | ***Diversified Telecommunication Services (1.6%)*** | ***Diversified Telecommunication Services (1.6%)*** |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 6/1/31 | $160000 | $146907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/1/32 | 2783000 | 2440957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 12/1/33 | 14800000 | 12620510 |
|  Orange SA<br>9.000%, 3/1/31 (e) | 370000 | 445016 |
|  Sprint Capital Corp.<br>8.750%, 3/15/32 | 720000 | 871402 |
|  TELUS Corp.<br>3.400%, 5/13/32 | 2287000 | 2110853 |
|  Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 1/20/31 | 1061000 | 934551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 3/21/31 | 775000 | 706788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 5/9/33 | 980000 | 1005919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/10/33 | 2610000 | 2568804 |
|  |  | 23851707 |
|  ***Entertainment (0.6%)*** | ***Entertainment (0.6%)*** | ***Entertainment (0.6%)*** |
|  Netflix, Inc.<br>4.900%, 8/15/34 (x) | 7680000 | 7865877 |
|  ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** |
|  Alphabet, Inc.<br>4.500%, 5/15/35 | 3920000 | 3899377 |
|  Meta Platforms, Inc.<br>3.850%, 8/15/32 (x) | 370000 | 359050 |
|  |  | 4258427 |
|  ***Media (2.1%)*** | ***Media (2.1%)*** | ***Media (2.1%)*** |
|  Charter Communications Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 4/1/33 | 80000 | 75386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.650%, 2/1/34 | 3430000 | 3616181 |
|  Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/31 (x) | 860000 | 747205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 5/15/33 | 4670000 | 4717953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 8/15/34 (x) | 2430000 | 2324812 |
|  Fox Corp.<br>6.500%, 10/13/33 | 3960000 | 4363022 |
|  Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 1/15/31 | 6110000 | 5863190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 5/15/33 | 1080000 | 1031492 |
|  Time Warner Cable Enterprises LLC<br>8.375%, 7/15/33 | 7380000 | 8519029 |
|  |  | 31258270 |
|  ***Wireless Telecommunication Services (0.5%)*** | ***Wireless Telecommunication Services (0.5%)*** | ***Wireless Telecommunication Services (0.5%)*** |
|  Rogers Communications, Inc.<br>5.300%, 2/15/34 | 4200000 | 4235186 |
|  T-Mobile USA, Inc.<br>2.550%, 2/15/31 | 22000 | 20092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/31 | 1558000 | 1381270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 3/15/32 | 163000 | 146290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 7/15/33 | 1880000 | 1921542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 4/15/34 | 80000 | 81799 |
|  |  | 7786179 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** | 75020460 |
|  **Consumer Discretionary (4.5%)** | **Consumer Discretionary (4.5%)** |  |
|  ***Automobile Components (0.4%)*** | ***Automobile Components (0.4%)*** | ***Automobile Components (0.4%)*** |
|  Aptiv Swiss Holdings Ltd.<br>3.250%, 3/1/32 | 1978000 | 1849257 |
|  Magna International, Inc.<br>5.500%, 3/21/33 | 630000 | 660447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 6/1/35 | 3810000 | 4035773 |
|  |  | 6545477 |
|  ***Automobiles (0.8%)*** | ***Automobiles (0.8%)*** | ***Automobiles (0.8%)*** |
|  Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 2/12/32 | 1610000 | 1420229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 8/19/32 | 780000 | 803439 |
|  General Motors Co.<br>5.600%, 10/15/32 | 520000 | 544309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/1/35 | 8180000 | 8037489 |
|  Mercedes-Benz Finance North America LLC<br>8.500%, 1/18/31 | 250000 | 296060 |
|  |  | 11101526 |
|  ***Broadline Retail (0.9%)*** | ***Broadline Retail (0.9%)*** | ***Broadline Retail (0.9%)*** |
|  Alibaba Group Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/9/31 | 600000 | 544110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/28/34 | 8400000 | 8307936 |
|  Amazon.com, Inc.<br>4.800%, 12/5/34 | 3810000 | 3908370 |
|  |  | 12760416 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  LKQ Corp.<br>6.250%, 6/15/33 (x) | 300000 | 321729 |
|  ***Hotels, Restaurants & Leisure (0.8%)*** | ***Hotels, Restaurants & Leisure (0.8%)*** | ***Hotels, Restaurants & Leisure (0.8%)*** |
|  Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 5/15/34 | 4100000 | 4236762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GG<br>3.500%, 10/15/32 | 2830000 | 2644032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series HH<br>2.850%, 4/15/31 | 1120000 | 1038470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II<br>2.750%, 10/15/33 | 820000 | 717247 |
|  Starbucks Corp.<br>3.000%, 2/14/32 (x) | 3080000 | 2840083 |
|  |  | 11476594 |
|  ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** |
|  PulteGroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 6/15/32 | 90000 | 105585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/15/35 | 2630000 | 2828730 |
|  |  | 2934315 |
|  ***Specialty Retail (1.4%)*** | ***Specialty Retail (1.4%)*** | ***Specialty Retail (1.4%)*** |
|  AutoZone, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 8/1/32 | 410000 | 414046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 8/1/33 | 2150000 | 2202782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550%, 11/1/33 (x) | 5410000 | 6020494 |
|  Dick's Sporting Goods, Inc.<br>3.150%, 1/15/32 | 5030000 | 4627049 |
|  Home Depot, Inc. (The)<br>4.500%, 9/15/32 | 4700000 | 4757975 |
|  Lowe's Cos., Inc.<br>2.625%, 4/1/31 | 1440000 | 1322105 |

---

See Notes to Financial Statements.

753

------

EQ/INTERMEDIATE CORPORATE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Tractor Supply Co.<br>5.250%, 5/15/33 | $| 840000 | $| 868243 |
|  |  |  |  | 20212694 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 65352751 |
|  **Consumer Staples (5.5%)** | **Consumer Staples (5.5%)** | **Consumer Staples (5.5%)** |  |  |
|  ***Beverages (0.0%)†*** | ***Beverages (0.0%)†*** | ***Beverages (0.0%)†*** | ***Beverages (0.0%)†*** | ***Beverages (0.0%)†*** |
|  PepsiCo, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 2/15/33 |  | 130000 |  | 132396 |
|  ***Consumer Staples Distribution & Retail (0.5%)*** | ***Consumer Staples Distribution & Retail (0.5%)*** | ***Consumer Staples Distribution & Retail (0.5%)*** | ***Consumer Staples Distribution & Retail (0.5%)*** | ***Consumer Staples Distribution & Retail (0.5%)*** |
|  Dollar General Corp.<br>5.450%, 7/5/33 (x) |  | 6840000 |  | 7097842 |
|  Dollar Tree, Inc.<br>2.650%, 12/1/31 |  | 700000 |  | 632106 |
|  |  |  |  | 7729948 |
|  ***Food Products (1.9%)*** | ***Food Products (1.9%)*** | ***Food Products (1.9%)*** | ***Food Products (1.9%)*** | ***Food Products (1.9%)*** |
|  Archer-Daniels-Midland Co.<br>4.500%, 8/15/33 |  | 5630000 |  | 5633704 |
|  Hershey Co. (The)<br>5.100%, 2/24/35 |  | 4030000 |  | 4149291 |
|  Kraft Heinz Foods Co.<br>5.000%, 7/15/35 |  | 3810000 |  | 3798778 |
|  Mondelez International, Inc.<br>4.750%, 8/28/34 |  | 3160000 |  | 3149780 |
|  Pilgrim's Pride Corp.<br>4.250%, 4/15/31 |  | 570000 |  | 554935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/32 (x) |  | 1210000 |  | 1116794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/1/33 |  | 380000 |  | 406083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 5/15/34 |  | 3790000 |  | 4198638 |
|  Unilever Capital Corp.<br>4.625%, 8/12/34 |  | 4200000 |  | 4230714 |
|  |  |  |  | 27238717 |
|  ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** |
|  Procter & Gamble Co. (The)<br>4.050%, 1/26/33 |  | 80000 |  | 79979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 1/29/34 |  | 2589000 |  | 2632555 |
|  |  |  |  | 2712534 |
|  ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** |
|  Estee Lauder Cos., Inc. (The)<br>4.650%, 5/15/33 |  | 4230000 |  | 4255724 |
|  Haleon US Capital LLC<br>3.625%, 3/24/32 |  | 500000 |  | 476206 |
|  |  |  |  | 4731930 |
|  ***Tobacco (2.6%)*** | ***Tobacco (2.6%)*** | ***Tobacco (2.6%)*** | ***Tobacco (2.6%)*** | ***Tobacco (2.6%)*** |
|  Altria Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 2/4/32 |  | 12250000 |  | 10823436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/1/33 |  | 4090000 |  | 4621420 |
|  BAT Capital Corp.<br>6.421%, 8/2/33 (x) |  | 280000 |  | 309258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/20/34 |  | 8241000 |  | 8828402 |
|  Philip Morris International, Inc.<br>5.750%, 11/17/32 |  | 4210000 |  | 4503873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 2/15/33 |  | 2770000 |  | 2898708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 9/7/33 |  | 870000 |  | 923945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 2/13/34 |  | 4230000 |  | 4373335 |
|  |  |  |  | 37282377 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  |  | 79827902 |
|  **Energy (9.5%)** | **Energy (9.5%)** | **Energy (9.5%)** |  |  |
|  ***Oil, Gas & Consumable Fuels (9.5%)*** | ***Oil, Gas & Consumable Fuels (9.5%)*** | ***Oil, Gas & Consumable Fuels (9.5%)*** | ***Oil, Gas & Consumable Fuels (9.5%)*** | ***Oil, Gas & Consumable Fuels (9.5%)*** |
|  APA Corp.<br>6.100%, 2/15/35 |  | 470000 |  | 482662 |
|  Boardwalk Pipelines LP<br>3.600%, 9/1/32 |  | 840000 |  | 784006 |
|  BP Capital Markets America, Inc.<br>4.812%, 2/13/33 |  | 4440000 |  | 4496358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.893%, 9/11/33 |  | 1930000 |  | 1961814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.989%, 4/10/34 |  | 4200000 |  | 4277159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.227%, 11/17/34 |  | 12530000 |  | 12934708 |
|  Cheniere Energy Partners LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/1/31 |  | 150000 |  | 145844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 6/30/33 |  | 9230000 |  | 9793015 |
|  Devon Energy Corp.<br>5.200%, 9/15/34 (x) |  | 4390000 |  | 4368715 |
|  Enbridge, Inc.<br>5.700%, 3/8/33 |  | 132000 |  | 139181 |
|  Energy Transfer LP<br>6.550%, 12/1/33 |  | 4220000 |  | 4624110 |
|  EQT Corp.<br>5.750%, 2/1/34 |  | 3740000 |  | 3907896 |
|  Expand Energy Corp.<br>4.750%, 2/1/32 |  | 26130000 |  | 25751073 |
|  Hess Corp.<br>7.125%, 3/15/33 |  | 70000 |  | 81149 |
|  HF Sinclair Corp.<br>6.250%, 1/15/35 |  | 4480000 |  | 4677245 |
|  Kinder Morgan Energy Partners LP<br>7.300%, 8/15/33 |  | 2234000 |  | 2568442 |
|  Kinder Morgan, Inc.<br>5.400%, 2/1/34 |  | 2506000 |  | 2585230 |
|  ONEOK, Inc.<br>6.350%, 1/15/31 |  | 680000 |  | 728587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 11/15/32 |  | 2780000 |  | 2970049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 9/1/33 |  | 1060000 |  | 1127622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 6/15/35 |  | 3790000 |  | 4005642 |
|  Ovintiv, Inc.<br>6.250%, 7/15/33 |  | 1670000 |  | 1767105 |
|  Shell Finance US, Inc.<br>4.125%, 5/11/35 |  | 22962000 |  | 22039371 |
|  South Bow USA Infrastructure Holdings LLC<br>5.584%, 10/1/34 |  | 100000 |  | 100973 |
|  Targa Resources Corp.<br>4.200%, 2/1/33 |  | 550000 |  | 526259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/15/35 |  | 4070000 |  | 4167755 |
|  Targa Resources Partners LP<br>4.875%, 2/1/31 |  | 11040000 |  | 11098160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/15/32 |  | 2240000 |  | 2136954 |
|  TotalEnergies Capital SA<br>5.150%, 4/5/34 (x) |  | 4200000 |  | 4359181 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  |  | 138606265 |

---

See Notes to Financial Statements.

754

------

EQ/INTERMEDIATE CORPORATE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Financials (31.6%)** | **Financials (31.6%)** |  |
|  ***Banks (14.2%)*** | ***Banks (14.2%)*** | ***Banks (14.2%)*** |
|  Banco Bilbao Vizcaya Argentaria SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.30%),<br>7.883%, 11/15/34 (k) | $7600000 | $8833819 |
|  Banco Santander SA<br>2.749%, 12/3/30 | 3000000 | 2721516 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%),<br>3.225%, 11/22/32 (k) | 4800000 | 4399490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.921%, 8/8/33 | 2400000 | 2658170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.938%, 11/7/33 | 2000000 | 2286671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 3/14/34 | 4000000 | 4306584 |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.15%),<br>2.592%, 4/29/31 (k) | 200000 | 186434 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.53%),<br>1.898%, 7/23/31 (k) | 580000 | 521144 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%),<br>2.687%, 4/22/32 (k) | 930000 | 853370 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%),<br>2.572%, 10/20/32 (k) | 8231000 | 7425528 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.33%),<br>2.972%, 2/4/33 (k) | 130000 | 118938 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.83%),<br>4.571%, 4/27/33 (k) | 7170000 | 7158879 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.16%),<br>5.015%, 7/22/33 (k) | 4750000 | 4847138 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%),<br>5.425%, 8/15/35 (k) | 3860000 | 3941257 |
|  Bank of Nova Scotia (The)<br>2.150%, 8/1/31 | 910000 | 810142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 2/2/32 | 786000 | 701102 |
|  Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.00%),<br>5.746%, 8/9/33 (k) | 4400000 | 4615422 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.57%),<br>7.119%, 6/27/34 (k) | 4000000 | 4476477 |
|  Canadian Imperial Bank of Commerce<br>3.600%, 4/7/32 (x) | 151000 | 143654 |
|  Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.91%),<br>4.412%, 3/31/31 (k) | 550000 | 549984 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.11%),<br>2.572%, 6/3/31 (k) | 920000 | 852102 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%),<br>2.520%, 11/3/32 (k) | 4630000 | 4144635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 2/22/33 | 2770000 | 2961982 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.09%),<br>4.910%, 5/24/33 (k) | 5560000 | 5627136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/31/33 | 4060000 | 4369277 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.34%),<br>6.270%, 11/17/33 (k) | 3390000 | 3689485 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.66%),<br>6.174%, 5/25/34 (k) | 4130000 | 4395283 |
|  HSBC Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.95%),<br>2.357%, 8/18/31 (k) | 1200000 | 1092309 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.41%),<br>2.871%, 11/22/32 (k) | 6001000 | 5448259 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.53%),<br>4.762%, 3/29/33 (k) | 1200000 | 1194349 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.25%),<br>8.113%, 11/3/33 (k) | 2600000 | 3046003 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.02%),<br>7.399%, 11/13/34 (k) | 200000 | 228246 |
|  ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.07%),<br>4.252%, 3/28/33(k) | 4400000 | 4322418 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%),<br>2.545%, 11/8/32 (k) | 700000 | 631357 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%),<br>2.963%, 1/25/33 (k) | 240000 | 220138 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.80%),<br>4.586%, 4/26/33 (k) | 5770000 | 5794008 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.08%),<br>4.912%, 7/25/33 (k) | 940000 | 956678 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.58%),<br>5.717%, 9/14/33 (k) | 3320000 | 3514269 |
|  KeyBank NA<br>5.000%, 1/26/33 | 19500000 | 19692100 |
|  KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 2.06%),<br>4.789%, 6/1/33(k) | 550000 | 549978 |
|  Lloyds Banking Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.75%),<br>7.953%, 11/15/33 (k) | 2000000 | 2324201 |
|  M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.85%),<br>5.053%, 1/27/34 (k) | 4400000 | 4426712 |
|  Mizuho Financial Group, Inc.<br>2.564%, 9/13/31 (x) | 5800000 | 5187374 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.87%),<br>2.172%, 5/22/32 (k) | 860000 | 763702 |
|  PNC Financial Services Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.85%),<br>4.626%, 6/6/33 (k) | 280000 | 277635 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 2.14%),<br>6.037%, 10/28/33 (k) | 4540000 | 4901980 |
|  Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.03%),<br>5.153%, 2/4/31 (k) | 460000 | 473543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 11/3/31 | 1106000 | 994037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 2/1/34 (x) | 5600000 | 5832930 |
|  Santander Holdings USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.28%),<br>7.660%, 11/9/31 (k) | 1100000 | 1231893 |

---

See Notes to Financial Statements.

755

------

EQ/INTERMEDIATE CORPORATE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Sumitomo Mitsui Financial Group, Inc.<br>1.710%, 1/12/31 | $| 1200000 | $| 1054414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.222%, 9/17/31 |  | 3200000 |  | 2839789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.632%, 1/15/35 (x) |  | 7600000 |  | 8048178 |
|  Toronto-Dominion Bank (The) 2.000%, 9/10/31 |  | 1311000 |  | 1170179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 1/12/32 |  | 1696000 |  | 1511798 |
|  US Bancorp |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.02%),<br>2.677%, 1/27/33 (k) |  | 2970000 |  | 2679369 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.11%),<br>4.967%, 7/22/33 (k) |  | 3820000 |  | 3842656 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.09%),<br>5.850%, 10/21/33 (k) |  | 1480000 |  | 1585312 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.86%),<br>5.678%, 1/23/35 (k) |  | 3770000 |  | 3983916 |
|  Wells Fargo & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.10%),<br>4.897%, 7/25/33 (k) |  | 7270000 |  | 7387211 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.02%),<br>5.389%, 4/24/34 (k) |  | 4840000 |  | 5035297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 2/7/35 |  | 3990000 |  | 4199689 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.38%),<br>5.211%, 12/3/35 (k) |  | 3670000 |  | 3754346 |
|  |  |  |  | 207791892 |
|  ***Capital Markets (7.7%)*** | ***Capital Markets (7.7%)*** | ***Capital Markets (7.7%)*** | ***Capital Markets (7.7%)*** | ***Capital Markets (7.7%)*** |
|  Apollo Debt Solutions BDC<br>6.700%, 7/29/31 |  | 4310000 |  | 4537297 |
|  Ares Capital Corp.<br>3.200%, 11/15/31 |  | 5090000 |  | 4514444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 3/8/32 |  | 3880000 |  | 3921234 |
|  Bank of New York Mellon Corp. (The)<br>1.800%, 7/28/31 |  | 190000 |  | 167306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/26/32 |  | 760000 |  | 688723 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%),<br>4.289%, 6/13/33 (k) |  | 40000 |  | 39422 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%),<br>5.188%, 3/14/35 (k) |  | 11430000 |  | 11806316 |
|  BlackRock Funding, Inc.<br>5.000%, 3/14/34 |  | 4256000 |  | 4398742 |
|  Blackstone Reg Finance Co. LLC<br>5.000%, 12/6/34 |  | 4250000 |  | 4294619 |
|  Blue Owl Credit Income Corp.<br>6.650%, 3/15/31 |  | 3760000 |  | 3871645 |
|  Blue Owl Finance LLC<br>6.250%, 4/18/34 |  | 3700000 |  | 3820331 |
|  Brookfield Capital Finance LLC<br>6.087%, 6/14/33 |  | 3230000 |  | 3458550 |
|  Brookfield Finance, Inc.<br>6.350%, 1/5/34 |  | 3830000 |  | 4157067 |
|  Charles Schwab Corp. (The)<br>2.300%, 5/13/31 |  | 1999000 |  | 1808614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 12/1/31 |  | 1820000 |  | 1594523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 3/3/32 |  | 3610000 |  | 3301890 |
|  Deutsche Bank AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 5.44%),<br>5.882%, 7/8/31 (k) |  | 400000 |  | 414956 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.26%),<br>3.742%, 1/7/33 (k) |  | 5600000 |  | 5195390 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.65%),<br>7.079%, 2/10/34 (k) |  | 200000 |  | 219742 |
|  Goldman Sachs Group, Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.09%),<br>1.992%, 1/27/32 (k) |  | 340000 |  | 301326 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.41%),<br>3.102%, 2/24/33 (k) |  | 640000 |  | 589522 |
|  Intercontinental Exchange, Inc.<br>4.600%, 3/15/33 |  | 1410000 |  | 1424273 |
|  Jefferies Financial Group, Inc.<br>6.200%, 4/14/34 |  | 3940000 |  | 4156510 |
|  LPL Holdings, Inc.<br>6.000%, 5/20/34 |  | 3180000 |  | 3349031 |
|  Moody's Corp.<br>4.250%, 8/8/32 |  | 4630000 |  | 4572421 |
|  Morgan Stanley |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.03%),<br>1.794%, 2/13/32 (k) |  | 160000 |  | 140553 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.02%),<br>1.928%, 4/28/32 (k) |  | 320000 |  | 280775 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%),<br>2.943%, 1/21/33 (k) |  | 50000 |  | 45617 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.08%),<br>4.889%, 7/20/33 (k) |  | 8980000 |  | 9110026 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.56%),<br>6.342%, 10/18/33 (k) |  | 1620000 |  | 1776255 |
|  Nomura Holdings, Inc.<br>2.999%, 1/22/32 |  | 10600000 |  | 9617794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.087%, 7/12/33 |  | 400000 |  | 431176 |
|  S&P Global, Inc.<br>5.250%, 9/15/33 |  | 4970000 |  | 5216879 |
|  State Street Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.00%),<br>2.623%, 2/7/33 (k) |  | 9880000 |  | 8925563 |
|  |  |  |  | 112148532 |
|  ***Consumer Finance (4.4%)*** | ***Consumer Finance (4.4%)*** | ***Consumer Finance (4.4%)*** | ***Consumer Finance (4.4%)*** | ***Consumer Finance (4.4%)*** |
|  AerCap Ireland Capital DAC<br>3.300%, 1/30/32 |  | 1800000 |  | 1660957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 10/29/33 |  | 9900000 |  | 8944248 |
|  Ally Financial, Inc.<br>8.000%, 11/1/31 |  | 530000 |  | 601823 |
|  American Express Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.76%),<br>4.420%, 8/3/33 (k) |  | 1000000 |  | 992672 |
|  Capital One Financial Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.07%),<br>7.624%, 10/30/31 (k) |  | 600000 |  | 678113 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%),<br>2.359%, 7/29/32 (k) |  | 14510000 |  | 12692337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700%, 11/29/32 |  | 7300000 |  | 8083073 |
|  Ford Motor Credit Co. LLC<br>4.000%, 11/13/30 |  | 8800000 |  | 8305704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.122%, 11/7/33 |  | 400000 |  | 429540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 3/8/34 |  | 400000 |  | 408036 |
|  General Motors Financial Co., Inc.<br>2.350%, 1/8/31 |  | 560000 |  | 502999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 1/12/32 |  | 2540000 |  | 2318893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 1/9/33 |  | 2550000 |  | 2750158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 1/7/34 |  | 5380000 |  | 5707880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 4/4/34 |  | 1540000 |  | 1613878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 7/15/35 |  | 3800000 |  | 4008548 |

---

See Notes to Financial Statements.

756

------

EQ/INTERMEDIATE CORPORATE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Toyota Motor Credit Corp.<br>1.650%, 1/10/31 | $| 180000 | $| 158974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 1/5/34 |  | 4293000 |  | 4379070 |
|  |  |  |  | 64236903 |
|  ***Financial Services (0.9%)*** | ***Financial Services (0.9%)*** | ***Financial Services (0.9%)*** | ***Financial Services (0.9%)*** | ***Financial Services (0.9%)*** |
|  Global Payments, Inc.<br>5.400%, 8/15/32 |  | 860000 |  | 875331 |
|  HA Sustainable Infrastructure<br>Capital, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 1/15/31 |  | 3920000 |  | 4036382 |
|  Jackson Financial, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/23/31 |  | 7200000 |  | 6549801 |
|  National Rural Utilities Cooperative Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 6/15/31 |  | 269000 |  | 234100 |
|  Voya Financial, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/20/34 |  | 400000 |  | 397210 |
|  Western Union Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 3/15/31 (x) |  | 1090000 |  | 992010 |
|  |  |  |  | 13084834 |
|  ***Insurance (4.4%)*** | ***Insurance (4.4%)*** | ***Insurance (4.4%)*** | ***Insurance (4.4%)*** | ***Insurance (4.4%)*** |
|  American International Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 3/27/33 |  | 4230000 |  | 4351396 |
|  Aon Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 2/28/33 |  | 4020000 |  | 4189617 |
|  Aon North America, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 3/1/34 (x) |  | 4208000 |  | 4375322 |
|  Athene Holding Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.650%, 2/1/33 |  | 3600000 |  | 3901485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 1/15/34 |  | 1170000 |  | 1214096 |
|  Brown & Brown, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 6/23/35 |  | 3890000 |  | 3994939 |
|  Chubb INA Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/15/34 |  | 3540000 |  | 3619391 |
|  CNO Financial Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450%, 6/15/34 |  | 7930000 |  | 8390409 |
|  Fairfax Financial Holdings Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/16/32 |  | 4890000 |  | 5106784 |
|  Lincoln National Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 1/15/31 |  | 1168000 |  | 1110257 |
|  Loews Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/1/35 |  | 3770000 |  | 4065403 |
|  Marsh & McLennan Cos., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/15/35 |  | 7700000 |  | 7800207 |
|  Progressive Corp. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 6/15/33 |  | 2250000 |  | 2309118 |
|  Willis North America, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 5/15/33 |  | 9690000 |  | 9991071 |
|  |  |  |  | 64419495 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  |  | 461681656 |
|  **Health Care (10.5%)** | **Health Care (10.5%)** | **Health Care (10.5%)** |  |  |
|  ***Biotechnology (1.0%)*** | ***Biotechnology (1.0%)*** | ***Biotechnology (1.0%)*** | ***Biotechnology (1.0%)*** | ***Biotechnology (1.0%)*** |
|  AbbVie, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/14/35 |  | 3980000 |  | 3917076 |
|  Amgen, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/15/32 |  | 680000 |  | 592684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 2/22/32 |  | 690000 |  | 649982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/2/33 |  | 5220000 |  | 5403692 |
|  Gilead Sciences, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 9/1/35 |  | 3930000 |  | 3887803 |
|  |  |  |  | 14451237 |
|  ***Health Care Equipment & Supplies (0.6%)*** | ***Health Care Equipment & Supplies (0.6%)*** | ***Health Care Equipment & Supplies (0.6%)*** | ***Health Care Equipment & Supplies (0.6%)*** | ***Health Care Equipment & Supplies (0.6%)*** |
|  Baxter International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.539%, 2/1/32 (x) |  | 6270000 |  | 5466639 |
|  Becton Dickinson & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.298%, 8/22/32 |  | 440000 |  | 432969 |
|  GE HealthCare Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.905%, 11/22/32 |  | 2100000 |  | 2262859 |
|  Medtronic Global Holdings SCA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/30/33 |  | 138000 |  | 138565 |
|  Zimmer Biomet Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 11/24/31 (x) |  | 590000 |  | 533137 |
|  |  |  |  | 8834169 |
|  ***Health Care Providers & Services (5.3%)*** | ***Health Care Providers & Services (5.3%)*** | ***Health Care Providers & Services (5.3%)*** | ***Health Care Providers & Services (5.3%)*** | ***Health Care Providers & Services (5.3%)*** |
|  Centene Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/1/31 |  | 20330000 |  | 17521410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 8/1/31 |  | 13920000 |  | 11963700 |
|  Cigna Group (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 2/15/34 |  | 4180000 |  | 4296826 |
|  CVS Health Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 1/30/31 |  | 750000 |  | 774283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 9/15/31 |  | 5180000 |  | 4543616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 2/21/33 (x) |  | 1640000 |  | 1689715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 6/1/33 |  | 2480000 |  | 2562086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 7/20/35 |  | 8020000 |  | 7903137 |
|  Elevance Health, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/15/33 |  | 850000 |  | 853511 |
|  HCA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 7/15/31 |  | 760000 |  | 681002 |
|  Humana, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 2/3/32 (x) |  | 9550000 |  | 8283435 |
|  McKesson Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 5/30/35 |  | 3790000 |  | 3915041 |
|  UnitedHealth Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/15/33 |  | 4710000 |  | 4678236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 6/15/35 |  | 3890000 |  | 4027858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 7/15/35 |  | 4060000 |  | 4003319 |
|  |  |  |  | 77697175 |
|  ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** |
|  Bio-Rad Laboratories, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 3/15/32 |  | 1990000 |  | 1876824 |
|  Thermo Fisher Scientific, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.086%, 8/10/33 |  | 1340000 |  | 1389652 |
|  |  |  |  | 3266476 |
|  ***Pharmaceuticals (3.4%)*** | ***Pharmaceuticals (3.4%)*** | ***Pharmaceuticals (3.4%)*** | ***Pharmaceuticals (3.4%)*** | ***Pharmaceuticals (3.4%)*** |
|  Johnson & Johnson |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 6/1/31 |  | 390000 |  | 407258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 5/15/33 |  | 8070000 |  | 8513136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/5/33 |  | 9330000 |  | 9481200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 6/1/34 (x) |  | 15570000 |  | 16349333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/1/35 (x) |  | 7650000 |  | 7980177 |
|  Merck & Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 12/10/31 |  | 680000 |  | 605798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/17/33 |  | 2270000 |  | 2291572 |

---

See Notes to Financial Statements.

757

------

EQ/INTERMEDIATE CORPORATE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Pfizer Investment Enterprises Pte. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/19/33 | 3490000 | 3528074 |
|  |  | 49156548 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 153405605 |
|  **Industrials (6.7%)** | **Industrials (6.7%)** |  |
|  ***Aerospace & Defense (3.5%)*** | ***Aerospace & Defense (3.5%)*** | ***Aerospace & Defense (3.5%)*** |
|  Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 2/15/33 | 4260000 | 4602325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 5/1/34 (x) | 9990000 | 9097743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 2/1/35 | 9350000 | 8192780 |
|  Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 3/1/35 (x) | 12790000 | 11815543 |
|  Northrop Grumman Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 3/15/33 | 4760000 | 4810844 |
|  RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 9/1/31 | 2790000 | 2449006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 3/15/32 (x) | 1340000 | 1194118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 2/27/33 | 4010000 | 4151373 |
|  Textron, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 11/15/33 | 3940000 | 4248258 |
|  |  | 50561990 |
|  ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** |
|  FedEx Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 2/1/35 | 140000 | 129361 |
|  United Parcel Service, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/3/33 | 1550000 | 1598254 |
|  |  | 1727615 |
|  ***Building Products (0.0%)†*** | ***Building Products (0.0%)†*** | ***Building Products (0.0%)†*** |
|  Trane Technologies Financing Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/3/33 | 133000 | 138560 |
|  ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** |
|  Republic Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/15/33 | 120000 | 124038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/1/34 | 4240000 | 4355469 |
|  Waste Connections, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 1/15/33 | 4890000 | 4791025 |
|  |  | 9270532 |
|  ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** |
|  Regal Rexnord Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 4/15/33 | 4430000 | 4762784 |
|  ***Ground Transportation (0.7%)*** | ***Ground Transportation (0.7%)*** | ***Ground Transportation (0.7%)*** |
|  Norfolk Southern Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/15/32 | 157000 | 144860 |
|  Ryder System, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600%, 12/1/33 | 8290000 | 9255020 |
|  Union Pacific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 2/14/32 | 756000 | 695209 |
|  |  | 10095089 |
|  ***Machinery (0.1%)*** | ***Machinery (0.1%)*** | ***Machinery (0.1%)*** |
|  Flowserve Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 1/15/32 | 880000 | 787219 |
|  ***Professional Services (0.7%)*** | ***Professional Services (0.7%)*** | ***Professional Services (0.7%)*** |
|  Broadridge Financial Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 5/1/31 | 60000 | 54547 |
|  Concentrix Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850%, 8/2/33 | 4860000 | 4949819 |
|  Equifax, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 9/15/31 (x) | 700000 | 622148 |
|  Jacobs Engineering Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 3/1/33 | 4080000 | 4297482 |
|  Verisk Analytics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 4/1/33 | 90000 | 95253 |
|  |  | 10019249 |
|  ***Trading Companies & Distributors (0.7%)*** | ***Trading Companies & Distributors (0.7%)*** | ***Trading Companies & Distributors (0.7%)*** |
|  Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 12/1/30 | 570000 | 527969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 1/15/32 | 6290000 | 5646861 |
|  GATX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 3/15/34 | 4127000 | 4391958 |
|  |  | 10566788 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 97929826 |
|  **Information Technology (8.5%)** | **Information Technology (8.5%)** |  |
|  ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** |
|  Cisco Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 2/26/34 | 4132000 | 4254237 |
|  Juniper Networks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/10/30 | 2400000 | 2119444 |
|  |  | 6373681 |
|  ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** |
|  Allegion US Holding Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.411%, 7/1/32 | 500000 | 521031 |
|  Avnet, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/31 | 3710000 | 3349868 |
|  Flex Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 1/15/32 | 110000 | 112230 |
|  TD SYNNEX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 4/12/34 | 3290000 | 3482437 |
|  |  | 7465566 |
|  ***IT Services (1.5%)*** | ***IT Services (1.5%)*** | ***IT Services (1.5%)*** |
|  Accenture Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/4/34 | 4270000 | 4212312 |
|  International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.720%, 2/9/32 | 600000 | 543571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/6/33 | 600000 | 608792 |
|  Kyndryl Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 10/15/31 | 4050000 | 3698758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 2/20/34 | 11772000 | 12482943 |
|  |  | 21546376 |
|  ***Semiconductors & Semiconductor Equipment (1.7%)*** | ***Semiconductors & Semiconductor Equipment (1.7%)*** | ***Semiconductors & Semiconductor Equipment (1.7%)*** |
|  Analog Devices, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 10/1/31 | 163000 | 144844 |
|  Applied Materials, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 10/1/35 | 3720000 | 3833383 |
|  Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 11/15/30 | 148000 | 147362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 11/15/32 | 150000 | 147897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 2/15/33 | 6180000 | 5450966 |
|  Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 8/5/32 | 143000 | 137725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 2/10/33 | 1995000 | 2035438 |

---

See Notes to Financial Statements.

758

------

EQ/INTERMEDIATE CORPORATE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  KLA Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 7/15/32 | 136000 | $| 137936 |
|  Micron Technology, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 2/9/33 | 456000 |  | 484917 |
|  NVIDIA Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 6/15/31 | 164000 |  | 147637 |
|  NXP BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/11/31 | 36000 |  | 32558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/15/33 | 3790000 |  | 3849061 |
|  QUALCOMM, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 5/20/32 | 670000 |  | 572843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 5/20/35 | 7610000 |  | 7632176 |
|  Skyworks Solutions, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/31 | 590000 |  | 534151 |
|  Texas Instruments, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 8/16/32 | 145000 |  | 139217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 3/14/33 | 132000 |  | 136255 |
|  |  |  | 25564366 |
|  ***Software (3.8%)*** | ***Software (3.8%)*** | ***Software (3.8%)*** | ***Software (3.8%)*** |
|  Fortinet, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 3/15/31 | 330000 |  | 295301 |
|  Intuit, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 9/15/33 | 990000 |  | 1035428 |
|  Microsoft Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/12/35 (x) | 41390000 |  | 39006884 |
|  Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 11/9/32 | 12210000 |  | 12739286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 2/6/33 | 570000 |  | 549165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 5/15/35 | 1690000 |  | 1459305 |
|  Roper Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 2/15/31 | 60000 |  | 52654 |
|  VMware LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 8/15/31 | 380000 |  | 337403 |
|  |  |  | 55475426 |
|  ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** |
|  Apple, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 8/5/31 | 70000 |  | 61913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 8/8/32 | 2400000 |  | 2300930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 5/10/33 | 6050000 |  | 6135468 |
|  |  |  | 8498311 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 124923726 |
|  **Materials (2.5%)** | **Materials (2.5%)** |  |  |
|  ***Chemicals (0.9%)*** | ***Chemicals (0.9%)*** | ***Chemicals (0.9%)*** | ***Chemicals (0.9%)*** |
|  Albemarle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 6/1/32 | 6650000 |  | 6699445 |
|  CF Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/15/34 | 4331000 |  | 4353968 |
|  Eastman Chemical Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 3/8/33 | 660000 |  | 692671 |
|  FMC Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 5/18/33 (x) | 830000 |  | 725028 |
|  LYB International Finance III LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 5/15/33 | 850000 |  | 862728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/1/34 | 340000 |  | 336039 |
|  |  |  | 13669879 |
|  ***Containers & Packaging (0.4%)*** | ***Containers & Packaging (0.4%)*** | ***Containers & Packaging (0.4%)*** | ***Containers & Packaging (0.4%)*** |
|  Berry Global, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 1/15/34 | 3335000 |  | 3480290 |
|  Sonoco Products Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/1/34 (x) | 810000 |  | 803266 |
|  WRKCo., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/15/33 (x) | 2440000 |  | 2176139 |
|  |  |  | 6459695 |
|  ***Metals & Mining (1.1%)*** | ***Metals & Mining (1.1%)*** | ***Metals & Mining (1.1%)*** | ***Metals & Mining (1.1%)*** |
|  ArcelorMittal SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800%, 11/29/32 | 2490000 |  | 2790714 |
|  BHP Billiton Finance USA Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 2/28/33 | 735000 |  | 748828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 9/8/33 | 1400000 |  | 1455025 |
|  Kinross Gold Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/15/33 | 1210000 |  | 1322372 |
|  Newmont Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 7/15/32 | 475000 |  | 432738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 3/15/34 (x) | 4230000 |  | 4430907 |
|  Nucor Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 4/1/32 | 156000 |  | 145159 |
|  Rio Tinto Alcan, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 3/15/31 | 118000 |  | 134252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 12/15/33 | 3830000 |  | 4191497 |
|  Rio Tinto Finance USA plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/9/33 | 134000 |  | 137558 |
|  Yamana Gold, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.630%, 8/15/31 | 121000 |  | 108773 |
|  |  |  | 15897823 |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** |
|  Suzano Austria GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 1/15/32 | 1250000 |  | 1115075 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 37142472 |
|  **Real Estate (4.6%)** | **Real Estate (4.6%)** |  |  |
|  ***Diversified REITs (1.1%)*** | ***Diversified REITs (1.1%)*** | ***Diversified REITs (1.1%)*** | ***Diversified REITs (1.1%)*** |
|  American Assets Trust LP (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 2/1/31 | 120000 |  | 109434 |
|  GLP Capital LP (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/15/31 | 40000 |  | 38280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 1/15/32 | 350000 |  | 316663 |
|  Safehold GL Holdings LLC (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 1/15/35 | 14040000 |  | 14422777 |
|  Simon Property Group LP (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 2/1/31 | 450000 |  | 407119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1/15/32 | 430000 |  | 379581 |
|  |  |  | 15673854 |
|  ***Health Care REITs (1.3%)*** | ***Health Care REITs (1.3%)*** | ***Health Care REITs (1.3%)*** | ***Health Care REITs (1.3%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 5/18/32 | 550000 |  | 465176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/1/33 | 10440000 |  | 8547973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/15/34 | 4630000 |  | 3966752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 4/15/35 | 4080000 |  | 3934464 |
|  Healthcare Realty Holdings LP (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/15/31 (x) | 2480000 |  | 2176353 |
|  Omega Healthcare Investors, Inc. (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/15/33 (x) | 550000 |  | 488725 |
|  |  |  | 19579443 |

---

See Notes to Financial Statements.

759

------

EQ/INTERMEDIATE CORPORATE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Office REITs (1.5%)*** | ***Office REITs (1.5%)*** | ***Office REITs (1.5%)*** |
|  Boston Properties LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 1/30/31 | $1380000 | $1294187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 4/1/32 | 2370000 | 2064062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 10/1/33 | 5570000 | 4612962 |
|  Highwoods Realty LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 2/1/31 (x) | 3030000 | 2709972 |
|  Kilroy Realty LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/15/32 | 4976000 | 4149353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 11/15/33 | 7898000 | 6475912 |
|  |  | 21306448 |
|  ***Residential REITs (0.5%)*** | ***Residential REITs (0.5%)*** | ***Residential REITs (0.5%)*** |
|  ERP Operating LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 9/15/34 | 3990000 | 3947843 |
|  UDR, Inc. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 8/1/32 | 2681000 | 2290444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 6/15/33 | 2011000 | 1674247 |
|  |  | 7912534 |
|  ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** |
|  Kimco Realty OP LLC (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 12/1/31 (x) | 1350000 | 1197488 |
|  Realty Income Corp. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 2/15/31 | 1250000 | 1185280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 3/15/33 | 640000 | 532385 |
|  |  | 2915153 |
|  ***Specialized REITs (0.0%)†*** | ***Specialized REITs (0.0%)†*** | ***Specialized REITs (0.0%)†*** |
|  Crown Castle, Inc. (REIT) | Crown Castle, Inc. (REIT) | Crown Castle, Inc. (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 5/1/33 | 500000 | 504456 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 67891888 |
|  **Utilities (9.0%)** | **Utilities (9.0%)** |  |
|  ***Electric Utilities (6.5%)*** | ***Electric Utilities (6.5%)*** | ***Electric Utilities (6.5%)*** |
|  AEP Texas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 5/15/34 | 4060000 | 4234244 |
|  Alabama Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.940%, 9/1/32 | 2620000 | 2540753 |
|  Arizona Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 12/15/31 | 510000 | 447422 |
|  DTE Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 3/1/34 | 4235000 | 4373824 |
|  Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 1/15/33 | 4680000 | 4810677 |
|  Duke Energy Indiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/1/34 | 4220000 | 4363688 |
|  Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/15/32 | 4410000 | 4407560 |
|  Entergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 6/15/31 | 330000 | 296103 |
|  Entergy Louisiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%, 12/15/30 | 680000 | 600888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 6/15/32 | 6010000 | 5296615 |
|  Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 3/15/31 | 590000 | 533608 |
|  Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 4/1/33 | 700000 | 725852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 5/15/33 | 3060000 | 3119307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 6/15/34 | 4030000 | 4221337 |
|  NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.440%, 1/15/32 | 930000 | 828384 |
|  Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 6/15/32 | 4500000 | 4716571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 10/15/32 | 3300000 | 3318450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 6/15/33 | 3730000 | 4028948 |
|  PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 2/15/34 | 4030000 | 4092029 |
|  PPL Electric Utilities Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 2/15/34 | 4106000 | 4151770 |
|  Progress Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 10/30/31 | 90000 | 101032 |
|  Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/15/34 | 420000 | 441297 |
|  Southern Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 10/15/32 | 2580000 | 2733348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 6/15/33 | 9310000 | 9555928 |
|  Southwestern Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 5/15/35 | 3810000 | 3893853 |
|  Virginia Electric and Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 11/15/31 | 4850000 | 4312243 |
|  Xcel Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 8/15/33 | 13420000 | 13859152 |
|  |  | 96004883 |
|  ***Gas Utilities (1.1%)*** | ***Gas Utilities (1.1%)*** | ***Gas Utilities (1.1%)*** |
|  ONE Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/1/32 | 1280000 | 1261756 |
|  Southern California Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 6/1/33 | 4960000 | 5121915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 9/1/34 | 8350000 | 8487779 |
|  Southwest Gas Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 3/15/32 | 1030000 | 993258 |
|  |  | 15864708 |
|  ***Multi-Utilities (1.4%)*** | ***Multi-Utilities (1.4%)*** | ***Multi-Utilities (1.4%)*** |
|  Ameren Illinois Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 6/1/33 | 1680000 | 1717722 |
|  Berkshire Hathaway Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 5/15/31 | 330000 | 287331 |
|  National Grid plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.809%, 6/12/33 | 4400000 | 4678805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.418%, 1/11/34 | 12640000 | 13052209 |
|  Public Service Enterprise<br>Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 11/15/31 | 260000 | 232542 |
|  |  | 19968609 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 131838200 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  | 1433620751 |
|  **U.S. Treasury Obligations (0.2%)** | **U.S. Treasury Obligations (0.2%)** | **U.S. Treasury Obligations (0.2%)** |
|  U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/35 | 3889200 | 3929312 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  | 3929312 |
|  **Total Long-Term Debt Securities (98.2%)**<br> *(Cost $1,373,543,838)* |  | 1437550063 |

---

See Notes to Financial Statements.

760

------

EQ/INTERMEDIATE CORPORATE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (3.0%)** | **Investment Companies (3.0%)** |  |
|  Allspring Government Money Market Fund, Select Shares 3.72% (7 day yield) (xx) | 5000000 | $5000000 |
|  BlackRock Liquidity FedFund, Institutional Shares 3.65% (7 day yield) (xx) | 5000000 | 5000000 |
|  Dreyfus Treasury Obligations Cash Management Fund 3.65% (7 day yield) (xx) | 2000000 | 2000000 |
|  Goldman Sachs Financial Square Government Fund 3.67% (7 day yield) (xx) | 2000000 | 2000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 18595523 | 18595523 |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 11041971 | 11046387 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 43641910 |
|  **Total Short-Term Investments (3.0%)**<br> *(Cost $43,641,748)* |  | 43641910 |
|  **Total Investments in Securities (101.2%)**<br> *(Cost $1,417,185,586)* |  | 1481191973 |
|  **Other Assets Less Liabilities (-1.2%)** |  | (18183261) |
|  **Net Assets (100%)** |  | $1463008712 |

---

*†* *Percent shown is less than 0.05%.* 

*(e)* *Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of December 31, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of December 31, 2025.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $32,332,881. This was collateralized by $449,910 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 1/31/26 – 5/15/55 and by cash of $32,595,523 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*REIT* *— Real Estate Investment Trust* 

*SOFR* *— Secured Overnight Financing Rate* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services | $— | $75020460 | $— | $75020460 |
|  Consumer Discretionary |  | 65352751 |  | 65352751 |
|  Consumer Staples |  | 79827902 |  | 79827902 |
|  Energy |  | 138606265 |  | 138606265 |
|  Financials |  | 461681656 |  | 461681656 |
|  Health Care |  | 153405605 |  | 153405605 |
|  Industrials |  | 97929826 |  | 97929826 |
|  Information Technology |  | 124923726 |  | 124923726 |
|  Materials |  | 37142472 |  | 37142472 |
|  Real Estate |  | 67891888 |  | 67891888 |
|  Utilities |  | 131838200 |  | 131838200 |

---

See Notes to Financial Statements.

761

------

EQ/INTERMEDIATE CORPORATE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | $43641910 | $— | $— | $43641910 |
|  **U.S. Treasury Obligations** |  | 3929312 |  | 3929312 |
|  **Total Assets** | $**43641910** | $**1437550063** | $**—** | $**1481191973** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**43641910** | $**1437550063** | $**—** | $**1481191973** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $572338357 |
|  Long-term U.S. government debt securities | 65223709 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637562066 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $746452708 |
|  Long-term U.S. government debt securities | 62171032 |
|  | $808623740 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $64204101 |
|  Aggregate gross unrealized depreciation | (805270) |
|  Net unrealized appreciation | $63398831 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1417793142 |

---

See Notes to Financial Statements.

762

------

EQ/INTERMEDIATE CORPORATE BOND PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $1,417,185,586) | $1481191973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 750000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 18497495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Custodian | 3970552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 56715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 12961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 6343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1504486039 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 32595523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 7748908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 547607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 352401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 110763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 120757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 41477327 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1463008712 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1395251803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 67756909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1463008712 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $5,510,868 / 551,326 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.00 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $1,457,497,844 / 145,742,714 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.00 |

---

*(x)* *Includes value of securities on loan of $32,332,881.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $81458283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 301531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 143225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 81903039 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 5189724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1342772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 130586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 86093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 51175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 40600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 9757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 64808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 6915515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (743451) |
| &nbsp;&nbsp;&nbsp;&nbsp; Voluntary waiver from investment manager | (267729) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 5904335 |
|  **NET INVESTMENT INCOME (LOSS)** | 75998704 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 27310635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 26918956 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 54229591 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $130228295 |

---

See Notes to Financial Statements.

763

------

#### EQ ADVISORS TRUST
EQ/INTERMEDIATE CORPORATE BOND PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $75998704 | $83461432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 27310635 | 23771231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 26918956 | (54158460) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 130228295 | 53074203 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (368286) | (150567) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (103066322) | (106154719) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (103434608) | (106305286) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 323,513 and 233,471 shares, respectively ] | 3317286 | 2450477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 36,993 and 15,102 shares, respectively ] | 368286 | 150567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (58655) and (14251) shares, respectively ] | (595840) | (151301) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 3089732 | 2449743 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 11,657,033 and 18,282,828 shares, respectively ] | 118313340 | 188790040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 10,339,512 and 10,644,456 shares, respectively ] | 103066322 | 106154719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (34335320) and (25227097) shares, respectively ] | (349058290) | (260726252) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (127678628) | 34218507 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (124588896) | 36668250 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (97795209) | (16562833) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1560803921 | 1577366754 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1463008712 | $1560803921 |

---

See Notes to Financial Statements.

764

------

#### EQ ADVISORS TRUST
EQ/INTERMEDIATE CORPORATE BOND PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **April 3, 2023\* to**<br>**December 31, 2023** |
| **Class IB** | **2025** | **2024** | **April 3, 2023\* to**<br>**December 31, 2023** |
|  Net asset value, beginning of period | $9.85 | $10.22 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations†:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.50 | 0.52 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.39 | (0.20) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.89 | 0.32 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.54) | (0.54) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.20) | (0.15) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.74) | (0.69) | (0.09) |
|  Net asset value, end of period | $10.00 | $9.85 | $10.22 |
|  Total return (b) | 9.06% | 3.05% | 3.07 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $5511 | $2459 | $155 |
|  Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.65 %(i) | 0.65% | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.72% | 0.72% | 1.41 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 4.83% | 4.99% | 4.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 4.76% | 4.92% | 4.08 |
|  Portfolio turnover rate^ | 44% | 47% | 36 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Class K** | **Year Ended December 31,** | **Year Ended December 31,** | **April 3, 2023\* to<br>December 31, 2023** |
| **Class K** | **2025** | **2024** | **April 3, 2023\* to<br>December 31, 2023** |
|  Net asset value, beginning of period | $9.86 | $10.22 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations†:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.53 | 0.55 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.37 | (0.20) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.90 | 0.35 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.56) | (0.56) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.20) | (0.15) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.76) | (0.71) | (0.10) |
|  Net asset value, end of period | $10.00 | $9.86 | $10.22 |
|  Total return (b) | 9.21% | 3.40% | 3.25% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $1457498 | $1558345 | $1577212 |
|  Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.40 %(i) | 0.40% | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.47% | 0.47% | 0.52% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 5.13% | 5.33% | 5.48 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 5.06% | 5.26% | 5.35 %(l) |
|  Portfolio turnover rate^ | 44% | 47% | 36 %(z) |

---

*\** *Commencement of operations.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*†* *The amount shown for a share outstanding throughout the period may not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(i)* *Includes voluntary waiver from investment manager of 0.02%.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

765

------

EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Corporate Bond (0.3%)** | **Corporate Bond (0.3%)** | **Corporate Bond (0.3%)** |
|  **Financials (0.3%)** | **Financials (0.3%)** |  |
|  ***Financial Services (0.3%)*** | ***Financial Services (0.3%)*** | ***Financial Services (0.3%)*** |
|  Private Export Funding Corp.<br>4.500%, 2/7/27§ | $10000000 | $10086566 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 10086566 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bond** |  | 10086566 |
|  **U.S. Government Agency Securities (49.0%)** | **U.S. Government Agency Securities (49.0%)** | **U.S. Government Agency Securities (49.0%)** |
|  FFCB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/13/26 | 20000000 | 20033768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 6/23/26 | 32000000 | 32103974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.680%, 1/13/27 | 5000000 | 4854774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700%, 1/27/27 | 15000000 | 14541227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/26/27 | 20000000 | 20230856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/6/27 | 15000000 | 15242643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/20/27 | 15000000 | 15201208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.970%, 8/26/27 | 5000000 | 4999285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/27/27 | 5000000 | 5002161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/10/27 | 28000000 | 27988276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/9/27 | 15000000 | 14976220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/14/28 | 15000000 | 15217734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/28/28 | 10000000 | 10144092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/24/28 | 15000000 | 15217782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.420%, 6/16/28 | 5000000 | 5008413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.070%, 8/21/28 | 5000000 | 5005743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/28/28 | 10000000 | 10239968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.840%, 10/16/28 | 10000000 | 9995583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 10/24/28 | 18000000 | 17906242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.730%, 11/3/28 | 5000000 | 4993165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.070%, 11/20/28 | 5000000 | 4997918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.970%, 11/28/28 | 10000000 | 9994146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.040%, 1/25/29 | 15000000 | 13910346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.980%, 2/5/29 | 5000000 | 4994197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/20/29 | 15000000 | 15230866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/30 | 15000000 | 15201351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.230%, 7/29/30 | 5000000 | 4429908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.240%, 9/3/30 | 10000000 | 8924451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.120%, 10/21/30 | 10250000 | 10229309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.380%, 1/14/31 | 30000000 | 26672400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.990%, 3/17/31 | 10000000 | 9126688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.890%, 9/12/33 | 15000000 | 14984255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.940%, 3/24/34 | 10500000 | 10484326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.990%, 4/23/35 | 10000000 | 9977178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.970%, 9/17/35 | 10000000 | 9989702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/29/35 | 10000000 | 9971670 |
|  FHLB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/17/26 | 25000000 | 25222970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/15/27 | 22245000 | 22386772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 1/28/27 | 69245000 | 67907934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.830%, 2/10/27 | 10000000 | 9689961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.020%, 2/24/27 | 15000000 | 14581384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 2/26/27 | 35000000 | 33964560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.115%, 2/26/27 | 30000000 | 29187135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/10/27 | 25000000 | 25140945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/12/27 | 2000000 | 1988727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 4/9/27 (x) | 47460000 | 48214790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/4/27 | 20465000 | 20573129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/9/27 (x) | 53900000 | 53913944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 9/10/27 | 20000000 | 20205108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/4/27 | 53860000 | 53792729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100%, 2/25/28 | 15000000 | 14253981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/6/28 | 10000000 | 10014993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/10/28 | 6200000 | 6328335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/9/28 | 25000000 | 24861090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/9/28 | 10000000 | 10103798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/30/28 | 12500000 | 12653495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 8/16/28 | 5000000 | 4678983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/16/28 | 100335000 | 99736512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 9/14/29 | 15000000 | 15250185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 12/14/29 | 3195000 | 3018936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/8/30 | 2500000 | 2566556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 6/14/30 | 5000000 | 5085025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/13/30 | 10000000 | 10337450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/10/34 | 10000000 | 10380316 |
|  FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 12/3/27 | 5000000 | 4998615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 2/11/28 | 15000000 | 15006033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 9/26/28 | 10000000 | 10002357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/20/28 | 10000000 | 9998390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/1/28 | 10000000 | 9996014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/3/28 | 5000000 | 4999433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/13/28 | 5000000 | 4999317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 11/13/28 | 5000000 | 4998418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 12/18/28 | 20000000 | 19989858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 9/15/29 | 20000000 | 22168156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.030%, 10/10/29 | 15000000 | 14972319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 12/18/29 | 15000000 | 15058917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/14/30 | 15000000 | 15005095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.130%, 9/16/30 | 10500000 | 10475844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 9/19/30 | 15000000 | 14950539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 9/26/30 | 15000000 | 14993015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/8/30 | 10500000 | 10492605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 10/17/30 | 10250000 | 10231376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.220%, 11/12/30 | 10000000 | 9991559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.420%, 11/18/30 | 10000000 | 9990368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.270%, 12/17/30 | 10000000 | 10002838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 12/18/30 | 25000000 | 24973392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 3/15/31 | 18000000 | 20528797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/15/32 (x) | 50000000 | 56566290 |
|  FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 6/23/27 | 10000000 | 9995448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 10/8/27 | 80000000 | 76283376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 5/15/29 | 25000000 | 27116578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 1/15/30 | 32500000 | 36695224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 5/15/30 (x) | 5000000 | 5717487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 8/5/30 (x) | 183805000 | 161945126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 11/15/30 | 50000000 | 56413985 |
|  Tennessee Valley Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/15/28 | 17500000 | 17638896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/1/30 | 16865000 | 16914701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 9/15/31 | 10420000 | 9133028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/1/34 (x) | 19880000 | 20119882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 5/15/35 | 30830000 | 31768626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br>2.875%, 2/1/27 | 48000000 | 47671195 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** |  | 1966864665 |

---

See Notes to Financial Statements.

766

------

EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **U.S. Treasury Obligations (42.1%)** | **U.S. Treasury Obligations (42.1%)** | **U.S. Treasury Obligations (42.1%)** |
|  U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/28/27 | $10000000 | $10068662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/31/27 | 15000000 | 15066346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/30/27 | 30000000 | 30096294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/31/27 | 10000000 | 10052590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 6/30/27 | 15000000 | 15060402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/15/27 | 15000000 | 15200062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 7/31/27 | 15000000 | 15089666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/15/27 | 15000000 | 15065335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/31/27 | 10000000 | 10023231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 9/15/27 | 15000000 | 14975365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/30/27 | 15000000 | 15006113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/15/27 | 15000000 | 15103365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/31/27 | 10000000 | 10004048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/27 | 8500000 | 8312079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/27 | 15000000 | 15174516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/30/27 | 10000000 | 9982050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/30/27 | 10000000 | 10073120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/15/27 | 7500000 | 7574497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/27 | 25000000 | 25189523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/15/28 | 10000000 | 10149904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/31/28 | 17000000 | 17005256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 2/15/28 | 10600000 | 10441456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/15/28 | 10000000 | 10155735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/15/28 | 40000000 | 40219692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 4/30/28 | 10000000 | 9501196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/28 | 11500000 | 11338791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 5/31/28 | 16500000 | 15648267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/31/28 | 20000000 | 20057172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 6/30/28 | 5000000 | 4733419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/30/28 | 17500000 | 17708863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 7/15/28 | 15000000 | 15132689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 7/31/28 | 20000000 | 20303674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/28 | 35000000 | 34446983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 8/31/28 | 10000000 | 9396254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/31/28 | 15000000 | 15321432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 9/15/28 | 10000000 | 9963027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 9/30/28 | 15000000 | 14112930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/28 | 25000000 | 25713833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/15/28 | 10000000 | 9994458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/28 | 15000000 | 15536608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/28 | 62500000 | 61819275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/15/28 | 10000000 | 9992875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/28 | 10000000 | 10230557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/15/28 | 10000000 | 9992188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/28 | 10000000 | 10060548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/31/29 | 15000000 | 15196818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 2/15/29 | 22000000 | 21396707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/28/29 | 15000000 | 15310410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/31/29 | 10000000 | 10171905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/30/29 | 21000000 | 21689829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/29 | 21000000 | 20205986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/31/29 | 10000000 | 10292969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/30/29 | 15000000 | 14836671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/30/29 | 5000000 | 5109906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/31/29 | 10000000 | 10135492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 8/15/29 | 12500000 | 11675781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/31/29 | 10000000 | 10004688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/30/29 | 10000000 | 9960455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/31/29 | 25000000 | 25343642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/29 | 25000000 | 25443360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/30/29 | 18000000 | 18322031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/29 | 20000000 | 20181418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/31/29 | 15000000 | 15411094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/30 | 11900000 | 10937379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/28/30 | 15000000 | 15202730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/30/30 | 10000000 | 10086112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 5/15/30 | 15000000 | 13174218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 6/30/30 | 20000000 | 20065624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/31/30 | 15000000 | 15201963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 8/15/30 | 21500000 | 18723477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 8/31/30 | 10000000 | 10184442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/30/30 | 15000000 | 14955468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/30 | 15000000 | 15600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/30 | 15000000 | 15772266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 11/15/30 | 19000000 | 16625000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/30/30 | 10000000 | 9909375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/30 | 10000000 | 10296875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/30 | 10000000 | 10014844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/31/31 | 10000000 | 10125000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 2/15/31 | 20600000 | 18152141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/31/31 | 10000000 | 10180469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/30/31 | 15000000 | 15629430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/15/31 | 15000000 | 13450782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 7/31/31 | 5000000 | 5087653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/15/31 | 15000000 | 13083984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/31/31 | 10000000 | 9977344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/30/31 | 10000000 | 9912797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/31 | 10000000 | 10165625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/31 | 13500000 | 11772421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/30/31 | 15000000 | 15244921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/31/31 | 10000000 | 10361725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/32 | 19000000 | 16969694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/30/32 | 5000000 | 5039869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/32 | 23000000 | 21716526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/31/32 | 10000000 | 10067782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 8/15/32 | 21000000 | 19604193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/31/32 | 10000000 | 9989071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/30/32 | 10000000 | 9984381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/32 | 3000000 | 3038779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 11/30/32 | 10000000 | 9900273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/15/33 | 25000000 | 24334095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/15/33 | 24500000 | 23594674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/33 | 28000000 | 27816102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/33 | 16000000 | 16550040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/15/34 | 17500000 | 17479833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/34 | 18500000 | 18939366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/34 | 21000000 | 20717867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/15/34 | 20000000 | 20250024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/35 | 21000000 | 21838381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/35 | 22500000 | 22732056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/15/35 | 20000000 | 20186690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/35 | 5000000 | 4938282 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  | 1692365551 |
|  **Total Long-Term Debt Securities (91.4%)**<br> *(Cost $3,696,523,988)* | **Total Long-Term Debt Securities (91.4%)**<br> *(Cost $3,696,523,988)* | 3669316782 |

---

See Notes to Financial Statements.

767

------

EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Fixed Income (7.4%)** | **Fixed Income (7.4%)** | **Fixed Income (7.4%)** |
|  Schwab Intermediate-Term U.S. Treasury ETF(x) | 1900000 | $47652000 |
|  Schwab Short-Term U.S. Treasury ETF | 1900000 | 46303000 |
|  Vanguard Intermediate-Term Treasury ETF | 2050000 | 122856500 |
|  Vanguard Short-Term Treasury ETF(x) | 1400000 | 82222000 |
|  **Total Exchange Traded Funds (7.4%)**<br> *(Cost $308,720,210)* | **Total Exchange Traded Funds (7.4%)**<br> *(Cost $308,720,210)* | 299033500 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.6%)** | **Investment Companies (0.6%)** |  |
|  Allspring Government Money Market Fund, Select Shares 3.72% (7 day yield) (xx) | 10000000 | 10000000 |
|  BlackRock Liquidity FedFund, Institutional Shares 3.65% (7 day yield) (xx) | 1000000 | 1000000 |
|  Dreyfus Treasury Obligations Cash Management Fund 3.65% (7 day yield) (xx) | 2000000 | 2000000 |
|  Goldman Sachs Financial Square Government Fund 3.67% (7 day yield) (xx) | 1000000 | 1000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 2549490 | 2549490 |
|  Morgan Stanley Institutional Liquidity Fund – Government Portfolio 3.69% (7 day yield) (xx) | 7000000 | 7000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 23549490 |
|  **Total Short-Term Investments (0.6%)**<br> *(Cost $23,549,490)* |  | 23549490 |
|  **Total Investments in Securities (99.4%)**<br> *(Cost $4,028,793,688)* |  | 3991899772 |
|  **Other Assets Less Liabilities (0.6%)** | **Other Assets Less Liabilities (0.6%)** | 23654161 |
|  **Net Assets (100%)** |  | $4015553933 |

---

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2025, the market value of these securities amounted to $10,086,566 or 0.3% of net assets.*  |

---

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $57,406,904. This was collateralized by $35,076,608 of various U.S. Government Treasury Securities, ranging from 0.250% – 4.625%, maturing 5/31/27 – 2/15/52 and by cash of $23,549,490 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*FFCB* *— Federal Farm Credit Bank*

*FHLB* *— Federal Home Loan Bank*

*FHLMC* *— Federal Home Loan Mortgage Corp.*

*FNMA* *— Federal National Mortgage Association*

See Notes to Financial Statements.

768

------

EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1**<br> **Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2**<br> **Significant Other**<br> **Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3**<br> **Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Corporate Bonds** |  |  |  |  |
|  Financials | $— | $10086566 | $— | $10086566 |
|  **Exchange Traded Funds** | 299033500 |  |  | 299033500 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 23549490 |  |  | 23549490 |
|  **U.S. Government Agency Securities** |  | 1966864665 |  | 1966864665 |
|  **U.S. Treasury Obligations** |  | 1692365551 |  | 1692365551 |
|  **Total Assets** | $**322582990** | $**3669316782** | $**—** | $**3991899772** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**322582990** | $**3669316782** | $**—** | $**3991899772** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $1116301919.0 |
|  Long-term U.S. government debt securities | 419336180.0 |
|  | $1535638099.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $1342690140.0 |
|  Long-term U.S. government debt securities | 513943400.0 |
|  | $1856633540.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $25204445 |
|  Aggregate gross unrealized depreciation | (62143849) |
|  Net unrealized depreciation | $(36939404) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $4028839176 |

---

See Notes to Financial Statements.

769

------

EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $4,028,793,688) | $3991899772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 19822848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 30506294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Custodian | 4777256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 55031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 20491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 18477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 4047100169 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 23549490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 4777256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1824121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 915192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 305851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 53141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 16662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 104523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 31546236 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $4015553933 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $4355043122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (339489189) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $4015553933 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $78,862,221 / 8,119,259 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.71 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $249,655,768 / 25,881,039 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.65 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $3,687,035,944 / 379,490,347 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.72 |
| <br> *(x) Includes value of securities on loan of $57,406,904.* | <br> *(x) Includes value of securities on loan of $57,406,904.* |
|  *^ See Note 2 in Notes to the Financial Statements.* | *^ See Note 2 in Notes to the Financial Statements.* |

---

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $133191644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 11965594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 108320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 145265558 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 13401857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 3743358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 632037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 226395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 216908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 200149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 141281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 105400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 95906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 18763291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (1120373) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voluntary waiver from investment manager | (1425725) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 16217193 |
|  **NET INVESTMENT INCOME (LOSS)** | 129048365 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | (15180829) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 120417421 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 105236592 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $234284957 |

---

See Notes to Financial Statements.

770

------

#### EQ ADVISORS TRUST
EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $129048365 | $115607489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (15180829) | (34694612) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 120417421 | 34760922 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 234284957 | 115673799 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (2371501) | (1965340) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (7629063) | (6484230) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (119445504) | (106870526) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (129446068) | (115320096) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (517) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (1664) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (26058) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total tax return of capital | (28239) |  |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,469,007 and 1,450,594 shares, respectively ] | 14313101 | 13913591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 245,028 and 206,836 shares, respectively ] | 2372018 | 1965340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1838060) and (1239102) shares, respectively ] | (17996699) | (11888522) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (1311580) | 3990409 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,787,667 and 5,777,300 shares, respectively ] | 36725718 | 54642650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 793,166 and 687,008 shares, respectively ] | 7630727 | 6484230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (5786835) and (5772340) shares, respectively ] | (56014193) | (54977271) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (11657748) | 6149609 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 55,948,173 and 61,231,140 shares, respectively ] | 543920481 | 584909911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 12,341,312 and 11,246,103 shares, respectively ] | 119471562 | 106870526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (98781923) and (90975369) shares, respectively ] | (964282227) | (874467806) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (300890184) | (182687369) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (313859512) | (172547351) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (209048862) | (172193648) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 4224602795 | 4396796443 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $4015553933 | $4224602795 |

---

See Notes to Financial Statements.

771

------

#### EQ ADVISORS TRUST
EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IA** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $9.49 | $9.50 | $9.40 | $10.29 | $10.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations†:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.28 | 0.23 | 0.18 | 0.09 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.24 |  | 0.18 | (0.88) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.52 | 0.23 | 0.36 | (0.79) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.30) | (0.24) | (0.26) | (0.09) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.01) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.30) | (0.24) | (0.26) | (0.10) | (0.15) |
|  Net asset value, end of year | $9.71 | $9.49 | $9.50 | $9.40 | $10.29 |
|  Total return | 5.51 | 2.46 | 3.85% | (7.67)% | (2.08)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $78862 | $78218 | $74371 | $71572 | $84502 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.62 | 0.64 | 0.64% | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.68 | 0.69 | 0.68% | 0.67% | 0.66% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 2.89 | 2.44 | 1.92% | 0.96% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 2.83 | 2.39 | 1.88% | 0.94% | 0.55% |
|  Portfolio turnover rate^ | 38 | 36 | 21% | 45% | 31% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $9.43 | $9.44 | $9.34 | $10.22 | $10.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations†:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.28 | 0.23 | 0.18 | 0.09 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.24 |  | 0.18 | (0.87) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.52 | 0.23 | 0.36 | (0.78) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.30) | (0.24) | (0.26) | (0.09) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.01) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.30) | (0.24) | (0.26) | (0.10) | (0.15) |
|  Net asset value, end of year | $9.65 | $9.43 | $9.44 | $9.34 | $10.22 |
|  Total return | 5.54 | 2.47 | 3.87% | (7.62)% | (2.18)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $249656 | $255302 | $249235 | $258718 | $308194 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.62 | 0.64 | 0.64% | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.68 | 0.69 | 0.68% | 0.67% | 0.66% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 2.89 | 2.44 | 1.91% | 0.96% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 2.83 | 2.39 | 1.88% | 0.94% | 0.55% |
|  Portfolio turnover rate^ | 38 | 36 | 21% | 45% | 31% |

---

See Notes to Financial Statements.

772

------

EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K**  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $9.49 | $9.51 | $9.40 | $10.29 | $10.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations†:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.31 | 0.26 | 0.20 | 0.12 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.25 | (0.01) | 0.19 | (0.88) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.56 | 0.25 | 0.39 | (0.76) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.33) | (0.27) | (0.28) | (0.12) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.01) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.33) | (0.27) | (0.28) | (0.13) | (0.17) |
|  Net asset value, end of year | $9.72 | $9.49 | $9.51 | $9.40 | $10.29 |
|  Total return | 5.87 | 2.60% | 4.21% | (7.43)% | (1.85)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $3687036 | $3891083 | $4073190 | $6217249 | $6244395 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.37 | 0.39 %(i) | 0.39% | 0.40% | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.43 | 0.44% | 0.43% | 0.42% | 0.41% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 3.14 | 2.68% | 2.15% | 1.23% | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 3.08 | 2.63% | 2.12% | 1.21% | 0.80% |
|  Portfolio turnover rate^ | 38 | 36% | 21% | 45% | 31% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*†* *The amount shown for a share outstanding throughout the period may not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(i)* *Includes voluntary waiver from investment manager of 0.03% and 0.01% for years ended December 31, 2025 and 2024, respectively.* 

See Notes to Financial Statements.

773

------

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value**<br> **(Note 1)** |
|  COMMON STOCKS: |  |  |
|  **Australia (4.0%)** | **Australia (4.0%)** | **Australia (4.0%)** |
|  ANZ Group Holdings Ltd. | 88089 | $2136290 |
|  APA Group | 40602 | 243049 |
|  Aristocrat Leisure Ltd. | 38100 | 1479287 |
|  ASX Ltd. | 6029 | 206966 |
|  BHP Group Ltd. | 149956 | 4552327 |
|  Brambles Ltd. | 39183 | 600376 |
|  CAR Group Ltd. | 10967 | 225127 |
|  Cochlear Ltd. | 1863 | 324072 |
|  Coles Group Ltd. | 39561 | 566038 |
|  Commonwealth Bank of Australia | 49409 | 5294490 |
|  Computershare Ltd. | 15121 | 344507 |
|  CSL Ltd. | 14252 | 1642087 |
|  Evolution Mining Ltd. | 59345 | 502177 |
|  Fortescue Ltd. | 50442 | 740911 |
|  Glencore plc | 684256 | 3749785 |
|  Goodman Group (REIT) | 60373 | 1248182 |
|  Insurance Australia Group Ltd. | 73551 | 391692 |
|  Lottery Corp. Ltd. (The) | 122641 | 422317 |
|  Lynas Rare Earths Ltd.\* | 25466 | 211415 |
|  Macquarie Group Ltd. | 10591 | 1436198 |
|  Medibank Pvt. Ltd. | 83102 | 265644 |
|  National Australia Bank Ltd. | 90436 | 2553513 |
|  Northern Star Resources Ltd. | 80829 | 1441849 |
|  Origin Energy Ltd. | 48764 | 373915 |
|  Pro Medicus Ltd. | 1772 | 261189 |
|  Qantas Airways Ltd. | 21183 | 146737 |
|  QBE Insurance Group Ltd. | 44409 | 589467 |
|  REA Group Ltd. | 1607 | 196673 |
|  Rio Tinto Ltd. | 10753 | 1053582 |
|  Rio Tinto plc | 33326 | 2692612 |
|  Rio Tinto plc (ADR) | 19300 | 1544579 |
|  Santos Ltd. | 93606 | 385427 |
|  Scentre Group (REIT) | 160126 | 448812 |
|  SGH Ltd. | 6328 | 196158 |
|  Sigma Healthcare Ltd. | 146743 | 287911 |
|  Sonic Healthcare Ltd. | 14010 | 211394 |
|  South32 Ltd. | 135217 | 321244 |
|  Stockland (REIT) | 70648 | 270152 |
|  Suncorp Group Ltd. | 31126 | 366625 |
|  Telstra Group Ltd. | 116297 | 377965 |
|  Transurban Group | 91947 | 871937 |
|  Vicinity Ltd. (REIT) | 116616 | 199229 |
|  Washington H Soul Pattinson & Co. Ltd. (x) | 10145 | 251448 |
|  Wesfarmers Ltd. | 33493 | 1812488 |
|  Westpac Banking Corp. | 100986 | 2601370 |
|  WiseTech Global Ltd. | 15218 | 695261 |
|  Woodside Energy Group Ltd. | 57014 | 897559 |
|  Woolworths Group Ltd. | 36258 | 710901 |
|  |  | 48342934 |
|  **Austria (0.5%)** | **Austria (0.5%)** | **Austria (0.5%)** |
|  Erste Group Bank AG | 46514 | 5624849 |
|  OMV AG | 4648 | 259570 |
|  Raiffeisen Bank International AG | 3781 | 170183 |
|  Verbund AG | 1650 | 120223 |
|  |  | 6174825 |
|  **Belgium (0.8%)** | **Belgium (0.8%)** | **Belgium (0.8%)** |
|  Ageas SA/NV | 4322 | 303737 |
|  Anheuser-Busch InBev SA/NV | 44570 | 2875589 |
|  D'ieteren Group | 561 | 101464 |
|  Elia Group SA/NV, Class B (x) | 1294 | 166822 |
|  Financiere de Tubize SA | 592 | 145405 |
|  Groupe Bruxelles Lambert NV | 2172 | 193865 |
|  KBC Group NV | 6884 | 900021 |
|  Lotus Bakeries NV (x) | 12 | 110704 |
|  Sofina SA | 435 | 126269 |
|  Syensqo SA (x) | 24302 | 1958054 |
|  UCB SA | 10100 | 2832067 |
|  |  | 9713997 |
|  **Brazil (0.6%)** | **Brazil (0.6%)** | **Brazil (0.6%)** |
|  Ambev SA | 460800 | 1175598 |
|  B3 SA - Brasil Bolsa Balcao | 383100 | 975272 |
|  Banco Bradesco SA (ADR) | 299317 | 996725 |
|  Banco BTG Pactual SA | 67697 | 653281 |
|  MercadoLibre, Inc.\* | 243 | 489465 |
|  Petroleo Brasileiro SA - Petrobras (ADR) | 101449 | 1202171 |
|  TOTVS SA | 91400 | 701877 |
|  XP, Inc., Class A | 27670 | 452958 |
|  Yara International ASA | 4742 | 194761 |
|  |  | 6842108 |
|  **Canada (1.1%)** | **Canada (1.1%)** | **Canada (1.1%)** |
|  Agnico Eagle Mines Ltd. | 15550 | 2637003 |
|  CAE, Inc.\* | 72890 | 2216625 |
|  Canadian National Railway Co. | 16128 | 1595116 |
|  Canadian Natural Resources Ltd. | 17480 | 592070 |
|  Element Fleet Management Corp. | 51552 | 1354012 |
|  Franco-Nevada Corp. | 11421 | 2367410 |
|  RB Global, Inc. | 21309 | 2193854 |
|  |  | 12956090 |
|  **Chile (0.2%)** | **Chile (0.2%)** | **Chile (0.2%)** |
|  Antofagasta plc | 11567 | 511253 |
|  Sociedad Quimica y Minera de Chile SA (ADR)\* | 31500 | 2167200 |
|  |  | 2678453 |
|  **China (1.4%)** | **China (1.4%)** | **China (1.4%)** |
|  Alibaba Group Holding Ltd. | 50900 | 933933 |
|  Baidu, Inc. (ADR)\* | 13875 | 1812907 |
|  BOC Hong Kong Holdings Ltd. | 108543 | 549779 |
|  BYD Co. Ltd., Class H | 111900 | 1370946 |
|  China Life Insurance Co. Ltd., Class H | 246000 | 865443 |
|  China Resources Gas Group Ltd. | 111700 | 324650 |
|  Kingsoft Corp. Ltd. | 74800 | 273338 |
|  Prosus NV | 61269 | 3805376 |
|  SITC International Holdings Co. Ltd. | 39000 | 139610 |
|  Tencent Holdings Ltd. | 36300 | 2793850 |
|  TravelSky Technology Ltd., Class H | 732000 | 966883 |
|  Wharf Holdings Ltd. (The) | 37315 | 104235 |
|  Wilmar International Ltd. | 51855 | 124252 |
|  Yangzijiang Shipbuilding Holdings Ltd. | 79100 | 214150 |
|  Yum China Holdings, Inc. (New York Stock Exchange) | 12300 | 587202 |
|  Yum China Holdings, Inc.(Hong Kong Stock Exchange) | 32050 | 1517935 |
|  |  | 16384489 |

---

See Notes to Financial Statements.

774

------

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value**<br> **(Note 1)** |
|  **Colombia (0.2%)** | **Colombia (0.2%)** | **Colombia (0.2%)** |
|  Grupo Cibest SA (ADR) | 37018 | $2354715 |
|  **Denmark (1.1%)** | **Denmark (1.1%)** | **Denmark (1.1%)** |
|  Carlsberg A/S, Class B | 2717 | 357043 |
|  Coloplast A/S, Class B | 3866 | 332363 |
|  Danske Bank A/S | 20033 | 1004227 |
|  Demant A/S (x)\* | 2370 | 80247 |
|  DSV A/S | 10142 | 2577129 |
|  Genmab A/S\* | 1797 | 573115 |
|  Novo Nordisk A/S, Class B | 109516 | 5604474 |
|  Novonesis Novozymes B | 10462 | 671277 |
|  Orsted A/S (m)\* | 16041 | 308799 |
|  Pandora A/S | 2309 | 257070 |
|  ROCKWOOL A/S, Class B | 3110 | 110295 |
|  Tryg A/S | 9379 | 245703 |
|  Vestas Wind Systems A/S | 30171 | 823150 |
|  |  | 12944892 |
|  **Finland (0.6%)** | **Finland (0.6%)** | **Finland (0.6%)** |
|  Elisa OYJ | 4410 | 195593 |
|  Fortum OYJ | 13951 | 298065 |
|  Kesko OYJ, Class B | 7610 | 172158 |
|  Kone OYJ, Class B | 10035 | 714192 |
|  Metso OYJ | 18855 | 331933 |
|  Neste OYJ | 11652 | 265789 |
|  Nokia OYJ | 158088 | 1035194 |
|  Nordea Bank Abp | 91691 | 1733243 |
|  Orion OYJ, Class B | 3262 | 244002 |
|  Sampo OYJ, Class A | 72676 | 882273 |
|  Stora Enso OYJ, Class R (x) | 18054 | 227129 |
|  UPM-Kymmene OYJ | 15432 | 449584 |
|  Wartsila OYJ Abp | 14614 | 522101 |
|  |  | 7071256 |
|  **France (7.5%)** | **France (7.5%)** | **France (7.5%)** |
|  Accor SA | 32967 | 1868179 |
|  Aeroports de Paris SA | 966 | 126466 |
|  Air Liquide SA | 30635 | 5769721 |
|  Airbus SE | 17544 | 4090553 |
|  Alstom SA\* | 71139 | 2104276 |
|  Amundi SA (m) | 1722 | 142873 |
|  AXA SA | 106158 | 5110042 |
|  BioMerieux | 1208 | 156586 |
|  BNP Paribas SA | 44436 | 4218950 |
|  Bollore SE | 18143 | 102216 |
|  Bouygues SA | 5437 | 283377 |
|  Bureau Veritas SA | 9879 | 315554 |
|  Capgemini SE | 38392 | 6418075 |
|  Carrefour SA | 16866 | 282052 |
|  Cie de Saint-Gobain SA | 36127 | 3692013 |
|  Cie Generale des Etablissements Michelin SCA | 49646 | 1651718 |
|  Covivio SA (REIT) | 1895 | 126160 |
|  Credit Agricole SA | 31463 | 648917 |
|  Danone SA | 19075 | 1721173 |
|  Dassault Aviation SA | 553 | 177939 |
|  Dassault Systemes SE | 69021 | 1933745 |
|  Edenred SE | 7524 | 167206 |
|  Eiffage SA | 2133 | 306820 |
|  Engie SA | 54298 | 1430005 |
|  EssilorLuxottica SA | 13177 | 4179566 |
|  FDJ United (x) | 3604 | 100041 |
|  Gecina SA (REIT) | 1476 | 140329 |
|  Getlink SE | 9354 | 172917 |
|  Hermes International SCA | 935 | 2331679 |
|  Ipsen SA | 1207 | 168798 |
|  Kering SA | 2234 | 790244 |
|  Klepierre SA (REIT) | 6690 | 265267 |
|  Legrand SA | 16830 | 2516829 |
|  L'Oreal SA | 7092 | 3055434 |
|  LVMH Moet Hennessy Louis Vuitton SE | 13566 | 10283082 |
|  Orange SA | 152690 | 2548066 |
|  Pernod Ricard SA | 14174 | 1217648 |
|  Publicis Groupe SA | 22998 | 2395155 |
|  Renault SA | 5649 | 235143 |
|  Rexel SA | 6454 | 254771 |
|  Safran SA | 20256 | 7079563 |
|  Sartorius Stedim Biotech | 835 | 206071 |
|  Societe Generale SA | 25865 | 2088851 |
|  Sodexo SA | 7827 | 401965 |
|  Thales SA | 2781 | 751040 |
|  TotalEnergies SE (Paris Stock Exchange) | 58635 | 3830587 |
|  Unibail-Rodamco-Westfield (REIT) | 3623 | 394949 |
|  Veolia Environnement SA | 18217 | 636264 |
|  Vinci SA | 14730 | 2078149 |
|  |  | 90967024 |
|  **Germany (7.4%)** | **Germany (7.4%)** | **Germany (7.4%)** |
|  adidas AG | 11257 | 2236401 |
|  Allianz SE (Registered) | 14452 | 6632248 |
|  Aumovio SE\* | 8776 | 442864 |
|  BASF SE | 26558 | 1386703 |
|  Bayer AG (Registered) | 28907 | 1257285 |
|  Bayerische Motoren Werke AG (x) | 20690 | 2264689 |
|  Bayerische Motoren Werke AG (Preference) (q) | 1695 | 182265 |
|  Beiersdorf AG | 2800 | 308260 |
|  Brenntag SE (x) | 3816 | 222255 |
|  Commerzbank AG | 21347 | 905640 |
|  Continental AG | 20809 | 1661944 |
|  CTS Eventim AG & Co. KGaA | 1940 | 178971 |
|  Daimler Truck Holding AG (x) | 32247 | 1414304 |
|  Deutsche Bank AG (Registered) | 54646 | 2126323 |
|  Deutsche Boerse AG | 12986 | 3413919 |
|  Deutsche Lufthansa AG (Registered) | 17164 | 169559 |
|  Deutsche Post AG | 28602 | 1570739 |
|  Deutsche Telekom AG (Registered) | 153406 | 4986620 |
|  Dr Ing hc F Porsche AG (Preference) (m)(q)(x) | 3333 | 178691 |
|  E.ON SE | 66288 | 1256164 |
|  Evonik Industries AG | 6785 | 106529 |
|  Fresenius Medical Care AG | 6387 | 305945 |
|  Fresenius SE & Co. KGaA | 12614 | 726078 |
|  GEA Group AG | 30153 | 2048190 |
|  Hannover Rueck SE | 1773 | 554662 |
|  Heidelberg Materials AG | 4005 | 1049589 |
|  Henkel AG & Co. KGaA | 2652 | 202581 |
|  Henkel AG & Co. KGaA (Preference) (q) | 4734 | 387101 |
|  Hensoldt AG (x) | 1974 | 170277 |

---

See Notes to Financial Statements.

775

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EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  HOCHTIEF AG (x) | 459 | $| 181783 |
|  Infineon Technologies AG | 38373 |  | 1701470 |
|  Knorr-Bremse AG | 2045 |  | 228672 |
|  LEG Immobilien SE | 2131 |  | 155896 |
|  Mercedes-Benz Group AG | 21322 |  | 1505211 |
|  Merck KGaA | 18153 |  | 2615476 |
|  MTU Aero Engines AG | 7178 |  | 2997164 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 3857 |  | 2548310 |
|  Nemetschek SE | 1796 |  | 195869 |
|  Porsche Automobil Holding SE (Preference) (q) | 4680 |  | 219557 |
|  Rational AG | 129 |  | 100284 |
|  Rheinmetall AG | 1969 |  | 3612105 |
|  RWE AG | 42466 |  | 2258747 |
|  SAP SE | 56659 |  | 13873122 |
|  Sartorius AG (Preference) (q) | 747 |  | 217011 |
|  Scout24 SE (m) | 2332 |  | 235141 |
|  Siemens AG (Registered) | 29557 |  | 8306968 |
|  Siemens Energy AG\* | 22882 |  | 3237668 |
|  Siemens Healthineers AG (m) | 59299 |  | 3130393 |
|  Symrise AG, Class A | 19472 |  | 1576215 |
|  Talanx AG | 1928 |  | 257846 |
|  Volkswagen AG (Preference) (q)(x) | 6134 |  | 746458 |
|  Vonovia SE | 21986 |  | 634063 |
|  Zalando SE (m)\* | 29815 |  | 887878 |
|  |  |  | 89770103 |
|  **Hong Kong (1.5%)** | **Hong Kong (1.5%)** | **Hong Kong (1.5%)** | **Hong Kong (1.5%)** |
|  AIA Group Ltd. | 613252 |  | 6295866 |
|  AIA Group Ltd. (ADR) | 29631 |  | 1215760 |
|  CK Asset Holdings Ltd. | 53705 |  | 271330 |
|  CK Infrastructure Holdings Ltd. (x) | 20340 |  | 150537 |
|  CLP Holdings Ltd. | 49564 |  | 443246 |
|  Futu Holdings Ltd. (ADR)\* | 1653 |  | 271439 |
|  Hang Seng Bank Ltd. | 23174 |  | 457066 |
|  Henderson Land Development Co. Ltd. (x) | 44906 |  | 162367 |
|  HKT Trust & HKT Ltd. | 112042 |  | 165701 |
|  Hong Kong & China Gas Co. Ltd. | 314330 |  | 283122 |
|  Hong Kong Exchanges & Clearing Ltd. | 35439 |  | 1856031 |
|  Hongkong Land Holdings Ltd. | 32200 |  | 228620 |
|  Link REIT (REIT) | 75278 |  | 336022 |
|  MTR Corp. Ltd. | 43618 |  | 167014 |
|  Power Assets Holdings Ltd. (x) | 42996 |  | 304680 |
|  Prudential plc | 209094 |  | 3225753 |
|  Sino Land Co. Ltd. | 105239 |  | 138197 |
|  Sun Hung Kai Properties Ltd. | 42778 |  | 520523 |
|  Swire Pacific Ltd., Class A (x) | 11331 |  | 91286 |
|  Techtronic Industries Co. Ltd. | 42500 |  | 490929 |
|  WH Group Ltd. (m) | 230823 |  | 257139 |
|  Wharf Real Estate Investment Co. Ltd. | 50330 |  | 158957 |
|  |  |  | 17491585 |
|  **India (0.6%)** | **India (0.6%)** | **India (0.6%)** | **India (0.6%)** |
|  HDFC Bank Ltd. | 171528 |  | 1891630 |
|  HDFC Bank Ltd. (ADR) | 41424 |  | 1513633 |
|  ICICI Bank Ltd. (ADR) | 65881 |  | 1963254 |
|  Kotak Mahindra Bank Ltd. | 19329 |  | 473357 |
|  Reliance Industries Ltd. | 51776 |  | 904646 |
|  UPL Ltd. | 71669 |  | 634045 |
|  |  |  | 7380565 |
|  **Indonesia (0.0%)†** | **Indonesia (0.0%)†** | **Indonesia (0.0%)†** | **Indonesia (0.0%)†** |
|  Jardine Matheson Holdings Ltd. | 4700 |  | 309166 |
|  **Ireland (0.4%)** | **Ireland (0.4%)** | **Ireland (0.4%)** | **Ireland (0.4%)** |
|  AerCap Holdings NV | 5047 |  | 725557 |
|  AIB Group plc | 62355 |  | 674172 |
|  Bank of Ireland Group plc | 28791 |  | 554051 |
|  Kerry Group plc, Class A | 20043 |  | 1837254 |
|  Kingspan Group plc | 8647 |  | 753509 |
|  |  |  | 4544543 |
|  **Israel (0.6%)** | **Israel (0.6%)** | **Israel (0.6%)** | **Israel (0.6%)** |
|  Azrieli Group Ltd. | 1260 |  | 142635 |
|  Bank Hapoalim BM | 36297 |  | 821215 |
|  Bank Leumi Le-Israel BM | 43788 |  | 965260 |
|  Check Point Software Technologies Ltd.\* | 13001 |  | 2412466 |
|  Elbit Systems Ltd. | 831 |  | 479099 |
|  ICL Group Ltd. | 24296 |  | 139617 |
|  Israel Discount Bank Ltd., Class A | 35518 |  | 377202 |
|  Mizrahi Tefahot Bank Ltd. | 4730 |  | 330330 |
|  Nice Ltd.\* | 1734 |  | 194442 |
|  Nova Ltd.\* | 910 |  | 304643 |
|  Phoenix Financial Ltd. | 7020 |  | 290539 |
|  Teva Pharmaceutical Industries Ltd. (ADR)\* | 33772 |  | 1054024 |
|  Wix.com Ltd.\* | 1463 |  | 151991 |
|  |  |  | 7663463 |
|  **Italy (2.4%)** | **Italy (2.4%)** | **Italy (2.4%)** | **Italy (2.4%)** |
|  Banca Mediolanum SpA | 6911 |  | 158132 |
|  Banca Monte dei Paschi di Siena SpA | 58409 |  | 626704 |
|  Banco BPM SpA | 33962 |  | 519656 |
|  BPER Banca SpA | 43622 |  | 594669 |
|  Coca-Cola HBC AG | 6172 |  | 319637 |
|  Davide Campari-Milano NV (x) | 20566 |  | 133849 |
|  Enel SpA | 240138 |  | 2505180 |
|  Eni SpA | 60228 |  | 1142388 |
|  Ferrari NV | 3691 |  | 1382413 |
|  FinecoBank Banca Fineco SpA | 17836 |  | 465331 |
|  Generali (x) | 25029 |  | 1051553 |
|  Infrastrutture Wireless Italiane SpA (m) | 7623 |  | 70638 |
|  Intesa Sanpaolo SpA | 420525 |  | 2926164 |
|  Leonardo SpA | 67493 |  | 3899262 |
|  Moncler SpA | 6804 |  | 439144 |
|  Nexi SpA (m)(x) | 17287 |  | 85752 |
|  Poste Italiane SpA (m) | 13693 |  | 345656 |
|  Prysmian SpA | 38765 |  | 3935182 |
|  Recordati Industria Chimica e Farmaceutica SpA | 3362 |  | 191783 |
|  Ryanair Holdings plc | 24911 |  | 865088 |
|  Snam SpA | 62578 |  | 415952 |
|  Telecom Italia SpA\* | 347002 |  | 209526 |
|  Terna - Rete Elettrica Nazionale | 40898 |  | 435165 |
|  UniCredit SpA | 68569 |  | 5714896 |
|  Unipol Assicurazioni SpA | 10455 |  | 252738 |
|  |  |  | 28686458 |

---

See Notes to Financial Statements.

776

------

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value**<br> **(Note 1)** |
|  **Ivory Coast (0.0%)†** | **Ivory Coast (0.0%)†** | **Ivory Coast (0.0%)†** |
|  Endeavour Mining plc | 5430 | $283406 |
|  **Japan (14.7%)** | **Japan (14.7%)** | **Japan (14.7%)** |
|  Advantest Corp. | 22600 | 2832935 |
|  Aeon Co. Ltd. (x) | 66056 | 1044565 |
|  AGC, Inc. (x) | 5350 | 177366 |
|  Aisin Corp. | 13814 | 258042 |
|  Ajinomoto Co., Inc. | 27336 | 578866 |
|  ANA Holdings, Inc. | 4630 | 88054 |
|  Asahi Group Holdings Ltd. (x) | 44661 | 467452 |
|  Asahi Kasei Corp. | 38678 | 342976 |
|  Asics Corp. | 20100 | 481841 |
|  Astellas Pharma, Inc. | 53750 | 718199 |
|  Bandai Namco Holdings, Inc. | 17257 | 459628 |
|  Bridgestone Corp. (x) | 34128 | 765614 |
|  Canon, Inc. (x) | 25830 | 763984 |
|  Capcom Co. Ltd. (x) | 10800 | 251729 |
|  Central Japan Railway Co. | 22800 | 631279 |
|  Chiba Bank Ltd. (The) | 17672 | 197208 |
|  Chubu Electric Power Co., Inc. | 19354 | 298020 |
|  Chugai Pharmaceutical Co. Ltd. (x) | 20041 | 1054635 |
|  Dai Nippon Printing Co. Ltd. | 11162 | 191972 |
|  Daifuku Co. Ltd. (x) | 9600 | 302022 |
|  Dai-ichi Life Holdings, Inc. | 103500 | 861289 |
|  Daiichi Sankyo Co. Ltd. | 111461 | 2382351 |
|  Daikin Industries Ltd. | 7623 | 977208 |
|  Daito Trust Construction Co. Ltd. | 7090 | 135155 |
|  Daiwa House Industry Co. Ltd. | 16558 | 549467 |
|  Daiwa Securities Group, Inc. | 41476 | 362889 |
|  Denso Corp. | 155848 | 2147089 |
|  Disco Corp. | 5900 | 1814371 |
|  East Japan Railway Co. | 28175 | 743227 |
|  Ebara Corp. (x) | 13800 | 324561 |
|  Eisai Co. Ltd. (x) | 8154 | 242579 |
|  ENEOS Holdings, Inc. | 79938 | 564935 |
|  FANUC Corp. (x) | 27520 | 1068895 |
|  Fast Retailing Co. Ltd. | 5648 | 2053097 |
|  Fuji Electric Co. Ltd. | 4057 | 306917 |
|  FUJIFILM Holdings Corp. | 33504 | 715254 |
|  Fujikura Ltd. | 7400 | 823902 |
|  Fujitsu Ltd. | 52340 | 1446501 |
|  Hankyu Hanshin Holdings, Inc. | 6500 | 163620 |
|  Hikari Tsushin, Inc. | 400 | 111721 |
|  Hitachi Ltd. | 384910 | 12045639 |
|  Honda Motor Co. Ltd. | 111012 | 1088575 |
|  Hoya Corp. | 23002 | 3478054 |
|  Hulic Co. Ltd. (x) | 13300 | 145575 |
|  Idemitsu Kosan Co. Ltd. | 22675 | 171249 |
|  IHI Corp. | 31200 | 548649 |
|  Inpex Corp. (x) | 25800 | 515045 |
|  Isuzu Motors Ltd. | 14869 | 231569 |
|  ITOCHU Corp. | 180660 | 2277857 |
|  Japan Airlines Co. Ltd. | 3858 | 71549 |
|  Japan Exchange Group, Inc. | 28200 | 301731 |
|  Japan Post Bank Co. Ltd. | 53600 | 755889 |
|  Japan Post Holdings Co. Ltd. | 53300 | 561617 |
|  Japan Post Insurance Co. Ltd. | 5100 | 153417 |
|  Japan Tobacco, Inc. (x) | 35400 | 1274617 |
|  JFE Holdings, Inc. | 16176 | 206279 |
|  JX Advanced Metals Corp. | 16500 | 206461 |
|  Kajima Corp. | 12369 | 460758 |
|  Kansai Electric Power Co., Inc. (The) | 27423 | 429797 |
|  Kao Corp. (x) | 13667 | 546279 |
|  Kawasaki Heavy Industries Ltd. (x) | 40000 | 2650664 |
|  Kawasaki Kisen Kaisha Ltd. (x) | 10600 | 147591 |
|  KDDI Corp. | 86500 | 1495692 |
|  Keyence Corp. | 12332 | 4462320 |
|  Kikkoman Corp. (x) | 19015 | 172621 |
|  Kioxia Holdings Corp.\* | 5700 | 379721 |
|  Kirin Holdings Co. Ltd. (x) | 21991 | 329640 |
|  Kobe Bussan Co. Ltd. (x) | 3900 | 94363 |
|  Komatsu Ltd. | 27972 | 892875 |
|  Konami Group Corp. | 3088 | 420499 |
|  Kubota Corp. (x) | 29108 | 411886 |
|  Kyocera Corp. | 37632 | 527698 |
|  Kyowa Kirin Co. Ltd. (x) | 7067 | 114009 |
|  Lasertec Corp. (x) | 2300 | 435288 |
|  LY Corp. | 252100 | 671451 |
|  M3, Inc. (x) | 13300 | 179496 |
|  Makita Corp. | 6492 | 196327 |
|  Marubeni Corp. | 41568 | 1155168 |
|  MatsukiyoCocokara & Co. (x) | 10600 | 183524 |
|  Minebea Mitsumi, Inc. | 10300 | 206539 |
|  Mitsubishi Chemical Group Corp. | 35359 | 206569 |
|  Mitsubishi Corp. | 95152 | 2178339 |
|  Mitsubishi Electric Corp. | 55771 | 1632470 |
|  Mitsubishi Estate Co. Ltd. | 102311 | 2495725 |
|  Mitsubishi HC Capital, Inc. | 25500 | 213422 |
|  Mitsubishi Heavy Industries Ltd. | 94650 | 2320327 |
|  Mitsubishi UFJ Financial Group, Inc. | 458316 | 7294317 |
|  Mitsui & Co. Ltd. | 72908 | 2161082 |
|  Mitsui Fudosan Co. Ltd. | 79281 | 901174 |
|  Mitsui OSK Lines Ltd. (x) | 10700 | 321738 |
|  Mizuho Financial Group, Inc. | 73504 | 2674750 |
|  MonotaRO Co. Ltd. (x) | 5800 | 92587 |
|  MS&AD Insurance Group Holdings, Inc. | 38008 | 893664 |
|  Murata Manufacturing Co. Ltd. | 132739 | 2750707 |
|  NEC Corp. | 90870 | 3080437 |
|  Nexon Co. Ltd. (x) | 11100 | 271193 |
|  Nidec Corp. | 25968 | 353446 |
|  Nintendo Co. Ltd. | 40090 | 2711654 |
|  Nippon Building Fund, Inc. (REIT) (x) | 249 | 227158 |
|  Nippon Paint Holdings Co. Ltd. (x) | 28600 | 191257 |
|  Nippon Sanso Holdings Corp. (x) | 61900 | 1844671 |
|  Nippon Steel Corp. (x) | 142645 | 584458 |
|  Nippon Yusen KK (x) | 12432 | 403024 |
|  Nissan Motor Co. Ltd. (x)\* | 68447 | 170462 |
|  Nitori Holdings Co. Ltd. (x) | 51450 | 900802 |
|  Nitto Denko Corp. | 20455 | 485127 |
|  Nomura Holdings, Inc. | 88708 | 736779 |
|  Nomura Research Institute Ltd. | 45477 | 1748066 |
|  NTT, Inc. | 897700 | 903775 |
|  Obayashi Corp. | 18466 | 385376 |
|  Obic Co. Ltd. | 40600 | 1275748 |
|  Olympus Corp. | 34808 | 440989 |
|  Oracle Corp. | 7240 | 609650 |
|  Oriental Land Co. Ltd. (x) | 31820 | 588804 |
|  ORIX Corp. | 33710 | 980052 |
|  Osaka Gas Co. Ltd. | 10173 | 352652 |
|  Otsuka Corp. (x) | 6868 | 141709 |
|  Otsuka Holdings Co. Ltd. (x) | 12500 | 708073 |

---

See Notes to Financial Statements.

777

------

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Pan Pacific International Holdings Corp. | 169100 | $| 1006460 |
|  Panasonic Holdings Corp. | 68886 |  | 889880 |
|  Rakuten Group, Inc. (x)\* | 46400 |  | 297406 |
|  Recruit Holdings Co. Ltd. | 41600 |  | 2349561 |
|  Renesas Electronics Corp. (x)\* | 52400 |  | 715884 |
|  Resona Holdings, Inc. | 62259 |  | 593416 |
|  Resonac Holdings Corp. | 26000 |  | 1083223 |
|  Ryohin Keikaku Co. Ltd. | 14200 |  | 252199 |
|  Sanrio Co. Ltd. (x) | 5700 |  | 178926 |
|  SBI Holdings, Inc. | 16320 |  | 351634 |
|  SCREEN Holdings Co. Ltd. (x) | 2500 |  | 243233 |
|  Secom Co. Ltd. | 12054 |  | 428862 |
|  Seibu Holdings, Inc. | 6200 |  | 170357 |
|  Sekisui Chemical Co. Ltd. | 11714 |  | 197053 |
|  Sekisui House Ltd. (x) | 17170 |  | 383431 |
|  Seven & i Holdings Co. Ltd. | 61536 |  | 884109 |
|  SG Holdings Co. Ltd. (x) | 7700 |  | 70467 |
|  Shimadzu Corp. | 6740 |  | 179343 |
|  Shimano, Inc. (x) | 2336 |  | 246589 |
|  Shin-Etsu Chemical Co. Ltd. | 71420 |  | 2221844 |
|  Shionogi & Co. Ltd. | 21721 |  | 393957 |
|  Shiseido Co. Ltd. (x) | 11922 |  | 173380 |
|  SMC Corp. | 1748 |  | 607738 |
|  SoftBank Corp. | 847600 |  | 1162312 |
|  SoftBank Group Corp. | 114976 |  | 3229663 |
|  Sompo Holdings, Inc. | 25581 |  | 871426 |
|  Sony Financial Group, Inc.\* | 191320 |  | 202752 |
|  Sony Group Corp. | 255420 |  | 6561607 |
|  Subaru Corp. | 16880 |  | 365855 |
|  Sugi Holdings Co. Ltd. | 22100 |  | 519909 |
|  SUMCO Corp. (x) | 194200 |  | 1779092 |
|  Sumitomo Corp. | 31928 |  | 1103130 |
|  Sumitomo Electric Industries Ltd. | 21460 |  | 866538 |
|  Sumitomo Metal Mining Co. Ltd. | 7191 |  | 291836 |
|  Sumitomo Mitsui Financial Group, Inc. | 157056 |  | 5054388 |
|  Sumitomo Mitsui Trust Group, Inc. | 47566 |  | 1450605 |
|  Sumitomo Realty & Development Co. Ltd. | 19052 |  | 478246 |
|  Suntory Beverage & Food Ltd. (x) | 4500 |  | 135799 |
|  Suzuki Motor Corp. | 115744 |  | 1725002 |
|  Sysmex Corp. | 15700 |  | 154604 |
|  T&D Holdings, Inc. | 13668 |  | 315435 |
|  Taisei Corp. | 4236 |  | 401181 |
|  Takeda Pharmaceutical Co. Ltd. | 47277 |  | 1459297 |
|  TDK Corp. | 58165 |  | 821009 |
|  Terumo Corp. | 133100 |  | 1928862 |
|  TIS, Inc. | 6000 |  | 201366 |
|  Toho Co. Ltd. (x) | 3246 |  | 165367 |
|  Tokio Marine Holdings, Inc. | 54245 |  | 2014448 |
|  Tokyo Electron Ltd. | 13208 |  | 2893888 |
|  Tokyo Gas Co. Ltd. | 9342 |  | 370066 |
|  Tokyo Metro Co. Ltd. (x) | 9900 |  | 100776 |
|  Tokyu Corp. | 13905 |  | 162450 |
|  TOPPAN Holdings, Inc. | 7455 |  | 221832 |
|  Toray Industries, Inc. (x) | 42474 |  | 276580 |
|  Toyota Industries Corp. (x) | 4718 |  | 536136 |
|  Toyota Motor Corp. | 314950 |  | 6747780 |
|  Toyota Tsusho Corp. | 19842 |  | 668071 |
|  Trend Micro, Inc. (x)\* | 3882 |  | 161139 |
|  Tsuruha Holdings, Inc. (x) | 7900 |  | 145149 |
|  Unicharm Corp. (x) | 34746 |  | 198530 |
|  West Japan Railway Co. (x) | 11500 |  | 229501 |
|  Yamaha Motor Co. Ltd. (x) | 28696 |  | 212417 |
|  Yokogawa Electric Corp. | 6603 |  | 211444 |
|  Yokohama Financial Group, Inc. | 30900 |  | 255166 |
|  Zensho Holdings Co. Ltd. | 3000 |  | 171891 |
|  ZOZO, Inc. (x) | 12600 |  | 103847 |
|  |  |  | 177376970 |
|  **Luxembourg (0.3%)** | **Luxembourg (0.3%)** | **Luxembourg (0.3%)** | **Luxembourg (0.3%)** |
|  ArcelorMittal SA | 13802 |  | 634044 |
|  CVC Capital Partners plc (m)(x) | 44877 |  | 754174 |
|  Eurofins Scientific SE | 25982 |  | 1905325 |
|  |  |  | 3293543 |
|  **Macau (0.1%)** | **Macau (0.1%)** | **Macau (0.1%)** | **Macau (0.1%)** |
|  Galaxy Entertainment Group Ltd. | 60000 |  | 295425 |
|  Sands China Ltd. | 287200 |  | 723286 |
|  |  |  | 1018711 |
|  **Mexico (0.3%)** | **Mexico (0.3%)** | **Mexico (0.3%)** | **Mexico (0.3%)** |
|  Fresnillo plc | 6869 |  | 308697 |
|  Grupo Financiero Banorte SAB de CV, Class O | 301070 |  | 2789422 |
|  |  |  | 3098119 |
|  **Netherlands (3.4%)** | **Netherlands (3.4%)** | **Netherlands (3.4%)** | **Netherlands (3.4%)** |
|  ABN AMRO Bank NV (CVA) (m) | 17179 |  | 601423 |
|  Adyen NV (m)\* | 744 |  | 1202230 |
|  Akzo Nobel NV | 13097 |  | 911182 |
|  Argenx SE\* | 1818 |  | 1531453 |
|  Argenx SE (ADR)\* | 1989 |  | 1672650 |
|  ASM International NV | 2643 |  | 1607693 |
|  ASML Holding NV | 17428 |  | 18871549 |
|  ASR Nederland NV | 4507 |  | 321081 |
|  BE Semiconductor Industries NV | 2073 |  | 325840 |
|  Euronext NV (m) | 2218 |  | 333644 |
|  EXOR NV | 2749 |  | 234059 |
|  Heineken Holding NV | 3609 |  | 264657 |
|  Heineken NV | 65229 |  | 5346068 |
|  IMCD NV (x) | 1595 |  | 144969 |
|  ING Groep NV | 89212 |  | 2517255 |
|  JDE Peet's NV | 5446 |  | 203908 |
|  Koninklijke Ahold Delhaize NV | 26233 |  | 1075008 |
|  Koninklijke KPN NV | 114409 |  | 534587 |
|  Koninklijke Philips NV | 22856 |  | 624235 |
|  Magnum Ice Cream Co. NV (The) (x)\* | 14755 |  | 234193 |
|  Nebius Group NV, Class A (x)\* | 6007 |  | 502816 |
|  NN Group NV | 7945 |  | 613812 |
|  Randstad NV | 2903 |  | 110434 |
|  Universal Music Group NV | 32403 |  | 846519 |
|  Wolters Kluwer NV | 6977 |  | 724332 |
|  |  |  | 41355597 |
|  **New Zealand (0.1%)** | **New Zealand (0.1%)** | **New Zealand (0.1%)** | **New Zealand (0.1%)** |
|  Auckland International Airport Ltd. | 47429 |  | 227469 |
|  Contact Energy Ltd. | 24813 |  | 132146 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 18227 |  | 396156 |
|  Infratil Ltd. | 26908 |  | 171655 |
|  Meridian Energy Ltd. | 38837 |  | 125218 |

---

See Notes to Financial Statements.

778

------

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Xero Ltd.\* | 5090 | $| 387305 |
|  |  |  | 1439949 |
|  **Norway (0.7%)** | **Norway (0.7%)** | **Norway (0.7%)** | **Norway (0.7%)** |
|  Aker BP ASA | 8597 |  | 219104 |
|  DNB Bank ASA | 100294 |  | 2800869 |
|  Equinor ASA | 22616 |  | 531745 |
|  Equinor ASA (ADR) | 57101 |  | 1349297 |
|  Gjensidige Forsikring ASA | 6399 |  | 191716 |
|  Kongsberg Gruppen ASA | 12359 |  | 317067 |
|  Mowi ASA | 14472 |  | 349166 |
|  Norsk Hydro ASA | 273071 |  | 2118468 |
|  Orkla ASA | 21798 |  | 243281 |
|  Salmar ASA | 1943 |  | 119028 |
|  Telenor ASA | 19086 |  | 277769 |
|  |  |  | 8517510 |
|  **Peru (0.1%)** | **Peru (0.1%)** | **Peru (0.1%)** | **Peru (0.1%)** |
|  Credicorp Ltd. | 5445 |  | 1562715 |
|  **Poland (0.0%)†** | **Poland (0.0%)†** | **Poland (0.0%)†** | **Poland (0.0%)†** |
|  InPost SA (x)\* | 7286 |  | 89649 |
|  **Portugal (0.1%)** | **Portugal (0.1%)** | **Portugal (0.1%)** | **Portugal (0.1%)** |
|  Banco Comercial Portugues SA, Class R | 218974 |  | 230626 |
|  EDP SA | 91466 |  | 420827 |
|  Galp Energia SGPS SA | 12688 |  | 218147 |
|  Jeronimo Martins SGPS SA | 8028 |  | 191143 |
|  |  |  | 1060743 |
|  **Singapore (1.3%)** | **Singapore (1.3%)** | **Singapore (1.3%)** | **Singapore (1.3%)** |
|  CapitaLand Ascendas REIT (REIT) | 116312 |  | 256078 |
|  CapitaLand Integrated Commercial Trust (REIT) | 181537 |  | 337540 |
|  CapitaLand Investment Ltd. | 76002 |  | 160234 |
|  DBS Group Holdings Ltd. | 167826 |  | 7358545 |
|  Grab Holdings Ltd., Class A\* | 65340 |  | 326047 |
|  Keppel Ltd. | 43085 |  | 346919 |
|  Oversea-Chinese Banking Corp. Ltd. | 100052 |  | 1538064 |
|  Sea Ltd. (ADR)\* | 11224 |  | 1431846 |
|  Sembcorp Industries Ltd. | 27800 |  | 130198 |
|  Singapore Airlines Ltd. | 46305 |  | 230552 |
|  Singapore Exchange Ltd. | 26002 |  | 343079 |
|  Singapore Technologies Engineering Ltd. | 87019 |  | 570017 |
|  Singapore Telecommunications Ltd. | 214419 |  | 758990 |
|  STMicroelectronics NV | 19891 |  | 524555 |
|  United Overseas Bank Ltd. | 37421 |  | 1020679 |
|  |  |  | 15333343 |
|  **South Africa (0.2%)** | **South Africa (0.2%)** | **South Africa (0.2%)** | **South Africa (0.2%)** |
|  Anglo American plc | 69753 |  | 2900627 |
|  **South Korea (0.5%)** | **South Korea (0.5%)** | **South Korea (0.5%)** | **South Korea (0.5%)** |
|  Amorepacific Corp. | 6047 |  | 501626 |
|  Delivery Hero SE (m)(x)\* | 4671 |  | 124718 |
|  NAVER Corp. | 4844 |  | 815432 |
|  Samsung Electronics Co. Ltd. | 59325 |  | 4937744 |
|  |  |  | 6379520 |
|  **Spain (2.4%)** | **Spain (2.4%)** | **Spain (2.4%)** | **Spain (2.4%)** |
|  Acciona SA (x) | 730 |  | 159483 |
|  ACS Actividades de Construccion y Servicios SA | 5293 |  | 527795 |
|  Aena SME SA (m) | 22144 |  | 619883 |
|  Amadeus IT Group SA | 71397 |  | 5272638 |
|  Banco Bilbao Vizcaya Argentaria SA | 170162 |  | 4009486 |
|  Banco de Sabadell SA | 147987 |  | 585222 |
|  Banco Santander SA | 619703 |  | 7333729 |
|  Bankinter SA | 19528 |  | 324847 |
|  CaixaBank SA | 114556 |  | 1406171 |
|  Cellnex Telecom SA (m) | 14781 |  | 476476 |
|  EDP Renovaveis SA | 10538 |  | 149107 |
|  Endesa SA (x) | 9276 |  | 333902 |
|  Grifols SA (x) | 8450 |  | 106256 |
|  Iberdrola SA | 187401 |  | 4066614 |
|  Industria de Diseno Textil SA | 32542 |  | 2154631 |
|  Mapfre SA | 22177 |  | 111599 |
|  Naturgy Energy Group SA | 7044 |  | 214569 |
|  Redeia Corp. SA | 12183 |  | 217196 |
|  Repsol SA | 32861 |  | 614996 |
|  Telefonica SA (x) | 110802 |  | 454839 |
|  |  |  | 29139439 |
|  **Sweden (2.1%)** | **Sweden (2.1%)** | **Sweden (2.1%)** | **Sweden (2.1%)** |
|  AddTech AB, Class B (x) | 8082 |  | 287411 |
|  Alfa Laval AB | 8366 |  | 423184 |
|  Assa Abloy AB, Class B | 91586 |  | 3570327 |
|  Atlas Copco AB, Class A | 192125 |  | 3465199 |
|  Atlas Copco AB, Class B | 46085 |  | 745850 |
|  Beijer Ref AB, Class B (x) | 11587 |  | 187652 |
|  Boliden AB\* | 8505 |  | 475944 |
|  Epiroc AB, Class A | 67411 |  | 1536911 |
|  Epiroc AB, Class B (x) | 11855 |  | 240409 |
|  EQT AB (x) | 14725 |  | 581867 |
|  Essity AB, Class B | 17662 |  | 508767 |
|  Evolution AB (m) | 3859 |  | 263987 |
|  Fastighets AB Balder, Class B (x)\* | 21823 |  | 161661 |
|  H & M Hennes & Mauritz AB, Class B (x) | 14925 |  | 301369 |
|  Hexagon AB, Class B | 62057 |  | 738092 |
|  Holmen AB, Class B | 1759 |  | 67712 |
|  Industrivarden AB, Class A | 3251 |  | 146686 |
|  Industrivarden AB, Class C (x) | 4331 |  | 195228 |
|  Indutrade AB | 8171 |  | 213361 |
|  Investment AB Latour, Class B | 3845 |  | 94136 |
|  Investor AB, Class B | 53720 |  | 1927887 |
|  L E Lundbergforetagen AB, Class B (x) | 2399 |  | 133285 |
|  Lifco AB, Class B (x) | 7076 |  | 270543 |
|  Nibe Industrier AB, Class B (x) | 47126 |  | 182331 |
|  Saab AB, Class B | 9441 |  | 551293 |
|  Sagax AB, Class B | 6735 |  | 144554 |
|  Sandvik AB | 31172 |  | 1017792 |
|  Securitas AB, Class B | 14744 |  | 235737 |
|  Skandinaviska Enskilda Banken AB, Class A | 44053 |  | 933551 |
|  Skanska AB, Class B | 10398 |  | 284953 |
|  SKF AB, Class B | 10187 |  | 271978 |
|  Svenska Cellulosa AB SCA, Class B | 18866 |  | 251232 |
|  Svenska Handelsbanken AB, Class A | 43065 |  | 628445 |
|  Swedbank AB, Class A | 25428 |  | 886866 |
|  Swedish Orphan Biovitrum AB\* | 5890 |  | 212914 |
|  Tele2 AB, Class B | 16425 |  | 275727 |

---

See Notes to Financial Statements.

779

------

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Telefonaktiebolaget LM Ericsson, Class B | 82860 | $| 815415 |
|  Telia Co. AB | 68470 |  | 292874 |
|  Trelleborg AB, Class B | 6266 |  | 267274 |
|  Volvo AB, Class B | 47279 |  | 1519563 |
|  |  |  | 25309967 |
|  **Switzerland (3.1%)** | **Switzerland (3.1%)** | **Switzerland (3.1%)** | **Switzerland (3.1%)** |
|  ABB Ltd. (Registered) | 46275 |  | 3459671 |
|  Avolta AG | 2595 |  | 154435 |
|  Banque Cantonale Vaudoise (Registered) (x) | 784 |  | 99373 |
|  Barry Callebaut AG (Registered) (x) | 101 |  | 166527 |
|  Belimo Holding AG (Registered) | 306 |  | 301712 |
|  BKW AG | 600 |  | 127560 |
|  Chocoladefabriken Lindt & Spruengli AG | 26 |  | 380432 |
|  Chocoladefabriken Lindt & Spruengli AG (Registered) | 3 |  | 440853 |
|  Cie Financiere Richemont SA (Registered) | 21387 |  | 4645415 |
|  DSM-Firmenich AG | 5142 |  | 415508 |
|  EMS-Chemie Holding AG (Registered) (x) | 209 |  | 144989 |
|  Galderma Group AG | 4566 |  | 934413 |
|  Geberit AG (Registered) | 1001 |  | 783007 |
|  Givaudan SA (Registered) | 270 |  | 1072365 |
|  Helvetia Baloise Holding AG | 2311 |  | 610354 |
|  Julius Baer Group Ltd. | 25991 |  | 2047517 |
|  Kuehne + Nagel International AG (Registered) | 1347 |  | 291218 |
|  Logitech International SA (Registered) | 4469 |  | 460046 |
|  Lonza Group AG (Registered) | 5466 |  | 3711166 |
|  Partners Group Holding AG | 667 |  | 827245 |
|  Sandoz Group AG | 12567 |  | 917656 |
|  Schindler Holding AG | 1182 |  | 446477 |
|  Schindler Holding AG (Registered) | 730 |  | 259431 |
|  SGS SA (Registered) (x) | 4975 |  | 570671 |
|  Sika AG (Registered) | 7299 |  | 1498318 |
|  Sonova Holding AG (Registered) | 3911 |  | 1022558 |
|  Straumann Holding AG (Registered) (x) | 3230 |  | 381108 |
|  Swatch Group AG (The) (x) | 932 |  | 197966 |
|  Swiss Life Holding AG (Registered) (x) | 839 |  | 971083 |
|  Swiss Prime Site AG (Registered) | 2404 |  | 373908 |
|  Swisscom AG (Registered) | 765 |  | 555811 |
|  UBS Group AG (Registered) | 128065 |  | 5975612 |
|  VAT Group AG (m) | 811 |  | 395108 |
|  Zurich Insurance Group AG | 4321 |  | 3282891 |
|  |  |  | 37922404 |
|  **Taiwan (1.8%)** | **Taiwan (1.8%)** | **Taiwan (1.8%)** | **Taiwan (1.8%)** |
|  ASE Technology Holding Co. Ltd. | 344000 |  | 2742541 |
|  Delta Electronics, Inc. | 41000 |  | 1256600 |
|  Hon Hai Precision Industry Co. Ltd. | 207040 |  | 1518840 |
|  MediaTek, Inc. | 56000 |  | 2548654 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 243000 |  | 11987397 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 3817 |  | 1159948 |
|  |  |  | 21213980 |
|  **Thailand (0.0%)†** | **Thailand (0.0%)†** | **Thailand (0.0%)†** | **Thailand (0.0%)†** |
|  Kasikornbank PCL | 80500 |  | 496977 |
|  **United Kingdom (10.2%)** | **United Kingdom (10.2%)** | **United Kingdom (10.2%)** | **United Kingdom (10.2%)** |
|  3i Group plc | 29690 |  | 1305873 |
|  Admiral Group plc | 7386 |  | 316201 |
|  Ashtead Group plc | 25704 |  | 1762182 |
|  Associated British Foods plc | 9933 |  | 284788 |
|  AstraZeneca plc | 85009 |  | 15801669 |
|  Auto Trader Group plc (m) | 26505 |  | 209506 |
|  Aviva plc | 265659 |  | 2450802 |
|  BAE Systems plc | 206923 |  | 4780721 |
|  Barclays plc | 1381226 |  | 8861349 |
|  Barratt Redrow plc | 359355 |  | 1846020 |
|  British American Tobacco plc | 64545 |  | 3666325 |
|  BT Group plc | 177040 |  | 439219 |
|  Bunzl plc | 9236 |  | 258455 |
|  Burberry Group plc\* | 22262 |  | 380802 |
|  Centrica plc | 144756 |  | 330832 |
|  CK Hutchison Holdings Ltd. | 78705 |  | 535474 |
|  Coca-Cola Europacific Partners plc | 5945 |  | 539211 |
|  Compass Group plc | 81361 |  | 2592612 |
|  DCC plc (x) | 2518 |  | 157149 |
|  Diageo plc | 168157 |  | 3634609 |
|  Entain plc | 178914 |  | 1848787 |
|  Flutter Entertainment plc, Class DI\* | 5838 |  | 1255404 |
|  Halma plc | 37751 |  | 1800363 |
|  Hikma Pharmaceuticals plc | 4829 |  | 100893 |
|  HSBC Holdings plc | 667166 |  | 10556059 |
|  Imperial Brands plc | 55492 |  | 2333026 |
|  Informa plc | 38944 |  | 464052 |
|  InterContinental Hotels Group plc | 4367 |  | 615728 |
|  International Consolidated Airlines Group SA | 32732 |  | 182678 |
|  Intertek Group plc | 28963 |  | 1806022 |
|  J Sainsbury plc | 47736 |  | 209124 |
|  JD Sports Fashion plc | 73390 |  | 83553 |
|  Kingfisher plc | 49200 |  | 207380 |
|  Land Securities Group plc (REIT) | 19993 |  | 167626 |
|  Legal & General Group plc | 165220 |  | 583273 |
|  Lloyds Banking Group plc | 1747970 |  | 2314707 |
|  London Stock Exchange Group plc | 19680 |  | 2374756 |
|  M&G plc | 69736 |  | 269218 |
|  Marks & Spencer Group plc | 319722 |  | 1422199 |
|  Melrose Industries plc | 565699 |  | 4486750 |
|  National Grid plc | 171079 |  | 2632367 |
|  NatWest Group plc | 379505 |  | 3334307 |
|  Next plc | 3481 |  | 641895 |
|  Pearson plc | 16209 |  | 229414 |
|  Phoenix Group Holdings plc | 20132 |  | 199999 |
|  Reckitt Benckiser Group plc | 44420 |  | 3593754 |
|  RELX plc (London Stock Exchange) | 84471 |  | 3438653 |
|  RELX plc (Turquoise Stock Exchange) | 45373 |  | 1849219 |
|  Rentokil Initial plc | 437347 |  | 2638110 |
|  Rolls-Royce Holdings plc | 409537 |  | 6348407 |
|  Sage Group plc (The) | 29155 |  | 425613 |
|  Schroders plc | 21042 |  | 115440 |
|  Segro plc (REIT) | 39289 |  | 381521 |
|  Severn Trent plc | 8036 |  | 302108 |
|  Smith & Nephew plc | 24015 |  | 400915 |
|  Smiths Group plc | 9490 |  | 300869 |

---

See Notes to Financial Statements.

780

------

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value**<br> **(Note 1)** |
|  Spirax Group plc | 2213 | $203441 |
|  SSE plc | 121782 | 3576960 |
|  Standard Chartered plc | 104107 | 2556831 |
|  Tesco plc | 193822 | 1154257 |
|  Unilever plc | 64349 | 4215093 |
|  United Utilities Group plc | 19304 | 310689 |
|  Vodafone Group plc | 557903 | 743603 |
|  Whitbread plc | 5220 | 179426 |
|  Wise plc, Class A\* | 19702 | 236626 |
|  |  | 123244914 |
|  **United States (8.1%)** | **United States (8.1%)** | **United States (8.1%)** |
|  Aegon Ltd. | 41116 | 320842 |
|  Alcon AG | 23052 | 1841599 |
|  AP Moller - Maersk A/S, Class A (x) | 91 | 209615 |
|  AP Moller - Maersk A/S, Class B (x) | 117 | 269505 |
|  BP plc | 464526 | 2710011 |
|  Buzzi SpA | 2199 | 134382 |
|  Carnival Corp.\* | 72385 | 2210638 |
|  CRH plc | 8586 | 1076798 |
|  CyberArk Software Ltd.\* | 1463 | 652586 |
|  Everest Group Ltd. | 3839 | 1302765 |
|  Experian plc | 57186 | 2592331 |
|  Ferrovial SE | 15326 | 996735 |
|  GSK plc | 120011 | 2951472 |
|  Haleon plc | 491078 | 2480983 |
|  Holcim AG | 15159 | 1488150 |
|  ICON plc\* | 12142 | 2212515 |
|  James Hardie Industries plc (CHDI)\* | 35830 | 738376 |
|  Linde plc | 5602 | 2388637 |
|  Monday.com Ltd.\* | 1152 | 169989 |
|  Nestle SA (Registered) | 110882 | 11022407 |
|  Nestle SA (ADR) | 9457 | 934163 |
|  Novartis AG (Registered) | 56133 | 7766919 |
|  Novartis AG (ADR) | 13051 | 1799341 |
|  QIAGEN NV | 30304 | 1383753 |
|  Roche Holding AG (BMV Mexico Stock Exchange) | 37395 | 15494305 |
|  Roche Holding AG (OTC US Exchange) | 934 | 395249 |
|  Sanofi SA | 46269 | 4497927 |
|  Schneider Electric SE | 39149 | 10807257 |
|  Shell plc (BMV Mexico Stock Exchange) | 106079 | 3923801 |
|  Shell plc (London Stock Exchange) | 171020 | 6316424 |
|  Smurfit WestRock plc | 36231 | 1402127 |
|  Spotify Technology SA\* | 4617 | 2681138 |
|  Stellantis NV | 60113 | 668370 |
|  Swiss Re AG | 8893 | 1491523 |
|  Tenaris SA | 36719 | 712442 |
|  |  | 98045075 |
|  **Total Common Stocks (80.4%)** <br> *(Cost $488,466,252)* |  | 971359824 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (9.1%)** | **Equity (9.1%)** | **Equity (9.1%)** |
|  iShares China Large-Cap ETF (x) | 138810 | 5315035 |
|  iShares Core MSCI EAFE ETF | 251100 | 22463406 |
|  iShares Latin America 40 ETF (x) | 40647 | 1237701 |
|  iShares MSCI Australia ETF | 65715 | 1721076 |
|  iShares MSCI Austria ETF (x) | 38537 | 1366907 |
|  iShares MSCI Belgium ETF‡ | 61397 | 1492070 |
|  iShares MSCI France ETF (x) | 34167 | 1537173 |
|  iShares MSCI Germany ETF (x) | 148710 | 6320175 |
|  iShares MSCI Indonesia ETF (x) | 27900 | 521730 |
|  iShares MSCI Ireland ETF (x) | 19300 | 1418737 |
|  iShares MSCI Israel ETF (x) | 13300 | 1463399 |
|  iShares MSCI Italy ETF (x) | 87824 | 4771478 |
|  iShares MSCI Mexico ETF (x) | 3748 | 259849 |
|  iShares MSCI New Zealand ETF (x) | 15400 | 697181 |
|  iShares MSCI Norway ETF (x) | 32200 | 926716 |
|  iShares MSCI Poland ETF (x) | 6400 | 225216 |
|  iShares MSCI Singapore ETF (x) | 22863 | 628961 |
|  iShares MSCI Spain ETF (x) | 52821 | 2847580 |
|  JPMorgan BetaBuilders Japan ETF | 6550 | 431711 |
|  JPMorgan International Research Enhanced Equity ETF | 113700 | 8513856 |
|  SPDR Portfolio Developed World ex-US ETF | 125900 | 5591219 |
|  SPDR S&P Emerging Asia Pacific ETF | 5079 | 704813 |
|  Vanguard FTSE Developed Markets ETF | 124300 | 7765021 |
|  Vanguard FTSE Emerging Markets ETF | 91200 | 4902912 |
|  Vanguard FTSE Europe ETF | 271900 | 22733559 |
|  Vanguard FTSE Pacific ETF | 48100 | 4348240 |
|  **Total Exchange Traded Funds (9.1%)**<br> *(Cost $69,036,869)* | **Total Exchange Traded Funds (9.1%)**<br> *(Cost $69,036,869)* | 110205721 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (1.9%)** | **Investment Companies (1.9%)** |  |
|  Allspring Government Money Market Fund, Select Shares 3.72% (7 day yield) (xx) | 1000000 | 1000000 |
|  BlackRock Liquidity FedFund, Institutional Shares 3.65% (7 day yield) (xx) | 3000000 | 3000000 |
|  Dreyfus Treasury Obligations Cash Management Fund 3.65% (7 day yield) (xx) | 2000000 | 2000000 |
|  Goldman Sachs Financial Square Government Fund 3.67% (7 day yield) (xx) | 1000000 | 1000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 4515417 | 4515417 |
|  Morgan Stanley Institutional Liquidity Fund - Government Portfolio 3.69% (7 day yield) (xx) | 9000000 | 9000000 |
|  State Street Institutional U.S. Government Money Market Fund, Premier Shares 3.74% (7 day yield) (xx) | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 22515417 |
|  **Total Short-Term Investments (1.9%)**<br> *(Cost $22,515,417)* | **Total Short-Term Investments (1.9%)**<br> *(Cost $22,515,417)* | 22515417 |
|  **Total Investments in Securities (91.4%)**<br> *(Cost $580,018,538)* | **Total Investments in Securities (91.4%)**<br> *(Cost $580,018,538)* | 1104080962 |
|  **Other Assets Less Liabilities (8.6%)** | **Other Assets Less Liabilities (8.6%)** | 104180164 |
|  **Net Assets (100%)** |  | $1208261126 |

---

See Notes to Financial Statements.

781

------

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $10,624,109 or 0.9% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $46,265,450. This was collateralized by $26,105,804 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/13/26 – 8/15/55 and by cash of $22,515,417 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*AUD* *— Australian Dollar* 

*BRL* *— Brazilian Real* 

*CAD* *— Canadian Dollar* 

*CHDI* *— Clearing House Electronic Subregister System (CHESS)* 

*Depository* *Interest* 

*CHF* *— Swiss Franc* 

*CVA* *— Dutch Certification* 

*DKK* *— Denmark Krone* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*HKD* *— Hong Kong Dollar* 

*ILS* *— Israel New Shekel* 

*JPY* *— Japanese Yen* 

*NOK* *— Norwegian Krone* 

*NZD* *— New Zealand Dollar* 

*REIT* *— Real Estate Investment Trust* 

*SEK* *— Swedish Krona* 

*SGD* *— Singapore Dollar* 

*USD* *— United States Dollar* 

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  iShares MSCI Belgium ETF | 61397 | 1376805 | 52394 | (362201) | 77808 | 347264 | 1492070 | 28928 |  |

---

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 705 | 3/2026 | EUR | 48393620 | 557672 |
|  FTSE 100 Index | 225 | 3/2026 | GBP | 30149935 | 502890 |
|  SPI 200 Index | 81 | 3/2026 | AUD | 11724605 | 56070 |
|  TOPIX Index | 137 | 3/2026 | JPY | 29855050 | 189057 |
|  |  |  |  |  | 1305689 |

---

Forward Foreign Currency Contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  AUD | 16379798 | USD | 10884374 | BNP Paribas | 3/19/2026 | 47531 |
|  GBP | 6941237 | USD | 9228595 | BNP Paribas | 3/19/2026 | 126085 |
|  USD | 718936 | JPY | 110837580 | BNP Paribas | 3/19/2026 | 6860 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 180476 |

---

See Notes to Financial Statements.

782

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EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  JPY | 870951980 | USD | 5602410 | BNP Paribas | 3/19/2026 | (6978) |
|  USD | 15285856 | EUR | 13080259 | BNP Paribas | 3/19/2026 | (138813) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (145791) |
|  **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** |  | 34685 |

---

Foreign cash on the statement of assets and liabilities is maintained at JPMorgan or its affiliates and is comprised of the following (in USD): AUD 772,219, BRL 21,910, CAD 1, CHF 1,568, DKK 2,000, EUR 63,582,505, GBP 20,331,957, HKD 17,219, ILS 63,768, JPY 22,447,446, NOK 1,960, NZD 5,059, SEK 4,972 and SGD 1.

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Australia | $1544579 | $46798355 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $48342934 |
|  Austria |  | 6174825 |  | 6174825 |
|  Belgium |  | 9713997 |  | 9713997 |
|  Brazil | 3141319 | 3700789 |  | 6842108 |
|  Canada | 12956090 |  |  | 12956090 |
|  Chile | 2167200 | 511253 |  | 2678453 |
|  China | 2400109 | 13984380 |  | 16384489 |
|  Colombia | 2354715 |  |  | 2354715 |
|  Denmark |  | 12944892 |  | 12944892 |
|  Finland |  | 7071256 |  | 7071256 |
|  France |  | 90967024 |  | 90967024 |
|  Germany |  | 89770103 |  | 89770103 |
|  Hong Kong | 1715819 | 15775766 |  | 17491585 |
|  India | 3476887 | 3903678 |  | 7380565 |
|  Indonesia | 309166 |  |  | 309166 |
|  Ireland | 725557 | 3818986 |  | 4544543 |
|  Israel | 3618481 | 4044982 |  | 7663463 |
|  Italy |  | 28686458 |  | 28686458 |
|  Ivory Coast |  | 283406 |  | 283406 |
|  Japan |  | 177376970 |  | 177376970 |
|  Luxembourg |  | 3293543 |  | 3293543 |
|  Macau |  | 1018711 |  | 1018711 |
|  Mexico | 2789422 | 308697 |  | 3098119 |
|  Netherlands | 2175466 | 39180131 |  | 41355597 |
|  New Zealand |  | 1439949 |  | 1439949 |
|  Norway | 1349297 | 7168213 |  | 8517510 |
|  Peru | 1562715 |  |  | 1562715 |
|  Poland |  | 89649 |  | 89649 |
|  Portugal |  | 1060743 |  | 1060743 |
|  Singapore | 1757893 | 13575450 |  | 15333343 |
|  South Africa |  | 2900627 |  | 2900627 |
|  South Korea |  | 6379520 |  | 6379520 |
|  Spain |  | 29139439 |  | 29139439 |
|  Sweden |  | 25309967 |  | 25309967 |
|  Switzerland |  | 37922404 |  | 37922404 |

---

See Notes to Financial Statements.

783

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EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  Taiwan | $1159948 | $20054032 | $— | $21213980 |
|  Thailand |  | 496977 |  | 496977 |
|  United Kingdom | 1794615 | 121450299 |  | 123244914 |
|  United States | 14351772 | 83693303 |  | 98045075 |
|  **Exchange Traded Funds** | 110205721 |  |  | 110205721 |
|  **Forward Currency Contracts** |  | 180476 |  | 180476 |
|  **Futures** | 1305689 |  |  | 1305689 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 22515417 |  |  | 22515417 |
|  **Total Assets** | $**195377877** | $**910189250** | $**—** | $**1105567127** |
|  **Liabilities:** |  |  |  |  |
|  **Forward Currency Contracts** | $— | $(145791) | $— | $(145791) |
|  **Total Liabilities** | $**—** | $**(145791)** | $**—** | $**(145791)** |
|  **Total** | $**195377877** | $**910043459** | $**—** | $**1105421336** |

---

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | $180476 |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | 1305689 \* |
|  **Total** |  | $1486165 |
|  | **Liability Derivatives** |  |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | $(145791) |
|  **Total** |  | $(145791) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $— | $(10547477) | $(10547477) |
|  Equity contracts | (15110354) |  | (15110354) |
|  **Total** | $(15110354) | $(10547477) | $(25657831) |

---

See Notes to Financial Statements.

784

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EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $— | $196026 | $196026 |
|  Equity contracts | 2311154 |  | 2311154 |
|  **Total** | $2311154 | $196026 | $2507180 |

---

^ The Portfolio held forward foreign currency contracts and futures contracts for hedging.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $108646000 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $76300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 77401000 |

---

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  BNP Paribas | $180476 | $(145791) | $— | $34685 |
|  **Total** | $180476 | $(145791) | $— | $34685 |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  BNP Paribas | $145791 | $(145791) | $— | $— |
|  **Total** | $145791 | $(145791) | $— | $— |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $133333841.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $317833274.0 |

---

During the year ended December 31, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 6%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 3%)\*** | **Net Realized<br>Gain (Loss)** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8566738 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10353879 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553767 |

---

\* Represents percentage/amount of total Purchases and/or Sales.

See Notes to Financial Statements.

785

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EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $519900781 |
|  Aggregate gross unrealized depreciation | (30337362) |
|  Net unrealized appreciation | $489563419 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $615857917 |

---

See Notes to Financial Statements.

786

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EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $638,646) | $1492070.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $579,379,892) | 1102588892.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 5187557.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $105,301,647) | 107252585.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 7253870.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 5237259.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 3769217.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 180476.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 50643.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 42759.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 19131.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 59631.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1233134090.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 22515417.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 598759.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 458721.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 399757.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued India taxes | 247540.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 189219.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 145791.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 125517.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 2150.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 190093.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 24872964.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1208261126.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $755932764.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 452328362.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1208261126.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $902,952,282 / 73,726,669 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.25 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $305,308,844 / 24,842,507 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.29 |

---

*(x)* *Includes value of securities on loan of $46,265,450.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($28,928 of dividend income received from affiliates) (net of $2,518,895 foreign withholding tax) | $28876938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1031915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 557657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 30466510 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 6931743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 2187927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1464645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 467700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 167192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 71730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 39586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 137423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 11467946 |
|  **NET INVESTMENT INCOME (LOSS)** | 18998564 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($77,808 realized gain (loss) from affiliates) (net of India tax of $36,015 on realized gain on investments) | 97807174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (15110354) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (10547477) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (900464) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 71248879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $116,885 on unrealized appreciation on investments) ($347,264 of change in unrealized appreciation (depreciation) from affiliates) | 168816839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 2311154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 196026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 9596722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 180920741 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 252169620 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $271168184 |

---

See Notes to Financial Statements.

787

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#### EQ ADVISORS TRUST
EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $18998564 | $20121342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 71248879 | 57434947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 180920741 | (34561436) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 271168184 | 42994853 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (75467759) | (60249889) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (26246448) | (21334483) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (101714207) | (81584372) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 15,765 shares, respectively ] |  | 178552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (1797015) shares, respectively ] |  | (20720690) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (75461) shares, respectively ] |  | (854172) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (21396310) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,635,359 and 1,518,473 shares, respectively ] | 19305408 | 17335248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 1,794,268 shares, respectively ] |  | 20720690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 6,227,889 and 5,411,205 shares, respectively ] | 75467759 | 60249889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (12127405) and (9972856) shares, respectively ] | (145223094) | (115169789) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (50449927) | (16863962) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 170,956 and 288,213 shares, respectively ] | 2111169 | 3388013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 2,158,963 and 1,910,969 shares, respectively ] | 26246448 | 21334483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (4094930) and (3924857) shares, respectively ] | (49206266) | (45338705) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (20848649) | (20616209) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (71298576) | (58876481) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 98155401 | (97466000) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1110105725 | 1207571725 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1208261126 | $1110105725 |

---

See Notes to Financial Statements.

788

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#### EQ ADVISORS TRUST
EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $10.60 | $11.03 | $9.68 | $11.52 | $11.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.19 | 0.19 | 0.18 | 0.18 | 0.16 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.56 | 0.19 | 1.45 | (1.82) | 0.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.75 | 0.38 | 1.63 | (1.64) | 1.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.17) | (0.25) | (0.19) | (0.12) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.93) | (0.56) | (0.09) | (0.08) | (1.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.10) | (0.81) | (0.28) | (0.20) | (1.33) |
|  Net asset value, end of year | $12.25 | $10.60 | $11.03 | $9.68 | $11.52 |
|  Total return | 26.12% | 3.22% | 16.85% | (14.12)% | 10.02% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $902952 | $827090 | $873820 | $849464 | $1085521 |
|  Ratio of expenses to average net assets (f) | 1.04% | 1.04% | 1.04% | 1.06 %(g) | 1.07 %(g) |
|  Ratio of net investment income (loss) to average net assets (f) | 1.55% | 1.61% | 1.74% | 1.85% | 1.29 %(bb) |
|  Portfolio turnover rate^ | 13% | 13% | 14% | 13% | 12% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $10.64 | $11.06 | $9.71 | $11.55 | $11.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.22 | 0.22 | 0.21 | 0.21 | 0.19 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.56 | 0.20 | 1.44 | (1.82) | 0.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.78 | 0.42 | 1.65 | (1.61) | 1.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.20) | (0.28) | (0.21) | (0.15) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.93) | (0.56) | (0.09) | (0.08) | (1.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.13) | (0.84) | (0.30) | (0.23) | (1.36) |
|  Net asset value, end of year | $12.29 | $10.64 | $11.06 | $9.71 | $11.55 |
|  Total return | 26.31% | 3.56% | 17.07% | (13.88)% | 10.25% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $305309 | $283016 | $313308 | $329204 | $404994 |
|  Ratio of expenses to average net assets (f) | 0.79% | 0.79% | 0.79% | 0.81 %(g) | 0.82 %(g) |
|  Ratio of net investment income (loss) to average net assets (f) | 1.81% | 1.87% | 2.00% | 2.09% | 1.54 %(bb) |
|  Portfolio turnover rate^ | 13% | 13% | 14% | 13% | 12% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of 0.04% and 0.06% for the years ended December 31, 2022 and 2021, respectively.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.14 and $0.17 for Class IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.18% lower.* 

See Notes to Financial Statements.

789

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value**<br> **(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Australia (10.3%)** | **Australia (10.3%)** | **Australia (10.3%)** |
|  AGL Energy Ltd. | 69926 | $434452 |
|  ALS Ltd. | 59235 | 871252 |
|  AMP Ltd. | 295675 | 359120 |
|  Ampol Ltd. | 27831 | 593036 |
|  Ansell Ltd. | 16885 | 394500 |
|  ANZ Group Holdings Ltd. | 348437 | 8450120 |
|  APA Group | 153597 | 919452 |
|  ARB Corp. Ltd. | 9162 | 192294 |
|  Arena REIT (REIT) | 47124 | 111956 |
|  Aristocrat Leisure Ltd. | 72043 | 2797172 |
|  ASX Ltd. | 22692 | 778982 |
|  Atlas Arteria Ltd. | 113524 | 369710 |
|  AUB Group Ltd. | 13616 | 279868 |
|  Aurizon Holdings Ltd. | 204430 | 497956 |
|  Aussie Broadband Ltd. | 32461 | 109181 |
|  Austal Ltd.\* | 35982 | 160644 |
|  AVZ Minerals Ltd. (r)(x)\* | 316830 |  |
|  Bank of Queensland Ltd. | 77251 | 336644 |
|  Beach Energy Ltd. (x) | 186502 | 146243 |
|  Bega Cheese Ltd. | 31741 | 128365 |
|  Bellevue Gold Ltd.\* | 172933 | 196769 |
|  Bendigo & Adelaide Bank Ltd. | 66369 | 465945 |
|  BHP Group Ltd. | 593152 | 18006761 |
|  BlueScope Steel Ltd. | 51224 | 822817 |
|  Brambles Ltd. | 159149 | 2438538 |
|  Breville Group Ltd. (x) | 11840 | 232855 |
|  BWP Property Group Ltd. (REIT) | 65987 | 173504 |
|  Capricorn Metals Ltd.\* | 53005 | 508662 |
|  CAR Group Ltd. | 44196 | 907242 |
|  Catalyst Metals Ltd. (x)\* | 29940 | 147056 |
|  Catapult Sports Ltd.\* | 31013 | 85891 |
|  Centuria Capital Group (REIT) | 96944 | 130685 |
|  Centuria Industrial REIT (REIT) (x) | 61489 | 135825 |
|  Challenger Ltd. | 64622 | 405811 |
|  Charter Hall Group (REIT) | 54708 | 892654 |
|  Charter Hall Long Wale REIT (REIT) | 76583 | 208519 |
|  Charter Hall Retail REIT (REIT) | 59056 | 160403 |
|  Cleanaway Waste Management Ltd. | 261618 | 452190 |
|  Cochlear Ltd. | 7638 | 1328641 |
|  Codan Ltd. | 13806 | 261938 |
|  Coles Group Ltd. | 156745 | 2242705 |
|  Commonwealth Bank of Australia | 195439 | 20942538 |
|  Computershare Ltd. | 63495 | 1446628 |
|  Corporate Travel Management Ltd. (r) | 14153 | 144192 |
|  CSL Ltd. | 56660 | 6528251 |
|  Dalrymple Bay Infrastructure Ltd. | 57899 | 193581 |
|  Data#3 Ltd. | 18111 | 108898 |
|  Deep Yellow Ltd. (x)\* | 113650 | 139554 |
|  Deterra Royalties Ltd. | 49437 | 134277 |
|  Dexus (REIT) | 125612 | 580922 |
|  DigiCo Infrastructure REIT (REIT) (x) | 47627 | 87724 |
|  Domino's Pizza Enterprises Ltd. (x) | 8065 | 113026 |
|  Downer EDI Ltd. | 77949 | 413553 |
|  DroneShield Ltd. (m)(x)\* | 106010 | 217897 |
|  Dyno Nobel Ltd. | 190806 | 408743 |
|  Eagers Automotive Ltd. | 23084 | 379582 |
|  EBOS Group Ltd. | 6330 | 99863 |
|  Elders Ltd. (x) | 22442 | 102590 |
|  Emerald Resources NL\* | 67839 | 286121 |
|  Endeavour Group Ltd. (x) | 178260 | 435400 |
|  Evolution Mining Ltd. | 237140 | 2006678 |
|  EVT Ltd. (x) | 12337 | 103408 |
|  Flight Centre Travel Group Ltd. (x) | 21714 | 217508 |
|  Fortescue Ltd. | 194175 | 2852115 |
|  Generation Development Group Ltd. | 41996 | 165073 |
|  Genesis Minerals Ltd.\* | 133357 | 645220 |
|  Glencore plc | 1732981 | 9496893 |
|  Goodman Group (REIT) | 238807 | 4937216 |
|  GPT Group (The) (REIT) | 223715 | 809185 |
|  GrainCorp Ltd., Class A (x) | 25962 | 124399 |
|  Greatland Resources Ltd. (x)\* | 61102 | 427745 |
|  Guzman y Gomez Ltd. (x) | 6502 | 93942 |
|  Harvey Norman Holdings Ltd. | 65483 | 303279 |
|  Helia Group Ltd. (x) | 31823 | 116804 |
|  HomeCo Daily Needs REIT (REIT) (m) | 219343 | 199807 |
|  HUB24 Ltd. | 9550 | 613420 |
|  IDP Education Ltd. (x) | 32506 | 125385 |
|  IGO Ltd.\* | 80480 | 440408 |
|  Iluka Resources Ltd. | 50184 | 193909 |
|  Imdex Ltd. | 59777 | 137229 |
|  Ingenia Communities Group (REIT) | 47601 | 164233 |
|  Insignia Financial Ltd.\* | 78332 | 238373 |
|  Insurance Australia Group Ltd. | 276235 | 1471077 |
|  IperionX Ltd. (x)\* | 36847 | 137703 |
|  IRESS Ltd. | 21815 | 123599 |
|  JB Hi-Fi Ltd. | 12769 | 819928 |
|  Judo Capital Holdings Ltd.\* | 130926 | 150719 |
|  Lendlease Corp. Ltd. | 76626 | 265909 |
|  Liontown Ltd. (x)\* | 240318 | 252593 |
|  Lottery Corp. Ltd. (The) | 259942 | 895117 |
|  Lovisa Holdings Ltd. (x) | 7760 | 151786 |
|  Lynas Rare Earths Ltd.\* | 108143 | 897785 |
|  Macquarie Group Ltd. | 41396 | 5613526 |
|  Magellan Financial Group Ltd. (x) | 18135 | 120782 |
|  Medibank Pvt. Ltd. | 321633 | 1028134 |
|  Megaport Ltd.\* | 18897 | 153475 |
|  Mesoblast Ltd. (x)\* | 112376 | 203984 |
|  Metcash Ltd. | 128348 | 282655 |
|  Mineral Resources Ltd.\* | 20542 | 745479 |
|  Mirvac Group (REIT) | 460828 | 630444 |
|  Monadelphous Group Ltd. | 11682 | 206672 |
|  National Australia Bank Ltd. | 357723 | 10100516 |
|  National Storage REIT (REIT) | 163976 | 298742 |
|  Netwealth Group Ltd. | 14901 | 255267 |
|  Neuren Pharmaceuticals Ltd.\* | 14772 | 183459 |
|  New Hope Corp. Ltd. | 60082 | 161586 |
|  NEXTDC Ltd.\* | 74944 | 626674 |
|  nib holdings Ltd. | 56987 | 260888 |
|  Nick Scali Ltd. (x) | 9190 | 144554 |
|  Nine Entertainment Co. Holdings Ltd. | 148158 | 109749 |
|  Northern Star Resources Ltd. | 167092 | 2980631 |
|  NRW Holdings Ltd. | 53660 | 184422 |
|  Ora Banda Mining Ltd.\* | 164552 | 168015 |
|  Orica Ltd. | 54606 | 884795 |
|  Origin Energy Ltd. | 201195 | 1542733 |
|  Orora Ltd. | 145499 | 214588 |
|  Paladin Energy Ltd. (x)\* | 52476 | 335840 |
|  Pantoro Gold Ltd.\* | 40051 | 130700 |
|  Perenti Ltd. | 109766 | 204374 |

---

See Notes to Financial Statements.

790

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Perpetual Ltd. | 12620 | $| 157154 |
|  Perseus Mining Ltd. | 157807 |  | 598175 |
|  PEXA Group Ltd.\* | 15764 |  | 141285 |
|  Pinnacle Investment Management Group Ltd. (x) | 21535 |  | 246469 |
|  PLS Group Ltd.\* | 357209 |  | 1005978 |
|  Premier Investments Ltd. | 11390 |  | 104819 |
|  Pro Medicus Ltd. | 6469 |  | 953515 |
|  Qantas Airways Ltd. | 176722 |  | 1224170 |
|  QBE Insurance Group Ltd. | 176372 |  | 2341090 |
|  Qube Holdings Ltd. | 206668 |  | 657878 |
|  Ramelius Resources Ltd. (x) | 224788 |  | 624051 |
|  Ramsay Health Care Ltd. | 22106 |  | 506894 |
|  REA Group Ltd. | 5863 |  | 717545 |
|  Reece Ltd. | 26700 |  | 238765 |
|  Region Group (REIT) | 135617 |  | 212684 |
|  Regis Resources Ltd. | 88437 |  | 445589 |
|  Resolute Mining Ltd.\* | 248721 |  | 203330 |
|  Rio Tinto Ltd. | 43353 |  | 4247741 |
|  Rio Tinto plc | 170479 |  | 13774042 |
|  Sandfire Resources Ltd.\* | 53814 |  | 643557 |
|  Santos Ltd. | 379299 |  | 1561782 |
|  Scentre Group (REIT) | 609211 |  | 1707539 |
|  SEEK Ltd. | 41719 |  | 643688 |
|  SGH Ltd. | 23291 |  | 721984 |
|  Sigma Healthcare Ltd. | 674079 |  | 1322549 |
|  Silex Systems Ltd. (x)\* | 27849 |  | 160389 |
|  SiteMinder Ltd.\* | 30234 |  | 122674 |
|  Sonic Healthcare Ltd. | 57721 |  | 870940 |
|  South32 Ltd. | 524886 |  | 1247006 |
|  Steadfast Group Ltd. (x) | 129867 |  | 457600 |
|  Stockland (REIT) | 282902 |  | 1081793 |
|  Suncorp Group Ltd. | 126477 |  | 1489738 |
|  Super Retail Group Ltd. | 18989 |  | 203137 |
|  Superloop Ltd. (x)\* | 60112 |  | 103900 |
|  Tabcorp Holdings Ltd. | 267352 |  | 176633 |
|  Technology One Ltd. | 35556 |  | 663443 |
|  Telix Pharmaceuticals Ltd. (x)\* | 34020 |  | 254276 |
|  Telstra Group Ltd. | 1322348 |  | 4297624 |
|  Temple & Webster Group Ltd.\* | 11659 |  | 106439 |
|  TPG Telecom Ltd. (x) | 49944 |  | 126321 |
|  Transurban Group | 363755 |  | 3449505 |
|  Treasury Wine Estates Ltd. (x) | 94298 |  | 329752 |
|  Tuas Ltd.\* | 33944 |  | 160153 |
|  Vault Minerals Ltd.\* | 121964 |  | 444404 |
|  Ventia Services Group Pty. Ltd. | 97032 |  | 385288 |
|  Vicinity Ltd. (REIT) | 456609 |  | 780078 |
|  Virgin Australia International Holdings Pty. Ltd. (r)\* | 190064 |  |  |
|  Viva Energy Group Ltd. (m) | 132899 |  | 181815 |
|  Washington H Soul Pattinson & Co. Ltd. | 41708 |  | 1033749 |
|  Waypoint REIT Ltd. (REIT) | 76254 |  | 129765 |
|  WEB Travel Group Ltd.\* | 42200 |  | 134615 |
|  Wesfarmers Ltd. | 132555 |  | 7173268 |
|  West African Resources Ltd.\* | 133262 |  | 266797 |
|  Westgold Resources Ltd. | 110344 |  | 474229 |
|  Westpac Banking Corp. | 399454 |  | 10289819 |
|  Whitehaven Coal Ltd. | 96991 |  | 501634 |
|  WiseTech Global Ltd. | 24724 |  | 1129560 |
|  Woodside Energy Group Ltd. | 222024 |  | 3495276 |
|  Woolworths Group Ltd. | 142667 |  | 2797235 |
|  Worley Ltd. | 56176 |  | 471237 |
|  Yancoal Australia Ltd. (x) | 46263 |  | 153133 |
|  Zip Co. Ltd. (x)\* | 150400 |  | 330215 |
|  |  |  | 218726540 |
|  **Austria (0.0%)†** | **Austria (0.0%)†** | **Austria (0.0%)†** | **Austria (0.0%)†** |
|  Mondi plc | 71768 |  | 878590 |
|  **Belgium (0.5%)** | **Belgium (0.5%)** | **Belgium (0.5%)** | **Belgium (0.5%)** |
|  Anheuser-Busch InBev SA/NV | 174593 |  | 11264475 |
|  **Brazil (0.0%)†** | **Brazil (0.0%)†** | **Brazil (0.0%)†** | **Brazil (0.0%)†** |
|  Karoon Energy Ltd. (x) | 85429 |  | 87797 |
|  **Canada (0.0%)†** | **Canada (0.0%)†** | **Canada (0.0%)†** | **Canada (0.0%)†** |
|  Capstone Copper Corp. (CRDI)\* | 22716 |  | 229819 |
|  Champion Iron Ltd. (x) | 47330 |  | 191725 |
|  NexGen Energy Ltd. (CRDI)\* | 14078 |  | 131529 |
|  |  |  | 553073 |
|  **Chile (0.1%)** | **Chile (0.1%)** | **Chile (0.1%)** | **Chile (0.1%)** |
|  Antofagasta plc | 56110 |  | 2480022 |
|  **China (0.6%)** | **China (0.6%)** | **China (0.6%)** | **China (0.6%)** |
|  Prosus NV | 211636 |  | 13144568 |
|  **Finland (0.5%)** | **Finland (0.5%)** | **Finland (0.5%)** | **Finland (0.5%)** |
|  Nordea Bank Abp | 556505 |  | 10519665 |
|  **France (11.1%)** | **France (11.1%)** | **France (11.1%)** | **France (11.1%)** |
|  Air Liquide SA | 98446 |  | 18541079 |
|  Airbus SE | 100130 |  | 23346279 |
|  AXA SA | 303333 |  | 14601295 |
|  BNP Paribas SA | 179129 |  | 17007297 |
|  Cie de Saint-Gobain SA | 84924 |  | 8678841 |
|  Danone SA | 109584 |  | 9887968 |
|  EssilorLuxottica SA | 53253 |  | 16891132 |
|  Hermes International SCA | 5977 |  | 14905289 |
|  L'Oreal SA | 40919 |  | 17629064 |
|  LVMH Moet Hennessy Louis Vuitton SE | 42615 |  | 32302340 |
|  Safran SA | 63740 |  | 22277415 |
|  TotalEnergies SE (Paris Stock Exchange) | 375482 |  | 24530002 |
|  Vinci SA | 99875 |  | 14090641 |
|  |  |  | 234688642 |
|  **Germany (12.0%)** | **Germany (12.0%)** | **Germany (12.0%)** | **Germany (12.0%)** |
|  adidas AG | 29064 |  | 5774074 |
|  Allianz SE (Registered) | 64734 |  | 29707442 |
|  BASF SE | 151876 |  | 7930074 |
|  Bayer AG (Registered) | 167174 |  | 7271091 |
|  Bayerische Motoren Werke AG (x) | 47571 |  | 5207033 |
|  Deutsche Bank AG (Registered) | 331524 |  | 12899888 |
|  Deutsche Boerse AG | 32042 |  | 8423593 |
|  Deutsche Post AG | 155701 |  | 8550647 |
|  Deutsche Telekom AG (Registered) | 598806 |  | 19464807 |
|  Infineon Technologies AG | 222222 |  | 9853389 |
|  Mercedes-Benz Group AG | 122496 |  | 8647515 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 22231 |  | 14687965 |
|  Rheinmetall AG | 7828 |  | 14360366 |
|  SAP SE | 173342 |  | 42443295 |
|  Siemens AG (Registered) | 127964 |  | 35964164 |

---

See Notes to Financial Statements.

791

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Siemens Energy AG\* | 131569 | $| 18616235 |
|  Volkswagen AG (Preference) (q)(x) | 35089 |  | 4270049 |
|  |  |  | 254071627 |
|  **Greece (0.0%)†** | **Greece (0.0%)†** | **Greece (0.0%)†** | **Greece (0.0%)†** |
|  Metlen Energy & Metals plc (x)\* | 18346 |  | 952962 |
|  **Hong Kong (0.3%)** | **Hong Kong (0.3%)** | **Hong Kong (0.3%)** | **Hong Kong (0.3%)** |
|  Prudential plc | 424585 |  | 6550195 |
|  **Indonesia (0.0%)†** | **Indonesia (0.0%)†** | **Indonesia (0.0%)†** | **Indonesia (0.0%)†** |
|  Nickel Industries Ltd. | 294040 |  | 163850 |
|  **Italy (3.3%)** | **Italy (3.3%)** | **Italy (3.3%)** | **Italy (3.3%)** |
|  Coca-Cola HBC AG | 32969 |  | 1707407 |
|  Enel SpA | 1321901 |  | 13790402 |
|  Eni SpA | 335792 |  | 6369211 |
|  Ferrari NV | 20532 |  | 7689978 |
|  Intesa Sanpaolo SpA | 2603120 |  | 18113444 |
|  UniCredit SpA | 265061 |  | 22091558 |
|  |  |  | 69762000 |
|  **Ivory Coast (0.1%)** | **Ivory Coast (0.1%)** | **Ivory Coast (0.1%)** | **Ivory Coast (0.1%)** |
|  Endeavour Mining plc | 31071 |  | 1621677 |
|  **Japan (24.2%)** | **Japan (24.2%)** | **Japan (24.2%)** | **Japan (24.2%)** |
|  77 Bank Ltd. (The) | 5460 |  | 262857 |
|  ABC-Mart, Inc. | 11100 |  | 188248 |
|  Acom Co. Ltd. | 36258 |  | 114440 |
|  ADEKA Corp. (x) | 5816 |  | 143915 |
|  Advantest Corp. | 52383 |  | 6566268 |
|  Aeon Co. Ltd. | 215655 |  | 3410224 |
|  AEON Financial Service Co. Ltd. | 10296 |  | 114042 |
|  Aeon Hokkaido Corp. | 6749 |  | 39381 |
|  AGC, Inc. | 16996 |  | 563459 |
|  Ai Holdings Corp. | 4238 |  | 76513 |
|  Aica Kogyo Co. Ltd. | 4388 |  | 98551 |
|  Aichi Financial Group, Inc. (x) | 5726 |  | 168154 |
|  Aiful Corp. | 10 |  | 36 |
|  Ain Holdings, Inc. | 2727 |  | 116381 |
|  Air Water, Inc. | 14881 |  | 214418 |
|  Airtrip Corp. (x) | 8559 |  | 41473 |
|  Aisan Industry Co. Ltd. | 7700 |  | 109867 |
|  Aisin Corp. | 42461 |  | 793162 |
|  Ajinomoto Co., Inc. | 81260 |  | 1720757 |
|  Akita Bank Ltd. (The) (x) | 4106 |  | 105507 |
|  Alfresa Holdings Corp. | 13732 |  | 213116 |
|  Alpen Co. Ltd. | 4000 |  | 58759 |
|  Alpha Systems, Inc. | 3196 |  | 82430 |
|  Alps Alpine Co. Ltd. | 16017 |  | 203843 |
|  ALSOK Co. Ltd. | 31635 |  | 248714 |
|  Amada Co. Ltd. (x) | 27419 |  | 324183 |
|  Amano Corp. | 5299 |  | 142488 |
|  Amvis Holdings, Inc. | 3000 |  | 9078 |
|  ANA Holdings, Inc. | 45238 |  | 860342 |
|  and ST HD Co. Ltd. (x) | 4227 |  | 77583 |
|  Anritsu Corp. (x) | 11754 |  | 168423 |
|  Aozora Bank Ltd. (x) | 10221 |  | 163716 |
|  Appier Group, Inc. | 8814 |  | 60433 |
|  Arclands Corp. | 3733 |  | 46043 |
|  ARE Holdings, Inc. | 5730 |  | 116875 |
|  Argo Graphics, Inc. | 13236 |  | 136974 |
|  Ariake Japan Co. Ltd. | 1540 |  | 52008 |
|  Artience Co. Ltd. | 1695 |  | 37224 |
|  As One Corp. | 5908 |  | 90672 |
|  Asahi Group Holdings Ltd. | 125655 |  | 1315190 |
|  Asahi Intecc Co. Ltd. | 21990 |  | 412383 |
|  Asahi Kasei Corp. | 115868 |  | 1027456 |
|  Asics Corp. | 65483 |  | 1569769 |
|  ASKUL Corp. | 4548 |  | 40649 |
|  Astellas Pharma, Inc. | 149430 |  | 1996661 |
|  Aucnet, Inc. | 6167 |  | 81536 |
|  Autobacs Seven Co. Ltd. | 5122 |  | 53921 |
|  Awa Bank Ltd. (The) | 2224 |  | 62259 |
|  Axial Retailing, Inc. | 8516 |  | 62685 |
|  Azbil Corp. (x) | 47328 |  | 429801 |
|  AZ-COM MARUWA Holdings, Inc. | 4115 |  | 25929 |
|  Bandai Namco Holdings, Inc. | 47836 |  | 1274079 |
|  Base Co. Ltd. | 2953 |  | 60421 |
|  baudroie, Inc. (x)\* | 5137 |  | 74838 |
|  BayCurrent, Inc. | 13549 |  | 562235 |
|  Belc Co. Ltd. | 2242 |  | 107777 |
|  Bell System24 Holdings, Inc. (x) | 13200 |  | 121433 |
|  Bic Camera, Inc. (x) | 10045 |  | 107863 |
|  BIPROGY, Inc. | 5369 |  | 185571 |
|  Blue Zones Holdings Co. Ltd. | 2104 |  | 114267 |
|  BML, Inc. | 2892 |  | 71266 |
|  Bridgestone Corp. | 101926 |  | 2286568 |
|  Brother Industries Ltd. | 22856 |  | 455544 |
|  Buffalo, Inc. (x) | 2177 |  | 67475 |
|  Bunka Shutter Co. Ltd. | 6786 |  | 88681 |
|  Calbee, Inc. (x) | 7612 |  | 145301 |
|  Canon Electronics, Inc. | 2833 |  | 65833 |
|  Canon Marketing Japan, Inc. | 3480 |  | 152872 |
|  Canon, Inc. | 76444 |  | 2261013 |
|  Capcom Co. Ltd. (x) | 34230 |  | 797840 |
|  Casio Computer Co. Ltd. (x) | 13340 |  | 108158 |
|  CCI Group, Inc. (x) | 10840 |  | 55916 |
|  Central Glass Co. Ltd. | 3878 |  | 86280 |
|  Central Japan Railway Co. | 70424 |  | 1949878 |
|  Change Holdings, Inc. (x) | 12222 |  | 77246 |
|  Chiba Bank Ltd. (The) | 45706 |  | 510049 |
|  Chofu Seisakusho Co. Ltd. | 3200 |  | 41205 |
|  Chubu Electric Power Co., Inc. | 61364 |  | 944905 |
|  Chudenko Corp. | 4078 |  | 117024 |
|  Chugai Pharmaceutical Co. Ltd. | 53581 |  | 2819639 |
|  Chugin Financial Group, Inc. | 13443 |  | 212021 |
|  Chugoku Electric Power Co., Inc. (The) (x) | 24265 |  | 154135 |
|  Citizen Watch Co. Ltd. | 16406 |  | 133644 |
|  CKD Corp. (x) | 4836 |  | 94472 |
|  Cleanup Corp. | 10500 |  | 58587 |
|  Coca-Cola Bottlers Japan Holdings, Inc. | 14253 |  | 288354 |
|  Colowide Co. Ltd. (x) | 5764 |  | 64727 |
|  COMSYS Holdings Corp. | 10500 |  | 305267 |
|  Comture Corp. | 3705 |  | 40447 |
|  Cosel Co. Ltd. | 4700 |  | 32676 |
|  Cosmo Energy Holdings Co. Ltd. | 10574 |  | 281834 |
|  Cosmos Pharmaceutical Corp. | 3986 |  | 202125 |
|  Create Restaurants Holdings, Inc. (x) | 22268 |  | 110316 |
|  Create SD Holdings Co. Ltd. | 2762 |  | 58894 |
|  Credit Saison Co. Ltd. | 13432 |  | 360839 |
|  Curves Holdings Co. Ltd. | 10714 |  | 54788 |
|  CyberAgent, Inc. | 35482 |  | 303083 |
|  Dai Nippon Printing Co. Ltd. | 32866 |  | 565252 |

---

See Notes to Financial Statements.

792

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value**<br> **(Note 1)** |
|  Daicel Corp. (x) | 22828 | $203884 |
|  Dai-Dan Co. Ltd. | 9429 | 149044 |
|  Daido Steel Co. Ltd. | 16660 | 170120 |
|  Daifuku Co. Ltd. | 27252 | 857366 |
|  Daiho Corp. | 7140 | 35782 |
|  Dai-ichi Life Holdings, Inc. | 322039 | 2679889 |
|  Daiichi Sankyo Co. Ltd. | 157174 | 3359414 |
|  Daiki Aluminium Industry Co. Ltd. | 6333 | 48759 |
|  Daikin Industries Ltd. | 22066 | 2828685 |
|  Daio Paper Corp. | 8061 | 47911 |
|  Daiseki Co. Ltd. (x) | 2316 | 50271 |
|  Daishi Hokuetsu Financial Group, Inc. | 15525 | 161355 |
|  Daito Trust Construction Co. Ltd. | 27245 | 519367 |
|  Daiwa House Industry Co. Ltd. (x) | 45101 | 1496648 |
|  Daiwa Securities Group, Inc. | 121877 | 1066346 |
|  Daiwabo Holdings Co. Ltd. | 8725 | 171615 |
|  DCM Holdings Co. Ltd. | 10117 | 104955 |
|  Denka Co. Ltd. (x) | 5919 | 103669 |
|  Denso Corp. | 165887 | 2285394 |
|  Dentsu Group, Inc.\* | 18243 | 387128 |
|  Dexerials Corp. | 16359 | 274512 |
|  DIC Corp. | 8900 | 207557 |
|  Digital Arts, Inc. | 1151 | 45925 |
|  Digital Garage, Inc. | 3387 | 58511 |
|  dip Corp. | 2786 | 39343 |
|  Disco Corp. | 8440 | 2595472 |
|  DMG Mori Co. Ltd. | 11229 | 188966 |
|  Doutor Nichires Holdings Co. Ltd. | 5044 | 83659 |
|  Dowa Holdings Co. Ltd. (x) | 5600 | 265700 |
|  Duskin Co. Ltd. | 4370 | 118708 |
|  DyDo Group Holdings, Inc. | 4246 | 68607 |
|  Earth Corp. | 1236 | 39177 |
|  East Japan Railway Co. | 93621 | 2469624 |
|  Ebara Corp. | 35025 | 823749 |
|  EDION Corp. | 43 | 582 |
|  Eiken Chemical Co. Ltd. (x) | 478 | 7345 |
|  Eisai Co. Ltd. | 21105 | 627868 |
|  Eizo Corp. | 5266 | 75205 |
|  Elan Corp. | 9238 | 42640 |
|  Elecom Co. Ltd. | 4016 | 44149 |
|  Electric Power Development Co. Ltd. | 12851 | 259498 |
|  ENEOS Holdings, Inc. | 235542 | 1664613 |
|  Exedy Corp. | 3400 | 121770 |
|  EXEO Group, Inc. | 19600 | 325207 |
|  Ezaki Glico Co. Ltd. | 4571 | 158193 |
|  FANUC Corp. | 81180 | 3153084 |
|  Fast Retailing Co. Ltd. | 12186 | 4429717 |
|  Financial Partners Group Co. Ltd. | 5886 | 72147 |
|  Food & Life Cos. Ltd. (x) | 9290 | 469304 |
|  FP Corp. | 3160 | 53057 |
|  FP Partner, Inc. (x) | 7904 | 107075 |
|  Fudo Tetra Corp. (x) | 6411 | 108583 |
|  Fuji Co. Ltd. (x) | 3941 | 53716 |
|  Fuji Corp. | 5877 | 136607 |
|  Fuji Electric Co. Ltd. (x) | 12064 | 912656 |
|  Fuji Kyuko Co. Ltd. | 2194 | 29050 |
|  Fuji Media Holdings, Inc. | 15216 | 358446 |
|  Fuji Oil Co. Ltd. | 4030 | 93932 |
|  Fuji Seal International, Inc. | 4473 | 89523 |
|  FUJIFILM Holdings Corp. | 101443 | 2165637 |
|  Fujikura Ltd. | 22068 | 2457009 |
|  Fujimi, Inc. | 6846 | 103625 |
|  Fujitec Co. Ltd. (x) | 5445 | 196644 |
|  Fujitsu Ltd. | 157860 | 4362717 |
|  Fukui Computer Holdings, Inc. | 1895 | 37927 |
|  Fukuoka Financial Group, Inc. | 16400 | 530508 |
|  Fukuyama Transporting Co. Ltd. | 2128 | 60047 |
|  FULLCAST Holdings Co. Ltd. | 4492 | 47834 |
|  Funai Soken Holdings, Inc. | 7662 | 56056 |
|  Furukawa Electric Co. Ltd. | 5789 | 369943 |
|  Fuso Chemical Co. Ltd. | 1687 | 68604 |
|  Futaba Industrial Co. Ltd. | 9500 | 63499 |
|  Future Corp. | 8216 | 104011 |
|  Fuyo General Lease Co. Ltd. | 5955 | 163207 |
|  Galilei Co. Ltd. | 4744 | 115087 |
|  Geo Holdings Corp. | 6023 | 72173 |
|  Giken Ltd. | 5478 | 68160 |
|  GLOBERIDE, Inc. | 2998 | 41609 |
|  Glory Ltd. | 4557 | 115234 |
|  GMO GlobalSign Holdings KK | 3313 | 49809 |
|  GMO internet group, Inc. | 5420 | 135569 |
|  GMO Internet, Inc. | 5707 | 34139 |
|  GMO Payment Gateway, Inc. | 3903 | 243016 |
|  Goldwin, Inc. | 8748 | 140150 |
|  GREE Holdings, Inc. | 19104 | 48784 |
|  grems, Inc. | 7262 | 117154 |
|  GS Yuasa Corp. (x) | 5471 | 130977 |
|  G-Tekt Corp. | 5327 | 66792 |
|  GungHo Online Entertainment, Inc.\* | 4739 | 76150 |
|  Gunma Bank Ltd. (The) | 29571 | 326123 |
|  Gunze Ltd. (x) | 4484 | 122663 |
|  H.U. Group Holdings, Inc. | 5042 | 108861 |
|  H2O Retailing Corp. | 8630 | 113192 |
|  Hachijuni Bank Ltd. (The) | 43000 | 465989 |
|  Hakuhodo DY Holdings, Inc. (x) | 27115 | 201926 |
|  Hakuto Co. Ltd. (x) | 4412 | 110272 |
|  Halows Co. Ltd. | 3661 | 107862 |
|  Hamamatsu Photonics KK | 26724 | 283379 |
|  Hankyu Hanshin Holdings, Inc. | 22548 | 567587 |
|  Hanwa Co. Ltd. | 2918 | 133568 |
|  Haseko Corp. | 16475 | 326892 |
|  Hazama Ando Corp. | 13771 | 166247 |
|  Heiwa Corp. | 4550 | 58995 |
|  Heiwado Co. Ltd. | 2453 | 45148 |
|  Hikari Tsushin, Inc. | 1831 | 511404 |
|  Hino Motors Ltd.\* | 22963 | 56587 |
|  Hioki EE Corp. | 1430 | 55688 |
|  Hirogin Holdings, Inc. | 22190 | 224039 |
|  Hirose Electric Co. Ltd. | 2789 | 307940 |
|  Hiroshima Gas Co. Ltd. (x) | 39439 | 95929 |
|  HIS Co. Ltd. | 3292 | 27763 |
|  Hisamitsu Pharmaceutical Co., Inc. | 3740 | 104865 |
|  Hitachi Construction Machinery Co. Ltd. | 6567 | 194109 |
|  Hitachi Ltd. | 430538 | 13473553 |
|  Hochiki Corp. (x) | 3355 | 95098 |
|  Hokkaido Electric Power Co., Inc. (x) | 22712 | 152390 |
|  Hokuetsu Corp. (x) | 10903 | 62297 |
|  Hokuhoku Financial Group, Inc. | 10686 | 313130 |
|  Hokuriku Electric Power Co. (x) | 17392 | 108367 |
|  Honda Motor Co. Ltd. | 361007 | 3540007 |
|  Horiba Ltd. | 3816 | 388811 |
|  Hoshizaki Corp. | 11077 | 368644 |
|  Hosiden Corp. (x) | 6570 | 104397 |

---

See Notes to Financial Statements.

793

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value**<br> **(Note 1)** |
|  House Foods Group, Inc. (x) | 5762 | $105886 |
|  Hoya Corp. | 31991 | 4837250 |
|  Hulic Co. Ltd. | 48903 | 535267 |
|  Hyakugo Bank Ltd. (The) | 17673 | 129298 |
|  Hyakujushi Bank Ltd. (The) | 2900 | 123302 |
|  Ibiden Co. Ltd. (x) | 20108 | 864064 |
|  Ichibanya Co. Ltd. (x) | 6340 | 36913 |
|  Ichigo, Inc. (x) | 44705 | 125005 |
|  Idec Corp. | 3977 | 74137 |
|  Idemitsu Kosan Co. Ltd. | 73864 | 557847 |
|  IDOM, Inc. | 10714 | 87482 |
|  IHI Corp. | 87491 | 1538521 |
|  Iida Group Holdings Co. Ltd. | 15482 | 248726 |
|  Iino Kaiun Kaisha Ltd. | 12669 | 114687 |
|  I'll, Inc. | 3109 | 50513 |
|  Inaba Denki Sangyo Co. Ltd. | 12124 | 197332 |
|  Inabata & Co. Ltd. | 2307 | 55157 |
|  Infomart Corp. | 19428 | 52589 |
|  INFRONEER Holdings, Inc. (x) | 20727 | 282906 |
|  Inpex Corp. | 78264 | 1562382 |
|  Insource Co. Ltd. (x) | 9158 | 50339 |
|  Internet Initiative Japan, Inc. | 9252 | 163345 |
|  Iriso Electronics Co. Ltd. | 1764 | 36206 |
|  Isetan Mitsukoshi Holdings Ltd. (x) | 29788 | 432633 |
|  Isuzu Motors Ltd. (x) | 53195 | 828455 |
|  Ito En Ltd. | 5340 | 104830 |
|  ITOCHU Corp. | 595900 | 7513423 |
|  Itochu Enex Co. Ltd. | 6062 | 73453 |
|  Itoham Yonekyu Holdings, Inc. (x) | 2537 | 90700 |
|  Iwatani Corp. | 15176 | 159617 |
|  Iyogin Holdings, Inc. (x) | 24000 | 390935 |
|  Izumi Co. Ltd. | 3455 | 66171 |
|  J Front Retailing Co. Ltd. | 22829 | 319903 |
|  JAC Recruitment Co. Ltd. | 16260 | 110552 |
|  Jaccs Co. Ltd. | 1844 | 51033 |
|  JAFCO Group Co. Ltd. (x) | 5476 | 84252 |
|  Japan Airlines Co. Ltd. | 40833 | 757277 |
|  Japan Airport Terminal Co. Ltd. | 6373 | 178447 |
|  Japan Aviation Electronics Industry Ltd. | 3585 | 57583 |
|  Japan Cash Machine Co. Ltd. | 6102 | 40046 |
|  Japan Display, Inc. (x)\* | 861949 | 110055 |
|  Japan Elevator Service Holdings Co. Ltd. (x) | 13376 | 148456 |
|  Japan Exchange Group, Inc. (x) | 98295 | 1051726 |
|  Japan Investment Adviser Co. Ltd. | 5106 | 66433 |
|  Japan Lifeline Co. Ltd. | 7771 | 78186 |
|  Japan Material Co. Ltd. | 5450 | 53825 |
|  Japan Petroleum Exploration Co. Ltd. | 14050 | 140823 |
|  Japan Post Bank Co. Ltd. | 177812 | 2507576 |
|  Japan Post Holdings Co. Ltd. | 153866 | 1621271 |
|  Japan Post Insurance Co. Ltd. | 19609 | 589872 |
|  Japan Pulp & Paper Co. Ltd. | 25430 | 143028 |
|  Japan Securities Finance Co. Ltd. | 6741 | 87103 |
|  Japan Steel Works Ltd. (The) (x) | 5779 | 283305 |
|  Japan Tobacco, Inc. | 100118 | 3604862 |
|  Japan Wool Textile Co. Ltd. (The) | 5449 | 61747 |
|  JCU Corp. | 1541 | 48156 |
|  Jeol Ltd. (x) | 3266 | 104898 |
|  JFE Holdings, Inc. | 52149 | 665013 |
|  JGC Holdings Corp. | 18595 | 225612 |
|  JMDC, Inc. | 2736 | 69605 |
|  Joyful Honda Co. Ltd. | 6398 | 87000 |
|  JSB Co. Ltd. (x) | 4372 | 99643 |
|  JTEKT Corp. | 17798 | 197137 |
|  Juroku Financial Group, Inc. | 3200 | 147089 |
|  JX Advanced Metals Corp. | 43573 | 545219 |
|  Kadokawa Corp. (x) | 9702 | 196716 |
|  Kagome Co. Ltd. | 8701 | 149757 |
|  Kajima Corp. | 36441 | 1357464 |
|  Kakaku.com, Inc. | 13130 | 193798 |
|  Kaken Pharmaceutical Co. Ltd. | 2834 | 72641 |
|  Kameda Seika Co. Ltd. | 1676 | 41729 |
|  Kamigumi Co. Ltd. | 8622 | 278520 |
|  Kanadevia Corp. | 13019 | 78958 |
|  Kanamoto Co. Ltd. | 2948 | 73681 |
|  Kandenko Co. Ltd. | 10349 | 332193 |
|  Kaneka Corp. | 4203 | 117928 |
|  Kanematsu Corp. | 16216 | 186240 |
|  Kansai Electric Power Co., Inc. (The) | 90091 | 1411985 |
|  Kansai Paint Co. Ltd. (x) | 18311 | 289324 |
|  Kao Corp. | 41450 | 1656783 |
|  Kappa Create Co. Ltd. (x) | 4080 | 40243 |
|  Katitas Co. Ltd. (x) | 5812 | 118362 |
|  Kato Sangyo Co. Ltd. | 2563 | 104883 |
|  Kawasaki Heavy Industries Ltd. (x) | 14020 | 929058 |
|  Kawasaki Kisen Kaisha Ltd. (x) | 42996 | 598661 |
|  KDDI Corp. | 239939 | 4148843 |
|  KeePer Technical Laboratory Co. Ltd. (x) | 2208 | 49618 |
|  Keihan Holdings Co. Ltd. | 8105 | 174839 |
|  Keihanshin Building Co. Ltd. | 3858 | 47437 |
|  Keikyu Corp. (x) | 24606 | 240892 |
|  Keio Corp. | 8634 | 223457 |
|  Keisei Electric Railway Co. Ltd. (x) | 32853 | 270349 |
|  Kewpie Corp. | 9180 | 253528 |
|  Key Coffee, Inc. (x) | 4000 | 50945 |
|  Keyence Corp. | 16891 | 6111989 |
|  KH Neochem Co. Ltd. | 3353 | 53022 |
|  Kikkoman Corp. (x) | 60880 | 552677 |
|  Kinden Corp. | 11405 | 494600 |
|  Kintetsu Department Store Co. Ltd. | 2816 | 32953 |
|  Kintetsu Group Holdings Co. Ltd. (x) | 17144 | 336007 |
|  Kioxia Holdings Corp.\* | 10125 | 674504 |
|  Kirin Holdings Co. Ltd. | 70527 | 1057185 |
|  Kissei Pharmaceutical Co. Ltd. | 3193 | 94787 |
|  Ki-Star Real Estate Co. Ltd. | 2056 | 86367 |
|  Kitz Corp. | 6541 | 72617 |
|  Koa Corp. (x) | 13134 | 115040 |
|  Kobayashi Pharmaceutical Co. Ltd. | 4615 | 159922 |
|  Kobe Bussan Co. Ltd. | 14292 | 345804 |
|  Kobe Steel Ltd. | 33016 | 436518 |
|  Koei Tecmo Holdings Co. Ltd. | 11028 | 134154 |
|  Kohnan Shoji Co. Ltd. | 2315 | 59338 |
|  Koito Manufacturing Co. Ltd. | 19178 | 282822 |
|  Kojima Co. Ltd. (x) | 9719 | 73712 |
|  Kokusai Electric Corp. | 19241 | 674983 |
|  Kokuyo Co. Ltd. | 31928 | 178494 |
|  Komatsu Ltd. | 85527 | 2730050 |
|  KOMEDA Holdings Co. Ltd. | 4896 | 94863 |
|  Komeri Co. Ltd. | 3475 | 75871 |
|  Komori Corp. | 7900 | 79989 |
|  Konami Group Corp. | 7136 | 971724 |
|  Konica Minolta, Inc. (x) | 43791 | 190132 |

---

See Notes to Financial Statements.

794

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value**<br> **(Note 1)** |
|  Kosaido Holdings Co. Ltd. | 14890 | $42967 |
|  Kose Corp. | 3360 | 112400 |
|  Koshidaka Holdings Co. Ltd. (x) | 10956 | 85611 |
|  Kotobuki Spirits Co. Ltd. (x) | 8160 | 95488 |
|  Kraftia Corp. | 3588 | 176308 |
|  Krosaki Harima Corp. | 5557 | 147581 |
|  KU Holdings Co. Ltd. (x) | 15242 | 118519 |
|  Kubota Corp. | 90523 | 1280926 |
|  Kumagai Gumi Co. Ltd. (x) | 13084 | 129052 |
|  Kumiai Chemical Industry Co. Ltd. (x) | 9350 | 42022 |
|  Kura Sushi, Inc. (x) | 3446 | 71498 |
|  Kuraray Co. Ltd. | 20412 | 206804 |
|  Kureha Corp. (x) | 3963 | 103351 |
|  Kurita Water Industries Ltd. | 9006 | 364978 |
|  KYB Corp. (x) | 3846 | 109630 |
|  Kyocera Corp. | 104876 | 1470634 |
|  Kyoei Steel Ltd. | 7738 | 121030 |
|  Kyoritsu Maintenance Co. Ltd. (x) | 5340 | 95540 |
|  Kyoto Financial Group, Inc. | 21664 | 473969 |
|  Kyowa Kirin Co. Ltd. | 20521 | 331056 |
|  Kyushu Electric Power Co., Inc. | 39343 | 421712 |
|  Kyushu Financial Group, Inc. (x) | 34349 | 223233 |
|  Kyushu Railway Co. | 11748 | 305550 |
|  Lasertec Corp. (x) | 6467 | 1223916 |
|  Leopalace21 Corp. | 15452 | 64909 |
|  Life Corp. | 6084 | 99277 |
|  Link And Motivation, Inc. | 10606 | 34600 |
|  Lintec Corp. | 4900 | 138266 |
|  Lion Corp. | 21636 | 227769 |
|  LITALICO, Inc. | 3942 | 32565 |
|  Lixil Corp. (x) | 29006 | 350816 |
|  LY Corp. | 274039 | 729884 |
|  M&A Capital Partners Co. Ltd. (x) | 5986 | 128785 |
|  M&A Research Institute Holdings, Inc. (x) | 8895 | 64168 |
|  M3, Inc. (x) | 33824 | 456486 |
|  Mabuchi Motor Co. Ltd. | 18104 | 166258 |
|  Macnica Holdings, Inc. (x) | 13743 | 209909 |
|  Maeda Kosen Co. Ltd. | 6346 | 80135 |
|  Makita Corp. | 22583 | 682940 |
|  Mandom Corp. | 4260 | 73973 |
|  Mani, Inc. | 8732 | 80887 |
|  Marubeni Corp. (x) | 134196 | 3729285 |
|  Maruha Nichiro Corp. | 11178 | 91770 |
|  Marui Group Co. Ltd. | 9254 | 190291 |
|  Maruichi Steel Tube Ltd. (x) | 23400 | 216761 |
|  MARUKA FURUSATO Corp. | 3674 | 52844 |
|  Maruwa Co. Ltd. | 889 | 241773 |
|  Matsuda Sangyo Co. Ltd. (x) | 4000 | 134831 |
|  Matsui Securities Co. Ltd. | 14747 | 80495 |
|  MatsukiyoCocokara & Co. (x) | 30232 | 523424 |
|  Matsuya Co. Ltd. (x) | 7173 | 84534 |
|  Maxell Ltd. | 5700 | 87334 |
|  Mazda Motor Corp. | 57715 | 449148 |
|  Mebuki Financial Group, Inc. | 77629 | 514421 |
|  Media Do Co. Ltd. (x) | 9544 | 109917 |
|  Medipal Holdings Corp. | 17687 | 312774 |
|  Medley, Inc.\* | 1414 | 21277 |
|  Megmilk Snow Brand Co. Ltd. (x) | 4854 | 100247 |
|  Meiji Holdings Co. Ltd. | 21858 | 486307 |
|  MEITEC Group Holdings, Inc. | 5817 | 131685 |
|  Menicon Co. Ltd. (x) | 8955 | 91299 |
|  Mercari, Inc.\* | 10481 | 212109 |
|  METAWATER Co. Ltd. | 3652 | 78454 |
|  Micronics Japan Co. Ltd. | 3035 | 136598 |
|  Mie Kotsu Group Holdings, Inc. (x) | 34478 | 118859 |
|  Milbon Co. Ltd. | 2308 | 35878 |
|  Minebea Mitsumi, Inc. | 30892 | 619457 |
|  Mirai Industry Co. Ltd. (x) | 4774 | 105300 |
|  Mirait One Corp. | 7953 | 177958 |
|  Miroku Jyoho Service Co. Ltd. | 2998 | 38068 |
|  MISUMI Group, Inc. | 26577 | 415181 |
|  Mitani Sekisan Co. Ltd. | 1611 | 84129 |
|  Mitsubishi Chemical Group Corp. | 125208 | 731472 |
|  Mitsubishi Corp. | 350596 | 8026285 |
|  Mitsubishi Electric Corp. | 183890 | 5382633 |
|  Mitsubishi Estate Co. Ltd. | 101073 | 2465526 |
|  Mitsubishi Gas Chemical Co., Inc. | 14524 | 263285 |
|  Mitsubishi HC Capital, Inc. | 82822 | 693180 |
|  Mitsubishi Heavy Industries Ltd. | 314543 | 7710962 |
|  Mitsubishi Logisnext Co. Ltd. | 7908 | 77646 |
|  Mitsubishi Logistics Corp. | 20080 | 153510 |
|  Mitsubishi Materials Corp. (x) | 14300 | 335042 |
|  Mitsubishi Motors Corp. (x) | 75000 | 177637 |
|  Mitsubishi Pencil Co. Ltd. | 3972 | 55203 |
|  Mitsubishi Research Institute, Inc. | 2488 | 79259 |
|  Mitsubishi UFJ Financial Group, Inc. | 1050128 | 16713286 |
|  Mitsui & Co. Ltd. | 257097 | 7620668 |
|  Mitsui Chemicals, Inc. | 29596 | 378263 |
|  Mitsui E&S Co. Ltd. (x) | 9032 | 320594 |
|  Mitsui Fudosan Co. Ltd. | 242105 | 2751966 |
|  Mitsui High-Tec, Inc. | 9160 | 44443 |
|  Mitsui Kinzoku Co. Ltd. | 4283 | 482193 |
|  Mitsui OSK Lines Ltd. (x) | 31842 | 957455 |
|  Mitsui-Soko Holdings Co. Ltd. (x) | 5197 | 123721 |
|  Miura Co. Ltd. (x) | 8004 | 155287 |
|  MIXI, Inc. | 3456 | 60167 |
|  Miyakoshi Holdings, Inc. (x)\* | 15337 | 79309 |
|  Mizuho Financial Group, Inc. | 232142 | 8447455 |
|  Mizuho Leasing Co. Ltd. | 9980 | 90026 |
|  Mochida Pharmaceutical Co. Ltd. | 2534 | 57186 |
|  Modec, Inc. | 4283 | 325381 |
|  Monex Group, Inc. (x) | 14185 | 66198 |
|  Money Forward, Inc. (x)\* | 4020 | 119799 |
|  Monogatari Corp. (The) | 2978 | 83842 |
|  MonotaRO Co. Ltd. | 23996 | 383057 |
|  Morinaga Milk Industry Co. Ltd. | 7816 | 185820 |
|  Morita Holdings Corp. | 3388 | 59610 |
|  MOS Food Services, Inc. (x) | 3648 | 98979 |
|  MS&AD Insurance Group Holdings, Inc. | 109970 | 2585671 |
|  MTI Ltd. | 18221 | 84684 |
|  Murata Manufacturing Co. Ltd. | 158618 | 3286989 |
|  Musashi Seimitsu Industry Co. Ltd. (x) | 5616 | 91568 |
|  Nabtesco Corp. | 11042 | 264207 |
|  Nachi-Fujikoshi Corp. | 2183 | 60623 |
|  Nagase & Co. Ltd. | 11432 | 277626 |
|  Nagawa Co. Ltd. (x) | 1145 | 47221 |
|  Nagoya Railroad Co. Ltd. (x) | 17631 | 189322 |
|  Namura Shipbuilding Co. Ltd. (x) | 5182 | 117111 |
|  Nankai Electric Railway Co. Ltd. (x) | 9800 | 185783 |
|  Nanto Bank Ltd. (The) | 2711 | 103151 |
|  NEC Capital Solutions Ltd. | 4418 | 113665 |
|  NEC Corp. | 110237 | 3736967 |

---

See Notes to Financial Statements.

795

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value**<br> **(Note 1)** |
|  Nexon Co. Ltd. | 41949 | $1024890 |
|  Nextage Co. Ltd. | 4194 | 74032 |
|  NGK Insulators Ltd. | 22442 | 480102 |
|  NH Foods Ltd. (x) | 6942 | 290594 |
|  NHK Spring Co. Ltd. | 14535 | 233605 |
|  Nichias Corp. | 4359 | 188563 |
|  Nichicon Corp. | 10871 | 113540 |
|  Nichiden Corp. | 3318 | 54015 |
|  Nichiha Corp. | 3077 | 64137 |
|  Nichirei Corp. | 19174 | 228413 |
|  Nifco, Inc. | 5877 | 181743 |
|  Nihon Kohden Corp. (x) | 15936 | 171222 |
|  Nihon M&A Center Holdings, Inc. (x) | 25488 | 117286 |
|  Nihon Parkerizing Co. Ltd. (x) | 12170 | 110559 |
|  Nikkon Holdings Co. Ltd. (x) | 10982 | 238794 |
|  Nikon Corp. (x) | 26926 | 299789 |
|  Nintendo Co. Ltd. (x) | 105797 | 7156022 |
|  Nippn Corp. | 4887 | 74285 |
|  Nippon Ceramic Co. Ltd. | 1836 | 44130 |
|  Nippon Coke & Engineering Co. Ltd.\* | 80285 | 55355 |
|  Nippon Densetsu Kogyo Co. Ltd. | 4340 | 91710 |
|  Nippon Electric Glass Co. Ltd. | 6101 | 239732 |
|  Nippon Express Holdings, Inc. | 18171 | 388732 |
|  Nippon Gas Co. Ltd. | 8442 | 160093 |
|  Nippon Kanzai Holdings Co. Ltd. | 4458 | 79233 |
|  Nippon Kayaku Co. Ltd. | 10745 | 115345 |
|  Nippon Light Metal Holdings Co. Ltd. | 5252 | 85499 |
|  Nippon Paint Holdings Co. Ltd. | 90577 | 605716 |
|  Nippon Paper Industries Co. Ltd. | 9600 | 71277 |
|  Nippon Parking Development Co. Ltd. | 46787 | 77660 |
|  Nippon Sanso Holdings Corp. (x) | 18844 | 561567 |
|  Nippon Sharyo Ltd. | 3791 | 91605 |
|  Nippon Shinyaku Co. Ltd. | 4816 | 173713 |
|  Nippon Shokubai Co. Ltd. | 9848 | 126086 |
|  Nippon Signal Co. Ltd. | 8900 | 74432 |
|  Nippon Soda Co. Ltd. | 1900 | 43910 |
|  Nippon Steel Corp. | 467612 | 1915943 |
|  Nippon Television Holdings, Inc. | 13631 | 331116 |
|  Nippon Yusen KK (x) | 34704 | 1125044 |
|  Nipro Corp. (x) | 13900 | 131067 |
|  Nishimatsu Construction Co. Ltd. (x) | 3295 | 120239 |
|  Nishimatsuya Chain Co. Ltd. | 6093 | 79702 |
|  Nishi-Nippon Financial Holdings, Inc. | 10611 | 217517 |
|  Nishi-Nippon Railroad Co. Ltd. | 5600 | 99959 |
|  Nissan Chemical Corp. | 9008 | 308414 |
|  Nissan Motor Co. Ltd.\* | 236553 | 589117 |
|  Nissan Shatai Co. Ltd. (x) | 15016 | 97109 |
|  Nissha Co. Ltd. | 6603 | 52692 |
|  Nisshin Seifun Group, Inc. | 18778 | 230409 |
|  Nisshinbo Holdings, Inc. | 12062 | 100953 |
|  Nissin Foods Holdings Co. Ltd. (x) | 21295 | 395815 |
|  Nissui Corp. | 20317 | 148383 |
|  Niterra Co. Ltd. (x) | 14152 | 622583 |
|  Nitori Holdings Co. Ltd. (x) | 32710 | 572696 |
|  Nitta Corp. | 1728 | 46498 |
|  Nitto Denko Corp. (x) | 55965 | 1327311 |
|  Nitto Kogyo Corp. | 2395 | 62918 |
|  Noevir Holdings Co. Ltd. | 1991 | 58215 |
|  NOF Corp. | 19779 | 380200 |
|  Nojima Corp. (x) | 21654 | 164506 |
|  NOK Corp. | 6744 | 120896 |
|  Nomura Co. Ltd. | 11318 | 96027 |
|  Nomura Holdings, Inc. | 281320 | 2336551 |
|  Nomura Micro Science Co. Ltd. (x) | 3627 | 68979 |
|  Nomura Real Estate Holdings, Inc. | 52705 | 325369 |
|  Nomura Research Institute Ltd. | 32515 | 1249826 |
|  Noritsu Koki Co. Ltd. | 11487 | 136181 |
|  Noritz Corp. | 4795 | 61070 |
|  NSD Co. Ltd. | 5948 | 131536 |
|  NSK Ltd. | 30498 | 189989 |
|  NTN Corp. (x) | 37117 | 87106 |
|  NTT, Inc. | 4577251 | 4608226 |
|  Nxera Pharma Co. Ltd.\* | 5980 | 31572 |
|  Obara Group, Inc. | 1415 | 34598 |
|  Obayashi Corp. | 56756 | 1184470 |
|  OBIC Business Consultants Co. Ltd. (x) | 2838 | 153151 |
|  Obic Co. Ltd. | 31241 | 981666 |
|  Odakyu Electric Railway Co. Ltd. | 28087 | 306260 |
|  Ogaki Kyoritsu Bank Ltd. (The) | 2098 | 62817 |
|  Ohsho Food Service Corp. | 2223 | 45627 |
|  Oiles Corp. | 4560 | 68441 |
|  Oji Holdings Corp. | 68133 | 374157 |
|  Okamoto Industries, Inc. | 2906 | 101480 |
|  Okamura Corp. | 6912 | 101182 |
|  Okasan Securities Group, Inc. | 21773 | 104528 |
|  Oki Electric Industry Co. Ltd. | 8423 | 106739 |
|  OKUMA Corp. (x) | 2346 | 54367 |
|  Okumura Corp. | 2739 | 108238 |
|  Olympus Corp. | 94305 | 1194767 |
|  Omron Corp. (x) | 15526 | 392511 |
|  Ono Pharmaceutical Co. Ltd. | 36152 | 501406 |
|  Onward Holdings Co. Ltd. | 15000 | 70384 |
|  Open House Group Co. Ltd. | 5846 | 343430 |
|  Open Up Group, Inc. (x) | 4768 | 56099 |
|  Optex Group Co. Ltd. | 5977 | 97493 |
|  Optorun Co. Ltd. | 5119 | 62419 |
|  Oracle Corp. | 3300 | 277879 |
|  Organo Corp. (x) | 2229 | 184351 |
|  Orient Corp. | 6542 | 44479 |
|  Oriental Land Co. Ltd. (x) | 102670 | 1899828 |
|  ORIX Corp. | 101201 | 2942220 |
|  Osaka Gas Co. Ltd. | 30862 | 1069846 |
|  Osaka Organic Chemical Industry Ltd. | 3454 | 88202 |
|  Osaka Soda Co. Ltd. | 8950 | 123760 |
|  Osaka Steel Co. Ltd. (x) | 3450 | 61208 |
|  Otsuka Corp. | 19060 | 393271 |
|  Otsuka Holdings Co. Ltd. | 38769 | 2196101 |
|  PAL GROUP Holdings Co. Ltd. | 4059 | 52759 |
|  PALTAC Corp. | 3995 | 123033 |
|  Pan Pacific International Holdings Corp. | 176420 | 1050028 |
|  Panasonic Holdings Corp. | 204905 | 2646995 |
|  Paramount Bed Holdings Co. Ltd. | 3001 | 67151 |
|  Park24 Co. Ltd. | 10900 | 145435 |
|  Pasona Group, Inc. | 3788 | 48970 |
|  Penta-Ocean Construction Co. Ltd. | 21476 | 216008 |
|  PeptiDream, Inc.\* | 8788 | 92935 |

---

See Notes to Financial Statements.

796

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value**<br> **(Note 1)** |
|  Persol Holdings Co. Ltd. | 180660 | $335162 |
|  PHC Holdings Corp. | 4990 | 35424 |
|  PIA Corp. (x)\* | 3007 | 51006 |
|  Pigeon Corp. | 10057 | 103466 |
|  PILLAR Corp. (x) | 3146 | 96304 |
|  Pilot Corp. | 3440 | 107017 |
|  Piolax, Inc. (x) | 4502 | 49780 |
|  Pola Orbis Holdings, Inc. | 8224 | 68358 |
|  Prestige International, Inc. | 10559 | 49074 |
|  Prima Meat Packers Ltd. | 3652 | 62133 |
|  PS Construction Co. Ltd. (x) | 9250 | 169068 |
|  Raito Kogyo Co. Ltd. | 6051 | 130762 |
|  Rakus Co. Ltd. | 16462 | 109298 |
|  Rakuten Bank Ltd.\* | 7719 | 340614 |
|  Rakuten Group, Inc.\* | 137837 | 883480 |
|  Recruit Holdings Co. Ltd. | 127403 | 7195699 |
|  Relo Group, Inc. | 8020 | 87834 |
|  Renesas Electronics Corp.\* | 166776 | 2278477 |
|  Rengo Co. Ltd. | 15192 | 117887 |
|  Resona Holdings, Inc. | 204059 | 1944970 |
|  Resonac Holdings Corp. | 16494 | 687180 |
|  Resorttrust, Inc. | 14356 | 179862 |
|  Ricoh Co. Ltd. (x) | 46040 | 403849 |
|  Ricoh Leasing Co. Ltd. (x) | 1550 | 57789 |
|  Riken Keiki Co. Ltd. | 4281 | 87457 |
|  Riken Vitamin Co. Ltd. | 6372 | 120695 |
|  Rinnai Corp. | 11100 | 280618 |
|  Riso Kyoiku Group Corp. (x) | 22934 | 29429 |
|  Rohm Co. Ltd. (x) | 30360 | 430281 |
|  Rohto Pharmaceutical Co. Ltd. (x) | 16720 | 280517 |
|  Roland Corp. | 1717 | 39132 |
|  Rorze Corp. (x) | 8920 | 128014 |
|  Round One Corp. (x) | 18870 | 134923 |
|  RS Technologies Co. Ltd. | 3414 | 82168 |
|  Ryohin Keikaku Co. Ltd. | 42858 | 761178 |
|  Saibu Gas Holdings Co. Ltd. | 6017 | 86621 |
|  Sakai Moving Service Co. Ltd. | 3080 | 56374 |
|  Sakata Seed Corp. | 2341 | 63816 |
|  San ju San Financial Group, Inc. | 2610 | 73398 |
|  San-A Co. Ltd. | 3652 | 69081 |
|  Sangetsu Corp. | 3239 | 64309 |
|  San-In Godo Bank Ltd. (The) | 5829 | 55410 |
|  Sankyo Co. Ltd. (x) | 17735 | 287696 |
|  Sankyu, Inc. (x) | 4962 | 267867 |
|  Sanrio Co. Ltd. (x) | 17463 | 548171 |
|  Sansan, Inc.\* | 4408 | 48796 |
|  Santen Pharmaceutical Co. Ltd. | 30999 | 321785 |
|  Sanwa Holdings Corp. | 19020 | 495292 |
|  Sanyo Chemical Industries Ltd. | 1868 | 62251 |
|  Sanyo Denki Co. Ltd. | 4305 | 115293 |
|  Sapporo Holdings Ltd. | 31510 | 339159 |
|  Sato Corp. | 5385 | 82542 |
|  SBI ARUHI Corp. (x) | 21766 | 125060 |
|  SBI Global Asset Management Co. Ltd. (x) | 25805 | 100162 |
|  SBI Holdings, Inc. | 57488 | 1238649 |
|  SBS Holdings, Inc. | 2809 | 67786 |
|  SCREEN Holdings Co. Ltd. (x) | 7010 | 682025 |
|  SCSK Corp. | 12294 | 444151 |
|  Secom Co. Ltd. | 35098 | 1248731 |
|  Sega Sammy Holdings, Inc. | 13520 | 211293 |
|  Seibu Holdings, Inc. | 18352 | 504258 |
|  Seiko Epson Corp. | 24121 | 305362 |
|  Seiren Co. Ltd. (x) | 5033 | 98321 |
|  Sekisui Chemical Co. Ltd. | 33017 | 555412 |
|  Sekisui House Ltd. (x) | 49146 | 1097502 |
|  Senko Group Holdings Co. Ltd. (x) | 10158 | 126683 |
|  Seven & i Holdings Co. Ltd. | 196072 | 2817033 |
|  Seven Bank Ltd. (x) | 59186 | 115281 |
|  SG Holdings Co. Ltd. (x) | 31903 | 291962 |
|  Shibuya Corp. | 2975 | 65335 |
|  SHIFT, Inc. (x)\* | 17010 | 106638 |
|  Shiga Bank Ltd. (The) (x) | 2831 | 129766 |
|  Shikoku Electric Power Co., Inc. | 18249 | 180638 |
|  Shikoku Kasei Holdings Corp. | 5724 | 100309 |
|  Shimadzu Corp. | 24146 | 642496 |
|  Shimamura Co. Ltd. | 5000 | 326226 |
|  Shimano, Inc. | 7143 | 754019 |
|  Shimizu Corp. | 44688 | 761299 |
|  Shimojima Co. Ltd. | 5300 | 45881 |
|  Shin Nippon Biomedical Laboratories Ltd. (x) | 4508 | 48119 |
|  Shinagawa Refra Co. Ltd. (x) | 10391 | 140302 |
|  Shin-Etsu Chemical Co. Ltd. | 150688 | 4687836 |
|  Shionogi & Co. Ltd. | 60826 | 1103209 |
|  Ship Healthcare Holdings, Inc. | 5252 | 87997 |
|  Shiseido Co. Ltd. | 35968 | 523079 |
|  Shizuoka Financial Group, Inc. | 40645 | 631056 |
|  Shizuoka Gas Co. Ltd. | 6571 | 50340 |
|  Shoei Co. Ltd. | 4748 | 53864 |
|  Showa Sangyo Co. Ltd. | 2573 | 49525 |
|  Siix Corp. | 7281 | 60845 |
|  Simplex Holdings, Inc. | 6508 | 43666 |
|  Sinanen Holdings Co. Ltd. (x) | 2012 | 80922 |
|  Sinfonia Technology Co. Ltd. (x) | 1852 | 107237 |
|  Sintokogio Ltd. | 7500 | 52046 |
|  Skylark Holdings Co. Ltd. | 24496 | 526232 |
|  SMC Corp. | 5135 | 1785317 |
|  SMS Co. Ltd. | 6512 | 56124 |
|  Socionext, Inc. (x) | 16882 | 235975 |
|  SoftBank Corp. | 2745838 | 3765360 |
|  SoftBank Group Corp. | 320173 | 8993624 |
|  Sojitz Corp. | 18298 | 568542 |
|  Sompo Holdings, Inc. | 81296 | 2769379 |
|  Sony Financial Group, Inc.\* | 578064 | 612606 |
|  Sony Group Corp. | 573380 | 14729834 |
|  Sotetsu Holdings, Inc. | 6169 | 110982 |
|  Sparx Group Co. Ltd. | 10971 | 113464 |
|  Square Enix Holdings Co. Ltd. | 24207 | 441904 |
|  Stanley Electric Co. Ltd. | 13307 | 261485 |
|  Starts Corp., Inc. | 1577 | 48174 |
|  Subaru Corp. | 52689 | 1141976 |
|  Sugi Holdings Co. Ltd. | 9816 | 230924 |
|  SUMCO Corp. | 32710 | 299661 |
|  Sumitomo Bakelite Co. Ltd. | 4992 | 164541 |
|  Sumitomo Chemical Co. Ltd. | 130222 | 370448 |
|  Sumitomo Corp. | 109290 | 3776031 |
|  Sumitomo Electric Industries Ltd. | 60375 | 2437895 |
|  Sumitomo Forestry Co. Ltd. | 44112 | 451849 |
|  Sumitomo Heavy Industries Ltd. | 10441 | 276556 |
|  Sumitomo Metal Mining Co. Ltd. | 21852 | 886831 |
|  Sumitomo Mitsui Financial Group, Inc. | 359647 | 11574186 |

---

See Notes to Financial Statements.

797

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value**<br> **(Note 1)** |
|  Sumitomo Mitsui Trust Group, Inc. | 57545 | $1754931 |
|  Sumitomo Osaka Cement Co. Ltd. (x) | 3791 | 91968 |
|  Sumitomo Pharma Co. Ltd. (x)\* | 15798 | 233783 |
|  Sumitomo Realty & Development Co. Ltd. | 46544 | 1168354 |
|  Sumitomo Rubber Industries Ltd. | 16520 | 254539 |
|  Sumitomo Warehouse Co. Ltd. (The) (x) | 5783 | 131063 |
|  Sundrug Co. Ltd. | 6166 | 169502 |
|  Suntory Beverage & Food Ltd. | 12637 | 381353 |
|  Suruga Bank Ltd. | 11788 | 128611 |
|  Suzuken Co. Ltd. | 4178 | 163530 |
|  Suzuki Motor Corp. | 122113 | 1819923 |
|  Sysmex Corp. | 45183 | 444936 |
|  Systena Corp. | 23296 | 76444 |
|  T Hasegawa Co. Ltd. | 3525 | 63416 |
|  T&D Holdings, Inc. (x) | 43400 | 1001602 |
|  Tadano Ltd. | 8952 | 60636 |
|  Taiheiyo Cement Corp. | 12822 | 317849 |
|  Taikisha Ltd. | 5076 | 106776 |
|  Taisei Corp. | 14918 | 1412848 |
|  Taiyo Holdings Co. Ltd. | 7636 | 232141 |
|  Taiyo Yuden Co. Ltd. (x) | 7388 | 166966 |
|  Takamatsu Construction Group Co. Ltd. | 3899 | 99939 |
|  Takara Holdings, Inc. (x) | 9479 | 97247 |
|  Takara Standard Co. Ltd. | 6958 | 129530 |
|  Takasago Thermal Engineering Co. Ltd. | 8982 | 254310 |
|  Takashimaya Co. Ltd. (x) | 22874 | 239707 |
|  Takeda Pharmaceutical Co. Ltd. | 151513 | 4676745 |
|  Takuma Co. Ltd. | 5495 | 86894 |
|  Tamron Co. Ltd. | 12856 | 84864 |
|  Tamura Corp. | 15075 | 58418 |
|  TBS Holdings, Inc. | 8289 | 305810 |
|  TDK Corp. | 146335 | 2065543 |
|  TechMatrix Corp. | 5615 | 83773 |
|  Teijin Ltd. | 14506 | 125529 |
|  Terumo Corp. | 112220 | 1626273 |
|  THK Co. Ltd. | 9493 | 242840 |
|  TIS, Inc. (x) | 18861 | 632995 |
|  TKC Corp. | 2570 | 70714 |
|  Toagosei Co. Ltd. | 10197 | 106859 |
|  TOBISHIMA HOLDINGS, Inc. | 6530 | 98217 |
|  Tobu Railway Co. Ltd. | 17551 | 295859 |
|  TOC Co. Ltd. | 25846 | 139592 |
|  Toda Corp. | 32000 | 258631 |
|  Toei Co. Ltd. | 2174 | 75779 |
|  Toho Bank Ltd. (The) | 26176 | 90406 |
|  Toho Co. Ltd. | 10087 | 513881 |
|  Toho Gas Co. Ltd. | 5799 | 172630 |
|  Toho Holdings Co. Ltd. (x) | 4972 | 148170 |
|  Tohoku Electric Power Co., Inc. (x) | 41248 | 303619 |
|  Tokai Carbon Co. Ltd. | 15000 | 92812 |
|  Tokai Corp. | 8050 | 129096 |
|  TOKAI Holdings Corp. | 9977 | 68853 |
|  Tokai Rika Co. Ltd. (x) | 7712 | 153364 |
|  Token Corp. | 853 | 79942 |
|  Tokio Marine Holdings, Inc. | 168296 | 6249858 |
|  Tokuyama Corp. | 6205 | 163325 |
|  Tokyo Century Corp. | 12872 | 166693 |
|  Tokyo Electric Power Co. Holdings, Inc.\* | 143590 | 602539 |
|  Tokyo Electron Ltd. | 35178 | 7707539 |
|  Tokyo Gas Co. Ltd. | 29186 | 1156149 |
|  Tokyo Metro Co. Ltd. | 37304 | 379732 |
|  Tokyo Ohka Kogyo Co. Ltd. | 6882 | 255000 |
|  Tokyo Seimitsu Co. Ltd. | 3298 | 233812 |
|  Tokyo Steel Manufacturing Co. Ltd. (x) | 9358 | 88179 |
|  Tokyo Tatemono Co. Ltd. | 13440 | 304253 |
|  Tokyotokeiba Co. Ltd. | 2059 | 74662 |
|  Tokyu Construction Co. Ltd. | 14461 | 120847 |
|  Tokyu Corp. | 46695 | 545530 |
|  Tokyu Fudosan Holdings Corp. | 50536 | 461031 |
|  Tomy Co. Ltd. (x) | 9500 | 167239 |
|  TOPPAN Holdings, Inc. | 21338 | 634936 |
|  Toray Industries, Inc. | 117437 | 764720 |
|  Toridoll Holdings Corp. (x) | 4525 | 122427 |
|  Toshiba TEC Corp. | 2627 | 45952 |
|  Tosho Co. Ltd. | 11530 | 57414 |
|  Tosoh Corp. | 24847 | 373086 |
|  Totetsu Kogyo Co. Ltd. | 1687 | 48949 |
|  TOTO Ltd. | 12927 | 357671 |
|  Towa Corp. (x) | 5697 | 78196 |
|  Towa Pharmaceutical Co. Ltd. | 3403 | 79079 |
|  Toyo Seikan Group Holdings Ltd. (x) | 12145 | 296647 |
|  Toyo Suisan Kaisha Ltd. (x) | 7652 | 525147 |
|  Toyo Tire Corp. | 11244 | 311177 |
|  Toyobo Co. Ltd. | 9549 | 76811 |
|  Toyoda Gosei Co. Ltd. | 5066 | 127523 |
|  Toyota Boshoku Corp. | 5878 | 94302 |
|  Toyota Industries Corp. (x) | 14488 | 1646364 |
|  Toyota Motor Corp. | 883591 | 18930869 |
|  Toyota Tsusho Corp. | 54233 | 1826001 |
|  TPR Co. Ltd. | 8204 | 67616 |
|  Transcosmos, Inc. | 3331 | 82509 |
|  TRE Holdings Corp. | 8081 | 83008 |
|  Trend Micro, Inc.\* | 9870 | 409696 |
|  Tri Chemical Laboratories, Inc. (x) | 2576 | 44567 |
|  Trusco Nakayama Corp. | 3910 | 60008 |
|  TS Tech Co. Ltd. (x) | 8940 | 105072 |
|  Tsubakimoto Chain Co. | 7779 | 114867 |
|  Tsumura & Co. | 5336 | 138885 |
|  Tsuruha Holdings, Inc. (x) | 30980 | 569206 |
|  TV Asahi Holdings Corp. | 4061 | 86333 |
|  UACJ Corp. | 10367 | 140508 |
|  UBE Corp. (x) | 10241 | 168090 |
|  Uchida Yoko Co. Ltd. | 1541 | 105560 |
|  Ulvac, Inc. (x) | 4000 | 180797 |
|  U-Next Holdings Co. Ltd. | 5685 | 72659 |
|  Unicharm Corp. | 108444 | 619621 |
|  United Arrows Ltd. | 2708 | 42459 |
|  United Super Markets Holdings, Inc. | 5338 | 30807 |
|  Ushio, Inc. (x) | 7886 | 126114 |
|  USS Co. Ltd. | 35606 | 390293 |
|  UT Group Co. Ltd. | 42510 | 54006 |
|  V Technology Co. Ltd. | 170 | 3245 |
|  Valor Holdings Co. Ltd. | 4076 | 87692 |
|  Visional, Inc.\* | 2145 | 137075 |
|  Wacoal Holdings Corp. (x) | 3211 | 90566 |
|  Wacom Co. Ltd. | 10900 | 56295 |
|  Weathernews, Inc. (x) | 2816 | 70742 |

---

See Notes to Financial Statements.

798

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Wellneo Sugar Co. Ltd. | 7292 | $| 131465 |
|  West Japan Railway Co. | 43272 |  | 863561 |
|  WingArc1st, Inc. (x) | 5403 |  | 125382 |
|  Xebio Holdings Co. Ltd. | 5148 |  | 35166 |
|  Yakult Honsha Co. Ltd. (x) | 25208 |  | 394036 |
|  Yamada Holdings Co. Ltd. | 65127 |  | 215995 |
|  Yamaguchi Financial Group, Inc. | 13541 |  | 183526 |
|  Yamaha Corp. (x) | 32289 |  | 225203 |
|  Yamaha Motor Co. Ltd. | 78513 |  | 581179 |
|  YA-MAN Ltd. (x) | 5286 |  | 25715 |
|  Yamato Holdings Co. Ltd. (x) | 23993 |  | 338359 |
|  Yamato Kogyo Co. Ltd. | 4045 |  | 276054 |
|  Yamazaki Baking Co. Ltd. | 13933 |  | 292910 |
|  Yamazen Corp. (x) | 9283 |  | 88006 |
|  Yaskawa Electric Corp. (x) | 19929 |  | 605097 |
|  Yellow Hat Ltd. | 7832 |  | 82000 |
|  Yokogawa Bridge Holdings Corp. | 4453 |  | 85995 |
|  Yokogawa Electric Corp. | 18255 |  | 584570 |
|  Yokohama Financial Group, Inc. | 96536 |  | 797174 |
|  Yokohama Rubber Co. Ltd. (The) | 9294 |  | 357010 |
|  Yoshinoya Holdings Co. Ltd. (x) | 6683 |  | 131023 |
|  Yuasa Trading Co. Ltd. | 3071 |  | 104497 |
|  Zacros Corp. | 10080 |  | 74326 |
|  Zenkoku Hosho Co. Ltd. (x) | 10124 |  | 201717 |
|  Zenrin Co. Ltd. (x) | 13250 |  | 89072 |
|  Zensho Holdings Co. Ltd. (x) | 9793 |  | 561109 |
|  Zeon Corp. | 12958 |  | 148036 |
|  Zojirushi Corp. | 6115 |  | 61134 |
|  ZOZO, Inc. (x) | 39585 |  | 326253 |
|  Zuken, Inc. | 3038 |  | 94744 |
|  |  |  | 513223186 |
|  **Mexico (0.1%)** | **Mexico (0.1%)** | **Mexico (0.1%)** | **Mexico (0.1%)** |
|  Fresnillo plc | 30419 |  | 1367050 |
|  **Netherlands (5.3%)** | **Netherlands (5.3%)** | **Netherlands (5.3%)** | **Netherlands (5.3%)** |
|  Adyen NV (m)\* | 5040 |  | 8144136 |
|  Argenx SE\* | 10481 |  | 8829020 |
|  ASML Holding NV | 66049 |  | 71519791 |
|  ING Groep NV | 514160 |  | 14507822 |
|  Koninklijke Ahold Delhaize NV | 152628 |  | 6254577 |
|  Wolters Kluwer NV | 39566 |  | 4107630 |
|  |  |  | 113362976 |
|  **New Zealand (0.2%)** | **New Zealand (0.2%)** | **New Zealand (0.2%)** | **New Zealand (0.2%)** |
|  a2 Milk Co. Ltd. (The) (x) | 84721 |  | 520720 |
|  Auckland International Airport Ltd. | 45984 |  | 221257 |
|  Chorus Ltd. | 50673 |  | 274929 |
|  Fisher & Paykel Healthcare Corp. Ltd. (x) | 23006 |  | 501277 |
|  Fletcher Building Ltd.\* | 56583 |  | 117813 |
|  Infratil Ltd. (x) | 18397 |  | 119580 |
|  Xero Ltd.\* | 19323 |  | 1470311 |
|  |  |  | 3225887 |
|  **Nigeria (0.0%)†** | **Nigeria (0.0%)†** | **Nigeria (0.0%)†** | **Nigeria (0.0%)†** |
|  Airtel Africa plc (m) | 112587 |  | 539057 |
|  **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** |
|  Evraz plc (r)\* | 91874 |  |  |
|  **South Africa (0.3%)** | **South Africa (0.3%)** | **South Africa (0.3%)** | **South Africa (0.3%)** |
|  Anglo American plc | 175518 |  | 7298786 |
|  **Spain (4.2%)** | **Spain (4.2%)** | **Spain (4.2%)** | **Spain (4.2%)** |
|  Banco Bilbao Vizcaya Argentaria SA | 980708 |  | 23108187 |
|  Banco Santander SA | 2532952 |  | 29975623 |
|  Iberdrola SA | 1042772 |  | 22628223 |
|  Industria de Diseno Textil SA | 189121 |  | 12521847 |
|  |  |  | 88233880 |
|  **United Arab Emirates (0.0%)** | **United Arab Emirates (0.0%)** | **United Arab Emirates (0.0%)** | **United Arab Emirates (0.0%)** |
|  NMC Health plc (r)\* | 14124 |  |  |
|  **United Kingdom (18.8%)** | **United Kingdom (18.8%)** | **United Kingdom (18.8%)** | **United Kingdom (18.8%)** |
|  3i Group plc | 158573 |  | 6974613 |
|  Admiral Group plc | 41312 |  | 1768604 |
|  Ashtead Group plc | 69066 |  | 4734940 |
|  Associated British Foods plc | 47868 |  | 1372418 |
|  AstraZeneca plc | 247183 |  | 45946946 |
|  Auto Trader Group plc (m) | 141709 |  | 1120122 |
|  Aviva plc | 500898 |  | 4620969 |
|  Babcock International Group plc | 82805 |  | 1387399 |
|  BAE Systems plc | 495807 |  | 11455057 |
|  Barclays plc | 2294676 |  | 14721650 |
|  Barratt Redrow plc | 221823 |  | 1139513 |
|  Beazley plc | 95935 |  | 1075906 |
|  Berkeley Group Holdings plc | 15020 |  | 790412 |
|  British American Tobacco plc | 350807 |  | 19926754 |
|  British Land Co. plc (The) (REIT) | 160083 |  | 871335 |
|  BT Group plc | 928539 |  | 2303614 |
|  Bunzl plc | 52888 |  | 1479988 |
|  Burberry Group plc\* | 58877 |  | 1007120 |
|  Centrica plc | 775055 |  | 1771349 |
|  Coca-Cola Europacific Partners plc | 34854 |  | 3218229 |
|  Compass Group plc | 279773 |  | 8915117 |
|  Convatec Group plc (m) | 289209 |  | 948089 |
|  Croda International plc | 22837 |  | 829605 |
|  DCC plc (x) | 16120 |  | 1006051 |
|  Diageo plc | 366994 |  | 7932347 |
|  Diploma plc | 22010 |  | 1570941 |
|  easyJet plc | 104340 |  | 718134 |
|  Entain plc | 98433 |  | 1017146 |
|  Games Workshop Group plc | 5437 |  | 1386610 |
|  Halma plc | 61779 |  | 2946270 |
|  Hikma Pharmaceuticals plc | 25205 |  | 526614 |
|  Hiscox Ltd. | 54733 |  | 1049852 |
|  Howden Joinery Group plc | 88643 |  | 994724 |
|  HSBC Holdings plc | 2831682 |  | 44803544 |
|  ICG plc | 44835 |  | 1241342 |
|  IMI plc | 40057 |  | 1343391 |
|  Imperial Brands plc | 125721 |  | 5285633 |
|  Informa plc | 212230 |  | 2528907 |
|  InterContinental Hotels Group plc | 23610 |  | 3328905 |
|  International Consolidated Airlines Group SA | 557856 |  | 3115379 |
|  Intertek Group plc | 25326 |  | 1579232 |
|  J Sainsbury plc | 281135 |  | 1231607 |
|  JD Sports Fashion plc | 402086 |  | 457766 |
|  Kingfisher plc | 282919 |  | 1192515 |
|  Land Securities Group plc (REIT) | 122207 |  | 1024614 |
|  Legal & General Group plc | 924711 |  | 3264490 |
|  Lloyds Banking Group plc | 9758422 |  | 12922357 |
|  London Stock Exchange Group plc | 81465 |  | 9830258 |
|  LondonMetric Property plc (REIT) | 368678 |  | 942732 |
|  M&G plc | 350126 |  | 1351671 |

---

See Notes to Financial Statements.

799

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value**<br> **(Note 1)** |
|  Marks & Spencer Group plc | 336540 | $1497009 |
|  Melrose Industries plc | 206053 | 1634276 |
|  National Grid plc | 816541 | 12563993 |
|  NatWest Group plc | 1332399 | 11706375 |
|  Next plc | 18967 | 3497506 |
|  Pearson plc | 105512 | 1493361 |
|  Persimmon plc | 51645 | 945718 |
|  Phoenix Group Holdings plc | 122717 | 1219119 |
|  Reckitt Benckiser Group plc | 112404 | 9093929 |
|  RELX plc | 299968 | 12211124 |
|  Rentokil Initial plc | 414069 | 2497696 |
|  Rightmove plc | 126592 | 886644 |
|  Rolls-Royce Holdings plc | 1398603 | 21680339 |
|  Sage Group plc (The) | 157210 | 2294998 |
|  Schroders plc | 121476 | 666436 |
|  Segro plc (REIT) | 222194 | 2157644 |
|  Severn Trent plc | 43663 | 1641481 |
|  Smith & Nephew plc | 139869 | 2335024 |
|  Smiths Group plc | 53701 | 1702525 |
|  Spirax Group plc | 12070 | 1109597 |
|  SSE plc | 198697 | 5836095 |
|  St James's Place plc | 83977 | 1567210 |
|  Standard Chartered plc | 301819 | 7412569 |
|  Tesco plc | 1041754 | 6203898 |
|  Unilever plc | 353688 | 23167848 |
|  United Utilities Group plc | 114245 | 1838719 |
|  Vodafone Group plc | 3080149 | 4105386 |
|  Weir Group plc (The) | 42718 | 1638776 |
|  Whitbread plc | 28360 | 974810 |
|  |  | 398552886 |
|  **United States (6.3%)** | **United States (6.3%)** | **United States (6.3%)** |
|  Alcoa Corp. (CRDI) (x) | 5693 | 306217 |
|  Amcor plc (CHDI) (x) | 75433 | 631770 |
|  Block, Inc. (CRDI)\* | 4771 | 311484 |
|  BP plc | 2585874 | 15085802 |
|  Experian plc | 151262 | 6856942 |
|  GQG Partners, Inc. (CRDI) (x) | 89737 | 104501 |
|  GSK plc | 658932 | 16205344 |
|  Haleon plc | 1468030 | 7416659 |
|  James Hardie Industries plc (CHDI)\* | 45717 | 942125 |
|  Life360, Inc. (CRDI) (m)\* | 19949 | 446384 |
|  Light & Wonder, Inc. (CRDI) (x)\* | 9370 | 985296 |
|  Newmont Corp. (CRDI) | 11205 | 1123144 |
|  News Corp. (CHDI), Class B (x) | 4970 | 149485 |
|  Reliance Worldwide Corp. Ltd. | 89510 | 230575 |
|  ResMed, Inc. (CHDI) | 66403 | 1592647 |
|  Sanofi SA | 193791 | 18838916 |
|  Schneider Electric SE | 98206 | 27110206 |
|  Shell plc | 953670 | 35222686 |
|  Sims Ltd. | 18731 | 224877 |
|  |  | 133785060 |
|  **Total Common Stocks (98.2%)** <br> *(Cost $1,167,403,861)* |  | 2085054451 |
|  CLOSED END FUNDS: | CLOSED END FUNDS: | CLOSED END FUNDS: |
|  **United Kingdom (0.3%)** | **United Kingdom (0.3%)** | **United Kingdom (0.3%)** |
|  Alliance Witan plc | 62803 | 1085281 |
|  F&C Investment Trust plc | 77894 | 1314565 |
|  Polar Capital Technology Trust plc\* | 183448 | 1147373 |
|  Scottish Mortgage Investment Trust plc | 182919 | 2924269 |
|  |  | 6471488 |
|  **United States (0.1%)** | **United States (0.1%)** | **United States (0.1%)** |
|  Pershing Square Holdings Ltd. | 21207 | 1385277 |
|  **Total Closed End Funds (0.4%)** <br> *(Cost $4,144,463)* |  | 7856765 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.5%)** | **Investment Companies (0.5%)** |  |
|  Allspring Government Money Market Fund, Select Shares 3.72% (7 day yield) (xx) | 1000000 | 1000000 |
|  Goldman Sachs Financial Square Government Fund 3.67% (7 day yield) (xx) | 1000000 | 1000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 7614247 | 7614247 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 9614247 |
|  **Total Short-Term Investments (0.5%)**<br> *(Cost $9,614,247)* | **Total Short-Term Investments (0.5%)**<br> *(Cost $9,614,247)* | 9614247 |
|  **Total Investments in Securities (99.1%)**<br> *(Cost $1,181,162,571)* | **Total Investments in Securities (99.1%)**<br> *(Cost $1,181,162,571)* | 2102525463 |
|  **Other Assets Less Liabilities (0.9%)** | **Other Assets Less Liabilities (0.9%)** | 19796052 |
|  **Net Assets (100%)** |  | $2122321515 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $11,797,307 or 0.6% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $40,165,678. This was collateralized by $32,884,464 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/15/26 – 8/15/55 and by cash of $9,614,247 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*AUD* *— Australian Dollar* 

*CRDI* *— CREST Depository Interest* 

*CHDI* *— Clearing House Electronic Subregister System (CHESS)* 

*Depository* *Interest* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*JPY* *— Japanese Yen* 

*REIT* *— Real Estate Investment Trust* 

See Notes to Financial Statements.

800

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 118 | 3/2026 | EUR | 8099925 | 93067 |
|  FTSE 100 Index | 19 | 3/2026 | GBP | 2545995 | 55761 |
|  SPI 200 Index | 14 | 3/2026 | AUD | 2026475 | 10578 |
|  TOPIX Index | 29 | 3/2026 | JPY | 6319682 | 59430 |
|  |  |  |  |  | 218836 |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1**<br> **Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2**<br> **Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3**<br> **Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Closed End Funds** | $— | $7856765 | $— | $7856765 |
|  **Common Stocks** |  |  |  |  |
|  Australia |  | 218582348 | 144192 | 218726540 |
|  Austria |  | 878590 |  | 878590 |
|  Belgium |  | 11264475 |  | 11264475 |
|  Brazil |  | 87797 |  | 87797 |
|  Canada |  | 553073 |  | 553073 |
|  Chile |  | 2480022 |  | 2480022 |
|  China |  | 13144568 |  | 13144568 |
|  Finland |  | 10519665 |  | 10519665 |
|  France |  | 234688642 |  | 234688642 |
|  Germany |  | 254071627 |  | 254071627 |
|  Greece |  | 952962 |  | 952962 |
|  Hong Kong |  | 6550195 |  | 6550195 |
|  Indonesia |  | 163850 |  | 163850 |
|  Italy |  | 69762000 |  | 69762000 |
|  Ivory Coast |  | 1621677 |  | 1621677 |
|  Japan |  | 513223186 |  | 513223186 |
|  Mexico |  | 1367050 |  | 1367050 |
|  Netherlands |  | 113362976 |  | 113362976 |
|  New Zealand |  | 3225887 |  | 3225887 |
|  Nigeria |  | 539057 |  | 539057 |
|  Russia |  |  | — (a) | — (a) |
|  South Africa |  | 7298786 |  | 7298786 |
|  Spain |  | 88233880 |  | 88233880 |
|  United Arab Emirates |  |  | — (a) | — (a) |
|  United Kingdom |  | 398552886 |  | 398552886 |
|  United States |  | 133785060 |  | 133785060 |
|  **Futures** | 218836 |  |  | 218836 |

---

See Notes to Financial Statements.

801

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1**<br> **Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2**<br> **Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3**<br> **Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | $9614247 | $— | $— | $9614247 |
|  **Total Assets** | $**9833083** | $**2092767024** | $**144192** | $**2102744299** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**9833083** | $**2092767024** | $**144192** | $**2102744299** |

---

(a) Value is zero.

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $218836 \* |
|  **Total** |  | $218836 |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $2630865 | $2630865 |
|  **Total** | $2630865 | $2630865 |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $325322 | $325322 |
|  **Total** | $325322 | $325322 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** |  |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $16831000.0 |

---

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $142015330.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $166227010.0 |

---

See Notes to Financial Statements.

802

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1006629510 |
|  Aggregate gross unrealized depreciation | (143901631) |
|  Net unrealized appreciation | $862727879 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240016420 |

---

See Notes to Financial Statements.

803

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $1,181,162,571) | $2102525463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 17912092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $1,048,412) | 1046623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 1199743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 10133954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 988086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 320646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 14552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 26173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 2134167332 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 9614247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 962109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 553735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 254033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 159505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 159461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 17228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 123607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 11845817 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $2122321515 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1285952045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 836369470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $2122321515 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $760,519,820 / 54,798,244 shares outstanding (unlimited amount authorized: $0.01 par value) | $13.88 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,216,117,790 / 89,374,442 shares outstanding (unlimited amount authorized: $0.01 par value) | $13.61 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $145,683,905 / 10,487,992 shares outstanding (unlimited amount authorized: $0.01 par value) | $13.89 |

---

*(x)* *Includes value of securities on loan of $40,165,678.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $4,515,131 foreign withholding tax) | $54818979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 664521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 158116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 55641616 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 7596043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 2679040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 1742983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1720576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 332701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 169454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 108950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 62415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 377135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 14789297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (1478887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 13310410 |
|  **NET INVESTMENT INCOME (LOSS)** | 42331206 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 13901233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 2630865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 350436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 16882534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 451908914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 325322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 737269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 452971505 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 469854039 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $512185245 |

---

See Notes to Financial Statements.

804

------

#### EQ ADVISORS TRUST
EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $42331206 | $39885893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 16882534 | 11123644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 452971505 | 30677694 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 512185245 | 81687231 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (25240935) | (18887459) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (40924372) | (28509092) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (5108466) | (3780183) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (71273773) | (51176734) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (47528) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (77060) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (9619) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total tax return of capital | (134207) |  |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,241,781 and 1,823,483 shares, respectively ] | 41492117 | 20739686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 1,849,543 and 1,672,537 shares, respectively ] | 25288463 | 18887459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (7443679) and (6421124) shares, respectively ] | (93096127) | (73097443) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (26315547) | (33470298) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 12,400,896 and 9,491,576 shares, respectively ] | 158103023 | 105823522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 3,059,161 and 2,573,423 shares, respectively ] | 41001432 | 28509092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (13074534) and (10188745) shares, respectively ] | (162580731) | (113628202) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 36523724 | 20704412 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 462,803 and 543,924 shares, respectively ] | 5851723 | 6179300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 374,052 and 334,758 shares, respectively ] | 5118085 | 3780183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (982814) and (813919) shares, respectively ] | (12405692) | (9283209) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (1435884) | 676274 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 8772293 | (12089612) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 449549558 | 18420885 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1672771957 | 1654351072 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $2122321515 | $1672771957 |

---

See Notes to Financial Statements.

805

------

#### EQ ADVISORS TRUST
EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IA** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $10.92 | $10.73 | $9.27 | $10.78 | $10.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.28 | 0.26 | 0.25 | 0.27 | 0.26 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.16 | 0.27 | 1.51 | (1.55) | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.44 | 0.53 | 1.76 | (1.28) | 1.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.48) | (0.34) | (0.30) | (0.23) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.48) | (0.34) | (0.30) | (0.23) | (0.35) |
|  Net asset value, end of year | $13.88 | $10.92 | $10.73 | $9.27 | $10.78 |
|  Total return | 31.53 | 4.82% | 19.01% | (11.89)% | 10.93% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $760520 | $624285 | $644526 | $568748 | $669881 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.72 | 0.72% | 0.74 %(j) | 0.77 %(k) | 0.78 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.79 | 0.79% | 0.80% | 0.79% | 0.79% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 2.22 | 2.31% | 2.42% | 2.88% | 2.37 %(bb) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 2.14 | 2.24% | 2.36% | 2.86% | 2.37 %(bb) |
|  Portfolio turnover rate^ | 8 | 5% | 8% | 9% | 10% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $10.72 | $10.53 | $9.10 | $10.59 | $9.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.28 | 0.26 | 0.24 | 0.26 | 0.25 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.09 | 0.27 | 1.49 | (1.52) | 0.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.37 | 0.53 | 1.73 | (1.26) | 1.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.48) | (0.34) | (0.30) | (0.23) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.48) | (0.34) | (0.30) | (0.23) | (0.35) |
|  Net asset value, end of year | $13.61 | $10.72 | $10.53 | $9.10 | $10.59 |
|  Total return | 31.46 | 4.92% | 19.04% | (11.92)% | 10.91% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $1216118 | $932262 | $896378 | $782335 | $910733 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.72 | 0.72% | 0.74 %(j) | 0.77 %(k) | 0.78 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.79 | 0.79% | 0.80% | 0.79% | 0.79% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 2.20 | 2.29% | 2.41% | 2.88% | 2.38 %(bb) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 2.12 | 2.22% | 2.36% | 2.86% | 2.37 %(bb) |
|  Portfolio turnover rate^ | 8 | 5% | 8% | 9% | 10% |

---

See Notes to Financial Statements.

806

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $10.93 | $10.73 | $9.27 | $10.78 | $10.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.32 | 0.29 | 0.27 | 0.29 | 0.28 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.15 | 0.28 | 1.51 | (1.54) | 0.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.47 | 0.57 | 1.78 | (1.25) | 1.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.51) | (0.37) | (0.32) | (0.26) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.51) | (0.37) | (0.32) | (0.26) | (0.37) |
|  Net asset value, end of year | $13.89 | $10.93 | $10.73 | $9.27 | $10.78 |
|  Total return | 31.79 | 5.17% | 19.28% | (11.68)% | 11.29% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $145684 | $116225 | $113447 | $106947 | $116340 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.47 | 0.47% | 0.49 %(j) | 0.52 %(k) | 0.53 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.55 | 0.54% | 0.55% | 0.54% | 0.54% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 2.47 | 2.55% | 2.68% | 3.12% | 2.62 %(bb) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 2.39 | 2.47% | 2.62% | 3.10% | 2.61 %(bb) |
|  Portfolio turnover rate^ | 8 | 5% | 8% | 9% | 10% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.74% for Class IA, 0.74% for Class IB and 0.49% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.78% for Class IA, 0.78% for Class IB and 0.53% for Class K.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.79% for Class IA, 0.79% for Class IB and 0.54% for Class K.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.20, $0.20 and $0.23 for Class IA, Class IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.49% lower.* 

See Notes to Financial Statements.

807

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Australia (7.0%)** | **Australia (7.0%)** | **Australia (7.0%)** |
|  AGL Energy Ltd. | 21601 | $134208 |
|  ALS Ltd. | 17603 | 258912 |
|  AMP Ltd. | 92528 | 112382 |
|  Ampol Ltd. | 8904 | 189731 |
|  Ansell Ltd. | 5830 | 136212 |
|  ANZ Group Holdings Ltd. | 101574 | 2463322 |
|  APA Group | 46619 | 279067 |
|  ARB Corp. Ltd. | 2304 | 48357 |
|  Arena REIT (REIT) | 14610 | 34710 |
|  Aristocrat Leisure Ltd. | 21366 | 829565 |
|  ASX Ltd. | 7084 | 243183 |
|  Atlas Arteria Ltd. | 38473 | 125294 |
|  AUB Group Ltd. | 4347 | 89350 |
|  Aurizon Holdings Ltd. | 70013 | 170540 |
|  Bank of Queensland Ltd. | 21396 | 93239 |
|  Beach Energy Ltd. (x) | 52506 | 41172 |
|  Bega Cheese Ltd. | 10108 | 40878 |
|  Bellevue Gold Ltd.\* | 38882 | 44241 |
|  Bendigo & Adelaide Bank Ltd. | 18893 | 132639 |
|  BHP Group Ltd. | 173519 | 5267647 |
|  BlueScope Steel Ltd. | 15103 | 242601 |
|  Brambles Ltd. | 46420 | 711264 |
|  Breville Group Ltd. | 3647 | 71725 |
|  BWP Property Group Ltd. (REIT) | 19061 | 50118 |
|  Capricorn Metals Ltd.\* | 13680 | 131280 |
|  CAR Group Ltd. | 12917 | 265156 |
|  Centuria Capital Group (REIT) | 28828 | 38861 |
|  Challenger Ltd. | 17638 | 110762 |
|  Charter Hall Group (REIT) | 17182 | 280354 |
|  Charter Hall Long Wale REIT (REIT) | 18664 | 50818 |
|  Charter Hall Retail REIT (REIT) | 19075 | 51810 |
|  Cleanaway Waste Management Ltd. | 78800 | 136201 |
|  Cochlear Ltd. | 2302 | 400436 |
|  Codan Ltd. | 4339 | 82323 |
|  Coles Group Ltd. | 45317 | 648395 |
|  Commonwealth Bank of Australia | 57206 | 6129988 |
|  Computershare Ltd. | 19500 | 444275 |
|  Corporate Travel Management Ltd. (r) | 4838 | 49290 |
|  CSL Ltd. | 16552 | 1907088 |
|  Data#3 Ltd. | 5527 | 33233 |
|  Deep Yellow Ltd.\* | 35770 | 43923 |
|  Deterra Royalties Ltd. | 11262 | 30589 |
|  Dexus (REIT) | 39692 | 183565 |
|  Domino's Pizza Enterprises Ltd. (x) | 2970 | 41623 |
|  Downer EDI Ltd. | 25221 | 133808 |
|  Dyno Nobel Ltd. | 63569 | 136177 |
|  Eagers Automotive Ltd. | 7171 | 117916 |
|  Elders Ltd. (x) | 6302 | 28809 |
|  Emerald Resources NL\* | 18647 | 78647 |
|  Endeavour Group Ltd. (x) | 53755 | 131297 |
|  Evolution Mining Ltd. | 69019 | 584039 |
|  EVT Ltd. (x) | 3842 | 32203 |
|  Flight Centre Travel Group Ltd. (x) | 7568 | 75808 |
|  Fortescue Ltd. | 57889 | 850295 |
|  Genesis Minerals Ltd.\* | 36242 | 175349 |
|  Glencore plc | 1982766 | 10865738 |
|  Goodman Group (REIT) | 70284 | 1453087 |
|  GPT Group (The) (REIT) | 65724 | 237726 |
|  GrainCorp Ltd., Class A | 8036 | 38505 |
|  Greatland Resources Ltd. (x)\* | 20702 | 144924 |
|  Guzman y Gomez Ltd. (x) | 1679 | 24258 |
|  Harvey Norman Holdings Ltd. | 19394 | 89822 |
|  Helia Group Ltd. | 10987 | 40327 |
|  HomeCo Daily Needs REIT (REIT) (m) | 75836 | 69081 |
|  HUB24 Ltd. | 2880 | 184989 |
|  IDP Education Ltd. (x) | 10762 | 41512 |
|  IGO Ltd.\* | 20056 | 109752 |
|  Iluka Resources Ltd. | 18566 | 71738 |
|  Ingenia Communities Group (REIT) | 12768 | 44052 |
|  Insignia Financial Ltd.\* | 24263 | 73835 |
|  Insurance Australia Group Ltd. | 86101 | 458527 |
|  IRESS Ltd. | 7655 | 43372 |
|  JB Hi-Fi Ltd. | 4187 | 268857 |
|  Judo Capital Holdings Ltd.\* | 33650 | 38737 |
|  Lendlease Corp. Ltd. | 26590 | 92273 |
|  Liontown Ltd.\* | 87574 | 92047 |
|  Lottery Corp. Ltd. (The) | 82886 | 285420 |
|  Lovisa Holdings Ltd. | 2652 | 51873 |
|  Lynas Rare Earths Ltd.\* | 30942 | 256875 |
|  Macquarie Group Ltd. | 12067 | 1636352 |
|  Magellan Financial Group Ltd. | 4295 | 28605 |
|  Medibank Pvt. Ltd. | 94143 | 300938 |
|  Megaport Ltd.\* | 5405 | 43897 |
|  Mesoblast Ltd. (x)\* | 34632 | 62864 |
|  Metcash Ltd. | 45279 | 99716 |
|  Mineral Resources Ltd.\* | 6913 | 250876 |
|  Mirvac Group (REIT) | 139062 | 190246 |
|  Monadelphous Group Ltd. | 3274 | 57922 |
|  National Australia Bank Ltd. | 104690 | 2955983 |
|  National Storage REIT (REIT) | 49559 | 90290 |
|  Netwealth Group Ltd. | 4855 | 83170 |
|  Neuren Pharmaceuticals Ltd.\* | 4985 | 61911 |
|  New Hope Corp. Ltd. | 19950 | 53654 |
|  NEXTDC Ltd.\* | 21755 | 181913 |
|  nib holdings Ltd. | 17468 | 79969 |
|  Nine Entertainment Co. Holdings Ltd. | 38897 | 28813 |
|  Northern Star Resources Ltd. | 48852 | 871435 |
|  NRW Holdings Ltd. | 18286 | 62846 |
|  Orica Ltd. | 16660 | 269946 |
|  Origin Energy Ltd. | 60654 | 465086 |
|  Orora Ltd. | 40922 | 60354 |
|  Paladin Energy Ltd. (x)\* | 10687 | 68396 |
|  Perpetual Ltd. | 4518 | 56261 |
|  Perseus Mining Ltd. | 43423 | 164597 |
|  PEXA Group Ltd.\* | 3591 | 32184 |
|  Pinnacle Investment Management Group Ltd. | 6284 | 71921 |
|  PLS Group Ltd.\* | 102331 | 288186 |
|  Premier Investments Ltd. (x) | 3961 | 36452 |
|  Pro Medicus Ltd. | 1857 | 273717 |
|  Qantas Airways Ltd. | 53277 | 369055 |
|  QBE Insurance Group Ltd. | 50406 | 669069 |
|  Qube Holdings Ltd. | 68053 | 216630 |
|  Ramelius Resources Ltd. | 41600 | 115489 |
|  Ramsay Health Care Ltd. | 6745 | 154664 |
|  REA Group Ltd. | 1814 | 222007 |
|  Reece Ltd. (x) | 8185 | 73194 |

---

See Notes to Financial Statements.

808

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Region Group (REIT) | 46044 | $| 72210 |
|  Regis Resources Ltd. | 33584 |  | 169213 |
|  Rio Tinto Ltd. | 13070 |  | 1280603 |
|  Rio Tinto plc | 50984 |  | 4119310 |
|  Sandfire Resources Ltd.\* | 16614 |  | 198685 |
|  Santos Ltd. | 111023 |  | 457143 |
|  Scentre Group (REIT) | 178054 |  | 499062 |
|  SEEK Ltd. | 12793 |  | 197385 |
|  SGH Ltd. | 6817 |  | 211316 |
|  Sigma Healthcare Ltd. | 44019 |  | 86366 |
|  SiteMinder Ltd.\* | 9363 |  | 37990 |
|  Sonic Healthcare Ltd. | 18670 |  | 281708 |
|  South32 Ltd. | 154119 |  | 366151 |
|  Steadfast Group Ltd. (x) | 42645 |  | 150264 |
|  Stockland (REIT) | 84492 |  | 323090 |
|  Suncorp Group Ltd. | 38129 |  | 449111 |
|  Super Retail Group Ltd. | 5904 |  | 63159 |
|  Tabcorp Holdings Ltd. | 82114 |  | 54251 |
|  Technology One Ltd. | 11605 |  | 216539 |
|  Telix Pharmaceuticals Ltd. (x)\* | 10024 |  | 74923 |
|  Telstra Group Ltd. | 390804 |  | 1270111 |
|  TPG Telecom Ltd. | 14133 |  | 35746 |
|  Transurban Group | 105819 |  | 1003486 |
|  Treasury Wine Estates Ltd. | 32710 |  | 114384 |
|  Vault Minerals Ltd.\* | 37679 |  | 137292 |
|  Ventia Services Group Pty. Ltd. | 28163 |  | 111828 |
|  Vicinity Ltd. (REIT) | 144176 |  | 246313 |
|  Virgin Australia International Holdings Pty. Ltd. (r)\* | 96120 |  |  |
|  Viva Energy Group Ltd. (m) | 41074 |  | 56192 |
|  Washington H Soul Pattinson & Co. Ltd. | 11115 |  | 275489 |
|  Waypoint REIT Ltd. (REIT) | 18376 |  | 31271 |
|  WEB Travel Group Ltd.\* | 17419 |  | 55565 |
|  Wesfarmers Ltd. | 38800 |  | 2099678 |
|  West African Resources Ltd.\* | 32110 |  | 64286 |
|  Westgold Resources Ltd. | 33944 |  | 145882 |
|  Westpac Banking Corp. | 116988 |  | 3013577 |
|  Whitehaven Coal Ltd. | 32179 |  | 166429 |
|  WiseTech Global Ltd. | 6712 |  | 306650 |
|  Woodside Energy Group Ltd. | 64907 |  | 1021817 |
|  Woolworths Group Ltd. | 41324 |  | 810229 |
|  Worley Ltd. | 17400 |  | 145961 |
|  Yancoal Australia Ltd. (x) | 14565 |  | 48211 |
|  Zip Co. Ltd.\* | 45054 |  | 98920 |
|  |  |  | 71608406 |
|  **Austria (0.0%)†** | **Austria (0.0%)†** | **Austria (0.0%)†** | **Austria (0.0%)†** |
|  Mondi plc | 22165 |  | 271346 |
|  **Belgium (0.3%)** | **Belgium (0.3%)** | **Belgium (0.3%)** | **Belgium (0.3%)** |
|  Anheuser-Busch InBev SA/NV | 52028 |  | 3356768 |
|  **Brazil (0.0%)†** | **Brazil (0.0%)†** | **Brazil (0.0%)†** | **Brazil (0.0%)†** |
|  Karoon Energy Ltd. | 36590 |  | 37604 |
|  **Canada (0.0%)†** | **Canada (0.0%)†** | **Canada (0.0%)†** | **Canada (0.0%)†** |
|  Champion Iron Ltd. (x) | 15522 |  | 62877 |
|  **Chile (0.1%)** | **Chile (0.1%)** | **Chile (0.1%)** | **Chile (0.1%)** |
|  Antofagasta plc | 16781 |  | 741708 |
|  **China (1.4%)** | **China (1.4%)** | **China (1.4%)** | **China (1.4%)** |
|  Alibaba Group Holding Ltd. | 296100 |  | 5432958 |
|  Prosus NV | 137709 |  | 8553012 |
|  |  |  | 13985970 |
|  **Denmark (0.7%)** | **Denmark (0.7%)** | **Denmark (0.7%)** | **Denmark (0.7%)** |
|  DSV A/S | 27800 |  | 7064108 |
|  **Finland (0.3%)** | **Finland (0.3%)** | **Finland (0.3%)** | **Finland (0.3%)** |
|  Nordea Bank Abp | 162149 |  | 3065117 |
|  **France (13.3%)** | **France (13.3%)** | **France (13.3%)** | **France (13.3%)** |
|  Accor SA | 127597 |  | 7230685 |
|  Air Liquide SA | 28684 |  | 5402274 |
|  Airbus SE | 56839 |  | 13252563 |
|  AXA SA | 88383 |  | 4254421 |
|  BNP Paribas SA | 147729 |  | 14026042 |
|  Capgemini SE | 38100 |  | 6369261 |
|  Cie de Saint-Gobain SA | 24744 |  | 2528723 |
|  Danone SA | 84730 |  | 7645345 |
|  Dassault Systemes SE | 254100 |  | 7119061 |
|  Edenred SE | 172056 |  | 3823606 |
|  EssilorLuxottica SA | 15516 |  | 4921465 |
|  Hermes International SCA | 1741 |  | 4341661 |
|  Kering SA | 17120 |  | 6055947 |
|  L'Oreal SA | 11923 |  | 5136766 |
|  LVMH Moet Hennessy Louis Vuitton SE | 20717 |  | 15703569 |
|  Pernod Ricard SA | 70300 |  | 6039271 |
|  Publicis Groupe SA | 50005 |  | 5207832 |
|  Safran SA | 18994 |  | 6638488 |
|  TotalEnergies SE (Paris Stock Exchange) | 109405 |  | 7147360 |
|  Vinci SA | 29101 |  | 4105649 |
|  |  |  | 136949989 |
|  **Germany (13.4%)** | **Germany (13.4%)** | **Germany (13.4%)** | **Germany (13.4%)** |
|  adidas AG | 54939 |  | 10914597 |
|  Allianz SE (Registered) | 27627 |  | 12678461 |
|  Aumovio SE\* | 38160 |  | 1925671 |
|  BASF SE | 45259 |  | 2363160 |
|  Bayer AG (Registered) | 215410 |  | 9369075 |
|  Bayerische Motoren Werke AG (x) | 79861 |  | 8741436 |
|  Brenntag SE (x) | 105800 |  | 6162100 |
|  Continental AG | 63420 |  | 5065139 |
|  Daimler Truck Holding AG (x) | 113900 |  | 4995479 |
|  Deutsche Bank AG (Registered) | 96597 |  | 3758673 |
|  Deutsche Boerse AG | 9548 |  | 2510095 |
|  Deutsche Post AG | 46843 |  | 2572482 |
|  Deutsche Telekom AG (Registered) | 178444 |  | 5800506 |
|  Fresenius Medical Care AG | 16480 |  | 789411 |
|  Fresenius SE & Co. KGaA | 87400 |  | 5030857 |
|  Infineon Technologies AG | 64749 |  | 2870990 |
|  Mercedes-Benz Group AG | 36504 |  | 2576973 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 6478 |  | 4279998 |
|  Rheinmetall AG | 2281 |  | 4184465 |
|  SAP SE | 50507 |  | 12366786 |
|  Siemens AG (Registered) | 37285 |  | 10478915 |
|  Siemens Energy AG\* | 36075 |  | 5104399 |
|  Siemens Healthineers AG (m) | 83500 |  | 4407964 |
|  Symrise AG, Class A | 49900 |  | 4039294 |
|  thyssenkrupp AG | 288100 |  | 3139946 |
|  Tkms AG& Co. KGaA\* | 4004 |  | 311034 |

---

See Notes to Financial Statements.

809

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Volkswagen AG (Preference) (q)(x) | 10224 | $| 1244179 |
|  |  |  | 137682085 |
|  **Hong Kong (0.7%)** | **Hong Kong (0.7%)** | **Hong Kong (0.7%)** | **Hong Kong (0.7%)** |
|  Prudential plc | 467339 |  | 7209773 |
|  **India (0.4%)** | **India (0.4%)** | **India (0.4%)** | **India (0.4%)** |
|  Axis Bank Ltd. | 284400 |  | 4016686 |
|  **Indonesia (0.5%)** | **Indonesia (0.5%)** | **Indonesia (0.5%)** | **Indonesia (0.5%)** |
|  Bank Mandiri Persero Tbk. PT | 17584400 |  | 5378138 |
|  Nickel Industries Ltd. | 38546 |  | 21479 |
|  |  |  | 5399617 |
|  **Italy (2.6%)** | **Italy (2.6%)** | **Italy (2.6%)** | **Italy (2.6%)** |
|  Coca-Cola HBC AG | 10670 |  | 552581 |
|  Enel SpA | 385164 |  | 4018127 |
|  Eni SpA | 97840 |  | 1855802 |
|  Ferrari NV | 5982 |  | 2240476 |
|  Intesa Sanpaolo SpA | 1253294 |  | 8720870 |
|  Ryanair Holdings plc (ADR) | 37600 |  | 2714344 |
|  UniCredit SpA | 78988 |  | 6583269 |
|  |  |  | 26685469 |
|  **Ivory Coast (0.0%)†** | **Ivory Coast (0.0%)†** | **Ivory Coast (0.0%)†** | **Ivory Coast (0.0%)†** |
|  Endeavour Mining plc | 8773 |  | 457886 |
|  **Japan (16.4%)** | **Japan (16.4%)** | **Japan (16.4%)** | **Japan (16.4%)** |
|  77 Bank Ltd. (The) (x) | 1400 |  | 67399 |
|  A&D HOLON Holdings Co. Ltd. | 1200 |  | 15636 |
|  ABC-Mart, Inc. (x) | 2400 |  | 40702 |
|  Achilles Corp. | 1000 |  | 9231 |
|  Acom Co. Ltd. | 13300 |  | 41979 |
|  ADEKA Corp. (x) | 1500 |  | 37117 |
|  Advan Group Co. Ltd. | 1400 |  | 8178 |
|  Advance Create Co. Ltd. (x)\* | 200 |  | 366 |
|  Advantest Corp. | 15400 |  | 1930407 |
|  Adways, Inc. | 1700 |  | 2865 |
|  Aeon Co. Ltd. (x) | 61059 |  | 965546 |
|  Aeon Fantasy Co. Ltd.\* | 400 |  | 7712 |
|  AEON Financial Service Co. Ltd. | 1500 |  | 16615 |
|  Aeon Hokkaido Corp. | 900 |  | 5252 |
|  AGC, Inc. (x) | 5100 |  | 169078 |
|  Ai Holdings Corp. | 600 |  | 10832 |
|  Aica Kogyo Co. Ltd. | 700 |  | 15721 |
|  Aichi Corp. | 2100 |  | 18354 |
|  Aichi Financial Group, Inc. (x) | 32 |  | 940 |
|  Aichi Steel Corp. | 2400 |  | 44755 |
|  Aichi Tokei Denki Co. Ltd. | 300 |  | 5152 |
|  Aida Engineering Ltd. | 3300 |  | 25133 |
|  Aiful Corp. | 6900 |  | 24624 |
|  Ain Holdings, Inc. | 200 |  | 8536 |
|  Aiphone Co. Ltd. | 800 |  | 15051 |
|  Air Water, Inc. | 4100 |  | 59076 |
|  Airport Facilities Co. Ltd. | 1200 |  | 7760 |
|  Airtech Japan Ltd. | 300 |  | 2220 |
|  Aisan Industry Co. Ltd. (x) | 1500 |  | 21403 |
|  Aisin Corp. | 10244 |  | 191356 |
|  Aizawa Securities Group Co. Ltd. | 2200 |  | 19635 |
|  Ajinomoto Co., Inc. | 23200 |  | 491282 |
|  Akebono Brake Industry Co. Ltd.\* | 5700 |  | 4258 |
|  Akita Bank Ltd. (The) | 800 |  | 20557 |
|  Alconix Corp. | 800 |  | 12855 |
|  Alfresa Holdings Corp. | 3900 |  | 60527 |
|  Alleanza Holdings Co. Ltd. | 111 |  | 866 |
|  Alpen Co. Ltd. (x) | 700 |  | 10283 |
|  Alpha Systems, Inc. | 360 |  | 9285 |
|  Alps Alpine Co. Ltd. | 3332 |  | 42405 |
|  ALSOK Co. Ltd. | 9900 |  | 77834 |
|  Altech Corp. | 1100 |  | 19010 |
|  Amada Co. Ltd. | 5500 |  | 65028 |
|  Amano Corp. | 600 |  | 16134 |
|  Amuse, Inc. | 600 |  | 7366 |
|  Amvis Holdings, Inc. | 2100 |  | 6355 |
|  ANA Holdings, Inc. | 14500 |  | 275763 |
|  and ST HD Co. Ltd. (x) | 760 |  | 13949 |
|  Anest Iwata Corp. | 2000 |  | 20863 |
|  Anicom Holdings, Inc. | 1000 |  | 6435 |
|  Anritsu Corp. | 2900 |  | 41554 |
|  Anycolor, Inc. (x) | 500 |  | 15481 |
|  AOKI Holdings, Inc. | 2200 |  | 25435 |
|  Aoyama Trading Co. Ltd. | 1600 |  | 25904 |
|  Aozora Bank Ltd. (x) | 4300 |  | 68876 |
|  Appier Group, Inc. (x) | 3800 |  | 26055 |
|  Arakawa Chemical Industries Ltd. | 1000 |  | 7789 |
|  Arclands Corp. (x) | 1400 |  | 17268 |
|  Arcs Co. Ltd. (x) | 1500 |  | 32415 |
|  ARE Holdings, Inc. | 2400 |  | 48953 |
|  Argo Graphics, Inc. | 3200 |  | 33115 |
|  Ariake Japan Co. Ltd. | 800 |  | 27017 |
|  Arisawa Manufacturing Co. Ltd. | 2000 |  | 21999 |
|  Artience Co. Ltd. (x) | 200 |  | 4392 |
|  As One Corp. | 1300 |  | 19951 |
|  Asahi Co. Ltd. | 500 |  | 4166 |
|  Asahi Diamond Industrial Co. Ltd. | 4000 |  | 21246 |
|  Asahi Group Holdings Ltd. (x) | 507300 |  | 5309744 |
|  Asahi Intecc Co. Ltd. | 7000 |  | 131272 |
|  Asahi Kasei Corp. | 33900 |  | 300607 |
|  Asahi Kogyosha Co. Ltd. | 800 |  | 17671 |
|  Asahi Net, Inc. | 1000 |  | 4475 |
|  ASAHI YUKIZAI Corp. | 800 |  | 27630 |
|  Asanuma Corp. | 4000 |  | 26098 |
|  Asics Corp. | 20000 |  | 479443 |
|  ASKA Pharmaceutical Holdings Co. Ltd. | 1000 |  | 13011 |
|  ASKUL Corp. | 1800 |  | 16088 |
|  Astellas Pharma, Inc. | 44100 |  | 589258 |
|  Astena Holdings Co. Ltd. | 1000 |  | 3083 |
|  Autobacs Seven Co. Ltd. | 100 |  | 1053 |
|  Avex, Inc. | 2300 |  | 18618 |
|  Awa Bank Ltd. (The) | 100 |  | 2799 |
|  Axell Corp. | 400 |  | 3085 |
|  Axial Retailing, Inc. | 2800 |  | 20610 |
|  Azbil Corp. (x) | 14800 |  | 134404 |
|  AZ-COM MARUWA Holdings, Inc. | 2000 |  | 12602 |
|  Bandai Namco Holdings, Inc. | 13800 |  | 367554 |
|  Bando Chemical Industries Ltd. | 2000 |  | 26149 |
|  Bank of Iwate Ltd. (The) | 800 |  | 26558 |
|  Bank of Nagoya Ltd. (The) (x) | 297 |  | 8257 |
|  Bank of Saga Ltd. (The) | 700 |  | 18099 |
|  Bank of the Ryukyus Ltd. | 2500 |  | 29526 |
|  BayCurrent, Inc. | 4100 |  | 170135 |
|  Belc Co. Ltd. | 600 |  | 28843 |
|  Belluna Co. Ltd. | 3000 |  | 19076 |

---

See Notes to Financial Statements.

810

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Bic Camera, Inc. | 3300 | $35435 |
|  BIPROGY, Inc. | 2100 | 72583 |
|  Blue Zones Holdings Co. Ltd. | 500 | 27155 |
|  BML, Inc. | 1400 | 34499 |
|  Bookoff Group Holdings Ltd. | 700 | 6565 |
|  Bridgestone Corp. (x) | 30200 | 677495 |
|  Brother Industries Ltd. | 6500 | 129552 |
|  Buffalo, Inc. | 600 | 18597 |
|  Bunka Shutter Co. Ltd. (x) | 100 | 1307 |
|  CAC Holdings Corp. | 700 | 9188 |
|  Calbee, Inc. (x) | 2900 | 55356 |
|  Canon Electronics, Inc. (x) | 1100 | 25562 |
|  Canon Marketing Japan, Inc. (x) | 1200 | 52714 |
|  Canon, Inc. (x) | 23200 | 686195 |
|  Capcom Co. Ltd. (x) | 10000 | 233082 |
|  Carlit Co. Ltd. | 1000 | 12028 |
|  Casio Computer Co. Ltd. (x) | 1600 | 12972 |
|  Cawachi Ltd. | 800 | 15322 |
|  CCI Group, Inc. | 5000 | 25792 |
|  Central Glass Co. Ltd. | 1100 | 24473 |
|  Central Japan Railway Co. | 19300 | 534372 |
|  Central Security Patrols Co. Ltd. | 500 | 9720 |
|  Central Sports Co. Ltd. | 400 | 6325 |
|  Change Holdings, Inc. (x) | 1000 | 6320 |
|  Chiba Bank Ltd. (The) (x) | 15800 | 176318 |
|  Chiba Kogyo Bank Ltd. (The) | 2300 | 24815 |
|  Chino Corp. | 800 | 7206 |
|  Chiyoda Co. Ltd. | 1600 | 11144 |
|  Chiyoda Integre Co. Ltd. | 400 | 8287 |
|  Chofu Seisakusho Co. Ltd. (x) | 1200 | 15452 |
|  Chubu Electric Power Co., Inc. | 18600 | 286410 |
|  Chubu Shiryo Co. Ltd. | 1200 | 13253 |
|  Chudenko Corp. | 700 | 20087 |
|  Chugai Pharmaceutical Co. Ltd. (x) | 15500 | 815670 |
|  Chugai Ro Co. Ltd. | 400 | 11121 |
|  Chugin Financial Group, Inc. | 4200 | 66242 |
|  Chugoku Electric Power Co., Inc. (The) (x) | 9800 | 62251 |
|  Chugoku Marine Paints Ltd. | 600 | 16911 |
|  Chuo Spring Co. Ltd. | 400 | 8963 |
|  Citizen Watch Co. Ltd. | 2700 | 21994 |
|  CKD Corp. | 1100 | 21489 |
|  Cleanup Corp. | 1200 | 6696 |
|  CMK Corp. | 2400 | 8029 |
|  Coca-Cola Bottlers Japan Holdings,<br>Inc. (x) | 2473 | 50032 |
|  COLOPL, Inc. | 1700 | 4656 |
|  Colowide Co. Ltd. | 2300 | 25828 |
|  Computer Engineering & Consulting Ltd. | 1600 | 24944 |
|  Computer Institute of Japan Ltd. | 4320 | 14341 |
|  COMSYS Holdings Corp. | 2414 | 70182 |
|  Core Corp. | 400 | 5286 |
|  Corona Corp., Class A | 500 | 3036 |
|  Cosel Co. Ltd. | 1800 | 12514 |
|  Cosmo Energy Holdings Co. Ltd. | 3000 | 79960 |
|  Cosmos Pharmaceutical Corp. | 1200 | 60850 |
|  Create Restaurants Holdings, Inc. (x) | 7800 | 38641 |
|  Create SD Holdings Co. Ltd. | 100 | 2132 |
|  Credit Saison Co. Ltd. | 3500 | 94025 |
|  Cresco Ltd. | 1200 | 13376 |
|  CTI Engineering Co. Ltd. | 1400 | 26563 |
|  CyberAgent, Inc. | 10800 | 92252 |
|  Cybozu, Inc. | 500 | 8986 |
|  Dai Nippon Printing Co. Ltd. | 9700 | 166827 |
|  Dai Nippon Toryo Co. Ltd. | 1400 | 12039 |
|  Daicel Corp. (x) | 5000 | 44657 |
|  Dai-Dan Co. Ltd. | 3000 | 47421 |
|  Daido Metal Co. Ltd. | 1000 | 6263 |
|  Daido Steel Co. Ltd. | 2700 | 27571 |
|  Daifuku Co. Ltd. (x) | 9100 | 286292 |
|  Daihen Corp. | 600 | 38266 |
|  Daiichi Jitsugyo Co. Ltd. | 1200 | 23212 |
|  Dai-ichi Life Holdings, Inc. | 89300 | 743121 |
|  Daiichi Sankyo Co. Ltd. | 44800 | 957549 |
|  Daiichikosho Co. Ltd. | 1800 | 19363 |
|  Daiki Aluminium Industry Co. Ltd. | 2000 | 15398 |
|  Daikin Industries Ltd. | 6500 | 833248 |
|  Daikoku Denki Co. Ltd. | 500 | 9126 |
|  Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 800 | 21221 |
|  Daio Paper Corp. (x) | 2800 | 16642 |
|  Daiseki Co. Ltd. (x) | 1279 | 27762 |
|  Daishi Hokuetsu Financial Group, Inc. | 6300 | 65478 |
|  Daisyo Corp. | 600 | 4428 |
|  Daito Trust Construction Co. Ltd. | 8000 | 152503 |
|  Daitron Co. Ltd. (x) | 1000 | 15494 |
|  Daiwa House Industry Co. Ltd. | 13300 | 441352 |
|  Daiwa Industries Ltd. | 1000 | 10151 |
|  Daiwa Securities Group, Inc. | 35300 | 308852 |
|  Daiwabo Holdings Co. Ltd. | 3050 | 59991 |
|  DCM Holdings Co. Ltd. | 2500 | 25935 |
|  Dear Life Co. Ltd. | 1000 | 7214 |
|  DeNA Co. Ltd. | 2400 | 38887 |
|  Denka Co. Ltd. (x) | 2600 | 45538 |
|  Denso Corp. | 48600 | 669553 |
|  Dentsu Group, Inc. (x)\* | 5300 | 112469 |
|  Dentsu Soken, Inc. | 1500 | 26219 |
|  Denyo Co. Ltd. | 1100 | 25176 |
|  Dexerials Corp. | 4500 | 75512 |
|  DIC Corp. | 1299 | 30294 |
|  Digital Arts, Inc. | 400 | 15960 |
|  Digital Garage, Inc. (x) | 500 | 8638 |
|  dip Corp. (x) | 1200 | 16946 |
|  Disco Corp. | 2400 | 738049 |
|  DKK Co. Ltd. | 600 | 10132 |
|  DKS Co. Ltd. | 400 | 21016 |
|  DMG Mori Co. Ltd. (x) | 3900 | 65631 |
|  Doshisha Co. Ltd. | 1000 | 21067 |
|  Doutor Nichires Holdings Co. Ltd. | 500 | 8293 |
|  Dowa Holdings Co. Ltd. | 900 | 42702 |
|  DTS Corp. | 4000 | 31384 |
|  Duskin Co. Ltd. | 1400 | 38030 |
|  DyDo Group Holdings, Inc. (x) | 1000 | 16158 |
|  Eagle Industry Co. Ltd. | 1000 | 18233 |
|  Earth Corp. | 100 | 3170 |
|  East Japan Railway Co. (x) | 27000 | 712232 |
|  Ebara Corp. (x) | 10000 | 235189 |
|  Ebara Jitsugyo Co. Ltd. | 1200 | 16463 |
|  Eco's Co. Ltd. | 400 | 7725 |
|  EDION Corp. | 2700 | 36525 |

---

See Notes to Financial Statements.

811

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  eGuarantee, Inc. (x) | 1600 | $18376 |
|  Ehime Bank Ltd. (The) | 1400 | 13317 |
|  Eiken Chemical Co. Ltd. (x) | 100 | 1537 |
|  Eisai Co. Ltd. (x) | 6800 | 202298 |
|  Eizo Corp. | 200 | 2856 |
|  Elecom Co. Ltd. | 1400 | 15391 |
|  Electric Power Development Co. Ltd. | 3700 | 74713 |
|  en, Inc. | 1100 | 10822 |
|  ENEOS Holdings, Inc. | 69250 | 489401 |
|  Enplas Corp. (x) | 200 | 11862 |
|  eRex Co. Ltd. | 1900 | 7448 |
|  Eslead Corp. | 500 | 21419 |
|  ESPEC Corp. | 1200 | 25702 |
|  Exedy Corp. | 500 | 17907 |
|  EXEO Group, Inc. | 6116 | 101478 |
|  Ezaki Glico Co. Ltd. (x) | 900 | 31147 |
|  FALCO HOLDINGS Co. Ltd. | 600 | 10269 |
|  FANUC Corp. (x) | 23600 | 916639 |
|  Fast Retailing Co. Ltd. | 3400 | 1235930 |
|  FCC Co. Ltd. | 300 | 7105 |
|  Feed One Co. Ltd. | 1504 | 10168 |
|  FIDEA Holdings Co. Ltd. | 700 | 8500 |
|  Financial Partners Group Co. Ltd. (x) | 1800 | 22063 |
|  FINDEX, Inc. | 1700 | 9854 |
|  Food & Life Cos. Ltd. | 3200 | 161655 |
|  Foster Electric Co. Ltd. | 1100 | 19038 |
|  FP Corp. | 800 | 13432 |
|  France Bed Holdings Co. Ltd. | 1600 | 13483 |
|  Fudo Tetra Corp. | 980 | 16598 |
|  Fuji Co. Ltd. | 1300 | 17719 |
|  Fuji Corp. (x) | 1700 | 39515 |
|  Fuji Corp. Ltd. | 1200 | 6282 |
|  Fuji Electric Co. Ltd. | 3100 | 234519 |
|  Fuji Kyuko Co. Ltd. | 1500 | 19861 |
|  Fuji Media Holdings, Inc. | 5200 | 122497 |
|  Fuji Oil Co. Ltd. | 1600 | 37293 |
|  Fuji Seal International, Inc. | 800 | 16011 |
|  Fujibo Holdings, Inc. | 500 | 26430 |
|  Fujicco Co. Ltd. | 1000 | 10106 |
|  FUJIFILM Holdings Corp. | 30010 | 640663 |
|  Fujikura Composites, Inc. | 800 | 10501 |
|  Fujikura Kasei Co. Ltd. | 1600 | 6333 |
|  Fujikura Ltd. | 5500 | 612360 |
|  Fujimi, Inc. | 1800 | 27246 |
|  Fujita Kanko, Inc. | 1500 | 25281 |
|  Fujitsu Ltd. | 198000 | 5472051 |
|  Fujiya Co. Ltd. (x) | 700 | 11288 |
|  FuKoKu Co. Ltd. | 500 | 6199 |
|  Fukuda Corp. | 200 | 9602 |
|  Fukui Bank Ltd. (The) | 1000 | 16541 |
|  Fukui Computer Holdings, Inc. | 400 | 8006 |
|  Fukuoka Financial Group, Inc. | 4784 | 154753 |
|  Fukuyama Transporting Co. Ltd. | 400 | 11287 |
|  FULLCAST Holdings Co. Ltd. (x) | 1000 | 10649 |
|  Funai Soken Holdings, Inc. | 1080 | 7901 |
|  Furukawa Co. Ltd. | 100 | 2455 |
|  Furukawa Electric Co. Ltd. (x) | 1800 | 115028 |
|  Fuso Pharmaceutical Industries Ltd. | 400 | 5912 |
|  Futaba Corp. | 2100 | 7816 |
|  Futaba Industrial Co. Ltd. | 3500 | 23394 |
|  Future Corp. (x) | 2000 | 25319 |
|  Fuyo General Lease Co. Ltd. | 1800 | 49332 |
|  G-7 Holdings, Inc. | 1200 | 10832 |
|  Gakken Holdings Co. Ltd. | 2000 | 14288 |
|  Gakujo Co. Ltd. | 400 | 4479 |
|  Galilei Co. Ltd. | 1200 | 29111 |
|  Gecoss Corp. | 800 | 7411 |
|  Genki Global Dining Concepts Corp. (x) | 600 | 11913 |
|  Geo Holdings Corp. | 300 | 3595 |
|  giftee, Inc. | 1900 | 15235 |
|  GLOBERIDE, Inc. | 1000 | 13879 |
|  Glory Ltd. | 200 | 5057 |
|  GMO internet group, Inc. | 1600 | 40020 |
|  GMO Payment Gateway, Inc. (x) | 900 | 56037 |
|  Godo Steel Ltd. | 700 | 17630 |
|  Goldcrest Co. Ltd. | 1100 | 23244 |
|  Goldwin, Inc. | 3900 | 62481 |
|  GREE Holdings, Inc. | 5100 | 13023 |
|  GS Yuasa Corp. (x) | 1300 | 31122 |
|  GSI Creos Corp. | 600 | 9499 |
|  Gun-Ei Chemical Industry Co. Ltd. | 300 | 7623 |
|  GungHo Online Entertainment, Inc.\* | 1100 | 17676 |
|  Gunma Bank Ltd. (The) | 9700 | 106976 |
|  Gunze Ltd. (x) | 500 | 13678 |
|  Gurunavi, Inc.\* | 2000 | 2081 |
|  H.U. Group Holdings, Inc. | 1400 | 30227 |
|  H2O Retailing Corp. | 2660 | 34889 |
|  Hachijuni Bank Ltd. (The) | 11616 | 125882 |
|  Hakudo Co. Ltd. | 400 | 5983 |
|  Hakuhodo DY Holdings, Inc. (x) | 7400 | 55108 |
|  Hakuto Co. Ltd. (x) | 700 | 17496 |
|  Hamakyorex Co. Ltd. | 2400 | 27165 |
|  Hamamatsu Photonics KK | 8000 | 84831 |
|  Hankyu Hanshin Holdings, Inc. | 7100 | 178724 |
|  Hanwa Co. Ltd. | 400 | 18309 |
|  Happinet Corp. | 1200 | 22561 |
|  Hard Off Corp. Co. Ltd. | 500 | 6394 |
|  Harima Chemicals Group, Inc. | 1100 | 6510 |
|  Haseko Corp. | 3000 | 59525 |
|  Hazama Ando Corp. | 4020 | 48531 |
|  Heiwa Corp. | 1820 | 23598 |
|  Heiwa Real Estate Co. Ltd. | 1400 | 19967 |
|  Heiwado Co. Ltd. (x) | 500 | 9203 |
|  Hibiya Engineering Ltd. | 400 | 12194 |
|  Hiday Hidaka Corp. (x) | 1640 | 36173 |
|  Hikari Tsushin, Inc. | 500 | 139651 |
|  Hino Motors Ltd.\* | 4200 | 10350 |
|  Hirakawa Hewtech Corp. | 420 | 7703 |
|  Hirogin Holdings, Inc. | 5900 | 59569 |
|  Hirose Electric Co. Ltd. | 723 | 79828 |
|  HIS Co. Ltd. | 3100 | 26143 |
|  Hisaka Works Ltd. | 1000 | 9812 |
|  Hisamitsu Pharmaceutical Co., Inc. | 600 | 16823 |
|  Hitachi Construction Machinery Co. Ltd. (x) | 1700 | 50249 |
|  Hitachi Ltd. | 125640 | 3931865 |
|  Hodogaya Chemical Co. Ltd. | 400 | 5720 |
|  Hokkaido Electric Power Co., Inc. | 7100 | 47639 |
|  Hokkaido Gas Co. Ltd. | 2000 | 9704 |

---

See Notes to Financial Statements.

812

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Hokkan Holdings Ltd. | 600 | $9101 |
|  Hokko Chemical Industry Co. Ltd. | 1000 | 10521 |
|  Hokuetsu Corp. (x) | 2300 | 13142 |
|  Hokuhoku Financial Group, Inc. | 2900 | 84978 |
|  Hokuriku Electric Power Co. (x) | 3300 | 20562 |
|  Hokuto Corp. | 1400 | 18090 |
|  Honda Motor Co. Ltd. | 108300 | 1061982 |
|  Honeys Holdings Co. Ltd. (x) | 1080 | 10542 |
|  Hoosiers Holdings Co. Ltd. | 2000 | 16803 |
|  Horiba Ltd. (x) | 900 | 91701 |
|  Hoshizaki Corp. (x) | 3100 | 103168 |
|  Hosiden Corp. (x) | 600 | 9534 |
|  Hosokawa Micron Corp. (x) | 800 | 28805 |
|  House Foods Group, Inc. | 1400 | 25727 |
|  Hoya Corp. | 9400 | 1421342 |
|  Hulic Co. Ltd. (x) | 11500 | 125873 |
|  Hyakugo Bank Ltd. (The) | 4000 | 29265 |
|  Hyakujushi Bank Ltd. (The) | 500 | 21259 |
|  Ibiden Co. Ltd. (x) | 5800 | 249233 |
|  Ichibanya Co. Ltd. | 4000 | 23289 |
|  Ichigo, Inc. | 10100 | 28242 |
|  Ichikoh Industries Ltd. | 2000 | 6563 |
|  Ichinen Holdings Co. Ltd. | 1300 | 17661 |
|  Ichiyoshi Securities Co. Ltd. | 2700 | 18685 |
|  Icom, Inc. | 600 | 11154 |
|  Idec Corp. | 1400 | 26098 |
|  Idemitsu Kosan Co. Ltd. | 22210 | 167738 |
|  IDOM, Inc. | 3300 | 26945 |
|  IHI Corp. | 25700 | 451932 |
|  Iida Group Holdings Co. Ltd. | 4076 | 65483 |
|  Iino Kaiun Kaisha Ltd. (x) | 400 | 3621 |
|  Inaba Denki Sangyo Co. Ltd. | 3000 | 48829 |
|  Inaba Seisakusho Co. Ltd. | 600 | 6110 |
|  Inabata & Co. Ltd. | 1600 | 38253 |
|  Ines Corp. | 1600 | 19949 |
|  I-Net Corp. | 550 | 8820 |
|  Infomart Corp. | 6800 | 18407 |
|  INFRONEER Holdings, Inc. (x) | 6012 | 82059 |
|  Inpex Corp. (x) | 22000 | 439185 |
|  Intage Holdings, Inc. | 300 | 3386 |
|  Internet Initiative Japan, Inc. | 2900 | 51200 |
|  Inui Global Logistics Co. Ltd. | 490 | 4292 |
|  Iseki & Co. Ltd. (x) | 1300 | 15437 |
|  Isetan Mitsukoshi Holdings Ltd. (x) | 8400 | 121999 |
|  Ishihara Sangyo Kaisha Ltd. | 200 | 3501 |
|  Isuzu Motors Ltd. | 14400 | 224265 |
|  Itfor, Inc. | 1300 | 14233 |
|  Ito En Ltd. | 800 | 15705 |
|  ITOCHU Corp. | 174000 | 2193884 |
|  Itochu Enex Co. Ltd. | 400 | 4847 |
|  Itochu-Shokuhin Co. Ltd. | 300 | 21527 |
|  Itoham Yonekyu Holdings, Inc. (x) | 14 | 501 |
|  Itoki Corp. (x) | 800 | 12462 |
|  IwaiCosmo Holdings, Inc. | 1100 | 22963 |
|  Iwatani Corp. | 5600 | 58899 |
|  Iyogin Holdings, Inc. (x) | 5600 | 91218 |
|  Izumi Co. Ltd. | 400 | 7661 |
|  J Front Retailing Co. Ltd. | 6600 | 92486 |
|  Jaccs Co. Ltd. | 700 | 19372 |
|  JAFCO Group Co. Ltd. (x) | 2200 | 33848 |
|  JANOME Corp. | 1200 | 8925 |
|  Japan Airlines Co. Ltd. | 11600 | 215130 |
|  Japan Airport Terminal Co. Ltd. | 2100 | 58801 |
|  Japan Aviation Electronics Industry Ltd. | 1700 | 27306 |
|  Japan Cash Machine Co. Ltd. (x) | 1100 | 7219 |
|  Japan Communications, Inc.\* | 1100 | 1025 |
|  Japan Display, Inc.\* | 17300 | 2209 |
|  Japan Electronic Materials Corp. (x) | 500 | 12273 |
|  Japan Elevator Service Holdings Co. Ltd. | 4400 | 48834 |
|  Japan Exchange Group, Inc. | 26700 | 285682 |
|  Japan Lifeline Co. Ltd. | 1800 | 18110 |
|  Japan Material Co. Ltd. | 1900 | 18765 |
|  Japan Medical Dynamic Marketing, Inc. | 1000 | 3109 |
|  Japan Petroleum Exploration Co. Ltd. | 2900 | 29067 |
|  Japan Post Bank Co. Ltd. | 39800 | 561276 |
|  Japan Post Holdings Co. Ltd. | 45300 | 477322 |
|  Japan Post Insurance Co. Ltd. | 5500 | 165449 |
|  Japan Property Management Center Co. Ltd. | 200 | 1647 |
|  Japan Securities Finance Co. Ltd. | 2346 | 30313 |
|  Japan Steel Works Ltd. (The) (x) | 1700 | 83339 |
|  Japan Tobacco, Inc. (x) | 30000 | 1080184 |
|  Japan Transcity Corp. | 2000 | 14505 |
|  Japan Wool Textile Co. Ltd. (The) | 400 | 4533 |
|  JBCC Holdings, Inc. | 700 | 7137 |
|  JCR Pharmaceuticals Co. Ltd. | 3500 | 15909 |
|  JCU Corp. | 800 | 25000 |
|  Jeol Ltd. | 1200 | 38542 |
|  JFE Holdings, Inc. (x) | 14244 | 181642 |
|  JGC Holdings Corp. | 6600 | 80077 |
|  JINS Holdings, Inc. | 500 | 17652 |
|  JK Holdings Co. Ltd. | 1100 | 9494 |
|  JMDC, Inc. | 800 | 20352 |
|  JMS Co. Ltd. | 500 | 1411 |
|  J-Oil Mills, Inc. | 1000 | 12787 |
|  Joshin Denki Co. Ltd. | 1000 | 17320 |
|  JSP Corp. | 800 | 12497 |
|  JTEKT Corp. | 3400 | 37660 |
|  Juki Corp. | 1400 | 4478 |
|  Juroku Financial Group, Inc. | 400 | 18386 |
|  Justsystems Corp. | 900 | 29073 |
|  JVCKenwood Corp. | 5800 | 44433 |
|  K&O Energy Group, Inc. (x) | 500 | 12194 |
|  Kadokawa Corp. | 3468 | 70316 |
|  Kaga Electronics Co. Ltd. | 800 | 19791 |
|  Kagome Co. Ltd. | 2100 | 36144 |
|  Kajima Corp. | 10800 | 402311 |
|  Kakaku.com, Inc. | 3500 | 51660 |
|  Kaken Pharmaceutical Co. Ltd. | 500 | 12816 |
|  Kamei Corp. | 1000 | 19280 |
|  Kamigumi Co. Ltd. | 1900 | 61376 |
|  Kanaden Corp. | 1000 | 13687 |
|  Kanadevia Corp. | 5300 | 32144 |
|  Kanagawa Chuo Kotsu Co. Ltd. | 200 | 4788 |
|  Kanamoto Co. Ltd. | 1000 | 24994 |
|  Kandenko Co. Ltd. | 2900 | 93087 |
|  Kaneka Corp. | 400 | 11223 |
|  Kanematsu Corp. | 5000 | 57425 |

---

See Notes to Financial Statements.

813

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Kansai Electric Power Co., Inc. (The) | 25400 | $398091 |
|  Kansai Paint Co. Ltd. | 3800 | 60042 |
|  Kanto Denka Kogyo Co. Ltd. (x) | 2000 | 14109 |
|  Kao Corp. (x) | 11900 | 475651 |
|  Kappa Create Co. Ltd. (x) | 1800 | 17754 |
|  Kasumigaseki Capital Co. Ltd. (x) | 200 | 9385 |
|  Katakura Industries Co. Ltd. | 1400 | 25803 |
|  Katitas Co. Ltd. | 1700 | 34621 |
|  Kato Sangyo Co. Ltd. (x) | 100 | 4092 |
|  KAWADA TECHNOLOGIES, Inc. | 600 | 16758 |
|  Kawai Musical Instruments Manufacturing Co. Ltd. | 400 | 7012 |
|  Kawasaki Heavy Industries Ltd. | 3900 | 258440 |
|  Kawasaki Kisen Kaisha Ltd. (x) | 11491 | 159997 |
|  KDDI Corp. | 68900 | 1191367 |
|  KeePer Technical Laboratory Co. Ltd. (x) | 400 | 8989 |
|  Keihan Holdings Co. Ltd. | 3200 | 69030 |
|  Keihanshin Building Co. Ltd. | 1400 | 17214 |
|  Keikyu Corp. | 5600 | 54824 |
|  Keio Corp. | 2500 | 64702 |
|  Keisei Electric Railway Co. Ltd. | 8792 | 72350 |
|  Keiyo Bank Ltd. (The) | 2500 | 26558 |
|  Kewpie Corp. | 2400 | 66282 |
|  Key Coffee, Inc. (x) | 1200 | 15283 |
|  Keyence Corp. | 4860 | 1758585 |
|  KH Neochem Co. Ltd. (x) | 1500 | 23720 |
|  Kikkoman Corp. (x) | 15100 | 137080 |
|  Kimura Chemical Plants Co. Ltd. | 1100 | 8434 |
|  Kinden Corp. | 3500 | 151784 |
|  King Jim Co. Ltd. (x) | 1000 | 5254 |
|  Kintetsu Department Store Co. Ltd. | 100 | 1170 |
|  Kintetsu Group Holdings Co. Ltd. (x) | 5200 | 101915 |
|  Kioxia Holdings Corp.\* | 2600 | 173206 |
|  Kirin Holdings Co. Ltd. (x) | 21300 | 319282 |
|  Kisoji Co. Ltd. | 1400 | 22737 |
|  Kissei Pharmaceutical Co. Ltd. | 1200 | 35623 |
|  Kitagawa Corp. | 500 | 5535 |
|  Kita-Nippon Bank Ltd. (The) | 300 | 8657 |
|  Kitz Corp. (x) | 800 | 8882 |
|  Kiyo Bank Ltd. (The) | 1900 | 39543 |
|  KNT-CT Holdings Co. Ltd.\* | 400 | 4183 |
|  Koa Corp. (x) | 1500 | 13138 |
|  Koatsu Gas Kogyo Co. Ltd. | 1000 | 6684 |
|  Kobayashi Pharmaceutical Co. Ltd. (x) | 1700 | 58910 |
|  Kobe Bussan Co. Ltd. (x) | 4600 | 111300 |
|  Kobe Steel Ltd. | 10400 | 137503 |
|  Koei Tecmo Holdings Co. Ltd. | 3524 | 42869 |
|  Kohnan Shoji Co. Ltd. | 1100 | 28195 |
|  Kohsoku Corp. | 700 | 13299 |
|  Koito Manufacturing Co. Ltd. | 4000 | 58989 |
|  Kojima Co. Ltd. | 1500 | 11376 |
|  Kokusai Electric Corp. | 3100 | 108749 |
|  Kokuyo Co. Ltd. (x) | 6000 | 33543 |
|  Komatsu Ltd. | 24890 | 794497 |
|  Komatsu Matere Co. Ltd. | 2000 | 10738 |
|  Komatsu Wall Industry Co. Ltd. | 800 | 14019 |
|  KOMEDA Holdings Co. Ltd. | 1400 | 27126 |
|  Komeri Co. Ltd. | 100 | 2183 |
|  Komori Corp. | 500 | 5063 |
|  Konami Group Corp. | 1900 | 258727 |
|  Konica Minolta, Inc. (x) | 16600 | 72074 |
|  Kosaido Holdings Co. Ltd. | 4500 | 12985 |
|  Kose Corp. (x) | 1500 | 50179 |
|  Kotobuki Spirits Co. Ltd. | 4000 | 46808 |
|  Kourakuen Corp.\* | 700 | 5027 |
|  Kraftia Corp. | 1200 | 58966 |
|  Krosaki Harima Corp. | 800 | 21246 |
|  KRS Corp. | 600 | 10959 |
|  K's Holdings Corp. | 2300 | 23765 |
|  Kubota Corp. (x) | 26600 | 376397 |
|  Kumagai Gumi Co. Ltd. (x) | 4000 | 39454 |
|  Kumiai Chemical Industry Co. Ltd. | 1340 | 6022 |
|  Kura Sushi, Inc. (x) | 1200 | 24898 |
|  Kurabo Industries Ltd. | 200 | 10827 |
|  Kuraray Co. Ltd. (x) | 8200 | 83078 |
|  Kureha Corp. | 600 | 15647 |
|  Kurimoto Ltd. (x) | 3000 | 32080 |
|  Kurita Water Industries Ltd. | 2600 | 105368 |
|  Kusuri no Aoki Holdings Co. Ltd. (x) | 1300 | 38824 |
|  KYB Corp. | 1400 | 39907 |
|  Kyocera Corp. | 30700 | 430494 |
|  Kyodo Printing Co. Ltd. | 1200 | 12112 |
|  Kyoei Steel Ltd. | 1300 | 20333 |
|  Kyokuto Boeki Kaisha Ltd. | 400 | 4711 |
|  Kyokuto Kaihatsu Kogyo Co. Ltd. (x) | 600 | 11989 |
|  Kyokuto Securities Co. Ltd. | 1600 | 17293 |
|  Kyokuyo Co. Ltd. | 500 | 15561 |
|  Kyorin Pharmaceutical Co. Ltd. | 400 | 3925 |
|  Kyoritsu Maintenance Co. Ltd. (x) | 800 | 14313 |
|  Kyosan Electric Manufacturing Co. Ltd. | 2000 | 7789 |
|  Kyoto Financial Group, Inc. (x) | 6800 | 148772 |
|  Kyowa Kirin Co. Ltd. (x) | 6800 | 109701 |
|  Kyushu Electric Power Co., Inc. | 10700 | 114692 |
|  Kyushu Financial Group, Inc. | 5970 | 38799 |
|  Kyushu Railway Co. | 4100 | 106636 |
|  LAND Co. Ltd. | 1300 | 66 |
|  Lasertec Corp. (x) | 1900 | 359586 |
|  LEC, Inc. | 1200 | 8036 |
|  Leopalace21 Corp. (x) | 7300 | 30665 |
|  Life Corp. | 1400 | 22845 |
|  Link And Motivation, Inc. | 5900 | 19247 |
|  Lintec Corp. | 900 | 25396 |
|  Lion Corp. (x) | 6100 | 64217 |
|  Lixil Corp. (x) | 6540 | 79099 |
|  Look Holdings, Inc. | 400 | 6415 |
|  LY Corp. | 77200 | 205617 |
|  M&A Capital Partners Co. Ltd. | 900 | 19363 |
|  M3, Inc. (x) | 11500 | 155203 |
|  Mabuchi Motor Co. Ltd. (x) | 6400 | 58774 |
|  Macnica Holdings, Inc. | 3150 | 48113 |
|  Maezawa Kasei Industries Co. Ltd. (x) | 900 | 12640 |
|  Maezawa Kyuso Industries Co. Ltd. | 800 | 8075 |
|  Makino Milling Machine Co. Ltd. | 500 | 35240 |
|  Makita Corp. | 6300 | 190520 |
|  Management Solutions Co. Ltd. | 300 | 2637 |
|  Mandom Corp. | 1400 | 24311 |
|  Mani, Inc. | 3300 | 30569 |
|  Mars Group Holdings Corp. | 600 | 12257 |

---

See Notes to Financial Statements.

814

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Marubeni Corp. | 39500 | $1097699 |
|  Marubun Corp. | 900 | 7487 |
|  Marudai Food Co. Ltd. | 1200 | 16831 |
|  Maruha Nichiro Corp. | 3900 | 32019 |
|  Marui Group Co. Ltd. | 2800 | 57577 |
|  Maruichi Steel Tube Ltd. | 1500 | 13895 |
|  Marusan Securities Co. Ltd. | 3900 | 25271 |
|  Maruwa Co. Ltd. | 200 | 54392 |
|  Maruzen Showa Unyu Co. Ltd. (x) | 100 | 5235 |
|  Matsuda Sangyo Co. Ltd. | 800 | 26966 |
|  Matsui Construction Co. Ltd. | 1000 | 9608 |
|  Matsui Securities Co. Ltd. | 1000 | 5458 |
|  MatsukiyoCocokara & Co. (x) | 8760 | 151667 |
|  Matsuya Co. Ltd. | 2200 | 25927 |
|  Matsuyafoods Holdings Co. Ltd. | 500 | 20716 |
|  Max Co. Ltd. | 700 | 30880 |
|  Mazda Motor Corp. | 14500 | 112842 |
|  Mebuki Financial Group, Inc. | 24660 | 163413 |
|  MEC Co. Ltd. (x) | 800 | 26047 |
|  Medical System Network Co. Ltd. | 400 | 1330 |
|  Medipal Holdings Corp. | 5700 | 100798 |
|  Medley, Inc. (x)\* | 900 | 13543 |
|  Megachips Corp. (x) | 300 | 15188 |
|  Megmilk Snow Brand Co. Ltd. | 400 | 8261 |
|  Meidensha Corp. | 800 | 28447 |
|  Meiji Holdings Co. Ltd. | 6900 | 153514 |
|  Meiko Electronics Co. Ltd. (x) | 500 | 34187 |
|  Meiko Network Japan Co. Ltd. | 900 | 4131 |
|  MEITEC Group Holdings, Inc. | 1600 | 36221 |
|  Meito Co. Ltd. | 600 | 9239 |
|  Meiwa Corp. | 900 | 5435 |
|  Meiwa Estate Co. Ltd. | 700 | 5086 |
|  Menicon Co. Ltd. | 2900 | 29567 |
|  Mercari, Inc. (x)\* | 3600 | 72855 |
|  Micronics Japan Co. Ltd. | 1100 | 49508 |
|  Midac Holdings Co. Ltd. | 1500 | 18386 |
|  Milbon Co. Ltd. | 1140 | 17722 |
|  Minebea Mitsumi, Inc. | 8737 | 175197 |
|  Ministop Co. Ltd. | 900 | 12382 |
|  Mirait One Corp. | 1100 | 24614 |
|  Mirarth Holdings, Inc. | 4400 | 10871 |
|  MISUMI Group, Inc. | 7300 | 114039 |
|  Mito Securities Co. Ltd. | 3000 | 10610 |
|  Mitsuba Corp. | 2000 | 13355 |
|  Mitsubishi Chemical Group Corp. | 38520 | 225036 |
|  Mitsubishi Corp. | 98130 | 2246515 |
|  Mitsubishi Electric Corp. | 51500 | 1507453 |
|  Mitsubishi Estate Co. Ltd. | 99700 | 2432033 |
|  Mitsubishi Gas Chemical Co., Inc. | 4500 | 81574 |
|  Mitsubishi HC Capital, Inc. | 18620 | 155840 |
|  Mitsubishi Heavy Industries Ltd. | 88600 | 2172012 |
|  Mitsubishi Kakoki Kaisha Ltd. | 900 | 18530 |
|  Mitsubishi Logisnext Co. Ltd. | 1000 | 9819 |
|  Mitsubishi Logistics Corp. | 6000 | 45870 |
|  Mitsubishi Materials Corp. (x) | 2300 | 53888 |
|  Mitsubishi Motors Corp. (x) | 26200 | 62054 |
|  Mitsubishi Pencil Co. Ltd. (x) | 100 | 1390 |
|  Mitsubishi Research Institute, Inc. | 400 | 12743 |
|  Mitsubishi Steel Manufacturing Co. Ltd. | 700 | 8388 |
|  Mitsubishi UFJ Financial Group, Inc. | 308900 | 4916290 |
|  Mitsuboshi Belting Ltd. | 400 | 10023 |
|  Mitsui & Co. Ltd. | 74400 | 2205306 |
|  Mitsui Chemicals, Inc. | 7862 | 100483 |
|  Mitsui DM Sugar Co. Ltd. (x) | 1000 | 21259 |
|  Mitsui E&S Co. Ltd. (x) | 2300 | 81639 |
|  Mitsui Fudosan Co. Ltd. | 67200 | 763851 |
|  Mitsui High-Tec, Inc. | 4000 | 19408 |
|  Mitsui Kinzoku Co. Ltd. | 1600 | 180133 |
|  Mitsui Matsushima Holdings Co. Ltd. (x) | 500 | 4507 |
|  Mitsui OSK Lines Ltd. (x) | 9800 | 294676 |
|  Mitsui-Soko Holdings Co. Ltd. (x) | 1200 | 28567 |
|  Miura Co. Ltd. | 3000 | 58204 |
|  Miyaji Engineering Group, Inc. (x) | 1600 | 19203 |
|  Miyakoshi Holdings, Inc. (x)\* | 300 | 1551 |
|  Miyazaki Bank Ltd. (The) | 800 | 33401 |
|  Mizuho Financial Group, Inc. | 66037 | 2403032 |
|  Mizuho Leasing Co. Ltd. | 4200 | 37887 |
|  Mizuno Corp. (x) | 2100 | 41493 |
|  Mochida Pharmaceutical Co. Ltd. | 1000 | 22568 |
|  Modec, Inc. (x) | 1000 | 75970 |
|  Monex Group, Inc. | 7000 | 32667 |
|  Money Forward, Inc.\* | 700 | 20861 |
|  Monogatari Corp. (The) | 1400 | 39415 |
|  MonotaRO Co. Ltd. (x) | 7700 | 122918 |
|  Morinaga & Co. Ltd. | 1800 | 30567 |
|  Morinaga Milk Industry Co. Ltd. | 1000 | 23774 |
|  Morozoff Ltd. | 1200 | 11813 |
|  Mory Industries, Inc. | 2000 | 13049 |
|  MOS Food Services, Inc. | 100 | 2713 |
|  MrMax Holdings Ltd. | 1200 | 6159 |
|  MS&AD Insurance Group Holdings, Inc. | 32300 | 759454 |
|  Murata Manufacturing Co. Ltd. | 43585 | 903198 |
|  Musashi Seimitsu Industry Co. Ltd. (x) | 1100 | 17935 |
|  Musashino Bank Ltd. (The) (x) | 300 | 9308 |
|  Nabtesco Corp. (x) | 3800 | 90924 |
|  NAC Co. Ltd. | 800 | 2794 |
|  Nachi-Fujikoshi Corp. | 500 | 13885 |
|  Nagaileben Co. Ltd. | 1200 | 13767 |
|  Nagano Keiki Co. Ltd. | 800 | 12416 |
|  Nagase & Co. Ltd. | 2200 | 53427 |
|  Nagawa Co. Ltd. | 400 | 16496 |
|  Nagoya Railroad Co. Ltd. (x) | 5400 | 57985 |
|  Nakabayashi Co. Ltd. | 1000 | 3735 |
|  Nakamuraya Co. Ltd. | 300 | 5889 |
|  Nakayama Steel Works Ltd. | 600 | 2360 |
|  Namura Shipbuilding Co. Ltd. (x) | 1024 | 23142 |
|  Nankai Electric Railway Co. Ltd. | 1300 | 24645 |
|  Nanto Bank Ltd. (The) (x) | 1100 | 41854 |
|  Natori Co. Ltd. | 600 | 7293 |
|  NEC Capital Solutions Ltd. | 300 | 7718 |
|  NEC Corp. | 33100 | 1122070 |
|  Net Protections Holdings, Inc.\* | 100 | 336 |
|  Neturen Co. Ltd. | 1700 | 13837 |
|  Nexon Co. Ltd. (x) | 12100 | 295625 |
|  Nextage Co. Ltd. | 2000 | 35304 |
|  NGK Insulators Ltd. | 3700 | 79154 |
|  NH Foods Ltd. | 2200 | 92093 |
|  NHK Spring Co. Ltd. | 3800 | 61073 |

---

See Notes to Financial Statements.

815

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Nichias Corp. | 1500 | $64888 |
|  Nichiban Co. Ltd. | 500 | 6374 |
|  Nichicon Corp. | 700 | 7311 |
|  Nichiha Corp. | 1200 | 25013 |
|  Nichirei Corp. | 4600 | 54798 |
|  Nichireki Group Co. Ltd. | 1000 | 15603 |
|  Nifco, Inc. | 2300 | 71126 |
|  Nihon Dempa Kogyo Co. Ltd. | 900 | 5872 |
|  Nihon Kohden Corp. (x) | 5200 | 55871 |
|  Nihon M&A Center Holdings, Inc. | 7200 | 33132 |
|  Nihon Nohyaku Co. Ltd. | 2000 | 12947 |
|  Nihon Parkerizing Co. Ltd. | 3100 | 28162 |
|  Nihon Trim Co. Ltd. | 200 | 6422 |
|  Nikko Co. Ltd. | 1000 | 5050 |
|  Nikkon Holdings Co. Ltd. (x) | 2800 | 60884 |
|  Nikon Corp. (x) | 8300 | 92411 |
|  Nintendo Co. Ltd. | 30900 | 2090050 |
|  Nippon Air Conditioning Services Co. Ltd. | 1200 | 9883 |
|  Nippon Beet Sugar Manufacturing Co. Ltd. | 700 | 17116 |
|  Nippon Carbide Industries Co., Inc. | 300 | 4907 |
|  Nippon Carbon Co. Ltd. | 600 | 16911 |
|  Nippon Ceramic Co. Ltd. | 800 | 19229 |
|  Nippon Chemical Industrial Co. Ltd. | 400 | 7076 |
|  Nippon Chemi-Con Corp.\* | 700 | 6480 |
|  Nippon Coke & Engineering Co. Ltd.\* | 10000 | 6895 |
|  Nippon Concrete Industries Co. Ltd. | 1000 | 2126 |
|  Nippon Denko Co. Ltd. (x) | 5000 | 11427 |
|  Nippon Densetsu Kogyo Co. Ltd. | 400 | 8452 |
|  Nippon Electric Glass Co. Ltd. (x) | 1800 | 70729 |
|  Nippon Express Holdings, Inc. | 5200 | 111244 |
|  Nippon Fine Chemical Co. Ltd. | 1000 | 18220 |
|  Nippon Gas Co. Ltd. | 3300 | 62581 |
|  Nippon Hume Corp. (x) | 2000 | 19395 |
|  Nippon Kanzai Holdings Co. Ltd. | 800 | 14219 |
|  Nippon Kayaku Co. Ltd. | 5000 | 53674 |
|  Nippon Light Metal Holdings Co. Ltd. | 1480 | 24093 |
|  Nippon Paint Holdings Co. Ltd. (x) | 22900 | 153139 |
|  Nippon Paper Industries Co. Ltd. | 2800 | 20789 |
|  Nippon Parking Development Co. Ltd. | 13000 | 21578 |
|  Nippon Sanso Holdings Corp. (x) | 4800 | 143044 |
|  Nippon Seisen Co. Ltd. | 1000 | 7629 |
|  Nippon Sharyo Ltd. | 400 | 9665 |
|  Nippon Sheet Glass Co. Ltd.\* | 3800 | 14313 |
|  Nippon Shinyaku Co. Ltd. | 1700 | 61319 |
|  Nippon Shokubai Co. Ltd. | 4000 | 51213 |
|  Nippon Signal Co. Ltd. | 2800 | 23417 |
|  Nippon Soda Co. Ltd. | 800 | 18488 |
|  Nippon Steel Corp. (x) | 134075 | 549345 |
|  Nippon Television Holdings, Inc. | 4100 | 99595 |
|  Nippon Thompson Co. Ltd. (x) | 4000 | 20863 |
|  Nippon Yakin Kogyo Co. Ltd. | 650 | 18777 |
|  Nippon Yusen KK (x) | 10100 | 327425 |
|  Nipro Corp. (x) | 4700 | 44318 |
|  Nishimatsu Construction Co. Ltd. (x) | 900 | 32842 |
|  Nishimatsuya Chain Co. Ltd. (x) | 700 | 9157 |
|  Nishi-Nippon Financial Holdings, Inc. | 4000 | 81997 |
|  Nishi-Nippon Railroad Co. Ltd. | 1100 | 19635 |
|  Nissan Chemical Corp. | 1900 | 65052 |
|  Nissan Motor Co. Ltd. (x)\* | 68720 | 171142 |
|  Nissan Shatai Co. Ltd. | 900 | 5820 |
|  Nissei Plastic Industrial Co. Ltd. | 1000 | 5624 |
|  Nissha Co. Ltd. | 2200 | 17556 |
|  Nisshin Group Holdings Co. Ltd. | 2600 | 12416 |
|  Nisshin Seifun Group, Inc. | 5605 | 68774 |
|  Nisshinbo Holdings, Inc. (x) | 4468 | 37395 |
|  Nissin Foods Holdings Co. Ltd. (x) | 6200 | 115241 |
|  Nissui Corp. | 6400 | 46742 |
|  Niterra Co. Ltd. | 4000 | 175970 |
|  Nitori Holdings Co. Ltd. (x) | 10000 | 175083 |
|  Nitta Corp. | 1100 | 29600 |
|  Nittetsu Mining Co. Ltd. | 3000 | 42843 |
|  Nitto Boseki Co. Ltd. | 300 | 19535 |
|  Nitto Denko Corp. | 16300 | 386584 |
|  Nitto Fuji Flour Milling Co. Ltd. | 200 | 9027 |
|  Nitto Kogyo Corp. (x) | 300 | 7881 |
|  Nitto Kohki Co. Ltd. | 700 | 8227 |
|  Nitto Seiko Co. Ltd. | 1000 | 4533 |
|  Nittoc Construction Co. Ltd. | 750 | 6210 |
|  NOF Corp. | 6600 | 126868 |
|  Nohmi Bosai Ltd. | 1000 | 24642 |
|  Nojima Corp. | 5400 | 41024 |
|  NOK Corp. | 800 | 14341 |
|  Nomura Co. Ltd. | 4000 | 33938 |
|  Nomura Holdings, Inc. | 85700 | 711796 |
|  Nomura Micro Science Co. Ltd. (x) | 1100 | 20920 |
|  Nomura Real Estate Holdings, Inc. | 14000 | 86427 |
|  Nomura Research Institute Ltd. | 9609 | 369355 |
|  Noritsu Koki Co. Ltd. | 700 | 8299 |
|  Noritz Corp. | 100 | 1274 |
|  North Pacific Bank Ltd. | 5100 | 27610 |
|  NPR-RIKEN Corp. | 1208 | 27879 |
|  NS Solutions Corp. (x) | 2000 | 56461 |
|  NS United Kaiun Kaisha Ltd. (x) | 400 | 15577 |
|  NSD Co. Ltd. | 2260 | 49979 |
|  NSK Ltd. | 9100 | 56689 |
|  NSW, Inc. | 400 | 6458 |
|  NTN Corp. (x) | 13000 | 30508 |
|  NTT, Inc. | 1372500 | 1381788 |
|  Nxera Pharma Co. Ltd. (x)\* | 2700 | 14255 |
|  Obara Group, Inc. (x) | 800 | 19561 |
|  Obayashi Corp. | 17300 | 361043 |
|  OBIC Business Consultants Co. Ltd. | 600 | 32379 |
|  Obic Co. Ltd. | 9400 | 295370 |
|  Odakyu Electric Railway Co. Ltd. | 7899 | 86131 |
|  Oenon Holdings, Inc. (x) | 3000 | 9748 |
|  Ogaki Kyoritsu Bank Ltd. (The) (x) | 1600 | 47906 |
|  Ohara, Inc. | 400 | 2633 |
|  Ohashi Technica, Inc. | 1200 | 9224 |
|  Ohsho Food Service Corp. | 600 | 12315 |
|  Oiles Corp. | 1560 | 23414 |
|  Oisix ra daichi, Inc. (x) | 2200 | 20969 |
|  Oita Bank Ltd. (The) | 700 | 29003 |
|  Oji Holdings Corp. | 21500 | 118069 |
|  Okabe Co. Ltd. | 2700 | 16599 |
|  Okamura Corp. | 1700 | 24886 |
|  Okasan Securities Group, Inc. | 6000 | 28805 |
|  Oki Electric Industry Co. Ltd. | 3600 | 45621 |

---

See Notes to Financial Statements.

816

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Okinawa Electric Power Co., Inc. (The) | 2273 | $16180 |
|  OKUMA Corp. (x) | 600 | 13904 |
|  Okumura Corp. | 300 | 11855 |
|  Okura Industrial Co. Ltd. (x) | 600 | 18635 |
|  Okuwa Co. Ltd. | 1000 | 5395 |
|  Olympus Corp. | 27400 | 347135 |
|  Omron Corp. (x) | 4800 | 121348 |
|  Ono Pharmaceutical Co. Ltd. | 9800 | 135920 |
|  Onoken Co. Ltd. | 1000 | 9129 |
|  Onward Holdings Co. Ltd. | 1000 | 4692 |
|  Open House Group Co. Ltd. | 1400 | 82245 |
|  Open Up Group, Inc. | 3000 | 35297 |
|  Optex Group Co. Ltd. (x) | 1600 | 26098 |
|  Optorun Co. Ltd. | 1000 | 12194 |
|  Oracle Corp. | 1000 | 84206 |
|  Organo Corp. (x) | 700 | 57894 |
|  Orient Corp. | 1650 | 11218 |
|  Oriental Land Co. Ltd. (x) | 30000 | 555126 |
|  Oriental Shiraishi Corp. | 450 | 1189 |
|  ORIX Corp. | 28000 | 814045 |
|  Osaka Gas Co. Ltd. | 9500 | 329322 |
|  Osaka Soda Co. Ltd. | 500 | 6914 |
|  Osaka Steel Co. Ltd. (x) | 800 | 14193 |
|  OSAKA Titanium Technologies Co. Ltd. (x) | 1100 | 13209 |
|  Osaki Electric Co. Ltd. | 1000 | 7929 |
|  OSG Corp. (x) | 2200 | 32107 |
|  Otsuka Corp. | 5100 | 105230 |
|  Otsuka Holdings Co. Ltd. (x) | 10900 | 617439 |
|  Oyo Corp. | 1200 | 21489 |
|  Pacific Industrial Co. Ltd. | 2000 | 41305 |
|  Pacific Metals Co. Ltd. | 899 | 13005 |
|  Pack Corp. (The) | 2700 | 22253 |
|  PAL GROUP Holdings Co. Ltd. | 1600 | 20797 |
|  PALTAC Corp. | 1050 | 32337 |
|  Pan Pacific International Holdings Corp. | 55500 | 330328 |
|  Panasonic Holdings Corp. | 58385 | 754227 |
|  Park24 Co. Ltd. | 4000 | 53371 |
|  Pasona Group, Inc. | 1000 | 12928 |
|  Pegasus Co. Ltd. | 1200 | 5952 |
|  Penta-Ocean Construction Co. Ltd. (x) | 2700 | 27157 |
|  PeptiDream, Inc.\* | 3500 | 37013 |
|  Persol Holdings Co. Ltd. | 47100 | 87380 |
|  Pharma Foods International Co. Ltd. | 700 | 3034 |
|  PIA Corp.\* | 300 | 5089 |
|  Pigeon Corp. (x) | 4300 | 44238 |
|  PILLAR Corp. (x) | 1000 | 30612 |
|  Pilot Corp. | 1100 | 34221 |
|  Piolax, Inc. | 1500 | 16586 |
|  Pola Orbis Holdings, Inc. | 3000 | 24936 |
|  Premium Group Co. Ltd. | 600 | 7423 |
|  Press Kogyo Co. Ltd. | 5000 | 25919 |
|  Prima Meat Packers Ltd. | 1400 | 23819 |
|  Procrea Holdings, Inc. | 1176 | 16359 |
|  Pronexus, Inc. | 1300 | 9511 |
|  PS Construction Co. Ltd. | 800 | 14622 |
|  Raito Kogyo Co. Ltd. | 800 | 17288 |
|  Raiznext Corp. | 200 | 3106 |
|  Raksul, Inc. | 2200 | 24803 |
|  Rakus Co. Ltd. | 4000 | 26558 |
|  Rakuten Bank Ltd.\* | 1900 | 83841 |
|  Rakuten Group, Inc. (x)\* | 38900 | 249333 |
|  Rasa Corp. | 500 | 5813 |
|  Rasa Industries Ltd. | 400 | 16011 |
|  Recruit Holdings Co. Ltd. | 37200 | 2101050 |
|  Relo Group, Inc. | 3600 | 39427 |
|  Renaissance, Inc. | 500 | 3463 |
|  Renesas Electronics Corp. (x)\* | 43200 | 590194 |
|  Rengo Co. Ltd. | 300 | 2328 |
|  RENOVA, Inc.\* | 2800 | 12245 |
|  Resona Holdings, Inc. | 60600 | 577603 |
|  Resonac Holdings Corp. (x) | 5000 | 208312 |
|  Resorttrust, Inc. | 3800 | 47609 |
|  Restar Corp. | 700 | 12490 |
|  Rheon Automatic Machinery Co. Ltd. | 1000 | 9282 |
|  Ricoh Co. Ltd. (x) | 13100 | 114909 |
|  Riken Keiki Co. Ltd. | 700 | 14300 |
|  Riken Technos Corp. | 2000 | 19599 |
|  Ringer Hut Co. Ltd. | 900 | 13152 |
|  Rinnai Corp. | 2200 | 55618 |
|  Riso Kagaku Corp. | 800 | 6374 |
|  Riso Kyoiku Group Corp. | 3900 | 5004 |
|  Rock Field Co. Ltd. (x) | 1200 | 10312 |
|  Rohm Co. Ltd. (x) | 9600 | 136057 |
|  Rohto Pharmaceutical Co. Ltd. | 4800 | 80531 |
|  Rorze Corp. | 1100 | 15787 |
|  Round One Corp. (x) | 4900 | 35036 |
|  Royal Holdings Co. Ltd. (x) | 3600 | 30291 |
|  Ryobi Ltd. | 1400 | 24489 |
|  Ryoden Corp. | 500 | 11523 |
|  Ryohin Keikaku Co. Ltd. | 12400 | 220230 |
|  Ryoyo Ryosan Holdings, Inc. | 1224 | 24263 |
|  S Foods, Inc. | 500 | 8689 |
|  Sagami Holdings Corp. | 1000 | 12117 |
|  Saibu Gas Holdings Co. Ltd. | 1300 | 18715 |
|  Saizeriya Co. Ltd. | 600 | 20991 |
|  Sakai Chemical Industry Co. Ltd. (x) | 800 | 16241 |
|  Sakai Heavy Industries Ltd. | 400 | 5350 |
|  Sakai Moving Service Co. Ltd. | 800 | 14642 |
|  Sakata INX Corp. (x) | 2000 | 30248 |
|  Sakata Seed Corp. (x) | 1100 | 29986 |
|  Sakura Internet, Inc. (x) | 1000 | 17748 |
|  Sala Corp. | 1000 | 7240 |
|  San Holdings, Inc. | 800 | 7651 |
|  San ju San Financial Group, Inc. | 990 | 27841 |
|  San-A Co. Ltd. | 1600 | 30266 |
|  San-Ai Obbli Co. Ltd. | 2000 | 26966 |
|  Sangetsu Corp. | 1800 | 35738 |
|  San-In Godo Bank Ltd. (The) | 3400 | 32320 |
|  Sanix Holdings, Inc.\* | 1800 | 2459 |
|  Sanken Electric Co. Ltd. (x)\* | 400 | 14757 |
|  Sanki Engineering Co. Ltd. (x) | 1400 | 51302 |
|  Sankyo Co. Ltd. | 6400 | 103820 |
|  Sankyo Seiko Co. Ltd. | 2000 | 8938 |
|  Sankyo Tateyama, Inc. | 1700 | 6902 |
|  Sankyu, Inc. | 800 | 43187 |
|  Sanoh Industrial Co. Ltd. | 1400 | 7669 |

---

See Notes to Financial Statements.

817

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Sanrio Co. Ltd. (x) | 4200 | $131840 |
|  Sansan, Inc.\* | 1100 | 12177 |
|  Santen Pharmaceutical Co. Ltd. | 10700 | 111071 |
|  Sanwa Holdings Corp. | 5300 | 138015 |
|  Sanyo Chemical Industries Ltd. | 600 | 19995 |
|  Sanyo Shokai Ltd. | 600 | 14900 |
|  Sapporo Holdings Ltd. (x) | 9000 | 96872 |
|  Sato Corp. | 1200 | 18394 |
|  Sato Shoji Corp. | 1000 | 14383 |
|  Satori Electric Co. Ltd. | 900 | 10790 |
|  Sawai Group Holdings Co. Ltd. (x) | 2400 | 36144 |
|  SBI ARUHI Corp. | 2100 | 12066 |
|  SBI Holdings, Inc. | 16320 | 351634 |
|  SCREEN Holdings Co. Ltd. (x) | 1900 | 184857 |
|  Scroll Corp. | 1700 | 14543 |
|  Secom Co. Ltd. | 9400 | 334437 |
|  Sega Sammy Holdings, Inc. | 5000 | 78141 |
|  Seibu Holdings, Inc. | 5600 | 153871 |
|  Seikagaku Corp. | 2400 | 10894 |
|  Seikitokyu Kogyo Co. Ltd. (x) | 600 | 6316 |
|  Seiko Epson Corp. | 6800 | 86085 |
|  Seiko Group Corp. | 100 | 4648 |
|  Seino Holdings Co. Ltd. (x) | 1300 | 19553 |
|  Seiren Co. Ltd. (x) | 1300 | 25396 |
|  Sekisui Chemical Co. Ltd. | 10000 | 168220 |
|  Sekisui House Ltd. (x) | 15300 | 341671 |
|  Sekisui Jushi Corp. | 1000 | 13604 |
|  Sekisui Kasei Co. Ltd.\* | 1000 | 2554 |
|  Senko Group Holdings Co. Ltd. | 4000 | 49885 |
|  Senshu Ikeda Holdings, Inc. | 6880 | 34743 |
|  Senshukai Co. Ltd. (x)\* | 2200 | 2879 |
|  Seven & i Holdings Co. Ltd. | 58208 | 836294 |
|  Seven Bank Ltd. | 4200 | 8181 |
|  SG Holdings Co. Ltd. (x) | 7400 | 67722 |
|  Sharp Corp. (x)\* | 8300 | 40843 |
|  Shibaura Mechatronics Corp. | 600 | 72549 |
|  Shibusawa Logistics Corp. | 2400 | 19535 |
|  Shibuya Corp. | 700 | 15373 |
|  SHIFT, Inc. (x)\* | 4400 | 27584 |
|  Shiga Bank Ltd. (The) (x) | 200 | 9168 |
|  Shikoku Bank Ltd. (The) | 1600 | 17957 |
|  Shikoku Electric Power Co., Inc. | 2700 | 26726 |
|  Shikoku Kasei Holdings Corp. (x) | 1000 | 17524 |
|  Shima Seiki Manufacturing Ltd. | 900 | 5792 |
|  Shimadaya Corp. | 600 | 6722 |
|  Shimadzu Corp. | 6900 | 183601 |
|  Shimamura Co. Ltd. | 1500 | 97868 |
|  Shimano, Inc. (x) | 2200 | 232233 |
|  Shimizu Bank Ltd. (The) | 400 | 6208 |
|  Shimizu Corp. | 13300 | 226577 |
|  Shimojima Co. Ltd. | 800 | 6925 |
|  Shin Nippon Air Technologies Co. Ltd. | 200 | 4016 |
|  Shin Nippon Biomedical Laboratories Ltd. | 700 | 7472 |
|  Shinagawa Refra Co. Ltd. (x) | 1500 | 20253 |
|  Shindengen Electric Manufacturing Co. Ltd. | 400 | 8580 |
|  Shin-Etsu Chemical Co. Ltd. | 43500 | 1353265 |
|  Shin-Etsu Polymer Co. Ltd. | 100 | 1278 |
|  Shinko Shoji Co. Ltd. | 2200 | 15000 |
|  Shinmaywa Industries Ltd. | 1800 | 22017 |
|  Shinnihon Corp. | 1600 | 20787 |
|  Shinsho Corp. | 900 | 14542 |
|  Shinwa Co. Ltd. | 600 | 11874 |
|  Shionogi & Co. Ltd. | 17200 | 311959 |
|  Ship Healthcare Holdings, Inc. | 3100 | 51940 |
|  Shiseido Co. Ltd. (x) | 9800 | 142520 |
|  Shizuoka Financial Group, Inc. (x) | 10500 | 163023 |
|  Shizuoka Gas Co. Ltd. (x) | 3000 | 22983 |
|  SHO-BOND Holdings Co. Ltd. | 800 | 6762 |
|  Shochiku Co. Ltd. (x) | 400 | 30312 |
|  Shoei Co. Ltd. | 1600 | 18151 |
|  Showa Sangyo Co. Ltd. | 1000 | 19248 |
|  Siix Corp. | 1400 | 11699 |
|  Simplex Holdings, Inc. | 3200 | 21471 |
|  Sinanen Holdings Co. Ltd. | 400 | 16088 |
|  Sinfonia Technology Co. Ltd. (x) | 600 | 34742 |
|  Sinko Industries Ltd. | 600 | 5424 |
|  Sintokogio Ltd. | 2600 | 18043 |
|  SKY Perfect JSAT Holdings, Inc. | 3600 | 45827 |
|  Skylark Holdings Co. Ltd. (x) | 6800 | 146080 |
|  SMC Corp. | 19500 | 6779686 |
|  SMK Corp. | 300 | 5054 |
|  SMS Co. Ltd. | 2800 | 24132 |
|  Socionext, Inc. (x) | 4700 | 65696 |
|  Soda Nikka Co. Ltd. | 1000 | 6914 |
|  SoftBank Corp. | 807500 | 1107323 |
|  SoftBank Group Corp. | 94048 | 2641798 |
|  Sojitz Corp. | 5900 | 183320 |
|  Sompo Holdings, Inc. | 22450 | 764768 |
|  Sony Financial Group, Inc.\* | 173000 | 183338 |
|  Sony Group Corp. | 168700 | 4333815 |
|  Sotetsu Holdings, Inc. | 1100 | 19789 |
|  SPK Corp. | 400 | 6055 |
|  S-Pool, Inc. | 3800 | 6623 |
|  Square Enix Holdings Co. Ltd. | 7800 | 142391 |
|  SRA Holdings | 600 | 20110 |
|  ST Corp. | 600 | 5803 |
|  St Marc Holdings Co. Ltd. | 800 | 13774 |
|  Stanley Electric Co. Ltd. (x) | 3700 | 72706 |
|  Starzen Co. Ltd. | 2400 | 19229 |
|  Stella Chemifa Corp. | 500 | 14013 |
|  Strike Co. Ltd. (x) | 700 | 18412 |
|  Studio Alice Co. Ltd. | 500 | 6429 |
|  Subaru Corp. | 15600 | 338113 |
|  Sugi Holdings Co. Ltd. | 3000 | 70576 |
|  Sugimoto & Co. Ltd. | 1200 | 10725 |
|  SUMCO Corp. (x) | 10700 | 98024 |
|  Sumida Corp. (x) | 700 | 5112 |
|  Sumiseki Holdings, Inc. | 1000 | 3384 |
|  Sumitomo Bakelite Co. Ltd. | 1300 | 42849 |
|  Sumitomo Chemical Co. Ltd. | 44800 | 127444 |
|  Sumitomo Corp. | 31680 | 1094562 |
|  Sumitomo Electric Industries Ltd. | 18400 | 742978 |
|  Sumitomo Forestry Co. Ltd. (x) | 11900 | 121894 |
|  Sumitomo Heavy Industries Ltd. (x) | 2500 | 66219 |
|  Sumitomo Metal Mining Co. Ltd. | 6500 | 263793 |
|  Sumitomo Mitsui Financial Group, Inc. | 102050 | 3284181 |
|  Sumitomo Mitsui Trust Group, Inc. | 17382 | 530093 |
|  Sumitomo Osaka Cement Co. Ltd. (x) | 200 | 4852 |

---

See Notes to Financial Statements.

818

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Sumitomo Pharma Co. Ltd.\* | 4700 | $69552 |
|  Sumitomo Realty & Development Co. Ltd. | 13600 | 341389 |
|  Sumitomo Rubber Industries Ltd. (x) | 4484 | 69089 |
|  Sumitomo Seika Chemicals Co. Ltd. | 400 | 13790 |
|  Sumitomo Warehouse Co. Ltd. (The) | 1800 | 40794 |
|  Sun Frontier Fudousan Co. Ltd. | 1000 | 15322 |
|  Sundrug Co. Ltd. | 1400 | 38486 |
|  Suntory Beverage & Food Ltd. (x) | 3800 | 114674 |
|  Sun-Wa Technos Corp. | 600 | 11369 |
|  Suruga Bank Ltd. | 2100 | 22912 |
|  Suzuden Corp. | 300 | 3225 |
|  Suzuken Co. Ltd. | 1990 | 77890 |
|  Suzuki Motor Corp. | 35900 | 535039 |
|  SWCC Corp. | 500 | 33006 |
|  Sysmex Corp. | 12900 | 127032 |
|  Systena Corp. | 4900 | 16079 |
|  T Hasegawa Co. Ltd. | 1600 | 28784 |
|  T RAD Co. Ltd. | 400 | 20965 |
|  T&D Holdings, Inc. | 13700 | 316174 |
|  Tachibana Eletech Co. Ltd. | 840 | 16490 |
|  Tachi-S Co. Ltd. | 1600 | 21277 |
|  Tadano Ltd. (x) | 600 | 4064 |
|  Taihei Dengyo Kaisha Ltd. (x) | 1500 | 20713 |
|  Taiheiyo Cement Corp. | 3278 | 81259 |
|  Taiho Kogyo Co. Ltd. | 800 | 4168 |
|  Taiko Pharmaceutical Co. Ltd.\* | 1200 | 2283 |
|  Taisei Corp. | 4000 | 378830 |
|  Taisei Lamick Group Head Quarter & Innovation Co. Ltd. | 300 | 5085 |
|  Taiyo Holdings Co. Ltd. | 600 | 18241 |
|  Taiyo Yuden Co. Ltd. (x) | 2700 | 61019 |
|  Takachiho Koheki Co. Ltd. (x) | 1000 | 13528 |
|  Takamatsu Construction Group Co. Ltd. | 1000 | 25632 |
|  Takaoka Toko Co. Ltd. | 400 | 9934 |
|  Takara & Co. Ltd. | 700 | 21048 |
|  Takara Holdings, Inc. (x) | 1400 | 14363 |
|  Takara Standard Co. Ltd. | 200 | 3723 |
|  Takasago Thermal Engineering Co. Ltd. | 2200 | 62289 |
|  Takashimaya Co. Ltd. (x) | 6800 | 71260 |
|  Take And Give Needs Co. Ltd. | 600 | 2976 |
|  Takeda Pharmaceutical Co. Ltd. | 43600 | 1345799 |
|  Takeuchi Manufacturing Co. Ltd. (x) | 900 | 38783 |
|  Takuma Co. Ltd. | 1300 | 20557 |
|  Tamron Co. Ltd. (x) | 3200 | 21124 |
|  Tamura Corp. | 3000 | 11625 |
|  Tanseisha Co. Ltd. | 1950 | 19632 |
|  Tayca Corp. | 1000 | 7884 |
|  TBS Holdings, Inc. | 2500 | 92234 |
|  TDC Soft, Inc. | 1600 | 13933 |
|  TDK Corp. | 45100 | 636594 |
|  TechMatrix Corp. | 300 | 4476 |
|  Teijin Ltd. | 5200 | 44999 |
|  Teikoku Electric Manufacturing Co. Ltd. | 800 | 15679 |
|  Teikoku Sen-I Co. Ltd. | 1000 | 21067 |
|  Teikoku Tsushin Kogyo Co. Ltd. | 400 | 6828 |
|  Tekken Corp. | 800 | 23212 |
|  TerraSky Co. Ltd. (x)\* | 1100 | 14993 |
|  Terumo Corp. | 32600 | 472434 |
|  THK Co. Ltd. (x) | 2800 | 71627 |
|  TIS, Inc. | 5600 | 187942 |
|  Toa Corp./Hyogo | 1000 | 10227 |
|  Toa Corp./Tokyo | 600 | 10844 |
|  Toa Road Corp. | 2000 | 21872 |
|  Toagosei Co. Ltd. (x) | 600 | 6288 |
|  TOBISHIMA HOLDINGS, Inc. | 800 | 12033 |
|  Tobu Railway Co. Ltd. (x) | 4200 | 70800 |
|  TOC Co. Ltd. | 4700 | 25384 |
|  Tocalo Co. Ltd. | 2400 | 34076 |
|  Tochigi Bank Ltd. (The) | 6000 | 27809 |
|  Toda Corp. | 4500 | 36370 |
|  Toda Kogyo Corp.\* | 100 | 734 |
|  Toei Co. Ltd. | 1000 | 34857 |
|  Toenec Corp. | 1000 | 12379 |
|  Toho Bank Ltd. (The) | 10000 | 34538 |
|  Toho Co. Ltd. (x) | 3100 | 157929 |
|  Toho Co. Ltd./Kobe | 400 | 9959 |
|  Toho Gas Co. Ltd. | 2000 | 59538 |
|  Toho Holdings Co. Ltd. (x) | 1900 | 56622 |
|  Toho Titanium Co. Ltd. (x) | 2100 | 17737 |
|  Toho Zinc Co. Ltd.\* | 700 | 4616 |
|  Tohoku Electric Power Co., Inc. (x) | 11000 | 80969 |
|  Tokai Carbon Co. Ltd. (x) | 6400 | 39600 |
|  TOKAI Holdings Corp. | 2400 | 16563 |
|  Tokai Rika Co. Ltd. | 500 | 9943 |
|  Token Corp. | 120 | 11246 |
|  Tokio Marine Holdings, Inc. | 47200 | 1752824 |
|  Tokushu Tokai Paper Co. Ltd. | 2400 | 24208 |
|  Tokuyama Corp. | 2200 | 57907 |
|  Tokyo Century Corp. | 2200 | 28490 |
|  Tokyo Electric Power Co. Holdings, Inc.\* | 41700 | 174983 |
|  Tokyo Electron Device Ltd. | 1200 | 26009 |
|  Tokyo Electron Ltd. | 10300 | 2256742 |
|  Tokyo Energy & Systems, Inc. | 1000 | 11702 |
|  Tokyo Gas Co. Ltd. | 9300 | 368402 |
|  Tokyo Keiki, Inc. (x) | 800 | 27324 |
|  Tokyo Kiraboshi Financial Group, Inc. | 351 | 19495 |
|  Tokyo Metro Co. Ltd. (x) | 9600 | 97722 |
|  Tokyo Ohka Kogyo Co. Ltd. (x) | 2800 | 103749 |
|  Tokyo Rope Manufacturing Co. Ltd. | 800 | 8304 |
|  Tokyo Sangyo Co. Ltd. | 1000 | 6359 |
|  Tokyo Seimitsu Co. Ltd. | 1200 | 85074 |
|  Tokyo Steel Manufacturing Co. Ltd. (x) | 1300 | 12250 |
|  Tokyo Tatemono Co. Ltd. (x) | 3891 | 88084 |
|  Tokyo Tekko Co. Ltd. (x) | 400 | 15781 |
|  Tokyotokeiba Co. Ltd. | 800 | 29009 |
|  Tokyu Construction Co. Ltd. | 1040 | 8691 |
|  Tokyu Corp. | 12600 | 147204 |
|  Tokyu Fudosan Holdings Corp. (x) | 15400 | 140492 |
|  Tomen Devices Corp. | 100 | 8446 |
|  Tomoe Engineering Co. Ltd. | 1200 | 13705 |
|  Tomoku Co. Ltd. | 800 | 18029 |
|  TOMONY Holdings, Inc. | 2500 | 12513 |
|  Tomy Co. Ltd. | 2100 | 36969 |
|  TOPPAN Holdings, Inc. | 5700 | 169610 |

---

See Notes to Financial Statements.

819

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Topy Industries Ltd. | 1000 | $| 19759 |
|  Toray Industries, Inc. (x) | 36300 |  | 236376 |
|  Toridoll Holdings Corp. | 1200 |  | 32467 |
|  Toshiba TEC Corp. | 600 |  | 10495 |
|  Tosoh Corp. | 6500 |  | 97600 |
|  Totetsu Kogyo Co. Ltd. | 1000 |  | 29016 |
|  TOTO Ltd. | 3000 |  | 83006 |
|  Toukei Computer Co. Ltd. (x) | 400 |  | 10317 |
|  Tow Co. Ltd. | 1200 |  | 2873 |
|  Towa Bank Ltd. (The) | 1300 |  | 8938 |
|  Towa Corp. (x) | 2100 |  | 28824 |
|  Towa Pharmaceutical Co. Ltd. (x) | 200 |  | 4648 |
|  Toyo Corp. | 1600 |  | 17926 |
|  Toyo Engineering Corp. (x) | 1600 |  | 31461 |
|  Toyo Kanetsu KK | 1200 |  | 19007 |
|  Toyo Securities Co. Ltd. | 4000 |  | 16496 |
|  Toyo Seikan Group Holdings Ltd. | 2700 |  | 65949 |
|  Toyo Suisan Kaisha Ltd. | 2500 |  | 171572 |
|  Toyo Tanso Co. Ltd. | 700 |  | 21540 |
|  Toyo Tire Corp. | 3000 |  | 83025 |
|  Toyobo Co. Ltd. | 1700 |  | 13675 |
|  Toyoda Gosei Co. Ltd. | 600 |  | 15103 |
|  Toyota Boshoku Corp. (x) | 1800 |  | 28878 |
|  Toyota Industries Corp. (x) | 4400 |  | 500000 |
|  Toyota Motor Corp. | 259940 |  | 5569195 |
|  Toyota Tsusho Corp. | 15600 |  | 525245 |
|  TPR Co. Ltd. | 3000 |  | 24725 |
|  Transcosmos, Inc. | 100 |  | 2477 |
|  TRE Holdings Corp. | 100 |  | 1027 |
|  Trend Micro, Inc. (x)\* | 2700 |  | 112075 |
|  Tri Chemical Laboratories, Inc. (x) | 1300 |  | 22491 |
|  Trusco Nakayama Corp. (x) | 1400 |  | 21486 |
|  TS Tech Co. Ltd. | 2100 |  | 24681 |
|  Tsubakimoto Chain Co. (x) | 2700 |  | 39869 |
|  Tsubakimoto Kogyo Co. Ltd. | 600 |  | 11047 |
|  Tsukishima Holdings Co. Ltd. | 100 |  | 1802 |
|  Tsukuba Bank Ltd. | 5400 |  | 14341 |
|  Tsumura & Co. | 1500 |  | 39042 |
|  Tsuruha Holdings, Inc. (x) | 8220 |  | 151029 |
|  Tsutsumi Jewelry Co. Ltd. | 500 |  | 8133 |
|  TV Asahi Holdings Corp. | 900 |  | 19133 |
|  Tv Tokyo Holdings Corp. | 500 |  | 14620 |
|  UACJ Corp. | 1704 |  | 23095 |
|  UBE Corp. | 3000 |  | 49240 |
|  Uchida Yoko Co. Ltd. | 400 |  | 27400 |
|  Ulvac, Inc. | 1200 |  | 54239 |
|  Unicharm Corp. (x) | 29900 |  | 170841 |
|  Unipres Corp. | 1600 |  | 13095 |
|  United Arrows Ltd. | 1100 |  | 17247 |
|  United Super Markets Holdings, Inc. | 380 |  | 2193 |
|  Unitika Ltd.\* | 2900 |  | 5350 |
|  Ushio, Inc. (x) | 1700 |  | 27187 |
|  USS Co. Ltd. | 11400 |  | 124960 |
|  UT Group Co. Ltd. | 24000 |  | 30490 |
|  Valor Holdings Co. Ltd. | 500 |  | 10757 |
|  Vision, Inc. | 500 |  | 4127 |
|  Visional, Inc.\* | 700 |  | 44733 |
|  Vital KSK Holdings, Inc. | 2300 |  | 20116 |
|  Wacoal Holdings Corp. | 800 |  | 22564 |
|  Wacom Co. Ltd. | 1300 |  | 6714 |
|  Warabeya Nichiyo Holdings Co. Ltd. | 700 |  | 14680 |
|  WATAMI Co. Ltd. | 1400 |  | 8634 |
|  Weathernews, Inc. | 600 |  | 15073 |
|  West Japan Railway Co. | 13400 |  | 267418 |
|  W-Scope Corp.\* | 3400 |  | 3256 |
|  Xebio Holdings Co. Ltd. | 1400 |  | 9563 |
|  YAC Holdings Co. Ltd. | 1000 |  | 6729 |
|  Yahagi Construction Co. Ltd. | 1700 |  | 25320 |
|  Yakult Honsha Co. Ltd. (x) | 7000 |  | 109420 |
|  YAMABIKO Corp. | 200 |  | 3795 |
|  Yamada Holdings Co. Ltd. | 9472 |  | 31414 |
|  Yamagata Bank Ltd. (The) | 1400 |  | 17286 |
|  Yamaguchi Financial Group, Inc. | 4300 |  | 58279 |
|  Yamaha Corp. (x) | 8900 |  | 62074 |
|  Yamaha Motor Co. Ltd. (x) | 24000 |  | 177656 |
|  Yamaichi Electronics Co. Ltd. | 1200 |  | 44816 |
|  YA-MAN Ltd. (x) | 3200 |  | 15567 |
|  Yamatane Corp. | 1200 |  | 18049 |
|  Yamato Holdings Co. Ltd. (x) | 6800 |  | 95896 |
|  Yamato Kogyo Co. Ltd. | 1100 |  | 75070 |
|  Yamaura Corp. | 500 |  | 4740 |
|  Yamazaki Baking Co. Ltd. (x) | 2900 |  | 60966 |
|  Yaskawa Electric Corp. (x) | 5600 |  | 170031 |
|  Yasuda Logistics Corp. | 1000 |  | 14051 |
|  Yellow Hat Ltd. | 1500 |  | 15705 |
|  Yodoko Ltd. (x) | 4500 |  | 39099 |
|  Yokogawa Bridge Holdings Corp. (x) | 100 |  | 1931 |
|  Yokogawa Electric Corp. | 5000 |  | 160112 |
|  Yokohama Financial Group, Inc. | 25446 |  | 210128 |
|  Yokohama Rubber Co. Ltd. (The) (x) | 2800 |  | 107556 |
|  Yokorei Co. Ltd. | 2600 |  | 20931 |
|  Yokowo Co. Ltd. | 1000 |  | 14409 |
|  Yomeishu Seizo Co. Ltd. | 500 |  | 17492 |
|  Yondenko Corp. | 1200 |  | 11936 |
|  Yondoshi Holdings, Inc. | 900 |  | 10273 |
|  Yorozu Corp. | 700 |  | 4491 |
|  Yoshinoya Holdings Co. Ltd. (x) | 1400 |  | 27448 |
|  Yurtec Corp. | 300 |  | 5273 |
|  Yushin Co. | 1200 |  | 5447 |
|  Yushiro, Inc. | 600 |  | 10744 |
|  Zacros Corp. | 3600 |  | 26545 |
|  Zenkoku Hosho Co. Ltd. (x) | 1600 |  | 31879 |
|  Zenrin Co. Ltd. | 2550 |  | 17142 |
|  Zensho Holdings Co. Ltd. | 3200 |  | 183350 |
|  Zeon Corp. | 4300 |  | 49124 |
|  Zeria Pharmaceutical Co. Ltd. | 1100 |  | 14740 |
|  Zojirushi Corp. | 1800 |  | 17995 |
|  ZOZO, Inc. (x) | 8200 |  | 67583 |
|  Zuken, Inc. | 800 |  | 24949 |
|  |  |  | 168563798 |
|  **Luxembourg (0.5%)** | **Luxembourg (0.5%)** | **Luxembourg (0.5%)** | **Luxembourg (0.5%)** |
|  Eurofins Scientific SE (x) | 67669 |  | 4962336 |
|  **Mexico (0.5%)** | **Mexico (0.5%)** | **Mexico (0.5%)** | **Mexico (0.5%)** |
|  Fomento Economico Mexicano SAB de CV (ADR) | 46000 |  | 4649220 |
|  Fresnillo plc | 9528 |  | 428195 |
|  |  |  | 5077415 |
|  **Netherlands (5.2%)** | **Netherlands (5.2%)** | **Netherlands (5.2%)** | **Netherlands (5.2%)** |
|  Adyen NV (m)\* | 1501 |  | 2425466 |

---

See Notes to Financial Statements.

820

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Akzo Nobel NV | 92787 | $| 6455362 |
|  Argenx SE\* | 3054 |  | 2572639 |
|  ASML Holding NV | 19245 |  | 20839050 |
|  ASML Holding NV (Registered) (ADR) | 3640 |  | 3894290 |
|  ASR Nederland NV (x) | 68800 |  | 4901355 |
|  IMCD NV (x) | 35800 |  | 3253861 |
|  ING Groep NV | 149811 |  | 4227150 |
|  Koninklijke Ahold Delhaize NV | 98571 |  | 4039363 |
|  Wolters Kluwer NV | 11528 |  | 1196804 |
|  |  |  | 53805340 |
|  **New Zealand (0.1%)** | **New Zealand (0.1%)** | **New Zealand (0.1%)** | **New Zealand (0.1%)** |
|  a2 Milk Co. Ltd. (The) | 26011 |  | 159871 |
|  Auckland International Airport Ltd. (x) | 6589 |  | 31704 |
|  Chorus Ltd. | 14715 |  | 79837 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 7356 |  | 160280 |
|  Fletcher Building Ltd.\* | 17976 |  | 37428 |
|  Xero Ltd.\* | 5481 |  | 417056 |
|  |  |  | 886176 |
|  **Nigeria (0.0%)†** | **Nigeria (0.0%)†** | **Nigeria (0.0%)†** | **Nigeria (0.0%)†** |
|  Airtel Africa plc (m) | 27180 |  | 130136 |
|  **South Africa (0.2%)** | **South Africa (0.2%)** | **South Africa (0.2%)** | **South Africa (0.2%)** |
|  Anglo American plc | 52478 |  | 2182259 |
|  **South Korea (1.2%)** | **South Korea (1.2%)** | **South Korea (1.2%)** | **South Korea (1.2%)** |
|  KB Financial Group, Inc. | 71740 |  | 6210113 |
|  Samsung Electronics Co. Ltd. (Preference) (q) | 92187 |  | 5708292 |
|  |  |  | 11918405 |
|  **Spain (2.5%)** | **Spain (2.5%)** | **Spain (2.5%)** | **Spain (2.5%)** |
|  Banco Bilbao Vizcaya Argentaria SA | 285750 |  | 6733059 |
|  Banco Santander SA | 738031 |  | 8734054 |
|  Iberdrola SA | 303834 |  | 6593218 |
|  Industria de Diseno Textil SA | 56358 |  | 3731506 |
|  |  |  | 25791837 |
|  **Sweden (0.9%)** | **Sweden (0.9%)** | **Sweden (0.9%)** | **Sweden (0.9%)** |
|  Hexagon AB, Class B | 459134 |  | 5460835 |
|  Volvo AB, Class B | 123700 |  | 3975759 |
|  |  |  | 9436594 |
|  **Switzerland (0.5%)** | **Switzerland (0.5%)** | **Switzerland (0.5%)** | **Switzerland (0.5%)** |
|  Cie Financiere Richemont SA (Registered) | 24000 |  | 5212978 |
|  **United Kingdom (15.3%)** | **United Kingdom (15.3%)** | **United Kingdom (15.3%)** | **United Kingdom (15.3%)** |
|  3i Group plc | 45368 |  | 1995448 |
|  Admiral Group plc | 12600 |  | 539417 |
|  Ashtead Group plc | 140378 |  | 9623858 |
|  Associated British Foods plc | 14477 |  | 415069 |
|  AstraZeneca plc | 72168 |  | 13414754 |
|  AstraZeneca plc (ADR) | 45300 |  | 4164429 |
|  Auto Trader Group plc (m) | 44988 |  | 355602 |
|  Aviva plc | 152851 |  | 1410107 |
|  BAE Systems plc | 144757 |  | 3344446 |
|  Barclays plc | 679152 |  | 4357146 |
|  Barratt Redrow plc | 67024 |  | 344305 |
|  Beazley plc | 30938 |  | 346968 |
|  Berkeley Group Holdings plc | 4862 |  | 255858 |
|  British American Tobacco plc | 95437 |  | 5421071 |
|  BT Group plc | 283196 |  | 702582 |
|  Bunzl plc | 154964 |  | 4336426 |
|  Centrica plc | 232281 |  | 530866 |
|  Coca-Cola Europacific Partners plc | 10166 |  | 938673 |
|  Compass Group plc | 81683 |  | 2602873 |
|  Convatec Group plc (m) | 84268 |  | 276249 |
|  Croda International plc | 6948 |  | 252402 |
|  DCC plc (x) | 4932 |  | 307807 |
|  Diageo plc | 242249 |  | 5236062 |
|  Diploma plc | 6981 |  | 498262 |
|  easyJet plc | 34772 |  | 239323 |
|  Entain plc | 31145 |  | 321833 |
|  Flutter Entertainment plc, Class DI\* | 17793 |  | 3826207 |
|  Games Workshop Group plc | 1688 |  | 430494 |
|  Halma plc | 18772 |  | 895246 |
|  Hikma Pharmaceuticals plc | 7292 |  | 152353 |
|  Hiscox Ltd. | 15431 |  | 295987 |
|  Howden Joinery Group plc | 27843 |  | 312445 |
|  HSBC Holdings plc | 825931 |  | 13068076 |
|  ICG plc | 13550 |  | 375157 |
|  IMI plc | 13320 |  | 446713 |
|  Imperial Brands plc | 38128 |  | 1602999 |
|  Informa plc | 65850 |  | 784661 |
|  InterContinental Hotels Group plc | 7364 |  | 1038291 |
|  International Consolidated Airlines Group SA | 162713 |  | 908680 |
|  Intertek Group plc | 51237 |  | 3194943 |
|  J Sainsbury plc | 85640 |  | 375175 |
|  JD Sports Fashion plc | 138958 |  | 158201 |
|  Kingfisher plc | 92592 |  | 390279 |
|  Land Securities Group plc (REIT) | 38554 |  | 323246 |
|  Legal & General Group plc | 269982 |  | 953112 |
|  Lloyds Banking Group plc | 2897268 |  | 3836638 |
|  London Stock Exchange Group plc | 23761 |  | 2867204 |
|  LondonMetric Property plc (REIT) | 112518 |  | 287715 |
|  M&G plc | 110708 |  | 427391 |
|  Marks & Spencer Group plc | 104763 |  | 466010 |
|  Melrose Industries plc | 65423 |  | 518892 |
|  National Grid plc | 241045 |  | 3708923 |
|  NatWest Group plc | 373412 |  | 3280775 |
|  Next plc | 5785 |  | 1066751 |
|  Pearson plc | 34336 |  | 485974 |
|  Persimmon plc | 16556 |  | 303172 |
|  Phoenix Group Holdings plc | 36040 |  | 358035 |
|  Reckitt Benckiser Group plc | 129244 |  | 10456351 |
|  RELX plc | 88573 |  | 3605638 |
|  Rentokil Initial plc | 653067 |  | 3939350 |
|  Rightmove plc | 40654 |  | 284739 |
|  Rolls-Royce Holdings plc | 408340 |  | 6329852 |
|  Sage Group plc (The) | 48739 |  | 711506 |
|  Schroders plc | 40907 |  | 224422 |
|  Segro plc (REIT) | 66450 |  | 645271 |
|  Severn Trent plc | 13442 |  | 505343 |
|  Smith & Nephew plc | 44303 |  | 739610 |
|  Smiths Group plc | 17426 |  | 552470 |
|  Spirax Group plc | 3743 |  | 344095 |
|  SSE plc | 58686 |  | 1723715 |
|  St James's Place plc | 25555 |  | 476917 |
|  Standard Chartered plc | 89344 |  | 2194257 |

---

See Notes to Financial Statements.

821

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Tesco plc | 307820 | $1833143 |
|  Unilever plc | 168564 | 11041554 |
|  United Utilities Group plc | 34540 | 555905 |
|  Vodafone Group plc | 911328 | 1214666 |
|  Weir Group plc (The) | 13625 | 522691 |
|  Whitbread plc | 8875 | 305058 |
|  |  | 157578134 |
|  **United States (5.1%)** | **United States (5.1%)** | **United States (5.1%)** |
|  Alcoa Corp. (CRDI) | 1561 | 83964 |
|  Amcor plc (CHDI) | 20206 | 169230 |
|  Block, Inc. (CRDI)\* | 1701 | 111053 |
|  BP plc | 754235 | 4400152 |
|  CNH Industrial NV | 741200 | 6833864 |
|  Experian plc | 45506 | 2062858 |
|  GSK plc | 194734 | 4789161 |
|  Haleon plc | 444524 | 2245787 |
|  James Hardie Industries plc (CHDI)\* | 13654 | 281378 |
|  Life360, Inc. (CRDI) (m)\* | 8300 | 185723 |
|  Light & Wonder, Inc. (CRDI)\* | 619 | 65090 |
|  Newmont Corp. (CRDI) | 3851 | 386009 |
|  News Corp. (CHDI), Class B) (x) | 1221 | 36725 |
|  Reliance Worldwide Corp. Ltd. | 24282 | 62550 |
|  ResMed, Inc. (CHDI) | 20882 | 500845 |
|  Roche Holding AG | 7490 | 3103419 |
|  Sanofi SA | 96865 | 9416493 |
|  Schneider Electric SE | 28614 | 7899023 |
|  Shell plc | 278162 | 10273588 |
|  Sims Ltd. | 6752 | 81062 |
|  |  | 52987974 |
|  **Total Common Stocks (89.1%)** <br>*(Cost $604,435,565)* |  | 917128791 |
|  CLOSED END FUNDS: | CLOSED END FUNDS: | CLOSED END FUNDS: |
|  **United Kingdom (0.1%)** | **United Kingdom (0.1%)** | **United Kingdom (0.1%)** |
|  F&C Investment Trust plc | 23687 | 399750 |
|  Polar Capital Technology Trust plc\* | 59425 | 371673 |
|  Scottish Mortgage Investment Trust plc | 58354 | 932887 |
|  |  | 1704310 |
|  **United States (0.1%)** | **United States (0.1%)** | **United States (0.1%)** |
|  Pershing Square Holdings Ltd. | 6442 | 420802 |
|  **Total Closed End Funds (0.2%)** <br>(*Cost $1,127,253*) |  | 2125112 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (1.1%)** | **Investment Companies (1.1%)** |  |
|  BlackRock Liquidity FedFund, Institutional Shares 3.65% (7 day yield) (xx) | 50000 | 50000 |
|  Dreyfus Treasury Obligations Cash Management Fund 3.65% (7 day yield) (xx) | 100000 | 100000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 10072388 | 10072388 |
|  Morgan Stanley Institutional Liquidity Fund - Government Portfolio 3.69% (7 day yield) (xx) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | 11222388 |
|  **Total Short-Term Investments (1.1%)**<br> *(Cost $11,222,388)* | **Total Short-Term Investments (1.1%)**<br> *(Cost $11,222,388)* | 11222388 |
|  **Total Investments in Securities (90.4%)**<br> *(Cost $616,785,206)* | **Total Investments in Securities (90.4%)**<br> *(Cost $616,785,206)* | 930476291 |
|  **Other Assets Less Liabilities (9.6%)** | **Other Assets Less Liabilities (9.6%)** | 98301907 |
|  **Net Assets (100%)** |  | $1028778198 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $7,906,413 or 0.8% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $51,731,528. This was collateralized by $43,343,316 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/15/26 – 8/15/55 and by cash of $11,222,388 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*AUD* *— Australian Dollar* 

*CAD* *— Canadian Dollar* 

*CRDI* *— CREST Depository Interest* 

*CHDI* *— Clearing House Electronic Subregister System (CHESS)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Depository Interest* 

*CHF* *— Swiss Franc* 

*DKK* *— Denmark Krone* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*INR* *— India Rupee* 

*JPY* *— Japanese Yen* 

*KRW* *— Korean Republic Won* 

*REIT* *— Real Estate Investment Trust* 

*SEK* *— Swedish Krona* 

*TWD* *— New Taiwan Dollar* 

*USD* *— United States Dollar* 

*ZAR* *— South African Rand* 

See Notes to Financial Statements.

822

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount**<br>**($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 588 | 3/2026 | EUR | 40362338 | 459129 |
|  FTSE 100 Index | 187 | 3/2026 | GBP | 25057946 | 411389 |
|  SPI 200 Index | 68 | 3/2026 | AUD | 9842878 | 55043 |
|  TOPIX Index | 113 | 3/2026 | JPY | 24624968 | 185868 |
|  |  |  |  |  | 1111429 |

---

Forward Foreign Currency Contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  AUD | 8518942 | USD | 5660771 | HSBC Bank plc | 3/19/2026 | 24786 |
|  GBP | 6952373 | USD | 9243194 | HSBC Bank plc | 3/19/2026 | 126494 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 151280 |
|  JPY | 735404618 | USD | 4730452 | HSBC Bank plc | 3/19/2026 | (5845) |
|  USD | 10892903 | EUR | 9321209 | HSBC Bank plc | 3/19/2026 | (98971) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (104816) |
|  **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** |  | 46464 |

---

Foreign cash on the statement of assets and liabilities is maintained at JPMorgan or its affiliates and is comprised of the following (in USD): AUD 3,853,224, CAD 707, CHF 2,235, DKK 28, EUR 51,119,555, GBP 15,056,635, INR 1, JPY 19,727,635, KRW 2, SEK 67,688, TWD 73 and ZAR 55.

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Closed End Funds** | $— | $2125112 | $— | $2125112 |
|  **Common Stocks** |  |  |  |  |
|  Australia |  | 71559116 | 49290 | 71608406 |
|  Austria |  | 271346 |  | 271346 |
|  Belgium |  | 3356768 |  | 3356768 |
|  Brazil |  | 37604 |  | 37604 |
|  Canada |  | 62877 |  | 62877 |
|  Chile |  | 741708 |  | 741708 |
|  China |  | 13985970 |  | 13985970 |
|  Denmark |  | 7064108 |  | 7064108 |
|  Finland |  | 3065117 |  | 3065117 |
|  France |  | 136949989 |  | 136949989 |
|  Germany |  | 137682085 |  | 137682085 |

---

See Notes to Financial Statements.

823

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  Hong Kong | $— | $7209773 | $— | $7209773 |
|  India |  | 4016686 |  | 4016686 |
|  Indonesia |  | 5399617 |  | 5399617 |
|  Italy | 2714344 | 23971125 |  | 26685469 |
|  Ivory Coast |  | 457886 |  | 457886 |
|  Japan |  | 168563798 |  | 168563798 |
|  Luxembourg |  | 4962336 |  | 4962336 |
|  Mexico | 4649220 | 428195 |  | 5077415 |
|  Netherlands | 3894290 | 49911050 |  | 53805340 |
|  New Zealand |  | 886176 |  | 886176 |
|  Nigeria |  | 130136 |  | 130136 |
|  South Africa |  | 2182259 |  | 2182259 |
|  South Korea |  | 11918405 |  | 11918405 |
|  Spain |  | 25791837 |  | 25791837 |
|  Sweden |  | 9436594 |  | 9436594 |
|  Switzerland |  | 5212978 |  | 5212978 |
|  United Kingdom | 7990636 | 149587498 |  | 157578134 |
|  United States | 6833864 | 46154110 |  | 52987974 |
|  **Forward Currency Contracts** |  | 151280 |  | 151280 |
|  **Futures** | 1111429 |  |  | 1111429 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 11222388 |  |  | 11222388 |
|  **Total Assets** | $**38416171** | $**893273539** | $**49290** | $**931739000** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(104816) | $— | $(104816) |
|  **Total Liabilities** | $**—** | $**(104816)** | $**—** | $**(104816)** |
|  **Total** | $**38416171** | $**893168723** | $**49290** | $**931634184** |

---

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | $151280 |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | 1111429 \* |
|  **Total** |  | $1262709 |
|  | **Liability Derivatives** |  |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | $(104816) |
|  **Total** |  | $(104816) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

See Notes to Financial Statements.

824

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $— | $(8942264) | $(8942264) |
|  Equity contracts | (13253136) |  | (13253136) |
|  **Total** | $(13253136) | $(8942264) | $(22195400) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $— | $180855 | $180855 |
|  Equity contracts | 1909922 |  | 1909922 |
|  **Total** | $1909922 | $180855 | $2090777 |

---

^ The Portfolio held forward foreign currency contracts and futures contracts for hedging.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $92370000 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $64352000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 64760000 |

---

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  HSBC Bank plc | $151280 | $(104816) | $— | $46464 |
|  **Total** | $151280 | $(104816) | $— | $46464 |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  HSBC Bank plc | $104816 | $(104816) | $— | $— |
|  **Total** | $104816 | $(104816) | $— | $— |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $206169946.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $339975648.0 |

---

See Notes to Financial Statements.

825

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

During the year ended December 31, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 3%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 4%)\*** | **Net Realized<br>Gain (Loss)** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6621416 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12680146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4514122 |

---

\* Represents percentage/amount of total Purchases and/or Sales.

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $337455670 |
|  Aggregate gross unrealized depreciation | (45831605) |
|  Net unrealized appreciation | $291624065 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640010119 |

---

See Notes to Financial Statements.

826

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $616,785,206) | $930476291.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 9533726.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $89,104,711) | 89827838.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 6045280.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 5265438.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 568485.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 151280.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 50868.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 20908.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 10061.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 4182.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1041954357.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 11222388.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 587660.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 512367.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 248858.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued India taxes | 132551.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 127317.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 106912.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 104816.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1439.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 131851.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 13176159.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1028778198.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $765984863.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 262793335.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1028778198.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $607,506,218 / 40,664,399 shares outstanding (unlimited amount authorized: $0.01 par value) | $14.94 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $421,271,980 / 28,067,530 shares outstanding (unlimited amount authorized: $0.01 par value) | $15.01 |

---

*(x)* *Includes value of securities on loan of $51,731,528.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $2,467,343 foreign withholding tax) | $26359679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 923587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 102065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 27385331 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 5883985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1455915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1237131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 328900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 143217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 62514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 33307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 133790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 9278759 |
|  **NET INVESTMENT INCOME (LOSS)** | 18106572 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $56,842 on realized gain on investments) | 55581401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (13253136) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (8942264) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (789885) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 32596116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $91,989 on unrealized appreciation on investments) | 173292385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1909922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 180855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 8034803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 183417965 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 216014081 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $234120653 |

---

See Notes to Financial Statements.

827

------

#### EQ ADVISORS TRUST
EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $18106572 | $18882428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 32596116 | 48148895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 183417965 | (48921765) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 234120653 | 18109558 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (44566195) | (43867405) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (31832519) | (32070100) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (76398714) | (75937505) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 28,978 shares, respectively ] |  | 402885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (1435306) shares, respectively ] |  | (19970867) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (58836) shares, respectively ] |  | (810413) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (20378395) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,419,736 and 1,062,364 shares, respectively ] | 20162953 | 14744524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 1,434,916 shares, respectively ] |  | 19970867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 3,010,734 and 3,277,538 shares, respectively ] | 44566195 | 43867405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (6359874) and (4708003) shares, respectively ] | (91660460) | (65845462) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (26931312) | 12737334 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 21,518 and 33,930 shares, respectively ] | 314433 | 476353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 2,140,348 and 2,386,853 shares, respectively ] | 31832519 | 32070100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (4138512) and (4302105) shares, respectively ] | (60088895) | (60482180) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (27941943) | (27935727) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (54873255) | (35576788) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 102848684 | (93404735) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 925929514 | 1019334249 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1028778198 | $925929514 |

---

See Notes to Financial Statements.

828

------

#### EQ ADVISORS TRUST
EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $12.73 | $13.58 | $11.70 | $13.90 | $13.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.25 | 0.25 | 0.24 | 0.24 | 0.25 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.12 | (0.01) | 1.92 | (2.15) | 1.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.37 | 0.24 | 2.16 | (1.91) | 1.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.33) | (0.33) | (0.28) | (0.19) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.83) | (0.76) |  | (0.10) | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.16) | (1.09) | (0.28) | (0.29) | (1.13) |
|  Net asset value, end of year | $14.94 | $12.73 | $13.58 | $11.70 | $13.90 |
|  Total return | 26.66% | 1.50% | 18.52% | (13.63)% | 10.35% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $607506 | $542037 | $564119 | $532672 | $660619 |
|  Ratio of expenses to average net assets (f) | 1.04% | 1.03% | 1.03% | 1.07 %(g) | 1.08 %(g) |
|  Ratio of net investment income (loss) to average net assets (f) | 1.72% | 1.76% | 1.85% | 2.02% | 1.67 %(bb) |
|  Portfolio turnover rate^ | 23% | 15% | 10% | 18% | 14% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $12.78 | $13.64 | $11.74 | $13.95 | $13.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.29 | 0.29 | 0.28 | 0.27 | 0.28 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.14 | (0.02) | 1.93 | (2.16) | 1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.43 | 0.27 | 2.21 | (1.89) | 1.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.37) | (0.37) | (0.31) | (0.22) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.83) | (0.76) |  | (0.10) | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | (1.20) | (1.13) | (0.31) | (0.32) | (1.17) |
|  Net asset value, end of year | $15.01 | $12.78 | $13.64 | $11.74 | $13.95 |
|  Total return | 27.00% | 1.68% | 18.90% | (13.45)% | 10.65% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $421272 | $383893 | $435317 | $433140 | $467070 |
|  Ratio of expenses to average net assets (f) | 0.79% | 0.78% | 0.78% | 0.82 %(g) | 0.83 %(g) |
|  Ratio of net investment income (loss) to average net assets (f) | 1.98% | 2.04% | 2.12% | 2.23% | 1.92 %(bb) |
|  Portfolio turnover rate^ | 23% | 15% | 10% | 18% | 14% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of 0.04% and 0.06% for the years ended December 31, 2022 and 2021, respectively for each class.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.18 and $0.21 for Class IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.47% lower.* 

See Notes to Financial Statements.

829

------

EQ/INVESCO COMSTOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (8.1%)** | **Communication Services (8.1%)** | **Communication Services (8.1%)** |
|  ***Entertainment (1.4%)*** | ***Entertainment (1.4%)*** | ***Entertainment (1.4%)*** |
|  Universal Music Group NV | 58617 | $1531351 |
|  Walt Disney Co. (The) | 27479 | 3126286 |
|  |  | 4657637 |
|  ***Interactive Media & Services (4.9%)*** | ***Interactive Media & Services (4.9%)*** | ***Interactive Media & Services (4.9%)*** |
|  Alphabet, Inc., Class A | 36039 | 11280207 |
|  Meta Platforms, Inc., Class A | 7397 | 4882686 |
|  |  | 16162893 |
|  ***Media (1.8%)*** | ***Media (1.8%)*** | ***Media (1.8%)*** |
|  Charter Communications, Inc., Class A\* | 16782 | 3503242 |
|  Comcast Corp., Class A | 77600 | 2319464 |
|  |  | 5822706 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 26643236 |
|  **Consumer Discretionary (5.7%)** | **Consumer Discretionary (5.7%)** | **Consumer Discretionary (5.7%)** |
|  ***Broadline Retail (1.3%)*** | ***Broadline Retail (1.3%)*** | ***Broadline Retail (1.3%)*** |
|  eBay, Inc. | 48338 | 4210240 |
|  ***Hotels, Restaurants & Leisure (3.2%)*** | ***Hotels, Restaurants & Leisure (3.2%)*** | ***Hotels, Restaurants & Leisure (3.2%)*** |
|  Domino's Pizza, Inc. | 7613 | 3173251 |
|  Restaurant Brands International, Inc. | 55366 | 3778062 |
|  Starbucks Corp. | 41500 | 3494715 |
|  |  | 10446028 |
|  ***Textiles, Apparel & Luxury Goods (1.2%)*** | ***Textiles, Apparel & Luxury Goods (1.2%)*** | ***Textiles, Apparel & Luxury Goods (1.2%)*** |
|  NIKE, Inc., Class B | 63699 | 4058263 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 18714531 |
|  **Consumer Staples (8.3%)** | **Consumer Staples (8.3%)** | **Consumer Staples (8.3%)** |
|  ***Beverages (2.0%)*** | ***Beverages (2.0%)*** | ***Beverages (2.0%)*** |
|  Anheuser-Busch InBev SA/NV | 47794 | 3083596 |
|  Coca-Cola Co. (The) | 49459 | 3457679 |
|  |  | 6541275 |
|  ***Consumer Staples Distribution & Retail (1.5%)*** | ***Consumer Staples Distribution & Retail (1.5%)*** | ***Consumer Staples Distribution & Retail (1.5%)*** |
|  Sysco Corp. | 67057 | 4941430 |
|  ***Household Products (3.2%)*** | ***Household Products (3.2%)*** | ***Household Products (3.2%)*** |
|  Clorox Co. (The) | 32273 | 3254087 |
|  Kimberly-Clark Corp. | 19728 | 1990358 |
|  Reckitt Benckiser Group plc | 63359 | 5125994 |
|  |  | 10370439 |
|  ***Tobacco (1.6%)*** | ***Tobacco (1.6%)*** | ***Tobacco (1.6%)*** |
|  Philip Morris International, Inc. | 33645 | 5396658 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 27249802 |
|  **Energy (6.8%)** | **Energy (6.8%)** | **Energy (6.8%)** |
|  ***Energy Equipment & Services (0.5%)*** | ***Energy Equipment & Services (0.5%)*** | ***Energy Equipment & Services (0.5%)*** |
|  Tenaris SA | 92732 | 1799237 |
|  ***Oil, Gas & Consumable Fuels (6.3%)*** | ***Oil, Gas & Consumable Fuels (6.3%)*** | ***Oil, Gas & Consumable Fuels (6.3%)*** |
|  Chevron Corp. | 49138 | 7489123 |
|  ConocoPhillips | 43018 | 4026915 |
|  EQT Corp. | 31076 | 1665674 |
|  Exxon Mobil Corp. | 25354 | 3051100 |
|  Suncor Energy, Inc. | 103167 | 4576488 |
|  |  | 20809300 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 22608537 |
|  **Financials (20.4%)** | **Financials (20.4%)** | **Financials (20.4%)** |
|  ***Banks (14.1%)*** | ***Banks (14.1%)*** | ***Banks (14.1%)*** |
|  Bank of America Corp. | 221187 | 12165285 |
|  Citigroup, Inc. | 50828 | 5931119 |
|  Citizens Financial Group, Inc. | 92653 | 5411862 |
|  Fifth Third Bancorp | 103435 | 4841792 |
|  Huntington Bancshares, Inc. | 317428 | 5507376 |
|  M&T Bank Corp. | 19630 | 3955052 |
|  Wells Fargo & Co. | 95112 | 8864439 |
|  |  | 46676925 |
|  ***Capital Markets (2.9%)*** | ***Capital Markets (2.9%)*** | ***Capital Markets (2.9%)*** |
|  Goldman Sachs Group, Inc. (The) | 2265 | 1990935 |
|  State Street Corp. | 57627 | 7434459 |
|  |  | 9425394 |
|  ***Consumer Finance (0.4%)*** | ***Consumer Finance (0.4%)*** | ***Consumer Finance (0.4%)*** |
|  Capital One Financial Corp. | 5984 | 1450282 |
|  ***Insurance (3.0%)*** | ***Insurance (3.0%)*** | ***Insurance (3.0%)*** |
|  Allstate Corp. (The) | 11236 | 2338773 |
|  American International Group, Inc. | 52005 | 4449028 |
|  MetLife, Inc. | 37405 | 2952751 |
|  |  | 9740552 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 67293153 |
|  **Health Care (17.8%)** | **Health Care (17.8%)** | **Health Care (17.8%)** |
|  ***Biotechnology (0.6%)*** | ***Biotechnology (0.6%)*** | ***Biotechnology (0.6%)*** |
|  Regeneron Pharmaceuticals, Inc. | 2419 | 1867154 |
|  ***Health Care Equipment & Supplies (2.6%)*** | ***Health Care Equipment & Supplies (2.6%)*** | ***Health Care Equipment & Supplies (2.6%)*** |
|  Becton Dickinson & Co. | 15944 | 3094252 |
|  GE HealthCare Technologies, Inc. | 27183 | 2229550 |
|  Medtronic plc | 35102 | 3371898 |
|  |  | 8695700 |
|  ***Health Care Providers & Services (6.6%)*** | ***Health Care Providers & Services (6.6%)*** | ***Health Care Providers & Services (6.6%)*** |
|  CVS Health Corp. | 111072 | 8814674 |
|  Elevance Health, Inc. | 15796 | 5537288 |
|  Henry Schein, Inc.\* | 32829 | 2481216 |
|  Humana, Inc. | 7447 | 1907400 |
|  UnitedHealth Group, Inc. | 9433 | 3113927 |
|  |  | 21854505 |
|  ***Life Sciences Tools & Services (1.4%)*** | ***Life Sciences Tools & Services (1.4%)*** | ***Life Sciences Tools & Services (1.4%)*** |
|  ICON plc\* | 15454 | 2816028 |
|  IQVIA Holdings, Inc.\* | 7317 | 1649325 |
|  |  | 4465353 |
|  ***Pharmaceuticals (6.6%)*** | ***Pharmaceuticals (6.6%)*** | ***Pharmaceuticals (6.6%)*** |
|  AstraZeneca plc | 26796 | 4980902 |
|  Bristol-Myers Squibb Co. | 40816 | 2201615 |
|  Johnson & Johnson | 23896 | 4945277 |
|  Merck & Co., Inc. | 49789 | 5240790 |
|  Sanofi SA (ADR) | 91349 | 4426773 |
|  |  | 21795357 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 58678069 |
|  **Industrials (10.5%)** | **Industrials (10.5%)** | **Industrials (10.5%)** |
|  ***Aerospace & Defense (1.3%)*** | ***Aerospace & Defense (1.3%)*** | ***Aerospace & Defense (1.3%)*** |
|  Textron, Inc. | 49843 | 4344814 |

---

See Notes to Financial Statements.

830

------

EQ/INVESCO COMSTOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Air Freight & Logistics (2.0%)*** | ***Air Freight & Logistics (2.0%)*** | ***Air Freight & Logistics (2.0%)*** |
|  FedEx Corp. | 23100 | $6672666 |
|  ***Building Products (1.5%)*** | ***Building Products (1.5%)*** | ***Building Products (1.5%)*** |
|  Johnson Controls International plc | 42164 | 5049139 |
|  ***Electrical Equipment (2.4%)*** | ***Electrical Equipment (2.4%)*** | ***Electrical Equipment (2.4%)*** |
|  Eaton Corp. plc | 11203 | 3568268 |
|  Emerson Electric Co. | 31757 | 4214789 |
|  |  | 7783057 |
|  ***Machinery (2.4%)*** | ***Machinery (2.4%)*** | ***Machinery (2.4%)*** |
|  Caterpillar, Inc. | 7314 | 4189971 |
|  Westinghouse Air Brake Technologies Corp. | 17828 | 3805387 |
|  |  | 7995358 |
|  ***Professional Services (0.9%)*** | ***Professional Services (0.9%)*** | ***Professional Services (0.9%)*** |
|  TransUnion | 34506 | 2958889 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 34803923 |
|  **Information Technology (11.6%)** | **Information Technology (11.6%)** | **Information Technology (11.6%)** |
|  ***Communications Equipment (3.1%)*** | ***Communications Equipment (3.1%)*** | ***Communications Equipment (3.1%)*** |
|  Cisco Systems, Inc. | 112824 | 8690833 |
|  F5, Inc.\* | 6047 | 1543557 |
|  |  | 10234390 |
|  **IT Services (2.3%)** | **IT Services (2.3%)** | **IT Services (2.3%)** |
|  Cognizant Technology Solutions Corp., Class A | 70152 | 5822616 |
|  DXC Technology Co.\* | 124617 | 1825639 |
|  |  | 7648255 |
|  ***Semiconductors & Semiconductor Equipment (3.5%)*** | ***Semiconductors & Semiconductor Equipment (3.5%)*** | ***Semiconductors & Semiconductor Equipment (3.5%)*** |
|  Intel Corp.\* | 99568 | 3674059 |
|  NXP Semiconductors NV | 24509 | 5319924 |
|  QUALCOMM, Inc. | 13969 | 2389397 |
|  |  | 11383380 |
|  ***Software (2.7%)*** | ***Software (2.7%)*** | ***Software (2.7%)*** |
|  Microsoft Corp. | 18615 | 9002587 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 38268612 |
|  **Materials (2.7%)** | **Materials (2.7%)** | **Materials (2.7%)** |
|  ***Chemicals (1.8%)*** | ***Chemicals (1.8%)*** | ***Chemicals (1.8%)*** |
|  Corteva, Inc. | 27463 | 1840845 |
|  International Flavors & Fragrances, Inc. | 63066 | 4250018 |
|  |  | 6090863 |
|  ***Containers & Packaging (0.9%)*** | ***Containers & Packaging (0.9%)*** | ***Containers & Packaging (0.9%)*** |
|  International Paper Co. | 72458 | 2854120 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 8944983 |
|  **Real Estate (0.8%)** | **Real Estate (0.8%)** | **Real Estate (0.8%)** |
|  ***Specialized REITs (0.8%)*** | ***Specialized REITs (0.8%)*** | ***Specialized REITs (0.8%)*** |
|  SBA Communications Corp. (REIT) | 12922 | 2499503 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 2499503 |
|  **Utilities (3.7%)** | **Utilities (3.7%)** | **Utilities (3.7%)** |
|  ***Electric Utilities (0.8%)*** | ***Electric Utilities (0.8%)*** | ***Electric Utilities (0.8%)*** |
|  Evergy, Inc. | 36214 | 2625153 |
|  ***Multi-Utilities (2.9%)*** | ***Multi-Utilities (2.9%)*** | ***Multi-Utilities (2.9%)*** |
|  Dominion Energy, Inc. | 67801 | 3972460 |
|  Sempra | 65599 | 5791736 |
|  |  | 9764196 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 12389349 |
|  **Total Common Stocks (96.4%)**<br> *(Cost $204,618,307)* |  | 318093698 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (1.7%)** | **Investment Companies (1.7%)** |  |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 5447873 | 5450052 |
|  **Total Short-Term Investments (1.7%)**<br> *(Cost $5,449,916)* | **Total Short-Term Investments (1.7%)**<br> *(Cost $5,449,916)* | 5450052 |
|  **Total Investments in Securities (98.1%)**<br> *(Cost $210,068,223)* | **Total Investments in Securities (98.1%)**<br> *(Cost $210,068,223)* | 323543750 |
|  **Other Assets Less Liabilities (1.9%)** | **Other Assets Less Liabilities (1.9%)** | 6402042 |
|  **Net Assets (100%)** |  | $329945792 |

---

*\** *Non-income producing.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CAD* *— Canadian Dollar* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Forward Foreign Currency Contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  CAD | 326669 | USD | 235785 | Goldman Sachs International | 1/21/2026 | 2395 |
|  CAD | 165683 | USD | 120345 | JPMorgan Chase Bank | 1/21/2026 | 457 |
|  EUR | 109830 | USD | 128009 | Royal Bank of Canada | 1/21/2026 | 1164 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 4016 |

---

See Notes to Financial Statements.

831

------

EQ/INVESCO COMSTOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  USD | 4423235 | CAD | 6176137 | Royal Bank of Canada | 1/21/2026 | (79888) |
|  USD | 5456187 | EUR | 4688058 | Goldman Sachs International | 1/21/2026 | (57500) |
|  USD | 4952045 | GBP | 3748705 | JPMorgan Chase Bank | 1/21/2026 | (100923) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (238311) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (234295) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $25111885 | $1531351 | $— | $26643236 |
|  Consumer Discretionary | 18714531 |  |  | 18714531 |
|  Consumer Staples | 19040212 | 8209590 |  | 27249802 |
|  Energy | 20809300 | 1799237 |  | 22608537 |
|  Financials | 67293153 |  |  | 67293153 |
|  Health Care | 53697167 | 4980902 |  | 58678069 |
|  Industrials | 34803923 |  |  | 34803923 |
|  Information Technology | 38268612 |  |  | 38268612 |
|  Materials | 8944983 |  |  | 8944983 |
|  Real Estate | 2499503 |  |  | 2499503 |
|  Utilities | 12389349 |  |  | 12389349 |
|  **Forward Currency Contracts** |  | 4016 |  | 4016 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 5450052 |  |  | 5450052 |
|  **Total Assets** | $**307022670** | $**16525096** | $**—** | $**323547766** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(238311) | $— | $(238311) |
|  **Total Liabilities** | $**—** | $**(238311)** | $**—** | $**(238311)** |
|  **Total** | $**307022670** | $**16286785** | $**—** | $**323309455** |

---

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | $4016 |
|  **Total** |  | $4016 |
|  | **Liability Derivatives** |  |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | $(238311) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(238311) |

---

See Notes to Financial Statements.

832

------

EQ/INVESCO COMSTOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $(705565) | $(705565) |
|  **Total** | $(705565) | $(705565) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $(436642) | $(436642) |
|  **Total** | $(436642) | $(436642) |

---

^ The Portfolio held forward foreign currency contracts for hedging.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $1724000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 15476000 |

---

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Goldman Sachs International | $2395 | $(2395) | $— | $— |
|  JPMorgan Chase Bank | 457 | (457) |  |  |
|  Royal Bank of Canada | 1164 | (1164) |  |  |
|  **Total** | $4016 | $(4016) | $— | $— |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  Goldman Sachs International | $57500 | $(2395) | $— | $55105 |
|  JPMorgan Chase Bank | 100923 | (457) |  | 100466 |
|  Royal Bank of Canada | 79888 | (1164) |  | 78724 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238311 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4016) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234295 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $62180080 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79404230 |

---

See Notes to Financial Statements.

833

------

EQ/INVESCO COMSTOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $122443765 |
|  Aggregate gross unrealized depreciation | (9728571) |
|  Net unrealized appreciation | $112715194 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210594261 |

---

For the period ended December 31, 2025, the Portfolio incurred approximately $2,435 as brokerage commissions with Invesco Capital Markets Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

834

------

EQ/INVESCO COMSTOCK PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $210,068,223) | $323543750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 6545999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $9) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 531311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 157717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 4016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 2703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 330786770 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 242398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 238311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 171073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 63647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 24976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 100573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 840978 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $329945792 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $215210466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 114735326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $329945792 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $302,136,347 / 13,647,429 shares outstanding (unlimited amount authorized: $0.01 par value) | $22.14 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $27,809,445 / 1,260,462 shares outstanding (unlimited amount authorized: $0.01 par value) | $22.06 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $108,733 foreign withholding tax) | $7161238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 255540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 6617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 7423395 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2015188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 704169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 280611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 61473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 34750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 30448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 10580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 13006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 3150225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (120270) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3029955 |
|  **NET INVESTMENT INCOME (LOSS)** | 4393440 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 26720373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (705565) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 114041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 26128849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 18723570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (436642) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 1960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 18288888 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 44417737 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $48811177 |

---

See Notes to Financial Statements.

835

------

#### EQ ADVISORS TRUST
EQ/INVESCO COMSTOCK PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4393440 | $4340793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 26128849 | 26362006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 18288888 | 10073954 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 48811177 | 40776753 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (27090281) | (28210578) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (2573035) | (3084509) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (29663316) | (31295087) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 88,327 shares, respectively ] |  | 1882429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (3007763) shares, respectively ] |  | (65237379) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (295038) shares, respectively ] |  | (6214814) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (69569764) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,227,711 and 717,708 shares, respectively ] | 27136692 | 15777353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 3,004,513 shares, respectively ] |  | 65237379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,218,568 and 1,308,181 shares, respectively ] | 27090281 | 28210578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1748068) and (1413641) shares, respectively ] | (38491301) | (31276712) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 15735672 | 77948598 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 29,288 and 74,184 shares, respectively ] | 622485 | 1660998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 116,129 and 143,515 shares, respectively ] | 2573035 | 3084509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (270706) and (329211) shares, respectively ] | (6067189) | (7210830) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (2871669) | (2465323) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 12864003 | 5913511 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 32011864 | 15395177 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 297933928 | 282538751 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $329945792 | $297933928 |

---

See Notes to Financial Statements.

836

------

#### EQ ADVISORS TRUST
EQ/INVESCO COMSTOCK PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $20.79 | $20.13 | $19.74 | $21.90 | $17.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.31 | 0.31 | 0.32 | 0.31 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.21 | 2.75 | 2.02 | (0.19) | 5.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.52 | 3.06 | 2.34 | 0.12 | 5.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.29) | (0.33) | (0.33) | (0.35) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.88) | (2.07) | (1.62) | (1.93) | (0.90) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.17) | (2.40) | (1.95) | (2.28) | (1.15) |
|  Net asset value, end of year | $22.14 | $20.79 | $20.13 | $19.74 | $21.90 |
|  Total return | 16.93% | 14.85% | 12.01% | 0.49% | 33.02% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $302136 | $269219 | $187859 | $180668 | $189080 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.04% | 1.04% | 1.05% | 1.04% | 1.04% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.39% | 1.43% | 1.56% | 1.46% | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.36% | 1.38% | 1.52% | 1.41% | 1.23% |
|  Portfolio turnover rate^ | 21% | 20% | 18% | 25% | 17% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $20.72 | $20.07 | $19.68 | $21.83 | $17.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.36 | 0.37 | 0.36 | 0.37 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.21 | 2.73 | 2.03 | (0.18) | 5.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.57 | 3.10 | 2.39 | 0.19 | 5.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.35) | (0.38) | (0.38) | (0.41) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.88) | (2.07) | (1.62) | (1.93) | (0.90) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.23) | (2.45) | (2.00) | (2.34) | (1.19) |
|  Net asset value, end of year | $22.06 | $20.72 | $20.07 | $19.68 | $21.83 |
|  Total return | 17.20% | 15.11% | 12.30% | 0.78% | 33.28% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $27809 | $28715 | $30044 | $32757 | $33962 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.79% | 0.79% | 0.80% | 0.79% | 0.79% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.64% | 1.69% | 1.80% | 1.70% | 1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.60% | 1.65% | 1.76% | 1.66% | 1.47% |
|  Portfolio turnover rate^ | 21% | 20% | 18% | 25% | 17% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

837

------

EQ/INVESCO GLOBAL PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  COMMON STOCKS: |  |  |
|  **Brazil (0.5%)** | **Brazil (0.5%)** | **Brazil (0.5%)** |
|  MercadoLibre, Inc.\* | 1381 | $2781693 |
|  **Canada (2.4%)** | **Canada (2.4%)** | **Canada (2.4%)** |
|  Shopify, Inc., Class A\* | 78975 | 12712606 |
|  **China (2.3%)** | **China (2.3%)** | **China (2.3%)** |
|  JD.com, Inc. (ADR) (x) | 233003 | 6687186 |
|  Tencent Holdings Ltd. | 67400 | 5187480 |
|  |  | 11874666 |
|  **France (5.9%)** | **France (5.9%)** | **France (5.9%)** |
|  Airbus SE | 66727 | 15558046 |
|  EssilorLuxottica SA | 14454 | 4584613 |
|  LVMH Moet Hennessy Louis Vuitton SE | 13956 | 10578704 |
|  |  | 30721363 |
|  **Germany (2.4%)** | **Germany (2.4%)** | **Germany (2.4%)** |
|  Allianz SE (Registered) | 10208 | 4684611 |
|  SAP SE | 31463 | 7703807 |
|  |  | 12388418 |
|  **India (4.5%)** | **India (4.5%)** | **India (4.5%)** |
|  DLF Ltd. | 1947904 | 14897621 |
|  HDFC Bank Ltd. | 292257 | 3223043 |
|  ICICI Bank Ltd. (ADR) | 174882 | 5211483 |
|  |  | 23332147 |
|  **Italy (1.2%)** | **Italy (1.2%)** | **Italy (1.2%)** |
|  Brunello Cucinelli SpA (x) | 43779 | 5063618 |
|  Moncler SpA | 17755 | 1145943 |
|  |  | 6209561 |
|  **Japan (1.9%)** | **Japan (1.9%)** | **Japan (1.9%)** |
|  Capcom Co. Ltd. (x) | 149100 | 3475256 |
|  Hoya Corp. | 19400 | 2933408 |
|  Keyence Corp. | 6356 | 2299911 |
|  Nintendo Co. Ltd. | 18900 | 1278380 |
|  |  | 9986955 |
|  **Netherlands (2.4%)** | **Netherlands (2.4%)** | **Netherlands (2.4%)** |
|  Adyen NV (m)\* | 4270 | 6899893 |
|  ASML Holding NV | 1662 | 1799662 |
|  BE Semiconductor Industries NV | 16247 | 2553752 |
|  Universal Music Group NV (x) | 47658 | 1245051 |
|  |  | 12498358 |
|  **Spain (0.6%)** | **Spain (0.6%)** | **Spain (0.6%)** |
|  Amadeus IT Group SA | 43180 | 3188824 |
|  **Sweden (1.2%)** | **Sweden (1.2%)** | **Sweden (1.2%)** |
|  Assa Abloy AB, Class B | 84639 | 3299510 |
|  Atlas Copco AB, Class A | 157550 | 2841598 |
|  |  | 6141108 |
|  **Switzerland (2.1%)** | **Switzerland (2.1%)** | **Switzerland (2.1%)** |
|  Galderma Group AG | 19645 | 4020269 |
|  Lonza Group AG (Registered) | 9923 | 6737267 |
|  |  | 10757536 |
|  **Taiwan (4.9%)** | **Taiwan (4.9%)** | **Taiwan (4.9%)** |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 524000 | 25849366 |
|  **United States (67.1%)** | **United States (67.1%)** | **United States (67.1%)** |
|  Alphabet, Inc., Class A | 196388 | 61469444 |
|  Amazon.com, Inc.\* | 61847 | 14275525 |
|  Analog Devices, Inc. | 51170 | 13877304 |
|  ARM Holdings plc (ADR)\* | 29096 | 3180484 |
|  Berkshire Hathaway, Inc., Class A\* | 1 | 754800 |
|  Boston Scientific Corp.\* | 76458 | 7290270 |
|  Broadcom, Inc. | 48085 | 16642218 |
|  Cadence Design Systems, Inc.\* | 8541 | 2669746 |
|  Ecolab, Inc. | 11621 | 3050745 |
|  Eli Lilly & Co. | 15822 | 17003587 |
|  Equifax, Inc. | 17600 | 3818848 |
|  IDEXX Laboratories, Inc.\* | 4084 | 2762948 |
|  Intuit, Inc. | 22214 | 14714998 |
|  Intuitive Surgical, Inc.\* | 14910 | 8444428 |
|  IQVIA Holdings, Inc.\* | 10142 | 2286108 |
|  Lam Research Corp. | 108032 | 18492918 |
|  Las Vegas Sands Corp. | 16102 | 1048079 |
|  Linde plc | 3636 | 1550354 |
|  Marriott International, Inc., Class A | 19313 | 5991665 |
|  Marvell Technology, Inc. | 65590 | 5573838 |
|  Mastercard, Inc., Class A | 8864 | 5060280 |
|  Meta Platforms, Inc., Class A | 48277 | 31867165 |
|  Microsoft Corp. | 32334 | 15637369 |
|  Netflix, Inc.\* | 56638 | 5310379 |
|  NVIDIA Corp. | 150739 | 28112823 |
|  Phathom Pharmaceuticals, Inc. (x)\* | 112439 | 1865363 |
|  S&P Global, Inc. | 38747 | 20248795 |
|  ServiceNow, Inc.\* | 16431 | 2517065 |
|  Spotify Technology SA\* | 7249 | 4209567 |
|  Stryker Corp. | 6199 | 2178763 |
|  Thermo Fisher Scientific, Inc. | 13131 | 7608758 |
|  TJX Cos., Inc. (The) | 27182 | 4175427 |
|  Visa, Inc., Class A | 47849 | 16781123 |
|  |  | 350471184 |
|  **Total Common Stocks (99.4%)** <br>*(Cost $258,359,573)* |  | 518913785 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.5%)** | **Investment Companies (0.5%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 2811810 | $2811810 |
|  **Total Short-Term Investments (0.5%)**<br> *(Cost $2,811,810)* | **Total Short-Term Investments (0.5%)**<br> *(Cost $2,811,810)* | 2811810 |
|  **Total Investments in Securities (99.9%)**<br> *(Cost $261,171,383)* | **Total Investments in Securities (99.9%)**<br> *(Cost $261,171,383)* | 521725595 |
|  **Other Assets Less Liabilities (0.1%)** | **Other Assets Less Liabilities (0.1%)** | 482251 |
|  **Net Assets (100%)** |  | $522207846 |

---

*\** *Non-income producing.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $6,899,893 or 1.3% of net assets.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

See Notes to Financial Statements.

838

------

EQ/INVESCO GLOBAL PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $12,591,846. This was collateralized by $10,280,851 of various U.S. Government Treasury Securities, ranging from 0.000% – 4.750%, maturing 1/15/26 – 5/15/55 and by cash of $2,811,810 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR — American Depositary Receipt* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Brazil | $2781693 | $— | $— | $2781693 |
|  Canada | 12712606 |  |  | 12712606 |
|  China | 6687186 | 5187480 |  | 11874666 |
|  France |  | 30721363 |  | 30721363 |
|  Germany |  | 12388418 |  | 12388418 |
|  India | 5211483 | 18120664 |  | 23332147 |
|  Italy |  | 6209561 |  | 6209561 |
|  Japan |  | 9986955 |  | 9986955 |
|  Netherlands |  | 12498358 |  | 12498358 |
|  Spain |  | 3188824 |  | 3188824 |
|  Sweden |  | 6141108 |  | 6141108 |
|  Switzerland |  | 10757536 |  | 10757536 |
|  Taiwan |  | 25849366 |  | 25849366 |
|  United States | 350471184 |  |  | 350471184 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 2811810 |  |  | 2811810 |
|  **Total Assets** | $**380675962** | $**141049633** | $**—** | $**521725595** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**380675962** | $**141049633** | $**—** | $**521725595** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $128397668.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $156943056.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $266862160 |
|  Aggregate gross unrealized depreciation | (6700608) |
|  Net unrealized appreciation | $260161552 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $261564043 |

---

For the period ended December 31, 2025, the Portfolio incurred approximately $391 as brokerage commissions with Invesco Capital Markets Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

839

------

EQ/INVESCO GLOBAL PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $261,171,383) | $521725595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 4780636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 653625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 85827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 527249100 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 2811810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued India taxes | 1469646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 299007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 225893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 109884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 39469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency overdraft payable | 27849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 57696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5041254 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $522207846 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $257356947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 264850899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $522207846 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $522,207,846 / 17,676,391 shares outstanding (unlimited amount authorized: $0.01 par value) | $29.54 |

---

*(x)* *Includes value of securities on loan of $12,591,846.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $261,862 foreign withholding tax) | $3868089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 199701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 31833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 4099623 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4165404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1225115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 443407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 111408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 91800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 36679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 16351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 21417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 6111581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (720854) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 5390727 |
|  **NET INVESTMENT INCOME (LOSS)** | (1291104) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $287,537 on realized gain on investments) | 62700655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 39630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 62740285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $(709572) on unrealized depreciation on investments) | 9693931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 60195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 9754126 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 72494411 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $71203307 |

---

See Notes to Financial Statements.

840

------

#### EQ ADVISORS TRUST
EQ/INVESCO GLOBAL PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1291104) | $(992908) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 62740285 | 34311696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 9754126 | 34212934 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 71203307 | 67531722 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (66640004) | (23270139) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 48,573 shares, respectively ] |  | 1389766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (2085236) shares, respectively ] |  | (63225952) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (208201) shares, respectively ] |  | (6019895) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (67856081) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,027,671 and 940,628 shares, respectively ] | 31246138 | 27808390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 2,086,030 shares, respectively ] |  | 63225952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 2,249,331 and 766,090 shares, respectively ] | 66640004 | 23270139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1902789) and (1541379) shares, respectively ] | (58151567) | (45633230) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 39734575 | 68671251 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 39734575 | 815170 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 44297878 | 45076753 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 477909968 | 432833215 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $522207846 | $477909968 |

---

See Notes to Financial Statements.

841

------

#### EQ ADVISORS TRUST
EQ/INVESCO GLOBAL PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $29.32 | $26.56 | $20.01 | $30.43 | $27.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.08) | (0.07) | (0.05) | (0.03) | (0.19)(aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.53 | 4.33 | 6.81 | (9.69) | 4.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 4.45 | 4.26 | 6.76 | (9.72) | 4.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (4.23) | (1.50) | (0.21) | (0.70) | (1.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (4.23) | (1.50) | (0.21) | (0.70) | (1.07) |
|  Net asset value, end of year | $29.54 | $29.32 | $26.56 | $20.01 | $30.43 |
|  Total return | 15.40% | 15.83% | 33.79 | (32.01) | 15.10% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $522208 | $477910 | $373187 | $277554 | $393587 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.10% | 1.10% | 1.14 | 1.15 | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.25% | 1.25% | 1.26 | 1.25 | 1.24% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.26)% | (0.23)% | (0.21) | (0.12) | (0.62)%(bb) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.41)% | (0.38)% | (0.33) | (0.23) | (0.70)%(bb) |
|  Portfolio turnover rate^ | 26% | 13% | 15 | 21 | 15% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amount would be $(0.05) for Class IB.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amount would be $(0.20) for Class IB.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for the class would have been 0.04% lower.* 

*(cc)* *Includes income resulting from a special dividend. Without this dividend, the ratios for the class would have been 0.09% lower.* 

See Notes to Financial Statements.

842

------

EQ/INVESCO GLOBAL REAL ASSETS PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Australia (2.2%)** | **Australia (2.2%)** | **Australia (2.2%)** |
|  Glencore plc | 213834 | $1171830 |
|  Rio Tinto plc | 37562 | 3034864 |
|  Transurban Group | 73152 | 693703 |
|  |  | 4900397 |
|  **Austria (0.6%)** | **Austria (0.6%)** | **Austria (0.6%)** |
|  Mondi plc | 115548 | 1414548 |
|  **Belgium (0.8%)** | **Belgium (0.8%)** | **Belgium (0.8%)** |
|  Warehouses De Pauw CVA (REIT) | 64593 | 1679123 |
|  **Canada (10.6%)** | **Canada (10.6%)** | **Canada (10.6%)** |
|  Agnico Eagle Mines Ltd. | 4558 | 772955 |
|  Barrick Mining Corp. | 50574 | 2203067 |
|  Enbridge, Inc. | 98398 | 4708594 |
|  Keyera Corp. (x) | 39723 | 1273405 |
|  Nutrien Ltd. | 52987 | 3270598 |
|  OR Royalties, Inc. | 45592 | 1615011 |
|  Pembina Pipeline Corp. | 74721 | 2846644 |
|  TC Energy Corp. (x) | 67334 | 3707773 |
|  Teck Resources Ltd., Class B | 24239 | 1160427 |
|  West Fraser Timber Co. Ltd. | 30085 | 1840543 |
|  |  | 23399017 |
|  **China (1.2%)** | **China (1.2%)** | **China (1.2%)** |
|  China Tower Corp. Ltd., Class H (m) | 580500 | 862243 |
|  ENN Energy Holdings Ltd. | 135100 | 1201244 |
|  Wilmar International Ltd. | 235100 | 563333 |
|  |  | 2626820 |
|  **Finland (0.5%)** | **Finland (0.5%)** | **Finland (0.5%)** |
|  Stora Enso OYJ, Class R (x) | 44544 | 560386 |
|  UPM-Kymmene OYJ (x) | 19299 | 562242 |
|  |  | 1122628 |
|  **France (6.8%)** | **France (6.8%)** | **France (6.8%)** |
|  Gecina SA (REIT) | 21728 | 2065761 |
|  Getlink SE | 206006 | 3808205 |
|  TotalEnergies SE (Paris Stock Exchange) | 28612 | 1869204 |
|  Vinci SA | 51945 | 7328544 |
|  |  | 15071714 |
|  **Germany (2.0%)** | **Germany (2.0%)** | **Germany (2.0%)** |
|  E.ON SE | 120795 | 2289077 |
|  LEG Immobilien SE | 28251 | 2066736 |
|  |  | 4355813 |
|  **Hong Kong (1.1%)** | **Hong Kong (1.1%)** | **Hong Kong (1.1%)** |
|  Hong Kong & China Gas Co. Ltd. | 1138000 | 1025015 |
|  Link REIT (REIT) | 334300 | 1492230 |
|  |  | 2517245 |
|  **Italy (1.5%)** | **Italy (1.5%)** | **Italy (1.5%)** |
|  Enel SpA | 209252 | 2182969 |
|  Infrastrutture Wireless Italiane SpA (m)(x) | 111592 | 1034062 |
|  |  | 3217031 |
|  **Japan (1.7%)** | **Japan (1.7%)** | **Japan (1.7%)** |
|  Daiwa House REIT Investment Corp. (REIT) | 746 | 681992 |
|  Japan Airport Terminal Co. Ltd. | 13100 | 366807 |
|  KDX Realty Investment Corp. (REIT) | 388 | 435707 |
|  Mitsui Fudosan Co. Ltd. | 159900 | 1817556 |
|  Sumitomo Forestry Co. Ltd. | 33300 | 341100 |
|  |  | 3643162 |
|  **Mexico (0.5%)** | **Mexico (0.5%)** | **Mexico (0.5%)** |
|  Fibra Uno Administracion SA de CV (REIT) | 719408 | 1081060 |
|  **Singapore (0.8%)** | **Singapore (0.8%)** | **Singapore (0.8%)** |
|  CapitaLand Ascendas REIT (REIT) | 548800 | 1208265 |
|  CapitaLand Investment Ltd. | 314700 | 663480 |
|  |  | 1871745 |
|  **South Africa (1.1%)** | **South Africa (1.1%)** | **South Africa (1.1%)** |
|  Anglo American plc | 57992 | 2411554 |
|  **Spain (1.0%)** | **Spain (1.0%)** | **Spain (1.0%)** |
|  Cellnex Telecom SA (m) | 65596 | 2114535 |
|  **Sweden (0.7%)** | **Sweden (0.7%)** | **Sweden (0.7%)** |
|  Billerud Aktiebolag | 76124 | 776413 |
|  Svenska Cellulosa AB SCA, Class B | 57249 | 762366 |
|  |  | 1538779 |
|  **Switzerland (0.8%)** | **Switzerland (0.8%)** | **Switzerland (0.8%)** |
|  PSP Swiss Property AG (Registered) | 4617 | 836434 |
|  Swiss Prime Site AG (Registered) | 6398 | 995119 |
|  |  | 1831553 |
|  **United Kingdom (7.5%)** | **United Kingdom (7.5%)** | **United Kingdom (7.5%)** |
|  British Land Co. plc (The) (REIT) | 203848 | 1109549 |
|  LondonMetric Property plc (REIT) | 606472 | 1550786 |
|  National Grid plc | 437481 | 6731454 |
|  Safestore Holdings plc (REIT) | 87926 | 872306 |
|  Segro plc (REIT) | 324494 | 3151042 |
|  SSE plc | 38127 | 1119860 |
|  Tritax Big Box REIT plc (REIT) | 936141 | 1920568 |
|  |  | 16455565 |
|  **United States (55.4%)** | **United States (55.4%)** | **United States (55.4%)** |
|  Agree Realty Corp. (REIT) (x) | 33388 | 2404938 |
|  American Homes 4 Rent (REIT), Class A | 81911 | 2629343 |
|  American Tower Corp. (REIT) | 26688 | 4685612 |
|  American Water Works Co., Inc. | 4345 | 567022 |
|  Archer-Daniels-Midland Co. | 28839 | 1657954 |
|  Atmos Energy Corp. | 12957 | 2171982 |
|  AvalonBay Communities, Inc. (REIT) | 9822 | 1780827 |
|  Brixmor Property Group, Inc. (REIT) | 30008 | 786810 |
|  Cheniere Energy, Inc. | 13071 | 2540872 |
|  Chesapeake Utilities Corp. | 25836 | 3223299 |
|  Chevron Corp. | 14429 | 2199124 |
|  ConocoPhillips | 15787 | 1477821 |
|  Corteva, Inc. | 66839 | 4480218 |
|  Crown Castle, Inc. (REIT) | 13661 | 1214053 |
|  Digital Realty Trust, Inc. (REIT) | 27421 | 4242303 |
|  EastGroup Properties, Inc. (REIT) | 6548 | 1166461 |
|  Entergy Corp. | 29530 | 2729458 |
|  Equinix, Inc. (REIT) | 6661 | 5103392 |
|  Equity LifeStyle Properties, Inc. (REIT) | 46876 | 2841154 |
|  Equity Residential (REIT) | 26175 | 1650072 |
|  Essential Utilities, Inc. | 57586 | 2208999 |

---

See Notes to Financial Statements.

843

------

EQ/INVESCO GLOBAL REAL ASSETS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Extra Space Storage, Inc. (REIT) | 9941 | $1294517 |
|  Exxon Mobil Corp. | 22699 | 2731598 |
|  Federal Realty Investment Trust (REIT) | 14968 | 1508774 |
|  Freeport-McMoRan, Inc. | 90985 | 4621128 |
|  Healthpeak Properties, Inc. (REIT) | 38644 | 621396 |
|  Host Hotels & Resorts, Inc. (REIT) | 39367 | 697977 |
|  International Paper Co. | 15563 | 613027 |
|  Invitation Homes, Inc. (REIT) | 87764 | 2438962 |
|  Kimco Realty Corp. (REIT) | 49589 | 1005169 |
|  Mid-America Apartment Communities, Inc. (REIT) | 7617 | 1058077 |
|  NNN REIT, Inc. (REIT) | 15793 | 625877 |
|  Omega Healthcare Investors, Inc. (REIT) | 14815 | 656897 |
|  ONEOK, Inc. | 57489 | 4225441 |
|  PotlatchDeltic Corp. (REIT) | 24157 | 960965 |
|  Prologis, Inc. (REIT) | 48230 | 6157042 |
|  Public Service Enterprise Group, Inc. | 41482 | 3331005 |
|  Public Storage (REIT) | 12068 | 3131646 |
|  Realty Income Corp. (REIT) | 24609 | 1387209 |
|  Regency Centers Corp. (REIT) | 37303 | 2575026 |
|  SBA Communications Corp. (REIT) | 4792 | 926917 |
|  Sempra | 17580 | 1552138 |
|  Shell plc | 51054 | 1885620 |
|  Simon Property Group, Inc. (REIT) | 16083 | 2977124 |
|  Smurfit WestRock plc | 29905 | 1156426 |
|  Targa Resources Corp. | 27492 | 5072274 |
|  UDR, Inc. (REIT) | 29972 | 1099373 |
|  Ventas, Inc. (REIT) | 58614 | 4535551 |
|  Welltower, Inc. (REIT) | 38802 | 7202039 |
|  Weyerhaeuser Co. (REIT) | 60295 | 1428389 |
|  Williams Cos., Inc. (The) | 53548 | 3218770 |
|  |  | 122458068 |
|  **Total Common Stocks (96.8%)** <br>*(Cost $203,692,158)* |  | 213710357 |
|  MASTER LIMITED PARTNERSHIPS: | MASTER LIMITED PARTNERSHIPS: | MASTER LIMITED PARTNERSHIPS: |
|  **United States (2.0%)** | **United States (2.0%)** | **United States (2.0%)** |
|  Energy Transfer LP\* | 132088 | 2178131 |
|  Enterprise Products Partners LP | 34581 | 1108667 |
|  MPLX LP\* | 21141 | 1128295 |
|  |  | 4415093 |
|  **Total Master Limited Partnerships (2.0%)** <br> *(Cost $4,488,568)* |  | 4415093 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (1.5%)** | **Investment Companies (1.5%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 3423401 | 3423401 |
|  **Total Short-Term Investments (1.5%)**<br> *(Cost $3,423,401)* |  | 3423401 |
|  **Total Investments in Securities (100.3%)**<br> *(Cost $211,604,127)* | **Total Investments in Securities (100.3%)**<br> *(Cost $211,604,127)* | 221548851 |
|  **Other Assets Less Liabilities (-0.3%)** | **Other Assets Less Liabilities (-0.3%)** | (642020) |
|  **Net Assets (100%)** |  | $220906831 |

---

*\** *Non-income producing.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $4,010,840 or 1.8% of net assets.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $8,343,407. This was collateralized by $5,397,853 of various U.S. Government Treasury Securities, ranging from 0.125% - 4.625%, maturing 1/15/26 - 5/15/50 and by cash of $3,423,401 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*CVA* *— Dutch Certification* 

*REIT* *— Real Estate Investment Trust* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Australia | $— | $4900397 | $— | $4900397 |
|  Austria |  | 1414548 |  | 1414548 |
|  Belgium |  | 1679123 |  | 1679123 |
|  Canada | 23399017 |  |  | 23399017 |

---

See Notes to Financial Statements.

844

------

EQ/INVESCO GLOBAL REAL ASSETS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  China | $— | $2626820 | $— | $2626820 |
|  Finland |  | 1122628 |  | 1122628 |
|  France |  | 15071714 |  | 15071714 |
|  Germany |  | 4355813 |  | 4355813 |
|  Hong Kong |  | 2517245 |  | 2517245 |
|  Italy |  | 3217031 |  | 3217031 |
|  Japan |  | 3643162 |  | 3643162 |
|  Mexico | 1081060 |  |  | 1081060 |
|  Singapore |  | 1871745 |  | 1871745 |
|  South Africa |  | 2411554 |  | 2411554 |
|  Spain |  | 2114535 |  | 2114535 |
|  Sweden |  | 1538779 |  | 1538779 |
|  Switzerland |  | 1831553 |  | 1831553 |
|  United Kingdom |  | 16455565 |  | 16455565 |
|  United States | 120572448 | 1885620 |  | 122458068 |
|  **Master Limited Partnerships** |  |  |  |  |
|  United States | 4415093 |  |  | 4415093 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 3423401 |  |  | 3423401 |
|  **Total Assets** | $**152891019** | $**68657832** | $**—** | $**221548851** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**152891019** | $**68657832** | $**—** | $**221548851** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $238079374.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $244666097.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $19271178 |
|  Aggregate gross unrealized depreciation | (9822037) |
|  Net unrealized appreciation | $9449141 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $212099710 |

---

For the period ended December 31, 2025, the Portfolio incurred approximately $11,234 as brokerage commissions with Invesco Capital Markets Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

845

------

EQ/INVESCO GLOBAL REAL ASSETS PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $211,604,127) | $221548851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 2326940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $102,219) | 101937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 637559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 34595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 2948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 224655253 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 3423401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 136467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 76341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 46420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 16674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 49119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3748422 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $220906831 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $209454910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 11451921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $220906831 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $220,906,831 / 13,831,001 shares outstanding (unlimited amount authorized: $0.01 par value) | $15.97 |

---

*(x)* *Includes value of securities on loan of $8,343,407.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $314,154 foreign withholding tax) | $6859228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 48988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 35627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 6943843 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1571716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 534596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 193630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 78998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 53600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 23349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 7294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 15529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2478712 |
|  **NET INVESTMENT INCOME (LOSS)** | 4465131 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 11290509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 9971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 11300480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 15554100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 19622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 15573722 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 26874202 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $31339333 |

---

See Notes to Financial Statements.

846

------

#### EQ ADVISORS TRUST
EQ/INVESCO GLOBAL REAL ASSETS PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4465131 | $4579955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 11300480 | 983060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 15573722 | (4726923) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 31339333 | 836092 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (13741490) | (5337780) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (126224) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,006,675 and 1,018,468 shares, respectively ] | 16152501 | 15217459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 871,922 and 358,524 shares, respectively ] | 13741490 | 5464004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1717007) and (1961017) shares, respectively ] | (27475277) | (29743890) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 2418714 | (9062427) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 20016557 | (13690339) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 200890274 | 214580613 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $220906831 | $200890274 |

---

See Notes to Financial Statements.

847

------

#### EQ ADVISORS TRUST
EQ/INVESCO GLOBAL REAL ASSETS PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $14.70 | $15.05 | $14.36 | $16.62 | $14.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.34 | 0.33 | 0.31 | 0.25 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.99 | (0.27) | 1.12 | (1.72) | 2.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.33 | 0.06 | 1.43 | (1.47) | 2.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.42) | (0.34) | (0.33) | (0.26) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.64) | (0.06) | (0.41) | (0.53) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.06) | (0.41) | (0.74) | (0.79) | (0.64) |
|  Net asset value, end of year | $15.97 | $14.70 | $15.05 | $14.36 | $16.62 |
|  Total return | 15.93% | 0.31% | 10.08% | (8.97)% | 20.99% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $220907 | $200890 | $214581 | $203362 | $236886 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.16 %(j) | 1.17 %(k) | 1.16 %(j) | 1.14 %(o) | 1.18 %(g)(jj) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.16% | 1.17% | 1.16% | 1.14% | 1.18% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 2.09% | 2.19% | 2.09% | 1.60% | 1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 2.09% | 2.19% | 2.09% | 1.60% | 1.62% |
|  Portfolio turnover rate^ | 112% | 132% | 88% | 100% | 140% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of less than 0.005%.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.16% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.17% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.14% for Class IB.* 

*(jj)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.18% for Class IB.* 

See Notes to Financial Statements.

848

------

EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (3.4%)** | **Communication Services (3.4%)** | **Communication Services (3.4%)** |
|  ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** |
|  AT&T, Inc. | 14789 | $367359 |
|  Verizon Communications, Inc. | 8785 | 357813 |
|  |  | 725172 |
|  ***Entertainment (0.4%)*** | ***Entertainment (0.4%)*** | ***Entertainment (0.4%)*** |
|  Electronic Arts, Inc. | 469 | 95831 |
|  Live Nation Entertainment, Inc.\* | 329 | 46882 |
|  Netflix, Inc.\* | 8839 | 828745 |
|  Take-Two Interactive Software, Inc.\* | 361 | 92427 |
|  TKO Group Holdings, Inc., Class A | 138 | 28842 |
|  Walt Disney Co. (The) | 3724 | 423679 |
|  Warner Bros Discovery, Inc.\* | 5158 | 148654 |
|  |  | 1665060 |
|  ***Interactive Media & Services (2.6%)*** | ***Interactive Media & Services (2.6%)*** | ***Interactive Media & Services (2.6%)*** |
|  Alphabet, Inc., Class A | 12153 | 3803889 |
|  Alphabet, Inc., Class C | 9716 | 3048881 |
|  Match Group, Inc. | 501 | 16177 |
|  Meta Platforms, Inc., Class A | 4550 | 3003410 |
|  |  | 9872357 |
|  ***Media (0.1%)*** | ***Media (0.1%)*** | ***Media (0.1%)*** |
|  Charter Communications, Inc., Class A\* | 184 | 38410 |
|  Comcast Corp., Class A | 7582 | 226626 |
|  Fox Corp., Class A | 437 | 31932 |
|  Fox Corp., Class B | 324 | 21037 |
|  News Corp., Class A | 784 | 20478 |
|  News Corp., Class B | 262 | 7763 |
|  Omnicom Group, Inc. | 666 | 53779 |
|  Paramount Skydance Corp., Class B | 678 | 9085 |
|  Trade Desk, Inc. (The), Class A\* | 929 | 35265 |
|  |  | 444375 |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** |
|  T-Mobile US, Inc. | 1003 | 203649 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 12910613 |
|  **Consumer Discretionary (3.4%)** | **Consumer Discretionary (3.4%)** | **Consumer Discretionary (3.4%)** |
|  ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** |
|  Aptiv plc\* | 454 | 34545 |
|  ***Automobiles (0.8%)*** | ***Automobiles (0.8%)*** | ***Automobiles (0.8%)*** |
|  Ford Motor Co. | 8145 | 106862 |
|  General Motors Co. | 1946 | 158249 |
|  Tesla, Inc.\* | 5872 | 2640756 |
|  |  | 2905867 |
|  ***Broadline Retail (1.3%)*** | ***Broadline Retail (1.3%)*** | ***Broadline Retail (1.3%)*** |
|  Amazon.com, Inc.\* | 20336 | 4693956 |
|  eBay, Inc. | 952 | 82919 |
|  |  | 4776875 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  Genuine Parts Co. | 290 | 35658 |
|  Pool Corp. | 72 | 16470 |
|  |  | 52128 |
|  ***Hotels, Restaurants & Leisure (0.6%)*** | ***Hotels, Restaurants & Leisure (0.6%)*** | ***Hotels, Restaurants & Leisure (0.6%)*** |
|  Airbnb, Inc., Class A\* | 894 | 121334 |
|  Booking Holdings, Inc. | 67 | 358807 |
|  Carnival Corp.\* | 2262 | 69082 |
|  Chipotle Mexican Grill, Inc.\* | 2758 | 102046 |
|  Darden Restaurants, Inc. | 244 | 44901 |
|  Domino's Pizza, Inc. | 65 | 27093 |
|  DoorDash, Inc., Class A\* | 780 | 176654 |
|  Expedia Group, Inc. | 246 | 69694 |
|  Hilton Worldwide Holdings, Inc. | 485 | 139316 |
|  Las Vegas Sands Corp. | 644 | 41918 |
|  Marriott International, Inc., Class A | 465 | 144262 |
|  McDonald's Corp. | 1487 | 454472 |
|  MGM Resorts International\* | 450 | 16421 |
|  Norwegian Cruise Line Holdings Ltd.\* | 988 | 22052 |
|  Royal Caribbean Cruises Ltd. | 526 | 146712 |
|  Starbucks Corp. | 2368 | 199409 |
|  Wynn Resorts Ltd. | 176 | 21178 |
|  Yum! Brands, Inc. | 578 | 87440 |
|  |  | 2242791 |
|  ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** |
|  DR Horton, Inc. | 571 | 82241 |
|  Garmin Ltd. | 341 | 69172 |
|  Lennar Corp., Class A | 457 | 46979 |
|  NVR, Inc.\* | 6 | 43757 |
|  PulteGroup, Inc. | 411 | 48194 |
|  |  | 290343 |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** |
|  Hasbro, Inc. | 290 | 23780 |
|  ***Specialty Retail (0.5%)*** | ***Specialty Retail (0.5%)*** | ***Specialty Retail (0.5%)*** |
|  AutoZone, Inc.\* | 35 | 118702 |
|  Best Buy Co., Inc. | 410 | 27441 |
|  Carvana Co.\* | 295 | 124496 |
|  Home Depot, Inc. (The) | 2076 | 714352 |
|  Lowe's Cos., Inc. | 1168 | 281675 |
|  O'Reilly Automotive, Inc.\* | 1768 | 161259 |
|  Ross Stores, Inc. | 681 | 122675 |
|  TJX Cos., Inc. (The) | 2324 | 356990 |
|  Tractor Supply Co. | 1104 | 55211 |
|  Ulta Beauty, Inc.\* | 94 | 56871 |
|  Williams-Sonoma, Inc. | 256 | 45719 |
|  |  | 2065391 |
|  ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** |
|  Deckers Outdoor Corp.\* | 309 | 32034 |
|  Lululemon Athletica, Inc.\* | 227 | 47173 |
|  NIKE, Inc., Class B | 2475 | 157682 |
|  Ralph Lauren Corp. | 81 | 28643 |
|  Tapestry, Inc. | 434 | 55452 |
|  |  | 320984 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 12712704 |
|  **Consumer Staples (1.5%)** | **Consumer Staples (1.5%)** | **Consumer Staples (1.5%)** |
|  ***Beverages (0.3%)*** | ***Beverages (0.3%)*** | ***Beverages (0.3%)*** |
|  Brown-Forman Corp., Class B | 388 | 10111 |
|  Coca-Cola Co. (The) | 8070 | 564174 |
|  Constellation Brands, Inc., Class A | 297 | 40974 |
|  Keurig Dr Pepper, Inc. | 2830 | 79268 |
|  Molson Coors Beverage Co., Class B | 373 | 17412 |

---

See Notes to Financial Statements.

849

------

EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Monster Beverage Corp.\* | 1485 | $| 113855 |
|  PepsiCo, Inc. | 2853 |  | 409462 |
|  |  |  | 1235256 |
|  ***Consumer Staples Distribution & Retail (0.6%)*** | ***Consumer Staples Distribution & Retail (0.6%)*** | ***Consumer Staples Distribution & Retail (0.6%)*** | ***Consumer Staples Distribution & Retail (0.6%)*** |
|  Costco Wholesale Corp. | 924 |  | 796802 |
|  Dollar General Corp. | 459 |  | 60941 |
|  Dollar Tree, Inc.\* | 396 |  | 48712 |
|  Kroger Co. (The) | 1267 |  | 79162 |
|  Sysco Corp. | 995 |  | 73322 |
|  Target Corp. | 947 |  | 92569 |
|  Walmart, Inc. | 9145 |  | 1018845 |
|  |  |  | 2170353 |
|  ***Food Products (0.1%)*** | ***Food Products (0.1%)*** | ***Food Products (0.1%)*** | ***Food Products (0.1%)*** |
|  Archer-Daniels-Midland Co. | 1001 |  | 57548 |
|  Bunge Global SA | 292 |  | 26011 |
|  Campbell's Co. (The) (x) | 410 |  | 11427 |
|  Conagra Brands, Inc. | 998 |  | 17275 |
|  General Mills, Inc. | 1114 |  | 51801 |
|  Hershey Co. (The) | 309 |  | 56232 |
|  Hormel Foods Corp. | 642 |  | 15215 |
|  J M Smucker Co. (The) | 222 |  | 21714 |
|  Kraft Heinz Co. (The) | 1776 |  | 43068 |
|  Lamb Weston Holdings, Inc. | 307 |  | 12860 |
|  McCormick & Co., Inc. (Non-Voting) | 527 |  | 35894 |
|  Mondelez International, Inc., Class A | 2696 |  | 145126 |
|  Tyson Foods, Inc., Class A | 595 |  | 34879 |
|  |  |  | 529050 |
|  ***Household Products (0.3%)*** | ***Household Products (0.3%)*** | ***Household Products (0.3%)*** | ***Household Products (0.3%)*** |
|  Church & Dwight Co., Inc. | 508 |  | 42596 |
|  Clorox Co. (The) | 255 |  | 25711 |
|  Colgate-Palmolive Co. | 1684 |  | 133070 |
|  Kimberly-Clark Corp. | 691 |  | 69715 |
|  Procter & Gamble Co. (The) | 4880 |  | 699353 |
|  |  |  | 970445 |
|  ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** |
|  Estee Lauder Cos., Inc. (The), Class A | 512 |  | 53617 |
|  Kenvue, Inc. | 3998 |  | 68965 |
|  |  |  | 122582 |
|  ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** |
|  Altria Group, Inc. | 3500 |  | 201810 |
|  Philip Morris International, Inc. | 3243 |  | 520177 |
|  |  |  | 721987 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 5749673 |
|  **Energy (0.9%)** | **Energy (0.9%)** | **Energy (0.9%)** | **Energy (0.9%)** |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** |
|  Baker Hughes Co. | 2054 |  | 93539 |
|  Halliburton Co. | 1776 |  | 50190 |
|  SLB Ltd. | 3109 |  | 119323 |
|  |  |  | 263052 |
|  ***Oil, Gas & Consumable Fuels (0.8%)*** | ***Oil, Gas & Consumable Fuels (0.8%)*** | ***Oil, Gas & Consumable Fuels (0.8%)*** | ***Oil, Gas & Consumable Fuels (0.8%)*** |
|  APA Corp. | 745 |  | 18223 |
|  Chevron Corp. | 3948 |  | 601715 |
|  ConocoPhillips | 2578 |  | 241327 |
|  Coterra Energy, Inc. | 1590 |  | 41849 |
|  Devon Energy Corp. | 1323 |  | 48461 |
|  Diamondback Energy, Inc. | 392 |  | 58929 |
|  EOG Resources, Inc. | 1138 |  | 119501 |
|  EQT Corp. | 1300 |  | 69680 |
|  Expand Energy Corp. | 496 |  | 54739 |
|  Exxon Mobil Corp. | 8797 |  | 1058631 |
|  Kinder Morgan, Inc. | 4074 |  | 111994 |
|  Marathon Petroleum Corp. | 627 |  | 101969 |
|  Occidental Petroleum Corp. | 1497 |  | 61557 |
|  ONEOK, Inc. | 1312 |  | 96432 |
|  Phillips 66 | 842 |  | 108652 |
|  Targa Resources Corp. | 448 |  | 82656 |
|  Texas Pacific Land Corp. | 120 |  | 34466 |
|  Valero Energy Corp. | 636 |  | 103534 |
|  Williams Cos., Inc. (The) | 2544 |  | 152920 |
|  |  |  | 3167235 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 3430287 |
|  **Financials (4.3%)** | **Financials (4.3%)** | **Financials (4.3%)** | **Financials (4.3%)** |
|  ***Banks (1.2%)*** | ***Banks (1.2%)*** | ***Banks (1.2%)*** | ***Banks (1.2%)*** |
|  Bank of America Corp. | 14015 |  | 770825 |
|  Citigroup, Inc. | 3733 |  | 435604 |
|  Citizens Financial Group, Inc. | 899 |  | 52511 |
|  Fifth Third Bancorp | 1379 |  | 64551 |
|  Huntington Bancshares, Inc. | 3277 |  | 56856 |
|  JPMorgan Chase & Co. | 5679 |  | 1829887 |
|  KeyCorp | 1942 |  | 40083 |
|  M&T Bank Corp. | 321 |  | 64675 |
|  PNC Financial Services Group, Inc. (The) | 821 |  | 171367 |
|  Regions Financial Corp. | 1859 |  | 50379 |
|  Truist Financial Corp. | 2687 |  | 132227 |
|  US Bancorp | 3242 |  | 172993 |
|  Wells Fargo & Co. | 6548 |  | 610274 |
|  |  |  | 4452232 |
|  ***Capital Markets (1.1%)*** | ***Capital Markets (1.1%)*** | ***Capital Markets (1.1%)*** | ***Capital Markets (1.1%)*** |
|  Ameriprise Financial, Inc. | 196 |  | 96107 |
|  Ares Management Corp., Class A | 430 |  | 69501 |
|  Bank of New York Mellon Corp. (The) | 1455 |  | 168911 |
|  BlackRock, Inc. | 301 |  | 322172 |
|  Blackstone, Inc. | 1536 |  | 236759 |
|  Cboe Global Markets, Inc. | 218 |  | 54718 |
|  Charles Schwab Corp. (The) | 3484 |  | 348086 |
|  CME Group, Inc. | 751 |  | 205083 |
|  Coinbase Global, Inc., Class A\* | 476 |  | 107643 |
|  FactSet Research Systems, Inc. | 79 |  | 22925 |
|  Franklin Resources, Inc. | 675 |  | 16126 |
|  Goldman Sachs Group, Inc. (The) | 626 |  | 550254 |
|  Interactive Brokers Group, Inc., Class A | 928 |  | 59680 |
|  Intercontinental Exchange, Inc. | 1193 |  | 193218 |
|  KKR & Co., Inc. | 1429 |  | 182169 |
|  Moody's Corp. | 321 |  | 163983 |
|  Morgan Stanley | 2520 |  | 447375 |
|  MSCI, Inc. | 157 |  | 90075 |
|  Nasdaq, Inc. | 944 |  | 91691 |
|  Northern Trust Corp. | 398 |  | 54363 |
|  Raymond James Financial, Inc. | 370 |  | 59418 |
|  Robinhood Markets, Inc., Class A\* | 1640 |  | 185484 |
|  S&P Global, Inc. | 647 |  | 338116 |

---

See Notes to Financial Statements.

850

------

EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  State Street Corp. | 583 | $| 75213 |
| T. Rowe Price Group, Inc. | 458 |  | 46890 |
|  |  |  | 4185960 |
|  ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** |
|  American Express Co. | 1121 |  | 414714 |
|  Capital One Financial Corp. | 1326 |  | 321369 |
|  Synchrony Financial | 751 |  | 62656 |
|  |  |  | 798739 |
|  ***Financial Services (1.2%)*** | ***Financial Services (1.2%)*** | ***Financial Services (1.2%)*** | ***Financial Services (1.2%)*** |
|  Apollo Global Management, Inc. | 969 |  | 140272 |
|  Berkshire Hathaway, Inc., Class B\* | 3825 |  | 1922636 |
|  Block, Inc., Class A\* | 1145 |  | 74528 |
|  Corpay, Inc.\* | 147 |  | 44237 |
|  Fidelity National Information Services, Inc. | 1088 |  | 72309 |
|  Fiserv, Inc.\* | 1133 |  | 76104 |
|  Global Payments, Inc. | 505 |  | 39087 |
|  Jack Henry & Associates, Inc. | 152 |  | 27737 |
|  Mastercard, Inc., Class A | 1710 |  | 976205 |
|  PayPal Holdings, Inc. | 1952 |  | 113958 |
|  Visa, Inc., Class A | 3520 |  | 1234499 |
|  |  |  | 4721572 |
|  ***Insurance (0.6%)*** | ***Insurance (0.6%)*** | ***Insurance (0.6%)*** | ***Insurance (0.6%)*** |
|  Aflac, Inc. | 984 |  | 108506 |
|  Allstate Corp. (The) | 549 |  | 114274 |
|  American International Group, Inc. | 1126 |  | 96329 |
|  Aon plc, Class A | 449 |  | 158443 |
|  Arch Capital Group Ltd.\* | 753 |  | 72228 |
|  Arthur J Gallagher & Co. | 534 |  | 138194 |
|  Assurant, Inc. | 105 |  | 25289 |
|  Brown & Brown, Inc. | 610 |  | 48617 |
|  Chubb Ltd. | 764 |  | 238460 |
|  Cincinnati Financial Corp. | 326 |  | 53242 |
|  Erie Indemnity Co., Class A | 53 |  | 15192 |
|  Everest Group Ltd. | 87 |  | 29523 |
|  Globe Life, Inc. | 169 |  | 23636 |
|  Hartford Insurance Group, Inc. (The) | 586 |  | 80751 |
|  Loews Corp. | 354 |  | 37280 |
|  Marsh & McLennan Cos., Inc. | 1024 |  | 189973 |
|  MetLife, Inc. | 1164 |  | 91886 |
|  Principal Financial Group, Inc. | 422 |  | 37225 |
|  Progressive Corp. (The) | 1221 |  | 278046 |
|  Prudential Financial, Inc. | 733 |  | 82741 |
|  Travelers Cos., Inc. (The) | 465 |  | 134878 |
|  W.R. Berkley Corp. | 624 |  | 43755 |
|  Willis Towers Watson plc | 203 |  | 66706 |
|  |  |  | 2165174 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 16323677 |
|  **Health Care (3.1%)** | **Health Care (3.1%)** | **Health Care (3.1%)** | **Health Care (3.1%)** |
|  ***Biotechnology (0.5%)*** | ***Biotechnology (0.5%)*** | ***Biotechnology (0.5%)*** | ***Biotechnology (0.5%)*** |
|  AbbVie, Inc. | 3687 |  | 842443 |
|  Amgen, Inc. | 1122 |  | 367242 |
|  Biogen, Inc.\* | 305 |  | 53677 |
|  Gilead Sciences, Inc. | 2585 |  | 317283 |
|  Incyte Corp.\* | 342 |  | 33779 |
|  Moderna, Inc.\* | 721 |  | 21262 |
|  Regeneron Pharmaceuticals, Inc. | 210 |  | 162093 |
|  Vertex Pharmaceuticals, Inc.\* | 529 |  | 239827 |
|  |  |  | 2037606 |
|  ***Health Care Equipment & Supplies (0.7%)*** | ***Health Care Equipment & Supplies (0.7%)*** | ***Health Care Equipment & Supplies (0.7%)*** | ***Health Care Equipment & Supplies (0.7%)*** |
|  Abbott Laboratories | 3626 |  | 454302 |
|  Align Technology, Inc.\* | 140 |  | 21861 |
|  Baxter International, Inc. | 1070 |  | 20448 |
|  Becton Dickinson & Co. | 597 |  | 115860 |
|  Boston Scientific Corp.\* | 3087 |  | 294345 |
|  Cooper Cos., Inc. (The)\* | 416 |  | 34095 |
|  Dexcom, Inc.\* | 817 |  | 54224 |
|  Edwards Lifesciences Corp.\* | 1211 |  | 103238 |
|  GE HealthCare Technologies, Inc. | 951 |  | 78001 |
|  Hologic, Inc.\* | 463 |  | 34489 |
|  IDEXX Laboratories, Inc.\* | 167 |  | 112980 |
|  Insulet Corp.\* | 147 |  | 41783 |
|  Intuitive Surgical, Inc.\* | 739 |  | 418540 |
|  Medtronic plc | 2670 |  | 256480 |
|  ResMed, Inc. | 305 |  | 73465 |
|  Solventum Corp.\* | 307 |  | 24327 |
|  STERIS plc | 205 |  | 51972 |
|  Stryker Corp. | 717 |  | 252004 |
|  Zimmer Biomet Holdings, Inc. | 413 |  | 37137 |
|  |  |  | 2479551 |
|  ***Health Care Providers & Services (0.5%)*** | ***Health Care Providers & Services (0.5%)*** | ***Health Care Providers & Services (0.5%)*** | ***Health Care Providers & Services (0.5%)*** |
|  Cardinal Health, Inc. | 498 |  | 102339 |
|  Cencora, Inc. | 404 |  | 136451 |
|  Centene Corp.\* | 972 |  | 39998 |
|  Cigna Group (The) | 556 |  | 153028 |
|  CVS Health Corp. | 2643 |  | 209748 |
|  DaVita, Inc.\* | 79 |  | 8975 |
|  Elevance Health, Inc. | 464 |  | 162655 |
|  HCA Healthcare, Inc. | 333 |  | 155464 |
|  Henry Schein, Inc.\* | 209 |  | 15796 |
|  Humana, Inc. | 251 |  | 64289 |
|  Labcorp Holdings, Inc. | 173 |  | 43402 |
|  McKesson Corp. | 257 |  | 210815 |
|  Molina Healthcare, Inc.\* | 113 |  | 19610 |
|  Quest Diagnostics, Inc. | 233 |  | 40433 |
|  UnitedHealth Group, Inc. | 1887 |  | 622918 |
|  Universal Health Services, Inc., Class B | 117 |  | 25508 |
|  |  |  | 2011429 |
|  ***Life Sciences Tools & Services (0.3%)*** | ***Life Sciences Tools & Services (0.3%)*** | ***Life Sciences Tools & Services (0.3%)*** | ***Life Sciences Tools & Services (0.3%)*** |
|  Agilent Technologies, Inc. | 592 |  | 80553 |
|  Bio-Techne Corp. | 327 |  | 19231 |
|  Charles River Laboratories International, Inc.\* | 108 |  | 21544 |
|  Danaher Corp. | 1311 |  | 300114 |
|  IQVIA Holdings, Inc.\* | 354 |  | 79795 |
|  Mettler-Toledo International, Inc.\* | 43 |  | 59950 |
|  Revvity, Inc. | 242 |  | 23414 |
|  Thermo Fisher Scientific, Inc. | 784 |  | 454289 |
|  Waters Corp.\* | 124 |  | 47099 |
|  West Pharmaceutical Services, Inc. | 150 |  | 41271 |
|  |  |  | 1127260 |
|  ***Pharmaceuticals (1.1%)*** | ***Pharmaceuticals (1.1%)*** | ***Pharmaceuticals (1.1%)*** | ***Pharmaceuticals (1.1%)*** |
|  Bristol-Myers Squibb Co. | 4241 |  | 228760 |
|  Eli Lilly & Co. | 1657 |  | 1780745 |
|  Johnson & Johnson | 5026 |  | 1040131 |

---

See Notes to Financial Statements.

851

------

EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Merck & Co., Inc. | 5178 | $| 545036 |
|  Pfizer, Inc. | 11846 |  | 294965 |
|  Viatris, Inc. | 2429 |  | 30241 |
|  Zoetis, Inc. | 923 |  | 116132 |
|  |  |  | 4036010 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 11691856 |
|  **Industrials (2.7%)** | **Industrials (2.7%)** | **Industrials (2.7%)** | **Industrials (2.7%)** |
|  ***Aerospace & Defense (0.7%)*** | ***Aerospace & Defense (0.7%)*** | ***Aerospace & Defense (0.7%)*** | ***Aerospace & Defense (0.7%)*** |
|  Axon Enterprise, Inc.\* | 164 |  | 93140 |
|  Boeing Co. (The)\* | 1633 |  | 354557 |
|  GE Aerospace | 2200 |  | 677666 |
|  General Dynamics Corp. | 529 |  | 178093 |
|  Howmet Aerospace, Inc. | 840 |  | 172217 |
|  Huntington Ingalls Industries, Inc. | 82 |  | 27886 |
|  L3Harris Technologies, Inc. | 390 |  | 114492 |
|  Lockheed Martin Corp. | 425 |  | 205560 |
|  Northrop Grumman Corp. | 280 |  | 159659 |
|  RTX Corp. | 2797 |  | 512970 |
|  Textron, Inc. | 371 |  | 32340 |
|  TransDigm Group, Inc. | 117 |  | 155592 |
|  |  |  | 2684172 |
|  ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** |
|  CH Robinson Worldwide, Inc. | 246 |  | 39547 |
|  Expeditors International of Washington, Inc. | 283 |  | 42170 |
|  FedEx Corp. | 452 |  | 130565 |
|  United Parcel Service, Inc., Class B | 1534 |  | 152157 |
|  |  |  | 364439 |
|  ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** |
|  A.O. Smith Corp. | 237 |  | 15851 |
|  Allegion plc | 179 |  | 28500 |
|  Builders FirstSource, Inc.\* | 230 |  | 23665 |
|  Carrier Global Corp. | 1667 |  | 88084 |
|  Johnson Controls International plc | 1275 |  | 152681 |
|  Lennox International, Inc. | 67 |  | 32534 |
|  Masco Corp. | 436 |  | 27669 |
|  Trane Technologies plc | 464 |  | 180589 |
|  |  |  | 549573 |
|  ***Commercial Services & Supplies (0.1%)*** | ***Commercial Services & Supplies (0.1%)*** | ***Commercial Services & Supplies (0.1%)*** | ***Commercial Services & Supplies (0.1%)*** |
|  Cintas Corp. | 714 |  | 134282 |
|  Copart, Inc.\* | 1853 |  | 72545 |
|  Republic Services, Inc. | 423 |  | 89647 |
|  Rollins, Inc. | 612 |  | 36732 |
|  Veralto Corp. | 517 |  | 51586 |
|  Waste Management, Inc. | 772 |  | 169616 |
|  |  |  | 554408 |
|  ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** |
|  Comfort Systems USA, Inc. | 73 |  | 68130 |
|  EMCOR Group, Inc. | 93 |  | 56896 |
|  Quanta Services, Inc. | 310 |  | 130839 |
|  |  |  | 255865 |
|  ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** |
|  AMETEK, Inc. | 481 |  | 98754 |
|  Eaton Corp. plc | 811 |  | 258312 |
|  Emerson Electric Co. | 1173 |  | 155681 |
|  GE Vernova, Inc. | 567 |  | 370574 |
|  Generac Holdings, Inc.\* | 122 |  | 16637 |
|  Hubbell, Inc., Class B | 111 |  | 49296 |
|  Rockwell Automation, Inc. | 234 |  | 91042 |
|  |  |  | 1040296 |
|  ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** |
|  CSX Corp. | 3884 |  | 140795 |
|  JB Hunt Transport Services, Inc. | 159 |  | 30900 |
|  Norfolk Southern Corp. | 467 |  | 134832 |
|  Old Dominion Freight Line, Inc. | 385 |  | 60368 |
|  Uber Technologies, Inc.\* | 4345 |  | 355030 |
|  Union Pacific Corp. | 1236 |  | 285912 |
|  |  |  | 1007837 |
|  ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** |
|  3M Co. | 1110 |  | 177711 |
|  Honeywell International, Inc. | 1323 |  | 258104 |
|  |  |  | 435815 |
|  ***Machinery (0.5%)*** | ***Machinery (0.5%)*** | ***Machinery (0.5%)*** | ***Machinery (0.5%)*** |
|  Caterpillar, Inc. | 976 |  | 559121 |
|  Cummins, Inc. | 287 |  | 146499 |
|  Deere & Co. | 525 |  | 244424 |
|  Dover Corp. | 286 |  | 55839 |
|  Fortive Corp. | 663 |  | 36604 |
|  IDEX Corp. | 157 |  | 27937 |
|  Illinois Tool Works, Inc. | 553 |  | 136204 |
|  Ingersoll Rand, Inc. | 754 |  | 59732 |
|  Nordson Corp. | 112 |  | 26928 |
|  Otis Worldwide Corp. | 818 |  | 71452 |
|  PACCAR, Inc. | 1094 |  | 119804 |
|  Parker-Hannifin Corp. | 263 |  | 231167 |
|  Pentair plc | 342 |  | 35616 |
|  Snap-on, Inc. | 109 |  | 37561 |
|  Stanley Black & Decker, Inc. | 323 |  | 23993 |
|  Westinghouse Air Brake Technologies Corp. | 356 |  | 75988 |
|  Xylem, Inc. | 507 |  | 69043 |
|  |  |  | 1957912 |
|  ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** |
|  Delta Air Lines, Inc. | 1351 |  | 93759 |
|  Southwest Airlines Co. | 1094 |  | 45215 |
|  United Airlines Holdings, Inc.\* | 675 |  | 75479 |
|  |  |  | 214453 |
|  ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** |
|  Automatic Data Processing, Inc. | 844 |  | 217102 |
|  Broadridge Financial Solutions, Inc. | 244 |  | 54453 |
|  Dayforce, Inc.\* | 333 |  | 23030 |
|  Equifax, Inc. | 258 |  | 55981 |
|  Jacobs Solutions, Inc. | 249 |  | 32983 |
|  Leidos Holdings, Inc. | 267 |  | 48167 |
|  Paychex, Inc. | 676 |  | 75834 |
|  Paycom Software, Inc. | 107 |  | 17051 |
|  Verisk Analytics, Inc. | 291 |  | 65094 |
|  |  |  | 589695 |
|  ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** |
|  Fastenal Co. | 2391 |  | 95951 |
|  United Rentals, Inc. | 134 |  | 108449 |

---

See Notes to Financial Statements.

852

------

EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  W.W. Grainger, Inc. | 91 | $| 91823 |
|  |  |  | 296223 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 9950688 |
|  **Information Technology (11.2%)** | **Information Technology (11.2%)** | **Information Technology (11.2%)** | **Information Technology (11.2%)** |
|  ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** |
|  Arista Networks, Inc.\* | 2147 |  | 281321 |
|  Cisco Systems, Inc. | 8221 |  | 633264 |
|  F5, Inc.\* | 120 |  | 30631 |
|  Motorola Solutions, Inc. | 347 |  | 133012 |
|  |  |  | 1078228 |
|  ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** |
|  Amphenol Corp., Class A | 2553 |  | 345012 |
|  CDW Corp. | 273 |  | 37183 |
|  Corning, Inc. | 1624 |  | 142197 |
|  Jabil, Inc. | 224 |  | 51076 |
|  Keysight Technologies, Inc.\* | 359 |  | 72945 |
|  TE Connectivity plc | 616 |  | 140146 |
|  Teledyne Technologies, Inc.\* | 98 |  | 50052 |
|  Trimble, Inc.\* | 496 |  | 38862 |
|  Zebra Technologies Corp., Class A\* | 106 |  | 25739 |
|  |  |  | 903212 |
|  ***IT Services (0.3%)*** | ***IT Services (0.3%)*** | ***IT Services (0.3%)*** | ***IT Services (0.3%)*** |
|  Accenture plc, Class A | 1294 |  | 347180 |
|  Akamai Technologies, Inc.\* | 299 |  | 26088 |
|  Cognizant Technology Solutions Corp., Class A | 1018 |  | 84494 |
|  EPAM Systems, Inc.\* | 116 |  | 23766 |
|  Gartner, Inc.\* | 150 |  | 37842 |
|  GoDaddy, Inc., Class A\* | 288 |  | 35735 |
|  International Business Machines Corp. | 1950 |  | 577610 |
|  VeriSign, Inc. | 175 |  | 42516 |
|  |  |  | 1175231 |
|  ***Semiconductors & Semiconductor Equipment (4.6%)*** | ***Semiconductors & Semiconductor Equipment (4.6%)*** | ***Semiconductors & Semiconductor Equipment (4.6%)*** | ***Semiconductors & Semiconductor Equipment (4.6%)*** |
|  Advanced Micro Devices, Inc.\* | 3396 |  | 727287 |
|  Analog Devices, Inc. | 1026 |  | 278251 |
|  Applied Materials, Inc. | 1662 |  | 427117 |
|  Broadcom, Inc. | 9866 |  | 3414623 |
|  First Solar, Inc.\* | 223 |  | 58254 |
|  Intel Corp.\* | 9353 |  | 345126 |
|  KLA Corp. | 274 |  | 332932 |
|  Lam Research Corp. | 2620 |  | 448492 |
|  Microchip Technology, Inc. | 1124 |  | 71621 |
|  Micron Technology, Inc. | 2342 |  | 668430 |
|  Monolithic Power Systems, Inc. | 100 |  | 90636 |
|  NVIDIA Corp. | 50793 |  | 9472895 |
|  NXP Semiconductors NV | 525 |  | 113956 |
|  ON Semiconductor Corp.\* | 852 |  | 46136 |
|  Qnity Electronics, Inc. | 436 |  | 35599 |
|  QUALCOMM, Inc. | 2234 |  | 382126 |
|  Skyworks Solutions, Inc. | 309 |  | 19594 |
|  Teradyne, Inc. | 331 |  | 64068 |
|  Texas Instruments, Inc. | 1894 |  | 328590 |
|  |  |  | 17325733 |
|  ***Software (3.3%)*** | ***Software (3.3%)*** | ***Software (3.3%)*** | ***Software (3.3%)*** |
|  Adobe, Inc.\* | 873 |  | 305541 |
|  AppLovin Corp., Class A\* | 564 |  | 380035 |
|  Autodesk, Inc.\* | 446 |  | 132021 |
|  Cadence Design Systems, Inc.\* | 568 |  | 177546 |
|  Crowdstrike Holdings, Inc., Class A\* | 524 |  | 245630 |
|  Datadog, Inc., Class A\* | 674 |  | 91657 |
|  Fair Isaac Corp.\* | 49 |  | 82840 |
|  Fortinet, Inc.\* | 1319 |  | 104742 |
|  Gen Digital, Inc. | 1168 |  | 31758 |
|  Intuit, Inc. | 581 |  | 384866 |
|  Microsoft Corp. | 15536 |  | 7513520 |
|  Oracle Corp. | 3509 |  | 683939 |
|  Palantir Technologies, Inc., Class A\* | 4765 |  | 846979 |
|  Palo Alto Networks, Inc.\* | 1427 |  | 262853 |
|  PTC, Inc.\* | 250 |  | 43553 |
|  Roper Technologies, Inc. | 224 |  | 99709 |
|  Salesforce, Inc. | 1986 |  | 526111 |
|  ServiceNow, Inc.\* | 2165 |  | 331656 |
|  Synopsys, Inc.\* | 386 |  | 181312 |
|  Tyler Technologies, Inc.\* | 90 |  | 40856 |
|  Workday, Inc., Class A\* | 450 |  | 96651 |
|  |  |  | 12563775 |
|  ***Technology Hardware, Storage & Peripherals (2.4%)*** | ***Technology Hardware, Storage & Peripherals (2.4%)*** | ***Technology Hardware, Storage & Peripherals (2.4%)*** | ***Technology Hardware, Storage & Peripherals (2.4%)*** |
|  Apple, Inc. | 30885 |  | 8396396 |
|  Dell Technologies, Inc., Class C | 632 |  | 79556 |
|  Hewlett Packard Enterprise Co. | 2734 |  | 65671 |
|  HP, Inc. | 1957 |  | 43602 |
|  NetApp, Inc. | 417 |  | 44657 |
|  Sandisk Corp.\* | 288 |  | 68365 |
|  Seagate Technology Holdings plc | 454 |  | 125027 |
|  Super Micro Computer, Inc.\* | 1045 |  | 30587 |
|  Western Digital Corp. | 713 |  | 122829 |
|  |  |  | 8976690 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 42022869 |
|  **Materials (0.6%)** | **Materials (0.6%)** | **Materials (0.6%)** | **Materials (0.6%)** |
|  ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** |
|  Air Products and Chemicals, Inc. | 464 |  | 114617 |
|  Albemarle Corp. | 245 |  | 34653 |
|  CF Industries Holdings, Inc. | 337 |  | 26064 |
|  Corteva, Inc. | 1415 |  | 94847 |
|  Dow, Inc. | 1477 |  | 34532 |
|  DuPont de Nemours, Inc. | 872 |  | 35054 |
|  Ecolab, Inc. | 532 |  | 139661 |
|  International Flavors & Fragrances, Inc. | 534 |  | 35986 |
|  Linde plc | 974 |  | 415304 |
|  LyondellBasell Industries NV, Class A | 536 |  | 23209 |
|  Mosaic Co. (The) | 702 |  | 16911 |
|  PPG Industries, Inc. | 470 |  | 48156 |
|  Sherwin-Williams Co. (The) | 483 |  | 156507 |
|  |  |  | 1175501 |
|  ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** |
|  CRH plc | 1398 |  | 174470 |
|  Martin Marietta Materials, Inc. | 126 |  | 78455 |
|  Vulcan Materials Co. | 275 |  | 78436 |
|  |  |  | 331361 |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** |
|  Amcor plc | 4803 |  | 40057 |

---

See Notes to Financial Statements.

853

------

EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Avery Dennison Corp. | 162 | $| 29464 |
|  Ball Corp. | 567 |  | 30034 |
|  International Paper Co. | 1100 |  | 43329 |
|  Packaging Corp. of America | 186 |  | 38359 |
|  Smurfit WestRock plc | 1088 |  | 42073 |
|  |  |  | 223316 |
|  ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** |
|  Freeport-McMoRan, Inc. | 2991 |  | 151913 |
|  Newmont Corp. | 2276 |  | 227259 |
|  Nucor Corp. | 478 |  | 77966 |
|  Steel Dynamics, Inc. | 288 |  | 48802 |
|  |  |  | 505940 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 2236118 |
|  **Real Estate (0.6%)** | **Real Estate (0.6%)** | **Real Estate (0.6%)** | **Real Estate (0.6%)** |
|  ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 340 |  | 16640 |
|  Healthpeak Properties, Inc. (REIT) | 1448 |  | 23284 |
|  Ventas, Inc. (REIT) | 980 |  | 75832 |
|  Welltower, Inc. (REIT) | 1432 |  | 265793 |
|  |  |  | 381549 |
|  ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** |
|  Host Hotels & Resorts, Inc. (REIT) | 1332 |  | 23616 |
|  ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** |
|  Prologis, Inc. (REIT) | 1934 |  | 246895 |
|  ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** |
|  BXP, Inc. (REIT) | 307 |  | 20716 |
|  ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** |
|  CBRE Group, Inc., Class A\* | 611 |  | 98243 |
|  CoStar Group, Inc.\* | 883 |  | 59373 |
|  |  |  | 157616 |
|  ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** |
|  AvalonBay Communities, Inc. (REIT) | 296 |  | 53668 |
|  Camden Property Trust (REIT) | 223 |  | 24548 |
|  Equity Residential (REIT) | 724 |  | 45641 |
|  Essex Property Trust, Inc. (REIT) | 134 |  | 35065 |
|  Invitation Homes, Inc. (REIT) | 1175 |  | 32653 |
|  Mid-America Apartment Communities, Inc. (REIT) | 244 |  | 33894 |
|  UDR, Inc. (REIT) | 628 |  | 23035 |
|  |  |  | 248504 |
|  ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** |
|  Federal Realty Investment Trust (REIT) | 164 |  | 16531 |
|  Kimco Realty Corp. (REIT) | 1411 |  | 28601 |
|  Realty Income Corp. (REIT) | 1905 |  | 107385 |
|  Regency Centers Corp. (REIT) | 340 |  | 23470 |
|  Simon Property Group, Inc. (REIT) | 680 |  | 125875 |
|  |  |  | 301862 |
|  ***Specialized REITs (0.2%)*** | ***Specialized REITs (0.2%)*** | ***Specialized REITs (0.2%)*** | ***Specialized REITs (0.2%)*** |
|  American Tower Corp. (REIT) | 976 |  | 171356 |
|  Crown Castle, Inc. (REIT) | 907 |  | 80605 |
|  Digital Realty Trust, Inc. (REIT) | 668 |  | 103346 |
|  Equinix, Inc. (REIT) | 204 |  | 156297 |
|  Extra Space Storage, Inc. (REIT) | 442 |  | 57557 |
|  Iron Mountain, Inc. (REIT) | 615 |  | 51014 |
|  Public Storage (REIT) | 329 |  | 85376 |
|  SBA Communications Corp. (REIT) | 224 |  | 43328 |
|  VICI Properties, Inc. (REIT), Class A | 2222 |  | 62483 |
|  Weyerhaeuser Co. (REIT) | 1503 |  | 35606 |
|  |  |  | 846968 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 2227726 |
|  **Utilities (0.7%)** | **Utilities (0.7%)** | **Utilities (0.7%)** | **Utilities (0.7%)** |
|  ***Electric Utilities (0.5%)*** | ***Electric Utilities (0.5%)*** | ***Electric Utilities (0.5%)*** | ***Electric Utilities (0.5%)*** |
|  Alliant Energy Corp. | 535 |  | 34780 |
|  American Electric Power Co., Inc. | 1114 |  | 128455 |
|  Constellation Energy Corp. | 651 |  | 229979 |
|  Duke Energy Corp. | 1620 |  | 189880 |
|  Edison International | 802 |  | 48136 |
|  Entergy Corp. | 930 |  | 85960 |
|  Evergy, Inc. | 480 |  | 34795 |
|  Eversource Energy | 773 |  | 52046 |
|  Exelon Corp. | 2104 |  | 91713 |
|  FirstEnergy Corp. | 1083 |  | 48486 |
|  NextEra Energy, Inc. | 4344 |  | 348736 |
|  NRG Energy, Inc. | 403 |  | 64174 |
|  PG&E Corp. | 4579 |  | 73585 |
|  Pinnacle West Capital Corp. | 249 |  | 22086 |
|  PPL Corp. | 1541 |  | 53966 |
|  Southern Co. (The) | 2292 |  | 199863 |
|  Xcel Energy, Inc. | 1232 |  | 90996 |
|  |  |  | 1797636 |
|  ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** |
|  Atmos Energy Corp. | 334 |  | 55988 |
|  ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** |
|  AES Corp. (The) | 1484 |  | 21281 |
|  Vistra Corp. | 664 |  | 107123 |
|  |  |  | 128404 |
|  ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** |
|  Ameren Corp. | 563 |  | 56221 |
|  CenterPoint Energy, Inc. | 1360 |  | 52143 |
|  CMS Energy Corp. | 624 |  | 43636 |
|  Consolidated Edison, Inc. | 751 |  | 74589 |
|  Dominion Energy, Inc. | 1778 |  | 104173 |
|  DTE Energy Co. | 433 |  | 55848 |
|  NiSource, Inc. | 981 |  | 40967 |
|  Public Service Enterprise Group, Inc. | 1040 |  | 83512 |
|  Sempra | 1359 |  | 119986 |
|  WEC Energy Group, Inc. | 671 |  | 70764 |
|  |  |  | 701839 |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** |
|  American Water Works Co., Inc. | 406 |  | 52983 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 2736850 |
|  **Total Common Stocks (32.4%)**<br> *(Cost $39,352,582)* | **Total Common Stocks (32.4%)**<br> *(Cost $39,352,582)* |  | 121993061 |

---

See Notes to Financial Statements.

854

------

EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **U.S. Treasury Obligations (49.5%)** | **U.S. Treasury Obligations (49.5%)** | **U.S. Treasury Obligations (49.5%)** |
|  U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 11/30/26 | $192800 | $188839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/15/26 | 983000 | 990660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 12/31/26 | 3800000 | 3715541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/15/27 | 4341500 | 4395111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/30/27 | 2172900 | 2151717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/15/27 | 3262700 | 3305895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/15/27 | 3317600 | 3370797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/15/27 | 3431900 | 3477673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/31/27 | 5688800 | 5702016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/15/27 | 3796200 | 3822360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/27 | 5924800 | 5991354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/27 | 2105000 | 2058462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/27 | 2328400 | 2355490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/30/27 | 3726500 | 3753748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/15/27 | 1832100 | 1850298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/15/28 | 1098400 | 1114865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/15/28 | 3784000 | 3842930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/29/28 | 1476500 | 1492098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/31/28 | 5004000 | 5018505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/15/28 | 3485100 | 3516274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 7/15/28 | 3717300 | 3750183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 7/31/28 | 3496200 | 3549285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/15/28 | 167200 | 167683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/31/28 | 4132200 | 4220748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 9/15/28 | 916900 | 913510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/28 | 240400 | 247264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/28 | 3979000 | 4121344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/28 | 2834400 | 2899749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/30/29 | 4570700 | 4720843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/31/29 | 3879600 | 3993260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/30/29 | 3788800 | 3872082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/31/29 | 705800 | 715363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/31/29 | 5069600 | 5071977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/31/29 | 2069700 | 2098149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/29 | 1838700 | 1871308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/30/29 | 2908400 | 2960433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/31/29 | 3804500 | 3908767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/31/30 | 3081300 | 3152074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/31/30 | 3648500 | 3697812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/30/30 | 3682400 | 3713183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 7/31/30 | 4156500 | 4190596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/31/30 | 5611400 | 5596495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 10/31/30 | 1648400 | 1642991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/30 | 270500 | 284427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 11/15/30 | 970900 | 849538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/28/31 | 3076200 | 3149981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/30/31 | 2619600 | 2729524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 5/31/31 | 2471500 | 2575579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/30/31 | 3458800 | 3540946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 7/31/31 | 2181500 | 2219743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/31/31 | 399200 | 398296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/31 | 559900 | 569173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 5/31/32 | 3903000 | 3959880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/30/32 | 5535000 | 5575073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/31/32 | 5555200 | 5592854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/31/32 | 150200 | 150036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/15/33 | 6937400 | 6681048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/33 | 308600 | 319209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/15/34 | 1834600 | 1832486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/34 | 1975000 | 2021905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/34 | 4280200 | 4222696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/35 | 1999700 | 2079534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/35 | 2694900 | 2722694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/15/35 | 1385900 | 1398837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/35 | 723000 | 714076 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  | 186777267 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Long-Term Debt Securities (49.5%)**<br> *(Cost $185,435,291)* |  | 186777267 |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** |
|  ABIOMED, Inc., CVR\* <br>*(Cost $126)* | 124 | 198 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (14.8%)** | **Investment Companies (14.8%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 9545 | 9545 |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 55940461 | 55962837 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 55972382 |
|  **Total Short-Term Investments (14.8%)**<br> *(Cost $55,961,386)* | **Total Short-Term Investments (14.8%)**<br> *(Cost $55,961,386)* | 55972382 |
|  **Total Investments in Securities (96.7%)**<br> *(Cost $280,749,385)* | **Total Investments in Securities (96.7%)**<br> *(Cost $280,749,385)* | 364742908 |
|  **Other Assets Less Liabilities (3.3%)** | **Other Assets Less Liabilities (3.3%)** | 12361352 |
|  **Net Assets (100%)** |  | $377104260 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $9,253. This was collateralized by cash of $9,545 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

855

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EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> Futures contracts outstanding as of December 31, 2025 (Note 1): | <br> Futures contracts outstanding as of December 31, 2025 (Note 1): | <br> Futures contracts outstanding as of December 31, 2025 (Note 1): | <br> Futures contracts outstanding as of December 31, 2025 (Note 1): | <br> Futures contracts outstanding as of December 31, 2025 (Note 1): | <br> Futures contracts outstanding as of December 31, 2025 (Note 1): |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  MSCI EAFE E-Mini Index | 321 | 3/2026 | USD | 46578705 | 56724 |
|  Russell 2000 E-Mini Index | 53 | 3/2026 | USD | 6619700 | (199797) |
|  S&P 500 E-Mini Index | 18 | 3/2026 | USD | 6203250 | (51688) |
|  S&P Midcap 400 E-Mini Index | 21 | 3/2026 | USD | 6982920 | (108965) |
|  |  |  |  |  | (303726) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $12910613 | $— | $— | $12910613 |
|  Consumer Discretionary | 12712704 |  |  | 12712704 |
|  Consumer Staples | 5749673 |  |  | 5749673 |
|  Energy | 3430287 |  |  | 3430287 |
|  Financials | 16323677 |  |  | 16323677 |
|  Health Care | 11691856 |  |  | 11691856 |
|  Industrials | 9950688 |  |  | 9950688 |
|  Information Technology | 42022869 |  |  | 42022869 |
|  Materials | 2236118 |  |  | 2236118 |
|  Real Estate | 2227726 |  |  | 2227726 |
|  Utilities | 2736850 |  |  | 2736850 |
|  **Futures** | 56724 |  |  | 56724 |
|  **Rights** |  |  |  |  |
|  Health Care |  | 198 |  | 198 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 55972382 |  |  | 55972382 |
|  **U.S. Treasury Obligations** |  | 186777267 |  | 186777267 |
|  **Total Assets** | $**178022167** | $**186777465** | $**—** | $**364799632** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(360450) | $— | $— | $(360450) |
|  **Total Liabilities** | $**(360450)** | $**—** | $**—** | $**(360450)** |
|  **Total** | $**177661717** | $**186777465** | $**—** | $**364439182** |

---

See Notes to Financial Statements.

856

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EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $56724 |
|  **Total** |  | $56724 |
|  | **Liability Derivatives** |  |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(360450) |
|  **Total** |  | $(360450) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $590333 | $590333 |
|  **Total** | $590333 | $590333 |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $1877536 | $1877536 |
|  **Total** | $1877536 | $1877536 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $60825000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 31008000 |

---

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $4762440.0 |
|  Long-term U.S. government debt securities | 221534510.0 |
|  | $226296950.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $27885953.0 |
|  Long-term U.S. government debt securities | 222280611.0 |
|  | $250166564.0 |

---

See Notes to Financial Statements.

857

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EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $86713839 |
|  Aggregate gross unrealized depreciation | (2754248) |
|  Net unrealized appreciation | $83959591 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $280479591 |

---

For the period month ended December 31, 2025, the Portfolio incurred approximately $104 as brokerage commissions with Invesco Capital Markets, Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

858

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EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $280,749,385) | $364742908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 8764863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 3105725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1822230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 378437830 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 469554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 442855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 232313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 80151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 39701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 9545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 59451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1333570 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $377104260 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $311392628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 65711632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $377104260 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $377,104,260 / 30,412,233 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.40 |

---

*(x)* *Includes value of securities on loan of $9,253.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $7484801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $267 foreign withholding tax) | 3812886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 11298699 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2966840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 927136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 463064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 69847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 33400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 30666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 12590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 21497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 4525040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (323493) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 4201547 |
|  **NET INVESTMENT INCOME (LOSS)** | 7097152 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 12125146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 590333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 12715479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 11807021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1877536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 13684559 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 26400038 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $33497190 |

---

See Notes to Financial Statements.

859

------

#### EQ ADVISORS TRUST
EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $7097152 | $7240665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 12715479 | 14003064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 13684559 | 9710018 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 33497190 | 30953747 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (18021367) | (11355061) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,115,266 and 3,084,976 shares, respectively ] | 25638510 | 36538364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 1,458,025 and 937,921 shares, respectively ] | 18021367 | 11355061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (4055648) and (4289114) shares, respectively ] | (49807208) | (51125338) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (6147331) | (3231913) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 9328492 | 16366773 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 367775768 | 351408995 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $377104260 | $367775768 |

---

See Notes to Financial Statements.

860

------

#### EQ ADVISORS TRUST
EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $11.90 | $11.28 | $10.24 | $11.79 | $11.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.24 | 0.23 | 0.17 | 0.03 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.88 | 0.76 | 1.05 | (1.55) | 0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.12 | 0.99 | 1.22 | (1.52) | 0.91 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.24) | (0.24) | (0.18) | (0.03) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.38) | (0.13) |  |  | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.62) | (0.37) | (0.18) | (0.03) | (0.72) |
|  Net asset value, end of year | $12.40 | $11.90 | $11.28 | $10.24 | $11.79 |
|  Total return | 9.42% | 8.79% | 11.89% | (12.89)% | 7.96% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $377104 | $367776 | $351409 | $317009 | $371682 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.13 %(j) | 1.13 %(j) | 1.13 %(j) | 1.17 %(k) | 1.18 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.22% | 1.22% | 1.23% | 1.22% | 1.21% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.91% | 1.98% | 1.61% | 0.31% | (0.41)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.83% | 1.89% | 1.51% | 0.26% | (0.43)% |
|  Portfolio turnover rate^ | 74% | 37% | 44% | 67% | 75% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.15% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.18% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB.* 

See Notes to Financial Statements.

861

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (3.9%)** | **Communication Services (3.9%)** | **Communication Services (3.9%)** |
|  ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** |
|  AT&T, Inc. | 18959 | $470942 |
|  Verizon Communications, Inc. | 11281 | 459475 |
|  |  | 930417 |
|  ***Entertainment (0.5%)*** | ***Entertainment (0.5%)*** | ***Entertainment (0.5%)*** |
|  Electronic Arts, Inc. | 599 | 122393 |
|  Live Nation Entertainment, Inc.\* | 420 | 59850 |
|  Netflix, Inc.\* | 11321 | 1061457 |
|  Take-Two Interactive Software, Inc.\* | 461 | 118030 |
|  TKO Group Holdings, Inc., Class A | 176 | 36784 |
|  Walt Disney Co. (The) | 4771 | 542797 |
|  Warner Bros Discovery, Inc.\* | 6588 | 189866 |
|  |  | 2131177 |
|  ***Interactive Media & Services (3.0%)*** | ***Interactive Media & Services (3.0%)*** | ***Interactive Media & Services (3.0%)*** |
|  Alphabet, Inc., Class A | 15525 | 4859325 |
|  Alphabet, Inc., Class C | 12408 | 3893630 |
|  Match Group, Inc. | 640 | 20666 |
|  Meta Platforms, Inc., Class A | 5812 | 3836443 |
|  |  | 12610064 |
|  ***Media (0.1%)*** | ***Media (0.1%)*** | ***Media (0.1%)*** |
|  Charter Communications, Inc., Class A\* | 234 | 48847 |
|  Comcast Corp., Class A | 9668 | 288977 |
|  Fox Corp., Class A | 559 | 40846 |
|  Fox Corp., Class B | 388 | 25193 |
|  News Corp., Class A | 1002 | 26172 |
|  News Corp., Class B | 328 | 9719 |
|  Omnicom Group, Inc. | 849 | 68557 |
|  Paramount Skydance Corp., Class B | 863 | 11564 |
|  Trade Desk, Inc. (The), Class A\* | 1186 | 45021 |
|  |  | 564896 |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** |
|  T-Mobile US, Inc. | 1279 | 259688 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 16496242 |
|  **Consumer Discretionary (3.8%)** | **Consumer Discretionary (3.8%)** | **Consumer Discretionary (3.8%)** |
|  ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** |
|  Aptiv plc\* | 579 | 44056 |
|  ***Automobiles (0.9%)*** | ***Automobiles (0.9%)*** | ***Automobiles (0.9%)*** |
|  Ford Motor Co. | 10401 | 136461 |
|  General Motors Co. | 2482 | 201836 |
|  Tesla, Inc.\* | 7499 | 3372451 |
|  |  | 3710748 |
|  ***Broadline Retail (1.4%)*** | ***Broadline Retail (1.4%)*** | ***Broadline Retail (1.4%)*** |
|  Amazon.com, Inc.\* | 25955 | 5990933 |
|  eBay, Inc. | 1202 | 104694 |
|  |  | 6095627 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  Genuine Parts Co. | 370 | 45495 |
|  Pool Corp. | 87 | 19901 |
|  |  | 65396 |
|  ***Hotels, Restaurants & Leisure (0.7%)*** | ***Hotels, Restaurants & Leisure (0.7%)*** | ***Hotels, Restaurants & Leisure (0.7%)*** |
|  Airbnb, Inc., Class A\* | 1131 | 153499 |
|  Booking Holdings, Inc. | 86 | 460559 |
|  Carnival Corp.\* | 2889 | 88230 |
|  Chipotle Mexican Grill, Inc.\* | 3517 | 130129 |
|  Darden Restaurants, Inc. | 311 | 57230 |
|  Domino's Pizza, Inc. | 83 | 34596 |
|  DoorDash, Inc., Class A\* | 994 | 225121 |
|  Expedia Group, Inc. | 314 | 88960 |
|  Hilton Worldwide Holdings, Inc. | 618 | 177521 |
|  Las Vegas Sands Corp. | 822 | 53504 |
|  Marriott International, Inc., Class A | 592 | 183662 |
|  McDonald's Corp. | 1900 | 580697 |
|  MGM Resorts International\* | 570 | 20799 |
|  Norwegian Cruise Line Holdings Ltd.\* | 1203 | 26851 |
|  Royal Caribbean Cruises Ltd. | 672 | 187434 |
|  Starbucks Corp. | 3025 | 254735 |
|  Wynn Resorts Ltd. | 225 | 27074 |
|  Yum! Brands, Inc. | 738 | 111645 |
|  |  | 2862246 |
|  ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** |
|  DR Horton, Inc. | 729 | 104998 |
|  Garmin Ltd. | 435 | 88240 |
|  Lennar Corp., Class A | 574 | 59007 |
|  NVR, Inc.\* | 8 | 58342 |
|  PulteGroup, Inc. | 525 | 61561 |
|  |  | 372148 |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** |
|  Hasbro, Inc. | 354 | 29028 |
|  ***Specialty Retail (0.6%)*** | ***Specialty Retail (0.6%)*** | ***Specialty Retail (0.6%)*** |
|  AutoZone, Inc.\* | 44 | 149226 |
|  Best Buy Co., Inc. | 523 | 35004 |
|  Carvana Co.\* | 376 | 158680 |
|  Home Depot, Inc. (The) | 2660 | 915306 |
|  Lowe's Cos., Inc. | 1501 | 361981 |
|  O'Reilly Automotive, Inc.\* | 2245 | 204767 |
|  Ross Stores, Inc. | 870 | 156722 |
|  TJX Cos., Inc. (The) | 2977 | 457297 |
|  Tractor Supply Co. | 1410 | 70514 |
|  Ulta Beauty, Inc.\* | 120 | 72601 |
|  Williams-Sonoma, Inc. | 327 | 58399 |
|  |  | 2640497 |
|  ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** |
|  Deckers Outdoor Corp.\* | 395 | 40950 |
|  Lululemon Athletica, Inc.\* | 290 | 60265 |
|  NIKE, Inc., Class B | 3161 | 201387 |
|  Ralph Lauren Corp. | 103 | 36422 |
|  Tapestry, Inc. | 544 | 69507 |
|  |  | 408531 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 16228277 |
|  **Consumer Staples (1.7%)** | **Consumer Staples (1.7%)** | **Consumer Staples (1.7%)** |
|  ***Beverages (0.4%)*** | ***Beverages (0.4%)*** | ***Beverages (0.4%)*** |
|  Brown-Forman Corp., Class B | 501 | 13056 |
|  Coca-Cola Co. (The) | 10342 | 723009 |
|  Constellation Brands, Inc., Class A | 380 | 52425 |
|  Keurig Dr Pepper, Inc. | 3615 | 101256 |
|  Molson Coors Beverage Co., Class B | 451 | 21053 |

---

See Notes to Financial Statements.

862

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Monster Beverage Corp.\* | 1897 | $| 145443 |
|  PepsiCo, Inc. | 3643 |  | 522843 |
|  |  |  | 1579085 |
|  ***Consumer Staples Distribution & Retail (0.6%)*** | ***Consumer Staples Distribution & Retail (0.6%)*** | ***Consumer Staples Distribution & Retail (0.6%)*** | ***Consumer Staples Distribution & Retail (0.6%)*** |
|  Costco Wholesale Corp. | 1184 |  | 1021011 |
|  Dollar General Corp. | 586 |  | 77803 |
|  Dollar Tree, Inc.\* | 505 |  | 62120 |
|  Kroger Co. (The) | 1618 |  | 101093 |
|  Sysco Corp. | 1271 |  | 93660 |
|  Target Corp. | 1209 |  | 118180 |
|  Walmart, Inc. | 11713 |  | 1304945 |
|  |  |  | 2778812 |
|  ***Food Products (0.2%)*** | ***Food Products (0.2%)*** | ***Food Products (0.2%)*** | ***Food Products (0.2%)*** |
|  Archer-Daniels-Midland Co. | 1278 |  | 73472 |
|  Bunge Global SA | 360 |  | 32069 |
|  Campbell's Co. (The) (x) | 550 |  | 15329 |
|  Conagra Brands, Inc. | 1275 |  | 22070 |
|  General Mills, Inc. | 1423 |  | 66170 |
|  Hershey Co. (The) | 394 |  | 71700 |
|  Hormel Foods Corp. | 812 |  | 19244 |
|  J M Smucker Co. (The) | 284 |  | 27778 |
|  Kraft Heinz Co. (The) | 2268 |  | 54999 |
|  Lamb Weston Holdings, Inc. | 371 |  | 15541 |
|  McCormick & Co., Inc. (Non-Voting) | 673 |  | 45838 |
|  Mondelez International, Inc., Class A | 3443 |  | 185337 |
|  Tyson Foods, Inc., Class A | 760 |  | 44551 |
|  |  |  | 674098 |
|  ***Household Products (0.3%)*** | ***Household Products (0.3%)*** | ***Household Products (0.3%)*** | ***Household Products (0.3%)*** |
|  Church & Dwight Co., Inc. | 648 |  | 54335 |
|  Clorox Co. (The) | 325 |  | 32770 |
|  Colgate-Palmolive Co. | 2151 |  | 169972 |
|  Kimberly-Clark Corp. | 883 |  | 89086 |
|  Procter & Gamble Co. (The) | 6247 |  | 895257 |
|  |  |  | 1241420 |
|  ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** |
|  Estee Lauder Cos., Inc. (The), Class A | 654 |  | 68487 |
|  Kenvue, Inc. | 5106 |  | 88078 |
|  |  |  | 156565 |
|  ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** |
|  Altria Group, Inc. | 4470 |  | 257740 |
|  Philip Morris International, Inc. | 4163 |  | 667745 |
|  |  |  | 925485 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 7355465 |
|  **Energy (1.0%)** | **Energy (1.0%)** | **Energy (1.0%)** | **Energy (1.0%)** |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** |
|  Baker Hughes Co. | 2623 |  | 119451 |
|  Halliburton Co. | 2269 |  | 64122 |
|  SLB Ltd. | 3970 |  | 152369 |
|  |  |  | 335942 |
|  ***Oil, Gas & Consumable Fuels (0.9%)*** | ***Oil, Gas & Consumable Fuels (0.9%)*** | ***Oil, Gas & Consumable Fuels (0.9%)*** | ***Oil, Gas & Consumable Fuels (0.9%)*** |
|  APA Corp. | 952 |  | 23286 |
|  Chevron Corp. | 5048 |  | 769366 |
|  ConocoPhillips | 3287 |  | 307696 |
|  Coterra Energy, Inc. | 2031 |  | 53456 |
|  Devon Energy Corp. | 1689 |  | 61868 |
|  Diamondback Energy, Inc. | 501 |  | 75315 |
|  EOG Resources, Inc. | 1443 |  | 151529 |
|  EQT Corp. | 1660 |  | 88976 |
|  Expand Energy Corp. | 634 |  | 69968 |
|  Exxon Mobil Corp. | 11264 |  | 1355510 |
|  Kinder Morgan, Inc. | 5203 |  | 143031 |
|  Marathon Petroleum Corp. | 800 |  | 130104 |
|  Occidental Petroleum Corp. | 1912 |  | 78621 |
|  ONEOK, Inc. | 1676 |  | 123186 |
|  Phillips 66 | 1075 |  | 138718 |
|  Targa Resources Corp. | 573 |  | 105719 |
|  Texas Pacific Land Corp. | 153 |  | 43945 |
|  Valero Energy Corp. | 811 |  | 132023 |
|  Williams Cos., Inc. (The) | 3249 |  | 195297 |
|  |  |  | 4047614 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 4383556 |
|  **Financials (4.9%)** | **Financials (4.9%)** | **Financials (4.9%)** | **Financials (4.9%)** |
|  ***Banks (1.3%)*** | ***Banks (1.3%)*** | ***Banks (1.3%)*** | ***Banks (1.3%)*** |
|  Bank of America Corp. | 17952 |  | 987360 |
|  Citigroup, Inc. | 4781 |  | 557895 |
|  Citizens Financial Group, Inc. | 1148 |  | 67055 |
|  Fifth Third Bancorp | 1761 |  | 82433 |
|  Huntington Bancshares, Inc. | 4184 |  | 72592 |
|  JPMorgan Chase & Co. | 7267 |  | 2341573 |
|  KeyCorp | 2480 |  | 51187 |
|  M&T Bank Corp. | 409 |  | 82405 |
|  PNC Financial Services Group, Inc. (The) | 1043 |  | 217705 |
|  Regions Financial Corp. | 2333 |  | 63224 |
|  Truist Financial Corp. | 3403 |  | 167462 |
|  US Bancorp | 4141 |  | 220964 |
|  Wells Fargo & Co. | 8371 |  | 780177 |
|  |  |  | 5692032 |
|  ***Capital Markets (1.3%)*** | ***Capital Markets (1.3%)*** | ***Capital Markets (1.3%)*** | ***Capital Markets (1.3%)*** |
|  Ameriprise Financial, Inc. | 247 |  | 121114 |
|  Ares Management Corp., Class A | 548 |  | 88573 |
|  Bank of New York Mellon Corp. (The) | 1855 |  | 215347 |
|  BlackRock, Inc. | 384 |  | 411011 |
|  Blackstone, Inc. | 1977 |  | 304735 |
|  Cboe Global Markets, Inc. | 278 |  | 69778 |
|  Charles Schwab Corp. (The) | 4468 |  | 446398 |
|  CME Group, Inc. | 959 |  | 261884 |
|  Coinbase Global, Inc., Class A\* | 607 |  | 137267 |
|  FactSet Research Systems, Inc. | 101 |  | 29309 |
|  Franklin Resources, Inc. | 841 |  | 20092 |
|  Goldman Sachs Group, Inc. (The) | 800 |  | 703200 |
|  Interactive Brokers Group, Inc., Class A | 1185 |  | 76207 |
|  Intercontinental Exchange, Inc. | 1523 |  | 246665 |
|  KKR & Co., Inc. | 1825 |  | 232651 |
|  Moody's Corp. | 408 |  | 208427 |
|  Morgan Stanley | 3227 |  | 572889 |
|  MSCI, Inc. | 200 |  | 114746 |
|  Nasdaq, Inc. | 1206 |  | 117139 |
|  Northern Trust Corp. | 509 |  | 69524 |
|  Raymond James Financial, Inc. | 472 |  | 75799 |
|  Robinhood Markets, Inc., Class A\* | 2092 |  | 236605 |
|  S&P Global, Inc. | 830 |  | 433750 |

---

See Notes to Financial Statements.

863

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  State Street Corp. | 743 | $| 95854 |
| T. Rowe Price Group, Inc. | 585 |  | 59892 |
|  |  |  | 5348856 |
|  ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** |
|  American Express Co. | 1436 |  | 531248 |
|  Capital One Financial Corp. | 1701 |  | 412254 |
|  Synchrony Financial | 958 |  | 79926 |
|  |  |  | 1023428 |
|  ***Financial Services (1.4%)*** | ***Financial Services (1.4%)*** | ***Financial Services (1.4%)*** | ***Financial Services (1.4%)*** |
|  Apollo Global Management, Inc. | 1235 |  | 178779 |
|  Berkshire Hathaway, Inc., Class B\* | 4895 |  | 2460472 |
|  Block, Inc., Class A\* | 1462 |  | 95162 |
|  Corpay, Inc.\* | 188 |  | 56575 |
|  Fidelity National Information Services, Inc. | 1390 |  | 92379 |
|  Fiserv, Inc.\* | 1431 |  | 96120 |
|  Global Payments, Inc. | 630 |  | 48762 |
|  Jack Henry & Associates, Inc. | 194 |  | 35401 |
|  Mastercard, Inc., Class A | 2190 |  | 1250227 |
|  PayPal Holdings, Inc. | 2489 |  | 145308 |
|  Visa, Inc., Class A | 4507 |  | 1580650 |
|  |  |  | 6039835 |
|  ***Insurance (0.7%)*** | ***Insurance (0.7%)*** | ***Insurance (0.7%)*** | ***Insurance (0.7%)*** |
|  Aflac, Inc. | 1255 |  | 138389 |
|  Allstate Corp. (The) | 696 |  | 144872 |
|  American International Group, Inc. | 1435 |  | 122764 |
|  Aon plc, Class A | 574 |  | 202553 |
|  Arch Capital Group Ltd.\* | 961 |  | 92179 |
|  Arthur J Gallagher & Co. | 682 |  | 176495 |
|  Assurant, Inc. | 134 |  | 32274 |
|  Brown & Brown, Inc. | 780 |  | 62166 |
|  Chubb Ltd. | 974 |  | 304005 |
|  Cincinnati Financial Corp. | 416 |  | 67941 |
|  Erie Indemnity Co., Class A | 71 |  | 20352 |
|  Everest Group Ltd. | 112 |  | 38007 |
|  Globe Life, Inc. | 216 |  | 30210 |
|  Hartford Insurance Group, Inc. (The) | 748 |  | 103074 |
|  Loews Corp. | 453 |  | 47705 |
|  Marsh & McLennan Cos., Inc. | 1308 |  | 242660 |
|  MetLife, Inc. | 1472 |  | 116200 |
|  Principal Financial Group, Inc. | 539 |  | 47545 |
|  Progressive Corp. (The) | 1560 |  | 355243 |
|  Prudential Financial, Inc. | 937 |  | 105769 |
|  Travelers Cos., Inc. (The) | 593 |  | 172006 |
|  W.R. Berkley Corp. | 797 |  | 55886 |
|  Willis Towers Watson plc | 255 |  | 83793 |
|  |  |  | 2762088 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 20866239 |
|  **Health Care (3.5%)** | **Health Care (3.5%)** | **Health Care (3.5%)** | **Health Care (3.5%)** |
|  ***Biotechnology (0.6%)*** | ***Biotechnology (0.6%)*** | ***Biotechnology (0.6%)*** | ***Biotechnology (0.6%)*** |
|  AbbVie, Inc. | 4724 |  | 1079387 |
|  Amgen, Inc. | 1440 |  | 471326 |
|  Biogen, Inc.\* | 390 |  | 68636 |
|  Gilead Sciences, Inc. | 3302 |  | 405288 |
|  Incyte Corp.\* | 436 |  | 43064 |
|  Moderna, Inc.\* | 921 |  | 27160 |
|  Regeneron Pharmaceuticals, Inc. | 268 |  | 206861 |
|  Vertex Pharmaceuticals, Inc.\* | 675 |  | 306018 |
|  |  |  | 2607740 |
|  ***Health Care Equipment & Supplies (0.8%)*** | ***Health Care Equipment & Supplies (0.8%)*** | ***Health Care Equipment & Supplies (0.8%)*** | ***Health Care Equipment & Supplies (0.8%)*** |
|  Abbott Laboratories | 4651 |  | 582724 |
|  Align Technology, Inc.\* | 179 |  | 27951 |
|  Baxter International, Inc. | 1367 |  | 26123 |
|  Becton Dickinson & Co. | 763 |  | 148076 |
|  Boston Scientific Corp.\* | 3964 |  | 377967 |
|  Cooper Cos., Inc. (The)\* | 531 |  | 43521 |
|  Dexcom, Inc.\* | 1043 |  | 69224 |
|  Edwards Lifesciences Corp.\* | 1544 |  | 131626 |
|  GE HealthCare Technologies, Inc. | 1215 |  | 99654 |
|  Hologic, Inc.\* | 592 |  | 44098 |
|  IDEXX Laboratories, Inc.\* | 213 |  | 144101 |
|  Insulet Corp.\* | 187 |  | 53153 |
|  Intuitive Surgical, Inc.\* | 947 |  | 536343 |
|  Medtronic plc | 3435 |  | 329966 |
|  ResMed, Inc. | 390 |  | 93939 |
|  Solventum Corp.\* | 392 |  | 31062 |
|  STERIS plc | 262 |  | 66422 |
|  Stryker Corp. | 916 |  | 321947 |
|  Zimmer Biomet Holdings, Inc. | 527 |  | 47388 |
|  |  |  | 3175285 |
|  ***Health Care Providers & Services (0.6%)*** | ***Health Care Providers & Services (0.6%)*** | ***Health Care Providers & Services (0.6%)*** | ***Health Care Providers & Services (0.6%)*** |
|  Cardinal Health, Inc. | 635 |  | 130493 |
|  Cencora, Inc. | 516 |  | 174279 |
|  Centene Corp.\* | 1241 |  | 51067 |
|  Cigna Group (The) | 710 |  | 195413 |
|  CVS Health Corp. | 3375 |  | 267840 |
|  DaVita, Inc.\* | 100 |  | 11361 |
|  Elevance Health, Inc. | 591 |  | 207175 |
|  HCA Healthcare, Inc. | 425 |  | 198415 |
|  Henry Schein, Inc.\* | 274 |  | 20709 |
|  Humana, Inc. | 320 |  | 81962 |
|  Labcorp Holdings, Inc. | 221 |  | 55444 |
|  McKesson Corp. | 328 |  | 269055 |
|  Molina Healthcare, Inc.\* | 137 |  | 23775 |
|  Quest Diagnostics, Inc. | 298 |  | 51712 |
|  UnitedHealth Group, Inc. | 2416 |  | 797546 |
|  Universal Health Services, Inc., Class B | 150 |  | 32703 |
|  |  |  | 2568949 |
|  ***Life Sciences Tools & Services (0.3%)*** | ***Life Sciences Tools & Services (0.3%)*** | ***Life Sciences Tools & Services (0.3%)*** | ***Life Sciences Tools & Services (0.3%)*** |
|  Agilent Technologies, Inc. | 756 |  | 102869 |
|  Bio-Techne Corp. | 417 |  | 24524 |
|  Charles River Laboratories International, Inc.\* | 131 |  | 26132 |
|  Danaher Corp. | 1683 |  | 385272 |
|  IQVIA Holdings, Inc.\* | 452 |  | 101885 |
|  Mettler-Toledo International, Inc.\* | 54 |  | 75286 |
|  Revvity, Inc. | 309 |  | 29896 |
|  Thermo Fisher Scientific, Inc. | 1002 |  | 580609 |
|  Waters Corp.\* | 158 |  | 60013 |
|  West Pharmaceutical Services, Inc. | 191 |  | 52552 |
|  |  |  | 1439038 |
|  ***Pharmaceuticals (1.2%)*** | ***Pharmaceuticals (1.2%)*** | ***Pharmaceuticals (1.2%)*** | ***Pharmaceuticals (1.2%)*** |
|  Bristol-Myers Squibb Co. | 5416 |  | 292139 |
|  Eli Lilly & Co. | 2120 |  | 2278322 |
|  Johnson & Johnson | 6436 |  | 1331930 |

---

See Notes to Financial Statements.

864

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Merck & Co., Inc. | 6621 | $| 696926 |
|  Pfizer, Inc. | 15128 |  | 376687 |
|  Viatris, Inc. | 3102 |  | 38620 |
|  Zoetis, Inc. | 1179 |  | 148342 |
|  |  |  | 5162966 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 14953978 |
|  **Industrials (3.0%)** | **Industrials (3.0%)** | **Industrials (3.0%)** | **Industrials (3.0%)** |
|  ***Aerospace & Defense (0.8%)*** | ***Aerospace & Defense (0.8%)*** | ***Aerospace & Defense (0.8%)*** | ***Aerospace & Defense (0.8%)*** |
|  Axon Enterprise, Inc.\* | 209 |  | 118697 |
|  Boeing Co. (The)\* | 2095 |  | 454866 |
|  GE Aerospace | 2820 |  | 868645 |
|  General Dynamics Corp. | 679 |  | 228592 |
|  Howmet Aerospace, Inc. | 1073 |  | 219986 |
|  Huntington Ingalls Industries, Inc. | 104 |  | 35367 |
|  L3Harris Technologies, Inc. | 498 |  | 146198 |
|  Lockheed Martin Corp. | 542 |  | 262149 |
|  Northrop Grumman Corp. | 358 |  | 204135 |
|  RTX Corp. | 3585 |  | 657489 |
|  Textron, Inc. | 474 |  | 41319 |
|  TransDigm Group, Inc. | 150 |  | 199478 |
|  |  |  | 3436921 |
|  ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** |
|  CH Robinson Worldwide, Inc. | 314 |  | 50479 |
|  Expeditors International of Washington, Inc. | 361 |  | 53792 |
|  FedEx Corp. | 577 |  | 166672 |
|  United Parcel Service, Inc., Class B | 1958 |  | 194214 |
|  |  |  | 465157 |
|  ***Building Products (0.2%)*** | ***Building Products (0.2%)*** | ***Building Products (0.2%)*** | ***Building Products (0.2%)*** |
|  A.O. Smith Corp. | 304 |  | 20332 |
|  Allegion plc | 228 |  | 36302 |
|  Builders FirstSource, Inc.\* | 294 |  | 30250 |
|  Carrier Global Corp. | 2106 |  | 111281 |
|  Johnson Controls International plc | 1626 |  | 194714 |
|  Lennox International, Inc. | 85 |  | 41274 |
|  Masco Corp. | 557 |  | 35347 |
|  Trane Technologies plc | 592 |  | 230406 |
|  |  |  | 699906 |
|  ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** |
|  Cintas Corp. | 911 |  | 171332 |
|  Copart, Inc.\* | 2367 |  | 92668 |
|  Republic Services, Inc. | 535 |  | 113382 |
|  Rollins, Inc. | 781 |  | 46876 |
|  Veralto Corp. | 660 |  | 65855 |
|  Waste Management, Inc. | 986 |  | 216634 |
|  |  |  | 706747 |
|  ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** |
|  Comfort Systems USA, Inc. | 94 |  | 87729 |
|  EMCOR Group, Inc. | 119 |  | 72803 |
|  Quanta Services, Inc. | 396 |  | 167136 |
|  |  |  | 327668 |
|  ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** |
|  AMETEK, Inc. | 615 |  | 126266 |
|  Eaton Corp. plc | 1036 |  | 329976 |
|  Emerson Electric Co. | 1498 |  | 198815 |
|  GE Vernova, Inc. | 726 |  | 474492 |
|  Generac Holdings, Inc.\* | 156 |  | 21274 |
|  Hubbell, Inc., Class B | 141 |  | 62619 |
|  Rockwell Automation, Inc. | 299 |  | 116332 |
|  |  |  | 1329774 |
|  ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** |
|  CSX Corp. | 4960 |  | 179800 |
|  JB Hunt Transport Services, Inc. | 203 |  | 39451 |
|  Norfolk Southern Corp. | 597 |  | 172366 |
|  Old Dominion Freight Line, Inc. | 492 |  | 77146 |
|  Uber Technologies, Inc.\* | 5558 |  | 454144 |
|  Union Pacific Corp. | 1578 |  | 365023 |
|  |  |  | 1287930 |
|  ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** |
|  3M Co. | 1417 |  | 226862 |
|  Honeywell International, Inc. | 1689 |  | 329507 |
|  |  |  | 556369 |
|  ***Machinery (0.6%)*** | ***Machinery (0.6%)*** | ***Machinery (0.6%)*** | ***Machinery (0.6%)*** |
|  Caterpillar, Inc. | 1248 |  | 714942 |
|  Cummins, Inc. | 367 |  | 187335 |
|  Deere & Co. | 670 |  | 311932 |
|  Dover Corp. | 365 |  | 71263 |
|  Fortive Corp. | 845 |  | 46652 |
|  IDEX Corp. | 200 |  | 35588 |
|  Illinois Tool Works, Inc. | 702 |  | 172903 |
|  Ingersoll Rand, Inc. | 962 |  | 76210 |
|  Nordson Corp. | 143 |  | 34381 |
|  Otis Worldwide Corp. | 1044 |  | 91193 |
|  PACCAR, Inc. | 1397 |  | 152985 |
|  Parker-Hannifin Corp. | 336 |  | 295331 |
|  Pentair plc | 436 |  | 45405 |
|  Snap-on, Inc. | 139 |  | 47899 |
|  Stanley Black & Decker, Inc. | 412 |  | 30603 |
|  Westinghouse Air Brake Technologies Corp. | 455 |  | 97120 |
|  Xylem, Inc. | 648 |  | 88245 |
|  |  |  | 2499987 |
|  ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** |
|  Delta Air Lines, Inc. | 1726 |  | 119784 |
|  Southwest Airlines Co. | 1397 |  | 57738 |
|  United Airlines Holdings, Inc.\* | 861 |  | 96277 |
|  |  |  | 273799 |
|  ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** |
|  Automatic Data Processing, Inc. | 1078 |  | 277294 |
|  Broadridge Financial Solutions, Inc. | 312 |  | 69629 |
|  Dayforce, Inc.\* | 425 |  | 29393 |
|  Equifax, Inc. | 329 |  | 71387 |
|  Jacobs Solutions, Inc. | 318 |  | 42122 |
|  Leidos Holdings, Inc. | 341 |  | 61516 |
|  Paychex, Inc. | 863 |  | 96811 |
|  Paycom Software, Inc. | 133 |  | 21195 |
|  Verisk Analytics, Inc. | 372 |  | 83213 |
|  |  |  | 752560 |
|  ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** |
|  Fastenal Co. | 3054 |  | 122557 |
|  United Rentals, Inc. | 169 |  | 136775 |

---

See Notes to Financial Statements.

865

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  W.W. Grainger, Inc. | 116 | $| 117050 |
|  |  |  | 376382 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 12713200 |
|  **Information Technology (12.7%)** | **Information Technology (12.7%)** | **Information Technology (12.7%)** | **Information Technology (12.7%)** |
|  ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** |
|  Arista Networks, Inc.\* | 2761 |  | 361774 |
|  Cisco Systems, Inc. | 10509 |  | 809508 |
|  F5, Inc.\* | 153 |  | 39055 |
|  Motorola Solutions, Inc. | 443 |  | 169811 |
|  |  |  | 1380148 |
|  ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** |
|  Amphenol Corp., Class A | 3264 |  | 441097 |
|  CDW Corp. | 349 |  | 47534 |
|  Corning, Inc. | 2074 |  | 181599 |
|  Jabil, Inc. | 286 |  | 65214 |
|  Keysight Technologies, Inc.\* | 458 |  | 93061 |
|  TE Connectivity plc | 786 |  | 178823 |
|  Teledyne Technologies, Inc.\* | 125 |  | 63841 |
|  Trimble, Inc.\* | 633 |  | 49595 |
|  Zebra Technologies Corp., Class A\* | 135 |  | 32781 |
|  |  |  | 1153545 |
|  ***IT Services (0.4%)*** | ***IT Services (0.4%)*** | ***IT Services (0.4%)*** | ***IT Services (0.4%)*** |
|  Accenture plc, Class A | 1659 |  | 445110 |
|  Akamai Technologies, Inc.\* | 382 |  | 33329 |
|  Cognizant Technology Solutions Corp., Class A | 1284 |  | 106572 |
|  EPAM Systems, Inc.\* | 148 |  | 30322 |
|  Gartner, Inc.\* | 192 |  | 48438 |
|  GoDaddy, Inc., Class A\* | 359 |  | 44545 |
|  International Business Machines Corp. | 2493 |  | 738451 |
|  VeriSign, Inc. | 224 |  | 54421 |
|  |  |  | 1501188 |
|  ***Semiconductors & Semiconductor Equipment (5.2%)*** | ***Semiconductors & Semiconductor Equipment (5.2%)*** | ***Semiconductors & Semiconductor Equipment (5.2%)*** | ***Semiconductors & Semiconductor Equipment (5.2%)*** |
|  Advanced Micro Devices, Inc.\* | 4352 |  | 932024 |
|  Analog Devices, Inc. | 1309 |  | 355001 |
|  Applied Materials, Inc. | 2129 |  | 547132 |
|  Broadcom, Inc. | 12602 |  | 4361552 |
|  First Solar, Inc.\* | 285 |  | 74451 |
|  Intel Corp.\* | 11996 |  | 442652 |
|  KLA Corp. | 350 |  | 425278 |
|  Lam Research Corp. | 3355 |  | 574309 |
|  Microchip Technology, Inc. | 1436 |  | 91502 |
|  Micron Technology, Inc. | 2993 |  | 854232 |
|  Monolithic Power Systems, Inc. | 127 |  | 115108 |
|  NVIDIA Corp. | 64820 |  | 12088930 |
|  NXP Semiconductors NV | 671 |  | 145647 |
|  ON Semiconductor Corp.\* | 1088 |  | 58915 |
|  Qnity Electronics, Inc. | 557 |  | 45479 |
|  QUALCOMM, Inc. | 2863 |  | 489716 |
|  Skyworks Solutions, Inc. | 395 |  | 25047 |
|  Teradyne, Inc. | 417 |  | 80715 |
|  Texas Instruments, Inc. | 2419 |  | 419672 |
|  |  |  | 22127362 |
|  ***Software (3.8%)*** | ***Software (3.8%)*** | ***Software (3.8%)*** | ***Software (3.8%)*** |
|  Adobe, Inc.\* | 1114 |  | 389889 |
|  AppLovin Corp., Class A\* | 724 |  | 487846 |
|  Autodesk, Inc.\* | 569 |  | 168430 |
|  Cadence Design Systems, Inc.\* | 725 |  | 226621 |
|  Crowdstrike Holdings, Inc., Class A\* | 668 |  | 313132 |
|  Datadog, Inc., Class A\* | 860 |  | 116951 |
|  Fair Isaac Corp.\* | 63 |  | 106509 |
|  Fortinet, Inc.\* | 1681 |  | 133488 |
|  Gen Digital, Inc. | 1491 |  | 40540 |
|  Intuit, Inc. | 746 |  | 494165 |
|  Microsoft Corp. | 19827 |  | 9588734 |
|  Oracle Corp. | 4497 |  | 876510 |
|  Palantir Technologies, Inc., Class A\* | 6105 |  | 1085164 |
|  Palo Alto Networks, Inc.\* | 1819 |  | 335060 |
|  PTC, Inc.\* | 319 |  | 55573 |
|  Roper Technologies, Inc. | 286 |  | 127307 |
|  Salesforce, Inc. | 2540 |  | 672871 |
|  ServiceNow, Inc.\* | 2765 |  | 423570 |
|  Synopsys, Inc.\* | 497 |  | 233451 |
|  Tyler Technologies, Inc.\* | 115 |  | 52204 |
|  Workday, Inc., Class A\* | 575 |  | 123499 |
|  |  |  | 16051514 |
|  ***Technology Hardware, Storage & Peripherals (2.7%)*** | ***Technology Hardware, Storage & Peripherals (2.7%)*** | ***Technology Hardware, Storage & Peripherals (2.7%)*** | ***Technology Hardware, Storage & Peripherals (2.7%)*** |
|  Apple, Inc. | 39418 |  | 10716178 |
|  Dell Technologies, Inc., Class C | 807 |  | 101585 |
|  Hewlett Packard Enterprise Co. | 3492 |  | 83878 |
|  HP, Inc. | 2499 |  | 55678 |
|  NetApp, Inc. | 532 |  | 56972 |
|  Sandisk Corp.\* | 367 |  | 87118 |
|  Seagate Technology Holdings plc | 580 |  | 159726 |
|  Super Micro Computer, Inc.\* | 1334 |  | 39046 |
|  Western Digital Corp. | 909 |  | 156593 |
|  |  |  | 11456774 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 53670531 |
|  **Materials (0.7%)** | **Materials (0.7%)** | **Materials (0.7%)** | **Materials (0.7%)** |
|  ***Chemicals (0.4%)*** | ***Chemicals (0.4%)*** | ***Chemicals (0.4%)*** | ***Chemicals (0.4%)*** |
|  Air Products and Chemicals, Inc. | 592 |  | 146236 |
|  Albemarle Corp. | 313 |  | 44271 |
|  CF Industries Holdings, Inc. | 415 |  | 32096 |
|  Corteva, Inc. | 1807 |  | 121123 |
|  Dow, Inc. | 1886 |  | 44095 |
|  DuPont de Nemours, Inc. | 1114 |  | 44783 |
|  Ecolab, Inc. | 679 |  | 178251 |
|  International Flavors & Fragrances, Inc. | 682 |  | 45960 |
|  Linde plc | 1248 |  | 532135 |
|  LyondellBasell Industries NV, Class A | 685 |  | 29661 |
|  Mosaic Co. (The) | 844 |  | 20332 |
|  PPG Industries, Inc. | 601 |  | 61578 |
|  Sherwin-Williams Co. (The) | 613 |  | 198630 |
|  |  |  | 1499151 |
|  ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** |
|  CRH plc | 1783 |  | 222518 |
|  Martin Marietta Materials, Inc. | 160 |  | 99626 |
|  Vulcan Materials Co. | 352 |  | 100397 |
|  |  |  | 422541 |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** |
|  Amcor plc | 6134 |  | 51157 |
|  Avery Dennison Corp. | 207 |  | 37649 |

---

See Notes to Financial Statements.

866

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Ball Corp. | 724 | $| 38350 |
|  International Paper Co. | 1405 |  | 55343 |
|  Packaging Corp. of America | 238 |  | 49083 |
|  Smurfit WestRock plc | 1389 |  | 53713 |
|  |  |  | 285295 |
|  ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** |
|  Freeport-McMoRan, Inc. | 3820 |  | 194018 |
|  Newmont Corp. | 2903 |  | 289864 |
|  Nucor Corp. | 611 |  | 99660 |
|  Steel Dynamics, Inc. | 368 |  | 62358 |
|  |  |  | 645900 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 2852887 |
|  **Real Estate (0.7%)** | **Real Estate (0.7%)** | **Real Estate (0.7%)** | **Real Estate (0.7%)** |
|  ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 433 |  | 21191 |
|  Healthpeak Properties, Inc. (REIT) | 1849 |  | 29732 |
|  Ventas, Inc. (REIT) | 1250 |  | 96725 |
|  Welltower, Inc. (REIT) | 1826 |  | 338924 |
|  |  |  | 486572 |
|  ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** |
|  Host Hotels & Resorts, Inc. (REIT) | 1701 |  | 30159 |
|  ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** |
|  Prologis, Inc. (REIT) | 2469 |  | 315192 |
|  ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** |
|  BXP, Inc. (REIT) (x) | 392 |  | 26452 |
|  ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** |
|  CBRE Group, Inc., Class A\* | 780 |  | 125416 |
|  CoStar Group, Inc.\* | 1127 |  | 75780 |
|  |  |  | 201196 |
|  ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** |
|  AvalonBay Communities, Inc. (REIT) | 378 |  | 68535 |
|  Camden Property Trust (REIT) | 284 |  | 31263 |
|  Equity Residential (REIT) | 925 |  | 58312 |
|  Essex Property Trust, Inc. (REIT) | 171 |  | 44747 |
|  Invitation Homes, Inc. (REIT) | 1501 |  | 41713 |
|  Mid-America Apartment Communities, Inc. (REIT) | 312 |  | 43340 |
|  UDR, Inc. (REIT) | 802 |  | 29417 |
|  |  |  | 317327 |
|  ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** |
|  Federal Realty Investment Trust (REIT) | 209 |  | 21067 |
|  Kimco Realty Corp. (REIT) | 1802 |  | 36527 |
|  Realty Income Corp. (REIT) | 2433 |  | 137148 |
|  Regency Centers Corp. (REIT) | 435 |  | 30028 |
|  Simon Property Group, Inc. (REIT) | 869 |  | 160861 |
|  |  |  | 385631 |
|  ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** |
|  American Tower Corp. (REIT) | 1246 |  | 218760 |
|  Crown Castle, Inc. (REIT) | 1159 |  | 103000 |
|  Digital Realty Trust, Inc. (REIT) | 853 |  | 131968 |
|  Equinix, Inc. (REIT) | 263 |  | 201500 |
|  Extra Space Storage, Inc. (REIT) | 565 |  | 73574 |
|  Iron Mountain, Inc. (REIT) | 786 |  | 65199 |
|  Public Storage (REIT) | 420 |  | 108990 |
|  SBA Communications Corp. (REIT) | 286 |  | 55321 |
|  VICI Properties, Inc. (REIT), Class A | 2837 |  | 79776 |
|  Weyerhaeuser Co. (REIT) | 1920 |  | 45485 |
|  |  |  | 1083573 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 2846102 |
|  **Utilities (0.8%)** | **Utilities (0.8%)** | **Utilities (0.8%)** | **Utilities (0.8%)** |
|  ***Electric Utilities (0.6%)*** | ***Electric Utilities (0.6%)*** | ***Electric Utilities (0.6%)*** | ***Electric Utilities (0.6%)*** |
|  Alliant Energy Corp. | 684 |  | 44467 |
|  American Electric Power Co., Inc. | 1423 |  | 164086 |
|  Constellation Energy Corp. | 831 |  | 293567 |
|  Duke Energy Corp. | 2069 |  | 242508 |
|  Edison International | 1024 |  | 61460 |
|  Entergy Corp. | 1188 |  | 109807 |
|  Evergy, Inc. | 612 |  | 44364 |
|  Eversource Energy | 987 |  | 66455 |
|  Exelon Corp. | 2687 |  | 117126 |
|  FirstEnergy Corp. | 1383 |  | 61917 |
|  NextEra Energy, Inc. | 5571 |  | 447240 |
|  NRG Energy, Inc. | 515 |  | 82009 |
|  PG&E Corp. | 5848 |  | 93977 |
|  Pinnacle West Capital Corp. | 318 |  | 28207 |
|  PPL Corp. | 1968 |  | 68919 |
|  Southern Co. (The) | 2927 |  | 255234 |
|  Xcel Energy, Inc. | 1574 |  | 116256 |
|  |  |  | 2297599 |
|  ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** |
|  Atmos Energy Corp. | 427 |  | 71578 |
|  ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** |
|  AES Corp. (The) | 1895 |  | 27174 |
|  Vistra Corp. | 847 |  | 136647 |
|  |  |  | 163821 |
|  ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** |
|  Ameren Corp. | 720 |  | 71899 |
|  CenterPoint Energy, Inc. | 1737 |  | 66597 |
|  CMS Energy Corp. | 796 |  | 55664 |
|  Consolidated Edison, Inc. | 960 |  | 95347 |
|  Dominion Energy, Inc. | 2271 |  | 133058 |
|  DTE Energy Co. | 552 |  | 71197 |
|  NiSource, Inc. | 1253 |  | 52325 |
|  Public Service Enterprise Group, Inc. | 1328 |  | 106638 |
|  Sempra | 1736 |  | 153272 |
|  WEC Energy Group, Inc. | 856 |  | 90274 |
|  |  |  | 896271 |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** |
|  American Water Works Co., Inc. | 519 |  | 67729 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 3496998 |
|  **Total Common Stocks (36.7%)**<br> *(Cost $84,622,345)* | **Total Common Stocks (36.7%)**<br> *(Cost $84,622,345)* |  | 155863475 |

---

See Notes to Financial Statements.

867

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
|  LONG-TERM DEBT SECURITIES: |  |  |
|  **Corporate Bonds (39.2%)** |  |  |
|  **Communication Services (3.0%)** |  |  |
|  ***Diversified Telecommunication Services (1.1%)*** | ***Diversified Telecommunication Services (1.1%)*** | ***Diversified Telecommunication Services (1.1%)*** |
|  AT&T, Inc.<br>2.750%, 6/1/31 | $356000 | $326868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/1/32 | 402000 | 352592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/15/35 | 861000 | 828499 |
|  British Telecommunications plc<br>9.625%, 12/15/30 (e) | 175000 | 213478 |
|  Orange SA<br>9.000%, 3/1/31 (e) | 297000 | 357215 |
|  Sprint Capital Corp.<br>8.750%, 3/15/32 | 200000 | 242056 |
|  Verizon Communications, Inc.<br>2.550%, 3/21/31 | 437000 | 398537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.355%, 3/15/32 | 550000 | 484392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/10/33 | 409000 | 402544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 9/15/33 | 298000 | 329202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 4/2/35 (x) | 532000 | 541568 |
|  |  | 4476951 |
|  ***Entertainment (0.2%)*** | ***Entertainment (0.2%)*** | ***Entertainment (0.2%)*** |
|  Netflix, Inc.<br>4.900%, 8/15/34 (x) | 600000 | 614522 |
|  Walt Disney Co. (The)<br>2.650%, 1/13/31 (x) | 400000 | 373733 |
|  |  | 988255 |
|  ***Interactive Media & Services (0.4%)*** | ***Interactive Media & Services (0.4%)*** | ***Interactive Media & Services (0.4%)*** |
|  Alphabet, Inc.<br>4.500%, 5/15/35 | 797000 | 792807 |
|  Meta Platforms, Inc.<br>3.850%, 8/15/32 | 500000 | 485204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 5/15/33 | 153000 | 157351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 8/15/34 | 214000 | 216075 |
|  |  | 1651437 |
|  ***Media (0.8%)*** | ***Media (0.8%)*** | ***Media (0.8%)*** |
|  Charter Communications Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 4/1/31 | 375000 | 337575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 4/1/33 | 244000 | 229928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550%, 6/1/34 | 273000 | 287158 |
|  Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 5/15/32 | 156000 | 160025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/15/33 | 391000 | 381952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 5/15/35 (x) | 1738000 | 1781039 |
|  Paramount Global<br>4.950%, 1/15/31 | 250000 | 239901 |
|  |  | 3417578 |
|  ***Wireless Telecommunication Services (0.5%)*** | ***Wireless Telecommunication Services (0.5%)*** | ***Wireless Telecommunication Services (0.5%)*** |
|  T-Mobile USA, Inc.<br>5.050%, 7/15/33 | 1181000 | 1207096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 4/15/34 | 276000 | 282206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 1/15/35 (x) | 840000 | 824892 |
|  |  | 2314194 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 12848415 |
|  **Consumer Discretionary (1.8%)** | **Consumer Discretionary (1.8%)** |  |
|  ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** |
|  Ford Motor Co.<br>3.250%, 2/12/32 | 469000 | 413719 |
|  General Motors Co.<br>5.600%, 10/15/32 | 500000 | 523374 |
|  |  | 937093 |
|  ***Broadline Retail (0.6%)*** | ***Broadline Retail (0.6%)*** | ***Broadline Retail (0.6%)*** |
|  Amazon.com, Inc.<br>2.100%, 5/12/31 | 932000 | 839396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 4/13/32 | 966000 | 937937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 12/5/34 | 211000 | 216448 |
|  eBay, Inc.<br>2.600%, 5/10/31 | 420000 | 383736 |
|  |  | 2377517 |
|  ***Hotels, Restaurants & Leisure (0.3%)*** | ***Hotels, Restaurants & Leisure (0.3%)*** | ***Hotels, Restaurants & Leisure (0.3%)*** |
|  Marriott International, Inc.<br>5.300%, 5/15/34 | 379000 | 391642 |
|  McDonald's Corp.<br>4.950%, 3/3/35 | 380000 | 384668 |
|  Starbucks Corp.<br>2.550%, 11/15/30 | 250000 | 230872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/14/32 | 253000 | 233293 |
|  |  | 1240475 |
|  ***Specialty Retail (0.7%)*** | ***Specialty Retail (0.7%)*** | ***Specialty Retail (0.7%)*** |
|  AutoZone, Inc.<br>5.400%, 7/15/34 | 302000 | 313046 |
|  Home Depot, Inc. (The)<br>4.850%, 6/25/31 | 355000 | 367130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/15/32 | 270000 | 254618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/32 | 152000 | 153875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 6/25/34 | 606000 | 620045 |
|  Lowe's Cos., Inc.<br>2.625%, 4/1/31 | 390000 | 358070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/1/32 | 300000 | 287707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 7/1/33 | 321000 | 331613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 10/15/35 | 252000 | 250444 |
|  |  | 2936548 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 7491633 |
|  **Consumer Staples (2.5%)** |  |  |
|  ***Beverages (0.6%)*** | ***Beverages (0.6%)*** | ***Beverages (0.6%)*** |
|  Coca-Cola Co. (The)<br>1.375%, 3/15/31 | 320000 | 280226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1/5/32 | 333000 | 300833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/13/34 | 365000 | 381098 |
|  Constellation Brands, Inc.<br>2.250%, 8/1/31 | 250000 | 221960 |
|  Diageo Capital plc<br>5.625%, 10/5/33 | 312000 | 332124 |
|  Keurig Dr Pepper, Inc.<br>2.250%, 3/15/31 | 200000 | 178225 |
|  PepsiCo, Inc.<br>3.900%, 7/18/32 | 400000 | 393211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 7/17/34 | 371000 | 379699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/23/35 | 172000 | 175740 |
|  |  | 2643116 |

---

See Notes to Financial Statements.

868

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
|  ***Consumer Staples Distribution & Retail (0.7%)*** | ***Consumer Staples Distribution & Retail (0.7%)*** | ***Consumer Staples Distribution & Retail (0.7%)*** |
|  Dollar General Corp.<br>5.450%, 7/5/33 (x) | $233000 | $241783 |
|  Kroger Co. (The)<br>5.000%, 9/15/34 | 671000 | 675168 |
|  Target Corp.<br>4.500%, 9/15/32 | 500000 | 505771 |
|  Walmart, Inc.<br>1.800%, 9/22/31 (x) | 1322000 | 1175906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 4/28/35 | 246000 | 253093 |
|  |  | 2851721 |
|  ***Food Products (0.3%)*** | ***Food Products (0.3%)*** | ***Food Products (0.3%)*** |
|  General Mills, Inc.<br>5.250%, 1/30/35 | 202000 | 205899 |
|  JBS USA Holding Lux Sarl<br>5.750%, 4/1/33 | 146000 | 152404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 3/15/34 | 264000 | 291109 |
|  Mondelez International, Inc.<br>4.750%, 8/28/34 | 373000 | 371794 |
|  Pilgrim's Pride Corp.<br>6.250%, 7/1/33 | 179000 | 191287 |
|  Unilever Capital Corp.<br>5.900%, 11/15/32 | 100000 | 109243 |
|  |  | 1321736 |
|  ***Household Products (0.3%)*** | ***Household Products (0.3%)*** | ***Household Products (0.3%)*** |
|  Kimberly-Clark Corp.<br>2.000%, 11/2/31 | 436000 | 392122 |
|  Procter & Gamble Co. (The)<br>1.200%, 10/29/30 | 200000 | 176228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 2/1/32 | 204000 | 186385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 10/24/34 | 441000 | 447405 |
|  |  | 1202140 |
|  ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** |
|  Estee Lauder Cos., Inc. (The)<br>4.650%, 5/15/33 | 248000 | 249508 |
|  Haleon US Capital LLC<br>3.625%, 3/24/32 | 361000 | 343821 |
|  |  | 593329 |
|  ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** |
|  Altria Group, Inc.<br>2.450%, 2/4/32 | 320000 | 282735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 2/6/35 | 294000 | 305634 |
|  BAT Capital Corp.<br>7.750%, 10/19/32 | 174000 | 203405 |
|  Philip Morris International, Inc.<br>5.750%, 11/17/32 | 350000 | 374431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 2/15/33 | 426000 | 445794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 2/13/34 | 274000 | 283285 |
|  |  | 1895284 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 10507326 |
|  **Energy (3.0%)** | **Energy (3.0%)** |  |
|  ***Oil, Gas & Consumable Fuels (3.0%)*** | ***Oil, Gas & Consumable Fuels (3.0%)*** | ***Oil, Gas & Consumable Fuels (3.0%)*** |
|  BP Capital Markets America, Inc. 2.721%, 1/12/32 | 420000 | 381783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.812%, 2/13/33 | 552000 | 559007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.227%, 11/17/34 | 145000 | 149683 |
|  Burlington Resources LLC<br>7.200%, 8/15/31 | 100000 | 113544 |
|  Cheniere Energy Partners LP<br>4.000%, 3/1/31 | 440000 | 427808 |
|  Chevron USA, Inc.<br>4.819%, 4/15/32 | 361000 | 371000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.980%, 4/15/35 | 231000 | 236413 |
|  ConocoPhillips Co.<br>5.050%, 9/15/33 | 332000 | 341046 |
|  Devon Energy Corp.<br>7.875%, 9/30/31 | 165000 | 190657 |
|  Diamondback Energy, Inc.<br>6.250%, 3/15/33 | 224000 | 241372 |
|  Enbridge, Inc.<br>5.700%, 3/8/33 | 300000 | 316320 |
|  Energy Transfer LP<br>5.750%, 2/15/33 | 326000 | 342018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 5/15/34 | 281000 | 288774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 9/1/34 | 421000 | 432667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 4/1/35 | 437000 | 452242 |
|  Enterprise Products Operating LLC 5.350%, 1/31/33 | 100000 | 104465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 2/15/35 | 274000 | 276762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D<br>6.875%, 3/1/33 | 100000 | 113293 |
|  EQT Corp.<br>5.750%, 2/1/34 | 290000 | 303019 |
|  Hess Corp.<br>7.300%, 8/15/31 | 210000 | 241163 |
|  Kinder Morgan Energy Partners LP 7.300%, 8/15/33 | 287000 | 329966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 3/15/35 | 365000 | 383850 |
|  Kinder Morgan, Inc.<br>2.000%, 2/15/31 (x) | 100000 | 89154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 1/15/32 | 100000 | 116099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 6/1/33 | 200000 | 205793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 2/1/34 | 272000 | 280600 |
|  MPLX LP<br>4.950%, 9/1/32 | 390000 | 392145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 6/1/34 | 408000 | 416302 |
|  Occidental Petroleum Corp.<br>6.625%, 9/1/30 | 228000 | 244600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 1/1/32 | 1192000 | 1217511 |
|  ONEOK, Inc.<br>6.100%, 11/15/32 | 100000 | 106836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 11/1/34 | 630000 | 624253 |
|  Phillips 66 Co.<br>5.300%, 6/30/33 | 384000 | 396625 |
|  Pioneer Natural Resources Co. 2.150%, 1/15/31 | 298000 | 270298 |
|  Shell Finance US, Inc.<br>4.125%, 5/11/35 (x) | 406000 | 389687 |
|  Targa Resources Partners LP<br>4.000%, 1/15/32 | 200000 | 190799 |
|  TotalEnergies Capital SA<br>5.150%, 4/5/34 | 223000 | 231452 |
|  Valero Energy Corp.<br>2.800%, 12/1/31 | 200000 | 182435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 4/15/32 | 50000 | 57278 |
|  Williams Cos., Inc. (The)<br>2.600%, 3/15/31 | 450000 | 410950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 8/15/32 | 350000 | 350785 |

---

See Notes to Financial Statements.

869

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** | **Value**<br>**(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 3/15/33 | $| 100000 | $| 105220 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  |  | 12875674 |
|  **Financials (13.4%)** | **Financials (13.4%)** | **Financials (13.4%)** |  |  |
|  ***Banks (6.7%)*** | ***Banks (6.7%)*** | ***Banks (6.7%)*** | ***Banks (6.7%)*** | ***Banks (6.7%)*** |
|  Banco Santander SA<br>2.749%, 12/3/30 |  | 200000 |  | 181434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.958%, 3/25/31 |  | 200000 |  | 185424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.921%, 8/8/33 |  | 400000 |  | 443029 |
|  Bank of America Corp.<br>(SOFR + 1.32%),<br>2.687%, 4/22/32 (k) |  | 1100000 |  | 1009362 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%),<br>2.572%, 10/20/32 (k) |  | 404000 |  | 364465 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.83%),<br>4.571%, 4/27/33 (k) |  | 1000000 |  | 998449 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.16%),<br>5.015%, 7/22/33 (k) |  | 504000 |  | 514307 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%),<br>5.288%, 4/25/34 (k) |  | 500000 |  | 515843 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.84%),<br>5.872%, 9/15/34 (k) |  | 263000 |  | 280817 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.31%),<br>5.511%, 1/24/36 (k) |  | 1311000 |  | 1368081 |
|  Bank of Nova Scotia (The)<br>(US Treasury Yield Curve Rate T Note Constant Maturity<br>5 Year + 2.05%),<br>4.588%, 5/4/37 (k) |  | 399000 |  | 388425 |
|  Barclays plc<br>(US Treasury Yield Curve Rate T Note Constant Maturity<br>1 Year + 3.50%),<br>7.437%, 11/2/33 (k) |  | 600000 |  | 686359 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.98%),<br>6.224%, 5/9/34 (k) |  | 200000 |  | 215160 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.62%),<br>6.692%, 9/13/34 (k) |  | 252000 |  | 278959 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.59%),<br>5.785%, 2/25/36 (k) |  | 200000 |  | 209618 |
|  Citibank NA<br>5.570%, 4/30/34 |  | 394000 |  | 416665 |
|  Citigroup, Inc.<br>(SOFR + 1.35%),<br>3.057%, 1/25/33 (k) |  | 250000 |  | 228927 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.94%),<br>3.785%, 3/17/33 (k) |  | 700000 |  | 667382 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.34%),<br>6.270%, 11/17/33 (k) |  | 300000 |  | 326503 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.66%),<br>6.174%, 5/25/34 (k) |  | 250000 |  | 266058 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.45%),<br>5.449%, 6/11/35 (k) |  | 300000 |  | 310660 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.83%),<br>6.020%, 1/24/36 (k) |  | 770000 |  | 807261 |
|  HSBC Bank USA NA<br>5.875%, 11/1/34 |  | 250000 |  | 264364 |
|  HSBC Holdings plc<br>(SOFR + 1.19%),<br>2.804%, 5/24/32 (k) |  | 1200000 |  | 1098146 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.87%),<br>5.402%, 8/11/33 (k) |  | 400000 |  | 414875 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.39%),<br>6.254%, 3/9/34 (k) |  | 200000 |  | 217748 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.02%),<br>7.399%, 11/13/34 (k) |  | 249000 |  | 284166 |
|  JPMorgan Chase & Co.<br>(SOFR + 1.07%),<br>1.953%, 2/4/32 (k) |  | 518000 |  | 462788 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR<br>3 Month + 1.25%),<br>2.580%, 4/22/32 (k) |  | 800000 |  | 731506 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%),<br>2.963%, 1/25/33 (k) |  | 423000 |  | 387994 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.80%),<br>4.586%, 4/26/33 (k) |  | 351000 |  | 352460 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.08%),<br>4.912%, 7/25/33 (k) |  | 187000 |  | 190318 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.85%),<br>5.350%, 6/1/34 (k) |  | 213000 |  | 221314 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.81%),<br>6.254%, 10/23/34 (k) |  | 315000 |  | 346057 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.62%),<br>5.336%, 1/23/35 (k) |  | 553000 |  | 573333 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.49%),<br>5.766%, 4/22/35 (k) |  | 650000 |  | 692607 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.46%),<br>5.294%, 7/22/35 (k) |  | 784000 |  | 809399 |
|  KeyBank NA<br>5.000%, 1/26/33 |  | 300000 |  | 302955 |
|  Lloyds Banking Group plc<br>(US Treasury Yield Curve Rate T Note Constant Maturity<br>1 Year + 2.30%),<br>4.976%, 8/11/33 (k) |  | 200000 |  | 203220 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity<br>1 Year + 1.75%),<br>5.679%, 1/5/35 (k) |  | 261000 |  | 275059 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity<br>1 Year + 2.13%),<br>5.133%, 7/20/33 (k) |  | 400000 |  | 410815 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.27%), 5.615%, 4/24/36 (k) |  | 434000 |  | 454659 |
|  Mizuho Financial Group, Inc.<br>(US Treasury Yield Curve Rate T Note Constant Maturity<br>1 Year + 1.90%),<br>5.748%, 7/6/34 (k) |  | 500000 |  | 526408 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity<br>1 Year + 1.07%),<br>5.323%, 7/8/36 (k) |  | 200000 |  | 205620 |
|  NatWest Group plc<br>(US Treasury Yield Curve Rate T Note Constant Maturity<br>1 Year + 1.50%),<br>5.778%, 3/1/35 (k) |  | 388000 |  | 410695 |
|  PNC Financial Services Group, Inc. (The)<br>(SOFR + 1.26%),<br>4.812%, 10/21/32 (k) |  | 301000 |  | 306395 |

---

See Notes to Financial Statements.

870

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** | **Value**<br>**(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 2.14%),<br>6.037%, 10/28/33 (k) | $| 200000 | $| 215946 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.93%),<br>5.068%, 1/24/34 (k) |  | 300000 |  | 307293 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.28%),<br>6.875%, 10/20/34 (k) |  | 367000 |  | 415833 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.39%),<br>5.575%, 1/29/36 (k) |  | 291000 |  | 303257 |
|  Royal Bank of Canada<br>5.000%, 2/1/33 |  | 250000 |  | 256966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 2/1/34 |  | 425000 |  | 442678 |
|  Sumitomo Mitsui Financial Group, Inc.<br>5.424%, 7/9/31 |  | 414000 |  | 432961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.766%, 1/13/33 |  | 200000 |  | 213141 |
|  Toronto-Dominion Bank (The)<br>3.200%, 3/10/32 |  | 372000 |  | 346705 |
|  Truist Financial Corp.<br>(SOFR + 2.24%),<br>4.916%, 7/28/33 (k) |  | 350000 |  | 352262 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.36%),<br>5.867%, 6/8/34 (k)(x) |  | 300000 |  | 319430 |
|  US Bancorp<br>(SOFR + 2.11%),<br>4.967%, 7/22/33 (k) |  | 350000 |  | 352076 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.09%),<br>5.850%, 10/21/33 (k) |  | 150000 |  | 160674 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.60%),<br>4.839%, 2/1/34 (k) |  | 200000 |  | 201538 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.26%),<br>5.836%, 6/12/34 (k) |  | 200000 |  | 213358 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.86%),<br>5.678%, 1/23/35 (k) |  | 193000 |  | 203951 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.41%),<br>5.424%, 2/12/36 (k)(x) |  | 233000 |  | 242609 |
|  Wells Fargo & Co.<br>(SOFR + 2.10%),<br>4.897%, 7/25/33 (k) |  | 902000 |  | 916543 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.99%),<br>5.557%, 7/25/34 (k) |  | 458000 |  | 480361 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.06%),<br>6.491%, 10/23/34 (k) |  | 375000 |  | 415142 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.78%),<br>5.499%, 1/23/35 (k) |  | 269000 |  | 280894 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%),<br>5.605%, 4/23/36 (k) |  | 562000 |  | 590091 |
|  Westpac Banking Corp.<br>2.150%, 6/3/31 |  | 150000 |  | 135517 |
|  |  |  |  | 28605315 |
|  ***Capital Markets (3.1%)*** | ***Capital Markets (3.1%)*** | ***Capital Markets (3.1%)*** | ***Capital Markets (3.1%)*** | ***Capital Markets (3.1%)*** |
|  Bank of New York Mellon Corp. (The)<br>1.800%, 7/28/31 |  | 250000 |  | 220140 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.23%),<br>5.060%, 7/22/32 (k) |  | 295000 |  | 305108 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 2.07%),<br>5.834%, 10/25/33 (k) |  | 200000 |  | 215396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%),<br>4.967%, 4/26/34 (k) |  | 200000 |  | 203635 |
|  BlackRock, Inc.<br>1.900%, 1/28/31 |  | 173000 |  | 155605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/25/33 |  | 200000 |  | 204390 |
|  Blue Owl Credit Income Corp.<br>6.650%, 3/15/31 |  | 356000 |  | 366571 |
|  Blue Owl Finance LLC<br>4.375%, 2/15/32 |  | 606000 |  | 575811 |
|  Brookfield Capital Finance LLC<br>6.087%, 6/14/33 |  | 200000 |  | 214152 |
|  Charles Schwab Corp. (The)<br>(SOFR + 2.50%),<br>5.853%, 5/19/34 (k) |  | 406000 |  | 434370 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.01%),<br>6.136%, 8/24/34 (k) |  | 381000 |  | 415299 |
|  Goldman Sachs Group, Inc. (The)<br>(SOFR + 1.28%),<br>2.615%, 4/22/32 (k) |  | 200000 |  | 182392 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%),<br>2.383%, 7/21/32 (k) |  | 650000 |  | 582228 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%),<br>2.650%, 10/21/32 (k) |  | 403000 |  | 363599 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.41%),<br>3.102%, 2/24/33 (k) |  | 678000 |  | 624525 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.55%),<br>5.330%, 7/23/35 (k) |  | 716000 |  | 735324 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%),<br>5.016%, 10/23/35 (k) |  | 608000 |  | 610861 |
|  Intercontinental Exchange, Inc.<br>4.600%, 3/15/33 |  | 300000 |  | 303037 |
|  Jefferies Financial Group, Inc.<br>6.200%, 4/14/34 |  | 322000 |  | 339694 |
|  Morgan Stanley<br>(SOFR + 1.18%),<br>2.239%, 7/21/32 (k) |  | 1599000 |  | 1418919 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.56%),<br>6.342%, 10/18/33 (k) |  | 500000 |  | 548227 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.87%),<br>5.250%, 4/21/34 (k) |  | 250000 |  | 257488 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%),<br>5.831%, 4/19/35 (k) |  | 1816000 |  | 1930178 |
|  Nasdaq, Inc.<br>5.550%, 2/15/34 |  | 383000 |  | 402435 |
|  Nomura Holdings, Inc.<br>2.999%, 1/22/32 |  | 200000 |  | 181468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.783%, 7/3/34 |  | 365000 |  | 385251 |
|  S&P Global, Inc.<br>2.900%, 3/1/32 |  | 450000 |  | 415289 |
|  State Street Corp.<br>(SOFR + 1.05%),<br>4.675%, 10/22/32 (k) |  | 377000 |  | 384018 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%),<br>4.164%, 8/4/33 (k) |  | 200000 |  | 195991 |
|  |  |  |  | 13171401 |
|  ***Consumer Finance (2.2%)*** | ***Consumer Finance (2.2%)*** | ***Consumer Finance (2.2%)*** | ***Consumer Finance (2.2%)*** | ***Consumer Finance (2.2%)*** |
|  AerCap Ireland Capital DAC<br>5.375%, 12/15/31 |  | 1079000 |  | 1117267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 10/29/33 |  | 678000 |  | 612545 |
|  Ally Financial, Inc.<br>8.000%, 11/1/31 |  | 195000 |  | 221425 |
|  American Express Co.<br>(SOFR + 2.26%),<br>4.989%, 5/26/33 (k) |  | 838000 |  | 851003 |

---

See Notes to Financial Statements.

871

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** | **Value**<br>**(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%),<br>5.284%, 7/26/35 (k) | $| 209000 | $| 214854 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.79%),<br>5.667%, 4/25/36 (k) |  | 697000 |  | 735051 |
|  American Honda Finance Corp.<br>5.200%, 3/5/35 |  | 263000 |  | 266640 |
|  Capital One Financial Corp.<br>(SOFR + 2.37%),<br>5.268%, 5/10/33 (k) |  | 754000 |  | 773121 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.86%),<br>6.377%, 6/8/34 (k) |  | 200000 |  | 216675 |
|  Ford Motor Credit Co. LLC<br>6.050%, 3/5/31 |  | 750000 |  | 768750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.122%, 11/7/33 |  | 545000 |  | 585248 |
|  General Motors Financial Co., Inc.<br>3.100%, 1/12/32 |  | 432000 |  | 394395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 1/7/34 |  | 388000 |  | 411646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 4/4/34 |  | 339000 |  | 355263 |
|  John Deere Capital Corp.<br>1.450%, 1/15/31 |  | 360000 |  | 317318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 9/8/31 |  | 152000 |  | 153224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 4/11/34 |  | 400000 |  | 412926 |
|  Toyota Motor Credit Corp.<br>5.550%, 11/20/30 |  | 342000 |  | 361743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 1/9/35 |  | 437000 |  | 458698 |
|  |  |  |  | 9227792 |
|  ***Financial Services (0.5%)*** | ***Financial Services (0.5%)*** | ***Financial Services (0.5%)*** | ***Financial Services (0.5%)*** | ***Financial Services (0.5%)*** |
|  Fiserv, Inc.<br>5.450%, 3/15/34 |  | 429000 |  | 434536 |
|  Mastercard, Inc.<br>2.000%, 11/18/31 |  | 443000 |  | 393104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 3/9/33 |  | 194000 |  | 199635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 1/15/35 |  | 304000 |  | 303874 |
|  PayPal Holdings, Inc.<br>4.400%, 6/1/32 |  | 296000 |  | 296006 |
|  Visa, Inc.<br>1.100%, 2/15/31 |  | 363000 |  | 315441 |
|  |  |  |  | 1942596 |
|  ***Insurance (0.9%)*** | ***Insurance (0.9%)*** | ***Insurance (0.9%)*** | ***Insurance (0.9%)*** | ***Insurance (0.9%)*** |
|  Aon Corp.<br>5.350%, 2/28/33 |  | 358000 |  | 373105 |
|  Athene Holding Ltd.<br>5.875%, 1/15/34 (x) |  | 249000 |  | 258384 |
|  Berkshire Hathaway Finance Corp.<br>2.875%, 3/15/32 |  | 677000 |  | 630936 |
|  Chubb INA Holdings LLC<br>1.375%, 9/15/30 |  | 335000 |  | 294881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/15/34 |  | 287000 |  | 293437 |
|  MetLife, Inc.<br>5.375%, 7/15/33 |  | 302000 |  | 318291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 12/15/34 |  | 363000 |  | 377657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 6/15/35 |  | 613000 |  | 655042 |
|  Progressive Corp. (The)<br>3.000%, 3/15/32 |  | 168000 |  | 155182 |
|  Prudential Financial, Inc.<br>5.750%, 7/15/33 |  | 208000 |  | 224059 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity<br>5 Year + 3.23%),<br>6.000%, 9/1/52 (k) |  | 301000 |  | 310030 |
|  |  |  |  | 3891004 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  |  | 56838108 |
|  **Health Care (4.7%)** | **Health Care (4.7%)** | **Health Care (4.7%)** |  |  |
|  ***Biotechnology (0.9%)*** | ***Biotechnology (0.9%)*** | ***Biotechnology (0.9%)*** | ***Biotechnology (0.9%)*** | ***Biotechnology (0.9%)*** |
|  AbbVie, Inc.<br>4.550%, 3/15/35 |  | 1262000 |  | 1244295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 3/15/35 |  | 565000 |  | 584645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/14/35 |  | 290000 |  | 285415 |
|  Amgen, Inc.<br>2.000%, 1/15/32 |  | 362000 |  | 315517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/2/33 |  | 600000 |  | 621114 |
|  Gilead Sciences, Inc.<br>5.250%, 10/15/33 |  | 125000 |  | 131431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 6/15/35 |  | 546000 |  | 559758 |
|  |  |  |  | 3742175 |
|  ***Health Care Equipment & Supplies (0.2%)*** | ***Health Care Equipment & Supplies (0.2%)*** | ***Health Care Equipment & Supplies (0.2%)*** | ***Health Care Equipment & Supplies (0.2%)*** | ***Health Care Equipment & Supplies (0.2%)*** |
|  Baxter International, Inc.<br>2.539%, 2/1/32 |  | 280000 |  | 244124 |
|  Becton Dickinson & Co.<br>1.957%, 2/11/31 |  | 50000 |  | 44512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.110%, 2/8/34 |  | 354000 |  | 361596 |
|  GE HealthCare Technologies, Inc.<br>5.905%, 11/22/32 |  | 275000 |  | 296327 |
|  |  |  |  | 946559 |
|  ***Health Care Providers & Services (1.8%)*** | ***Health Care Providers & Services (1.8%)*** | ***Health Care Providers & Services (1.8%)*** | ***Health Care Providers & Services (1.8%)*** | ***Health Care Providers & Services (1.8%)*** |
|  Cardinal Health, Inc.<br>5.350%, 11/15/34 |  | 226000 |  | 232934 |
|  Centene Corp.<br>2.500%, 3/1/31 |  | 286000 |  | 246489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 8/1/31 |  | 267000 |  | 229476 |
|  Cigna Group (The)<br>5.400%, 3/15/33 |  | 250000 |  | 260589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 2/15/34 |  | 360000 |  | 370062 |
|  CVS Health Corp.<br>5.250%, 2/21/33 |  | 293000 |  | 301882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 7/20/35 |  | 768000 |  | 756809 |
|  Elevance Health, Inc.<br>2.550%, 3/15/31 |  | 200000 |  | 182811 |
|  HCA, Inc.<br>3.625%, 3/15/32 |  | 300000 |  | 283750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 4/1/34 |  | 436000 |  | 454839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 3/1/35 |  | 480000 |  | 503904 |
|  Humana, Inc.<br>5.375%, 4/15/31 |  | 367000 |  | 379194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 3/1/33 |  | 200000 |  | 210252 |
|  Laboratory Corp. of America Holdings<br>4.800%, 10/1/34 |  | 675000 |  | 669769 |
|  McKesson Corp.<br>5.250%, 5/30/35 |  | 317000 |  | 327459 |
|  Quest Diagnostics, Inc.<br>6.400%, 11/30/33 |  | 269000 |  | 297794 |
|  UnitedHealth Group, Inc.<br>4.900%, 4/15/31 |  | 221000 |  | 226950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 5/15/31 |  | 375000 |  | 338396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 5/15/32 |  | 400000 |  | 395662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 2/15/33 |  | 250000 |  | 260952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/15/33 |  | 125000 |  | 124157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/15/34 |  | 346000 |  | 351739 |
|  |  |  |  | 7405869 |

---

See Notes to Financial Statements.

872

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
|  ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** |
|  Agilent Technologies, Inc.<br>2.300%, 3/12/31 | $155000 | $140242 |
|  Thermo Fisher Scientific, Inc.<br>5.086%, 8/10/33 | 350000 | 362969 |
|  |  | 503211 |
|  ***Pharmaceuticals (1.7%)*** |  |  |
|  Astrazeneca Finance LLC<br>4.875%, 3/3/33 | 760000 | 784576 |
|  Bristol-Myers Squibb Co.<br>2.950%, 3/15/32 | 670000 | 621220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 2/22/34 | 399000 | 415614 |
|  Eli Lilly & Co.<br>4.900%, 10/15/35 | 2233000 | 2270343 |
|  Johnson & Johnson<br>4.850%, 3/1/32 | 787000 | 817334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/1/35 | 156000 | 162733 |
|  Merck & Co., Inc.<br>2.150%, 12/10/31 | 520000 | 463258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/17/33 | 323000 | 326069 |
|  Pfizer Investment Enterprises Pte. Ltd.<br>4.750%, 5/19/33 | 550000 | 556000 |
|  Pfizer, Inc.<br>1.750%, 8/18/31 | 378000 | 333437 |
|  Takeda Pharmaceutical Co. Ltd.<br>5.300%, 7/5/34 | 365000 | 376361 |
|  |  | 7126945 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 19724759 |
|  **Industrials (2.1%)** | **Industrials (2.1%)** |  |
|  ***Aerospace & Defense (0.8%)*** | ***Aerospace & Defense (0.8%)*** | ***Aerospace & Defense (0.8%)*** |
|  Boeing Co. (The)<br>3.250%, 2/1/35 | 1501000 | 1315226 |
|  General Electric Co.<br>6.750%, 3/15/32 | 160000 | 181140 |
|  L3Harris Technologies, Inc.<br>5.400%, 7/31/33 | 329000 | 342911 |
|  Lockheed Martin Corp.<br>4.700%, 12/15/31 | 173000 | 177424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 1/15/33 (x) | 281000 | 294932 |
|  Northrop Grumman Corp.<br>4.700%, 3/15/33 | 300000 | 303204 |
|  RTX Corp.<br>1.900%, 9/1/31 | 100000 | 87778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 2/27/33 | 541000 | 560073 |
|  |  | 3262688 |
|  ***Air Freight & Logistics (0.1%)*** |  |  |
|  FedEx Corp.<br>2.400%, 5/15/31 | 250000 | 227007 |
|  United Parcel Service, Inc.<br>5.250%, 5/14/35 | 300000 | 311465 |
|  |  | 538472 |
|  ***Building Products (0.1%)*** |  |  |
|  Carrier Global Corp.<br>2.700%, 2/15/31 | 417000 | 386476 |
|  ***Commercial Services & Supplies (0.1%)*** | ***Commercial Services & Supplies (0.1%)*** |  |
|  Waste Management, Inc.<br>4.150%, 4/15/32 | 367000 | 363797 |
|  ***Ground Transportation (0.3%)*** |  |  |
|  Canadian Pacific Railway Co.<br>2.450%, 12/2/31 | 225000 | 202445 |
|  CSX Corp.<br>4.100%, 11/15/32 | 225000 | 221039 |
|  Norfolk Southern Corp.<br>3.000%, 3/15/32 | 280000 | 258350 |
|  Uber Technologies, Inc.<br>4.800%, 9/15/34 | 296000 | 295375 |
|  Union Pacific Corp.<br>2.375%, 5/20/31 | 220000 | 201749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 2/14/32 | 400000 | 367835 |
|  |  | 1546793 |
|  ***Industrial Conglomerates (0.3%)*** |  |  |
|  3M Co.<br>5.150%, 3/15/35 | 500000 | 511908 |
|  Honeywell International, Inc.<br>1.750%, 9/1/31 | 447000 | 390889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/15/33 | 225000 | 231732 |
|  |  | 1134529 |
|  ***Machinery (0.4%)*** |  |  |
|  Caterpillar, Inc.<br>5.200%, 5/15/35 | 226000 | 234870 |
|  Cummins, Inc.<br>5.150%, 2/20/34 | 257000 | 266618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 5/9/35 | 232000 | 240488 |
|  Deere & Co.<br>5.450%, 1/16/35 | 449000 | 473847 |
|  Ingersoll Rand, Inc.<br>5.700%, 8/14/33 | 320000 | 339139 |
|  |  | 1554962 |
|  ***Trading Companies & Distributors (0.0%)†*** | ***Trading Companies & Distributors (0.0%)†*** |  |
|  Air Lease Corp.<br>2.875%, 1/15/32 | 284000 | 254961 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 9042678 |
|  **Information Technology (3.5%)** |  |  |
|  ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** |  |
|  Cisco Systems, Inc.<br>5.100%, 2/24/35 | 1009000 | 1037388 |
|  Motorola Solutions, Inc.<br>5.400%, 4/15/34 | 336000 | 347064 |
|  |  | 1384452 |
|  ***IT Services (0.2%)*** |  |  |
|  IBM International Capital Pte. Ltd.<br>4.900%, 2/5/34 (x) | 595000 | 601606 |
|  International Business Machines Corp.<br>5.000%, 2/10/32 | 289000 | 296777 |
|  |  | 898383 |
|  ***Semiconductors & Semiconductor Equipment (1.4%)*** | ***Semiconductors & Semiconductor Equipment (1.4%)*** | ***Semiconductors & Semiconductor Equipment (1.4%)*** |
|  Broadcom, Inc.<br>2.450%, 2/15/31 | 500000 | 457292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 11/15/32 | 150000 | 147897 |

---

See Notes to Financial Statements.

873

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** | **Value**<br>**(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419%, 4/15/33 | $| 400000 | $| 370101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 10/15/34 |  | 1026000 |  | 1028187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 7/15/35 |  | 1606000 |  | 1647793 |
|  Intel Corp.<br>4.150%, 8/5/32 |  | 200000 |  | 192622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 2/10/33 |  | 500000 |  | 510135 |
|  Micron Technology, Inc.<br>2.703%, 4/15/32 |  | 365000 |  | 327206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 2/9/33 |  | 329000 |  | 349864 |
|  NVIDIA Corp.<br>2.000%, 6/15/31 |  | 430000 |  | 387096 |
|  NXP BV<br>2.650%, 2/15/32 |  | 267000 |  | 239496 |
|  QUALCOMM, Inc.<br>1.650%, 5/20/32 |  | 188000 |  | 160738 |
|  Texas Instruments, Inc.<br>4.900%, 3/14/33 |  | 198000 |  | 204383 |
|  |  |  |  | 6022810 |
|  ***Software (1.0%)*** |  |  |  |  |
|  Intuit, Inc.<br>5.200%, 9/15/33 |  | 329000 |  | 344097 |
|  Oracle Corp.<br>2.875%, 3/25/31 |  | 300000 |  | 269063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 2/3/32 |  | 147000 |  | 146773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 11/9/32 |  | 675000 |  | 704260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 9/27/34 |  | 1117000 |  | 1035064 |
|  Roper Technologies, Inc.<br>1.750%, 2/15/31 |  | 200000 |  | 175512 |
|  Salesforce, Inc.<br>1.950%, 7/15/31 |  | 313000 |  | 278130 |
|  Synopsys, Inc.<br>5.150%, 4/1/35 |  | 411000 |  | 417526 |
|  VMware LLC<br>2.200%, 8/15/31 |  | 264000 |  | 234406 |
|  Workday, Inc.<br>3.800%, 4/1/32 |  | 422000 |  | 403185 |
|  |  |  |  | 4008016 |
|  ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** |
|  Apple, Inc.<br>1.650%, 2/8/31 |  | 250000 |  | 222727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/12/32 |  | 303000 |  | 309628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/12/35 |  | 519000 |  | 532157 |
|  Dell International LLC<br>4.750%, 10/6/32 |  | 381000 |  | 380777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 4/15/34 |  | 328000 |  | 337484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/1/35 |  | 226000 |  | 232632 |
|  Hewlett Packard Enterprise Co.<br>4.850%, 10/15/31 |  | 368000 |  | 371270 |
|  NetApp, Inc.<br>5.500%, 3/17/32 |  | 221000 |  | 230094 |
|  |  |  |  | 2616769 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  |  | 14930430 |
|  **Materials (0.4%)** | **Materials (0.4%)** | **Materials (0.4%)** |  |  |
|  ***Chemicals (0.2%)*** | ***Chemicals (0.2%)*** | ***Chemicals (0.2%)*** | ***Chemicals (0.2%)*** | ***Chemicals (0.2%)*** |
|  Air Products and Chemicals, Inc.<br>4.800%, 3/3/33 |  | 657000 |  | 670206 |
|  Dow Chemical Co. (The)<br>2.100%, 11/15/30 |  | 200000 |  | 176890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/1/34 |  | 239000 |  | 218473 |
|  |  |  |  | 1065569 |
|  ***Metals & Mining (0.2%)*** |  |  |  |  |
|  ArcelorMittal SA<br>6.800%, 11/29/32 |  | 317000 |  | 355284 |
|  BHP Billiton Finance USA Ltd.<br>5.250%, 9/8/33 |  | 329000 |  | 341931 |
|  |  |  |  | 697215 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  |  | 1762784 |
|  **Real Estate (1.6%)** | **Real Estate (1.6%)** | **Real Estate (1.6%)** |  |  |
|  ***Diversified REITs (0.2%)*** | ***Diversified REITs (0.2%)*** | ***Diversified REITs (0.2%)*** | ***Diversified REITs (0.2%)*** | ***Diversified REITs (0.2%)*** |
|  Equinix Europe 2 Financing Corp. LLC (REIT)<br>5.500%, 6/15/34 |  | 356000 |  | 368618 |
|  Simon Property Group LP (REIT)<br>2.200%, 2/1/31 |  | 412000 |  | 372741 |
|  VICI Properties LP (REIT)<br>5.125%, 5/15/32 |  | 279000 |  | 280833 |
|  |  |  |  | 1022192 |
|  ***Health Care REITs (0.1%)*** |  |  |  |  |
|  Alexandria Real Estate Equities, Inc. (REIT)<br>3.375%, 8/15/31 |  | 200000 |  | 186775 |
|  Welltower OP LLC (REIT)<br>2.800%, 6/1/31 |  | 400000 |  | 370406 |
|  |  |  |  | 557181 |
|  ***Hotel & Resort REITs (0.2%)*** |  |  |  |  |
|  Host Hotels & Resorts LP (REIT)<br>5.700%, 7/1/34 |  | 600000 |  | 620802 |
|  ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** |
|  Prologis LP (REIT)<br>4.750%, 6/15/33 |  | 387000 |  | 390322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 1/15/34 |  | 358000 |  | 367861 |
|  |  |  |  | 758183 |
|  ***Office REITs (0.2%)*** | ***Office REITs (0.2%)*** | ***Office REITs (0.2%)*** | ***Office REITs (0.2%)*** | ***Office REITs (0.2%)*** |
|  Boston Properties LP (REIT)<br>3.250%, 1/30/31 |  | 461000 |  | 432334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 1/15/34 |  | 267000 |  | 287606 |
|  |  |  |  | 719940 |
|  ***Residential REITs (0.0%)†*** | ***Residential REITs (0.0%)†*** | ***Residential REITs (0.0%)†*** | ***Residential REITs (0.0%)†*** | ***Residential REITs (0.0%)†*** |
|  AvalonBay Communities, Inc. (REIT)<br>2.050%, 1/15/32 |  | 110000 |  | 96538 |
|  ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** |
|  Realty Income Corp. (REIT)<br>3.250%, 1/15/31 |  | 250000 |  | 237810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 10/13/32 |  | 200000 |  | 211921 |
|  |  |  |  | 449731 |
|  ***Specialized REITs (0.6%)*** | ***Specialized REITs (0.6%)*** | ***Specialized REITs (0.6%)*** | ***Specialized REITs (0.6%)*** | ***Specialized REITs (0.6%)*** |
|  American Tower Corp. (REIT)<br>4.050%, 3/15/32 |  | 379000 |  | 369057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 1/31/35 |  | 267000 |  | 274916 |

---

See Notes to Financial Statements.

874

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** | **Value**<br>**(Note 1)** |
|  Crown Castle, Inc. (REIT)<br>2.250%, 1/15/31 | $| 250000 | $| 223562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 4/1/31 |  | 260000 |  | 229457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 3/1/34 |  | 198000 |  | 207467 |
|  Equinix, Inc. (REIT)<br>2.500%, 5/15/31 (x) |  | 344000 |  | 311526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 4/15/32 |  | 150000 |  | 143928 |
|  Extra Space Storage LP (REIT)<br>2.350%, 3/15/32 |  | 368000 |  | 322122 |
|  Public Storage Operating Co. (REIT)<br>5.100%, 8/1/33 |  | 230000 |  | 238118 |
|  Weyerhaeuser Co. (REIT)<br>7.375%, 3/15/32 |  | 206000 |  | 234869 |
|  |  |  |  | 2555022 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  |  | 6779589 |
|  **Utilities (3.2%)** | **Utilities (3.2%)** | **Utilities (3.2%)** |  |  |
|  ***Electric Utilities (2.4%)*** | ***Electric Utilities (2.4%)*** | ***Electric Utilities (2.4%)*** | ***Electric Utilities (2.4%)*** | ***Electric Utilities (2.4%)*** |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity<br>5 Year + 2.68%),<br>6.950%, 12/15/54 (k) |  | 160000 |  | 171600 |
|  Appalachian Power Co.<br>Series AA<br>2.700%, 4/1/31 |  | 200000 |  | 182998 |
|  CenterPoint Energy Houston Electric LLC<br>5.150%, 3/1/34 |  | 260000 |  | 265721 |
|  DTE Electric Co.<br>5.200%, 3/1/34 |  | 271000 |  | 279884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 5/15/35 |  | 441000 |  | 453905 |
|  Duke Energy Corp.<br>2.550%, 6/15/31 |  | 400000 |  | 364319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/15/32 |  | 980000 |  | 978345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 6/15/34 |  | 242000 |  | 252086 |
|  Duke Energy Ohio, Inc.<br>5.300%, 6/15/35 |  | 439000 |  | 452911 |
|  Entergy Corp.<br>2.400%, 6/15/31 |  | 784000 |  | 703469 |
|  Eversource Energy<br>5.850%, 4/15/31 |  | 522000 |  | 550284 |
|  Exelon Corp.<br>3.350%, 3/15/32 |  | 250000 |  | 233303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 3/15/33 |  | 292000 |  | 303706 |
|  Georgia Power Co.<br>4.700%, 5/15/32 |  | 400000 |  | 405755 |
|  NextEra Energy Capital Holdings, Inc.<br>5.050%, 2/28/33 |  | 200000 |  | 204808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/15/34 |  | 720000 |  | 741124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 3/15/35 |  | 798000 |  | 825447 |
|  Pacific Gas and Electric Co.<br>2.500%, 2/1/31 |  | 200000 |  | 179322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 3/1/35 |  | 556000 |  | 571790 |
|  PPL Electric Utilities Corp.<br>4.850%, 2/15/34 |  | 395000 |  | 399403 |
|  Public Service Electric & Gas Co.<br>1.900%, 8/15/31 |  | 150000 |  | 132485 |
|  Southern California Edison Co.<br>5.950%, 11/1/32 |  | 150000 |  | 158948 |
|  Southern Co. (The)<br>4.850%, 3/15/35 |  | 311000 |  | 307142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>(US Treasury Yield Curve Rate T Note Constant Maturity<br>5 Year + 2.07%),<br>6.375%, 3/15/55 (k) |  | 498000 |  | 518542 |
|  Xcel Energy, Inc.<br>5.600%, 4/15/35 |  | 463000 |  | 479224 |
|  |  |  |  | 10116521 |
|  ***Gas Utilities (0.1%)*** |  |  |  |  |
|  CenterPoint Energy Resources Corp.<br>5.400%, 3/1/33 |  | 9000 |  | 9369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 7/1/34 |  | 277000 |  | 285769 |
|  |  |  |  | 295138 |
|  ***Multi-Utilities (0.7%)*** |  |  |  |  |
|  Ameren Corp.<br>3.500%, 1/15/31 |  | 250000 |  | 240391 |
|  CMS Energy Corp.<br>(US Treasury Yield Curve Rate T Note Constant Maturity<br>5 Year + 1.96%),<br>6.500%, 6/1/55 (k) |  | 314000 |  | 322635 |
|  Consolidated Edison Co. of New York, Inc.<br>2.400%, 6/15/31 |  | 390000 |  | 356315 |
|  Dominion Energy, Inc.<br>5.375%, 11/15/32 |  | 315000 |  | 326812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 3/15/35 |  | 373000 |  | 382468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C<br>2.250%, 8/15/31 |  | 279000 |  | 248539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F<br>5.250%, 8/1/33 |  | 274000 |  | 281064 |
|  NiSource, Inc.<br>(US Treasury Yield Curve Rate T Note Constant Maturity<br>5 Year + 2.53%),<br>6.375%, 3/31/55 (k) |  | 302000 |  | 312570 |
|  Public Service Enterprise Group, Inc.<br>2.450%, 11/15/31 |  | 100000 |  | 89439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 4/1/34 |  | 358000 |  | 369479 |
|  Sempra<br>(US Treasury Yield Curve Rate T Note Constant Maturity<br>5 Year + 2.63%),<br>6.400%, 10/1/54 (k) |  | 90000 |  | 91350 |
|  |  |  |  | 3021062 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  |  | 13432721 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  |  |  | 166234117 |
|  **Total Long-Term Debt Securities (39.2%)**<br> *(Cost $162,757,421)* |  |  |  | 166234117 |
|  | **Number of<br>Rights** | **Number of<br>Rights** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: | RIGHTS: | RIGHTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** |
|  ABIOMED, Inc., CVR\* <br>*(Cost $121)* |  | 119 |  | 190 |

---

See Notes to Financial Statements.

875

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (23.5%)** | **Investment Companies (23.5%)** |  |
|  BlackRock Liquidity FedFund, Institutional Shares<br>3.65% (7 day yield) (xx) | 500000 | $500000 |
|  Invesco Government & Agency Portfolio, Institutional Shares<br>3.68% (7 day yield) (xx) | 3009775 | 3009775 |
|  JPMorgan Prime Money Market Fund, IM Shares<br>3.92% (7 day yield) | 96338135 | 96376671 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 99886446 |
|  **Total Short-Term Investments (23.5%)**<br> *(Cost $99,881,605)* | **Total Short-Term Investments (23.5%)**<br> *(Cost $99,881,605)* | 99886446 |
|  **Total Investments in Securities (99.4%)**<br> *(Cost $347,261,492)* | **Total Investments in Securities (99.4%)**<br> *(Cost $347,261,492)* | 421984228 |
|  **Other Assets Less Liabilities (0.6%)** | **Other Assets Less Liabilities (0.6%)** | 2565874 |
|  **Net Assets (100%)** |  | $424550102 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(e)* *Step Bond – Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of December 31, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of December 31, 2025.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $3,429,601. This was collateralized by cash of $3,509,775 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*CME* *— Chicago Mercantile Exchange* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

*SOFR* *— Secured Overnight Financing Rate* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  MSCI EAFE E-Mini Index | 480 | 3/2026 | USD | 69650400 | 84822 |
|  Russell 2000 E-Mini Index | 78 | 3/2026 | USD | 9742200 | (294041) |
|  S&P 500 E-Mini Index | 24 | 3/2026 | USD | 8271000 | (68917) |
|  S&P Midcap 400 E-Mini Index | 31 | 3/2026 | USD | 10308120 | (160854) |
|  |  |  |  |  | (438990) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $16496242 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $16496242 |
|  Consumer Discretionary | 16228277 |  |  | 16228277 |
|  Consumer Staples | 7355465 |  |  | 7355465 |
|  Energy | 4383556 |  |  | 4383556 |
|  Financials | 20866239 |  |  | 20866239 |
|  Health Care | 14953978 |  |  | 14953978 |
|  Industrials | 12713200 |  |  | 12713200 |
|  Information Technology | 53670531 |  |  | 53670531 |
|  Materials | 2852887 |  |  | 2852887 |

---

See Notes to Financial Statements.

876

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EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  Real Estate | $2846102 | $— | $— | $2846102 |
|  Utilities | 3496998 |  |  | 3496998 |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services |  | 12848415 |  | 12848415 |
|  Consumer Discretionary |  | 7491633 |  | 7491633 |
|  Consumer Staples |  | 10507326 |  | 10507326 |
|  Energy |  | 12875674 |  | 12875674 |
|  Financials |  | 56838108 |  | 56838108 |
|  Health Care |  | 19724759 |  | 19724759 |
|  Industrials |  | 9042678 |  | 9042678 |
|  Information Technology |  | 14930430 |  | 14930430 |
|  Materials |  | 1762784 |  | 1762784 |
|  Real Estate |  | 6779589 |  | 6779589 |
|  Utilities |  | 13432721 |  | 13432721 |
|  **Futures** | 84822 |  |  | 84822 |
|  **Rights** |  |  |  |  |
|  Health Care |  | 190 |  | 190 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 99886446 |  |  | 99886446 |
|  **Total Assets** | $**255834743** | $**166234307** | $**—** | $**422069050** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(523812) | $— | $— | $(523812) |
|  **Total Liabilities** | $**(523812)** | $**—** | $**—** | $**(523812)** |
|  **Total** | $**255310931** | $**166234307** | $**—** | $**421545238** |

---

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $84822 |
|  **Total** |  | $84822 |
|  | **Liability Derivatives** |  |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(523812) |
|  **Total** |  | $(523812) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $6080543 | $6080543 |
|  **Total** | $6080543 | $6080543 |

---

See Notes to Financial Statements.

877

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $2567773 | $2567773 |
|  **Total** | $2567773 | $2567773 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $85810000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 25897000 |

---

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $93546853.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $85274922.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $79970319 |
|  Aggregate gross unrealized depreciation | (5292301) |
|  Net unrealized appreciation | $74678018 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $346867220 |

---

For the period ended December 31, 2025, the Portfolio incurred approximately $135 as brokerage commissions with Invesco Capital Markets Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

878

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $347,261,492) | $421984228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 499772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 4133280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 2553513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 42095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 429216552 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 3509775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 648780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 256129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 89672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 44417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 13905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 103772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 4666450 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $424550102 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $362186041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 62364061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $424550102 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $424,550,102 / 33,465,177 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.69 |

---

*(x)* *Includes value of securities on loan of $3,429,601.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $7876499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $290 foreign withholding tax) | 5494726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 21269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 13392494 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3130410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 978251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 488955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 78592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 31645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 29600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 12999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 37925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 4788377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (389349) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 4399028 |
|  **NET INVESTMENT INCOME (LOSS)** | 8993466 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 2388412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 6080543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 8468955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 26825303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 2567773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 29393076 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 37862031 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $46855497 |

---

See Notes to Financial Statements.

879

------

#### EQ ADVISORS TRUST
EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $8993466 | $8574607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 8468955 | 6942885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 29393076 | 16773956 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 46855497 | 32291448 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (19087315) | (8634247) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,962,409 and 4,713,389 shares, respectively ] | 36837516 | 55042782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 1,510,047 and 715,079 shares, respectively ] | 19087315 | 8634247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2163565) and (1963905) shares, respectively ] | (26913942) | (22963157) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 29010889 | 40713872 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 29010889 | 40713872 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 56779071 | 64371073 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 367771031 | 303399958 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $424550102 | $367771031 |

---

See Notes to Financial Statements.

880

------

#### EQ ADVISORS TRUST
EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $11.80 | $10.96 | $9.70 | $11.61 | $11.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.28 | 0.29 | 0.26 | 0.13 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.21 | 0.84 | 1.25 | (1.96) | 1.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.49 | 1.13 | 1.51 | (1.83) | 1.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.28) | (0.29) | (0.25) | (0.06) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.32) |  |  | (0.02) | (0.93) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.60) | (0.29) | (0.25) | (0.08) | (0.96) |
|  Net asset value, end of year | $12.69 | $11.80 | $10.96 | $9.70 | $11.61 |
|  Total return | 12.63% | 10.21% | 15.57% | (15.73)% | 10.13% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $424550 | $367771 | $303400 | $227656 | $100635 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.12 %(j) | 1.12 %(j) | 1.12 %(j) | 1.16 %(k) | 1.17 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.22% | 1.23% | 1.23% | 1.27% | 1.29% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 2.30% | 2.52% | 2.54% | 1.25% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 2.20% | 2.41% | 2.43% | 1.14% | 0.14% |
|  Portfolio turnover rate^ | 28% | 21% | 12% | 123% | 42% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.15% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.18% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB.* 

See Notes to Financial Statements.

881

------

EQ/JANUS ENTERPRISE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: |  |  |
|  **Communication Services (2.6%)** |  |  |
|  ***Entertainment (2.3%)*** |  |  |
|  Liberty Media Corp.-Liberty<br>Formula One, Class A\* | 45381 | 4056154 |
|  Liberty Media Corp.-Liberty<br>Formula One, Class C\* | 304665 | 30012549 |
|  |  | 34068703 |
|  ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** |  |
|  Ziff Davis, Inc.\* | 104531 | 3674264 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 37742967 |
|  **Consumer Discretionary (7.8%)** |  |  |
|  ***Hotels, Restaurants & Leisure (3.9%)*** | ***Hotels, Restaurants & Leisure (3.9%)*** |  |
|  Aramark | 641801 | 23656785 |
|  DoorDash, Inc., Class A\* | 116339 | 26348457 |
|  Entain plc | 755335 | 7805167 |
|  |  | 57810409 |
|  ***Specialty Retail (2.3%)*** |  |  |
|  Burlington Stores, Inc.\* | 36415 | 10518473 |
|  CarMax, Inc.\* | 219204 | 8470042 |
|  Wayfair, Inc., Class A\* | 139817 | 14039025 |
|  |  | 33027540 |
|  ***Textiles, Apparel & Luxury Goods (1.6%)*** | ***Textiles, Apparel & Luxury Goods (1.6%)*** | ***Textiles, Apparel & Luxury Goods (1.6%)*** |
|  Gildan Activewear, Inc. | 375268 | 23439239 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 114277188 |
|  **Consumer Staples (0.6%)** |  |  |
|  ***Consumer Staples Distribution & Retail (0.6%)*** | ***Consumer Staples Distribution & Retail (0.6%)*** | ***Consumer Staples Distribution & Retail (0.6%)*** |
|  Dollar Tree, Inc.\* | 72929 | 8970996 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 8970996 |
|  **Energy (0.4%)** |  |  |
|  ***Oil, Gas & Consumable Fuels (0.4%)*** | ***Oil, Gas & Consumable Fuels (0.4%)*** | ***Oil, Gas & Consumable Fuels (0.4%)*** |
|  ONEOK, Inc. | 75374 | 5539989 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 5539989 |
|  **Financials (9.7%)** |  |  |
|  ***Capital Markets (4.0%)*** | ***Capital Markets (4.0%)*** | ***Capital Markets (4.0%)*** |
|  Cboe Global Markets, Inc. | 41435 | 10400185 |
|  Charles Schwab Corp. (The) | 96330 | 9624330 |
|  LPL Financial Holdings, Inc. | 108920 | 38902957 |
|  |  | 58927472 |
|  ***Financial Services (1.9%)*** |  |  |
|  WEX, Inc.\* | 185368 | 27616125 |
|  ***Insurance (3.8%)*** |  |  |
|  Intact Financial Corp. | 157440 | 32775003 |
|  W.R. Berkley Corp. | 146014 | 10238502 |
|  Willis Towers Watson plc | 40275 | 13234365 |
|  |  | 56247870 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 142791467 |
|  **Health Care (16.1%)** |  |  |
|  ***Biotechnology (3.7%)*** |  |  |
|  Argenx SE (ADR)\* | 21267 | 17884484 |
|  Ascendis Pharma A/S (ADR)\* | 49030 | 10455157 |
|  Bridgebio Pharma, Inc.\* | 88334 | 6756668 |
|  Revolution Medicines, Inc.\* | 133152 | 10605557 |
|  Vaxcyte, Inc.\* | 192153 | 8865939 |
|  |  | 54567805 |
|  ***Health Care Equipment & Supplies (7.7%)*** | ***Health Care Equipment & Supplies (7.7%)*** | ***Health Care Equipment & Supplies (7.7%)*** |
|  Boston Scientific Corp.\* | 346823 | 33069573 |
|  Cooper Cos., Inc. (The)\* | 104583 | 8571623 |
|  Globus Medical, Inc., Class A\* | 138769 | 12115921 |
|  ICU Medical, Inc.\* | 90208 | 12869975 |
|  Lantheus Holdings, Inc.\* | 72071 | 4796325 |
|  Medline, Inc., Class A\* | 173274 | 7277508 |
|  STERIS plc | 47524 | 12048285 |
|  Teleflex, Inc. | 186696 | 22784380 |
|  |  | 113533590 |
|  ***Life Sciences Tools & Services (4.7%)*** | ***Life Sciences Tools & Services (4.7%)*** | ***Life Sciences Tools & Services (4.7%)*** |
|  Illumina, Inc.\* | 80718 | 10586973 |
|  Revvity, Inc. | 360680 | 34895790 |
|  Waters Corp.\* | 59933 | 22764351 |
|  |  | 68247114 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 236348509 |
|  **Industrials (28.0%)** |  |  |
|  ***Aerospace & Defense (0.7%)*** |  |  |
|  StandardAero, Inc.\* | 351786 | 10089222 |
|  ***Commercial Services & Supplies (5.4%)*** | ***Commercial Services & Supplies (5.4%)*** | ***Commercial Services & Supplies (5.4%)*** |
|  Cimpress plc\* | 141248 | 9405704 |
|  Clean Harbors, Inc.\* | 88743 | 20808459 |
|  RB Global, Inc. | 196305 | 20193895 |
|  Rentokil Initial plc | 1093461 | 6595840 |
|  Rentokil Initial plc (ADR) (x) | 413601 | 12184686 |
|  Veralto Corp. | 92267 | 9206401 |
|  |  | 78394985 |
|  ***Construction & Engineering (2.1%)*** | ***Construction & Engineering (2.1%)*** | ***Construction & Engineering (2.1%)*** |
|  API Group Corp.\* | 808048 | 30915917 |
|  ***Electrical Equipment (1.5%)*** |  |  |
|  Sensata Technologies Holding plc | 650355 | 21650318 |
|  ***Ground Transportation (4.4%)*** |  |  |
|  Canadian Pacific Kansas City Ltd. | 229185 | 16874892 |
|  JB Hunt Transport Services, Inc. | 182104 | 35390091 |
|  TFI International, Inc. | 119360 | 12335856 |
|  |  | 64600839 |
|  ***Machinery (1.6%)*** |  |  |
|  Ingersoll Rand, Inc. | 296802 | 23512654 |
|  ***Passenger Airlines (1.8%)*** |  |  |
|  Ryanair Holdings plc (ADR) | 368649 | 26612771 |
|  ***Professional Services (7.5%)*** |  |  |
|  Broadridge Financial Solutions, Inc. | 98773 | 22043170 |
|  Dayforce, Inc.\* | 375460 | 25966814 |
|  SS&C Technologies Holdings, Inc. | 491374 | 42955915 |
|  TransUnion | 133364 | 11435963 |
|  UL Solutions, Inc., Class A | 90866 | 7165693 |
|  |  | 109567555 |
|  ***Trading Companies & Distributors (3.0%)*** | ***Trading Companies & Distributors (3.0%)*** | ***Trading Companies & Distributors (3.0%)*** |
|  Ferguson Enterprises, Inc. | 199071 | 44319177 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 409663438 |

---

See Notes to Financial Statements.

882

------

EQ/JANUS ENTERPRISE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Information Technology (22.7%)** |  |  |
|  ***Electronic Equipment, Instruments & Components (7.2%)*** | ***Electronic Equipment, Instruments & Components (7.2%)*** | ***Electronic Equipment, Instruments & Components (7.2%)*** |
|  CDW Corp. | 85074 | $11587079 |
|  Flex Ltd.\* | 841482 | 50842342 |
|  TE Connectivity plc | 51434 | 11701749 |
|  Teledyne Technologies, Inc.\* | 62398 | 31868531 |
|  |  | 105999701 |
|  ***Semiconductors & Semiconductor Equipment (4.9%)*** | ***Semiconductors & Semiconductor Equipment (4.9%)*** | ***Semiconductors & Semiconductor Equipment (4.9%)*** |
|  KLA Corp. | 14082 | 17110757 |
|  NXP Semiconductors NV | 126504 | 27458958 |
|  ON Semiconductor Corp.\* | 489148 | 26487364 |
|  |  | 71057079 |
|  ***Software (10.6%)*** |  |  |
|  AppLovin Corp., Class A\* | 87963 | 59271229 |
|  Constellation Software, Inc. | 14421 | 34686889 |
|  Descartes Systems Group, Inc. (The)\* | 82899 | 7266926 |
|  Dynatrace, Inc.\* | 106472 | 4614497 |
|  PTC, Inc.\* | 156607 | 27282506 |
|  Topicus.com, Inc.\* | 66577 | 6167546 |
|  Workday, Inc., Class A\* | 74839 | 16073920 |
|  |  | 155363513 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 332420293 |
|  **Materials (1.4%)** |  |  |
|  ***Chemicals (1.4%)*** |  |  |
|  Corteva, Inc. | 317221 | 21263324 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 21263324 |
|  **Real Estate (3.0%)** |  |  |
|  ***Real Estate Management & Development (2.1%)*** | ***Real Estate Management & Development (2.1%)*** | ***Real Estate Management & Development (2.1%)*** |
|  CoStar Group, Inc.\* | 331831 | 22312316 |
|  FirstService Corp. | 55405 | 8617140 |
|  |  | 30929456 |
|  ***Specialized REITs (0.9%)*** | ***Specialized REITs (0.9%)*** | ***Specialized REITs (0.9%)*** |
|  Lamar Advertising Co. (REIT), Class A | 99693 | 12619140 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 43548596 |
|  **Utilities (4.8%)** |  |  |
|  ***Electric Utilities (2.1%)*** |  |  |
|  Alliant Energy Corp. | 464877 | 30221654 |
|  ***Multi-Utilities (2.7%)*** | ***Multi-Utilities (2.7%)*** | ***Multi-Utilities (2.7%)*** |
|  Ameren Corp. | 219496 | 21918871 |
|  DTE Energy Co. | 140281 | 18093443 |
|  |  | 40012314 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 70233968 |
|  **Total Common Stocks (97.1%)**<br> *(Cost $964,548,565)* |  | 1422800735 |
|  SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (1.3%)** |  |  |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 18474512 | 18481902 |
|  **Total Short-Term Investments (1.3%)**<br> *(Cost $18,481,902)* | **Total Short-Term Investments (1.3%)**<br> *(Cost $18,481,902)* | 18481902 |
|  **Total Investments in Securities (98.4%)**<br> *(Cost $983,030,467)* | **Total Investments in Securities (98.4%)**<br> *(Cost $983,030,467)* | 1441282637 |
|  **Other Assets Less Liabilities (1.6%)** | **Other Assets Less Liabilities (1.6%)** | 23642742 |
|  **Net Assets (100%)** |  | $1464925379 |

---

*\** *Non-income producing.* 

*(x)* *All or a portion of security is on loan at December 31, 2025, the Portfolio had loaned securities with a total value of $5,806,271. This was collateralized by $6,020,729 of various U.S. Government Treasury Securities, ranging from 0.250% – 4.625%, maturing 5/31/27 – 2/15/52.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*REIT* *— Real Estate Investment Trust* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $37742967 | $— | $— | $37742967 |
|  Consumer Discretionary | 106472021 | 7805167 |  | 114277188 |

---

See Notes to Financial Statements.

883

------

EQ/JANUS ENTERPRISE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  Consumer Staples | $8970996 | $— | $— | $8970996 |
|  Energy | 5539989 |  |  | 5539989 |
|  Financials | 142791467 |  |  | 142791467 |
|  Health Care | 236348509 |  |  | 236348509 |
|  Industrials | 403067598 | 6595840 |  | 409663438 |
|  Information Technology | 332420293 |  |  | 332420293 |
|  Materials | 21263324 |  |  | 21263324 |
|  Real Estate | 43548596 |  |  | 43548596 |
|  Utilities | 70233968 |  |  | 70233968 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 18481902 |  |  | 18481902 |
|  **Total Assets** | $**1426881630** | $**14401007** | $**—** | $**1441282637** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**1426881630** | $**14401007** | $**—** | $**1441282637** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $283381189.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $401444097.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $550906172 |
|  Aggregate gross unrealized depreciation | (93039680) |
|  Net unrealized appreciation | $457866492 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $983416145 |

---

See Notes to Financial Statements.

884

------

EQ/JANUS ENTERPRISE PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $983,030,467) | $1441282637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 24669001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $287) | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 662474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 199929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 2709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 5913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1466822952 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 845323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 462398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 277564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 112381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 104164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 95743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1897573 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1464925379 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $985936002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 478989377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1464925379 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,300,006,814 / 62,285,365 shares outstanding (unlimited amount authorized: $0.01 par value) | $20.87 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $164,918,565 / 7,335,507 shares outstanding (unlimited amount authorized: $0.01 par value) | $22.48 |

---

*(x)* *Includes value of securities on loan of $5,806,271.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $330,893 foreign withholding tax) | $11226366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 796195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 22839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 12045400 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 9669650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 3156908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1294438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 107132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 96700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 82838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 49329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 33727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 14490722 |
|  **NET INVESTMENT INCOME (LOSS)** | (2445322) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 136061704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (4880) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 136056824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (21164240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (21164260) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 114892564 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $112447242 |

---

See Notes to Financial Statements.

885

------

#### EQ ADVISORS TRUST
EQ/JANUS ENTERPRISE PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(2445322) | $(843835) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 136056824 | 118272283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (21164260) | 74808212 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 112447242 | 192236660 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (113381750) | (99391886) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (13525057) | (12392520) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (126906807) | (111784406) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 66,128 shares, respectively ] |  | 1400239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (5544844) shares, respectively ] |  | (118878262) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (439761) shares, respectively ] |  | (9382317) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (126860340) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,568,821 and 2,187,904 shares, respectively ] | 78013530 | 47257598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 5,673,026 shares, respectively ] |  | 118878262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 5,338,262 and 4,527,051 shares, respectively ] | 113381750 | 99391886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (7391145) and (6986464) shares, respectively ] | (158990032) | (151921046) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 32405248 | 113606700 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 803,834 and 115,443 shares, respectively ] | 16573053 | 2635366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 591,396 and 528,804 shares, respectively ] | 13525057 | 12392520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1579814) and (1268298) shares, respectively ] | (36134202) | (29094201) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (6036092) | (14066315) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 26369156 | (27319955) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 11909591 | 53132299 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1453015788 | 1399883489 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1464925379 | $1453015788 |

---

See Notes to Financial Statements.

886

------

#### EQ ADVISORS TRUST
EQ/JANUS ENTERPRISE PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $21.12 | $19.98 | $18.34 | $23.58 | $22.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations†:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.04) | (0.02) | (0.01) | (0.03) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.76 | 2.90 | 3.07 | (3.86) | 3.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.72 | 2.88 | 3.06 | (3.89) | 3.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  | (0.01) |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.97) | (1.74) | (1.41) | (1.35) | (2.65) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.97) | (1.74) | (1.42) | (1.35) | (2.67) |
|  Net asset value, end of year | $20.87 | $21.12 | $19.98 | $18.34 | $23.58 |
|  Total return | 8.05% | 14.16 | 17.01% | (16.57)% | 16.83% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $1300007 | $1283414 | $1106355 | $1007762 | $1291116 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.04% | 1.05 | 1.05% | 1.05% | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.04% | 1.05 | 1.05% | 1.05% | 1.04% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.20)% | (0.09) | (0.03)% | (0.13)% | (0.35)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.20)% | (0.09) | (0.03)% | (0.13)% | (0.35)% |
|  Portfolio turnover rate^ | 20% | 14 | 14% | 19% | 18% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $22.55 | $21.18 | $19.36 | $24.75 | $23.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations†:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.01 \* | 0.04 | 0.05 | 0.03 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.89 | 3.07 | 3.24 | (4.07) | 3.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.90 | 3.11 | 3.29 | (4.04) | 3.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  | (0.06) |  | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.97) | (1.74) | (1.41) | (1.35) | (2.65) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.97) | (1.74) | (1.47) | (1.35) | (2.73) |
|  Net asset value, end of year | $22.48 | $22.55 | $21.18 | $19.36 | $24.75 |
|  Total return | 8.34% | 14.44 | 17.30% | (16.39)% | 17.17% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $164919 | $169601 | $172532 | $166197 | $183383 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.79% | 0.80 | 0.80% | 0.80% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.79% | 0.80 | 0.80% | 0.80% | 0.79% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.05% | 0.16 | 0.22% | 0.13% | (0.11)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.05% | 0.16 | 0.22% | 0.13% | (0.11)% |
|  Portfolio turnover rate^ | 20% | 14 | 14% | 19% | 18% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*†* *The amount shown for a share outstanding throughout the period may not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.* 

*\** *The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(aa)* *Includes income resulting from a litigation payment. Without this income, the total return would have been 14.05% for Class IB and 14.34% for Class K.* 

See Notes to Financial Statements.

887

------

EQ/JPMORGAN GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |
|  **Equity (49.7%)** |  |  |
|  iShares Core S&P 500 ETF | 190818 | $130698881 |
|  iShares Russell 2000 ETF | 262635 | 64650232 |
|  State Street SPDR Portfolio S&P 500 ETF | 1629182 | 130692980 |
|  Vanguard S&P 500 ETF | 225446 | 141383950 |
|  **Total Exchange Traded Funds (49.7%)**<br> *(Cost $364,598,111)* | **Total Exchange Traded Funds (49.7%)**<br> *(Cost $364,598,111)* | 467426043 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: |  |  |
|  **U.S. Treasury Obligations (35.7%)** |  |  |
|  U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/15/27 | $1665000 | 1672970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/31/27 | 2356000 | 2305608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/31/27# | 11328000 | 11400722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/15/27 | 1358000 | 1339117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/15/27 | 1311000 | 1319495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 2/28/27 | 522000 | 507920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/28/27 | 1544000 | 1515358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/28/27 | 2017000 | 2030849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 3/15/27 | 1371000 | 1382619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 3/31/27 | 940000 | 907507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/31/27 | 1243000 | 1227608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/31/27 | 2017000 | 2025921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/15/27 | 1888000 | 1911314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 4/30/27 | 1062000 | 1021180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/30/27 | 1458000 | 1443786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/30/27 | 2016000 | 2022471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/27 | 1918000 | 1889053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/15/27 | 1434000 | 1452985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 5/31/27 | 1231000 | 1180844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 5/31/27 | 1161000 | 1147191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/31/27 | 2353000 | 2365374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/15/27 | 1751000 | 1779077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 6/30/27 | 1144000 | 1094712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/30/27 | 1650000 | 1644589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 6/30/27 | 1700000 | 1706846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/15/27 | 1491000 | 1510886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 7/31/27 | 1331000 | 1268014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 7/31/27 | 1103000 | 1090652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 7/31/27 | 2351000 | 2365054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/27 | 1043000 | 1022856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/15/27 | 1977000 | 1985611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 8/31/27 | 1438000 | 1369310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 8/31/27 | 1561000 | 1552186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/31/27 | 1704000 | 1707959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 9/15/27 | 1439000 | 1436637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 9/30/27 | 1458000 | 1382162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/30/27 | 1702000 | 1702694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 9/30/27 | 1339000 | 1353487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/15/27 | 1438000 | 1447909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 10/31/27 | 1424000 | 1349500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/31/27 | 2356000 | 2356954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/27 | 1550000 | 1567411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/27 | 1056000 | 1032654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/27 | 1717000 | 1736976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 11/30/27 | 1507000 | 1428301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/30/27 | 1699000 | 1695950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/30/27 | 1290000 | 1299432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/15/27 | 1972000 | 1991588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 12/31/27 | 1914000 | 1809550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 12/31/27 | 1698000 | 1694949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/27 | 1314000 | 1323961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/15/28 | 2024000 | 2054341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 1/31/28 | 1509000 | 1426951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/31/28 | 1034000 | 1034320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 2/15/28 | 2090000 | 2058740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/15/28 | 1440000 | 1462426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 2/29/28 | 1836000 | 1746507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/29/28 | 1034000 | 1044924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/15/28 | 1717000 | 1731296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 3/31/28 | 1680000 | 1599247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/31/28 | 1031000 | 1033989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/15/28 | 2030000 | 2041149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 4/30/28 | 1534000 | 1457483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/30/28 | 1509000 | 1509031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/28 | 2094000 | 2064646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/15/28 | 2031000 | 2042744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 5/31/28 | 2022000 | 1917624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/31/28 | 1496000 | 1500276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/15/28 | 1500000 | 1513417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 6/30/28 | 1703000 | 1612203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/30/28 | 1032000 | 1044317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 7/15/28 | 1975000 | 1992471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 7/31/28 | 2058000 | 1931503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 7/31/28 | 1584000 | 1608051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/28 | 1578000 | 1553067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/15/28 | 1381000 | 1384987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 8/31/28 | 1785000 | 1677231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/31/28 | 1114000 | 1137872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 9/15/28 | 1378000 | 1372905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 9/30/28 | 1501000 | 1412234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/28 | 1757000 | 1807168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/15/28 | 1378000 | 1377236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 10/31/28 | 1406000 | 1325030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/28 | 1209000 | 1252251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/28 | 1772000 | 1752700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/15/28 | 1377000 | 1376019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 11/30/28 | 1717000 | 1621016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/28 | 1865000 | 1907999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/15/28 | 1376000 | 1374925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 12/31/28 | 1900000 | 1784355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/28 | 1889000 | 1900438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 1/31/29 | 1594000 | 1510795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/31/29 | 1771000 | 1794238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 2/15/29 | 1476000 | 1435525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/28/29 | 1508000 | 1432789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/28/29 | 1870000 | 1908698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 3/31/29 | 1719000 | 1657169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/31/29 | 2136000 | 2172719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 4/30/29 | 1034000 | 1011543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/30/29 | 1820000 | 1879785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/29 | 1691000 | 1627063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 5/31/29 | 1489000 | 1449681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/31/29 | 2044000 | 2103883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/30/29 | 1429000 | 1413440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/30/29 | 1769000 | 1807885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 7/31/29 | 862000 | 834262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/31/29 | 2265000 | 2295689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 8/15/29 | 1086000 | 1014392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 8/31/29 | 1326000 | 1304460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/31/29 | 2383000 | 2384117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/30/29 | 2382000 | 2372580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/30/29 | 1119000 | 1129228 |

---

See Notes to Financial Statements.

888

------

EQ/JPMORGAN GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/31/29 | $| 1091000 | $1105997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/29 |  | 1767000 | 1798337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 11/15/29 |  | 1259000 | 1176378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/30/29 |  | 1266000 | 1277374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/30/29 |  | 2046000 | 2082604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/29 |  | 1085000 | 1094842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/31/29 |  | 1729000 | 1776386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/31/30 |  | 1092000 | 1086455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/31/30 |  | 2044000 | 2090948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/30 |  | 1423000 | 1307890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/28/30 |  | 3229000 | 3272641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/31/30 |  | 1308000 | 1306467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/31/30 |  | 2379000 | 2411338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/30/30 |  | 881000 | 875425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/30/30 |  | 1763000 | 1778182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 5/15/30 |  | 2721000 | 2389803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/31/30 |  | 1292000 | 1296106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/31/30 |  | 2382000 | 2414194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 6/30/30 |  | 1338000 | 1342390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/30/30 |  | 1731000 | 1745470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 7/31/30 |  | 1736000 | 1750241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/31/30 |  | 1083000 | 1097582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 8/15/30 |  | 3001000 | 2613449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/31/30 |  | 1732000 | 1727399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 8/31/30 |  | 843000 | 858548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/30/30 |  | 1731000 | 1725861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/30 |  | 778000 | 809120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 10/31/30 |  | 1730000 | 1724324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/30 |  | 1370000 | 1440534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 11/15/30 |  | 3127000 | 2736125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/30/30 |  | 1727000 | 1711349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/30 |  | 1388000 | 1429206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 12/31/30 |  | 1727000 | 1720389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/30 |  | 1227000 | 1228821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/31/31 |  | 1254000 | 1269675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 2/15/31 |  | 3241000 | 2855878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/28/31 |  | 990000 | 1013745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/31/31 |  | 1027000 | 1045534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/30/31 |  | 1330000 | 1385809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/15/31 |  | 2984000 | 2675809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 5/31/31 |  | 968000 | 1008764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/30/31 |  | 1062000 | 1087223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 7/31/31 |  | 1569000 | 1596506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/15/31 |  | 3620000 | 3157601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/31/31 |  | 1578000 | 1574425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/30/31 |  | 1538000 | 1524588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/31 |  | 1339000 | 1361177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/31 |  | 3187000 | 2779163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/30/31 |  | 1338000 | 1359847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/31/31 |  | 1494000 | 1548042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 1/31/32 |  | 1338000 | 1377120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/32 |  | 2927000 | 2614226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/29/32 |  | 1614000 | 1639042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/31/32 |  | 1615000 | 1639316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/30/32 |  | 1336000 | 1346653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/32 |  | 2635000 | 2487959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 5/31/32 |  | 1617000 | 1640565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/30/32 |  | 967000 | 974001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/31/32 |  | 1571000 | 1581649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 8/15/32 |  | 2640000 | 2464527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/31/32 |  | 968000 | 966942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/30/32 |  | 967000 | 965490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 10/31/32 |  | 963000 | 953905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/32 |  | 3150000 | 3190718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 11/30/32 |  | 962000 | 952406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/32 |  | 963000 | 960141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/15/33 |  | 2837000 | 2761433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/15/33 |  | 2564000 | 2469255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/33 |  | 3497000 | 3474032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/33 |  | 3235000 | 3346211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/15/34 |  | 3566000 | 3561891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/34 |  | 3764000 | 3853393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/34 |  | 3852000 | 3800249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/15/34 |  | 3851000 | 3899142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/35 |  | 3839000 | 3992264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/35 |  | 3852000 | 3891728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/15/35 |  | 3207000 | 3236936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/35 |  | 2050000 | 2024695 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  |  | 336274639 |
|  **Total Long-Term Debt Securities (35.7%)**<br> *(Cost $334,415,350)* | **Total Long-Term Debt Securities (35.7%)**<br> *(Cost $334,415,350)* | **Total Long-Term Debt Securities (35.7%)**<br> *(Cost $334,415,350)* | 336274639 |
|  **Total Investments in Securities (85.4%)**<br> *(Cost $699,013,461)* | **Total Investments in Securities (85.4%)**<br> *(Cost $699,013,461)* | **Total Investments in Securities (85.4%)**<br> *(Cost $699,013,461)* | 803700682 |
|  **Other Assets Less Liabilities (14.6%)** | **Other Assets Less Liabilities (14.6%)** | **Other Assets Less Liabilities (14.6%)** | 137157632 |
|  **Net Assets (100%)** |  |  | $940858314 |

---

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $8,957,135.* 

*Glossary:* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*JPY* *— Japanese Yen* 

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading**<br>**Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 977 | 3/2026 | EUR | 67064633 | 610564 |
|  FTSE 100 Index | 217 | 3/2026 | GBP | 29077937 | 422999 |
|  TOPIX Index | 215 | 3/2026 | JPY | 46852815 | 594293 |
|  |  |  |  |  | 1627856 |

---

See Notes to Financial Statements.

889

------

EQ/JPMORGAN GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Exchange Traded Funds** | $467426043 | $— | $— | $467426043 |
|  **Futures** | 1627856 |  |  | 1627856 |
|  **U.S. Treasury Obligations** |  | 336274639 |  | 336274639 |
|  **Total Assets** | $**469053899** | $**336274639** | $**—** | $**805328538** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**469053899** | $**336274639** | $**—** | $**805328538** |

---

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $1627856 \* |
|  **Total** |  | $1627856 |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(2228594) | $(2228594) |
|  **Total** | $(2228594) | $(2228594) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $12079700 | $12079700 |
|  **Total** | $12079700 | $12079700 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** |  |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $233109000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 8328000.0 |

---

See Notes to Financial Statements.

890

------

EQ/JPMORGAN GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $344052618.0 |
|  Long-term U.S. government debt securities | 374618085.0 |
|  | $718670703.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $351722235.0 |
|  Long-term U.S. government debt securities | 64527396.0 |
|  | $416249631.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $104975550 |
|  Aggregate gross unrealized depreciation | (26221) |
|  Net unrealized appreciation | $104949329 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $700379209 |

---

See Notes to Financial Statements.

891

------

EQ/JPMORGAN GROWTH ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value<br>(Cost $699,013,461) | $803700682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 145843219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 6432473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 2909228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 1500565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 485937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 4038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 960876142 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 18913478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 589255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 198752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 123706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 98446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 94191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 20017828 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $940858314 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $830996372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 109861942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $940858314 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $940,858,314 / 74,528,843 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.62 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $16894221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 8296016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 25190237 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 6784200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 2136397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1067074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 96098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 53699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 46000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 28156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 34429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 10246053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (739956) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 9506097 |
|  **NET INVESTMENT INCOME (LOSS)** | 15684140 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 385469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (2228594) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (205283) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (2048408) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 64345074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 12079700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 16340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 76441114 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 74392706 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $90076846 |

---

See Notes to Financial Statements.

892

------

#### EQ ADVISORS TRUST
EQ/JPMORGAN GROWTH ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $15684140 | $20111802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (2048408) | 51797343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 76441114 | 2015171 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 90076846 | 73924316 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (26391559) | (46342289) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 8,913,165 and 13,002,119 shares, respectively ] | 107490082 | 154964670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 2,092,302 and 3,878,341 shares, respectively ] | 26391559 | 46342289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3505462) and (3676979) shares, respectively ] | (42598984) | (43949119) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 91282657 | 157357840 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 91282657 | 157357840 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 154967944 | 184939867 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 785890370 | 600950503 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $940858314 | $785890370 |

---

See Notes to Financial Statements.

893

------

#### EQ ADVISORS TRUST
EQ/JPMORGAN GROWTH ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $11.72 | $11.16 | $10.02 | $11.67 | $11.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.22 | 0.34 | 0.27 | 0.04 | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.04 | 0.96 | 1.12 | (1.62) | 1.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.26 | 1.30 | 1.39 | (1.58) | 1.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.22) | (0.34) | (0.25) | (0.04) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.14) | (0.40) |  | (0.03) | (1.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.36) | (0.74) | (0.25) | (0.07) | (1.35) |
|  Net asset value, end of year | $12.62 | $11.72 | $11.16 | $10.02 | $11.67 |
|  Total return | 10.81% | 11.52% | 13.86% | (13.50)% | 12.77% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $940858 | $785890 | $600951 | $433895 | $341188 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.11 %(j) | 1.10 %(j) | 1.10 %(j) | 1.14 %(k) | 1.15 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.20% | 1.21% | 1.21% | 1.21% | 1.21% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(x) | 1.83% | 2.86% | 2.57% | 0.42% | (0.74)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(x) | 1.75% | 2.75% | 2.45% | 0.35% | (0.79)% |
|  Portfolio turnover rate^ | 67% | 10% | 11% | 75% | 7% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.15% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.19% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB.* 

*(x)* *Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.* 

See Notes to Financial Statements.

894

------

EQ/JPMORGAN GROWTH STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (11.1%)** | **Communication Services (11.1%)** | **Communication Services (11.1%)** |
|  ***Entertainment (1.3%)*** | ***Entertainment (1.3%)*** | ***Entertainment (1.3%)*** |
|  Netflix, Inc.\* | 222973 | $20905949 |
|  ROBLOX Corp., Class A\* | 192080 | 15564242 |
|  Spotify Technology SA\* | 1944 | 1128900 |
|  |  | 37599091 |
|  ***Interactive Media & Services (9.8%)*** | ***Interactive Media & Services (9.8%)*** | ***Interactive Media & Services (9.8%)*** |
|  Alphabet, Inc., Class C | 626667 | 196648105 |
|  Meta Platforms, Inc., Class A | 144433 | 95338779 |
|  |  | 291986884 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 329585975 |
|  **Consumer Discretionary (13.0%)** | **Consumer Discretionary (13.0%)** | **Consumer Discretionary (13.0%)** |
|  ***Automobiles (3.9%)*** | ***Automobiles (3.9%)*** | ***Automobiles (3.9%)*** |
|  Tesla, Inc.\* | 255234 | 114783834 |
|  ***Broadline Retail (5.8%)*** | ***Broadline Retail (5.8%)*** | ***Broadline Retail (5.8%)*** |
|  Alibaba Group Holding Ltd. (ADR) | 185508 | 27191763 |
|  Amazon.com, Inc.\* | 498470 | 115056845 |
|  MercadoLibre, Inc.\* | 7398 | 14901495 |
|  Sea Ltd. (ADR)\* | 124057 | 15825952 |
|  |  | 172976055 |
|  ***Hotels, Restaurants & Leisure (1.8%)*** | ***Hotels, Restaurants & Leisure (1.8%)*** | ***Hotels, Restaurants & Leisure (1.8%)*** |
|  Booking Holdings, Inc. | 5046 | 27022995 |
|  DoorDash, Inc., Class A\* | 52444 | 11877517 |
|  McDonald's Corp. | 48255 | 14748176 |
|  |  | 53648688 |
|  ***Household Durables (0.4%)*** | ***Household Durables (0.4%)*** | ***Household Durables (0.4%)*** |
|  DR Horton, Inc. | 79491 | 11449089 |
|  ***Specialty Retail (1.1%)*** | ***Specialty Retail (1.1%)*** | ***Specialty Retail (1.1%)*** |
|  AutoZone, Inc.\* | 2323 | 7878454 |
|  Carvana Co.\* | 56843 | 23988883 |
|  |  | 31867337 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 384725003 |
|  **Consumer Staples (3.2%)** | **Consumer Staples (3.2%)** | **Consumer Staples (3.2%)** |
|  ***Beverages (0.6%)*** | ***Beverages (0.6%)*** | ***Beverages (0.6%)*** |
|  Coca-Cola Co. (The) | 257894 | 18029370 |
|  ***Consumer Staples Distribution & Retail (1.5%)*** | ***Consumer Staples Distribution & Retail (1.5%)*** | ***Consumer Staples Distribution & Retail (1.5%)*** |
|  Walmart, Inc. | 405563 | 45183774 |
|  ***Tobacco (1.1%)*** | ***Tobacco (1.1%)*** | ***Tobacco (1.1%)*** |
|  Philip Morris International, Inc. | 193163 | 30983345 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 94196489 |
|  **Energy (0.1%)** | **Energy (0.1%)** | **Energy (0.1%)** |
|  ***Oil, Gas & Consumable Fuels (0.1%)*** | ***Oil, Gas & Consumable Fuels (0.1%)*** | ***Oil, Gas & Consumable Fuels (0.1%)*** |
|  Cheniere Energy, Inc. | 11105 | 2158701 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 2158701 |
|  **Financials (8.0%)** | **Financials (8.0%)** | **Financials (8.0%)** |
|  ***Capital Markets (3.7%)*** | ***Capital Markets (3.7%)*** | ***Capital Markets (3.7%)*** |
|  Charles Schwab Corp. (The) | 187654 | 18748511 |
|  Goldman Sachs Group, Inc. (The) | 64724 | 56892396 |
|  Intercontinental Exchange, Inc. | 13447 | 2177876 |
|  Robinhood Markets, Inc., Class A\* | 282926 | 31998931 |
|  |  | 109817714 |
|  ***Consumer Finance (0.8%)*** | ***Consumer Finance (0.8%)*** | ***Consumer Finance (0.8%)*** |
|  SoFi Technologies, Inc.\* | 901757 | $23607998 |
|  ***Financial Services (3.5%)*** | ***Financial Services (3.5%)*** | ***Financial Services (3.5%)*** |
|  Berkshire Hathaway, Inc., Class B\* | 21705 | 10910018 |
|  Mastercard, Inc., Class A | 147128 | 83992433 |
|  Visa, Inc., Class A | 30074 | 10547252 |
|  |  | 105449703 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 238875415 |
|  **Health Care (9.5%)** | **Health Care (9.5%)** | **Health Care (9.5%)** |
|  ***Biotechnology (4.6%)*** | ***Biotechnology (4.6%)*** | ***Biotechnology (4.6%)*** |
|  AbbVie, Inc. | 108123 | 24705024 |
|  Alnylam Pharmaceuticals, Inc.\* | 34399 | 13678762 |
|  Gilead Sciences, Inc. | 177305 | 21762416 |
|  Insmed, Inc.\* | 258415 | 44974547 |
|  Natera, Inc.\* | 140343 | 32151178 |
|  |  | 137271927 |
|  ***Health Care Equipment & Supplies (0.9%)*** | ***Health Care Equipment & Supplies (0.9%)*** | ***Health Care Equipment & Supplies (0.9%)*** |
|  Abbott Laboratories | 151305 | 18957003 |
|  Intuitive Surgical, Inc.\* | 15569 | 8817659 |
|  |  | 27774662 |
|  ***Health Care Providers & Services (0.9%)*** | ***Health Care Providers & Services (0.9%)*** | ***Health Care Providers & Services (0.9%)*** |
|  Hims & Hers Health, Inc.\* | 260189 | 8448337 |
|  McKesson Corp. | 20967 | 17199020 |
|  |  | 25647357 |
|  ***Pharmaceuticals (3.1%)*** | ***Pharmaceuticals (3.1%)*** | ***Pharmaceuticals (3.1%)*** |
|  Eli Lilly & Co. | 56926 | 61177234 |
|  Johnson & Johnson | 142961 | 29585779 |
|  |  | 90763013 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 281456959 |
|  **Industrials (6.3%)** | **Industrials (6.3%)** | **Industrials (6.3%)** |
|  ***Aerospace & Defense (2.3%)*** | ***Aerospace & Defense (2.3%)*** | ***Aerospace & Defense (2.3%)*** |
|  GE Aerospace | 126503 | 38966719 |
|  Rocket Lab Corp.\* | 80283 | 5600542 |
|  RTX Corp. | 106220 | 19480748 |
|  TransDigm Group, Inc. | 3000 | 3989550 |
|  |  | 68037559 |
|  ***Building Products (0.3%)*** | ***Building Products (0.3%)*** | ***Building Products (0.3%)*** |
|  Trane Technologies plc | 21384 | 8322653 |
|  ***Construction & Engineering (0.5%)*** | ***Construction & Engineering (0.5%)*** | ***Construction & Engineering (0.5%)*** |
|  Quanta Services, Inc. | 36802 | 15532652 |
|  ***Electrical Equipment (1.4%)*** | ***Electrical Equipment (1.4%)*** | ***Electrical Equipment (1.4%)*** |
|  GE Vernova, Inc. | 65276 | 42662435 |
|  ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** |
|  Uber Technologies, Inc.\* | 106527 | 8704321 |
|  ***Industrial Conglomerates (1.2%)*** | ***Industrial Conglomerates (1.2%)*** | ***Industrial Conglomerates (1.2%)*** |
|  3M Co. | 219860 | 35199586 |
|  ***Machinery (0.3%)*** | ***Machinery (0.3%)*** | ***Machinery (0.3%)*** |
|  Deere & Co. | 21224 | 9881258 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 188340464 |

---

See Notes to Financial Statements.

895

------

EQ/JPMORGAN GROWTH STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Information Technology (46.8%)** | **Information Technology (46.8%)** | **Information Technology (46.8%)** |
|  ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** |
|  Arista Networks, Inc.\* | 20392 | $2671964 |
|  Ciena Corp.\* | 71208 | 16653415 |
|  Lumentum Holdings, Inc.\* | 14091 | 5193801 |
|  |  | 24519180 |
|  ***Electronic Equipment, Instruments & Components (1.2%)*** | ***Electronic Equipment, Instruments & Components (1.2%)*** | ***Electronic Equipment, Instruments & Components (1.2%)*** |
|  Amphenol Corp., Class A | 172372 | 23294352 |
|  Celestica, Inc.\* | 41768 | 12347039 |
|  |  | 35641391 |
|  ***IT Services (4.1%)*** | ***IT Services (4.1%)*** | ***IT Services (4.1%)*** |
|  Cloudflare, Inc., Class A\* | 132339 | 26090634 |
|  International Business Machines Corp. | 142683 | 42264131 |
|  Shopify, Inc., Class A\* | 233723 | 37622391 |
|  Snowflake, Inc., Class A\* | 33718 | 7396381 |
|  Twilio, Inc., Class A\* | 49834 | 7088388 |
|  |  | 120461925 |
|  ***Semiconductors & Semiconductor Equipment (18.5%)*** | ***Semiconductors & Semiconductor Equipment (18.5%)*** | ***Semiconductors & Semiconductor Equipment (18.5%)*** |
|  Advanced Micro Devices, Inc.\* | 119777 | 25651442 |
|  Broadcom, Inc. | 498845 | 172650255 |
|  Lam Research Corp. | 14416 | 2467731 |
|  NVIDIA Corp. | 1712883 | 319452679 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 92501 | 28110129 |
|  |  | 548332236 |
|  ***Software (14.6%)*** | ***Software (14.6%)*** | ***Software (14.6%)*** |
|  AppLovin Corp., Class A\* | 41607 | 28035629 |
|  Crowdstrike Holdings, Inc., Class A\* | 35814 | 16788171 |
|  Intuit, Inc. | 33799 | 22389133 |
|  Microsoft Corp. | 548476 | 265253963 |
|  Oracle Corp. | 169414 | 33020483 |
|  Palantir Technologies, Inc., Class A\* | 260465 | 46297654 |
|  Palo Alto Networks, Inc.\* | 40548 | 7468942 |
|  ServiceNow, Inc.\* | 93545 | 14330158 |
|  |  | 433584133 |
|  ***Technology Hardware, Storage & Peripherals (7.6%)*** | ***Technology Hardware, Storage & Peripherals (7.6%)*** | ***Technology Hardware, Storage & Peripherals (7.6%)*** |
|  Apple, Inc. | 774081 | 210441661 |
|  Western Digital Corp. | 92226 | 15887773 |
|  |  | 226329434 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 1388868299 |
|  **Utilities (0.3%)** | **Utilities (0.3%)** | **Utilities (0.3%)** |
|  ***Independent Power and Renewable Electricity Producers (0.3%)*** | ***Independent Power and Renewable Electricity Producers (0.3%)*** | ***Independent Power and Renewable Electricity Producers (0.3%)*** |
|  Vistra Corp. | 50297 | 8114415 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 8114415 |
|  **Total Common Stocks (98.3%)**<br> *(Cost $1,572,293,641)* | **Total Common Stocks (98.3%)**<br> *(Cost $1,572,293,641)* | 2916321720 |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |
|  **Equity (0.2%)** |  |  |
|  Invesco QQQ Trust | 7249 | 4453133 |
|  **Total Exchange Traded Funds (0.2%)**<br> *(Cost $4,375,631)* | **Total Exchange Traded Funds (0.2%)**<br> *(Cost $4,375,631)* | 4453133 |
|  **Total Investments in Securities (98.5%)**<br> *(Cost $1,576,669,272)* | **Total Investments in Securities (98.5%)**<br> *(Cost $1,576,669,272)* | 2920774853 |
|  **Other Assets Less Liabilities (1.5%)** | **Other Assets Less Liabilities (1.5%)** | 45429873 |
|  **Net Assets (100%)** |  | $2966204726 |

---

*\** *Non-income producing.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $329585975 | $— | $— | $329585975 |
|  Consumer Discretionary | 384725003 |  |  | 384725003 |
|  Consumer Staples | 94196489 |  |  | 94196489 |
|  Energy | 2158701 |  |  | 2158701 |
|  Financials | 238875415 |  |  | 238875415 |
|  Health Care | 281456959 |  |  | 281456959 |
|  Industrials | 188340464 |  |  | 188340464 |
|  Information Technology | 1388868299 |  |  | 1388868299 |

---

See Notes to Financial Statements.

896

------

EQ/JPMORGAN GROWTH STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  Utilities | $8114415 | $— | $— | $8114415 |
|  **Exchange Traded Fund** | 4453133 |  |  | 4453133 |
|  **Total Assets** | $**2920774853** | $**—** | $**—** | $**2920774853** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**2920774853** | $**—** | $**—** | $**2920774853** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $1783785829.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $1923820473.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1386426660 |
|  Aggregate gross unrealized depreciation | (48534499) |
|  Net unrealized appreciation | $1337892161 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $1582882692 |

---

See Notes to Financial Statements.

897

------

EQ/JPMORGAN GROWTH STOCK PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value<br>(Cost $1,576,669,272) | $2920774853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 47619183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 711135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 460501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 11139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 2969576811 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 1537370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 803761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 573690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 227207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 100858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 129199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3372085 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $2966204726 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1559780420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1406424306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $2966204726 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $2,691,022,053 / 38,410,787 shares outstanding (unlimited amount authorized: $0.01 par value) | $70.06 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $275,182,673 / 3,624,973 shares outstanding (unlimited amount authorized: $0.01 par value) | $75.91 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $56,236 foreign withholding tax) | $17763388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 3030097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 20793485 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 19712153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 6374536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 2553305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 172950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 147648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 94154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 92000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 59345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 29206091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (2800284) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 26405807 |
|  **NET INVESTMENT INCOME (LOSS)** | (5612322) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 451533533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (50432360) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (50432180) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 401101353 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $395489031 |

---

See Notes to Financial Statements.

898

------

#### EQ ADVISORS TRUST
EQ/JPMORGAN GROWTH STOCK PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(5612322) | $(6706717) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 451533533 | 198577190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (50432180) | 547392383 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 395489031 | 739262856 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (403112946) | (124089099) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (38684032) | (12701683) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (441796978) | (136790782) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 155,552 shares, respectively ] |  | 10048883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (3579821) shares, respectively ] |  | (254208522) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (381443) shares, respectively ] |  | (24486984) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (268646623) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,622,559 and 1,728,012 shares, respectively ] | 119707781 | 116509618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 3,644,095 shares, respectively ] |  | 254208522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 5,640,440 and 1,678,978 shares, respectively ] | 403112946 | 124089099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3882930) and (3427044) shares, respectively ] | (289577517) | (231997553) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 233243210 | 262809686 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 278,436 and 107,935 shares, respectively ] | 20115778 | 7682264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 499,975 and 160,833 shares, respectively ] | 38684032 | 12701683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (712983) and (1412081) shares, respectively ] | (57134947) | (100996317) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 1664863 | (80612370) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 234908073 | (86449307) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 188600126 | 516022767 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2777604600 | 2261581833 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $2966204726 | $2777604600 |

---

See Notes to Financial Statements.

899

------

#### EQ ADVISORS TRUST
EQ/JPMORGAN GROWTH STOCK PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $71.52 | $56.15 | $44.47 | $74.71 | $71.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations†:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.17) | (0.19) | (0.18) | (0.30) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 10.77 | 19.28 | 20.64 | (28.47) | 10.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 10.60 | 19.09 | 20.46 | (28.77) | 9.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (12.06) | (3.72) | (8.78) | (1.47) | (6.89) |
|  Net asset value, end of year | $70.06 | $71.52 | $56.15 | $44.47 | $74.71 |
|  Total return | 14.76% | 33.78 | 46.33 | (38.64)% | 13.82 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $2691022 | $2505525 | $1763434 | $1229180 | $1953107 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.96% | 0.96 | 0.98 | 1.00% | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.06% | 1.07 | 1.08 | 1.08% | 1.06 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.22)% | (0.28) | (0.33) | (0.56)% | (0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.32)% | (0.38) | (0.43) | (0.64)% | (0.72) |
|  Portfolio turnover rate^ | 64% | 32 | 105 | 36% | 29 |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $76.44 | $59.67 | $46.77 | $78.25 | $74.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations†:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.02 \* | (0.03) | (0.05) | (0.17) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 11.51 | 20.52 | 21.73 | (29.84) | 10.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 11.53 | 20.49 | 21.68 | (30.01) | 10.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (12.06) | (3.72) | (8.78) | (1.47) | (6.89) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (12.06) | (3.72) | (8.78) | (1.47) | (6.89) |
|  Net asset value, end of year | $75.91 | $76.44 | $59.67 | $46.77 | $78.25 |
|  Total return | 15.03% | 34.13 | 46.67 | (38.48)% | 14.11 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $275183 | $272079 | $280627 | $203794 | $259966 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.71% | 0.71 | 0.73 | 0.75% | 0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.81% | 0.82 | 0.83 | 0.83% | 0.81 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.03% | (0.05) | (0.08) | (0.31)% | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.07)% | (0.15) | (0.18) | (0.39)% | (0.47) |
|  Portfolio turnover rate^ | 64% | 32 | 105 | 36% | 29 |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*†* *The amount shown for a share outstanding throughout the period may not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.* 

*\** *The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $(0.21) and $(0.08) for Class IB and Class K, respectively.* 

*(2)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $(0.24) and $(0.09) for Class IB and Class K, respectively* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(h)* *The portfolio turnover rate calculation includes purchases and sales made as a result of the replacement of the sub-adviser.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.06% lower.* 

*(bb)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.08% lower* 

See Notes to Financial Statements.

900

------

EQ/JPMORGAN HEDGED EQUITY AND PREMIUM INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |  |
|  **Equity (49.3%)** | **Equity (49.3%)** |  |
|  JPMorgan Equity Premium Income ETF (x) | 1787627 | $102323770 |
|  JPMorgan Nasdaq Equity Premium Income ETF (x) | 1178103 | 68471346 |
|  **Total Exchange Traded Funds (49.3%)**<br> *(Cost $171,631,476)*  | **Total Exchange Traded Funds (49.3%)**<br> *(Cost $171,631,476)*  | 170795116 |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |  |
|  **Investment Companies (49.9%)** | **Investment Companies (49.9%)** |  |
|  **Alternatives (49.9%)** | **Alternatives (49.9%)** |  |
|  JPMorgan Hedged Equity 2 Fund, Class R6 | 2884506 | 57315124 |
|  JPMorgan Hedged Equity 3 Fund, Class R6 | 2758760 | 57961541 |
|  JPMorgan Hedged Equity Fund , Class R6 | 1628681 | 57720440 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies (49.9%)**<br> *(Cost $170,861,150)*  | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies (49.9%)**<br> *(Cost $170,861,150)*  | 172997105 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (10.9%)** | **Investment Companies (10.9%)** |  |
|  Allspring Government Money Market Fund, Select Shares 3.72% (7 day yield) (xx) | 25000000 | 25000000 |
|  Dreyfus Treasury Obligations Cash Management Fund 3.65% (7 day yield) (xx) | 5000000 | 5000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 7784773 | $7784773 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 37784773 |
|  **Total Short-Term Investments (10.9%)**<br> *(Cost $37,784,773)* | **Total Short-Term Investments (10.9%)**<br> *(Cost $37,784,773)* | 37784773 |
|  **Total Investments in Securities (110.1%)**<br> *(Cost $380,277,399)* | **Total Investments in Securities (110.1%)**<br> *(Cost $380,277,399)* | 381576994 |
|  **Other Assets Less Liabilities (-10.1%)** | **Other Assets Less Liabilities (-10.1%)** | (35026445) |
|  **Net Assets (100%)** |  | $346550549 |

---

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $48,457,216. This was collateralized by $12,573,406 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/29/26 – 8/15/55 and by cash of $37,784,773 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

**"J.P. Morgan" and "JPMorgan" are registered trademarks of J.P.Morgan Chase Bank, NA ("JPMC") and have been licensed for use by Equitable Investment Management Group, LLC. EQ/JPMorgan Hedged Equity and Premium Income Portfolio is not sponsored, endorsed, or promoted by JPMC and JPMC makes no representation regarding the advisability of investing in EQ/JPMorgan Hedged Equity and Premium Income Portfolio.**

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Exchange Traded Funds** | $170795116 | $— | $— | $170795116 |
|  **Investment Companies** | 172997105 |  |  | 172997105 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 37784773 |  |  | 37784773 |
|  **Total Assets** | $**381576994** | $**—** | $**—** | $**381576994** |
|  **Total Liabilities** | $**–—** | $**—** | $**—** | $**—** |
|  **Total** | $**381576994** | $**—** | $**—** | $**381576994** |

---

See Notes to Financial Statements.

901

------

EQ/JPMORGAN HEDGED EQUITY AND PREMIUM INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(7609887) | $(7609887) |
|  **Total** | $(7609887) | $(7609887) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $25263 | $25263 |
|  **Total** | $25263 | $25263 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $391000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 43937000 |

---

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $359213052.0 |
|  Long-term U.S. government debt securities | 27737432.0 |
|  | $386950484.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $207549922.0 |
|  Long-term U.S. government debt securities | 161058700.0 |
|  | $368608622.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $2134999 |
|  Aggregate gross unrealized depreciation | (836360) |
|  Net unrealized appreciation | $1298639 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $380278355 |

---

For the period ended December 31, 2025, the Portfolio incurred approximately $131 as brokerage commissions with Bernstein Institutional Services, LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

902

------

EQ/JPMORGAN HEDGED EQUITY AND PREMIUM INCOME PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $380,277,399) (x) | $381576994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 824370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1445631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 576049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment manager | 84407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 23813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 384532833 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 37784773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 72281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 46409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 33527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 45286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 37982284 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $346550549 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $345004982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1545567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $346550549 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $346,550,549 / 30,622,572 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.32 |

---

*(x)* *Includes value of securities on loan of $48,457,216.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $32 foreign withholding tax) | $6428590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 4399007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 52054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 10879651 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2414016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 773189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 416802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 386454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 32107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 23100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 10305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 16288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 4072261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (786027) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3286234 |
|  **NET INVESTMENT INCOME (LOSS)** | 7593417 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities  | 82042447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (7609887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 74432560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities  | (45855695) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 25263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (45830432) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 28602128 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $36195545 |

---

See Notes to Financial Statements.

903

------

#### EQ ADVISORS TRUST
EQ/JPMORGAN HEDGED EQUITY AND PREMIUM INCOME PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $7593417 | $4983414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 74432560 | (625284) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (45830432) | 14677631 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 36195545 | 19035761 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (48543367) | (4869698) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 4,749,245 and 3,770,067 shares, respectively ] | 58523341 | 43753393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 4,300,466 and 406,915 shares, respectively ] | 48543367 | 4869698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3177201) and (2873689) shares, respectively ] | (38565730) | (33552523) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 68500978 | 15070568 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 56153156 | 29236631 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 290397393 | 261160762 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $346550549 | $290397393 |

---

See Notes to Financial Statements.

904

------

#### EQ ADVISORS TRUST
EQ/JPMORGAN HEDGED EQUITY AND PREMIUM INCOME PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $11.73 | $11.14 | $10.07 | $11.87 | $11.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.30 | 0.21 | 0.18 | 0.07 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.15 | 0.58 | 1.05 | (1.75) | 0.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.45 | 0.79 | 1.23 | (1.68) | 0.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.29) | (0.20) | (0.16) | (0.11) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.57) |  |  | (0.01) | (0.92) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.86) | (0.20) | (0.16) | (0.12) | (0.95) |
|  Net asset value, end of year | $11.32 | $11.73 | $11.14 | $10.07 | $11.87 |
|  Total return | 12.41% | 7.05% | 12.27% | (14.22)% | 8.27% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $346551 | $290397 | $261161 | $212262 | $242594 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.06 %(j) | 1.12 %(j) | 1.12 %(j) | 1.16 %(k) | 1.17 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.32% | 1.23% | 1.23% | 1.22% | 1.21% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 2.46% | 1.76% | 1.65% | 0.70% | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 2.20% | 1.66% | 1.54% | 0.63% | 0.36% |
|  Portfolio turnover rate^ | 120 %(h) | 11% | 69% | 61% | 69% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(h)* *The portfolio turnover rate calculation includes purchases and sales made as a result of the replacement of the sub-adviser. See Note 1.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.15% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.19% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB.* 

See Notes to Financial Statements.

905

------

EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (7.7%)** | **Communication Services (7.7%)** | **Communication Services (7.7%)** |
|  ***Diversified Telecommunication Services (0.8%)*** | ***Diversified Telecommunication Services (0.8%)*** | ***Diversified Telecommunication Services (0.8%)*** |
|  AT&T, Inc. | 430408 | $10691335 |
|  ***Entertainment (1.4%)*** | ***Entertainment (1.4%)*** | ***Entertainment (1.4%)*** |
|  Live Nation Entertainment, Inc.\* | 20549 | 2928232 |
|  Walt Disney Co. (The) | 123114 | 14006680 |
|  |  | 16934912 |
|  ***Interactive Media & Services (5.1%)*** | ***Interactive Media & Services (5.1%)*** | ***Interactive Media & Services (5.1%)*** |
|  Alphabet, Inc., Class C | 154117 | 48361915 |
|  Meta Platforms, Inc., Class A | 11805 | 7792362 |
|  Pinterest, Inc., Class A\* | 266253 | 6893290 |
|  |  | 63047567 |
|  ***Media (0.4%)*** | ***Media (0.4%)*** | ***Media (0.4%)*** |
|  Omnicom Group, Inc. | 57323 | 4628832 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 95302646 |
|  **Consumer Discretionary (7.7%)** | **Consumer Discretionary (7.7%)** | **Consumer Discretionary (7.7%)** |
|  ***Automobile Components (0.3%)*** | ***Automobile Components (0.3%)*** | ***Automobile Components (0.3%)*** |
|  Gentex Corp. | 182082 | 4237048 |
|  ***Automobiles (0.6%)*** | ***Automobiles (0.6%)*** | ***Automobiles (0.6%)*** |
|  Ford Motor Co. | 620245 | 8137615 |
|  ***Broadline Retail (2.1%)*** | ***Broadline Retail (2.1%)*** | ***Broadline Retail (2.1%)*** |
|  Amazon.com, Inc.\* | 111282 | 25686111 |
|  ***Hotels, Restaurants & Leisure (1.3%)*** | ***Hotels, Restaurants & Leisure (1.3%)*** | ***Hotels, Restaurants & Leisure (1.3%)*** |
|  Darden Restaurants, Inc. | 90613 | 16674604 |
|  ***Household Durables (1.1%)*** | ***Household Durables (1.1%)*** | ***Household Durables (1.1%)*** |
|  Lennar Corp., Class A | 131372 | 13505042 |
|  ***Leisure Products (0.3%)*** | ***Leisure Products (0.3%)*** | ***Leisure Products (0.3%)*** |
|  Mattel, Inc.\* | 181910 | 3609094 |
|  ***Specialty Retail (0.8%)*** | ***Specialty Retail (0.8%)*** | ***Specialty Retail (0.8%)*** |
|  Lowe's Cos., Inc. | 39571 | 9542942 |
|  ***Textiles, Apparel & Luxury Goods (1.2%)*** | ***Textiles, Apparel & Luxury Goods (1.2%)*** | ***Textiles, Apparel & Luxury Goods (1.2%)*** |
|  Kontoor Brands, Inc. | 175245 | 10705717 |
|  NIKE, Inc., Class B | 58887 | 3751691 |
|  |  | 14457408 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 95849864 |
|  **Consumer Staples (4.0%)** | **Consumer Staples (4.0%)** | **Consumer Staples (4.0%)** |
|  ***Consumer Staples Distribution & Retail (2.2%)*** | ***Consumer Staples Distribution & Retail (2.2%)*** | ***Consumer Staples Distribution & Retail (2.2%)*** |
|  BJ's Wholesale Club Holdings, Inc.\* | 133272 | 11998478 |
|  Performance Food Group Co.\* | 99407 | 8938677 |
|  Walmart, Inc. | 55584 | 6192614 |
|  |  | 27129769 |
|  ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | ***Food Products (0.5%)*** |
|  Mondelez International, Inc., Class A | 115259 | 6204392 |
|  ***Tobacco (1.3%)*** | ***Tobacco (1.3%)*** | ***Tobacco (1.3%)*** |
|  Philip Morris International, Inc. | 101650 | 16304660 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 49638821 |
|  **Energy (3.9%)** | **Energy (3.9%)** | **Energy (3.9%)** |
|  ***Energy Equipment & Services (0.7%)*** | ***Energy Equipment & Services (0.7%)*** | ***Energy Equipment & Services (0.7%)*** |
|  Baker Hughes Co. | 193758 | 8823739 |
|  ***Oil, Gas & Consumable Fuels (3.2%)*** | ***Oil, Gas & Consumable Fuels (3.2%)*** | ***Oil, Gas & Consumable Fuels (3.2%)*** |
|  EOG Resources, Inc. | 119722 | 12572008 |
|  EQT Corp. | 327647 | 17561879 |
|  Range Resources Corp. | 264131 | 9313259 |
|  |  | 39447146 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 48270885 |
|  **Financials (21.6%)** | **Financials (21.6%)** | **Financials (21.6%)** |
|  ***Banks (11.7%)*** | ***Banks (11.7%)*** | ***Banks (11.7%)*** |
|  Bank of America Corp. | 689509 | 37922995 |
|  Fifth Third Bancorp | 334133 | 15640766 |
|  First Citizens BancShares, Inc., Class A | 8404 | 18036497 |
|  Huntington Bancshares, Inc. | 581043 | 10081096 |
|  Regions Financial Corp. | 437781 | 11863865 |
|  US Bancorp | 348535 | 18597827 |
|  Wells Fargo & Co. | 358661 | 33427205 |
|  |  | 145570251 |
|  ***Capital Markets (1.5%)*** | ***Capital Markets (1.5%)*** | ***Capital Markets (1.5%)*** |
|  Intercontinental Exchange, Inc. | 41858 | 6779322 |
|  Morgan Stanley | 45481 | 8074242 |
|  Raymond James Financial, Inc. | 23233 | 3730987 |
|  |  | 18584551 |
|  ***Consumer Finance (1.2%)*** | ***Consumer Finance (1.2%)*** | ***Consumer Finance (1.2%)*** |
|  American Express Co. | 43129 | 15955574 |
|  ***Financial Services (5.5%)*** | ***Financial Services (5.5%)*** | ***Financial Services (5.5%)*** |
|  Berkshire Hathaway, Inc., Class B\* | 80282 | 40353747 |
|  Corpay, Inc.\* | 31799 | 9569273 |
|  Fidelity National Information Services, Inc. | 97567 | 6484303 |
|  Fiserv, Inc.\* | 177370 | 11913943 |
|  |  | 68321266 |
|  ***Insurance (1.7%)*** | ***Insurance (1.7%)*** | ***Insurance (1.7%)*** |
|  Marsh & McLennan Cos., Inc. | 69082 | 12816093 |
|  Progressive Corp. (The) | 35940 | 8184257 |
|  |  | 21000350 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 269431992 |
|  **Health Care (16.6%)** | **Health Care (16.6%)** | **Health Care (16.6%)** |
|  ***Biotechnology (4.3%)*** | ***Biotechnology (4.3%)*** | ***Biotechnology (4.3%)*** |
|  Biogen, Inc.\* | 56122 | 9876911 |
|  Ionis Pharmaceuticals, Inc.\* | 32203 | 2547580 |
|  Neurocrine Biosciences, Inc.\* | 23682 | 3358818 |
|  Regeneron Pharmaceuticals, Inc. | 23254 | 17949065 |
|  Vertex Pharmaceuticals, Inc.\* | 44012 | 19953280 |
|  |  | 53685654 |
|  ***Health Care Equipment & Supplies (1.6%)*** | ***Health Care Equipment & Supplies (1.6%)*** | ***Health Care Equipment & Supplies (1.6%)*** |
|  GE HealthCare Technologies, Inc. | 89778 | 7363592 |
|  Medtronic plc | 114869 | 11034316 |
|  Zimmer Biomet Holdings, Inc. | 20588 | 1851273 |
|  |  | 20249181 |
|  ***Health Care Providers & Services (6.9%)*** | ***Health Care Providers & Services (6.9%)*** | ***Health Care Providers & Services (6.9%)*** |
|  Cardinal Health, Inc. | 35453 | 7285591 |
|  Elevance Health, Inc. | 42782 | 14997230 |
|  Henry Schein, Inc.\* | 68122 | 5148661 |
|  Humana, Inc. | 122328 | 31331871 |

---

See Notes to Financial Statements.

906

------

EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Labcorp Holdings, Inc. | 50059 | $| 12558802 |
|  Quest Diagnostics, Inc. | 37986 |  | 6591710 |
|  UnitedHealth Group, Inc. | 22089 |  | 7291800 |
|  |  |  | 85205665 |
|  ***Life Sciences Tools & Services (1.2%)*** | ***Life Sciences Tools & Services (1.2%)*** | ***Life Sciences Tools & Services (1.2%)*** | ***Life Sciences Tools & Services (1.2%)*** |
|  ICON plc\* | 84373 |  | 15374448 |
|  ***Pharmaceuticals (2.6%)*** | ***Pharmaceuticals (2.6%)*** | ***Pharmaceuticals (2.6%)*** | ***Pharmaceuticals (2.6%)*** |
|  Bristol-Myers Squibb Co. | 241616 |  | 13032767 |
|  Johnson & Johnson | 90899 |  | 18811548 |
|  |  |  | 31844315 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 206359263 |
|  **Industrials (12.2%)** | **Industrials (12.2%)** | **Industrials (12.2%)** | **Industrials (12.2%)** |
|  ***Aerospace & Defense (1.8%)*** | ***Aerospace & Defense (1.8%)*** | ***Aerospace & Defense (1.8%)*** | ***Aerospace & Defense (1.8%)*** |
|  Boeing Co. (The)\* | 56405 |  | 12246653 |
|  RTX Corp. | 55197 |  | 10123130 |
|  |  |  | 22369783 |
|  ***Electrical Equipment (2.2%)*** | ***Electrical Equipment (2.2%)*** | ***Electrical Equipment (2.2%)*** | ***Electrical Equipment (2.2%)*** |
|  Eaton Corp. plc | 18090 |  | 5761846 |
|  Emerson Electric Co. | 161742 |  | 21466398 |
|  |  |  | 27228244 |
|  ***Ground Transportation (1.5%)*** | ***Ground Transportation (1.5%)*** | ***Ground Transportation (1.5%)*** | ***Ground Transportation (1.5%)*** |
|  Ryder System, Inc. | 63794 |  | 12209534 |
|  Saia, Inc.\* | 20245 |  | 6610397 |
|  |  |  | 18819931 |
|  ***Industrial Conglomerates (0.6%)*** | ***Industrial Conglomerates (0.6%)*** | ***Industrial Conglomerates (0.6%)*** | ***Industrial Conglomerates (0.6%)*** |
|  3M Co. | 41307 |  | 6613251 |
|  ***Machinery (3.5%)*** | ***Machinery (3.5%)*** | ***Machinery (3.5%)*** | ***Machinery (3.5%)*** |
|  AGCO Corp. | 25381 |  | 2647746 |
|  Cummins, Inc. | 10410 |  | 5313784 |
|  Flowserve Corp. | 230557 |  | 15996045 |
|  Gates Industrial Corp. plc\* | 911912 |  | 19578751 |
|  |  |  | 43536326 |
|  ***Passenger Airlines (1.3%)*** | ***Passenger Airlines (1.3%)*** | ***Passenger Airlines (1.3%)*** | ***Passenger Airlines (1.3%)*** |
|  Alaska Air Group, Inc.\* | 83724 |  | 4211317 |
|  Southwest Airlines Co. | 294438 |  | 12169123 |
|  |  |  | 16380440 |
|  ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** |
|  Booz Allen Hamilton Holding Corp. | 14426 |  | 1216977 |
|  ***Trading Companies & Distributors (1.2%)*** | ***Trading Companies & Distributors (1.2%)*** | ***Trading Companies & Distributors (1.2%)*** | ***Trading Companies & Distributors (1.2%)*** |
|  AerCap Holdings NV | 105966 |  | 15233672 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 151398624 |
|  **Information Technology (12.1%)** | **Information Technology (12.1%)** | **Information Technology (12.1%)** | **Information Technology (12.1%)** |
|  ***Electronic Equipment, Instruments & Components (3.2%)*** | ***Electronic Equipment, Instruments & Components (3.2%)*** | ***Electronic Equipment, Instruments & Components (3.2%)*** | ***Electronic Equipment, Instruments & Components (3.2%)*** |
|  CDW Corp. | 50630 |  | 6895806 |
|  Corning, Inc. | 205691 |  | 18010304 |
|  TD SYNNEX Corp. | 96914 |  | 14559390 |
|  |  |  | 39465500 |
|  ***IT Services (1.5%)*** | ***IT Services (1.5%)*** | ***IT Services (1.5%)*** | ***IT Services (1.5%)*** |
|  Accenture plc, Class A | 44984 |  | 12069207 |
|  GoDaddy, Inc., Class A\* | 37929 |  | 4706231 |
|  Okta, Inc.\* | 28430 |  | 2458342 |
|  |  |  | 19233780 |
|  ***Semiconductors & Semiconductor Equipment (3.6%)*** | ***Semiconductors & Semiconductor Equipment (3.6%)*** | ***Semiconductors & Semiconductor Equipment (3.6%)*** | ***Semiconductors & Semiconductor Equipment (3.6%)*** |
|  Micron Technology, Inc. | 76904 |  | 21949171 |
|  NXP Semiconductors NV | 51573 |  | 11194435 |
|  ON Semiconductor Corp.\* | 162414 |  | 8794718 |
|  Universal Display Corp. | 23457 |  | 2739308 |
|  |  |  | 44677632 |
|  ***Software (0.7%)*** | ***Software (0.7%)*** | ***Software (0.7%)*** | ***Software (0.7%)*** |
|  Roper Technologies, Inc. | 18958 |  | 8438774 |
|  ***Technology Hardware, Storage & Peripherals (3.1%)*** | ***Technology Hardware, Storage & Peripherals (3.1%)*** | ***Technology Hardware, Storage & Peripherals (3.1%)*** | ***Technology Hardware, Storage & Peripherals (3.1%)*** |
|  Hewlett Packard Enterprise Co. | 614549 |  | 14761467 |
|  Western Digital Corp. | 140432 |  | 24192221 |
|  |  |  | 38953688 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 150769374 |
|  **Materials (6.5%)** | **Materials (6.5%)** | **Materials (6.5%)** | **Materials (6.5%)** |
|  ***Chemicals (1.4%)*** | ***Chemicals (1.4%)*** | ***Chemicals (1.4%)*** | ***Chemicals (1.4%)*** |
|  Albemarle Corp. | 92816 |  | 13127895 |
|  Chemours Co. (The) | 380857 |  | 4490304 |
|  |  |  | 17618199 |
|  ***Construction Materials (1.6%)*** | ***Construction Materials (1.6%)*** | ***Construction Materials (1.6%)*** | ***Construction Materials (1.6%)*** |
|  Amrize Ltd.\* | 210868 |  | 11403741 |
|  James Hardie Industries plc (ADR)\* | 428393 |  | 8889155 |
|  |  |  | 20292896 |
|  ***Containers & Packaging (0.4%)*** | ***Containers & Packaging (0.4%)*** | ***Containers & Packaging (0.4%)*** | ***Containers & Packaging (0.4%)*** |
|  Silgan Holdings, Inc. | 133322 |  | 5382209 |
|  ***Metals & Mining (3.1%)*** | ***Metals & Mining (3.1%)*** | ***Metals & Mining (3.1%)*** | ***Metals & Mining (3.1%)*** |
|  Alcoa Corp. | 302597 |  | 16080005 |
|  Cleveland-Cliffs, Inc.\* | 361188 |  | 4796577 |
|  Freeport-McMoRan, Inc. | 129906 |  | 6597926 |
|  Teck Resources Ltd., Class B | 220286 |  | 10549496 |
|  |  |  | 38024004 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 81317308 |
|  **Real Estate (2.7%)** | **Real Estate (2.7%)** | **Real Estate (2.7%)** | **Real Estate (2.7%)** |
|  ***Real Estate Management & Development (0.4%)*** | ***Real Estate Management & Development (0.4%)*** | ***Real Estate Management & Development (0.4%)*** | ***Real Estate Management & Development (0.4%)*** |
|  Zillow Group, Inc., Class C\* | 68389 |  | 4665498 |
|  ***Residential REITs (1.1%)*** | ***Residential REITs (1.1%)*** | ***Residential REITs (1.1%)*** | ***Residential REITs (1.1%)*** |
|  AvalonBay Communities, Inc. (REIT) | 73471 |  | 13321027 |
|  Invitation Homes, Inc. (REIT) | 46353 |  | 1288150 |
|  |  |  | 14609177 |
|  ***Specialized REITs (1.2%)*** | ***Specialized REITs (1.2%)*** | ***Specialized REITs (1.2%)*** | ***Specialized REITs (1.2%)*** |
|  Equinix, Inc. (REIT) | 19533 |  | 14965403 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 34240078 |
|  **Utilities (4.0%)** | **Utilities (4.0%)** | **Utilities (4.0%)** | **Utilities (4.0%)** |
|  ***Electric Utilities (2.8%)*** | ***Electric Utilities (2.8%)*** | ***Electric Utilities (2.8%)*** | ***Electric Utilities (2.8%)*** |
|  NextEra Energy, Inc. | 154292 |  | 12386562 |
|  PG&E Corp. | 196911 |  | 3164360 |
|  Southern Co. (The) | 215308 |  | 18774857 |
|  |  |  | 34325779 |
|  ***Multi-Utilities (1.2%)*** | ***Multi-Utilities (1.2%)*** | ***Multi-Utilities (1.2%)*** | ***Multi-Utilities (1.2%)*** |
|  Dominion Energy, Inc. | 264375 |  | 15489731 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 49815510 |
|  **Total Common Stocks (99.0%)**<br> *(Cost $1,092,623,253)* | **Total Common Stocks (99.0%)**<br> *(Cost $1,092,623,253)* |  | 1232394365 |

---

See Notes to Financial Statements.

907

------

EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **U.S. Government Agency Securities (1.0%)** | **U.S. Government Agency Securities (1.0%)** |  |
|  FHLB<br>0.00%, 1/2/26 (o)(p) | $12145000 | $12145000 |
|  **Total Short-Term Investments (1.0%)**<br> *(Cost $12,143,819)* | **Total Short-Term Investments (1.0%)**<br> *(Cost $12,143,819)* | 12145000 |
|  **Total Investments in Securities (100.0%)**<br> *(Cost $1,104,767,072)* | **Total Investments in Securities (100.0%)**<br> *(Cost $1,104,767,072)* | 1244539365 |
|  **Other Assets Less Liabilities (0.0%)†** | **Other Assets Less Liabilities (0.0%)†** | 493650 |
|  **Net Assets (100%)** |  | $1245033015 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(o)* *Discount Note Security. Effective rate calculated as of December 31, 2025.* 

*(p)* *Yield to maturity.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*FHLB* *— Federal Home Loan Bank* 

*REIT* *— Real Estate Investment Trust* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $95302646 | $— | $— | $95302646 |
|  Consumer Discretionary | 95849864 |  |  | 95849864 |
|  Consumer Staples | 49638821 |  |  | 49638821 |
|  Energy | 48270885 |  |  | 48270885 |
|  Financials | 269431992 |  |  | 269431992 |
|  Health Care | 206359263 |  |  | 206359263 |
|  Industrials | 151398624 |  |  | 151398624 |
|  Information Technology | 150769374 |  |  | 150769374 |
|  Materials | 81317308 |  |  | 81317308 |
|  Real Estate | 34240078 |  |  | 34240078 |
|  Utilities | 49815510 |  |  | 49815510 |
|  **Short-Term Investments** |  |  |  |  |
|  U.S. Government Agency Securities |  | 12145000 |  | 12145000 |
|  **Total Assets** | $**1232394365** | $**12145000** | $**—** | $**1244539365** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**1232394365** | $**12145000** | $**—** | $**1244539365** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2333912096 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $2374023101 |

---

See Notes to Financial Statements.

908

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EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $174747519 |
|  Aggregate gross unrealized depreciation | (38388979) |
|  Net unrealized appreciation | $136358540 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108180825 |

---

See Notes to Financial Statements.

909

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EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value<br>(Cost $1,104,767,072) | $1244539365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 15494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1484319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 515871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 4791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1246559840 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 613372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 551123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 205552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 94944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 61834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1526825 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1245033015 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1045553528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 199479487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1245033015 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $971,899,904 / 47,662,244 shares outstanding (unlimited amount authorized: $0.01 par value) | $20.39 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $273,133,111 / 13,445,438 shares outstanding (unlimited amount authorized: $0.01 par value) | $20.31 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $68,514 foreign withholding tax) | $22504477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 744395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 23248872 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 6763901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 2191400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1051574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 96943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 70948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 62300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 39466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 26694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 10303226 |
|  **NET INVESTMENT INCOME (LOSS)** | 12945646 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 138869692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 19194562 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 158064254 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $171009900 |

---

See Notes to Financial Statements.

910

------

#### EQ ADVISORS TRUST
EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $12945646 | $13124431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 138869692 | 132780774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 19194562 | 10999109 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 171009900 | 156904314 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (87295502) | (104828772) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (26148044) | (38984360) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (113443546) | (143813132) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 78,975 shares, respectively ] |  | 1573260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (2258528) shares, respectively ] |  | (45431046) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (255532) shares, respectively ] |  | (4992341) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (48850127) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 5,197,443 and 4,749,317 shares, respectively ] | 104933197 | 97381061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 2,248,417 shares, respectively ] |  | 45431046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 4,222,319 and 5,140,457 shares, respectively ] | 87295502 | 104828772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (4452364) and (3877266) shares, respectively ] | (89744111) | (80203257) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 102484588 | 167437622 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 812,523 and 324,070 shares, respectively ] | 14729764 | 6743135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,269,073 and 1,917,399 shares, respectively ] | 26148044 | 38984360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3993877) and (3747548) shares, respectively ] | (80342538) | (77963518) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (39464730) | (32236023) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 63019858 | 86351472 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 120586212 | 99442654 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1124446803 | 1025004149 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1245033015 | $1124446803 |

---

See Notes to Financial Statements.

911

------

#### EQ ADVISORS TRUST
EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $19.39 | $19.10 | $18.30 | $19.99 | $20.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.21 | 0.23 | 0.27 | 0.22 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.77 | 2.81 | 1.71 | (0.16) | 4.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.98 | 3.04 | 1.98 | 0.06 | 4.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.22) | (0.24) | (0.27) | (0.21) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.76) | (2.51) | (0.91) | (1.54) | (4.61) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.98) | (2.75) | (1.18) | (1.75) | (4.77) |
|  Net asset value, end of year | $20.39 | $19.39 | $19.10 | $18.30 | $19.99 |
|  Total return | 15.40% | 15.45% | 10.90% | 0.20% | 23.18% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827782 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657726 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560858 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466004 |
|  Ratio of expenses to average net assets (f) | 0.95% | 0.96% | 0.96% | 0.96% | 0.96% |
|  Ratio of net investment income (loss) to average net assets (f) | 1.05% | 1.12% | 1.42% | 1.13% | 0.66% |
|  Portfolio turnover rate^ | 203% | 154% | 139% | 137% | 97% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $19.32 | $19.03 | $18.23 | $19.92 | $20.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.26 | 0.28 | 0.31 | 0.27 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.76 | 2.81 | 1.72 | (0.16) | 4.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.02 | 3.09 | 2.03 | 0.11 | 4.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.27) | (0.29) | (0.32) | (0.26) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.76) | (2.51) | (0.91) | (1.54) | (4.61) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.03) | (2.80) | (1.23) | (1.80) | (4.83) |
|  Net asset value, end of year | $20.31 | $19.32 | $19.03 | $18.23 | $19.92 |
|  Total return | 15.66% | 15.76% | 11.20% | 0.45% | 23.48% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $273133 | $296664 | $320973 | $328392 | $394708 |
|  Ratio of expenses to average net assets (f) | 0.70% | 0.71% | 0.71% | 0.71% | 0.71% |
|  Ratio of net investment income (loss) to average net assets (f) | 1.30% | 1.39% | 1.66% | 1.35% | 0.89% |
|  Portfolio turnover rate^ | 203% | 154% | 139% | 137% | 97% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

912

------

EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (8.7%)** | **Communication Services (8.7%)** | **Communication Services (8.7%)** |
|  ***Diversified Telecommunication Services (1.3%)*** | ***Diversified Telecommunication Services (1.3%)*** | ***Diversified Telecommunication Services (1.3%)*** |
|  AT&T, Inc. | 501291 | $12452068 |
|  Verizon Communications, Inc. | 279608 | 11388434 |
|  |  | 23840502 |
|  ***Entertainment (1.0%)*** | ***Entertainment (1.0%)*** | ***Entertainment (1.0%)*** |
|  Electronic Arts, Inc. | 3820 | 780540 |
|  Live Nation Entertainment, Inc.\* | 2620 | 373350 |
|  Netflix, Inc.\* | 71289 | 6684057 |
|  ROBLOX Corp., Class A\* | 13668 | 1107518 |
|  Take-Two Interactive Software, Inc.\* | 2927 | 749400 |
|  TKO Group Holdings, Inc., Class A | 1155 | 241395 |
|  Walt Disney Co. (The) | 75561 | 8596575 |
|  Warner Bros Discovery, Inc.\* | 41360 | 1191995 |
|  |  | 19724830 |
|  ***Interactive Media & Services (6.1%)*** | ***Interactive Media & Services (6.1%)*** | ***Interactive Media & Services (6.1%)*** |
|  Alphabet, Inc., Class A | 143028 | 44767764 |
|  Alphabet, Inc., Class C | 109079 | 34228990 |
|  Match Group, Inc. | 3917 | 126480 |
|  Meta Platforms, Inc., Class A | 58313 | 38491828 |
|  |  | 117615062 |
|  ***Media (0.2%)*** | ***Media (0.2%)*** | ***Media (0.2%)*** |
|  Charter Communications, Inc., Class A\* | 1551 | 323771 |
|  Comcast Corp., Class A | 61147 | 1827684 |
|  Fox Corp., Class A | 3626 | 264952 |
|  Fox Corp., Class B | 2299 | 149274 |
|  News Corp., Class A | 5935 | 155023 |
|  News Corp., Class B | 1843 | 54608 |
|  Omnicom Group, Inc. | 5251 | 424018 |
|  Paramount Skydance Corp., Class B | 4657 | 62404 |
|  Trade Desk, Inc. (The), Class A\* | 7195 | 273122 |
|  |  | 3534856 |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** |
|  T-Mobile US, Inc. | 13328 | 2706117 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 167421367 |
|  **Consumer Discretionary (7.5%)** | **Consumer Discretionary (7.5%)** | **Consumer Discretionary (7.5%)** |
|  ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** |
|  Aptiv plc\* | 3830 | 291425 |
|  ***Automobiles (1.2%)*** | ***Automobiles (1.2%)*** | ***Automobiles (1.2%)*** |
|  Ford Motor Co. | 66913 | 877899 |
|  General Motors Co. | 15597 | 1268348 |
|  Tesla, Inc.\* | 47275 | 21260513 |
|  |  | 23406760 |
|  ***Broadline Retail (3.0%)*** | ***Broadline Retail (3.0%)*** | ***Broadline Retail (3.0%)*** |
|  Amazon.com, Inc.\* | 245336 | 56628455 |
|  eBay, Inc. | 7697 | 670409 |
|  |  | 57298864 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  Genuine Parts Co. | 2324 | 285759 |
|  Pool Corp. | 566 | 129472 |
|  |  | 415231 |
|  ***Hotels, Restaurants & Leisure (1.5%)*** | ***Hotels, Restaurants & Leisure (1.5%)*** | ***Hotels, Restaurants & Leisure (1.5%)*** |
|  Airbnb, Inc., Class A\* | 7060 | 958183 |
|  Booking Holdings, Inc. | 763 | 4086117 |
|  Carnival Corp.\* | 17983 | 549201 |
|  Chipotle Mexican Grill, Inc.\* | 64650 | 2392050 |
|  Darden Restaurants, Inc. | 2034 | 374297 |
|  Domino's Pizza, Inc. | 542 | 225916 |
|  DoorDash, Inc., Class A\* | 6242 | 1413688 |
|  Expedia Group, Inc. | 1979 | 560670 |
|  Flutter Entertainment plc, Class DI\* | 5895 | 1267661 |
|  Hilton Worldwide Holdings, Inc. | 3946 | 1133489 |
|  Las Vegas Sands Corp. | 5035 | 327728 |
|  Marriott International, Inc., Class A | 10601 | 3288854 |
|  McDonald's Corp. | 11981 | 3661753 |
|  MGM Resorts International\* | 3145 | 114761 |
|  Norwegian Cruise Line Holdings Ltd.\* | 7870 | 175658 |
|  Royal Caribbean Cruises Ltd. | 15460 | 4312103 |
|  Starbucks Corp. | 19293 | 1624664 |
|  Wynn Resorts Ltd. | 1335 | 160641 |
|  Yum! Brands, Inc. | 13256 | 2005368 |
|  |  | 28632802 |
|  ***Household Durables (0.3%)*** | ***Household Durables (0.3%)*** | ***Household Durables (0.3%)*** |
|  DR Horton, Inc. | 4677 | 673628 |
|  Garmin Ltd. | 2705 | 548709 |
|  Lennar Corp., Class A | 3726 | 383033 |
|  NVR, Inc.\* | 49 | 357346 |
|  PulteGroup, Inc. | 3275 | 384026 |
|  TopBuild Corp.\* | 8715 | 3635811 |
|  |  | 5982553 |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** |
|  Hasbro, Inc. | 2313 | 189666 |
|  ***Specialty Retail (1.3%)*** | ***Specialty Retail (1.3%)*** | ***Specialty Retail (1.3%)*** |
|  AutoZone, Inc.\* | 284 | 963186 |
|  Best Buy Co., Inc. | 3309 | 221471 |
|  Burlington Stores, Inc.\* | 5548 | 1602540 |
|  Carvana Co.\* | 2379 | 1003986 |
|  Home Depot, Inc. (The) | 16747 | 5762643 |
|  Lowe's Cos., Inc. | 9393 | 2265216 |
|  O'Reilly Automotive, Inc.\* | 74680 | 6811563 |
|  Ross Stores, Inc. | 5502 | 991130 |
|  TJX Cos., Inc. (The) | 18710 | 2874043 |
|  Tractor Supply Co. | 34918 | 1746249 |
|  Ulta Beauty, Inc.\* | 728 | 440447 |
|  Williams-Sonoma, Inc. | 2103 | 375575 |
|  |  | 25058049 |
|  ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** |
|  Deckers Outdoor Corp.\* | 2360 | 244661 |
|  Lululemon Athletica, Inc.\* | 1780 | 369902 |
|  NIKE, Inc., Class B | 20028 | 1275984 |
|  Ralph Lauren Corp. | 656 | 231968 |
|  Tapestry, Inc. | 3461 | 442212 |
|  |  | 2564727 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 143840077 |

---

See Notes to Financial Statements.

913

------

EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Consumer Staples (4.9%)** | **Consumer Staples (4.9%)** | **Consumer Staples (4.9%)** |
|  ***Beverages (1.0%)*** | ***Beverages (1.0%)*** | ***Beverages (1.0%)*** |
|  Anheuser-Busch InBev SA/NV (ADR) (x) | 43649 | $2795282 |
|  Brown-Forman Corp., Class B (x) | 3134 | 81672 |
|  Coca-Cola Co. (The) | 147488 | 10310886 |
|  Constellation Brands, Inc., Class A | 2451 | 338140 |
|  Keurig Dr Pepper, Inc. | 23225 | 650532 |
|  Molson Coors Beverage Co., Class B | 3081 | 143821 |
|  Monster Beverage Corp.\* | 12098 | 927554 |
|  PepsiCo, Inc. | 23003 | 3301390 |
|  |  | 18549277 |
|  ***Consumer Staples Distribution & Retail (1.2%)*** | ***Consumer Staples Distribution & Retail (1.2%)*** | ***Consumer Staples Distribution & Retail (1.2%)*** |
|  Costco Wholesale Corp. | 7456 | 6429607 |
|  Dollar General Corp. | 3772 | 500808 |
|  Dollar Tree, Inc.\* | 14505 | 1784260 |
|  Kroger Co. (The) | 86417 | 5399334 |
|  Sysco Corp. | 7928 | 584214 |
|  Target Corp. | 7769 | 759420 |
|  Walmart, Inc. | 73775 | 8219273 |
|  |  | 23676916 |
|  ***Food Products (0.3%)*** | ***Food Products (0.3%)*** | ***Food Products (0.3%)*** |
|  Archer-Daniels-Midland Co. | 8141 | 468026 |
|  Bunge Global SA | 2350 | 209338 |
|  Campbell's Co. (The) (x) | 3437 | 95789 |
|  Conagra Brands, Inc. | 8515 | 147395 |
|  General Mills, Inc. | 8828 | 410502 |
|  Hershey Co. (The) | 2556 | 465141 |
|  Hormel Foods Corp. | 5110 | 121107 |
|  J M Smucker Co. (The) | 1626 | 159039 |
|  Kraft Heinz Co. (The) | 14796 | 358803 |
|  Lamb Weston Holdings, Inc. | 2462 | 103133 |
|  McCormick & Co., Inc. (Non-Voting) | 4114 | 280205 |
|  Mondelez International, Inc., Class A | 49757 | 2678419 |
|  Tyson Foods, Inc., Class A | 4495 | 263497 |
|  |  | 5760394 |
|  ***Household Products (0.5%)*** | ***Household Products (0.5%)*** | ***Household Products (0.5%)*** |
|  Church & Dwight Co., Inc. | 20265 | 1699220 |
|  Clorox Co. (The) | 1964 | 198030 |
|  Colgate-Palmolive Co. | 13470 | 1064400 |
|  Kimberly-Clark Corp. | 5585 | 563471 |
|  Procter & Gamble Co. (The) | 39314 | 5634089 |
|  |  | 9159210 |
|  ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** |
|  Estee Lauder Cos., Inc. (The), Class A | 4205 | 440348 |
|  Kenvue, Inc. | 31881 | 549947 |
|  |  | 990295 |
|  ***Tobacco (1.8%)*** | ***Tobacco (1.8%)*** | ***Tobacco (1.8%)*** |
|  Altria Group, Inc. | 170441 | 9827628 |
|  Philip Morris International, Inc. | 159504 | 25584442 |
|  |  | 35412070 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 93548162 |
|  **Energy (2.8%)** | **Energy (2.8%)** | **Energy (2.8%)** |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** |
|  Baker Hughes Co. | 16361 | 745080 |
|  Halliburton Co. | 14452 | 408413 |
|  SLB Ltd. | 24865 | 954319 |
|  |  | 2107812 |
|  ***Oil, Gas & Consumable Fuels (2.7%)*** | ***Oil, Gas & Consumable Fuels (2.7%)*** | ***Oil, Gas & Consumable Fuels (2.7%)*** |
|  APA Corp. | 6233 | 152459 |
|  Chevron Corp. | 55935 | 8525053 |
|  ConocoPhillips | 31357 | 2935329 |
|  Coterra Energy, Inc. | 12974 | 341476 |
|  Devon Energy Corp. | 10551 | 386483 |
|  Diamondback Energy, Inc. | 3186 | 478951 |
|  Enbridge, Inc. | 91748 | 4388307 |
|  EOG Resources, Inc. | 9201 | 966197 |
|  EQT Corp. | 10586 | 567410 |
|  Expand Energy Corp. | 41593 | 4590204 |
|  Exxon Mobil Corp. | 168825 | 20316401 |
|  Kinder Morgan, Inc. | 32605 | 896311 |
|  Marathon Petroleum Corp. | 5042 | 819980 |
|  Occidental Petroleum Corp. | 11928 | 490479 |
|  ONEOK, Inc. | 10635 | 781673 |
|  Phillips 66 | 6738 | 869472 |
|  Targa Resources Corp. | 3538 | 652761 |
|  Texas Pacific Land Corp. | 951 | 273146 |
|  Valero Energy Corp. | 5098 | 829903 |
|  Williams Cos., Inc. (The) | 20542 | 1234780 |
|  |  | 50496775 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 52604587 |
|  **Financials (12.1%)** | **Financials (12.1%)** | **Financials (12.1%)** |
|  ***Banks (2.8%)*** | ***Banks (2.8%)*** | ***Banks (2.8%)*** |
|  Bank of America Corp. | 151232 | 8317760 |
|  Citigroup, Inc. | 30104 | 3512836 |
|  Citizens Financial Group, Inc. | 7350 | 429313 |
|  Fifth Third Bancorp | 10991 | 514489 |
|  Huntington Bancshares, Inc. | 26582 | 461198 |
|  JPMorgan Chase & Co. | 85220 | 27459588 |
|  KeyCorp | 16082 | 331932 |
|  M&T Bank Corp. | 2587 | 521229 |
|  PNC Financial Services Group, Inc. (The) | 6632 | 1384297 |
|  Regions Financial Corp. | 15145 | 410430 |
|  Truist Financial Corp. | 68076 | 3350020 |
|  US Bancorp | 26258 | 1401127 |
|  Wells Fargo & Co. | 52813 | 4922172 |
|  |  | 53016391 |
|  ***Capital Markets (2.5%)*** | ***Capital Markets (2.5%)*** | ***Capital Markets (2.5%)*** |
|  Ameriprise Financial, Inc. | 1533 | 751691 |
|  Ares Management Corp., Class A | 3481 | 562634 |
|  Bank of New York Mellon Corp. (The) | 11654 | 1352913 |
|  BlackRock, Inc.‡ | 2417 | 2587012 |
|  Blackstone, Inc. | 12511 | 1928446 |
|  Cboe Global Markets, Inc. | 1799 | 451549 |
|  Charles Schwab Corp. (The) | 28102 | 2807671 |
|  CME Group, Inc. | 24201 | 6608809 |
|  Coinbase Global, Inc., Class A\* | 3886 | 878780 |
|  FactSet Research Systems, Inc. | 660 | 191525 |
|  Franklin Resources, Inc. | 5598 | 133736 |
|  Goldman Sachs Group, Inc. (The) | 5046 | 4435434 |
|  Interactive Brokers Group, Inc., Class A | 7453 | 479302 |

---

See Notes to Financial Statements.

914

------

EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Intercontinental Exchange, Inc. | 40171 | $| 6506095 |
|  Invesco Ltd. | 7524 |  | 197656 |
|  KKR & Co., Inc. | 32190 |  | 4103581 |
|  Moody's Corp. | 2598 |  | 1327188 |
|  Morgan Stanley | 20322 |  | 3607765 |
|  MSCI, Inc. | 1263 |  | 724621 |
|  Nasdaq, Inc. | 7694 |  | 747318 |
|  Northern Trust Corp. | 3114 |  | 425341 |
|  Raymond James Financial, Inc. | 2890 |  | 464105 |
|  Robinhood Markets, Inc., Class A\* | 13136 |  | 1485682 |
|  S&P Global, Inc. | 6906 |  | 3609007 |
|  State Street Corp. | 4615 |  | 595381 |
| T. Rowe Price Group, Inc. | 3789 |  | 387918 |
|  |  |  | 47351160 |
|  ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** |
|  American Express Co. | 9040 |  | 3344348 |
|  Capital One Financial Corp. | 40550 |  | 9827698 |
|  Synchrony Financial | 5967 |  | 497827 |
|  |  |  | 13669873 |
|  ***Financial Services (3.1%)*** | ***Financial Services (3.1%)*** | ***Financial Services (3.1%)*** | ***Financial Services (3.1%)*** |
|  Apollo Global Management, Inc. | 7810 |  | 1130576 |
|  Berkshire Hathaway, Inc., Class B\* | 53503 |  | 26893283 |
|  Block, Inc., Class A\* | 9261 |  | 602798 |
|  Corpay, Inc.\* | 1176 |  | 353894 |
|  Fidelity National Information Services, Inc. | 8503 |  | 565109 |
|  Fiserv, Inc.\* | 9183 |  | 616822 |
|  Global Payments, Inc. | 3885 |  | 300699 |
|  Jack Henry & Associates, Inc. | 1236 |  | 225545 |
|  Mastercard, Inc., Class A | 20953 |  | 11961649 |
|  PayPal Holdings, Inc. | 15999 |  | 934022 |
|  Toast, Inc., Class A\* | 58787 |  | 2087526 |
|  Visa, Inc., Class A | 37740 |  | 13235795 |
|  |  |  | 58907718 |
|  ***Insurance (3.0%)*** | ***Insurance (3.0%)*** | ***Insurance (3.0%)*** | ***Insurance (3.0%)*** |
|  Aflac, Inc. | 7936 |  | 875103 |
|  Allstate Corp. (The) | 35536 |  | 7396818 |
|  American International Group, Inc. | 97531 |  | 8343777 |
|  Aon plc, Class A | 3626 |  | 1279543 |
|  Arch Capital Group Ltd.\* | 6280 |  | 602378 |
|  Arthur J Gallagher & Co. | 4281 |  | 1107880 |
|  Assurant, Inc. | 781 |  | 188104 |
|  Brown & Brown, Inc. | 17483 |  | 1393395 |
|  Chubb Ltd. | 6158 |  | 1922035 |
|  Cincinnati Financial Corp. | 32670 |  | 5335664 |
|  Erie Indemnity Co., Class A | 472 |  | 135299 |
|  Everest Group Ltd. | 690 |  | 234152 |
|  Globe Life, Inc. | 1275 |  | 178321 |
|  Hartford Insurance Group, Inc. (The) | 4622 |  | 636912 |
|  Loews Corp. | 2819 |  | 296869 |
|  Marsh & McLennan Cos., Inc. | 21292 |  | 3950092 |
|  MetLife, Inc. | 9481 |  | 748430 |
|  Old Republic International Corp. | 63302 |  | 2889103 |
|  Principal Financial Group, Inc. | 3474 |  | 306442 |
|  Progressive Corp. (The) | 69296 |  | 15780085 |
|  Prudential Financial, Inc. | 6006 |  | 677957 |
|  RenaissanceRe Holdings Ltd. | 7108 |  | 1998485 |
|  Travelers Cos., Inc. (The) | 3719 |  | 1078733 |
|  W.R. Berkley Corp. | 5164 |  | 362100 |
|  Willis Towers Watson plc | 1574 |  | 517216 |
|  |  |  | 58234893 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 231180035 |
|  **Health Care (7.5%)** | **Health Care (7.5%)** | **Health Care (7.5%)** | **Health Care (7.5%)** |
|  ***Biotechnology (1.1%)*** | ***Biotechnology (1.1%)*** | ***Biotechnology (1.1%)*** | ***Biotechnology (1.1%)*** |
|  AbbVie, Inc. | 37697 |  | 8613388 |
|  Amgen, Inc. | 15706 |  | 5140731 |
|  Biogen, Inc.\* | 2477 |  | 435927 |
|  Gilead Sciences, Inc. | 20814 |  | 2554710 |
|  Incyte Corp.\* | 2765 |  | 273099 |
|  Moderna, Inc.\* | 5856 |  | 172693 |
|  Regeneron Pharmaceuticals, Inc. | 1696 |  | 1309092 |
|  Vertex Pharmaceuticals, Inc.\* | 4269 |  | 1935394 |
|  |  |  | 20435034 |
|  ***Health Care Equipment & Supplies (1.1%)*** | ***Health Care Equipment & Supplies (1.1%)*** | ***Health Care Equipment & Supplies (1.1%)*** | ***Health Care Equipment & Supplies (1.1%)*** |
|  Abbott Laboratories | 42530 |  | 5328583 |
|  Align Technology, Inc.\* | 1207 |  | 188473 |
|  Baxter International, Inc. | 9355 |  | 178774 |
|  Becton Dickinson & Co. | 4855 |  | 942210 |
|  Boston Scientific Corp.\* | 24831 |  | 2367636 |
|  Cooper Cos., Inc. (The)\* | 3207 |  | 262846 |
|  Dexcom, Inc.\* | 6402 |  | 424901 |
|  Edwards Lifesciences Corp.\* | 9657 |  | 823259 |
|  GE HealthCare Technologies, Inc. | 7669 |  | 629011 |
|  Hologic, Inc.\* | 3871 |  | 288351 |
|  IDEXX Laboratories, Inc.\* | 1358 |  | 918728 |
|  Insulet Corp.\* | 1214 |  | 345067 |
|  Intuitive Surgical, Inc.\* | 5964 |  | 3377771 |
|  Medtronic plc | 21449 |  | 2060391 |
|  ResMed, Inc. | 2502 |  | 602657 |
|  Solventum Corp.\* | 2468 |  | 195564 |
|  STERIS plc | 1687 |  | 427688 |
|  Stryker Corp. | 5757 |  | 2023413 |
|  Zimmer Biomet Holdings, Inc. | 3302 |  | 296916 |
|  |  |  | 21682239 |
|  ***Health Care Providers & Services (1.5%)*** | ***Health Care Providers & Services (1.5%)*** | ***Health Care Providers & Services (1.5%)*** | ***Health Care Providers & Services (1.5%)*** |
|  Cardinal Health, Inc. | 3980 |  | 817890 |
|  Cencora, Inc. | 3235 |  | 1092621 |
|  Centene Corp.\* | 8107 |  | 333603 |
|  Cigna Group (The) | 38947 |  | 10719383 |
|  CVS Health Corp. | 21492 |  | 1705605 |
|  DaVita, Inc.\* | 561 |  | 63735 |
|  Elevance Health, Inc. | 3700 |  | 1297035 |
|  HCA Healthcare, Inc. | 2687 |  | 1254453 |
|  Henry Schein, Inc.\* | 1827 |  | 138085 |
|  Humana, Inc. | 5371 |  | 1375674 |
|  Labcorp Holdings, Inc. | 1440 |  | 361267 |
|  McKesson Corp. | 2068 |  | 1696360 |
|  Molina Healthcare, Inc.\* | 833 |  | 144559 |
|  Quest Diagnostics, Inc. | 1877 |  | 325716 |
|  UnitedHealth Group, Inc. | 22746 |  | 7508682 |
|  Universal Health Services, Inc., Class B | 951 |  | 207337 |
|  |  |  | 29042005 |

---

See Notes to Financial Statements.

915

------

EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Life Sciences Tools & Services (0.6%)*** | ***Life Sciences Tools & Services (0.6%)*** | ***Life Sciences Tools & Services (0.6%)*** |
|  Agilent Technologies, Inc. | 4810 | $654497 |
|  Bio-Techne Corp. | 2686 | 157964 |
|  Charles River Laboratories International, Inc.\* | 847 | 168959 |
|  Danaher Corp. | 16169 | 3701407 |
|  IQVIA Holdings, Inc.\* | 2805 | 632275 |
|  Mettler-Toledo International, Inc.\* | 1315 | 1833360 |
|  Revvity, Inc. | 1793 | 173473 |
|  Thermo Fisher Scientific, Inc. | 6321 | 3662703 |
|  Waters Corp.\* | 995 | 377931 |
|  West Pharmaceutical Services, Inc. | 1228 | 337872 |
|  |  | 11700441 |
|  ***Pharmaceuticals (3.2%)*** | ***Pharmaceuticals (3.2%)*** | ***Pharmaceuticals (3.2%)*** |
|  Bristol-Myers Squibb Co. | 34006 | 1834284 |
|  Eli Lilly & Co. | 24083 | 25881518 |
|  Johnson & Johnson | 80825 | 16726734 |
|  Merck & Co., Inc. | 41758 | 4395447 |
|  Novartis AG (ADR) | 52225 | 7200261 |
|  Pfizer, Inc. | 95389 | 2375186 |
|  Royalty Pharma plc, Class A | 47848 | 1848847 |
|  Viatris, Inc. | 20211 | 251627 |
|  Zoetis, Inc. | 7522 | 946418 |
|  |  | 61460322 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 144320041 |
|  **Industrials (6.3%)** | **Industrials (6.3%)** | **Industrials (6.3%)** |
|  ***Aerospace & Defense (1.8%)*** | ***Aerospace & Defense (1.8%)*** | ***Aerospace & Defense (1.8%)*** |
|  ATI, Inc.\* | 22533 | 2585887 |
|  Axon Enterprise, Inc.\* | 1342 | 762162 |
|  Boeing Co. (The)\* | 30794 | 6685993 |
|  GE Aerospace | 27500 | 8470825 |
|  General Dynamics Corp. | 4265 | 1435855 |
|  Howmet Aerospace, Inc. | 6806 | 1395366 |
|  Huntington Ingalls Industries, Inc. | 698 | 237369 |
|  L3Harris Technologies, Inc. | 3134 | 920049 |
|  Lockheed Martin Corp. | 3414 | 1651249 |
|  Northrop Grumman Corp. | 2268 | 1293236 |
|  RTX Corp. | 22525 | 4131085 |
|  Textron, Inc. | 2781 | 242420 |
|  TransDigm Group, Inc. | 3253 | 4326002 |
|  |  | 34137498 |
|  ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** |
|  CH Robinson Worldwide, Inc. | 1942 | 312196 |
|  Expeditors International of Washington, Inc. | 2228 | 331994 |
|  FedEx Corp. | 11135 | 3216456 |
|  United Parcel Service, Inc., Class B | 12447 | 1234618 |
|  |  | 5095264 |
|  ***Building Products (0.3%)*** | ***Building Products (0.3%)*** | ***Building Products (0.3%)*** |
|  A.O. Smith Corp. | 2082 | 139244 |
|  Allegion plc | 1495 | 238034 |
|  Builders FirstSource, Inc.\* | 1895 | 194977 |
|  Carrier Global Corp. | 13468 | 711649 |
|  Johnson Controls International plc | 10282 | 1231270 |
|  Lennox International, Inc. | 3654 | 1774309 |
|  Masco Corp. | 3392 | 215256 |
|  Trane Technologies plc | 3702 | 1440818 |
|  |  | 5945557 |
|  ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** |
|  Cintas Corp. | 5814 | 1093439 |
|  Copart, Inc.\* | 14886 | 582787 |
|  Republic Services, Inc. | 3337 | 707210 |
|  Rollins, Inc. | 4612 | 276812 |
|  Veralto Corp. | 4252 | 424265 |
|  Waste Connections, Inc. | 4934 | 865226 |
|  Waste Management, Inc. | 6286 | 1381097 |
|  |  | 5330836 |
|  ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** |
|  Comfort Systems USA, Inc. | 592 | 552508 |
|  EMCOR Group, Inc. | 746 | 456395 |
|  Quanta Services, Inc. | 2519 | 1063169 |
|  |  | 2072072 |
|  ***Electrical Equipment (0.7%)*** | ***Electrical Equipment (0.7%)*** | ***Electrical Equipment (0.7%)*** |
|  AMETEK, Inc. | 3804 | 780999 |
|  Eaton Corp. plc | 23547 | 7499955 |
|  Emerson Electric Co. | 9495 | 1260177 |
|  GE Vernova, Inc. | 4565 | 2983547 |
|  Generac Holdings, Inc.\* | 1025 | 139779 |
|  Hubbell, Inc., Class B | 926 | 411246 |
|  Rockwell Automation, Inc. | 1861 | 724059 |
|  |  | 13799762 |
|  ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** |
|  CSX Corp. | 31188 | 1130565 |
|  JB Hunt Transport Services, Inc. | 1279 | 248561 |
|  Norfolk Southern Corp. | 3808 | 1099446 |
|  Old Dominion Freight Line, Inc. | 3104 | 486707 |
|  Saia, Inc.\* | 2196 | 717038 |
|  Uber Technologies, Inc.\* | 34958 | 2856418 |
|  Union Pacific Corp. | 9943 | 2300015 |
|  |  | 8838750 |
|  ***Industrial Conglomerates (0.2%)*** | ***Industrial Conglomerates (0.2%)*** | ***Industrial Conglomerates (0.2%)*** |
|  3M Co. | 9040 | 1447304 |
|  Honeywell International, Inc. | 10627 | 2073222 |
|  |  | 3520526 |
|  ***Machinery (1.2%)*** | ***Machinery (1.2%)*** | ***Machinery (1.2%)*** |
|  Caterpillar, Inc. | 10518 | 6025447 |
|  Cummins, Inc. | 2330 | 1189349 |
|  Deere & Co. | 4214 | 1961912 |
|  Dover Corp. | 2345 | 457838 |
|  Fortive Corp. | 5188 | 286429 |
|  IDEX Corp. | 1203 | 214062 |
|  Illinois Tool Works, Inc. | 4427 | 1090370 |
|  Ingersoll Rand, Inc. | 23895 | 1892962 |
|  Nordson Corp. | 843 | 202682 |
|  Otis Worldwide Corp. | 6699 | 585158 |
|  PACCAR, Inc. | 8803 | 964017 |
|  Parker-Hannifin Corp. | 2123 | 1866032 |
|  Pentair plc | 2721 | 283365 |
|  Snap-on, Inc. | 837 | 288430 |
|  Stanley Black & Decker, Inc. | 2730 | 202784 |
|  Westinghouse Air Brake Technologies Corp. | 2841 | 606411 |
|  Xylem, Inc. | 30471 | 4149541 |
|  |  | 22266789 |

---

See Notes to Financial Statements.

916

------

EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** |
|  Delta Air Lines, Inc. | 10948 | $759791 |
|  Southwest Airlines Co. | 8462 | 349735 |
|  United Airlines Holdings, Inc.\* | 5471 | 611767 |
|  |  | 1721293 |
|  ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** |
|  Automatic Data Processing, Inc. | 6764 | 1739904 |
|  Broadridge Financial Solutions, Inc. | 1923 | 429156 |
|  Dayforce, Inc.\* | 2865 | 198143 |
|  Equifax, Inc. | 2026 | 439602 |
|  Jacobs Solutions, Inc. | 2051 | 271675 |
|  Leidos Holdings, Inc. | 2099 | 378660 |
|  Paychex, Inc. | 5485 | 615307 |
|  Paycom Software, Inc. | 848 | 135137 |
|  Verisk Analytics, Inc. | 2361 | 528132 |
|  |  | 4735716 |
|  ***Trading Companies & Distributors (0.7%)*** | ***Trading Companies & Distributors (0.7%)*** | ***Trading Companies & Distributors (0.7%)*** |
|  Fastenal Co. | 19101 | 766523 |
|  FTAI Aviation Ltd. | 19165 | 3772630 |
|  United Rentals, Inc. | 10006 | 8098056 |
|  W.W. Grainger, Inc. | 729 | 735598 |
|  |  | 13372807 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 120836870 |
|  **Information Technology (24.6%)** | **Information Technology (24.6%)** | **Information Technology (24.6%)** |
|  ***Communications Equipment (0.5%)*** | ***Communications Equipment (0.5%)*** | ***Communications Equipment (0.5%)*** |
|  Arista Networks, Inc.\* | 17493 | 2292108 |
|  Cisco Systems, Inc. | 66299 | 5107012 |
|  F5, Inc.\* | 917 | 234074 |
|  Motorola Solutions, Inc. | 2773 | 1062946 |
|  |  | 8696140 |
|  ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** |
|  Amphenol Corp., Class A | 37846 | 5114508 |
|  CDW Corp. | 2110 | 287382 |
|  Corning, Inc. | 13085 | 1145723 |
|  Jabil, Inc. | 1811 | 412944 |
|  Keysight Technologies, Inc.\* | 2845 | 578076 |
|  TE Connectivity plc | 14095 | 3206753 |
|  Teledyne Technologies, Inc.\* | 796 | 406541 |
|  Trimble, Inc.\* | 4077 | 319433 |
|  Zebra Technologies Corp., Class A\* | 834 | 202512 |
|  |  | 11673872 |
|  ***IT Services (0.8%)*** | ***IT Services (0.8%)*** | ***IT Services (0.8%)*** |
|  Accenture plc, Class A | 30685 | 8232786 |
|  Akamai Technologies, Inc.\* | 2482 | 216554 |
|  Cognizant Technology Solutions Corp., Class A | 8033 | 666739 |
|  EPAM Systems, Inc.\* | 952 | 195046 |
|  Gartner, Inc.\* | 5035 | 1270230 |
|  GoDaddy, Inc., Class A\* | 2178 | 270246 |
|  International Business Machines Corp. | 15696 | 4649312 |
|  VeriSign, Inc. | 1391 | 337943 |
|  |  | 15838856 |
|  ***Semiconductors & Semiconductor Equipment (11.2%)*** | ***Semiconductors & Semiconductor Equipment (11.2%)*** | ***Semiconductors & Semiconductor Equipment (11.2%)*** |
|  Advanced Micro Devices, Inc.\* | 27374 | 5862416 |
|  Analog Devices, Inc. | 8277 | 2244723 |
|  Applied Materials, Inc. | 13403 | 3444437 |
|  Broadcom, Inc. | 141533 | 48984571 |
|  First Solar, Inc.\* | 1839 | 480402 |
|  Intel Corp.\* | 104229 | 3846050 |
|  KLA Corp. | 5925 | 7199349 |
|  Lam Research Corp. | 21132 | 3617376 |
|  Microchip Technology, Inc. | 8979 | 572142 |
|  Micron Technology, Inc. | 40249 | 11487467 |
|  Monolithic Power Systems, Inc. | 9220 | 8356639 |
|  NVIDIA Corp. | 526424 | 98178076 |
|  NXP Semiconductors NV | 4239 | 920117 |
|  ON Semiconductor Corp.\* | 6517 | 352896 |
|  Qnity Electronics, Inc. | 3648 | 297859 |
|  QUALCOMM, Inc. | 18019 | 3082150 |
|  Skyworks Solutions, Inc. | 2596 | 164612 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 44280 | 13456249 |
|  Teradyne, Inc. | 2607 | 504611 |
|  Texas Instruments, Inc. | 15232 | 2642600 |
|  |  | 215694742 |
|  ***Software (7.1%)*** | ***Software (7.1%)*** | ***Software (7.1%)*** |
|  Adobe, Inc.\* | 7043 | 2464980 |
|  AppLovin Corp., Class A\* | 4542 | 3060490 |
|  Atlassian Corp., Class A\* | 6255 | 1014186 |
|  Autodesk, Inc.\* | 3632 | 1075108 |
|  Cadence Design Systems, Inc.\* | 4625 | 1445683 |
|  Crowdstrike Holdings, Inc., Class A\* | 4230 | 1982855 |
|  Datadog, Inc., Class A\* | 5462 | 742777 |
|  Fair Isaac Corp.\* | 394 | 666104 |
|  Fortinet, Inc.\* | 10622 | 843493 |
|  Gen Digital, Inc. | 9625 | 261704 |
|  Intuit, Inc. | 4681 | 3100788 |
|  Microsoft Corp. | 165646 | 80109719 |
|  Oracle Corp. | 28319 | 5519656 |
|  Palantir Technologies, Inc., Class A\* | 38408 | 6827022 |
|  Palo Alto Networks, Inc.\* | 11527 | 2123273 |
|  PTC, Inc.\* | 2088 | 363750 |
|  Roper Technologies, Inc. | 1790 | 796783 |
|  Salesforce, Inc. | 30086 | 7970082 |
|  ServiceNow, Inc.\* | 55110 | 8442301 |
|  Synopsys, Inc.\* | 11409 | 5359036 |
|  Tyler Technologies, Inc.\* | 716 | 325028 |
|  Workday, Inc., Class A\* | 3666 | 787383 |
|  |  | 135282201 |
|  ***Technology Hardware, Storage & Peripherals (4.4%)*** | ***Technology Hardware, Storage & Peripherals (4.4%)*** | ***Technology Hardware, Storage & Peripherals (4.4%)*** |
|  Apple, Inc. | 295809 | 80418635 |
|  Dell Technologies, Inc., Class C | 4996 | 628896 |
|  Hewlett Packard Enterprise Co. | 21642 | 519841 |
|  HP, Inc. | 16094 | 358574 |
|  NetApp, Inc. | 3486 | 373316 |
|  Sandisk Corp.\* | 2392 | 567813 |
|  Seagate Technology Holdings plc | 3653 | 1006000 |
|  Super Micro Computer, Inc.\* | 8422 | 246512 |
|  Western Digital Corp. | 5704 | 982628 |
|  |  | 85102215 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 472288026 |

---

See Notes to Financial Statements.

917

------

EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Materials (1.5%)** | **Materials (1.5%)** | **Materials (1.5%)** |
|  ***Chemicals (0.6%)*** | ***Chemicals (0.6%)*** | ***Chemicals (0.6%)*** |
|  Air Products and Chemicals, Inc. | 8823 | $2179458 |
|  Albemarle Corp. | 1883 | 266332 |
|  CF Industries Holdings, Inc. | 2466 | 190720 |
|  Corteva, Inc. | 11234 | 753015 |
|  Dow, Inc. | 11705 | 273663 |
|  DuPont de Nemours, Inc. | 7297 | 293339 |
|  Ecolab, Inc. | 4288 | 1125686 |
|  International Flavors & Fragrances, Inc. | 4274 | 288025 |
|  Linde plc | 12003 | 5117959 |
|  LyondellBasell Industries NV, Class A | 4653 | 201475 |
|  Mosaic Co. (The) | 5788 | 139433 |
|  PPG Industries, Inc. | 3751 | 384327 |
|  Sherwin-Williams Co. (The) | 3903 | 1264689 |
|  |  | 12478121 |
|  ***Construction Materials (0.4%)*** | ***Construction Materials (0.4%)*** | ***Construction Materials (0.4%)*** |
|  Amrize Ltd.\* | 76405 | 4131982 |
|  CRH plc | 11277 | 1407370 |
|  Martin Marietta Materials, Inc. | 1035 | 644453 |
|  Vulcan Materials Co. | 2240 | 638893 |
|  |  | 6822698 |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** |
|  Amcor plc | 38341 | 319764 |
|  Avery Dennison Corp. | 1275 | 231897 |
|  Ball Corp. | 4327 | 229201 |
|  International Paper Co. | 8831 | 347853 |
|  Packaging Corp. of America | 1514 | 312232 |
|  Smurfit WestRock plc | 9022 | 348881 |
|  |  | 1789828 |
|  ***Metals & Mining (0.4%)*** | ***Metals & Mining (0.4%)*** | ***Metals & Mining (0.4%)*** |
|  Freeport-McMoRan, Inc. | 24369 | 1237702 |
|  Newmont Corp. | 18290 | 1826256 |
|  Nucor Corp. | 26928 | 4392226 |
|  Steel Dynamics, Inc. | 2355 | 399055 |
|  |  | 7855239 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 28945886 |
|  **Real Estate (1.1%)** | **Real Estate (1.1%)** | **Real Estate (1.1%)** |
|  ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 2717 | 132970 |
|  Healthpeak Properties, Inc. (REIT) | 12563 | 202013 |
|  Ventas, Inc. (REIT) | 7721 | 597451 |
|  Welltower, Inc. (REIT) | 26600 | 4937226 |
|  |  | 5869660 |
|  ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** |
|  Host Hotels & Resorts, Inc. (REIT) | 10826 | 191945 |
|  ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** |
|  Prologis, Inc. (REIT) | 15752 | 2010900 |
|  ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** |
|  BXP, Inc. (REIT) (x) | 2457 | 165799 |
|  ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** |
|  CBRE Group, Inc., Class A\* | 5027 | 808291 |
|  CoStar Group, Inc.\* | 6985 | 469672 |
|  |  | 1277963 |
|  ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** |
|  AvalonBay Communities, Inc. (REIT) | 2316 | 419914 |
|  Camden Property Trust (REIT) | 1929 | 212344 |
|  Equity Residential (REIT) | 5839 | 368091 |
|  Essex Property Trust, Inc. (REIT) | 1055 | 276072 |
|  Invitation Homes, Inc. (REIT) | 9025 | 250805 |
|  Mid-America Apartment Communities, Inc. (REIT) | 1936 | 268930 |
|  UDR, Inc. (REIT) | 5364 | 196751 |
|  |  | 1992907 |
|  ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** |
|  Federal Realty Investment Trust (REIT) | 1381 | 139205 |
|  Kimco Realty Corp. (REIT) | 11660 | 236348 |
|  Realty Income Corp. (REIT) | 15695 | 884727 |
|  Regency Centers Corp. (REIT) | 2722 | 187900 |
|  Simon Property Group, Inc. (REIT) | 5458 | 1010330 |
|  |  | 2458510 |
|  ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** |
|  American Tower Corp. (REIT) | 7931 | 1392446 |
|  Crown Castle, Inc. (REIT) | 7349 | 653106 |
|  Digital Realty Trust, Inc. (REIT) | 5499 | 850750 |
|  Equinix, Inc. (REIT) | 1647 | 1261866 |
|  Extra Space Storage, Inc. (REIT) | 3515 | 457723 |
|  Iron Mountain, Inc. (REIT) | 4797 | 397911 |
|  Public Storage (REIT) | 6241 | 1619540 |
|  SBA Communications Corp. (REIT) | 1845 | 356878 |
|  VICI Properties, Inc. (REIT), Class A | 17619 | 495446 |
|  Weyerhaeuser Co. (REIT) | 12122 | 287170 |
|  |  | 7772836 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 21740520 |
|  **Utilities (3.9%)** | **Utilities (3.9%)** | **Utilities (3.9%)** |
|  ***Electric Utilities (2.5%)*** | ***Electric Utilities (2.5%)*** | ***Electric Utilities (2.5%)*** |
|  Alliant Energy Corp. | 4211 | 273757 |
|  American Electric Power Co., Inc. | 82553 | 9519186 |
|  Constellation Energy Corp. | 14889 | 5259837 |
|  Duke Energy Corp. | 57374 | 6724807 |
|  Edison International | 6561 | 393791 |
|  Entergy Corp. | 7664 | 708384 |
|  Evergy, Inc. | 3820 | 276912 |
|  Eversource Energy | 6276 | 422563 |
|  Exelon Corp. | 135961 | 5926540 |
|  FirstEnergy Corp. | 8725 | 390618 |
|  NextEra Energy, Inc. | 95084 | 7633344 |
|  NRG Energy, Inc. | 3220 | 512753 |
|  PG&E Corp. | 36449 | 585735 |
|  Pinnacle West Capital Corp. | 2155 | 191149 |
|  PPL Corp. | 89072 | 3119301 |
|  Southern Co. (The) | 18671 | 1628111 |
|  Xcel Energy, Inc. | 62072 | 4584638 |
|  |  | 48151426 |
|  ***Gas Utilities (0.3%)*** | ***Gas Utilities (0.3%)*** | ***Gas Utilities (0.3%)*** |
|  Atmos Energy Corp. | 38970 | 6532541 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  AES Corp. (The) | 12327 | 176769 |
|  Vistra Corp. | 5307 | 856178 |
|  |  | 1032947 |

---

See Notes to Financial Statements.

918

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EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Multi-Utilities (0.7%)*** | ***Multi-Utilities (0.7%)*** | ***Multi-Utilities (0.7%)*** |
|  Ameren Corp. | 4416 | $440982 |
|  CenterPoint Energy, Inc. | 112287 | 4305084 |
|  CMS Energy Corp. | 5015 | 350699 |
|  Consolidated Edison, Inc. | 6163 | 612109 |
|  Dominion Energy, Inc. | 14485 | 848676 |
|  DTE Energy Co. | 3400 | 438532 |
|  NiSource, Inc. | 104015 | 4343666 |
|  Public Service Enterprise Group, Inc. | 8450 | 678535 |
|  Sempra | 10982 | 969601 |
|  WEC Energy Group, Inc. | 5348 | 564000 |
|  |  | 13551884 |
|  ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** |
|  American Water Works Co., Inc. | 43456 | 5671008 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 74939806 |
|  **Total Common Stocks (80.9%)**<br> *(Cost $583,225,590)* |  | 1551665377 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (9.0%)** | **Equity (9.0%)** | **Equity (9.0%)** |
|  iShares Core S&P 500 ETF | 85844 | 58797989 |
|  iShares Morningstar Growth ETF | 5590 | 581584 |
|  iShares Morningstar U.S. Equity ETF (x)‡ | 348108 | 32854433 |
|  iShares Morningstar Value ETF | 5526 | 521433 |
|  iShares Russell 1000 ETF (x) | 96999 | 36223307 |
|  State Street SPDR Portfolio S&P 500 Growth ETF | 4200 | 448140 |
|  State Street SPDR Portfolio S&P 500 Value ETF (x) | 105100 | 5970731 |
|  Vanguard Growth ETF | 1000 | 487860 |
|  Vanguard Large-Cap ETF | 89413 | 28147212 |
|  Vanguard Russell 1000 Growth ETF | 4500 | 547875 |
|  Vanguard Russell 1000 Value ETF (x) | 44500 | 4107350 |
|  Vanguard Value ETF | 25800 | 4927542 |
|  **Total Exchange Traded Funds (9.0%)**<br> *(Cost $36,722,662)* | **Total Exchange Traded Funds (9.0%)**<br> *(Cost $36,722,662)* | 173615456 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (4.3%)** | **Investment Companies (4.3%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68%<br>(7 day yield) (xx) | 3964375 | 3964375 |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92%<br>(7 day yield) | 78187444 | 78218719 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 82183094 |
|  **Total Short-Term Investments (4.3%)**<br> *(Cost $82,167,873)* | **Total Short-Term Investments (4.3%)**<br> *(Cost $82,167,873)* | 82183094 |
|  **Total Investments in Securities (94.2%)**<br> *(Cost $702,116,125)* | **Total Investments in Securities (94.2%)**<br> *(Cost $702,116,125)* | 1807463927 |
|  **Other Assets Less Liabilities (5.8%)** | **Other Assets Less Liabilities (5.8%)** | 110796028 |
|  **Net Assets (100%)** |  | $1918259955 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $5,614,826. This was collateralized by $1,929,249 of various U.S. Government Treasury Securities, ranging from 0.125% – 4.750%, maturing 4/30/26 – 5/15/55 and by cash of $3,964,375 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Capital Markets** |  |  |  |  |  |  |  |  |  |
|  BlackRock, Inc. | 2417 | 3115309 |  | (636135) | 430075 | (322237) | 2587012 | 56351 |  |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  iShares Morningstar U.S. Equity ETF (x) | 348108 | 29169553 |  | (908399) | 638614 | 3954665 | 32854433 | 363967 |  |
|  **Total** |  | **32284862** |  | **(1544534)** | **1068689** | **3632428** | **35441445** | **420318** |  |

---

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

See Notes to Financial Statements.

919

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EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P 500 E-Mini Index | 549 | 3/2026 | USD | 189199125 | 272688 |
|  |  |  |  |  | 272688 |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $167421367 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $167421367 |
|  Consumer Discretionary | 143840077 |  |  | 143840077 |
|  Consumer Staples | 93548162 |  |  | 93548162 |
|  Energy | 52604587 |  |  | 52604587 |
|  Financials | 231180035 |  |  | 231180035 |
|  Health Care | 144320041 |  |  | 144320041 |
|  Industrials | 120836870 |  |  | 120836870 |
|  Information Technology | 472288026 |  |  | 472288026 |
|  Materials | 28945886 |  |  | 28945886 |
|  Real Estate | 21740520 |  |  | 21740520 |
|  Utilities | 74939806 |  |  | 74939806 |
|  **Exchange Traded Funds** | 173615456 |  |  | 173615456 |
|  **Futures** | 272688 |  |  | 272688 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 82183094 |  |  | 82183094 |
|  **Total Assets** | $**1807736615** | $**—** | $**—** | $**1807736615** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**1807736615** | $**—** | $**—** | $**1807736615** |

---

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $272688 \* |
|  **Total** |  | $272688 |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

See Notes to Financial Statements.

920

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EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(42390389) | $(42390389) |
|  **Total** | $(42390389) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42390389) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $6791839 | $6791839 |
|  **Total** | $6791839 | $6791839 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $189781000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 303095000 |

---

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $527509247.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $837824519.0 |

---

During the year ended December 31, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 2%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 2%)\*** | **Net Realized<br>Gain (Loss)** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9142943 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18597849 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13357531 |

---

\* Represents percentage/amount of total Purchases and/or Sales.

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1116492087 |
|  Aggregate gross unrealized depreciation | (15139427) |
|  Net unrealized appreciation | $1101352660 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $706383955 |

---

For the period ended December 31, 2025, the Portfolio incurred approximately $2,700 as brokerage commissions with Bernstein Institutional Services, LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

921

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EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $6,007,336) | $35441445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $696,108,789) | 1772022482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 104149835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $7) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 12444600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1672957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 253004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 28646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 8953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 7790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1926029719 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 3964375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 1421568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 872452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 782102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 298535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 202071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 3342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 225319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 7769764 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1918259955 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $918587615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 999672340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1918259955 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,404,429,688 / 134,527,693 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.44 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $513,830,267 / 49,111,816 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.46 |

---

*(x)* *Includes value of securities on loan of $5,614,826.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($420,318 of dividend income received from affiliates) (net of $53,428 foreign withholding tax) | $25906764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 5161314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 58482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 31126560 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 9211503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 3523059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 2399081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 203500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 133042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 105465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 66487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 61198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 15703335 |
|  **NET INVESTMENT INCOME (LOSS)** | 15423225 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($1,068,689 realized gain (loss) from affiliates) | 259094340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (42390389) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 216703951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($3,632,428 of change in unrealized appreciation (depreciation) from affiliates) | (41051269) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 6791839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (34259430) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 182444521 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $197867746 |

---

See Notes to Financial Statements.

922

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#### EQ ADVISORS TRUST
EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $15423225 | $17358034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 216703951 | 354982534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (34259430) | 67734279 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 197867746 | 440074847 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (197111475) | (273894173) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (73387079) | (99470476) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (270498554) | (373364649) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 12,400 shares, respectively ] |  | 142517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (600511) shares,<br>respectively ] |  | (7381517) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (69979) shares, respectively ] |  | (809815) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (8048815) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,430,608 and 1,606,849 shares, respectively ] | 15541059 | 19219759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 600,307 shares, respectively ] |  | 7381517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 18,596,938 and 23,949,088 shares,<br>respectively ] | 197111475 | 273894173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (22185323) and (22300892) shares, respectively ] | (245125726) | (267779201) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (32473192) | 32716248 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 54,048 and 453,664 shares, respectively ] | 600322 | 5672339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 6,912,019 and 8,678,397 shares, respectively ] | 73387079 | 99470476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (6797214) and (16579493) shares, respectively ] | (75045140) | (196596481) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (1057739) | (91453666) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (33530931) | (66786233) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (106161739) | (76035) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2024421694 | 2024497729 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1918259955 | $2024421694 |

---

See Notes to Financial Statements.

923

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#### EQ ADVISORS TRUST
EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $10.90 | $10.66 | $9.49 | $12.78 | $11.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.08 | 0.09 | 0.09 | 0.08 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.10 | 2.48 | 2.14 | (2.43) | 3.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.18 | 2.57 | 2.23 | (2.35) | 3.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.09) | (0.12) | (0.19) |  | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.55) | (2.21) | (0.87) | (0.94) | (1.91) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.64) | (2.33) | (1.06) | (0.94) | (1.96) |
|  Net asset value, end of year | $10.44 | $10.90 | $10.66 | $9.49 | $12.78 |
|  Total return | 10.88% | 23.62% | 23.98% | (18.42) | 27.31% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $1404430 | $1489983 | $1415755 | $1306856 | $1828419 |
|  Ratio of expenses to average net assets (f) | 0.88% | 0.88% | 0.89% | 0.87 | 0.86% |
|  Ratio of net investment income (loss) to average net assets (f) | 0.74% | 0.77% | 0.84% | 0.74 | 0.38% |
|  Portfolio turnover rate^ | 30% | 35% | 30% | 31 | 31% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $10.92 | $10.67 | $9.50 | $12.79 | $11.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.11 | 0.12 | 0.11 | 0.11 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.10 | 2.49 | 2.14 | (2.43) | 3.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.21 | 2.61 | 2.25 | (2.32) | 3.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.12) | (0.15) | (0.21) | (0.03) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.55) | (2.21) | (0.87) | (0.94) | (1.91) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.67) | (2.36) | (1.08) | (0.97) | (1.99) |
|  Net asset value, end of year | $10.46 | $10.92 | $10.67 | $9.50 | $12.79 |
|  Total return | 11.12% | 23.96% | 24.24% | (18.20) | 27.66% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $513830 | $534438 | $601731 | $563043 | $874407 |
|  Ratio of expenses to average net assets (f) | 0.63% | 0.63% | 0.64% | 0.62 | 0.61% |
|  Ratio of net investment income (loss) to average net assets (f) | 0.99% | 1.02% | 1.08% | 0.98 | 0.63% |
|  Portfolio turnover rate^ | 30% | 35% | 30% | 31 | 31% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

924

------

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (12.0%)** | **Communication Services (12.0%)** | **Communication Services (12.0%)** |
|  ***Diversified Telecommunication Services (0.0%)†*** | ***Diversified Telecommunication Services (0.0%)†*** | ***Diversified Telecommunication Services (0.0%)†*** |
|  AST SpaceMobile, Inc., Class A (x)\* | 19047 | $1383383 |
|  GCI Liberty, Inc., Class A\* | 63 | 2323 |
|  GCI Liberty, Inc., Class C\* | 429 | 15963 |
|  Iridium Communications, Inc. | 681 | 11836 |
|  |  | 1413505 |
|  ***Entertainment (1.9%)*** | ***Entertainment (1.9%)*** | ***Entertainment (1.9%)*** |
|  Liberty Media Corp.-Liberty Formula One, Class A\* | 659 | 58901 |
|  Liberty Media Corp.-Liberty Formula One, Class C\* | 6096 | 600517 |
|  Live Nation Entertainment, Inc.\* | 14823 | 2112277 |
|  Netflix, Inc.\* | 396975 | 37220376 |
|  ROBLOX Corp., Class A\* | 58095 | 4707438 |
|  Roku, Inc.\* | 1567 | 170004 |
|  Spotify Technology SA\* | 14408 | 8366870 |
|  Take-Two Interactive Software, Inc.\* | 5786 | 1481390 |
|  TKO Group Holdings, Inc., Class A | 2743 | 573287 |
|  |  | 55291060 |
|  ***Interactive Media & Services (10.0%)*** | ***Interactive Media & Services (10.0%)*** | ***Interactive Media & Services (10.0%)*** |
|  Alphabet, Inc., Class A | 309406 | 96844078 |
|  Alphabet, Inc., Class C | 251932 | 79056261 |
|  Meta Platforms, Inc., Class A | 155743 | 102804397 |
|  Pinterest, Inc., Class A\* | 27476 | 711354 |
|  Reddit, Inc., Class A\* | 11633 | 2674078 |
|  Trump Media & Technology Group Corp. (x)\* | 8148 | 107879 |
|  |  | 282198047 |
|  ***Media (0.1%)*** | ***Media (0.1%)*** | ***Media (0.1%)*** |
|  DoubleVerify Holdings, Inc.\* | 6474 | 74063 |
|  Liberty Broadband Corp., Class A\* | 328 | 15836 |
|  Liberty Broadband Corp., Class C\* | 2251 | 109398 |
|  Nexstar Media Group, Inc., Class A | 158 | 32082 |
|  NIQ Global Intelligence plc (x)\* | 2222 | 36641 |
|  Trade Desk, Inc. (The), Class A\* | 41798 | 1586652 |
|  |  | 1854672 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 340757284 |
|  **Consumer Discretionary (13.3%)** | **Consumer Discretionary (13.3%)** | **Consumer Discretionary (13.3%)** |
|  ***Automobiles (3.8%)*** | ***Automobiles (3.8%)*** | ***Automobiles (3.8%)*** |
|  Tesla, Inc.\* | 238734 | 107363454 |
|  ***Broadline Retail (4.6%)*** | ***Broadline Retail (4.6%)*** | ***Broadline Retail (4.6%)*** |
|  Amazon.com, Inc.\* | 553570 | 127775027 |
|  Coupang, Inc., Class A\* | 122542 | 2890766 |
|  Etsy, Inc.\* | 5272 | 292280 |
|  |  | 130958073 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  Pool Corp. | 577 | 131989 |
|  ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** |
|  Bright Horizons Family Solutions, Inc.\* | 689 | 69865 |
|  Duolingo, Inc., Class A\* | 3561 | 624956 |
|  Grand Canyon Education, Inc.\* | 724 | 120408 |
|  H&R Block, Inc. | 2002 | 87247 |
|  |  | 902476 |
|  ***Hotels, Restaurants & Leisure (2.7%)*** | ***Hotels, Restaurants & Leisure (2.7%)*** | ***Hotels, Restaurants & Leisure (2.7%)*** |
|  Airbnb, Inc., Class A\* | 39833 | 5406135 |
|  Booking Holdings, Inc. | 2862 | 15326954 |
|  Carnival Corp.\* | 31228 | 953703 |
|  Cava Group, Inc. (x)\* | 9346 | 548517 |
|  Chipotle Mexican Grill, Inc.\* | 123304 | 4562248 |
|  Choice Hotels International, Inc. (x) | 772 | 73541 |
|  Churchill Downs, Inc. | 5219 | 593818 |
|  Darden Restaurants, Inc. | 10394 | 1912704 |
|  Domino's Pizza, Inc. | 892 | 371803 |
|  DoorDash, Inc., Class A\* | 33607 | 7611313 |
|  DraftKings, Inc., Class A (x)\* | 45015 | 1551217 |
|  Dutch Bros, Inc., Class A\* | 10984 | 672440 |
|  Expedia Group, Inc. | 10976 | 3109611 |
|  Flutter Entertainment plc, Class DI\* | 12236 | 2631229 |
|  Hilton Worldwide Holdings, Inc. | 21363 | 6136522 |
|  Las Vegas Sands Corp. | 28706 | 1868474 |
|  Marriott International, Inc., Class A | 16128 | 5003551 |
|  McDonald's Corp. | 3786 | 1157115 |
|  Norwegian Cruise Line Holdings Ltd.\* | 37955 | 847156 |
|  Planet Fitness, Inc., Class A\* | 7859 | 852466 |
|  Restaurant Brands International, Inc. | 19318 | 1318067 |
|  Royal Caribbean Cruises Ltd. | 23732 | 6619329 |
|  Starbucks Corp. | 14092 | 1186687 |
|  Texas Roadhouse, Inc., Class A | 6200 | 1029200 |
|  Travel + Leisure Co. | 1887 | 133090 |
|  Vail Resorts, Inc. | 2638 | 350326 |
|  Viking Holdings Ltd.\* | 16325 | 1165768 |
|  Wendy's Co. (The) (x) | 6538 | 54462 |
|  Wingstop, Inc. | 2601 | 620313 |
|  Wyndham Hotels & Resorts, Inc. | 6211 | 469303 |
|  Yum! Brands, Inc. | 8773 | 1327179 |
|  |  | 75464241 |
|  ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** |
|  SharkNinja, Inc.\* | 1332 | 149051 |
|  Somnigroup International, Inc. | 18935 | 1690517 |
|  TopBuild Corp.\* | 185 | 77180 |
|  |  | 1916748 |
|  ***Specialty Retail (1.9%)*** | ***Specialty Retail (1.9%)*** | ***Specialty Retail (1.9%)*** |
|  AutoZone, Inc.\* | 245 | 830917 |
|  Burlington Stores, Inc.\* | 5887 | 1700460 |
|  Carvana Co.\* | 12662 | 5343617 |
|  Chewy, Inc., Class A\* | 20458 | 676137 |
|  Floor & Decor Holdings, Inc., Class A\* | 3172 | 193143 |
|  Home Depot, Inc. (The) | 71075 | 24456907 |
|  Lithia Motors, Inc., Class A | 251 | 83415 |
|  Murphy USA, Inc. | 1594 | 643211 |
|  O'Reilly Automotive, Inc.\* | 72520 | 6614549 |
|  RH\* | 242 | 43354 |
|  Ross Stores, Inc. | 5964 | 1074355 |
|  TJX Cos., Inc. (The) | 52385 | 8046860 |
|  Tractor Supply Co. | 49793 | 2490148 |
|  Ulta Beauty, Inc.\* | 1057 | 639496 |
|  Valvoline, Inc.\* | 10545 | 306438 |
|  Wayfair, Inc., Class A\* | 1646 | 165275 |
|  Williams-Sonoma, Inc. | 1657 | 295924 |
|  |  | 53604206 |

---

See Notes to Financial Statements.

925

------

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** |
|  Birkenstock Holding plc (x)\* | 1492 | $61023 |
|  Deckers Outdoor Corp.\* | 13591 | 1408979 |
|  Lululemon Athletica, Inc.\* | 5604 | 1164567 |
|  On Holding AG, Class A\* | 20900 | 971432 |
|  Ralph Lauren Corp. | 261 | 92292 |
|  Tapestry, Inc. | 17766 | 2269962 |
|  |  | 5968255 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 376309442 |
|  **Consumer Staples (2.4%)** | **Consumer Staples (2.4%)** | **Consumer Staples (2.4%)** |
|  ***Beverages (0.7%)*** | ***Beverages (0.7%)*** | ***Beverages (0.7%)*** |
|  Celsius Holdings, Inc.\* | 15398 | 704304 |
|  Coca-Cola Co. (The) | 177991 | 12443351 |
|  Coca-Cola Consolidated, Inc. | 726 | 111296 |
|  Monster Beverage Corp.\* | 65340 | 5009618 |
|  PepsiCo, Inc. | 17578 | 2522794 |
|  |  | 20791363 |
|  ***Consumer Staples Distribution & Retail (1.5%)*** | ***Consumer Staples Distribution & Retail (1.5%)*** | ***Consumer Staples Distribution & Retail (1.5%)*** |
|  BJ's Wholesale Club Holdings, Inc.\* | 1811 | 163044 |
|  Casey's General Stores, Inc. | 519 | 286856 |
|  Costco Wholesale Corp. | 41576 | 35852648 |
|  Performance Food Group Co.\* | 1767 | 158889 |
|  Sprouts Farmers Market, Inc.\* | 9169 | 730494 |
|  Sysco Corp. | 24041 | 1771581 |
|  Walmart, Inc. | 40719 | 4536504 |
|  |  | 43500016 |
|  ***Food Products (0.0%)†*** | ***Food Products (0.0%)†*** | ***Food Products (0.0%)†*** |
|  Darling Ingredients, Inc.\* | 1641 | 59076 |
|  Freshpet, Inc.\* | 1234 | 75188 |
|  Hershey Co. (The) | 1648 | 299903 |
|  |  | 434167 |
|  ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** |
|  Colgate-Palmolive Co. | 35689 | 2820145 |
|  Kimberly-Clark Corp. | 11210 | 1130977 |
|  |  | 3951122 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 68676668 |
|  **Energy (0.3%)** | **Energy (0.3%)** | **Energy (0.3%)** |
|  ***Energy Equipment & Services (0.0%)†*** | ***Energy Equipment & Services (0.0%)†*** | ***Energy Equipment & Services (0.0%)†*** |
|  SLB Ltd. | 11098 | 425941 |
|  ***Oil, Gas & Consumable Fuels (0.3%)*** | ***Oil, Gas & Consumable Fuels (0.3%)*** | ***Oil, Gas & Consumable Fuels (0.3%)*** |
|  Cheniere Energy, Inc. | 8983 | 1746205 |
|  HF Sinclair Corp. | 1452 | 66908 |
|  Phillips 66 | 2699 | 348279 |
|  Targa Resources Corp. | 19895 | 3670628 |
|  Texas Pacific Land Corp. | 5190 | 1490672 |
|  Williams Cos., Inc. (The) | 6049 | 363605 |
|  |  | 7686297 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 8112238 |
|  **Financials (6.4%)** | **Financials (6.4%)** | **Financials (6.4%)** |
|  ***Banks (0.4%)*** | ***Banks (0.4%)*** | ***Banks (0.4%)*** |
|  Bank of America Corp. | 49496 | 2722280 |
|  Citigroup, Inc. | 29676 | 3462892 |
|  NU Holdings Ltd., Class A\* | 313316 | 5244910 |
|  Pinnacle Financial Partners, Inc. | 494 | 47133 |
|  Popular, Inc. | 551 | 68611 |
|  Western Alliance Bancorp | 2115 | 177808 |
|  |  | 11723634 |
|  ***Capital Markets (1.4%)*** | ***Capital Markets (1.4%)*** | ***Capital Markets (1.4%)*** |
|  Ameriprise Financial, Inc. | 7904 | 3875647 |
|  Ares Management Corp., Class A | 17624 | 2848567 |
|  Bank of New York Mellon Corp. (The) | 4746 | 550963 |
|  Blackstone, Inc. | 69476 | 10709031 |
|  Blue Owl Capital, Inc., Class A (x) | 59461 | 888347 |
|  Brookfield Asset Management Ltd., Class A | 12358 | 647436 |
|  Bullish\* | 481 | 18215 |
|  Charles Schwab Corp. (The) | 13968 | 1395543 |
|  Coinbase Global, Inc., Class A\* | 2038 | 460873 |
|  FactSet Research Systems, Inc. | 229 | 66454 |
|  Freedom Holding Corp. (x)\* | 1406 | 171082 |
|  Goldman Sachs Group, Inc. (The) | 1481 | 1301799 |
|  Hamilton Lane, Inc., Class A | 2482 | 333357 |
|  Houlihan Lokey, Inc., Class A | 1931 | 336361 |
|  Interactive Brokers Group, Inc., Class A | 2145 | 137945 |
|  Jefferies Financial Group, Inc. | 3503 | 217081 |
|  KKR & Co., Inc. | 15835 | 2018646 |
|  Lazard, Inc. | 1670 | 81095 |
|  LPL Financial Holdings, Inc. | 7464 | 2665917 |
|  Moody's Corp. | 14561 | 7438487 |
|  Morningstar, Inc. | 1437 | 312275 |
|  MSCI, Inc. | 3356 | 1925438 |
|  Robinhood Markets, Inc., Class A\* | 9280 | 1049568 |
|  TPG, Inc., Class A | 11626 | 742204 |
|  Tradeweb Markets, Inc., Class A | 917 | 98614 |
|  XP, Inc., Class A | 3274 | 53595 |
|  |  | 40344540 |
|  ***Consumer Finance (0.3%)*** | ***Consumer Finance (0.3%)*** | ***Consumer Finance (0.3%)*** |
|  Ally Financial, Inc. | 3045 | 137908 |
|  American Express Co. | 16587 | 6136361 |
|  Credit Acceptance Corp. (x)\* | 43 | 19069 |
|  Figure Technology Solutions, Inc., Class A\* | 579 | 23646 |
|  SLM Corp. | 2613 | 70708 |
|  SoFi Technologies, Inc.\* | 15569 | 407596 |
|  |  | 6795288 |
|  ***Financial Services (3.9%)*** | ***Financial Services (3.9%)*** | ***Financial Services (3.9%)*** |
|  Affirm Holdings, Inc., Class A\* | 15310 | 1139523 |
|  Apollo Global Management, Inc. | 26893 | 3893031 |
|  Block, Inc., Class A\* | 18541 | 1206834 |
|  Corpay, Inc.\* | 6365 | 1915419 |
|  Equitable Holdings, Inc.‡ | 26838 | 1278831 |
|  Fiserv, Inc.\* | 13849 | 930237 |
|  Mastercard, Inc., Class A | 75353 | 43017520 |
|  Shift4 Payments, Inc., Class A (x)\* | 6200 | 390414 |
|  Toast, Inc., Class A\* | 43384 | 1540566 |
|  UWM Holdings Corp., Class A | 1781 | 7801 |
|  Visa, Inc., Class A | 157676 | 55298550 |
|  WEX, Inc.\* | 259 | 38586 |
|  |  | 110657312 |

---

See Notes to Financial Statements.

926

------

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Insurance (0.4%)*** | ***Insurance (0.4%)*** | ***Insurance (0.4%)*** |
|  Aon plc, Class A | 18167 | $6410771 |
|  Arthur J Gallagher & Co. | 1446 | 374210 |
|  Brown & Brown, Inc. | 2863 | 228181 |
|  Everest Group Ltd. | 546 | 185285 |
|  Kinsale Capital Group, Inc. | 2071 | 810010 |
|  Markel Group, Inc.\* | 238 | 511617 |
|  Marsh & McLennan Cos., Inc. | 5481 | 1016835 |
|  Progressive Corp. (The) | 2754 | 627141 |
|  RLI Corp. | 409 | 26168 |
|  Ryan Specialty Holdings, Inc., Class A | 9959 | 514183 |
|  |  | 10704401 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 180225175 |
|  **Health Care (8.1%)** | **Health Care (8.1%)** | **Health Care (8.1%)** |
|  ***Biotechnology (2.8%)*** | ***Biotechnology (2.8%)*** | ***Biotechnology (2.8%)*** |
|  AbbVie, Inc. | 165941 | 37915859 |
|  Alnylam Pharmaceuticals, Inc.\* | 11873 | 4721298 |
|  Amgen, Inc. | 37163 | 12163821 |
|  Apellis Pharmaceuticals, Inc.\* | 10098 | 253662 |
|  Caris Life Sciences, Inc.\* | 1055 | 28464 |
|  Exact Sciences Corp.\* | 962 | 97701 |
|  Exelixis, Inc.\* | 19965 | 875066 |
|  Gilead Sciences, Inc. | 31405 | 3854650 |
|  Halozyme Therapeutics, Inc.\* | 10867 | 731349 |
|  Incyte Corp.\* | 3887 | 383919 |
|  Insmed, Inc.\* | 18383 | 3199377 |
|  Ionis Pharmaceuticals, Inc.\* | 13765 | 1088949 |
|  Natera, Inc.\* | 12161 | 2785963 |
|  Neurocrine Biosciences, Inc.\* | 7761 | 1100743 |
|  Sarepta Therapeutics, Inc.\* | 7228 | 155547 |
|  Summit Therapeutics, Inc.\* | 10941 | 191358 |
|  Ultragenyx Pharmaceutical, Inc.\* | 8634 | 198582 |
|  Vertex Pharmaceuticals, Inc.\* | 24089 | 10920989 |
|  Viking Therapeutics, Inc.\* | 806 | 28355 |
|  |  | 80695652 |
|  ***Health Care Equipment & Supplies (1.3%)*** | ***Health Care Equipment & Supplies (1.3%)*** | ***Health Care Equipment & Supplies (1.3%)*** |
|  Boston Scientific Corp.\* | 23834 | 2272572 |
|  Dexcom, Inc.\* | 36623 | 2430668 |
|  IDEXX Laboratories, Inc.\* | 7462 | 5048267 |
|  Inspire Medical Systems, Inc.\* | 2535 | 233803 |
|  Insulet Corp.\* | 6568 | 1866888 |
|  Intuitive Surgical, Inc.\* | 33063 | 18725561 |
|  Masimo Corp.\* | 4221 | 548983 |
|  Penumbra, Inc.\* | 3503 | 1089118 |
|  ResMed, Inc. | 3233 | 778733 |
|  Stryker Corp. | 8291 | 2914038 |
|  |  | 35908631 |
|  ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** |
|  Cardinal Health, Inc. | 11233 | 2308382 |
|  Cencora, Inc. | 17151 | 5792750 |
|  Chemed Corp. | 116 | 49632 |
|  Cigna Group (The) | 1961 | 539726 |
|  DaVita, Inc.\* | 3290 | 373777 |
|  HCA Healthcare, Inc. | 3212 | 1499554 |
|  McKesson Corp. | 10851 | 8900967 |
|  Molina Healthcare, Inc.\* | 2613 | 453460 |
|  |  | 19918248 |
|  ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** |
|  Doximity, Inc., Class A\* | 12504 | 553677 |
|  Veeva Systems, Inc., Class A\* | 11007 | 2457093 |
|  |  | 3010770 |
|  ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** |
|  Medpace Holdings, Inc.\* | 2091 | 1174410 |
|  Repligen Corp.\* | 613 | 100446 |
|  Sotera Health Co.\* | 1855 | 32722 |
|  Tempus AI, Inc., Class A (x)\* | 8997 | 531273 |
|  Waters Corp.\* | 2917 | 1107964 |
|  |  | 2946815 |
|  ***Pharmaceuticals (3.1%)*** | ***Pharmaceuticals (3.1%)*** | ***Pharmaceuticals (3.1%)*** |
|  Bristol-Myers Squibb Co. | 36726 | 1981001 |
|  Corcept Therapeutics, Inc.\* | 8803 | 306344 |
|  Eli Lilly & Co. | 75041 | 80645062 |
|  Zoetis, Inc. | 33344 | 4195342 |
|  |  | 87127749 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 229607865 |
|  **Industrials (5.9%)** | **Industrials (5.9%)** | **Industrials (5.9%)** |
|  ***Aerospace & Defense (1.9%)*** | ***Aerospace & Defense (1.9%)*** | ***Aerospace & Defense (1.9%)*** |
|  Axon Enterprise, Inc.\* | 6987 | 3968127 |
|  Boeing Co. (The)\* | 9837 | 2135809 |
|  BWX Technologies, Inc. | 1503 | 259779 |
|  Carpenter Technology Corp. | 797 | 250927 |
|  GE Aerospace | 97430 | 30011363 |
|  HEICO Corp. | 3976 | 1286594 |
|  HEICO Corp., Class A | 7024 | 1773068 |
|  Howmet Aerospace, Inc. | 37559 | 7700346 |
|  Karman Holdings, Inc. (x)\* | 4761 | 348362 |
|  Leonardo DRS, Inc. | 2785 | 94941 |
|  Loar Holdings, Inc.\* | 3611 | 245548 |
|  Lockheed Martin Corp. | 5377 | 2600694 |
|  Rocket Lab Corp.\* | 38752 | 2703340 |
|  StandardAero, Inc.\* | 1173 | 33642 |
|  TransDigm Group, Inc. | 905 | 1203514 |
|  |  | 54616054 |
|  ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** |
|  AAON, Inc. | 6294 | 479918 |
|  Armstrong World Industries, Inc. | 1182 | 225880 |
|  Carlisle Cos., Inc. | 456 | 145856 |
|  Lennox International, Inc. | 2974 | 1444115 |
|  Simpson Manufacturing Co., Inc. | 323 | 52155 |
|  Trane Technologies plc | 20881 | 8126885 |
|  |  | 10474809 |
|  ***Commercial Services & Supplies (0.7%)*** | ***Commercial Services & Supplies (0.7%)*** | ***Commercial Services & Supplies (0.7%)*** |
|  Cintas Corp. | 32204 | 6056606 |
|  Copart, Inc.\* | 77150 | 3020422 |
|  RB Global, Inc. | 1056 | 108631 |
|  Rollins, Inc. | 26288 | 1577806 |
|  Tetra Tech, Inc. | 4568 | 153211 |
|  Veralto Corp. | 8862 | 884250 |
|  Waste Management, Inc. | 34653 | 7613611 |
|  |  | 19414537 |
|  ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** |
|  Comfort Systems USA, Inc. | 3258 | 3040659 |
|  EMCOR Group, Inc. | 1431 | 875471 |

---

See Notes to Financial Statements.

927

------

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  MasTec, Inc.\* | 1226 | $| 266496 |
|  Quanta Services, Inc. | 10686 |  | 4510133 |
|  WillScot Holdings Corp. | 4242 |  | 79877 |
|  |  |  | 8772636 |
|  ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** |
|  GE Vernova, Inc. | 25608 |  | 16736620 |
|  Rockwell Automation, Inc. | 852 |  | 331488 |
|  Vertiv Holdings Co., Class A | 35635 |  | 5773226 |
|  |  |  | 22841334 |
|  ***Ground Transportation (0.6%)*** | ***Ground Transportation (0.6%)*** | ***Ground Transportation (0.6%)*** | ***Ground Transportation (0.6%)*** |
|  Avis Budget Group, Inc. (x)\* | 543 |  | 69678 |
|  Lyft, Inc., Class A\* | 5769 |  | 111745 |
|  Old Dominion Freight Line, Inc. | 982 |  | 153978 |
|  Uber Technologies, Inc.\* | 188583 |  | 15409117 |
|  U-Haul Holding Co. (Nasdaq Stock Exchange)\* | 274 |  | 13812 |
|  U-Haul Holding Co. (New York Stock Exchange) | 3608 |  | 168638 |
|  Union Pacific Corp. | 4422 |  | 1022897 |
|  XPO, Inc.\* | 2211 |  | 300497 |
|  |  |  | 17250362 |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** |
|  3M Co. | 8037 |  | 1286724 |
|  ***Machinery (0.2%)*** | ***Machinery (0.2%)*** | ***Machinery (0.2%)*** | ***Machinery (0.2%)*** |
|  Allison Transmission Holdings, Inc. | 1305 |  | 127759 |
|  Caterpillar, Inc. | 5339 |  | 3058553 |
|  Illinois Tool Works, Inc. | 8885 |  | 2188376 |
|  RBC Bearings, Inc.\* | 589 |  | 264125 |
|  |  |  | 5638813 |
|  ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** |
|  Alaska Air Group, Inc.\* | 1860 |  | 93558 |
|  American Airlines Group, Inc.\* | 3849 |  | 59005 |
|  Southwest Airlines Co. | 4541 |  | 187680 |
|  |  |  | 340243 |
|  ***Professional Services (0.6%)*** | ***Professional Services (0.6%)*** | ***Professional Services (0.6%)*** | ***Professional Services (0.6%)*** |
|  Automatic Data Processing, Inc. | 35387 |  | 9102598 |
|  Booz Allen Hamilton Holding Corp. | 11205 |  | 945254 |
|  Broadridge Financial Solutions, Inc. | 9916 |  | 2212954 |
|  Dayforce, Inc.\* | 1327 |  | 91775 |
|  Equifax, Inc. | 1983 |  | 430271 |
|  ExlService Holdings, Inc.\* | 14457 |  | 613555 |
|  KBR, Inc. | 887 |  | 35657 |
|  Paychex, Inc. | 9459 |  | 1061111 |
|  Paycom Software, Inc. | 2627 |  | 418639 |
|  Paylocity Holding Corp.\* | 3767 |  | 574467 |
|  Verisk Analytics, Inc. | 7868 |  | 1759993 |
|  |  |  | 17246274 |
|  ***Trading Companies & Distributors (0.4%)*** | ***Trading Companies & Distributors (0.4%)*** | ***Trading Companies & Distributors (0.4%)*** | ***Trading Companies & Distributors (0.4%)*** |
|  Core & Main, Inc., Class A\* | 10320 |  | 536331 |
|  Fastenal Co. | 88309 |  | 3543840 |
|  Ferguson Enterprises, Inc. | 1053 |  | 234429 |
|  FTAI Aviation Ltd. | 9541 |  | 1878146 |
|  SiteOne Landscape Supply, Inc.\* | 1331 |  | 165789 |
|  W.W. Grainger, Inc. | 3497 |  | 3528648 |
|  |  |  | 9887183 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 167768969 |
|  **Information Technology (50.0%)** | **Information Technology (50.0%)** | **Information Technology (50.0%)** | **Information Technology (50.0%)** |
|  ***Communications Equipment (0.6%)*** | ***Communications Equipment (0.6%)*** | ***Communications Equipment (0.6%)*** | ***Communications Equipment (0.6%)*** |
|  Arista Networks, Inc.\* | 96629 |  | 12661298 |
|  Lumentum Holdings, Inc. (x)\* | 497 |  | 183189 |
|  Motorola Solutions, Inc. | 6574 |  | 2519946 |
|  Ubiquiti, Inc. | 394 |  | 218020 |
|  |  |  | 15582453 |
|  ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** |
|  Amphenol Corp., Class A | 114292 |  | 15445421 |
|  CDW Corp. | 890 |  | 121218 |
|  Jabil, Inc. | 6447 |  | 1470045 |
|  |  |  | 17036684 |
|  ***IT Services (0.6%)*** | ***IT Services (0.6%)*** | ***IT Services (0.6%)*** | ***IT Services (0.6%)*** |
|  Cloudflare, Inc., Class A\* | 29364 |  | 5789113 |
|  Gartner, Inc.\* | 6897 |  | 1739975 |
|  Globant SA\* | 393 |  | 25690 |
|  GoDaddy, Inc., Class A\* | 12596 |  | 1562912 |
|  Kyndryl Holdings, Inc.\* | 1405 |  | 37317 |
|  MongoDB, Inc.\* | 704 |  | 295462 |
|  Okta, Inc.\* | 6175 |  | 533952 |
|  Snowflake, Inc., Class A\* | 30754 |  | 6746197 |
|  Twilio, Inc., Class A\* | 2262 |  | 321747 |
|  |  |  | 17052365 |
|  ***Semiconductors & Semiconductor Equipment (19.6%)*** | ***Semiconductors & Semiconductor Equipment (19.6%)*** | ***Semiconductors & Semiconductor Equipment (19.6%)*** | ***Semiconductors & Semiconductor Equipment (19.6%)*** |
|  Advanced Micro Devices, Inc.\* | 88238 |  | 18897050 |
|  Applied Materials, Inc. | 21309 |  | 5476200 |
|  Astera Labs, Inc.\* | 11799 |  | 1962882 |
|  Broadcom, Inc. | 385953 |  | 133578333 |
|  Enphase Energy, Inc.\* | 11921 |  | 382068 |
|  Entegris, Inc. | 2287 |  | 192680 |
|  KLA Corp. | 12325 |  | 14975861 |
|  Lam Research Corp. | 117608 |  | 20132137 |
|  Lattice Semiconductor Corp.\* | 10834 |  | 797166 |
|  MACOM Technology Solutions Holdings, Inc.\* | 1470 |  | 251781 |
|  Marvell Technology, Inc. | 5651 |  | 480222 |
|  Monolithic Power Systems, Inc. | 4335 |  | 3929070 |
|  NVIDIA Corp. | 1846556 |  | 344382694 |
|  Onto Innovation, Inc.\* | 1014 |  | 160070 |
|  QUALCOMM, Inc. | 23133 |  | 3956900 |
|  Texas Instruments, Inc. | 34830 |  | 6042657 |
|  |  |  | 555597771 |
|  ***Software (17.4%)*** | ***Software (17.4%)*** | ***Software (17.4%)*** | ***Software (17.4%)*** |
|  Adobe, Inc.\* | 39154 |  | 13703508 |
|  Appfolio, Inc., Class A\* | 2059 |  | 479026 |
|  AppLovin Corp., Class A\* | 22332 |  | 15047748 |
|  Atlassian Corp., Class A\* | 15534 |  | 2518683 |
|  Autodesk, Inc.\* | 19956 |  | 5907176 |
|  Bentley Systems, Inc., Class B | 14743 |  | 562667 |
|  Cadence Design Systems, Inc.\* | 25558 |  | 7988920 |
|  Circle Internet Group, Inc., Class A\* | 686 |  | 54400 |
|  Confluent, Inc., Class A\* | 27051 |  | 818022 |
|  Crowdstrike Holdings, Inc., Class A\* | 23161 |  | 10856950 |
|  Datadog, Inc., Class A\* | 29238 |  | 3976076 |
|  Docusign, Inc.\* | 14214 |  | 972238 |
|  Dropbox, Inc., Class A\* | 4535 |  | 126073 |
|  Dynatrace, Inc.\* | 27502 |  | 1191937 |
|  Elastic NV\* | 8643 |  | 652028 |
|  Fair Isaac Corp.\* | 1809 |  | 3058332 |

---

See Notes to Financial Statements.

928

------

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Fortinet, Inc.\* | 59599 | $4732757 |
|  Gen Digital, Inc. | 5589 | 151965 |
|  Gitlab, Inc., Class A\* | 13079 | 490855 |
|  Guidewire Software, Inc.\* | 7949 | 1597828 |
|  HubSpot, Inc.\* | 4763 | 1911392 |
|  Intuit, Inc. | 25575 | 16941391 |
|  Manhattan Associates, Inc.\* | 5615 | 973136 |
|  Microsoft Corp.# | 590994 | 285816518 |
|  nCino, Inc.\* | 1402 | 35947 |
|  Nutanix, Inc., Class A\* | 5969 | 308538 |
|  Oracle Corp. | 157676 | 30732629 |
|  Palantir Technologies, Inc., Class A\* | 204603 | 36368183 |
|  Palo Alto Networks, Inc.\* | 62901 | 11586364 |
|  Pegasystems, Inc. | 2700 | 161244 |
|  Procore Technologies, Inc.\* | 10732 | 780646 |
|  PTC, Inc.\* | 1290 | 224731 |
|  RingCentral, Inc., Class A\* | 7499 | 216571 |
|  Rubrik, Inc., Class A\* | 7476 | 571764 |
|  Salesforce, Inc. | 9795 | 2594793 |
|  Samsara, Inc., Class A\* | 29237 | 1036452 |
|  SentinelOne, Inc., Class A\* | 19949 | 299235 |
|  ServiceNow, Inc.\* | 96796 | 14828179 |
|  Strategy, Inc. (x)\* | 1389 | 211058 |
|  Synopsys, Inc.\* | 12690 | 5960747 |
|  Teradata Corp.\* | 1997 | 60789 |
|  Tyler Technologies, Inc.\* | 3343 | 1517555 |
|  Unity Software, Inc.\* | 1758 | 77651 |
|  Workday, Inc., Class A\* | 20154 | 4328676 |
|  Zscaler, Inc.\* | 9357 | 2104576 |
|  |  | 494535954 |
|  ***Technology Hardware, Storage & Peripherals (11.2%)*** | ***Technology Hardware, Storage & Peripherals (11.2%)*** | ***Technology Hardware, Storage & Peripherals (11.2%)*** |
|  Apple, Inc. | 1153407 | 313565227 |
|  Dell Technologies, Inc., Class C | 4084 | 514094 |
|  NetApp, Inc. | 7389 | 791288 |
|  Pure Storage, Inc., Class A\* | 24938 | 1671095 |
|  Super Micro Computer, Inc. (x)\* | 22046 | 645287 |
|  |  | 317186991 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 1416992218 |
|  **Materials (0.3%)** | **Materials (0.3%)** | **Materials (0.3%)** |
|  ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** |
|  Ecolab, Inc. | 5728 | 1503714 |
|  Sherwin-Williams Co. (The) | 19590 | 6347748 |
|  |  | 7851462 |
|  ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** |
|  Eagle Materials, Inc. | 181 | 37409 |
|  James Hardie Industries plc (ADR)\* | 8916 | 185007 |
|  |  | 222416 |
|  ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** |
|  Anglogold Ashanti plc | 5721 | 487887 |
|  Steel Dynamics, Inc. | 1230 | 208424 |
|  |  | 696311 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 8770189 |
|  **Real Estate (0.4%)** | **Real Estate (0.4%)** | **Real Estate (0.4%)** |
|  ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** |
|  CBRE Group, Inc., Class A\* | 3059 | 491857 |
|  CoStar Group, Inc.\* | 4847 | 325912 |
|  Jones Lang LaSalle, Inc.\* | 1190 | 400399 |
|  |  | 1218168 |
|  ***Residential REITs (0.0%)†*** | ***Residential REITs (0.0%)†*** | ***Residential REITs (0.0%)†*** |
|  Sun Communities, Inc. (REIT) | 2196 | 272106 |
|  UDR, Inc. (REIT) | 1692 | 62063 |
|  |  | 334169 |
|  ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** |
|  Simon Property Group, Inc. (REIT) | 6735 | 1246716 |
|  ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** |
|  American Tower Corp. (REIT) | 43814 | 7692424 |
|  Lamar Advertising Co. (REIT), Class A | 8069 | 1021374 |
|  Public Storage (REIT) | 1947 | 505247 |
|  |  | 9219045 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 12018098 |
|  **Utilities (0.3%)** | **Utilities (0.3%)** | **Utilities (0.3%)** |
|  ***Electric Utilities (0.1%)*** | ***Electric Utilities (0.1%)*** | ***Electric Utilities (0.1%)*** |
|  NRG Energy, Inc. | 17630 | 2807401 |
|  ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** |
|  Vistra Corp. | 31688 | 5112225 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 7919626 |
|  **Total Common Stocks (99.4%)**<br> *(Cost $587,379,658)* |  | 2817157772 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.0%)†** | **Investment Companies (0.0%)†** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 881962 | 881962 |
|  **Total Short-Term Investments (0.0%)†**<br> *(Cost $881,962)* | **Total Short-Term Investments (0.0%)†**<br> *(Cost $881,962)* | 881962 |
|  **Total Investments in Securities (99.4%)**<br> *(Cost $588,261,620)* | **Total Investments in Securities (99.4%)**<br> *(Cost $588,261,620)* | 2818039734 |
|  **Other Assets Less Liabilities (0.6%)** | **Other Assets Less Liabilities (0.6%)** | 16109948 |
|  **Net Assets (100%)** |  | $2834149682 |

---

See Notes to Financial Statements.

929

------

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $9,672,400.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $5,511,129. This was collateralized by $4,831,342 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/29/26 – 8/15/55 and by cash of $881,962 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Financial Services** |  |  |  |  |  |  |  |  |  |
|  Equitable Holdings, Inc. | 26838 | 1359722 | 8787 | (108828) | 49488 | (30338) | 1278831 | 28510 |  |

---

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P 500 E-Mini Index | 56 | 3/2026 | USD | 19299000 | (37501) |
|  |  |  |  |  | (37501) |

---

See Notes to Financial Statements.

930

------

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $340757284 | $— | $— | $340757284 |
|  Consumer Discretionary | 376309442 |  |  | 376309442 |
|  Consumer Staples | 68676668 |  |  | 68676668 |
|  Energy | 8112238 |  |  | 8112238 |
|  Financials | 180225175 |  |  | 180225175 |
|  Health Care | 229607865 |  |  | 229607865 |
|  Industrials | 167768969 |  |  | 167768969 |
|  Information Technology | 1416992218 |  |  | 1416992218 |
|  Materials | 8770189 |  |  | 8770189 |
|  Real Estate | 12018098 |  |  | 12018098 |
|  Utilities | 7919626 |  |  | 7919626 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 881962 |  |  | 881962 |
|  **Total Assets** | $**2818039734** | $**—** | $**—** | $**2818039734** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(37501) | $— | $— | $(37501) |
|  **Total Liabilities** | $**(37501)** | $**—** | $**—** | $**(37501)** |
|  **Total** | $**2818002233** | $**—** | $**—** | $**2818002233** |

---

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(37501) |
|  **Total** |  | $(37501) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

See Notes to Financial Statements.

931

------

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $1324185 | $1324185 |
|  **Total** | $1324185 | $1324185 |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $401076 | $401076 |
|  **Total** | $401076 | $401076 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $17325000 |

---

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $404000002.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $624459765.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $2243363234 |
|  Aggregate gross unrealized depreciation | (14451138) |
|  Net unrealized appreciation | $2228912096 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $589090137 |

---

See Notes to Financial Statements.

932

------

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $682,477) | $1278831.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $587,579,143) | 2816760903.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 20209048.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 912633.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 446650.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1626.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 10200.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 2839619891.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 2711721.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 881962.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 810184.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 596593.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 217086.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 144891.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 158.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 107614.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5470209.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $2834149682.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $549419875.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 2284729807.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $2834149682.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $2,799,461,281 / 98,128,058 shares outstanding (unlimited amount authorized: $0.01 par value) | $28.53 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $34,688,401 / 1,146,935 shares outstanding (unlimited amount authorized: $0.01 par value) | $30.24 |

---

*(x)* *Includes value of securities on loan of $5,511,129.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($28,510 of dividend income received from affiliates) (net of $12,028 foreign withholding tax) | $15221481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 710663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 19058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 15951202 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 8920601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 6511346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 2389209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 157065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 138429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 99600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 87830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 413195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 18717275 |
|  **NET INVESTMENT INCOME (LOSS)** | (2766073) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($49,488 realized gain (loss) from affiliates) | 279475222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1324185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 280799407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($(30338) of change in unrealized appreciation (depreciation) from affiliates) | 160239718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 401076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 160640794 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 441440201 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $438674128 |

---

See Notes to Financial Statements.

933

------

#### EQ ADVISORS TRUST
EQ/LARGE CAP GROWTH INDEX PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(2766073) | $(214265) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 280799407 | 171432117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 160640794 | 493150510 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 438674128 | 664368362 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (224180622) | (177515739) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (2751563) | (2677264) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (226932185) | (180193003) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 271,292 shares, respectively ] |  | 6594846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (5202250) shares, respectively ] |  | (139279483) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (490996) shares, respectively ] |  | (11910828) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (144595465) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 6,928,257 and 7,589,095 shares, respectively ] | 191190908 | 188827361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 5,439,992 shares, respectively ] |  | 139279483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 7,883,712 and 6,556,786 shares, respectively ] | 224180622 | 177515739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (14337563) and (13900755) shares, respectively ] | (396901124) | (344367255) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 18470406 | 161255328 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 343,342 and 288,283 shares, respectively ] | 10062142 | 7408148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 91,277 and 93,985 shares, respectively ] | 2751563 | 2677264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (740752) and (1665108) shares, respectively ] | (21419648) | (42233258) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (8605943) | (32147846) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 9864463 | (15487983) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 221606406 | 468687376 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2612543276 | 2143855900 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $2834149682 | $2612543276 |

---

See Notes to Financial Statements.

934

------

#### EQ ADVISORS TRUST
EQ/LARGE CAP GROWTH INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $26.34 | $21.33 | $15.68 | $24.17 | $20.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations†:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.03) |  | 0.05 | 0.05 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.69 | 6.94 | 6.44 | (7.11) | 5.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 4.66 | 6.94 | 6.49 | (7.06) | 5.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.01) | (0.05) | (0.05) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.47) | (1.92) | (0.79) | (1.38) | (2.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.47) | (1.93) | (0.84) | (1.43) | (2.13) |
|  Net asset value, end of year | $28.53 | $26.34 | $21.33 | $15.68 | $24.17 |
|  Total return | 17.74% | 32.34 | 41.54% | (29.53)% | 26.70% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $2799461 | $2572252 | $1961762 | $1456693 | $2179853 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.71% | 0.71 | 0.73% | 0.72% | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.71% | 0.71 | 0.73% | 0.72% | 0.71% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.11)% | (0.02) | 0.24% | 0.25% | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.11)% | (0.02) | 0.24% | 0.25% | 0.05% |
|  Portfolio turnover rate^ | 15% | 11 | 11% | 12% | 14% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $27.73 | $22.35 | $16.39 | $25.19 | $21.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations†:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.04 \* | 0.06 | 0.10 | 0.10 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.94 | 7.29 | 6.74 | (7.43) | 5.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 4.98 | 7.35 | 6.84 | (7.33) | 5.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.05) | (0.09) | (0.09) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.47) | (1.92) | (0.79) | (1.38) | (2.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.47) | (1.97) | (0.88) | (1.47) | (2.18) |
|  Net asset value, end of year | $30.24 | $27.73 | $22.35 | $16.39 | $25.19 |
|  Total return | 18.00% | 32.69 | 41.93% | (29.38)% | 27.04% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $34688 | $40291 | $61154 | $46114 | $69901 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.46% | 0.47 | 0.48% | 0.47% | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.46% | 0.47 | 0.48% | 0.47% | 0.47% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.14% | 0.24 | 0.49% | 0.50% | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.14% | 0.24 | 0.49% | 0.50% | 0.30% |
|  Portfolio turnover rate^ | 15% | 11 | 11% | 12% | 14% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*†* *The amount shown for a share outstanding throughout the period may not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.* 

*\** *The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

935

------

EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (9.0%)** | **Communication Services (9.0%)** | **Communication Services (9.0%)** |
|  ***Diversified Telecommunication Services (0.0%)†*** | ***Diversified Telecommunication Services (0.0%)†*** | ***Diversified Telecommunication Services (0.0%)†*** |
|  AST SpaceMobile, Inc., Class A\* | 12620 | $916590 |
|  GCI Liberty, Inc., Class C\* | 1129 | 42010 |
|  Iridium Communications, Inc. | 1144 | 19883 |
|  |  | 978483 |
|  ***Entertainment (1.8%)*** | ***Entertainment (1.8%)*** | ***Entertainment (1.8%)*** |
|  Liberty Media Corp.-Liberty Formula One, Class A\* | 429 | 38344 |
|  Liberty Media Corp.-Liberty Formula One, Class C\* | 3962 | 390297 |
|  Live Nation Entertainment, Inc.\* | 9822 | 1399635 |
|  Netflix, Inc.\* | 588170 | 55146819 |
|  ROBLOX Corp., Class A\* | 74056 | 6000758 |
|  Roku, Inc.\* | 1019 | 110551 |
|  Spotify Technology SA\* | 9909 | 5754255 |
|  Take-Two Interactive Software, Inc.\* | 3850 | 985716 |
|  TKO Group Holdings, Inc., Class A | 1783 | 372647 |
|  Walt Disney Co. (The) | 114339 | 13008348 |
|  |  | 83207370 |
|  ***Interactive Media & Services (7.1%)*** | ***Interactive Media & Services (7.1%)*** | ***Interactive Media & Services (7.1%)*** |
|  Alphabet, Inc., Class A | 323291 | 101190083 |
|  Alphabet, Inc., Class C | 303858 | 95350641 |
|  Meta Platforms, Inc., Class A | 194020 | 128070662 |
|  Pinterest, Inc., Class A\* | 19172 | 496363 |
|  Reddit, Inc., Class A\* | 7708 | 1771838 |
|  Trump Media & Technology Group Corp.\* | 5614 | 74329 |
|  |  | 326953916 |
|  ***Media (0.1%)*** | ***Media (0.1%)*** | ***Media (0.1%)*** |
|  DoubleVerify Holdings, Inc.\* | 3980 | 45531 |
|  Liberty Broadband Corp., Class A\* | 642 | 30996 |
|  Liberty Broadband Corp., Class C\* | 1442 | 70081 |
|  Nexstar Media Group, Inc., Class A | 199 | 40407 |
|  NIQ Global Intelligence plc\* | 2085 | 34382 |
|  Trade Desk, Inc. (The), Class A\* | 27867 | 1057831 |
|  |  | 1279228 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 412418997 |
|  **Consumer Discretionary (9.6%)** | **Consumer Discretionary (9.6%)** | **Consumer Discretionary (9.6%)** |
|  ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** |
|  Mobileye Global, Inc., Class A\* | 260330 | 2717845 |
|  ***Automobiles (2.9%)*** | ***Automobiles (2.9%)*** | ***Automobiles (2.9%)*** |
|  Tesla, Inc.\* | 294285 | 132345850 |
|  ***Broadline Retail (3.7%)*** | ***Broadline Retail (3.7%)*** | ***Broadline Retail (3.7%)*** |
|  Alibaba Group Holding Ltd. (ADR) | 44299 | 6493347 |
|  Amazon.com, Inc.\* | 669607 | 154558688 |
|  Coupang, Inc., Class A\* | 81194 | 1915367 |
|  Etsy, Inc.\* | 3606 | 199917 |
|  MercadoLibre, Inc.\* | 1370 | 2759536 |
|  Sea Ltd. (ADR)\* | 22969 | 2930155 |
|  |  | 168857010 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  Pool Corp. | 408 | 93330 |
|  ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** |
|  Bright Horizons Family Solutions, Inc.\* | 448 | 45427 |
|  Duolingo, Inc., Class A\* | 2475 | 434362 |
|  Grand Canyon Education, Inc.\* | 476 | 79164 |
|  H&R Block, Inc. | 1362 | 59356 |
|  |  | 618309 |
|  ***Hotels, Restaurants & Leisure (1.9%)*** | ***Hotels, Restaurants & Leisure (1.9%)*** | ***Hotels, Restaurants & Leisure (1.9%)*** |
|  Airbnb, Inc., Class A\* | 66409 | 9013029 |
|  Booking Holdings, Inc. | 2827 | 15139518 |
|  Carnival Corp.\* | 21480 | 655999 |
|  Cava Group, Inc.\* | 6075 | 356542 |
|  Chipotle Mexican Grill, Inc.\* | 81249 | 3006213 |
|  Choice Hotels International, Inc. | 502 | 47821 |
|  Churchill Downs, Inc. | 3337 | 379684 |
|  Darden Restaurants, Inc. | 6887 | 1267346 |
|  Domino's Pizza, Inc. | 587 | 244673 |
|  DoorDash, Inc., Class A\* | 31977 | 7242151 |
|  DraftKings, Inc., Class A\* | 29761 | 1025564 |
|  Dutch Bros, Inc., Class A\* | 7551 | 462272 |
|  Expedia Group, Inc. | 7315 | 2072413 |
|  Flutter Entertainment plc, Class DI\* | 8107 | 1743329 |
|  Hilton Worldwide Holdings, Inc. | 14155 | 4066024 |
|  Las Vegas Sands Corp. | 18846 | 1226686 |
|  Marriott International, Inc., Class A | 10702 | 3320189 |
|  McDonald's Corp. | 11476 | 3507410 |
|  Norwegian Cruise Line Holdings Ltd.\* | 25750 | 574740 |
|  Planet Fitness, Inc., Class A\* | 5109 | 554173 |
|  Restaurant Brands International, Inc. | 12772 | 871434 |
|  Royal Caribbean Cruises Ltd. | 15724 | 4385738 |
|  Starbucks Corp. | 178706 | 15048832 |
|  Texas Roadhouse, Inc., Class A | 4233 | 702678 |
|  Travel + Leisure Co. | 1255 | 88515 |
|  Vail Resorts, Inc. | 1784 | 236915 |
|  Viking Holdings Ltd.\* | 10793 | 770728 |
|  Wendy's Co. (The) | 4343 | 36177 |
|  Wingstop, Inc. | 1691 | 403287 |
|  Wyndham Hotels & Resorts, Inc. | 4140 | 312818 |
|  Yum China Holdings, Inc. | 83860 | 4003476 |
|  Yum! Brands, Inc. | 34360 | 5197981 |
|  |  | 87964355 |
|  ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** |
|  DR Horton, Inc. | 14683 | 2114793 |
|  SharkNinja, Inc.\* | 1067 | 119397 |
|  Somnigroup International, Inc. | 12519 | 1117696 |
|  TopBuild Corp.\* | 125 | 52149 |
|  |  | 3404035 |
|  ***Specialty Retail (0.9%)*** | ***Specialty Retail (0.9%)*** | ***Specialty Retail (0.9%)*** |
|  AutoZone, Inc.\* | 597 | 2024726 |
|  Burlington Stores, Inc.\* | 3892 | 1124204 |
|  Carvana Co.\* | 18900 | 7976178 |
|  Chewy, Inc., Class A\* | 13721 | 453479 |
|  Floor & Decor Holdings, Inc., Class A\* | 2061 | 125494 |
|  Home Depot, Inc. (The) | 47092 | 16204357 |
|  Lithia Motors, Inc., Class A | 175 | 58158 |
|  Murphy USA, Inc. | 1095 | 441854 |
|  O'Reilly Automotive, Inc.\* | 48050 | 4382641 |

---

See Notes to Financial Statements.

936

------

EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  RH\* | 188 | $| 33680 |
|  Ross Stores, Inc. | 3920 |  | 706149 |
|  TJX Cos., Inc. (The) | 34709 |  | 5331650 |
|  Tractor Supply Co. | 32992 |  | 1649930 |
|  Ulta Beauty, Inc.\* | 732 |  | 442867 |
|  Valvoline, Inc.\* | 6854 |  | 199177 |
|  Wayfair, Inc., Class A\* | 1024 |  | 102820 |
|  Williams-Sonoma, Inc. | 1077 |  | 192341 |
|  |  |  | 41449705 |
|  ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** |
|  Birkenstock Holding plc\* | 970 |  | 39673 |
|  Deckers Outdoor Corp.\* | 9193 |  | 953038 |
|  Lululemon Athletica, Inc.\* | 3702 |  | 769313 |
|  NIKE, Inc., Class B | 46130 |  | 2938942 |
|  On Holding AG, Class A\* | 14022 |  | 651743 |
|  Ralph Lauren Corp. | 175 |  | 61882 |
|  Tapestry, Inc. | 11772 |  | 1504108 |
|  |  |  | 6918699 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 444369138 |
|  **Consumer Staples (1.9%)** | **Consumer Staples (1.9%)** | **Consumer Staples (1.9%)** | **Consumer Staples (1.9%)** |
|  ***Beverages (0.9%)*** | ***Beverages (0.9%)*** | ***Beverages (0.9%)*** | ***Beverages (0.9%)*** |
|  Boston Beer Co., Inc. (The), Class A\* | 11662 |  | 2275606 |
|  Celsius Holdings, Inc.\* | 9957 |  | 455433 |
|  Coca-Cola Co. (The) | 165565 |  | 11574649 |
|  Coca-Cola Consolidated, Inc. | 431 |  | 66072 |
|  Monster Beverage Corp.\* | 334624 |  | 25655622 |
|  PepsiCo, Inc. | 11647 |  | 1671578 |
|  |  |  | 41698960 |
|  ***Consumer Staples Distribution & Retail (0.8%)*** | ***Consumer Staples Distribution & Retail (0.8%)*** | ***Consumer Staples Distribution & Retail (0.8%)*** | ***Consumer Staples Distribution & Retail (0.8%)*** |
|  BJ's Wholesale Club Holdings, Inc.\* | 1177 |  | 105965 |
|  Casey's General Stores, Inc. | 337 |  | 186263 |
|  Costco Wholesale Corp. | 27547 |  | 23754880 |
|  Performance Food Group Co.\* | 1149 |  | 103318 |
|  Sprouts Farmers Market, Inc.\* | 6257 |  | 498495 |
|  Sysco Corp. | 16056 |  | 1183167 |
|  Walmart, Inc. | 102157 |  | 11381312 |
|  |  |  | 37213400 |
|  ***Food Products (0.0%)†*** | ***Food Products (0.0%)†*** | ***Food Products (0.0%)†*** | ***Food Products (0.0%)†*** |
|  Darling Ingredients, Inc.\* | 1067 |  | 38412 |
|  Freshpet, Inc.\* | 802 |  | 48866 |
|  Hershey Co. (The) | 1221 |  | 222197 |
|  |  |  | 309475 |
|  ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | ***Household Products (0.1%)*** |
|  Colgate-Palmolive Co. | 23646 |  | 1868507 |
|  Kimberly-Clark Corp. | 7611 |  | 767874 |
|  |  |  | 2636381 |
|  ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** |
|  Philip Morris International, Inc. | 35844 |  | 5749378 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 87607594 |
|  **Energy (0.1%)** | **Energy (0.1%)** | **Energy (0.1%)** | **Energy (0.1%)** |
|  ***Energy Equipment & Services (0.0%)†*** | ***Energy Equipment & Services (0.0%)†*** | ***Energy Equipment & Services (0.0%)†*** | ***Energy Equipment & Services (0.0%)†*** |
|  SLB Ltd. | 7270 |  | 279023 |
|  ***Oil, Gas & Consumable Fuels (0.1%)*** | ***Oil, Gas & Consumable Fuels (0.1%)*** | ***Oil, Gas & Consumable Fuels (0.1%)*** | ***Oil, Gas & Consumable Fuels (0.1%)*** |
|  Cheniere Energy, Inc. | 8021 |  | 1559202 |
|  HF Sinclair Corp. | 966 |  | 44513 |
|  Phillips 66 | 1774 |  | 228917 |
|  Targa Resources Corp. | 13219 |  | 2438905 |
|  Texas Pacific Land Corp. | 3573 |  | 1026237 |
|  Williams Cos., Inc. (The) | 3932 |  | 236353 |
|  |  |  | 5534127 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 5813150 |
|  **Financials (5.5%)** | **Financials (5.5%)** | **Financials (5.5%)** | **Financials (5.5%)** |
|  ***Banks (0.2%)*** | ***Banks (0.2%)*** | ***Banks (0.2%)*** | ***Banks (0.2%)*** |
|  Bank of America Corp. | 33136 |  | 1822480 |
|  Citigroup, Inc. | 19744 |  | 2303927 |
|  NU Holdings Ltd., Class A\* | 207596 |  | 3475157 |
|  Pinnacle Financial Partners, Inc. | 321 |  | 30627 |
|  Popular, Inc. | 369 |  | 45948 |
|  Western Alliance Bancorp | 1375 |  | 115596 |
|  |  |  | 7793735 |
|  ***Capital Markets (1.6%)*** | ***Capital Markets (1.6%)*** | ***Capital Markets (1.6%)*** | ***Capital Markets (1.6%)*** |
|  Ameriprise Financial, Inc. | 5161 |  | 2530645 |
|  Ares Management Corp., Class A | 11677 |  | 1887353 |
|  Bank of New York Mellon Corp. (The) | 3165 |  | 367425 |
|  Blackstone, Inc. | 46033 |  | 7095527 |
|  Blue Owl Capital, Inc., Class A | 39398 |  | 588606 |
|  Brookfield Asset Management Ltd., Class A | 7970 |  | 417548 |
|  Bullish\* | 864 |  | 32720 |
|  Charles Schwab Corp. (The) | 43944 |  | 4390445 |
|  Coinbase Global, Inc., Class A\* | 1376 |  | 311169 |
|  FactSet Research Systems, Inc. | 13570 |  | 3937878 |
|  Freedom Holding Corp.\* | 914 |  | 111216 |
|  Goldman Sachs Group, Inc. (The) | 13022 |  | 11446338 |
|  Hamilton Lane, Inc., Class A | 1587 |  | 213150 |
|  Houlihan Lokey, Inc., Class A | 1255 |  | 218608 |
|  Interactive Brokers Group, Inc., Class A | 1377 |  | 88555 |
|  Intercontinental Exchange, Inc. | 2495 |  | 404090 |
|  Jefferies Financial Group, Inc. | 2277 |  | 141106 |
|  KKR & Co., Inc. | 10469 |  | 1334588 |
|  Lazard, Inc. | 1297 |  | 62982 |
|  LPL Financial Holdings, Inc. | 4945 |  | 1766206 |
|  Moody's Corp. | 9647 |  | 4928170 |
|  Morningstar, Inc. | 972 |  | 211225 |
|  MSCI, Inc. | 28659 |  | 16442528 |
|  Robinhood Markets, Inc., Class A\* | 58961 |  | 6668489 |
|  SEI Investments Co. | 83804 |  | 6873604 |
|  TPG, Inc., Class A | 7868 |  | 502293 |
|  Tradeweb Markets, Inc., Class A | 596 |  | 64094 |
|  XP, Inc., Class A | 2181 |  | 35703 |
|  |  |  | 73072261 |
|  ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** |
|  Ally Financial, Inc. | 1980 |  | 89674 |
|  American Express Co. | 11007 |  | 4072040 |
|  Credit Acceptance Corp.\* | 74 |  | 32816 |
|  Figure Technology Solutions, Inc., Class A\* | 959 |  | 39166 |

---

See Notes to Financial Statements.

937

------

EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  SLM Corp. | 1755 | $| 47490 |
|  SoFi Technologies, Inc.\* | 177737 |  | 4653155 |
|  |  |  | 8934341 |
|  ***Financial Services (3.2%)*** | ***Financial Services (3.2%)*** | ***Financial Services (3.2%)*** | ***Financial Services (3.2%)*** |
|  Affirm Holdings, Inc., Class A\* | 10143 |  | 754943 |
|  Apollo Global Management, Inc. | 17819 |  | 2579478 |
|  Berkshire Hathaway, Inc., Class B\* | 4002 |  | 2011605 |
|  Block, Inc., Class A\* | 77409 |  | 5038552 |
|  Corpay, Inc.\* | 4231 |  | 1273235 |
|  Fiserv, Inc.\* | 9279 |  | 623270 |
|  Mastercard, Inc., Class A | 100585 |  | 57421965 |
|  PayPal Holdings, Inc. | 60341 |  | 3522708 |
|  Shift4 Payments, Inc., Class A\* | 4606 |  | 290040 |
|  Toast, Inc., Class A\* | 28745 |  | 1020735 |
|  UWM Holdings Corp., Class A | 1039 |  | 4551 |
|  Visa, Inc., Class A | 211714 |  | 74250217 |
|  WEX, Inc.\* | 244 |  | 36351 |
|  |  |  | 148827650 |
|  ***Insurance (0.3%)*** | ***Insurance (0.3%)*** | ***Insurance (0.3%)*** | ***Insurance (0.3%)*** |
|  Aon plc, Class A | 32686 |  | 11534236 |
|  Arthur J Gallagher & Co. | 940 |  | 243263 |
|  Brown & Brown, Inc. | 1776 |  | 141547 |
|  Everest Group Ltd. | 360 |  | 122166 |
|  Kinsale Capital Group, Inc. | 1436 |  | 561648 |
|  Markel Group, Inc.\* | 155 |  | 333196 |
|  Marsh & McLennan Cos., Inc. | 3736 |  | 693103 |
|  Progressive Corp. (The) | 1790 |  | 407619 |
|  RLI Corp. | 581 |  | 37172 |
|  Ryan Specialty Holdings, Inc., Class A | 6391 |  | 329967 |
|  |  |  | 14403917 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 253031904 |
|  **Health Care (7.4%)** | **Health Care (7.4%)** | **Health Care (7.4%)** | **Health Care (7.4%)** |
|  ***Biotechnology (2.5%)*** | ***Biotechnology (2.5%)*** | ***Biotechnology (2.5%)*** | ***Biotechnology (2.5%)*** |
|  AbbVie, Inc. | 129918 |  | 29684964 |
|  Alnylam Pharmaceuticals, Inc.\* | 62410 |  | 24817337 |
|  Amgen, Inc. | 24623 |  | 8059354 |
|  Apellis Pharmaceuticals, Inc.\* | 6563 |  | 164863 |
|  Caris Life Sciences, Inc.\* | 1156 |  | 31189 |
|  CRISPR Therapeutics AG\* | 54938 |  | 2880949 |
|  Exact Sciences Corp.\* | 727 |  | 73834 |
|  Exelixis, Inc.\* | 13644 |  | 598017 |
|  Gilead Sciences, Inc. | 53780 |  | 6600957 |
|  Halozyme Therapeutics, Inc.\* | 7460 |  | 502058 |
|  Incyte Corp.\* | 2491 |  | 246036 |
|  Insmed, Inc.\* | 59903 |  | 10425518 |
|  Ionis Pharmaceuticals, Inc.\* | 9265 |  | 732954 |
|  Natera, Inc.\* | 34073 |  | 7805784 |
|  Neurocrine Biosciences, Inc.\* | 5268 |  | 747160 |
|  Regeneron Pharmaceuticals, Inc. | 19227 |  | 14840744 |
|  Sarepta Therapeutics, Inc.\* | 4698 |  | 101101 |
|  Summit Therapeutics, Inc.\* | 7111 |  | 124371 |
|  Ultragenyx Pharmaceutical, Inc.\* | 5468 |  | 125764 |
|  Vertex Pharmaceuticals, Inc.\* | 15961 |  | 7236079 |
|  Viking Therapeutics, Inc.\* | 1147 |  | 40351 |
|  |  |  | 115839384 |
|  ***Health Care Equipment & Supplies (1.3%)*** | ***Health Care Equipment & Supplies (1.3%)*** | ***Health Care Equipment & Supplies (1.3%)*** | ***Health Care Equipment & Supplies (1.3%)*** |
|  Abbott Laboratories | 73142 |  | 9163961 |
|  Boston Scientific Corp.\* | 68307 |  | 6513073 |
|  Dexcom, Inc.\* | 24266 |  | 1610534 |
|  IDEXX Laboratories, Inc.\* | 17078 |  | 11553779 |
|  Inspire Medical Systems, Inc.\* | 1741 |  | 160572 |
|  Insulet Corp.\* | 4342 |  | 1234170 |
|  Intuitive Surgical, Inc.\* | 49143 |  | 27832630 |
|  Masimo Corp.\* | 2743 |  | 356755 |
|  Penumbra, Inc.\* | 2371 |  | 737168 |
|  ResMed, Inc. | 2235 |  | 538344 |
|  Stryker Corp. | 5494 |  | 1930976 |
|  |  |  | 61631962 |
|  ***Health Care Providers & Services (0.4%)*** | ***Health Care Providers & Services (0.4%)*** | ***Health Care Providers & Services (0.4%)*** | ***Health Care Providers & Services (0.4%)*** |
|  Cardinal Health, Inc. | 7443 |  | 1529536 |
|  Cencora, Inc. | 11364 |  | 3838191 |
|  Chemed Corp. | 82 |  | 35085 |
|  Cigna Group (The) | 1295 |  | 356423 |
|  DaVita, Inc.\* | 2328 |  | 264484 |
|  HCA Healthcare, Inc. | 2166 |  | 1011219 |
|  Hims & Hers Health, Inc.\* | 48382 |  | 1570964 |
|  McKesson Corp. | 11087 |  | 9094555 |
|  Molina Healthcare, Inc.\* | 1791 |  | 310810 |
|  |  |  | 18011267 |
|  ***Health Care Technology (0.5%)*** | ***Health Care Technology (0.5%)*** | ***Health Care Technology (0.5%)*** | ***Health Care Technology (0.5%)*** |
|  Doximity, Inc., Class A\* | 213259 |  | 9443109 |
|  Veeva Systems, Inc., Class A\* | 48754 |  | 10883355 |
|  |  |  | 20326464 |
|  ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** |
|  Illumina, Inc.\* | 36333 |  | 4765436 |
|  Medpace Holdings, Inc.\* | 1390 |  | 780694 |
|  Repligen Corp.\* | 399 |  | 65380 |
|  Sotera Health Co.\* | 925 |  | 16317 |
|  Tempus AI, Inc., Class A\* | 5961 |  | 351997 |
|  Waters Corp.\* | 1984 |  | 753583 |
|  |  |  | 6733407 |
|  ***Pharmaceuticals (2.5%)*** | ***Pharmaceuticals (2.5%)*** | ***Pharmaceuticals (2.5%)*** | ***Pharmaceuticals (2.5%)*** |
|  Bristol-Myers Squibb Co. | 24281 |  | 1309717 |
|  Corcept Therapeutics, Inc.\* | 5722 |  | 199126 |
|  Eli Lilly & Co. | 74572 |  | 80141037 |
|  Johnson & Johnson | 26491 |  | 5482312 |
|  Novartis AG (ADR) | 33997 |  | 4687166 |
|  Novo Nordisk A/S (ADR) | 153580 |  | 7814150 |
|  Roche Holding AG (ADR) | 102775 |  | 5300107 |
|  Zoetis, Inc. | 93686 |  | 11787573 |
|  |  |  | 116721188 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 339263672 |
|  **Industrials (4.2%)** | **Industrials (4.2%)** | **Industrials (4.2%)** | **Industrials (4.2%)** |
|  ***Aerospace & Defense (1.6%)*** | ***Aerospace & Defense (1.6%)*** | ***Aerospace & Defense (1.6%)*** | ***Aerospace & Defense (1.6%)*** |
|  Axon Enterprise, Inc.\* | 4629 |  | 2628948 |
|  Boeing Co. (The)\* | 125145 |  | 27171482 |
|  BWX Technologies, Inc. | 977 |  | 168865 |
|  Carpenter Technology Corp. | 518 |  | 163087 |
|  GE Aerospace | 88015 |  | 27111260 |
|  HEICO Corp. | 2691 |  | 870781 |
|  HEICO Corp., Class A | 4644 |  | 1172285 |

---

See Notes to Financial Statements.

938

------

EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Howmet Aerospace, Inc. | 24886 | $| 5102128 |
|  Karman Holdings, Inc.\* | 3155 |  | 230851 |
|  Leonardo DRS, Inc. | 1810 |  | 61703 |
|  Loar Holdings, Inc.\* | 2347 |  | 159596 |
|  Lockheed Martin Corp. | 3598 |  | 1740245 |
|  Rocket Lab Corp.\* | 40522 |  | 2826815 |
|  RTX Corp. | 19688 |  | 3610779 |
|  StandardAero, Inc.\* | 1207 |  | 34617 |
|  TransDigm Group, Inc. | 1171 |  | 1557254 |
|  |  |  | 74610696 |
|  ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** |
|  Expeditors International of Washington, Inc. | 42519 |  | 6335756 |
|  ***Building Products (0.2%)*** | ***Building Products (0.2%)*** | ***Building Products (0.2%)*** | ***Building Products (0.2%)*** |
|  AAON, Inc. | 4091 |  | 311939 |
|  Armstrong World Industries, Inc. | 769 |  | 146956 |
|  Carlisle Cos., Inc. | 307 |  | 98197 |
|  Lennox International, Inc. | 1967 |  | 955136 |
|  Simpson Manufacturing Co., Inc. | 231 |  | 37299 |
|  Trane Technologies plc | 17788 |  | 6923090 |
|  |  |  | 8472617 |
|  ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** |
|  Cintas Corp. | 21337 |  | 4012849 |
|  Copart, Inc.\* | 51118 |  | 2001270 |
|  RB Global, Inc. | 687 |  | 70672 |
|  Rollins, Inc. | 17380 |  | 1043147 |
|  Tetra Tech, Inc. | 3020 |  | 101291 |
|  Veralto Corp. | 6092 |  | 607860 |
|  Waste Management, Inc. | 22960 |  | 5044542 |
|  |  |  | 12881631 |
|  ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** |
|  Comfort Systems USA, Inc. | 2159 |  | 2014973 |
|  EMCOR Group, Inc. | 986 |  | 603225 |
|  MasTec, Inc.\* | 797 |  | 173244 |
|  Quanta Services, Inc. | 13875 |  | 5856083 |
|  WillScot Holdings Corp. | 2758 |  | 51933 |
|  |  |  | 8699458 |
|  ***Electrical Equipment (0.5%)*** | ***Electrical Equipment (0.5%)*** | ***Electrical Equipment (0.5%)*** | ***Electrical Equipment (0.5%)*** |
|  GE Vernova, Inc. | 29090 |  | 19012351 |
|  Rockwell Automation, Inc. | 554 |  | 215545 |
|  Vertiv Holdings Co., Class A | 23611 |  | 3825218 |
|  |  |  | 23053114 |
|  ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** |
|  Avis Budget Group, Inc.\* | 353 |  | 45297 |
|  Lyft, Inc., Class A\* | 3884 |  | 75233 |
|  Old Dominion Freight Line, Inc. | 638 |  | 100038 |
|  Uber Technologies, Inc.\* | 191636 |  | 15658578 |
|  U-Haul Holding Co. (Nasdaq Stock Exchange)\* | 680 |  | 34279 |
|  U-Haul Holding Co. (New York Stock Exchange) | 2345 |  | 109605 |
|  Union Pacific Corp. | 3017 |  | 697892 |
|  XPO, Inc.\* | 1437 |  | 195303 |
|  |  |  | 16916225 |
|  ***Industrial Conglomerates (0.2%)*** | ***Industrial Conglomerates (0.2%)*** | ***Industrial Conglomerates (0.2%)*** | ***Industrial Conglomerates (0.2%)*** |
|  3M Co. | 46117 |  | 7383332 |
|  ***Machinery (0.3%)*** | ***Machinery (0.3%)*** | ***Machinery (0.3%)*** | ***Machinery (0.3%)*** |
|  Allison Transmission Holdings, Inc. | 869 |  | 85075 |
|  Caterpillar, Inc. | 3537 |  | 2026241 |
|  Deere & Co. | 16977 |  | 7903982 |
|  Illinois Tool Works, Inc. | 5928 |  | 1460066 |
|  RBC Bearings, Inc.\* | 383 |  | 171749 |
|  |  |  | 11647113 |
|  ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** |
|  Alaska Air Group, Inc.\* | 1289 |  | 64836 |
|  American Airlines Group, Inc.\* | 2933 |  | 44963 |
|  Southwest Airlines Co. | 3275 |  | 135356 |
|  |  |  | 245155 |
|  ***Professional Services (0.3%)*** | ***Professional Services (0.3%)*** | ***Professional Services (0.3%)*** | ***Professional Services (0.3%)*** |
|  Automatic Data Processing, Inc. | 23447 |  | 6031272 |
|  Booz Allen Hamilton Holding Corp. | 7604 |  | 641473 |
|  Broadridge Financial Solutions, Inc. | 6570 |  | 1466227 |
|  Dayforce, Inc.\* | 854 |  | 59063 |
|  Equifax, Inc. | 1308 |  | 283810 |
|  ExlService Holdings, Inc.\* | 9633 |  | 408824 |
|  KBR, Inc. | 788 |  | 31678 |
|  Paychex, Inc. | 6254 |  | 701574 |
|  Paycom Software, Inc. | 24500 |  | 3904320 |
|  Paylocity Holding Corp.\* | 2517 |  | 383842 |
|  Verisk Analytics, Inc. | 5213 |  | 1166096 |
|  |  |  | 15078179 |
|  ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** |
|  Core & Main, Inc., Class A\* | 6708 |  | 348615 |
|  Fastenal Co. | 58511 |  | 2348047 |
|  Ferguson Enterprises, Inc. | 694 |  | 154505 |
|  FTAI Aviation Ltd. | 6308 |  | 1241730 |
|  SiteOne Landscape Supply, Inc.\* | 865 |  | 107744 |
|  W.W. Grainger, Inc. | 2328 |  | 2349068 |
|  |  |  | 6549709 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 191872985 |
|  **Information Technology (30.5%)** | **Information Technology (30.5%)** | **Information Technology (30.5%)** | **Information Technology (30.5%)** |
|  ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** |
|  Arista Networks, Inc.\* | 67814 |  | 8885668 |
|  Ciena Corp.\* | 13151 |  | 3075624 |
|  Lumentum Holdings, Inc.\* | 2965 |  | 1092869 |
|  Motorola Solutions, Inc. | 4356 |  | 1669742 |
|  Ubiquiti, Inc. | 256 |  | 141658 |
|  |  |  | 14865561 |
|  ***Electronic Equipment, Instruments & Components (0.4%)*** | ***Electronic Equipment, Instruments & Components (0.4%)*** | ***Electronic Equipment, Instruments & Components (0.4%)*** | ***Electronic Equipment, Instruments & Components (0.4%)*** |
|  Amphenol Corp., Class A | 107967 |  | 14590660 |
|  CDW Corp. | 578 |  | 78724 |
|  Celestica, Inc.\* | 7708 |  | 2278562 |
|  Jabil, Inc. | 4344 |  | 990519 |
|  |  |  | 17938465 |
|  ***IT Services (1.5%)*** | ***IT Services (1.5%)*** | ***IT Services (1.5%)*** | ***IT Services (1.5%)*** |
|  Accenture plc, Class A | 24964 |  | 6697841 |
|  Cloudflare, Inc., Class A\* | 44035 |  | 8681500 |
|  Gartner, Inc.\* | 4632 |  | 1168561 |
|  Globant SA\* | 435 |  | 28436 |
|  GoDaddy, Inc., Class A\* | 8512 |  | 1056169 |
|  International Business Machines Corp. | 26361 |  | 7808392 |

---

See Notes to Financial Statements.

939

------

EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Kyndryl Holdings, Inc.\* | 930 | $| 24701 |
|  MongoDB, Inc.\* | 458 |  | 192218 |
|  Okta, Inc.\* | 3951 |  | 341643 |
|  Shopify, Inc., Class A\* | 233233 |  | 37543516 |
|  Snowflake, Inc., Class A\* | 26603 |  | 5835634 |
|  Twilio, Inc., Class A\* | 10710 |  | 1523390 |
|  |  |  | 70902001 |
|  ***Semiconductors & Semiconductor Equipment (11.7%)*** | ***Semiconductors & Semiconductor Equipment (11.7%)*** | ***Semiconductors & Semiconductor Equipment (11.7%)*** | ***Semiconductors & Semiconductor Equipment (11.7%)*** |
|  Advanced Micro Devices, Inc.\* | 80777 |  | 17299202 |
|  Applied Materials, Inc. | 14119 |  | 3628442 |
|  ARM Holdings plc (ADR)\* | 86551 |  | 9460890 |
|  Astera Labs, Inc.\* | 7847 |  | 1305427 |
|  Broadcom, Inc. | 426604 |  | 147647644 |
|  Enphase Energy, Inc.\* | 7749 |  | 248355 |
|  Entegris, Inc. | 1487 |  | 125280 |
|  KLA Corp. | 8166 |  | 9922343 |
|  Lam Research Corp. | 80584 |  | 13794369 |
|  Lattice Semiconductor Corp.\* | 7504 |  | 552144 |
|  MACOM Technology Solutions Holdings, Inc.\* | 956 |  | 163744 |
|  Marvell Technology, Inc. | 3673 |  | 312132 |
|  Monolithic Power Systems, Inc. | 2873 |  | 2603972 |
|  NVIDIA Corp. | 1665335 |  | 310584978 |
|  Onto Innovation, Inc.\* | 659 |  | 104030 |
|  QUALCOMM, Inc. | 55798 |  | 9544248 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 17180 |  | 5220830 |
|  Texas Instruments, Inc. | 23077 |  | 4003629 |
|  |  |  | 536521659 |
|  ***Software (11.4%)*** | ***Software (11.4%)*** | ***Software (11.4%)*** | ***Software (11.4%)*** |
|  Adobe, Inc.\* | 42701 |  | 14944923 |
|  Appfolio, Inc., Class A\* | 1338 |  | 311286 |
|  AppLovin Corp., Class A\* | 22480 |  | 15147474 |
|  Atlassian Corp., Class A\* | 10292 |  | 1668745 |
|  Autodesk, Inc.\* | 65494 |  | 19386879 |
|  Bentley Systems, Inc., Class B | 9583 |  | 365735 |
|  Cadence Design Systems, Inc.\* | 16934 |  | 5293230 |
|  Circle Internet Group, Inc., Class A\* | 454 |  | 36002 |
|  Confluent, Inc., Class A\* | 18091 |  | 547072 |
|  Crowdstrike Holdings, Inc., Class A\* | 21982 |  | 10304282 |
|  Datadog, Inc., Class A\* | 19373 |  | 2634534 |
|  Docusign, Inc.\* | 9722 |  | 664985 |
|  Dropbox, Inc., Class A\* | 3263 |  | 90711 |
|  Dynatrace, Inc.\* | 18183 |  | 788051 |
|  Elastic NV\* | 5520 |  | 416429 |
|  Fair Isaac Corp.\* | 1199 |  | 2027053 |
|  Fortinet, Inc.\* | 39489 |  | 3135822 |
|  Gen Digital, Inc. | 3633 |  | 98781 |
|  Gitlab, Inc., Class A\* | 8937 |  | 335406 |
|  Guidewire Software, Inc.\* | 5267 |  | 1058720 |
|  HubSpot, Inc.\* | 3170 |  | 1272121 |
|  Intuit, Inc. | 30462 |  | 20178638 |
|  Manhattan Associates, Inc.\* | 3827 |  | 663257 |
|  Microsoft Corp. | 525878 |  | 254325118 |
|  nCino, Inc.\* | 1199 |  | 30742 |
|  Nutanix, Inc., Class A\* | 3821 |  | 197508 |
|  Oracle Corp. | 336704 |  | 65626977 |
|  Palantir Technologies, Inc., Class A\* | 184139 |  | 32730707 |
|  Palo Alto Networks, Inc.\* | 49191 |  | 9060982 |
|  Pegasystems, Inc. | 1715 |  | 102420 |
|  Procore Technologies, Inc.\* | 6976 |  | 507434 |
|  PTC, Inc.\* | 839 |  | 146162 |
|  RingCentral, Inc., Class A\* | 4874 |  | 140761 |
|  Rubrik, Inc., Class A\* | 4954 |  | 378882 |
|  Salesforce, Inc. | 42599 |  | 11284901 |
|  Samsara, Inc., Class A\* | 19371 |  | 686702 |
|  SentinelOne, Inc., Class A\* | 12803 |  | 192045 |
|  ServiceNow, Inc.\* | 149151 |  | 22848442 |
|  Strategy, Inc.\* | 906 |  | 137667 |
|  Synopsys, Inc.\* | 20970 |  | 9850028 |
|  Teradata Corp.\* | 1700 |  | 51748 |
|  Tyler Technologies, Inc.\* | 2210 |  | 1003230 |
|  Unity Software, Inc.\* | 1124 |  | 49647 |
|  Workday, Inc., Class A\* | 47253 |  | 10148999 |
|  Zscaler, Inc.\* | 6199 |  | 1394279 |
|  |  |  | 522265517 |
|  ***Technology Hardware, Storage & Peripherals (5.2%)*** | ***Technology Hardware, Storage & Peripherals (5.2%)*** | ***Technology Hardware, Storage & Peripherals (5.2%)*** | ***Technology Hardware, Storage & Peripherals (5.2%)*** |
|  Apple, Inc. | 860956 |  | 234059498 |
|  Dell Technologies, Inc., Class C | 2650 |  | 333582 |
|  NetApp, Inc. | 4882 |  | 522814 |
|  Pure Storage, Inc., Class A\* | 16622 |  | 1113840 |
|  Super Micro Computer, Inc.\* | 14330 |  | 419439 |
|  Western Digital Corp. | 17033 |  | 2934275 |
|  |  |  | 239383448 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 1401876651 |
|  **Materials (0.1%)** | **Materials (0.1%)** | **Materials (0.1%)** | **Materials (0.1%)** |
|  ***Chemicals (0.1%)*** | ***Chemicals (0.1%)*** | ***Chemicals (0.1%)*** | ***Chemicals (0.1%)*** |
|  Ecolab, Inc. | 3787 |  | 994163 |
|  Sherwin-Williams Co. (The) | 12980 |  | 4205910 |
|  |  |  | 5200073 |
|  ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** |
|  Eagle Materials, Inc. | 171 |  | 35342 |
|  James Hardie Industries plc (ADR)\* | 5674 |  | 117736 |
|  |  |  | 153078 |
|  ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** |
|  Anglogold Ashanti plc | 3719 |  | 317156 |
|  Steel Dynamics, Inc. | 820 |  | 138949 |
|  |  |  | 456105 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 5809256 |
|  **Real Estate (0.3%)** | **Real Estate (0.3%)** | **Real Estate (0.3%)** | **Real Estate (0.3%)** |
|  ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** |
|  CBRE Group, Inc., Class A\* | 1989 |  | 319812 |
|  CoStar Group, Inc.\* | 64704 |  | 4350697 |
|  Jones Lang LaSalle, Inc.\* | 773 |  | 260091 |
|  |  |  | 4930600 |
|  ***Residential REITs (0.0%)†*** | ***Residential REITs (0.0%)†*** | ***Residential REITs (0.0%)†*** | ***Residential REITs (0.0%)†*** |
|  Sun Communities, Inc. (REIT) | 1473 |  | 182519 |
|  UDR, Inc. (REIT) | 1100 |  | 40348 |
|  |  |  | 222867 |
|  ***Retail REITs (0.0%)†*** | ***Retail REITs (0.0%)†*** | ***Retail REITs (0.0%)†*** | ***Retail REITs (0.0%)†*** |
|  Simon Property Group, Inc. (REIT) | 4559 |  | 843916 |

---

See Notes to Financial Statements.

940

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EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Specialized REITs (0.2%)*** | ***Specialized REITs (0.2%)*** | ***Specialized REITs (0.2%)*** |
|  American Tower Corp. (REIT) | 29030 | $5096797 |
|  Lamar Advertising Co. (REIT), Class A | 5303 | 671254 |
|  Public Storage (REIT) | 1266 | 328527 |
|  |  | 6096578 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 12093961 |
|  **Utilities (0.1%)** | **Utilities (0.1%)** | **Utilities (0.1%)** |
|  ***Electric Utilities (0.0%)†*** | ***Electric Utilities (0.0%)†*** | ***Electric Utilities (0.0%)†*** |
|  NRG Energy, Inc. | 11755 | 1871866 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  Vistra Corp. | 30277 | 4884589 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 6756455 |
|  **Total Common Stocks (68.7%)**<br> *(Cost $1,044,600,635)* |  | 3160913763 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (21.0%)** | **Equity (21.0%)** | **Equity (21.0%)** |
|  Invesco QQQ Trust | 44297 | 27212090 |
|  iShares Core S&P 500 ETF | 2079 | 1423990 |
|  iShares Morningstar Growth ETF‡ | 2308585 | 240185183 |
|  iShares Morningstar U.S. Equity ETF | 15692 | 1481011 |
|  iShares Morningstar Value ETF | 30936 | 2919121 |
|  iShares Russell 1000 ETF | 3225 | 1204344 |
|  iShares Russell 1000 Growth ETF | 16168 | 7652314 |
|  State Street SPDR Portfolio S&P 500 Growth ETF | 1335500 | 142497850 |
|  State Street SPDR Portfolio S&P 500 Value ETF | 385300 | 21888893 |
|  Vanguard Growth ETF | 397682 | 194013141 |
|  Vanguard Large-Cap ETF | 600 | 188880 |
|  Vanguard Russell 1000 Growth ETF | 2637500 | 321115625 |
|  Vanguard Russell 1000 Value ETF | 25400 | 2344420 |
|  Vanguard Value ETF | 14900 | 2845751 |
|  **Total Exchange Traded Funds (21.0%)**<br> *(Cost $382,087,663)* | **Total Exchange Traded Funds (21.0%)**<br> *(Cost $382,087,663)* | 966972613 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (4.6%)** | **Investment Companies (4.6%)** |  |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 210034836 | 210118850 |
|  **Total Short-Term Investments (4.6%)**<br> *(Cost $210,084,682)* | **Total Short-Term Investments (4.6%)**<br> *(Cost $210,084,682)* | 210118850 |
|  **Total Investments in Securities (94.3%)**<br> *(Cost $1,636,772,980)* | **Total Investments in Securities (94.3%)**<br> *(Cost $1,636,772,980)* | 4338005226 |
|  **Other Assets Less Liabilities (5.7%)** | **Other Assets Less Liabilities (5.7%)** | 262828128 |
|  **Net Assets (100%)** |  | $4600833354 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

*Glossary:* 

*ADR — American Depositary Receipt* 

*REIT — Real Estate Investment Trust* 

*USD — United States Dollar* 

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security<br>Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Financial Services** |  |  |  |  |  |  |  |  |  |
|  Equitable Holdings, Inc. |  | 989296 |  | (1171254) | 637838 | (455880) |  | 10520 |  |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  iShares Morningstar Growth ETF | 2308585 | 231301056 |  | (25670520) | 9425055 | 25129592 | 240185183 | 1151344 |  |
|  **Total** |  | **232290352** |  | **(26841774)** | **10062893** | **24673712** | **240185183** | **1161864** |  |

---

See Notes to Financial Statements.

941

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EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Russell 1000 Growth E-Mini Index | 1892 | 3/2026 | USD | 454430020 | 1949506 |
|  |  |  |  |  | 1949506 |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $412418997 | $— | $— | $412418997 |
|  Consumer Discretionary | 444369138 |  |  | 444369138 |
|  Consumer Staples | 87607594 |  |  | 87607594 |
|  Energy | 5813150 |  |  | 5813150 |
|  Financials | 253031904 |  |  | 253031904 |
|  Health Care | 339263672 |  |  | 339263672 |
|  Industrials | 191872985 |  |  | 191872985 |
|  Information Technology | 1401876651 |  |  | 1401876651 |
|  Materials | 5809256 |  |  | 5809256 |
|  Real Estate | 12093961 |  |  | 12093961 |
|  Utilities | 6756455 |  |  | 6756455 |
|  **Exchange Traded Funds** | 966972613 |  |  | 966972613 |
|  **Futures** | 1949506 |  |  | 1949506 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 210118850 |  |  | 210118850 |
|  **Total Assets** | $**4339954732** | $**—** | $**—** | $**4339954732** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**4339954732** | $**—** | $**—** | $**4339954732** |

---

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $1949506 \* |
|  **Total** |  | $1949506 |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

See Notes to Financial Statements.

942

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EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(132702916) | $(132702916) |
|  **Total** | $(132702916) | $(132702916) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $18698425 | $18698425 |
|  **Total** | $18698425 | $18698425 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $444512000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 716949000 |

---

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $1142968430.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $1926177279.0 |

---

During the year ended December 31, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 10%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 8%)\*** | **Net Realized<br>Gain (Loss)** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118234867 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152503532 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97083666 |

---

\* Represents percentage/amount of total Purchases and/or Sales.

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $2714813437 |
|  Aggregate gross unrealized depreciation | (35776465) |
|  Net unrealized appreciation | $2679036972 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $1660917760 |

---

For the period ended December 31, 2025, the Portfolio incurred approximately $16,348 as brokerage commissions with Bernstein Institutional Services, LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

943

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EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $46,622,023) | $240185183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $1,590,150,957) | 4097820043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 236328496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 32289232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1876774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1107102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 48651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 17932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 4609673413 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 3559659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 1769625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1602227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 971647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 486221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 18078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 3656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 428946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 8840059 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $4600833354 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $2009660152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 2591173202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $4600833354 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $4,553,958,465 / 140,862,707 shares outstanding (unlimited amount authorized: $0.01 par value) | $32.33 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $46,874,889 / 1,331,656 shares outstanding (unlimited amount authorized: $0.01 par value) | $35.20 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($1,161,864 of dividend income received from affiliates) (net of $100,374 foreign withholding tax) | $32079481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 11139123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 43218604 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 20618535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 11307804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 5706604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 314100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 227678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 225476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 156209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 123122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 38679528 |
|  **NET INVESTMENT INCOME (LOSS)** | 4539076 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($10,062,893 realized gain (loss) from affiliates) | 684540482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (132702916) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 13977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 551851543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($24,673,712 of change in unrealized appreciation (depreciation) from affiliates) | (97877415) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 18698425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (1261) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (79180251) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 472671292 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $477210368 |

---

See Notes to Financial Statements.

944

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#### EQ ADVISORS TRUST
EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4539076 | $13274531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 551851543 | 637097002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (79180251) | 564199151 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 477210368 | 1214570684 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (644492069) | (569201810) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (6241841) | (5896394) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (650733910) | (575098204) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 7,472 shares, respectively ] |  | 252862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (2265369) shares, respectively ] |  | (83238983) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (98856) shares, respectively ] |  | (3326112) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (86312233) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,590,616 and 1,179,912 shares, respectively ] | 53137959 | 39596918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 2,402,718 shares, respectively ] |  | 83238983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 19,514,053 and 16,331,221 shares,<br>respectively ] | 644492069 | 569201810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (21597946) and (22183239) shares, respectively ] | (737319760) | (745061969) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (39689732) | (53024258) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 98,217 and 37,297 shares, respectively ] | 3693578 | 1352699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 173,857 and 157,338 shares, respectively ] | 6241841 | 5896394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (364796) and (345424) shares, respectively ] | (13629730) | (12413489) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (3694311) | (5164396) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (43384043) | (144500887) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (216907585) | 494971593 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 4817740939 | 4322769346 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $4600833354 | $4817740939 |

---

See Notes to Financial Statements.

945

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#### EQ ADVISORS TRUST
EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $33.72 | $29.25 | $23.02 | $38.09 | $39.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations†:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.03 | 0.10 | 0.12 | 0.01 | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.68 | 8.78 | 8.78 | (11.52) | 9.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.71 | 8.88 | 8.90 | (11.51) | 9.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.03) | (0.12) | (0.12) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (5.07) | (4.29) | (2.55) | (3.54) | (11.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (5.10) | (4.41) | (2.67) | (3.56) | (11.27) |
|  Net asset value, end of year | $32.33 | $33.72 | $29.25 | $23.02 | $38.09 |
|  Total return | 11.06% | 30.11% | 38.97% | (30.57)% | 24.38% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $4553958 | $4766050 | $4200505 | $3428797 | $5431974 |
|  Ratio of expenses to average net assets (f) | 0.85% | 0.85% | 0.86% | 0.85% | 0.82% |
|  Ratio of net investment income (loss) to average net assets (f) | 0.10% | 0.28% | 0.42% | 0.04% | (0.17)% |
|  Portfolio turnover rate^ | 28% | 16% | 23% | 20% | 29% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $36.29 | $31.21 | $24.42 | $40.11 | $41.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations†:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.13 | 0.19 | 0.20 | 0.09 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.97 | 9.38 | 9.33 | (12.15) | 10.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 4.10 | 9.57 | 9.53 | (12.06) | 10.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.12) | (0.20) | (0.19) | (0.09) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (5.07) | (4.29) | (2.55) | (3.54) | (11.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (5.19) | (4.49) | (2.74) | (3.63) | (11.27) |
|  Net asset value, end of year | $35.20 | $36.29 | $31.21 | $24.42 | $40.11 |
|  Total return | 11.34% | 30.44% | 39.31% | (30.39)% | 24.66% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $46875 | $51691 | $49159 | $40291 | $65813 |
|  Ratio of expenses to average net assets (f) | 0.60% | 0.60% | 0.61% | 0.60% | 0.57% |
|  Ratio of net investment income (loss) to average net assets (f) | 0.35% | 0.53% | 0.67% | 0.30% | 0.06% |
|  Portfolio turnover rate^ | 28% | 16% | 23% | 20% | 29% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*†* *The amount shown for a share outstanding throughout the period may not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

946

------

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (8.4%)** | **Communication Services (8.4%)** | **Communication Services (8.4%)** |
|  ***Diversified Telecommunication Services (1.2%)*** | ***Diversified Telecommunication Services (1.2%)*** | ***Diversified Telecommunication Services (1.2%)*** |
|  AST SpaceMobile, Inc., Class A (x)\* | 474 | $34427 |
|  AT&T, Inc. | 227373 | 5647945 |
|  Frontier Communications Parent, Inc.\* | 7908 | 301058 |
|  GCI Liberty, Inc., Class A\* | 85 | 3134 |
|  GCI Liberty, Inc., Class C\* | 577 | 21470 |
|  Iridium Communications, Inc. | 2778 | 48282 |
|  Liberty Global Ltd., Class A\* | 5423 | 60412 |
|  Liberty Global Ltd., Class C\* | 4495 | 49625 |
|  Verizon Communications, Inc. | 136898 | 5575855 |
|  |  | 11742208 |
|  ***Entertainment (1.4%)*** | ***Entertainment (1.4%)*** | ***Entertainment (1.4%)*** |
|  Electronic Arts, Inc. | 8151 | 1665494 |
|  Liberty Live Holdings, Inc., Class A\* | 638 | 51997 |
|  Liberty Live Holdings, Inc., Class C\* | 1483 | 123326 |
|  Liberty Media Corp.-Liberty Formula One, Class A\* | 507 | 45316 |
|  Liberty Media Corp.-Liberty Formula One, Class C\* | 4689 | 461913 |
|  Madison Square Garden Sports Corp.\* | 522 | 135016 |
|  Roku, Inc.\* | 3635 | 394361 |
|  Take-Two Interactive Software, Inc.\* | 3903 | 999285 |
|  TKO Group Holdings, Inc., Class A | 1279 | 267311 |
|  Walt Disney Co. (The) | 58699 | 6678185 |
|  Warner Bros Discovery, Inc.\* | 75493 | 2175708 |
|  |  | 12997912 |
|  ***Interactive Media & Services (4.8%)*** | ***Interactive Media & Services (4.8%)*** | ***Interactive Media & Services (4.8%)*** |
|  Alphabet, Inc., Class A | 66877 | 20932501 |
|  Alphabet, Inc., Class C | 54454 | 17087665 |
|  IAC, Inc.\* | 2177 | 85121 |
|  Match Group, Inc. | 7923 | 255834 |
|  Meta Platforms, Inc., Class A | 12622 | 8331656 |
|  Pinterest, Inc., Class A\* | 9637 | 249502 |
|  Trump Media & Technology Group Corp.\* | 2379 | 31498 |
|  ZoomInfo Technologies, Inc., Class A\* | 9579 | 97418 |
|  |  | 47071195 |
|  ***Media (0.7%)*** | ***Media (0.7%)*** | ***Media (0.7%)*** |
|  Charter Communications, Inc., Class A\* | 2860 | 597025 |
|  Comcast Corp., Class A | 118712 | 3548302 |
|  DoubleVerify Holdings, Inc.\* | 2269 | 25957 |
|  Fox Corp., Class A | 6872 | 502137 |
|  Fox Corp., Class B | 4834 | 313872 |
|  Liberty Broadband Corp., Class A\* | 423 | 20422 |
|  Liberty Broadband Corp., Class C\* | 2861 | 139045 |
|  New York Times Co. (The), Class A | 5201 | 361053 |
|  News Corp., Class A | 12271 | 320519 |
|  News Corp., Class B | 4084 | 121009 |
|  Nexstar Media Group, Inc., Class A | 859 | 174420 |
|  NIQ Global Intelligence plc (x)\* | 774 | 12763 |
|  Omnicom Group, Inc. | 10464 | 844968 |
|  Sirius XM Holdings, Inc. | 6152 | 123009 |
|  |  | 7104501 |
|  ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** |
|  Millicom International Cellular SA | 3330 | 184615 |
|  T-Mobile US, Inc. | 14720 | 2988749 |
|  |  | 3173364 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 82089180 |
|  **Consumer Discretionary (7.4%)** | **Consumer Discretionary (7.4%)** | **Consumer Discretionary (7.4%)** |
|  ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** |
|  Aptiv plc\* | 7040 | 535674 |
|  BorgWarner, Inc. | 7063 | 318259 |
|  Gentex Corp. | 7331 | 170592 |
|  Lear Corp. | 1729 | 198143 |
|  QuantumScape Corp., Class A\* | 13547 | 141160 |
|  |  | 1363828 |
|  ***Automobiles (0.5%)*** | ***Automobiles (0.5%)*** | ***Automobiles (0.5%)*** |
|  Ford Motor Co. | 126536 | 1660152 |
|  General Motors Co. | 30860 | 2509535 |
|  Harley-Davidson, Inc. | 3549 | 72719 |
|  Lucid Group, Inc., Class A (x)\* | 4026 | 42555 |
|  Rivian Automotive, Inc., Class A\* | 25121 | 495135 |
|  Thor Industries, Inc. | 1650 | 169406 |
|  |  | 4949502 |
|  ***Broadline Retail (2.2%)*** | ***Broadline Retail (2.2%)*** | ***Broadline Retail (2.2%)*** |
|  Amazon.com, Inc.\* | 85483 | 19731186 |
|  Dillard's, Inc., Class A (x) | 96 | 58209 |
|  eBay, Inc. | 14929 | 1300316 |
|  Etsy, Inc.\* | 1355 | 75121 |
|  Macy's, Inc. | 8754 | 193026 |
|  Ollie's Bargain Outlet Holdings, Inc.\* | 1984 | 217466 |
|  |  | 21575324 |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** |
|  Genuine Parts Co. | 4495 | 552705 |
|  LKQ Corp. | 8324 | 251385 |
|  Pool Corp. | 947 | 216626 |
|  |  | 1020716 |
|  ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** |
|  ADT, Inc. | 16545 | 133518 |
|  Bright Horizons Family Solutions, Inc.\* | 1604 | 162646 |
|  Grand Canyon Education, Inc.\* | 648 | 107769 |
|  H&R Block, Inc. | 3572 | 155668 |
|  Service Corp. International | 4515 | 352034 |
|  |  | 911635 |
|  ***Hotels, Restaurants & Leisure (1.5%)*** | ***Hotels, Restaurants & Leisure (1.5%)*** | ***Hotels, Restaurants & Leisure (1.5%)*** |
|  Aramark | 8456 | 311688 |
|  Booking Holdings, Inc. | 64 | 342741 |
|  Boyd Gaming Corp. | 1830 | 155989 |
|  Caesars Entertainment, Inc.\* | 6689 | 156456 |
|  Carnival Corp.\* | 24227 | 739893 |
|  Choice Hotels International, Inc. (x) | 609 | 58013 |
|  Churchill Downs, Inc. | 321 | 36523 |
|  Darden Restaurants, Inc. | 190 | 34964 |
|  Domino's Pizza, Inc. | 718 | 299277 |
|  Flutter Entertainment plc, Class DI\* | 981 | 210954 |
|  Hyatt Hotels Corp., Class A | 1304 | 209057 |
|  Marriott International, Inc., Class A | 1717 | 532682 |
|  McDonald's Corp. | 21861 | 6681377 |
|  MGM Resorts International\* | 6641 | 242330 |
|  Norwegian Cruise Line Holdings Ltd.\* | 1396 | 31159 |
|  Penn Entertainment, Inc.\* | 4834 | 71302 |

---

See Notes to Financial Statements.

947

------

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Restaurant Brands International, Inc. | 3802 | $| 259410 |
|  Starbucks Corp. | 31990 |  | 2693878 |
|  Travel + Leisure Co. | 1337 |  | 94299 |
|  Vail Resorts, Inc. | 212 |  | 28154 |
|  Wendy's Co. (The) (x) | 2925 |  | 24365 |
|  Wyndham Hotels & Resorts, Inc. | 252 |  | 19041 |
|  Wynn Resorts Ltd. | 2666 |  | 320800 |
|  Yum! Brands, Inc. | 5999 |  | 907529 |
|  |  |  | 14461881 |
|  ***Household Durables (0.6%)*** | ***Household Durables (0.6%)*** | ***Household Durables (0.6%)*** | ***Household Durables (0.6%)*** |
|  DR Horton, Inc. | 8631 |  | 1243123 |
|  Garmin Ltd. | 5283 |  | 1071657 |
|  Lennar Corp., Class A | 6999 |  | 719497 |
|  Lennar Corp., Class B | 309 |  | 29392 |
|  Mohawk Industries, Inc.\* | 1662 |  | 181657 |
|  Newell Brands, Inc. | 13511 |  | 50261 |
|  NVR, Inc.\* | 91 |  | 663642 |
|  PulteGroup, Inc. | 6372 |  | 747181 |
|  SharkNinja, Inc.\* | 2226 |  | 249089 |
|  Toll Brothers, Inc. | 3166 |  | 428106 |
|  TopBuild Corp.\* | 859 |  | 358366 |
|  Whirlpool Corp. | 1739 |  | 125451 |
|  |  |  | 5867422 |
|  ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** |
|  Brunswick Corp. | 2123 |  | 157611 |
|  Hasbro, Inc. | 4284 |  | 351288 |
|  Mattel, Inc.\* | 10407 |  | 206475 |
|  YETI Holdings, Inc.\* | 2674 |  | 118111 |
|  |  |  | 833485 |
|  ***Specialty Retail (1.8%)*** | ***Specialty Retail (1.8%)*** | ***Specialty Retail (1.8%)*** | ***Specialty Retail (1.8%)*** |
|  AutoNation, Inc.\* | 890 |  | 183767 |
|  AutoZone, Inc.\* | 457 |  | 1549916 |
|  Bath & Body Works, Inc. | 6900 |  | 138552 |
|  Best Buy Co., Inc. | 6265 |  | 419316 |
|  CarMax, Inc.\* | 4857 |  | 187674 |
|  Dick's Sporting Goods, Inc. | 2051 |  | 406036 |
|  Five Below, Inc.\* | 1745 |  | 328688 |
|  Floor & Decor Holdings, Inc., Class A\* | 2352 |  | 143213 |
|  GameStop Corp., Class A\* | 13281 |  | 266682 |
|  Gap, Inc. (The) | 7456 |  | 190874 |
|  Home Depot, Inc. (The) | 7678 |  | 2642000 |
|  Lithia Motors, Inc., Class A | 736 |  | 244595 |
|  Lowe's Cos., Inc. | 18167 |  | 4381154 |
|  O'Reilly Automotive, Inc.\* | 2236 |  | 203946 |
|  Penske Automotive Group, Inc. | 593 |  | 93866 |
|  RH\* | 411 |  | 73631 |
|  Ross Stores, Inc. | 8355 |  | 1505070 |
|  TJX Cos., Inc. (The) | 18128 |  | 2784642 |
|  Ulta Beauty, Inc.\* | 1098 |  | 664301 |
|  Valvoline, Inc.\* | 470 |  | 13658 |
|  Wayfair, Inc., Class A\* | 2526 |  | 253636 |
|  Williams-Sonoma, Inc. | 3265 |  | 583096 |
|  |  |  | 17258313 |
|  ***Textiles, Apparel & Luxury Goods (0.4%)*** | ***Textiles, Apparel & Luxury Goods (0.4%)*** | ***Textiles, Apparel & Luxury Goods (0.4%)*** | ***Textiles, Apparel & Luxury Goods (0.4%)*** |
|  Amer Sports, Inc.\* | 4835 |  | 180587 |
|  Birkenstock Holding plc\* | 1235 |  | 50512 |
|  Columbia Sportswear Co. | 843 |  | 46441 |
|  Crocs, Inc.\* | 1762 |  | 150686 |
|  Lululemon Athletica, Inc.\* | 1445 |  | 300285 |
|  NIKE, Inc., Class B | 37503 |  | 2389316 |
|  PVH Corp. | 1546 |  | 103613 |
|  Ralph Lauren Corp. | 1140 |  | 403115 |
|  Tapestry, Inc. | 555 |  | 70912 |
|  Under Armour, Inc., Class A (x)\* | 6121 |  | 30422 |
|  Under Armour, Inc., Class C\* | 5974 |  | 28675 |
|  VF Corp. | 11381 |  | 205769 |
|  |  |  | 3960333 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 72202439 |
|  **Consumer Staples (7.2%)** | **Consumer Staples (7.2%)** | **Consumer Staples (7.2%)** | **Consumer Staples (7.2%)** |
|  ***Beverages (1.3%)*** | ***Beverages (1.3%)*** | ***Beverages (1.3%)*** | ***Beverages (1.3%)*** |
|  Boston Beer Co., Inc. (The), Class A\* | 257 |  | 50148 |
|  Brown-Forman Corp., Class A | 1413 |  | 37176 |
|  Brown-Forman Corp., Class B (x) | 4787 |  | 124749 |
|  Coca-Cola Co. (The) | 64459 |  | 4506329 |
|  Coca-Cola Consolidated, Inc. | 1448 |  | 221978 |
|  Constellation Brands, Inc., Class A | 4684 |  | 646205 |
|  Keurig Dr Pepper, Inc. | 41976 |  | 1175748 |
|  Molson Coors Beverage Co., Class B | 5437 |  | 253799 |
|  PepsiCo, Inc. | 38334 |  | 5501696 |
|  Primo Brands Corp. | 8322 |  | 136065 |
|  |  |  | 12653893 |
|  ***Consumer Staples Distribution & Retail (2.2%)*** | ***Consumer Staples Distribution & Retail (2.2%)*** | ***Consumer Staples Distribution & Retail (2.2%)*** | ***Consumer Staples Distribution & Retail (2.2%)*** |
|  Albertsons Cos., Inc., Class A | 13053 |  | 224120 |
|  BJ's Wholesale Club Holdings, Inc.\* | 3610 |  | 325008 |
|  Casey's General Stores, Inc. | 1020 |  | 563764 |
|  Dollar General Corp. | 7120 |  | 945322 |
|  Dollar Tree, Inc.\* | 6389 |  | 785911 |
|  Kroger Co. (The) | 19656 |  | 1228107 |
|  Maplebear, Inc.\* | 5585 |  | 251213 |
|  Performance Food Group Co.\* | 4334 |  | 389713 |
|  Sysco Corp. | 7305 |  | 538306 |
|  Target Corp. | 14733 |  | 1440151 |
|  US Foods Holding Corp.\* | 7443 |  | 560607 |
|  Walmart, Inc. | 126931 |  | 14141383 |
|  |  |  | 21393605 |
|  ***Food Products (0.9%)*** | ***Food Products (0.9%)*** | ***Food Products (0.9%)*** | ***Food Products (0.9%)*** |
|  Archer-Daniels-Midland Co. | 15493 |  | 890693 |
|  Bunge Global SA | 4366 |  | 388923 |
|  Campbell's Co. (The) (x) | 6284 |  | 175135 |
|  Conagra Brands, Inc. | 15426 |  | 267024 |
|  Darling Ingredients, Inc.\* | 4501 |  | 162036 |
|  Flowers Foods, Inc. | 6051 |  | 65835 |
|  Freshpet, Inc.\* | 1115 |  | 67937 |
|  General Mills, Inc. | 17749 |  | 825328 |
|  Hershey Co. (The) | 4151 |  | 755399 |
|  Hormel Foods Corp. | 9375 |  | 222187 |
|  Ingredion, Inc. | 2070 |  | 228238 |
|  J M Smucker Co. (The) | 3359 |  | 328544 |
|  Kraft Heinz Co. (The) | 27674 |  | 671094 |
|  Lamb Weston Holdings, Inc. | 4359 |  | 182598 |
|  McCormick & Co., Inc. (Non-Voting) | 8207 |  | 558979 |
|  Mondelez International, Inc., Class A | 41995 |  | 2260591 |
|  Pilgrim's Pride Corp. | 1341 |  | 52286 |
|  Post Holdings, Inc.\* | 1612 |  | 159669 |
|  Seaboard Corp. | 8 |  | 35559 |
|  Smithfield Foods, Inc. | 1464 |  | 32691 |
|  Tyson Foods, Inc., Class A | 9068 |  | 531566 |
|  |  |  | 8862312 |
|  ***Household Products (1.4%)*** | ***Household Products (1.4%)*** | ***Household Products (1.4%)*** | ***Household Products (1.4%)*** |
|  Church & Dwight Co., Inc. | 7983 |  | 669374 |
|  Clorox Co. (The) | 3994 |  | 402715 |

---

See Notes to Financial Statements.

948

------

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Colgate-Palmolive Co. | 13709 | $| 1083285 |
|  Kimberly-Clark Corp. | 6892 |  | 695334 |
|  Procter & Gamble Co. (The) | 76135 |  | 10910907 |
|  Reynolds Consumer Products, Inc. | 1767 |  | 40500 |
|  |  |  | 13802115 |
|  ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** |
|  BellRing Brands, Inc.\* | 4072 |  | 108845 |
|  Coty, Inc., Class A\* | 11190 |  | 34465 |
|  e.l.f. Beauty, Inc.\* | 1775 |  | 134971 |
|  Estee Lauder Cos., Inc. (The), Class A | 7943 |  | 831791 |
|  Kenvue, Inc. | 61593 |  | 1062479 |
|  |  |  | 2172551 |
|  ***Tobacco (1.2%)*** | ***Tobacco (1.2%)*** | ***Tobacco (1.2%)*** | ***Tobacco (1.2%)*** |
|  Altria Group, Inc. | 54678 |  | 3152734 |
|  Philip Morris International, Inc. | 50500 |  | 8100200 |
|  |  |  | 11252934 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 70137410 |
|  **Energy (5.7%)** | **Energy (5.7%)** | **Energy (5.7%)** | **Energy (5.7%)** |
|  ***Energy Equipment & Services (0.5%)*** | ***Energy Equipment & Services (0.5%)*** | ***Energy Equipment & Services (0.5%)*** | ***Energy Equipment & Services (0.5%)*** |
|  Baker Hughes Co. | 32145 |  | 1463883 |
|  Halliburton Co. | 27787 |  | 785261 |
|  NOV, Inc. | 12110 |  | 189279 |
|  SLB Ltd. | 44774 |  | 1718426 |
|  TechnipFMC plc | 13199 |  | 588147 |
|  Weatherford International plc | 2307 |  | 180546 |
|  |  |  | 4925542 |
|  ***Oil, Gas & Consumable Fuels (5.2%)*** | ***Oil, Gas & Consumable Fuels (5.2%)*** | ***Oil, Gas & Consumable Fuels (5.2%)*** | ***Oil, Gas & Consumable Fuels (5.2%)*** |
|  Antero Midstream Corp. | 10840 |  | 192844 |
|  Antero Resources Corp.\* | 9390 |  | 323579 |
|  APA Corp. | 11494 |  | 281143 |
|  Cheniere Energy, Inc. | 3932 |  | 764342 |
|  Chevron Corp. | 62258 |  | 9488742 |
|  Chord Energy Corp. | 1859 |  | 172329 |
|  Civitas Resources, Inc. | 2991 |  | 81026 |
|  ConocoPhillips | 41031 |  | 3840912 |
|  Coterra Energy, Inc. | 24451 |  | 643550 |
|  Devon Energy Corp. | 20156 |  | 738314 |
|  Diamondback Energy, Inc. | 6180 |  | 929039 |
|  DT Midstream, Inc. | 3288 |  | 393508 |
|  EOG Resources, Inc. | 17714 |  | 1860147 |
|  EQT Corp. | 20144 |  | 1079718 |
|  Expand Energy Corp. | 7122 |  | 785984 |
|  Exxon Mobil Corp. | 137424 |  | 16537604 |
|  HF Sinclair Corp. | 4663 |  | 214871 |
|  Kinder Morgan, Inc. | 63032 |  | 1732750 |
|  Marathon Petroleum Corp. | 9961 |  | 1619957 |
|  Matador Resources Co. | 3785 |  | 160635 |
|  Occidental Petroleum Corp. | 22859 |  | 939962 |
|  ONEOK, Inc. | 20255 |  | 1488743 |
|  Ovintiv, Inc. | 8308 |  | 325591 |
|  Permian Resources Corp. | 21882 |  | 307005 |
|  Phillips 66 | 12269 |  | 1583192 |
|  Range Resources Corp. | 7652 |  | 269810 |
|  Valero Energy Corp. | 10117 |  | 1646946 |
|  Viper Energy, Inc., Class A | 5469 |  | 211268 |
|  Williams Cos., Inc. (The) | 37383 |  | 2247092 |
|  |  |  | 50860603 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 55786145 |
|  **Financials (22.2%)** | **Financials (22.2%)** | **Financials (22.2%)** | **Financials (22.2%)** |
|  ***Banks (7.5%)*** | ***Banks (7.5%)*** | ***Banks (7.5%)*** | ***Banks (7.5%)*** |
|  Bank of America Corp. | 201247 |  | 11068585 |
|  Bank OZK | 3459 |  | 159183 |
|  BOK Financial Corp. | 717 |  | 84936 |
|  Citigroup, Inc. | 48618 |  | 5673234 |
|  Citizens Financial Group, Inc. | 14099 |  | 823523 |
|  Columbia Banking System, Inc. | 9591 |  | 268068 |
|  Comerica, Inc. | 4138 |  | 359716 |
|  Commerce Bancshares, Inc. | 4229 |  | 221346 |
|  Cullen/Frost Bankers, Inc. | 1927 |  | 244016 |
|  East West Bancorp, Inc. | 4430 |  | 497888 |
|  Fifth Third Bancorp | 21583 |  | 1010300 |
|  First Citizens BancShares, Inc., Class A | 308 |  | 661023 |
|  First Hawaiian, Inc. | 4058 |  | 102667 |
|  First Horizon Corp. | 16295 |  | 389451 |
|  FNB Corp. | 11505 |  | 196735 |
|  Huntington Bancshares, Inc. | 50190 |  | 870797 |
|  JPMorgan Chase & Co. | 88365 |  | 28472970 |
|  KeyCorp | 30650 |  | 632616 |
|  M&T Bank Corp. | 5074 |  | 1022310 |
|  Pinnacle Financial Partners, Inc. | 2303 |  | 219729 |
|  PNC Financial Services Group, Inc. (The) | 12807 |  | 2673205 |
|  Popular, Inc. | 1965 |  | 244682 |
|  Prosperity Bancshares, Inc. | 2964 |  | 204842 |
|  Regions Financial Corp. | 29119 |  | 789125 |
|  SouthState Bank Corp. | 3251 |  | 305952 |
|  Synovus Financial Corp. | 4494 |  | 224925 |
|  TFS Financial Corp. | 1698 |  | 22719 |
|  Truist Financial Corp. | 41814 |  | 2057667 |
|  US Bancorp | 50625 |  | 2701350 |
|  Webster Financial Corp. | 5423 |  | 341324 |
|  Wells Fargo & Co. | 104532 |  | 9742382 |
|  Western Alliance Bancorp | 2765 |  | 232454 |
|  Wintrust Financial Corp. | 2139 |  | 299075 |
|  Zions Bancorp NA | 4700 |  | 275138 |
|  |  |  | 73093933 |
|  ***Capital Markets (5.9%)*** | ***Capital Markets (5.9%)*** | ***Capital Markets (5.9%)*** | ***Capital Markets (5.9%)*** |
|  Affiliated Managers Group, Inc. | 894 |  | 257722 |
|  Ameriprise Financial, Inc. | 285 |  | 139747 |
|  Bank of New York Mellon Corp. (The) | 21211 |  | 2462385 |
|  BlackRock, Inc. | 4945 |  | 5292831 |
|  Brookfield Asset Management Ltd., Class A | 8117 |  | 425250 |
|  Bullish\* | 907 |  | 34348 |
|  Carlyle Group, Inc. (The) | 8477 |  | 501075 |
|  Cboe Global Markets, Inc. | 3396 |  | 852396 |
|  Charles Schwab Corp. (The) | 50484 |  | 5043856 |
|  CME Group, Inc. | 11657 |  | 3183294 |
|  Coinbase Global, Inc., Class A\* | 6146 |  | 1389856 |
|  Evercore, Inc., Class A | 1195 |  | 406599 |
|  FactSet Research Systems, Inc. | 1151 |  | 334009 |
|  Franklin Resources, Inc. | 9962 |  | 237992 |
|  Freedom Holding Corp.\* | 85 |  | 10343 |
|  Goldman Sachs Group, Inc. (The) | 9220 |  | 8104380 |
|  Hamilton Lane, Inc., Class A | 450 |  | 60440 |
|  Houlihan Lokey, Inc., Class A | 1085 |  | 188996 |
|  Interactive Brokers Group, Inc., Class A | 13157 |  | 846127 |
|  Intercontinental Exchange, Inc. | 18491 |  | 2994802 |

---

See Notes to Financial Statements.

949

------

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Invesco Ltd. | 11796 | $| 309881 |
|  Janus Henderson Group plc | 4027 |  | 191564 |
|  Jefferies Financial Group, Inc. | 3750 |  | 232388 |
|  KKR & Co., Inc. | 16502 |  | 2103675 |
|  Lazard, Inc. | 2404 |  | 116738 |
|  MarketAxess Holdings, Inc. | 1181 |  | 214056 |
|  Morgan Stanley | 37331 |  | 6627372 |
|  Morningstar, Inc. | 241 |  | 52372 |
|  MSCI, Inc. | 1238 |  | 710278 |
|  Nasdaq, Inc. | 13367 |  | 1298337 |
|  Northern Trust Corp. | 6161 |  | 841531 |
|  Raymond James Financial, Inc. | 5926 |  | 951656 |
|  Robinhood Markets, Inc., Class A\* | 20777 |  | 2349879 |
|  S&P Global, Inc. | 9953 |  | 5201338 |
|  SEI Investments Co. | 3371 |  | 276489 |
|  State Street Corp. | 9174 |  | 1183538 |
|  Stifel Financial Corp. | 3238 |  | 405462 |
| T. Rowe Price Group, Inc. | 7090 |  | 725874 |
|  TPG, Inc., Class A | 263 |  | 16790 |
|  Tradeweb Markets, Inc., Class A | 3462 |  | 372304 |
|  Virtu Financial, Inc., Class A | 2574 |  | 85766 |
|  XP, Inc., Class A | 11975 |  | 196031 |
|  |  |  | 57229767 |
|  ***Consumer Finance (1.2%)*** | ***Consumer Finance (1.2%)*** | ***Consumer Finance (1.2%)*** | ***Consumer Finance (1.2%)*** |
|  Ally Financial, Inc. | 7890 |  | 357338 |
|  American Express Co. | 11965 |  | 4426452 |
|  Capital One Financial Corp. | 20374 |  | 4937842 |
|  Credit Acceptance Corp. (x)\* | 130 |  | 57650 |
|  Figure Technology Solutions, Inc., Class A\* | 926 |  | 37818 |
|  OneMain Holdings, Inc. | 3860 |  | 260743 |
|  SLM Corp. | 5845 |  | 158166 |
|  SoFi Technologies, Inc.\* | 31677 |  | 829304 |
|  Synchrony Financial | 12052 |  | 1005498 |
|  |  |  | 12070811 |
|  ***Financial Services (3.9%)*** | ***Financial Services (3.9%)*** | ***Financial Services (3.9%)*** | ***Financial Services (3.9%)*** |
|  Affirm Holdings, Inc., Class A\* | 3525 |  | 262366 |
|  Apollo Global Management, Inc. | 4057 |  | 587291 |
|  Berkshire Hathaway, Inc., Class B\* | 59784 |  | 30050428 |
|  Block, Inc., Class A\* | 11119 |  | 723736 |
|  Corebridge Financial, Inc. | 8758 |  | 264229 |
|  Euronet Worldwide, Inc.\* | 1371 |  | 104347 |
|  Fidelity National Information Services, Inc. | 17068 |  | 1134339 |
|  Fiserv, Inc.\* | 12690 |  | 852387 |
|  Global Payments, Inc. | 7913 |  | 612466 |
|  Jack Henry & Associates, Inc. | 2353 |  | 429375 |
|  MGIC Investment Corp. | 7561 |  | 220932 |
|  PayPal Holdings, Inc. | 31007 |  | 1810189 |
|  Rocket Cos., Inc., Class A | 30516 |  | 590790 |
|  UWM Holdings Corp., Class A | 4519 |  | 19793 |
|  Voya Financial, Inc. | 3116 |  | 232111 |
|  Western Union Co. (The) | 10456 |  | 97345 |
|  WEX, Inc.\* | 1010 |  | 150470 |
|  |  |  | 38142594 |
|  ***Insurance (3.6%)*** | ***Insurance (3.6%)*** | ***Insurance (3.6%)*** | ***Insurance (3.6%)*** |
|  Aflac, Inc. | 15789 |  | 1741053 |
|  Allstate Corp. (The) | 8553 |  | 1780307 |
|  American Financial Group, Inc. | 2143 |  | 292905 |
|  American International Group, Inc. | 18675 |  | 1597646 |
|  Aon plc, Class A | 519 |  | 183145 |
|  Arch Capital Group Ltd.\* | 11826 |  | 1134350 |
|  Arthur J Gallagher & Co. | 7719 |  | 1997600 |
|  Assurant, Inc. | 1643 |  | 395717 |
|  Assured Guaranty Ltd. | 1484 |  | 133367 |
|  Axis Capital Holdings Ltd. | 2458 |  | 263227 |
|  Brighthouse Financial, Inc.\* | 1852 |  | 119991 |
|  Brown & Brown, Inc. | 8086 |  | 644454 |
|  Chubb Ltd. | 12063 |  | 3765104 |
|  Cincinnati Financial Corp. | 4993 |  | 815457 |
|  CNA Financial Corp. | 686 |  | 32750 |
|  Everest Group Ltd. | 1170 |  | 397039 |
|  F&G Annuities & Life, Inc. | 505 |  | 15579 |
|  Fidelity National Financial, Inc. | 8426 |  | 459975 |
|  First American Financial Corp. | 3153 |  | 193720 |
|  Globe Life, Inc. | 2687 |  | 375804 |
|  Hanover Insurance Group, Inc. (The) | 1161 |  | 212196 |
|  Hartford Insurance Group, Inc. (The) | 9105 |  | 1254669 |
|  Kemper Corp. | 1981 |  | 80310 |
|  Lincoln National Corp. | 5519 |  | 245761 |
|  Loews Corp. | 5538 |  | 583207 |
|  Markel Group, Inc.\* | 321 |  | 690038 |
|  Marsh & McLennan Cos., Inc. | 14100 |  | 2615832 |
|  MetLife, Inc. | 18236 |  | 1439550 |
|  Old Republic International Corp. | 7407 |  | 338055 |
|  Primerica, Inc. | 1069 |  | 276187 |
|  Principal Financial Group, Inc. | 7198 |  | 634936 |
|  Progressive Corp. (The) | 18041 |  | 4108296 |
|  Prudential Financial, Inc. | 11495 |  | 1297556 |
|  Reinsurance Group of America, Inc. | 2138 |  | 434997 |
|  RenaissanceRe Holdings Ltd. | 1498 |  | 421178 |
|  RLI Corp. | 2510 |  | 160590 |
|  Travelers Cos., Inc. (The) | 7328 |  | 2125560 |
|  Unum Group | 5479 |  | 424622 |
|  W.R. Berkley Corp. | 9405 |  | 659479 |
|  White Mountains Insurance Group Ltd. | 81 |  | 168320 |
|  Willis Towers Watson plc | 3170 |  | 1041662 |
|  |  |  | 35552191 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** |
|  AGNC Investment Corp. (REIT) (x) | 33710 |  | 361371 |
|  Annaly Capital Management, Inc. (REIT) | 20824 |  | 465625 |
|  Rithm Capital Corp. (REIT) | 17148 |  | 186913 |
|  Starwood Property Trust, Inc. (REIT) | 11206 |  | 201820 |
|  |  |  | 1215729 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 217305025 |
|  **Health Care (12.1%)** | **Health Care (12.1%)** | **Health Care (12.1%)** | **Health Care (12.1%)** |
|  ***Biotechnology (1.2%)*** | ***Biotechnology (1.2%)*** | ***Biotechnology (1.2%)*** | ***Biotechnology (1.2%)*** |
|  Amgen, Inc. | 4574 |  | 1497116 |
|  Biogen, Inc.\* | 4735 |  | 833313 |
|  BioMarin Pharmaceutical, Inc.\* | 6162 |  | 366208 |
|  Caris Life Sciences, Inc.\* | 365 |  | 9848 |
|  Exact Sciences Corp.\* | 5704 |  | 579298 |
|  Exelixis, Inc.\* | 1632 |  | 71531 |
|  Gilead Sciences, Inc. | 29500 |  | 3620830 |
|  Incyte Corp.\* | 3802 |  | 375524 |
|  Insmed, Inc.\* | 379 |  | 65961 |
|  Ionis Pharmaceuticals, Inc.\* | 356 |  | 28163 |
|  Moderna, Inc.\* | 11497 |  | 339046 |
|  Neurocrine Biosciences, Inc.\* | 453 |  | 64249 |
|  Regeneron Pharmaceuticals, Inc. | 3381 |  | 2609692 |
|  Revolution Medicines, Inc.\* | 5617 |  | 447394 |
|  Roivant Sciences Ltd.\* | 12636 |  | 274201 |

---

See Notes to Financial Statements.

950

------

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Sarepta Therapeutics, Inc.\* | 504 | $| 10846 |
|  United Therapeutics Corp.\* | 1440 |  | 701640 |
|  Viking Therapeutics, Inc.\* | 3253 |  | 114441 |
|  |  |  | 12009301 |
|  ***Health Care Equipment & Supplies (2.8%)*** | ***Health Care Equipment & Supplies (2.8%)*** | ***Health Care Equipment & Supplies (2.8%)*** | ***Health Care Equipment & Supplies (2.8%)*** |
|  Abbott Laboratories | 56126 |  | 7032027 |
|  Align Technology, Inc.\* | 2222 |  | 346965 |
|  Baxter International, Inc. | 16603 |  | 317283 |
|  Becton Dickinson & Co. | 9272 |  | 1799417 |
|  Boston Scientific Corp.\* | 39597 |  | 3775574 |
|  Cooper Cos., Inc. (The)\* | 6456 |  | 529134 |
|  Dentsply Sirona, Inc. | 6454 |  | 73769 |
|  Edwards Lifesciences Corp.\* | 18655 |  | 1590339 |
|  Envista Holdings Corp.\* | 5442 |  | 118146 |
|  GE HealthCare Technologies, Inc. | 14836 |  | 1216849 |
|  Globus Medical, Inc., Class A\* | 3634 |  | 317285 |
|  Hologic, Inc.\* | 7230 |  | 538563 |
|  Medtronic plc | 41567 |  | 3992926 |
|  ResMed, Inc. | 3613 |  | 870263 |
|  Solventum Corp.\* | 4785 |  | 379163 |
|  STERIS plc | 3182 |  | 806701 |
|  Stryker Corp. | 8288 |  | 2912983 |
|  Teleflex, Inc. | 1431 |  | 174639 |
|  Zimmer Biomet Holdings, Inc. | 6419 |  | 577196 |
|  |  |  | 27369222 |
|  ***Health Care Providers & Services (2.6%)*** | ***Health Care Providers & Services (2.6%)*** | ***Health Care Providers & Services (2.6%)*** | ***Health Care Providers & Services (2.6%)*** |
|  Acadia Healthcare Co., Inc.\* | 2949 |  | 41846 |
|  Cardinal Health, Inc. | 3847 |  | 790558 |
|  Centene Corp.\* | 15884 |  | 653627 |
|  Chemed Corp. | 424 |  | 181413 |
|  Cigna Group (The) | 7861 |  | 2163583 |
|  CVS Health Corp. | 40596 |  | 3221699 |
|  Elevance Health, Inc. | 7330 |  | 2569531 |
|  Encompass Health Corp. | 3228 |  | 342620 |
|  HCA Healthcare, Inc. | 4367 |  | 2038778 |
|  Henry Schein, Inc.\* | 3497 |  | 264303 |
|  Humana, Inc. | 3913 |  | 1002237 |
|  Labcorp Holdings, Inc. | 2708 |  | 679383 |
|  McKesson Corp. | 313 |  | 256751 |
|  Molina Healthcare, Inc.\* | 785 |  | 136229 |
|  Quest Diagnostics, Inc. | 3613 |  | 626964 |
|  Tenet Healthcare Corp.\* | 2823 |  | 560987 |
|  UnitedHealth Group, Inc. | 29496 |  | 9736924 |
|  Universal Health Services, Inc., Class B | 1761 |  | 383933 |
|  |  |  | 25651366 |
|  ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** |
|  Certara, Inc.\* | 3929 |  | 34615 |
|  Veeva Systems, Inc., Class A\* | 976 |  | 217872 |
|  |  |  | 252487 |
|  ***Life Sciences Tools & Services (2.0%)*** | ***Life Sciences Tools & Services (2.0%)*** | ***Life Sciences Tools & Services (2.0%)*** | ***Life Sciences Tools & Services (2.0%)*** |
|  Agilent Technologies, Inc. | 9236 |  | 1256743 |
|  Avantor, Inc.\* | 21413 |  | 245393 |
|  Bio-Rad Laboratories, Inc., Class A\* | 607 |  | 183915 |
|  Bio-Techne Corp. | 5083 |  | 298931 |
|  Bruker Corp. | 3348 |  | 157724 |
|  Charles River Laboratories International, Inc.\* | 1581 |  | 315378 |
|  Danaher Corp. | 20679 |  | 4733837 |
|  Illumina, Inc.\* | 5127 |  | 672457 |
|  IQVIA Holdings, Inc.\* | 5475 |  | 1234120 |
|  Mettler-Toledo International, Inc.\* | 674 |  | 939684 |
|  QIAGEN NV | 6908 |  | 310653 |
|  Repligen Corp.\* | 1495 |  | 244971 |
|  Revvity, Inc. | 3820 |  | 369585 |
|  Sotera Health Co.\* | 5982 |  | 105522 |
|  Thermo Fisher Scientific, Inc. | 12241 |  | 7093047 |
|  Waters Corp.\* | 921 |  | 349823 |
|  West Pharmaceutical Services, Inc. | 2320 |  | 638325 |
|  |  |  | 19150108 |
|  ***Pharmaceuticals (3.5%)*** | ***Pharmaceuticals (3.5%)*** | ***Pharmaceuticals (3.5%)*** | ***Pharmaceuticals (3.5%)*** |
|  Bristol-Myers Squibb Co. | 53348 |  | 2877591 |
|  Elanco Animal Health, Inc. (x)\* | 15950 |  | 360948 |
|  Jazz Pharmaceuticals plc\* | 1888 |  | 320960 |
|  Johnson & Johnson | 78002 |  | 16142514 |
|  Merck & Co., Inc. | 81670 |  | 8596584 |
|  Organon & Co. | 8417 |  | 60350 |
|  Perrigo Co. plc | 4415 |  | 61457 |
|  Pfizer, Inc. | 184142 |  | 4585136 |
|  Royalty Pharma plc, Class A | 12289 |  | 474847 |
|  Viatris, Inc. | 38046 |  | 473673 |
|  Zoetis, Inc. | 2926 |  | 368149 |
|  |  |  | 34322209 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 118754693 |
|  **Industrials (12.9%)** | **Industrials (12.9%)** | **Industrials (12.9%)** | **Industrials (12.9%)** |
|  ***Aerospace & Defense (2.8%)*** | ***Aerospace & Defense (2.8%)*** | ***Aerospace & Defense (2.8%)*** | ***Aerospace & Defense (2.8%)*** |
|  ATI, Inc.\* | 4533 |  | 520207 |
|  Boeing Co. (The)\* | 20824 |  | 4521307 |
|  BWX Technologies, Inc. | 2437 |  | 421211 |
|  Carpenter Technology Corp. | 1284 |  | 404255 |
|  Curtiss-Wright Corp. | 1218 |  | 671447 |
|  General Dynamics Corp. | 8191 |  | 2757582 |
|  Hexcel Corp. | 2565 |  | 189554 |
|  Huntington Ingalls Industries, Inc. | 1264 |  | 429848 |
|  L3Harris Technologies, Inc. | 6053 |  | 1776979 |
|  Leonardo DRS, Inc. | 1487 |  | 50692 |
|  Loar Holdings, Inc.\* | 133 |  | 9044 |
|  Lockheed Martin Corp. | 4885 |  | 2362728 |
|  Northrop Grumman Corp. | 4395 |  | 2506073 |
|  RTX Corp. | 43366 |  | 7953324 |
|  StandardAero, Inc.\* | 4186 |  | 120054 |
|  Textron, Inc. | 5757 |  | 501838 |
|  TransDigm Group, Inc. | 1479 |  | 1966848 |
|  Woodward, Inc. | 1921 |  | 580757 |
|  |  |  | 27743748 |
|  ***Air Freight & Logistics (0.6%)*** | ***Air Freight & Logistics (0.6%)*** | ***Air Freight & Logistics (0.6%)*** | ***Air Freight & Logistics (0.6%)*** |
|  CH Robinson Worldwide, Inc. | 3807 |  | 612013 |
|  Expeditors International of Washington, Inc. | 4443 |  | 662052 |
|  FedEx Corp. | 6947 |  | 2006710 |
|  GXO Logistics, Inc.\* | 3637 |  | 191452 |
|  United Parcel Service, Inc., Class B | 23791 |  | 2359829 |
|  |  |  | 5832056 |
|  ***Building Products (0.7%)*** | ***Building Products (0.7%)*** | ***Building Products (0.7%)*** | ***Building Products (0.7%)*** |
|  A.O. Smith Corp. | 3683 |  | 246319 |
|  Advanced Drainage Systems, Inc. | 2290 |  | 331661 |
|  Allegion plc | 2789 |  | 444065 |
|  Armstrong World Industries, Inc. | 984 |  | 188042 |
|  Builders FirstSource, Inc.\* | 3516 |  | 361761 |
|  Carlisle Cos., Inc. | 1227 |  | 392468 |
|  Carrier Global Corp. | 25715 |  | 1358781 |

---

See Notes to Financial Statements.

951

------

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Fortune Brands Innovations, Inc. | 3920 | $| 196078 |
|  Hayward Holdings, Inc.\* | 6432 |  | 99374 |
|  Johnson Controls International plc | 21399 |  | 2562530 |
|  Masco Corp. | 6839 |  | 434003 |
|  Owens Corning | 2751 |  | 307864 |
|  Simpson Manufacturing Co., Inc. | 1246 |  | 201192 |
|  Trex Co., Inc.\* | 3458 |  | 121307 |
|  |  |  | 7245445 |
|  ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** |
|  Clean Harbors, Inc.\* | 1642 |  | 385016 |
|  Copart, Inc.\* | 1965 |  | 76930 |
|  MSA Safety, Inc. | 1199 |  | 192008 |
|  RB Global, Inc. | 5643 |  | 580495 |
|  Republic Services, Inc. | 6566 |  | 1391532 |
|  Tetra Tech, Inc. | 6929 |  | 232399 |
|  Veralto Corp. | 4661 |  | 465075 |
|  |  |  | 3323455 |
|  ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** |
|  AECOM | 4289 |  | 408870 |
|  API Group Corp.\* | 11942 |  | 456901 |
|  EMCOR Group, Inc. | 938 |  | 573859 |
|  Everus Construction Group, Inc.\* | 1649 |  | 141088 |
|  MasTec, Inc.\* | 1592 |  | 346053 |
|  Quanta Services, Inc. | 1075 |  | 453715 |
|  Valmont Industries, Inc. | 643 |  | 258692 |
|  WillScot Holdings Corp. | 4298 |  | 80931 |
|  |  |  | 2720109 |
|  ***Electrical Equipment (1.2%)*** | ***Electrical Equipment (1.2%)*** | ***Electrical Equipment (1.2%)*** | ***Electrical Equipment (1.2%)*** |
|  Acuity, Inc. | 1000 |  | 360040 |
|  AMETEK, Inc. | 7467 |  | 1533050 |
|  Eaton Corp. plc | 12703 |  | 4046032 |
|  Emerson Electric Co. | 18269 |  | 2424662 |
|  Generac Holdings, Inc.\* | 1893 |  | 258148 |
|  Hubbell, Inc., Class B | 1734 |  | 770087 |
|  nVent Electric plc | 5279 |  | 538300 |
|  Regal Rexnord Corp. | 2140 |  | 300285 |
|  Rockwell Automation, Inc. | 3373 |  | 1312333 |
|  Sensata Technologies Holding plc | 4701 |  | 156496 |
|  |  |  | 11699433 |
|  ***Ground Transportation (1.2%)*** | ***Ground Transportation (1.2%)*** | ***Ground Transportation (1.2%)*** | ***Ground Transportation (1.2%)*** |
|  Avis Budget Group, Inc. (x)\* | 359 |  | 46067 |
|  CSX Corp. | 60845 |  | 2205631 |
|  JB Hunt Transport Services, Inc. | 2524 |  | 490514 |
|  Knight-Swift Transportation Holdings, Inc., Class A | 5102 |  | 266733 |
|  Landstar System, Inc. | 1124 |  | 161519 |
|  Lyft, Inc., Class A\* | 10832 |  | 209816 |
|  Norfolk Southern Corp. | 7320 |  | 2113430 |
|  Old Dominion Freight Line, Inc. | 5700 |  | 893760 |
|  Ryder System, Inc. | 1286 |  | 246128 |
|  Saia, Inc.\* | 864 |  | 282113 |
|  Schneider National, Inc., Class B | 1675 |  | 44438 |
|  U-Haul Holding Co. (Nasdaq Stock Exchange)\* | 154 |  | 7763 |
|  U-Haul Holding Co. (New York Stock Exchange) | 2029 |  | 94835 |
|  Union Pacific Corp. | 17855 |  | 4130219 |
|  XPO, Inc.\* | 2950 |  | 400934 |
|  |  |  | 11593900 |
|  ***Industrial Conglomerates (0.6%)*** | ***Industrial Conglomerates (0.6%)*** | ***Industrial Conglomerates (0.6%)*** | ***Industrial Conglomerates (0.6%)*** |
|  3M Co. | 14504 |  | 2322090 |
|  Honeywell International, Inc. | 20613 |  | 4021390 |
|  |  |  | 6343480 |
|  ***Machinery (3.5%)*** | ***Machinery (3.5%)*** | ***Machinery (3.5%)*** | ***Machinery (3.5%)*** |
|  AGCO Corp. | 2010 |  | 209683 |
|  Allison Transmission Holdings, Inc. | 2264 |  | 221646 |
|  Caterpillar, Inc. | 13161 |  | 7539542 |
|  CNH Industrial NV | 28449 |  | 262300 |
|  Crane Co. | 1595 |  | 294166 |
|  Cummins, Inc. | 4461 |  | 2277117 |
|  Deere & Co. | 7919 |  | 3686849 |
|  Donaldson Co., Inc. | 3763 |  | 333628 |
|  Dover Corp. | 4395 |  | 858080 |
|  Esab Corp. | 1845 |  | 206123 |
|  Flowserve Corp. | 4222 |  | 292922 |
|  Fortive Corp. | 11003 |  | 607476 |
|  Gates Industrial Corp. plc\* | 8218 |  | 176440 |
|  Graco, Inc. | 5381 |  | 441081 |
|  IDEX Corp. | 2450 |  | 435953 |
|  Illinois Tool Works, Inc. | 6388 |  | 1573364 |
|  Ingersoll Rand, Inc. | 13081 |  | 1036277 |
|  ITT, Inc. | 2517 |  | 436725 |
|  Lincoln Electric Holdings, Inc. | 1757 |  | 421047 |
|  Middleby Corp. (The)\* | 1634 |  | 242927 |
|  Mueller Industries, Inc. | 3515 |  | 403522 |
|  Nordson Corp. | 1747 |  | 420031 |
|  Oshkosh Corp. | 2073 |  | 260431 |
|  Otis Worldwide Corp. | 12809 |  | 1118866 |
|  PACCAR, Inc. | 16705 |  | 1829365 |
|  Parker-Hannifin Corp. | 4172 |  | 3667021 |
|  Pentair plc | 5302 |  | 552150 |
|  RBC Bearings, Inc.\* | 801 |  | 359192 |
|  Snap-on, Inc. | 1661 |  | 572381 |
|  Stanley Black & Decker, Inc. | 5010 |  | 372143 |
|  Timken Co. (The) | 2027 |  | 170532 |
|  Toro Co. (The) | 3195 |  | 251510 |
|  Westinghouse Air Brake Technologies Corp. | 5496 |  | 1173121 |
|  Xylem, Inc. | 7887 |  | 1074052 |
|  |  |  | 33777663 |
|  ***Marine Transportation (0.0%)†*** | ***Marine Transportation (0.0%)†*** | ***Marine Transportation (0.0%)†*** | ***Marine Transportation (0.0%)†*** |
|  Kirby Corp.\* | 1809 |  | 199316 |
|  ***Passenger Airlines (0.4%)*** | ***Passenger Airlines (0.4%)*** | ***Passenger Airlines (0.4%)*** | ***Passenger Airlines (0.4%)*** |
|  Alaska Air Group, Inc.\* | 3079 |  | 154874 |
|  American Airlines Group, Inc.\* | 19805 |  | 303611 |
|  Delta Air Lines, Inc. | 21139 |  | 1467046 |
|  Southwest Airlines Co. | 13664 |  | 564733 |
|  United Airlines Holdings, Inc.\* | 10550 |  | 1179701 |
|  |  |  | 3669965 |
|  ***Professional Services (0.7%)*** | ***Professional Services (0.7%)*** | ***Professional Services (0.7%)*** | ***Professional Services (0.7%)*** |
|  Amentum Holdings, Inc.\* | 5160 |  | 149640 |
|  Automatic Data Processing, Inc. | 962 |  | 247455 |
|  Broadridge Financial Solutions, Inc. | 346 |  | 77217 |
|  CACI International, Inc., Class A\* | 704 |  | 375098 |
|  Clarivate plc\* | 11292 |  | 37715 |
|  Concentrix Corp. | 1450 |  | 60291 |
|  Dayforce, Inc.\* | 4539 |  | 313917 |
|  Equifax, Inc. | 3316 |  | 719506 |
|  FTI Consulting, Inc.\* | 1023 |  | 174759 |
|  Genpact Ltd. | 5216 |  | 244005 |

---

See Notes to Financial Statements.

952

------

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Jacobs Solutions, Inc. | 3858 | $| 511031 |
|  KBR, Inc. | 3850 |  | 154770 |
|  Leidos Holdings, Inc. | 4133 |  | 745593 |
|  ManpowerGroup, Inc. | 1493 |  | 44387 |
|  Parsons Corp. (x)\* | 1710 |  | 105678 |
|  Paychex, Inc. | 7186 |  | 806125 |
|  Paycom Software, Inc. | 754 |  | 120157 |
|  Paylocity Holding Corp.\* | 120 |  | 18300 |
|  Robert Half, Inc. | 3205 |  | 87048 |
|  Science Applications International Corp. | 1523 |  | 153305 |
|  SS&C Technologies Holdings, Inc. | 6855 |  | 599264 |
|  TransUnion | 6318 |  | 541769 |
|  Verisk Analytics, Inc. | 1814 |  | 405774 |
|  |  |  | 6692804 |
|  ***Trading Companies & Distributors (0.6%)*** | ***Trading Companies & Distributors (0.6%)*** | ***Trading Companies & Distributors (0.6%)*** | ***Trading Companies & Distributors (0.6%)*** |
|  Air Lease Corp., Class A | 3376 |  | 216840 |
|  Applied Industrial Technologies, Inc. | 1235 |  | 317111 |
|  Core & Main, Inc., Class A\* | 2581 |  | 134135 |
|  Fastenal Co. | 6649 |  | 266824 |
|  Ferguson Enterprises, Inc. | 5908 |  | 1315298 |
|  MSC Industrial Direct Co., Inc., Class A | 1424 |  | 119758 |
|  QXO, Inc. (x)\* | 19800 |  | 381942 |
|  SiteOne Landscape Supply, Inc.\* | 972 |  | 121072 |
|  United Rentals, Inc. | 2080 |  | 1683386 |
|  W.W. Grainger, Inc. | 210 |  | 211901 |
|  Watsco, Inc. | 1128 |  | 380080 |
|  WESCO International, Inc. | 1553 |  | 379926 |
|  |  |  | 5528273 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 126369647 |
|  **Information Technology (11.2%)** | **Information Technology (11.2%)** | **Information Technology (11.2%)** | **Information Technology (11.2%)** |
|  ***Communications Equipment (1.4%)*** | ***Communications Equipment (1.4%)*** | ***Communications Equipment (1.4%)*** | ***Communications Equipment (1.4%)*** |
|  Ciena Corp.\* | 4572 |  | 1069254 |
|  Cisco Systems, Inc. | 129013 |  | 9937871 |
|  F5, Inc.\* | 1866 |  | 476315 |
|  Lumentum Holdings, Inc.\* | 2059 |  | 758927 |
|  Motorola Solutions, Inc. | 3126 |  | 1198258 |
|  |  |  | 13440625 |
|  ***Electronic Equipment, Instruments & Components (0.9%)*** | ***Electronic Equipment, Instruments & Components (0.9%)*** | ***Electronic Equipment, Instruments & Components (0.9%)*** | ***Electronic Equipment, Instruments & Components (0.9%)*** |
|  Arrow Electronics, Inc.\* | 1673 |  | 184331 |
|  Avnet, Inc. | 2699 |  | 129768 |
|  CDW Corp. | 3956 |  | 538807 |
|  Cognex Corp. | 5438 |  | 195659 |
|  Coherent Corp.\* | 4972 |  | 917682 |
|  Corning, Inc. | 25306 |  | 2215793 |
|  Crane NXT Co. | 1587 |  | 74700 |
|  Flex Ltd.\* | 12104 |  | 731324 |
|  Ingram Micro Holding Corp. | 665 |  | 14191 |
|  IPG Photonics Corp.\* | 810 |  | 57996 |
|  Jabil, Inc. | 1188 |  | 270888 |
|  Keysight Technologies, Inc.\* | 5577 |  | 1133191 |
|  Littelfuse, Inc. | 796 |  | 201324 |
|  Ralliant Corp. | 3667 |  | 186687 |
|  TD SYNNEX Corp. | 2506 |  | 376476 |
|  Teledyne Technologies, Inc.\* | 1507 |  | 769670 |
|  Trimble, Inc.\* | 7722 |  | 605019 |
|  Vontier Corp. | 4740 |  | 176233 |
|  Zebra Technologies Corp., Class A\* | 1647 |  | 399925 |
|  |  |  | 9179664 |
|  ***IT Services (2.0%)*** | ***IT Services (2.0%)*** | ***IT Services (2.0%)*** | ***IT Services (2.0%)*** |
|  Accenture plc, Class A | 20291 |  | 5444075 |
|  Akamai Technologies, Inc.\* | 4651 |  | 405800 |
|  Amdocs Ltd. | 3578 |  | 288065 |
|  Cognizant Technology Solutions Corp., Class A | 16003 |  | 1328249 |
|  DXC Technology Co.\* | 5815 |  | 85190 |
|  EPAM Systems, Inc.\* | 1775 |  | 363662 |
|  Globant SA\* | 1263 |  | 82562 |
|  International Business Machines Corp. | 30158 |  | 8933101 |
|  Kyndryl Holdings, Inc.\* | 7010 |  | 186186 |
|  MongoDB, Inc.\* | 2312 |  | 970323 |
|  Okta, Inc.\* | 3236 |  | 279817 |
|  Twilio, Inc., Class A\* | 3800 |  | 540512 |
|  VeriSign, Inc. | 2733 |  | 663982 |
|  |  |  | 19571524 |
|  ***Semiconductors & Semiconductor Equipment (4.7%)*** | ***Semiconductors & Semiconductor Equipment (4.7%)*** | ***Semiconductors & Semiconductor Equipment (4.7%)*** | ***Semiconductors & Semiconductor Equipment (4.7%)*** |
|  Advanced Micro Devices, Inc.\* | 21666 |  | 4639990 |
|  Allegro MicroSystems, Inc.\* | 3988 |  | 105203 |
|  Amkor Technology, Inc. | 3702 |  | 146155 |
|  Analog Devices, Inc. | 16081 |  | 4361167 |
|  Applied Materials, Inc. | 18624 |  | 4786182 |
|  Cirrus Logic, Inc.\* | 1656 |  | 196236 |
|  Entegris, Inc. | 4067 |  | 342645 |
|  First Solar, Inc.\* | 3290 |  | 859447 |
|  GLOBALFOUNDRIES, Inc.\* | 3330 |  | 116284 |
|  Intel Corp.\* | 141649 |  | 5226848 |
|  Lattice Semiconductor Corp.\* | 658 |  | 48416 |
|  MACOM Technology Solutions Holdings, Inc.\* | 1542 |  | 264114 |
|  Marvell Technology, Inc. | 26064 |  | 2214919 |
|  Microchip Technology, Inc. | 17106 |  | 1089994 |
|  Micron Technology, Inc. | 36216 |  | 10336408 |
|  MKS, Inc. | 2177 |  | 347885 |
|  ON Semiconductor Corp.\* | 13664 |  | 739905 |
|  Onto Innovation, Inc.\* | 1226 |  | 193536 |
|  Qnity Electronics, Inc. | 6784 |  | 553914 |
|  Qorvo, Inc.\* | 2749 |  | 232318 |
|  QUALCOMM, Inc. | 27012 |  | 4620402 |
|  Skyworks Solutions, Inc. | 4856 |  | 307919 |
|  Teradyne, Inc. | 5212 |  | 1008835 |
|  Texas Instruments, Inc. | 17406 |  | 3019767 |
|  Universal Display Corp. | 1424 |  | 166295 |
|  |  |  | 45924784 |
|  ***Software (1.5%)*** | ***Software (1.5%)*** | ***Software (1.5%)*** | ***Software (1.5%)*** |
|  Aurora Innovation, Inc., Class A\* | 33938 |  | 130322 |
|  BILL Holdings, Inc.\* | 3019 |  | 164656 |
|  CCC Intelligent Solutions Holdings, Inc.\* | 18968 |  | 150796 |
|  Circle Internet Group, Inc., Class A\* | 1292 |  | 102456 |
|  Docusign, Inc.\* | 1591 |  | 108824 |
|  Dolby Laboratories, Inc., Class A | 1960 |  | 125871 |
|  Dropbox, Inc., Class A\* | 4422 |  | 122932 |
|  Fair Isaac Corp.\* | 133 |  | 224852 |
|  Gen Digital, Inc. | 15873 |  | 431587 |
|  nCino, Inc.\* | 2970 |  | 76151 |
|  Nutanix, Inc., Class A\* | 6234 |  | 322235 |
|  Pegasystems, Inc. | 1884 |  | 112513 |
|  PTC, Inc.\* | 3418 |  | 595450 |
|  Roper Technologies, Inc. | 3480 |  | 1549052 |
|  Rubrik, Inc., Class A\* | 1519 |  | 116173 |

---

See Notes to Financial Statements.

953

------

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  SailPoint, Inc.\* | 1949 | $| 39428 |
|  Salesforce, Inc. | 26873 |  | 7118926 |
|  SentinelOne, Inc., Class A\* | 2628 |  | 39420 |
|  Strategy, Inc.\* | 8083 |  | 1228212 |
|  Synopsys, Inc.\* | 1591 |  | 747325 |
|  Teradata Corp.\* | 2383 |  | 72539 |
|  Tyler Technologies, Inc.\* | 238 |  | 108040 |
|  UiPath, Inc., Class A\* | 13038 |  | 213693 |
|  Unity Software, Inc.\* | 9667 |  | 426991 |
|  Zoom Communications, Inc., Class A\* | 8516 |  | 734846 |
|  |  |  | 15063290 |
|  ***Technology Hardware, Storage & Peripherals (0.7%)*** | ***Technology Hardware, Storage & Peripherals (0.7%)*** | ***Technology Hardware, Storage & Peripherals (0.7%)*** | ***Technology Hardware, Storage & Peripherals (0.7%)*** |
|  Dell Technologies, Inc., Class C | 8448 |  | 1063434 |
|  Hewlett Packard Enterprise Co. | 42502 |  | 1020898 |
|  HP, Inc. | 30571 |  | 681122 |
|  NetApp, Inc. | 3919 |  | 419686 |
|  Pure Storage, Inc., Class A\* | 1437 |  | 96293 |
|  Sandisk Corp.\* | 4371 |  | 1037588 |
|  Super Micro Computer, Inc.\* | 9013 |  | 263811 |
|  Western Digital Corp. | 11219 |  | 1932697 |
|  |  |  | 6515529 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 109695416 |
|  **Materials (4.0%)** | **Materials (4.0%)** | **Materials (4.0%)** | **Materials (4.0%)** |
|  ***Chemicals (1.8%)*** | ***Chemicals (1.8%)*** | ***Chemicals (1.8%)*** | ***Chemicals (1.8%)*** |
|  Air Products and Chemicals, Inc. | 7201 |  | 1778791 |
|  Albemarle Corp. | 3809 |  | 538745 |
|  Ashland, Inc. | 1469 |  | 86186 |
|  Axalta Coating Systems Ltd.\* | 7072 |  | 228496 |
|  Celanese Corp. | 3616 |  | 152885 |
|  CF Industries Holdings, Inc. | 5225 |  | 404102 |
|  Corteva, Inc. | 22174 |  | 1486323 |
|  Dow, Inc. | 22935 |  | 536220 |
|  DuPont de Nemours, Inc. | 13567 |  | 545393 |
|  Eastman Chemical Co. | 3720 |  | 237448 |
|  Ecolab, Inc. | 6106 |  | 1602947 |
|  Element Solutions, Inc. | 7298 |  | 182377 |
|  FMC Corp. | 4021 |  | 55771 |
|  Huntsman Corp. | 5326 |  | 53260 |
|  International Flavors & Fragrances, Inc. | 8304 |  | 559607 |
|  Linde plc | 15221 |  | 6490082 |
|  LyondellBasell Industries NV, Class A | 8303 |  | 359520 |
|  Mosaic Co. (The) | 10227 |  | 246368 |
|  NewMarket Corp. | 192 |  | 131954 |
|  Olin Corp. | 3721 |  | 77509 |
|  PPG Industries, Inc. | 7366 |  | 754720 |
|  RPM International, Inc. | 4120 |  | 428480 |
|  Scotts Miracle-Gro Co. (The) | 1415 |  | 82565 |
|  Sherwin-Williams Co. (The) | 707 |  | 229089 |
|  Solstice Advanced Materials, Inc.\* | 5153 |  | 250333 |
|  Westlake Corp. | 1083 |  | 80077 |
|  |  |  | 17579248 |
|  ***Construction Materials (0.5%)*** | ***Construction Materials (0.5%)*** | ***Construction Materials (0.5%)*** | ***Construction Materials (0.5%)*** |
|  CRH plc | 21983 |  | 2743478 |
|  Eagle Materials, Inc. | 978 |  | 202133 |
|  James Hardie Industries plc (ADR)\* | 1717 |  | 35628 |
|  Martin Marietta Materials, Inc. | 1944 |  | 1210451 |
|  Vulcan Materials Co. | 4285 |  | 1222168 |
|  |  |  | 5413858 |
|  ***Containers & Packaging (0.5%)*** | ***Containers & Packaging (0.5%)*** | ***Containers & Packaging (0.5%)*** | ***Containers & Packaging (0.5%)*** |
|  Amcor plc | 74704 |  | 623031 |
|  AptarGroup, Inc. | 2120 |  | 258555 |
|  Avery Dennison Corp. | 2521 |  | 458520 |
|  Ball Corp. | 8993 |  | 476359 |
|  Crown Holdings, Inc. | 3751 |  | 386240 |
|  Graphic Packaging Holding Co. | 9476 |  | 142709 |
|  International Paper Co. | 16988 |  | 669157 |
|  Packaging Corp. of America | 2863 |  | 590437 |
|  Sealed Air Corp. | 4726 |  | 195798 |
|  Silgan Holdings, Inc. | 2864 |  | 115620 |
|  Smurfit WestRock plc | 16886 |  | 652982 |
|  Sonoco Products Co. | 3191 |  | 139255 |
|  |  |  | 4708663 |
|  ***Metals & Mining (1.2%)*** | ***Metals & Mining (1.2%)*** | ***Metals & Mining (1.2%)*** | ***Metals & Mining (1.2%)*** |
|  Alcoa Corp. | 8375 |  | 445048 |
|  Anglogold Ashanti plc | 14346 |  | 1223427 |
|  Cleveland-Cliffs, Inc.\* | 18163 |  | 241205 |
|  Freeport-McMoRan, Inc. | 46360 |  | 2354624 |
|  MP Materials Corp. (x)\* | 4234 |  | 213902 |
|  Newmont Corp. | 35611 |  | 3555758 |
|  Nucor Corp. | 7445 |  | 1214354 |
|  Reliance, Inc. | 1711 |  | 494257 |
|  Royal Gold, Inc. | 2656 |  | 590402 |
|  Southern Copper Corp. | 2698 |  | 387082 |
|  Steel Dynamics, Inc. | 4116 |  | 697456 |
|  |  |  | 11417515 |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Louisiana-Pacific Corp. | 2042 |  | 164912 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 39284196 |
|  **Real Estate (3.9%)** | **Real Estate (3.9%)** | **Real Estate (3.9%)** | **Real Estate (3.9%)** |
|  ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** |
|  WP Carey, Inc. (REIT) | 7025 |  | 452129 |
|  ***Health Care REITs (0.7%)*** | ***Health Care REITs (0.7%)*** | ***Health Care REITs (0.7%)*** | ***Health Care REITs (0.7%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 5559 |  | 272057 |
|  Healthcare Realty Trust, Inc. (REIT), Class A | 10635 |  | 180263 |
|  Healthpeak Properties, Inc. (REIT) | 22467 |  | 361269 |
|  Medical Properties Trust, Inc. (REIT) (x) | 16169 |  | 80845 |
|  Omega Healthcare Investors, Inc. (REIT) | 9308 |  | 412717 |
|  Ventas, Inc. (REIT) | 14683 |  | 1136171 |
|  Welltower, Inc. (REIT) | 21691 |  | 4026067 |
|  |  |  | 6469389 |
|  ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** |
|  Host Hotels & Resorts, Inc. (REIT) | 22226 |  | 394067 |
|  Park Hotels & Resorts, Inc. (REIT) (x) | 6365 |  | 66578 |
|  |  |  | 460645 |
|  ***Industrial REITs (0.5%)*** | ***Industrial REITs (0.5%)*** | ***Industrial REITs (0.5%)*** | ***Industrial REITs (0.5%)*** |
|  Americold Realty Trust, Inc. (REIT) (x) | 9240 |  | 118826 |
|  EastGroup Properties, Inc. (REIT) | 1716 |  | 305688 |
|  First Industrial Realty Trust, Inc. (REIT) | 4148 |  | 237556 |
|  Lineage, Inc. (REIT) | 2289 |  | 80115 |
|  Prologis, Inc. (REIT) | 30066 |  | 3838226 |
|  Rexford Industrial Realty, Inc. (REIT) | 7681 |  | 297408 |
|  STAG Industrial, Inc. (REIT) | 6050 |  | 222398 |
|  |  |  | 5100217 |

---

See Notes to Financial Statements.

954

------

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Office REITs (0.1%)*** | ***Office REITs (0.1%)*** | ***Office REITs (0.1%)*** |
|  BXP, Inc. (REIT) | 5134 | $346442 |
|  Cousins Properties, Inc. (REIT) | 5408 | 139418 |
|  Highwoods Properties, Inc. (REIT) | 3436 | 88718 |
|  Kilroy Realty Corp. (REIT) (x) | 3801 | 142043 |
|  Vornado Realty Trust (REIT) | 5716 | 190229 |
|  |  | 906850 |
|  ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** |
|  CBRE Group, Inc., Class A\* | 8579 | 1379418 |
|  CoStar Group, Inc.\* | 11858 | 797332 |
|  Howard Hughes Holdings, Inc.\* | 1003 | 80009 |
|  Jones Lang LaSalle, Inc.\* | 1117 | 375837 |
|  Zillow Group, Inc., Class A\* | 1617 | 110328 |
|  Zillow Group, Inc., Class C\* | 5270 | 359519 |
|  |  | 3102443 |
|  ***Residential REITs (0.5%)*** | ***Residential REITs (0.5%)*** | ***Residential REITs (0.5%)*** |
|  American Homes 4 Rent (REIT), Class A | 11074 | 355475 |
|  AvalonBay Communities, Inc. (REIT) | 4609 | 835658 |
|  Camden Property Trust (REIT) | 3483 | 383409 |
|  Equity LifeStyle Properties, Inc. (REIT) | 6227 | 377418 |
|  Equity Residential (REIT) | 12276 | 773879 |
|  Essex Property Trust, Inc. (REIT) | 2066 | 540631 |
|  Invitation Homes, Inc. (REIT) | 19831 | 551103 |
|  Mid-America Apartment Communities, Inc. (REIT) | 3771 | 523830 |
|  Sun Communities, Inc. (REIT) | 3311 | 410266 |
|  UDR, Inc. (REIT) | 10122 | 371275 |
|  |  | 5122944 |
|  ***Retail REITs (0.5%)*** | ***Retail REITs (0.5%)*** | ***Retail REITs (0.5%)*** |
|  Agree Realty Corp. (REIT) (x) | 3509 | 252753 |
|  Brixmor Property Group, Inc. (REIT) | 9867 | 258713 |
|  Federal Realty Investment Trust (REIT) | 2757 | 277905 |
|  Kimco Realty Corp. (REIT) | 21658 | 439008 |
|  NNN REIT, Inc. (REIT) | 6060 | 240158 |
|  Realty Income Corp. (REIT) | 29315 | 1652486 |
|  Regency Centers Corp. (REIT) | 5855 | 404171 |
|  Simon Property Group, Inc. (REIT) | 8171 | 1512534 |
|  |  | 5037728 |
|  ***Specialized REITs (1.2%)*** | ***Specialized REITs (1.2%)*** | ***Specialized REITs (1.2%)*** |
|  Crown Castle, Inc. (REIT) | 14063 | 1249779 |
|  CubeSmart (REIT) | 7337 | 264499 |
|  Digital Realty Trust, Inc. (REIT) | 10933 | 1691444 |
|  EPR Properties (REIT) | 2418 | 120658 |
|  Equinix, Inc. (REIT) | 3168 | 2427195 |
|  Extra Space Storage, Inc. (REIT) | 6828 | 889142 |
|  Fermi, Inc. (REIT) (x)\* | 1163 | 9304 |
|  Gaming and Leisure Properties, Inc. (REIT) | 8800 | 393272 |
|  Iron Mountain, Inc. (REIT) | 9509 | 788772 |
|  Millrose Properties, Inc. (REIT) | 4961 | 148185 |
|  National Storage Affiliates Trust (REIT) | 2282 | 64375 |
|  Public Storage (REIT) | 4446 | 1153737 |
|  Rayonier, Inc. (REIT) | 5461 | 118231 |
|  SBA Communications Corp. (REIT) | 3480 | 673136 |
|  VICI Properties, Inc. (REIT), Class A | 34231 | 962576 |
|  Weyerhaeuser Co. (REIT) | 23491 | 556502 |
|  |  | 11510807 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 38163152 |
|  **Utilities (4.3%)** | **Utilities (4.3%)** | **Utilities (4.3%)** |
|  ***Electric Utilities (2.8%)*** | ***Electric Utilities (2.8%)*** | ***Electric Utilities (2.8%)*** |
|  Alliant Energy Corp. | 8325 | 541208 |
|  American Electric Power Co., Inc. | 17341 | 1999591 |
|  Constellation Energy Corp. | 10152 | 3586397 |
|  Duke Energy Corp. | 25216 | 2955567 |
|  Edison International | 12354 | 741487 |
|  Entergy Corp. | 14473 | 1337739 |
|  Evergy, Inc. | 7460 | 540776 |
|  Eversource Energy | 11908 | 801766 |
|  Exelon Corp. | 32763 | 1428139 |
|  FirstEnergy Corp. | 17786 | 796279 |
|  IDACORP, Inc. | 1747 | 221100 |
|  NextEra Energy, Inc. | 66843 | 5366156 |
|  OGE Energy Corp. | 6511 | 278020 |
|  PG&E Corp. | 71063 | 1141983 |
|  Pinnacle West Capital Corp. | 3861 | 342471 |
|  PPL Corp. | 23989 | 840095 |
|  Southern Co. (The) | 35716 | 3114435 |
|  Xcel Energy, Inc. | 19183 | 1416856 |
|  |  | 27450065 |
|  ***Gas Utilities (0.2%)*** | ***Gas Utilities (0.2%)*** | ***Gas Utilities (0.2%)*** |
|  Atmos Energy Corp. | 5129 | 859774 |
|  MDU Resources Group, Inc. | 6572 | 128286 |
|  National Fuel Gas Co. | 2907 | 232734 |
|  UGI Corp. | 6969 | 260850 |
|  |  | 1481644 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  AES Corp. (The) | 23011 | 329978 |
|  Brookfield Renewable Corp. | 4377 | 167814 |
|  Clearway Energy, Inc., Class A | 1122 | 35253 |
|  Clearway Energy, Inc., Class C | 2636 | 87673 |
|  Talen Energy Corp.\* | 1470 | 551015 |
|  |  | 1171733 |
|  ***Multi-Utilities (1.1%)*** | ***Multi-Utilities (1.1%)*** | ***Multi-Utilities (1.1%)*** |
|  Ameren Corp. | 8747 | 873475 |
|  CenterPoint Energy, Inc. | 21120 | 809741 |
|  CMS Energy Corp. | 9642 | 674265 |
|  Consolidated Edison, Inc. | 11683 | 1160355 |
|  Dominion Energy, Inc. | 27663 | 1620775 |
|  DTE Energy Co. | 6716 | 866230 |
|  NiSource, Inc. | 15251 | 636882 |
|  Public Service Enterprise Group, Inc. | 16186 | 1299736 |
|  Sempra | 21158 | 1868040 |
|  WEC Energy Group, Inc. | 10352 | 1091722 |
|  |  | 10901221 |
|  ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** |
|  American Water Works Co., Inc. | 6313 | 823847 |
|  Essential Utilities, Inc. | 9090 | 348692 |
|  |  | 1172539 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 42177202 |
|  **Total Common Stocks (99.3%)**<br> *(Cost $605,948,766)* |  | 971964505 |

---

See Notes to Financial Statements.

955

------

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** |
|  Mirati Therapeutics, Inc., CVR (r)\* <br>*(Cost $1,126)* | 2145 | $805 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.2%)** | **Investment Companies (0.2%)** |  |
|  BlackRock Liquidity FedFund, Institutional Shares 3.65% (7 day yield) (xx) | 200000 | 200000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 1423903 | 1423903 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 1623903 |
|  **Total Short-Term Investments (0.2%)**<br> *(Cost $1,623,903)* | **Total Short-Term Investments (0.2%)**<br> *(Cost $1,623,903)* | 1623903 |
|  **Total Investments in Securities (99.5%)**<br> *(Cost $607,573,795)* | **Total Investments in Securities (99.5%)**<br> *(Cost $607,573,795)* | 973589213 |
|  **Other Assets Less Liabilities (0.5%)** | **Other Assets Less Liabilities (0.5%)** | 4713945 |
|  **Net Assets (100%)** |  | $978303158 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $2,153,970. This was collateralized by $656,534 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/29/26 – 8/15/55 and by cash of $1,623,903 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR — American Depositary Receipt* 

*CVR — Contingent Value Right* 

*REIT — Real Estate Investment Trust* 

*USD — United States Dollar* 

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P 500 E-Mini Index | 8 | 3/2026 | USD | 2757000 | (26523) |
|  S&P Midcap 400 E-Mini Index | 11 | 3/2026 | USD | 3657720 | (107079) |
|  |  |  |  |  | (133602) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $82089180 | $— | $— | $82089180 |
|  Consumer Discretionary | 72202439 |  |  | 72202439 |
|  Consumer Staples | 70137410 |  |  | 70137410 |
|  Energy | 55786145 |  |  | 55786145 |
|  Financials | 217305025 |  |  | 217305025 |
|  Health Care | 118754693 |  |  | 118754693 |
|  Industrials | 126369647 |  |  | 126369647 |

---

See Notes to Financial Statements.

956

------

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  Information Technology | $109695416 | $— | $— | $109695416 |
|  Materials | 39284196 |  |  | 39284196 |
|  Real Estate | 38163152 |  |  | 38163152 |
|  Utilities | 42177202 |  |  | 42177202 |
|  **Rights** |  |  |  |  |
|  Health Care |  |  | 805 | 805 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 1623903 |  |  | 1623903 |
|  **Total Assets** | $**973588408** | $**—** | $**805** | $**973589213** |
|  **Liabilities:** |  |  |  |  |
|  **Futures** | $(133602) | $— | $— | $(133602) |
|  **Total Liabilities** | $**(133602)** | $**—** | $**—** | $**(133602)** |
|  **Total** | $**973454806** | $**—** | $**805** | $**973455611** |

---

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(133602) |
|  **Total** |  | $(133602) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $459800 | $459800 |
|  **Total** | $459800 | $459800 |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $176371 | $176371 |
|  **Total** | $176371 | $176371 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $6285000 |

---

See Notes to Financial Statements.

957

------

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $173982662.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $154622631.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $414329677 |
|  Aggregate gross unrealized depreciation | (49222025) |
|  Net unrealized appreciation | $365107652 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $608347959 |

---

See Notes to Financial Statements.

958

------

EQ/LARGE CAP VALUE INDEX PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $607,573,795) | $973589213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 6406587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 953390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 411236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 267884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 981633041 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 1623903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1071578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 290889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 207726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 74632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 61155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3329883 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $978303158 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $612889599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 365413559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $978303158 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $978,053,801 / 86,213,837 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.34 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $249,357 / 21,980 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.34 |

---

*(x)* *Includes value of securities on loan of $2,153,970.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $5,209 foreign withholding tax) | $17473338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 247794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 56119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 17777251 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3077079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 2197345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 795810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 90057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 86200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 57563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 29750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 169578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 6503382 |
|  **NET INVESTMENT INCOME (LOSS)** | 11273869 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 51616221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 459800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 52076021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 60312634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 176371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 60489005 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 112565026 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $123838895 |

---

See Notes to Financial Statements.

959

------

#### EQ ADVISORS TRUST
EQ/LARGE CAP VALUE INDEX PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $11273869 | $11895834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 52076021 | 44837323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 60489005 | 49796097 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 123838895 | 106529254 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (65505530) | (56339890) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (17190) | (14779) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (65522720) | (56354669) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 233,435 shares, respectively ] |  | 2422836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (7030056) shares,<br>respectively ] |  | (74730403) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (665063) shares, respectively ] |  | (6938288) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (79245855) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 12,823,067 and 6,463,954 shares, respectively ] | 146609656 | 69712082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 7,060,301 shares, respectively ] |  | 74730403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 5,753,376 and 5,152,458 shares, respectively ] | 65505530 | 56339890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (12695317) and (11373466) shares, respectively ] | (140991108) | (123317894) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 71124078 | 77464481 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,510 and 1,352 shares, respectively ] | 17190 | 14779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 17190 | 14779 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 71141268 | (1766595) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 129457443 | 48407990 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 848845715 | 800437725 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $978303158 | $848845715 |

---

See Notes to Financial Statements.

960

------

#### EQ ADVISORS TRUST
EQ/LARGE CAP VALUE INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $10.56 | $9.94 | $9.39 | $10.60 | $9.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.14 | 0.15 | 0.15 | 0.14 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.45 | 1.21 | 0.85 | (1.00) | 2.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.59 | 1.36 | 1.00 | (0.86) | 2.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.14) | (0.16) | (0.16) | (0.14) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.67) | (0.58) | (0.29) | (0.21) | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.81) | (0.74) | (0.45) | (0.35) | (0.70) |
|  Net asset value, end of year | $11.34 | $10.56 | $9.94 | $9.39 | $10.60 |
|  Total return | 15.04% | 13.48% | 10.71% | (8.16)% | 24.20% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $978054 | $848630 | $725774 | $693798 | $751472 |
|  Ratio of expenses to average net assets (f) | 0.74% | 0.74% | 0.74% | 0.74% | 0.73% |
|  Ratio of net investment income (loss) to average net assets (f) | 1.28% | 1.40% | 1.51% | 1.42% | 1.21% |
|  Portfolio turnover rate^ | 18% | 13% | 13% | 14% | 16% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $10.56 | $9.93 | $9.38 | $10.60 | $9.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.17 | 0.18 | 0.17 | 0.16 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.45 | 1.22 | 0.85 | (1.00) | 2.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.62 | 1.40 | 1.02 | (0.84) | 2.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.17) | (0.19) | (0.18) | (0.17) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.67) | (0.58) | (0.29) | (0.21) | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.84) | (0.77) | (0.47) | (0.38) | (0.72) |
|  Net asset value, end of year | $11.34 | $10.56 | $9.93 | $9.38 | $10.60 |
|  Total return | 15.31% | 13.87% | 10.98% | (8.02)% | 24.61% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $249 | $216 | $190 | $171 | $186 |
|  Ratio of expenses to average net assets (f) | 0.49% | 0.49% | 0.49% | 0.49% | 0.48% |
|  Ratio of net investment income (loss) to average net assets (f) | 1.53% | 1.66% | 1.76% | 1.67% | 1.47% |
|  Portfolio turnover rate^ | 18% | 13% | 13% | 14% | 16% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

961

------

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (6.1%)** | **Communication Services (6.1%)** | **Communication Services (6.1%)** |
|  ***Diversified Telecommunication Services (0.9%)*** | ***Diversified Telecommunication Services (0.9%)*** | ***Diversified Telecommunication Services (0.9%)*** |
|  AST SpaceMobile, Inc., Class A (x)\* | 917 | $66602 |
|  AT&T, Inc. | 471019 | 11700112 |
|  Frontier Communications Parent, Inc.\* | 15293 | 582204 |
|  GCI Liberty, Inc., Class A\* | 167 | 6157 |
|  GCI Liberty, Inc., Class C\* | 1133 | 42159 |
|  Iridium Communications, Inc. | 5373 | 93383 |
|  Liberty Global Ltd., Class A\* | 10488 | 116836 |
|  Liberty Global Ltd., Class C\* | 8693 | 95971 |
|  Verizon Communications, Inc. | 474792 | 19338278 |
|  |  | 32041702 |
|  ***Entertainment (0.9%)*** | ***Entertainment (0.9%)*** | ***Entertainment (0.9%)*** |
|  Electronic Arts, Inc. | 15763 | 3220854 |
|  Liberty Live Holdings, Inc., Class A\* | 1234 | 100571 |
|  Liberty Live Holdings, Inc., Class C\* | 2868 | 238503 |
|  Liberty Media Corp.-Liberty Formula One, Class A\* | 981 | 87682 |
|  Liberty Media Corp.-Liberty Formula One, Class C\* | 9069 | 893387 |
|  Madison Square Garden Sports Corp.\* | 1009 | 260978 |
|  Netflix, Inc.\* | 15320 | 1436403 |
|  Roku, Inc.\* | 7030 | 762685 |
|  Take-Two Interactive Software, Inc.\* | 7547 | 1932258 |
|  TKO Group Holdings, Inc., Class A | 2473 | 516857 |
|  Walt Disney Co. (The) | 150999 | 17179156 |
|  Warner Bros Discovery, Inc.\* | 145998 | 4207662 |
|  |  | 30836996 |
|  ***Interactive Media & Services (3.7%)*** | ***Interactive Media & Services (3.7%)*** | ***Interactive Media & Services (3.7%)*** |
|  Alphabet, Inc., Class A | 129336 | 40482168 |
|  Alphabet, Inc., Class C | 209461 | 65728862 |
|  IAC, Inc.\* | 4210 | 164611 |
|  Match Group, Inc. | 15322 | 494747 |
|  Meta Platforms, Inc., Class A | 38085 | 25139528 |
|  Pinterest, Inc., Class A\* | 18638 | 482538 |
|  Trump Media & Technology Group Corp. (x)\* | 4601 | 60917 |
|  ZoomInfo Technologies, Inc., Class A\* | 18526 | 188409 |
|  |  | 132741780 |
|  ***Media (0.4%)*** | ***Media (0.4%)*** | ***Media (0.4%)*** |
|  Charter Communications, Inc., Class A\* | 5532 | 1154805 |
|  Comcast Corp., Class A | 259180 | 7746890 |
|  DoubleVerify Holdings, Inc.\* | 4389 | 50210 |
|  Fox Corp., Class A | 13289 | 971027 |
|  Fox Corp., Class B | 9349 | 607031 |
|  Liberty Broadband Corp., Class A\* | 818 | 39493 |
|  Liberty Broadband Corp., Class C\* | 5533 | 268904 |
|  New York Times Co. (The), Class A | 10059 | 698296 |
|  News Corp., Class A | 23731 | 619853 |
|  News Corp., Class B (x) | 7898 | 234018 |
|  Nexstar Media Group, Inc., Class A | 1661 | 337266 |
|  NIQ Global Intelligence plc (x)\* | 1497 | 24686 |
|  Omnicom Group, Inc. | 20547 | 1659170 |
|  Sirius XM Holdings, Inc. | 11898 | 237901 |
|  |  | 14649550 |
|  ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** |
|  Millicom International Cellular SA | 6439 | 356978 |
|  T-Mobile US, Inc. | 42458 | 8620673 |
|  |  | 8977651 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 219247679 |
|  **Consumer Discretionary (5.8%)** | **Consumer Discretionary (5.8%)** | **Consumer Discretionary (5.8%)** |
|  ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** |
|  Aptiv plc\* | 18201 | 1384914 |
|  BorgWarner, Inc. | 13659 | 615475 |
|  Gentex Corp. | 14179 | 329945 |
|  Lear Corp. | 3344 | 383222 |
|  QuantumScape Corp., Class A\* | 26199 | 272994 |
|  |  | 2986550 |
|  ***Automobiles (0.4%)*** | ***Automobiles (0.4%)*** | ***Automobiles (0.4%)*** |
|  Ford Motor Co. | 244713 | 3210635 |
|  General Motors Co. | 78131 | 6353613 |
|  Harley-Davidson, Inc. | 6864 | 140643 |
|  Lucid Group, Inc., Class A (x)\* | 7787 | 82309 |
|  Rivian Automotive, Inc., Class A\* | 48582 | 957551 |
|  Tesla, Inc.\* | 9454 | 4251653 |
|  Thor Industries, Inc. | 3191 | 327620 |
|  |  | 15324024 |
|  ***Broadline Retail (1.4%)*** | ***Broadline Retail (1.4%)*** | ***Broadline Retail (1.4%)*** |
|  Amazon.com, Inc.\* | 206534 | 47672178 |
|  Dillard's, Inc., Class A (x) | 185 | 112173 |
|  eBay, Inc. | 28872 | 2514751 |
|  Etsy, Inc.\* | 2621 | 145308 |
|  Macy's, Inc. | 16930 | 373306 |
|  Ollie's Bargain Outlet Holdings, Inc.\* | 3837 | 420574 |
|  |  | 51238290 |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** |
|  Genuine Parts Co. | 8694 | 1069014 |
|  LKQ Corp. | 16099 | 486190 |
|  Pool Corp. | 1832 | 419070 |
|  |  | 1974274 |
|  ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** |
|  ADT, Inc. | 31997 | 258216 |
|  Bright Horizons Family Solutions, Inc.\* | 3102 | 314543 |
|  Grand Canyon Education, Inc.\* | 1254 | 208553 |
|  H&R Block, Inc. | 6909 | 301094 |
|  Service Corp. International | 8732 | 680834 |
|  |  | 1763240 |
|  ***Hotels, Restaurants & Leisure (1.2%)*** | ***Hotels, Restaurants & Leisure (1.2%)*** | ***Hotels, Restaurants & Leisure (1.2%)*** |
|  Aramark | 16354 | 602809 |
|  Booking Holdings, Inc. | 643 | 3443477 |
|  Boyd Gaming Corp. | 3539 | 301664 |
|  Caesars Entertainment, Inc.\* | 12937 | 302596 |
|  Carnival Corp.\* | 46854 | 1430921 |
|  Choice Hotels International, Inc. (x) | 1178 | 112216 |
|  Churchill Downs, Inc. | 621 | 70657 |
|  Darden Restaurants, Inc. | 368 | 67719 |

---

See Notes to Financial Statements.

962

------

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Domino's Pizza, Inc. | 1388 | $| 578546 |
|  Expedia Group, Inc. | 4286 |  | 1214267 |
|  Flutter Entertainment plc, Class DI\* | 1897 |  | 407931 |
|  Hyatt Hotels Corp., Class A | 2521 |  | 404167 |
|  Marriott International, Inc., Class A | 21330 |  | 6617419 |
|  McDonald's Corp. | 54924 |  | 16786422 |
|  MGM Resorts International\* | 12842 |  | 468605 |
|  Norwegian Cruise Line Holdings Ltd.\* | 2701 |  | 60286 |
|  Penn Entertainment, Inc.\* | 9350 |  | 137913 |
|  Restaurant Brands International, Inc. | 7353 |  | 501695 |
|  Starbucks Corp. | 61868 |  | 5209904 |
|  Travel + Leisure Co. | 2586 |  | 182391 |
|  Vail Resorts, Inc. | 411 |  | 54581 |
|  Wendy's Co. (The) (x) | 5657 |  | 47123 |
|  Wyndham Hotels & Resorts, Inc. | 488 |  | 36873 |
|  Wynn Resorts Ltd. | 5156 |  | 620422 |
|  Yum! Brands, Inc. | 11601 |  | 1754999 |
|  |  |  | 41415603 |
|  ***Household Durables (0.8%)*** | ***Household Durables (0.8%)*** | ***Household Durables (0.8%)*** | ***Household Durables (0.8%)*** |
|  DR Horton, Inc. | 16692 |  | 2404149 |
|  Garmin Ltd. | 10216 |  | 2072316 |
|  Lennar Corp., Class A | 86369 |  | 8878733 |
|  Lennar Corp., Class B | 598 |  | 56882 |
|  Mohawk Industries, Inc.\* | 3215 |  | 351399 |
|  Newell Brands, Inc. | 26130 |  | 97204 |
|  NVR, Inc.\* | 176 |  | 1283527 |
|  PulteGroup, Inc. | 12324 |  | 1445112 |
|  SharkNinja, Inc.\* | 4304 |  | 481618 |
|  Sony Group Corp. (ADR) (x) | 385665 |  | 9873024 |
|  Toll Brothers, Inc. | 6122 |  | 827817 |
|  TopBuild Corp.\* | 1661 |  | 692952 |
|  Whirlpool Corp. (x) | 3363 |  | 242607 |
|  |  |  | 28707340 |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** |
|  Brunswick Corp. | 4105 |  | 304755 |
|  Hasbro, Inc. | 8285 |  | 679370 |
|  Mattel, Inc.\* | 20127 |  | 399320 |
|  YETI Holdings, Inc.\* | 5171 |  | 228403 |
|  |  |  | 1611848 |
|  ***Specialty Retail (1.5%)*** | ***Specialty Retail (1.5%)*** | ***Specialty Retail (1.5%)*** | ***Specialty Retail (1.5%)*** |
|  AutoNation, Inc.\* | 1722 |  | 355559 |
|  AutoZone, Inc.\* | 1476 |  | 5005854 |
|  Bath & Body Works, Inc. | 88126 |  | 1769570 |
|  Best Buy Co., Inc. | 12115 |  | 810857 |
|  CarMax, Inc.\* | 9393 |  | 362945 |
|  Dick's Sporting Goods, Inc. | 3967 |  | 785347 |
|  Five Below, Inc.\* | 3375 |  | 635715 |
|  Floor & Decor Holdings, Inc., Class A\* | 4549 |  | 276989 |
|  GameStop Corp., Class A (x)\* | 25685 |  | 515755 |
|  Gap, Inc. (The) | 14420 |  | 369152 |
|  Home Depot, Inc. (The) | 14849 |  | 5109541 |
|  Lithia Motors, Inc., Class A | 1424 |  | 473238 |
|  Lowe's Cos., Inc. | 101226 |  | 24411662 |
|  O'Reilly Automotive, Inc.\* | 11256 |  | 1026660 |
|  Penske Automotive Group, Inc. | 1147 |  | 181559 |
|  RH\* | 795 |  | 142424 |
|  Ross Stores, Inc. | 16159 |  | 2910882 |
|  TJX Cos., Inc. (The) | 35058 |  | 5385259 |
|  Ulta Beauty, Inc.\* | 2123 |  | 1284436 |
|  Valvoline, Inc.\* | 908 |  | 26386 |
|  Wayfair, Inc., Class A\* | 4885 |  | 490503 |
|  Williams-Sonoma, Inc. | 6315 |  | 1127796 |
|  |  |  | 53458089 |
|  ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** |
|  Amer Sports, Inc.\* | 9351 |  | 349260 |
|  Birkenstock Holding plc\* | 2389 |  | 97710 |
|  Columbia Sportswear Co. | 1630 |  | 89797 |
|  Crocs, Inc.\* | 3407 |  | 291367 |
|  Lululemon Athletica, Inc.\* | 2795 |  | 580829 |
|  NIKE, Inc., Class B | 72529 |  | 4620822 |
|  PVH Corp. | 2990 |  | 200390 |
|  Ralph Lauren Corp. | 6363 |  | 2250020 |
|  Tapestry, Inc. | 7875 |  | 1006189 |
|  Under Armour, Inc., Class A (x)\* | 11837 |  | 58830 |
|  Under Armour, Inc., Class C\* | 11554 |  | 55459 |
|  VF Corp. | 22010 |  | 397941 |
|  |  |  | 9998614 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 208477872 |
|  **Consumer Staples (5.3%)** | **Consumer Staples (5.3%)** | **Consumer Staples (5.3%)** | **Consumer Staples (5.3%)** |
|  ***Beverages (1.1%)*** | ***Beverages (1.1%)*** | ***Beverages (1.1%)*** | ***Beverages (1.1%)*** |
|  Boston Beer Co., Inc. (The), Class A\* | 497 |  | 96980 |
|  Brown-Forman Corp., Class A | 2733 |  | 71905 |
|  Brown-Forman Corp., Class B (x) | 9258 |  | 241264 |
|  Coca-Cola Co. (The) | 266339 |  | 18619759 |
|  Coca-Cola Consolidated, Inc. | 2801 |  | 429393 |
|  Coca-Cola Europacific Partners plc | 17752 |  | 1610106 |
|  Constellation Brands, Inc., Class A | 9058 |  | 1249642 |
|  Diageo plc | 44125 |  | 953734 |
|  Keurig Dr Pepper, Inc. | 81180 |  | 2273852 |
|  Molson Coors Beverage Co., Class B | 10514 |  | 490793 |
|  PepsiCo, Inc. | 100321 |  | 14398070 |
|  Primo Brands Corp. | 16093 |  | 263121 |
|  |  |  | 40698619 |
|  ***Consumer Staples Distribution & Retail (1.6%)*** | ***Consumer Staples Distribution & Retail (1.6%)*** | ***Consumer Staples Distribution & Retail (1.6%)*** | ***Consumer Staples Distribution & Retail (1.6%)*** |
|  Albertsons Cos., Inc., Class A | 25243 |  | 433422 |
|  BJ's Wholesale Club Holdings, Inc.\* | 6981 |  | 628500 |
|  Casey's General Stores, Inc. | 1972 |  | 1089944 |
|  Costco Wholesale Corp. | 1538 |  | 1326279 |
|  Dollar General Corp. | 13769 |  | 1828110 |
|  Dollar Tree, Inc.\* | 33969 |  | 4178527 |
|  Kroger Co. (The) | 52509 |  | 3280762 |
|  Maplebear, Inc.\* | 10801 |  | 485829 |
|  Performance Food Group Co.\* | 8383 |  | 753799 |
|  Sysco Corp. | 14127 |  | 1041019 |
|  Target Corp. | 28492 |  | 2785093 |
|  US Foods Holding Corp.\* | 35765 |  | 2693820 |
|  Walmart, Inc. | 326071 |  | 36327570 |
|  |  |  | 56852674 |
|  ***Food Products (0.6%)*** | ***Food Products (0.6%)*** | ***Food Products (0.6%)*** | ***Food Products (0.6%)*** |
|  Archer-Daniels-Midland Co. | 29962 |  | 1722515 |
|  Bunge Global SA | 8443 |  | 752102 |
|  Campbell's Co. (The) (x) | 12153 |  | 338704 |
|  Conagra Brands, Inc. | 29832 |  | 516392 |

---

See Notes to Financial Statements.

963

------

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Darling Ingredients, Inc.\* | 8705 | $| 313380 |
|  Flowers Foods, Inc. | 11702 |  | 127318 |
|  Freshpet, Inc.\* | 2157 |  | 131426 |
|  General Mills, Inc. | 34326 |  | 1596159 |
|  Hershey Co. (The) | 8029 |  | 1461117 |
|  Hormel Foods Corp. | 18131 |  | 429705 |
|  Ingredion, Inc. | 4003 |  | 441371 |
|  J M Smucker Co. (The) | 6496 |  | 635374 |
|  Kraft Heinz Co. (The) | 53520 |  | 1297860 |
|  Lamb Weston Holdings, Inc. | 8430 |  | 353133 |
|  McCormick & Co., Inc. (Non-Voting) | 62519 |  | 4258169 |
|  Mondelez International, Inc., Class A | 81215 |  | 4371803 |
|  Nestle SA (Registered) | 22435 |  | 2230188 |
|  Pilgrim's Pride Corp. | 2593 |  | 101101 |
|  Post Holdings, Inc.\* | 3118 |  | 308838 |
|  Seaboard Corp. | 16 |  | 71117 |
|  Smithfield Foods, Inc. | 2832 |  | 63239 |
|  Tyson Foods, Inc., Class A | 17538 |  | 1028078 |
|  |  |  | 22549089 |
|  ***Household Products (1.1%)*** | ***Household Products (1.1%)*** | ***Household Products (1.1%)*** | ***Household Products (1.1%)*** |
|  Church & Dwight Co., Inc. | 15439 |  | 1294560 |
|  Clorox Co. (The) | 7725 |  | 778912 |
|  Colgate-Palmolive Co. | 26512 |  | 2094978 |
|  Kimberly-Clark Corp. | 40547 |  | 4090787 |
|  Procter & Gamble Co. (The) | 191919 |  | 27503912 |
|  Reckitt Benckiser Group plc | 30021 |  | 2428818 |
|  Reynolds Consumer Products, Inc. (x) | 3417 |  | 78317 |
|  |  |  | 38270284 |
|  ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** |
|  BellRing Brands, Inc.\* | 7875 |  | 210499 |
|  Coty, Inc., Class A\* | 21641 |  | 66654 |
|  e.l.f. Beauty, Inc.\* | 3432 |  | 260969 |
|  Estee Lauder Cos., Inc. (The), Class A | 15360 |  | 1608499 |
|  Kenvue, Inc. | 289218 |  | 4989011 |
|  |  |  | 7135632 |
|  ***Tobacco (0.7%)*** | ***Tobacco (0.7%)*** | ***Tobacco (0.7%)*** | ***Tobacco (0.7%)*** |
|  Altria Group, Inc. | 140459 |  | 8098866 |
|  Philip Morris International, Inc. | 114342 |  | 18340457 |
|  |  |  | 26439323 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 191945621 |
|  **Energy (4.2%)** | **Energy (4.2%)** | **Energy (4.2%)** | **Energy (4.2%)** |
|  ***Energy Equipment & Services (0.4%)*** | ***Energy Equipment & Services (0.4%)*** | ***Energy Equipment & Services (0.4%)*** | ***Energy Equipment & Services (0.4%)*** |
|  Baker Hughes Co. | 118561 |  | 5399268 |
|  Halliburton Co. | 53739 |  | 1518664 |
|  NOV, Inc. | 23419 |  | 366039 |
|  SLB Ltd. | 86590 |  | 3323324 |
|  TechnipFMC plc | 25526 |  | 1137439 |
|  Weatherford International plc | 4461 |  | 349118 |
|  |  |  | 12093852 |
|  ***Oil, Gas & Consumable Fuels (3.8%)*** | ***Oil, Gas & Consumable Fuels (3.8%)*** | ***Oil, Gas & Consumable Fuels (3.8%)*** | ***Oil, Gas & Consumable Fuels (3.8%)*** |
|  Antero Midstream Corp. | 20963 |  | 372932 |
|  Antero Resources Corp.\* | 18160 |  | 625794 |
|  APA Corp. | 22229 |  | 543721 |
|  Cheniere Energy, Inc. | 7603 |  | 1477947 |
|  Chevron Corp. | 150740 |  | 22974283 |
|  Chord Energy Corp. | 3594 |  | 333164 |
|  Civitas Resources, Inc. | 5784 |  | 156689 |
|  ConocoPhillips | 145804 |  | 13648712 |
|  Coterra Energy, Inc. | 294215 |  | 7743739 |
|  Devon Energy Corp. | 38980 |  | 1427837 |
|  Diamondback Energy, Inc. | 11953 |  | 1796894 |
|  DT Midstream, Inc. | 6360 |  | 761165 |
|  EOG Resources, Inc. | 71953 |  | 7555785 |
|  EQT Corp. | 38958 |  | 2088149 |
|  Expand Energy Corp. | 13774 |  | 1520099 |
|  Exxon Mobil Corp. | 356495 |  | 42900608 |
|  HF Sinclair Corp. | 9018 |  | 415549 |
|  Kinder Morgan, Inc. | 121899 |  | 3351004 |
|  Marathon Petroleum Corp. | 19264 |  | 3132904 |
|  Matador Resources Co. | 7320 |  | 310661 |
|  Occidental Petroleum Corp. | 44209 |  | 1817874 |
|  ONEOK, Inc. | 39172 |  | 2879142 |
|  Ovintiv, Inc. | 16068 |  | 629705 |
|  Permian Resources Corp. | 42319 |  | 593736 |
|  Phillips 66 | 23727 |  | 3061732 |
|  Range Resources Corp. | 14798 |  | 521777 |
|  TotalEnergies SE (New York Stock Exchange) (x) | 102872 |  | 6729886 |
|  Valero Energy Corp. | 19567 |  | 3185312 |
|  Viper Energy, Inc., Class A | 10578 |  | 408628 |
|  Williams Cos., Inc. (The) | 72296 |  | 4345713 |
|  |  |  | 137311141 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 149404993 |
|  **Financials (18.4%)** | **Financials (18.4%)** | **Financials (18.4%)** | **Financials (18.4%)** |
|  ***Banks (6.4%)*** | ***Banks (6.4%)*** | ***Banks (6.4%)*** | ***Banks (6.4%)*** |
|  Bank of America Corp. | 478783 |  | 26333065 |
|  Bank OZK | 6690 |  | 307874 |
|  BOK Financial Corp. | 1386 |  | 164186 |
|  Citigroup, Inc. | 153865 |  | 17954507 |
|  Citizens Financial Group, Inc. | 27267 |  | 1592665 |
|  Columbia Banking System, Inc. | 18549 |  | 518445 |
|  Comerica, Inc. | 8002 |  | 695614 |
|  Commerce Bancshares, Inc. | 8305 |  | 434684 |
|  Cullen/Frost Bankers, Inc. | 45730 |  | 5790790 |
|  East West Bancorp, Inc. | 8568 |  | 962957 |
|  Fifth Third Bancorp | 41741 |  | 1953896 |
|  First Citizens BancShares, Inc., Class A | 1526 |  | 3275071 |
|  First Hawaiian, Inc. | 7849 |  | 198580 |
|  First Horizon Corp. | 31513 |  | 753161 |
|  FNB Corp. | 22250 |  | 380475 |
|  Huntington Bancshares, Inc. | 97064 |  | 1684060 |
|  JPMorgan Chase & Co. | 223647 |  | 72063536 |
|  KeyCorp | 59275 |  | 1223436 |
|  M&T Bank Corp. | 18414 |  | 3710053 |
|  Mitsubishi UFJ Financial Group, Inc. (ADR) (x) | 511967 |  | 8119797 |
|  Pinnacle Financial Partners, Inc. | 4455 |  | 425051 |
|  PNC Financial Services Group, Inc. (The) | 91196 |  | 19035341 |
|  Popular, Inc. | 3801 |  | 473300 |
|  Prosperity Bancshares, Inc. | 5732 |  | 396138 |

---

See Notes to Financial Statements.

964

------

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Regions Financial Corp. | 56314 | $| 1526109 |
|  SouthState Bank Corp. | 6287 |  | 591670 |
|  Synovus Financial Corp. | 8692 |  | 435035 |
|  TFS Financial Corp. | 3284 |  | 43940 |
|  Truist Financial Corp. | 80865 |  | 3979367 |
|  US Bancorp | 265301 |  | 14156461 |
|  Webster Financial Corp. | 10488 |  | 660115 |
|  Wells Fargo & Co. | 434887 |  | 40531468 |
|  Western Alliance Bancorp | 5347 |  | 449522 |
|  Wintrust Financial Corp. | 4137 |  | 578435 |
|  Zions Bancorp NA | 9090 |  | 532129 |
|  |  |  | 231930933 |
|  ***Capital Markets (4.8%)*** | ***Capital Markets (4.8%)*** | ***Capital Markets (4.8%)*** | ***Capital Markets (4.8%)*** |
|  Affiliated Managers Group, Inc. | 1730 |  | 498724 |
|  Ameriprise Financial, Inc. | 24004 |  | 11770121 |
|  Ares Management Corp., Class A | 8452 |  | 1366097 |
|  Bank of New York Mellon Corp. (The) | 41020 |  | 4762012 |
|  BlackRock, Inc. | 14558 |  | 15582010 |
|  Blackstone, Inc. | 46438 |  | 7157953 |
|  Brookfield Asset Management Ltd., Class A | 15699 |  | 822471 |
|  Bullish\* | 1740 |  | 65894 |
|  Carlyle Group, Inc. (The) | 16393 |  | 968990 |
|  Cboe Global Markets, Inc. | 6567 |  | 1648317 |
|  Charles Schwab Corp. (The) | 132205 |  | 13208602 |
|  CME Group, Inc. | 28948 |  | 7905120 |
|  Coinbase Global, Inc., Class A\* | 11887 |  | 2688126 |
|  Evercore, Inc., Class A | 2311 |  | 786318 |
|  FactSet Research Systems, Inc. | 2225 |  | 645673 |
|  Franklin Resources, Inc. | 19266 |  | 460265 |
|  Freedom Holding Corp.\* | 165 |  | 20077 |
|  Goldman Sachs Group, Inc. (The) | 20172 |  | 17731188 |
|  Hamilton Lane, Inc., Class A | 871 |  | 116984 |
|  Houlihan Lokey, Inc., Class A | 2098 |  | 365451 |
|  Interactive Brokers Group, Inc., Class A | 25445 |  | 1636368 |
|  Intercontinental Exchange, Inc. | 35761 |  | 5791852 |
|  Invesco Ltd. | 22812 |  | 599271 |
|  Janus Henderson Group plc | 7788 |  | 370475 |
|  Jefferies Financial Group, Inc. | 7253 |  | 449468 |
|  KKR & Co., Inc. | 78286 |  | 9979899 |
|  Lazard, Inc. | 4649 |  | 225756 |
|  LPL Financial Holdings, Inc. | 6660 |  | 2378752 |
|  MarketAxess Holdings, Inc. | 2285 |  | 414156 |
|  Morgan Stanley | 145318 |  | 25798305 |
|  Morningstar, Inc. | 467 |  | 101484 |
|  MSCI, Inc. | 2395 |  | 1374083 |
|  Nasdaq, Inc. | 96278 |  | 9351482 |
|  Northern Trust Corp. | 11915 |  | 1627470 |
|  Raymond James Financial, Inc. | 11460 |  | 1840361 |
|  Robinhood Markets, Inc., Class A\* | 40182 |  | 4544584 |
|  S&P Global, Inc. | 19248 |  | 10058812 |
|  SEI Investments Co. | 6520 |  | 534770 |
|  State Street Corp. | 17743 |  | 2289024 |
|  Stifel Financial Corp. | 6262 |  | 784128 |
| T. Rowe Price Group, Inc. | 13712 |  | 1403835 |
|  TPG, Inc., Class A | 509 |  | 32495 |
|  Tradeweb Markets, Inc., Class A | 6695 |  | 719980 |
|  Virtu Financial, Inc., Class A | 4978 |  | 165867 |
|  XP, Inc., Class A | 23160 |  | 379129 |
|  |  |  | 171422199 |
|  ***Consumer Finance (1.3%)*** | ***Consumer Finance (1.3%)*** | ***Consumer Finance (1.3%)*** | ***Consumer Finance (1.3%)*** |
|  Ally Financial, Inc. | 15259 |  | 691080 |
|  American Express Co. | 45351 |  | 16777602 |
|  Capital One Financial Corp. | 97002 |  | 23509405 |
|  Credit Acceptance Corp. (x)\* | 251 |  | 111308 |
|  Figure Technology Solutions, Inc., Class A\* | 1778 |  | 72614 |
|  OneMain Holdings, Inc. | 7465 |  | 504261 |
|  SLM Corp. | 11304 |  | 305886 |
|  SoFi Technologies, Inc.\* | 61262 |  | 1603839 |
|  Synchrony Financial | 48704 |  | 4063375 |
|  |  |  | 47639370 |
|  ***Financial Services (2.4%)*** | ***Financial Services (2.4%)*** | ***Financial Services (2.4%)*** | ***Financial Services (2.4%)*** |
|  Affirm Holdings, Inc., Class A\* | 6817 |  | 507389 |
|  Apollo Global Management, Inc. | 7845 |  | 1135642 |
|  Berkshire Hathaway, Inc., Class B#\* | 118336 |  | 59481590 |
|  Block, Inc., Class A\* | 21503 |  | 1399630 |
|  Corebridge Financial, Inc. | 147533 |  | 4451071 |
|  Euronet Worldwide, Inc.\* | 2651 |  | 201768 |
|  Fidelity National Information Services, Inc. | 33008 |  | 2193712 |
|  Fiserv, Inc.\* | 35173 |  | 2362570 |
|  Global Payments, Inc. | 29318 |  | 2269213 |
|  Jack Henry & Associates, Inc. | 4551 |  | 830467 |
|  Mastercard, Inc., Class A | 5194 |  | 2965151 |
|  MGIC Investment Corp. | 14623 |  | 427284 |
|  PayPal Holdings, Inc. | 63206 |  | 3689966 |
|  Rocket Cos., Inc., Class A | 59016 |  | 1142550 |
|  UWM Holdings Corp., Class A | 8740 |  | 38281 |
|  Visa, Inc., Class A | 6325 |  | 2218241 |
|  Voya Financial, Inc. | 6027 |  | 448951 |
|  Western Union Co. (The) | 20220 |  | 188248 |
|  WEX, Inc.\* | 1954 |  | 291107 |
|  |  |  | 86242831 |
|  ***Insurance (3.4%)*** | ***Insurance (3.4%)*** | ***Insurance (3.4%)*** | ***Insurance (3.4%)*** |
|  Aflac, Inc. | 30535 |  | 3367095 |
|  Allstate Corp. (The) | 16541 |  | 3443009 |
|  American Financial Group, Inc. | 4145 |  | 566539 |
|  American International Group, Inc. | 145390 |  | 12438115 |
|  Aon plc, Class A | 18214 |  | 6427356 |
|  Arch Capital Group Ltd.\* | 22871 |  | 2193786 |
|  Arthur J Gallagher & Co. | 14929 |  | 3863476 |
|  Assurant, Inc. | 3177 |  | 765180 |
|  Assured Guaranty Ltd. | 2871 |  | 258017 |
|  Axis Capital Holdings Ltd. | 4754 |  | 509106 |
|  Brighthouse Financial, Inc.\* | 3582 |  | 232078 |
|  Brown & Brown, Inc. | 15637 |  | 1246269 |
|  Chubb Ltd. | 43262 |  | 13502935 |
|  Cincinnati Financial Corp. | 9656 |  | 1577018 |
|  CNA Financial Corp. | 1327 |  | 63351 |
|  Everest Group Ltd. | 9388 |  | 3185818 |
|  F&G Annuities & Life, Inc. | 977 |  | 30140 |
|  Fidelity National Financial, Inc. | 16295 |  | 889544 |
|  First American Financial Corp. | 6098 |  | 374661 |
|  Globe Life, Inc. | 5197 |  | 726852 |
|  Hanover Insurance Group, Inc. (The) | 2245 |  | 410319 |

---

See Notes to Financial Statements.

965

------

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Hartford Insurance Group, Inc. (The) | 26000 | $| 3582800 |
|  Kemper Corp. | 3832 |  | 155349 |
|  Lincoln National Corp. | 10674 |  | 475313 |
|  Loews Corp. | 10710 |  | 1127870 |
|  Markel Group, Inc.\* | 622 |  | 1337082 |
|  Marsh & McLennan Cos., Inc. | 61858 |  | 11475896 |
|  MetLife, Inc. | 51382 |  | 4056095 |
|  Old Republic International Corp. | 14325 |  | 653793 |
|  Primerica, Inc. | 2067 |  | 534030 |
|  Principal Financial Group, Inc. | 13921 |  | 1227971 |
|  Progressive Corp. (The) | 87070 |  | 19827580 |
|  Prudential Financial, Inc. | 22230 |  | 2509322 |
|  Reinsurance Group of America, Inc. | 4134 |  | 841104 |
|  RenaissanceRe Holdings Ltd. | 2897 |  | 814521 |
|  RLI Corp. | 4854 |  | 310559 |
|  Travelers Cos., Inc. (The) | 37064 |  | 10750784 |
|  Unum Group | 17302 |  | 1340905 |
|  W.R. Berkley Corp. | 18189 |  | 1275413 |
|  White Mountains Insurance Group Ltd. | 156 |  | 324173 |
|  Willis Towers Watson plc | 11040 |  | 3627744 |
|  |  |  | 122318968 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** |
|  AGNC Investment Corp. (REIT) (x) | 65193 |  | 698869 |
|  Annaly Capital Management, Inc. (REIT) | 40273 |  | 900504 |
|  Rithm Capital Corp. (REIT) | 33163 |  | 361477 |
|  Starwood Property Trust, Inc. (REIT) | 21671 |  | 390295 |
|  |  |  | 2351145 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 661905446 |
|  **Health Care (10.1%)** | **Health Care (10.1%)** | **Health Care (10.1%)** | **Health Care (10.1%)** |
|  ***Biotechnology (1.2%)*** | ***Biotechnology (1.2%)*** | ***Biotechnology (1.2%)*** | ***Biotechnology (1.2%)*** |
|  AbbVie, Inc. | 39182 |  | 8952695 |
|  Amgen, Inc. | 36091 |  | 11812945 |
|  Biogen, Inc.\* | 9157 |  | 1611540 |
|  BioMarin Pharmaceutical, Inc.\* | 11917 |  | 708227 |
|  Caris Life Sciences, Inc.\* | 706 |  | 19048 |
|  Exact Sciences Corp.\* | 11032 |  | 1120410 |
|  Exelixis, Inc.\* | 3156 |  | 138328 |
|  Gilead Sciences, Inc. | 78149 |  | 9592008 |
|  Incyte Corp.\* | 7352 |  | 726157 |
|  Insmed, Inc.\* | 732 |  | 127397 |
|  Ionis Pharmaceuticals, Inc.\* | 689 |  | 54507 |
|  Moderna, Inc.\* | 23558 |  | 694725 |
|  Neurocrine Biosciences, Inc.\* | 877 |  | 124385 |
|  Regeneron Pharmaceuticals, Inc. | 6538 |  | 5046486 |
|  Revolution Medicines, Inc.\* | 10864 |  | 865318 |
|  Roivant Sciences Ltd.\* | 24438 |  | 530305 |
|  Sarepta Therapeutics, Inc.\* | 976 |  | 21004 |
|  United Therapeutics Corp.\* | 2785 |  | 1356991 |
|  Viking Therapeutics, Inc.\* | 6291 |  | 221317 |
|  |  |  | 43723793 |
|  ***Health Care Equipment & Supplies (2.1%)*** | ***Health Care Equipment & Supplies (2.1%)*** | ***Health Care Equipment & Supplies (2.1%)*** | ***Health Care Equipment & Supplies (2.1%)*** |
|  Abbott Laboratories | 148745 |  | 18636261 |
|  Alcon AG | 78217 |  | 6164282 |
|  Align Technology, Inc.\* | 4296 |  | 670820 |
|  Baxter International, Inc. | 32110 |  | 613622 |
|  Becton Dickinson & Co. | 17931 |  | 3479869 |
|  Boston Scientific Corp.\* | 76579 |  | 7301808 |
|  Cooper Cos., Inc. (The)\* | 12486 |  | 1023353 |
|  Dentsply Sirona, Inc. | 12482 |  | 142669 |
|  Edwards Lifesciences Corp.\* | 36078 |  | 3075649 |
|  Envista Holdings Corp.\* | 10524 |  | 228476 |
|  GE HealthCare Technologies, Inc. | 28691 |  | 2353236 |
|  Globus Medical, Inc., Class A\* | 7029 |  | 613702 |
|  Hologic, Inc.\* | 13983 |  | 1041594 |
|  Medline, Inc., Class A\* | 13658 |  | 573636 |
|  Medtronic plc | 174088 |  | 16722893 |
|  ResMed, Inc. | 6988 |  | 1683200 |
|  Solventum Corp.\* | 9254 |  | 733287 |
|  STERIS plc | 6154 |  | 1560162 |
|  Stryker Corp. | 16028 |  | 5633361 |
|  Teleflex, Inc. | 2768 |  | 337807 |
|  Zimmer Biomet Holdings, Inc. | 14532 |  | 1306717 |
|  |  |  | 73896404 |
|  ***Health Care Providers & Services (2.6%)*** | ***Health Care Providers & Services (2.6%)*** | ***Health Care Providers & Services (2.6%)*** | ***Health Care Providers & Services (2.6%)*** |
|  Acadia Healthcare Co., Inc.\* | 5703 |  | 80926 |
|  Cardinal Health, Inc. | 13954 |  | 2867547 |
|  Centene Corp.\* | 51520 |  | 2120048 |
|  Chemed Corp. | 820 |  | 350845 |
|  Cigna Group (The) | 56335 |  | 15505082 |
|  CVS Health Corp. | 90234 |  | 7160970 |
|  Elevance Health, Inc. | 24186 |  | 8478402 |
|  Encompass Health Corp. | 32088 |  | 3405820 |
|  HCA Healthcare, Inc. | 12668 |  | 5914183 |
|  Henry Schein, Inc.\* | 6763 |  | 511148 |
|  Humana, Inc. | 18788 |  | 4812170 |
|  Labcorp Holdings, Inc. | 17627 |  | 4422262 |
|  McKesson Corp. | 15358 |  | 12598014 |
|  Molina Healthcare, Inc.\* | 1517 |  | 263260 |
|  Quest Diagnostics, Inc. | 6988 |  | 1212628 |
|  Tenet Healthcare Corp.\* | 5460 |  | 1085011 |
|  UnitedHealth Group, Inc. | 68489 |  | 22608904 |
|  Universal Health Services, Inc., Class B | 3406 |  | 742576 |
|  |  |  | 94139796 |
|  ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** |
|  Certara, Inc.\* | 7599 |  | 66947 |
|  Veeva Systems, Inc., Class A\* | 1887 |  | 421235 |
|  |  |  | 488182 |
|  ***Life Sciences Tools & Services (1.4%)*** | ***Life Sciences Tools & Services (1.4%)*** | ***Life Sciences Tools & Services (1.4%)*** | ***Life Sciences Tools & Services (1.4%)*** |
|  Agilent Technologies, Inc. | 17862 |  | 2430482 |
|  Avantor, Inc.\* | 41411 |  | 474570 |
|  Bio-Rad Laboratories, Inc., Class A\* | 1173 |  | 355407 |
|  Bio-Techne Corp. | 9830 |  | 578102 |
|  Bruker Corp. | 6475 |  | 305037 |
|  Charles River Laboratories International, Inc.\* | 3058 |  | 610010 |
|  Danaher Corp. | 71378 |  | 16339852 |
|  ICON plc\* | 12469 |  | 2272101 |
|  Illumina, Inc.\* | 9916 |  | 1300583 |
|  IQVIA Holdings, Inc.\* | 16253 |  | 3663589 |
|  Mettler-Toledo International, Inc.\* | 1304 |  | 1818024 |
|  QIAGEN NV | 13359 |  | 600754 |
|  Repligen Corp.\* | 2892 |  | 473883 |
|  Revvity, Inc. (x) | 7388 |  | 714789 |

---

See Notes to Financial Statements.

966

------

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Sotera Health Co.\* | 11568 | $| 204060 |
|  Thermo Fisher Scientific, Inc. | 28850 |  | 16717133 |
|  Waters Corp.\* | 1781 |  | 676477 |
|  West Pharmaceutical Services, Inc. | 4487 |  | 1234553 |
|  |  |  | 50769406 |
|  ***Pharmaceuticals (2.8%)*** | ***Pharmaceuticals (2.8%)*** | ***Pharmaceuticals (2.8%)*** | ***Pharmaceuticals (2.8%)*** |
|  Bristol-Myers Squibb Co. | 136280 |  | 7350943 |
|  Elanco Animal Health, Inc. (x)\* | 30847 |  | 698068 |
|  Eli Lilly & Co. | 3292 |  | 3537847 |
|  Jazz Pharmaceuticals plc\* | 3651 |  | 620670 |
|  Johnson & Johnson | 197317 |  | 40834753 |
|  Merck & Co., Inc. | 272138 |  | 28645246 |
|  Organon & Co. | 16278 |  | 116713 |
|  Perrigo Co. plc | 8538 |  | 118849 |
|  Pfizer, Inc.# | 509704 |  | 12691630 |
|  Royalty Pharma plc, Class A | 44524 |  | 1720407 |
|  Viatris, Inc. | 73579 |  | 916058 |
|  Zoetis, Inc. | 5658 |  | 711890 |
|  |  |  | 97963074 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 360980655 |
|  **Industrials (10.3%)** | **Industrials (10.3%)** | **Industrials (10.3%)** | **Industrials (10.3%)** |
|  ***Aerospace & Defense (2.8%)*** | ***Aerospace & Defense (2.8%)*** | ***Aerospace & Defense (2.8%)*** | ***Aerospace & Defense (2.8%)*** |
|  ATI, Inc.\* | 8767 |  | 1006101 |
|  Boeing Co. (The)\* | 80665 |  | 17513985 |
|  BWX Technologies, Inc. | 4712 |  | 814422 |
|  Carpenter Technology Corp. | 2483 |  | 781748 |
|  Curtiss-Wright Corp. | 2356 |  | 1298792 |
|  General Dynamics Corp. | 65780 |  | 22145495 |
|  Hexcel Corp. | 29984 |  | 2215818 |
|  Huntington Ingalls Industries, Inc. | 2445 |  | 831471 |
|  L3Harris Technologies, Inc. | 11707 |  | 3436824 |
|  Leonardo DRS, Inc. | 2876 |  | 98043 |
|  Loar Holdings, Inc.\* | 256 |  | 17408 |
|  Lockheed Martin Corp. | 9447 |  | 4569230 |
|  Northrop Grumman Corp. | 16278 |  | 9281878 |
|  RTX Corp. | 162816 |  | 29860454 |
|  StandardAero, Inc.\* | 8095 |  | 232165 |
|  Textron, Inc. | 11134 |  | 970551 |
|  TransDigm Group, Inc. | 2859 |  | 3802041 |
|  Woodward, Inc. | 3716 |  | 1123421 |
|  |  |  | 99999847 |
|  ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** |
|  CH Robinson Worldwide, Inc. | 17128 |  | 2753497 |
|  Expeditors International of Washington, Inc. | 8593 |  | 1280443 |
|  FedEx Corp. | 13435 |  | 3880834 |
|  GXO Logistics, Inc.\* | 7034 |  | 370270 |
|  United Parcel Service, Inc., Class B | 46010 |  | 4563732 |
|  |  |  | 12848776 |
|  ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** |
|  A.O. Smith Corp. | 7122 |  | 476319 |
|  Advanced Drainage Systems, Inc. | 4428 |  | 641307 |
|  Allegion plc | 5394 |  | 858833 |
|  Armstrong World Industries, Inc. | 1904 |  | 363854 |
|  Builders FirstSource, Inc.\* | 6801 |  | 699755 |
|  Carlisle Cos., Inc. | 2372 |  | 758708 |
|  Carrier Global Corp. | 49731 |  | 2627786 |
|  Fortune Brands Innovations, Inc. | 7582 |  | 379252 |
|  Hayward Holdings, Inc.\* | 12439 |  | 192183 |
|  Johnson Controls International plc | 41384 |  | 4955734 |
|  Masco Corp. | 13226 |  | 839322 |
|  Owens Corning | 5321 |  | 595473 |
|  Simpson Manufacturing Co., Inc. | 2410 |  | 389143 |
|  Trane Technologies plc | 2441 |  | 950037 |
|  Trex Co., Inc.\* | 6688 |  | 234615 |
|  |  |  | 14962321 |
|  ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** |
|  Clean Harbors, Inc.\* | 3175 |  | 744474 |
|  Copart, Inc.\* | 3801 |  | 148809 |
|  MSA Safety, Inc. | 2318 |  | 371205 |
|  RB Global, Inc. | 10912 |  | 1122517 |
|  Republic Services, Inc. | 12698 |  | 2691087 |
|  Tetra Tech, Inc. | 13400 |  | 449436 |
|  Veralto Corp. | 9014 |  | 899417 |
|  |  |  | 6426945 |
|  ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** |
|  AECOM | 8295 |  | 790762 |
|  API Group Corp.\* | 23094 |  | 883576 |
|  EMCOR Group, Inc. | 1815 |  | 1110399 |
|  Everus Construction Group, Inc.\* | 3188 |  | 272765 |
|  MasTec, Inc.\* | 3078 |  | 669065 |
|  Quanta Services, Inc. | 2080 |  | 877885 |
|  Valmont Industries, Inc. | 1244 |  | 500486 |
|  WillScot Holdings Corp. | 8313 |  | 156534 |
|  |  |  | 5261472 |
|  ***Electrical Equipment (0.9%)*** | ***Electrical Equipment (0.9%)*** | ***Electrical Equipment (0.9%)*** | ***Electrical Equipment (0.9%)*** |
|  Acuity, Inc. | 1935 |  | 696677 |
|  AMETEK, Inc. | 14441 |  | 2964882 |
|  Eaton Corp. plc | 45305 |  | 14430096 |
|  Emerson Electric Co. | 35331 |  | 4689130 |
|  GE Vernova, Inc. | 2779 |  | 1816271 |
|  Generac Holdings, Inc.\* | 3660 |  | 499114 |
|  Hubbell, Inc., Class B | 3353 |  | 1489101 |
|  nVent Electric plc | 10210 |  | 1041114 |
|  Regal Rexnord Corp. | 4139 |  | 580784 |
|  Rockwell Automation, Inc. | 6523 |  | 2537904 |
|  Sensata Technologies Holding plc | 9092 |  | 302673 |
|  Vertiv Holdings Co., Class A | 2010 |  | 325640 |
|  |  |  | 31373386 |
|  ***Ground Transportation (1.0%)*** | ***Ground Transportation (1.0%)*** | ***Ground Transportation (1.0%)*** | ***Ground Transportation (1.0%)*** |
|  ArcBest Corp. | 3525 |  | 261520 |
|  Avis Budget Group, Inc. (x)\* | 695 |  | 89182 |
|  Canadian National Railway Co. | 10539 |  | 1041780 |
|  CSX Corp. | 117670 |  | 4265538 |
|  JB Hunt Transport Services, Inc. | 4882 |  | 948768 |
|  Knight-Swift Transportation Holdings, Inc., Class A | 9868 |  | 515899 |
|  Landstar System, Inc. | 2173 |  | 312260 |
|  Lyft, Inc., Class A\* | 20949 |  | 405782 |
|  Norfolk Southern Corp. | 14156 |  | 4087120 |
|  Old Dominion Freight Line, Inc. | 11024 |  | 1728563 |
|  Ryder System, Inc. | 2488 |  | 476178 |
|  Saia, Inc.\* | 1670 |  | 545288 |
|  Schneider National, Inc., Class B | 3239 |  | 85931 |
|  Uber Technologies, Inc.\* | 89269 |  | 7294170 |
|  U-Haul Holding Co. (Nasdaq Stock Exchange)\* | 298 |  | 15022 |

---

See Notes to Financial Statements.

967

------

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  U-Haul Holding Co. (New York Stock Exchange) | 3925 | $| 183455 |
|  Union Pacific Corp. | 59425 |  | 13746191 |
|  XPO, Inc.\* | 5706 |  | 775503 |
|  |  |  | 36778150 |
|  ***Industrial Conglomerates (0.5%)*** | ***Industrial Conglomerates (0.5%)*** | ***Industrial Conglomerates (0.5%)*** | ***Industrial Conglomerates (0.5%)*** |
|  3M Co. | 28050 |  | 4490805 |
|  Honeywell International, Inc. | 60861 |  | 11873372 |
|  |  |  | 16364177 |
|  ***Machinery (3.0%)*** | ***Machinery (3.0%)*** | ***Machinery (3.0%)*** | ***Machinery (3.0%)*** |
|  AGCO Corp. | 3888 |  | 405596 |
|  Allison Transmission Holdings, Inc. | 4379 |  | 428704 |
|  Caterpillar, Inc. | 29462 |  | 16877896 |
|  CNH Industrial NV | 218536 |  | 2014902 |
|  Crane Co. | 3084 |  | 568782 |
|  Cummins, Inc. | 8627 |  | 4403652 |
|  Deere & Co. | 21595 |  | 10053984 |
|  Donaldson Co., Inc. | 7278 |  | 645267 |
|  Dover Corp. | 8500 |  | 1659540 |
|  Esab Corp. | 3568 |  | 398617 |
|  Flowserve Corp. | 8166 |  | 566557 |
|  Fortive Corp. | 21280 |  | 1174869 |
|  Gates Industrial Corp. plc\* | 15894 |  | 341244 |
|  Graco, Inc. | 10407 |  | 853062 |
|  IDEX Corp. | 4738 |  | 843080 |
|  Illinois Tool Works, Inc. | 26665 |  | 6567589 |
|  Ingersoll Rand, Inc. | 25298 |  | 2004108 |
|  ITT, Inc. | 4867 |  | 844473 |
|  Lincoln Electric Holdings, Inc. | 3399 |  | 814536 |
|  Middleby Corp. (The)\* | 3160 |  | 469797 |
|  Mueller Industries, Inc. | 6797 |  | 780296 |
|  Nordson Corp. | 3378 |  | 812172 |
|  Oshkosh Corp. | 47614 |  | 5981747 |
|  Otis Worldwide Corp. | 35579 |  | 3107826 |
|  PACCAR, Inc. | 81872 |  | 8965803 |
|  Parker-Hannifin Corp. | 31059 |  | 27299619 |
|  Pentair plc | 16170 |  | 1683944 |
|  RBC Bearings, Inc.\* | 1549 |  | 694618 |
|  Snap-on, Inc. | 3212 |  | 1106855 |
|  Stanley Black & Decker, Inc. | 9688 |  | 719625 |
|  Timken Co. (The) | 3920 |  | 329790 |
|  Toro Co. (The) | 6179 |  | 486411 |
|  Westinghouse Air Brake Technologies Corp.# | 10629 |  | 2268760 |
|  Xylem, Inc. | 15253 |  | 2077153 |
|  |  |  | 108250874 |
|  ***Marine Transportation (0.0%)†*** | ***Marine Transportation (0.0%)†*** | ***Marine Transportation (0.0%)†*** | ***Marine Transportation (0.0%)†*** |
|  Kirby Corp.\* | 3499 |  | 385520 |
|  ***Passenger Airlines (0.2%)*** | ***Passenger Airlines (0.2%)*** | ***Passenger Airlines (0.2%)*** | ***Passenger Airlines (0.2%)*** |
|  Alaska Air Group, Inc.\* | 5955 |  | 299536 |
|  American Airlines Group, Inc.\* | 38302 |  | 587170 |
|  Delta Air Lines, Inc. | 40881 |  | 2837141 |
|  Southwest Airlines Co. | 26425 |  | 1092145 |
|  United Airlines Holdings, Inc.\* | 20402 |  | 2281352 |
|  |  |  | 7097344 |
|  ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** |
|  Amentum Holdings, Inc.\* | 9980 |  | 289420 |
|  Automatic Data Processing, Inc. | 1861 |  | 478705 |
|  Broadridge Financial Solutions, Inc. | 668 |  | 149078 |
|  CACI International, Inc., Class A\* | 1361 |  | 725154 |
|  Clarivate plc\* | 21837 |  | 72936 |
|  Concentrix Corp. | 2804 |  | 116590 |
|  Dayforce, Inc.\* | 8778 |  | 607086 |
|  Equifax, Inc. | 24025 |  | 5212945 |
|  FTI Consulting, Inc.\* | 1978 |  | 337902 |
|  Genpact Ltd. | 10088 |  | 471917 |
|  Jacobs Solutions, Inc. | 13711 |  | 1816159 |
|  KBR, Inc. | 7446 |  | 299329 |
|  Leidos Holdings, Inc. | 11801 |  | 2128900 |
|  ManpowerGroup, Inc. | 2887 |  | 85831 |
|  Parsons Corp.\* | 3307 |  | 204373 |
|  Paychex, Inc. | 13897 |  | 1558965 |
|  Paycom Software, Inc. | 1459 |  | 232506 |
|  Paylocity Holding Corp.\* | 231 |  | 35227 |
|  Robert Half, Inc. | 6198 |  | 168338 |
|  Science Applications International Corp. | 2946 |  | 296544 |
|  SS&C Technologies Holdings, Inc. | 13256 |  | 1158840 |
|  TransUnion | 12218 |  | 1047693 |
|  Verisk Analytics, Inc. | 3508 |  | 784705 |
|  |  |  | 18279143 |
|  ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** |
|  Air Lease Corp., Class A | 6528 |  | 419294 |
|  Applied Industrial Technologies, Inc. | 2388 |  | 613167 |
|  Core & Main, Inc., Class A\* | 4992 |  | 259434 |
|  Fastenal Co. | 12859 |  | 516032 |
|  Ferguson Enterprises, Inc. | 11426 |  | 2543770 |
|  MSC Industrial Direct Co., Inc., Class A | 2755 |  | 231696 |
|  QXO, Inc. (x)\* | 38293 |  | 738672 |
|  SiteOne Landscape Supply, Inc.\* | 1879 |  | 234048 |
|  United Rentals, Inc. | 4023 |  | 3255894 |
|  W.W. Grainger, Inc. | 2187 |  | 2206792 |
|  Watsco, Inc. | 2181 |  | 734888 |
|  WESCO International, Inc. | 3003 |  | 734654 |
|  |  |  | 12488341 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 370516296 |
|  **Information Technology (11.6%)** | **Information Technology (11.6%)** | **Information Technology (11.6%)** | **Information Technology (11.6%)** |
|  ***Communications Equipment (0.7%)*** | ***Communications Equipment (0.7%)*** | ***Communications Equipment (0.7%)*** | ***Communications Equipment (0.7%)*** |
|  Ciena Corp.\* | 8842 |  | 2067879 |
|  Cisco Systems, Inc.# | 249505 |  | 19219370 |
|  F5, Inc.\* | 3610 |  | 921489 |
|  Lumentum Holdings, Inc.\* | 3983 |  | 1468094 |
|  Motorola Solutions, Inc. | 6045 |  | 2317169 |
|  |  |  | 25994001 |
|  ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** |
|  Arrow Electronics, Inc.\* | 8336 |  | 918460 |
|  Avnet, Inc. | 5221 |  | 251026 |
|  CDW Corp. | 7651 |  | 1042066 |
|  Cognex Corp. | 10517 |  | 378402 |
|  Coherent Corp.\* | 9616 |  | 1774825 |
|  Corning, Inc. | 48941 |  | 4285274 |
|  Crane NXT Co. | 3069 |  | 144458 |
|  Flex Ltd.\* | 23408 |  | 1414311 |

---

See Notes to Financial Statements.

968

------

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Ingram Micro Holding Corp. (x) | 1286 | $| 27443 |
|  IPG Photonics Corp.\* | 1566 |  | 112126 |
|  Jabil, Inc. | 2298 |  | 523990 |
|  Keysight Technologies, Inc.\* | 10786 |  | 2191607 |
|  Littelfuse, Inc. | 1539 |  | 389244 |
|  Ralliant Corp. | 7093 |  | 361105 |
|  TD SYNNEX Corp. | 4846 |  | 728015 |
|  Teledyne Technologies, Inc.\* | 17248 |  | 8809071 |
|  Trimble, Inc.\* | 14934 |  | 1170079 |
|  Vontier Corp. | 9167 |  | 340829 |
|  Zebra Technologies Corp., Class A\* | 3186 |  | 773624 |
|  |  |  | 25635955 |
|  ***IT Services (1.3%)*** | ***IT Services (1.3%)*** | ***IT Services (1.3%)*** | ***IT Services (1.3%)*** |
|  Accenture plc, Class A | 63860 |  | 17133638 |
|  Akamai Technologies, Inc.\* | 8994 |  | 784726 |
|  Amdocs Ltd. | 6920 |  | 557129 |
|  Cognizant Technology Solutions Corp., Class A | 30948 |  | 2568684 |
|  DXC Technology Co.\* | 11246 |  | 164754 |
|  EPAM Systems, Inc.\* | 3433 |  | 703353 |
|  Globant SA\* | 2443 |  | 159699 |
|  GoDaddy, Inc., Class A\* | 4949 |  | 614072 |
|  International Business Machines Corp. | 58324 |  | 17276152 |
|  Kyndryl Holdings, Inc.\* | 13558 |  | 360100 |
|  MongoDB, Inc.\* | 4472 |  | 1876854 |
|  Okta, Inc.\* | 6259 |  | 541216 |
|  Twilio, Inc., Class A\* | 7350 |  | 1045464 |
|  VeriSign, Inc. | 9947 |  | 2416624 |
|  |  |  | 46202465 |
|  ***Semiconductors & Semiconductor Equipment (5.1%)*** | ***Semiconductors & Semiconductor Equipment (5.1%)*** | ***Semiconductors & Semiconductor Equipment (5.1%)*** | ***Semiconductors & Semiconductor Equipment (5.1%)*** |
|  Advanced Micro Devices, Inc.\* | 41900 |  | 8973304 |
|  Allegro MicroSystems, Inc.\* | 7689 |  | 202836 |
|  Amkor Technology, Inc. | 7159 |  | 282637 |
|  Analog Devices, Inc. | 58986 |  | 15997003 |
|  Applied Materials, Inc. | 47699 |  | 12258166 |
|  Broadcom, Inc. | 27120 |  | 9386232 |
|  Cirrus Logic, Inc.\* | 3203 |  | 379556 |
|  Entegris, Inc. | 7865 |  | 662626 |
|  First Solar, Inc.\* | 6363 |  | 1662206 |
|  GLOBALFOUNDRIES, Inc.\* | 6440 |  | 224885 |
|  Intel Corp.\* | 289333 |  | 10676388 |
|  KLA Corp. | 5986 |  | 7273469 |
|  Lam Research Corp. | 29722 |  | 5087812 |
|  Lattice Semiconductor Corp.\* | 1272 |  | 93594 |
|  MACOM Technology Solutions Holdings, Inc.\* | 2982 |  | 510757 |
|  Marvell Technology, Inc. | 50407 |  | 4283587 |
|  Microchip Technology, Inc. | 138277 |  | 8811010 |
|  Micron Technology, Inc. | 73050 |  | 20849201 |
|  MKS, Inc. | 4211 |  | 672918 |
|  NVIDIA Corp. | 155402 |  | 28982473 |
|  NXP Semiconductors NV | 40879 |  | 8873196 |
|  ON Semiconductor Corp.\* | 26426 |  | 1430968 |
|  Onto Innovation, Inc.\* | 2370 |  | 374128 |
|  Qnity Electronics, Inc. | 13119 |  | 1071166 |
|  Qorvo, Inc.\* | 5317 |  | 449340 |
|  QUALCOMM, Inc. | 114285 |  | 19548449 |
|  Skyworks Solutions, Inc. | 9392 |  | 595547 |
|  Teradyne, Inc. | 10081 |  | 1951278 |
|  Texas Instruments, Inc. | 58620 |  | 10169984 |
|  Universal Display Corp. | 2753 |  | 321495 |
|  |  |  | 182056211 |
|  ***Software (2.6%)*** | ***Software (2.6%)*** | ***Software (2.6%)*** | ***Software (2.6%)*** |
|  Adobe, Inc.\* | 21315 |  | 7460037 |
|  Aurora Innovation, Inc., Class A\* | 65635 |  | 252038 |
|  BILL Holdings, Inc.\* | 5839 |  | 318459 |
|  CCC Intelligent Solutions Holdings, Inc.\* | 36684 |  | 291638 |
|  Circle Internet Group, Inc., Class A\* | 2499 |  | 198171 |
|  Docusign, Inc.\* | 3077 |  | 210467 |
|  Dolby Laboratories, Inc., Class A | 3790 |  | 243394 |
|  Dropbox, Inc., Class A\* | 8552 |  | 237746 |
|  Fair Isaac Corp.\* | 258 |  | 436180 |
|  Fortinet, Inc.\* | 6390 |  | 507430 |
|  Gen Digital, Inc. | 140891 |  | 3830826 |
|  Microsoft Corp. | 78227 |  | 37832142 |
|  nCino, Inc.\* | 5744 |  | 147276 |
|  Nutanix, Inc., Class A\* | 12056 |  | 623175 |
|  Oracle Corp. | 24994 |  | 4871580 |
|  Palantir Technologies, Inc., Class A\* | 6893 |  | 1225231 |
|  Pegasystems, Inc. | 3643 |  | 217560 |
|  PTC, Inc.\* | 6611 |  | 1151702 |
|  Roper Technologies, Inc. | 6730 |  | 2995725 |
|  Rubrik, Inc., Class A\* | 2937 |  | 224622 |
|  SailPoint, Inc.\* | 3769 |  | 76247 |
|  Salesforce, Inc. | 63209 |  | 16744696 |
|  SentinelOne, Inc., Class A\* | 5083 |  | 76245 |
|  Strategy, Inc.\* | 15633 |  | 2375434 |
|  Synopsys, Inc.\* | 19445 |  | 9133705 |
|  Teradata Corp.\* | 4608 |  | 140267 |
|  Tyler Technologies, Inc.\* | 460 |  | 208817 |
|  UiPath, Inc., Class A\* | 25215 |  | 413274 |
|  Unity Software, Inc.\* | 18695 |  | 825758 |
|  Zoom Communications, Inc., Class A\* | 16470 |  | 1421196 |
|  Zscaler, Inc.\* | 1967 |  | 442418 |
|  |  |  | 95133456 |
|  ***Technology Hardware, Storage & Peripherals (1.2%)*** | ***Technology Hardware, Storage & Peripherals (1.2%)*** | ***Technology Hardware, Storage & Peripherals (1.2%)*** | ***Technology Hardware, Storage & Peripherals (1.2%)*** |
|  Apple, Inc. | 93500 |  | 25418910 |
|  Dell Technologies, Inc., Class C | 16338 |  | 2056627 |
|  Hewlett Packard Enterprise Co. | 82196 |  | 1974348 |
|  HP, Inc. | 59122 |  | 1317238 |
|  NetApp, Inc. | 7579 |  | 811635 |
|  Pure Storage, Inc., Class A\* | 2778 |  | 186154 |
|  Sandisk Corp.\* | 15595 |  | 3701941 |
|  Super Micro Computer, Inc.\* | 17431 |  | 510205 |
|  Western Digital Corp. | 36047 |  | 6209817 |
|  |  |  | 42186875 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 417208963 |
|  **Materials (3.7%)** | **Materials (3.7%)** | **Materials (3.7%)** | **Materials (3.7%)** |
|  ***Chemicals (2.0%)*** | ***Chemicals (2.0%)*** | ***Chemicals (2.0%)*** | ***Chemicals (2.0%)*** |
|  Air Products and Chemicals, Inc. | 38383 |  | 9481369 |
|  Albemarle Corp. | 7366 |  | 1041847 |
|  Ashland, Inc. | 2841 |  | 166682 |
|  Axalta Coating Systems Ltd.\* | 13677 |  | 441904 |
|  Celanese Corp. | 6994 |  | 295706 |
|  CF Industries Holdings, Inc. | 10105 |  | 781521 |

---

See Notes to Financial Statements.

969

------

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Corteva, Inc. | 243115 | $| 16295998 |
|  Dow, Inc. | 44354 |  | 1036997 |
|  DuPont de Nemours, Inc. | 26239 |  | 1054808 |
|  Eastman Chemical Co. | 7194 |  | 459193 |
|  Ecolab, Inc. | 44892 |  | 11785048 |
|  Element Solutions, Inc. | 14115 |  | 352734 |
|  FMC Corp. | 7777 |  | 107867 |
|  Huntsman Corp. | 10301 |  | 103010 |
|  International Flavors & Fragrances, Inc. | 16059 |  | 1082216 |
|  Linde plc | 29437 |  | 12551642 |
|  LyondellBasell Industries NV, Class A | 16057 |  | 695268 |
|  Mosaic Co. (The) | 19778 |  | 476452 |
|  NewMarket Corp. | 371 |  | 254973 |
|  Olin Corp. | 7197 |  | 149914 |
|  PPG Industries, Inc. | 14246 |  | 1459645 |
|  RPM International, Inc. | 72117 |  | 7500168 |
|  Scotts Miracle-Gro Co. (The) | 2736 |  | 159646 |
|  Sherwin-Williams Co. (The) | 5515 |  | 1787025 |
|  Solstice Advanced Materials, Inc.\* | 9966 |  | 484148 |
|  Westlake Corp. | 2094 |  | 154830 |
|  |  |  | 70160611 |
|  ***Construction Materials (0.7%)*** | ***Construction Materials (0.7%)*** | ***Construction Materials (0.7%)*** | ***Construction Materials (0.7%)*** |
|  CRH plc | 67182 |  | 8384314 |
|  Eagle Materials, Inc. | 6284 |  | 1298777 |
|  James Hardie Industries plc (ADR)\* | 3321 |  | 68911 |
|  Martin Marietta Materials, Inc. | 20475 |  | 12748963 |
|  Vulcan Materials Co. | 8287 |  | 2363618 |
|  |  |  | 24864583 |
|  ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** |
|  Amcor plc | 144473 |  | 1204905 |
|  AptarGroup, Inc. | 4100 |  | 500036 |
|  Avery Dennison Corp. | 4876 |  | 886847 |
|  Ball Corp. | 17392 |  | 921254 |
|  Crown Holdings, Inc. | 7255 |  | 747047 |
|  Graphic Packaging Holding Co. | 18326 |  | 275990 |
|  International Paper Co. | 32854 |  | 1294119 |
|  Packaging Corp. of America | 5536 |  | 1141689 |
|  Sealed Air Corp. | 9141 |  | 378712 |
|  Silgan Holdings, Inc. | 5538 |  | 223569 |
|  Smurfit WestRock plc | 32657 |  | 1262846 |
|  Sonoco Products Co. | 6171 |  | 269303 |
|  |  |  | 9106317 |
|  ***Metals & Mining (0.8%)*** | ***Metals & Mining (0.8%)*** | ***Metals & Mining (0.8%)*** | ***Metals & Mining (0.8%)*** |
|  Alcoa Corp. | 16197 |  | 860709 |
|  Anglogold Ashanti plc | 27744 |  | 2366008 |
|  Cleveland-Cliffs, Inc.\* | 35126 |  | 466473 |
|  Freeport-McMoRan, Inc. | 89658 |  | 4553730 |
|  MP Materials Corp. (x)\* | 8188 |  | 413658 |
|  Newmont Corp. | 95559 |  | 9541566 |
|  Nucor Corp. | 16087 |  | 2623951 |
|  Reliance, Inc. | 12060 |  | 3483772 |
|  Royal Gold, Inc. | 5137 |  | 1141904 |
|  Southern Copper Corp. | 5218 |  | 748626 |
|  Steel Dynamics, Inc. | 7960 |  | 1348822 |
|  |  |  | 27549219 |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Louisiana-Pacific Corp. | 3949 |  | 318921 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 131999651 |
|  **Real Estate (2.6%)** |  |  |  |
|  ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** |
|  WP Carey, Inc. (REIT) | 13586 |  | 874395 |
|  ***Health Care REITs (0.4%)*** | ***Health Care REITs (0.4%)*** | ***Health Care REITs (0.4%)*** | ***Health Care REITs (0.4%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 10751 |  | 526154 |
|  American Healthcare REIT, Inc. (REIT) | 13923 |  | 655216 |
|  Healthcare Realty Trust, Inc. (REIT), Class A | 20568 |  | 348628 |
|  Healthpeak Properties, Inc. (REIT) | 43450 |  | 698676 |
|  Medical Properties Trust, Inc. (REIT) (x) | 31270 |  | 156350 |
|  Omega Healthcare Investors, Inc. (REIT) | 18000 |  | 798120 |
|  Ventas, Inc. (REIT) | 28397 |  | 2197360 |
|  Welltower, Inc. (REIT) | 41949 |  | 7786154 |
|  |  |  | 13166658 |
|  ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** |
|  Host Hotels & Resorts, Inc. (REIT) | 42984 |  | 762106 |
|  Park Hotels & Resorts, Inc. (REIT) (x) | 12309 |  | 128752 |
|  Ryman Hospitality Properties, Inc. (REIT) | 14889 |  | 1408797 |
|  |  |  | 2299655 |
|  ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** |
|  Americold Realty Trust, Inc. (REIT) (x) | 17870 |  | 229808 |
|  EastGroup Properties, Inc. (REIT) | 3319 |  | 591247 |
|  First Industrial Realty Trust, Inc. (REIT) | 8022 |  | 459420 |
|  Lineage, Inc. (REIT) | 4427 |  | 154945 |
|  Prologis, Inc. (REIT) | 108412 |  | 13839876 |
|  Rexford Industrial Realty, Inc. (REIT) | 14855 |  | 575185 |
|  STAG Industrial, Inc. (REIT) | 11701 |  | 430129 |
|  |  |  | 16280610 |
|  ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** |
|  BXP, Inc. (REIT) | 9928 |  | 669942 |
|  COPT Defense Properties (REIT) | 15188 |  | 422226 |
|  Cousins Properties, Inc. (REIT) | 10459 |  | 269633 |
|  Highwoods Properties, Inc. (REIT) | 6645 |  | 171574 |
|  Kilroy Realty Corp. (REIT) (x) | 7352 |  | 274744 |
|  Vornado Realty Trust (REIT) | 11055 |  | 367910 |
|  |  |  | 2176029 |
|  ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** |
|  CBRE Group, Inc., Class A\* | 16591 |  | 2667667 |
|  CoStar Group, Inc.\* | 22932 |  | 1541948 |
|  Howard Hughes Holdings, Inc.\* | 1939 |  | 154674 |
|  Jones Lang LaSalle, Inc.\* | 2161 |  | 727112 |
|  Zillow Group, Inc., Class A\* | 3127 |  | 213355 |
|  Zillow Group, Inc., Class C\* | 10193 |  | 695366 |
|  |  |  | 6000122 |

---

See Notes to Financial Statements.

970

------

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Residential REITs (0.4%)*** | ***Residential REITs (0.4%)*** | ***Residential REITs (0.4%)*** |
|  American Homes 4 Rent (REIT), Class A | 21416 | $687454 |
|  AvalonBay Communities, Inc. (REIT) | 8914 | 1616197 |
|  Camden Property Trust (REIT) | 6737 | 741609 |
|  Equity LifeStyle Properties, Inc. (REIT) | 86453 | 5239916 |
|  Equity Residential (REIT) | 23741 | 1496633 |
|  Essex Property Trust, Inc. (REIT) | 3995 | 1045411 |
|  Invitation Homes, Inc. (REIT) | 38353 | 1065830 |
|  Mid-America Apartment Communities, Inc. (REIT) | 7293 | 1013071 |
|  Sun Communities, Inc. (REIT) | 6403 | 793396 |
|  UDR, Inc. (REIT) | 19575 | 718011 |
|  |  | 14417528 |
|  ***Retail REITs (0.3%)*** | ***Retail REITs (0.3%)*** | ***Retail REITs (0.3%)*** |
|  Agree Realty Corp. (REIT) | 6785 | 488723 |
|  Brixmor Property Group, Inc. (REIT) | 19083 | 500356 |
|  Federal Realty Investment Trust (REIT) | 5332 | 537466 |
|  Kimco Realty Corp. (REIT) | 41886 | 849029 |
|  NNN REIT, Inc. (REIT) | 11720 | 464464 |
|  Realty Income Corp. (REIT) | 56694 | 3195841 |
|  Regency Centers Corp. (REIT) | 11323 | 781627 |
|  Simon Property Group, Inc. (REIT) | 15802 | 2925108 |
|  |  | 9742614 |
|  ***Specialized REITs (0.8%)*** | ***Specialized REITs (0.8%)*** | ***Specialized REITs (0.8%)*** |
|  Crown Castle, Inc. (REIT) | 27197 | 2416997 |
|  CubeSmart (REIT) | 14189 | 511514 |
|  Digital Realty Trust, Inc. (REIT) | 33049 | 5113011 |
|  EPR Properties (REIT) | 4677 | 233382 |
|  Equinix, Inc. (REIT) | 6126 | 4693496 |
|  Extra Space Storage, Inc. (REIT) | 31921 | 4156753 |
|  Fermi, Inc. (REIT) (x)\* | 2231 | 17848 |
|  Gaming and Leisure Properties, Inc. (REIT) | 17019 | 760579 |
|  Iron Mountain, Inc. (REIT) | 18390 | 1525451 |
|  Millrose Properties, Inc. (REIT) | 9594 | 286573 |
|  National Storage Affiliates Trust (REIT) | 4413 | 124491 |
|  Public Storage (REIT) | 12056 | 3128532 |
|  Rayonier, Inc. (REIT) | 10602 | 229533 |
|  SBA Communications Corp. (REIT) | 6731 | 1301977 |
|  VICI Properties, Inc. (REIT), Class A | 66201 | 1861572 |
|  Weyerhaeuser Co. (REIT) | 45431 | 1076260 |
|  |  | 27437969 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 92395580 |
|  **Utilities (4.0%)** | **Utilities (4.0%)** | **Utilities (4.0%)** |
|  ***Electric Utilities (2.5%)*** | ***Electric Utilities (2.5%)*** | ***Electric Utilities (2.5%)*** |
|  Alliant Energy Corp. | 16100 | 1046661 |
|  American Electric Power Co., Inc. | 74234 | 8559922 |
|  Constellation Energy Corp. | 19634 | 6936103 |
|  Duke Energy Corp. | 105837 | 12405155 |
|  Edison International | 23891 | 1433938 |
|  Entergy Corp. | 27990 | 2587116 |
|  Evergy, Inc. | 14428 | 1045886 |
|  Eversource Energy | 23030 | 1550610 |
|  Exelon Corp. | 120854 | 5268026 |
|  FirstEnergy Corp. | 34397 | 1539954 |
|  IDACORP, Inc. | 3379 | 427646 |
|  NextEra Energy, Inc. | 129271 | 10377876 |
|  NRG Energy, Inc. | 6928 | 1103215 |
|  OGE Energy Corp. | 12592 | 537678 |
|  PG&E Corp. | 391071 | 6284511 |
|  Pinnacle West Capital Corp. | 7467 | 662323 |
|  PPL Corp. | 46394 | 1624718 |
|  Southern Co. (The) | 125221 | 10919271 |
|  Xcel Energy, Inc. | 197941 | 14619922 |
|  |  | 88930531 |
|  ***Gas Utilities (0.3%)*** | ***Gas Utilities (0.3%)*** | ***Gas Utilities (0.3%)*** |
|  Atmos Energy Corp. | 61738 | 10349141 |
|  MDU Resources Group, Inc. | 12710 | 248099 |
|  National Fuel Gas Co. | 5621 | 450017 |
|  UGI Corp. | 13478 | 504482 |
|  |  | 11551739 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  AES Corp. (The) | 44501 | 638144 |
|  Brookfield Renewable Corp. | 8465 | 324548 |
|  Clearway Energy, Inc., Class A | 2171 | 68213 |
|  Clearway Energy, Inc., Class C | 5099 | 169593 |
|  Talen Energy Corp.\* | 2843 | 1065670 |
|  Vistra Corp. | 9460 | 1526182 |
|  |  | 3792350 |
|  ***Multi-Utilities (0.8%)*** | ***Multi-Utilities (0.8%)*** | ***Multi-Utilities (0.8%)*** |
|  Ameren Corp. | 40040 | 3998394 |
|  CenterPoint Energy, Inc. | 40844 | 1565959 |
|  CMS Energy Corp. | 18647 | 1303985 |
|  Consolidated Edison, Inc. | 22595 | 2244135 |
|  Dominion Energy, Inc. | 157222 | 9211637 |
|  DTE Energy Co. | 12988 | 1675192 |
|  NiSource, Inc. | 29495 | 1231711 |
|  Public Service Enterprise Group, Inc. | 31302 | 2513551 |
|  Sempra | 40919 | 3612739 |
|  WEC Energy Group, Inc. | 20021 | 2111415 |
|  |  | 29468718 |
|  ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** |
|  American Water Works Co., Inc. | 64346 | 8397153 |
|  Essential Utilities, Inc. | 17579 | 674330 |
|  |  | 9071483 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 142814821 |
|  **Total Common Stocks (82.1%)**<br> *(Cost $1,673,386,036)* |  | 2946897577 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (9.1%)** | **Equity (9.1%)** | **Equity (9.1%)** |
|  iShares Core S&P 500 ETF | 794 | 543842 |
|  iShares Morningstar Growth ETF | 10600 | 1102824 |
|  iShares Morningstar U.S. Equity ETF (x) | 5416 | 511162 |
|  iShares Morningstar Value ETF (x)‡ | 573910 | 54154148 |
|  iShares Russell 1000 ETF | 1631 | 609081 |
|  iShares Russell 1000 Value ETF (x) | 225288 | 47387078 |
|  State Street SPDR Portfolio S&P 500 Growth ETF | 9200 | 981640 |

---

See Notes to Financial Statements.

971

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EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  State Street SPDR Portfolio S&P 500 Value ETF (x) | 1415400 | $80408874 |
|  Vanguard Growth ETF | 2090 | 1019627 |
|  Vanguard Large-Cap ETF | 1464 | 460867 |
|  Vanguard Russell 1000 Growth ETF | 7600 | 925300 |
|  Vanguard Russell 1000 Value ETF (x) | 723000 | 66732900 |
|  Vanguard Value ETF | 376501 | 71907926 |
|  **Total Exchange Traded Funds (9.1%)**<br> *(Cost $182,750,852)*  | **Total Exchange Traded Funds (9.1%)**<br> *(Cost $182,750,852)*  | 326745269 |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  RIGHTS: |  |  |
|  **Health Care (0.0%)†** |  |  |
|  ***Biotechnology (0.0%)†*** |  |  |
|  Mirati Therapeutics, Inc., CVR (r)\* <br>*(Cost $2,342)* | 4461 | 1673 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (3.3%)** |  |  |
|  Allspring Government Money Market Fund, Select Shares 3.72% (7 day yield) (xx) | 1000000 | 1000000 |
|  BlackRock Liquidity FedFund, Institutional Shares 3.65% (7 day yield) (xx) | 1000000 | 1000000 |
|  Dreyfus Treasury Obligations Cash Management Fund 3.65% (7 day yield) (xx) | 1000000 | 1000000 |
|  Goldman Sachs Financial Square Government Fund 3.67% (7 day yield) (xx) | 10000000 | 10000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 28346261 | 28346261 |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 62893776 | 62918933 |
|  Morgan Stanley Institutional Liquidity Fund - Government Portfolio 3.69% (7 day yield) (xx) | 5000000 | 5000000 |
|  RBC BlueBay U.S. Government Money Market Fund, Institutional Shares 3.70% (7 day yield) (xx) | 10000000 | 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 119265194 |
|  **Total Short-Term Investments (3.3%)**<br> *(Cost $119,259,110)* | **Total Short-Term Investments (3.3%)**<br> *(Cost $119,259,110)* | 119265194 |
|  **Total Investments in Securities (94.5%)**<br> *(Cost $1,975,398,340)* | **Total Investments in Securities (94.5%)**<br> *(Cost $1,975,398,340)* | 3392909713 |
|  **Other Assets Less Liabilities (5.5%)** | **Other Assets Less Liabilities (5.5%)** | 197874327 |
|  **Net Assets (100%)** |  | $3590784040 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $54,954,400.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $56,953,375. This was collateralized by $2,723,760 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/29/26 – 8/15/55 and by cash of $56,346,261 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from Sales<br>($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  iShares Morningstar Value ETF (x) | 573910 | 71684306 | 2548847 | (30204568) | 11315857 | (1190294) | 54154148 | 1233331 |  |

---

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

See Notes to Financial Statements.

972

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EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P 500 E-Mini Index | 405 | 3/2026 | USD | 139573125 | (1511909) |
|  S&P Midcap 400 E-Mini Index | 489 | 3/2026 | USD | 162602280 | (4760139) |
|  |  |  |  |  | (6272048) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets<br>for Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $219247679 | $— | $— | $219247679 |
|  Consumer Discretionary | 208477872 |  |  | 208477872 |
|  Consumer Staples | 186332881 | 5612740 |  | 191945621 |
|  Energy | 149404993 |  |  | 149404993 |
|  Financials | 661905446 |  |  | 661905446 |
|  Health Care | 360980655 |  |  | 360980655 |
|  Industrials | 370516296 |  |  | 370516296 |
|  Information Technology | 417208963 |  |  | 417208963 |
|  Materials | 131999651 |  |  | 131999651 |
|  Real Estate | 92395580 |  |  | 92395580 |
|  Utilities | 142814821 |  |  | 142814821 |
|  **Exchange Traded Funds** | 326745269 |  |  | 326745269 |
|  **Rights** |  |  |  |  |
|  Health Care |  |  | 1673 | 1673 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 119265194 |  |  | 119265194 |
|  **Total Assets** | $**3387295300** | $**5612740** | $**1673** | $**3392909713** |
|  **Liabilities:** |  |  |  |  |
|  **Futures** | $(6272048) | $— | $— | $(6272048) |
|  **Total Liabilities** | $**(6272048)** | $**—** | $**—** | $**(6272048)** |
|  **Total** | $**3381023252** | $**5612740** | $**1673** | $**3386637665** |

---

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(6272048) |
|  **Total** |  | $(6272048) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

See Notes to Financial Statements.

973

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EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(99749911) | $(99749911) |
|  **Total** | $(99749911) | $(99749911) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $6734043 | $6734043 |
|  **Total** | $6734043 | $6734043 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $304494000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 623601000 |

---

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $454966046.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $1010031683.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1486575421 |
|  Aggregate gross unrealized depreciation | (114815143) |
|  Net unrealized appreciation | $1371760278 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $2014877387 |

---

See Notes to Financial Statements.

974

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EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $24,381,994) | $54154148.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $1,951,016,346) | 3338755565.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 255863257.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 3846261.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1467147.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 168221.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 14182.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 14967.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3654283748.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 56346261.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 2886571.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 1400905.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1200227.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 700890.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 378788.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 350567.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 7153.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 228346.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 63499708.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $3590784040.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $2400650890.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1190133150.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $3590784040.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $3,296,731,749 / 181,175,141 shares outstanding (unlimited amount authorized: $0.01 par value) | $18.2 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $294,052,291 / 16,056,629 shares outstanding (unlimited amount authorized: $0.01 par value) | $18.31 |

---

*(x)* *Includes value of securities on loan of $56,953,375.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($1,233,331 of dividend income received from affiliates) (net of $155,538 foreign withholding tax) | $67708305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 10342089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 270662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 78321056 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 16474894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 8193239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 4490659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 325400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 197319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 185659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 125404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 99564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 30092138 |
|  **NET INVESTMENT INCOME (LOSS)** | 48228918 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($11,315,857 realized gain (loss) from affiliates) | 340957435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (99749911) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 14600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 241222124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($(1190294) of change in unrealized appreciation (depreciation) from affiliates) | 66520972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 6734043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 6944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 73261959 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 314484083 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $362713001 |

---

See Notes to Financial Statements.

975

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#### EQ ADVISORS TRUST
EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $48228918 | $56736094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 241222124 | 360753846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 73261959 | 94275005 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 362713001 | 511764945 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (311903572) | (368819761) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (29515365) | (37708321) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (341418937) | (406528082) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 323,986 shares, respectively ] |  | 6050293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (56529624) shares, respectively ] |  | (1084074747) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (2952245) shares, respectively ] |  | (54809388) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (1132833842) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,578,896 and 1,405,600 shares, respectively ] | 29176541 | 27040381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 56,745,763 shares, respectively ] |  | 1084074747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 16,998,109 and 19,471,436 shares, respectively ] | 311903572 | 368819761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (24377367) and (23096799) shares, respectively ] | (453373229) | (447564755) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (112293116) | 1032370134 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 820,059 and 94,977 shares, respectively ] | 14029392 | 1834977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,598,066 and 1,979,504 shares, respectively ] | 29515365 | 37708321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (5024652) and (5511002) shares, respectively ] | (93357187) | (104945181) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (49812430) | (65401883) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (162105546) | (165865591) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (140811482) | (60628728) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 3731595522 | 3792224250 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $3590784040 | $3731595522 |

---

See Notes to Financial Statements.

976

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#### EQ ADVISORS TRUST
EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $18.14 | $17.72 | $16.68 | $19.89 | $17.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.24 | 0.28 | 0.26 | 0.21 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.68 | 2.29 | 2.05 | (2.51) | 4.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.92 | 2.57 | 2.31 | (2.30) | 4.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.26) | (0.31) | (0.29) | (0.23) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.60) | (1.84) | (0.98) | (0.68) | (2.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.86) | (2.15) | (1.27) | (0.91) | (2.46) |
|  Net asset value, end of year | $18.20 | $18.14 | $17.72 | $16.68 | $19.89 |
|  Total return | 10.62% | 14.14% | 14.01% | (11.59)% | 24.80% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $3296732 | $3391201 | $2346650 | $2334134 | $3004157 |
|  Ratio of expenses to average net assets (f) | 0.86% | 0.86% | 0.86% | 0.85% | 0.84% |
|  Ratio of net investment income (loss) to average net assets (f) | 1.32% | 1.45% | 1.52% | 1.19% | 0.89% |
|  Portfolio turnover rate^ | 14% | 13% | 13% | 13% | 25% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $18.24 | $17.80 | $16.76 | $19.98 | $18.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.29 | 0.33 | 0.31 | 0.26 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.69 | 2.31 | 2.05 | (2.52) | 4.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.98 | 2.64 | 2.36 | (2.26) | 4.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.31) | (0.36) | (0.34) | (0.28) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.60) | (1.84) | (0.98) | (0.68) | (2.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.91) | (2.20) | (1.32) | (0.96) | (2.51) |
|  Net asset value, end of year | $18.31 | $18.24 | $17.80 | $16.76 | $19.98 |
|  Total return | 10.86% | 14.45% | 14.20% | (11.36)% | 25.16% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $294052 | $340395 | $393449 | $398741 | $615379 |
|  Ratio of expenses to average net assets (f) | 0.61% | 0.61% | 0.61% | 0.60% | 0.59% |
|  Ratio of net investment income (loss) to average net assets (f) | 1.57% | 1.70% | 1.77% | 1.42% | 1.14% |
|  Portfolio turnover rate^ | 14% | 13% | 13% | 13% | 25% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

977

------

EQ/LAZARD EMERGING MARKETS EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: |  |  |
|  **Brazil (11.0%)** |  |  |
|  Arcos Dorados Holdings, Inc., Class A | 425300 | $3121702 |
|  Banco do Brasil SA | 2088000 | 8375243 |
|  BB Seguridade Participacoes SA | 1395500 | 9246883 |
|  Engie Brasil Energia SA | 721000 | 4145939 |
|  Motiva Infraestrutura de Mobilidade SA | 1851010 | 5100643 |
|  Petroleo Brasileiro SA – Petrobras (ADR) | 466198 | 5524446 |
|  PRIO SA\* | 627000 | 4747339 |
|  Rede D'Or Sao Luiz SA(m) | 476000 | 3551053 |
|  Suzano SA | 407700 | 3827942 |
|  Vale SA (ADR), Class B | 583168 | 7598679 |
|  Vibra Energia SA | 1779422 | 8218837 |
|  |  | 63458706 |
|  **China (19.8%)** |  |  |
|  Alibaba Group Holding Ltd. | 345400 | 6337533 |
|  Anhui Conch Cement Co. Ltd., Class H | 1836374 | 5209906 |
|  Bosideng International Holdings Ltd. | 6818000 | 3907163 |
|  China Construction Bank Corp., Class H | 13040574 | 12885247 |
|  China Medical System Holdings Ltd. | 2696000 | 4468681 |
|  China Merchants Bank Co. Ltd., Class H | 1285281 | 8719704 |
|  DaShenLin Pharmaceutical Group Co. Ltd., Class A | 1812600 | 4570310 |
|  ENN Natural Gas Co. Ltd., Class A | 1965010 | 5837540 |
|  Hengan International Group Co. Ltd. | 1180469 | 4231833 |
|  Huayu Automotive Systems Co. Ltd., Class A | 1501096 | 4296118 |
|  Lenovo Group Ltd. | 4452000 | 5297072 |
|  Midea Group Co. Ltd., Class A | 654000 | 7313824 |
|  NetEase, Inc. | 171300 | 4723423 |
|  Ping An Insurance Group Co. of China Ltd., Class H | 1067000 | 8931997 |
|  Sinopharm Group Co. Ltd., Class H | 2949431 | 7367230 |
|  Tencent Holdings Ltd. | 46000 | 3540417 |
|  Tingyi Cayman Islands Holding Corp. | 3836000 | 5811150 |
|  Want Want China Holdings Ltd. | 7105000 | 4235959 |
|  Weichai Power Co. Ltd., Class H | 2683906 | 6500524 |
|  |  | 114185631 |
|  **Egypt (0.9%)** |  |  |
|  Commercial International Bank – Egypt (CIB) (Registered) (GDR) (m) | 2472847 | 5291893 |
|  **France (0.7%)** |  |  |
|  Gaztransport Et Technigaz SA | 21376 | 3933960 |
|  **Greece (2.5%)** |  |  |
|  National Bank of Greece SA | 532920 | 8141739 |
|  OPAP SA | 285963 | 6418817 |
|  |  | 14560556 |
|  **Hong Kong (0.8%)** |  |  |
|  ASMPT Ltd. | 446712 | 4445481 |
|  **Hungary (2.5%)** |  |  |
|  MOL Hungarian Oil & Gas plc | 593106 | 5332032 |
|  OTP Bank Nyrt. | 86290 | 9261487 |
|  |  | 14593519 |
|  **India (7.0%)** |  |  |
|  Axis Bank Ltd. | 301327 | 4255752 |
|  Indus Towers Ltd.\* | 2132793 | 9936727 |
|  Infosys Ltd. (ADR) (x) | 403979 | 7198906 |
|  State Bank of India | 345529 | 3775933 |
|  Tata Consultancy Services Ltd. | 238011 | 8490387 |
|  UPL Ltd. | 763386 | 6753565 |
|  |  | 40411270 |
|  **Indonesia (4.8%)** |  |  |
|  Astra International Tbk. PT | 15259396 | 6131212 |
|  Bank Mandiri Persero Tbk. PT | 27543456 | 8424086 |
|  Telkom Indonesia Persero Tbk. PT (ADR) (x)\* | 414849 | 8732571 |
|  United Tractors Tbk. PT | 2322100 | 4108063 |
|  |  | 27395932 |
|  **Mexico (6.1%)** |  |  |
|  America Movil SAB de CV (ADR) | 356426 | 7367325 |
|  Grupo Aeroportuario del Pacifico SAB de CV (ADR) | 33520 | 8836878 |
|  Grupo Financiero Banorte SAB de CV, Class O | 925847 | 8577999 |
|  Grupo Mexico SAB de CV | 143405 | 1355409 |
|  Kimberly-Clark de Mexico SAB de CV, Class A | 2295173 | 4895604 |
|  Ternium SA (ADR) | 112730 | 4305159 |
|  |  | 35338374 |
|  **Peru (0.9%)** |  |  |
|  Credicorp Ltd. | 17385 | 4989495 |
|  **Philippines (0.9%)** |  |  |
|  International Container Terminal Services, Inc. | 556570 | 5363960 |
|  **Poland (1.0%)** |  |  |
|  InPost SA (x)\* | 482815 | 5940722 |
|  **Russia (0.0%)** |  |  |
|  Mobile TeleSystems PJSC (ADR) (r)\* | 580455 |  |
|  Sberbank of Russia PJSC (r)\* | 1680737 |  |
|  **South Africa (7.8%)** |  |  |
|  Bidvest Group Ltd. | 487365 | 6989391 |
|  Kumba Iron Ore Ltd. (x) | 133267 | 2825164 |
|  Life Healthcare Group Holdings Ltd. | 5092814 | 3502847 |
|  Nedbank Group Ltd. | 487462 | 7837659 |
|  Sanlam Ltd. | 1243209 | 7393940 |
|  Standard Bank Group Ltd. | 516778 | 9062339 |
|  Vodacom Group Ltd. (x) | 853573 | 7283720 |
|  |  | 44895060 |
|  **South Korea (11.5%)** |  |  |
|  Coway Co. Ltd.\* | 31495 | 1899910 |
|  Hyundai Mobis Co. Ltd. | 21094 | 5461846 |
|  KB Financial Group, Inc. | 110165 | 9536341 |
|  Kia Corp. | 82880 | 7007590 |
|  KT Corp. | 133145 | 4861634 |
|  KT&G Corp. | 40710 | 4015752 |
|  Shinhan Financial Group Co. Ltd. | 187603 | 10014696 |
|  SK hynix, Inc. | 51422 | 23238153 |
|  |  | 66035922 |

---

See Notes to Financial Statements.

978

------

EQ/LAZARD EMERGING MARKETS EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Taiwan (15.0%)** |  |  |
|  ASE Technology Holding Co. Ltd. | 1956000 | $15594214 |
|  Globalwafers Co. Ltd. | 408000 | 5271972 |
|  MediaTek, Inc. | 214000 | 9739501 |
|  Novatek Microelectronics Corp. | 344000 | 4094652 |
|  Quanta Computer, Inc. | 1064000 | 9210802 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 541429 | 26709153 |
|  Wiwynn Corp. | 75000 | 10705590 |
|  Yageo Corp. | 656304 | 4825074 |
|  |  | 86150958 |
|  **Thailand (1.5%)** |  |  |
|  Kasikornbank PCL | 890967 | 5500495 |
|  PTT Exploration & Production PCL | 877700 | 3134145 |
|  |  | 8634640 |
|  **Turkiye (0.9%)** |  |  |
|  BIM Birlesik Magazalar A/S | 405301 | 5066026 |
|  **United Kingdom (0.8%)** |  |  |
|  Unilever plc (x) | 74000 | 4843939 |
|  **United States (1.2%)** |  |  |
|  SLB Ltd. | 181123 | 6951501 |
|  **Total Common Stocks (97.6%)**<br> *(Cost $434,203,420)* |  | 562487545 |
|  SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (2.8%)** |  |  |
|  BlackRock Liquidity FedFund, Institutional Shares 3.65% (7 day yield) (xx) | 5000000 | 5000000 |
|  Dreyfus Treasury Obligations Cash Management Fund 3.65% (7 day yield) (xx) | 1000000 | 1000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 6836165 | 6836165 |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 3011551 | 3012756 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 15848921 |
|  **Total Short-Term Investments (2.8%)**<br> *(Cost $15,848,921)* | **Total Short-Term Investments (2.8%)**<br> *(Cost $15,848,921)* | 15848921 |
|  **Total Investments in Securities (100.4%)**<br> *(Cost $450,052,341)* | **Total Investments in Securities (100.4%)**<br> *(Cost $450,052,341)* | 578336466 |
|  **Other Assets Less Liabilities (-0.4%)** | **Other Assets Less Liabilities (-0.4%)** | (2539537) |
|  **Net Assets (100%)** |  | $575796929 |

---

*\** *Non-income producing.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $8,842,946 or 1.5% of net assets.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $22,545,822. This was collateralized by $10,569,676 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 1/15/26 – 8/15/55 and by cash of $12,836,165 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*GDR* *— Global Depositary Receipt* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Brazil | $16244827 | $47213879 | $— | $63458706 |
|  China |  | 114185631 |  | 114185631 |
|  Egypt |  | 5291893 |  | 5291893 |
|  France |  | 3933960 |  | 3933960 |
|  Greece |  | 14560556 |  | 14560556 |
|  Hong Kong |  | 4445481 |  | 4445481 |
|  Hungary |  | 14593519 |  | 14593519 |

---

See Notes to Financial Statements.

979

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EQ/LAZARD EMERGING MARKETS EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  India | $7198906 | $33212364 | $— | $40411270 |
|  Indonesia | 8732571 | 18663361 |  | 27395932 |
|  Mexico | 35338374 |  |  | 35338374 |
|  Peru | 4989495 |  |  | 4989495 |
|  Philippines |  | 5363960 |  | 5363960 |
|  Poland |  | 5940722 |  | 5940722 |
|  Russia |  |  | — (a) | — (a) |
|  South Africa |  | 44895060 |  | 44895060 |
|  South Korea |  | 66035922 |  | 66035922 |
|  Taiwan |  | 86150958 |  | 86150958 |
|  Thailand |  | 8634640 |  | 8634640 |
|  Turkiye |  | 5066026 |  | 5066026 |
|  United Kingdom |  | 4843939 |  | 4843939 |
|  United States | 6951501 |  |  | 6951501 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 15848921 |  |  | 15848921 |
|  **Total Assets** | $**95304595** | $**483031871** | $**—** | $**578336466** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**95304595** | $**483031871** | $**—** | $**578336466** |

---

(a) Value is zero.

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131873565 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $141741166 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147345675 |
|  Aggregate gross unrealized depreciation | (28212087) |
|  Net unrealized appreciation | $119133588 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $459202878 |

---

See Notes to Financial Statements.

980

------

EQ/LAZARD EMERGING MARKETS EQUITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $450,052,341) | $578336466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 10900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1449022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 307408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 59298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 30776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 591085500 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 12836165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued India taxes | 1252190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 400174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 255931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 234384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 119828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 43041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency overdraft payable | 17205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 129653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 15288571 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $575796929 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $445853381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 129943548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $575796929 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $575,796,929 / 22,626,915 shares outstanding (unlimited amount authorized: $0.01 par value) | $25.45 |

---

*(x)* *Includes value of securities on loan of $22,545,822.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $2,209,108 foreign withholding tax) | $21110633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 320323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 277940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 21708896 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4863992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1215993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 440370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 434300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 105501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 36215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 15528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 21474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 7133373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (565438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 6567935 |
|  **NET INVESTMENT INCOME (LOSS)** | 15140961 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $60,707 on realized gain on investments) | 31583277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (145457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 31437820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $615,311 on unrealized appreciation on investments) | 124630323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 33448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 124663771 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 156101591 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $171242552 |

---

See Notes to Financial Statements.

981

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#### EQ ADVISORS TRUST
EQ/LAZARD EMERGING MARKETS EQUITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $15140961 | $14489377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 31437820 | 17222481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 124663771 | (1256428) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 171242552 | 30455430 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (41050016) | (33922758) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,067,333 and 1,543,111 shares, respectively ] | 48825120 | 31937162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,636,011 and 1,693,897 shares, respectively ] | 41050016 | 33922758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2781717) and (2789209) shares, respectively ] | (63498317) | (57900500) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 26376819 | 7959420 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 156569355 | 4492092 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 419227574 | 414735482 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $575796929 | $419227574 |

---

See Notes to Financial Statements.

982

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#### EQ ADVISORS TRUST
EQ/LAZARD EMERGING MARKETS EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $19.31 | $19.51 | $16.68 | $20.67 | $21.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.71 | 0.70 | 0.69 | 0.85 | 0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 7.38 | 0.78 | 2.90 | (3.94) | 0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 8.09 | 1.48 | 3.59 | (3.09) | 1.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.95) | (0.82) | (0.74) | (0.76) | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.00) | (0.86) | (0.02) | (0.14) | (1.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.95) | (1.68) | (0.76) | (0.90) | (1.79) |
|  Net asset value, end of year | $25.45 | $19.31 | $19.51 | $16.68 | $20.67 |
|  Total return | 42.06% | 7.33 | 21.68% | (14.89)% | 5.92% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $575797 | $419228 | $414735 | $359867 | $423150 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.35 %(j) | 1.35 | 1.35 %(j) | 1.35 %(j) | 1.35 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.47% | 1.48 | 1.48% | 1.46% | 1.47% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 3.11% | 3.37 | 3.74% | 4.69% | 2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 2.99% | 3.23 | 3.61% | 4.58% | 2.66% |
|  Portfolio turnover rate^ | 28% | 23 | 25% | 20% | 34% |

---

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amount would be $0.62 for Class IB.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.35% for Class IB.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for the class would have been 0.35% lower.* 

See Notes to Financial Statements.

983

------

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Corporate Bonds (43.5%)** | **Corporate Bonds (43.5%)** | **Corporate Bonds (43.5%)** |
|  **Communication Services (6.0%)** | **Communication Services (6.0%)** |  |
|  **Diversified Telecommunication Services (2.3%)** | **Diversified Telecommunication Services (2.3%)** | **Diversified Telecommunication Services (2.3%)** |
|  AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/1/41 | $15543000 | $&nbsp;&nbsp;&nbsp;&nbsp;12251165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 12/15/42 | 12555000 | 10618986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/15/46 | 6940000 | 6027352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 3/9/49 | 7826000 | 6467118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 9/15/55 (x) | 7260000 | 4845844 |
|  Telefonica Emisiones SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.213%, 3/8/47 | 4800000 | 4232704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.895%, 3/6/48 | 640000 | 539063 |
|  Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 3/22/41 | 8272000 | 6493070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 9/3/41 | 6480000 | 4678510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.862%, 8/21/46 | 4360000 | 3880125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 3/22/61 | 155000 | 104682 |
|  |  | 60138619 |
|  ***Entertainment (0.0%)†*** | ***Entertainment (0.0%)†*** | ***Entertainment (0.0%)†*** |
|  NBCUniversal Media LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 4/30/40 | 242000 | 263401 |
|  ***Interactive Media & Services (0.1%)*** | ***Interactive Media & Services (0.1%)*** | ***Interactive Media & Services (0.1%)*** |
|  Alphabet, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/60 | 6970000 | 3574979 |
|  ***Media (2.4%)*** | ***Media (2.4%)*** | ***Media (2.4%)*** |
|  Charter Communications Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484%, 10/23/45 | 3019000 | 2844623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 5/1/47 | 2529000 | 2084326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 4/1/48 | 7520000 | 6471110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 6/1/52 | 2045000 | 1323013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.834%, 10/23/55 | 5753000 | 5543993 |
|  Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/1/39 | 6253000 | 4892673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/1/40 | 210000 | 173119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.969%, 11/1/47 | 2640000 | 1977900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.049%, 11/1/52 | 225000 | 164941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 6/1/54 | 4600000 | 4317209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.937%, 11/1/56 | 8190000 | 4617861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.987%, 11/1/63 | 289000 | 156479 |
|  Grupo Televisa SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 1/15/40 | 2970000 | 2587464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/13/45 | 400000 | 266000 |
|  Omnicom Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 10/1/48§ | 8109000 | 7487032 |
|  Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 10/15/40 (x) | 1328000 | 1140002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 7/1/42 | 710000 | 521487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/15/43 | 678000 | 470774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 9/1/43 | 1360000 | 1120922 |
|  Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/15/40 | 4068000 | 3766073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 9/1/41 | 8290000 | 7308132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/42 | 4211000 | 3247313 |
|  |  | 62482446 |
|  ***Wireless Telecommunication Services (1.2%)*** | ***Wireless Telecommunication Services (1.2%)*** | ***Wireless Telecommunication Services (1.2%)*** |
|  Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 10/1/43 | 7294000 | 6870960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/15/44 | 7440000 | 6641769 |
|  T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/15/50 | 8235000 | 6804276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/15/55 | 5730000 | 5429892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 11/15/60 | &nbsp;&nbsp;&nbsp;&nbsp;7100000 | 4720704 |
|  |  | 30467601 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** | &nbsp;&nbsp;&nbsp;&nbsp;156927046 |
|  **Consumer Discretionary (2.3%)** |  |  |
|  ***Automobile Components (0.2%)*** | ***Automobile Components (0.2%)*** | ***Automobile Components (0.2%)*** |
|  Aptiv Swiss Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 3/15/49 | 428000 | 394109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 9/13/54 | 4400000 | 4239348 |
|  |  | 4633457 |
|  ***Automobiles (0.4%)*** | ***Automobiles (0.4%)*** | ***Automobiles (0.4%)*** |
|  General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 4/1/45 | 5143000 | 4636392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 4/1/49 | 6660000 | 6465213 |
|  |  | 11101605 |
|  ***Broadline Retail (1.0%)*** | ***Broadline Retail (1.0%)*** | ***Broadline Retail (1.0%)*** |
|  Alibaba Group Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 2/9/41 | 8800000 | 6476184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 2/9/51 | 200000 | 135710 |
|  Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/12/41 | 540000 | 410957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 12/5/44 (x) | 2136000 | 2052917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 8/22/47 | 5610000 | 4616278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/12/61 | 41000 | 26197 |
|  eBay, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/15/42 | 4984000 | 4124606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 5/10/51 | 6826000 | 4991791 |
|  JD.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/14/50 | 2400000 | 1960800 |
|  |  | 24795440 |
|  ***Hotels, Restaurants & Leisure (0.1%)*** | ***Hotels, Restaurants & Leisure (0.1%)*** | ***Hotels, Restaurants & Leisure (0.1%)*** |
|  McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 3/1/47 | 2590000 | 2222060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/1/49 | 67000 | 49351 |
|  Starbucks Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/48 | 251000 | 209831 |
|  |  | 2481242 |
|  ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** |
|  Sekisui House US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/15/43 | 2605000 | 2434399 |
|  ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** |
|  Hasbro, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 5/15/44 | 3780000 | 3375516 |
|  ***Specialty Retail (0.4%)*** | ***Specialty Retail (0.4%)*** | ***Specialty Retail (0.4%)*** |
|  Dick's Sporting Goods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 1/15/52 | 1100000 | 806747 |
|  Home Depot, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 4/1/41 | 79000 | 84587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 4/1/46 | 1522000 | 1290630 |
|  Lowe's Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 5/3/47 | 124000 | 98217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/15/50 | 394000 | 250333 |

---

See Notes to Financial Statements.

984

------

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  TJX Cos., Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/15/50 | 8008000 | 6933535 |
|  |  | 9464049 |
|  ***Textiles, Apparel & Luxury Goods (0.0%)†*** | ***Textiles, Apparel & Luxury Goods (0.0%)†*** |  |
|  NIKE, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;1462000 | 1178156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/27/50 | 150000 | 107469 |
|  |  | 1285625 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59571333 |
|  **Consumer Staples (3.4%)** | **Consumer Staples (3.4%)** | **Consumer Staples (3.4%)** |
|  ***Beverages (0.7%)*** | ***Beverages (0.7%)*** | ***Beverages (0.7%)*** |
|  Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 11/15/39 | 132000 | 167598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 1/23/49 | 5560000 | 5561204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 1/23/59 | 819000 | 836179 |
|  Coca-Cola Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/5/41 | 755000 | 580818 |
|  Diageo Capital plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/29/43 | 922000 | 760097 |
|  Molson Coors Beverage Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/1/42 | 10206000 | 9438098 |
|  PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 10/6/46 | 719000 | 543430 |
|  |  | 17887424 |
|  ***Consumer Staples Distribution & Retail (0.4%)*** | ***Consumer Staples Distribution & Retail (0.4%)*** | ***Consumer Staples Distribution & Retail (0.4%)*** |
|  Kroger Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 8/1/43 | 141000 | 132692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 2/1/47 | 3500000 | 2950334 |
|  Sysco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600%, 4/1/50 | 2690000 | 2962313 |
|  Target Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 4/15/46 | 1628000 | 1246916 |
|  Walmart, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 6/29/48 | 3609000 | 3014426 |
|  |  | 10306681 |
|  ***Food Products (0.8%)*** | ***Food Products (0.8%)*** | ***Food Products (0.8%)*** |
|  Archer-Daniels-Midland Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/15/49 | 1957000 | 1681891 |
|  Conagra Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 11/1/48 (x) | 10853000 | 9731993 |
|  General Mills, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 6/15/40 | 147000 | 147596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 4/17/48 | 390000 | 339143 |
|  JBS USA Holding Lux Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/2/52 | 961000 | 745059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 12/1/52 | 2330000 | 2399182 |
|  Mead Johnson Nutrition Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 6/1/44 | 755000 | 669383 |
|  Tyson Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 6/2/47 | 3434000 | 2947414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 9/28/48 | 3472000 | 3202223 |
|  |  | 21863884 |
|  ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** |
|  Colgate-Palmolive Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 8/1/47 | 5314000 | 4197091 |
|  ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** |
|  Kenvue, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 3/22/43 | &nbsp;&nbsp;&nbsp;&nbsp;5370000 | 5130102 |
|  ***Tobacco (1.1%)*** | ***Tobacco (1.1%)*** | ***Tobacco (1.1%)*** |
|  Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/16/46 | 849000 | 638810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 2/14/49 | 3077000 | 3073692 |
|  BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.079%, 8/2/43 | 7240000 | 8130377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540%, 8/15/47 | 3549000 | 2946776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.758%, 9/6/49 | 6550000 | 5544121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.081%, 8/2/53 | 5472000 | 6230611 |
|  Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 5/16/38 | 59000 | 65841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/10/44 | 623000 | 530056 |
|  Reynolds American, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 8/15/45 | 1350000 | 1329170 |
|  |  | 28489454 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87874636 |
|  **Energy (3.6%)** | **Energy (3.6%)** | **Energy (3.6%)** |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** |
|  Baker Hughes Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.080%, 12/15/47 | 740000 | 588231 |
|  Halliburton Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/15/45 | 540000 | 482210 |
|  NOV, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 12/1/42 | 767000 | 602430 |
|  |  | 1672871 |
|  ***Oil, Gas & Consumable Fuels (3.5%)*** | ***Oil, Gas & Consumable Fuels (3.5%)*** | ***Oil, Gas & Consumable Fuels (3.5%)*** |
|  BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.060%, 6/17/41 | 1600000 | 1221586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.939%, 6/4/51 | 8235000 | 5243563 |
|  Cenovus Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 6/15/47 | 284000 | 261206 |
|  Devon Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 7/15/41 | 9174000 | 8904705 |
|  Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 3/24/51 (x) | 2455000 | 1961514 |
|  Enbridge Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 10/15/45 | 4590000 | 5337342 |
|  Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/10/44 | 185000 | 157156 |
|  Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 6/1/41 | 2270000 | 2302423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 2/1/42 | 7690000 | 8103992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/15/44 (e) | 69000 | 59827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 12/15/45 | 4377000 | 4308069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 4/15/47 | 538000 | 478003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 10/1/47 | 982000 | 880796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 6/15/48 | 180000 | 174306 |
|  Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 2/16/55 | 5650000 | 5476812 |
|  EOG Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 4/15/50 | 2348000 | 2098500 |
|  Exxon Mobil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.227%, 3/19/40 | 2176000 | 1993913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.327%, 3/19/50 | 6275000 | 5275298 |

---

See Notes to Financial Statements.

985

------

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Hess Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 4/1/47 | $| 1250000 | $| 1284359 |
|  Kinder Morgan, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 8/1/50 |  | 957000 |  | 634906 |
|  Marathon Petroleum Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 3/1/41 |  | 4468000 |  | 4744492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 9/15/44 |  | 1055000 |  | 901096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/15/54 |  | 2494000 |  | 2092401 |
|  MPLX LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 3/1/47 |  | 2449000 |  | 2182363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/15/49 |  | 880000 |  | 809039 |
|  ONEOK Partners LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 2/1/41 |  | 86000 |  | 88539 |
|  ONEOK, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.150%, 1/15/51 |  | 2557000 |  | 2820440 |
|  Ovintiv, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.100%, 7/15/53 |  | 4690000 |  | 4960387 |
|  Phillips 66 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 5/1/42 |  | 1742000 |  | 1760281 |
|  Plains All American Pipeline LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 2/15/45 |  | 8238000 |  | 7177628 |
|  Shell Finance US, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/10/46 |  | 820000 |  | 663160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/6/50 |  | 5890000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4078513 |
|  TotalEnergies Capital International SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.127%, 5/29/50 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850000 |  | 1898780 |
|  Valero Energy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 6/15/37 |  | 104000 |  | 114970 |
|  Williams Cos., Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 9/15/45 |  | 1435000 |  | 1320354 |
|  |  |  |  | 91770719 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  |  | 93443590 |
|  **Financials (6.6%)** | **Financials (6.6%)** | **Financials (6.6%)** | **Financials (6.6%)** | **Financials (6.6%)** |
|  ***Banks (1.4%)*** | ***Banks (1.4%)*** | ***Banks (1.4%)*** | ***Banks (1.4%)*** | ***Banks (1.4%)*** |
|  Bank of America Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 2.08%), 4.244%, 4/24/38 (k) |  | 85000 |  | 79437 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%), 3.311%, 4/22/42 (k) |  | 8700000 |  | 6866603 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.78%), 4.330%, 3/15/50 (k) |  | 152000 |  | 127819 |
|  Citigroup, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 1/30/42 |  | 980000 |  | 1034533 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 2.10%), 4.281%, 4/24/48 (k) |  | 2778000 |  | 2339197 |
|  Cooperatieve Rabobank UA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 5/24/41 |  | 396000 |  | 398308 |
|  JPMorgan Chase & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.62%), 3.882%, 7/24/38 (k) |  | 159000 |  | 142765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 1/6/42 |  | 163000 |  | 165908 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.46%), 3.157%, 4/22/42 (k) |  | 8690000 |  | 6742939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/16/43 |  | 7704000 |  | 7930836 |
|  Kreditanstalt fuer Wiederaufbau |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 4/18/36 |  | 48000 |  | 30980 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 6/29/37 |  | 135000 |  | 82618 |
|  Sumitomo Mitsui Financial Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.296%, 1/12/41 |  | 1600000 |  | 1121705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.930%, 9/17/41 |  | 212000 |  | 156197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.184%, 7/13/43 |  | 7050000 |  | 7584599 |
|  Wells Fargo & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.606%, 1/15/44 |  | 151000 |  | 149846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 5/1/45 |  | 408000 |  | 331541 |
|  Westpac Banking Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.133%, 11/18/41 |  | 1540000 |  | 1167565 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36453396 |
|  ***Capital Markets (1.9%)*** | ***Capital Markets (1.9%)*** | ***Capital Markets (1.9%)*** | ***Capital Markets (1.9%)*** | ***Capital Markets (1.9%)*** |
|  Brookfield Finance, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/30/51 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221000 |  | 847438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.968%, 3/4/54 |  | 20000 |  | 20188 |
|  Goldman Sachs Group, Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.51%), 3.210%, 4/22/42 (k) |  | 8542000 |  | 6599372 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.47%), 2.908%, 7/21/42 (k) |  | 8660000 |  | 6360810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 7/8/44 |  | 6797000 |  | 6282814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 10/21/45 |  | 1250000 |  | 1132312 |
|  Intercontinental Exchange, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/21/48 |  | 6272000 |  | 5223142 |
|  Moody's Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 7/15/44 |  | 55000 |  | 53140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 12/17/48 |  | 6262000 |  | 5631515 |
|  Morgan Stanley |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.49%), 3.217%, 4/22/42 (k) |  | 8730000 |  | 6820585 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.84%), 5.597%, 3/24/51 (k) |  | 3845000 |  | 3834013 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.43%), 2.802%, 1/25/52 (k) |  | 111000 |  | 70322 |
|  Raymond James Financial, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/1/51 |  | 3680000 |  | 2706477 |
|  UBS AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/26/48 |  | 3200000 |  | 2801914 |
|  |  |  |  | 48384042 |
|  ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** |
|  AerCap Ireland Capital DAC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 10/29/41 |  | 3271000 |  | 2664977 |
|  ***Financial Services (0.4%)*** | ***Financial Services (0.4%)*** | ***Financial Services (0.4%)*** | ***Financial Services (0.4%)*** | ***Financial Services (0.4%)*** |
|  Global Payments, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 8/15/49 |  | 290000 |  | 215663 |
|  Mastercard, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 2/26/48 |  | 493000 |  | 396999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 6/1/49 |  | 64000 |  | 48666 |
|  National Rural Utilities Cooperative Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 3/15/49 |  | 5268000 |  | 4409445 |
|  PayPal Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 6/1/54 |  | 4060000 |  | 3941724 |
|  Woodside Finance Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 9/12/54 |  | 1370000 |  | 1287593 |
|  |  |  |  | 10300090 |
|  ***Insurance (2.8%)*** | ***Insurance (2.8%)*** | ***Insurance (2.8%)*** | ***Insurance (2.8%)*** | ***Insurance (2.8%)*** |
|  Alleghany Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 8/15/51 |  | 850000 |  | 572224 |
|  Allstate Corp. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 12/15/46 |  | 1154000 |  | 950709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 8/10/49 |  | 2664000 |  | 2032099 |

---

See Notes to Financial Statements.

986

------

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  American International Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 4/1/48 | $| 6870000 | $| 6117363 |
|  Aon Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 8/23/51 |  | 5200000 |  | 3245878 |
|  Aon Global Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/15/45 |  | 846000 |  | 752054 |
|  Aon North America, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 3/1/54 |  | 5850000 |  | 5848096 |
|  Arthur J Gallagher & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 2/15/54 |  | 3250000 |  | 3604089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 2/15/55 |  | 5220000 |  | 5010309 |
|  Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 8/15/48 |  | 6950000 |  | 5813680 |
|  Chubb INA Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 11/3/45 |  | 6282000 |  | 5481816 |
|  Hartford Insurance Group, Inc. (The) | Hartford Insurance Group, Inc. (The) | Hartford Insurance Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 3/15/48 |  | 7230000 |  | 6139616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 9/15/51 |  | 166000 |  | 105840 |
|  Marsh & McLennan Cos., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 11/15/44 |  | 6700000 |  | 6563965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 3/15/49 |  | 23000 |  | 20844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 9/15/53 |  | 780000 |  | 785528 |
|  MetLife, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 12/15/36 |  | 170000 |  | 177669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/13/43 |  | 686000 |  | 640237 |
|  Progressive Corp. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 4/15/47 |  | 832000 |  | 688203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/26/50 |  | 691000 |  | 547100 |
|  Prudential Financial, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.935%, 12/7/49 |  | 7385000 |  | 5735622 |
|  Travelers Cos., Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/15/46 |  | 871000 |  | 686136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/30/47 |  | 174000 |  | 141481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 4/27/50 |  | 172000 |  | 104264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 7/24/55 |  | 5300000 |  | 5410755 |
|  Willis North America, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 3/5/54 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5450000 |  | 5450948 |
|  |  |  |  | 72626525 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170429030 |
|  **Health Care (6.8%)** |  |  |  |  |
|  ***Biotechnology (1.6%)*** | ***Biotechnology (1.6%)*** | ***Biotechnology (1.6%)*** | ***Biotechnology (1.6%)*** | ***Biotechnology (1.6%)*** |
|  AbbVie, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 11/6/42 |  | 31000 |  | 27647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 5/14/46 |  | 297000 |  | 258601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/14/48 |  | 5889000 |  | 5374378 |
|  Amgen, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 8/15/41 |  | 8878000 |  | 6475066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 11/15/41 |  | 8059000 |  | 7800503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 3/2/43 |  | 7510000 |  | 7522281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.563%, 6/15/48 |  | 1009000 |  | 861955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 3/2/53 |  | 680000 |  | 667167 |
|  Baxalta, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/23/45 |  | 2075000 |  | 1979109 |
|  Biogen, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 5/1/50 |  | 1279000 |  | 829111 |
|  Gilead Sciences, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 12/1/41 |  | 6850000 |  | 7119094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/1/46 |  | 1570000 |  | 1426776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 3/1/47 |  | 804000 |  | 667964 |
|  |  |  |  | 41009652 |
|  ***Health Care Equipment & Supplies (0.8%)*** | ***Health Care Equipment & Supplies (0.8%)*** | ***Health Care Equipment & Supplies (0.8%)*** |  |  |
|  Abbott Laboratories |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 4/15/43 |  | 5630000 |  | 5309857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 11/30/46 |  | 6620000 |  | 6252242 |
|  Baxter International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.132%, 12/1/51 |  | 1402000 |  | 882197 |
|  Becton Dickinson & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.669%, 6/6/47 |  | 145000 |  | 126244 |
|  Boston Scientific Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 3/1/49 |  | 4319000 |  | 3885950 |
|  DH Europe Finance II Sarl |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 11/15/49 |  | 400000 |  | 288744 |
|  Koninklijke Philips NV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/15/42 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3237000 |  | 2981733 |
|  Stryker Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/44 |  | 157000 |  | 136173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/15/46 (x) |  | 144000 |  | 128704 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;19991844 |
|  ***Health Care Providers & Services (3.1%)*** | ***Health Care Providers & Services (3.1%)*** | ***Health Care Providers & Services (3.1%)*** | ***Health Care Providers & Services (3.1%)*** | ***Health Care Providers & Services (3.1%)*** |
|  Banner Health |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.907%, 1/1/42 |  | 5162000 |  | 3802284 |
|  Baylor Scott & White Holdings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.839%, 11/15/50 |  | 1487000 |  | 944107 |
|  Cardinal Health, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.368%, 6/15/47 |  | 1086000 |  | 900676 |
|  Cencora, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 12/15/47 |  | 1551000 |  | 1297322 |
|  Children's Health System of Texas |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.511%, 8/15/50 |  | 590000 |  | 348195 |
|  Cigna Group (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 3/15/40 |  | 7987000 |  | 6334944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 11/15/41 |  | 261000 |  | 275997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 7/15/46 |  | 1279000 |  | 1138713 |
|  CommonSpirit Health |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.910%, 10/1/50 |  | 1192000 |  | 893025 |
|  CVS Health Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 8/21/40 |  | 219000 |  | 156487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 6/1/44 |  | 3860000 |  | 3887631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 7/20/45 |  | 2245000 |  | 2031614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 3/25/48 |  | 10191000 |  | 8995559 |
|  Elevance Health, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 1/15/43 |  | 1627000 |  | 1461316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/1/47 |  | 920000 |  | 766089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 3/1/48 |  | 6930000 |  | 5891858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 5/15/50 |  | 3631000 |  | 2369115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 3/15/51 |  | 1927000 |  | 1381426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 6/15/54 |  | 720000 |  | 701299 |
|  HCA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 6/15/47 |  | 6086000 |  | 5760580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/15/49 |  | 3520000 |  | 3190686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/15/51 |  | 419000 |  | 285150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 6/1/53 |  | 4960000 |  | 4872006 |
|  Humana, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 10/1/44 |  | 909000 |  | 805724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 4/15/54 |  | 1320000 |  | 1246449 |
|  Kaiser Foundation Hospitals |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.002%, 6/1/51 |  | 4580000 |  | 2991912 |
|  Laboratory Corp. of America Holdings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 2/1/45 |  | 1058000 |  | 944455 |

---

See Notes to Financial Statements.

987

------

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Memorial Sloan-Kettering Cancer Center |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.955%, 1/1/50 | $| 656000 | $| 422848 |
|  Providence St Joseph Health Obligated Group |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 10/1/51 |  | 4788000 |  | 2830062 |
|  Rady Children's Hospital-San Diego |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.154%, 8/15/51 |  | 964000 |  | 647371 |
|  Sutter Health |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.161%, 8/15/40 |  | 679000 |  | 536701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.361%, 8/15/50 |  | 2003000 |  | 1385366 |
|  UnitedHealth Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/15/44 |  | 7030000 |  | 6978197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 4/15/47 |  | 96000 |  | 79222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 8/15/49 |  | 4300000 |  | 3196493 |
|  Yale-New Haven Health Services Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.496%, 7/1/50 |  | 1023000 |  | 597973 |
|  |  |  |  | 80348852 |
|  ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** |
|  Thermo Fisher Scientific, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 8/15/47 |  | 2116000 |  | 1761782 |
|  ***Pharmaceuticals (1.2%)*** | ***Pharmaceuticals (1.2%)*** | ***Pharmaceuticals (1.2%)*** | ***Pharmaceuticals (1.2%)*** | ***Pharmaceuticals (1.2%)*** |
|  AstraZeneca plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/18/42 |  | 9162000 |  | 7903072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/17/48 |  | 5814000 |  | 5058475 |
|  Eli Lilly & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 3/15/59 |  | 673000 |  | 534342 |
|  GlaxoSmithKline Capital, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 3/18/43 |  | 1011000 |  | 883894 |
|  Johnson & Johnson |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 3/1/46 |  | 483000 |  | 391881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 3/3/47 |  | 1568000 |  | 1266372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 9/1/50 |  | 7730000 |  | 4574695 |
|  Merck & Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 5/18/43 |  | 232000 |  | 199937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/7/49 |  | 4607000 |  | 3693041 |
|  Mylan, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 4/15/48 |  | 1431000 |  | 1167000 |
|  Pfizer Investment Enterprises Pte. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.110%, 5/19/43 |  | &nbsp;&nbsp;&nbsp;&nbsp;2670000 |  | 2570426 |
|  Pfizer, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 3/15/39 |  | 33000 |  | 29142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 6/15/43 |  | 179000 |  | 156479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 12/15/46 |  | 227000 |  | 187367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 9/15/48 |  | 4713000 |  | 3889666 |
|  Takeda Pharmaceutical Co. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.175%, 7/9/50 |  | 400000 |  | 267947 |
|  |  |  |  | 32773736 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;175885866 |
|  **Industrials (3.5%)** | **Industrials (3.5%)** | **Industrials (3.5%)** | **Industrials (3.5%)** | **Industrials (3.5%)** |
|  ***Aerospace & Defense (1.0%)*** | ***Aerospace & Defense (1.0%)*** | ***Aerospace & Defense (1.0%)*** | ***Aerospace & Defense (1.0%)*** | ***Aerospace & Defense (1.0%)*** |
|  Boeing Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 11/1/48 |  | 38000 |  | 28011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.805%, 5/1/50 |  | &nbsp;&nbsp;&nbsp;&nbsp;11061000 |  | 10933649 |
|  General Dynamics Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 4/1/40 |  | 552000 |  | 507222 |
|  L3Harris Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.054%, 4/27/45 |  | 766000 |  | 727871 |
|  Northrop Grumman Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 5/1/40 |  | 1393000 |  | 1386060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 6/1/43 |  | 402000 |  | 369997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 5/1/50 |  | 12515000 |  | 11812185 |
|  RTX Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 4/15/47 |  | 298000 |  | 252845 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;26017840 |
|  ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** |
|  United Parcel Service, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 4/1/50 |  | 2870000 |  | 2749675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 5/22/54 |  | 1490000 |  | 1451937 |
|  |  |  |  | 4201612 |
|  ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** |
|  Republic Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 3/1/50 |  | 1275000 |  | 861631 |
|  Rockefeller Foundation (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.492%, 10/1/50 |  | 5726000 |  | 3473757 |
|  Waste Management, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/15/50 |  | 1480000 |  | 885207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 10/15/54 |  | 5460000 |  | 5297346 |
|  |  |  |  | 10517941 |
|  ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** |
|  Eaton Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 11/2/42 |  | 750000 |  | 649093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.915%, 9/15/47 |  | 329000 |  | 263230 |
|  Rockwell Automation, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 3/1/49 |  | 2973000 |  | 2477571 |
|  |  |  |  | 3389894 |
|  ***Ground Transportation (1.3%)*** | ***Ground Transportation (1.3%)*** | ***Ground Transportation (1.3%)*** | ***Ground Transportation (1.3%)*** | ***Ground Transportation (1.3%)*** |
|  Burlington Northern Santa Fe LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 3/15/42 |  | 92000 |  | 82197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 4/1/44 |  | 850000 |  | 801559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 6/15/47 |  | 539000 |  | 442536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/15/55 |  | 5400000 |  | 5331473 |
|  Canadian National Railway Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 2/3/48 |  | 264000 |  | 201590 |
|  Canadian Pacific Railway Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 12/2/51 |  | 830000 |  | 549304 |
|  CSX Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 5/1/37 |  | 32000 |  | 35183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 3/15/44 |  | 32000 |  | 26873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/15/48 |  | 4706000 |  | 4191167 |
|  Norfolk Southern Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.837%, 10/1/41 |  | 219000 |  | 206815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.942%, 11/1/47 |  | 7186000 |  | 5684417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 8/15/52 |  | 1015000 |  | 789489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.155%, 5/15/55 |  | 4276000 |  | 2760534 |

---

See Notes to Financial Statements.

988

------

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 9/15/54 (x) | 160000 | 151730 |
|  Union Pacific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 12/1/54 | 5400000 | 5393557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 8/15/59 | &nbsp;&nbsp;&nbsp;&nbsp;10550000 | 7865364 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34513788 |
|  ***Industrial Conglomerates (0.2%)*** | ***Industrial Conglomerates (0.2%)*** | ***Industrial Conglomerates (0.2%)*** |
|  3M Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/14/48 | 31000 | 24487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 8/26/49 | 3076000 | 2120146 |
|  Honeywell International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.812%, 11/21/47 | 3876000 | 3039073 |
|  |  | 5183706 |
|  ***Machinery (0.3%)*** | ***Machinery (0.3%)*** | ***Machinery (0.3%)*** |
|  Caterpillar, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 5/27/41 | 28000 | 28253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.803%, 8/15/42 | 522000 | 438703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/15/64 | 522000 | 461318 |
|  Cummins, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/1/43 | 3460000 | 3332762 |
|  Deere & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 6/9/42 | 503000 | 433629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 9/7/49 | 804000 | 540369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/15/50 | 665000 | 521405 |
|  Parker-Hannifin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/14/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385000 | 1114943 |
|  |  | 6871382 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90696163 |
|  **Information Technology (3.0%)** | **Information Technology (3.0%)** | **Information Technology (3.0%)** |
|  ***Communications Equipment (0.0%)†*** | ***Communications Equipment (0.0%)†*** | ***Communications Equipment (0.0%)†*** |
|  Cisco Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/15/40 | 30000 | 31138 |
|  ***Electronic Equipment, Instruments & Components (0.4%)*** | ***Electronic Equipment, Instruments & Components (0.4%)*** | ***Electronic Equipment, Instruments & Components (0.4%)*** |
|  Amphenol Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/15/54 | 4590000 | 4456750 |
|  Corning, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/15/42 | 201000 | 185076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 11/15/48 | 5255000 | 5103510 |
|  |  | 9745336 |
|  ***IT Services (0.1%)*** | ***IT Services (0.1%)*** | ***IT Services (0.1%)*** |
|  IBM International Capital Pte. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 2/5/54 | 2300000 | 2138978 |
|  International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 2/19/46 | 319000 | 281625 |
|  |  | 2420603 |
|  ***Semiconductors & Semiconductor Equipment (0.8%)*** | ***Semiconductors & Semiconductor Equipment (0.8%)*** | ***Semiconductors & Semiconductor Equipment (0.8%)*** |
|  Applied Materials, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 6/15/41 | 1103000 | 1173958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 4/1/47 | 2900000 | 2493348 |
|  Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/15/41 | 1116000 | 907440 |
|  Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 3/25/40 | 1715000 | 1526637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 10/1/41 | 87000 | 77232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 2/10/43 | 5260000 | 5059170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 5/19/46 | 1472000 | 1129127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 5/11/47 | 409000 | 309471 |
|  KLA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;4044000 | 3736591 |
|  NXP BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/11/41 | 3363000 | 2550600 |
|  QUALCOMM, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 5/20/45 | 1201000 | 1099599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 5/20/47 | 801000 | 674384 |
|  Texas Instruments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 5/15/48 | 406000 | 333932 |
|  TSMC Arizona Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/22/52 | 800000 | 750840 |
|  |  | 21822329 |
|  ***Software (1.3%)*** | ***Software (1.3%)*** | ***Software (1.3%)*** |
|  Microsoft Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 8/8/36 | 65000 | 59351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 11/3/45 (x) | 925000 | 850319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 8/8/46 | 997000 | 797672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 8/8/56 | 5800000 | 4534359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/6/57 | 5360000 | 4755864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.675%, 6/1/60 | 8468000 | 4870484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.041%, 3/17/62 | 4340000 | 2705727 |
|  Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 4/15/38 | 346000 | 352735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/8/44 | 1011000 | 776641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 5/15/45 | 870000 | 624087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/47 | 4340000 | 2980268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.900%, 11/9/52 | 5530000 | 5485419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 2/6/53 | 6410000 | 5322465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/55 | 305000 | 210368 |
|  |  | 34325759 |
|  ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** |
|  Apple, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 2/23/46 | 1540000 | 1416176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 8/4/46 | 4660000 | 3781805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/9/47 | 1000000 | 856845 |
|  Dell International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.350%, 7/15/46 | 250000 | 318200 |
|  Hewlett Packard Enterprise Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 10/15/45 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080000 | 2137296 |
|  HP, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 9/15/41 | 930000 | 938959 |
|  |  | 9449281 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | &nbsp;&nbsp;&nbsp;&nbsp;77794446 |
|  **Materials (2.2%)** | **Materials (2.2%)** | **Materials (2.2%)** |
|  ***Chemicals (1.1%)*** | ***Chemicals (1.1%)*** | ***Chemicals (1.1%)*** |
|  Air Products and Chemicals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 5/15/40 | 1383000 | 1036144 |
|  Dow Chemical Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/15/42 | 14830000 | 11752748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 11/30/48 | 6791000 | 5972004 |
|  DuPont de Nemours, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.319%, 11/15/38 | 202000 | 202714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.419%, 11/15/48 | 1779000 | 1697077 |
|  Eastman Chemical Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 9/1/42 | 1090000 | 966569 |

---

See Notes to Financial Statements.

989

------

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Ecolab, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/8/41 | 1435000 | 1469604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 12/1/47 | 202000 | 163197 |
|  LYB International Finance III LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 10/15/49 | 1020000 | 732193 |
|  Sherwin-Williams Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/1/47 | 185000 | 158265 |
|  Westlake Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/41 | 5000000 | 3436310 |
|  |  | 27586825 |
|  ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** |
|  Martin Marietta Materials, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 7/15/51 | 51000 | 34434 |
|  ***Containers & Packaging (0.6%)*** | ***Containers & Packaging (0.6%)*** | ***Containers & Packaging (0.6%)*** |
|  International Paper Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/15/41 | 4800000 | 4978683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 6/15/44 | 1508000 | 1331620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 8/15/47 | 492000 | 403304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 8/15/48 | 3170000 | 2569386 |
|  Packaging Corp. of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 12/15/49 | 898000 | 713822 |
|  Smurfit Kappa Treasury ULC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.777%, 4/3/54 | 5600000 | 5652926 |
|  |  | 15649741 |
|  ***Metals & Mining (0.5%)*** | ***Metals & Mining (0.5%)*** | ***Metals & Mining (0.5%)*** |
|  ArcelorMittal SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 3/1/41 (e) | 1435000 | 1573563 |
|  BHP Billiton Finance USA Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 9/8/53 | 3350000 | 3345924 |
|  Freeport-McMoRan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 3/15/43 | 2100000 | 2037356 |
|  Nucor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 8/1/43 | 559000 | 544898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 5/1/48 | 3428000 | 2932916 |
|  Rio Tinto Finance USA Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 11/2/51 | 130000 | 80765 |
|  Rio Tinto Finance USA plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 8/21/42 | 1399000 | 1201420 |
|  Vale SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 9/11/42 | 2170000 | 2186318 |
|  |  | 13903160 |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Celulosa Arauco y Constitucion SA | Celulosa Arauco y Constitucion SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/2/47 | 600000 | 536388 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57710548 |
|  **Real Estate (0.7%)** | **Real Estate (0.7%)** | **Real Estate (0.7%)** |
|  ***Diversified REITs (0.3%)*** | ***Diversified REITs (0.3%)*** | ***Diversified REITs (0.3%)*** |
|  Simon Property Group LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/15/42 | 6281000 | 5802431 |
|  VICI Properties LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 5/15/52 | 1650000 | 1542003 |
|  |  | 7344434 |
|  ***Health Care REITs (0.2%)*** | ***Health Care REITs (0.2%)*** | ***Health Care REITs (0.2%)*** |
|  Ventas Realty LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 9/30/43 | 470000 | 471800 |
|  Welltower OP LLC (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 3/15/41 | 3077000 | 3432429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 9/1/48 | 1523000 | 1414373 |
|  |  | 5318602 |
|  ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** |
|  Prologis LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 9/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;2339000 | 1974791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 10/15/50 | 284000 | 153141 |
|  |  | 2127932 |
|  ***Residential REITs (0.0%)†*** | ***Residential REITs (0.0%)†*** | ***Residential REITs (0.0%)†*** |
|  AvalonBay Communities, Inc. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 7/1/47 | 538000 | 445656 |
|  ERP Operating LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/44 | 205000 | 182834 |
|  |  | 628490 |
|  ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** |
|  Kimco Realty OP LLC (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 4/1/45 | 760000 | 640489 |
|  Realty Income Corp. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 3/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;2329000 | 2057803 |
|  |  | 2698292 |
|  ***Specialized REITs (0.0%)†*** | ***Specialized REITs (0.0%)†*** | ***Specialized REITs (0.0%)†*** |
|  American Tower Corp. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 10/15/49 | 384000 | 284307 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | &nbsp;&nbsp;&nbsp;&nbsp;18402057 |
|  **Utilities (5.4%)** | **Utilities (5.4%)** | **Utilities (5.4%)** |
|  ***Electric Utilities (3.5%)*** | ***Electric Utilities (3.5%)*** | ***Electric Utilities (3.5%)*** |
|  Arizona Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 11/15/45 | 1626000 | 1352617 |
|  CenterPoint Energy Houston Electric LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/1/44 | 493000 | 430244 |
|  Commonwealth Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 10/1/42 | 263000 | 212365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/1/48 | 347000 | 275341 |
|  DTE Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/1/51 | 3710000 | 2555187 |
|  Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 4/15/38 | 243000 | 262499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/15/41 | 293000 | 257435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 4/15/51 | 5398000 | 3816369 |
|  Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 6/15/41 | 1991000 | 1531238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/15/51 | 467000 | 324975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 9/15/53 | 6050000 | 6255714 |
|  Duke Energy Indiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 7/15/43 | 7460000 | 6953072 |
|  Entergy Arkansas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 6/15/52 | 2477000 | 1674365 |
|  Entergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 6/15/50 | 1800000 | 1304502 |
|  Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 1/15/50 | 3723000 | 2623311 |
|  Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 3/15/53 | 1810000 | 1753853 |

---

See Notes to Financial Statements.

990

------

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Georgia Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 1/30/50 | $| 1501000 | $| 1118488 |
|  Kentucky Utilities Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 11/1/40 |  | 1082000 |  | 1062748 |
|  Nevada Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 3/15/54 |  | 280000 |  | 286942 |
|  Northern States Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 3/1/50 |  | 1386000 |  | 910394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 6/1/51 |  | 6414000 |  | 3928896 |
|  NSTAR Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 3/1/44 |  | 563000 |  | 484598 |
|  Oncor Electric Delivery Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 9/30/47 |  | 804000 |  | 616136 |
|  Pacific Gas and Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/40 (x) |  | 9440000 |  | 8223410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 6/1/41 |  | 9666000 |  | 8039457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 1/15/53 |  | 5830000 |  | 6198809 |
|  PacifiCorp |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 2/15/50 |  | 338000 |  | 249881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 1/15/55 |  | 1920000 |  | 1785985 |
|  PECO Energy Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 9/15/51 |  | 757000 |  | 473033 |
|  Public Service Co. of Colorado |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 8/1/38 |  | 130000 |  | 144831 |
|  Public Service Electric & Gas Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 3/1/46 |  | 1061000 |  | 839075 |
|  Southern California Edison Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/15/40 |  | 1090000 |  | 1062763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/1/40 |  | 1100000 |  | 964038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 3/15/42 |  | 5040000 |  | 4023883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 10/1/43 |  | 11721000 |  | 9967630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/47 |  | 1031000 |  | 774423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 6/1/51 |  | 7241000 |  | 4951243 |
|  Southwestern Electric Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 4/1/45 |  | 50000 |  | 38707 |
|  Southwestern Public Service Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 6/1/54 |  | 560000 |  | 573950 |
|  Virginia Electric and Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 11/30/37 |  | &nbsp;&nbsp;&nbsp;&nbsp;1553000 |  | 1704120 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90006527 |
|  ***Gas Utilities (0.4%)*** | ***Gas Utilities (0.4%)*** | ***Gas Utilities (0.4%)*** | ***Gas Utilities (0.4%)*** | ***Gas Utilities (0.4%)*** |
|  Atmos Energy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 2/15/52 |  | 2436000 |  | 1513239 |
|  ONE Gas, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.658%, 2/1/44 |  | 3502000 |  | 3106422 |
|  Southern California Gas Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 4/1/54 |  | 6180000 |  | 6069300 |
|  |  |  |  | 10688961 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  Constellation Energy Generation LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 10/1/41 |  | 1092000 |  | 1111461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/1/53 |  | 1730000 |  | 1882573 |
|  |  |  |  | 2994034 |
|  ***Multi-Utilities (1.3%)*** | ***Multi-Utilities (1.3%)*** | ***Multi-Utilities (1.3%)*** | ***Multi-Utilities (1.3%)*** | ***Multi-Utilities (1.3%)*** |
|  Berkshire Hathaway Energy Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 11/15/43 |  | 7210000 |  | 6905727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/1/45 |  | 1770000 |  | 1525915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 5/15/51 |  | 82000 |  | 50786 |
|  Consolidated Edison Co. of New York, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 3/15/44 |  | 8335000 |  | 7254222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 5/15/54 |  | 2650000 |  | 2646834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/15/58 |  | 431000 |  | 353425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/60 |  | 6670000 |  | 3935385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 12/1/48 |  | 61000 |  | 52902 |
|  Consumers Energy Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 5/15/43 |  | 854000 |  | 708414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 2/15/50 |  | 793000 |  | 593469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 8/15/50 |  | 215000 |  | 143477 |
|  Dominion Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 3/15/49 |  | 459000 |  | 382648 |
|  NiSource, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 2/1/45 |  | 4981000 |  | 4949702 |
|  Puget Sound Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.685%, 6/15/54 |  | 4650000 |  | 4602609 |
|  Sempra |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/1/48 |  | 912000 |  | 695523 |
|  Southern Co. Gas Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 10/1/46 |  | 160000 |  | 125450 |
|  |  |  |  | 34926488 |
|  ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** |
|  American Water Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 6/1/49 |  | &nbsp;&nbsp;&nbsp;&nbsp;2197000 |  | 1772365 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  |  | 140388375 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  |  |  | 1129123090 |
|  ***Foreign Government Securities (2.5%)*** | ***Foreign Government Securities (2.5%)*** | ***Foreign Government Securities (2.5%)*** | ***Foreign Government Securities (2.5%)*** | ***Foreign Government Securities (2.5%)*** |
|  Hungary Government Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 3/29/41 |  | 68000 |  | 79523 |
|  Italian Republic Government Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/17/49 |  | 437000 |  | 332994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/6/51 |  | 799000 |  | 586868 |
|  Republic of Chile |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 5/7/41 |  | 2309000 |  | 1772735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.340%, 3/7/42 |  | 8600000 |  | 7679800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.330%, 1/5/54 |  | 200000 |  | 193100 |
|  Republic of Indonesia |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 3/12/51 |  | 500000 |  | 334530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 9/20/52 |  | 10640000 |  | 10589779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 3/12/71 |  | 485000 |  | 314038 |
|  Republic of Peru |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 3/10/51 |  | 2614000 |  | 1836335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 8/8/54 |  | 3430000 |  | 3392270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.780%, 12/1/60 |  | 635000 |  | 345440 |
|  Republic of Philippines |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 12/10/45 |  | 408000 |  | 270453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 10/13/47 |  | 3600000 |  | 3794400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/17/48 |  | 3200000 |  | 3204992 |
|  Republic of Poland |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/4/53 |  | 3430000 |  | 3273100 |

---

See Notes to Financial Statements.

991

------

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  State of Israel Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 7/3/50 | 3436000 | $| 2511501 |
|  United Mexican States |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 1/29/38 | 3800000 |  | 3969100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.280%, 8/14/41 | 10597000 |  | 8498794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 1/21/45 | 615000 |  | 570105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/27/51 | 5064000 |  | 4071456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 2/12/52 | 400000 |  | 292400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 5/7/54 | &nbsp;&nbsp;&nbsp;&nbsp;6400000 |  | 6163200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.771%, 5/24/61 | 810000 |  | 498150 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** |  | &nbsp;&nbsp;&nbsp;&nbsp;64575063 |
|  **Municipal Bonds (1.3%)** | **Municipal Bonds (1.3%)** | **Municipal Bonds (1.3%)** | **Municipal Bonds (1.3%)** |
|  American Municipal Power, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.084%, 2/15/50 | 2995000 |  | 3765520 |
|  Charlotte-Mecklenburg Hospital Authority (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.204%, 1/15/51 | 1860000 |  | 1275190 |
|  Commonwealth of Massachusetts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 9/1/49 | 1615000 |  | 1110278 |
|  Dallas Fort Worth TX International Airport Joint Revenue Refunding Bonds,<br>Series 2019A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.994%, 11/1/38 | 2000000 |  | 1724846 |
|  Golden State Tobacco Securitization Corp., ST APPROP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.115%, 6/1/38 | 990000 |  | 832613 |
|  Kansas Development Finance Authority, BAM |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.774%, 5/1/51 | 4900000 |  | 3502139 |
|  Metropolitan Transportation Authority, Revenue Bonds,<br>Series 2010A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.668%, 11/15/39 | 150000 |  | 163304 |
|  Michigan Finance Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.384%, 12/1/40 | 1825000 |  | 1542896 |
|  Port Authority of New York & New Jersey |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.229%, 10/15/57 | 1470000 |  | 1202203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.458%, 10/1/62 | 3900000 |  | 3267907 |
|  Rutgers The State University of New Jersey |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.915%, 5/1/19 | 15000 |  | 9921 |
|  State of California |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 3/1/40 | 4735000 |  | 5708663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.600%, 11/1/40 | 2980000 |  | 3647575 |
|  State of California, Various Purposes, General Obligation Bonds,<br>Series 2009 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.550%, 4/1/39 | 5170000 |  | 6274195 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds** |  |  | 34027250 |
|  **Supranational (0.1%)** | **Supranational (0.1%)** | **Supranational (0.1%)** | **Supranational (0.1%)** |
|  European Investment Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 2/15/36 | 2846000 |  | 2998354 |
|  Inter-American Development Bank | Inter-American Development Bank | Inter-American Development Bank | Inter-American Development Bank |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 8/7/42 | 31000 |  | 25201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 1/24/44 | 27000 |  | 25332 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Supranational** |  |  | 3048887 |
|  **U.S. Government Agency Securities (0.5%)** | **U.S. Government Agency Securities (0.5%)** | **U.S. Government Agency Securities (0.5%)** | **U.S. Government Agency Securities (0.5%)** |
|  FHLB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/15/36 | 4730000 |  | 5184287 |
|  FNMA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 7/15/37 | 5251000 |  | 5801282 |
|  Tennessee Valley Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 1/15/38 | 1439000 |  | 1674583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 9/15/39 | 172000 |  | 182792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/15/65 | 1226000 |  | 1016344 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** |  | 13859288 |
|  **U.S. Treasury Obligations (50.3%)** | **U.S. Treasury Obligations (50.3%)** | **U.S. Treasury Obligations (50.3%)** | **U.S. Treasury Obligations (50.3%)** |
|  U.S. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 5/15/40 | 155398500 |  | 99034423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/40 | 77959000 |  | 76899295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 8/15/40 | 44007000 |  | 27724678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/40 | 70116000 |  | 45673997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/41 | 84602700 |  | 59301205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/15/41 | 30915200 |  | 31572083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 5/15/41 | 12778700 |  | 9432278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/15/43 | 23035300 |  | 19954329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/15/45 | 37000 |  | 38122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 11/15/46 | 17242000 |  | 12778508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 5/15/48 | 16861700 |  | 12855772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/15/48 | 23897000 |  | 17767730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/15/48 | 316523900 |  | 251488114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;124043000 |  | 91772444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/49 | 153800 |  | 110811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/49 | 2120000 |  | 1335605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 11/15/49 | 20228200 |  | 13053510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/51 | 13301000 |  | 8419118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/15/51 | 12725000 |  | 7323941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 11/15/51 | 81000 |  | 44993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/52 | 5676000 |  | 3983643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/15/52 | 86511000 |  | 62233851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/52 | 18916800 |  | 16475350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 2/15/53 | 139417800 |  | 113382390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/15/53 | 63632900 |  | 51700929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 8/15/53 | 18878000 |  | 16782903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/15/53 | 16556000 |  | 16320594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/15/54 | 57991000 |  | 52663860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 5/15/54 | 77988800 |  | 75430253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/15/54 | 25538000 |  | 23195999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/54 | 15887000 |  | 15050451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/55 | 38165000 |  | 36924638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/15/55 | 26013900 |  | 25676531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 8/15/55 | 10245000 |  | 10116938 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  | 1306519286 |
|  **Total Long-Term Debt Securities (98.2%)**<br> *(Cost $2,847,866,977)* |  |  | 2551152864 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: |  |  |  |
|  **Investment Companies (0.9%)** | **Investment Companies (0.9%)** | **Investment Companies (0.9%)** | **Investment Companies (0.9%)** |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 3123340 |  | 3123340 |

---

See Notes to Financial Statements.

992

------

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 20769905 | $20778213 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 23901553 |
|  **Total Short-Term Investments (0.9%)**<br> *(Cost $23,899,813)* | **Total Short-Term Investments (0.9%)**<br> *(Cost $23,899,813)* | 23901553 |
|  **Total Investments in Securities (99.1%)**<br> *(Cost $2,871,766,790)* | **Total Investments in Securities (99.1%)**<br> *(Cost $2,871,766,790)* | 2575054417 |
|  **Other Assets Less Liabilities (0.9%)** | **Other Assets Less Liabilities (0.9%)** | 23675584 |
|  **Net Assets (100%)** |  | $2598730001 |

---

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2025, the market value of these securities amounted to $7,487,032 or 0.3% of net assets.*  |

---

*(e)* *Step Bond – Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of December 31, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of December 31, 2025.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $3,052,275. This was collateralized by cash of $3,123,340 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:*

*BAM* *— Build America Mutual Assurance Co.* 

*CME* *— Chicago Mercantile Exchange* 

*FHLB* *— Federal Home Loan Bank* 

*FNMA* *— Federal National Mortgage Association* 

*REIT* *— Real Estate Investment Trust* 

*SOFR* *— Secured Overnight Financing Rate* 

*ST APPROP* *— State Appropriation* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services | $— | $156927046 | $— | $156927046 |
|  Consumer Discretionary |  | 59571333 |  | 59571333 |
|  Consumer Staples |  | 87874636 |  | 87874636 |
|  Energy |  | 93443590 |  | 93443590 |
|  Financials |  | 170429030 |  | 170429030 |
|  Health Care |  | 175885866 |  | 175885866 |
|  Industrials |  | 90696163 |  | 90696163 |
|  Information Technology |  | 77794446 |  | 77794446 |
|  Materials |  | 57710548 |  | 57710548 |
|  Real Estate |  | 18402057 |  | 18402057 |
|  Utilities |  | 140388375 |  | 140388375 |
|  **Foreign Government Securities** |  | 64575063 |  | 64575063 |
|  **Municipal Bonds** |  | 34027250 |  | 34027250 |

---

See Notes to Financial Statements.

993

------

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | $23901553 | $— | $— | $23901553 |
|  **Supranational** |  | 3048887 |  | 3048887 |
|  **U.S. Government Agency Securities** |  | 13859288 |  | 13859288 |
|  **U.S. Treasury Obligations** |  | 1306519286 |  | 1306519286 |
|  **Total Assets** | $**23901553** | $**2551152864** | $**—** | $**2575054417** |
|  **Total** | $**23901553** | $**2551152864** | $**—** | $**2575054417** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $225335544.0 |
|  Long-term U.S. government debt securities | 1107720879.0 |
|  | $1333056423.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $319768818.0 |
|  Long-term U.S. government debt securities | 1016366783.0 |
|  | $1336135601.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $11521759 |
|  Aggregate gross unrealized depreciation | (313171359) |
|  Net unrealized depreciation | $(301649600) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $2876704017 |

---

See Notes to Financial Statements.

994

------

EQ/LONG-TERM BOND PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $2,871,766,790) | $2575054417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 750000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 29799709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 6845904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 11406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 2169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 13112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 2612476717 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 8642869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 3123340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1024242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 638071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 197029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 120254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 13746716 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $2598730001 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $3651075683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (1052345682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $2598730001 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $5,634,869 / 845,713 shares outstanding (unlimited amount authorized: $0.01 par value) | $6.66 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $2,593,095,132 / 389,132,334 shares outstanding (unlimited amount authorized: $0.01 par value) | $6.66 |

---

*(x)* *Includes value of securities on loan of $3,052,275.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $122971514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 788387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 44806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 123804707 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 8677718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 2316422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 167079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 138837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 87359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 66500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 5785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 91764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 11551464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (1005958) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voluntary waiver from investment manager | (368223) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 10177283 |
|  **NET INVESTMENT INCOME (LOSS)** | 113627424 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | (186744214) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 228873924 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 42129710 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $155757134 |

---

See Notes to Financial Statements.

995

------

#### EQ ADVISORS TRUST
EQ/LONG-TERM BOND PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $113627424 | $105371979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (186744214) | (194866825) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 228873924 | (17586489) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 155757134 | (107081335) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (122214) | (57824) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (113728139) | (105527618) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (113850353) | (105585442) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 650,296 and 237,013 shares, respectively ] | 4352573 | 1704704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 18,488 and 8,602 shares, respectively ] | 122214 | 57824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (62104) and (17238) shares ] | (415449) | (121980) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 4059338 | 1640548 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 46,693,417 and 60,121,269 shares, respectively ] | 310305016 | 417416656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 17,204,194 and 15,694,183 shares, respectively ] | 113728139 | 105527618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (63030729) and (64179550) shares, respectively ] | (425454939) | (448891791) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (1421784) | 74052483 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 2637554 | 75693031 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 44544335 | (136973746) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2554185666 | 2691159412 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $2598730001 | $2554185666 |

---

See Notes to Financial Statements.

996

------

#### EQ ADVISORS TRUST
EQ/LONG-TERM BOND PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **August 2, 2021\* to<br>December 31, 2021** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **August 2, 2021\* to<br>December 31, 2021** |
|  Net asset value, beginning of period | $6.57 | $7.14 | $6.92 | $9.82 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.28 | 0.27 | 0.24 | 0.21 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.10 | (0.58) | 0.20 | (2.88) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.38 | (0.31) | 0.44 | (2.67) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.29) | (0.26) | (0.22) | (0.22) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.29) | (0.26) | (0.22) | (0.23) | (0.02) |
|  Net asset value, end of period | $6.66 | $6.57 | $7.14 | $6.92 | $9.82 |
|  Total return (b) | 5.85% | (4.37)% | 6.35% | (27.31)% | (1.58) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (000's) | $5635 | $1571 | $76 | $72 | $98 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.65 %(i) | 0.65% | 0.65% | 0.65% | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.70% | 0.70% | 0.71% | 0.70% | 1.70 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 4.18% | 3.81% | 3.46% | 2.67% | 1.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 4.13% | 3.75% | 3.40% | 2.62% | 0.64 |
|  Portfolio turnover rate^ | 53% | 55% | 39% | 49% | 10 |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **August 2, 2021\* to<br>December 31, 2021** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **August 2, 2021\* to<br>December 31, 2021** |
|  Net asset value, beginning of period | $6.57 | $7.15 | $6.92 | $9.82 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.30 | 0.28 | 0.26 | 0.23 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.10 | (0.58) | 0.21 | (2.88) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.40 | (0.30) | 0.47 | (2.65) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.31) | (0.28) | (0.24) | (0.24) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.31) | (0.28) | (0.24) | (0.25) | (0.03) |
|  Net asset value, end of period | $6.66 | $6.57 | $7.15 | $6.92 | $9.82 |
|  Total return (b) | 6.11% | (4.26)% | 6.76% | (27.12)% | (1.50) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (000's) | $2593095 | $2552615 | $2691083 | $2170933 | $3379129 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.40 %(i) | 0.40% | 0.40% | 0.40% | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.45% | 0.45% | 0.46% | 0.45% | 0.45 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 4.44% | 4.02% | 3.72% | 2.91% | 2.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 4.39% | 3.97% | 3.66% | 2.85% | 1.98 |
|  Portfolio turnover rate^ | 53% | 55% | 39% | 49% | 10 |

---

*\** *Commencement of operations.* 

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized. Certain non-recurring expenses incurred by the Portfolio are not annualized for periods less than one year.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(i)* *Includes voluntary waiver from investment manager of 0.01%.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

997

------

EQ/LOOMIS SAYLES GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (22.6%)** | **Communication Services (22.6%)** | **Communication Services (22.6%)** |
|  ***Entertainment (7.9%)*** | ***Entertainment (7.9%)*** | ***Entertainment (7.9%)*** |
|  Netflix, Inc.\* | 540680 | $50694157 |
|  Walt Disney Co. (The) | 172524 | 19628055 |
|  |  | 70322212 |
|  ***Interactive Media & Services (14.7%)*** | ***Interactive Media & Services (14.7%)*** | ***Interactive Media & Services (14.7%)*** |
|  Alphabet, Inc., Class A | 220194 | 68920722 |
|  Meta Platforms, Inc., Class A | 94624 | 62460356 |
|  |  | 131381078 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 201703290 |
|  **Consumer Discretionary (17.4%)** | **Consumer Discretionary (17.4%)** | **Consumer Discretionary (17.4%)** |
|  ***Automobile Components (0.5%)*** | ***Automobile Components (0.5%)*** | ***Automobile Components (0.5%)*** |
|  Mobileye Global, Inc., Class A\* | 390766 | 4079597 |
|  ***Automobiles (7.4%)*** | ***Automobiles (7.4%)*** | ***Automobiles (7.4%)*** |
|  Tesla, Inc.\* | 147950 | 66536074 |
|  ***Broadline Retail (6.4%)*** | ***Broadline Retail (6.4%)*** | ***Broadline Retail (6.4%)*** |
|  Alibaba Group Holding Ltd. (ADR) | 17055 | 2499922 |
|  Amazon.com, Inc.\* | 236723 | 54640403 |
|  |  | 57140325 |
|  ***Hotels, Restaurants & Leisure (2.6%)*** | ***Hotels, Restaurants & Leisure (2.6%)*** | ***Hotels, Restaurants & Leisure (2.6%)*** |
|  Starbucks Corp. | 128815 | 10847511 |
|  Yum China Holdings, Inc. | 124202 | 5929403 |
|  Yum! Brands, Inc. | 42756 | 6468128 |
|  |  | 23245042 |
|  ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** |
|  NIKE, Inc., Class B | 76440 | 4869992 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 155871030 |
|  **Consumer Staples (4.2%)** | **Consumer Staples (4.2%)** | **Consumer Staples (4.2%)** |
|  ***Beverages (4.2%)*** | ***Beverages (4.2%)*** | ***Beverages (4.2%)*** |
|  Boston Beer Co., Inc. (The), Class A\* | 17469 | 3408726 |
|  Monster Beverage Corp.\* | 439248 | 33677144 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 37085870 |
|  **Financials (8.0%)** | **Financials (8.0%)** | **Financials (8.0%)** |
|  ***Capital Markets (2.9%)*** | ***Capital Markets (2.9%)*** | ***Capital Markets (2.9%)*** |
|  FactSet Research Systems, Inc. | 20101 | 5833109 |
|  MSCI, Inc. | 16633 | 9542851 |
|  SEI Investments Co. | 125467 | 10290804 |
|  |  | 25666764 |
|  ***Financial Services (5.1%)*** | ***Financial Services (5.1%)*** | ***Financial Services (5.1%)*** |
|  Block, Inc., Class A\* | 96726 | 6295895 |
|  PayPal Holdings, Inc. | 90336 | 5273816 |
|  Visa, Inc., Class A | 98528 | 34554755 |
|  |  | 46124466 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 71791230 |
|  **Health Care (14.2%)** | **Health Care (14.2%)** | **Health Care (14.2%)** |
|  ***Biotechnology (6.1%)*** | ***Biotechnology (6.1%)*** | ***Biotechnology (6.1%)*** |
|  Alnylam Pharmaceuticals, Inc.\* | 72715 | 28915120 |
|  CRISPR Therapeutics AG (x)\* | 82266 | 4314029 |
|  Regeneron Pharmaceuticals, Inc. | 28250 | 21805327 |
|  |  | 55034476 |
|  ***Health Care Equipment & Supplies (1.2%)*** | ***Health Care Equipment & Supplies (1.2%)*** | ***Health Care Equipment & Supplies (1.2%)*** |
|  Intuitive Surgical, Inc.\* | 18922 | 10716664 |
|  ***Health Care Technology (3.1%)*** | ***Health Care Technology (3.1%)*** | ***Health Care Technology (3.1%)*** |
|  Doximity, Inc., Class A\* | 306524 | 13572883 |
|  Veeva Systems, Inc., Class A\* | 62552 | 13963483 |
|  |  | 27536366 |
|  ***Life Sciences Tools & Services (0.8%)*** | ***Life Sciences Tools & Services (0.8%)*** | ***Life Sciences Tools & Services (0.8%)*** |
|  Illumina, Inc.\* | 54403 | 7135497 |
|  ***Pharmaceuticals (3.0%)*** | ***Pharmaceuticals (3.0%)*** | ***Pharmaceuticals (3.0%)*** |
|  Novartis AG (ADR) | 50905 | 7018273 |
|  Novo Nordisk A/S (ADR) | 230941 | 11750278 |
|  Roche Holding AG (ADR) (x) | 153837 | 7933374 |
|  |  | 26701925 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 127124928 |
|  **Industrials (6.4%)** | **Industrials (6.4%)** | **Industrials (6.4%)** |
|  ***Aerospace & Defense (4.3%)*** | ***Aerospace & Defense (4.3%)*** | ***Aerospace & Defense (4.3%)*** |
|  Boeing Co. (The)\* | 178643 | 38786968 |
|  ***Air Freight & Logistics (1.1%)*** | ***Air Freight & Logistics (1.1%)*** | ***Air Freight & Logistics (1.1%)*** |
|  Expeditors International of Washington, Inc. | 63658 | 9485679 |
|  ***Machinery (1.0%)*** | ***Machinery (1.0%)*** | ***Machinery (1.0%)*** |
|  Deere & Co. | 19337 | 9002727 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 57275374 |
|  **Information Technology (26.5%)** | **Information Technology (26.5%)** | **Information Technology (26.5%)** |
|  ***IT Services (2.9%)*** | ***IT Services (2.9%)*** | ***IT Services (2.9%)*** |
|  Shopify, Inc., Class A\* | 159657 | 25699987 |
|  ***Semiconductors & Semiconductor Equipment (10.5%)*** | ***Semiconductors & Semiconductor Equipment (10.5%)*** | ***Semiconductors & Semiconductor Equipment (10.5%)*** |
|  ARM Holdings plc (ADR)\* | 130593 | 14275121 |
|  NVIDIA Corp. | 371406 | 69267219 |
|  QUALCOMM, Inc. | 59517 | 10180383 |
|  |  | 93722723 |
|  ***Software (13.1%)*** | ***Software (13.1%)*** | ***Software (13.1%)*** |
|  Autodesk, Inc.\* | 78880 | 23349269 |
|  Microsoft Corp. | 52557 | 25417616 |
|  Oracle Corp. | 220116 | 42902810 |
|  Salesforce, Inc. | 54084 | 14327392 |
|  Workday, Inc., Class A\* | 50756 | 10901374 |
|  |  | 116898461 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 236321171 |
|  **Total Common Stocks (99.3%)**<br> *(Cost $335,561,670)* |  | 887172893 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.6%)** | **Investment Companies (0.6%)** |  |
|  Dreyfus Treasury Obligations Cash Management Fund 3.65% (7 day yield) (xx) | 3000000 | 3000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 2365066 | 2365066 |
|  **Total Investment Companies** | **Total Investment Companies** | 5365066 |
|  **Total Short-Term Investments (0.6%)**<br> *(Cost $5,365,066)* | **Total Short-Term Investments (0.6%)**<br> *(Cost $5,365,066)* | 5365066 |
|  **Total Investments in Securities (99.9%)**<br> *(Cost $340,926,736)* | **Total Investments in Securities (99.9%)**<br> *(Cost $340,926,736)* | 892537959 |
|  **Other Assets Less Liabilities (0.1%)** | **Other Assets Less Liabilities (0.1%)** | 997759 |
|  **Net Assets (100%)** |  | $893535718 |

---

See Notes to Financial Statements.

998

------

EQ/LOOMIS SAYLES GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

*\** *Non-income producing.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $8,740,420. This was collateralized by $3,606,634 of various U.S. Government Treasury Securities, ranging from 0.250% – 4.625%, maturing 5/31/27 – 2/15/52 and by cash of $5,365,066 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $201703290 | $— | $— | $201703290 |
|  Consumer Discretionary | 155871030 |  |  | 155871030 |
|  Consumer Staples | 37085870 |  |  | 37085870 |
|  Financials | 71791230 |  |  | 71791230 |
|  Health Care | 127124928 |  |  | 127124928 |
|  Industrials | 57275374 |  |  | 57275374 |
|  Information Technology | 236321171 |  |  | 236321171 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 5365066 |  |  | 5365066 |
|  **Total Assets** | $**892537959** | $**—** | $**—** | $**892537959** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**892537959** | $**—** | $**—** | $**892537959** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $33121570.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $124580820.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $588003749 |
|  Aggregate gross unrealized depreciation | (36725589) |
|  Net unrealized appreciation | $551278160 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $341259799 |

---

See Notes to Financial Statements.

999

------

EQ/LOOMIS SAYLES GROWTH PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $340,926,736) | $892537959.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 7242643.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 357759.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 271081.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 4270.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3451.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 900417163.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 5365066.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 732742.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 513904.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 145071.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 68495.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 56167.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 6881445.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $893535718.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $341664949.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 551870769.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $893535718.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $679,685,641 / 56,195,294 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.1 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $213,850,077 / 17,480,557 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.23 |

---

*(x)* *Includes value of securities on loan of $8,740,420.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $121,261 foreign withholding tax) | $3849846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 261434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 120448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 4231728 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 6531911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1648918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 796122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 86816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 56687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 44300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 29588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 19705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 9214047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (399114) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voluntary waiver from investment manager | (173637) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 8641296 |
|  **NET INVESTMENT INCOME (LOSS)** | (4409568) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 55151460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 58347283 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 113498743 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $109089175 |

---

See Notes to Financial Statements.

1000

------

#### EQ ADVISORS TRUST
EQ/LOOMIS SAYLES GROWTH PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(4409568) | $(3414546) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 55151460 | 157901520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 58347283 | 89432181 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 109089175 | 243919155 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (51627013) | (109672333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (16138305) | (37884319) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (67765318) | (147556652) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 421,002 shares, respectively ] |  | 4589403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (10838643) shares, respectively ] |  | (128263923) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (1285606) shares, respectively ] |  | (14187422) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (137861942) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 5,653,942 and 4,209,793 shares, respectively ] | 69019956 | 49855601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 10,751,166 shares, respectively ] |  | 128263923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 4,210,176 and 9,119,544 shares, respectively ] | 51627013 | 109672333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (9592147) and (8290952) shares, respectively ] | (115995418) | (98535685) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 4651551 | 189256172 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 674,590 and 470,947 shares, respectively ] | 6830846 | 5748299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,301,027 and 3,125,058 shares, respectively ] | 16138305 | 37884319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3700762) and (12915291) shares, respectively ] | (45546923) | (150477291) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (22577772) | (106844673) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (17926221) | (55450443) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 23397636 | 40912060 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 870138082 | 829226022 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $893535718 | $870138082 |

---

See Notes to Financial Statements.

1001

------

#### EQ ADVISORS TRUST
EQ/LOOMIS SAYLES GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $11.56 | $10.32 | $7.48 | $11.76 | $11.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.07) | (0.06) | (0.05) | (0.05) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.58 | 3.61 | 3.32 | (3.21) | 1.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.51 | 3.55 | 3.27 | (3.26) | 1.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.97) | (2.31) | (0.43) | (1.02) | (1.19) |
|  Net asset value, end of year | $12.10 | $11.56 | $10.32 | $7.48 | $11.76 |
|  Total return | 13.08% | 33.74% | 43.89% | (28.02)% | 16.20% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $679686 | $646364 | $413983 | $306054 | $421734 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.04 %(i) | 1.05% | 1.05% | 1.05% | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.11% | 1.12% | 1.12% | 1.12% | 1.11% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.56)% | (0.49)% | (0.57)% | (0.53)% | (0.51)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.63)% | (0.56)% | (0.64)% | (0.60)% | (0.57)% |
|  Portfolio turnover rate^ | 4% | 8% | 5% | 27% | 8% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $11.65 | $10.36 | $7.50 | $11.75 | $11.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.04) | (0.03) | (0.03) | (0.03) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.59 | 3.63 | 3.32 | (3.20) | 1.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.55 | 3.60 | 3.29 | (3.23) | 1.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.97) | (2.31) | (0.43) | (1.02) | (1.19) |
|  Net asset value, end of year | $12.23 | $11.65 | $10.36 | $7.50 | $11.75 |
|  Total return | 13.31% | 34.08% | 44.03% | (27.77)% | 16.54% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $213850 | $223774 | $295498 | $246386 | $318641 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.79 %(i) | 0.80% | 0.80% | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.86% | 0.87% | 0.87% | 0.87% | 0.86% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.31)% | (0.23)% | (0.32)% | (0.28)% | (0.26)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.38)% | (0.30)% | (0.39)% | (0.35)% | (0.32)% |
|  Portfolio turnover rate^ | 4% | 8% | 5% | 27% | 8% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(i)* *Includes voluntary waiver from investment manager of 0.02%.* 

See Notes to Financial Statements.

1002

------

EQ/MFS INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Australia (2.5%)** | **Australia (2.5%)** | **Australia (2.5%)** |
|  Aristocrat Leisure Ltd. | 264215 | $10258523 |
|  Glencore plc | 1572835 | 8619279 |
|  Lottery Corp. Ltd. (The) | 668220 | 2301033 |
|  Northern Star Resources Ltd. | 504909 | 9006701 |
|  WiseTech Global Ltd. | 117624 | 5373862 |
|  |  | 35559398 |
|  **Brazil (2.8%)** | **Brazil (2.8%)** | **Brazil (2.8%)** |
|  B3 SA – Brasil Bolsa Balcao | 4636500 | 11803308 |
|  Banco BTG Pactual SA | 832628 | 8034923 |
|  MercadoLibre, Inc.\* | 2972 | 5986381 |
|  TOTVS SA | 1104400 | 8480889 |
|  XP, Inc., Class A | 334996 | 5483884 |
|  |  | 39789385 |
|  **Canada (7.8%)** | **Canada (7.8%)** | **Canada (7.8%)** |
|  Agnico Eagle Mines Ltd. | 192619 | 32664747 |
|  Canadian Natural Resources Ltd. | 214667 | 7271042 |
|  Element Fleet Management Corp. | 625368 | 16425279 |
|  Franco-Nevada Corp. | 141607 | 29353108 |
|  RB Global, Inc. | 259210 | 26686798 |
|  |  | 112400974 |
|  **China (4.2%)** | **China (4.2%)** | **China (4.2%)** |
|  Alibaba Group Holding Ltd. | 631900 | 11594346 |
|  China Resources Gas Group Ltd. | 1411300 | 4101868 |
|  Kingsoft Corp. Ltd. | 928400 | 3392614 |
|  Tencent Holdings Ltd. | 447700 | 34457489 |
|  Yum China Holdings, Inc. | 158354 | 7559820 |
|  |  | 61106137 |
|  **Denmark (0.6%)** | **Denmark (0.6%)** | **Denmark (0.6%)** |
|  Novo Nordisk A/S, Class B | 178241 | 9121472 |
|  **France (8.8%)** | **France (8.8%)** | **France (8.8%)** |
|  Air Liquide SA | 136147 | 25641593 |
|  Capgemini SE | 139549 | 23328713 |
|  Dassault Systemes SE | 609938 | 17088491 |
|  EssilorLuxottica SA | 44076 | 13980311 |
|  LVMH Moet Hennessy Louis Vuitton SE | 45414 | 34423994 |
|  Pernod Ricard SA | 102918 | 8841389 |
|  Sodexo SA | 65385 | 3357928 |
|  |  | 126662419 |
|  **Germany (8.4%)** | **Germany (8.4%)** | **Germany (8.4%)** |
|  Deutsche Boerse AG | 91232 | 23984185 |
|  GEA Group AG | 292153 | 19844948 |
|  Merck KGaA | 61264 | 8826888 |
|  SAP SE | 177612 | 43488817 |
|  Symrise AG, Class A | 194193 | 15719491 |
|  Zalando SE (m)\* | 282662 | 8417552 |
|  |  | 120281881 |
|  **Hong Kong (2.7%)** | **Hong Kong (2.7%)** | **Hong Kong (2.7%)** |
|  AIA Group Ltd. | 3755569 | 38556023 |
|  **India (3.4%)** | **India (3.4%)** | **India (3.4%)** |
|  HDFC Bank Ltd. | 2144495 | 23649729 |
|  Kotak Mahindra Bank Ltd. | 238642 | 5844219 |
|  Reliance Industries Ltd. | 646011 | 11287299 |
|  UPL Ltd. | 889927 | 7873055 |
|  |  | 48654302 |
|  **Ireland (0.3%)** | **Ireland (0.3%)** | **Ireland (0.3%)** |
|  Kingspan Group plc | 51991 | 4530552 |
|  **Japan (9.1%)** | **Japan (9.1%)** | **Japan (9.1%)** |
|  Daiichi Sankyo Co. Ltd. | 709200 | 15158335 |
|  Hitachi Ltd. | 832000 | 26037181 |
|  LY Corp. | 2147000 | 5718389 |
|  Nitori Holdings Co. Ltd. | 479800 | 8400482 |
|  Nomura Research Institute Ltd. | 420200 | 16151840 |
|  Obic Co. Ltd. | 377000 | 11846233 |
|  Oracle Corp. | 89500 | 7536421 |
|  Pan Pacific International Holdings Corp. | 1350900 | 8040373 |
|  Resonac Holdings Corp. | 319200 | 13298642 |
|  Sugi Holdings Co. Ltd. | 283300 | 6664712 |
|  Terumo Corp. | 854300 | 12380369 |
|  |  | 131232977 |
|  **Macau (0.5%)** | **Macau (0.5%)** | **Macau (0.5%)** |
|  Sands China Ltd. | 2668800 | 6721122 |
|  **Mexico (0.8%)** | **Mexico (0.8%)** | **Mexico (0.8%)** |
|  Grupo Financiero Banorte SAB de CV, Class O | 1209349 | 11204653 |
|  **Netherlands (3.8%)** | **Netherlands (3.8%)** | **Netherlands (3.8%)** |
|  Akzo Nobel NV | 102032 | 7098554 |
|  ASML Holding NV | 16591 | 17965220 |
|  Heineken NV | 368655 | 30214392 |
|  |  | 55278166 |
|  **Peru (1.4%)** | **Peru (1.4%)** | **Peru (1.4%)** |
|  Credicorp Ltd. | 67522 | 19378814 |
|  **Singapore (1.8%)** | **Singapore (1.8%)** | **Singapore (1.8%)** |
|  DBS Group Holdings Ltd. | 514710 | 22568115 |
|  Singapore Technologies Engineering Ltd. | 530500 | 3475035 |
|  |  | 26043150 |
|  **South Korea (1.1%)** | **South Korea (1.1%)** | **South Korea (1.1%)** |
|  Amorepacific Corp. | 75195 | 6237758 |
|  NAVER Corp. | 59502 | 10016476 |
|  |  | 16254234 |
|  **Spain (2.1%)** | **Spain (2.1%)** | **Spain (2.1%)** |
|  Amadeus IT Group SA | 402248 | 29705841 |
|  **Sweden (2.9%)** | **Sweden (2.9%)** | **Sweden (2.9%)** |
|  Assa Abloy AB, Class B | 766260 | 29871364 |
|  Atlas Copco AB, Class A | 649485 | 11714222 |
|  |  | 41585586 |
|  **Switzerland (1.0%)** | **Switzerland (1.0%)** | **Switzerland (1.0%)** |
|  Sika AG (Registered) | 34094 | 6998718 |
|  Sonova Holding AG (Registered) | 30644 | 8012085 |
|  |  | 15010803 |
|  **Taiwan (6.2%)** | **Taiwan (6.2%)** | **Taiwan (6.2%)** |
|  Delta Electronics, Inc. | 565000 | 17316561 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 1447000 | 71381741 |
|  |  | 88698302 |
|  **Thailand (0.4%)** | **Thailand (0.4%)** | **Thailand (0.4%)** |
|  Kasikornbank PCL | 994300 | 6138434 |

---

See Notes to Financial Statements.

1003

------

EQ/MFS INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **United Kingdom (10.4%)** | **United Kingdom (10.4%)** | **United Kingdom (10.4%)** |
|  AstraZeneca plc | 221774 | $41223862 |
|  Burberry Group plc\* | 276376 | 4727546 |
|  Compass Group plc | 387726 | 12355098 |
|  Diageo plc | 573677 | 12399672 |
|  Flutter Entertainment plc, Class DI\* | 71338 | 15340523 |
|  London Stock Exchange Group plc | 72589 | 8759205 |
|  Reckitt Benckiser Group plc | 306411 | 24789863 |
|  Rolls-Royce Holdings plc | 1988268 | 30820987 |
|  |  | 150416756 |
|  **United States (16.2%)** | **United States (16.2%)** | **United States (16.2%)** |
|  Experian plc | 371511 | 16841173 |
|  Haleon plc | 2798348 | 14137580 |
|  James Hardie Industries plc (CHDI)\* | 427681 | 8813551 |
|  Linde plc | 70415 | 30024252 |
|  Nestle SA (Registered) | 434220 | 43164351 |
|  QIAGEN NV | 295406 | 13488946 |
|  Roche Holding AG | 117410 | 48647850 |
|  Schneider Electric SE | 188562 | 52053385 |
|  Tenaris SA | 325345 | 6312523 |
|  |  | 233483611 |
|  **Total Investments in Securities (99.2%)**<br> *(Cost $892,178,488)* | **Total Investments in Securities (99.2%)**<br> *(Cost $892,178,488)* | 1427814992 |
|  **Other Assets Less Liabilities (0.8%)** | **Other Assets Less Liabilities (0.8%)** | 12214686 |
|  **Net Assets (100%)** |  | $1440029678 |

---

*\** *Non-income producing.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $8,417,552 or 0.6% of net assets.* 

*Glossary:* 

*CHDI —* *Clearing House Electronic Subregister System (CHESS) Depository Interest* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1**<br> **Quoted Prices in**<br> **Active Markets for<br>Identical<br>Securities** | **Level 2**<br> **Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3**<br> **Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Australia | $— | $35559398 | $— | $35559398 |
|  Brazil | 11470265 | 28319120 |  | 39789385 |
|  Canada | 112400974 |  |  | 112400974 |
|  China | 7559820 | 53546317 |  | 61106137 |
|  Denmark |  | 9121472 |  | 9121472 |
|  France |  | 126662419 |  | 126662419 |
|  Germany |  | 120281881 |  | 120281881 |
|  Hong Kong |  | 38556023 |  | 38556023 |
|  India |  | 48654302 |  | 48654302 |
|  Ireland |  | 4530552 |  | 4530552 |
|  Japan |  | 131232977 |  | 131232977 |
|  Macau |  | 6721122 |  | 6721122 |
|  Mexico | 11204653 |  |  | 11204653 |
|  Netherlands |  | 55278166 |  | 55278166 |
|  Peru | 19378814 |  |  | 19378814 |
|  Singapore |  | 26043150 |  | 26043150 |
|  South Korea |  | 16254234 |  | 16254234 |

---

See Notes to Financial Statements.

1004

------

EQ/MFS INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1**<br> **Quoted Prices in**<br> **Active Markets for<br>Identical<br>Securities** | **Level 2**<br> **Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3**<br> **Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  Spain | $— | $29705841 | $— | $29705841 |
|  Sweden |  | 41585586 |  | 41585586 |
|  Switzerland |  | 15010803 |  | 15010803 |
|  Taiwan |  | 88698302 |  | 88698302 |
|  Thailand |  | 6138434 |  | 6138434 |
|  United Kingdom | 15340523 | 135076233 |  | 150416756 |
|  United States | 30024252 | 203459359 |  | 233483611 |
|  **Total Assets** | $**207379301** | $**1220435691** | $**—** | $**1427814992** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**207379301** | $**1220435691** | $**—** | $**1427814992** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $196175832.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $299638313.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $589116401 |
|  Aggregate gross unrealized depreciation | (61977877) |
|  Net unrealized appreciation | $527138524 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $900676468 |

---

See Notes to Financial Statements.

1005

------

EQ/MFS INTERNATIONAL GROWTH PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $892,178,488) | $1427814992.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 10962879.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $74,887) | 75365.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 6297327.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 272454.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 6070.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1445429087.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued India taxes | 3319333.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 829263.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 736097.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 178999.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 108781.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 226936.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5399409.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1440029678.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $867279936.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 572749742.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1440029678.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $852,653,791 / 104,200,367 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.18 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $587,375,887 / 71,900,728 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.17 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $2,801,293 foreign withholding tax) | $25155594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 575196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 25730790 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 11508866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 2001355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1259924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 432500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 165909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 82203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 46485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 43590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 15540832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (1706155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 13834677 |
|  **NET INVESTMENT INCOME (LOSS)** | 11896113 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $298,236 on realized gain on investments) | 121828959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 10823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 121839782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $1,812,329 on unrealized appreciation on investments) | 130207403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 669831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 130877234 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 252717016 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $264613129 |

---

See Notes to Financial Statements.

1006

------

#### EQ ADVISORS TRUST
EQ/MFS INTERNATIONAL GROWTH PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $11896113 | $11616337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 121839782 | 118512075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 130877234 | (17949246) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 264613129 | 112179166 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (77598153) | (48027065) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (55415805) | (39545049) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (133013958) | (87572114) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 160,246 shares, respectively ] |  | 1188452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (7811292) shares, respectively ] |  | (60440962) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (739544) shares, respectively ] |  | (5558945) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (64811455) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 7,914,918 and 6,194,076 shares, respectively ] | 65321944 | 48150451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 7,787,960 shares, respectively ] |  | 60440962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 9,328,142 and 6,231,809 shares, respectively ] | 77598153 | 48027065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (10123886) and (8230248) shares, respectively ] | (83374354) | (64551747) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 59545743 | 92066731 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,823,109 and 830,763 shares, respectively ] | 30215500 | 6428643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 6,672,509 and 5,139,968 shares, respectively ] | 55415805 | 39545049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (15292752) and (10538573) shares, respectively ] | (126466770) | (81931708) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (40835465) | (35958016) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 18710278 | (8702740) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 150309449 | 15904312 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1289720229 | 1273815917 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1440029678 | $1289720229 |

---

See Notes to Financial Statements.

1007

------

#### EQ ADVISORS TRUST
EQ/MFS INTERNATIONAL GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $7.43 | $7.30 | $6.71 | $8.31 | $8.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.06 | 0.06 | 0.06 | 0.06 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.49 | 0.60 | 0.89 | (1.32) | 0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.55 | 0.66 | 0.95 | (1.26) | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.08) | (0.06) | (0.09) | (0.06) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.72) | (0.47) | (0.27) | (0.28) | (1.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.80) | (0.53) | (0.36) | (0.34) | (1.13) |
|  Net asset value, end of year | $8.18 | $7.43 | $7.30 | $6.71 | $8.31 |
|  Total return | 20.90% | 8.76% | 14.52% | (15.20)% | 9.35% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $852654 | $721011 | $620848 | $539166 | $458875 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.22% | 1.22% | 1.23% | 1.22% | 1.22% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.73% | 0.73% | 0.83% | 0.85% | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.61% | 0.61% | 0.70% | 0.73% | 0.19% |
|  Portfolio turnover rate^ | 14% | 16% | 15% | 14% | 16% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $7.41 | $7.28 | $6.70 | $8.30 | $8.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.08 | 0.08 | 0.08 | 0.08 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.50 | 0.60 | 0.88 | (1.32) | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.58 | 0.68 | 0.96 | (1.24) | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.10) | (0.08) | (0.11) | (0.08) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.72) | (0.47) | (0.27) | (0.28) | (1.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.82) | (0.55) | (0.38) | (0.36) | (1.15) |
|  Net asset value, end of year | $8.17 | $7.41 | $7.28 | $6.70 | $8.30 |
|  Total return | 21.38% | 9.04% | 14.66% | (15.02)% | 9.74% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $587376 | $568710 | $591935 | $632432 | $779886 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.97% | 0.97% | 0.98% | 0.97% | 0.97% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.02% | 1.02% | 1.11% | 1.13% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.90% | 0.90% | 0.99% | 1.00% | 0.45% |
|  Portfolio turnover rate^ | 14% | 16% | 15% | 14% | 16% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

1008

------

EQ/MFS INTERNATIONAL INTRINSIC VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Australia (2.4%)** | **Australia (2.4%)** | **Australia (2.4%)** |
|  Glencore plc | 3769910 | $20659449 |
|  Northern Star Resources Ltd. | 753974 | 13449588 |
|  |  | 34109037 |
|  **Brazil (2.4%)** | **Brazil (2.4%)** | **Brazil (2.4%)** |
|  Petroleo Brasileiro SA – Petrobras (ADR) | 446695 | 5034253 |
|  Wheaton Precious Metals Corp. | 248422 | 29205037 |
|  |  | 34239290 |
|  **Canada (5.3%)** | **Canada (5.3%)** | **Canada (5.3%)** |
|  Agnico Eagle Mines Ltd. | 144093 | 24435603 |
|  Franco-Nevada Corp. | 253359 | 52517700 |
|  |  | 76953303 |
|  **Denmark (0.5%)** | **Denmark (0.5%)** | **Denmark (0.5%)** |
|  Coloplast A/S, Class B | 55101 | 4737074 |
|  Novonesis Novozymes B | 37350 | 2396503 |
|  |  | 7133577 |
|  **France (9.8%)** | **France (9.8%)** | **France (9.8%)** |
|  Capgemini SE | 47059 | 7866956 |
|  Cie de Saint-Gobain SA | 191789 | 19599952 |
|  Dassault Systemes SE | 540733 | 15149591 |
|  EssilorLuxottica SA | 46540 | 14761859 |
|  Legrand SA | 254297 | 38028641 |
|  Pernod Ricard SA | 124550 | 10699732 |
|  TotalEnergies SE (Paris Stock Exchange) | 565301 | 36930757 |
|  |  | 143037488 |
|  **Germany (6.8%)** | **Germany (6.8%)** | **Germany (6.8%)** |
|  Beiersdorf AG | 77847 | 8570389 |
|  Deutsche Boerse AG | 121058 | 31825209 |
|  Knorr-Bremse AG | 88924 | 9943507 |
|  SAP SE | 120346 | 29467069 |
|  Symrise AG, Class A | 242852 | 19658329 |
|  |  | 99464503 |
|  **Greece (0.7%)** | **Greece (0.7%)** | **Greece (0.7%)** |
|  National Bank of Greece SA | 622287 | 9507052 |
|  **Ireland (4.3%)** | **Ireland (4.3%)** | **Ireland (4.3%)** |
|  AIB Group plc | 2900930 | 31364391 |
|  Bank of Ireland Group plc | 1044582 | 20101832 |
|  Kerry Group plc, Class A | 114619 | 10506619 |
|  |  | 61972842 |
|  **Israel (0.7%)** | **Israel (0.7%)** | **Israel (0.7%)** |
|  Check Point Software Technologies Ltd.\* | 52868 | 9810186 |
|  **Italy (1.9%)** | **Italy (1.9%)** | **Italy (1.9%)** |
|  BPER Banca SpA | 586718 | 7998328 |
|  Ryanair Holdings plc (ADR) | 260601 | 18812786 |
|  |  | 26811114 |
|  **Japan (12.0%)** | **Japan (12.0%)** | **Japan (12.0%)** |
|  Chiba Bank Ltd. (The) | 1270600 | 14179066 |
|  Ezaki Glico Co. Ltd. | 152800 | 5288105 |
|  Hirose Electric Co. Ltd. | 63100 | 6967023 |
|  Kose Corp. | 34400 | 1150766 |
|  Lion Corp. | 120600 | 1269595 |
|  M3, Inc. | 694400 | 9371563 |
|  Mitsubishi Electric Corp. | 875000 | 25612072 |
|  Nitori Holdings Co. Ltd. | 400800 | 7017326 |
|  Nitto Denko Corp. | 430000 | 10198225 |
|  Olympus Corp. | 453600 | 5746739 |
|  Resona Holdings, Inc. | 3249300 | 30970409 |
|  Rohto Pharmaceutical Co. Ltd. | 630700 | 10581458 |
|  Shimadzu Corp. | 429900 | 11439117 |
|  Shimano, Inc. | 69200 | 7304788 |
|  Taisei Corp. | 93200 | 8826749 |
|  Toyo Suisan Kaisha Ltd. | 270800 | 18584653 |
|  |  | 174507654 |
|  **Luxembourg (1.0%)** | **Luxembourg (1.0%)** | **Luxembourg (1.0%)** |
|  ArcelorMittal SA | 330417 | 15178884 |
|  **Netherlands (2.9%)** | **Netherlands (2.9%)** | **Netherlands (2.9%)** |
|  ASML Holding NV | 10153 | 10993966 |
|  Euronext NV (m) | 150223 | 22597385 |
|  Wolters Kluwer NV | 76331 | 7924468 |
|  |  | 41515819 |
|  **Norway (0.8%)** | **Norway (0.8%)** | **Norway (0.8%)** |
|  Aker BP ASA | 468609 | 11943021 |
|  **Portugal (0.3%)** | **Portugal (0.3%)** | **Portugal (0.3%)** |
|  Galp Energia SGPS SA | 261283 | 4492285 |
|  **South Korea (2.4%)** | **South Korea (2.4%)** | **South Korea (2.4%)** |
|  Samsung Electronics Co. Ltd. | 312603 | 26018604 |
|  Samsung Fire & Marine Insurance Co. Ltd. | 26781 | 9239635 |
|  |  | 35258239 |
|  **Spain (3.8%)** | **Spain (3.8%)** | **Spain (3.8%)** |
|  Amadeus IT Group SA | 250123 | 18471476 |
|  CaixaBank SA | 2976201 | 36532760 |
|  |  | 55004236 |
|  **Sweden (2.1%)** | **Sweden (2.1%)** | **Sweden (2.1%)** |
|  Assa Abloy AB, Class B | 540290 | 21062302 |
|  Svenska Cellulosa AB SCA, Class B | 757916 | 10092923 |
|  |  | 31155225 |
|  **Switzerland (6.6%)** | **Switzerland (6.6%)** | **Switzerland (6.6%)** |
|  Chocoladefabriken Lindt & Spruengli AG | 328 | 4799293 |
|  Cie Financiere Richemont SA (Registered) | 56384 | 12247024 |
|  Julius Baer Group Ltd. | 133944 | 10551831 |
|  Sandoz Group AG | 303833 | 22186215 |
|  Schindler Holding AG | 22136 | 8361433 |
|  Sika AG (Registered) | 47559 | 9762774 |
|  UBS Group AG (Registered) | 613124 | 28608841 |
|  |  | 96517411 |
|  **Taiwan (3.2%)** | **Taiwan (3.2%)** | **Taiwan (3.2%)** |
|  Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 153229 | 46564761 |

---

See Notes to Financial Statements.

1009

------

EQ/MFS INTERNATIONAL INTRINSIC VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **United Kingdom (11.2%)** | **United Kingdom (11.2%)** | **United Kingdom (11.2%)** |
|  Croda International plc | 83990 | $3051126 |
|  Diageo plc | 558295 | 12067199 |
|  Hiscox Ltd. | 404508 | 7759001 |
|  IMI plc | 636697 | 21352905 |
|  Lloyds Banking Group plc | 12696450 | 16812970 |
|  London Stock Exchange Group plc | 182460 | 22017171 |
|  NatWest Group plc | 4606567 | 40473012 |
|  Reckitt Benckiser Group plc | 136038 | 11006013 |
|  RELX plc | 197182 | 8026903 |
|  Smith & Nephew plc | 886804 | 14804626 |
|  Spirax Group plc | 57797 | 5313289 |
|  |  | 162684215 |
|  **United States (16.0%)** | **United States (16.0%)** | **United States (16.0%)** |
|  Agilent Technologies, Inc. | 136014 | 18507425 |
|  Alcon AG | 150185 | 11998115 |
|  Cadence Design Systems, Inc.\* | 20326 | 6353501 |
|  CRH plc | 174215 | 21742032 |
|  Experian plc | 475896 | 21573107 |
|  Haleon plc | 5950267 | 30061443 |
|  Kenvue, Inc. | 661206 | 11405804 |
|  Roche Holding AG | 70496 | 29209427 |
|  Schneider Electric SE | 141162 | 38968402 |
|  Tenaris SA | 392924 | 7623728 |
|  Waters Corp.\* | 38191 | 14506088 |
|  Willis Towers Watson plc | 62868 | 20658425 |
|  |  | 232607497 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks (97.1%)** <br> *(Cost $949,269,141)* |  | 1410467639 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (1.0%)** | **Investment Companies (1.0%)** |  |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 14836703 | 14842638 |
|  **Total Short-Term Investments (1.0%)**<br> *(Cost $14,843,604)* | **Total Short-Term Investments (1.0%)**<br> *(Cost $14,843,604)* | 14842638 |
|  **Total Investments in Securities (98.1%)**<br> *(Cost $964,112,745)* | **Total Investments in Securities (98.1%)**<br> *(Cost $964,112,745)* | 1425310277 |
|  **Other Assets Less Liabilities (1.9%)** | **Other Assets Less Liabilities (1.9%)** | 28053238 |
|  **Net Assets (100%)** |  | $1453363515 |

---

*\** *Non-income producing.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $22,597,385 or 1.6% of net assets.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1**<br> **Quoted Prices in**<br> **Active Markets for<br>Identical<br>Securities** | **Level 2**<br> **Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3**<br> **Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Australia | $— | $34109037 | $— | $34109037 |
|  Brazil | 34239290 |  |  | 34239290 |
|  Canada | 76953303 |  |  | 76953303 |
|  Denmark |  | 7133577 |  | 7133577 |
|  France |  | 143037488 |  | 143037488 |
|  Germany |  | 99464503 |  | 99464503 |
|  Greece |  | 9507052 |  | 9507052 |
|  Ireland |  | 61972842 |  | 61972842 |
|  Israel | 9810186 |  |  | 9810186 |
|  Italy | 18812786 | 7998328 |  | 26811114 |
|  Japan |  | 174507654 |  | 174507654 |
|  Luxembourg |  | 15178884 |  | 15178884 |
|  Netherlands |  | 41515819 |  | 41515819 |

---

See Notes to Financial Statements.

1010

------

EQ/MFS INTERNATIONAL INTRINSIC VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1**<br> **Quoted Prices in**<br> **Active Markets for<br>Identical<br>Securities** | **Level 2**<br> **Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3**<br> **Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  Norway | $— | $11943021 | $— | $11943021 |
|  Portugal |  | 4492285 |  | 4492285 |
|  South Korea |  | 35258239 |  | 35258239 |
|  Spain |  | 55004236 |  | 55004236 |
|  Sweden |  | 31155225 |  | 31155225 |
|  Switzerland |  | 96517411 |  | 96517411 |
|  Taiwan | 46564761 |  |  | 46564761 |
|  United Kingdom |  | 162684215 |  | 162684215 |
|  United States | 93173275 | 139434222 |  | 232607497 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 14842638 |  |  | 14842638 |
|  **Total Assets** | $**294396239** | $**1130914038** | $**—** | $**1425310277** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**294396239** | $**1130914038** | $**—** | $**1425310277** |

---

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $248221102.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $321307209.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $504166389 |
|  Aggregate gross unrealized depreciation | (43105546) |
|  Net unrealized appreciation | $461060843 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $964249434 |

---

See Notes to Financial Statements.

1011

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EQ/MFS INTERNATIONAL INTRINSIC VALUE PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $964,112,745) | $1425310277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 25100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $2,129) | 2120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 4782804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 322075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 6924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1455524200 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 917863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 740625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 304373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 109328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 88496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2160685 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1453363515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $968333165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 485030350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1453363515 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,453,363,515 / 36,343,097 shares outstanding (unlimited amount authorized: $0.01 par value) | $39.99 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $3,000,692 foreign withholding tax) | $31478349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1020361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 32498710 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 11123822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 3299939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1195065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 181500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 170930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 75989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 43330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 38778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 16129353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (952821) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 15176532 |
|  **NET INVESTMENT INCOME (LOSS)** | 17322178 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 92536957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 93598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 92630555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 260013005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 426547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 260439552 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 353070107 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $370392285 |

---

See Notes to Financial Statements.

1012

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#### EQ ADVISORS TRUST
EQ/MFS INTERNATIONAL INTRINSIC VALUE PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $17322178 | $16476768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 92630555 | 61986030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 260439552 | 1635107 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 370392285 | 80097905 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (88613399) | (89942629) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,948,054 and 1,509,202 shares, respectively ] | 72202953 | 51988065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 2,249,631 and 2,685,951 shares, respectively ] | 88613399 | 89942629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3788837) and (3369014) shares, respectively ] | (141404255) | (116727749) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 19412097 | 25202945 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 301190983 | 15358221 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1152172532 | 1136814311 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1453363515 | $1152172532 |

---

See Notes to Financial Statements.

1013

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#### EQ ADVISORS TRUST
EQ/MFS INTERNATIONAL INTRINSIC VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $32.06 | $32.38 | $28.42 | $38.86 | $36.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.49 | 0.48 | 0.37 | 0.14 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 10.03 | 1.88 | 4.54 | (9.36) | 3.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 10.52 | 2.36 | 4.91 | (9.22) | 3.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.51) | (0.51) | (0.40) | (0.13) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.08) | (2.17) | (0.55) | (1.09) | (1.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.59) | (2.68) | (0.95) | (1.22) | (1.21) |
|  Net asset value, end of year | $39.99 | $32.06 | $32.38 | $28.42 | $38.86 |
|  Total return | 32.95% | 6.99% | 17.37% | (23.79)% | 10.24% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $1453364 | $1152173 | $1136814 | $1000942 | $1290974 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.15 %(j) | 1.15 %(j) | 1.15 %(j) | 1.15 %(j) | 1.15 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.22% | 1.23% | 1.24% | 1.23% | 1.22% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.31% | 1.39% | 1.20% | 0.46% | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.24% | 1.31% | 1.11% | 0.38% | 0.12% |
|  Portfolio turnover rate^ | 19% | 15% | 20% | 30% | 13% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.15% for Class IB.* 

See Notes to Financial Statements.

1014

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EQ/MFS MID CAP FOCUSED GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (12.0%)** | **Communication Services (12.0%)** | **Communication Services (12.0%)** |
|  ***Entertainment (12.0%)*** | ***Entertainment (12.0%)*** | ***Entertainment (12.0%)*** |
|  Live Nation Entertainment, Inc.\* | 98942 | $14099235 |
|  ROBLOX Corp., Class A\* | 149691 | 12129462 |
|  Take-Two Interactive Software, Inc.\* | 82036 | 21003677 |
|  TKO Group Holdings, Inc., Class A | 79377 | 16589793 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 63822167 |
|  **Consumer Discretionary (17.7%)** | **Consumer Discretionary (17.7%)** | **Consumer Discretionary (17.7%)** |
|  ***Broadline Retail (1.8%)*** | ***Broadline Retail (1.8%)*** | ***Broadline Retail (1.8%)*** |
|  Coupang, Inc., Class A\* | 404348 | 9538569 |
|  ***Hotels, Restaurants & Leisure (10.1%)*** | ***Hotels, Restaurants & Leisure (10.1%)*** | ***Hotels, Restaurants & Leisure (10.1%)*** |
|  Aramark | 193860 | 7145680 |
|  DraftKings, Inc., Class A\* | 199706 | 6881869 |
|  Hyatt Hotels Corp., Class A | 58088 | 9312668 |
|  Royal Caribbean Cruises Ltd. | 17811 | 4967844 |
|  Sportradar Group AG, Class A\* | 223014 | 5301043 |
|  Viking Holdings Ltd.\* | 142908 | 10205060 |
|  Wingstop, Inc. | 40496 | 9657891 |
|  |  | 53472055 |
|  ***Specialty Retail (5.8%)*** | ***Specialty Retail (5.8%)*** | ***Specialty Retail (5.8%)*** |
|  Burlington Stores, Inc.\* | 31696 | 9155390 |
|  Carvana Co.\* | 29900 | 12618398 |
|  O'Reilly Automotive, Inc.\* | 101559 | 9263196 |
|  |  | 31036984 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 94047608 |
|  **Energy (2.9%)** | **Energy (2.9%)** | **Energy (2.9%)** |
|  ***Oil, Gas & Consumable Fuels (2.9%)*** | ***Oil, Gas & Consumable Fuels (2.9%)*** | ***Oil, Gas & Consumable Fuels (2.9%)*** |
|  Cheniere Energy, Inc. | 51836 | 10076400 |
|  Expand Energy Corp. | 45577 | 5029878 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 15106278 |
|  **Financials (10.7%)** | **Financials (10.7%)** | **Financials (10.7%)** |
|  ***Capital Markets (10.7%)*** | ***Capital Markets (10.7%)*** | ***Capital Markets (10.7%)*** |
|  Ares Management Corp., Class A | 61687 | 9970470 |
|  Carlyle Group, Inc. (The) | 153810 | 9091709 |
|  LPL Financial Holdings, Inc. | 40320 | 14401094 |
|  Nasdaq, Inc. | 132836 | 12902361 |
|  Robinhood Markets, Inc., Class A\* | 92775 | 10492852 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 56858486 |
|  **Health Care (17.4%)** | **Health Care (17.4%)** | **Health Care (17.4%)** |
|  ***Biotechnology (9.4%)*** | ***Biotechnology (9.4%)*** | ***Biotechnology (9.4%)*** |
|  Ascendis Pharma A/S (ADR)\* | 60034 | 12801650 |
|  Exact Sciences Corp.\* | 178051 | 18082860 |
|  Natera, Inc.\* | 82433 | 18884576 |
|  |  | 49769086 |
|  ***Health Care Equipment & Supplies (1.7%)*** | ***Health Care Equipment & Supplies (1.7%)*** | ***Health Care Equipment & Supplies (1.7%)*** |
|  Masimo Corp.\* | 69470 | 9035268 |
|  ***Life Sciences Tools & Services (6.3%)*** | ***Life Sciences Tools & Services (6.3%)*** | ***Life Sciences Tools & Services (6.3%)*** |
|  Agilent Technologies, Inc. | 78530 | 10685577 |
|  Bio-Techne Corp. | 91369 | 5373411 |
|  Charles River Laboratories International, Inc.\* | 28978 | 5780531 |
|  Repligen Corp.\* | 72274 | 11842818 |
|  |  | 33682337 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 92486691 |
|  **Industrials (13.1%)** | **Industrials (13.1%)** | **Industrials (13.1%)** |
|  ***Aerospace & Defense (10.2%)*** | ***Aerospace & Defense (10.2%)*** | ***Aerospace & Defense (10.2%)*** |
|  Axon Enterprise, Inc.\* | 21068 | 11965149 |
|  BWX Technologies, Inc. | 32230 | 5570633 |
|  Hexcel Corp. | 68978 | 5097474 |
|  Howmet Aerospace, Inc. | 154162 | 31606294 |
|  |  | 54239550 |
|  ***Construction & Engineering (2.9%)*** | ***Construction & Engineering (2.9%)*** | ***Construction & Engineering (2.9%)*** |
|  Quanta Services, Inc. | 36835 | 15546580 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 69786130 |
|  **Information Technology (19.2%)** | **Information Technology (19.2%)** | **Information Technology (19.2%)** |
|  ***Electronic Equipment, Instruments & Components (3.4%)*** | ***Electronic Equipment, Instruments & Components (3.4%)*** | ***Electronic Equipment, Instruments & Components (3.4%)*** |
|  Coherent Corp.\* | 48808 | 9008492 |
|  Trimble, Inc.\* | 118991 | 9322945 |
|  |  | 18331437 |
|  ***IT Services (3.8%)*** | ***IT Services (3.8%)*** | ***IT Services (3.8%)*** |
|  Cloudflare, Inc., Class A\* | 46029 | 9074617 |
|  MongoDB, Inc.\* | 12950 | 5434986 |
|  Okta, Inc.\* | 66102 | 5715840 |
|  |  | 20225443 |
|  ***Semiconductors & Semiconductor Equipment (3.3%)*** | ***Semiconductors & Semiconductor Equipment (3.3%)*** | ***Semiconductors & Semiconductor Equipment (3.3%)*** |
|  Monolithic Power Systems, Inc. | 19380 | 17565257 |
|  ***Software (8.7%)*** | ***Software (8.7%)*** | ***Software (8.7%)*** |
|  Cadence Design Systems, Inc.\* | 37540 | 11734253 |
|  Constellation Software, Inc. | 3614 | 8692769 |
|  Datadog, Inc., Class A\* | 64391 | 8756532 |
|  Guidewire Software, Inc.\* | 83611 | 16806647 |
|  |  | 45990201 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 102112338 |
|  **Materials (2.0%)** | **Materials (2.0%)** | **Materials (2.0%)** |
|  ***Construction Materials (2.0%)*** | ***Construction Materials (2.0%)*** | ***Construction Materials (2.0%)*** |
|  Vulcan Materials Co. | 36735 | 10477557 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 10477557 |
|  **Real Estate (2.4%)** | **Real Estate (2.4%)** | **Real Estate (2.4%)** |
|  ***Real Estate Management & Development (2.4%)*** | ***Real Estate Management & Development (2.4%)*** | ***Real Estate Management & Development (2.4%)*** |
|  CBRE Group, Inc., Class A\* | 78700 | 12654173 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 12654173 |
|  **Utilities (2.3%)** | **Utilities (2.3%)** | **Utilities (2.3%)** |
|  ***Independent Power and Renewable Electricity Producers (2.3%)*** | ***Independent Power and Renewable Electricity Producers (2.3%)*** | ***Independent Power and Renewable Electricity Producers (2.3%)*** |
|  Vistra Corp. | 76330 | 12314319 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 12314319 |
|  **Total Common Stocks (99.7%)**<br> *(Cost $418,466,057)* |  | 529665747 |

---

See Notes to Financial Statements.

1015

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EQ/MFS MID CAP FOCUSED GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Warrants** | **Value<br>(Note 1)** |
|  WARRANTS: | WARRANTS: | WARRANTS: |
|  **Information Technology (0.0%)** | **Information Technology (0.0%)** | **Information Technology (0.0%)** |
|  ***Software (0.0%)*** | ***Software (0.0%)*** | ***Software (0.0%)*** |
|  Constellation Software, Inc., expiring 3/31/40 (r)\* <br>*(Cost $—)* | 6159 | $— |
|  **Total Investments in Securities (99.7%)**<br> *(Cost $418,466,057)* | **Total Investments in Securities (99.7%)**<br> *(Cost $418,466,057)* | 529665747 |
|  **Other Assets Less Liabilities (0.3%)** | **Other Assets Less Liabilities (0.3%)** | 1757916 |
|  **Net Assets (100%)** |  | $531423663 |

---

*\** *Non-income producing.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $63822167 | $— | $— | $63822167 |
|  Consumer Discretionary | 94047608 |  |  | 94047608 |
|  Energy | 15106278 |  |  | 15106278 |
|  Financials | 56858486 |  |  | 56858486 |
|  Health Care | 92486691 |  |  | 92486691 |
|  Industrials | 69786130 |  |  | 69786130 |
|  Information Technology | 102112338 |  |  | 102112338 |
|  Materials | 10477557 |  |  | 10477557 |
|  Real Estate | 12654173 |  |  | 12654173 |
|  Utilities | 12314319 |  |  | 12314319 |
|  **Warrants** |  |  |  |  |
|  Information Technology |  |  | — (a) | — (a) |
|  **Total Assets** | $**529665747** | $**—** | $**—** | $**529665747** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**529665747** | $**—** | $**—** | $**529665747** |

---

(a) Value is zero.

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $323952935.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $333825973.0 |

---

See Notes to Financial Statements.

1016

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EQ/MFS MID CAP FOCUSED GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

During the year ended December 31, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 0%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 2%)\*** | **Net<br>Realized<br>Gain (Loss)** |
| $– $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5187748 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623466 |

---

\* Represents percentage/amount of total Purchases and/or Sales.

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $127071021 |
|  Aggregate gross unrealized depreciation | (15894024) |
|  Net unrealized appreciation | $111176997 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $418488750 |

---

See Notes to Financial Statements.

1017

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EQ/MFS MID CAP FOCUSED GROWTH PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $418,466,057) | $529665747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 2279804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 152211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 55497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 532156000 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 331979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 182928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 113652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 40823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 62955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 732337 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $531423663 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $399286023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 132137640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $531423663 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $531,423,663 / 30,921,274 shares outstanding (unlimited amount authorized: $0.01 par value) | $17.19 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $20,324 foreign withholding tax) | $2124358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 134730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 2259088 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4568426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1343650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 486636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 75819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 38299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 34600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 18269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 21543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 6587242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (676177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 5911065 |
|  **NET INVESTMENT INCOME (LOSS)** | (3651977) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 87486092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 87485402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (55777878) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (55777860) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 31707542 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $28055565 |

---

See Notes to Financial Statements.

1018

------

#### EQ ADVISORS TRUST
EQ/MFS MID CAP FOCUSED GROWTH PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(3651977) | $(3124918) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 87485402 | 43673616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (55777860) | 24932702 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 28055565 | 65481400 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (66995432) | (43649504) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,499,034 and 2,063,647 shares, respectively ] | 49389586 | 39978708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 3,846,210 and 2,256,906 shares, respectively ] | 66995432 | 43649504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2920193) and (2498556) shares, respectively ] | (57198242) | (48409732) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 59186776 | 35218480 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 20246909 | 57050376 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 511176754 | 454126378 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $531423663 | $511176754 |

---

See Notes to Financial Statements.

1019

------

#### EQ ADVISORS TRUST
EQ/MFS MID CAP FOCUSED GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $18.59 | $17.69 | $14.61 | $20.07 | $17.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.13) | (0.12) | (0.08) | (0.08) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.20 | 2.75 | 3.34 | (5.35) | 3.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.07 | 2.63 | 3.26 | (5.43) | 3.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.47) | (1.73) | (0.18) | (0.03) | (0.31) |
|  Net asset value, end of year | $17.19 | $18.59 | $17.69 | $14.61 | $20.07 |
|  Total return | 5.60% | 14.48 | 22.32 | (27.04)% | 18.83% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $531424 | $511177 | $454126 | $376260 | $513684 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.10 %(j) | 1.10 | 1.10 | 1.10 %(j) | 1.10 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.23% | 1.23 | 1.24 | 1.23% | 1.22% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.68)% | (0.63) | (0.48) | (0.50)% | (0.72)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.81)% | (0.76) | (0.62) | (0.62)% | (0.83)% |
|  Portfolio turnover rate^ | 60% | 41 | 30 | 41% | 9% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $(0.08) for Class IB.* 

*(2)* *Includes income resulting from a special dividend. Without this dividend, the per share income amount would be $(0.13) for Class IB.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.10% for Class IB.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for the class would have been 0.05% lower.* 

*(bb)* *Includes income resulting from a special dividend. Without this dividend, the ratios for the class would have been 0.07% lower.* 

See Notes to Financial Statements.

1020

------

EQ/MFS TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (14.0%)** | **Communication Services (14.0%)** | **Communication Services (14.0%)** |
|  ***Interactive Media & Services (14.0%)*** | ***Interactive Media & Services (14.0%)*** | ***Interactive Media & Services (14.0%)*** |
|  Alphabet, Inc., Class A | 368092 | $115212796 |
|  Meta Platforms, Inc., Class A | 89142 | 58841743 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 174054539 |
|  **Financials (0.5%)** | **Financials (0.5%)** | **Financials (0.5%)** |
|  ***Insurance (0.5%)*** | ***Insurance (0.5%)*** | ***Insurance (0.5%)*** |
|  Aon plc, Class A | 16720 | 5900154 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 5900154 |
|  **Industrials (2.7%)** | **Industrials (2.7%)** | **Industrials (2.7%)** |
|  ***Industrial Conglomerates (2.0%)*** | ***Industrial Conglomerates (2.0%)*** | ***Industrial Conglomerates (2.0%)*** |
|  Hitachi Ltd. | 791500 | 24769746 |
|  ***Professional Services (0.7%)*** | ***Professional Services (0.7%)*** | ***Professional Services (0.7%)*** |
|  Verisk Analytics, Inc. | 39060 | 8737331 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 33507077 |
|  **Information Technology (81.9%)** | **Information Technology (81.9%)** | **Information Technology (81.9%)** |
|  ***Communications Equipment (2.1%)*** | ***Communications Equipment (2.1%)*** | ***Communications Equipment (2.1%)*** |
|  Arista Networks, Inc.\* | 111904 | 14662781 |
|  Cisco Systems, Inc. | 147263 | 11343669 |
|  |  | 26006450 |
|  ***Electronic Equipment, Instruments & Components (2.5%)*** | ***Electronic Equipment, Instruments & Components (2.5%)*** | ***Electronic Equipment, Instruments & Components (2.5%)*** |
|  Amphenol Corp., Class A | 66625 | 9003702 |
|  CDW Corp. | 30645 | 4173849 |
|  Coherent Corp.\* | 60001 | 11074385 |
|  Corning, Inc. | 85875 | 7519215 |
|  |  | 31771151 |
|  ***IT Services (12.3%)*** | ***IT Services (12.3%)*** | ***IT Services (12.3%)*** |
|  Accenture plc, Class A | 90203 | 24201465 |
|  EPAM Systems, Inc.\* | 69862 | 14313327 |
|  International Business Machines Corp. | 89830 | 26608544 |
|  MongoDB, Inc.\* | 25656 | 10767567 |
|  Shopify, Inc., Class A\* | 392959 | 63254610 |
|  Snowflake, Inc., Class A\* | 65471 | 14361718 |
|  |  | 153507231 |
|  ***Semiconductors & Semiconductor Equipment (30.9%)*** | ***Semiconductors & Semiconductor Equipment (30.9%)*** | ***Semiconductors & Semiconductor Equipment (30.9%)*** |
|  Advanced Micro Devices, Inc.\* | 190046 | 40700251 |
|  Analog Devices, Inc. | 16491 | 4472359 |
|  Applied Materials, Inc. | 85888 | 22072357 |
|  Broadcom, Inc. | 278810 | 96496141 |
|  Globalwafers Co. Ltd. | 690000 | 8915835 |
|  Intel Corp.\* | 96096 | 3545942 |
|  KLA Corp. | 14571 | 17704931 |
|  Lam Research Corp. | 183840 | 31469731 |
|  NVIDIA Corp. | 664609 | 123949579 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 448000 | 22100221 |
|  Teradyne, Inc. | 73149 | 14158721 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;385586068 |
|  ***Software (25.0%)*** | ***Software (25.0%)*** | ***Software (25.0%)*** |
|  Atlassian Corp., Class A\* | 34048 | 5520543 |
|  Autodesk, Inc.\* | 29947 | 8864611 |
|  Cadence Design Systems, Inc.\* | 49520 | 15478962 |
|  Constellation Software, Inc. | 6557 | 15771578 |
|  Crowdstrike Holdings, Inc., Class A\* | 50798 | 23812070 |
|  Datadog, Inc., Class A\* | 91631 | 12460900 |
|  Figma, Inc., Class A\* | 2053 | 76721 |
|  Guidewire Software, Inc.\* | 3909 | 785748 |
|  HubSpot, Inc.\* | 20336 | 8160837 |
|  Intuit, Inc. | 33980 | 22509032 |
|  JFrog Ltd.\* | 190063 | 11871335 |
|  Microsoft Corp. | 215056 | 104005383 |
|  Oracle Corp. | 150936 | 29418936 |
|  Palantir Technologies, Inc., Class A\* | 60883 | 10821953 |
|  Pegasystems, Inc. | 287217 | 17152599 |
|  ServiceTitan, Inc., Class A\* | 71592 | 7624548 |
|  Tyler Technologies, Inc.\* | 24416 | 11083643 |
|  Vertex, Inc., Class A\* | 101320 | 2023360 |
|  Zscaler, Inc.\* | 17017 | 3827464 |
|  |  | 311270223 |
|  ***Technology Hardware, Storage & Peripherals (9.1%)*** | ***Technology Hardware, Storage & Peripherals (9.1%)*** | ***Technology Hardware, Storage & Peripherals (9.1%)*** |
|  Apple, Inc. | 387357 | 105306874 |
|  Seagate Technology Holdings plc | 30616 | 8431340 |
|  |  | 113738214 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 1021879337 |
|  **Total Common Stocks (99.1%)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Cost $768,662,582)* |  | 1235341107 |
|  | **Number of**<br> **Warrants** | **Value**<br> **(Note 1)** |
|  WARRANTS: | WARRANTS: | WARRANTS: |
|  **Information Technology (0.0%)** | **Information Technology (0.0%)** |  |
|  ***Software (0.0%)*** |  |  |
|  Constellation Software, Inc., expiring 3/31/40 (r)\*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Cost $—)* | 4387 |  |
|  | **Number of<br>Shares** | **Value**<br> **(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.5%)** | **Investment Companies (0.5%)** |  |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 6918637 | 6921404 |
|  **Total Short-Term Investments (0.5%)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Cost $6,920,887)* | **Total Short-Term Investments (0.5%)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Cost $6,920,887)* | 6921404 |
|  **Total Investments in Securities (99.6%)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Cost $775,583,469)* | **Total Investments in Securities (99.6%)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Cost $775,583,469)* | 1242262511 |
|  **Other Assets Less Liabilities (0.4%)** | **Other Assets Less Liabilities (0.4%)** | 4784649 |
|  **Net Assets (100%)** |  | $1247047160 |

---

*\** *Non-income producing.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

See Notes to Financial Statements.

1021

------

EQ/MFS TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $174054539 | $— | $— | $174054539 |
|  Financials | 5900154 |  |  | 5900154 |
|  Industrials | 8737331 | 24769746 |  | 33507077 |
|  Information Technology | 990863281 | 31016056 |  | 1021879337 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 6921404 |  |  | 6921404 |
|  **Warrants** |  |  |  |  |
|  Information Technology |  |  | — (a) | — (a) |
|  **Total Assets** | $**1186476709** | $**55785802** | $**—** | $**1242262511** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**1186476709** | $**55785802** | $**—** | $**1242262511** |

---

(a) Value is zero.

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $772022017.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $762719208.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $483645727 |
|  Aggregate gross unrealized depreciation | (17281174) |
|  Net unrealized appreciation | $466364553 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $775897958 |

---

See Notes to Financial Statements.

1022

------

EQ/MFS TECHNOLOGY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value<br>(Cost $775,583,469) | $1242262511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 6200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 798000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 254838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 5598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1249520947 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1252150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 778750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 266727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 95806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 80354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2473787 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1247047160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $746033771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 501013389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1247047160 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,247,047,160 / 30,152,299 shares outstanding (unlimited amount authorized:<br>$0.01 par value) | $41.36 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $75,174 foreign withholding tax) | $6641749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 252465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 6894214 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 8238928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 2808543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1016780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 101675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 74800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 64938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 36674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 24325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 12366663 |
|  **NET INVESTMENT INCOME (LOSS)** | (5472449) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 134465874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (13612) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 134452262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 47022496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 47022539 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 181474801 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $176002352 |

---

See Notes to Financial Statements.

1023

------

#### EQ ADVISORS TRUST
EQ/MFS TECHNOLOGY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(5472449) | $(3927211) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 134452262 | 127658269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 47022539 | 153064956 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 176002352 | 276796014 |
|  **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class IB | (111272547) | (107963404) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 4,247,841 and 4,072,171 shares, respectively ] | 169109414 | 155230355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 2,666,348 and 2,683,109 shares ] | 111272547 | 107963404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (4159623) and (3040187) shares, respectively ] | (167086346) | (115928925) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 113295615 | 147264834 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 178025420 | 316097444 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1069021740 | 752924296 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1247047160 | $1069021740 |

---

See Notes to Financial Statements.

1024

------

#### EQ ADVISORS TRUST
EQ/MFS TECHNOLOGY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $39.02 | $31.79 | $20.63 | $33.36 | $32.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.20) | (0.16) | (0.07) | (0.16) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 6.53 | 11.76 | 11.23 | (11.91) | 4.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 6.33 | 11.60 | 11.16 | (12.07) | 4.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (3.99) | (4.37) |  | (0.66) | (3.17) |
|  Net asset value, end of year | $41.36 | $39.02 | $31.79 | $20.63 | $33.36 |
|  Total return | 16.24% | 36.09% | 54.10% | (36.29)% | 13.76% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $1247047 | $1069022 | $752924 | $485538 | $750442 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.10 %(j) | 1.11 %(k) | 1.13 %(m) | 1.13 %(m) | 1.12 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.10% | 1.11% | 1.14% | 1.13% | 1.12% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.49)% | (0.42)% | (0.27)% | (0.63)% | (0.88)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.49)% | (0.42)% | (0.28)% | (0.63)% | (0.88)% |
|  Portfolio turnover rate^ | 69% | 51% | 47% | 29% | 40% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.10% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.11% for Class IB.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.13% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.12% for Class IB.* 

See Notes to Financial Statements.

1025

------

EQ/MFS UTILITIES SERIES PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Industrials (0.3%)** | **Industrials (0.3%)** | **Industrials (0.3%)** |
|  ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** |
|  Generac Holdings, Inc.\* | 4622 | $630302 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 630302 |
|  **Utilities (98.3%)** | **Utilities (98.3%)** | **Utilities (98.3%)** |
|  ***Electric Utilities (59.7%)*** | ***Electric Utilities (59.7%)*** | ***Electric Utilities (59.7%)*** |
|  Alliant Energy Corp. | 95943 | 6237254 |
|  American Electric Power Co., Inc. | 76036 | 8767711 |
|  Constellation Energy Corp. | 55252 | 19518874 |
|  Duke Energy Corp. | 9222 | 1080911 |
|  Edison International | 127125 | 7630042 |
|  EDP SA | 470474 | 2164608 |
|  Enel SpA | 250191 | 2610055 |
|  Entergy Corp. | 52179 | 4822905 |
|  NextEra Energy, Inc. | 318450 | 25565166 |
|  OGE Energy Corp. | 64422 | 2750819 |
|  PG&E Corp. | 832838 | 13383707 |
|  Pinnacle West Capital Corp. | 59710 | 5296277 |
|  Portland General Electric Co. | 76677 | 3679729 |
|  PPL Corp. | 225828 | 7908497 |
|  Southern Co. (The) | 98728 | 8609082 |
|  SSE plc | 203413 | 5974612 |
|  Xcel Energy, Inc. | 160321 | 11841309 |
|  |  | 137841558 |
|  ***Gas Utilities (2.0%)*** | ***Gas Utilities (2.0%)*** | ***Gas Utilities (2.0%)*** |
|  Atmos Energy Corp. | 24467 | 4101403 |
|  Spire, Inc. | 7298 | 603545 |
|  |  | 4704948 |
|  ***Independent Power and Renewable Electricity Producers (9.1%)*** | ***Independent Power and Renewable Electricity Producers (9.1%)*** | ***Independent Power and Renewable Electricity Producers (9.1%)*** |
|  EDP Renovaveis SA | 319682 | 4523311 |
|  RWE AG | 129758 | 6901770 |
|  Vistra Corp. | 60005 | 9680607 |
|  |  | 21105688 |
|  ***Multi-Utilities (26.3%)*** | ***Multi-Utilities (26.3%)*** | ***Multi-Utilities (26.3%)*** |
|  Ameren Corp. | 87367 | 8724469 |
|  CenterPoint Energy, Inc. | 46210 | 1771691 |
|  Dominion Energy, Inc. | 152106 | 8911891 |
|  DTE Energy Co. | 69615 | 8978943 |
|  E.ON SE | 83758 | 1587223 |
|  National Grid plc | 194924 | 2999266 |
|  NiSource, Inc. | 111307 | 4648180 |
|  Public Service Enterprise Group, Inc. | 99420 | 7983426 |
|  Sempra | 129029 | 11391970 |
|  Veolia Environnement SA | 33454 | 1168446 |
|  WEC Energy Group, Inc. | 23002 | 2425791 |
|  |  | 60591296 |
|  ***Water Utilities (1.2%)*** | ***Water Utilities (1.2%)*** | ***Water Utilities (1.2%)*** |
|  United Utilities Group plc | 165478 | 2663289 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 226906779 |
|  **Total Common Stocks (98.6%)**<br> *(Cost $163,755,819)* | **Total Common Stocks (98.6%)**<br> *(Cost $163,755,819)* | 227537081 |
|  CONVERTIBLE PREFERRED STOCK: | CONVERTIBLE PREFERRED STOCK: | CONVERTIBLE PREFERRED STOCK: |
|  **Utilities (0.2%)** | **Utilities (0.2%)** | **Utilities (0.2%)** |
|  ***Electric Utilities (0.2%)*** | ***Electric Utilities (0.2%)*** | ***Electric Utilities (0.2%)*** |
|  Southern Co. (The) <br>7.125%\* | 11400 | 574104 |
|  **Total Convertible Preferred Stock (0.2%)**<br> *(Cost $570,000)* | **Total Convertible Preferred Stock (0.2%)**<br> *(Cost $570,000)* | 574104 |
|  **Total Investments in Securities (98.8%)**<br> *(Cost $164,325,819)* | **Total Investments in Securities (98.8%)**<br> *(Cost $164,325,819)* | 228111185 |
|  **Other Assets Less Liabilities (1.2%)** | **Other Assets Less Liabilities (1.2%)** | 2742905 |
|  **Net Assets (100%)** |  | $230854090 |

---

*\** *Non-income producing.* 

*Glossary:* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

1026

------

EQ/MFS UTILITIES SERIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Forward Foreign Currency Contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  EUR | 270659 | USD | 315524 | HSBC Bank plc | 1/16/2026 | 2723 |
|  EUR | 953294 | USD | 1107832 | Morgan Stanley | 1/16/2026 | 13073 |
|  EUR | 36553 | USD | 42656 | State Street Bank & Trust | 1/16/2026 | 323 |
|  GBP | 77561 | USD | 103851 | Citibank NA | 1/16/2026 | 697 |
|  GBP | 292847 | USD | 390610 | Royal Bank of Scotland | 1/16/2026 | 4129 |
|  USD | 830566 | EUR | 705451 | State Street Bank & Trust | 1/16/2026 | 1081 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 22026 |
|  EUR | 395485 | USD | 465464 | Goldman Sachs International | 1/16/2026 | (443) |
|  EUR | 1777081 | USD | 2097325 | Morgan Stanley | 1/16/2026 | (7793) |
|  USD | 1056766 | EUR | 914547 | HSBC Bank plc | 1/16/2026 | (18578) |
|  USD | 519398 | EUR | 446376 | Morgan Stanley | 1/16/2026 | (5462) |
|  USD | 13731468 | EUR | 11772692 | UBS AG | 1/16/2026 | (111129) |
|  USD | 6452645 | GBP | 4852510 | Citibank NA | 1/16/2026 | (88218) |
|  USD | 663577 | GBP | 494543 | HSBC Bank plc | 1/16/2026 | (3034) |
|  USD | 173366 | GBP | 131238 | Morgan Stanley | 1/16/2026 | (3534) |
|  USD | 102203 | GBP | 77594 | Royal Bank of Scotland | 1/16/2026 | (2388) |
|  USD | 676879 | GBP | 511750 | State Street Bank & Trust | 1/16/2026 | (12926) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (253505) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (231479) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Industrials | $630302 | $— | $— | $630302 |
|  Utilities | 196314199 | 30592580 |  | 226906779 |
|  **Convertible Preferred Stocks** |  |  |  |  |
|  Utilities | 574104 |  |  | 574104 |
|  **Forward Currency Contracts** | $— | $22026 | $— | $22026 |
|  **Total Assets** | $**197518605** | $**30614606** | $**—** | $**228133211** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(253505) | $— | $(253505) |
|  **Total Liabilities** | $**—** | $**(253505)** | $**—** | $**(253505)** |
|  **Total** | $**197518605** | $**30361101** | $**—** | $**227879706** |

---

See Notes to Financial Statements.

1027

------

EQ/MFS UTILITIES SERIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | $22026 |
|  **Total** |  | $22026 |
|  | **Liability Derivatives** |  |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | $(253505) |
|  **Total** |  | $(253505) |

---

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $(679692) | $(679692) |
|  **Total** | $(679692) | $(679692) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $(1646312) | $(1646312) |
|  **Total** | $(1646312) | $(1646312) |

---

^ The Portfolio held forward foreign currency contracts for hedging.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $2674000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 25726000 |

---

See Notes to Financial Statements.

1028

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EQ/MFS UTILITIES SERIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a) | Derivatives<br>Available<br>for Offset | Collateral<br>Received | Net Amount Due<br>from Counterparty |
|  Citibank NA | $697 | $(697) | $— | $— |
|  HSBC Bank plc | 2723 | (2723) |  |  |
|  Morgan Stanley | 13073 | (13073) |  |  |
|  Royal Bank of Scotland | 4129 | (2388) |  | 1741 |
|  State Street Bank & Trust | 1404 | (1404) |  |  |
|  **Total** | $22026 | $(20285) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1741 |
| Counterparty | Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a) | Derivatives<br>Available<br>for Offset | Collateral<br>Pledged | Net Amount Due<br>to Counterparty |
|  Citibank NA | $88218 | $(697) | $— | $87521 |
|  Goldman Sachs International | 443 |  |  | 443 |
|  HSBC Bank plc | 21612 | (2723) |  | 18889 |
|  Morgan Stanley | 16789 | (13073) |  | 3716 |
|  Royal Bank of Scotland | 2388 | (2388) |  |  |
|  State Street Bank & Trust | 12926 | (1404) |  | 11522 |
|  UBS AG | 111129 |  |  | 111129 |
|  **Total** | $253505 | $(20285) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $233220 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $43417069.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $48384446.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $63962802 |
|  Aggregate gross unrealized depreciation | (3629732) |
|  Net unrealized appreciation | $60333070 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $167546636 |

---

See Notes to Financial Statements.

1029

------

EQ/MFS UTILITIES SERIES PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $164,325,819) | $228111185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 2631038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $7) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 740128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 57215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 22026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 231564345 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 253505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 215582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 120785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 49022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 17613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 53748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 710255 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $230854090 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $169969405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 60884685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $230854090 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $230,787,044 / 5,679,538 shares outstanding (unlimited amount authorized: $0.01 par value) | $40.63 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $67,046 / 1,610 shares outstanding (unlimited amount authorized: $0.01 par value)† | $41.65 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

*†* *Net asset value amounts may not recalculate due to rounding of net assets and/or shares outstanding* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $168,760 foreign withholding tax) | $6364147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 114813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 6478960 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1612394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 552032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 200055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 80646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 46000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 26512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 7457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 17740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 2542836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (223263) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2319573 |
|  **NET INVESTMENT INCOME (LOSS)** | 4159387 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 2820472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (679692) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (3249) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2137531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 25341522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (1646312) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 22384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 23717594 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 25855125 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $30014512 |

---

See Notes to Financial Statements.

1030

------

#### EQ ADVISORS TRUST
EQ/MFS UTILITIES SERIES PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4159387 | $3999536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2137531 | 2464990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 23717594 | 15727181 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 30014512 | 22191707 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (8252540) | (6243801) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (2463) | (1820) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (8255003) | (6245621) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 576,386 and 410,208 shares, respectively ] | 22895155 | 14886010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 202,808 and 165,524 shares, respectively ] | 8252540 | 6243801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (816175) and (889836) shares, respectively ] | (32183879) | (32146439) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (1036184) | (11016628) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 53 and 58 shares, respectively ] | 2112 | 2132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 59 and 47 shares, respectively ] | 2463 | 1820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (49) and (41) shares, respectively ] | (2006) | (1518) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 2569 | 2434 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (1033615) | (11014194) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 20725894 | 4931892 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 210128196 | 205196304 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $230854090 | $210128196 |

---

See Notes to Financial Statements.

1031

------

#### EQ ADVISORS TRUST
EQ/MFS UTILITIES SERIES PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $36.75 | $34.02 | $36.27 | $39.09 | $35.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.74 | 0.69 | 0.77 | 0.56 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.63 | 3.16 | (1.62) | (0.33) | 4.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.37 | 3.85 | (0.85) | 0.23 | 4.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (1.01) | (0.56) | (0.74) | (1.72) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.48) | (0.56) | (0.66) | (1.33) | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.49) | (1.12) | (1.40) | (3.05) | (1.19) |
|  Net asset value, end of year | $40.63 | $36.75 | $34.02 | $36.27 | $39.09 |
|  Total return | 14.65% | 11.24% | (2.36)% | 0.42% | 13.92% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $230787 | $210070 | $205145 | $223243 | $219669 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.05 %(j) | 1.05 %(j) | 1.05 %(j) | 1.05 %(j) | 1.05 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.15% | 1.15% | 1.16% | 1.15% | 1.15% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.88% | 1.92% | 2.19% | 1.46% | 1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.78% | 1.81% | 2.08% | 1.37% | 1.80% |
|  Portfolio turnover rate^ | 20% | 11% | 18% | 29% | 19% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $37.63 | $34.80 | $37.07 | $39.87 | $36.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.86 | 0.80 | 0.86 | 0.67 | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.75 | 3.24 | (1.65) | (0.33) | 4.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.61 | 4.04 | (0.79) | 0.34 | 5.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (1.11) | (0.65) | (0.82) | (1.81) | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.48) | (0.56) | (0.66) | (1.33) | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.59) | (1.21) | (1.48) | (3.14) | (1.27) |
|  Net asset value, end of year | $41.65 | $37.63 | $34.80 | $37.07 | $39.87 |
|  Total return | 14.94% | 11.53% | (2.13)% | 0.70% | 14.20% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $67 | $58 | $52 | $64 | $64 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.80 %(j) | 0.80 %(j) | 0.80 %(j) | 0.80 %(j) | 0.80 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.90% | 0.90% | 0.91% | 0.90% | 0.90% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 2.13% | 2.16% | 2.41% | 1.71% | 2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 2.03% | 2.06% | 2.30% | 1.62% | 2.05% |
|  Portfolio turnover rate^ | 20% | 11% | 18% | 29% | 19% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.05% for Class IB and 0.80% for Class K.* 

See Notes to Financial Statements.

1032

------

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (2.0%)** | **Communication Services (2.0%)** | **Communication Services (2.0%)** |
|  ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** |
|  Frontier Communications Parent, Inc.\* | 203798 | $7758590 |
|  ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** |
|  Warner Music Group Corp., Class A | 118765 | 3642523 |
|  ***Interactive Media & Services (0.6%)*** | ***Interactive Media & Services (0.6%)*** | ***Interactive Media & Services (0.6%)*** |
|  Pinterest, Inc., Class A\* | 485066 | 12558359 |
|  ZoomInfo Technologies, Inc., Class A\* | 223225 | 2270198 |
|  |  | 14828557 |
|  ***Media (1.0%)*** | ***Media (1.0%)*** | ***Media (1.0%)*** |
|  EchoStar Corp., Class A (x)\* | 109588 | 11912216 |
|  New York Times Co. (The), Class A | 131531 | 9130882 |
|  Nexstar Media Group, Inc., Class A | 23207 | 4712181 |
|  |  | 25755279 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 51984949 |
|  **Consumer Discretionary (11.4%)** | **Consumer Discretionary (11.4%)** | **Consumer Discretionary (11.4%)** |
|  ***Automobile Components (1.1%)*** | ***Automobile Components (1.1%)*** | ***Automobile Components (1.1%)*** |
|  Autoliv, Inc. | 56895 | 6753437 |
|  BorgWarner, Inc. | 174157 | 7847514 |
|  Gentex Corp. | 178239 | 4147622 |
|  Goodyear Tire & Rubber Co. (The)\* | 232961 | 2040738 |
|  Lear Corp. | 42227 | 4839214 |
|  Visteon Corp. | 22213 | 2112456 |
|  |  | 27740981 |
|  ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** |
|  Harley-Davidson, Inc. | 96178 | 1970687 |
|  Thor Industries, Inc. | 42848 | 4399204 |
|  |  | 6369891 |
|  **Broadline Retail (0.4%)** |  |  |
|  Macy's, Inc. | 218588 | 4819866 |
|  Ollie's Bargain Outlet Holdings, Inc.\* | 49912 | 5470854 |
|  |  | 10290720 |
|  ***Diversified Consumer Services (1.0%)*** | ***Diversified Consumer Services (1.0%)*** | ***Diversified Consumer Services (1.0%)*** |
|  Duolingo, Inc., Class A\* | 32575 | 5716913 |
|  Graham Holdings Co., Class B | 2766 | 3038728 |
|  Grand Canyon Education, Inc.\* | 22494 | 3740977 |
|  H&R Block, Inc. | 102921 | 4485297 |
|  Service Corp. International | 114120 | 8897936 |
|  |  | 25879851 |
|  ***Hotels, Restaurants & Leisure (2.5%)*** | ***Hotels, Restaurants & Leisure (2.5%)*** | ***Hotels, Restaurants & Leisure (2.5%)*** |
|  Aramark | 213984 | 7887450 |
|  Boyd Gaming Corp. | 47063 | 4011650 |
|  Cava Group, Inc.\* | 81204 | 4765863 |
|  Choice Hotels International, Inc. (x) | 16826 | 1602845 |
|  Churchill Downs, Inc. | 53927 | 6135814 |
|  Hilton Grand Vacations, Inc.\* | 48748 | 2181473 |
|  Hyatt Hotels Corp., Class A | 34044 | 5457934 |
|  Planet Fitness, Inc., Class A\* | 67556 | 7327799 |
|  Texas Roadhouse, Inc., Class A | 53849 | 8938934 |
|  Travel + Leisure Co. | 52366 | 3693374 |
|  Vail Resorts, Inc. (x) | 29269 | 3886923 |
|  Wingstop, Inc. | 22621 | 5394882 |
|  Wyndham Hotels & Resorts, Inc. | 61506 | 4647394 |
|  |  | 65932335 |
|  ***Household Durables (1.8%)*** | ***Household Durables (1.8%)*** | ***Household Durables (1.8%)*** |
|  KB Home | 52725 | 2974217 |
|  Somnigroup International, Inc. | 170884 | 15256524 |
|  Taylor Morrison Home Corp., Class A\* | 79557 | 4683521 |
|  Toll Brothers, Inc. | 78464 | 10609902 |
|  TopBuild Corp.\* | 22722 | 9479391 |
|  Whirlpool Corp. (x) | 45710 | 3297519 |
|  |  | 46301074 |
|  ***Leisure Products (0.5%)*** | ***Leisure Products (0.5%)*** | ***Leisure Products (0.5%)*** |
|  Brunswick Corp. | 52946 | 3930711 |
|  Mattel, Inc.\* | 253019 | 5019897 |
|  Polaris, Inc. (x) | 43501 | 2751438 |
|  YETI Holdings, Inc.\* | 63343 | 2797861 |
|  |  | 14499907 |
|  ***Specialty Retail (3.4%)*** | ***Specialty Retail (3.4%)*** | ***Specialty Retail (3.4%)*** |
|  Abercrombie & Fitch Co., Class A\* | 38319 | 4823213 |
|  AutoNation, Inc.\* | 22269 | 4598103 |
|  Bath & Body Works, Inc. | 167856 | 3370548 |
|  Burlington Stores, Inc.\* | 50694 | 14642962 |
|  Chewy, Inc., Class A\* | 183221 | 6055454 |
|  Dick's Sporting Goods, Inc. | 53816 | 10653954 |
|  Five Below, Inc.\* | 44893 | 8456045 |
|  Floor & Decor Holdings, Inc., Class A\* | 87723 | 5341453 |
|  GameStop Corp., Class A (x)\* | 335467 | 6736177 |
|  Gap, Inc. (The) | 184260 | 4717056 |
|  Lithia Motors, Inc., Class A | 19742 | 6560859 |
|  Murphy USA, Inc. | 13879 | 5600454 |
|  Penske Automotive Group, Inc. | 15012 | 2376250 |
|  RH\* | 12513 | 2241704 |
|  Valvoline, Inc.\* | 103483 | 3007216 |
|  |  | 89181448 |
|  ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** |
|  Capri Holdings Ltd.\* | 96993 | 2366629 |
|  Columbia Sportswear Co. | 20619 | 1135901 |
|  Crocs, Inc.\* | 42264 | 3614417 |
|  PVH Corp. | 39174 | 2625442 |
|  VF Corp. | 267192 | 4830831 |
|  |  | 14573220 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 300769427 |
|  **Consumer Staples (4.3%)** | **Consumer Staples (4.3%)** | **Consumer Staples (4.3%)** |
|  ***Beverages (0.5%)*** | ***Beverages (0.5%)*** | ***Beverages (0.5%)*** |
|  Boston Beer Co., Inc. (The), Class A\* | 6262 | 1221904 |
|  Celsius Holdings, Inc.\* | 130113 | 5951369 |
|  Coca-Cola Consolidated, Inc. | 46051 | 7059618 |
|  |  | 14232891 |
|  ***Consumer Staples Distribution & Retail (2.7%)*** | ***Consumer Staples Distribution & Retail (2.7%)*** | ***Consumer Staples Distribution & Retail (2.7%)*** |
|  Albertsons Cos., Inc., Class A | 321974 | 5528293 |
|  BJ's Wholesale Club Holdings, Inc.\* | 107259 | 9656528 |
|  Casey's General Stores, Inc. | 30269 | 16729979 |
|  Maplebear, Inc.\* | 149608 | 6729368 |
|  Performance Food Group Co.\* | 127659 | 11479097 |
|  Sprouts Farmers Market, Inc.\* | 79267 | 6315202 |

---

See Notes to Financial Statements.

1033

------

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  US Foods Holding Corp.\* | 181494 | $| 13670128 |
|  |  |  | 70108595 |
|  ***Food Products (0.8%)*** | ***Food Products (0.8%)*** | ***Food Products (0.8%)*** | ***Food Products (0.8%)*** |
|  Darling Ingredients, Inc.\* | 128778 |  | 4636008 |
|  Flowers Foods, Inc. | 171918 |  | 1870468 |
|  Ingredion, Inc. | 51719 |  | 5702537 |
|  Marzetti Co. (The) | 16558 |  | 2722466 |
|  Pilgrim's Pride Corp. | 34809 |  | 1357203 |
|  Post Holdings, Inc.\* | 38915 |  | 3854531 |
|  |  |  | 20143213 |
|  ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** |
|  BellRing Brands, Inc.\* | 102558 |  | 2741375 |
|  Coty, Inc., Class A\* | 299047 |  | 921065 |
|  e.l.f. Beauty, Inc.\* | 48550 |  | 3691742 |
|  |  |  | 7354182 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 111838881 |
|  **Energy (3.9%)** | **Energy (3.9%)** | **Energy (3.9%)** | **Energy (3.9%)** |
|  ***Energy Equipment & Services (1.0%)*** | ***Energy Equipment & Services (1.0%)*** | ***Energy Equipment & Services (1.0%)*** | ***Energy Equipment & Services (1.0%)*** |
|  NOV, Inc. | 296942 |  | 4641203 |
|  TechnipFMC plc | 329316 |  | 14674321 |
|  Valaris Ltd.\* | 52677 |  | 2654921 |
|  Weatherford International plc | 58395 |  | 4569993 |
|  |  |  | 26540438 |
|  ***Oil, Gas & Consumable Fuels (2.9%)*** | ***Oil, Gas & Consumable Fuels (2.9%)*** | ***Oil, Gas & Consumable Fuels (2.9%)*** | ***Oil, Gas & Consumable Fuels (2.9%)*** |
|  Antero Midstream Corp. | 271411 |  | 4828402 |
|  Antero Resources Corp.\* | 238585 |  | 8221639 |
|  Chord Energy Corp. | 46293 |  | 4291361 |
|  Civitas Resources, Inc. | 62500 |  | 1693125 |
|  CNX Resources Corp.\* | 109766 |  | 4036096 |
|  DT Midstream, Inc. | 82772 |  | 9906153 |
|  HF Sinclair Corp. | 127288 |  | 5865431 |
|  Matador Resources Co. | 95098 |  | 4035959 |
|  Murphy Oil Corp. | 109230 |  | 3413438 |
|  Ovintiv, Inc. | 206176 |  | 8080037 |
|  PBF Energy, Inc., Class A | 66960 |  | 1815955 |
|  Permian Resources Corp. | 565279 |  | 7930864 |
|  Range Resources Corp. | 192887 |  | 6801196 |
|  Viper Energy, Inc., Class A | 137118 |  | 5296868 |
|  |  |  | 76216524 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 102756962 |
|  **Financials (16.6%)** | **Financials (16.6%)** | **Financials (16.6%)** | **Financials (16.6%)** |
|  ***Banks (6.5%)*** | ***Banks (6.5%)*** | ***Banks (6.5%)*** | ***Banks (6.5%)*** |
|  Associated Banc-Corp. | 133098 |  | 3428605 |
|  Bank OZK | 86198 |  | 3966832 |
|  Cadence Bank | 151641 |  | 6496300 |
|  Columbia Banking System, Inc. | 243511 |  | 6806132 |
|  Comerica, Inc. | 103994 |  | 9040198 |
|  Commerce Bancshares, Inc. | 105265 |  | 5509570 |
|  Cullen/Frost Bankers, Inc. | 52054 |  | 6591598 |
|  East West Bancorp, Inc. | 112007 |  | 12588467 |
|  First Financial Bankshares, Inc. | 106090 |  | 3168908 |
|  First Horizon Corp. | 400853 |  | 9580387 |
|  Flagstar Bank NA | 243693 |  | 3068095 |
|  FNB Corp. | 291556 |  | 4985608 |
|  Glacier Bancorp, Inc. | 104726 |  | 4613180 |
|  Hancock Whitney Corp. | 68068 |  | 4334570 |
|  Home BancShares, Inc. | 148803 |  | 4133747 |
|  International Bancshares Corp. | 44028 |  | 2925220 |
|  Old National Bancorp | 283131 |  | 6316653 |
|  Pinnacle Financial Partners, Inc. | 62619 |  | 5974479 |
|  Prosperity Bancshares, Inc. | 77332 |  | 5344415 |
|  SouthState Bank Corp. | 81828 |  | 7700833 |
|  Synovus Financial Corp. | 113009 |  | 5656101 |
|  Texas Capital Bancshares, Inc.\* | 37158 |  | 3364285 |
|  UMB Financial Corp. | 58124 |  | 6686585 |
|  United Bankshares, Inc. | 114044 |  | 4379290 |
|  Valley National Bancorp | 390411 |  | 4560001 |
|  Webster Financial Corp. | 131304 |  | 8264274 |
|  Western Alliance Bancorp | 84031 |  | 7064486 |
|  Wintrust Financial Corp. | 54520 |  | 7622986 |
|  Zions Bancorp NA | 120193 |  | 7036098 |
|  |  |  | 171207903 |
|  ***Capital Markets (3.0%)*** | ***Capital Markets (3.0%)*** | ***Capital Markets (3.0%)*** | ***Capital Markets (3.0%)*** |
|  Affiliated Managers Group, Inc. | 22900 |  | 6601612 |
|  Carlyle Group, Inc. (The) | 211252 |  | 12487106 |
|  Evercore, Inc., Class A | 31487 |  | 10713452 |
|  Federated Hermes, Inc., Class B | 60162 |  | 3132635 |
|  Hamilton Lane, Inc., Class A | 33423 |  | 4489043 |
|  Houlihan Lokey, Inc., Class A | 44380 |  | 7730552 |
|  Janus Henderson Group plc | 100606 |  | 4785828 |
|  Jefferies Financial Group, Inc. | 134344 |  | 8325298 |
|  Morningstar, Inc. | 19420 |  | 4220160 |
|  SEI Investments Co. | 75754 |  | 6213343 |
|  Stifel Financial Corp. | 82897 |  | 10380362 |
|  |  |  | 79079391 |
|  ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** |
|  Ally Financial, Inc. | 228212 |  | 10335721 |
|  FirstCash Holdings, Inc. | 31618 |  | 5039277 |
|  SLM Corp. | 165292 |  | 4472802 |
|  |  |  | 19847800 |
|  ***Financial Services (1.7%)*** | ***Financial Services (1.7%)*** | ***Financial Services (1.7%)*** | ***Financial Services (1.7%)*** |
|  Corebridge Financial, Inc. | 217640 |  | 6566199 |
|  Equitable Holdings, Inc.‡ | 233263 |  | 11114982 |
|  Essent Group Ltd. | 78694 |  | 5115897 |
|  Euronet Worldwide, Inc.\* | 31832 |  | 2422733 |
|  MGIC Investment Corp. | 182145 |  | 5322277 |
|  Shift4 Payments, Inc., Class A (x)\* | 55004 |  | 3463602 |
|  Voya Financial, Inc. | 77471 |  | 5770815 |
|  WEX, Inc.\* | 27914 |  | 4158627 |
|  |  |  | 43935132 |
|  ***Insurance (4.0%)*** | ***Insurance (4.0%)*** | ***Insurance (4.0%)*** | ***Insurance (4.0%)*** |
|  American Financial Group, Inc. | 56356 |  | 7702738 |
|  Brighthouse Financial, Inc.\* | 46542 |  | 3015456 |
|  CNO Financial Group, Inc. | 77627 |  | 3296819 |
|  F&G Annuities & Life, Inc. | 12581 |  | 388124 |
|  Fidelity National Financial, Inc. | 207475 |  | 11326060 |
|  First American Financial Corp. | 82956 |  | 5096817 |
|  Hanover Insurance Group, Inc. (The) | 28969 |  | 5294664 |
|  Kemper Corp. | 47663 |  | 1932258 |
|  Kinsale Capital Group, Inc. | 17991 |  | 7036640 |
|  Old Republic International Corp. | 185331 |  | 8458507 |
|  Primerica, Inc. | 25982 |  | 6712709 |
|  Reinsurance Group of America, Inc. | 53497 |  | 10884500 |
|  RenaissanceRe Holdings Ltd. | 37538 |  | 10554184 |

---

See Notes to Financial Statements.

1034

------

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  RLI Corp. | 74764 | $| 4783401 |
|  Ryan Specialty Holdings, Inc., Class A | 92255 |  | 4763126 |
|  Selective Insurance Group, Inc. | 49178 |  | 4114723 |
|  Unum Group | 125325 |  | 9712687 |
|  |  |  | 105073413 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.7%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.7%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.7%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.7%)*** |
|  Annaly Capital Management, Inc. (REIT) | 556048 |  | 12433233 |
|  Starwood Property Trust, Inc. (REIT) | 283394 |  | 5103926 |
|  |  |  | 17537159 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 436680798 |
|  **Health Care (8.8%)** | **Health Care (8.8%)** | **Health Care (8.8%)** | **Health Care (8.8%)** |
|  ***Biotechnology (2.6%)*** | ***Biotechnology (2.6%)*** | ***Biotechnology (2.6%)*** | ***Biotechnology (2.6%)*** |
|  BioMarin Pharmaceutical, Inc.\* | 156398 |  | 9294733 |
|  Cytokinetics, Inc.\* | 99535 |  | 6324454 |
|  Exelixis, Inc.\* | 218267 |  | 9566643 |
|  Halozyme Therapeutics, Inc.\* | 95734 |  | 6442898 |
|  Neurocrine Biosciences, Inc.\* | 81170 |  | 11512341 |
|  Roivant Sciences Ltd.\* | 356701 |  | 7740412 |
|  United Therapeutics Corp.\* | 35052 |  | 17079087 |
|  |  |  | 67960568 |
|  ***Health Care Equipment & Supplies (1.4%)*** | ***Health Care Equipment & Supplies (1.4%)*** | ***Health Care Equipment & Supplies (1.4%)*** | ***Health Care Equipment & Supplies (1.4%)*** |
|  Dentsply Sirona, Inc. | 162453 |  | 1856838 |
|  Envista Holdings Corp.\* | 133858 |  | 2906057 |
|  Globus Medical, Inc., Class A\* | 90697 |  | 7918755 |
|  Haemonetics Corp.\* | 38108 |  | 3054356 |
|  Lantheus Holdings, Inc.\* | 53984 |  | 3592635 |
|  LivaNova plc\* | 44454 |  | 2735255 |
|  Masimo Corp.\* | 37169 |  | 4834200 |
|  Penumbra, Inc.\* | 31881 |  | 9912122 |
|  |  |  | 36810218 |
|  ***Health Care Providers & Services (2.0%)*** | ***Health Care Providers & Services (2.0%)*** | ***Health Care Providers & Services (2.0%)*** | ***Health Care Providers & Services (2.0%)*** |
|  Chemed Corp. | 11531 |  | 4933654 |
|  Encompass Health Corp. | 81910 |  | 8693927 |
|  Ensign Group, Inc. (The) | 46824 |  | 8156741 |
|  HealthEquity, Inc.\* | 70139 |  | 6425434 |
|  Hims & Hers Health, Inc. (x)\* | 169581 |  | 5506295 |
|  Option Care Health, Inc.\* | 129223 |  | 4117045 |
|  Tenet Healthcare Corp.\* | 71546 |  | 14217621 |
|  |  |  | 52050717 |
|  ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** |
|  Doximity, Inc., Class A\* | 111835 |  | 4952054 |
|  ***Life Sciences Tools & Services (1.9%)*** | ***Life Sciences Tools & Services (1.9%)*** | ***Life Sciences Tools & Services (1.9%)*** | ***Life Sciences Tools & Services (1.9%)*** |
|  Avantor, Inc.\* | 555059 |  | 6360976 |
|  Bio-Rad Laboratories, Inc., Class A\* | 14802 |  | 4484858 |
|  Bruker Corp. | 90296 |  | 4253845 |
|  Illumina, Inc.\* | 124393 |  | 16315386 |
|  Medpace Holdings, Inc.\* | 18116 |  | 10174851 |
|  Repligen Corp.\* | 43076 |  | 7058433 |
|  Sotera Health Co.\* | 168833 |  | 2978214 |
|  |  |  | 51626563 |
|  ***Pharmaceuticals (0.7%)*** | ***Pharmaceuticals (0.7%)*** | ***Pharmaceuticals (0.7%)*** | ***Pharmaceuticals (0.7%)*** |
|  Elanco Animal Health, Inc. (x)\* | 404491 |  | 9153631 |
|  Jazz Pharmaceuticals plc\* | 49468 |  | 8409560 |
|  |  |  | 17563191 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 230963311 |
|  **Industrials (23.4%)** | **Industrials (23.4%)** | **Industrials (23.4%)** | **Industrials (23.4%)** |
|  ***Aerospace & Defense (3.5%)*** | ***Aerospace & Defense (3.5%)*** | ***Aerospace & Defense (3.5%)*** | ***Aerospace & Defense (3.5%)*** |
|  AeroVironment, Inc.\* | 25900 |  | 6264951 |
|  ATI, Inc.\* | 110605 |  | 12693030 |
|  BWX Technologies, Inc. | 74430 |  | 12864481 |
|  Carpenter Technology Corp. | 40557 |  | 12768966 |
|  Curtiss-Wright Corp. | 30020 |  | 16549125 |
|  Hexcel Corp. | 64806 |  | 4789164 |
|  Kratos Defense & Security Solutions, Inc.\* | 137452 |  | 10433981 |
|  Woodward, Inc. | 48818 |  | 14758658 |
|  |  |  | 91122356 |
|  ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** |
|  GXO Logistics, Inc.\* | 93202 |  | 4906153 |
|  ***Building Products (1.8%)*** | ***Building Products (1.8%)*** | ***Building Products (1.8%)*** | ***Building Products (1.8%)*** |
|  AAON, Inc. | 55090 |  | 4200613 |
|  Advanced Drainage Systems, Inc. | 58242 |  | 8435189 |
|  Carlisle Cos., Inc. | 33936 |  | 10854769 |
|  Fortune Brands Innovations, Inc. | 97803 |  | 4892106 |
|  Owens Corning | 66912 |  | 7488122 |
|  Simpson Manufacturing Co., Inc. | 33751 |  | 5449774 |
|  Trex Co., Inc.\* | 87315 |  | 3063010 |
|  UFP Industries, Inc. | 47426 |  | 4318137 |
|  |  |  | 48701720 |
|  ***Commercial Services & Supplies (1.6%)*** | ***Commercial Services & Supplies (1.6%)*** | ***Commercial Services & Supplies (1.6%)*** | ***Commercial Services & Supplies (1.6%)*** |
|  Brink's Co. (The) | 33822 |  | 3948042 |
|  Clean Harbors, Inc.\* | 40889 |  | 9587653 |
|  MSA Safety, Inc. | 29961 |  | 4797954 |
|  RB Global, Inc. | 151170 |  | 15550858 |
|  Tetra Tech, Inc. | 212818 |  | 7137916 |
|  |  |  | 41022423 |
|  ***Construction & Engineering (2.3%)*** | ***Construction & Engineering (2.3%)*** | ***Construction & Engineering (2.3%)*** | ***Construction & Engineering (2.3%)*** |
|  AECOM | 107823 |  | 10278767 |
|  API Group Corp.\* | 301340 |  | 11529268 |
|  Dycom Industries, Inc.\* | 23571 |  | 7964641 |
|  Fluor Corp.\* | 131217 |  | 5200130 |
|  MasTec, Inc.\* | 49934 |  | 10854153 |
|  Sterling Infrastructure, Inc.\* | 25008 |  | 7658200 |
|  Valmont Industries, Inc. | 16038 |  | 6452408 |
|  |  |  | 59937567 |
|  ***Electrical Equipment (1.9%)*** | ***Electrical Equipment (1.9%)*** | ***Electrical Equipment (1.9%)*** | ***Electrical Equipment (1.9%)*** |
|  Acuity, Inc. | 24759 |  | 8914231 |
|  EnerSys | 30047 |  | 4409397 |
|  Nextpower, Inc., Class A\* | 120800 |  | 10522888 |
|  nVent Electric plc | 131362 |  | 13394983 |
|  Regal Rexnord Corp. | 54047 |  | 7583875 |
|  Sensata Technologies Holding plc | 118596 |  | 3948061 |
|  |  |  | 48773435 |
|  ***Ground Transportation (1.5%)*** | ***Ground Transportation (1.5%)*** | ***Ground Transportation (1.5%)*** | ***Ground Transportation (1.5%)*** |
|  Avis Budget Group, Inc. (x)\* | 13754 |  | 1764913 |
|  Knight-Swift Transportation Holdings, Inc., Class A | 132158 |  | 6909220 |
|  Landstar System, Inc. | 27960 |  | 4017852 |
|  Ryder System, Inc. | 32870 |  | 6290989 |
|  Saia, Inc.\* | 21690 |  | 7082219 |
|  XPO, Inc.\* | 95561 |  | 12987696 |
|  |  |  | 39052889 |

---

See Notes to Financial Statements.

1035

------

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Machinery (5.4%)*** | ***Machinery (5.4%)*** | ***Machinery (5.4%)*** |
|  AGCO Corp. | 50423 | $5260127 |
|  Chart Industries, Inc.\* | 35976 | 7419331 |
|  CNH Industrial NV | 720427 | 6642337 |
|  Crane Co. | 39856 | 7350642 |
|  Donaldson Co., Inc. | 94297 | 8360372 |
|  Esab Corp. | 46459 | 5190400 |
|  Flowserve Corp. | 103484 | 7179720 |
|  Graco, Inc. | 134971 | 11063573 |
|  ITT, Inc. | 69165 | 12000819 |
|  Lincoln Electric Holdings, Inc. | 44796 | 10734914 |
|  Middleby Corp. (The)\* | 37726 | 5608724 |
|  Mueller Industries, Inc. | 90375 | 10375050 |
|  Oshkosh Corp. | 51494 | 6469191 |
|  RBC Bearings, Inc.\* | 25627 | 11491916 |
|  SPX Technologies, Inc.\* | 40571 | 8116634 |
|  Terex Corp. | 53404 | 2850706 |
|  Timken Co. (The) | 51603 | 4341360 |
|  Toro Co. (The) | 79271 | 6240213 |
|  Watts Water Technologies, Inc., Class A | 22312 | 6158558 |
|  |  | 142854587 |
|  ***Marine Transportation (0.2%)*** | ***Marine Transportation (0.2%)*** | ***Marine Transportation (0.2%)*** |
|  Kirby Corp.\* | 44124 | 4861582 |
|  ***Passenger Airlines (0.5%)*** | ***Passenger Airlines (0.5%)*** | ***Passenger Airlines (0.5%)*** |
|  Alaska Air Group, Inc.\* | 94425 | 4749577 |
|  American Airlines Group, Inc.\* | 537369 | 8237867 |
|  |  | 12987444 |
|  ***Professional Services (2.9%)*** | ***Professional Services (2.9%)*** | ***Professional Services (2.9%)*** |
|  Booz Allen Hamilton Holding Corp. | 98750 | 8330550 |
|  CACI International, Inc., Class A\* | 17975 | 9577260 |
|  Concentrix Corp. | 35985 | 1496256 |
|  ExlService Holdings, Inc.\* | 129197 | 5483121 |
|  Exponent, Inc. | 40612 | 2820909 |
|  FTI Consulting, Inc.\* | 24638 | 4208910 |
|  Genpact Ltd. | 130535 | 6106427 |
|  KBR, Inc. | 103381 | 4155916 |
|  Maximus, Inc. | 45874 | 3959844 |
|  Parsons Corp. (x)\* | 43346 | 2678783 |
|  Paylocity Holding Corp.\* | 35860 | 5468650 |
|  Science Applications International Corp. | 37466 | 3771328 |
|  TransUnion | 158096 | 13556732 |
|  UL Solutions, Inc., Class A | 61264 | 4831279 |
|  |  | 76445965 |
|  ***Trading Companies & Distributors (1.6%)*** | ***Trading Companies & Distributors (1.6%)*** | ***Trading Companies & Distributors (1.6%)*** |
|  Applied Industrial Technologies, Inc. | 30706 | 7884380 |
|  Core & Main, Inc., Class A\* | 155238 | 8067719 |
|  GATX Corp. | 29063 | 4929085 |
|  MSC Industrial Direct Co., Inc., Class A | 37243 | 3132136 |
|  Watsco, Inc. | 28431 | 9579825 |
|  WESCO International, Inc. | 39602 | 9688233 |
|  |  | 43281378 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 613947499 |
|  **Information Technology (13.9%)** | **Information Technology (13.9%)** | **Information Technology (13.9%)** |
|  ***Communications Equipment (1.8%)*** | ***Communications Equipment (1.8%)*** | ***Communications Equipment (1.8%)*** |
|  Ciena Corp.\* | 114832 | 26855760 |
|  Lumentum Holdings, Inc.\* | 57719 | 21274646 |
|  |  | 48130406 |
|  ***Electronic Equipment, Instruments & Components (3.7%)*** | ***Electronic Equipment, Instruments & Components (3.7%)*** | ***Electronic Equipment, Instruments & Components (3.7%)*** |
|  Arrow Electronics, Inc.\* | 41935 | 4620398 |
|  Avnet, Inc. | 66209 | 3183329 |
|  Belden, Inc. | 31994 | 3728901 |
|  Cognex Corp. | 136440 | 4909111 |
|  Coherent Corp.\* | 127938 | 23613517 |
|  Crane NXT Co. | 40202 | 1892308 |
|  Fabrinet\* | 29166 | 13278696 |
|  Flex Ltd.\* | 301043 | 18189018 |
|  IPG Photonics Corp.\* | 20576 | 1473242 |
|  Littelfuse, Inc. | 20272 | 5127194 |
|  Novanta, Inc.\* | 29124 | 3465465 |
|  TD SYNNEX Corp. | 61657 | 9262731 |
|  Vontier Corp. | 118124 | 4391850 |
|  |  | 97135760 |
|  ***IT Services (1.4%)*** | ***IT Services (1.4%)*** | ***IT Services (1.4%)*** |
|  ASGN, Inc.\* | 34762 | 1674486 |
|  Kyndryl Holdings, Inc.\* | 186072 | 4942072 |
|  Okta, Inc.\* | 137141 | 11858582 |
|  Twilio, Inc., Class A\* | 123426 | 17556114 |
|  |  | 36031254 |
|  ***Semiconductors & Semiconductor Equipment (2.7%)*** | ***Semiconductors & Semiconductor Equipment (2.7%)*** | ***Semiconductors & Semiconductor Equipment (2.7%)*** |
|  Allegro MicroSystems, Inc.\* | 100970 | 2663589 |
|  Amkor Technology, Inc. | 92569 | 3654624 |
|  Cirrus Logic, Inc.\* | 41543 | 4922845 |
|  Entegris, Inc. | 123416 | 10397798 |
|  Lattice Semiconductor Corp.\* | 111356 | 8193574 |
|  MACOM Technology Solutions Holdings, Inc.\* | 52138 | 8930197 |
|  MKS, Inc. | 54682 | 8738184 |
|  Onto Innovation, Inc.\* | 39899 | 6298456 |
|  Rambus, Inc.\* | 87637 | 8052964 |
|  Silicon Laboratories, Inc.\* | 26745 | 3495572 |
|  Synaptics, Inc.\* | 31741 | 2349469 |
|  Universal Display Corp. | 35994 | 4203379 |
|  |  | 71900651 |
|  ***Software (3.7%)*** | ***Software (3.7%)*** | ***Software (3.7%)*** |
|  Appfolio, Inc., Class A\* | 18783 | 4369865 |
|  Bentley Systems, Inc., Class B | 121242 | 4627201 |
|  BILL Holdings, Inc.\* | 72568 | 3957859 |
|  Blackbaud, Inc.\* | 29857 | 1890545 |
|  Commvault Systems, Inc.\* | 35896 | 4499922 |
|  Docusign, Inc.\* | 163717 | 11198243 |
|  Dolby Laboratories, Inc., Class A | 49809 | 3198734 |
|  Dropbox, Inc., Class A\* | 141996 | 3947489 |
|  Dynatrace, Inc.\* | 245438 | 10637283 |
|  Guidewire Software, Inc.\* | 69213 | 13912505 |
|  Manhattan Associates, Inc.\* | 49055 | 8501722 |
|  Nutanix, Inc., Class A\* | 220444 | 11394750 |
|  Pegasystems, Inc. | 74612 | 4455829 |
|  Qualys, Inc.\* | 29192 | 3879617 |
|  UiPath, Inc., Class A\* | 342524 | 5613968 |
|  |  | 96085532 |
|  ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** |
|  Pure Storage, Inc., Class A\* | 254163 | 17031463 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 366315066 |

---

See Notes to Financial Statements.

1036

------

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Materials (5.4%)** | **Materials (5.4%)** | **Materials (5.4%)** |
|  ***Chemicals (1.3%)*** | ***Chemicals (1.3%)*** | ***Chemicals (1.3%)*** |
|  Ashland, Inc. | 37209 | $2183052 |
|  Avient Corp. | 74541 | 2328661 |
|  Axalta Coating Systems Ltd.\* | 173678 | 5611536 |
|  Cabot Corp. | 43313 | 2870785 |
|  NewMarket Corp. | 6350 | 4364101 |
|  Olin Corp. | 92906 | 1935232 |
|  RPM International, Inc. | 104382 | 10855728 |
|  Scotts Miracle-Gro Co. (The) | 36194 | 2111920 |
|  Westlake Corp. | 27151 | 2007545 |
|  |  | 34268560 |
|  ***Construction Materials (0.3%)*** | ***Construction Materials (0.3%)*** | ***Construction Materials (0.3%)*** |
|  Eagle Materials, Inc. | 26103 | 5394968 |
|  Knife River Corp.\* | 46130 | 3245245 |
|  |  | 8640213 |
|  ***Containers & Packaging (1.1%)*** | ***Containers & Packaging (1.1%)*** | ***Containers & Packaging (1.1%)*** |
|  AptarGroup, Inc. | 53420 | 6515103 |
|  Crown Holdings, Inc. | 92821 | 9557778 |
|  Graphic Packaging Holding Co. | 240257 | 3618270 |
|  Greif, Inc., Class A | 21305 | 1442349 |
|  Silgan Holdings, Inc. | 71399 | 2882378 |
|  Sonoco Products Co. | 80296 | 3504118 |
|  |  | 27519996 |
|  ***Metals & Mining (2.5%)*** | ***Metals & Mining (2.5%)*** | ***Metals & Mining (2.5%)*** |
|  Alcoa Corp. | 210820 | 11202975 |
|  Cleveland-Cliffs, Inc.\* | 463793 | 6159171 |
|  Commercial Metals Co. | 90338 | 6253196 |
|  Hecla Mining Co. | 545520 | 10468529 |
|  MP Materials Corp. (x)\* | 109654 | 5539720 |
|  Reliance, Inc. | 42566 | 12296041 |
|  Royal Gold, Inc. | 65959 | 14662026 |
|  |  | 66581658 |
|  ***Paper & Forest Products (0.2%)*** | ***Paper & Forest Products (0.2%)*** | ***Paper & Forest Products (0.2%)*** |
|  Louisiana-Pacific Corp. | 51593 | 4166651 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 141177078 |
|  **Real Estate (6.3%)** | **Real Estate (6.3%)** | **Real Estate (6.3%)** |
|  ***Diversified REITs (0.4%)*** | ***Diversified REITs (0.4%)*** | ***Diversified REITs (0.4%)*** |
|  WP Carey, Inc. (REIT) | 178404 | 11482082 |
|  ***Health Care REITs (0.7%)*** |  |  |
|  Healthcare Realty Trust, Inc. (REIT), Class A | 286258 | 4852073 |
|  Omega Healthcare Investors, Inc. (REIT) | 240587 | 10667628 |
|  Sabra Health Care REIT, Inc. (REIT) | 202993 | 3844687 |
|  |  | 19364388 |
|  ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** |
|  Park Hotels & Resorts, Inc. (REIT) (x) | 162735 | 1702208 |
|  ***Industrial REITs (1.0%)*** | ***Industrial REITs (1.0%)*** | ***Industrial REITs (1.0%)*** |
|  EastGroup Properties, Inc. (REIT) | 43358 | 7723794 |
|  First Industrial Realty Trust, Inc. (REIT) | 107803 | 6173878 |
|  Rexford Industrial Realty, Inc. (REIT) | 189111 | 7322378 |
|  STAG Industrial, Inc. (REIT) | 152031 | 5588659 |
|  |  | 26808709 |
|  ***Office REITs (0.5%)*** | ***Office REITs (0.5%)*** | ***Office REITs (0.5%)*** |
|  COPT Defense Properties (REIT) | 91968 | 2556710 |
|  Cousins Properties, Inc. (REIT) | 136739 | 3525131 |
|  Kilroy Realty Corp. (REIT) (x) | 88607 | 3311244 |
|  Vornado Realty Trust (REIT) | 131334 | 4370796 |
|  |  | 13763881 |
|  ***Real Estate Management & Development (0.5%)*** | ***Real Estate Management & Development (0.5%)*** | ***Real Estate Management & Development (0.5%)*** |
|  Jones Lang LaSalle, Inc.\* | 38421 | 12927514 |
|  ***Residential REITs (0.8%)*** | ***Residential REITs (0.8%)*** | ***Residential REITs (0.8%)*** |
|  American Homes 4 Rent (REIT), Class A | 265405 | 8519500 |
|  Equity LifeStyle Properties, Inc. (REIT) | 157793 | 9563834 |
|  Independence Realty Trust, Inc. (REIT) | 194347 | 3397186 |
|  |  | 21480520 |
|  ***Retail REITs (0.9%)*** | ***Retail REITs (0.9%)*** | ***Retail REITs (0.9%)*** |
|  Agree Realty Corp. (REIT) | 93409 | 6728250 |
|  Brixmor Property Group, Inc. (REIT) | 249193 | 6533841 |
|  Kite Realty Group Trust (REIT) | 176255 | 4224832 |
|  NNN REIT, Inc. (REIT) | 154613 | 6127313 |
|  |  | 23614236 |
|  ***Specialized REITs (1.4%)*** | ***Specialized REITs (1.4%)*** | ***Specialized REITs (1.4%)*** |
|  CubeSmart (REIT) | 185642 | 6692394 |
|  EPR Properties (REIT) | 61985 | 3093051 |
|  Gaming and Leisure Properties, Inc. (REIT) | 230394 | 10296308 |
|  Lamar Advertising Co. (REIT), Class A | 69727 | 8826044 |
|  National Storage Affiliates Trust (REIT) | 57622 | 1625516 |
|  PotlatchDeltic Corp. (REIT) | 57888 | 2302785 |
|  Rayonier, Inc. (REIT) | 120883 | 2617117 |
|  |  | 35453215 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 166596753 |
|  **Utilities (3.3%)** | **Utilities (3.3%)** | **Utilities (3.3%)** |
|  ***Electric Utilities (0.8%)*** | ***Electric Utilities (0.8%)*** | ***Electric Utilities (0.8%)*** |
|  IDACORP, Inc. | 43997 | 5568260 |
|  OGE Energy Corp. | 164006 | 7003056 |
|  Portland General Electric Co. | 90594 | 4347606 |
|  TXNM Energy, Inc. | 79804 | 4698860 |
|  |  | 21617782 |
|  ***Gas Utilities (1.1%)*** | ***Gas Utilities (1.1%)*** | ***Gas Utilities (1.1%)*** |
|  National Fuel Gas Co. | 73564 | 5889534 |
|  New Jersey Resources Corp. | 81776 | 3771509 |
|  ONE Gas, Inc. | 48845 | 3773276 |
|  Southwest Gas Holdings, Inc. | 52299 | 4184966 |
|  Spire, Inc. | 48052 | 3973900 |
|  UGI Corp. | 174967 | 6549015 |
|  |  | 28142200 |
|  ***Independent Power and Renewable Electricity Producers (0.8%)*** | ***Independent Power and Renewable Electricity Producers (0.8%)*** | ***Independent Power and Renewable Electricity Producers (0.8%)*** |
|  Ormat Technologies, Inc. | 49482 | 5466277 |
|  Talen Energy Corp.\* | 37194 | 13941799 |
|  |  | 19408076 |
|  ***Multi-Utilities (0.3%)*** | ***Multi-Utilities (0.3%)*** | ***Multi-Utilities (0.3%)*** |
|  Black Hills Corp. | 61442 | 4265304 |
|  Northwestern Energy Group, Inc. | 49991 | 3226419 |
|  |  | 7491723 |

---

See Notes to Financial Statements.

1037

------

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** |
|  Essential Utilities, Inc. | 230368 | $8836916 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 85496697 |
|  **Total Common Stocks (99.3%)**<br> *(Cost $1,680,926,472)* |  | 2608527421 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |
|  **Investment Companies (0.7%)** | **Investment Companies (0.7%)** | **Investment Companies (0.7%)** |
|  Allspring Government Money Market Fund, Select Shares 3.72% (7 day yield) (xx) | 2000000 | 2000000 |
|  Dreyfus Treasury Obligations Cash Management Fund 3.65% (7 day yield) (xx) | 5000000 | 5000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 9071427 | 9071427 |
|  Morgan Stanley Institutional Liquidity Fund – Government Portfolio 3.69% (7 day yield) (xx) | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | 18071427 |
|  **Total Short-Term Investments (0.7%)**<br> *(Cost $18,071,427)* | **Total Short-Term Investments (0.7%)**<br> *(Cost $18,071,427)* | 18071427 |
|  **Total Investments in Securities (100.0%)**<br> *(Cost $1,698,997,899)* |  | 2626598848 |
|  **Other Assets Less Liabilities (0.0%)†** |  | (462881) |
|  **Net Assets (100%)** |  | $2626135967 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $38,204,934. This was collateralized by $22,143,398 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/29/26 – 8/15/55 and by cash of $18,091,273 of which $18,071,427 was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Financial Services** |  |  |  |  |  |  |  |  |  |
|  Equitable Holdings, Inc. | 233263 | 12682598 | 204637 | (2033459) | 616760 | (355554) | 11114982 | 269349 |  |

---

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** |  |  |  |  |  |
|  S&P Midcap 400 E-Mini Index | 47 | 3/2026 | USD | 15628440 | (447430) |
|  |  |  |  |  | (447430) |

---

See Notes to Financial Statements.

1038

------

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets<br>for Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $51984949 | $— | $— | $51984949 |
|  Consumer Discretionary | 300769427 |  |  | 300769427 |
|  Consumer Staples | 111838881 |  |  | 111838881 |
|  Energy | 102756962 |  |  | 102756962 |
|  Financials | 436680798 |  |  | 436680798 |
|  Health Care | 230963311 |  |  | 230963311 |
|  Industrials | 613947499 |  |  | 613947499 |
|  Information Technology | 366315066 |  |  | 366315066 |
|  Materials | 141177078 |  |  | 141177078 |
|  Real Estate | 166596753 |  |  | 166596753 |
|  Utilities | 85496697 |  |  | 85496697 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 18071427 |  |  | 18071427 |
|  **Total Assets** | $**2626598848** | $**—** | $**—** | $**2626598848** |
|  **Liabilities:** |  |  |  |  |
|  **Futures** | $(447430) | $— | $— | $(447430) |
|  **Total Liabilities** | $**(447430)** | $**—** | $**—** | $**(447430)** |
|  **Total** | $**2626151418** | $**—** | $**—** | $**2626151418** |

---

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(447430) |
|  **Total** |  | $(447430) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(64661) | $(64661) |
|  **Total** | $(64661) | $(64661) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $165431 | $165431 |
|  **Total** | $165431 | $165431 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

See Notes to Financial Statements.

1039

------

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** |  |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $16219000.0 |

---

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $413004919.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $444827153.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1073365374 |
|  Aggregate gross unrealized depreciation | (146343110) |
|  Net unrealized appreciation | $927022264 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $1699129154 |

---

See Notes to Financial Statements.

1040

------

EQ/MID CAP INDEX PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $7,940,273) | $11114982.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $1,691,057,626) | 2615483866.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 21366082.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 2396461.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 1356982.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 431528.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 12989.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 9977.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 2652172867.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 18071427.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 5613968.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 845250.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 657091.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 557935.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 202103.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 89126.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 26036900.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $2626135967.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1682520176.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 943615791.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $2626135967.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $2,604,272,413 / 162,752,391 shares outstanding (unlimited amount authorized: $0.01 par value) | $16.0 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $21,863,554 / 1,325,613 shares outstanding (unlimited amount authorized: $0.01 par value) | $16.49 |

---

*(x)* *Includes value of securities on loan of $38,204,934.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($269,349 of dividend income received from affiliates) (net of $34,963 foreign withholding tax) | $36888430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 737442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 105162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 37731034 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 8465491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 6166666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 2252812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 144886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 131345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 96900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 85293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 55845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 17399238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (1000737) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voluntary waiver from investment manager | (526336) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 15872165 |
|  **NET INVESTMENT INCOME (LOSS)** | 21858869 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($616,760 realized gain (loss) from affiliates) | 126721505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (64661) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 126656844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($(355554) of change in unrealized appreciation (depreciation) from affiliates) | 17764128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 165431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 17929559 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 144586403 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $166445272 |

---

See Notes to Financial Statements.

1041

------

#### EQ ADVISORS TRUST
EQ/MID CAP INDEX PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $21858869 | $21051024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 126656844 | 167630998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 17929559 | 117158993 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 166445272 | 305841015 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (173827238) | (180636594) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (1497157) | (1681948) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (175324395) | (182318542) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 145,898 shares, respectively ] |  | 2370291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (8080367) shares, respectively ] |  | (133213293) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (562034) shares, respectively ] |  | (9104851) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (139947853) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 12,670,768 and 7,736,407 shares, respectively ] | 205183969 | 126327405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 8,280,090 shares, respectively ] |  | 133213293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 10,642,541 and 10,730,360 shares, respectively ] | 173827238 | 180636594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (16422886) and (15996867) shares, respectively ] | (263618498) | (262321994) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 115392709 | 177855298 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 68,708 and 114,162 shares, respectively ] | 1125147 | 1923610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 88,923 and 97,156 shares, respectively ] | 1497157 | 1681948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (237245) and (298276) shares, respectively ] | (3923950) | (5036589) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (1301646) | (1431031) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 114091063 | 36476414 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 105211940 | 159998887 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2520924027 | 2360925140 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $2626135967 | $2520924027 |

---

See Notes to Financial Statements.

1042

------

#### EQ ADVISORS TRUST
EQ/MID CAP INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $16.03 | $15.20 | $13.80 | $17.25 | $15.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.14 | 0.14 | 0.14 | 0.14 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.96 | 1.92 | 2.01 | (2.48) | 3.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.10 | 2.06 | 2.15 | (2.34) | 3.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.14) | (0.15) | (0.15) | (0.15) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.99) | (1.08) | (0.60) | (0.96) | (1.50) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.13) | (1.23) | (0.75) | (1.11) | (1.61) |
|  Net asset value, end of year | $16.00 | $16.03 | $15.20 | $13.80 | $17.25 |
|  Total return | 6.80% | 13.21% | 15.77% | (13.60)% | 23.87% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $2604272 | $2497763 | $2205336 | $1967768 | $2367101 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.64 %(i) | 0.65 %(i) | 0.66% | 0.66% | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.70% | 0.71% | 0.72% | 0.71% | 0.70% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.88% | 0.84% | 0.96% | 0.91% | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.81% | 0.79% | 0.90% | 0.86% | 0.57% |
|  Portfolio turnover rate^ | 17% | 17% | 20% | 14% | 18% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $16.48 | $15.60 | $14.14 | $17.64 | $15.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.19 | 0.18 | 0.18 | 0.18 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.99 | 1.97 | 2.07 | (2.54) | 3.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.18 | 2.15 | 2.25 | (2.36) | 3.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.18) | (0.19) | (0.19) | (0.18) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.99) | (1.08) | (0.60) | (0.96) | (1.50) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.17) | (1.27) | (0.79) | (1.14) | (1.65) |
|  Net asset value, end of year | $16.49 | $16.48 | $15.60 | $14.14 | $17.64 |
|  Total return | 7.10% | 13.44% | 16.08% | (13.37)% | 24.18% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $21864 | $23161 | $23272 | $22777 | $29909 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.39 %(i) | 0.40 %(i) | 0.41% | 0.41% | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.45% | 0.46% | 0.47% | 0.46% | 0.45% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.12% | 1.09% | 1.20% | 1.15% | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.06% | 1.03% | 1.14% | 1.10% | 0.82% |
|  Portfolio turnover rate^ | 17% | 17% | 20% | 14% | 18% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(i)* *Includes voluntary waiver from investment manager of 0.02%.* 

See Notes to Financial Statements.

1043

------

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (2.2%)** | **Communication Services (2.2%)** | **Communication Services (2.2%)** |
|  ***Diversified Telecommunication Services (0.1%)*** | ***Diversified Telecommunication Services (0.1%)*** | ***Diversified Telecommunication Services (0.1%)*** |
|  AST SpaceMobile, Inc., Class A (x)\* | 1410 | $102408 |
|  Frontier Communications Parent, Inc.\* | 19305 | 734941 |
|  GCI Liberty, Inc., Class A\* | 259 | 9549 |
|  GCI Liberty, Inc., Class C\* | 2050 | 76281 |
|  Iridium Communications, Inc. | 7195 | 125049 |
|  Liberty Global Ltd., Class A\* | 14469 | 161185 |
|  Liberty Global Ltd., Class C\* | 10858 | 119872 |
|  |  | 1329285 |
|  ***Entertainment (1.3%)*** | ***Entertainment (1.3%)*** | ***Entertainment (1.3%)*** |
|  Electronic Arts, Inc. | 20219 | 4131348 |
|  Liberty Live Holdings, Inc., Class A\* | 1537 | 125266 |
|  Liberty Live Holdings, Inc., Class C\* | 3781 | 314428 |
|  Liberty Media Corp.-Liberty Formula One, Class A\* | 1427 | 127545 |
|  Liberty Media Corp.-Liberty Formula One, Class C\* | 47038 | 4633714 |
|  Madison Square Garden Sports Corp.\* | 1313 | 339607 |
|  Roku, Inc.\* | 9079 | 984981 |
|  Take-Two Interactive Software, Inc.\* | 9632 | 2466081 |
|  TKO Group Holdings, Inc., Class A | 3129 | 653961 |
|  Warner Bros Discovery, Inc.\* | 186255 | 5367869 |
|  |  | 19144800 |
|  ***Interactive Media & Services (0.2%)*** | ***Interactive Media & Services (0.2%)*** | ***Interactive Media & Services (0.2%)*** |
|  IAC, Inc.\* | 55172 | 2157225 |
|  Match Group, Inc. | 19548 | 631205 |
|  Pinterest, Inc., Class A\* | 23639 | 612014 |
|  Trump Media & Technology Group Corp. (x)\* | 5880 | 77851 |
|  ZoomInfo Technologies, Inc., Class A\* | 22582 | 229659 |
|  |  | 3707954 |
|  ***Media (0.6%)*** | ***Media (0.6%)*** | ***Media (0.6%)*** |
|  Charter Communications, Inc., Class A\* | 6705 | 1399669 |
|  DoubleVerify Holdings, Inc.\* | 6100 | 69784 |
|  Fox Corp., Class A | 17028 | 1244236 |
|  Fox Corp., Class B | 11735 | 761954 |
|  Liberty Broadband Corp., Class A\* | 1297 | 62619 |
|  Liberty Broadband Corp., Class C\* | 7045 | 342387 |
|  New York Times Co. (The), Class A | 12708 | 882189 |
|  News Corp., Class A | 29955 | 782424 |
|  News Corp., Class B | 10222 | 302878 |
|  Nexstar Media Group, Inc., Class A | 2183 | 443258 |
|  NIQ Global Intelligence plc (x)\* | 1747 | 28808 |
|  Omnicom Group, Inc. | 25647 | 2070995 |
|  Sirius XM Holdings, Inc. | 14493 | 289788 |
|  |  | 8680989 |
|  ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** |
|  Millicom International Cellular SA | 7965 | 441580 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 33304608 |
|  **Consumer Discretionary (6.8%)** | **Consumer Discretionary (6.8%)** | **Consumer Discretionary (6.8%)** |
|  ***Automobile Components (0.4%)*** | ***Automobile Components (0.4%)*** | ***Automobile Components (0.4%)*** |
|  Aptiv plc\* | 17359 | 1320846 |
|  BorgWarner, Inc. | 17113 | 771112 |
|  Gentex Corp. | 18190 | 423281 |
|  Goodyear Tire & Rubber Co. (The)\* | 278000 | 2435280 |
|  Lear Corp. | 4113 | 471350 |
|  QuantumScape Corp., Class A\* | 36131 | 376485 |
|  |  | 5798354 |
|  ***Automobiles (0.4%)*** | ***Automobiles (0.4%)*** | ***Automobiles (0.4%)*** |
|  Ford Motor Co. | 312291 | 4097258 |
|  Harley-Davidson, Inc. | 8727 | 178816 |
|  Lucid Group, Inc., Class A (x)\* | 10189 | 107698 |
|  Rivian Automotive, Inc., Class A\* | 63137 | 1244430 |
|  Thor Industries, Inc. | 4039 | 414684 |
|  |  | 6042886 |
|  ***Broadline Retail (0.3%)*** | ***Broadline Retail (0.3%)*** | ***Broadline Retail (0.3%)*** |
|  Dillard's, Inc., Class A (x) | 258 | 156436 |
|  eBay, Inc. | 36211 | 3153978 |
|  Etsy, Inc.\* | 3471 | 192432 |
|  Macy's, Inc. | 21889 | 482652 |
|  Ollie's Bargain Outlet Holdings, Inc.\* | 4747 | 520319 |
|  |  | 4505817 |
|  ***Distributors (0.2%)*** | ***Distributors (0.2%)*** | ***Distributors (0.2%)*** |
|  Genuine Parts Co. | 11079 | 1362274 |
|  LKQ Corp. | 21216 | 640723 |
|  Pool Corp. | 2149 | 491584 |
|  |  | 2494581 |
|  ***Diversified Consumer Services (0.3%)*** | ***Diversified Consumer Services (0.3%)*** | ***Diversified Consumer Services (0.3%)*** |
|  ADT, Inc. | 41552 | 335325 |
|  Bright Horizons Family Solutions, Inc.\* | 3892 | 394649 |
|  Grand Canyon Education, Inc.\* | 1621 | 269588 |
|  H&R Block, Inc. | 8451 | 368295 |
|  OneSpaWorld Holdings Ltd. | 97572 | 2023643 |
|  Service Corp. International | 10824 | 843947 |
|  |  | 4235447 |
|  ***Hotels, Restaurants & Leisure (1.4%)*** | ***Hotels, Restaurants & Leisure (1.4%)*** | ***Hotels, Restaurants & Leisure (1.4%)*** |
|  Aramark | 20619 | 760016 |
|  Boyd Gaming Corp. | 4514 | 384773 |
|  Brightstar Lottery plc | 107654 | 1666484 |
|  Caesars Entertainment, Inc.\* | 16948 | 396414 |
|  Carnival Corp.\* | 59905 | 1829499 |
|  Choice Hotels International, Inc. (x) | 1497 | 142604 |
|  Churchill Downs, Inc. | 829 | 94324 |
|  Darden Restaurants, Inc. | 485 | 89250 |
|  Domino's Pizza, Inc. | 1764 | 735270 |
|  Flutter Entertainment plc, Class DI\* | 2171 | 466852 |
|  Hyatt Hotels Corp., Class A | 3168 | 507894 |
|  MGM Resorts International\* | 16230 | 592233 |
|  Norwegian Cruise Line Holdings Ltd.\* | 3514 | 78432 |
|  Penn Entertainment, Inc.\* | 11270 | 166233 |
|  Red Rock Resorts, Inc., Class A | 110365 | 6837112 |
|  Restaurant Brands International, Inc. | 9330 | 636586 |
|  Travel + Leisure Co. | 3146 | 221887 |
|  Vail Resorts, Inc. | 593 | 78750 |

---

See Notes to Financial Statements.

1044

------

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Wendy's Co. (The) (x) | 6642 | $| 55328 |
|  Wyndham Hotels & Resorts, Inc. | 41278 |  | 3118966 |
|  Wynn Resorts Ltd. | 6077 |  | 731245 |
|  Yum! Brands, Inc. | 14939 |  | 2259972 |
|  |  |  | 21850124 |
|  ***Household Durables (1.3%)*** | ***Household Durables (1.3%)*** | ***Household Durables (1.3%)*** | ***Household Durables (1.3%)*** |
|  Century Communities, Inc. | 17962 |  | 1066045 |
|  DR Horton, Inc. | 21064 |  | 3033848 |
|  Garmin Ltd. | 13134 |  | 2664232 |
|  Lennar Corp., Class A | 16269 |  | 1672453 |
|  Lennar Corp., Class B | 1024 |  | 97403 |
|  Mohawk Industries, Inc.\* | 3983 |  | 435342 |
|  Newell Brands, Inc. | 32452 |  | 120721 |
|  NVR, Inc.\* | 525 |  | 3828704 |
|  PulteGroup, Inc. | 15454 |  | 1812136 |
|  SharkNinja, Inc.\* | 5583 |  | 624738 |
|  Somnigroup International, Inc. | 28296 |  | 2526267 |
|  Toll Brothers, Inc. | 7797 |  | 1054310 |
|  TopBuild Corp.\* | 2057 |  | 858160 |
|  Whirlpool Corp. (x) | 4461 |  | 321816 |
|  |  |  | 20116175 |
|  ***Leisure Products (0.3%)*** | ***Leisure Products (0.3%)*** | ***Leisure Products (0.3%)*** | ***Leisure Products (0.3%)*** |
|  Brunswick Corp. | 5123 |  | 380331 |
|  Hasbro, Inc. | 10873 |  | 891586 |
|  Malibu Boats, Inc., Class A\* | 100346 |  | 2830761 |
|  Mattel, Inc.\* | 25182 |  | 499611 |
|  YETI Holdings, Inc.\* | 6186 |  | 273236 |
|  |  |  | 4875525 |
|  ***Specialty Retail (1.7%)*** | ***Specialty Retail (1.7%)*** | ***Specialty Retail (1.7%)*** | ***Specialty Retail (1.7%)*** |
|  AutoNation, Inc.\* | 2101 |  | 433815 |
|  Bath & Body Works, Inc. | 57230 |  | 1149178 |
|  Best Buy Co., Inc. | 15617 |  | 1045246 |
|  Boot Barn Holdings, Inc.\* | 8598 |  | 1517289 |
|  CarMax, Inc.\* | 38593 |  | 1491234 |
|  Dick's Sporting Goods, Inc. | 24352 |  | 4820965 |
|  Five Below, Inc.\* | 15719 |  | 2960831 |
|  Floor & Decor Holdings, Inc., Class A\* | 5991 |  | 364792 |
|  GameStop Corp., Class A\* | 33024 |  | 663122 |
|  Gap, Inc. (The) | 18097 |  | 463283 |
|  Lithia Motors, Inc., Class A | 1683 |  | 559311 |
|  Penske Automotive Group, Inc. | 1415 |  | 223980 |
|  RH\* | 1008 |  | 180583 |
|  Ross Stores, Inc. | 20378 |  | 3670893 |
|  Ulta Beauty, Inc.\* | 2741 |  | 1658332 |
|  Valvoline, Inc.\* | 114799 |  | 3336059 |
|  Wayfair, Inc., Class A\* | 6445 |  | 647143 |
|  Williams-Sonoma, Inc. | 8047 |  | 1437114 |
|  |  |  | 26623170 |
|  ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** |
|  Amer Sports, Inc.\* | 12246 |  | 457388 |
|  Birkenstock Holding plc\* | 3089 |  | 126340 |
|  Columbia Sportswear Co. | 1724 |  | 94975 |
|  Crocs, Inc.\* | 4017 |  | 343534 |
|  Lululemon Athletica, Inc.\* | 3523 |  | 732114 |
|  PVH Corp. | 3882 |  | 260172 |
|  Ralph Lauren Corp. | 2798 |  | 989401 |
|  Steven Madden Ltd. | 75772 |  | 3155146 |
|  Tapestry, Inc. | 1440 |  | 183989 |
|  Under Armour, Inc., Class A (x)\* | 12400 |  | 61628 |
|  Under Armour, Inc., Class C (x)\* | 18115 |  | 86952 |
|  VF Corp. | 27933 |  | 505029 |
|  |  |  | 6996668 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 103538747 |
|  **Consumer Staples (3.9%)** | **Consumer Staples (3.9%)** | **Consumer Staples (3.9%)** | **Consumer Staples (3.9%)** |
|  ***Beverages (0.2%)*** | ***Beverages (0.2%)*** | ***Beverages (0.2%)*** | ***Beverages (0.2%)*** |
|  Boston Beer Co., Inc. (The), Class A\* | 660 |  | 128786 |
|  Brown-Forman Corp., Class A | 3233 |  | 85060 |
|  Brown-Forman Corp., Class B (x) | 11837 |  | 308472 |
|  Coca-Cola Consolidated, Inc. | 3916 |  | 600323 |
|  Constellation Brands, Inc., Class A | 11396 |  | 1572192 |
|  Molson Coors Beverage Co., Class B | 13345 |  | 622945 |
|  Primo Brands Corp. | 19721 |  | 322438 |
|  |  |  | 3640216 |
|  ***Consumer Staples Distribution & Retail (1.2%)*** | ***Consumer Staples Distribution & Retail (1.2%)*** | ***Consumer Staples Distribution & Retail (1.2%)*** | ***Consumer Staples Distribution & Retail (1.2%)*** |
|  Albertsons Cos., Inc., Class A | 32259 |  | 553887 |
|  BJ's Wholesale Club Holdings, Inc.\* | 8876 |  | 799106 |
|  Casey's General Stores, Inc. | 2505 |  | 1384539 |
|  Dollar General Corp. | 17564 |  | 2331972 |
|  Dollar Tree, Inc.\* | 15427 |  | 1897675 |
|  Kroger Co. (The) | 48464 |  | 3028031 |
|  Maplebear, Inc.\* | 13443 |  | 604666 |
|  Performance Food Group Co.\* | 10755 |  | 967090 |
|  Sysco Corp. | 17959 |  | 1323399 |
|  US Foods Holding Corp.\* | 79407 |  | 5980935 |
|  |  |  | 18871300 |
|  ***Food Products (1.9%)*** | ***Food Products (1.9%)*** | ***Food Products (1.9%)*** | ***Food Products (1.9%)*** |
|  Archer-Daniels-Midland Co. | 38303 |  | 2202040 |
|  Bunge Global SA | 10781 |  | 960372 |
|  Campbell's Co. (The) (x) | 15432 |  | 430090 |
|  Conagra Brands, Inc. | 39003 |  | 675142 |
|  Darling Ingredients, Inc.\* | 10820 |  | 389520 |
|  Flowers Foods, Inc. | 15385 |  | 167389 |
|  Freshpet, Inc.\* | 2782 |  | 169507 |
|  General Mills, Inc. | 78434 |  | 3647181 |
|  Hershey Co. (The) | 10236 |  | 1862747 |
|  Hormel Foods Corp. | 23648 |  | 560458 |
|  Ingredion, Inc. | 5094 |  | 561664 |
|  J M Smucker Co. (The) | 8211 |  | 803118 |
|  Kraft Heinz Co. (The) | 68640 |  | 1664520 |
|  Lamb Weston Holdings, Inc. | 10764 |  | 450904 |
|  Marzetti Co. (The) | 13282 |  | 2183826 |
|  McCormick & Co., Inc. (Non-Voting) | 20199 |  | 1375754 |
|  Pilgrim's Pride Corp. | 3341 |  | 130266 |
|  Post Holdings, Inc.\* | 91689 |  | 9081795 |
|  Seaboard Corp. | 22 |  | 97786 |
|  Smithfield Foods, Inc. | 2592 |  | 57879 |
|  Tyson Foods, Inc., Class A | 22174 |  | 1299840 |
|  |  |  | 28771798 |
|  ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** |
|  Church & Dwight Co., Inc. | 19223 |  | 1611849 |
|  Clorox Co. (The) | 9857 |  | 993881 |
|  Reynolds Consumer Products, Inc. | 4349 |  | 99679 |
|  |  |  | 2705409 |

---

See Notes to Financial Statements.

1045

------

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  ***Personal Care Products (0.4%)*** | ***Personal Care Products (0.4%)*** | ***Personal Care Products (0.4%)*** |
|  BellRing Brands, Inc.\* | 9634 | $257517 |
|  Coty, Inc., Class A\* | 27704 | 85328 |
|  e.l.f. Beauty, Inc.\* | 4512 | 343092 |
|  Estee Lauder Cos., Inc. (The), Class A | 19821 | 2075655 |
|  Kenvue, Inc. | 152022 | 2622380 |
|  |  | 5383972 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 59372695 |
|  **Energy (4.4%)** | **Energy (4.4%)** | **Energy (4.4%)** |
|  ***Energy Equipment & Services (0.5%)*** | ***Energy Equipment & Services (0.5%)*** | ***Energy Equipment & Services (0.5%)*** |
|  Baker Hughes Co. | 79373 | 3614646 |
|  Halliburton Co. | 67388 | 1904385 |
|  NOV, Inc. | 29592 | 462523 |
|  TechnipFMC plc | 32008 | 1426277 |
|  Weatherford International plc | 5823 | 455708 |
|  |  | 7863539 |
|  ***Oil, Gas & Consumable Fuels (3.9%)*** | ***Oil, Gas & Consumable Fuels (3.9%)*** | ***Oil, Gas & Consumable Fuels (3.9%)*** |
|  Antero Midstream Corp. | 27254 | 484849 |
|  Antero Resources Corp.\* | 134964 | 4650859 |
|  APA Corp. | 28377 | 694101 |
|  Cheniere Energy, Inc. | 9396 | 1826488 |
|  Chord Energy Corp. | 22908 | 2123572 |
|  Civitas Resources, Inc. | 114649 | 3105841 |
|  Coterra Energy, Inc. | 260552 | 6857729 |
|  Devon Energy Corp. | 49754 | 1822489 |
|  Diamondback Energy, Inc. | 15224 | 2288624 |
|  DT Midstream, Inc. | 8039 | 962108 |
|  EQT Corp. | 49667 | 2662151 |
|  Expand Energy Corp. | 18136 | 2001489 |
|  HF Sinclair Corp. | 10851 | 500014 |
|  Kinder Morgan, Inc. | 155557 | 4276262 |
|  Marathon Petroleum Corp. | 24372 | 3963618 |
|  Matador Resources Co. | 9059 | 384464 |
|  Occidental Petroleum Corp. | 56502 | 2323362 |
|  ONEOK, Inc. | 50183 | 3688451 |
|  Ovintiv, Inc. | 20717 | 811899 |
|  Permian Resources Corp. | 56285 | 789679 |
|  Phillips 66 | 29976 | 3868103 |
|  Range Resources Corp. | 18750 | 661125 |
|  Valero Energy Corp. | 24367 | 3966704 |
|  Viper Energy, Inc., Class A | 87788 | 3391250 |
|  |  | 58105231 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 65968770 |
|  **Financials (13.8%)** | **Financials (13.8%)** | **Financials (13.8%)** |
|  ***Banks (4.3%)*** | ***Banks (4.3%)*** | ***Banks (4.3%)*** |
|  Ameris Bancorp | 34731 | 2579471 |
|  Bank OZK | 8505 | 391400 |
|  BOK Financial Corp. | 1651 | 195577 |
|  Cadence Bank | 33728 | 1444907 |
|  Citizens Financial Group, Inc. | 34995 | 2044058 |
|  Columbia Banking System, Inc. | 159447 | 4456544 |
|  Comerica, Inc. | 10190 | 885817 |
|  Commerce Bancshares, Inc. | 10490 | 549047 |
|  Cullen/Frost Bankers, Inc. | 4753 | 601872 |
|  East West Bancorp, Inc. | 10958 | 1231570 |
|  Fifth Third Bancorp | 54133 | 2533966 |
|  First Citizens BancShares, Inc., Class A | 728 | 1562419 |
|  First Hawaiian, Inc. | 10046 | 254164 |
|  First Horizon Corp. | 126607 | 3025907 |
|  FNB Corp. | 28587 | 488838 |
|  Huntington Bancshares, Inc. | 124109 | 2153291 |
|  KeyCorp | 75334 | 1554894 |
|  M&T Bank Corp. | 12430 | 2504396 |
|  National Bank Holdings Corp., Class A | 58339 | 2217465 |
|  Pinnacle Financial Partners, Inc. | 5628 | 536967 |
|  Popular, Inc. | 4809 | 598817 |
|  Prosperity Bancshares, Inc. | 7486 | 517357 |
|  Regions Financial Corp. | 71301 | 1932257 |
|  Seacoast Banking Corp. of Florida | 83849 | 2634536 |
|  SouthState Bank Corp. | 50069 | 4711994 |
|  Synovus Financial Corp. | 138886 | 6951244 |
|  TFS Financial Corp. | 3776 | 50523 |
|  Triumph Financial, Inc.\* | 39202 | 2455221 |
|  UMB Financial Corp. | 29346 | 3375964 |
|  Webster Financial Corp. | 143805 | 9051086 |
|  Western Alliance Bancorp | 6814 | 572853 |
|  Wintrust Financial Corp. | 5289 | 739508 |
|  Zions Bancorp NA | 11483 | 672215 |
|  |  | 65476145 |
|  ***Capital Markets (3.4%)*** | ***Capital Markets (3.4%)*** | ***Capital Markets (3.4%)*** |
|  Affiliated Managers Group, Inc. | 2225 | 641423 |
|  Ameriprise Financial, Inc. | 717 | 351574 |
|  Bank of New York Mellon Corp. (The) | 51972 | 6033429 |
|  Bullish\* | 2234 | 84602 |
|  Carlyle Group, Inc. (The) | 20927 | 1236995 |
|  Cboe Global Markets, Inc. | 8385 | 2104635 |
|  Coinbase Global, Inc., Class A\* | 16124 | 3646281 |
|  Evercore, Inc., Class A | 2914 | 991488 |
|  FactSet Research Systems, Inc. | 2830 | 821238 |
|  Franklin Resources, Inc. | 25213 | 602339 |
|  Freedom Holding Corp.(x)\* | 205 | 24944 |
|  Hamilton Lane, Inc., Class A | 1134 | 152308 |
|  Houlihan Lokey, Inc., Class A | 2641 | 460036 |
|  Invesco Ltd. | 29472 | 774229 |
|  Janus Henderson Group plc | 10238 | 487022 |
|  Jefferies Financial Group, Inc. | 9553 | 591999 |
|  Lazard, Inc. | 6059 | 294225 |
|  MarketAxess Holdings, Inc. | 2873 | 520731 |
|  Morningstar, Inc. | 613 | 133211 |
|  MSCI, Inc. | 2966 | 1701683 |
|  Nasdaq, Inc. | 36277 | 3523585 |
|  Northern Trust Corp. | 15239 | 2081495 |
|  Raymond James Financial, Inc. | 14349 | 2304306 |
|  Robinhood Markets, Inc., Class A\* | 51465 | 5820691 |
|  SEI Investments Co. | 7899 | 647876 |
|  State Street Corp. | 22390 | 2888534 |
|  Stifel Financial Corp. | 57967 | 7258628 |
| T. Rowe Price Group, Inc. | 17545 | 1796257 |
|  TPG, Inc., Class A | 23215 | 1482046 |
|  Tradeweb Markets, Inc., Class A | 8496 | 913660 |
|  Virtu Financial, Inc., Class A | 6610 | 220245 |
|  XP, Inc., Class A | 28326 | 463697 |
|  |  | 51055412 |
|  ***Consumer Finance (1.0%)*** | ***Consumer Finance (1.0%)*** | ***Consumer Finance (1.0%)*** |
|  Ally Financial, Inc. | 93846 | 4250285 |
|  Bread Financial Holdings, Inc. | 39666 | 2936474 |

---

See Notes to Financial Statements.

1046

------

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Credit Acceptance Corp. (x)\* | 326 | $| 144568 |
|  Figure Technology Solutions, Inc., Class A\* | 2247 |  | 91768 |
|  OneMain Holdings, Inc. | 9632 |  | 650642 |
|  PRA Group, Inc.\* | 101257 |  | 1791236 |
|  SLM Corp. | 13340 |  | 360980 |
|  SoFi Technologies, Inc.\* | 83917 |  | 2196947 |
|  Synchrony Financial | 28965 |  | 2416550 |
|  |  |  | 14839450 |
|  ***Financial Services (1.4%)*** | ***Financial Services (1.4%)*** | ***Financial Services (1.4%)*** | ***Financial Services (1.4%)*** |
|  Affirm Holdings, Inc., Class A\* | 8950 |  | 666149 |
|  Block, Inc., Class A\* | 27038 |  | 1759904 |
|  Euronet Worldwide, Inc.\* | 2948 |  | 224372 |
|  Fidelity National Information Services, Inc. | 42148 |  | 2801156 |
|  Global Payments, Inc. | 19548 |  | 1513015 |
|  Jack Henry & Associates, Inc. | 5782 |  | 1055099 |
|  MGIC Investment Corp. | 17690 |  | 516902 |
|  Rocket Cos., Inc., Class A | 407821 |  | 7895415 |
|  UWM Holdings Corp., Class A | 11240 |  | 49231 |
|  Voya Financial, Inc. | 54840 |  | 4085032 |
|  Western Union Co. (The) | 22298 |  | 207594 |
|  WEX, Inc.\* | 2584 |  | 384964 |
|  |  |  | 21158833 |
|  ***Insurance (3.5%)*** | ***Insurance (3.5%)*** | ***Insurance (3.5%)*** | ***Insurance (3.5%)*** |
|  Allstate Corp. (The) | 21181 |  | 4408825 |
|  American Financial Group, Inc. | 5361 |  | 732741 |
|  Arch Capital Group Ltd.\* | 28789 |  | 2761441 |
|  Assurant, Inc. | 4102 |  | 987967 |
|  Assured Guaranty Ltd. | 3643 |  | 327396 |
|  Axis Capital Holdings Ltd. | 6147 |  | 658282 |
|  Brighthouse Financial, Inc.\* | 4543 |  | 294341 |
|  Brown & Brown, Inc. | 33222 |  | 2647793 |
|  Cincinnati Financial Corp. | 12434 |  | 2030721 |
|  CNA Financial Corp. | 1975 |  | 94287 |
|  Everest Group Ltd. | 12538 |  | 4254770 |
|  F&G Annuities & Life, Inc. | 1238 |  | 38192 |
|  Fidelity National Financial, Inc. | 20646 |  | 1127065 |
|  First American Financial Corp. | 7811 |  | 479908 |
|  Globe Life, Inc. | 6651 |  | 930209 |
|  Hanover Insurance Group, Inc. (The) | 2937 |  | 536796 |
|  Hartford Insurance Group, Inc. (The) | 22754 |  | 3135501 |
|  Kemper Corp. | 78404 |  | 3178498 |
|  Lincoln National Corp. | 14160 |  | 630545 |
|  Loews Corp. | 32820 |  | 3456274 |
|  Markel Group, Inc.\* | 812 |  | 1745516 |
|  Old Republic International Corp. | 18592 |  | 848539 |
|  Primerica, Inc. | 2673 |  | 690596 |
|  Principal Financial Group, Inc. | 17870 |  | 1576313 |
|  Prudential Financial, Inc. | 28397 |  | 3205453 |
|  Reinsurance Group of America, Inc. | 5297 |  | 1077728 |
|  RenaissanceRe Holdings Ltd. | 20133 |  | 5660594 |
|  RLI Corp. | 6123 |  | 391750 |
|  Unum Group | 14017 |  | 1086318 |
|  W.R. Berkley Corp. | 23414 |  | 1641790 |
|  White Mountains Insurance Group Ltd. | 199 |  | 413528 |
|  Willis Towers Watson plc | 7712 |  | 2534163 |
|  |  |  | 53583840 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.2%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.2%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.2%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.2%)*** |
|  AGNC Investment Corp. (REIT) (x) | 85172 |  | 913044 |
|  Annaly Capital Management, Inc. (REIT) | 54164 |  | 1211107 |
|  Rithm Capital Corp. (REIT) | 44426 |  | 484243 |
|  Starwood Property Trust, Inc. (REIT) | 28169 |  | 507324 |
|  |  |  | 3115718 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 209229398 |
|  **Health Care (7.2%)** | **Health Care (7.2%)** | **Health Care (7.2%)** | **Health Care (7.2%)** |
|  ***Biotechnology (0.8%)*** | ***Biotechnology (0.8%)*** | ***Biotechnology (0.8%)*** | ***Biotechnology (0.8%)*** |
|  Biogen, Inc.\* | 11684 |  | 2056267 |
|  BioMarin Pharmaceutical, Inc.\* | 15490 |  | 920571 |
|  Caris Life Sciences, Inc.\* | 804 |  | 21692 |
|  Exact Sciences Corp.\* | 14072 |  | 1429152 |
|  Exelixis, Inc.\* | 3970 |  | 174005 |
|  Incyte Corp.\* | 9598 |  | 947995 |
|  Insmed, Inc.\* | 1054 |  | 183438 |
|  Ionis Pharmaceuticals, Inc.\* | 1019 |  | 80613 |
|  Moderna, Inc.\* | 28282 |  | 834036 |
|  Neurocrine Biosciences, Inc.\* | 1154 |  | 163672 |
|  Revolution Medicines, Inc.\* | 13845 |  | 1102754 |
|  Roivant Sciences Ltd.\* | 31597 |  | 685655 |
|  Sarepta Therapeutics, Inc.\* | 1281 |  | 27567 |
|  United Therapeutics Corp.\* | 7292 |  | 3553027 |
|  Viking Therapeutics, Inc.\* | 8249 |  | 290200 |
|  |  |  | 12470644 |
|  ***Health Care Equipment & Supplies (2.4%)*** | ***Health Care Equipment & Supplies (2.4%)*** | ***Health Care Equipment & Supplies (2.4%)*** | ***Health Care Equipment & Supplies (2.4%)*** |
|  Align Technology, Inc.\* | 5471 |  | 854297 |
|  Baxter International, Inc. | 40929 |  | 782153 |
|  Boston Scientific Corp.\* | 13988 |  | 1333756 |
|  Cooper Cos., Inc. (The)\* | 72052 |  | 5905382 |
|  Dentsply Sirona, Inc. | 16466 |  | 188206 |
|  Envista Holdings Corp.\* | 12687 |  | 275435 |
|  GE HealthCare Technologies, Inc. | 36616 |  | 3003244 |
|  Globus Medical, Inc., Class A\* | 9023 |  | 787798 |
|  Hologic, Inc.\* | 18184 |  | 1354526 |
|  ICU Medical, Inc.\* | 21130 |  | 3014617 |
|  LivaNova plc\* | 34982 |  | 2152442 |
|  Omnicell, Inc.\* | 38100 |  | 1725930 |
|  ResMed, Inc. | 8902 |  | 2144225 |
|  Solventum Corp.\* | 62490 |  | 4951708 |
|  STERIS plc | 7857 |  | 1991907 |
|  Teleflex, Inc. | 40090 |  | 4892584 |
|  Zimmer Biomet Holdings, Inc. | 15843 |  | 1424602 |
|  |  |  | 36782812 |
|  ***Health Care Providers & Services (1.2%)*** | ***Health Care Providers & Services (1.2%)*** | ***Health Care Providers & Services (1.2%)*** | ***Health Care Providers & Services (1.2%)*** |
|  Acadia Healthcare Co., Inc.\* | 66970 |  | 950304 |
|  Cardinal Health, Inc. | 9485 |  | 1949167 |
|  Centene Corp.\* | 39799 |  | 1637729 |
|  Chemed Corp. | 1060 |  | 453532 |
|  Encompass Health Corp. | 7941 |  | 842858 |
|  Henry Schein, Inc.\* | 8379 |  | 633285 |
|  Humana, Inc. | 9662 |  | 2474728 |
|  Labcorp Holdings, Inc. | 19529 |  | 4899435 |
|  Molina Healthcare, Inc.\* | 1854 |  | 321743 |
|  Quest Diagnostics, Inc. | 8918 |  | 1547541 |
|  Tenet Healthcare Corp.\* | 6979 |  | 1386867 |
|  Universal Health Services, Inc., Class B | 4342 |  | 946643 |
|  |  |  | 18043832 |

---

See Notes to Financial Statements.

1047

------

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** |
|  Certara, Inc.\* | 9851 | $86787 |
|  Veeva Systems, Inc., Class A\* | 2378 | 530841 |
|  |  | 617628 |
|  ***Life Sciences Tools & Services (2.3%)*** | ***Life Sciences Tools & Services (2.3%)*** | ***Life Sciences Tools & Services (2.3%)*** |
|  Agilent Technologies, Inc. | 22791 | 3101171 |
|  Avantor, Inc.\* | 52446 | 601031 |
|  Bio-Rad Laboratories, Inc., Class A\* | 1496 | 453273 |
|  Bio-Techne Corp. | 12409 | 729773 |
|  Bruker Corp. | 7985 | 376173 |
|  Charles River Laboratories International, Inc.\* | 3895 | 776975 |
|  Evotec SE (ADR)\* | 311820 | 960406 |
|  ICON plc\* | 43633 | 7950805 |
|  Illumina, Inc.\* | 44486 | 5834784 |
|  IQVIA Holdings, Inc.\* | 13514 | 3046191 |
|  Mettler-Toledo International, Inc.\* | 1645 | 2293443 |
|  QIAGEN NV | 17057 | 767053 |
|  Repligen Corp.\* | 3664 | 600383 |
|  Revvity, Inc. | 52258 | 5055962 |
|  Sotera Health Co.\* | 14827 | 261548 |
|  Waters Corp.\* | 2268 | 861454 |
|  West Pharmaceutical Services, Inc. | 5809 | 1598288 |
|  |  | 35268713 |
|  ***Pharmaceuticals (0.4%)*** | ***Pharmaceuticals (0.4%)*** | ***Pharmaceuticals (0.4%)*** |
|  Elanco Animal Health, Inc. (x)\* | 38950 | 881439 |
|  Jazz Pharmaceuticals plc\* | 4644 | 789480 |
|  Organon & Co. | 21084 | 151172 |
|  Perrigo Co. plc | 130875 | 1821780 |
|  Royalty Pharma plc, Class A | 31240 | 1207114 |
|  Viatris, Inc. | 92594 | 1152795 |
|  |  | 6003780 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 109187409 |
|  **Industrials (15.8%)** | **Industrials (15.8%)** | **Industrials (15.8%)** |
|  ***Aerospace & Defense (2.0%)*** | ***Aerospace & Defense (2.0%)*** | ***Aerospace & Defense (2.0%)*** |
|  ATI, Inc.\* | 10778 | 1236883 |
|  BWX Technologies, Inc. | 6017 | 1039978 |
|  Carpenter Technology Corp. | 3164 | 996154 |
|  Curtiss-Wright Corp. | 3010 | 1659323 |
|  Ducommun, Inc.\* | 18091 | 1720997 |
|  Hexcel Corp. | 6484 | 479168 |
|  Huntington Ingalls Industries, Inc. | 29851 | 10151430 |
|  L3Harris Technologies, Inc. | 15034 | 4413531 |
|  Leonardo DRS, Inc. | 3754 | 127974 |
|  Loar Holdings, Inc.\* | 323 | 21964 |
|  Moog, Inc., Class A | 12360 | 3010278 |
|  StandardAero, Inc.\* | 97494 | 2796128 |
|  Textron, Inc. | 14194 | 1237291 |
|  Woodward, Inc. | 4814 | 1455368 |
|  |  | 30346467 |
|  ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** |
|  CH Robinson Worldwide, Inc. | 9396 | 1510501 |
|  Expeditors International of Washington, Inc. | 10879 | 1621080 |
|  GXO Logistics, Inc.\* | 8890 | 467969 |
|  Hub Group, Inc., Class A | 48957 | 2086058 |
|  |  | 5685608 |
|  ***Building Products (1.1%)*** | ***Building Products (1.1%)*** | ***Building Products (1.1%)*** |
|  A.O. Smith Corp. | 9156 | 612353 |
|  Advanced Drainage Systems, Inc. | 5643 | 817276 |
|  Allegion plc | 6833 | 1087950 |
|  Armstrong World Industries, Inc. | 2426 | 463609 |
|  Builders FirstSource, Inc.\* | 24757 | 2547248 |
|  Carlisle Cos., Inc. | 2935 | 938789 |
|  Fortune Brands Innovations, Inc. | 64876 | 3245097 |
|  Hayward Holdings, Inc.\* | 148149 | 2288902 |
|  Masco Corp. | 16647 | 1056419 |
|  Modine Manufacturing Co.\* | 10541 | 1407329 |
|  Owens Corning | 6648 | 743978 |
|  Simpson Manufacturing Co., Inc. | 3105 | 501364 |
|  Trex Co., Inc.\* | 9009 | 316036 |
|  |  | 16026350 |
|  ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** |
|  Clean Harbors, Inc.\* | 4036 | 946361 |
|  MSA Safety, Inc. | 2978 | 476897 |
|  RB Global, Inc. | 13870 | 1426807 |
|  Tetra Tech, Inc. | 16943 | 568268 |
|  Veralto Corp. | 11639 | 1161340 |
|  |  | 4579673 |
|  ***Construction & Engineering (0.5%)*** | ***Construction & Engineering (0.5%)*** | ***Construction & Engineering (0.5%)*** |
|  AECOM | 10604 | 1010879 |
|  API Group Corp.\* | 29426 | 1125839 |
|  EMCOR Group, Inc. | 2313 | 1415070 |
|  Everus Construction Group, Inc.\* | 4063 | 347630 |
|  Fluor Corp.\* | 33935 | 1344844 |
|  MasTec, Inc.\* | 3922 | 852525 |
|  Quanta Services, Inc. | 2652 | 1119303 |
|  Valmont Industries, Inc. | 1555 | 625608 |
|  WillScot Holdings Corp. | 10432 | 196435 |
|  |  | 8038133 |
|  ***Electrical Equipment (1.4%)*** | ***Electrical Equipment (1.4%)*** | ***Electrical Equipment (1.4%)*** |
|  Acuity, Inc. | 2453 | 883178 |
|  AMETEK, Inc. | 18402 | 3778115 |
|  Generac Holdings, Inc.\* | 13649 | 1861314 |
|  Hubbell, Inc., Class B | 4279 | 1900347 |
|  nVent Electric plc | 12755 | 1300627 |
|  Regal Rexnord Corp. | 60303 | 8461717 |
|  Rockwell Automation, Inc. | 8321 | 3237451 |
|  Sensata Technologies Holding plc | 11509 | 383135 |
|  |  | 21805884 |
|  ***Ground Transportation (1.0%)*** | ***Ground Transportation (1.0%)*** | ***Ground Transportation (1.0%)*** |
|  Avis Budget Group, Inc. (x)\* | 972 | 124727 |
|  JB Hunt Transport Services, Inc. | 6114 | 1188195 |
|  Knight-Swift Transportation Holdings, Inc., Class A | 12585 | 657944 |
|  Landstar System, Inc. | 2721 | 391007 |
|  Lyft, Inc., Class A\* | 26516 | 513615 |
|  Old Dominion Freight Line, Inc. | 14036 | 2200845 |
|  Ryder System, Inc. | 18820 | 3601960 |
|  Saia, Inc.\* | 2122 | 692875 |
|  Schneider National, Inc., Class B | 3731 | 98983 |
|  U-Haul Holding Co. (Nasdaq Stock Exchange)\* | 358 | 18047 |
|  U-Haul Holding Co. (New York Stock Exchange) | 5165 | 241412 |
|  XPO, Inc.\* | 39112 | 5315712 |
|  |  | 15045322 |

---

See Notes to Financial Statements.

1048

------

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  ***Machinery (4.1%)*** | ***Machinery (4.1%)*** | ***Machinery (4.1%)*** |
|  AGCO Corp. | 5013 | $522956 |
|  Allison Transmission Holdings, Inc. | 5587 | 546967 |
|  Atmus Filtration Technologies, Inc. | 39041 | 2026618 |
|  CNH Industrial NV | 71838 | 662346 |
|  Crane Co. | 3932 | 725179 |
|  Cummins, Inc. | 11051 | 5640983 |
|  Donaldson Co., Inc. | 9322 | 826488 |
|  Dover Corp. | 10842 | 2116792 |
|  Energy Recovery, Inc.\* | 125957 | 1699160 |
|  Esab Corp. | 29444 | 3289484 |
|  Flowserve Corp. | 10425 | 723286 |
|  Fortive Corp. | 25456 | 1405426 |
|  Gates Industrial Corp. plc\* | 324942 | 6976505 |
|  Graco, Inc. | 12982 | 1064135 |
|  Helios Technologies, Inc. | 50633 | 2708359 |
|  IDEX Corp. | 19791 | 3521611 |
|  Ingersoll Rand, Inc. | 31883 | 2525771 |
|  ITT, Inc. | 6811 | 1181777 |
|  JBT Marel Corp. | 23356 | 3519048 |
|  Lincoln Electric Holdings, Inc. | 4237 | 1015355 |
|  Middleby Corp. (The)\* | 3816 | 567325 |
|  Mueller Industries, Inc. | 8641 | 991987 |
|  Nordson Corp. | 4344 | 1044428 |
|  Oshkosh Corp. | 5088 | 639205 |
|  Otis Worldwide Corp. | 31247 | 2729425 |
|  Pentair plc | 13047 | 1358715 |
|  RBC Bearings, Inc.\* | 1973 | 884752 |
|  Snap-on, Inc. | 4105 | 1414583 |
|  Stanley Black & Decker, Inc. | 12634 | 938453 |
|  Timken Co. (The) | 4889 | 411312 |
|  Toro Co. (The) | 36635 | 2883907 |
|  Westinghouse Air Brake Technologies Corp. | 13673 | 2918502 |
|  Xylem, Inc. | 19459 | 2649927 |
|  |  | 62130767 |
|  ***Marine Transportation (0.0%)†*** | ***Marine Transportation (0.0%)†*** | ***Marine Transportation (0.0%)†*** |
|  Kirby Corp.\* | 4402 | 485012 |
|  ***Passenger Airlines (0.7%)*** | ***Passenger Airlines (0.7%)*** | ***Passenger Airlines (0.7%)*** |
|  Alaska Air Group, Inc.\* | 35299 | 1775540 |
|  American Airlines Group, Inc.\* | 49024 | 751538 |
|  Delta Air Lines, Inc. | 52454 | 3640307 |
|  Southwest Airlines Co. | 32954 | 1361989 |
|  United Airlines Holdings, Inc.\* | 26038 | 2911569 |
|  |  | 10440943 |
|  ***Professional Services (2.7%)*** | ***Professional Services (2.7%)*** | ***Professional Services (2.7%)*** |
|  Amentum Holdings, Inc.\* | 12847 | 372563 |
|  Booz Allen Hamilton Holding Corp. | 19668 | 1659192 |
|  Broadridge Financial Solutions, Inc. | 795 | 177420 |
|  CACI International, Inc., Class A\* | 6859 | 3654544 |
|  Clarivate plc\* | 28940 | 96660 |
|  Concentrix Corp. | 3732 | 155177 |
|  Dayforce, Inc.\* | 11351 | 785035 |
|  Equifax, Inc. | 8078 | 1752764 |
|  First Advantage Corp.\* | 199754 | 2902426 |
|  FTI Consulting, Inc.\* | 25697 | 4389818 |
|  Genpact Ltd. | 12738 | 595884 |
|  Jacobs Solutions, Inc. | 9535 | 1263006 |
|  KBR, Inc. | 9262 | 372332 |
|  Leidos Holdings, Inc. | 10210 | 1841884 |
|  ManpowerGroup, Inc. | 3690 | 109704 |
|  Parsons Corp.(x)\* | 4347 | 268645 |
|  Paychex, Inc. | 17721 | 1987942 |
|  Paycom Software, Inc. | 1917 | 305493 |
|  Paylocity Holding Corp.\* | 306 | 46665 |
|  Robert Half, Inc. | 7997 | 217198 |
|  Science Applications International Corp. | 3651 | 367510 |
|  SS&C Technologies Holdings, Inc. | 89878 | 7857135 |
|  TransUnion | 100478 | 8615988 |
|  Verisk Analytics, Inc. | 4443 | 993855 |
|  |  | 40788840 |
|  ***Trading Companies & Distributors (1.6%)*** | ***Trading Companies & Distributors (1.6%)*** | ***Trading Companies & Distributors (1.6%)*** |
|  Air Lease Corp., Class A | 8327 | 534843 |
|  Applied Industrial Technologies, Inc. | 3031 | 778270 |
|  Boise Cascade Co. | 44649 | 3286166 |
|  Core & Main, Inc., Class A\* | 6550 | 340404 |
|  Fastenal Co. | 16722 | 671054 |
|  Ferguson Enterprises, Inc. | 14579 | 3245723 |
|  MSC Industrial Direct Co., Inc., Class A | 3545 | 298135 |
|  QXO, Inc.(x)\* | 48798 | 941313 |
|  SiteOne Landscape Supply, Inc.\* | 2364 | 294460 |
|  United Rentals, Inc. | 5088 | 4117820 |
|  W.W. Grainger, Inc. | 503 | 507552 |
|  Watsco, Inc. | 2781 | 937058 |
|  WESCO International, Inc. | 37141 | 9086174 |
|  |  | 25038972 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 240411971 |
|  **Information Technology (8.2%)** | **Information Technology (8.2%)** | **Information Technology (8.2%)** |
|  ***Communications Equipment (0.6%)*** | ***Communications Equipment (0.6%)*** | ***Communications Equipment (0.6%)*** |
|  Ciena Corp.\* | 20599 | 4817488 |
|  F5, Inc.\* | 4663 | 1190277 |
|  Lumentum Holdings, Inc.\* | 5216 | 1922566 |
|  Viavi Solutions, Inc.\* | 105090 | 1872704 |
|  |  | 9803035 |
|  ***Electronic Equipment, Instruments & Components (2.1%)*** | ***Electronic Equipment, Instruments & Components (2.1%)*** | ***Electronic Equipment, Instruments & Components (2.1%)*** |
|  Arrow Electronics, Inc.\* | 4237 | 466833 |
|  Avnet, Inc. | 6764 | 325213 |
|  Belden, Inc. | 23099 | 2692188 |
|  CDW Corp. | 9773 | 1331083 |
|  Cognex Corp. | 13075 | 470439 |
|  Coherent Corp.\* | 12450 | 2297897 |
|  Corning, Inc. | 62724 | 5492113 |
|  Crane NXT Co. | 3835 | 180513 |
|  Flex Ltd.\* | 103065 | 6227187 |
|  Ingram Micro Holding Corp. (x) | 1222 | 26077 |
|  IPG Photonics Corp.\* | 2022 | 144775 |
|  Jabil, Inc. | 2919 | 665590 |
|  Keysight Technologies, Inc.\* | 13857 | 2815604 |
|  Littelfuse, Inc. | 1962 | 496229 |
|  Ralliant Corp. | 8949 | 455594 |
|  TD SYNNEX Corp. | 6181 | 928572 |
|  Teledyne Technologies, Inc.\* | 9199 | 4698205 |
|  Trimble, Inc.\* | 19010 | 1489434 |
|  Vontier Corp. | 11949 | 444264 |
|  Zebra Technologies Corp., Class A\* | 4026 | 977593 |
|  |  | 32625403 |

---

See Notes to Financial Statements.

1049

------

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  ***IT Services (1.8%)*** | ***IT Services (1.8%)*** | ***IT Services (1.8%)*** |
|  Akamai Technologies, Inc.\* | 11209 | $977985 |
|  Amdocs Ltd. | 43879 | 3532698 |
|  Cognizant Technology Solutions Corp., Class A | 38733 | 3214839 |
|  DXC Technology Co.\* | 14953 | 219062 |
|  EPAM Systems, Inc.\* | 4373 | 895940 |
|  Globant SA\* | 2861 | 187024 |
|  GoDaddy, Inc., Class A\* | 16889 | 2095587 |
|  Kyndryl Holdings, Inc.\* | 17106 | 454335 |
|  MongoDB, Inc.\* | 5704 | 2393912 |
|  Okta, Inc.\* | 8213 | 710178 |
|  Twilio, Inc., Class A\* | 9441 | 1342888 |
|  VeriSign, Inc. | 25273 | 6140075 |
|  Wix.com Ltd.\* | 43885 | 4559213 |
|  |  | 26723736 |
|  ***Semiconductors & Semiconductor Equipment (1.4%)*** | ***Semiconductors & Semiconductor Equipment (1.4%)*** | ***Semiconductors & Semiconductor Equipment (1.4%)*** |
|  Allegro MicroSystems, Inc.\* | 9466 | 249713 |
|  Amkor Technology, Inc. | 9132 | 360531 |
|  Cirrus Logic, Inc.\* | 4109 | 486916 |
|  Entegris, Inc. | 10020 | 844185 |
|  First Solar, Inc.\* | 8113 | 2119359 |
|  GLOBALFOUNDRIES, Inc.\* | 8293 | 289592 |
|  Lattice Semiconductor Corp.\* | 1671 | 122952 |
|  MACOM Technology Solutions Holdings, Inc.\* | 3779 | 647267 |
|  Microchip Technology, Inc. | 42558 | 2711796 |
|  MKS, Inc. | 31401 | 5017880 |
|  ON Semiconductor Corp.\* | 32723 | 1771950 |
|  Onto Innovation, Inc.\* | 3060 | 483052 |
|  Qnity Electronics, Inc. | 16727 | 1365760 |
|  Qorvo, Inc.\* | 6904 | 583457 |
|  Skyworks Solutions, Inc. | 11875 | 752994 |
|  Teradyne, Inc. | 12540 | 2427242 |
|  Universal Display Corp. | 3410 | 398220 |
|  |  | 20632866 |
|  ***Software (1.4%)*** | ***Software (1.4%)*** | ***Software (1.4%)*** |
|  Adeia, Inc. | 134243 | 2315692 |
|  Aurora Innovation, Inc., Class A\* | 93404 | 358671 |
|  BILL Holdings, Inc.\* | 6450 | 351783 |
|  CCC Intelligent Solutions Holdings, Inc.\* | 45721 | 363482 |
|  Circle Internet Group, Inc., Class A\* | 3243 | 257170 |
|  Docusign, Inc.\* | 4032 | 275789 |
|  Dolby Laboratories, Inc., Class A | 4651 | 298687 |
|  Dropbox, Inc., Class A\* | 11083 | 308107 |
|  Fair Isaac Corp.\* | 329 | 556214 |
|  Gen Digital, Inc. | 39682 | 1078954 |
|  nCino, Inc.\* | 7504 | 192403 |
|  Nutanix, Inc., Class A\* | 15830 | 818253 |
|  Pegasystems, Inc. | 26975 | 1610947 |
|  Progress Software Corp.\* | 115067 | 4943278 |
|  PTC, Inc.\* | 20210 | 3520784 |
|  Rubrik, Inc., Class A\* | 4300 | 328864 |
|  SailPoint, Inc.\* | 4923 | 99592 |
|  SentinelOne, Inc., Class A\* | 6794 | 101910 |
|  Teradata Corp.\* | 5941 | 180844 |
|  Tyler Technologies, Inc.\* | 604 | 274186 |
|  UiPath, Inc., Class A\* | 32831 | 538100 |
|  Unity Software, Inc.\* | 24347 | 1075407 |
|  Zoom Communications, Inc., Class A\* | 21294 | 1837459 |
|  |  | 21686576 |
|  ***Technology Hardware, Storage & Peripherals (0.9%)*** | ***Technology Hardware, Storage & Peripherals (0.9%)*** | ***Technology Hardware, Storage & Peripherals (0.9%)*** |
|  Hewlett Packard Enterprise Co. | 105043 | 2523133 |
|  HP, Inc. | 75604 | 1684457 |
|  NetApp, Inc. | 9658 | 1034275 |
|  Pure Storage, Inc., Class A\* | 3672 | 246061 |
|  Sandisk Corp.\* | 10789 | 2561093 |
|  Super Micro Computer, Inc.\* | 22231 | 650701 |
|  Western Digital Corp. | 27283 | 4700042 |
|  |  | 13399762 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 124871378 |
|  **Materials (5.2%)** | **Materials (5.2%)** | **Materials (5.2%)** |
|  ***Chemicals (2.0%)*** | ***Chemicals (2.0%)*** | ***Chemicals (2.0%)*** |
|  Albemarle Corp. | 9566 | 1353015 |
|  Ashland, Inc. | 75695 | 4441026 |
|  Avient Corp. | 42967 | 1342289 |
|  Axalta Coating Systems Ltd.\* | 16857 | 544650 |
|  Celanese Corp. | 8611 | 364073 |
|  CF Industries Holdings, Inc. | 13127 | 1015242 |
|  Corteva, Inc. | 54758 | 3670429 |
|  Dow, Inc. | 56751 | 1326838 |
|  DuPont de Nemours, Inc. | 33466 | 1345333 |
|  Eastman Chemical Co. | 9101 | 580917 |
|  Element Solutions, Inc. | 18027 | 450495 |
|  FMC Corp. | 10604 | 147077 |
|  Huntsman Corp. | 13856 | 138560 |
|  Ingevity Corp.\* | 52603 | 3113045 |
|  International Flavors & Fragrances, Inc. | 20484 | 1380417 |
|  LyondellBasell Industries NV, Class A | 20636 | 893539 |
|  Mosaic Co. (The) | 26019 | 626798 |
|  NewMarket Corp. | 428 | 294147 |
|  Olin Corp. | 9741 | 202905 |
|  PPG Industries, Inc. | 18171 | 1861801 |
|  Quaker Chemical Corp. | 23700 | 3254247 |
|  RPM International, Inc. | 10201 | 1060904 |
|  Scotts Miracle-Gro Co. (The) | 3379 | 197165 |
|  Westlake Corp. | 21217 | 1568785 |
|  |  | 31173697 |
|  ***Construction Materials (0.9%)*** | ***Construction Materials (0.9%)*** | ***Construction Materials (0.9%)*** |
|  Eagle Materials, Inc. | 2402 | 496445 |
|  James Hardie Industries plc (ADR)\* | 190209 | 3946837 |
|  Knife River Corp.\* | 54968 | 3866999 |
|  Martin Marietta Materials, Inc. | 4798 | 2987523 |
|  Vulcan Materials Co. | 10569 | 3014490 |
|  |  | 14312294 |
|  ***Containers & Packaging (1.0%)*** | ***Containers & Packaging (1.0%)*** | ***Containers & Packaging (1.0%)*** |
|  Amcor plc | 184391 | 1537821 |
|  AptarGroup, Inc. | 5199 | 634070 |
|  Avery Dennison Corp. | 6108 | 1110923 |
|  Ball Corp. | 22047 | 1167830 |
|  Crown Holdings, Inc. | 9278 | 955356 |
|  Graphic Packaging Holding Co. | 23801 | 358443 |

---

See Notes to Financial Statements.

1050

------

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  International Paper Co. | 41921 | $| 1651268 |
|  O-I Glass, Inc.\* | 203325 |  | 3001077 |
|  Packaging Corp. of America | 7053 |  | 1454540 |
|  Sealed Air Corp. | 11329 |  | 469360 |
|  Silgan Holdings, Inc. | 6787 |  | 273991 |
|  Smurfit WestRock plc | 41635 |  | 1610025 |
|  Sonoco Products Co. | 7707 |  | 336334 |
|  |  |  | 14561038 |
|  ***Metals & Mining (1.3%)*** | ***Metals & Mining (1.3%)*** | ***Metals & Mining (1.3%)*** | ***Metals & Mining (1.3%)*** |
|  Alcoa Corp. | 20872 |  | 1109138 |
|  Anglogold Ashanti plc | 35375 |  | 3016780 |
|  Cleveland-Cliffs, Inc.\* | 45657 |  | 606325 |
|  MP Materials Corp.(x)\* | 10652 |  | 538139 |
|  Nucor Corp. | 18352 |  | 2993395 |
|  Reliance, Inc. | 17730 |  | 5121665 |
|  Royal Gold, Inc. | 6595 |  | 1466003 |
|  Steel Dynamics, Inc. | 9822 |  | 1664338 |
|  Taseko Mines Ltd.\* | 459825 |  | 2602609 |
|  |  |  | 19118392 |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Louisiana-Pacific Corp. | 5145 |  | 415510 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 79580931 |
|  **Real Estate (7.6%)** | **Real Estate (7.6%)** | **Real Estate (7.6%)** | **Real Estate (7.6%)** |
|  ***Diversified REITs (0.3%)*** | ***Diversified REITs (0.3%)*** | ***Diversified REITs (0.3%)*** | ***Diversified REITs (0.3%)*** |
|  Essential Properties Realty Trust, Inc. (REIT) | 87619 |  | 2598780 |
|  WP Carey, Inc. (REIT) | 17151 |  | 1103838 |
|  |  |  | 3702618 |
|  ***Health Care REITs (0.8%)*** | ***Health Care REITs (0.8%)*** | ***Health Care REITs (0.8%)*** | ***Health Care REITs (0.8%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 38574 |  | 1887812 |
|  American Healthcare REIT, Inc. (REIT) | 28920 |  | 1360975 |
|  CareTrust REIT, Inc. (REIT) | 75219 |  | 2719919 |
|  Healthcare Realty Trust, Inc. (REIT), Class A | 26736 |  | 453175 |
|  Healthpeak Properties, Inc. (REIT) | 55539 |  | 893067 |
|  Medical Properties Trust, Inc. (REIT) (x) | 40964 |  | 204820 |
|  Omega Healthcare Investors, Inc. (REIT) | 23582 |  | 1045626 |
|  Ventas, Inc. (REIT) | 37485 |  | 2900589 |
|  |  |  | 11465983 |
|  ***Hotel & Resort REITs (0.3%)*** | ***Hotel & Resort REITs (0.3%)*** | ***Hotel & Resort REITs (0.3%)*** | ***Hotel & Resort REITs (0.3%)*** |
|  Host Hotels & Resorts, Inc. (REIT) | 54858 |  | 972632 |
|  Park Hotels & Resorts, Inc. (REIT) (x) | 16063 |  | 168019 |
|  Ryman Hospitality Properties, Inc. (REIT) | 42266 |  | 3999209 |
|  |  |  | 5139860 |
|  ***Industrial REITs (0.6%)*** | ***Industrial REITs (0.6%)*** | ***Industrial REITs (0.6%)*** | ***Industrial REITs (0.6%)*** |
|  Americold Realty Trust, Inc. (REIT) (x) | 22135 |  | 284656 |
|  EastGroup Properties, Inc. (REIT) | 4265 |  | 759767 |
|  First Industrial Realty Trust, Inc. (REIT) | 64233 |  | 3678624 |
|  Lineage, Inc. (REIT) | 5761 |  | 201635 |
|  Rexford Industrial Realty, Inc. (REIT) | 87439 |  | 3385638 |
|  STAG Industrial, Inc. (REIT) | 14604 |  | 536843 |
|  |  |  | 8847163 |
|  ***Office REITs (0.2%)*** | ***Office REITs (0.2%)*** | ***Office REITs (0.2%)*** | ***Office REITs (0.2%)*** |
|  BXP, Inc. (REIT) | 12687 |  | 856119 |
|  Cousins Properties, Inc. (REIT) | 13251 |  | 341611 |
|  Douglas Emmett, Inc. (REIT) | 130143 |  | 1430272 |
|  Highwoods Properties, Inc. (REIT) | 8349 |  | 215571 |
|  Kilroy Realty Corp. (REIT) (x) | 9175 |  | 342870 |
|  Vornado Realty Trust (REIT) | 14252 |  | 474306 |
|  |  |  | 3660749 |
|  ***Real Estate Management & Development (0.5%)*** | ***Real Estate Management & Development (0.5%)*** | ***Real Estate Management & Development (0.5%)*** | ***Real Estate Management & Development (0.5%)*** |
|  CBRE Group, Inc., Class A\* | 21294 |  | 3423862 |
|  CoStar Group, Inc.\* | 29284 |  | 1969056 |
|  Howard Hughes Holdings, Inc.\* | 2529 |  | 201739 |
|  Jones Lang LaSalle, Inc.\* | 2751 |  | 925629 |
|  Zillow Group, Inc., Class A\* | 3672 |  | 250540 |
|  Zillow Group, Inc., Class C\* | 13253 |  | 904120 |
|  |  |  | 7674946 |
|  ***Residential REITs (1.7%)*** | ***Residential REITs (1.7%)*** | ***Residential REITs (1.7%)*** | ***Residential REITs (1.7%)*** |
|  American Homes 4 Rent (REIT), Class A | 27662 |  | 887950 |
|  AvalonBay Communities, Inc. (REIT) | 11383 |  | 2063852 |
|  Camden Property Trust (REIT) | 45294 |  | 4985964 |
|  Equity LifeStyle Properties, Inc. (REIT) | 15548 |  | 942364 |
|  Equity Residential (REIT) | 30327 |  | 1911814 |
|  Essex Property Trust, Inc. (REIT) | 5080 |  | 1329334 |
|  Invitation Homes, Inc. (REIT) | 166464 |  | 4626035 |
|  Mid-America Apartment Communities, Inc. (REIT) | 54135 |  | 7519893 |
|  Sun Communities, Inc. (REIT) | 7965 |  | 986943 |
|  UDR, Inc. (REIT) | 24953 |  | 915276 |
|  |  |  | 26169425 |
|  ***Retail REITs (1.1%)*** | ***Retail REITs (1.1%)*** | ***Retail REITs (1.1%)*** | ***Retail REITs (1.1%)*** |
|  Agree Realty Corp. (REIT) | 8903 |  | 641283 |
|  Brixmor Property Group, Inc. (REIT) | 173209 |  | 4541540 |
|  Federal Realty Investment Trust (REIT) | 6898 |  | 695318 |
|  Kimco Realty Corp. (REIT) | 53065 |  | 1075628 |
|  NNN REIT, Inc. (REIT) | 14688 |  | 582086 |
|  Realty Income Corp. (REIT) | 73293 |  | 4131527 |
|  Regency Centers Corp. (REIT) | 14474 |  | 999140 |
|  Simon Property Group, Inc. (REIT) | 20331 |  | 3763471 |
|  |  |  | 16429993 |
|  ***Specialized REITs (2.1%)*** | ***Specialized REITs (2.1%)*** | ***Specialized REITs (2.1%)*** | ***Specialized REITs (2.1%)*** |
|  Crown Castle, Inc. (REIT) | 34728 |  | 3086277 |
|  CubeSmart (REIT) | 225277 |  | 8121236 |
|  Digital Realty Trust, Inc. (REIT) | 27599 |  | 4269841 |
|  EPR Properties (REIT) | 6285 |  | 313622 |
|  Extra Space Storage, Inc. (REIT) | 16833 |  | 2191993 |
|  Fermi, Inc. (REIT)(x)\* | 3202 |  | 25616 |
|  Gaming and Leisure Properties, Inc. (REIT) | 22128 |  | 988900 |
|  Iron Mountain, Inc. (REIT) | 23486 |  | 1948164 |
|  Millrose Properties, Inc. (REIT) | 11561 |  | 345327 |

---

See Notes to Financial Statements.

1051

------

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  National Storage Affiliates Trust (REIT) | 5891 | $166185 |
|  Rayonier, Inc. (REIT) | 12916 | 279631 |
|  SBA Communications Corp. (REIT) | 32687 | 6322647 |
|  VICI Properties, Inc. (REIT), Class A | 85802 | 2412752 |
|  Weyerhaeuser Co. (REIT) | 58123 | 1376934 |
|  |  | 31849125 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 114939862 |
|  **Utilities (4.2%)** | **Utilities (4.2%)** | **Utilities (4.2%)** |
|  ***Electric Utilities (1.7%)*** | ***Electric Utilities (1.7%)*** | ***Electric Utilities (1.7%)*** |
|  Alliant Energy Corp. | 20861 | 1356174 |
|  Edison International | 30482 | 1829530 |
|  Entergy Corp. | 35763 | 3305574 |
|  Evergy, Inc. | 18488 | 1340195 |
|  Eversource Energy | 29773 | 2004616 |
|  Exelon Corp. | 80994 | 3530528 |
|  FirstEnergy Corp. | 43928 | 1966657 |
|  IDACORP, Inc. | 4268 | 540158 |
|  OGE Energy Corp. | 16380 | 699426 |
|  PG&E Corp. | 175374 | 2818260 |
|  Pinnacle West Capital Corp. | 9769 | 866510 |
|  PPL Corp. | 59127 | 2070628 |
|  Xcel Energy, Inc. | 47364 | 3498305 |
|  |  | 25826561 |
|  ***Gas Utilities (0.9%)*** | ***Gas Utilities (0.9%)*** | ***Gas Utilities (0.9%)*** |
|  Atmos Energy Corp. | 12819 | 2148849 |
|  Chesapeake Utilities Corp. | 21986 | 2742973 |
|  MDU Resources Group, Inc. | 15936 | 311071 |
|  National Fuel Gas Co. | 7213 | 577473 |
|  ONE Gas, Inc. | 34062 | 2631289 |
|  UGI Corp. | 119727 | 4481382 |
|  |  | 12893037 |
|  ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** |
|  AES Corp. (The) | 56369 | 808331 |
|  Brookfield Renewable Corp. | 10955 | 420015 |
|  Clearway Energy, Inc., Class A | 3146 | 98847 |
|  Clearway Energy, Inc., Class C | 5723 | 190347 |
|  Talen Energy Corp.\* | 3633 | 1361794 |
|  |  | 2879334 |
|  ***Multi-Utilities (1.2%)*** | ***Multi-Utilities (1.2%)*** | ***Multi-Utilities (1.2%)*** |
|  Ameren Corp. | 21582 | 2155179 |
|  CenterPoint Energy, Inc. | 52112 | 1997974 |
|  CMS Energy Corp. | 24298 | 1699159 |
|  Consolidated Edison, Inc. | 28868 | 2867170 |
|  DTE Energy Co. | 16585 | 2139133 |
|  NiSource, Inc. | 38105 | 1591265 |
|  Public Service Enterprise Group, Inc. | 40227 | 3230228 |
|  WEC Energy Group, Inc. | 26167 | 2759572 |
|  |  | 18439680 |
|  ***Water Utilities (0.2%)*** | ***Water Utilities (0.2%)*** | ***Water Utilities (0.2%)*** |
|  American Water Works Co., Inc. | 15553 | 2029666 |
|  Essential Utilities, Inc. | 22347 | 857231 |
|  |  | 2886897 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 62925509 |
|  **Total Common Stocks (79.3%)**<br> *(Cost $900,149,965)* | **Total Common Stocks (79.3%)**<br> *(Cost $900,149,965)* | 1203331278 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  ***Equity (10.3%)*** | ***Equity (10.3%)*** | ***Equity (10.3%)*** |
|  iShares Core S&P Mid-Cap ETF | 8975 | 592350 |
|  iShares Morningstar Mid-Cap ETF (x) | 7464 | 617497 |
|  iShares Morningstar Mid-Cap Growth ETF | 116880 | 9331699 |
|  iShares Morningstar Mid-Cap Value ETF ‡ | 285711 | 23524930 |
|  iShares Russell Mid-Cap ETF (x) | 6120 | 589172 |
|  iShares Russell Mid-Cap Growth ETF (x) | 10808 | 1480048 |
|  iShares Russell Mid-Cap Value ETF (x) | 375175 | 52918434 |
|  iShares S&P Mid-Cap 400 Growth ETF (x) | 158940 | 15398107 |
|  State Street SPDR S&P 400 Mid Cap Value ETF (x) | 283888 | 24031119 |
|  Vanguard Mid-Cap Growth ETF (x) | 12100 | 3377594 |
|  Vanguard Mid-Cap Value ETF (x) | 133000 | 23590210 |
|  **Total Exchange Traded Funds (10.3%)**<br> *(Cost $66,315,006)*  | **Total Exchange Traded Funds (10.3%)**<br> *(Cost $66,315,006)*  | 155451160 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  ***Investment Companies (4.3%)*** | ***Investment Companies (4.3%)*** | ***Investment Companies (4.3%)*** |
|  Goldman Sachs Financial Square Government Fund 3.67% (7 day yield) (xx) | 1000000 | 1000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 7720338 | 7720338 |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 54063054 | 54084679 |
|  Morgan Stanley Institutional Liquidity Fund - Government Portfolio 3.69% (7 day yield) (xx) | 3000000 | 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | 65805017 |
|  **Total Short-Term Investments (4.3%)**<br> *(Cost $65,797,362)* | **Total Short-Term Investments (4.3%)**<br> *(Cost $65,797,362)* | 65805017 |
|  **Total Investments in Securities (93.9%)**<br> *(Cost $1,032,262,333)* | **Total Investments in Securities (93.9%)**<br> *(Cost $1,032,262,333)* | 1424587455 |
|  **Other Assets Less Liabilities (6.1%)** | **Other Assets Less Liabilities (6.1%)** | 92779101 |
|  **Net Assets (100%)** |  | $1517366556 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $13,470,733. This was collateralized by $2,296,493 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/15/26 – 8/15/55 and by cash of $11,726,016 of which $11,720,338 was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

See Notes to Financial Statements.

1052

------

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  iShares Morningstar Mid-Cap Value ETF | 285711 | 31034071 |  | (10160239) | 1885939 | 765159 | 23524930 | 601311 |  |

---

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount ($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P 500 E-Mini Index | 77 | 3/2026 | USD | 26536125 | 38964 |
|  S&P Midcap 400 E-Mini Index | 365 | 3/2026 | USD | 121369800 | (1764213) |
|  |  |  |  |  | (1725249) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1**<br> **Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2**<br> **Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3**<br> **Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $33304608 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $33304608 |
|  Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103538747 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103538747 |
|  Consumer Staples | 59372695 |  |  | 59372695 |
|  Energy | 65968770 |  |  | 65968770 |
|  Financials | 209229398 |  |  | 209229398 |
|  Health Care | 109187409 |  |  | 109187409 |
|  Industrials | 240411971 |  |  | 240411971 |
|  Information Technology | 124871378 |  |  | 124871378 |
|  Materials | 79580931 |  |  | 79580931 |
|  Real Estate | 114939862 |  |  | 114939862 |
|  Utilities | 62925509 |  |  | 62925509 |
|  **Exchange Traded Funds** | 155451160 |  |  | 155451160 |
|  **Futures** | 38964 |  |  | 38964 |

---

See Notes to Financial Statements.

1053

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EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1**<br> **Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2**<br> **Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3**<br> **Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | $65805017 | $— | $— | $65805017 |
|  **Total Assets** | $**1424626419** | $**—** | $**—** | $**1424626419** |
|  **Liabilities:** |  |  |  |  |
|  **Futures** | $(1764213) | $— | $— | $(1764213) |
|  **Total Liabilities** | $**(1764213)** | $**—** | $**—** | $**(1764213)** |
|  **Total** | $**1422862206** | $**—** | $**—** | $**1422862206** |

---

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $38964 |
|  **Total** |  | $38964 |
|  | **Liability Derivatives** |  |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | (1764213) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1764213 |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(46767608) | $(46767608) |
|  **Total** | $(46767608) | $(46767608) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $6566047 | $6566047 |
|  **Total** | $6566047 | $6566047 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $149759000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 195235000 |

---

See Notes to Financial Statements.

1054

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EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $566166617.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $752024522.0 |

---

During the year ended December 31, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 10%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 7%)\*** | **Net Realized<br>Gain (Loss)** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55397263 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51773071 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20612743 |

---

\* Represents percentage/amount of total Purchases and/or Sales.

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $473129834 |
|  Aggregate gross unrealized depreciation | (92279348) |
|  Net unrealized appreciation | $380850486 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $1042011720 |

---

For the period ended December 31, 2025, the Portfolio incurred approximately $790 as brokerage commissions with Bernstein Institutional Services, LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

1055

------

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $6,660,746) | $23524930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $1,025,601,587) | 1401062525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 95566111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 10334400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1774714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 153310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 10050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 6223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1532432263 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 11720338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 1571639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 697255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 358344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 322916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 160869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 91023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 2719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 140604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 15065707 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1517366556 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1157341643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 360024913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1517366556 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,508,661,352 / 98,736,514 shares outstanding (unlimited amount authorized: $0.01 par value) | $15.28 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $8,705,204 / 558,664 shares outstanding (unlimited amount authorized: $0.01 par value) | $15.58 |

---

*(x)* *Includes value of securities on loan of $13,470,733.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($601,311 of dividend income received from affiliates) (net of $25,506 foreign withholding tax) | $27107386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 4342950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 232002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 31682338 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 8187963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 3790484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1904847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 208000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 116830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 86733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 53459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 52482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 14400798 |
|  **NET INVESTMENT INCOME (LOSS)** | 17281540 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($1,885,939 realized gain (loss) from affiliates) | 123985631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (46767608) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 77218023 |
|  Change in unrealized appreciation (depreciation) on: | Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($765,159 of change in unrealized appreciation (depreciation) from affiliates) | (29556994) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 6566047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (22990947) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 54227076 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $71508616 |

---

See Notes to Financial Statements.

1056

------

#### EQ ADVISORS TRUST
EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $17281540 | $20689216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 77218023 | 184440414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (22990947) | (21624246) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 71508616 | 183505384 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (122710305) | (199169281) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (718323) | (1322214) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (123428628) | (200491495) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 78,755 shares, respectively ] |  | 1302838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (12226944) shares, respectively ] |  | (205100103) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (579462) shares, respectively ] |  | (9636752) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (213434017) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,215,687 and 938,942 shares, respectively ] | 18868795 | 15845481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 12,404,176 shares, respectively ] |  | 205100103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 7,864,703 and 11,955,501 shares, respectively ] | 122710305 | 199169281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (12229739) and (12668948) shares, respectively ] | (191536415) | (215515319) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (49957315) | 204599546 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 23,860 and 45,999 shares, respectively ] | 369522 | 796294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 45,158 and 77,989 shares, respectively ] | 718323 | 1322214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (184355) and (127809) shares, respectively ] | (2930371) | (2209068) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (1842526) | (90560) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (51799841) | (8925031) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (103719853) | (25911142) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1621086409 | 1646997551 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1517366556 | $1621086409 |

---

See Notes to Financial Statements.

1057

------

#### EQ ADVISORS TRUST
EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $15.80 | $16.01 | $15.07 | $18.30 | $16.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.18 | 0.21 | 0.19 | 0.14 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.62 | 1.73 | 1.76 | (2.81) | 4.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.80 | 1.94 | 1.95 | (2.67) | 4.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.24) | (0.23) | (0.15) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.13) | (1.91) | (0.78) | (0.41) | (2.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.32) | (2.15) | (1.01) | (0.56) | (2.47) |
|  Net asset value, end of year | $15.28 | $15.80 | $16.01 | $15.07 | $18.30 |
|  Total return | 4.98% | 11.66% | 13.19% | (14.58)% | 27.38% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $1508661 | $1610242 | $1429217 | $1397370 | $1818559 |
|  Ratio of expenses to average net assets (f) | 0.95% | 0.94% | 0.95% | 0.93% | 0.92% |
|  Ratio of net investment income (loss) to average net assets (f) | 1.13% | 1.25% | 1.22% | 0.84% | 0.51% |
|  Portfolio turnover rate ^ | 41% | 42% | 28% | 28% | 23% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $16.09 | $16.26 | $15.29 | $18.56 | $16.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.22 | 0.26 | 0.23 | 0.18 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.63 | 1.76 | 1.79 | (2.84) | 4.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.85 | 2.02 | 2.02 | (2.66) | 4.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.23) | (0.28) | (0.27) | (0.20) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.13) | (1.91) | (0.78) | (0.41) | (2.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.36) | (2.19) | (1.05) | (0.61) | (2.51) |
|  Net asset value, end of year | $15.58 | $16.09 | $16.26 | $15.29 | $18.56 |
|  Total return | 5.20% | 11.98% | 13.45% | (14.38)% | 27.76% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $8705 | $10845 | $11024 | $12403 | $15848 |
|  Ratio of expenses to average net assets (f) | 0.70% | 0.69% | 0.70% | 0.68% | 0.67% |
|  Ratio of net investment income (loss) to average net assets (f) | 1.38% | 1.50% | 1.46% | 1.10% | 0.77% |
|  Portfolio turnover rate ^ | 41% | 42% | 28% | 28% | 23% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

1058

------

EQ/MONEY MARKET PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |
|  **Repurchase Agreements (55.6%)** | **Repurchase Agreements (55.6%)** | **Repurchase Agreements (55.6%)** |
|  Banco Santander SA, 3.84%, dated 12/31/25, due 1/2/26, repurchase price $640,136,533, collateralized by various U.S. Government Agency Securities, ranging from 0.802%-8.500%, maturing 8/15/26-12/15/66; total market value $658,712,464. | $640000000 | $640000000 |
|  Bank of Nova Scotia (The), 3.81%, dated 12/31/25, due 1/2/26, repurchase price $250,052,917, collateralized by various U.S. Government Agency Securities, 4.000%, maturing 2/28/30; total market value $255,054,016. | 250000000 | 250000000 |
|  BofA Securities, Inc., 3.85%, dated 12/31/25, due 1/2/26, repurchase price $120,025,667, collateralized by various U.S. Government Agency Securities, ranging from 0.000%-4.875%, maturing 2/28/27-8/15/45; total market value $122,400,000. | 120000000 | 120000000 |
|  BofA Securities, Inc., 3.85%, dated 12/31/25, due 1/2/26, repurchase price $300,064,167, collateralized by various U.S. Government Agency Securities, ranging from 2.000%-6.500%, maturing 1/1/29-5/20/65; total market value $306,000,000. | 300000000 | 300000000 |
|  Credit Agricole Corporate and Investment Bank, 3.82%, dated 12/31/25, due 1/2/26, repurchase price $250,053,056, collateralized by various U.S. Government Treasury Securities, ranging from 1.875%-4.125%, maturing 7/31/26-11/30/30; total market value $255,000,036. | 250000000 | 250000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 1560000000 |
|  **U.S. Government Agency Securities (13.4%)** | **U.S. Government Agency Securities (13.4%)** | **U.S. Government Agency Securities (13.4%)** |
|  FFCB | FFCB | FFCB |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.01%),<br>3.71%, 5/20/26 (k) | 6800000 | 6800000 |
|  FHLB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.00%),<br>3.71%, 1/5/26 (k) | 35000000 | 35000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.00%),<br>3.71%, 1/14/26 (k) | 57500000 | 57500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.03%),<br>3.74%, 2/17/26 (k) | 8500000 | 8500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.03%),<br>3.74%, 2/19/26 (k) | 3900000 | 3900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.03%),<br>3.74%, 2/26/26 (k) | 7000000 | 7000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.00%),<br>3.71%, 3/20/26 (k) | 9600000 | 9600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR - 0.01%),<br>3.71%, 3/27/26 (k) | 11400000 | 11400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.01%),<br>3.71%, 4/14/26 (k) | 26000000 | 26000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.02%),<br>3.73%, 4/16/26 (k) | 12000000 | 12000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 4/17/26 (o)(p) | 7200000 | 7124740 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.01%),<br>3.71%, 4/20/26 (k) | 6900000 | 6900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 4/22/26 (o)(p) | 8700000 | 8603967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 4/24/26 (o)(p) | 3500000 | 3460692 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.02%),<br>3.72%, 5/7/26 (k) | 9500000 | 9500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 5/13/26 | 13500000 | 13500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.01%),<br>3.72%, 5/20/26 (k) | 4000000 | 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.03%),<br>3.74%, 5/28/26 (k) | 12000000 | 12000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.01%),<br>3.72%, 6/2/26 (k) | 5500000 | 5500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 6/3/26 | 10000000 | 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.01%),<br>3.72%, 6/5/26 (k) | 12000000 | 12000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.16%, 6/9/26 | 14600000 | 14600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.86%, 6/10/26 | 11900000 | 11900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.02%),<br>3.72%, 6/18/26 (k) | 6900000 | 6900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.03%),<br>3.74%, 6/29/26 (k) | 6000000 | 6000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 6/30/26 (o)(p) | 8500000 | 8351462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/6/26 | 23200000 | 23200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 11/6/26 | 12700000 | 12700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 12/4/26 | 11200000 | 11200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 12/4/26 | 11600000 | 11600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** | 376740861 |
|  **U.S. Treasury Obligations (31.8%)** | **U.S. Treasury Obligations (31.8%)** | **U.S. Treasury Obligations (31.8%)** |
|  U.S. Treasury Bills<br>3.92%, 1/2/26 (p) | 48300000 | 48294741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 1/15/26 (p) | 18100000 | 18072935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.86%, 1/20/26 (p) | 35100000 | 35028679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 1/22/26 (p) | 62700000 | 62555588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 1/29/26 (p) | 27300000 | 27217524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 2/10/26 (p) | 21600000 | 21509400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 2/12/26 (p) | 24600000 | 24486061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/17/26 (p) | 57300000 | 57020855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01%, 2/19/26 (p) | 37900000 | 37693920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 2/24/26 (p) | 9300000 | 9247897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 3/10/26 (p) | 5600000 | 5560122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 3/12/26 (p) | 12400000 | 12310066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 3/17/26 (p) | 13600000 | 13493750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 3/19/26 (p) | 23800000 | 23603162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 3/24/26 (p) | 27500000 | 27265104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 4/9/26 (p) | 12700000 | 12572256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 4/14/26 (p) | 28000000 | 27710799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 4/16/26 (p) | 20200000 | 19982892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 4/23/26 (p) | 18800000 | 18585931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 4/28/26 (p) | 14400000 | 14233626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 4/30/26 (p) | 12900000 | 12744784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 5/5/26 (p) | 14900000 | 14725645 |

---

See Notes to Financial Statements.

1059

------

EQ/MONEY MARKET PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 5/7/26 (p) | $| 13000000 | $12831650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 5/14/26 (p) |  | 19700000 | 19413972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 5/21/26 (p) |  | 13000000 | 12812439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 5/28/26 (p) |  | 18900000 | 18616768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 6/4/26 (p) |  | 38200000 | 37606001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.64%, 6/11/26 (p) |  | 8700000 | 8560708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 6/25/26 (p) |  | 13800000 | 13566214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 7/2/26 (p) |  | 12100000 | 11887074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/9/26 (p) |  | 15500000 | 15180603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 11/27/26 (p) |  | 26500000 | 25659508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/24/26 (p) |  | 11000000 | 10631298 |
|  U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury 3 Month Bill Money Market Yield + 0.25%), 3.85%, 1/31/26 (k) |  | 30000000 | 30002999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 2/28/26 |  | 5200000 | 5163189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/28/26 |  | 20300000 | 20310779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/31/26 |  | 4000000 | 4003391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/31/26 |  | 4000000 | 4010844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 6/30/26 |  | 3600000 | 3541997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/30/26 |  | 6000000 | 6013334 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury 3 Month Bill Money Market Yield + 0.18%), 3.78%, 7/31/26 (k) |  | 15000000 | 15000342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 7/31/26 |  | 1500000 | 1505445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 8/31/26 |  | 5200000 | 5201433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/30/26 |  | 13800000 | 13771290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/26 |  | 1200000 | 1208588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/31/26 |  | 7200000 | 7053448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/31/26 |  | 3500000 | 3511082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/30/26 |  | 15800000 | 15888894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/31/26 |  | 8400000 | 8207162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/31/26 |  | 17300000 | 17406569 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | 892482758 |
|  **Total Investments in Securities (100.8%)**<br> *(Amortized Cost $2,829,223,619)* | **Total Investments in Securities (100.8%)**<br> *(Amortized Cost $2,829,223,619)* | **Total Investments in Securities (100.8%)**<br> *(Amortized Cost $2,829,223,619)* | 2829223619 |
|  **Other Assets Less<br>Liabilities (-0.8%)** | **Other Assets Less<br>Liabilities (-0.8%)** | **Other Assets Less<br>Liabilities (-0.8%)** | (22943161) |
|  **Net Assets (100%)** |  |  | $2806280458 |
|  **Federal Income Tax Cost of Investments** | **Federal Income Tax Cost of Investments** | **Federal Income Tax Cost of Investments** | $2829223619 |

---

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of December 31, 2025.* 

*(o)* *Discount Note Security. Effective rate calculated as of December 31, 2025.* 

*(p)* *Yield to maturity.* 

*Glossary:* 

*FFCB* *— Federal Farm Credit Bank* 

*FHLB* *— Federal Home Loan Bank* 

*SOFR* *— Secured Overnight Financing Rate* 

See Notes to Financial Statements.

1060

------

EQ/MONEY MARKET PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs**<br> **(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Short-Term Investments** |  |  |  |  |
|  Repurchase Agreements | $— | $1560000000 | $— | $1560000000 |
|  U.S. Government Agency Securities |  | 27540861 |  | 27540861 |
|  U.S. Treasury Obligations |  | 730681972 |  | 730681972 |
|  **U.S. Government Agency Securities** |  |  |  |  |
|  U.S. Government Agency Securities |  | 349200000 |  | 349200000 |
|  **U.S. Treasury Obligations** |  |  |  |  |
|  U.S. Treasury Obligations |  | 161800786 |  | 161800786 |
|  **Total Assets** | $**—** | $**2829223619** | $**—** | $**2829223619** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**—** | $**2829223619** | $**—** | $**2829223619** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

See Notes to Financial Statements.

1061

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EQ/MONEY MARKET PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $1,269,223,619) | $1269223619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements<br>(Cost $1,560,000,000) | 1560000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1728247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 3751048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 12120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 2834715034 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 26612719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 720367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 437955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 208058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 141474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 312630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 28434576 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $2806280458 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $2806270866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 9592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $2806280458 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $661,931,579 / 661,434,324 shares outstanding (unlimited amount authorized: $0.01 par value) | $1.00 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $2,144,348,879 / 2,144,138,892 shares outstanding (unlimited amount authorized: $0.01 par value) | $1.00 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $113934761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 113934761 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 8316609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 4987610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 2415530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 1683619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 145684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 134698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 83477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 83300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 59980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 17910507 |
|  **NET INVESTMENT INCOME (LOSS)** | 96024254 |
|  **REALIZED GAIN (LOSS)** | **REALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 10641 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)**  | 10641 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $96034895 |

---

See Notes to Financial Statements.

1062

------

#### EQ ADVISORS TRUST
EQ/MONEY MARKET PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $96024254 | $107912516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 10641 | 463932 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 96034895 | 108376448 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (24254699) | (28275669) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (71782355) | (80089028) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (96037054) | (108364697) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 489,002,356 and 413,536,301 shares, respectively ] | 489233264 | 413909202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 24,245,379 and 28,250,238 shares, respectively ] | 24254699 | 28275669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (466290165) and (442733664) shares, respectively ] | (466493773) | (443136842) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | 46994190 | (951971) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 27,966,311,057 and 23,446,603,888 shares, respectively ] | 27968062862 | 23454366127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 71,778,186 and 80,063,032 shares, respectively ] | 71782355 | 80089028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (27788799682) and (23169548088) shares, respectively ] | (27790563557) | (23177455244) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 249281660 | 356999911 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 296275850 | 356047940 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 296273691 | 356059691 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2510006767 | 2153947076 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $2806280458 | $2510006767 |

---

See Notes to Financial Statements.

1063

------

#### EQ ADVISORS TRUST
EQ/MONEY MARKET PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IA** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IA** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.04 | 0.05 | 0.04 | 0.01 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.04 | 0.05 | 0.04 | 0.01 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.04) | (0.05) | (0.04) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.04) | (0.05) | (0.04) | (0.01) |  |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Total return | 3.66 | 4.65 | 4.47% | 1.11 | 0.16 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $661932 | $614938 | $615877 | $435756 | $330232 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers | 0.67 | 0.68 | 0.69% | 0.52 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers | 0.67 | 0.68 | 0.69% | 0.69 | 0.70 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers | 3.60 | 4.53 | 4.42% | 1.17 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers | 3.60 | 4.53 | 4.42% | 0.99 | (0.65) |
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.04 | 0.05 | 0.04 | 0.01 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.04 | 0.05 | 0.04 | 0.01 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.04) | (0.05) | (0.04) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.04) | (0.05) | (0.04) | (0.01) |  |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Total return | 3.66 | 4.65 | 4.47% | 1.11 | 0.16 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $2144349 | $1895069 | $1538070 | $1283116 | $1183684 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers | 0.67 | 0.68 | 0.69% | 0.52 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers | 0.67 | 0.68 | 0.69% | 0.69 | 0.70 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers | 3.60 | 4.52 | 4.40% | 1.14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers | 3.60 | 4.52 | 4.40% | 0.97 | (0.65) |

---

*#* *Per share amount is less than $0.005.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

See Notes to Financial Statements.

1064

------

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (1.2%)** | **Communication Services (1.2%)** | **Communication Services (1.2%)** |
|  ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** |
|  Anterix, Inc.\* | 1721 | $37570 |
|  Bandwidth, Inc., Class A\* | 1040 | 16068 |
|  Cogent Communications Holdings, Inc. (x) | 7164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154456 |
|  Globalstar, Inc.\* | 7381 | 450536 |
|  IDT Corp., Class B | 1815 | 92946 |
|  Lumen Technologies, Inc.\* | 124013 | 963581 |
|  |  | 1715157 |
|  ***Entertainment (0.3%)*** | ***Entertainment (0.3%)*** | ***Entertainment (0.3%)*** |
|  Atlanta Braves Holdings, Inc., Class A (x)\* | 1070 | 45464 |
|  Atlanta Braves Holdings, Inc., Class C\* | 6707 | 264591 |
|  Cinemark Holdings, Inc. | 15290 | 355340 |
|  CuriosityStream, Inc. | 4753 | 18061 |
|  Golden Matrix Group, Inc. (x)\* | 2920 | 2338 |
|  IMAX Corp.\* | 6410 | 236914 |
|  Madison Square Garden Entertainment Corp., Class A\* | 5852 | 315364 |
|  Playtika Holding Corp. | 2182 | 8619 |
|  Vivid Seats, Inc., Class A\* | 347 | 2502 |
|  |  | 1249193 |
|  ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** |
|  Arena Group Holdings, Inc. (The)\* | 2032 | 8128 |
|  Bumble, Inc., Class A\* | 1281 | 4573 |
|  Cargurus, Inc., Class A\* | 12111 | 464457 |
|  EverQuote, Inc., Class A\* | 4186 | 113022 |
|  fuboTV, Inc.\* | 48029 | 121033 |
|  Grindr, Inc.\* | 4989 | 67551 |
|  MediaAlpha, Inc., Class A\* | 4910 | 63585 |
|  QuinStreet, Inc.\* | 8015 | 115176 |
|  Rumble, Inc. (x)\* | 3871 | 24465 |
|  Travelzoo\* | 994 | 7077 |
|  TripAdvisor, Inc. (x)\* | 8272 | 120440 |
|  Yelp, Inc., Class A\* | 8878 | 269802 |
|  ZipRecruiter, Inc., Class A\* | 9140 | 35646 |
|  |  | 1414955 |
|  ***Media (0.2%)*** | ***Media (0.2%)*** | ***Media (0.2%)*** |
|  Boston Omaha Corp., Class A (x)\* | 265 | 3278 |
|  Emerald Holding, Inc. | 2156 | 9637 |
|  Entravision Communications Corp., Class A | 1743 | 5107 |
|  Gambling.com Group Ltd.\* | 2796 | 15266 |
|  Ibotta, Inc., Class A (x)\* | 2111 | 47983 |
|  John Wiley & Sons, Inc., Class A | 5651 | 173090 |
|  Magnite, Inc.\* | 20486 | 332488 |
|  Optimum Communications, Inc., Class A\* | 6235 | 10288 |
|  Stagwell, Inc., Class A\* | 17059 | 83419 |
|  TechTarget, Inc.\* | 451 | 2435 |
|  Thryv Holdings, Inc.\* | 5039 | 30486 |
|  USA TODAY Co., Inc. (x)\* | 18857 | 97114 |
|  |  | 810591 |
|  ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** |
|  Gogo, Inc.\* | 11285 | 52588 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 5242484 |
|  **Consumer Discretionary (10.0%)** | **Consumer Discretionary (10.0%)** | **Consumer Discretionary (10.0%)** |
|  ***Automobile Components (0.3%)*** | ***Automobile Components (0.3%)*** | ***Automobile Components (0.3%)*** |
|  Dorman Products, Inc.\* | 4057 | 499782 |
|  Fox Factory Holding Corp.\* | 1693 | 28967 |
|  LCI Industries | 383 | 46473 |
|  Patrick Industries, Inc. | 4773 | 517537 |
|  Solid Power, Inc. (x)\* | 2605 | 11071 |
|  XPEL, Inc.(m)\* | 3664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182870 |
|  |  | 1286700 |
|  ***Automobiles (0.0%)†*** | ***Automobiles (0.0%)†*** | ***Automobiles (0.0%)†*** |
|  Livewire Group, Inc.\* | 5928 | 26202 |
|  Broadline Retail (1.4%) | Broadline Retail (1.4%) | Broadline Retail (1.4%) |
|  Etsy, Inc.\* | 20276 | 1124101 |
|  Global-e Online Ltd.\* | 121884 | 4791260 |
|  Groupon, Inc.\* | 3760 | 66214 |
|  Savers Value Village, Inc.\* | 5528 | 51631 |
|  |  | 6033206 |
|  ***Diversified Consumer Services (0.7%)*** | ***Diversified Consumer Services (0.7%)*** | ***Diversified Consumer Services (0.7%)*** |
|  Adtalem Global Education, Inc.\* | 5255 | 543735 |
|  American Public Education, Inc.\* | 2487 | 94009 |
|  Carriage Services, Inc., Class A | 2136 | 90353 |
|  Coursera, Inc.\* | 21339 | 157055 |
|  Driven Brands Holdings, Inc.\* | 8680 | 128637 |
|  European Wax Center, Inc., Class A\* | 4653 | 16751 |
|  Frontdoor, Inc.\* | 10768 | 621206 |
|  KinderCare Learning Cos., Inc.\* | 5071 | 21907 |
|  Laureate Education, Inc.\* | 6464 | 217643 |
|  Lincoln Educational Services Corp.\* | 4491 | 108458 |
|  McGraw Hill, Inc.\* | 3033 | 50044 |
|  Mister Car Wash, Inc.\* | 13146 | 73092 |
|  Nerdy, Inc. (x)\* | 9349 | 9723 |
|  OneSpaWorld Holdings Ltd. | 14677 | 304401 |
|  Phoenix Education Partners, Inc.\* | 448 | 13574 |
|  Stride, Inc.\* | 6268 | 406981 |
|  Udemy, Inc.\* | 13492 | 78928 |
|  Universal Technical Institute, Inc.\* | 6944 | 181447 |
|  Zspace, Inc. (x)\* | 561 | 264 |
|  |  | 3118208 |
|  ***Hotels, Restaurants & Leisure (4.9%)*** | ***Hotels, Restaurants & Leisure (4.9%)*** | ***Hotels, Restaurants & Leisure (4.9%)*** |
|  Accel Entertainment, Inc., Class A\* | 7561 | 86271 |
|  Bally's Corp.\* | 1558 | 25738 |
|  BJ's Restaurants, Inc.\* | 1901 | 74899 |
|  Black Rock Coffee Bar, Inc., Class A (x)\* | 233155 | 5187699 |
|  Bloomin' Brands, Inc. | 7544 | 46547 |
|  Brinker International, Inc.\* | 6514 | 934889 |
|  Cava Group, Inc. (x)\* | 4384 | 257297 |
|  Cheesecake Factory, Inc. (The) (x) | 132845 | 6706016 |
|  Cracker Barrel Old Country Store, Inc. (x) | 857 | 21768 |
|  Dave & Buster's Entertainment, Inc. (x)\* | 4044 | 65553 |
|  Denny's Corp.\* | 723 | 4497 |
|  Dine Brands Global, Inc. (x) | 350 | 11249 |
|  First Watch Restaurant Group, Inc.\* | 8062 | 121575 |
|  Genius Sports Ltd.\* | 32119 | 353951 |
|  Global Business Travel Group I (x)\* | 16942 | 129606 |
|  Hilton Grand Vacations, Inc.\* | 8910 | 398723 |
|  Inspired Entertainment, Inc.\* | 3536 | 33097 |
|  Jack in the Box, Inc. (x) | 2173 | 41178 |
|  Kura Sushi USA, Inc., Class A (x)\* | 867 | 45370 |
|  Life Time Group Holdings, Inc.\* | 22220 | 590608 |
|  Lindblad Expeditions Holdings, Inc.\* | 5372 | 77464 |

---

See Notes to Financial Statements.

1065

------

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Monarch Casino & Resort, Inc. | 1900 | $| 181830 |
|  Nathan's Famous, Inc. | 385 |  | 36024 |
|  Navan, Inc., Class A\* | 4390 |  | 74981 |
|  Papa John's International, Inc. | 463 |  | 17821 |
|  Pursuit Attractions and Hospitality, Inc.\* | 240 |  | 8083 |
|  RCI Hospitality Holdings, Inc. | 834 |  | 19883 |
|  Red Rock Resorts, Inc., Class A | 3971 |  | 246003 |
|  Rush Street Interactive, Inc.\* | 13318 |  | 258769 |
|  Sabre Corp.\* | 15419 |  | 20970 |
|  Serve Robotics, Inc. (x)\* | 8147 |  | 84566 |
|  Shake Shack, Inc., Class A\* | 46608 |  | &nbsp;&nbsp;&nbsp;&nbsp;3783171 |
|  Six Flags Entertainment Corp. (x)\* | 11329 |  | 173787 |
|  Super Group SGHC Ltd. | 23375 |  | 279331 |
|  Sweetgreen, Inc., Class A (x)\* | 14975 |  | 101231 |
|  United Parks & Resorts, Inc. (x)\* | 3759 |  | 136452 |
|  Xponential Fitness, Inc., Class A\* | 4433 |  | 36484 |
|  |  |  | 20673381 |
|  ***Household Durables (0.8%)*** | ***Household Durables (0.8%)*** | ***Household Durables (0.8%)*** | ***Household Durables (0.8%)*** |
|  Cavco Industries, Inc.\* | 1147 |  | 677579 |
|  Champion Homes, Inc.\* | 8303 |  | 701604 |
|  Dream Finders Homes, Inc., Class A\* | 1184 |  | 20246 |
|  Green Brick Partners, Inc.\* | 1511 |  | 94679 |
|  Installed Building Products, Inc. (x) | 3411 |  | 884779 |
|  Lovesac Co. (The) (x)\* | 1403 |  | 20694 |
|  Sonos, Inc.\* | 16059 |  | 281996 |
|  Victoria plc (x)\* | 1139746 |  | 604542 |
|  |  |  | 3286119 |
|  ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** |
|  Acushnet Holdings Corp. | 4058 |  | 323910 |
|  Latham Group, Inc.\* | 5345 |  | 33941 |
|  Marine Products Corp. | 682 |  | 5974 |
|  Peloton Interactive, Inc., Class A\* | 20313 |  | 125128 |
|  Sturm Ruger & Co., Inc. | 714 |  | 23312 |
|  |  |  | 512265 |
|  ***Specialty Retail (1.6%)*** | ***Specialty Retail (1.6%)*** | ***Specialty Retail (1.6%)*** | ***Specialty Retail (1.6%)*** |
|  Abercrombie & Fitch Co., Class A\* | 6843 |  | 861328 |
|  Arhaus, Inc., Class A\* | 7622 |  | 85443 |
|  Arko Corp. | 1171 |  | 5316 |
|  BARK, Inc. (x)\* | 11578 |  | 6976 |
|  Bed Bath & Beyond, Inc.\* | 22550 |  | 123123 |
|  Boot Barn Holdings, Inc.\* | 4524 |  | 798350 |
|  Buckle, Inc. (The) | 4307 |  | 230080 |
|  Build-A-Bear Workshop, Inc. (x) | 1860 |  | 113962 |
|  Camping World Holdings, Inc., Class A | 8577 |  | 83454 |
|  Envela Corp.\* | 1074 |  | 14370 |
|  EVgo, Inc., Class A\* | 3491 |  | 10159 |
|  Floor & Decor Holdings, Inc., Class A\* | 50937 |  | 3101554 |
|  Genesco, Inc.\* | 102 |  | 2527 |
|  Group 1 Automotive, Inc. | 787 |  | 309527 |
|  MarineMax, Inc.\* | 163 |  | 3949 |
|  Petco Health & Wellness Co., Inc., Class A\* | 2218 |  | 6233 |
|  RealReal, Inc. (The)\* | 3974 |  | 62710 |
|  Revolve Group, Inc., Class A\* | 6029 |  | 182016 |
|  Sonic Automotive, Inc., Class A | 754 |  | 46642 |
|  Stitch Fix, Inc., Class A\* | 1274 |  | 6689 |
|  ThredUp, Inc., Class A\* | 14027 |  | 89633 |
|  Upbound Group, Inc. | 2671 |  | 46903 |
|  Urban Outfitters, Inc.\* | 3140 |  | 236316 |
|  Victoria's Secret & Co.\* | 3026 |  | 163918 |
|  Warby Parker, Inc., Class A\* | 14394 |  | 313645 |
|  |  |  | 6904823 |
|  ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** |
|  Ermenegildo Zegna NV (x) | 9227 |  | 94577 |
|  Figs, Inc., Class A\* | 13292 |  | 150997 |
|  Kontoor Brands, Inc. | 6548 |  | 400017 |
|  Steven Madden Ltd. | 897 |  | 37351 |
|  Wolverine World Wide, Inc. | 11983 |  | 217492 |
|  |  |  | 900434 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 42741338 |
|  **Consumer Staples (3.3%)** | **Consumer Staples (3.3%)** | **Consumer Staples (3.3%)** | **Consumer Staples (3.3%)** |
|  ***Beverages (0.1%)*** | ***Beverages (0.1%)*** | ***Beverages (0.1%)*** | ***Beverages (0.1%)*** |
|  National Beverage Corp.\* | 3522 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112316 |
|  Vita Coco Co., Inc. (The)\* | 7012 |  | 371706 |
|  Zevia PBC, Class A\* | 7955 |  | 18456 |
|  |  |  | 502478 |
|  ***Consumer Staples Distribution & Retail (0.2%)*** | ***Consumer Staples Distribution & Retail (0.2%)*** | ***Consumer Staples Distribution & Retail (0.2%)*** | ***Consumer Staples Distribution & Retail (0.2%)*** |
|  Chefs' Warehouse, Inc. (The)\* | 5343 |  | 333029 |
|  Natural Grocers by Vitamin Cottage, Inc. | 1888 |  | 47294 |
|  PriceSmart, Inc. | 3770 |  | 462466 |
|  |  |  | 842789 |
|  ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | ***Food Products (0.5%)*** |
|  BRC, Inc., Class A (x)\* | 14831 |  | 16462 |
|  Calavo Growers, Inc. | 2174 |  | 47285 |
|  Cal-Maine Foods, Inc. | 6517 |  | 518558 |
|  Forafric Global plc (x)\* | 520 |  | 5736 |
|  J & J Snack Foods Corp. | 2319 |  | 209568 |
|  John B Sanfilippo & Son, Inc. | 670 |  | 47302 |
|  Lifeway Foods, Inc.\* | 854 |  | 20692 |
|  Mama's Creations, Inc.\* | 5583 |  | 75315 |
|  Marzetti Co. (The) | 2966 |  | 487670 |
|  Simply Good Foods Co. (The)\* | 8681 |  | 174314 |
|  SunOpta, Inc.\* | 13656 |  | 51893 |
|  Tootsie Roll Industries, Inc. | 2653 |  | 97179 |
|  Vital Farms, Inc.\* | 5136 |  | 164044 |
|  Westrock Coffee Co. (x)\* | 6005 |  | 24440 |
|  |  |  | 1940458 |
|  ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | ***Household Products (0.1%)*** |
|  Energizer Holdings, Inc. | 7214 |  | 143487 |
|  Oil-Dri Corp. of America | 1122 |  | 54911 |
|  WD-40 Co. | 2006 |  | 394981 |
|  |  |  | 593379 |
|  ***Personal Care Products (2.3%)*** | ***Personal Care Products (2.3%)*** | ***Personal Care Products (2.3%)*** | ***Personal Care Products (2.3%)*** |
|  Beauty Health Co. (The)\* | 15525 |  | 21580 |
|  FitLife Brands, Inc.\* | 545 |  | 8867 |
|  Herbalife Ltd.\* | 11302 |  | 145683 |
|  Honest Co., Inc. (The) (x)\* | 7574 |  | 19541 |
|  Interparfums, Inc. | 2696 |  | 228702 |
|  Lifevantage Corp. (x) | 1698 |  | 10460 |
|  Nature's Sunshine Products, Inc.\* | 676 |  | 14588 |
|  Oddity Tech Ltd., Class A\* | 236397 |  | 9498431 |
|  |  |  | 9947852 |
|  ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** |
|  Ispire Technology, Inc.\* | 2297 |  | 6432 |
|  Turning Point Brands, Inc. | 2251 |  | 244008 |
|  |  |  | 250440 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 14077396 |

---

See Notes to Financial Statements.

1066

------

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  **Energy (2.8%)** | **Energy (2.8%)** | **Energy (2.8%)** |
|  ***Energy Equipment & Services (1.5%)*** | ***Energy Equipment & Services (1.5%)*** | ***Energy Equipment & Services (1.5%)*** |
|  Archrock, Inc. | 25339 | $659321 |
|  Atlas Energy Solutions, Inc. (x) | 8497 | 80042 |
|  Cactus, Inc., Class A | 10015 | 457485 |
|  DMC Global, Inc.\* | 1068 | 7145 |
|  Energy Services of America Corp. (x) | 1870 | 15278 |
|  Flowco Holdings, Inc., Class A | 1641 | 30752 |
|  Helix Energy Solutions Group, Inc.\* | 5223 | 32748 |
|  Kodiak Gas Services, Inc. | 12402 | 463835 |
|  National Energy Services Reunited Corp.\* | 1079 | 16897 |
|  Natural Gas Services Group, Inc. | 472 | 15883 |
|  Oceaneering International, Inc.\* | 12666 | 304364 |
|  Seadrill Ltd.\* | 3498 | 121031 |
|  Select Water Solutions, Inc., Class A | 731 | 7690 |
|  Solaris Energy Infrastructure, Inc., Class A | 6215 | 285703 |
|  Tidewater, Inc.\* | 6831 | 345034 |
|  WaterBridge Infrastructure LLC, Class A\* | 172561 | &nbsp;&nbsp;&nbsp;&nbsp;3452946 |
|  |  | 6296154 |
|  ***Oil, Gas & Consumable Fuels (1.3%)*** | ***Oil, Gas & Consumable Fuels (1.3%)*** | ***Oil, Gas & Consumable Fuels (1.3%)*** |
|  Calumet, Inc. (x)\* | 107664 | 2139284 |
|  Centrus Energy Corp., Class A (x)\* | 1921 | 466342 |
|  Comstock Resources, Inc. (x)\* | 7550 | 175009 |
|  Core Natural Resources, Inc. | 2585 | 228798 |
|  CVR Energy, Inc.\* | 4483 | 114048 |
|  Delek US Holdings, Inc. | 8729 | 258902 |
|  Empire Petroleum Corp. (x)\* | 1921 | 5840 |
|  Energy Fuels, Inc. (x)\* | 8962 | 130307 |
|  Evolution Petroleum Corp. (x) | 4531 | 16040 |
|  FLEX LNG Ltd. | 817 | 20384 |
|  Gulfport Energy Corp.\* | 2339 | 486489 |
|  Infinity Natural Resources, Inc., Class A\* | 494 | 7277 |
|  Kinetik Holdings, Inc., Class A (x) | 4806 | 173256 |
|  Kolibri Global Energy, Inc.\* | 1165 | 4578 |
|  Lightbridge Corp. (x)\* | 3899 | 49283 |
|  Magnolia Oil & Gas Corp., Class A | 5179 | 113368 |
|  NextDecade Corp. (x)\* | 19666 | 103640 |
|  OPAL Fuels, Inc., Class A\* | 2804 | 6603 |
|  Par Pacific Holdings, Inc.\* | 2109 | 74110 |
|  REX American Resources Corp.\* | 1078 | 34841 |
|  Riley Exploration Permian, Inc. | 494 | 13042 |
|  Sable Offshore Corp. (x)\* | 11581 | 104461 |
|  Uranium Energy Corp.\* | 70161 | 819480 |
|  VAALCO Energy, Inc. | 1156 | 4208 |
|  World Kinect Corp. | 1056 | 24742 |
|  |  | 5574332 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 11870486 |
|  **Financials (7.6%)** | **Financials (7.6%)** | **Financials (7.6%)** |
|  ***Banks (1.3%)*** | ***Banks (1.3%)*** | ***Banks (1.3%)*** |
|  Amerant Bancorp, Inc., Class A | 2051 | 40015 |
|  Arrow Financial Corp. | 257 | 8070 |
|  Axos Financial, Inc.\* | 983 | 84695 |
|  Banc of California, Inc. | 1055 | 20351 |
|  BancFirst Corp. | 2843 | 301415 |
|  Bancorp, Inc. (The)\* | 6208 | 419164 |
|  Bank First Corp. | 194 | 23633 |
|  Bank of Hawaii Corp. | 4408 | 301375 |
|  Bank7 Corp. | 12 | 492 |
|  Bankwell Financial Group, Inc. | 178 | 8156 |
|  Bridgewater Bancshares, Inc.\* | 1565 | 27434 |
|  California Bancorp | 477 | 8906 |
|  Capital Bancorp, Inc. | 430 | 12113 |
|  Carter Bankshares, Inc.\* | 629 | 12366 |
|  Citizens Financial Services, Inc. | 54 | 3079 |
|  City Holding Co. | 1315 | 156748 |
|  Coastal Financial Corp.\* | 1889 | 216460 |
|  Columbia Financial, Inc.\* | 331 | 5144 |
|  Community Financial System, Inc. | 1818 | 104426 |
|  Community West Bancshares | 554 | 12465 |
|  ConnectOne Bancorp, Inc. | 1668 | 43735 |
|  Customers Bancorp, Inc.\* | 378 | 27639 |
|  Dime Community Bancshares, Inc. | 919 | 27653 |
|  Eagle Bancorp, Inc. | 971 | 20799 |
|  Esquire Financial Holdings, Inc. | 1045 | 106663 |
|  Finwise Bancorp\* | 831 | 14908 |
|  First Bancorp | 12528 | 259705 |
|  First Business Financial Services, Inc. | 62 | 3367 |
|  First Community Corp. | 305 | 9043 |
|  First Financial Bankshares, Inc. | 19896 | 594293 |
|  First Financial Corp. | 281 | 16978 |
|  First Internet Bancorp | 619 | 12918 |
|  First Merchants Corp. | 233 | 8733 |
|  First Western Financial, Inc.\* | 337 | 9035 |
|  Five Star Bancorp | 1422 | 50879 |
|  GBank Financial Holdings, Inc. (x)\* | 103 | 3491 |
|  Glacier Bancorp, Inc. | 3617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159329 |
|  Greene County Bancorp, Inc. | 773 | 17184 |
|  Hingham Institution For Savings (The) (x) | 18 | 5111 |
|  Hope Bancorp, Inc. | 1435 | 15728 |
|  International Bancshares Corp. | 887 | 58932 |
|  Lakeland Financial Corp. | 2109 | 120339 |
|  LINKBANCORP, Inc. | 899 | 7426 |
|  Live Oak Bancshares, Inc. | 2283 | 78421 |
|  Meridian Corp. | 384 | 6751 |
|  Metrocity Bankshares, Inc. | 1918 | 50904 |
|  Metropolitan Bank Holding Corp. | 283 | 21610 |
|  NBT Bancorp, Inc. | 532 | 22089 |
|  Nicolet Bankshares, Inc. | 535 | 64895 |
|  Northeast Bank | 637 | 66203 |
|  Northfield Bancorp, Inc. | 869 | 9933 |
|  Northrim Bancorp, Inc. | 1788 | 47579 |
|  Old National Bancorp | 6106 | 136225 |
|  OP Bancorp | 308 | 4349 |
|  Orange County Bancorp, Inc. | 505 | 14418 |
|  Origin Bancorp, Inc. | 300 | 11283 |
|  Pathward Financial, Inc. | 3279 | 232809 |
|  Patriot National Bancorp, Inc.\* | 10797 | 19650 |
|  PCB Bancorp | 307 | 6646 |
|  Peapack-Gladstone Financial Corp. | 1037 | 28880 |
|  Peoples Financial Services Corp. | 213 | 10375 |
|  Princeton Bancorp, Inc. | 209 | 7250 |
|  Provident Financial Services, Inc. | 2505 | 49474 |
|  ServisFirst Bancshares, Inc. | 7543 | 541512 |
|  Shore Bancshares, Inc. | 548 | 9689 |
|  SmartFinancial, Inc. | 405 | 14981 |
|  Southern Missouri Bancorp, Inc. | 131 | 7745 |
|  Stock Yards Bancorp, Inc. | 3639 | 236353 |
|  Texas Capital Bancshares, Inc.\* | 935 | 84655 |
|  Triumph Financial, Inc.\* | 1536 | 96200 |
|  UMB Financial Corp. | 942 | 108368 |
|  Union Bankshares, Inc. (x) | 531 | 12601 |
|  Unity Bancorp, Inc. | 554 | 28653 |

---

See Notes to Financial Statements.

1067

------

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  USCB Financial Holdings, Inc. | 468 | $| 8621 |
|  Valley National Bancorp | 17911 |  | 209200 |
|  WesBanco, Inc. | 704 |  | 23401 |
|  West Bancorp, Inc. | 414 |  | 9187 |
|  |  |  | 5641305 |
|  ***Capital Markets (3.3%)*** | ***Capital Markets (3.3%)*** | ***Capital Markets (3.3%)*** | ***Capital Markets (3.3%)*** |
|  Acadian Asset Management, Inc. | 3923 |  | 184381 |
|  Artisan Partners Asset Management, Inc., Class A | 5110 |  | 208181 |
|  Bakkt Holdings, Inc., Class A (x)\* | 244 |  | 2450 |
|  BGC Group, Inc., Class A | 53528 |  | 478005 |
|  Churchill Capital Corp. X, Class A (r)\* | 337083 |  | 4469721 |
|  Cohen & Steers, Inc. | 3704 |  | 232537 |
|  Diamond Hill Investment Group, Inc. | 68 |  | 11526 |
|  Donnelley Financial Solutions, Inc.\* | 2686 |  | 125409 |
|  GCM Grosvenor, Inc., Class A | 6991 |  | 79138 |
|  Gemini Space Station, Inc., Class A (x)\* | 181036 |  | 1795877 |
|  Innventure, Inc. (x)\* | 1383 |  | 5781 |
|  Marex Group plc | 5623 |  | 215698 |
|  Miami International Holdings, Inc. (x)\* | 1860 |  | 82547 |
|  Moelis & Co., Class A | 9732 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668978 |
|  P10, Inc., Class A (x) | 8833 |  | 86652 |
|  Patria Investments Ltd., Class A (x) | 10073 |  | 160060 |
|  Perella Weinberg Partners, Class A | 9195 |  | 159073 |
|  Piper Sandler Cos. | 2587 |  | 878830 |
|  PJT Partners, Inc., Class A | 3406 |  | 569483 |
|  StepStone Group, Inc., Class A | 10320 |  | 662234 |
|  StoneX Group, Inc.\* | 7216 |  | 686458 |
|  Twenty One Capital, Inc., Class A\* | 196809 |  | 1724047 |
|  Value Line, Inc. | 129 |  | 4957 |
|  Victory Capital Holdings, Inc., Class A (x) | 6562 |  | 413997 |
|  Webull Corp.\* | 5189 |  | 40319 |
|  WisdomTree, Inc. (x) | 17948 |  | 218786 |
|  |  |  | 14165125 |
|  ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** |
|  Atlanticus Holdings Corp.\* | 82 |  | 5490 |
|  Dave, Inc.\* | 1523 |  | 337207 |
|  Enova International, Inc.\* | 3552 |  | 558374 |
|  FirstCash Holdings, Inc. | 5845 |  | 931576 |
|  Jefferson Capital, Inc. (x) | 473 |  | 10567 |
|  LendingTree, Inc.\* | 1532 |  | 81334 |
|  NerdWallet, Inc., Class A\* | 6171 |  | 83617 |
|  OppFi, Inc. | 3923 |  | 41035 |
|  Regional Management Corp. | 259 |  | 10036 |
|  Upstart Holdings, Inc. (x)\* | 12474 |  | 545488 |
|  |  |  | 2604724 |
|  ***Financial Services (1.4%)*** | ***Financial Services (1.4%)*** | ***Financial Services (1.4%)*** | ***Financial Services (1.4%)*** |
|  Burford Capital Ltd. | 325292 |  | 2901605 |
|  Cantaloupe, Inc.\* | 8013 |  | 85098 |
|  Cass Information Systems, Inc. | 1445 |  | 59996 |
|  Evertec, Inc. | 9394 |  | 273271 |
|  Federal Agricultural Mortgage Corp., Class C | 1240 |  | 217707 |
|  Flywire Corp.\* | 15567 |  | 220429 |
|  International Money Express, Inc.\* | 4249 |  | 65265 |
|  Marqeta, Inc., Class A\* | 24567 |  | 116693 |
|  NCR Atleos Corp.\* | 10766 |  | 410292 |
|  Pagseguro Digital Ltd., Class A | 16485 |  | 158915 |
|  Payoneer Global, Inc.\* | 41564 |  | 233590 |
|  Paysign, Inc.\* | 4632 |  | 23855 |
|  Priority Technology Holdings, Inc. (x)\* | 4228 |  | 23043 |
|  Remitly Global, Inc.\* | 24961 |  | 344462 |
|  Sezzle, Inc. (x)\* | 2177 |  | 138185 |
|  StoneCo Ltd., Class A\* | 36923 |  | 546091 |
|  |  |  | 5818497 |
|  ***Insurance (1.0%)*** | ***Insurance (1.0%)*** | ***Insurance (1.0%)*** | ***Insurance (1.0%)*** |
|  Abacus Global Management, Inc. | 1829 |  | 15638 |
|  American Coastal Insurance Corp. | 2191 |  | 27672 |
|  American Integrity Insurance Group, Inc.\* | 338 |  | 7041 |
|  AMERISAFE, Inc. | 1559 |  | 59881 |
|  Aspen Insurance Holdings Ltd., Class A (x)\* | 1468 |  | 54463 |
|  Ategrity Specialty Holdings LLC (x)\* | 335 |  | 7038 |
|  Baldwin Insurance Group, Inc. (The), Class A (x)\* | 10527 |  | 252964 |
|  Bowhead Specialty Holdings, Inc.\* | 2576 |  | 73519 |
|  Crawford & Co., Class A | 2247 |  | 25279 |
|  F&G Annuities & Life, Inc. | 161 |  | 4967 |
|  Goosehead Insurance, Inc., Class A | 2756 |  | 202979 |
|  HCI Group, Inc. | 1588 |  | 304404 |
|  Heritage Insurance Holdings, Inc.\* | 2804 |  | 82045 |
|  Hippo Holdings, Inc.\* | 1350 |  | 40608 |
|  Investors Title Co. | 32 |  | 7988 |
|  Kestrel Group Ltd. (x) | 259 |  | 2652 |
|  Kingstone Cos., Inc. | 1681 |  | 28291 |
|  Kingsway Financial Services, Inc.\* | 3409 |  | 45851 |
|  Lemonade, Inc.\* | 8903 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633716 |
|  Oscar Health, Inc., Class A\* | 29108 |  | 418282 |
|  Palomar Holdings, Inc.\* | 3881 |  | 523004 |
|  Root, Inc., Class A\* | 1816 |  | 131170 |
|  Selective Insurance Group, Inc. | 7893 |  | 660407 |
|  Selectquote, Inc.\* | 15959 |  | 22502 |
|  SiriusPoint Ltd.\* | 893 |  | 19548 |
|  Skyward Specialty Insurance Group, Inc.\* | 5233 |  | 267459 |
|  Slide Insurance Holdings, Inc.\* | 1588 |  | 30934 |
|  Tiptree, Inc., Class A | 1192 |  | 21778 |
|  Trupanion, Inc.\* | 5519 |  | 206245 |
|  Universal Insurance Holdings, Inc. | 820 |  | 27716 |
|  |  |  | 4206041 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** |
|  Angel Oak Mortgage REIT, Inc. (REIT) | 604 |  | 5200 |
|  Apollo Commercial Real Estate Finance, Inc. (REIT) | 10350 |  | 100188 |
|  Two Harbors Investment Corp. (REIT) | 8051 |  | 84536 |
|  |  |  | 189924 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 32625616 |
|  **Health Care (27.4%)** | **Health Care (27.4%)** | **Health Care (27.4%)** | **Health Care (27.4%)** |
|  ***Biotechnology (17.5%)*** | ***Biotechnology (17.5%)*** | ***Biotechnology (17.5%)*** | ***Biotechnology (17.5%)*** |
|  Abeona Therapeutics, Inc. (x)\* | 6687 |  | 35240 |
|  Absci Corp. (x)\* | 16618 |  | 57997 |
|  ACADIA Pharmaceuticals, Inc.\* | 18293 |  | 488606 |
|  Actuate Therapeutics, Inc. (x)\* | 976 |  | 5973 |
|  ADC Therapeutics SA\* | 11741 |  | 41446 |
|  ADMA Biologics, Inc.\* | 34077 |  | 621564 |
|  Akebia Therapeutics, Inc.\* | 2591 |  | 4172 |
|  Aldeyra Therapeutics, Inc.\* | 7154 |  | 37058 |
|  Alector, Inc.\* | 1562 |  | 2437 |
|  Alkermes plc\* | 17866 |  | 499891 |
|  Altimmune, Inc. (x)\* | 12548 |  | 45298 |
|  Amicus Therapeutics, Inc.\* | 43692 |  | 622174 |

---

See Notes to Financial Statements.

1068

------

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  AnaptysBio, Inc.\* | 2715 | $| 131623 |
|  Anavex Life Sciences Corp. (x)\* | 12783 |  | 45507 |
|  Apogee Therapeutics, Inc.\* | 5660 |  | 427217 |
|  Arbutus Biopharma Corp.\* | 1335721 |  | &nbsp;&nbsp;&nbsp;&nbsp;6424818 |
|  Arcellx, Inc.\* | 5011 |  | 326717 |
|  Arcturus Therapeutics Holdings, Inc. (x)\* | 1609 |  | 9863 |
|  Arcus Biosciences, Inc.\* | 8496 |  | 202460 |
|  Arcutis Biotherapeutics, Inc.\* | 16059 |  | 466353 |
|  Ardelyx, Inc.\* | 35266 |  | 205601 |
|  ArriVent Biopharma, Inc. (x)\* | 4315 |  | 86818 |
|  Arrowhead Pharmaceuticals, Inc.\* | 19502 |  | 1294738 |
|  ARS Pharmaceuticals, Inc. (x)\* | 8896 |  | 103638 |
|  aTyr Pharma, Inc. (x)\* | 13155 |  | 10302 |
|  Aura Biosciences, Inc.\* | 1934 |  | 10540 |
|  Aurinia Pharmaceuticals, Inc.\* | 17680 |  | 281996 |
|  Avidity Biosciences, Inc.\* | 15628 |  | 1127248 |
|  Avita Medical, Inc. (x)\* | 1696 |  | 5851 |
|  Beam Therapeutics, Inc.\* | 25629 |  | 710436 |
|  Benitec Biopharma, Inc. (x)\* | 2321 |  | 31264 |
|  Bicara Therapeutics, Inc.\* | 364 |  | 6126 |
|  BioCryst Pharmaceuticals, Inc.\* | 31211 |  | 243446 |
|  Biohaven Ltd.\* | 13977 |  | 157800 |
|  Bridgebio Pharma, Inc.\* | 23329 |  | 1784435 |
|  Bright Minds Biosciences, Inc. (x)\* | 732 |  | 57125 |
|  Candel Therapeutics, Inc. (x)\* | 5790 |  | 32713 |
|  Capricor Therapeutics, Inc. (x)\* | 5752 |  | 166003 |
|  Cardiff Oncology, Inc. (x)\* | 3999 |  | 11237 |
|  CareDx, Inc.\* | 7640 |  | 143938 |
|  Cartesian Therapeutics, Inc. (x)\* | 251 |  | 1810 |
|  Catalyst Pharmaceuticals, Inc.\* | 16996 |  | 396687 |
|  Celcuity, Inc.\* | 4491 |  | 447932 |
|  CG oncology, Inc.\* | 8176 |  | 339468 |
|  Cogent Biosciences, Inc.\* | 19242 |  | 683476 |
|  Coherus Oncology, Inc. (x)\* | 4547 |  | 6457 |
|  Compass Therapeutics, Inc.\* | 10208 |  | 54817 |
|  Corvus Pharmaceuticals, Inc.\* | 8723 |  | 67167 |
|  Cytokinetics, Inc.\* | 1964 |  | 124793 |
|  Day One Biopharmaceuticals, Inc.\* | 720 |  | 6710 |
|  Denali Therapeutics, Inc.\* | 1298 |  | 21430 |
|  DiaMedica Therapeutics, Inc. (x)\* | 5169 |  | 41145 |
|  Dianthus Therapeutics, Inc.\* | 261 |  | 10756 |
|  Disc Medicine, Inc.\* | 3666 |  | 291117 |
|  Dynavax Technologies Corp.\* | 14722 |  | 226424 |
|  Dyne Therapeutics, Inc.\* | 5776 |  | 112979 |
|  Eledon Pharmaceuticals, Inc.\* | 813 |  | 1228 |
|  Fennec Pharmaceuticals, Inc.\* | 1190 |  | 9163 |
|  Foghorn Therapeutics, Inc.\* | 3632 |  | 19613 |
|  Geron Corp.\* | 80000 |  | 105600 |
|  Gossamer Bio, Inc.\* | 28138 |  | 87228 |
|  GRAIL, Inc.\* | 59021 |  | 5051607 |
|  Greenwich Lifesciences, Inc. (x)\* | 902 |  | 18951 |
|  Gyre Therapeutics, Inc. (x)\* | 1298 |  | 9164 |
|  Heron Therapeutics, Inc. (x)\* | 1783 |  | 2318 |
|  Humacyte, Inc. (x)\* | 4947 |  | 4752 |
|  ImmunityBio, Inc. (x)\* | 35429 |  | 70149 |
|  Immunome, Inc.\* | 14166 |  | 304286 |
|  Immunovant, Inc.\* | 231491 |  | 5884501 |
|  Inmune Bio, Inc. (x)\* | 2734 |  | 4265 |
|  Insmed, Inc.\* | 2983 |  | 519161 |
|  Ironwood Pharmaceuticals, Inc., Class A\* | 21555 |  | 72640 |
|  Janux Therapeutics, Inc.\* | 2066 |  | 28511 |
|  KalVista Pharmaceuticals, Inc. (x)\* | 5502 |  | 88857 |
|  Krystal Biotech, Inc.\* | 3645 |  | 898638 |
|  Kymera Therapeutics, Inc.\* | 8313 |  | 646835 |
|  Madrigal Pharmaceuticals, Inc.\* | 2734 |  | 1592118 |
|  MannKind Corp.\* | 45032 |  | 255331 |
|  MapLight Therapeutics, Inc.\* | 1282 |  | 22518 |
|  MeiraGTx Holdings plc\* | 5166 |  | 41070 |
|  MiMedx Group, Inc.\* | 17215 |  | 116546 |
|  Mineralys Therapeutics, Inc.\* | 6873 |  | 249421 |
|  Mirum Pharmaceuticals, Inc.\* | 6038 |  | 476942 |
|  Monopar Therapeutics, Inc.\* | 668 |  | 43620 |
|  Newamsterdam Pharma Co. NV (x)\* | 6433 |  | 225670 |
|  Novavax, Inc. (x)\* | 17609 |  | 118332 |
|  Nuvalent, Inc., Class A\* | 7358 |  | 740141 |
|  Nuvectis Pharma, Inc.\* | 2049 |  | 15470 |
|  Organogenesis Holdings, Inc., Class A\* | 9722 |  | 50360 |
|  ORIC Pharmaceuticals, Inc.\* | 2751 |  | 22503 |
|  Palvella Therapeutics, Inc. (x)\* | 959 |  | 100379 |
|  Praxis Precision Medicines, Inc.\* | 269 |  | 79285 |
|  Precigen, Inc. (x)\* | 24656 |  | 103062 |
|  ProKidney Corp., Class A (x)\* | 179695 |  | 402517 |
|  Protagonist Therapeutics, Inc.\* | 8558 |  | 747456 |
|  Protalix BioTherapeutics, Inc. (x)\* | 11071 |  | 19928 |
|  Prothena Corp. plc\* | 629 |  | 6007 |
|  PTC Therapeutics, Inc.\* | 9278 |  | 704757 |
|  Recursion Pharmaceuticals, Inc., Class A (x)\* | 104144 |  | 425949 |
|  Rezolute, Inc.\* | 9735 |  | 22975 |
|  Rhythm Pharmaceuticals, Inc.\* | 7769 |  | 831594 |
|  Rigel Pharmaceuticals, Inc.\* | 2616 |  | 112043 |
|  Rocket Pharmaceuticals, Inc.\* | 2193 |  | 7697 |
|  Roivant Sciences Ltd.\* | 840588 |  | 18240760 |
|  Sana Biotechnology, Inc. (x)\* | 2649 |  | 10781 |
|  Savara, Inc.\* | 20798 |  | 125412 |
|  Scholar Rock Holding Corp.\* | 11187 |  | 492787 |
|  SELLAS Life Sciences Group, Inc. (x)\* | 18500 |  | 69745 |
|  Sionna Therapeutics, Inc. (x)\* | 2353 |  | 96802 |
|  Soleno Therapeutics, Inc.\* | 6856 |  | 317433 |
|  Spyre Therapeutics, Inc. (x)\* | 6780 |  | 222113 |
|  Stoke Therapeutics, Inc.\* | 6543 |  | 207675 |
|  Syndax Pharmaceuticals, Inc.\* | 11851 |  | 248990 |
|  Taysha Gene Therapies, Inc.\* | 32802 |  | 180411 |
|  Tectonic Therapeutic, Inc. (x)\* | 309 |  | 6446 |
|  Tevogen Bio Holdings, Inc. (x)\* | 4688 |  | 1552 |
|  TG Therapeutics, Inc.\* | 21337 |  | 636056 |
|  Travere Therapeutics, Inc.\* | 11357 |  | 433951 |
|  TriSalus Life Sciences, Inc. (x)\* | 746 |  | 5207 |
|  TuHURA Biosciences, Inc.\* | 3954 |  | 2992 |
|  Twist Bioscience Corp.\* | 8793 |  | 278914 |
|  uniQure NV\* | 3897 |  | 93255 |
|  United Therapeutics Corp.\* | 1046 |  | 509663 |
|  UroGen Pharma Ltd. (x)\* | 4539 |  | 106303 |
|  Vaxcyte, Inc.\* | 7270 |  | 335438 |
|  Vera Therapeutics, Inc., Class A\* | 8164 |  | 413425 |
|  Veracyte, Inc.\* | 11514 |  | 484739 |
|  Verastem, Inc.\* | 4372 |  | 33752 |
|  Vericel Corp.\* | 7498 |  | 270003 |
|  Viridian Therapeutics, Inc.\* | 9299 |  | 289385 |
|  X4 Pharmaceuticals, Inc.\* | 1384628 |  | 5538512 |
|  Xenon Pharmaceuticals, Inc.\* | 11167 |  | 500505 |
|  XOMA Royalty Corp.\* | 116272 |  | 3091672 |
|  Zymeworks, Inc.\* | 7276 |  | 191577 |
|  |  |  | 74598251 |
|  ***Health Care Equipment & Supplies (2.7%)*** | ***Health Care Equipment & Supplies (2.7%)*** | ***Health Care Equipment & Supplies (2.7%)*** | ***Health Care Equipment & Supplies (2.7%)*** |
|  Accuray, Inc.\* | 16569 |  | 13663 |

---

See Notes to Financial Statements.

1069

------

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Alphatec Holdings, Inc.\* | 17390 | $| 365886 |
|  AngioDynamics, Inc.\* | 1391 |  | 17860 |
|  Anteris Technologies Global Corp.\* | 5180 |  | 25848 |
|  Artivion, Inc.\* | 5022 |  | 229053 |
|  AtriCure, Inc.\* | 7076 |  | 279926 |
|  Axogen, Inc.\* | 6609 |  | 216313 |
|  Beta Bionics, Inc.\* | 5034 |  | 153386 |
|  Bioventus, Inc., Class A (x)\* | 6537 |  | 48635 |
|  Butterfly Network, Inc., Class A (x)\* | 28436 |  | 108057 |
|  CapsoVision, Inc. (x)\* | 564 |  | 6029 |
|  Carlsmed, Inc.\* | 613 |  | 7570 |
|  Ceribell, Inc.\* | 4011 |  | 87961 |
|  Cerus Corp.\* | 26617 |  | 54831 |
|  ClearPoint Neuro, Inc. (x)\* | 3723 |  | 50931 |
|  CVRx, Inc.\* | 2511 |  | 17828 |
|  Delcath Systems, Inc.\* | 4185 |  | 42268 |
|  Electromed, Inc.\* | 1105 |  | 32178 |
|  Embecta Corp. | 1202 |  | 14280 |
|  Glaukos Corp.\* | 8214 |  | 927443 |
|  Haemonetics Corp.\* | 7084 |  | 567783 |
|  ICU Medical, Inc.\* | 2662 |  | 379787 |
|  Integer Holdings Corp.\* | 5054 |  | 396385 |
|  iRadimed Corp. | 1164 |  | 113234 |
|  iRhythm Technologies, Inc.\* | 4686 |  | 831484 |
|  Kestra Medical Technologies Ltd. (x)\* | 2515 |  | 66698 |
|  KORU Medical Systems, Inc.\* | 6730 |  | 39101 |
|  Lantheus Holdings, Inc.\* | 9845 |  | 655185 |
|  LeMaitre Vascular, Inc. | 3096 |  | 251086 |
|  LENSAR, Inc. (x)\* | 1524 |  | 17724 |
|  Lucid Diagnostics, Inc. (x)\* | 5416 |  | 5903 |
|  Merit Medical Systems, Inc.\* | 7967 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702211 |
|  Myomo, Inc. (x)\* | 5181 |  | 4715 |
|  Neuronetics, Inc. (x)\* | 5834 |  | 8051 |
|  NeuroPace, Inc.\* | 3889 |  | 60046 |
|  Novocure Ltd.\* | 14820 |  | 191623 |
|  OrthoPediatrics Corp.\* | 643 |  | 11420 |
|  Outset Medical, Inc.\* | 1104 |  | 4096 |
|  PROCEPT BioRobotics Corp.\* | 7823 |  | 246112 |
|  Pro-Dex, Inc. (x)\* | 338 |  | 13006 |
|  Pulmonx Corp.\* | 6104 |  | 13490 |
|  Pulse Biosciences, Inc. (x)\* | 2838 |  | 38966 |
|  QuidelOrtho Corp.\* | 4271 |  | 121980 |
|  RxSight, Inc.\* | 5382 |  | 56080 |
|  Sanara Medtech, Inc.\* | 571 |  | 13333 |
|  SANUWAVE Health, Inc.\* | 1132 |  | 33779 |
|  Semler Scientific, Inc.\* | 154344 |  | 2359920 |
|  Shoulder Innovations, Inc. (x)\* | 459 |  | 6564 |
|  SI-BONE, Inc.\* | 5673 |  | 111871 |
|  Sight Sciences, Inc.\* | 5993 |  | 47524 |
|  STAAR Surgical Co.\* | 6185 |  | 142812 |
|  Stereotaxis, Inc.\* | 7720 |  | 17756 |
|  Tandem Diabetes Care, Inc.\* | 10022 |  | 220283 |
|  TransMedics Group, Inc.\* | 4936 |  | 600464 |
|  Treace Medical Concepts, Inc.\* | 7795 |  | 19098 |
|  UFP Technologies, Inc.\* | 1091 |  | 242235 |
|  |  |  | 11311751 |
|  ***Health Care Providers & Services (3.7%)*** | ***Health Care Providers & Services (3.7%)*** | ***Health Care Providers & Services (3.7%)*** | ***Health Care Providers & Services (3.7%)*** |
|  Addus HomeCare Corp.\* | 1292 |  | 138748 |
|  agilon health, Inc.\* | 3273179 |  | 2254238 |
|  AirSculpt Technologies, Inc. (x)\* | 2171 |  | 4299 |
|  Alignment Healthcare, Inc.\* | 24851 |  | 490807 |
|  Ardent Health, Inc.\* | 243 |  | 2146 |
|  Astrana Health, Inc.\* | 6132 |  | 152135 |
|  Aveanna Healthcare Holdings, Inc.\* | 7701 |  | 62917 |
|  BrightSpring Health Services, Inc.\* | 16364 |  | 612832 |
|  Brookdale Senior Living, Inc.\* | 30093 |  | 324704 |
|  Clover Health Investments Corp., Class A (x)\* | 60920 |  | 143162 |
|  Community Health Systems, Inc.\* | 11255 |  | 35116 |
|  Concentra Group Holdings Parent, Inc. | 16008 |  | 315037 |
|  CorVel Corp.\* | 4254 |  | 287868 |
|  Ensign Group, Inc. (The) | 8271 |  | &nbsp;&nbsp;&nbsp;&nbsp;1440808 |
|  GeneDx Holdings Corp., Class A\* | 2818 |  | 366509 |
|  Guardant Health, Inc.\* | 17860 |  | 1824220 |
|  Guardian Pharmacy Services, Inc., Class A\* | 3313 |  | 99688 |
|  HealthEquity, Inc.\* | 36052 |  | 3302724 |
|  Hims & Hers Health, Inc. (x)\* | 30139 |  | 978613 |
|  Innovage Holding Corp.\* | 944 |  | 4899 |
|  Joint Corp. (The)\* | 2392 |  | 20858 |
|  LifeStance Health Group, Inc.\* | 13494 |  | 94998 |
|  Nano-X Imaging Ltd. (x)\* | 2554 |  | 7151 |
|  National Research Corp. | 1598 |  | 29995 |
|  NeoGenomics, Inc.\* | 2102 |  | 24720 |
|  Nutex Health, Inc.\* | 511 |  | 84121 |
|  Omada Health, Inc.\* | 868 |  | 13697 |
|  Oncology Institute, Inc. (The) (x)\* | 9392 |  | 33436 |
|  Option Care Health, Inc.\* | 23484 |  | 748200 |
|  PACS Group, Inc.\* | 5937 |  | 227921 |
|  Pennant Group, Inc. (The)\* | 4894 |  | 137766 |
|  Privia Health Group, Inc.\* | 17147 |  | 406555 |
|  Progyny, Inc.\* | 11152 |  | 286383 |
|  RadNet, Inc.\* | 8116 |  | 579077 |
|  Sonida Senior Living, Inc.\* | 544 |  | 17740 |
|  Talkspace, Inc.\* | 20932 |  | 75983 |
|  US Physical Therapy, Inc. | 1308 |  | 102142 |
|  Viemed Healthcare, Inc.\* | 4916 |  | 36526 |
|  |  |  | 15768739 |
|  ***Health Care Technology (0.3%)*** | ***Health Care Technology (0.3%)*** | ***Health Care Technology (0.3%)*** | ***Health Care Technology (0.3%)*** |
|  Claritev Corp. (x)\* | 1113 |  | 47581 |
|  Evolent Health, Inc., Class A\* | 6211 |  | 24844 |
|  HealthStream, Inc. | 1369 |  | 31583 |
|  HeartFlow, Inc. (x)\* | 1457 |  | 42471 |
|  LifeMD, Inc. (x)\* | 4196 |  | 14308 |
|  OptimizeRx Corp. (x)\* | 2037 |  | 24974 |
|  Phreesia, Inc.\* | 8601 |  | 145529 |
|  Schrodinger, Inc.\* | 26576 |  | 475179 |
|  Simulations Plus, Inc. (x)\* | 2414 |  | 44007 |
|  Teladoc Health, Inc. (x)\* | 4658 |  | 32606 |
|  TruBridge, Inc.\* | 1608 |  | 35489 |
|  Waystar Holding Corp.\* | 13726 |  | 449526 |
|  |  |  | 1368097 |
|  ***Life Sciences Tools & Services (0.9%)*** | ***Life Sciences Tools & Services (0.9%)*** | ***Life Sciences Tools & Services (0.9%)*** | ***Life Sciences Tools & Services (0.9%)*** |
|  10X Genomics, Inc., Class A\* | 59808 |  | 975468 |
|  Adaptive Biotechnologies Corp.\* | 21940 |  | 356306 |
|  Alpha Teknova, Inc.\* | 1623 |  | 6167 |
|  BioLife Solutions, Inc.\* | 5969 |  | 144330 |
|  Codexis, Inc.\* | 10779 |  | 17570 |
|  CryoPort, Inc.\* | 1807 |  | 17347 |
|  Ginkgo Bioworks Holdings, Inc., Class A (x)\* | 38326 |  | 318489 |
|  Lifecore Biomedical, Inc.\* | 3202 |  | 26192 |
|  MaxCyte, Inc.\* | 211975 |  | 328561 |
|  Mesa Laboratories, Inc. | 749 |  | 58797 |
|  Niagen Bioscience, Inc.\* | 7909 |  | 50301 |

---

See Notes to Financial Statements.

1070

------

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  OmniAb, Inc.\* | 1487 | $| 2751 |
|  Quanterix Corp.\* | 1174 |  | 7467 |
|  Standard BioTools, Inc.\* | 1339184 |  | 1714156 |
|  |  |  | 4023902 |
|  ***Pharmaceuticals (2.3%)*** | ***Pharmaceuticals (2.3%)*** | ***Pharmaceuticals (2.3%)*** | ***Pharmaceuticals (2.3%)*** |
|  Aardvark Therapeutics, Inc. (x)\* | 1014 |  | 13309 |
|  Amneal Pharmaceuticals, Inc.\* | 19164 |  | 241466 |
|  Amphastar Pharmaceuticals, Inc.\* | 424 |  | 11355 |
|  Amylyx Pharmaceuticals, Inc.\* | 10098 |  | 121984 |
|  ANI Pharmaceuticals, Inc.\* | 2705 |  | 213533 |
|  Aquestive Therapeutics, Inc. (x)\* | 5125 |  | 33108 |
|  Arvinas, Inc.\* | 1122 |  | 13307 |
|  Atai Beckley NV (x)\* | 465285 |  | 1903016 |
|  Avadel Pharmaceuticals plc (ADR)\* | 13062 |  | 281486 |
|  Axsome Therapeutics, Inc.\* | 6023 |  | 1100041 |
|  Biote Corp., Class A\* | 1559 |  | 4053 |
|  Collegium Pharmaceutical, Inc.\* | 4607 |  | 213304 |
|  CorMedix, Inc. (x)\* | 11078 |  | 128837 |
|  Crinetics Pharmaceuticals, Inc.\* | 13285 |  | 618417 |
|  Edgewise Therapeutics, Inc.\* | 9802 |  | 243237 |
|  Enliven Therapeutics, Inc. (x)\* | 5756 |  | 88642 |
|  Esperion Therapeutics, Inc. (x)\* | 12058 |  | 44615 |
|  Eton Pharmaceuticals, Inc.\* | 3841 |  | 64951 |
|  Evolus, Inc.\* | 7566 |  | 50314 |
|  Fulcrum Therapeutics, Inc.\* | 747 |  | 8449 |
|  Harmony Biosciences Holdings, Inc.\* | 6415 |  | 240049 |
|  Harrow, Inc. (x)\* | 4635 |  | 227115 |
|  Indivior plc\* | 15177 |  | 544551 |
|  Innoviva, Inc.\* | 8168 |  | 163278 |
|  Journey Medical Corp.\* | 1915 |  | 14765 |
|  LB Pharmaceuticals, Inc.\* | 1397 |  | 31097 |
|  LENZ Therapeutics, Inc. (x)\* | 2532 |  | 40512 |
|  Ligand Pharmaceuticals, Inc.\* | 319 |  | 60313 |
|  Liquidia Corp.\* | 9441 |  | 325620 |
|  Maze Therapeutics, Inc.\* | 184 |  | 7623 |
|  MediWound Ltd. (x)\* | 1176 |  | 21709 |
|  Mind Medicine MindMed, Inc. (x)\* | 4295 |  | 57510 |
|  Nuvation Bio, Inc. (x)\* | 2561 |  | 22947 |
|  Ocular Therapeutix, Inc.\* | 27335 |  | 331847 |
|  Omeros Corp. (x)\* | 8877 |  | 152462 |
|  Pacira BioSciences, Inc.\* | 653 |  | 16900 |
|  Phathom Pharmaceuticals, Inc. (x)\* | 1404 |  | 23292 |
|  Phibro Animal Health Corp., Class A | 2969 |  | 110922 |
|  Prestige Consumer Healthcare, Inc.\* | 1352 |  | 83405 |
|  SIGA Technologies, Inc. | 4347 |  | 26560 |
|  Structure Therapeutics, Inc. (ADR)\* | 7928 |  | 551392 |
|  Supernus Pharmaceuticals, Inc.\* | 602 |  | 29919 |
|  Tarsus Pharmaceuticals, Inc.\* | 5758 |  | 471465 |
|  Theravance Biopharma, Inc.\* | 4548 |  | 85093 |
|  Trevi Therapeutics, Inc.\* | 13118 |  | 164237 |
|  WaVe Life Sciences Ltd.\* | 15226 |  | 258842 |
|  Xeris Biopharma Holdings, Inc.\* | 22426 |  | 176044 |
|  Zevra Therapeutics, Inc. (x)\* | 8095 |  | 72531 |
|  |  |  | 9709424 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 116780164 |
|  **Industrials (14.0%)** | **Industrials (14.0%)** | **Industrials (14.0%)** | **Industrials (14.0%)** |
|  ***Aerospace & Defense (1.5%)*** | ***Aerospace & Defense (1.5%)*** | ***Aerospace & Defense (1.5%)*** | ***Aerospace & Defense (1.5%)*** |
|  AAR Corp.\* | 1445 |  | 119632 |
|  AeroVironment, Inc.\* | 5561 |  | 1345150 |
|  AIRO Group Holdings, Inc.\* | 478 |  | 3910 |
|  Archer Aviation, Inc., Class A (x)\* | 93163 |  | 700586 |
|  Astronics Corp.\* | 4148 |  | 224987 |
|  Byrna Technologies, Inc. (x)\* | 2576 |  | 43251 |
|  Cadre Holdings, Inc. | 4239 |  | 173121 |
|  Eve Holding, Inc.\* | 13986 |  | 55804 |
|  Firefly Aerospace, Inc. (x)\* | 1952 |  | 43666 |
|  Intuitive Machines, Inc. (x)\* | 1023 |  | 16603 |
|  Kratos Defense & Security Solutions, Inc.\* | 24525 |  | &nbsp;&nbsp;&nbsp;&nbsp;1861693 |
|  Mercury Systems, Inc.\* | 1752 |  | 127914 |
|  Moog, Inc., Class A | 4141 |  | 1008541 |
|  Park Aerospace Corp. | 1302 |  | 27785 |
|  Redwire Corp. (x)\* | 10655 |  | 80978 |
|  Satellogic, Inc., Class A (x)\* | 8760 |  | 16381 |
|  V2X, Inc.\* | 209 |  | 11401 |
|  Voyager Technologies, Inc., Class A\* | 1480 |  | 38687 |
|  VSE Corp. | 2925 |  | 505352 |
|  |  |  | 6405442 |
|  ***Air Freight & Logistics (0.0%)†*** | ***Air Freight & Logistics (0.0%)†*** | ***Air Freight & Logistics (0.0%)†*** | ***Air Freight & Logistics (0.0%)†*** |
|  Forward Air Corp. (x)\* | 1150 |  | 28750 |
|  ***Building Products (0.9%)*** | ***Building Products (0.9%)*** | ***Building Products (0.9%)*** | ***Building Products (0.9%)*** |
|  AZZ, Inc. | 4361 |  | 467412 |
|  CSW Industrials, Inc. | 2394 |  | 702711 |
|  Griffon Corp. | 5626 |  | 414355 |
|  Insteel Industries, Inc. | 1448 |  | 45858 |
|  Janus International Group, Inc.\* | 7497 |  | 49030 |
|  Modine Manufacturing Co.\* | 7708 |  | 1029095 |
|  Tecnoglass, Inc. (x) | 3958 |  | 199167 |
|  UFP Industries, Inc. | 419 |  | 38150 |
|  Zurn Elkay Water Solutions Corp. | 22101 |  | 1027475 |
|  |  |  | 3973253 |
|  ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** |
|  ACV Auctions, Inc., Class A\* | 24969 |  | 200251 |
|  Brink's Co. (The) | 6195 |  | 723142 |
|  Casella Waste Systems, Inc., Class A (x)\* | 9252 |  | 906141 |
|  Cimpress plc\* | 525 |  | 34960 |
|  CompX International, Inc. | 195 |  | 4538 |
|  CoreCivic, Inc.\* | 2337 |  | 44660 |
|  GEO Group, Inc. (The)\* | 19856 |  | 320079 |
|  Healthcare Services Group, Inc.\* | 4565 |  | 87283 |
|  HNI Corp. | 3923 |  | 164923 |
|  Interface, Inc., Class A | 1094 |  | 30545 |
|  Liquidity Services, Inc.\* | 3511 |  | 106418 |
|  Perma-Fix Environmental Services, Inc. (x)\* | 516 |  | 6497 |
|  Pitney Bowes, Inc. | 6055 |  | 64001 |
|  Quad/Graphics, Inc. | 2631 |  | 16496 |
|  |  |  | 2709934 |
|  ***Construction & Engineering (1.8%)*** | ***Construction & Engineering (1.8%)*** | ***Construction & Engineering (1.8%)*** | ***Construction & Engineering (1.8%)*** |
|  Arcosa, Inc. | 2031 |  | 215936 |
|  Argan, Inc. | 1974 |  | 618494 |
|  Bowman Consulting Group Ltd., Class A\* | 1897 |  | 62639 |
|  Centuri Holdings, Inc.\* | 11490 |  | 290122 |
|  Construction Partners, Inc., Class A\* | 6897 |  | 748669 |
|  Dycom Industries, Inc.\* | 4124 |  | 1393500 |
|  Granite Construction, Inc. | 5541 |  | 639154 |
|  IES Holdings, Inc.\* | 1330 |  | 517397 |
|  Legence Corp., Class A\* | 3050 |  | 131272 |
|  Limbach Holdings, Inc.\* | 1585 |  | 123392 |
|  Matrix Service Co.\* | 964 |  | 11279 |
|  MYR Group, Inc.\* | 2266 |  | 495121 |
|  Orion Group Holdings, Inc.\* | 1054 |  | 10477 |

---

See Notes to Financial Statements.

1071

------

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Primoris Services Corp. | 7449 | $| 924719 |
|  Sterling Infrastructure, Inc.\* | 4388 |  | &nbsp;&nbsp;&nbsp;&nbsp;1343737 |
|  |  |  | 7525908 |
|  ***Electrical Equipment (1.6%)*** | ***Electrical Equipment (1.6%)*** | ***Electrical Equipment (1.6%)*** | ***Electrical Equipment (1.6%)*** |
|  Allient, Inc. | 125 |  | 6719 |
|  American Superconductor Corp.\* | 6521 |  | 187674 |
|  Amprius Technologies, Inc.\* | 16186 |  | 127708 |
|  Array Technologies, Inc.\* | 4568 |  | 42117 |
|  Bloom Energy Corp., Class A\* | 32149 |  | 2793427 |
|  EnerSys | 316 |  | 46373 |
|  Enovix Corp. (x)\* | 25003 |  | 182772 |
|  Eos Energy Enterprises, Inc. (x)\* | 45383 |  | 520089 |
|  Fluence Energy, Inc., Class A (x)\* | 7595 |  | 150229 |
|  KULR Technology Group, Inc. (x)\* | 5309 |  | 15715 |
|  LSI Industries, Inc. | 2903 |  | 53183 |
|  NANO Nuclear Energy, Inc. (x)\* | 5529 |  | 132751 |
|  Nextpower, Inc., Class A\* | 17171 |  | 1495766 |
|  NuScale Power Corp., Class A (x)\* | 18578 |  | 263250 |
|  Powell Industries, Inc. (x) | 1404 |  | 447567 |
|  Power Solutions International, Inc. (x)\* | 1152 |  | 65825 |
|  Preformed Line Products Co. | 26 |  | 5374 |
|  Shoals Technologies Group, Inc., Class A\* | 3629 |  | 30846 |
|  SKYX Platforms Corp.\* | 9589 |  | 20808 |
|  SunPower, Inc. (x)\* | 2517 |  | 3952 |
|  Thermon Group Holdings, Inc.\* | 621 |  | 23076 |
|  Vicor Corp.\* | 3381 |  | 370558 |
|  |  |  | 6985779 |
|  ***Ground Transportation (0.1%)*** | ***Ground Transportation (0.1%)*** | ***Ground Transportation (0.1%)*** | ***Ground Transportation (0.1%)*** |
|  Covenant Logistics Group, Inc., Class A | 390 |  | 8596 |
|  FTAI Infrastructure, Inc. | 15946 |  | 73511 |
|  Hertz Global Holdings, Inc. (x)\* | 16792 |  | 86311 |
|  RXO, Inc.\* | 1632 |  | 20628 |
|  Werner Enterprises, Inc. | 1362 |  | 40874 |
|  |  |  | 229920 |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** |
|  Brookfield Business Corp., Class A (x) | 1161 |  | 41657 |
|  ***Machinery (2.6%)*** | ***Machinery (2.6%)*** | ***Machinery (2.6%)*** | ***Machinery (2.6%)*** |
|  Aebi Schmidt Holding AG | 383 |  | 4845 |
|  Alamo Group, Inc. | 481 |  | 80745 |
|  Albany International Corp., Class A | 1302 |  | 66011 |
|  Alliance Laundry Holdings, Inc.\* | 1400 |  | 28490 |
|  Atmus Filtration Technologies, Inc. | 11100 |  | 576201 |
|  Blue Bird Corp.\* | 4720 |  | 221840 |
|  CECO Environmental Corp.\* | 4345 |  | 260048 |
|  Chart Industries, Inc.\* | 6649 |  | 1371223 |
|  Douglas Dynamics, Inc. | 2976 |  | 97166 |
|  Energy Recovery, Inc.\* | 7573 |  | 102160 |
|  Enerpac Tool Group Corp., Class A | 7773 |  | 297240 |
|  Enpro, Inc. | 410 |  | 87793 |
|  ESCO Technologies, Inc. | 3831 |  | 748539 |
|  Federal Signal Corp. | 8832 |  | 959067 |
|  Franklin Electric Co., Inc. | 5687 |  | 543279 |
|  Gorman-Rupp Co. (The) | 3056 |  | 145924 |
|  Graham Corp.\* | 1573 |  | 101034 |
|  JBT Marel Corp. | 3701 |  | 557630 |
|  Kadant, Inc. | 1727 |  | 492230 |
|  Lindsay Corp. | 1628 |  | 191892 |
|  Mayville Engineering Co., Inc.\* | 25 |  | 468 |
|  Microvast Holdings, Inc. (x)\* | 18836 |  | 52741 |
|  Mueller Water Products, Inc., Class A | 22923 |  | 546026 |
|  Omega Flex, Inc. | 594 |  | 17487 |
|  REV Group, Inc. | 7137 |  | 434001 |
|  Richtech Robotics, Inc., Class B\* | 22381 |  | 72291 |
|  SPX Technologies, Inc.\* | 7094 |  | 1419226 |
|  Standex International Corp. | 1439 |  | 312666 |
|  Trinity Industries, Inc. | 5452 |  | 144151 |
|  Watts Water Technologies, Inc., Class A | 4043 |  | 1115949 |
|  Worthington Enterprises, Inc. | 1537 |  | 79263 |
|  |  |  | 11127626 |
|  ***Marine Transportation (0.0%)†*** | ***Marine Transportation (0.0%)†*** | ***Marine Transportation (0.0%)†*** | ***Marine Transportation (0.0%)†*** |
|  Costamare Bulkers Holdings Ltd.\* | 88 |  | 1356 |
|  ***Passenger Airlines (1.0%)*** | ***Passenger Airlines (1.0%)*** | ***Passenger Airlines (1.0%)*** | ***Passenger Airlines (1.0%)*** |
|  Allegiant Travel Co.\* | 353 |  | 30100 |
|  Frontier Group Holdings, Inc.\* | 8001 |  | 37685 |
|  Joby Aviation, Inc.\* | 295133 |  | 3895756 |
|  Sun Country Airlines Holdings, Inc.\* | 4203 |  | 60481 |
|  |  |  | 4024022 |
|  ***Professional Services (1.4%)*** | ***Professional Services (1.4%)*** | ***Professional Services (1.4%)*** | ***Professional Services (1.4%)*** |
|  Barrett Business Services, Inc. | 3665 |  | 132710 |
|  BlackSky Technology, Inc., Class A (x)\* | 4522 |  | 84787 |
|  CBIZ, Inc.\* | 7244 |  | 365460 |
|  CRA International, Inc. | 942 |  | 189055 |
|  CSG Systems International, Inc. | 3633 |  | 278615 |
|  Exponent, Inc. | 7477 |  | 519352 |
|  Falcon's Beyond Global, Inc., Class A (x)\* | 1626 |  | 24406 |
|  First Advantage Corp.\* | 7847 |  | 114017 |
|  Franklin Covey Co.\* | 1464 |  | 24566 |
|  Huron Consulting Group, Inc.\* | 2511 |  | 434177 |
|  IBEX Holdings Ltd.\* | 1406 |  | 53681 |
|  Innodata, Inc. (x)\* | 4586 |  | 233657 |
|  Insperity, Inc. | 5340 |  | 206765 |
|  Kforce, Inc. | 2271 |  | 70219 |
|  Korn Ferry | 3554 |  | 234635 |
|  Legalzoom.com, Inc.\* | 18707 |  | 185761 |
|  Maximus, Inc. | 8326 |  | 718700 |
|  Planet Labs PBC\* | 34992 |  | 690042 |
|  RCM Technologies, Inc.\* | 752 |  | 15375 |
|  Resolute Holdings Management, Inc. (x)\* | 249 |  | 51401 |
|  Spire Global, Inc. (x)\* | 3719 |  | 27892 |
|  TIC Solutions, Inc.\* | 6817 |  | 68920 |
|  TriNet Group, Inc. | 4451 |  | 263188 |
|  Upwork, Inc.\* | 18081 |  | 358365 |
|  Verra Mobility Corp., Class A\* | 23487 |  | 526344 |
|  Willdan Group, Inc.\* | 1399 |  | 145020 |
|  |  |  | 6017110 |
|  ***Trading Companies & Distributors (2.5%)*** | ***Trading Companies & Distributors (2.5%)*** | ***Trading Companies & Distributors (2.5%)*** | ***Trading Companies & Distributors (2.5%)*** |
|  Alta Equipment Group, Inc. | 687 |  | 3160 |
|  Core & Main, Inc., Class A\* | 65013 |  | 3378726 |
|  Distribution Solutions Group, Inc.\* | 1192 |  | 32649 |
|  DXP Enterprises, Inc.\* | 1909 |  | 209589 |
|  GATX Corp. | 410 |  | 69536 |
|  Global Industrial Co. | 2160 |  | 63115 |
|  Herc Holdings, Inc. | 4798 |  | 711927 |
|  Karat Packaging, Inc. | 1115 |  | 25165 |
|  McGrath RentCorp | 2719 |  | 285305 |
|  QXO, Inc. (x)\* | 260789 |  | 5030620 |
|  Rush Enterprises, Inc., Class A | 4836 |  | 260854 |
|  Rush Enterprises, Inc., Class B | 665 |  | 37413 |
|  Transcat, Inc.\* | 642 |  | 36421 |

---

See Notes to Financial Statements.

1072

------

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Willis Lease Finance Corp. | 54 | $| 7324 |
|  Xometry, Inc., Class A (x)\* | 6392 |  | 380132 |
|  |  |  | 10531936 |
|  ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** |
|  Sky Harbour Group Corp.\* | 3423 |  | 30704 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 59633397 |
|  **Information Technology (24.0%)** | **Information Technology (24.0%)** | **Information Technology (24.0%)** | **Information Technology (24.0%)** |
|  ***Communications Equipment (0.5%)*** | ***Communications Equipment (0.5%)*** | ***Communications Equipment (0.5%)*** | ***Communications Equipment (0.5%)*** |
|  ADTRAN Holdings, Inc.\* | 11351 |  | 98640 |
|  Applied Optoelectronics, Inc. (x)\* | 7047 |  | 245658 |
|  BK Technologies Corp.\* | 437 |  | 32596 |
|  Calix, Inc.\* | 8806 |  | 466102 |
|  Clearfield, Inc.\* | 829 |  | 24165 |
|  CommScope Holding Co., Inc.\* | 19738 |  | 357850 |
|  Extreme Networks, Inc.\* | 19279 |  | 320995 |
|  Harmonic, Inc.\* | 3993 |  | 39491 |
|  Inseego Corp. (x)\* | 509 |  | 5228 |
|  Viavi Solutions, Inc.\* | 32590 |  | 580754 |
|  |  |  | 2171479 |
|  ***Electronic Equipment, Instruments & Components (2.3%)*** | ***Electronic Equipment, Instruments & Components (2.3%)*** | ***Electronic Equipment, Instruments & Components (2.3%)*** | ***Electronic Equipment, Instruments & Components (2.3%)*** |
|  908 Devices, Inc.\* | 3393 |  | 17813 |
|  Advanced Energy Industries, Inc. | 5546 |  | 1161166 |
|  Aeva Technologies, Inc. (x)\* | 5505 |  | 73106 |
|  Arlo Technologies, Inc.\* | 14764 |  | 206548 |
|  Badger Meter, Inc. | 4368 |  | 761823 |
|  Belden, Inc. | 5769 |  | 672377 |
|  Climb Global Solutions, Inc. | 600 |  | 61674 |
|  CTS Corp. | 517 |  | 22164 |
|  Daktronics, Inc.\* | 819 |  | 16192 |
|  Evolv Technologies Holdings, Inc.\* | 22449 |  | 160735 |
|  Fabrinet\* | 5316 |  | 2420268 |
|  Frequency Electronics, Inc. (x)\* | 906 |  | 48779 |
|  Insight Enterprises, Inc.\* | 1439 |  | 117235 |
|  Itron, Inc.\* | 3226 |  | 299566 |
|  Knowles Corp.\* | 995 |  | 21323 |
|  MicroVision, Inc. (x)\* | 25088 |  | 20775 |
|  Mirion Technologies, Inc., Class A (x)\* | 35204 |  | 824478 |
|  M-Tron Industries, Inc.\* | 393 |  | 20915 |
|  Napco Security Technologies, Inc. | 5058 |  | 210919 |
|  Neonode, Inc.\* | 1498 |  | 2607 |
|  nLight, Inc.\* | 508 |  | 19055 |
|  Novanta, Inc.\* | 5308 |  | 631599 |
|  OSI Systems, Inc.\* | 2384 |  | 608063 |
|  Ouster, Inc.\* | 8040 |  | 173986 |
|  Plexus Corp.\* | 3683 |  | 541401 |
|  Red Cat Holdings, Inc. (x)\* | 14986 |  | 118839 |
|  Sanmina Corp.\* | 3450 |  | 517742 |
|  Vuzix Corp. (x)\* | 9797 |  | 37033 |
|  |  |  | 9788181 |
|  ***IT Services (6.3%)*** | ***IT Services (6.3%)*** | ***IT Services (6.3%)*** | ***IT Services (6.3%)*** |
|  Applied Digital Corp. (x)\* | 26543 |  | 650834 |
|  Backblaze, Inc., Class A\* | 7931 |  | 36958 |
|  BigBear.ai Holdings, Inc. (x)\* | 14850 |  | 80190 |
|  Cloudflare, Inc., Class A\* | 128818 |  | 25396469 |
|  Commerce.com, Inc.\* | 9786 |  | 40318 |
|  Crexendo, Inc.\* | 2291 |  | 14823 |
|  CSP, Inc. | 1099 |  | 13738 |
|  DigitalOcean Holdings, Inc.\* | 10055 |  | 483847 |
|  Grid Dynamics Holdings, Inc.\* | 7790 |  | 70344 |
|  Hackett Group, Inc. (The) | 3357 |  | 65898 |
|  Information Services Group, Inc. | 2087 |  | 12063 |
|  Rackspace Technology, Inc. (x)\* | 3206 |  | 3113 |
|  TSS, Inc. (x)\* | 2962 |  | 20941 |
|  Tucows, Inc., Class A\* | 191 |  | 4282 |
|  Unisys Corp.\* | 8553 |  | 23606 |
|  VTEX, Class A\* | 7546 |  | 28373 |
|  Whitefiber, Inc. (x)\* | 1008 |  | 15926 |
|  |  |  | 26961723 |
|  ***Semiconductors & Semiconductor Equipment (2.6%)*** | ***Semiconductors & Semiconductor Equipment (2.6%)*** | ***Semiconductors & Semiconductor Equipment (2.6%)*** | ***Semiconductors & Semiconductor Equipment (2.6%)*** |
|  Aehr Test Systems (x)\* | 3491 |  | 70483 |
|  Aeluma, Inc.\* | 244 |  | 4189 |
|  Ambarella, Inc.\* | 5989 |  | 424261 |
|  Ambiq Micro, Inc.\* | 444 |  | 12654 |
|  Atomera, Inc. (x)\* | 4708 |  | 10405 |
|  Axcelis Technologies, Inc.\* | 327 |  | 26271 |
|  Blaize Holdings, Inc. (x)\* | 6964 |  | 13580 |
|  CEVA, Inc.\* | 3165 |  | 68111 |
|  Credo Technology Group Holding Ltd.\* | 22562 |  | 3246446 |
|  FormFactor, Inc.\* | 8571 |  | 478090 |
|  Impinj, Inc.\* | 3964 |  | 689776 |
|  indie Semiconductor, Inc., Class A (x)\* | 10505 |  | 37083 |
|  Kopin Corp. (x)\* | 26879 |  | 62897 |
|  Kulicke & Soffa Industries, Inc. | 4342 |  | 197821 |
|  MaxLinear, Inc., Class A\* | 1743 |  | 30380 |
|  Navitas Semiconductor Corp., Class A (x)\* | 3653 |  | 26082 |
|  NVE Corp. | 693 |  | 41116 |
|  PDF Solutions, Inc.\* | 4645 |  | 132522 |
|  Power Integrations, Inc. | 8227 |  | 292388 |
|  Rambus, Inc.\* | 15886 |  | 1459764 |
|  Rigetti Computing, Inc. (x)\* | 46987 |  | 1040762 |
|  Semtech Corp.\* | 12824 |  | 945000 |
|  Silicon Laboratories, Inc.\* | 4781 |  | 624877 |
|  SiTime Corp.\* | 3169 |  | 1119259 |
|  SkyWater Technology, Inc.\* | 4454 |  | 80885 |
|  Synaptics, Inc.\* | 548 |  | 40563 |
|  Ultra Clean Holdings, Inc.\* | 517 |  | 13096 |
|  |  |  | 11188761 |
|  ***Software (9.2%)*** | ***Software (9.2%)*** | ***Software (9.2%)*** | ***Software (9.2%)*** |
|  A10 Networks, Inc. | 9243 |  | 163509 |
|  ACI Worldwide, Inc.\* | 15228 |  | 728051 |
|  Adeia, Inc. | 13947 |  | 240586 |
|  Agilysys, Inc.\* | 3808 |  | 452543 |
|  Airship AI Holdings, Inc. (x)\* | 2548 |  | 7364 |
|  Alarm.com Holdings, Inc.\* | 6995 |  | 356885 |
|  Alkami Technology, Inc. (x)\* | 10138 |  | 233884 |
|  Amplitude, Inc., Class A\* | 13529 |  | 156666 |
|  Appian Corp., Class A\* | 160652 |  | 5690294 |
|  Arteris, Inc.\* | 513 |  | 7951 |
|  Asana, Inc., Class A\* | 12546 |  | 172006 |
|  AudioEye, Inc.\* | 1072 |  | 10709 |
|  Aurora Innovation, Inc., Class A (x)\* | 1287750 |  | 4944960 |
|  AvePoint, Inc.\* | 21574 |  | 299663 |
|  Bitdeer Technologies Group, Class A (x)\* | 14465 |  | 162153 |
|  BitMine Immersion Technologies, Inc. (x) | 252161 |  | 6846171 |
|  Blackbaud, Inc.\* | 4507 |  | 285383 |
|  BlackLine, Inc.\* | 7658 |  | 423411 |
|  Blend Labs, Inc., Class A\* | 29004 |  | 88172 |
|  Box, Inc., Class A\* | 16088 |  | 481192 |

---

See Notes to Financial Statements.

1073

------

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Braze, Inc., Class A\* | 12539 | $| 429962 |
|  C3.ai, Inc., Class A (x)\* | 18259 |  | 246131 |
|  Cerence, Inc.\* | 1598 |  | 17083 |
|  Clear Secure, Inc., Class A | 12772 |  | 448042 |
|  Clearwater Analytics Holdings, Inc., Class A (x)\* | 41025 |  | 989523 |
|  Commvault Systems, Inc.\* | 6577 |  | 824493 |
|  Core Scientific, Inc.\* | 35436 |  | 515948 |
|  CS Disco, Inc.\* | 2814 |  | 21837 |
|  Daily Journal Corp. (x)\* | 147 |  | 71636 |
|  Digimarc Corp. (x)\* | 2064 |  | 13540 |
|  Digital Turbine, Inc.\* | 10739 |  | 53695 |
|  Domo, Inc., Class B\* | 4381 |  | 36932 |
|  D-Wave Quantum, Inc. (x)\* | 49228 |  | 1287312 |
|  eGain Corp.\* | 1745 |  | 17956 |
|  EverCommerce, Inc.\* | 2288 |  | 27708 |
|  Expensify, Inc., Class A\* | 5121 |  | 7733 |
|  Five9, Inc.\* | 11262 |  | 225803 |
|  Freshworks, Inc., Class A\* | 29538 |  | 361840 |
|  I3 Verticals, Inc., Class A (x)\* | 335 |  | 8439 |
|  Intapp, Inc.\* | 8345 |  | 382368 |
|  InterDigital, Inc. | 3815 |  | 1214620 |
|  Jamf Holding Corp.\* | 11506 |  | 149693 |
|  Kaltura, Inc.\* | 12549 |  | 20580 |
|  Life360, Inc. (x)\* | 3014 |  | 193318 |
|  LiveRamp Holdings, Inc.\* | 9495 |  | 278868 |
|  Mitek Systems, Inc.\* | 1483 |  | 15646 |
|  NextNav, Inc. (x)\* | 13917 |  | 231579 |
|  OneSpan, Inc. | 812 |  | 10426 |
|  Ooma, Inc.\* | 3499 |  | 41043 |
|  Pagaya Technologies Ltd., Class A\* | 7490 |  | 156541 |
|  PagerDuty, Inc.\* | 13133 |  | 172174 |
|  PAR Technology Corp. (x)\* | 3460 |  | 125529 |
|  Porch Group, Inc.\* | 10523 |  | 96075 |
|  Progress Software Corp.\* | 6281 |  | 269832 |
|  Q2 Holdings, Inc.\* | 9149 |  | 660192 |
|  Qualys, Inc.\* | 5378 |  | 714736 |
|  Rapid7, Inc.\* | 9373 |  | 142470 |
|  Red Violet, Inc. | 1643 |  | 93569 |
|  ReposiTrak, Inc. (x) | 1385 |  | 17132 |
|  Rezolve AI plc (x)\* | 26252 |  | 67468 |
|  Rimini Street, Inc.\* | 1157 |  | 4489 |
|  SEMrush Holdings, Inc., Class A\* | 7436 |  | 88414 |
|  SoundHound AI, Inc., Class A (x)\* | 54904 |  | 547393 |
|  SoundThinking, Inc.\* | 1655 |  | 13290 |
|  Sprinklr, Inc., Class A\* | 17052 |  | 132664 |
|  Sprout Social, Inc., Class A\* | 7896 |  | 88988 |
|  SPS Commerce, Inc.\* | 5596 |  | 498771 |
|  Synchronoss Technologies, Inc.\* | 1641 |  | 14047 |
|  Tenable Holdings, Inc.\* | 17818 |  | 419257 |
|  Terawulf, Inc. (x)\* | 42135 |  | 484131 |
|  Varonis Systems, Inc.\* | 17089 |  | 560519 |
|  Vertex, Inc., Class A\* | 10279 |  | 205272 |
|  Via Transportation, Inc., Class A\* | 82321 |  | 2388132 |
|  Viant Technology, Inc., Class A\* | 1858 |  | 22370 |
|  Weave Communications, Inc.\* | 9406 |  | 71391 |
|  WM Technology, Inc.\* | 11449 |  | 9446 |
|  Workiva, Inc., Class A\* | 7393 |  | 637646 |
|  Yext, Inc.\* | 15073 |  | 121488 |
|  Zeta Global Holdings Corp., Class A\* | 27973 |  | 569250 |
|  |  |  | 39287983 |
|  ***Technology Hardware, Storage & Peripherals (3.1%)*** | ***Technology Hardware, Storage & Peripherals (3.1%)*** | ***Technology Hardware, Storage & Peripherals (3.1%)*** | ***Technology Hardware, Storage & Peripherals (3.1%)*** |
|  CompoSecure, Inc., Class A\* | 7554 |  | 145641 |
|  CPI Card Group, Inc.\* | 1028 |  | 15091 |
|  Diebold Nixdorf, Inc.\* | 3454 |  | 234492 |
|  IonQ, Inc. (x)\* | 272451 |  | 12224876 |
|  Quantum Computing, Inc. (x)\* | 29618 |  | 303881 |
|  Turtle Beach Corp.\* | 1524 |  | 21382 |
|  |  |  | 12945363 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 102343490 |
|  **Materials (1.8%)** | **Materials (1.8%)** | **Materials (1.8%)** | **Materials (1.8%)** |
|  ***Chemicals (0.7%)*** | ***Chemicals (0.7%)*** | ***Chemicals (0.7%)*** | ***Chemicals (0.7%)*** |
|  ASP Isotopes, Inc. (x)\* | 13524 |  | 72354 |
|  Balchem Corp. | 4830 |  | 740729 |
|  Cabot Corp. | 7287 |  | 482982 |
|  Chemours Co. (The) | 22351 |  | 263518 |
|  Flotek Industries, Inc. (x)\* | 630 |  | 10855 |
|  Hawkins, Inc. | 2871 |  | 407854 |
|  Ingevity Corp.\* | 5304 |  | 313891 |
|  Innospec, Inc. | 145 |  | 11098 |
|  PureCycle Technologies, Inc. (x)\* | 19272 |  | 165547 |
|  Sensient Technologies Corp. | 6221 |  | 584463 |
|  Solesence, Inc.\* | 2992 |  | 4772 |
|  |  |  | 3058063 |
|  ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** |
|  Knife River Corp.\* | 8399 |  | 590870 |
|  Smith-Midland Corp.\* | 476 |  | 17298 |
|  Titan America SA | 3447 |  | 56806 |
|  United States Lime & Minerals, Inc. | 1613 |  | 193141 |
|  |  |  | 858115 |
|  ***Containers & Packaging (0.0%)†*** | ***Containers & Packaging (0.0%)†*** | ***Containers & Packaging (0.0%)†*** | ***Containers & Packaging (0.0%)†*** |
|  Ardagh Metal Packaging SA | 5911 |  | 24235 |
|  Myers Industries, Inc. | 895 |  | 16755 |
|  O-I Glass, Inc.\* | 5515 |  | 81401 |
|  |  |  | 122391 |
|  ***Metals & Mining (0.9%)*** | ***Metals & Mining (0.9%)*** | ***Metals & Mining (0.9%)*** | ***Metals & Mining (0.9%)*** |
|  Alpha Metallurgical Resources, Inc.\* | 526 |  | 105137 |
|  American Battery Technology Co. (x)\* | 8719 |  | 29122 |
|  Century Aluminum Co.\* | 7739 |  | 303214 |
|  Coeur Mining, Inc.\* | 47113 |  | 840025 |
|  Compass Minerals International, Inc.\* | 3920 |  | 76989 |
|  Constellium SE\* | 7449 |  | 140414 |
|  Contango ORE, Inc.\* | 1630 |  | 43048 |
|  Critical Metals Corp. (x)\* | 2117 |  | 14692 |
|  Dakota Gold Corp.\* | 12698 |  | 72125 |
|  Hecla Mining Co. | 22184 |  | 425711 |
|  Idaho Strategic Resources, Inc. (x)\* | 2177 |  | 87733 |
|  Ivanhoe Electric, Inc.\* | 13379 |  | 213796 |
|  Kaiser Aluminum Corp. | 1197 |  | 137487 |
|  Lifezone Metals Ltd. (x)\* | 4386 |  | 18728 |
|  Materion Corp. | 598 |  | 74343 |
|  NioCorp Developments Ltd.\* | 15754 |  | 83496 |
|  Novagold Resources, Inc.\* | 41519 |  | 386957 |
|  Perpetua Resources Corp.\* | 12511 |  | 302891 |
|  Ramaco Resources, Inc., Class A\* | 6069 |  | 109242 |
|  United States Antimony Corp. (x)\* | 17505 |  | 87875 |
|  US Gold Corp.\* | 1779 |  | 34530 |
|  US Goldmining, Inc.\* | 394 |  | 3475 |
|  USA Rare Earth, Inc. (x)\* | 6425 |  | 76458 |
|  Vox Royalty Corp. (x) | 8793 |  | 41679 |
|  |  |  | 3709167 |

---

See Notes to Financial Statements.

1074

------

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Sylvamo Corp. | 1333 | $64184 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 7811920 |
|  **Real Estate (4.2%)** | **Real Estate (4.2%)** | **Real Estate (4.2%)** |
|  ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** |
|  Gladstone Commercial Corp. (REIT) | 1513 | 16144 |
|  ***Health Care REITs (0.2%)*** | ***Health Care REITs (0.2%)*** | ***Health Care REITs (0.2%)*** |
|  American Healthcare REIT, Inc. (REIT) | 8871 | 417469 |
|  CareTrust REIT, Inc. (REIT) | 3229 | 116761 |
|  National Health Investors, Inc. (REIT) | 1527 | 116617 |
|  Strawberry Fields REIT, Inc. (REIT) | 1115 | 14606 |
|  Universal Health Realty Income Trust (REIT) | 1613 | 63246 |
|  |  | 728699 |
|  ***Hotel & Resort REITs (0.2%)*** | ***Hotel & Resort REITs (0.2%)*** | ***Hotel & Resort REITs (0.2%)*** |
|  DiamondRock Hospitality Co. (REIT) | 17427 | 156146 |
|  Ryman Hospitality Properties, Inc. (REIT) | 9092 | 860285 |
|  Sunstone Hotel Investors, Inc. (REIT) | 2220 | 19847 |
|  Xenia Hotels & Resorts, Inc. (REIT) | 1992 | 28167 |
|  |  | 1064445 |
|  ***Real Estate Management & Development (3.4%)*** | ***Real Estate Management & Development (3.4%)*** | ***Real Estate Management & Development (3.4%)*** |
|  Compass, Inc., Class A\* | 72140 | 762520 |
|  eXp World Holdings, Inc. (x) | 12914 | 116872 |
|  Landbridge Co. LLC, Class A (x) | 163306 | 8000361 |
|  Maui Land & Pineapple Co., Inc.\* | 985 | 16686 |
|  Opendoor Technologies, Inc.\* | 856396 | 4992788 |
|  Real Brokerage, Inc. (The)\* | 19233 | 70200 |
|  St Joe Co. (The) | 5589 | 331819 |
|  |  | 14291246 |
|  ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** |
|  Apartment Investment and Management Co. (REIT), Class A | 10995 | 65311 |
|  NexPoint Residential Trust, Inc. (REIT) | 1143 | 34404 |
|  UMH Properties, Inc. (REIT) | 11775 | 187340 |
|  |  | 287055 |
|  ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** |
|  Alexander's, Inc. (REIT) (x) | 328 | 71484 |
|  CBL & Associates Properties, Inc. (REIT) | 2015 | 74555 |
|  NETSTREIT Corp. (REIT) (x) | 2928 | 51650 |
|  Phillips Edison & Co., Inc. (REIT) | 3213 | 114286 |
|  Saul Centers, Inc. (REIT) | 1615 | 50921 |
|  Tanger, Inc. (REIT) | 14896 | 497080 |
|  |  | 859976 |
|  ***Specialized REITs (0.1%)*** | ***Specialized REITs (0.1%)*** | ***Specialized REITs (0.1%)*** |
|  Outfront Media, Inc. (REIT) | 21758 | 524368 |
|  PotlatchDeltic Corp. (REIT) | 697 | 27726 |
|  |  | 552094 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 17799659 |
|  **Utilities (0.3%)** | **Utilities (0.3%)** | **Utilities (0.3%)** |
|  ***Electric Utilities (0.1%)*** | ***Electric Utilities (0.1%)*** | ***Electric Utilities (0.1%)*** |
|  Genie Energy Ltd., Class B | 361 | 4975 |
|  MGE Energy, Inc. | 2870 | 225066 |
|  Oklo, Inc., Class A (x)\* | 3736 | 268095 |
|  Otter Tail Corp. | 377 | 30465 |
|  |  | 528601 |
|  ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** |
|  Chesapeake Utilities Corp. | 1175 | 146593 |
|  ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** |
|  Hallador Energy Co.\* | 4325 | 82348 |
|  Montauk Renewables, Inc.\* | 2651 | 4427 |
|  |  | 86775 |
|  ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** |
|  American States Water Co. | 3753 | 272017 |
|  Cadiz, Inc.\* | 7652 | 42928 |
|  Consolidated Water Co. Ltd. | 704 | 24844 |
|  Global Water Resources, Inc. | 1601 | 13529 |
|  Middlesex Water Co. | 338 | 17042 |
|  York Water Co. (The) | 450 | 14328 |
|  |  | 384688 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 1146657 |
|  **Total Common Stocks (96.6%)**<br> *(Cost $352,816,641)* |  | 412072607 |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** |
|  Aduro Biotech, Inc., CVR (r)\* | 2584 |  |
|  Akero Therapeutics, Inc., CVR (r)\* | 10764 | 5247 |
|  Chinook Therapeutics, Inc., CVR \* | 2496 | 500 |
|  Sanofi Aatd, Inc., CVR (r)\* | 3248 | 1577 |
|  |  | 7324 |
|  ***Life Sciences Tools & Services (0.0%)*** | ***Life Sciences Tools & Services (0.0%)*** | ***Life Sciences Tools & Services (0.0%)*** |
|  OmniAb, Inc., expiring 11/1/27 (r)\* | 226 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Rights (0.0%)†**<br> *(Cost $6,825)*  |  | 7324 |
|  | **Number of<br>Warrants** | **Value<br>(Note 1)** |
|  WARRANTS: |  |  |
|  **Consumer Discretionary (0.0%)†** |  |  |
|  ***Specialty Retail (0.0%)†*** |  |  |
|  Bed Bath & Beyond, Inc., expiring 10/7/26\* | 2254 | 1487 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 1487 |
|  **Health Care (0.0%)** | **Health Care (0.0%)** | **Health Care (0.0%)** |
|  ***Life Sciences Tools & Services (0.0%)*** | ***Life Sciences Tools & Services (0.0%)*** | ***Life Sciences Tools & Services (0.0%)*** |
|  SomaLogic, Inc., expiring 8/31/26 (r)\* | 10119 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  |
|  **Real Estate (0.0%)†** | **Real Estate (0.0%)†** | **Real Estate (0.0%)†** |
|  ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** |
|  Opendoor Technologies, Inc., expiring 11/20/26 (x)\* | 56874 | 34498 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 34498 |
|  **Total Warrants (0.0%)†**<br> *(Cost $—)* |  | 35985 |

---

See Notes to Financial Statements.

1075

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EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (7.1%)** |  |  |
|  Goldman Sachs Financial Square Government Fund 3.67% (7 day yield) (xx) | 1000000 | $1000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 9653422 | 9653422 |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 12654169 | 12659230 |
|  Morgan Stanley Institutional Liquidity Fund – Government Portfolio 3.69% (7 day yield) (xx) | 2000000 | 2000000 |
|  Western Asset Institutional Government Reserves Fund, Institutional Shares 3.66% (7 day yield) (xx) | 5000000 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 30312652 |
|  **Total Short-Term Investments (7.1%)**<br> *(Cost $30,312,327)* | **Total Short-Term Investments (7.1%)**<br> *(Cost $30,312,327)* | 30312652 |
|  **Total Investments in Securities (103.7%)**<br> *(Cost $383,135,793)* | **Total Investments in Securities (103.7%)**<br> *(Cost $383,135,793)* | 442428568 |
|  **Other Assets Less Liabilities (-3.7%)** |  | (15777429) |
|  **Net Assets (100%)** |  | $426651139 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $182,870 or 0.0% of net assets.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $61,756,059. This was collateralized by $46,585,834 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/15/26 – 8/15/55 and by cash of $17,653,422 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Russell 2000 E-Mini Index | 8 | 3/2026 | USD | 999200 | (29229) |
|  |  |  |  |  | (29229) |

---

See Notes to Financial Statements.

1076

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EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1**<br> **Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2**<br> **Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3**<br> **Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $5242484 | $— | $— | $5242484 |
|  Consumer Discretionary | 42136796 | 604542 |  | 42741338 |
|  Consumer Staples | 14077396 |  |  | 14077396 |
|  Energy | 11870486 |  |  | 11870486 |
|  Financials | 28155895 |  | 4469721 | 32625616 |
|  Health Care | 116780164 |  |  | 116780164 |
|  Industrials | 59633397 |  |  | 59633397 |
|  Information Technology | 102343490 |  |  | 102343490 |
|  Materials | 7811920 |  |  | 7811920 |
|  Real Estate | 17799659 |  |  | 17799659 |
|  Utilities | 1146657 |  |  | 1146657 |
|  **Rights** |  |  |  |  |
|  Health Care |  | 500 | 6824 | 7324 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 30312652 |  |  | 30312652 |
|  **Warrants** |  |  |  |  |
|  Consumer Discretionary | 1487 |  |  | 1487 |
|  Health Care |  |  | — (a) | — (a) |
|  Real Estate | 34498 |  |  | 34498 |
|  **Total Assets** | $**437346981** | $**605042** | $**4476545** | $**442428568** |
|  **Liabilities:** |  |  |  |  |
|  **Futures** | $(29229) | $— | $— | $(29229) |
|  **Total Liabilities** | $**(29229)** | $**—** | $**—** | $**(29229)** |
|  **Total** | $**437317752** | $**605042** | $**4476545** | $**442399339** |

---

(a) Value is zero.

See Notes to Financial Statements.

1077

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EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

---

| | | |
|:---|:---|:---|
|  | **Investment in<br>Common Stock-Financials** | **Investment in<br>Warrants-Healthcare** |
| &nbsp;&nbsp;&nbsp; Balance as of 12/31/2024 | $— | $— (b) |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized Gains (Losses) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation/Depreciation | 1098891 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net accretion (amortization) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 3370830 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issuances |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Settlements |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers into Level 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers out of Level 3 |  |  |
| &nbsp;&nbsp;&nbsp; Balance as of 12/31/2025 | $4469721 | $— (b) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Balance at<br>12/31/2025** | **Valuation Technique(s)** | **Unobservable<br>Input(s)\*** | **Amount of Range<br>(Weighted<br>Average)** | **Impact to<br>Valuation from an<br>Increase/Decrease<br>in Input(a)** |
| &nbsp;&nbsp;&nbsp; Common Stocks | $4469721 | Market Comparables | Discount for lack<br>of marketability | 15.00% | Decrease |
| &nbsp;&nbsp;&nbsp; Warrants |  | Price at Zero | Recovery Value | 0.00% | Increase |

---

\* Level 3 values are based on significant unobservable inputs that reflect the Manager's determination of assumptions that market participants might reasonably use in valuing the securities. Fair value determinations and valuation of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred. 

(a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

(b) Value is zero.

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(29229) |
|  **Total** |  | $(29229) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

See Notes to Financial Statements.

1078

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EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(28714) | $(28714) |
|  **Total** | $(28714) | $(28714) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $6217 | $6217 |
|  **Total** | $6217 | $6217 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $1155000 |

---

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $263967530.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $306346850.0 |

---

During the year ended December 31, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 13%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 12%)\*** | **Net Realized<br>Gain (Loss)** |
| $32999008 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37811326 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(303221) |

---

\* Represents percentage/amount of total Purchases and/or Sales.

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $131799789 |
|  Aggregate gross unrealized depreciation | (76909382) |
|  Net unrealized appreciation | $54890407 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $387508932 |

---

For the period ended December 31, 2025, the Portfolio incurred approximately $291 as brokerage commissions with Bernstein Institutional Service, LLC, affiliated broker/dealers.

See Notes to Financial Statements.

1079

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EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $383,135,793) | $442428568.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 4914698.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $984) | 1002.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 87600.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1736032.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 137300.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 99966.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 79077.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1762.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 449486005.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 17653422.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 4526035.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 274208.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 222098.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 46446.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable - Class IB | 41725.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 8358.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 62574.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 22834866.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities ^** |  |
|  **NET ASSETS** | $426651139.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $415221890.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 11429249.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $426651139.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $190,551,681 / 20,408,053 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.34 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $236,099,458 / 24,273,117 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.73 |

---

*(x)* *Includes value of securities on loan of $61,756,059.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $2,635 foreign withholding tax) | $1803965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 203980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 700784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 2708729 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3453980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 538959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class IB | 460408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 137000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 70897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 36243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 14635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 12071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 4724193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (377093) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 4347100 |
|  **NET INVESTMENT INCOME (LOSS)** | (1638371) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 34008781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (28714) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 33980067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 1266879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 6217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1273192 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 35253259 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $33614888 |

---

See Notes to Financial Statements.

1080

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#### EQ ADVISORS TRUST
EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1638371) | $(1258962) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 33980067 | 71344526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1273192 | 6150262 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 33614888 | 76235826 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (503002) | (16473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (1134229) | (244330) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (1637231) | (260803) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (20944) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | 47227) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total tax return of capital | (68171) |  |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,654,149 and 2,932,771 shares, respectively ] | 23983239 | 21946395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 53,775 and 2,195 shares, respectively ] | 523946 | 16473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3270430) and (4343358) shares, respectively ] | (29364082) | (32019552) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (4856897) | (10056684) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,551,350 and 1,420,834 shares, respectively ] | 12149988 | 10231925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 116,493 and 26,032 shares, respectively ] | 1181456 | 244330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (5125033) and (4983018) shares, respectively ] | (48439063) | (38147235) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (35107619) | (27670980) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (39964516) | (37727664) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (8055030) | 38247359 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 434706169 | 396458810 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $426651139 | $434706169 |

---

See Notes to Financial Statements.

1081

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#### EQ ADVISORS TRUST
EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $8.72 | $7.22 | $5.37 | $9.71 | $17.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations†:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.05) | (0.04) | (0.01) | (0.02) | (0.10)(aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.70 | 1.54 | 1.86 | (4.27) | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.65 | 1.50 | 1.85 | (4.29) | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.03) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.05) | (8.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.03) |  |  | (0.05) | (8.12) |
|  Net asset value, end of year | $9.34 | $8.72 | $7.22 | $5.37 | $9.71 |
|  Total return | 7.39 | 20.79 | 34.45 | (44.23) | 2.78% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $190552 | $182877 | $161656 | $118839 | $214924 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.15 | 1.15 | 1.15 | 1.15 | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.24 | 1.24 | 1.24 | 1.24 | 1.21% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.52) | (0.47) | (0.11) | (0.25) | (0.50)%(bb) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.61) | (0.56) | (0.20) | (0.34) | (0.56)%(bb) |
|  Portfolio turnover rate ^ | 63 | 75 | 54 | 72 | 102% |
| **Class K** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $9.08 | $7.51 | $5.59 | $10.06 | $17.61 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations†:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.03) | (0.02) | 0.01 |  | (0.05)(aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.73 | 1.60 | 1.93 | (4.42) | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.70 | 1.58 | 1.94 | (4.42) | 0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.05) | (0.01) | (0.02) |  | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.05) | (8.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.05) | (0.01) | (0.02) | (0.05) | (8.16) |
|  Net asset value, end of year | $9.73 | $9.08 | $7.51 | $5.59 | $10.06 |
|  Total return | 7.67 | 21.02 | 34.64 | (43.99) | 3.04% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $236099 | $251829 | $234803 | $217742 | $360628 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.90 | 0.90 | 0.90 | 0.90 | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.99 | 0.99 | 0.99 | 0.99 | 0.96% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.27) | (0.22) | 0.16 | 0.01 | (0.25)%(bb) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.36) | (0.31) | 0.07 | (0.08) | (0.31)%(bb) |
|  Portfolio turnover rate ^ | 63 | 75 | 54 | 72 | 102% |

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See Notes to Financial Statements.

1082

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EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*†* *The amount shown for a share outstanding throughout the period may not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $(0.01) and $0.00 for Class IB and Class K, respectively.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $(0.10) and $(0.06) for Class IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.03% lower.* 

*(cc)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.12% lower.* 

See Notes to Financial Statements.

1083

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EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Asset-Backed Securities (2.5%)** | **Asset-Backed Securities (2.5%)** | **Asset-Backed Securities (2.5%)** |
|  Auto Abs Spanish Loans FT, | Auto Abs Spanish Loans FT, | Auto Abs Spanish Loans FT, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1 A<br>2.494%, 2/28/32 (l)(m) | 90083 | $105873 |
|  CIT Mortgage Loan Trust, | CIT Mortgage Loan Trust, | CIT Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 1M1<br>5.346%, 10/25/37 (l)§ | $127581 | 127793 |
|  Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-HE4 M3<br>4.536%, 10/25/35 (l) | 100000 | 93100 |
|  Credit-Based Asset Servicing & Securitization LLC, | Credit-Based Asset Servicing & Securitization LLC, | Credit-Based Asset Servicing & Securitization LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-CB6 A3<br>4.066%, 7/25/37 (l)§ | 240015 | 161409 |
|  CWABS Asset-Backed Certificates Trust, | CWABS Asset-Backed Certificates Trust, | CWABS Asset-Backed Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 1A<br>4.126%, 7/25/37 (l) | 50783 | 47666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-6 1A<br>4.246%, 9/25/37 (l) | 10780 | 9988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-8 1A1<br>4.036%, 11/25/37 (l) | 100704 | 95972 |
|  CWABS, Inc. Asset-backed Certificates, | CWABS, Inc. Asset-backed Certificates, | CWABS, Inc. Asset-backed Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-12 1A1<br>4.586%, 8/25/47 (l) | 22983 | 22755 |
|  GSAA Trust, | GSAA Trust, | GSAA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-7 AF4A<br>6.720%, 3/25/46 (e) | 16919 | 8995 |
|  Home Equity Mortgage Loan Asset-Backed Trust, | Home Equity Mortgage Loan Asset-Backed Trust, | Home Equity Mortgage Loan Asset-Backed Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A 1A<br>4.066%, 4/25/37 (l) | 16364 | 12552 |
|  Invesco Euro CLO V DAC, | Invesco Euro CLO V DAC, | Invesco Euro CLO V DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5A AR<br>3.029%, 1/15/34 (l)§ | 500000 | 586439 |
|  Invesco Euro CLO XI DAC, | Invesco Euro CLO XI DAC, | Invesco Euro CLO XI DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 11A A1R<br>3.283%, 10/22/36 (l)§ | 500000 | 587595 |
|  Lehman XS Trust, | Lehman XS Trust, | Lehman XS Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-20N A1<br>6.146%, 12/25/37 (l) | $83747 | 92596 |
|  Long Beach Mortgage Loan Trust, | Long Beach Mortgage Loan Trust, | Long Beach Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-7 2A2<br>4.086%, 8/25/36 (l) | 61050 | 23983 |
|  Marzio Finance Srl, | Marzio Finance Srl, | Marzio Finance Srl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-15 A<br>2.724%, 9/28/49 (l)(m) | 432195 | 509216 |
|  MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-WMC4 A5<br>4.146%, 10/25/36 (l) | $104838 | 33011 |
|  New Century Home Equity Loan Trust, | New Century Home Equity Loan Trust, | New Century Home Equity Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-4 M1<br>4.611%, 2/25/35 (l) | 39783 | 39052 |
|  Option One Mortgage Loan Trust, | Option One Mortgage Loan Trust, | Option One Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-3 M2<br>4.701%, 11/25/34 (l) | 9643 | 10261 |
|  Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE1 A2C<br>4.166%, 7/25/36 (l) | 150190 | 49769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE2 A2C<br>4.146%, 7/25/36 (l) | 42991 | 15790 |
|  Soundview Home Loan Trust, | Soundview Home Loan Trust, | Soundview Home Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OPT1 1A1<br>4.046%, 6/25/37 (l) | 88702 | 61868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OPT2 2A3<br>4.026%, 7/25/37 (l) | 40479 | 37826 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  | 2733509 |
|  **Collateralized Mortgage Obligations (4.4%)** | **Collateralized Mortgage Obligations (4.4%)** | **Collateralized Mortgage Obligations (4.4%)** |
|  Alba plc, | Alba plc, | Alba plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A3<br>4.018%, 3/17/39 (l)(m) | 101472 | 134425 |
|  Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-29CB A4<br>5.000%, 7/25/35 | $27656 | 14673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HY11 A1<br>4.086%, 6/25/36 (l) | 52684 | 50794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1T1 1A1<br>6.000%, 3/25/37 | 141823 | 46998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4CB 1A35<br>6.000%, 4/25/37 | 23387 | 19503 |
|  Alternative Loan Trust Resecuritization, | Alternative Loan Trust Resecuritization, | Alternative Loan Trust Resecuritization, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-2R 1A1<br>6.000%, 8/25/37 (l) | 34366 | 28204 |
|  Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4 A1<br>1.469%, 6/25/65 (l)§ | 23570 | 22801 |
|  Atlas Funding plc, | Atlas Funding plc, | Atlas Funding plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 A<br>4.527%, 7/20/62 (l)(m) | 496978 | 670245 |
|  Brants Bridge plc, | Brants Bridge plc, | Brants Bridge plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1 A<br>4.631%, 6/14/66 (l)(m) | 147269 | 198697 |
|  Canterbury Finance NO 4 plc, | Canterbury Finance NO 4 plc, | Canterbury Finance NO 4 plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4 A2<br>4.578%, 5/16/58 (l)(m) | 59435 | 80133 |
|  CHL Mortgage Pass-Through Trust, | CHL Mortgage Pass-Through Trust, | CHL Mortgage Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A1<br>6.000%, 3/25/37 | $42890 | 18469 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR4 1A1A<br>4.607%, 3/25/37 (l) | 37430 | 32396 |
|  Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-NCM2 1CB1<br>5.500%, 8/25/34 | 3924 | 3898 |
|  CSMC Trust, | CSMC Trust, | CSMC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4R 1A1<br>4.129%, 10/26/36 (l)§ | 2476 | 2250 |
|  Curzon Mortgages plc, | Curzon Mortgages plc, | Curzon Mortgages plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 A2<br>4.949%, 7/28/49 (l)(m) | 435389 | 587397 |
|  DSLA Mortgage Loan Trust, | DSLA Mortgage Loan Trust, | DSLA Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR6 2A1A<br>4.426%, 10/19/45 (l) | $34381 | 32113 |
|  Dutch Property Finance BV, | Dutch Property Finance BV, | Dutch Property Finance BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2 A<br>2.972%, 4/28/62 (l)(m) | 216418 | 255040 |
|  GNMA, | GNMA, | GNMA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H17 FC<br>4.944%, 8/20/66 (l) | $47658 | 47859 |
|  GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-12 3A6<br>5.223%, 12/25/34 (l) | 2292 | 2149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR4 6A1<br>5.001%, 7/25/35 (l) | 6856 | 6593 |

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See Notes to Financial Statements.

1084

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EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Harbour NO 2 plc, | Harbour NO 2 plc, | Harbour NO 2 plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2 A2<br>4.799%, 10/28/54 (l)(m) | 842041 | 1135918 |
|  JP Morgan Alternative Loan Trust, | JP Morgan Alternative Loan Trust, | JP Morgan Alternative Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A1 1A1<br>4.306%, 3/25/36 (l) | $19437 | 18536 |
|  Lehman Mortgage Trust, | Lehman Mortgage Trust, | Lehman Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-3 4A1<br>5.085%, 1/25/36 (l) | 4048 | 3901 |
|  New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A A1<br>4.500%, 5/25/58 (l)§ | 24254 | 23770 |
|  Polaris plc, | Polaris plc, | Polaris plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A A<br>4.544%, 10/27/69 (l)§ | 500000 | 674519 |
|  RALI Trust, | RALI Trust, | RALI Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QH8 A<br>5.007%, 10/25/37 (l) | $22780 | 18086 |
|  Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A10 A5<br>6.500%, 9/25/36 | 118219 | 33713 |
|  Sequoia Mortgage Trust, | Sequoia Mortgage Trust, | Sequoia Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 6 A<br>4.486%, 4/19/27 (l) | 9243 | 9163 |
|  Silverstone Master Issuer plc, | Silverstone Master Issuer plc, | Silverstone Master Issuer plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 1A<br>4.202%, 1/21/79 (l)(m) | 400000 | 538666 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5 2CB1<br>6.000%, 7/25/36 | $20761 | 14891 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** |  | 4725800 |
|  **Commercial Mortgage-Backed Security (0.1%)** | **Commercial Mortgage-Backed Security (0.1%)** | **Commercial Mortgage-Backed Security (0.1%)** |
|  JP Morgan Chase Commercial Mortgage Securities Trust, | JP Morgan Chase Commercial Mortgage Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FL12 A<br>5.248%, 12/15/31 (l)§ | 55130 | 54424 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-<br>Backed Security** |  | 54424 |
|  **Corporate Bonds (3.8%)** | **Corporate Bonds (3.8%)** | **Corporate Bonds (3.8%)** |
|  **Financials (2.3%)** | **Financials (2.3%)** | **Financials (2.3%)** |
|  ***Banks (2.2%)*** | ***Banks (2.2%)*** | ***Banks (2.2%)*** |
|  Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 1/10/34 (m)(z) | 1800000 | 2064056 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 10/1/43 | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/1/50 (m) | 378 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 10/1/53 | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/1/53 | 4994 | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/56 | 1994117 | 310210 |
|  |  | 2374927 |
|  ***Financial Services (0.1%)*** | ***Financial Services (0.1%)*** | ***Financial Services (0.1%)*** |
|  Jyske Realkredit A/S | Jyske Realkredit A/S | Jyske Realkredit A/S |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CCE<br>0.500%, 10/1/43 | 4925 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/1/50 (m) | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/1/50 | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/1/53 | 2 |  |
|  Nykredit Realkredit A/S | Nykredit Realkredit A/S | Nykredit Realkredit A/S |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 01e<br>5.000%, 10/1/53 (m) | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/56 (m) | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 01E<br>0.500%, 10/1/43 (m) | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/1/53 (m) | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/1/53 (m) | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/1/53 (m) | 436064 | 64581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/56 (m) | 282624 | 43987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 01EE<br>1.000%, 10/1/50 (m) | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/1/52 (m) | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/1/53 (m) | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CCE<br>1.000%, 10/1/50 (m) | 2 |  |
|  Realkredit Danmark A/S | Realkredit Danmark A/S | Realkredit Danmark A/S |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/1/53 (m) | 4 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 23S 1<br>.500%, 10/1/53 (m) | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/1/53 (m) | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 27S<br>1.500%, 10/1/53 (m) | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CCS<br>1.000%, 10/1/50 (m) | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/56 (m) | 84537 | 13251 |
|  |  | 122444 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 2497371 |
|  **Industrials (1.5%)** | **Industrials (1.5%)** | **Industrials (1.5%)** |
|  ***Ground Transportation (1.5%)*** | ***Ground Transportation (1.5%)*** | ***Ground Transportation (1.5%)*** |
|  Network Rail Infrastructure Finance plc | Network Rail Infrastructure Finance plc | Network Rail Infrastructure Finance plc |
| &nbsp;&nbsp;&nbsp;&nbsp; Series RPI<br>1.750%, 11/22/27 | 1190610 | 1621830 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** | 1621830 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** | 4119201 |
|  **Foreign Government Securities (72.8%)** | **Foreign Government Securities (72.8%)** | **Foreign Government Securities (72.8%)** |
|  Bonos and Obligaciones del Estado | Bonos and Obligaciones del Estado | Bonos and Obligaciones del Estado |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 10/31/34 (m) | 2500000 | 2997765 |
|  Bonos de la Tesoreria | Bonos de la Tesoreria | Bonos de la Tesoreria |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 8/12/32 | 200000 | 64165 |
|  Buoni Poliennali del Tesoro | Buoni Poliennali del Tesoro | Buoni Poliennali del Tesoro |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 5/15/28 TIPS (m) | 3729937 | 4423080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.400%, 5/15/30 TIPS (m) | 1495734 | 1710071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 5/15/33 TIPS (m) | 718329 | 763284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 5/15/36 TIPS (m) | 3125760 | 3665322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 9/15/41 TIPS (m) | 419786 | 529308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 5/15/56 TIPS (m) | 102315 | 120677 |
|  Canada Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/36 TIPS | 802470 | 668650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/1/41 TIPS | 297244 | 223930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 12/1/44 TIPS | 185886 | 128345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 12/1/47 TIPS | 536278 | 347048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 12/1/50 TIPS | 317958 | 168172 |
|  Cassa Depositi e Prestiti SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/1/30 (m) | $200000 | 199878 |
|  Commonwealth of Australia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/21/35 TIPS (m) | 973397 | 625104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/21/40 TIPS (m) | 400282 | 220242 |

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See Notes to Financial Statements.

1085

------

EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Federal Republic of Germany |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 4/15/30 TIPS (m) | 130137 | 151157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 4/15/33 TIPS (m) | 494044 | 547710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 4/15/46 TIPS (m) | 523072 | 473549 |
|  French Republic | French Republic | French Republic |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 3/1/26 TIPS (m) | 1350162 | 1580722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 7/25/27 TIPS (m) | 1789795 | 2146684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 3/1/28 TIPS (m) | 958596 | 1100571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 3/1/29 TIPS (m) | 743736 | 852792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 7/25/31 TIPS (m) | 1475184 | 1640590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 3/1/32 TIPS (m) | 690972 | 744172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 7/25/32 TIPS (m) | 636926 | 839816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 7/25/36 TIPS (m) | 1697425 | 1685696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.550%, 3/1/39 TIPS (m) | 317066 | 308956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 7/25/40 TIPS (m) | 147499 | 170227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.950%, 7/25/43 TIPS (m) | 420302 | 412376 |
|  Japan Government Bond CPI Linked | Japan Government Bond CPI Linked | Japan Government Bond CPI Linked |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 3/10/26 TIPS | 148697900 | 954505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 3/10/28 TIPS | 270584580 | 1757376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 3/10/29 TIPS | 274361580 | 1780023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.005%, 3/10/34 TIPS | 73691100 | 460986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.005%, 3/10/35 TIPS | 102199000 | 636010 |
|  Kingdom of Denmark | Kingdom of Denmark | Kingdom of Denmark |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 11/15/30 TIPS | 1919248 | 289362 |
|  Kingdom of Saudi Arabia | Kingdom of Saudi Arabia | Kingdom of Saudi Arabia |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 1/13/28§ | $600000 | 612750 |
|  Kingdom of Spain | Kingdom of Spain | Kingdom of Spain |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.650%, 11/30/27 TIPS (m) | 1155263 | 1358845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 11/30/30 TIPS (m) | 1350405 | 1593350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700%, 11/30/33 TIPS (m) | 1391242 | 1566228 |
|  Kingdom of Sweden | Kingdom of Sweden | Kingdom of Sweden |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 6/1/26 TIPS (m) | 6950000 | 999651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 12/1/27 TIPS (m) | 500000 | 69624 |
|  New Zealand Government Bond | New Zealand Government Bond | New Zealand Government Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/20/35 TIPS (m) | 134614 | 77326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/20/40 TIPS (m) | 399609 | 218023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 9/20/50 TIPS | 302658 | 176335 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/22/35 (m) | 200000 | 124948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 7/21/36 (m) | 800000 | 525091 |
|  Romania Government Bond | Romania Government Bond | Romania Government Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 7/11/32 (m) | 600000 | 735687 |
|  State of North Rhine-Westphalia Germany | State of North Rhine-Westphalia Germany | State of North Rhine-Westphalia Germany |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 6/15/32 (m)(z) | 300000 | 333508 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 9/15/33 (m) | 1300000 | 709185 |
|  U.K. Treasury Bonds | U.K. Treasury Bonds | U.K. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/7/30 (m)(z) | 8100000 | 11103134 |
|  U.K. Treasury Inflation Linked Bonds | U.K. Treasury Inflation Linked Bonds | U.K. Treasury Inflation Linked Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 11/22/27 TIPS (m) | 2099020 | 2856734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 8/10/28 TIPS (m) | 1167052 | 1551686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 8/10/31 TIPS (m) | 763078 | 978561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 11/22/32 TIPS (m) | 337688 | 454654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 11/22/33 TIPS (m) | 875456 | 1121398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/26/35 TIPS (m) | 400000 | 1286214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 9/22/35 TIPS (m) | 937917 | 1207411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 11/22/36 TIPS (m) | 1018300 | 1160411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 11/22/37 TIPS (m) | 805664 | 1009660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 3/22/40 TIPS (m) | 940665 | 1060783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 8/10/41 TIPS (m) | 799997 | 814277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 11/22/42 TIPS (m) | 1054493 | 1141387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 3/22/44 TIPS (m) | 1008198 | 956302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 3/22/46 TIPS (m) | 567277 | 514365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 11/22/47 TIPS (m) | 1078336 | 1110608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 8/10/48 TIPS (m) | 711547 | 617709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 3/22/50 TIPS (m) | 820808 | 766807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 3/22/51 TIPS (m) | 277005 | 228719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 3/22/52 TIPS (m) | 718605 | 606748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 11/22/54 TIPS (m) | 645594 | 708636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 11/22/55 TIPS (m) | 510302 | 557539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 11/22/56 TIPS (m) | 315259 | 238718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 3/22/58 TIPS (m) | 337485 | 250561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 3/22/62 TIPS (m) | 896474 | 705405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 11/22/65 TIPS (m) | 586545 | 395340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 3/22/68 TIPS (m) | 725955 | 479275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 3/22/73 TIPS (m) | 132120 | 90506 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** |  | 78462420 |
|  **Mortgage-Backed Securities (16.1%)** | **Mortgage-Backed Securities (16.1%)** | **Mortgage-Backed Securities (16.1%)** |
|  FHLMC UMBS | FHLMC UMBS | FHLMC UMBS |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 8/1/54 | $246538 | 255871 |
|  FNMA UMBS | FNMA UMBS | FNMA UMBS |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 12/1/53 | 100781 | 104745 |
|  FNMA/FHLMC UMBS,<br>30 Year, Single Family | FNMA/FHLMC UMBS,<br>30 Year, Single Family | FNMA/FHLMC UMBS,<br>30 Year, Single Family |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/25/56 TBA | 4800000 | 4791000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/25/56 TBA | 1000000 | 948828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/25/56 TBA | 2400000 | 2342438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/25/56 TBA | 2000000 | 2052500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 2/25/56 TBA | 4000000 | 4157500 |
|  GNMA | GNMA | GNMA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 1/15/56 TBA | 3000000 | 2699531 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** |  | 17352413 |
|  **Supranational (4.6%)** | **Supranational (4.6%)** | **Supranational (4.6%)** |
|  European Financial Stability Facility | European Financial Stability Facility | European Financial Stability Facility |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 6/21/32 (m)(z) | 1300000 | 1480856 |
|  European Union | European Union | European Union |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 12/12/35 (m) | 2100000 | 2502773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/12/55 (m) | 800000 | 930001 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Supranational** |  | 4913630 |
|  **U.S. Treasury Obligations (61.2%)** | **U.S. Treasury Obligations (61.2%)** | **U.S. Treasury Obligations (61.2%)** |
|  U.S. Treasury Inflation Linked Bonds | U.S. Treasury Inflation Linked Bonds | U.S. Treasury Inflation Linked Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 1/15/28 TIPS | $1238713 | 1248390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/15/29 TIPS | 990320 | 1067767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/15/40 TIPS (v) | 482064 | 478260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/15/41 TIPS | 906972 | 889246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 2/15/42 TIPS | 1858864 | 1449789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 2/15/43 TIPS (v) | 389461 | 290605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 2/15/44 TIPS | 1997839 | 1676365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 2/15/45 TIPS (z) | 2392106 | 1747806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 2/15/46 TIPS (z) | 2308622 | 1744353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 2/15/47 TIPS | 1108763 | 801497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 2/15/48 TIPS | 930875 | 681939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 2/15/50 TIPS | 253294 | 146115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 2/15/51 TIPS | 450227 | 243751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 2/15/52 TIPS | 116966 | 61990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/53 TIPS (v) | 328611 | 256861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/15/54 TIPS | 848744 | 764938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 2/15/55 TIPS | 103187 | 98178 |
|  U.S. Treasury Inflation Linked Notes | U.S. Treasury Inflation Linked Notes | U.S. Treasury Inflation Linked Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 4/15/26 TIPS (z) | 1862370 | 1846690 |

---

See Notes to Financial Statements.

1086

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EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 7/15/26 TIPS | $| 1534958 | $1526151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 10/15/26 TIPS |  | 953248 | 944387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 1/15/27 TIPS (z) |  | 3073280 | 3035588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 4/15/27 TIPS (v) |  | 345963 | 339693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 7/15/27 TIPS |  | 1317759 | 1302682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 10/15/27 TIPS |  | 1428908 | 1439908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 1/15/28 TIPS (z) |  | 3010966 | 2958754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 7/15/28 TIPS (z) |  | 2360795 | 2334028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 10/15/28 TIPS |  | 956736 | 985742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 1/15/29 TIPS |  | 90266 | 88943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 4/15/29 TIPS (v) |  | 526345 | 537836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 7/15/29 TIPS |  | 1614063 | 1556251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 10/15/29 TIPS (z) |  | 3207849 | 3242385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 1/15/30 TIPS |  | 1771756 | 1681803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 4/15/30 TIPS (z) |  | 4705110 | 4732212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 7/15/30 TIPS (v) |  | 546079 | 515878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 10/15/30 TIPS |  | 704627 | 694635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 7/15/31 TIPS (z) |  | 5624756 | 5217536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 1/15/32 TIPS |  | 1057149 | 966868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 7/15/32 TIPS (z) |  | 3922275 | 3684533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 1/15/33 TIPS |  | 1639635 | 1575506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 7/15/33 TIPS (z) |  | 2787460 | 2720630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 1/15/34 TIPS |  | 635550 | 632781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 7/15/34 TIPS (z) |  | 2905476 | 2922038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 1/15/35 TIPS (z) |  | 2063480 | 2103094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 7/15/35 TIPS (z) |  | 2737881 | 2734603 |
|  **Total U.S. Treasury Obligations** | **Total U.S. Treasury Obligations** | **Total U.S. Treasury Obligations** | 65969005 |
|  **Total Long-Term Debt Securities (165.5%)** | **Total Long-Term Debt Securities (165.5%)** | **Total Long-Term Debt Securities (165.5%)** | **Total Long-Term Debt Securities (165.5%)** |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $184,486,472)* | &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $184,486,472)* | &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $184,486,472)* | 178330402 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |
|  **U.S. Government Agency Securities (0.1%)** | **U.S. Government Agency Securities (0.1%)** | **U.S. Government Agency Securities (0.1%)** | **U.S. Government Agency Securities (0.1%)** |
|  FHLB | FHLB | FHLB | FHLB |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 4/15/26 |  | 100000 | 98984 |
|  **Total Short-Term Investments (0.1%)** | **Total Short-Term Investments (0.1%)** | **Total Short-Term Investments (0.1%)** | **Total Short-Term Investments (0.1%)** |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $98,976)* | &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $98,976)* | &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $98,976)* | 98984 |
|  **Total Investments in Securities (165.6%)** | **Total Investments in Securities (165.6%)** | **Total Investments in Securities (165.6%)** | **Total Investments in Securities (165.6%)** |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $184,585,448)* | &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $184,585,448)* | &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $184,585,448)* | 178429386 |
|  **Other Assets Less Liabilities (-65.6%)** | **Other Assets Less Liabilities (-65.6%)** | **Other Assets Less Liabilities (-65.6%)** | (70670830) |
|  **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | $107758556 |

---

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2025, the market value of these securities amounted to $2,853,750 or 2.6% of net assets.*  |

---

*(e)* *Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of December 31, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(l)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of December 31, 2025.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $81,509,929 or 75.6% of net assets.* 

*(v)* *All, or a portion of security held by broker as collateral for forward foreign currency contracts, with a total collateral value of $1,255,743.* 

*(z)* *All or a portion of the Security is held as a Sale-Buyback position. See Note 1* 

*Glossary:* 

*AUD* *— Australian Dollar* 

*BRL* *— Brazilian Real* 

*CAD* *— Canadian Dollar* 

*CLO* *— Collateralized Loan Obligation* 

*CPI* *— Consumer Price Index* 

*DKK* *— Denmark Krone* 

*EUR* *— European Currency Unit* 

*FHLB* *— Federal Home Loan Bank* 

*FHLMC* *— Federal Home Loan Mortgage Corp.* 

*FNMA* *— Federal National Mortgage Association* 

*GBP* *— British Pound* 

*GNMA* *— Government National Mortgage Association* 

*JPY* *— Japanese Yen* 

*MXN* *— Mexican Peso* 

*NZD* *— New Zealand Dollar* 

*OAT* *— Obligations Assimilables du Trésor* 

*PEN* *— Peruvian Sol* 

*SEK* *— Swedish Krona* 

*SONIA* *— Sterling Over Night Index Average* 

*TBA* *— To Be Announced; Security is subject to delayed delivery* 

*TIPS* *— Treasury Inflation Protected Security* 

*TRY* *— Turkish Lira* 

*UMBS* *— Uniform Mortgage-Backed Securities* 

*USD* *— United States Dollar* 

*ZAR* *— South African Rand* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Country Diversification**<br> As a Percentage of Total Net Assets | &nbsp;&nbsp;&nbsp; **Country Diversification**<br> As a Percentage of Total Net Assets |
| &nbsp;&nbsp;&nbsp; Australia | 2.0% |
| &nbsp;&nbsp;&nbsp; Canada | 1.4 |
| &nbsp;&nbsp;&nbsp; Denmark | 0.7 |
| &nbsp;&nbsp;&nbsp; France | 10.6 |
| &nbsp;&nbsp;&nbsp; Germany | 3.3 |
| &nbsp;&nbsp;&nbsp; Ireland | 1.1 |
| &nbsp;&nbsp;&nbsp; Italy | 11.1 |
| &nbsp;&nbsp;&nbsp; Japan | 5.2 |
| &nbsp;&nbsp;&nbsp; Netherlands | 0.2 |
| &nbsp;&nbsp;&nbsp; New Zealand | 0.4 |
| &nbsp;&nbsp;&nbsp; Peru | 0.1 |
| &nbsp;&nbsp;&nbsp; Romania | 0.7 |
| &nbsp;&nbsp;&nbsp; Saudi Arabia | 0.6 |
| &nbsp;&nbsp;&nbsp; Spain | 7.1 |
| &nbsp;&nbsp;&nbsp; Supranational | 4.6 |
| &nbsp;&nbsp;&nbsp; Sweden | 1 |
| &nbsp;&nbsp;&nbsp; United Kingdom | 36.8 |
| &nbsp;&nbsp;&nbsp; United States | 78.7 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (65.6) |
|  | 100.0% |

---

See Notes to Financial Statements.

1087

------

EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Euro-BTP | 10 | 3/2026 | EUR | 1412355 | (2885) |
|  Long Gilt | 3 | 3/2026 | GBP | 369487 | 2568 |
|  U.S. Treasury 10 Year Note | 59 | 3/2026 | USD | 6633813 | (11601) |
|  U.S. Treasury Long Bond | 12 | 3/2026 | USD | 1387125 | (10985) |
|  3 Month SONIA | 32 | 6/2027 | GBP | 10421271 | 23153 |
|  |  |  |  |  | 250 |
|  **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
|  Australia 10 Year Bond | (21) | 3/2026 | AUD | (1534348) | (2854) |
|  Euro-Bobl | (42) | 3/2026 | EUR | (5733472) | 37276 |
|  Euro-Buxl | (16) | 3/2026 | EUR | (2070608) | 32416 |
|  Euro-OAT | (25) | 3/2026 | EUR | (3542934) | 13474 |
|  Euro-Schatz | (35) | 3/2026 | EUR | (4392486) | 5927 |
|  Japan 10 Year Bond | (2) | 3/2026 | JPY | (1690628) | 11161 |
|  U.S. Treasury 2 Year Note | (7) | 3/2026 | USD | (1461523) | (993) |
|  U.S. Treasury 5 Year Note | (118) | 3/2026 | USD | (12897953) | 23467 |
|  U.S. Treasury 10 Year Ultra Note | (47) | 3/2026 | USD | (5405734) | 7282 |
|  U.S. Treasury Ultra Bond | (35) | 3/2026 | USD | (4130000) | 67856 |
|  3 Month SONIA | (32) | 6/2026 | GBP | (10398625) | (13596) |
|  |  |  |  |  | 181416 |
|  |  |  |  |  | 181666 |

---

See Notes to Financial Statements.

1088

------

EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Forward Foreign Currency Contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
| DKK | 445000 | USD | 69999 | Bank of America | 1/14/2026 | 55 |
| EUR | 97000 | USD | 112962 | Barclays Bank plc | 1/14/2026 | 1082 |
| EUR | 46000 | USD | 53634 | Goldman Sachs Bank USA | 1/14/2026 | 448 |
| GBP | 78513 | USD | 104023 | Deutsche Bank AG | 1/14/2026 | 1808 |
| GBP | 3487 | USD | 4614 | Goldman Sachs Bank USA | 1/14/2026 | 86 |
| GBP | 84000 | USD | 111809 | JPMorgan Chase Bank | 1/14/2026 | 1418 |
| USD | 237633 | EUR | 202000 | Bank of America | 1/14/2026 | 141 |
| USD | 46904 | JPY | 7300000 | Barclays Bank plc | 1/14/2026 | 261 |
| USD | 5323847 | JPY | 828476963 | JPMorgan Chase Bank | 1/14/2026 | 30385 |
| ZAR | 1001443 | USD | 57813 | Barclays Bank plc | 1/26/2026 | 2570 |
| ZAR | 1189735 | USD | 68281 | Deutsche Bank AG | 1/26/2026 | 3456 |
| ZAR | 920219 | USD | 53376 | Goldman Sachs Bank USA | 1/26/2026 | 2110 |
| ZAR | 1575090 | USD | 91786 | JPMorgan Chase Bank | 1/26/2026 | 3186 |
| MXN | 4931568 | USD | 265549 | Deutsche Bank AG | 1/29/2026 | 7663 |
| TRY | 5970937 | USD | 130770 | Barclays Bank plc | 3/2/2026 | 2642 |
| USD | 938 | BRL | 5161 | Goldman Sachs Bank USA<sup>\*\*</sup> | 3/3/2026 | 8 |
| TRY | 19176251 | USD | 421711 | Goldman Sachs Bank USA | 3/6/2026 | 5548 |
| MXN | 24 | USD | 1 | JPMorgan Chase Bank | 3/9/2026 |  |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 62867 |
| USD | 2250350 | AUD | 3443629 | JPMorgan Chase Bank | 1/14/2026 | (47914) |
| USD | 1517134 | CAD | 2115151 | Bank of America | 1/14/2026 | (24553) |
| USD | 716238 | DKK | 4615503 | Barclays Bank plc | 1/14/2026 | (10357) |
| USD | 464701 | EUR | 396000 | Bank of America | 1/14/2026 | (878) |
| USD | 36803623 | EUR | 31696784 | Barclays Bank plc | 1/14/2026 | (462485) |
| USD | 28749396 | GBP | 21836090 | Bank of America | 1/14/2026 | (684299) |
| USD | 200477 | NZD | 349092 | Goldman Sachs Bank USA | 1/14/2026 | (588) |
| USD | 1014227 | SEK | 9542192 | Barclays Bank plc | 1/14/2026 | (22729) |
| BRL | 946647 | USD | 170847 | Goldman Sachs Bank USA<sup>\*\*</sup> | 3/3/2026 | (315) |
| USD | 1241 | MXN | 22920 | JPMorgan Chase Bank | 3/18/2026 | (23) |
| USD | 249366 | PEN | 845227 | Goldman Sachs Bank USA<sup>\*\*</sup> | 6/17/2026 | (552) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (1254693) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (1191826) |

---

*\*\** *Non-deliverable forward.* 

*#* *Amount represents less than $0.50.* 

See Notes to Financial Statements.

1089

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EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1**<br> **Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2**<br> **Significant Other**<br> **Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3**<br> **Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Asset-Backed Securities** | $— | $2733509 | $— | $2733509 |
|  **Collateralized Mortgage Obligations** |  | 4725800 |  | 4725800 |
|  **Commercial Mortgage-Backed Security** |  | 54424 |  | 54424 |
|  **Corporate Bonds** |  |  |  |  |
|  **Financials** |  | 2497371 |  | 2497371 |
|  **Industrials** |  | 1621830 |  | 1621830 |
|  **Foreign Government Securities** |  | 78462420 |  | 78462420 |
|  **Forward Currency Contracts** |  | 62867 |  | 62867 |
|  **Futures** | 224580 |  |  | 224580 |
|  **Mortgage-Backed Securities** |  | 17352413 |  | 17352413 |
|  **Short-Term Investment** |  |  |  |  |
|  **U.S. Government Agency Securities** |  | 98984 |  | 98984 |
|  **Supranational** |  | 4913630 |  | 4913630 |
|  **U.S. Treasury Obligations** |  | 65969005 |  | 65969005 |
|  **Total Assets** | $**224580** | $**178492253** | $**—** | $**178716833** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(1254693) | $— | $(1254693) |
|  **Futures** | (42914) |  |  | (42914) |
|  **Total Liabilities** | $**(42914)** | $**(1254693)** | $**—** | $**(1297607)** |
|  **Total** | $**181666** | $**177237560** | $**—** | $**177419226** |

---

See Notes to Financial Statements.

1090

------

EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Interest rate contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $224580 |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | 62867 |
|  **Total** |  | $287447 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(42914) |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | (1254693) |
|  **Total** |  | $(1297607) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Options<br>Purchased(1)** | **Options<br>Written** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $(32207) | $15088 | $359076 | $— | $341957 |
|  Foreign exchange contracts |  |  |  | (4226657) | (4226657) |
|  **Total** | $(32207) | $15088 | $359076 | $(4226657) | $(3884700) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $35357 | $— | $35357 |
|  Foreign exchange contracts |  | (2551372) | (2551372) |
|  **Total** | $35357 | $(2551372) | $(2516015) |

---

(1) Included in Realized gain (loss) on investment transactions in the Statement of Operations.

^ The Portfolio held forward foreign currency contracts, futures contracts and option contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
| **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $38018000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 58049000 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $21669000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 119878000 |
|  Options |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | $12000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | 5000 |

---

See Notes to Financial Statements.

1091

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EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Bank of America | $196 | $(196) | $— | $— |
|  Barclays Bank plc | 6555 | (6555) |  |  |
|  Deutsche Bank AG | 12927 |  |  | 12927 |
|  Goldman Sachs Bank USA | 8200 | (1455) |  | 6745 |
|  JPMorgan Chase Bank | 34989 | (34989) |  |  |
|  **Total** | $62867 | $(43195) | $— | $19672 |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  Bank of America | $709730 | $(196) | $(695161) | $14373 |
|  Barclays Bank plc | 495571 | (6555) | (489016) |  |
|  Goldman Sachs Bank USA | 1455 | (1455) |  |  |
|  JPMorgan Chase Bank | 47937 | (34989) |  | 12948 |
|  **Total** | $1254693 | $(43195) | $(1184177) | $27321 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

#### Sale-Buyback Transactions:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Borrowing<br>Rate** | **Settle date of<br>Sell Contract<br>Borrowing<br>Date** | **Buy contract<br>Maturity<br>Date** | **Amount<br>Borrowed (1)** | **Payable for<br>Sale-Buyback<br>Transactions (2)** |
|  BNP Paribas | 2.17% | 11/5/2025 | 1/9/2026 | $(337012) | $(337088) |
|  BNP Paribas | 3.92 | 12/17/2025 | 1/14/2026 | (1748620) | (1752612) |
|  BNP Paribas | 3.92 | 12/17/2025 | 1/14/2026 | (1745253) | (1748850) |
|  BNP Paribas | 3.92 | 12/17/2025 | 1/14/2026 | (2956612) | (2964507) |
|  BNP Paribas | 3.92 | 12/17/2025 | 1/14/2026 | (3032199) | (3040587) |
|  BNP Paribas | 3.92 | 12/17/2025 | 1/14/2026 | (2331447) | (2337238) |
|  BNP Paribas | 3.92 | 12/17/2025 | 1/14/2026 | (1847347) | (1852802) |
|  BNP Paribas | 3.92 | 12/17/2025 | 1/14/2026 | (5214202) | (5229577) |
|  BNP Paribas | 3.92 | 12/17/2025 | 1/14/2026 | (3684978) | (3694391) |
|  BNP Paribas | 3.92 | 12/17/2025 | 1/14/2026 | (2721464) | (2726911) |
|  BNP Paribas | 3.92 | 12/17/2025 | 1/14/2026 | (2919235) | (2924084) |
|  BNP Paribas | 3.92 | 12/17/2025 | 1/14/2026 | (3240081) | (3245992) |
|  BNP Paribas | 3.92 | 12/17/2025 | 1/14/2026 | (2101596) | (2104743) |
|  BNP Paribas | 3.92 | 12/17/2025 | 1/14/2026 | (4731807) | (4740413) |
|  BNP Paribas | 3.92 | 12/17/2025 | 1/14/2026 | (910399) | (911902) |
|  HSBC Bank Plc | 2.15 | 11/5/2025 | 1/9/2026 | (1495753) | (1495151) |
|  HSBC Bank Plc | 2.15 | 11/5/2025 | 1/9/2026 | (2091245) | (2089651) |
|  Morgan Stanley & Co. International PLC | 4.17 | 11/10/2025 | 1/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10577562) | (10575172) |
|  |  |  |  |  | $(53771671) |

---

*(1)* *The average amount of borrowings while outstanding for 365 days during the year ended December 31, 2025, was approximately $45,550,000 at a weighted average interest rate of 4.22%.* 

*(2)* *Payable for sale-buyback transactions includes $84,858 of deferred price drop on sale-buyback transactions.* 

See Notes to Financial Statements.

1092

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#### EQ ADVISORS TRUST
EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and<br>Continuous** | **Up to 30<br>Days** | **30 -90 Days** | **Greater than**<br>**90 Days** | **Total** |
|  **Sale-Buyback** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(3501462) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(3501462) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  | (35773147) |  |  | (35773147) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Bond |  | (12070323) |  |  | (12070323) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Note |  | (2426739) |  |  | (2426739) |
|  **Total Borrowings** | $— | $(53771671) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $(53771671) |
|  **Gross amount of recognized liabilities for sale-buybacks** |  |  |  |  | $(53771671) |

---

The following is a summary by counterparty of sale-buyback transactions and collateral (received)/pledged as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Payable for<br>Sale-Buyback<br>Transactions** | **Collateral<br>Pledged<br>(Sale-buyback<br>positions)** | **Cash<br>Collateral<br>(Received)/<br>Pledged** | **Net<br>Exposure (3)** |
|  BNP Paribas | $&nbsp;&nbsp;&nbsp;&nbsp;(39611697) | $39534689 | $– $| (77008) |
|  HSBC Bank Plc | (3584802) | 3544912 | – | (39890) |
|  Morgan Stanley & Co. International PLC | (10575172) | 10554831 | – | (20341) |
|  | $(53771671) | $&nbsp;&nbsp;&nbsp;&nbsp;53634432 | $– $| &nbsp;&nbsp;&nbsp;&nbsp;(137239) |

---

*(3)* *Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default.* 

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| **Cost of Purchases:** | **Cost of Purchases:** |
|  Long-term investments other than U.S. government debt securities | $265627560 |
|  Long-term U.S. government debt securities | 29983762 |
|  | $295611322 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $248325946 |
|  Long-term U.S. government debt securities | 33063455 |
|  | $281389401 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $8142289 |
|  Aggregate gross unrealized depreciation | (23001613) |
|  Net unrealized depreciation | $(14859324) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $192278550 |

---

See Notes to Financial Statements.

1093

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EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value<br>(Cost $184,585,448) | $178429386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 102056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $657,830) | 536868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 649631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for forward settling transactions | 9505813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 389455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 135850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 62867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 31939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 189844436 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback financing transactions | 53771671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for forward settling transactions | 26423227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 1254693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 405421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 74079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 26724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 18503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 8234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 102957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 82085880 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $107758556 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $128571204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (20812648) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $107758556 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $86,983,936 / 11,318,099 shares outstanding (unlimited amount authorized: $0.01 par value) | $7.69 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $20,774,620 / 2,677,174 shares outstanding (unlimited amount authorized: $0.01 par value) | $7.76 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $4446511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 9256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 4457750 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 1999303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 635093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 217839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 95826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 94996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 82799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 21245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 3602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 16998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 3167701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (315378) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2852323 |
|  **NET INVESTMENT INCOME (LOSS)** | 1605427 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (1464647) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 359076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (4226657) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 784382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 15088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (4532758) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 11409891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 35357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (2551372) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (320435) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 8573441 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 4040683 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $5646110 |

---

See Notes to Financial Statements.

1094

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#### EQ ADVISORS TRUST
EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1605427 | $547441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (4532758) | 1336924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 8573441 | (2128011) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 5646110 | (243646) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (1203893) | (458688) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (267767) | (137048) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (1471660) | (595736) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (892) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (199) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total tax return of capital | (1091) |  |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,386,743 and 1,329,797 shares, respectively ] | 10531359 | 9922277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 158,108 and 61,371 shares, respectively ] | 1204785 | 458688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2013573) and (1990844) shares, respectively ] | (15268498) | (14813669) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (3532354) | (4432704) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 633,370 and 278,265 shares, respectively ] | 4868672 | 2070532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 34,846 and 18,211 shares, respectively ] | 267966 | 137048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (365917) and (479577) shares, respectively ] | (2800861) | (3619066) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 2335777 | (1411486) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (1196577) | (5844190) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 2976782 | (6683572) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 104781774 | 111465346 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $107758556 | $104781774 |

---

See Notes to Financial Statements.

1095

------

#### EQ ADVISORS TRUST
EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

#### STATEMENT OF CASH FLOWS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INCREASE (DECREASE) IN CASH** |  |
|  **Cash flows provided (used) by operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets from operations | $5646110 |
|  **Adjustments to reconcile net increase/decrease in net assets from operations to net cash provided (used) by operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of investments in securities | (353005975) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposition of investments in securities | 338687770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in payable for forward settling transactions | 11304207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in receivable for forward settling transactions | (6532922) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized (appreciation) depreciation on investments in securities | (11409891) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized (appreciation) depreciation on forward foreign currency contracts | 2551372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss on investments in securities | 1464647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net amortization (accretion) of income | (280408) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in due from broker for futures variation margin | 25820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in dividends, interest and other receivables | 21153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in administrative fees payable | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in other assets | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in trustees' fees payable | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in distribution fees payable – Class IB | (125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in investment management fees payable | (2080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in accrued expenses | (1279) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in payable for return of cash collateral on forward foreign currency contracts | (740000) |
|  Net cash provided (used) by operating activities | (12271493) |
|  **Cash flows provided (used) by financing activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 15407620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares repurchased | (18052288) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale-buyback transactions | 912547443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments on sale-buyback transactions | (913780955) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in payable for sale-buyback financing transactions | 15877627 |
|  Net cash provided (used) by financing activities | 11999447 |
|  Net increase/(decrease) in cash | (272046) |
|  **Cash, foreign currency and restricted cash:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1560601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $1288555 |

---

Supplemental disclosure of cash flow information:

For the year ended December 31, 2025, the Portfolio paid $1,999,303 in interest expense and had reinvestments of dividends and distributions in the amount of $1,472,751.

Reconciliation of cash and restricted cash to the Statement of Assets and Liabilities:

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2025** | **Year Ended<br>December 31,<br>2024** |
|  Cash | $102056 | $299457 |
|  Foreign cash | 536868 | 396102 |
|  Cash held as collateral at broker for futures | 649631 | 865042 |
|  Total cash, foreign cash and restricted cash shown in the statement of cash flows | $1288555 | $1560601 |

---

See Notes to Financial Statements.

1096

------

#### EQ ADVISORS TRUST
EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $7.39 | $7.45 | $7.30 | $9.72 | $10.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.11 | 0.03 | 0.11 | 0.49 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.30 | (0.05) | 0.18 | (2.04) | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.41 | (0.02) | 0.29 | (1.55) | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.11) | (0.04) |  | (0.84) | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  | (0.04) | (0.03) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  | (0.10) |  | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.11) | (0.04) | (0.14) | (0.87) | (1.48) |
|  Net asset value, end of year | $7.69 | $7.39 | $7.45 | $7.30 | $9.72 |
|  Total return | 5.52 | (0.29) | 4.09 | (16.10)% | 4.01% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $86984 | $87107 | $92276 | $95592 | $115131 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(g) | 2.74 | 2.57 | 2.36 | 1.31% | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(g) | 3.04 | 2.85 | 2.65 | 1.53% | 1.10% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.48 | 0.45 | 1.52 | 5.60% | 1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.18 | 0.17 | 1.23 | 5.38% | 1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate ^ | 175 | 140 | 90 | 82% | 113% |
| **Class K** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $7.44 | $7.50 | $7.35 | $9.79 | $10.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.13 | 0.06 | 0.13 | 0.51 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.30 | (0.06) | 0.18 | (2.06) | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.43 |  | 0.31 | (1.55) | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.11) | (0.06) |  | (0.86) | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  | (0.04) | (0.03) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  | (0.12) |  | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.11) | (0.06) | (0.16) | (0.89) | (1.53) |
|  Net asset value, end of year | $7.76 | $7.44 | $7.50 | $7.35 | $9.79 |
|  Total return | 5.75 | (0.04) | 4.31 | (15.97)% | 4.29% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $20775 | $17675 | $19189 | $19288 | $25257 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(g) | 2.49 | 2.32 | 2.11 | 1.06% | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(g) | 2.79 | 2.60 | 2.40 | 1.28% | 0.85% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.69 | 0.75 | 1.74 | 5.80% | 2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.39 | 0.47 | 1.45 | 5.58% | 1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate ^ | 175 | 140 | 90 | 82% | 113% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes interest expense of 1.89%, 1.72%, 1.51%, 0.42% and 0.02% for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively for each class.* 

See Notes to Financial Statements.

1097

------

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **LONG-TERM DEBT SECURITIES:** | **LONG-TERM DEBT SECURITIES:** |  |
|  **Asset-Backed Securities (5.5%)** | **Asset-Backed Securities (5.5%)** | **Asset-Backed Securities (5.5%)** |
|  37 Capital CLO 1 Ltd., | 37 Capital CLO 1 Ltd., | 37 Capital CLO 1 Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A AR<br>5.185%, 10/15/34 (l)§ | $400000 | $399990 |
|  Arbour CLO VI DAC, | Arbour CLO VI DAC, | Arbour CLO VI DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 6A AR<br>3.214%, 11/15/37 (l)§ | 400000 | 470754 |
|  Argent Mortgage Loan Trust, | Argent Mortgage Loan Trust, | Argent Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-W1 A1<br>4.326%, 5/25/35 (l) | $12790 | 11615 |
|  Bain Capital Credit CLO Ltd., | Bain Capital Credit CLO Ltd., | Bain Capital Credit CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A ARR<br>5.124%, 7/19/34 (l)§ | 400000 | 400348 |
|  Bear Stearns Asset-Backed Securities I Trust, | Bear Stearns Asset-Backed Securities I Trust, | Bear Stearns Asset-Backed Securities I Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-HE1 M4<br>5.211%, 1/25/35 (l) | 309016 | 312625 |
|  BlueMountain CLO Ltd., | BlueMountain CLO Ltd., | BlueMountain CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3A A1R2<br>5.052%, 11/15/30 (l)§ | 79471 | 79485 |
|  C-Bass Trust, | C-Bass Trust, | C-Bass Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-CB9 A1<br>3.966%, 11/25/36 (l) | 1488 | 651 |
|  CIFC European Funding CLO III DAC, | CIFC European Funding CLO III DAC, | CIFC European Funding CLO III DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3A A<br>3.059%, 1/15/34 (l)§ | 250000 | 293928 |
|  CIT Mortgage Loan Trust, | CIT Mortgage Loan Trust, | CIT Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 1M1<br>5.346%, 10/25/37 (l)§ | $127581 | 127793 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AMC2 A3A<br>4.006%, 1/25/37 (l) | 2963 | 2154 |
|  Countrywide Asset-Backed Certificates, | Countrywide Asset-Backed Certificates, | Countrywide Asset-Backed Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-19 2A3<br>4.346%, 3/25/37 (l) | 13115 | 13035 |
|  Credit-Based Asset Servicing & Securitization LLC, | Credit-Based Asset Servicing & Securitization LLC, | Credit-Based Asset Servicing & Securitization LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-CB3 M4<br>3.486%, 6/25/35 (l) | 19294 | 18751 |
|  CWABS, Inc. Asset-backed Certificates, | CWABS, Inc. Asset-backed Certificates, | CWABS, Inc. Asset-backed Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-12 1A1<br>4.586%, 8/25/47 (l) | 7661 | 7585 |
|  Ellington Loan Acquisition Trust, | Ellington Loan Acquisition Trust, | Ellington Loan Acquisition Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A1<br>4.946%, 5/25/37 (l)§ | 11864 | 11731 |
|  First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-FF12 M2<br>4.551%, 11/25/36 (l) | 60230 | 57596 |
|  Fremont Home Loan Trust, | Fremont Home Loan Trust, | Fremont Home Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-C 1A1<br>4.116%, 10/25/36 (l) | 23048 | 20976 |
|  GSAMP Trust, | GSAMP Trust, | GSAMP Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FM1 A2A<br>3.916%, 12/25/36 (l) | 2435 | 1114 |
|  IndyMac INDB Mortgage Loan Trust, | IndyMac INDB Mortgage Loan Trust, | IndyMac INDB Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1 A1<br>3.986%, 7/25/36 (l) | 16456 | 4893 |
|  Jamestown CLO XVIII Ltd., | Jamestown CLO XVIII Ltd., | Jamestown CLO XVIII Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-18A A1R<br>5.128%, 7/25/35 (l)§ | 400000 | 399396 |
|  Lehman ABS Manufactured Housing Contract Trust, | Lehman ABS Manufactured Housing Contract Trust, | Lehman ABS Manufactured Housing Contract Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2001-B M2<br>7.170%, 4/15/40 (l) | 30228 | 28641 |
|  Lehman XS Trust, | Lehman XS Trust, | Lehman XS Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-7 1A1A<br>4.166%, 5/25/36 (l) | 19352 | 18586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-8 3A4<br>4.377%, 6/25/36 (e) | 8489 | 8377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-20N A1<br>6.146%, 12/25/37 (l) | 18609 | 20576 |
|  Madison Park Funding XXXIX Ltd., | Madison Park Funding XXXIX Ltd., | Madison Park Funding XXXIX Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-39A AR<br>5.107%, 10/22/34 (l)§ | 400000 | 398904 |
|  Merrill Lynch Life Agency, Inc., | Merrill Lynch Life Agency, Inc., | Merrill Lynch Life Agency, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.086%, 2/25/37 (l) | 8200 | 2278 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-RM4 A2A<br>4.006%, 9/25/37 (l) | 488 | 93 |
|  Morgan Stanley ABS Capital I, Inc. Trust, | Morgan Stanley ABS Capital I, Inc. Trust, | Morgan Stanley ABS Capital I, Inc. Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE8 A2D<br>4.066%, 10/25/36 (l) | 636662 | 273408 |
|  Morgan Stanley IXIS Real Estate Capital Trust, | Morgan Stanley IXIS Real Estate Capital Trust, | Morgan Stanley IXIS Real Estate Capital Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2 A1<br>3.896%, 11/25/36 (l) | 303 | 96 |
|  OZLM XXIV Ltd., | OZLM XXIV Ltd., | OZLM XXIV Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-24A A1AR<br>5.306%, 7/20/32 (l)§ | 65365 | 65365 |
|  Palmer Square European Loan Funding DAC, | Palmer Square European Loan Funding DAC, | Palmer Square European Loan Funding DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A AR<br>3.034%, 5/15/33 (l)§ | 172393 | 202624 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WCW2 M3<br>4.896%, 10/25/34 (l) | $34023 | 33812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-WHQ4 M2<br>4.581%, 9/25/35 (l) | 4988 | 4914 |
|  Regatta XVI Funding Ltd., | Regatta XVI Funding Ltd., | Regatta XVI Funding Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A A1R<br>5.105%, 1/15/33 (l)§ | 345990 | 346538 |
|  Renaissance Home Equity Loan Trust, | Renaissance Home Equity Loan Trust, | Renaissance Home Equity Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-3 A<br>4.606%, 12/25/32 (l) | 1352 | 1269 |
|  Saxon Asset Securities Trust, | Saxon Asset Securities Trust, | Saxon Asset Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3 1A<br>4.156%, 9/25/37 (l) | 20599 | 19986 |
|  Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE1 A2C<br>4.166%, 7/25/36 (l) | 150190 | 49769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE1 A2A<br>3.966%, 12/25/36 (l) | 9662 | 1945 |
|  Soundview Home Equity Loan Trust, | Soundview Home Equity Loan Trust, | Soundview Home Equity Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.066%, 2/25/37 (l) | 490131 | 125476 |
|  Soundview Home Loan Trust, | Soundview Home Loan Trust, | Soundview Home Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-NLC1 A1<br>3.966%, 11/25/36 (l)§ | 1571 | 421 |
|  United States Small Business Administration, | United States Small Business Administration, | United States Small Business Administration, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-20H 1<br>6.020%, 8/1/28 | 1241 | 1262 |
|  Voya Euro CLO II DAC, | Voya Euro CLO II DAC, | Voya Euro CLO II DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2A AR<br>2.969%, 7/15/35 (l)§ | 400000 | 469393 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  | 4708153 |
|  **Collateralized Mortgage Obligations (8.2%)** | **Collateralized Mortgage Obligations (8.2%)** | **Collateralized Mortgage Obligations (8.2%)** |
|  Alliance Bancorp Trust, | Alliance Bancorp Trust, | Alliance Bancorp Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA1 A1<br>4.326%, 7/25/37 (l) | $18202 | 16258 |

---

See Notes to Financial Statements.

1098

------

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-62 2A1<br>5.029%, 12/25/35 (l) | $617 | $536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA11 A1B<br>4.226%, 9/25/46 (l) | 35194 | 34756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA19 A1<br>4.028%, 2/20/47 (l) | 5898 | 4833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1T1 1A1<br>6.000%, 3/25/37 | 94547 | 31332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4CB 1A35<br>6.000%, 4/25/37 | 23384 | 19501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA7 A1A<br>4.206%, 5/25/47 (l) | 2294 | 2132 |
|  Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A 1A1<br>5.798%, 2/20/36 (l) | 1802 | 1720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J 2A1<br>4.390%, 1/20/47 (l) | 52494 | 45255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J 4A1<br>4.787%, 1/20/47 (l) | 1716 | 1485 |
|  Banc of America Mortgage Trust, | Banc of America Mortgage Trust, | Banc of America Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-E 2A1<br>5.316%, 6/25/35 (l) | 334 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A 2A1<br>4.832%, 2/25/36 (l) | 2179 | 1999 |
|  Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-7 22A1<br>4.791%, 9/25/35 (l) | 16702 | 8877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2 23A1<br>4.039%, 3/25/36 (l) | 5719 | 4662 |
|  Bear Stearns ARM Trust, | Bear Stearns ARM Trust, | Bear Stearns ARM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-10 13A1<br>5.031%, 1/25/35 (l) | 1680 | 1638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-1 2A1<br>4.783%, 3/25/35 (l) | 2729 | 2504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-9 A1<br>6.420%, 10/25/35 (l) | 2939 | 2845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2 3A2<br>4.214%, 7/25/36 (l) | 2342 | 2006 |
|  CHL Mortgage Pass-Through Trust, | CHL Mortgage Pass-Through Trust, | CHL Mortgage Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-19 1A6<br>5.500%, 8/25/35 | 654 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-9 1A3<br>4.306%, 5/25/35 (l) | 121813 | 108267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-6 A4<br>6.000%, 4/25/36 | 9884 | 4790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HYB3 3A1B<br>4.027%, 5/20/36 (l) | 1513 | 1413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A1<br>6.000%, 3/25/37 | 30636 | 13192 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR1 2A1<br>6.050%, 3/25/36 (l) | 1925 | 1955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-10 22AA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-10 22AA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-10 22AA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.457%, 9/25/37 (l) | 4575 | 4297 |
|  CSMC Mortgage-Backed Trust, | CSMC Mortgage-Backed Trust, | CSMC Mortgage-Backed Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-6 A1<br>6.420%, 10/25/37 (l) | 105388 | 60199 |
|  CSMC Trust, | CSMC Trust, | CSMC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4R 1A1<br>4.129%, 10/26/36 (l)§ | 3346 | 3040 |
|  Deutsche Alt-B Securities Mortgage Loan Trust, | Deutsche Alt-B Securities Mortgage Loan Trust, | Deutsche Alt-B Securities Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AB4 A1B1<br>3.946%, 10/25/36 (l) | 119 | 100 |
|  Eurosail-UK plc, | Eurosail-UK plc, | Eurosail-UK plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3X A3A<br>4.799%, 6/13/45 (l)(m) | 7683 | 10349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3X A3C<br>4.799%, 6/13/45 (l)(m) | 3413 | 4597 |
|  FHLMC, | FHLMC, | FHLMC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 278 F1<br>4.548%, 9/15/42 STRIPS (l) | $38098 | 37622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5584 DF<br>4.774%, 10/25/55 (l) | 962079 | 965710 |
|  FHLMC Structured Pass-Through Certificates, | FHLMC Structured Pass-Through Certificates, | FHLMC Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T-32 A1<br>4.106%, 8/25/31 (l) | 250 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T-62 1A1<br>5.229%, 10/25/44 (l) | 21172 | 19528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T-63 1A1<br>5.229%, 2/25/45 (l) | 6700 | 6532 |
|  First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AA1 A1<br>5.695%, 6/25/34 (l) | 1483 | 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FA8 1A7<br>6.000%, 2/25/37 | 9185 | 3215 |
|  First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR3 2A1<br>5.998%, 8/25/35 (l) | 2753 | 1816 |
|  FNMA, | FNMA, | FNMA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-W8 3F2<br>4.339%, 5/25/42 (l) | 474 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-63 FA<br>4.336%, 8/25/34 (l) | 93 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-30 KF<br>4.429%, 5/25/36 (l) | 151 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5 3A2<br>6.309%, 5/25/35 (l) | 1279 | 1310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-63 FC<br>4.339%, 7/25/37 (l) | 42 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-47 FJ<br>4.904%, 6/25/55 (l) | 373992 | 376510 |
|  GNMA, | GNMA, | GNMA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H10 FB<br>5.592%, 4/20/67 (l) | 21742 | 22000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H15 FG<br>4.927%, 8/20/68 (l) | 80219 | 80712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H09 FA<br>4.718%, 4/20/73 (l) | 437693 | 439194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H15 FB<br>4.918%, 3/20/73 (l) | 397354 | 400664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H19 FA<br>4.818%, 8/20/73 (l) | 1154282 | 1163976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-159 FJ<br>5.088%, 9/20/55 (l) | 890628 | 894125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H19 DF<br>4.718%, 9/20/75 (l) | 899130 | 902160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H22 F<br>4.698%, 10/20/75 (l) | 897783 | 900688 |
|  GreenPoint Mortgage Funding Trust, | GreenPoint Mortgage Funding Trust, | GreenPoint Mortgage Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5 1A1<br>4.386%, 11/25/45 (l) | 2767 | 2664 |

---

See Notes to Financial Statements.

1099

------

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR4 A6A<br>4.206%, 9/25/46 (l) | $37182 | $35047 |
|  GreenPoint MTA Trust, | GreenPoint MTA Trust, | GreenPoint MTA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR1 A2<br>4.286%, 6/25/45 (l) | 1641 | 1479 |
|  GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-12 3A6<br>5.223%, 12/25/34 (l) | 1719 | 1612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR1 1A1<br>6.449%, 1/25/35 (l) | 661 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR4 6A1<br>5.001%, 7/25/35 (l) | 735 | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR6 2A1<br>4.951%, 9/25/35 (l) | 1396 | 1337 |
|  HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-13 2A11<br>4.406%, 2/19/36 (l) | 1633 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2 2A1A<br>4.286%, 5/19/35 (l) | 661 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-9 2A1A<br>4.528%, 6/20/35 (l) | 1262 | 1190 |
|  IndyMac INDA Mortgage Loan Trust, | IndyMac INDA Mortgage Loan Trust, | IndyMac INDA Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR1 2A1<br>5.051%, 11/25/35 (l) | 546 | 641 |
|  IndyMac INDX Mortgage Loan Trust, | IndyMac INDX Mortgage Loan Trust, | IndyMac INDX Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR10 2A2A<br>4.626%, 5/25/34 (l) | 174 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR11 2A<br>4.373%, 12/25/34 (l) | 1057 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR14 1A1A<br>4.406%, 7/25/35 (l) | 3113 | 2275 |
|  JP Morgan Alternative Loan Trust, | JP Morgan Alternative Loan Trust, | JP Morgan Alternative Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A1 1A1<br>4.306%, 3/25/36 (l) | 45038 | 42951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A7 1A4<br>4.306%, 12/25/36 (l) | 19504 | 17679 |
|  JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A1 6T1<br>5.555%, 2/25/35 (l) | 786 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A6 2A1<br>6.022%, 8/25/35 (l) | 1293 | 1231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A6 4A1<br>5.193%, 9/25/35 (l) | 181 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A6 7A1<br>5.099%, 8/25/35 (l) | 1298 | 1151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A1 1A1<br>6.230%, 7/25/35 (l) | 384 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A1 3A3<br>5.191%, 7/25/35 (l) | 1706 | 1636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-R2 1A1<br>4.051%, 7/27/37 (l)§ | 5979 | 5570 |
|  MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-13 3A7<br>5.633%, 11/21/34 (l) | 903 | 896 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Certificates, | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates, | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2001-TBC1 A1<br>4.565%, 11/15/31 (l) | 415 | 403 |
|  Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-8AR 5A4<br>5.782%, 6/25/36 (l) | 2579 | 2514 |
|  MRFC Mortgage Pass-Through Trust, | MRFC Mortgage Pass-Through Trust, | MRFC Mortgage Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2000-TBC3 A1<br>4.305%, 12/15/30 (l) | 440 | 432 |
|  New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RPL2 A1<br>3.250%, 2/25/59 (l)§ | 24576 | 24019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RPL3 A1<br>2.750%, 7/25/59 (l)§ | 108436 | 105133 |
|  Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates, | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates, | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-5 1A1D<br>4.606%, 12/25/35 (l) | 83015 | 82427 |
|  RALI Trust, | RALI Trust, | RALI Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-QO1 A1<br>4.146%, 8/25/35 (l) | 1210 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QH8 A<br>5.007%, 10/25/37 (l) | 25304 | 20090 |
|  Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A5 A3<br>4.246%, 5/25/35 (l) | 14919 | 8798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A10 A5<br>6.500%, 9/25/36 | 8442 | 2407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A6 2A1<br>6.500%, 6/25/37 | 124964 | 22828 |
|  RFMSI Trust, | RFMSI Trust, | RFMSI Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-S6 1A10<br>6.000%, 6/25/37 | 3528 | 2799 |
|  Sequoia Mortgage Trust, | Sequoia Mortgage Trust, | Sequoia Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3 1A1<br>4.248%, 7/20/36 (l) | 4208 | 3644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5 A<br>4.546%, 10/19/26 (l) | 170 | 168 |
|  Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-1 4A2<br>6.298%, 2/25/34 (l) | 614 | 593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-19 2A1<br>5.429%, 1/25/35 (l) | 1091 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-17 3A1<br>4.473%, 8/25/35 (l) | 1011 | 873 |
|  Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR5 1A1<br>4.506%, 10/19/34 (l) | 383 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5 A1<br>4.346%, 7/19/35 (l) | 1003 | 975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5 A2<br>4.346%, 7/19/35 (l) | 489 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5 A3<br>4.346%, 7/19/35 (l) | 2095 | 2076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR3 11A1<br>4.266%, 4/25/36 (l) | 1620 | 1486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR4 2A1<br>4.226%, 6/25/36 (l) | 414 | 413 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY2 A1<br>4.846%, 5/25/58 (l)§ | 10788 | 10985 |
|  WaMu Mortgage Pass-Through Certificates Trust, | WaMu Mortgage Pass-Through Certificates Trust, | WaMu Mortgage Pass-Through Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-AR17 1A<br>5.229%, 11/25/42 (l) | 125 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR14 2A1<br>4.697%, 12/25/35 (l) | 496 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR3 A1A<br>5.029%, 2/25/46 (l) | 1259 | 1165 |

---

See Notes to Financial Statements.

1100

------

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR7 3A<br>5.077%, 7/25/46 (l) | $7146 | $| 6621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA4 1A<br>4.799%, 5/25/47 (l) | 3206 |  | 2864 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** |  |  | 7043057 |
|  **Commercial Mortgage-Backed Securities (0.6%)** | **Commercial Mortgage-Backed Securities (0.6%)** | **Commercial Mortgage-Backed Securities (0.6%)** | **Commercial Mortgage-Backed Securities (0.6%)** |
|  FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KBX1 A2<br>2.920%, 1/25/26 | 94094 |  | 93841 |
|  WSTN Trust, | WSTN Trust, | WSTN Trust, | WSTN Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MAUI A<br>6.297%, 7/5/37 (l)§ | 400000 |  | 407560 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Securities** |  |  | 501401 |
|  **Corporate Bonds (0.6%)** | **Corporate Bonds (0.6%)** | **Corporate Bonds (0.6%)** | **Corporate Bonds (0.6%)** |
|  **Financials (0.0%)†** | **Financials (0.0%)†** | **Financials (0.0%)†** | **Financials (0.0%)†** |
|  ***Banks (0.0%)†*** | ***Banks (0.0%)†*** | ***Banks (0.0%)†*** | ***Banks (0.0%)†*** |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FF (CME Term SOFR 3 Month + 3.19%),<br>5.875%, 3/15/28 (k)(y) | 20000 |  | 20150 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 20150 |
|  **Information Technology (0.6%)** | **Information Technology (0.6%)** | **Information Technology (0.6%)** | **Information Technology (0.6%)** |
|  ***IT Services (0.6%)*** | ***IT Services (0.6%)*** | ***IT Services (0.6%)*** | ***IT Services (0.6%)*** |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.581%, 5/30/49§ | 420000 |  | 443100 |
|  ***Software (0.0%)†*** | ***Software (0.0%)†*** | ***Software (0.0%)†*** | ***Software (0.0%)†*** |
|  VMware LLC | VMware LLC | VMware LLC | VMware LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 8/21/27 | 10000 |  | 9999 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 453099 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  | 473249 |
|  **Foreign Government Securities (3.3%)** | **Foreign Government Securities (3.3%)** | **Foreign Government Securities (3.3%)** | **Foreign Government Securities (3.3%)** |
|  Buoni Poliennali del Tesoro | Buoni Poliennali del Tesoro | Buoni Poliennali del Tesoro | Buoni Poliennali del Tesoro |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 5/15/36 TIPS (m) | 104192 |  | 122177 |
|  Canada Government Bond | Canada Government Bond | Canada Government Bond | Canada Government Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/1/26 TIPS | 263491 |  | 198111 |
|  French Republic | French Republic | French Republic | French Republic |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 3/1/26 TIPS (m) | 122742 |  | 143702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 7/25/31 TIPS (m) | 122932 |  | 136716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 7/25/38 TIPS (m) | 241404 |  | 228226 |
|  Japan Government Bond CPI Linked | Japan Government Bond CPI Linked | Japan Government Bond CPI Linked | Japan Government Bond CPI Linked |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 3/10/28 TIPS | 121649370 |  | 790081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 3/10/29 TIPS | 100486340 |  | 651943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.005%, 3/10/34 TIPS | 94745700 |  | 592696 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** |  |  | 2863652 |
|  **Mortgage-Backed Securities (12.8%)** | **Mortgage-Backed Securities (12.8%)** | **Mortgage-Backed Securities (12.8%)** | **Mortgage-Backed Securities (12.8%)** |
|  FHLMC UMBS | FHLMC UMBS | FHLMC UMBS | FHLMC UMBS |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/52 | $84110 |  | 74482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/1/52 | 80954 |  | 79485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/1/54 | 1023875 |  | 1040512 |
|  FNMA UMBS | FNMA UMBS | FNMA UMBS | FNMA UMBS |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/1/48 | 82798 |  | 77621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/51 | 801130 |  | 709426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/52 | 914766 |  | 872816 |
|  FNMA/FHLMC UMBS, 30 Year, Single Family | FNMA/FHLMC UMBS, 30 Year, Single Family | FNMA/FHLMC UMBS, 30 Year, Single Family | FNMA/FHLMC UMBS, 30 Year, Single Family |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/25/56 TBA | 1800000 |  | 1848235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 1/25/56 TBA | 1800000 |  | 1870453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/25/56 TBA | 2400000 |  | 2342437 |
|  GNMA | GNMA | GNMA | GNMA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/20/52 | 263182 |  | 241993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/15/56 TBA | 2000000 |  | 1820078 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10977538 |
|  **U.S. Treasury Obligations (112.2%)** | **U.S. Treasury Obligations (112.2%)** | **U.S. Treasury Obligations (112.2%)** | **U.S. Treasury Obligations (112.2%)** |
|  U.S. Treasury Inflation Linked Bonds | U.S. Treasury Inflation Linked Bonds | U.S. Treasury Inflation Linked Bonds | U.S. Treasury Inflation Linked Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 1/15/27 TIPS | 32292 |  | 32555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 1/15/28 TIPS | 2548921 |  | 2568833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 4/15/28 TIPS (z) | 2617069 |  | 2747005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/15/29 TIPS | 1016095 |  | 1049516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/15/29 TIPS | 1170558 |  | 1262101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/15/40 TIPS | 858677 |  | 851901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/15/41 TIPS | 356842 |  | 349867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 2/15/42 TIPS | 1527439 |  | 1191299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 2/15/43 TIPS | 764759 |  | 570642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 2/15/44 TIPS | 2123577 |  | 1781870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 2/15/45 TIPS | 2654822 |  | 1939761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 2/15/46 TIPS | 2020045 |  | 1526309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 2/15/47 TIPS | 1632121 |  | 1179820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 2/15/48 TIPS | 699807 |  | 512663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 2/15/49 TIPS | 129395 |  | 93367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 2/15/50 TIPS | 696559 |  | 401817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 2/15/51 TIPS | 825416 |  | 446877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 2/15/52 TIPS | 350898 |  | 185971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/53 TIPS | 657222 |  | 513721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/15/54 TIPS | 742651 |  | 669321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 2/15/55 TIPS (z) | 1135057 |  | 1079959 |
|  U.S. Treasury Inflation Linked Notes | U.S. Treasury Inflation Linked Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 4/15/26 TIPS | 1862370 |  | 1846690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 7/15/26 TIPS | 258090 |  | 256609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 10/15/26 TIPS | 1429872 |  | 1416581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 1/15/27 TIPS | 1630995 |  | 1610992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 4/15/27 TIPS | 461284 |  | 452924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 7/15/27 TIPS (z) | 4352599 |  | 4302799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 10/15/27 TIPS (z) | 3187564 |  | 3212103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 1/15/28 TIPS (z) | 4963275 |  | 4877210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 4/15/28 TIPS | 1845401 |  | 1838499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 7/15/28 TIPS | 2607251 |  | 2577690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 10/15/28 TIPS | 1488256 |  | 1533376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 1/15/29 TIPS | 773706 |  | 762367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 4/15/29 TIPS (z) | 1579035 |  | 1613507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 7/15/29 TIPS | 2157599 |  | 2080319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 10/15/29 TIPS (z) | 2897412 |  | 2928606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 1/15/30 TIPS | 2417181 |  | 2294459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 4/15/30 TIPS | 1943415 |  | 1954610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 7/15/30 TIPS | 1714433 |  | 1619618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 10/15/30 TIPS | 1308593 |  | 1290037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 1/15/31 TIPS | 650416 |  | 606957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 7/15/31 TIPS (z) | 9755246 |  | 9048987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 1/15/32 TIPS | 2231759 |  | 2041165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 7/15/32 TIPS (z) | 7508355 |  | 7053250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 1/15/33 TIPS | 2842034 |  | 2730878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 7/15/33 TIPS (z) | 3216300 |  | 3139188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 1/15/34 TIPS | 1588875 |  | 1581953 |

---

See Notes to Financial Statements.

1101

------

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 7/15/34 TIPS (z) | $| 3320544 | $3339472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 1/15/35 TIPS (z) |  | 3611090 | 3680415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 7/15/35 TIPS (z) |  | 3447702 | 3443574 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | 96090010 |
|  **Total Long-Term Debt Securities (143.2%)** | **Total Long-Term Debt Securities (143.2%)** | **Total Long-Term Debt Securities (143.2%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $124,511,879) |  |  | 122657060 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **U.S. Government Agency Securities (62.2%)** | **U.S. Government Agency Securities (62.2%)** | **U.S. Government Agency Securities (62.2%)** |  |
|  Federal Agricultural Mortgage Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.66%, 1/8/26 (o)(p) |  | 15000000 | 14991153 |
|  FHLB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.07%, 1/21/26 (o) |  | 29000000 | 28946338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 6/22/26 (o)(p) |  | 900000 | 885038 |
|  FHLMC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 1/20/26 (o)(p) |  | 1100000 | 1098088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.34%, 2/4/26 (o)(p) |  | 2400000 | 2392234 |
|  FNMA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 3/18/26 (o)(p) |  | 5000000 | 4963271 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** | 53276122 |
|  **Total Short-Term Investments (62.2%)** | **Total Short-Term Investments (62.2%)** | **Total Short-Term Investments (62.2%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $53,274,991)* |  |  | 53276122 |
|  **Total Investments in Securities (205.4%)** | **Total Investments in Securities (205.4%)** | **Total Investments in Securities (205.4%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $177,786,870)* |  |  | 175933182 |
|  **Other Assets Less Liabilities (-105.4%)** | **Other Assets Less Liabilities (-105.4%)** | **Other Assets Less Liabilities (-105.4%)** | (90262702) |
|  **Net Assets (100%)** |  |  | $85670480 |

---

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2025, the market value of these securities amounted to $4,666,077 or 5.4% of net assets.*  |

---

*(e)* *Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of December 31, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of December 31, 2025.* 

*(l)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of December 31, 2025.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $645,767 or 0.8% of net assets.* 

*(o)* *Discount Note Security. Effective rate calculated as of December 31, 2025.* 

*(p)* *Yield to maturity.* 

*(y)* *Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of December 31, 2025.* 

*(z)* *All or a portion of the Security is held as a Sale-Buyback position. See Note 1* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Glossary:* 

*ARM* *— Adjustable Rate Mortgage* 

*CAD* *— Canadian Dollar* 

*CME* *— Chicago Mercantile Exchange* 

*CLO* *— Collateralized Loan Obligation* 

*CPI* *— Consumer Price Index* 

*EUR* *— European Currency Unit* 

*EURIBOR* *— Euro Interbank Offered Rate* 

*FHLB* *— Federal Home Loan Bank* 

*FHLMC* *— Federal Home Loan Mortgage Corp.* 

*FNMA* *— Federal National Mortgage Association* 

*GBP* *— British Pound* 

*GNMA* *— Government National Mortgage Association* 

*HICPXT* *— Harmonised Index of Consumer Prices ex Tobacco* 

*JPY* *— Japanese Yen* 

*OAT* *— Obligations Assimilables du Trésor* 

*SOFR* *— Secured Overnight Financing Rate* 

*SONIA* *— Sterling Over Night Index Average* 

*STRIPS* *— Separate Trading of Registered Interest and* 

*Principal Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.* 

*TBA* *— To Be Announced; Security is subject to delayed* 

*delivery* 

*TIPS* *— Treasury Inflation Protected Security* 

*TONAR* *— Tokyo Over-Night Average Rate* 

*UKRPI* *— United Kingdom Retail Price Index* 

*UMBS* *— Uniform Mortgage-Backed Securities* 

*USCPI* *— United States Consumer Price Index* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

1102

------

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Euro-Bobl | 3 | 3/2026 | EUR | 409534 | (2889) |
|  Euro-BTP | 10 | 3/2026 | EUR | 1412355 | (2885) |
|  Euro-Schatz | 31 | 3/2026 | EUR | 3890488 | (5319) |
|  U.S. Treasury 10 Year Note | 24 | 3/2026 | USD | 2698500 | (4719) |
|  U.S. Treasury 10 Year Ultra Note | 9 | 3/2026 | USD | 1035140 | (7251) |
|  U.S. Treasury Ultra Bond | 17 | 3/2026 | USD | 2006000 | (24861) |
|  |  |  |  |  | (47924) |
|  **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
|  Euro-Bund | (5) | 3/2026 | EUR | (749601) | 10225 |
|  Euro-OAT | (27) | 3/2026 | EUR | (3826369) | 14553 |
|  Japan 10 Year Bond | (1) | 3/2026 | JPY | (845314) | 5485 |
|  U.S. Treasury 2 Year Note | (22) | 3/2026 | USD | (4593360) | (2949) |
|  U.S. Treasury 5 Year Note | (39) | 3/2026 | USD | (4262883) | 6351 |
|  U.S. Treasury Long Bond | (28) | 3/2026 | USD | (3236625) | 16586 |
|  |  |  |  |  | 50251 |
|  |  |  |  |  | 2327 |

---

Forward Foreign Currency Contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
| USD | 1323549 | JPY | 206072886 | HSBC Bank plc | 1/14/2026 | 6869 |
| USD | 598119 | JPY | 93400000 | JPMorgan Chase Bank | 1/14/2026 | 1350 |
| USD | 132845 | JPY | 20684138 | Morgan Stanley | 1/14/2026 | 686 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 8905 |
| USD | 180980 | CAD | 254717 | HSBC Bank plc | 1/14/2026 | (4677) |
| USD | 2126511 | EUR | 1832183 | HSBC Bank plc | 1/14/2026 | (27599) |
| USD | 115861 | GBP | 88000 | Bank of America | 1/14/2026 | (2758) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (35034) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (26129) |

---

Written Call Swaption Contracts as of December 31, 2025 (Note 1):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Date** | **Value<br>($)** |
|  4 Years, January 2027 @2.44% v.6 Month EURIBOR | Barclays Bank plc | 300000 | EUR | (300000) | EUR | 2.44 | 1/25/2027 | (1212) |

---

Written Put Swaption Contracts as of December 31, 2025 (Note 1):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Date** | **Value<br>($)** |
|  4 Years, January 2027 @2.35% v.6 Month EURIBOR | Goldman Sachs Bank<br>USA | 3700000 | EUR | (3700000) | EUR | 2.35 | 1/7/2027 | (24259) |
|  4 Years, January 2027 @2.35% v.6 Month EURIBOR | Goldman Sachs Bank<br>USA | 3700000 | EUR | (3700000) | EUR | 2.35 | 1/7/2027 | (24259) |

---

See Notes to Financial Statements.

1103

------

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Date** | **Value<br>($)** |
|  4 Years, January 2027 @2.44% v.6 Month EURIBOR | Barclays Bank plc | 300000 | EUR | (300000) | EUR | 2.44 | 1/25/2027 | (1651) |
|  |  |  |  |  |  |  |  | (50169) |
|  Total Written Swaption Contracts (Premiums Received ($72496)) | Total Written Swaption Contracts (Premiums Received ($72496)) | Total Written Swaption Contracts (Premiums Received ($72496)) |  |  |  |  |  | (51381) |

---

Centrally Cleared Inflation-linked swap contracts outstanding as of December 31, 2025(Note 1):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate Index<sup>(1)</sup>** | **Fixed Rate** | **Pay/<br>Receive<br>Floating<br>Rate** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Upfront<br>(Payments)<br>Receipts<br>($)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Value<br>($)** |
|  USCPI at termination | 2.42% at termination | Receive | 3/5/2026 | USD | 1100000 | 8400 | 120217 | 128617 |
|  USCPI at termination | 2.77% at termination | Receive | 5/13/2026 | USD | 400000 | 4562 | 33489 | 38051 |
|  USCPI at termination | 2.81% at termination | Receive | 5/14/2026 | USD | 1000000 | 11113 | 81394 | 92507 |
|  USCPI at termination | 2.70% at termination | Receive | 5/25/2026 | USD | 300000 | 3779 | 25405 | 29184 |
|  HICPXT at termination | 3.00% at termination | Receive | 5/15/2027 | EUR | 200000 | 1561 | 1748 | 3309 |
|  HICPXT at termination | 1.64% at termination | Receive | 6/15/2027 | EUR | 1300000 |  | 2152 | 2152 |
|  USCPI at termination | 2.65% at termination | Receive | 9/10/2028 | USD | 100000 | 3114 | 3747 | 6861 |
|  HICPXT at termination | 2.49% at termination | Pay | 5/15/2037 | EUR | 160000 | (3900) | 5998 | 2098 |
|  HICPXT at termination | 2.59% at termination | Pay | 3/15/2052 | EUR | 100000 | (3056) | 9017 | 5961 |
|  HICPXT at termination | 2.42% at termination | Pay | 5/15/2052 | EUR | 50000 | 465 | 570 | 1035 |
|  HICPXT at termination | 2.42% at termination | Pay | 5/15/2052 | EUR | 20000 | (1363) | 1777 | 414 |
|  HICPXT at termination | 2.59% at termination | Pay | 12/15/2052 | EUR | 100000 | 3470 | 8288 | 11758 |
|  HICPXT at termination | 2.70% at termination | Pay | 4/15/2053 | EUR | 100000 | 8316 | 7827 | 16143 |
|  HICPXT at termination | 2.76% at termination | Pay | 9/15/2053 | EUR | 100000 | 10494 | 7779 | 18273 |
|  UKRPI at termination | 3.50% at termination | Pay | 8/15/2034 | GBP | 200000 | 1080 | 9030 | 10110 |
|  UKRPI at termination | 3.50% at termination | Pay | 8/15/2034 | GBP | 100000 | 390 | 4665 | 5055 |
|  UKRPI at termination | 3.47% at termination | Pay | 9/15/2034 | GBP | 200000 |  | 9038 | 9038 |
|  USCPI at termination | 3.04% at termination | Pay | 2/21/2026 | USD | 400000 |  | 1222 | 1222 |
|  USCPI at termination | 3.44% at termination | Pay | 8/1/2026 | USD | 700000 |  | 4057 | 4057 |
|  USCPI at termination | 3.43% at termination | Pay | 8/27/2026 | USD | 800000 |  | 5188 | 5188 |
|  |  |  |  |  |  | 48425 | 342608 | 391033 |
|  HICPXT at termination | 2.00% at termination | Receive | 2/15/2027 | EUR | 400000 | (20) | (1580) | (1600) |
|  UKRPI at termination | 3.37% at termination | Receive | 9/15/2027 | GBP | 300000 |  | (4087) | (4087) |
|  HICPXT at termination | 1.38% at termination | Pay | 3/15/2031 | EUR | 90000 | (13541) | (5188) | (18729) |
|  USCPI at termination | 2.70% at termination | Pay | 1/14/2026 | USD | 600000 |  | (1650) | (1650) |
|  USCPI at termination | 1.76% at termination | Pay | 11/4/2029 | USD | 900000 | (90553) | (65602) | (156155) |
|  USCPI at termination | 1.88% at termination | Pay | 11/20/2029 | USD | 300000 | (28062) | (20233) | (48295) |
|  |  |  |  |  |  | (132176) | (98340) | (230516) |
|  Total Centrally Cleared inflation-linked swap contracts outstanding | Total Centrally Cleared inflation-linked swap contracts outstanding | Total Centrally Cleared inflation-linked swap contracts outstanding | Total Centrally Cleared inflation-linked swap contracts outstanding |  |  | (83751) | 244268 | 160517 |

---

Centrally Cleared Interest rate swap contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate Index<sup>(1)</sup>** | **Fixed Rate** | **Pay/<br>Receive<br>Floating<br>Rate** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Upfront<br>(Payments)**<br>**Receipts<br>($)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Value<br>($)** |
|  6 month EURIBOR Semi-Annual | 2.11 annually | Receive | 9/2/2027 | EUR | 2600000 |  | 5777 | 5777 |
|  6 month EURIBOR Semi-Annual | 0.20 annually | Receive | 11/8/2052 | EUR | 700000 | 311544 | 151367 | 462911 |
|  6 month EURIBOR Semi-Annual | 0.19 annually | Receive | 11/4/2052 | EUR | 250000 | 111606 | 54166 | 165772 |
|  6 month EURIBOR Semi-Annual | 3.00 annually | Receive | 3/18/2056 | EUR | 270000 | (3740) | 19840 | 16100 |

---

See Notes to Financial Statements.

1104

------

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate Index<sup>(1)</sup>** | **Fixed Rate** | **Pay/<br>Receive<br>Floating<br>Rate** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Upfront<br>(Payments)**<br>**Receipts<br>($)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Value ($)** |
|  6 month EURIBOR Semi-Annual | 3.00 annually | Receive | 3/18/2056 | EUR | 88000 | (1872) | 7119 | 5247 |
|  6 month EURIBOR Semi-Annual | 3.00 annually | Receive | 3/18/2056 | EUR | 142000 | (2633) | 11100 | 8467 |
|  6 month EURIBOR Semi-Annual | 3.00 annually | Receive | 3/18/2056 | EUR | 260000 | (3710) | 19214 | 15504 |
|  1 day SOFR Annual | 3.38 annually | Receive | 5/31/2030 | USD | 144000 | 315 | (251) | 64 |
|  1 day SOFR Annual | 3.29 annually | Receive | 5/31/2030 | USD | 200000 | 149 | 595 | 744 |
|  1 day SOFR Annual | 3.29 annually | Receive | 5/31/2030 | USD | 100000 | 80 | 292 | 372 |
|  1 day SOFR Annual | 3.50 annually | Receive | 6/20/2054 | USD | 200000 | 4970 | 18016 | 22986 |
|  1 day SOFR Annual | 3.25 annually | Receive | 6/18/2034 | USD | 1150000 | 46756 | (4184) | 42572 |
|  1 day SOFR Annual | 3.38 annually | Receive | 5/31/2030 | USD | 264000 | 144 | (26) | 118 |
|  1 day SONIA Annual | 3.75 annually | Pay | 3/18/2031 | GBP | 1500000 | 6345 | 1549 | 7894 |
|  1 day SOFR Annual | 3.25 annually | Receive | 3/19/2055 | USD | 1400000 | 178031 | 49437 | 227468 |
|  1 day SOFR Annual | 3.29 annually | Receive | 5/31/2030 | USD | 195300 | (209) | 935 | 726 |
|  1 day TONAR Annual | 0.50 annually | Receive | 12/15/2031 | JPY | 115850000 | 11144 | 34048 | 45192 |
|  1 day TONAR Annual | 0.55 annually | Receive | 9/14/2028 | JPY | 40000000 | (720) | 5568 | 4848 |
|  1 day SONIA Annual | 3.75 annually | Pay | 9/17/2030 | GBP | 800000 | 6267 | (1828) | 4439 |
|  1 day SONIA Annual | 3.75 annually | Pay | 9/17/2030 | GBP | 300000 | (847) | 2512 | 1665 |
|  1 day SONIA Annual | 3.75 annually | Pay | 9/17/2030 | GBP | 1300000 | (6118) | 13330 | 7212 |
|  1 day SONIA Annual | 3.75 annually | Pay | 9/17/2030 | GBP | 1300000 | (6114) | 13327 | 7213 |
|  1 day SOFR Annual | 3.25 annually | Receive | 6/18/2034 | USD | 350000 | 14244 | (1287) | 12957 |
|  1 day SOFR Annual | 3.29 annually | Receive | 5/31/2030 | USD | 200000 | 100 | 644 | 744 |
|  1 day SOFR Annual | 3.29 annually | Receive | 5/31/2030 | USD | 231800 | (199) | 1061 | 862 |
|  1 day SOFR Annual | 4.08 annually | Receive | 11/15/2053 | USD | 202900 | 1505 | 1621 | 3126 |
|  1 day SOFR Annual | 3.38 annually | Receive | 5/31/2030 | USD | 200000 | 97 | (7) | 90 |
|  1 day SOFR Annual | 3.29 annually | Receive | 5/31/2030 | USD | 231400 | (25) | 886 | 861 |
|  1 day SOFR Annual | 3.72 annually | Receive | 8/15/2035 | USD | 100000 | 286 | 29 | 315 |
|  1 day SOFR Annual | 3.38 annually | Receive | 5/31/2030 | USD | 200000 | 339 | (249) | 90 |
|  1 day SOFR Annual | 3.70 annually | Receive | 8/15/2035 | USD | 100000 | (87) | 520 | 433 |
|  1 day SOFR Annual | 4.01 annually | Receive | 11/15/2053 | USD | 300000 | 4181 | 3636 | 7817 |
|  1 day SOFR Annual | 3.38 annually | Receive | 5/31/2030 | USD | 1000000 | 857 | (409) | 448 |
|  1 day SOFR Annual | 3.72 annually | Receive | 8/15/2035 | USD | 111000 | 231 | 118 | 349 |
|  1 day SOFR Annual | 3.64 annually | Receive | 8/15/2035 | USD | 100000 | 198 | 707 | 905 |
|  1 day SOFR Annual | 3.29 annually | Receive | 5/31/2030 | USD | 200000 | 102 | 642 | 744 |
|  1 day SOFR Annual | 3.50 annually | Receive | 6/20/2054 | USD | 300000 | 7588 | 26891 | 34479 |
|  1 day SOFR Annual | 2.87 annually | Receive | 2/13/2054 | USD | 1200000 | 93863 | 181501 | 275364 |
|  |  |  |  |  |  | 774668 | 618207 | 1392875 |
|  6 month EURIBOR Semi-Annual | 2.75 annually | Pay | 3/18/2036 | EUR | 1250000 | (5561) | (20862) | (26423) |
|  6 month EURIBOR Semi-Annual | 2.75 annually | Pay | 3/18/2036 | EUR | 850000 | (2195) | (15773) | (17968) |
|  6 month EURIBOR Semi-Annual | 2.75 annually | Pay | 3/18/2036 | EUR | 1250000 | (5687) | (20736) | (26423) |
|  6 month EURIBOR Semi-Annual | 2.75 annually | Pay | 3/18/2036 | EUR | 1250000 | (4087) | (22336) | (26423) |
|  1 day SOFR Annual | 4.75 annually | Receive | 1/18/2026 | USD | 700000 |  | (3178) | (3178) |
|  1 day SOFR Annual | 4.76 annually | Receive | 1/18/2026 | USD | 2200000 |  | (10154) | (10154) |
|  |  |  |  |  |  | (17530) | (93039) | (110569) |
|  Total Centrally Cleared Interest rate swap contracts outstanding | Total Centrally Cleared Interest rate swap contracts outstanding | Total Centrally Cleared Interest rate swap contracts outstanding | Total Centrally Cleared Interest rate swap contracts outstanding |  |  | 757138 | 525168 | 1282306 |

---

(1) Value of floating rate index at December 31, 2025 was as follows:

---

| | |
|:---|:---|
| **Floating Rate Index** | **Value** |
|  1 day SOFR USD | 3.87% |
|  1 day SONIA GBP | 3.73% |
|  1 day TONAR JPY | 0.72% |
|  6 month EURIBOR EUR | 2.11% |
|  HICPXT EUR | 1.29% |
|  UKRPI GBP | 4.09% |
|  USCPI USD | 3.24% |

---

See Notes to Financial Statements.

1105

------

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Asset-Backed Securities** | $— | $4708153 | $— | $4708153 |
|  **Centrally Cleared Inflation-linked Swaps** |  | 342608 |  | 342608 |
|  **Centrally Cleared Interest Rate Swaps** |  | 626448 |  | 626448 |
|  **Collateralized Mortgage Obligations** |  | 7043057 |  | 7043057 |
|  **Commercial Mortgage-Backed Securities** |  | 501401 |  | 501401 |
|  **Corporate Bonds** |  |  |  |  |
|  Financials |  | 20150 |  | 20150 |
|  Information Technology |  | 453099 |  | 453099 |
|  **Foreign Government Securities** |  | 2863652 |  | 2863652 |
|  **Forward Currency Contracts** |  | 8905 |  | 8905 |
|  **Futures** | 53200 |  |  | 53200 |
|  **Mortgage-Backed Securities** |  | 10977538 |  | 10977538 |
|  **Short-Term Investments** |  |  |  |  |
|  U.S. Government Agency Securities |  | 53276122 |  | 53276122 |
|  **U.S. Treasury Obligations** |  | 96090010 |  | 96090010 |
|  **Total Assets** | $**53200** | $**176911143** | $**—** | $**176964343** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Centrally Cleared Inflation-linked Swaps** | $— | $(98340) | $— | $(98340) |
|  **Centrally Cleared Interest Rate Swaps** |  | (101280) |  | (101280) |
|  **Forward Currency Contracts** |  | (35034) |  | (35034) |
|  **Futures** | (50873) |  |  | (50873) |
|  **Swaptions Written** |  | (51381) |  | (51381) |
|  **Total Liabilities** | $**(50873)** | $**(286035)** | $**—** | $**(336908)** |
|  **Total** | $**2327** | $**176625108** | $**—** | $**176627435** |

---

See Notes to Financial Statements.

1106

------

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Interest rate contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $1022256 |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | 8905 |
|  **Total** |  | $1031161 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(301874) |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | (35034) |
|  **Total** |  | $(336908) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

\*\* Includes cumulative appreciation/depreciation of centrally cleared swap contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Options<br>Written** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Swaps** | **Total** |
|  Interest rate contracts | $47543 | $(31789) | $— | $(96769) | $(81015) |
|  Foreign exchange contracts |  |  | (185603) |  | (185603) |
|  **Total** | $47543 | $(31789) | $(185603) | $(96769) | $(266618) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Options<br>Written** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Swaps** | **Total** |
|  Interest rate contracts | $(8518) | $(144796) | $— | $613966 | $460652 |
|  Foreign exchange contracts |  |  | (166220) |  | (166220) |
|  **Total** | $(8518) | $(144796) | $(166220) | $613966 | $294432 |

---

^ The Portfolio held forward foreign currency contracts, futures contracts, option contracts and swaps contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
| **Average Balances of Outstanding Derivative Financial Instruments** | |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $14195000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 22871000 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $2053000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 8644000 |

---

See Notes to Financial Statements.

1107

------

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | |
|:---|:---|
| **Average Balances of Outstanding Derivative Financial Instruments** | |
|  Options |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of swaption contracts written | $66000 |
|  Interest rate swaps |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — pays fixed rate | $7333000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — receives fixed rate | 8492000 |
|  Inflation swaps |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — pays floating rate | $6182000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — receives floating rate | 4647000 |
|  Overnight index swaps |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — pays fixed rate | $13527000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — pays floating rate | 5423000 |

---

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  HSBC Bank plc | $6869 | $(6869) | $— | $— |
|  JPMorgan Chase Bank | 1350 |  |  | 1350 |
|  Morgan Stanley | 686 |  |  | 686 |
|  **Total** | $8905 | $(6869) | $— | $2036 |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  Bank of America | $2758 | $— | $— | $2758 |
|  Barclays Bank plc | 2863 |  |  | 2863 |
|  Goldman Sachs Bank USA | 48518 |  |  | 48518 |
|  HSBC Bank plc | 32276 | (6869) |  | 25407 |
|  **Total** | $86415 | $(6869) | $— | $79546 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

See Notes to Financial Statements.

1108

------

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

**Sale-Buyback Transactions:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Borrowing<br>Rate** | **Borrowing<br>Date** | **Maturity<br>Date** | **Amount<br>Borrowed (1)** | **Payable for<br>Sale-Buyback<br>Transactions (2)** |
|  Goldman Sachs & Co. LLC | 3.95% | 12/17/2025 | 1/7/2026 | (294309) | $(294573) |
|  Goldman Sachs & Co. LLC | 3.95 | 12/17/2025 | 1/7/2026 | (2760499) | (2766271) |
|  Goldman Sachs & Co. LLC | 3.95 | 12/18/2025 | 1/2/2026 | (785143) | (785641) |
|  Goldman Sachs & Co. LLC | 3.95 | 12/18/2025 | 1/2/2026 | (4874086) | (4881104) |
|  Goldman Sachs & Co. LLC | 3.95 | 12/18/2025 | 1/2/2026 | (9046996) | (9061393) |
|  Goldman Sachs & Co. LLC | 3.95 | 12/18/2025 | 1/2/2026 | (7054669) | (7064380) |
|  Goldman Sachs & Co. LLC | 3.95 | 12/18/2025 | 1/2/2026 | (3336526) | (3339498) |
|  Goldman Sachs & Co. LLC | 3.95 | 12/18/2025 | 1/2/2026 | (1050880) | (1051722) |
|  Goldman Sachs & Co. LLC | 3.95 | 12/18/2025 | 1/2/2026 | (1922104) | (1923806) |
|  Goldman Sachs & Co. LLC | 3.86 | 1/2/2026 | 1/9/2026 | (2749980) | (2750258) |
|  Goldman Sachs & Co. LLC | 3.86 | 1/2/2026 | 1/9/2026 | (788226) | (788459) |
|  Goldman Sachs & Co. LLC | 3.86 | 1/2/2026 | 1/9/2026 | (4880368) | (4883581) |
|  Goldman Sachs & Co. LLC | 3.86 | 1/2/2026 | 1/9/2026 | (9061890) | (9068470) |
|  Goldman Sachs & Co. LLC | 3.86 | 1/2/2026 | 1/9/2026 | (7063884) | (7068333) |
|  Goldman Sachs & Co. LLC | 3.86 | 1/2/2026 | 1/9/2026 | (3213991) | (3215428) |
|  Goldman Sachs & Co. LLC | 3.86 | 1/2/2026 | 1/9/2026 | (3144469) | (3146025) |
|  Goldman Sachs & Co. LLC | 3.86 | 1/2/2026 | 1/9/2026 | (3343927) | (3345305) |
|  Goldman Sachs & Co. LLC | 3.86 | 1/2/2026 | 1/9/2026 | (2931394) | (2932708) |
|  Goldman Sachs & Co. LLC | 3.86 | 1/2/2026 | 1/9/2026 | (3686161) | (3687533) |
|  Goldman Sachs & Co. LLC | 3.86 | 1/2/2026 | 1/9/2026 | (3043571) | (3044819) |
|  |  |  |  |  | $(75099307) |

---

*(1)* *The average amount of borrowings while outstanding for 365 days during the year ended December 31, 2025, was approximately $27,074,000 at a weighted average interest rate of 4.36%.* 

*(2)* *Payable for sale-buyback transactions includes $66,234 of deferred price drop on sale-buyback transactions.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and<br>Continuous** | **Up to 30 Days** | **30 - 90 Days** | **Greater than<br>90 Days** | **Total** |
|  **Sale-Buyback** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | $— | $(4618931) | $— | $— | $(4618931) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  | (70480376) |  |  | (70480376) |
|  **Total Borrowings** | $— | $(75099307) | $— | $— | $(75099307) |
|  **Gross amount of recognized liabilities for sale-buybacks** | **Gross amount of recognized liabilities for sale-buybacks** |  |  |  | $(75099307) |

---

The following is a summary by counterparty of sale-buyback transactions and collateral (received)/pledged as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Payable for<br>Sale-Buyback<br>Transactions** | **Collateral<br>Pledged<br>(Sale-buyback<br>positions)** | **Cash<br>Collateral<br>(Received)/<br>Pledged** | **Net<br>Exposure (3)** |
|  Goldman Sachs & Co. LLC | $(75099307) | $74988148 | $– $| (111159) |
|  | $(75099307) | $74988148 | $– $| (111159) |

---

*(3)* *Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default.* 

See Notes to Financial Statements.

1109

------

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $123761483.0 |
|  Long-term U.S. government debt securities | 16643590.0 |
|  | $140405073.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $123321482.0 |
|  Long-term U.S. government debt securities | 11487176.0 |
|  | $134808658.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $5046103 |
|  Aggregate gross unrealized depreciation | (11701449) |
|  Net unrealized depreciation | $(6655346) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $183956168 |

---

See Notes to Financial Statements.

1110

------

EQ/PIMCO REAL RETURN PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
| ASSETS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value<br>(Cost $177,786,870) | $175933182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 244556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $185,232) | 190935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 202000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for swaps | 419000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 43984159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for forward settling transactions | 4159172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 349773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 344053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation Margin on Centrally Cleared Swaps | 109313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 34469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 8905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 225980295 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback financing transactions | 75099307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 52795498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for forward settling transactions | 12018707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 186410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written, at value (Premiums received $72,496) | 51381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 35034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 18136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 12842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 6514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 85986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 140309815 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $85670480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $92974664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (7304184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $85670480 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $85,670,480 / 8,032,181 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.67 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest (net of $49 foreign withholding tax) | $3980879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 3980879 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 1212002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 411555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 205777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 93492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 74548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 73000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 17224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 2773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 21856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 2112227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (282819) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1829408 |
|  **NET INVESTMENT INCOME (LOSS)** | 2151471 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 1443243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (31789) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (185603) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 8980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (96769) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 47543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1185605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 2516648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (144796) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (166220) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (16005) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (8518) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 613966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2795075 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 3980680 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $6132151 |

---

See Notes to Financial Statements.

1111

------

#### EQ ADVISORS TRUST
EQ/PIMCO REAL RETURN PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2151471 | $1281545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1185605 | 367880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2795075 | (143745) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 6132151 | 1505680 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (1656477) | (5090112) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (988439) | (888724) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,553,341 and 1,060,060 shares, respectively ] | 16614546 | 11440889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 248,581 and 565,807 shares, respectively ] | 2644916 | 5978836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1388658) and (1425913) shares, respectively ] | (14804187) | (15426307) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 4455275 | 1993418 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 7942510 | (2479738) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 77727970 | 80207708 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $85670480 | $77727970 |

---

See Notes to Financial Statements.

1112

------

#### EQ ADVISORS TRUST
EQ/PIMCO REAL RETURN PORTFOLIO

#### STATEMENT OF CASH FLOWS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INCREASE (DECREASE) IN CASH** |  |
|  **Cash flows provided (used) by operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets from operations | $6132151 |
|  **Adjustments to reconcile net increase/decrease in net assets from operations to net cash provided (used) by operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of investments in securities | (401136463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposition of investment securities | 372592950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in payable for forward settling transactions | 4261664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in receivable for forward settling transactions | (4159172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized (appreciation) depreciation on investments in securities | (2516648) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized (appreciation) depreciation on options written | 8518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized (appreciation) depreciation on forward foreign currency contracts | 166220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss on investments in securities | (1443243) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net amortization (accretion) of income | (2159581) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in due from broker for futures variation margin | 12214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in investment management fees payable | 3995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in distribution fees payable—Class IB | 1610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in administrative fees payable | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in other assets | (285) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in accrued expenses | (6311) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in dividends, interest and other receivables | (18650) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in premiums received on options written | (23684) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in receivable for variation margin on centrally cleared swaps | (59418) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in payable for return of cash collateral on forward foreign currency contracts | (60000) |
|  Net cash provided (used) by operating activities | (28403630) |
|  **Cash flows provided (used) by financing activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 16293321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares repurchased | (14811245) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale-buyback transactions | 677881258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments on sale-buyback transactions | (678864061) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in payable for sale-buyback financing transactions | 27717052 |
|  Net cash provided (used) by financing activities | 28216325 |
|  Net increase/(decrease) in cash | (187305) |
|  **Cash, foreign cash and restricted cash:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of the year | 1243796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of the year | $1056491 |

---

Supplemental disclosure of cash flow information:

For the year ended December 31, 2025, the Portfolio paid $1,212,002 in interest expense and had reinvestments of dividends and distributions in the amount of $2,644,916.

Reconciliation of cash and restricted cash to the Statement of Assets and Liabilities:

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2025** | **Year Ended<br>December 31,<br>2024** |
|  Cash | $244556 | $307810 |
|  Foreign cash | 190935 | 166986 |
|  Cash held as collateral at broker for futures | 202000 | 385000 |
|  Cash held as collateral at broker for centrally cleared swaps | 419000 | 384000 |
|  Total cash, foreign cash and restricted cash shown in the statement of cash flows | $1056491 | $1243796 |

---

See Notes to Financial Statements.

1113

------

#### EQ ADVISORS TRUST
EQ/PIMCO REAL RETURN PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class IB | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| Class IB | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $10.20 | $10.81 | $10.72 | $12.90 | $13.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.28 | 0.18 | 0.23 | 0.65 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.53 | 0.04 | 0.14 | (2.11) | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.81 | 0.22 | 0.37 | (1.46) | 0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.22) | (0.28) | (0.03) | (0.72) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.43) | (0.25) |  | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital | (0.12) | (0.12) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.34) | (0.83) | (0.28) | (0.72) | (0.92) |
|  Net asset value, end of year | $10.67 | $10.20 | $10.81 | $10.72 | $12.90 |
|  Total return | 7.95% | 1.91% | 3.53% | (11.38)% | 5.37% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $85670 | $77728 | $80208 | $82187 | $95587 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(g) | 2.22 %(j) | 2.53 %(k) | 2.26 %(m) | 1.25 %(n) | 0.77 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(g) | 2.57% | 2.88% | 2.60% | 1.58% | 1.08% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 2.61% | 1.63% | 2.16% | 5.41% | 3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 2.27% | 1.27% | 1.81% | 5.08% | 3.21% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate ^ | 117% | 122% | 44% | 59% | 119% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of 1.47%, 1.78%, 1.51%, 0.50% and 0.02% for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 2.22% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 2.53% for Class IB.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers would be 2.26% for Class IB.* 

*(n)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.25% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.77% for Class IB.* 

See Notes to Financial Statements.

1114

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Asset-Backed Securities (10.8%)** | **Asset-Backed Securities (10.8%)** | **Asset-Backed Securities (10.8%)** |
|  Accredited Mortgage Loan Trust, | Accredited Mortgage Loan Trust, | Accredited Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2 A4<br>4.106%, 9/25/36 (l) | $17169 | $17102 |
|  American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3 A<br>3.250%, 10/15/28 | 114632 | 108779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3 AA<br>3.000%, 10/15/28 | 172104 | 166182 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-R9 M1<br>4.551%, 11/25/35 (l) | 36582 | 36378 |
|  Arbor Realty Commercial Real Estate Notes Ltd., | Arbor Realty Commercial Real Estate Notes Ltd., | Arbor Realty Commercial Real Estate Notes Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL1 A<br>5.434%, 1/15/37 (l)§ | 323155 | 323155 |
|  Ares European CLO XIV DAC, | Ares European CLO XIV DAC, | Ares European CLO XIV DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 14A AR<br>3.040%, 10/21/34 (l)§ | 326880 | 384216 |
|  Ares XXVII CLO Ltd., | Ares XXVII CLO Ltd., | Ares XXVII CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2A AR3<br>5.009%, 10/28/34 (l)§ | $700000 | 700225 |
|  Argent Securities Trust, | Argent Securities Trust, | Argent Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-W2 A2B<br>4.226%, 3/25/36 (l) | 200338 | 108533 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates, | Argent Securities, Inc. Asset-Backed Pass-Through Certificates, | Argent Securities, Inc. Asset-Backed Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-M1 A2C<br>4.146%, 7/25/36 (l) | 613511 | 160898 |
|  Bear Stearns Asset-Backed Securities I Trust, | Bear Stearns Asset-Backed Securities I Trust, | Bear Stearns Asset-Backed Securities I Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE7 2A2<br>4.166%, 8/25/36 (l) | 12263 | 12054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE9 1A2<br>4.146%, 11/25/36 (l) | 95092 | 93618 |
|  BlueMountain CLO Ltd., | BlueMountain CLO Ltd., | BlueMountain CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A A1R<br>5.048%, 10/25/30 (l)§ | 206010 | 206277 |
|  BlueMountain Fuji Eur CLO V DAC, | BlueMountain Fuji Eur CLO V DAC, | BlueMountain Fuji Eur CLO V DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5A A<br>2.919%, 1/15/33 (l)§ | &nbsp;&nbsp;&nbsp;&nbsp;562848 | 660859 |
|  BMW Vehicle Lease Trust, | BMW Vehicle Lease Trust, | BMW Vehicle Lease Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A3<br>4.980%, 3/25/27 | $275746 | 276591 |
|  BRSP Ltd., | BRSP Ltd., | BRSP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL1 A<br>4.996%, 8/19/38 (l)§ | 291991 | 291633 |
|  C-Bass Trust, | C-Bass Trust, | C-Bass Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-CB9 A1<br>3.966%, 11/25/36 (l) | 10417 | 4558 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-WF2 A1<br>7.250%, 5/25/36 (e) | 94773 | 47152 |
|  Crown Point CLO 7 Ltd., | Crown Point CLO 7 Ltd., | Crown Point CLO 7 Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-7A AR<br>5.114%, 10/20/31 (l)§ | 90005 | 90021 |
|  CWABS Asset-Backed Certificates Trust, | CWABS Asset-Backed Certificates Trust, | CWABS Asset-Backed Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-21 2A4<br>4.306%, 5/25/37 (l) | 195596 | 186980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-24 1A<br>4.126%, 6/25/47 (l) | 576712 | 528591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3 M2<br>4.431%, 6/25/36 (l) | 606689 | 593945 |
|  Elevation CLO Ltd., | Elevation CLO Ltd., | Elevation CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-16A A1AR<br>4.988%, 7/25/34 (l)§ | 700000 | 700113 |
|  EMC Mortgage Loan Trust, | EMC Mortgage Loan Trust, | EMC Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2001-A A<br>4.586%, 5/25/40 (l)§ | 1722 | 1717 |
|  FHF Issuer Trust, | FHF Issuer Trust, | FHF Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A2<br>5.690%, 2/15/30 § | 226385 | 227269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A2<br>5.890%, 6/15/30 § | 339768 | 340815 |
|  FHF Trust, | FHF Trust, | FHF Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A2<br>6.570%, 6/15/28 § | 63307 | 63620 |
|  Fremont Home Loan Trust, | Fremont Home Loan Trust, | Fremont Home Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-D M1<br>4.461%, 11/25/35 (l) | 267788 | 245918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-E 2A1<br>3.966%, 1/25/37 (l) | 1967 | 877 |
|  GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2CS A<br>4.000%, 4/20/49 § | 681995 | 606183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3C A<br>6.500%, 7/20/55 § | 394754 | 390028 |
|  GreatAmerica Leasing Receivables Funding LLC, | GreatAmerica Leasing Receivables Funding LLC, | GreatAmerica Leasing Receivables Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 A2<br>4.520%, 10/15/27 § | 498957 | 500641 |
|  GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A3<br>5.320%, 3/25/60 § | 500000 | 507126 |
|  Greywolf CLO III Ltd., | Greywolf CLO III Ltd., | Greywolf CLO III Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3RA A1R2<br>5.087%, 4/22/33 (l)§ | 609925 | 610277 |
|  GSAA Trust, | GSAA Trust, | GSAA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-7 AF2<br>5.995%, 3/25/46 (l) | 223928 | 79056 |
|  GSAMP Trust, | GSAMP Trust, | GSAMP Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-NC2 A2B<br>4.026%, 6/25/36 (l) | 104769 | 56191 |
|  GSPA Monetization Trust,<br>6.422%, 10/9/29 § | 159026 | 164422 |
|  Harvest CLO XVI DAC, | Harvest CLO XVI DAC, | Harvest CLO XVI DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 16A AR3<br>3.336%, 10/15/38 (l)§ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | 1290409 |
|  Home Equity Loan Trust, | Home Equity Loan Trust, | Home Equity Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FRE1 2AV3<br>4.076%, 4/25/37 (l) | $165685 | 162245 |
|  JetBlue Pass-Through Trust, | JetBlue Pass-Through Trust, | JetBlue Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A<br>4.000%, 11/15/32 | 605534 | 570948 |
|  JP Morgan Mortgage Acquisition Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-FRE1 M1<br>2.664%, 10/25/35 (l) | 26107 | 25867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FRE1 M1<br>4.431%, 5/25/35 (l) | 17780 | 17691 |
|  JP Morgan Mortgage Acquisition Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-CH3 A5<br>4.106%, 3/25/37 (l) | 18613 | 18505 |
|  Lehman XS Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-8 2A1<br>4.206%, 6/25/36 (l) | 6839 | 8321 |

---

See Notes to Financial Statements.

1115

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
|  Madison Park Funding XLIX Ltd., | Madison Park Funding XLIX Ltd., | Madison Park Funding XLIX Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-49A AR<br>4.934%, 10/19/34 (l)§ | $800000 | $799801 |
|  Madison Park Funding XLVI Ltd., | Madison Park Funding XLVI Ltd., | Madison Park Funding XLVI Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-46A ARR<br>4.905%, 10/15/34 (l)§ | 700000 | 699173 |
|  Madison Park Funding XXXVI Ltd., | Madison Park Funding XXXVI Ltd., | Madison Park Funding XXXVI Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-36A A1RR<br>4.965%, 4/15/35 (l)§ | 700000 | 699245 |
|  MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FRE2 A5<br>4.326%, 3/25/36 (l) | 131631 | 76788 |
|  MF1 LLC, | MF1 LLC, | MF1 LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL17 A<br>5.054%, 2/18/40 (l)§ | 500000 | 499063 |
|  Morgan Stanley ABS Capital I, Inc. Trust, | Morgan Stanley ABS Capital I, Inc. Trust, | Morgan Stanley ABS Capital I, Inc. Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE5 A2D<br>4.346%, 8/25/36 (l) | 403407 | 190447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-WMC2 A2C<br>4.146%, 7/25/36 (l) | 222079 | 78997 |
|  Mosaic Solar Loan Trust, | Mosaic Solar Loan Trust, | Mosaic Solar Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A<br>2.640%, 1/20/53 § | 949923 | 810405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A A<br>5.910%, 11/20/53 § | 129574 | 127636 |
|  Newcastle Mortgage Securities Trust, | Newcastle Mortgage Securities Trust, | Newcastle Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1 M5<br>4.566%, 3/25/36 (l) | 900000 | 889784 |
|  NovaStar Mortgage Funding Trust, | NovaStar Mortgage Funding Trust, | NovaStar Mortgage Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5 A2D<br>4.326%, 11/25/36 (l) | 94314 | 26292 |
|  Ocean Trails CLO XI, | Ocean Trails CLO XI, | Ocean Trails CLO XI, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-11A AR<br>4.914%, 7/20/34 (l)§ | 700000 | 698474 |
|  Option One Mortgage Loan Trust, | Option One Mortgage Loan Trust, | Option One Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3 2A3<br>4.126%, 2/25/37 (l) | 1044100 | 500880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-5 1A1<br>4.066%, 5/25/37 (l) | 292570 | 175673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-CP1 1A1<br>3.986%, 3/25/37 (l) | 123765 | 111374 |
|  Option One Mortgage Loan Trust Asset-Backed Certificates, | Option One Mortgage Loan Trust Asset-Backed Certificates, | Option One Mortgage Loan Trust Asset-Backed Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-4 M2<br>4.536%, 11/25/35 (l) | 222697 | 212667 |
|  Pikes Peak CLO 4, | Pikes Peak CLO 4, | Pikes Peak CLO 4, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4A ARR<br>5.115%, 7/15/34 (l)§ | 700000 | 700691 |
|  Post Road Equipment Finance LLC, | Post Road Equipment Finance LLC, | Post Road Equipment Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2<br>4.900%, 5/15/31§ | 737026 | 740654 |
|  RASC Trust, | RASC Trust, | RASC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-EMX5 A3<br>4.506%, 12/25/35 (l) | 80190 | 69595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-EMX2 M1<br>4.446%, 2/25/36 (l) | 82901 | 81683 |
|  RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES9 A1A<br>4.795%, 9/25/55(e)§ | 289504 | 288801 |
|  Ready Capital Mortgage Financing LLC, | Ready Capital Mortgage Financing LLC, | Ready Capital Mortgage Financing LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL7 A<br>5.046%, 11/25/36 (l)§ | 87415 | 87394 |
|  Regatta XVI Funding Ltd., | Regatta XVI Funding Ltd., | Regatta XVI Funding Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A A1R<br>5.105%, 1/15/33 (l)§ | 605482 | 606441 |
|  Renaissance Home Equity Loan Trust, | Renaissance Home Equity Loan Trust, | Renaissance Home Equity Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4 AF2<br>5.285%, 1/25/37 (e) | 544629 | 157783 |
|  Sandstone Peak Ltd., | Sandstone Peak Ltd., | Sandstone Peak Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A1R<br>5.185%, 10/15/34 (l)§ | 700000 | 700229 |
|  Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-BR5 A2A<br>4.106%, 5/25/37 (l) | 25438 | 19411 |
|  SG Mortgage Securities Trust, | SG Mortgage Securities Trust, | SG Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FRE1 A2C<br>4.386%, 2/25/36 (l) | 61190 | 31134 |
|  SMB Private Education Loan Trust, | SMB Private Education Loan Trust, | SMB Private Education Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A1A<br>5.240%, 3/15/56 § | 392389 | 400390 |
|  Soundview Home Loan Trust, | Soundview Home Loan Trust, | Soundview Home Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OPT5 1A1<br>4.746%, 10/25/37 (l) | 462808 | 361969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-WMC1 3A1<br>4.066%, 2/25/37 (l) | 68454 | 17525 |
|  Specialty Underwriting & Residential Finance Trust, | Specialty Underwriting & Residential Finance Trust, | Specialty Underwriting & Residential Finance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-BC5 A2D<br>4.146%, 11/25/37 (l) | 469288 | 258540 |
|  Stonepeak ABS, | Stonepeak ABS, | Stonepeak ABS, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A AA<br>2.301%, 2/28/33 § | 229137 | 223676 |
|  Structured Asset Securities Corp. Mortgage Loan Trust, | Structured Asset Securities Corp. Mortgage Loan Trust, | Structured Asset Securities Corp. Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-GEL2 A3<br>4.746%, 5/25/37 (l)§ | 86806 | 85249 |
|  STWD Ltd., | STWD Ltd., | STWD Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL2 A<br>5.049%, 4/18/38 (l)§ | 335183 | 335201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL3 A<br>5.334%, 11/15/38 (l)§ | 290063 | 289167 |
|  Sunnova Helios XI Issuer LLC, | Sunnova Helios XI Issuer LLC, | Sunnova Helios XI Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A A<br>5.300%, 5/20/50 § | 517505 | 472815 |
|  Sunnova Sol IV Issuer LLC, | Sunnova Sol IV Issuer LLC, | Sunnova Sol IV Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A A<br>2.790%, 2/22/49 § | 1388356 | 1145129 |
|  Sunrun Demeter Issuer LLC, | Sunrun Demeter Issuer LLC, | Sunrun Demeter Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A A<br>2.270%, 1/30/57 § | 632654 | 578234 |
|  Tesla Sustainable Energy Trust, | Tesla Sustainable Energy Trust, | Tesla Sustainable Energy Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A2<br>5.080%, 6/21/50 § | 396243 | 397844 |
|  Toyota Auto Receivables Owner Trust, | Toyota Auto Receivables Owner Trust, | Toyota Auto Receivables Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B A3<br>5.330%, 1/16/29 | 298203 | 301434 |
|  Trinitas CLO XIX Ltd., | Trinitas CLO XIX Ltd., | Trinitas CLO XIX Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-19A A1R<br>4.994%, 10/20/33 (l)§ | 598155 | 598218 |
|  United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2 AA<br>2.875%, 10/7/28 | 481771 | 460749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A<br>5.875%, 10/15/27 | 340058 | 347737 |
|  WaMu Asset-Backed Certificates Trust, | WaMu Asset-Backed Certificates Trust, | WaMu Asset-Backed Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE2 2A3<br>4.346%, 4/25/37 (l) | 193230 | 66234 |

---

See Notes to Financial Statements.

1116

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
|  Wind River CLO Ltd., | Wind River CLO Ltd., | Wind River CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A A1R<br>4.994%, 7/20/34 (l)§ | $300000 | 299772 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  | 28306384 |
|  **Collateralized Mortgage Obligations (2.2%)** | **Collateralized Mortgage Obligations (2.2%)** | **Collateralized Mortgage Obligations (2.2%)** |
|  Alba plc, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.018%, 3/17/39 (l)(m) | &nbsp;&nbsp;&nbsp;&nbsp;177576 | 235244 |
|  Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-32T1 A3<br>4.846%, 8/25/35 (l) | $85582 | 44621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-45T1 1A16<br>6.000%, 2/25/37 | 227788 | 86107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA11 A1B<br>4.226%, 9/25/46 (l) | 201984 | 199468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA12 A1B<br>4.228%, 9/20/46 (l) | 34687 | 36139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA3 1A1<br>4.246%, 5/25/36 (l) | 24226 | 21206 |
|  American Home Mortgage Assets Trust, | American Home Mortgage Assets Trust, | American Home Mortgage Assets Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5<br>6.700%, 6/25/36 (e) | 476974 | 64166 |
|  Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-D A1<br>5.301%, 5/25/35 (l) | 3414 | 3206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-2 1A2<br>6.000%, 3/25/37 | 48149 | 37324 |
|  Banc of America Mortgage Trust, | Banc of America Mortgage Trust, | Banc of America Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-D 2A4<br>7.022%, 5/25/33 (l) | 31 | 30 |
|  BCAP LLC Trust, | BCAP LLC Trust, | BCAP LLC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AA2 12A1<br>4.266%, 5/25/47 (l) | 40717 | 39660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-RR5 12A1<br>4.459%, 3/26/37 (e)§ | 5146 | 5131 |
|  Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-4 23A1<br>5.406%, 5/25/35 (l) | 10348 | 9919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-7 22A1<br>4.791%, 9/25/35 (l) | 15658 | 8322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3 35A1<br>4.714%, 5/25/36 (l) | 45850 | 21559 |
|  Bear Stearns ARM Trust, | Bear Stearns ARM Trust, | Bear Stearns ARM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-11 1A1<br>6.125%, 2/25/33 (l) | 8 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-1 6A1<br>6.373%, 4/25/33 (l) | 492 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-8 2A1<br>5.734%, 1/25/34 (l) | 3220 | 3077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-1 12A5<br>5.251%, 4/25/34 (l) | 6523 | 5827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-10 22A1<br>5.125%, 1/25/35 (l) | 2906 | 2605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-10 23A1<br>4.750%, 1/25/35 (l) | 953 | 904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-3 1A1<br>4.829%, 7/25/34 (l) | 6200 | 5818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-8 2A1<br>5.507%, 11/25/34 (l) | 13572 | 12617 |
|  Bear Stearns Structured Products, Inc. Trust, | Bear Stearns Structured Products, Inc. Trust, | Bear Stearns Structured Products, Inc. Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-R6 1A1<br>5.000%, 1/26/36 (l) | 18726 | 13048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-R6 2A1<br>3.944%, 12/26/46 (l) | 19191 | 15082 |
|  Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A2 3A5<br>4.391%, 1/25/36 (l) | 23573 | 21210 |
|  CHL Mortgage Pass-Through Trust, | CHL Mortgage Pass-Through Trust, | CHL Mortgage Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-22 A3<br>4.796%, 11/25/34 (l) | 10836 | 10403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-HYB9 1A1<br>5.087%, 2/20/35 (l) | 1466 | 1461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-HYB9 3A2A<br>6.224%, 2/20/36 (l) | 1317 | 1173 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11 A2A<br>6.480%, 10/25/35 (l) | 1386 | 1418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-7 5A2<br>5.500%, 12/25/35 § | 53336 | 25347 |
|  Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2 1A4<br>4.442%, 5/25/35 (l) | 3987 | 3838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-6 A2<br>6.190%, 9/25/35 (l) | 21315 | 21303 |
|  Deutsche Alt-A Securities Mortgage Loan Trust, | Deutsche Alt-A Securities Mortgage Loan Trust, | Deutsche Alt-A Securities Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR2 A1<br>4.146%, 3/25/37 (l) | 81694 | 78283 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-1 1A1<br>4.346%, 2/25/35 (l) | 2028 | 2007 |
|  FHLMC, | FHLMC, | FHLMC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2248 FB<br>4.598%, 9/15/30 (l) | 22 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3360 FC<br>4.818%, 5/15/37 (l) | 2805 | 2811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4989 FA<br>4.673%, 8/15/40 (l) | 149057 | 146594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4989 FB<br>4.673%, 10/15/40 (l) | 108815 | 106962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5560 FB<br>4.874%, 6/25/55 (l) | 442508 | 445180 |
|  FHLMC Structured Pass-Through Certificates, | FHLMC Structured Pass-Through Certificates, | FHLMC Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T-63 1A1<br>5.229%, 2/25/45 (l) | 2233 | 2177 |
|  First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AA6 3A1<br>4.572%, 8/25/35 (l) | 27705 | 22767 |
|  First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR4 2A1<br>4.697%, 10/25/35 (l) | 16815 | 15245 |
|  FNMA, | FNMA, | FNMA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-25 KP<br>5.000%, 4/25/33 | 4200 | 4210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W2 5AF<br>4.339%, 3/25/44 (l) | 3155 | 3146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-79 NF<br>4.399%, 9/25/35 (l) | 3017 | 2998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-118 A1<br>4.246%, 12/25/36 (l) | 2271 | 2220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5 3A2<br>6.309%, 5/25/35 (l) | 1279 | 1310 |

---

See Notes to Financial Statements.

1117

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-42 AF<br>4.239%, 5/25/37 (l) | $321 | $317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-73 A1<br>4.109%, 7/25/37 (l) | 5049 | 4956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-58 AI<br>1.937%, 8/25/55 IO (l) | 114380 | 6297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-83 FA<br>4.974%, 10/25/55 (l) | 490274 | 491949 |
|  GNMA, | GNMA, | GNMA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H18 FB<br>4.714%, 7/20/65 (l) | 85379 | 85448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H19 FK<br>4.714%, 8/20/65 (l) | 74164 | 74208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H02 FH<br>5.114%, 1/20/66 (l) | 31783 | 31962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H14 FA<br>4.914%, 6/20/66 (l) | 34181 | 34303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H17 FC<br>4.944%, 8/20/66 (l) | 127088 | 127624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H17 FM<br>4.564%, 8/20/66 (l) | 413 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H20 PT<br>7.132%, 9/20/66 (l) | 162476 | 166857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H22 FA<br>4.884%, 10/20/66 (l) | 65475 | 65689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H10 FB<br>5.592%, 4/20/67 (l) | 130450 | 131997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-38 WF<br>4.287%, 10/20/43 (l) | 110208 | 106942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H02 FA<br>4.818%, 1/20/73 (l) | 290683 | 292987 |
|  GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR6 2A1<br>4.951%, 9/25/35 (l) | 12282 | 11761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR7 6A1<br>4.125%, 11/25/35 (l) | 3740 | 3257 |
|  HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-12 2A12<br>5.346%, 10/19/35 (l) | 45003 | 32583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-14 4A1A<br>4.802%, 12/19/35 (l) | 54795 | 25855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2 2A1A<br>4.286%, 5/19/35 (l) | 5284 | 5150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-4 3A1<br>4.741%, 7/19/35 (l) | 20081 | 14896 |
|  IndyMac INDX Mortgage Loan Trust, | IndyMac INDX Mortgage Loan Trust, | IndyMac INDX Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR35 2A1A<br>4.186%, 1/25/37 (l) | 40536 | 36949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR9 2A1<br>3.556%, 6/25/36 (l) | 158746 | 107782 |
|  JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-S3 1A2<br>5.750%, 1/25/36 | 10397 | 4527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A3 6A1<br>4.951%, 8/25/34 (l) | 11604 | 11601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A6 1A4L<br>4.263%, 10/25/36 (l) | 41051 | 29261 |
|  Landmark Mortgage Securities No. 3 plc, | Landmark Mortgage Securities No. 3 plc, | Landmark Mortgage Securities No. 3 plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3 A<br>4.153%, 4/17/44 (l)(m) | &nbsp;&nbsp;&nbsp;&nbsp;332621 | 437354 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-1 2A5<br>5.011%, 4/25/35 (l) | $21978 | 19982 |
|  Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-3AR 3A<br>5.144%, 7/25/35 (l) | 34125 | 27456 |
|  MortgageIT Trust, | MortgageIT Trust, | MortgageIT Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-5 A2<br>4.466%, 12/25/35 (l) | 17163 | 17254 |
|  Prime Mortgage Trust, | Prime Mortgage Trust, | Prime Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-CL1 1A2<br>4.246%, 2/25/34 (l) | 435 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-CL1 A1<br>4.346%, 2/25/35 (l) | 6244 | 6237 |
|  RALI Trust, | RALI Trust, | RALI Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-QA13 2A1<br>5.225%, 12/25/35 (l) | 6399 | 5625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QS12 1A1<br>6.500%, 9/25/36 | 134838 | 52657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QS13 1A10<br>6.000%, 9/25/36 | 8477 | 6827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QA3 A1<br>4.046%, 5/25/37 (l) | 146056 | 134948 |
|  Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A11 1A1<br>4.296%, 10/25/35 (l) | 31334 | 17998 |
|  RFMSI Trust, | RFMSI Trust, | RFMSI Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-S6 1A11<br>6.000%, 6/25/37 | 44097 | 34990 |
|  STARM Mortgage Loan Trust, | STARM Mortgage Loan Trust, | STARM Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 2A1<br>5.860%, 2/25/37 (l) | 19510 | 16695 |
|  Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3 1A1<br>4.246%, 4/25/47 (l) | 23687 | 19744 |
|  Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5 A3<br>4.346%, 7/19/35 (l) | 10476 | 10379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR6 1A3<br>4.226%, 7/25/46 (l) | 524717 | 426356 |
|  Structured Asset Mortgage Investments Trust, | Structured Asset Mortgage Investments Trust, | Structured Asset Mortgage Investments Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-AR3 A1<br>4.506%, 9/19/32 (l) | 122 | 116 |
|  Thornburg Mortgage Securities Trust, | Thornburg Mortgage Securities Trust, | Thornburg Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A2B<br>5.463%, 3/25/37 (l) | 19383 | 13726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3 3A1<br>5.413%, 6/25/47 (l) | 62709 | 55166 |
|  WaMu Mortgage Pass-Through Certificates Trust, | WaMu Mortgage Pass-Through Certificates Trust, | WaMu Mortgage Pass-Through Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR13 A1A1<br>4.426%, 10/25/45 (l) | 1837 | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR6 1A1A<br>4.346%, 2/25/45 (l) | 158894 | 154066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR16 3A3<br>4.140%, 12/25/36 (l) | 9229 | 8299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY5 2A1<br>3.410%, 5/25/37 (l) | 63415 | 52268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY7 4A2<br>4.651%, 7/25/37 (l) | 35269 | 32127 |
|  Warwick Finance Residential Mortgages Number Three plc, | Warwick Finance Residential Mortgages Number Three plc, | Warwick Finance Residential Mortgages Number Three plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3A A<br>4.677%, 12/21/49 (l)§ | &nbsp;&nbsp;&nbsp;&nbsp;192404 | 259342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3A B<br>5.377%, 12/21/49 (l)§ | 100000 | 135876 |

---

See Notes to Financial Statements.

1118

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
|  Wells Fargo Mortgage Backed Securities Trust, | Wells Fargo Mortgage Backed Securities Trust, | Wells Fargo Mortgage Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR16 A1<br>6.729%, 10/25/36 (l) | 270450 | 255326 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** |  | 5902252 |
|  **Commercial Mortgage-Backed Securities (4.4%)** | **Commercial Mortgage-Backed Securities (4.4%)** | **Commercial Mortgage-Backed Securities (4.4%)** |
|  Arbor Multifamily Mortgage Securities Trust, | Arbor Multifamily Mortgage Securities Trust, | Arbor Multifamily Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-MF1 A5<br>2.756%, 5/15/53 § | 600000 | 563411 |
|  Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B9 A5<br>4.016%, 3/15/52 | 800000 | 787788 |
|  CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C7 ASB<br>3.644%, 12/10/54 | 48238 | 48105 |
|  Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-COR3 A3<br>4.228%, 5/10/51 | 700000 | 687097 |
|  DC Office Trust, | DC Office Trust, | DC Office Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-MTC A<br>2.965%, 9/15/45 § | 1300000 | 1181359 |
|  DOLP Trust, | DOLP Trust, | DOLP Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYC A<br>2.956%, 5/10/41 § | 1000000 | 899374 |
|  FNMA ACES, | FNMA ACES, | FNMA ACES, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M33 X2<br>2.242%, 1/25/31 IO (l) | 1840981 | 89223 |
|  GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GPTX A<br>2.856%, 5/10/34 § | 339416 | 294028 |
|  GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS3 WMB<br>3.602%, 10/10/49 (l)§ | 100000 | 91319 |
|  Hilton USA Trust, | Hilton USA Trust, | Hilton USA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-SFP A<br>2.828%, 11/5/35 § | 600000 | 534735 |
|  JP Morgan Chase Commercial Mortgage Securities Trust, | JP Morgan Chase Commercial Mortgage Securities Trust, | JP Morgan Chase Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYAH A<br>4.875%, 6/15/38 (l)§ | 700000 | 681147 |
|  Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-CNP A<br>2.428%, 4/5/42 (l)§ | 800000 | 709600 |
|  MSSG Trust, | MSSG Trust, | MSSG Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-237P A<br>3.397%, 9/13/39 § | 700000 | 668737 |
|  New Orleans Hotel Trust, | New Orleans Hotel Trust, | New Orleans Hotel Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HNLA A<br>4.787%, 4/15/32 (l)§ | 500000 | 499202 |
|  NYO Commercial Mortgage Trust, | NYO Commercial Mortgage Trust, | NYO Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1290 A<br>4.960%, 11/15/38 (l)§ | 400000 | 399274 |
|  ONE Mortgage Trust, | ONE Mortgage Trust, | ONE Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK A<br>4.564%, 3/15/36 (l)§ | 700000 | 697076 |
|  STWD Mortgage Trust, | STWD Mortgage Trust, | STWD Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LIH A<br>4.723%, 11/15/36 (l)§ | 1200000 | 1197777 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C48 A5<br>4.302%, 1/15/52 | 800000 | 801580 |
|  Worldwide Plaza Trust, | Worldwide Plaza Trust, | Worldwide Plaza Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-WWP A<br>3.526%, 11/10/36 § | 900000 | 717444 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Securities** |  | 11548276 |
|  **Corporate Bonds (29.1%)** | **Corporate Bonds (29.1%)** | **Corporate Bonds (29.1%)** |
|  **Communication Services (0.4%)** | **Communication Services (0.4%)** | **Communication Services (0.4%)** |
|  ***Media (0.3%)*** | ***Media (0.3%)*** | ***Media (0.3%)*** |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1/15/29 | 800000 | 748488 |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** |
|  Sprint Spectrum Co. LLC | Sprint Spectrum Co. LLC | Sprint Spectrum Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.152%, 3/20/28 § | 180000 | 181093 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 929581 |
|  **Consumer Discretionary (2.1%)** | **Consumer Discretionary (2.1%)** | **Consumer Discretionary (2.1%)** |
|  ***Automobiles (1.5%)*** | ***Automobiles (1.5%)*** | ***Automobiles (1.5%)*** |
|  BMW US Capital LLC | BMW US Capital LLC | BMW US Capital LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/21/28 § | 200000 | 202359 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/30/26 § | 600000 | 601187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 11/15/27 § | 200000 | 203473 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 9/16/26 § | 800000 | 779424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 3/9/28 § | 800000 | 756584 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810%, 9/17/30 § | 800000 | 751448 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 9/11/28 § | 600000 | 602986 |
|  |  | 3897461 |
|  ***Hotels, Restaurants & Leisure (0.6%)*** | ***Hotels, Restaurants & Leisure (0.6%)*** | ***Hotels, Restaurants & Leisure (0.6%)*** |
|  Choice Hotels International, Inc.<br>3.700%, 12/1/29 | 700000 | 681115 |
|  Expedia Group, Inc.<br>3.250%, 2/15/30 | 500000 | 479663 |
|  Marriott International, Inc.<br>4.500%, 10/15/31 | 500000 | 501237 |
|  |  | 1662015 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 5559476 |
|  **Consumer Staples (0.6%)** |  |  |
|  ***Food Products (0.4%)*** |  |  |
|  JDE Peet's NV<br>2.250%, 9/24/31 § | 400000 | 348004 |
|  Mondelez International, Inc.<br>4.625%, 7/3/31 | CAD 700,000 | 527776 |
|  |  | 875780 |
|  ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** |
|  Coty, Inc.<br>4.500%, 5/15/27 § | EUR 500,000 | 595315 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 1471095 |
|  **Energy (0.3%)** |  |  |
|  ***Oil, Gas & Consumable Fuels (0.3%)*** | ***Oil, Gas & Consumable Fuels (0.3%)*** | ***Oil, Gas & Consumable Fuels (0.3%)*** |

---

See Notes to Financial Statements.

1119

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** | **Value**<br>**(Note 1)** |
|  ONEOK Partners LP<br>6.850%, 10/15/37 | $| 800000 | $| 885418 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  |  | 885418 |
|  **Financials (11.2%)** |  |  |  |  |
|  ***Banks (5.7%)*** |  |  |  |  |
|  Bank of America Corp.<br>(SOFR + 1.99%),<br>6.204%, 11/10/28 (k) |  | 600000 |  | 623223 |
|  Barclays plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%),<br>2.667%, 3/10/32 (k) |  | 700000 |  | 637314 |
|  BNP Paribas SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ASX Australia Bank Bill Short Term Rates 3 Month Mid + 1.35%),<br>4.847%, 7/17/27 (k)(m) | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 |  | 535232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/16/27 § | $| 300000 |  | 296804 |
|  BPCE SA | BPCE SA | BPCE SA | BPCE SA | BPCE SA |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.27%),<br>6.714%, 10/19/29 (k)§ |  | 500000 |  | 530165 |
|  HSBC Holdings plc | HSBC Holdings plc | HSBC Holdings plc | HSBC Holdings plc | HSBC Holdings plc |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%),<br>5.130%, 3/3/31 (k) |  | 500000 |  | 512476 |
|  ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.51%),<br>4.875%, 5/16/29 (k)(m)(y) |  | 300000 |  | 290376 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.23%), 5.066%, 3/25/31 (k) |  | 600000 |  | 615045 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.33%),<br>6.070%, 10/22/27 (k) |  | 500000 |  | 507919 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.93%),<br>4.979%, 7/22/28 (k) |  | 500000 |  | 506879 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.51%), 2.739%, 10/15/30(k) |  | 900000 |  | 853877 |
|  Lloyds Bank plc | Lloyds Bank plc | Lloyds Bank plc | Lloyds Bank plc | Lloyds Bank plc |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 4/2/32 (e)(m) |  | 600000 |  | 447936 |
|  Lloyds Banking Group plc | Lloyds Banking Group plc | Lloyds Banking Group plc | Lloyds Banking Group plc | Lloyds Banking Group plc |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.38%),<br>5.462%, 1/5/28 (k) |  | 400000 |  | 405270 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 5.778%, 7/6/29 (k) |  | 300000 |  | 311354 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 5.382%, 7/10/30 (k) |  | 500000 |  | 517043 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.87%),<br>5.504%, 5/26/28 (k) |  | 500000 |  | 509946 |
|  Nederlandse Waterschapsbank NV | Nederlandse Waterschapsbank NV | Nederlandse Waterschapsbank NV | Nederlandse Waterschapsbank NV | Nederlandse Waterschapsbank NV |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/1/28§ |  | 400000 |  | 402782 |
|  Norinchukin Bank (The) | Norinchukin Bank (The) | Norinchukin Bank (The) | Norinchukin Bank (The) | Norinchukin Bank (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.430%, 3/9/28 § |  | 600000 |  | 613649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.094%, 10/16/29 § |  | 500000 |  | 509892 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 1/12/28 |  | 300000 |  | 305762 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.36%),<br>6.499%, 3/9/29 (k) |  | 500000 |  | 521134 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.88%),<br>5.741%, 3/20/31(k) |  | 400000 |  | 411635 |
|  Santander UK Group Holdings plc | Santander UK Group Holdings plc | Santander UK Group Holdings plc | Santander UK Group Holdings plc | Santander UK Group Holdings plc |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.48%),<br>2.896%, 3/15/32 (k) |  | 700000 |  | 642040 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA | Societe Generale SA | Societe Generale SA |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 6.447%, 1/12/27 (k)§ |  | 300000 |  | 300157 |
|  Standard Chartered plc | Standard Chartered plc | Standard Chartered plc | Standard Chartered plc | Standard Chartered plc |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.15%), 5.005%, 10/15/30 (k)§ |  | 500000 |  | 509115 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.464%, 1/13/26 |  | 300000 |  | 300138 |
|  Sumitomo Mitsui Trust Bank Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 3/10/27 § |  | 1600000 |  | 1578873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/9/28 § |  | 300000 |  | 308963 |
|  Toronto-Dominion Bank (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.109%, 10/13/28 |  | 400000 |  | 400752 |
|  |  |  |  | 14905751 |
|  ***Capital Markets (3.4%)*** | ***Capital Markets (3.4%)*** | ***Capital Markets (3.4%)*** | ***Capital Markets (3.4%)*** | ***Capital Markets (3.4%)*** |
|  Brookfield Finance I UK plc | Brookfield Finance I UK plc | Brookfield Finance I UK plc | Brookfield Finance I UK plc | Brookfield Finance I UK plc |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.340%, 1/30/32 |  | 700000 |  | 613219 |
|  Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.75%),<br>4.536%, 5/21/27 (k) |  | 500000 |  | 500256 |
|  Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.27%),<br>5.727%, 4/25/30 (k) |  | 500000 |  | 522504 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%),<br>5.049%, 7/23/30 (k) |  | 500000 |  | 512592 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%),<br>4.692%, 10/23/30 (k) |  | 500000 |  | 506862 |
|  HAT Holdings I LLC | HAT Holdings I LLC | HAT Holdings I LLC | HAT Holdings I LLC | HAT Holdings I LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 6/15/26 § |  | 86000 |  | 85448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 6/15/27 § |  | 216000 |  | 224218 |
|  Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 12/1/28 |  | 200000 |  | 200499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 3/15/31 |  | 100000 |  | 100004 |
|  Lazard Group LLC | Lazard Group LLC | Lazard Group LLC | Lazard Group LLC | Lazard Group LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/19/28 |  | 700000 |  | 704457 |
|  LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 3/15/30 |  | 500000 |  | 511915 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.02%),<br>4.923%, 4/13/28 (k) |  | 500000 |  | 501174 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.01%),<br>5.652%, 4/13/28 (k) |  | 500000 |  | 509934 |

---

See Notes to Financial Statements.

1120

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** | **Value**<br>**(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%),<br>5.656%, 4/18/30 (k) | $500000 | $| 521305 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.10%),<br>4.654%, 10/18/30 (k) | 500000 |  | 505834 |
|  Stifel Financial Corp. | Stifel Financial Corp. | Stifel Financial Corp. | Stifel Financial Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/15/30 | 900000 |  | 877831 |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 4/15/26 § | 600000 |  | 600146 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%),<br>5.711%, 1/12/27 (k)§ | 500000 |  | 500187 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.05%),<br>4.703%, 8/5/27 (k)§ | 200000 |  | 200674 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.73%),<br>4.194%, 4/1/31 (k)§ | 300000 |  | 297063 |
|  |  |  | 8996122 |
|  ***Consumer Finance (0.5%)*** |  |  |  |
|  Ally Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 11/2/28 | 1500000 |  | 1413125 |
|  ***Financial Services (0.9%)*** |  |  |  |
|  BNG Bank NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/1/30 § | 600000 |  | 621157 |
|  Global Payments, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 5/15/30 | 700000 |  | 648423 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 1/15/31 | 500000 |  | 514845 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%),<br>6.557%, 10/18/27 (k)§ | 500000 |  | 509319 |
|  |  |  | 2293744 |
|  ***Insurance (0.7%)*** | ***Insurance (0.7%)*** | ***Insurance (0.7%)*** | ***Insurance (0.7%)*** |
|  First American Financial Corp. | First American Financial Corp. | First American Financial Corp. | First American Financial Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/15/30 | 700000 |  | 677112 |
|  Manulife Financial Corp. | Manulife Financial Corp. | Manulife Financial Corp. | Manulife Financial Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.703%, 3/16/32 | 1100000 |  | 1053759 |
|  |  |  | 1730871 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 29339613 |
|  **Health Care (0.2%)** |  |  |  |
|  ***Pharmaceuticals (0.2%)*** |  |  |  |
|  Bayer US Finance II LLC | Bayer US Finance II LLC | Bayer US Finance II LLC | Bayer US Finance II LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/15/28§ | 600000 |  | 600625 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 600625 |
|  **Industrials (0.5%)** |  |  |  |
|  ***Machinery (0.1%)*** |  |  |  |
|  Weir Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 5/6/30 § | 300000 |  | 308397 |
|  ***Marine Transportation (0.4%)*** | ***Marine Transportation (0.4%)*** | ***Marine Transportation (0.4%)*** | ***Marine Transportation (0.4%)*** |
|  AP Moller - Maersk A/S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/20/29 § | 700000 |  | 707165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 9/14/33 § | 300000 |  | 319820 |
|  |  |  | 1026985 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 1335382 |
|  **Information Technology (2.4%)** | **Information Technology (2.4%)** | **Information Technology (2.4%)** | **Information Technology (2.4%)** |
|  ***IT Services (1.2%)*** |  |  |  |
|  Beignet Investor LLC 6.581%, 5/30/49 § | 2900000 |  | 3059500 |
|  ***Semiconductors & Semiconductor Equipment (0.8%)*** | ***Semiconductors & Semiconductor Equipment (0.8%)*** | ***Semiconductors & Semiconductor Equipment (0.8%)*** | ***Semiconductors & Semiconductor Equipment (0.8%)*** |
|  Broadcom, Inc.<br>3.137%, 11/15/35 § | 115000 |  | 99145 |
|  NXP BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 3/1/26 | 500000 |  | 499860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/15/33 | 1400000 |  | 1421816 |
|  |  |  | 2020821 |
|  ***Software (0.4%)*** |  |  |  |
|  Oracle Corp.<br>4.450%, 9/26/30 | 600000 |  | 586745 |
|  VMware LLC<br>4.700%, 5/15/30 | 500000 |  | 507891 |
|  |  |  | 1094636 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 6174957 |
|  **Materials (0.5%)** |  |  |  |
|  ***Containers & Packaging (0.5%)*** | ***Containers & Packaging (0.5%)*** | ***Containers & Packaging (0.5%)*** | ***Containers & Packaging (0.5%)*** |
|  Smurfit Kappa Treasury ULC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 1/15/30 | 600000 |  | 618738 |
|  Smurfit Westrock Financing DAC | Smurfit Westrock Financing DAC | Smurfit Westrock Financing DAC | Smurfit Westrock Financing DAC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.418%, 1/15/35 | 400000 |  | 411527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.185%, 1/15/36 | 300000 |  | 302389 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 1332654 |
|  **Real Estate (3.9%)** | **Real Estate (3.9%)** | **Real Estate (3.9%)** | **Real Estate (3.9%)** |
|  ***Diversified REITs (0.4%)*** | ***Diversified REITs (0.4%)*** | ***Diversified REITs (0.4%)*** | ***Diversified REITs (0.4%)*** |
|  Digital Dutch Finco BV (REIT) | Digital Dutch Finco BV (REIT) | Digital Dutch Finco BV (REIT) | Digital Dutch Finco BV (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 1/15/32(m) | 1200000 |  | 1205772 |
|  ***Health Care REITs (0.1%)*** |  |  |  |
|  Ventas Realty LP (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 10/15/26 | $200000 |  | 198576 |
|  ***Hotel & Resort REITs (0.1%)*** |  |  |  |
|  Host Hotels & Resorts LP (REIT) | Host Hotels & Resorts LP (REIT) | Host Hotels & Resorts LP (REIT) | Host Hotels & Resorts LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J<br>2.900%, 12/15/31 | 300000 |  | 270958 |
|  ***Industrial REITs (0.4%)*** |  |  |  |
|  Goodman US Finance Three LLC (REIT) | Goodman US Finance Three LLC (REIT) | Goodman US Finance Three LLC (REIT) | Goodman US Finance Three LLC (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 3/15/28§ | 500000 |  | 494614 |
|  Prologis LP (REIT) | Prologis LP (REIT) | Prologis LP (REIT) | Prologis LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 2/15/33 | 700000 |  | 513183 |
|  |  |  | 1007797 |
|  ***Office REITs (0.8%)*** |  |  |  |
|  COPT Defense Properties LP (REIT) | COPT Defense Properties LP (REIT) | COPT Defense Properties LP (REIT) | COPT Defense Properties LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 3/15/26 | $800000 |  | 797060 |
|  Highwoods Realty LP (REIT) | Highwoods Realty LP (REIT) | Highwoods Realty LP (REIT) | Highwoods Realty LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/15/28 | 100000 |  | 99020 |
|  Kilroy Realty LP (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/15/32 | 1550000 |  | 1292503 |
|  |  |  | 2188583 |
|  ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** |
|  Jones Lang LaSalle, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 12/1/28 | 400000 |  | 427779 |

---

See Notes to Financial Statements.

1121

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
|  ***Residential REITs (0.3%)*** |  |  |
|  Mid-America Apartments LP (REIT) | Mid-America Apartments LP (REIT) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 3/15/30 | $400000 | 378325 |
|  Store Capital LLC (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 12/1/31 | 500000 | 441310 |
|  |  | 819635 |
|  ***Specialized REITs (1.6%)*** |  |  |
|  American Tower Corp. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 10/15/30 | 400000 | 356698 |
|  EPR Properties (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 11/15/31 | 800000 | 740596 |
|  Equinix, Inc. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.550%, 3/15/28 | 1000000 | 948103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/15/31 | 800000 | 724479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 4/15/32 | 1200000 | 1151426 |
|  Weyerhaeuser Co. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/15/26 | 234000 | 234716 |
|  |  | 4156018 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 10275118 |
|  **Utilities (7.0%)** | **Utilities (7.0%)** | **Utilities (7.0%)** |
|  **Electric Utilities (5.0%)** | **Electric Utilities (5.0%)** | **Electric Utilities (5.0%)** |
|  Ameren Missouri Securitization Funding I LLC | Ameren Missouri Securitization Funding I LLC | Ameren Missouri Securitization Funding I LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1<br>4.850%, 10/1/39 | 674441 | 677768 |
|  CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 4/1/53 | 300000 | 285941 |
|  Edison International | Edison International | Edison International |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 3/15/30 | 350000 | 365323 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 7/12/28 (e)§ | 2300000 | 2186390 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 12/15/30 | 500000 | 497547 |
|  Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 4/1/28 | 100000 | 102497 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 6/15/28 | 2100000 | 2001461 |
|  Northern States Power Co. | Northern States Power Co. | Northern States Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 6/1/51 | 872000 | 534144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/1/52 | 700000 | 595463 |
|  Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/15/31 § | 500000 | 589041 |
|  Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 10/15/32 | $500000 | 502795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700%, 4/1/53 | 1100000 | 1162603 |
|  Public Service Electric & Gas Co. | Public Service Electric & Gas Co. | Public Service Electric & Gas Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 3/15/32 | 1500000 | 1391300 |
|  RWE Finance US LLC | RWE Finance US LLC | RWE Finance US LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 9/18/35 § | 600000 | 596599 |
|  SCE Recovery Funding LLC | SCE Recovery Funding LLC | SCE Recovery Funding LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1<br>4.697%, 6/15/40 | 351748 | 349990 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/15/30 | 500000 | 512655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 10/1/43 | 50000 | 42520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C<br>4.125%, 3/1/48 | 100000 | 75825 |
|  Wisconsin Power & Light Co. | Wisconsin Power & Light Co. | Wisconsin Power & Light Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 4/1/33 | 300000 | 304440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 3/30/34 | 400000 | 411338 |
|  |  | 13185640 |
|  **Independent Power and Renewable Electricity Producers (0.8%)** | **Independent Power and Renewable Electricity Producers (0.8%)** |  |
|  AES Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 1/15/26 | 1400000 | 1398489 |
|  Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 2/15/31 § | 600000 | 559974 |
|  |  | 1958463 |
|  **Multi-Utilities (1.2%)** |  |  |
|  Abu Dhabi National Energy Co. PJSC | Abu Dhabi National Energy Co. PJSC | Abu Dhabi National Energy Co. PJSC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/9/37 § | 500000 | 490315 |
|  New York State Electric & Gas Corp. | New York State Electric & Gas Corp. | New York State Electric & Gas Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 8/15/28 § | 900000 | 933813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 8/15/34 § | 1200000 | 1234370 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 8/15/28 | 500000 | 512251 |
|  |  | 3170749 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 18314852 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  | 76218771 |
|  **Foreign Government Securities (5.8%)** | **Foreign Government Securities (5.8%)** | **Foreign Government Securities (5.8%)** |
|  Bonos de la Tesoreria | Bonos de la Tesoreria | Bonos de la Tesoreria |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.300%, 8/12/33 (m) | 2500000 | 848757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850%, 8/12/35 (m) | 400000 | 128323 |
|  Canada Government Bond | Canada Government Bond | Canada Government Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/34 | 1000000 | 712014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 12/1/34 | 344000 | 248761 |
|  Commonwealth of Australia | Commonwealth of Australia | Commonwealth of Australia |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 6/21/35 (m) | 1000000 | 567141 |
|  Japan Government Bond | Japan Government Bond | Japan Government Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/20/44 | 120000000 | 665897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 3/20/45 | 67100000 | 396119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 12/20/54 | 90000000 | 460779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 3/20/55 | 97000000 | 507997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 6/20/55 | 60000000 | 342415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 9/20/55 | 30000000 | 185460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 3/20/64 | 52000000 | 241251 |
|  Japan International Cooperation Agency | Japan International Cooperation Agency | Japan International Cooperation Agency |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/27/27 | $600000 | 590850 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 3/20/34 (m) | 400000 | 206795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/20/37 (m) | 100000 | 62711 |
|  Province of Ontario | Province of Ontario | Province of Ontario |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 12/2/34 | 56000 | 40959 |
|  Province of Quebec | Province of Quebec | Province of Quebec |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 9/1/34 | 1200000 | 917892 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 8/20/32 (m) | 400000 | 215437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/22/35 (m) | 100000 | 62474 |
|  Republic of Chile | Republic of Chile | Republic of Chile |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 1/22/29 | $900000 | 919350 |
|  Republic of Peru | Republic of Peru | Republic of Peru |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 8/12/31 (m) | 321000 | 106012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 8/12/31 § | 81000 | 26751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 8/12/32 § | 4400000 | 1411639 |
|  Republic of Philippines | Republic of Philippines | Republic of Philippines |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/17/48 | $600000 | 600936 |

---

See Notes to Financial Statements.

1122

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
|  Republic of South Africa | Republic of South Africa | Republic of South Africa |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 2/28/31 | 6500000 | 383754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 2/28/35 | 15000000 | 944225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 3/31/36 | 1200000 | 61911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 1/31/40 | 1510000 | 91450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 1/31/44 | 260000 | 15093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 2/28/48 | 1200000 | 69852 |
|  Romania Government Bond | Romania Government Bond | Romania Government Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 2/22/36 § | 600000 | 695964 |
|  State of Kuwait | State of Kuwait | State of Kuwait |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.016%, 10/9/28 § | $200000 | 199996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.652%, 10/9/35 § | 200000 | 199100 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 9/15/33 (m) | 200000 | 109105 |
|  U.K. Treasury Bonds | U.K. Treasury Bonds | U.K. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/31/54 (m) | 1071000 | 1265493 |
|  United Mexican States | United Mexican States | United Mexican States |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.490%, 5/25/32 | 500000 | 599834 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** |  | 15102497 |
|  **Mortgage-Backed Securities (41.6%)** | **Mortgage-Backed Securities (41.6%)** |  |
|  FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/1/29 | $5235 | 5258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/1/37 | 20934 | 22079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/1/41 | 19265 | 18925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/48 | 50991 | 47859 |
|  FHLMC UMBS | FHLMC UMBS | FHLMC UMBS |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/1/49 | 18520 | 17408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/1/49 | 43301 | 40697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/1/50 | 11922 | 11203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/50 | 16836 | 15820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/1/52 | 868560 | 805296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/1/52 | 1909936 | 1696085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/1/52 | 210570 | 206601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/52 | 270951 | 258526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/1/52 | 386397 | 368678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/1/53 | 3628728 | 3460052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/53 | 41076 | 39141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/1/53 | 4962485 | 4975155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/1/53 | 4765951 | 4778119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/1/53 | 1603687 | 1572082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 8/1/53 | 665536 | 678223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/1/53 | 378977 | 360413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/1/54 | 728372 | 740208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/1/54 | 8358886 | 8494713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/1/54 | 865207 | 879996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 5/1/54 | 46678 | 47407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 6/1/54 | 224388 | 230622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 4/1/55 | 400941 | 418909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/1/55 | 715857 | 717014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/1/55 | 31586 | 31657 |
|  FNMA | FNMA | FNMA |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.497%, 5/1/38 (l) | 63171 | 65021 |
|  FNMA UMBS | FNMA UMBS | FNMA UMBS |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/1/34 | 7065 | 7104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/1/34 | 12670 | 13106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 5/1/34 | 26943 | 27870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/1/35 | 269968 | 262547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/1/38 | 17451 | 18131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/1/39 | 19570 | 19965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/1/41 | 5967 | 5972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/44 | 26938 | 26887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/1/48 | 7864 | 7372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/48 | 9412 | 8824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/52 | 8559592 | 8412303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/1/53 | 889032 | 847151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/53 | 900679 | 883773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/1/53 | 591345 | 596042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/1/53 | 29858 | 30446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/1/53 | 61262 | 62353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/1/53 | 690961 | 702404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/1/54 | 38961 | 39594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/1/54 | 713341 | 732658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/1/54 | 36610 | 37205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 6/1/54 | 661454 | 674522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 7/1/54 | 1453241 | 1492104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/1/55 | 39739 | 39765 |
|  FNMA/FHLMC UMBS, 30 Year, Single Family | FNMA/FHLMC UMBS, 30 Year, Single Family | FNMA/FHLMC UMBS, 30 Year, Single Family |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/25/56 TBA | 7100000 | 6278508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/25/56 TBA | 11200000 | 10323251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/25/56 TBA | 7650000 | 7258535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/25/56 TBA | 400000 | 390406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/25/56 TBA | 21400000 | 21687563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/25/56 TBA | 5930000 | 6085662 |
|  GNMA | GNMA | GNMA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/15/45 | 4929 | 4472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/15/45 | 35299 | 32113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/20/49 | 171411 | 170305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/20/49 | 2317 | 2354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/20/49 | 29175 | 29641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/20/49 | 854566 | 869557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/20/54 | 552139 | 503241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/20/55 | 989492 | 900858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/20/55 | 2782700 | 2629468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/15/56 TBA | 2040000 | 2036175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/15/56 TBA | 3850500 | 3921343 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** |  | 109074717 |
|  **Municipal Bonds (1.1%)** | **Municipal Bonds (1.1%)** | **Municipal Bonds (1.1%)** |
|  California Health Facilities Financing Authority | California Health Facilities Financing Authority | California Health Facilities Financing Authority |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.190%, 6/1/37 | 1300000 | 1241899 |
|  New York State Urban Development Corp. | New York State Urban Development Corp. | New York State Urban Development Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.346%, 3/15/26 | 800000 | 796076 |
|  University of Michigan | University of Michigan | University of Michigan |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.504%, 4/1/52 | 900000 | 667827 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds** |  | 2705802 |
|  **Supranational (0.7%)** | **Supranational (0.7%)** | **Supranational (0.7%)** |
|  European Investment Bank | European Investment Bank | European Investment Bank |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 2/14/33 | 500000 | 492338 |
|  European Union | European Union | European Union |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 10/5/29 (m) | 1000000 | 1191092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/4/31 (m) | 100000 | 115769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 2/4/43 (m) | 100000 | 81346 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Supranational** |  | 1880545 |
|  **U.S. Treasury Obligations (17.3%)** | **U.S. Treasury Obligations (17.3%)** | **U.S. Treasury Obligations (17.3%)** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/40 | 8600000 | 5602093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 5/15/41 | 800000 | 590500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/41 | 908000 | 887286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 2/15/42 | 300000 | 221625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/15/42 | 3300000 | 2762203 |

---

See Notes to Financial Statements.

1123

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/42 | $570000 | $524311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/15/43 | 2800000 | 2527875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/15/43 | 600000 | 540094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/15/43 | 570000 | 546399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/15/44 | 900000 | 745313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 5/15/44 | 100000 | 98531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 8/15/44 | 1800000 | 1430156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/45 | 600000 | 451825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 8/15/45 | 2353000 | 2384608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 8/15/47 | 300000 | 215152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/15/48 | 1000000 | 747031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 5/15/48 | 100000 | 76242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/15/48 | 12800000 | 9516966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/15/48 | 600000 | 476719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/15/49 | 700000 | 517891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/49 | 1300000 | 936638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/49 | 2360000 | 1486805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 11/15/49 | 400000 | 258125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/15/50 | 1500000 | 883421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 8/15/50 | 400000 | 197586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 11/15/50 | 1700000 | 896715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/51 | 2450000 | 1375292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/51 | 300000 | 189891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/15/51 | 2075000 | 1194277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 11/15/51 | 625000 | 347168 |
|  U.S. Treasury Inflation Linked Bonds | U.S. Treasury Inflation Linked Bonds | U.S. Treasury Inflation Linked Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 2/15/43 TIPS | 1699464 | 1268092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 2/15/44 TIPS | 139709 | 117228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 2/15/45 TIPS | 691360 | 505146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 2/15/46 TIPS | 137418 | 103831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 2/15/47 TIPS | 404658 | 292517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 2/15/49 TIPS | 129395 | 93367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 2/15/50 TIPS | 126647 | 73058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 2/15/51 TIPS | 1375693 | 744795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 2/15/52 TIPS | 467864 | 247962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/53 TIPS | 766759 | 599341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/15/54 TIPS | 1273116 | 1147407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 2/15/55 TIPS | 206374 | 196356 |
|  U.S. Treasury Inflation Linked Notes | U.S. Treasury Inflation Linked Notes | U.S. Treasury Inflation Linked Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 4/15/28 TIPS (t) | 868424 | 865176 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/15/35 | 185000 | 186727 |
|  U.S. Treasury STRIPS Bonds | U.S. Treasury STRIPS Bonds | U.S. Treasury STRIPS Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 8/15/40 STRIPS | 300000 | 149042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 5/15/41 STRIPS | 100000 | 47553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 8/15/41 STRIPS | 300000 | 140541 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  | 45406877 |
|  **Total Long-Term Debt Securities (113.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $307,446,264)* |  | 296146121 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |
|  **Commercial Papers (0.6%)** | **Commercial Papers (0.6%)** | **Commercial Papers (0.6%)** |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 1/20/26 (n)(p)§ | 700000 | 698369 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 1/7/26 (n)(p)§ | 437000 | 436661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01%, 1/13/26 (n)(p)§ | 263000 | 262619 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Paper** |  | 1397649 |
|  **Foreign Government Treasury Bills (0.1%)** | **Foreign Government Treasury Bills (0.1%)** | **Foreign Government Treasury Bills (0.1%)** |
|  Federative Republic of Brazil | Federative Republic of Brazil | Federative Republic of Brazil |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 4/1/26 (p) | 1800000 | 317307 |
|  **U.S. Government Agency Securities (2.5%)** | **U.S. Government Agency Securities (2.5%)** | **U.S. Government Agency Securities (2.5%)** |
|  FHLB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 4/15/26 (o)(p) | $3900000 | 3860363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 4/17/26 (o)(p) | 2400000 | 2375162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 6/12/26 (o)(p) | 400000 | 393725 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** |  | 6629250 |
|  **U.S. Treasury Obligations (3.7%)** | **U.S. Treasury Obligations (3.7%)** | **U.S. Treasury Obligations (3.7%)** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 1/2/26 (p) | 143000 | 143000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 1/6/26 (p) | 700000 | 699730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59%, 1/8/26 (p) | 300000 | 299827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 1/13/26 (p)(v) | 300000 | 299681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 1/20/26 (p) | 900000 | 898410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 1/22/26 (p) | 2600000 | 2594871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 1/29/26 (p) | 400000 | 398943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31%, 2/3/26 (p) | 200000 | 199376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 2/12/26 (p) | 500000 | 497958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 2/24/26 (p) | 500000 | 497400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/2/26 (p) | 1200000 | 1189350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/28/26 (p) | 2000000 | 1977287 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  | 9695833 |
|  **Total Short-Term Investments (6.9%)** | **Total Short-Term Investments (6.9%)** | **Total Short-Term Investments (6.9%)** |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $18,044,448)* |  | 18040039 |
|  | **Number of**<br> **Contracts** | **Value**<br>**(Note 1)** |
|  OPTIONS PURCHASED: | OPTIONS PURCHASED: | OPTIONS PURCHASED: |
|  **Put Options Purchased (0.0%)†** | **Put Options Purchased (0.0%)†** | **Put Options Purchased (0.0%)†** |
|  ***Foreign Exchange Currency Options (0.0%)†*** | ***Foreign Exchange Currency Options (0.0%)†*** | ***Foreign Exchange Currency Options (0.0%)†*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Exchange USD/KRW 02/24/2026 at USD 1,412.00, American Style Notional Amount: USD 294,000 Counterparty: Barclays Bank plc\* | 294000 | 1596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Exchange USD/KRW 02/19/2026 at USD 1,415.00, American Style Notional Amount: USD 446,000 Counterparty: Bank of America\* | 446000 | 2454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Exchange USD/KRW 02/27/2026 at USD 1,413.00, American Style Notional Amount: USD 848,000 Counterparty: Bank of America\* | 848000 | 5043 |
|  **Total Options Purchased (0.0%)†** | **Total Options Purchased (0.0%)†** | **Total Options Purchased (0.0%)†** |
| &nbsp;&nbsp;&nbsp;&nbsp; (*Cost $10,729*) |  | 9093 |
|  **Total Investments in Securities (119.9%)** | **Total Investments in Securities (119.9%)** | **Total Investments in Securities (119.9%)** |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $325,501,441)* |  | 314195253 |
|  **Other Assets Less Liabilities (-19.9%)** | **Other Assets Less Liabilities (-19.9%)** | (52070133) |
|  **Net Assets (100%)** |  | $262125120 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

See Notes to Financial Statements.

1124

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2025, the market value of these securities amounted to $59,124,239 or 22.6% of net assets.*  |

---

*(e)* *Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of December 31, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of December 31, 2025.* 

*(l)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of December 31, 2025.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $8,112,369 or 3.1% of net assets.* 

*(n)* *Section 4(2) Commercial Paper. Private placement for non-current transactions. Notes are usually sold to accredited investors without the intent to freely re-sell their holding.* 

*(o)* *Discount Note Security. Effective rate calculated as of December 31, 2025.* 

*(p)* *Yield to maturity.* 

*(t)* *All, or a portion of security held by broker as collateral for centrally cleared swaps, with a total collateral value of $627,201.* 

*(v)* *All, or a portion of security held by broker as collateral for forward foreign currency contracts, with a total collateral value of $71,923.* 

*(y)* *Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of December 31, 2025.* 

*Glossary:* 

*ACES* *— Alternative Credit Enhancement Securities* 

*ARM* *— Adjustable Rate Mortgage* 

*ASX* *— Australian Securities Exchange* 

*AUD* *— Australian Dollar* 

*BBR* *— Bank Bill Rate* 

*BRL* *— Brazilian Real* 

*CAD* *— Canadian Dollar* 

*CDI* *— Interbank Certificate of Deposit* 

*CME* *— Chicago Mercantile Exchange* 

*CLO* *— Collateralized Loan Obligation* 

*CNY* *— Chinese Renminbi* 

*REPO_CORRA* *— Canadian Overnight Repo Rate Average* 

*DKK* *— Denmark Krone* 

*ESTR* *— Euro Short-Term Rate* 

*EUR* *— European Currency Unit* 

*EURIBOR* *— Euro Interbank Offered Rate* 

*FHLB* *— Federal Home Loan Bank* 

*FHLMC* *— Federal Home Loan Mortgage Corp.* 

*FNMA* *— Federal National Mortgage Association* 

*GBP* *— British Pound* 

*GNMA* *— Government National Mortgage Association* 

*IO* *— Interest Only* 

*JPY* *— Japanese Yen* 

*KRW* *— Korean (South) Won* 

*MXN* *— Mexican Peso* 

*NZD* *— New Zealand Dollar* 

*PEN* *— Peruvian Sol* 

*REIT* *— Real Estate Investment Trust* 

*SOFR* *— Secured Overnight Financing Rate* 

*SONIA* *— Sterling Over Night Index Average* 

*STRIPS* *— Separate Trading of Registered Interest and* 

*Principal Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.* 

*TBA* *— To Be Announced; Security is subject to* 

*delayed delivery* 

*TIPS* *— Treasury Inflation Protected Security* 

*TONAR* *— Tokyo Over-Night Average Rate* 

*TRY* *— Turkish Lira* 

*TWD* *— New Taiwan Dollar* 

*UMBS* *— Uniform Mortgage-Backed Securities* 

*USD* *— United States Dollar* 

*ZAR* *— South African Rand* 

See Notes to Financial Statements.

1125

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures contracts outstanding as of December 31, 2025 (Note 1): | Futures contracts outstanding as of December 31, 2025 (Note 1): | Futures contracts outstanding as of December 31, 2025 (Note 1): | Futures contracts outstanding as of December 31, 2025 (Note 1): | Futures contracts outstanding as of December 31, 2025 (Note 1): | Futures contracts outstanding as of December 31, 2025 (Note 1): |
| **Description** | **Number of<br>Contracts** | **Expiration**<br>**Date** | **Trading**<br>**Currency** | **Notional**<br>**Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** |  |  |  |
|  Australia 10 Year Bond | 28 | 3/2026 | AUD | 2045797 | 4109 |
|  Canada 10 Year Bond | 8 | 3/2026 | CAD | 704732 | (6376) |
|  Long Gilt | 23 | 3/2026 | GBP | 2832730 | 19016 |
|  U.S. Treasury 2 Year Note | 5 | 3/2026 | USD | 1043945 | 697 |
|  U.S. Treasury 5 Year Note | 228 | 3/2026 | USD | 24921469 | (2056) |
|  U.S. Treasury 10 Year Note | 310 | 3/2026 | USD | 34855625 | (72578) |
|  |  |  |  |  | (57188) |
|  **Short Contracts** | **Short Contracts** | **Short Contracts** |  |  |  |
|  Euro-Bund | (14) | 3/2026 | EUR | (2098884) | 28645 |
|  U.S. Treasury 10 Year Ultra Note | (25) | 3/2026 | USD | (2875391) | 5827 |
|  U.S. Treasury Long Bond | (5) | 3/2026 | USD | (577969) | 2962 |
|  U.S. Treasury Ultra Bond | (43) | 3/2026 | USD | (5074000) | 92931 |
|  |  |  |  |  | 130365 |
|  |  |  |  |  | 73177 |

---

Forward Foreign Currency Contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  TRY | 475988 | USD | 10555 | Barclays Bank plc | 1/13/2026 | 467 |
|  EUR | 441000 | USD | 514030 | HSBC Bank plc | 1/14/2026 | 4457 |
|  NZD | 930000 | USD | 534084 | Citibank NA | 1/14/2026 | 1565 |
|  USD | 43917 | JPY | 6800000 | Barclays Bank plc | 1/14/2026 | 469 |
|  USD | 2543819 | JPY | 396006633 | HSBC Bank plc | 1/14/2026 | 13579 |
|  USD | 250128 | JPY | 38945220 | Morgan Stanley | 1/14/2026 | 1292 |
|  TRY | 312157 | USD | 6881 | Barclays Bank plc | 1/22/2026 | 296 |
|  USD | 58903 | TWD | 1796247 | Bank of America<sup>\*\*</sup> | 1/22/2026 | 1666 |
|  USD | 206297 | TWD | 6287066 | Citibank NA<sup>\*\*</sup> | 1/22/2026 | 5960 |
|  TRY | 19660031 | USD | 435414 | Barclays Bank plc | 1/27/2026 | 14780 |
|  TRY | 9375385 | USD | 207783 | Barclays Bank plc | 1/29/2026 | 6558 |
|  MXN | 19014371 | USD | 1022333 | JPMorgan Chase Bank | 1/30/2026 | 30968 |
|  TRY | 1816807 | USD | 40215 | Barclays Bank plc | 2/2/2026 | 1186 |
|  TRY | 39650225 | USD | 877276 | Barclays Bank plc | 2/3/2026 | 25560 |
|  TRY | 3977679 | USD | 87616 | Barclays Bank plc | 2/9/2026 | 2570 |
|  TRY | 9706833 | USD | 212897 | Goldman Sachs Bank USA | 2/18/2026 | 5815 |
|  TRY | 10346942 | USD | 226673 | Barclays Bank plc | 2/20/2026 | 6138 |
|  TRY | 3287826 | USD | 71912 | Barclays Bank plc | 2/25/2026 | 1807 |
|  USD | 5601 | BRL | 30812 | Goldman Sachs Bank USA<sup>\*\*</sup> | 3/3/2026 | 50 |
|  TRY | 8513277 | USD | 187113 | Barclays Bank plc | 3/4/2026 | 2835 |
|  TRY | 3400904 | USD | 74790 | Goldman Sachs Bank USA | 3/6/2026 | 984 |
|  TRY | 655633 | USD | 14362 | Barclays Bank plc | 3/11/2026 | 190 |
|  TRY | 3439503 | USD | 75241 | Barclays Bank plc | 3/12/2026 | 1040 |
|  TRY | 7055182 | USD | 154178 | Barclays Bank plc | 3/16/2026 | 1808 |
|  MXN | 235 | USD | 13 | JPMorgan Chase Bank | 3/18/2026 | —# |
|  USD | 75651 | TWD | 2354647 | Citibank NA<sup>\*\*</sup> | 3/18/2026 | 354 |
|  USD | 179828 | BRL | 1000000 | Goldman Sachs Bank USA<sup>\*\*</sup> | 4/2/2026 | 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total unrealized appreciation** | &nbsp;&nbsp;&nbsp;&nbsp; **Total unrealized appreciation** | &nbsp;&nbsp;&nbsp;&nbsp; **Total unrealized appreciation** | &nbsp;&nbsp;&nbsp;&nbsp; **Total unrealized appreciation** |  |  | 133516 |

---

See Notes to Financial Statements.

1126

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  NZD | 1443000 | USD | 835331 | HSBC Bank plc | 1/14/2026 | (4210) |
|  USD | 490011 | AUD | 743000 | Bank of America | 1/14/2026 | (5864) |
|  USD | 613853 | AUD | 925000 | Citibank NA | 1/14/2026 | (3488) |
|  USD | 51548 | AUD | 78000 | HSBC Bank plc | 1/14/2026 | (509) |
|  USD | 2130351 | AUD | 3260000 | JPMorgan Chase Bank | 1/14/2026 | (45359) |
|  USD | 2906578 | CAD | 4090799 | HSBC Bank plc | 1/14/2026 | (75117) |
|  USD | 43698 | DKK | 280000 | Citibank NA | 1/14/2026 | (381) |
|  USD | 1290060 | EUR | 1099000 | Bank of America | 1/14/2026 | (2042) |
|  USD | 7086849 | EUR | 6105968 | HSBC Bank plc | 1/14/2026 | (91976) |
|  USD | 4574224 | GBP | 3474270 | Bank of America | 1/14/2026 | (108877) |
|  USD | 21697 | CNY | 152721 | JPMorgan Chase Bank<sup>\*\*</sup> | 1/21/2026 | (174) |
|  USD | 200256 | ZAR | 3468854 | Barclays Bank plc | 1/26/2026 | (8903) |
|  USD | 184884 | ZAR | 3187459 | Goldman Sachs Bank USA | 1/26/2026 | (7308) |
|  USD | 317931 | ZAR | 5455819 | JPMorgan Chase Bank | 1/26/2026 | (11034) |
|  USD | 5285 | MXN | 98784 | HSBC Bank plc | 2/25/2026 | (174) |
|  BRL | 5651945 | USD | 1020041 | Goldman Sachs Bank USA<sup>\*\*</sup> | 3/3/2026 | (1883) |
|  USD | 128843 | PEN | 435348 | Citibank NA<sup>\*\*</sup> | 3/12/2026 | (366) |
|  USD | 153687 | PEN | 522736 | Goldman Sachs Bank USA<sup>\*\*</sup> | 3/18/2026 | (1415) |
|  USD | 138863 | BRL | 800000 | Goldman Sachs Bank USA<sup>\*\*</sup> | 4/2/2026 | (4102) |
|  USD | 158646 | PEN | 550059 | Citibank NA<sup>\*\*</sup> | 4/10/2026 | (4396) |
|  USD | 863961 | PEN | 3080712 | Citibank NA<sup>\*\*</sup> | 5/26/2026 | (47674) |
|  USD | 435913 | PEN | 1505035 | Citibank NA<sup>\*\*</sup> | 7/16/2026 | (8562) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  |  | (433814) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  |  | (300298) |

---

*\*\** *Non-deliverable forward.*

*#* *Amount represents less than $0.50.* 

Written Call Options Contracts as of December 31, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Exercise<br>Price** | **Expiration<br>Date** | **Value<br>($)** |
|  U.S. Treasury 10 Year Note | Exchange Traded | 14 | USD (1400000) | USD 113.50 | 1/23/2026 | (1531) |

---

Written Put Options Contracts as of December 31, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Exercise**<br>**Price** | **Expiration<br>Date** | **Value<br>($)** |
|  Foreign Exchange USD/KRW | Bank of America | 446000 | USD (446000) | USD 1,375.00 | 2/19/2026 | (624) |
|  Foreign Exchange USD/KRW | Bank of America | 848000 | USD (848000) | USD 1,375.00 | 2/27/2026 | (1502) |
|  Foreign Exchange USD/KRW | Barclays Bank plc | 294000 | USD (294000) | USD 1,372.00 | 2/24/2026 | (424) |
|  U.S. Treasury 10 Year Note | Exchange Traded | 8 | USD (800000) | USD 111.50 | 1/23/2026 | (1000) |
|  U.S. Treasury 10 Year Note | Exchange Traded | 6 | USD (600000) | USD 112.00 | 1/23/2026 | (1594) |
|  |  |  |  |  |  | (5144) |
|  Total Written Options Contracts (Premiums Received ($9246)) | Total Written Options Contracts (Premiums Received ($9246)) | Total Written Options Contracts (Premiums Received ($9246)) | Total Written Options Contracts (Premiums Received ($9246)) |  |  | (6675) |

---

See Notes to Financial Statements.

1127

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Written Call Swaption Contracts as of December 31, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Exercise<br>Price** | **Expiration<br>Date** | **Value<br>($)** |
|  10 Years, January 2026 @3.55% v.1 Day SOFR | Goldman Sachs Bank USA | 200000 | USD (200000) | USD 3.55 | 1/2/2026 |  |
|  10 Years, January 2026 @3.58% v.1 Day SOFR | Goldman Sachs Bank USA | 100000 | USD (100000) | USD 3.58 | 1/12/2026 | (14) |
|  10 Years, January 2026 @3.63% v.1 Day SOFR | Morgan Stanley | 200000 | USD (200000) | USD 3.63 | 1/8/2026 | (26) |
|  10 Years, January 2026 @3.64% v.1 Day SOFR | Morgan Stanley | 100000 | USD (100000) | USD 3.64 | 1/12/2026 | (40) |
|  10 Years, January 2026 @3.65% v.1 Day SOFR | Goldman Sachs Bank USA | 100000 | USD (100000) | USD 3.65 | 1/15/2026 | (84) |
|  |  |  |  |  |  | (164) |

---

Written Put Swaption Contracts as of December 31, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Exercise<br>Price** | **Expiration<br>Date** | **Value<br>($)** |
|  10 Years, January 2026 @3.85% v.1 Day SOFR | Goldman Sachs Bank USA | 200000 | USD (200000) | USD 3.85 | 1/2/2026 | (7) |
|  10 Years, January 2026 @3.88% v.1 Day SOFR | Goldman Sachs Bank USA | 100000 | USD (100000) | USD 3.88 | 1/12/2026 | (77) |
|  10 Years, January 2026 @3.92% v.1 Day SOFR | Morgan Stanley | 100000 | USD (100000) | USD 3.92 | 1/12/2026 | (38) |
|  10 Years, January 2026 @3.93% v.1 Day SOFR | Goldman Sachs Bank USA | 100000 | USD (100000) | USD 3.93 | 1/15/2026 | (65) |
|  10 Years, January 2026 @3.93% v.1 Day SOFR | Morgan Stanley | 200000 | USD (200000) | USD 3.93 | 1/8/2026 | (28) |
|  |  |  |  |  |  | (215) |
|  Total Written Swaption Contracts (Premiums Received ($3448)) | Total Written Swaption Contracts (Premiums Received ($3448)) | Total Written Swaption Contracts (Premiums Received ($3448)) | Total Written Swaption Contracts (Premiums Received ($3448)) |  |  | (379) |

---

Centrally Cleared Credit default swap contracts outstanding - sell protection as of December 31, 2025 (Note 1):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/**<br> **Index** | **Financing<br>Rate (Paid) /<br>Received by<br>the Portfolio<br>(%)** | **Frequency of<br>Payments<br>Made/<br>Received** | **Maturity<br>Date** | **Implied<br>Credit<br>Spread<br>(%)** | **Notional**<br>**Amount** | **Upfront<br>(Payments)<br>Receipts<br>($)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Value<br>($)** |
|  Verizon Communications, Inc. | 1.00 | Quarterly | 6/20/2028 | 0.39 | USD 200,000 | 1500 | 1446 | 2946 |
|  Verizon Communications, Inc. | 1.00 | Quarterly | 12/20/2028 | 0.42 | USD 100,000 | 778 | 879 | 1657 |
|  Verizon Communications, Inc. | 1.00 | Quarterly | 12/20/2029 | 0.51 | USD 300,000 | 4253 | 1275 | 5528 |
|  CDX North American Investment Grade 45-V1 | 1.00 | Quarterly | 12/20/2030 | 0.50 | USD 500,000 | 10786 | 675 | 11461 |
|  CDX North American Investment Grade 45-V1 | 1.00 | Quarterly | 12/20/2030 | 0.50 | USD 8,900,000 | 188109 | 15892 | 204001 |
|  CDX North American Investment Grade 45-V1 | 1.00 | Quarterly | 12/20/2030 | 0.50 | USD 100,000 | 2155 | 137 | 2292 |
|  CDX North American Investment Grade 45-V1 | 1.00 | Quarterly | 12/20/2030 | 0.50 | USD 200,000 | 4283 | 301 | 4584 |
|  CDX North American Investment Grade 45-V1 | 1.00 | Quarterly | 12/20/2030 | 0.50 | USD 400,000 | 8558 | 611 | 9169 |
|  Total Centrally Cleared Credit default swap contracts outstanding | Total Centrally Cleared Credit default swap contracts outstanding | Total Centrally Cleared Credit default swap contracts outstanding | Total Centrally Cleared Credit default swap contracts outstanding | Total Centrally Cleared Credit default swap contracts outstanding | Total Centrally Cleared Credit default swap contracts outstanding | 220422 | 21216 | 241638 |

---

See Notes to Financial Statements.

1128

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EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

OTC Credit default swap contracts outstanding - sell protection as of December 31, 2025 (Note 1):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Obligation/<br>Index** | **Financing<br>Rate (Paid) /<br>Received by<br>the Portfolio<br>(%)** | **Frequency of<br>Payments<br>Made/<br>Received** | **Counterparty** | **Maturity<br>Date** | **Implied<br>Credit<br>Spread<br>(%)** | **Notional<br>Amount** | **Upfront<br>(Payments)<br>Receipts<br>($)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Value<br>($)** |
|  Republic of South Africa | 1.00 | Quarterly | Bank of America | 12/20/2026 | 0.27 | USD 1,600,000 | (14664) | 26392 | 11728 |
|  Republic of South Africa | 1.00 | Quarterly | Morgan Stanley | 12/20/2026 | 0.27 | USD 1,300,000 | (11416) | 20945 | 9529 |
|  |  |  |  |  |  |  | (26080) | 47337 | 21257 |
|  iTraxx Europe Crossover 44-V1 | 5.00 | Quarterly | JPMorgan Chase Bank | 12/20/2030 | 0.58 | EUR 140,000 | 31437 | 1536 | 32973 |
|  iTraxx Europe Crossover 44-V1 | 5.00 | Quarterly | Citibank NA | 12/20/2030 | 0.58 | EUR 100,000 | 22626 | 926 | 23552 |
|  iTraxx Europe Crossover 44-V1 | 5.00 | Quarterly | Morgan Stanley | 12/20/2030 | 0.58 | EUR 360,000 | 80943 | 3845 | 84788 |
|  |  |  |  |  |  |  | 135006 | 6307 | 141313 |
|  |  |  |  |  |  |  | 108926 | 53644 | 162570 |

---

Centrally Cleared Interest rate swap contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate Index<sup>(1)</sup>** | **Fixed Rate** | **Pay/<br>Receive<br>Floating<br>Rate** | **Maturity**<br>**Date** | **Notional**<br>**Amount** | **Notional**<br>**Amount** | **Upfront<br>(Payments)**<br>**Receipts**<br>**($)** | **Unrealized<br>Appreciation<br>(Depreciation)**<br>**($)** | **Value ($)** |
|  6 month EURIBOR Semi-Annual | 3.00 annually | Receive | 3/18/2056 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | (11414) | 59117 | 47703 |
|  6 month EURIBOR Semi-Annual | 3.00 annually | Receive | 3/18/2056 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | (15) | 75 | 60 |
|  6 month EURIBOR Semi-Annual | 3.00 annually | Receive | 3/18/2056 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679000 | (11439) | 51927 | 40488 |
|  6 month EURIBOR Semi-Annual | 3.00 annually | Receive | 3/18/2056 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | (11081) | 58784 | 47703 |
|  1 day CDI At Termination | 13.02 at termination | Receive | 1/2/2029 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6161055 |  | 11309 | 11309 |
|  1 day CDI At Termination | 13.40 at termination | Pay | 1/2/2029 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4402984 | (141) | 967 | 826 |
|  1 day CDI At Termination | 13.00 at termination | Receive | 1/2/2029 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525195 |  | 2927 | 2927 |
|  1 day SOFR Annual | 1.75 annually | Receive | 12/21/2052 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300000 | 1596254 | 499724 | 2095978 |
|  1 day SOFR Annual | 2.00 annually | Receive | 12/21/2032 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | 103691 | (15221) | 88470 |
|  1 day SOFR Annual | 1.75 annually | Receive | 6/15/2032 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | 396292 | 14836 | 411128 |
|  1 day ESTR Annual | 2.05 annually | Receive | 10/5/2029 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 |  | 1281 | 1281 |
|  1 day ESTR Annual | 2.06 annually | Receive | 10/5/2029 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 |  | 1747 | 1747 |
|  1 day TONAR Annual | 1.25 annually | Receive | 6/18/2032 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000000 | (5282) | 8892 | 3610 |
|  1 day REPO_CORRA Semi-Annual | 2.74 semi-annually | Receive | 6/1/2034 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 |  | 3379 | 3379 |
|  1 day SOFR Annual | 3.50 annually | Receive | 6/20/2054 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | 7009 | 27470 | 34479 |
|  1 day SOFR Annual | 3.50 annually | Receive | 6/20/2054 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | 6622 | 27857 | 34479 |
|  1 day SOFR Annual | 3.50 annually | Receive | 6/20/2054 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | 5973 | 17013 | 22986 |
|  1 day SOFR Annual | 3.50 annually | Receive | 6/20/2054 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | 10633 | 35339 | 45972 |
|  1 day TONAR Annual | 1.25 annually | Receive | 6/18/2032 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229000000 | (38752) | 65417 | 26665 |
|  1 day SOFR Annual | 3.50 annually | Receive | 6/20/2054 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | 2753 | 8740 | 11493 |
|  1 day SOFR Annual | 3.50 annually | Receive | 6/20/2054 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | 6707 | 16279 | 22986 |
|  1 day SOFR Annual | 3.50 annually | Receive | 6/20/2054 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | 5202 | 17784 | 22986 |
|  1 day SOFR Annual | 3.50 annually | Receive | 6/20/2054 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | 38451 | 133944 | 172395 |
|  1 day SOFR Annual | 3.50 annually | Receive | 6/20/2054 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | 5345 | 17641 | 22986 |
|  1 day SOFR Annual | 3.50 annually | Receive | 6/20/2054 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | 13067 | 32905 | 45972 |
|  1 day TONAR Annual | 1.25 annually | Receive | 6/18/2032 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229000000 | (37992) | 64657 | 26665 |
|  1 day SOFR Annual | 3.50 annually | Receive | 6/20/2054 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | 4710 | 18276 | 22986 |
|  1 day SOFR Annual | 3.50 annually | Receive | 6/20/2054 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | 7806 | 15180 | 22986 |
|  1 day SOFR Annual | 3.50 annually | Receive | 6/20/2054 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | 7877 | 15109 | 22986 |

---

See Notes to Financial Statements.

1129

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate Index<sup>(1)</sup>** | **Fixed Rate** | **Pay/<br>Receive<br>Floating<br>Rate** | **Maturity**<br>**Date** | **Notional**<br>**Amount** | **Notional**<br>**Amount** | **Upfront<br>(Payments)**<br>**Receipts**<br>**($)** | **Unrealized<br>Appreciation<br>(Depreciation)**<br>**($)** | **Value ($)** |
|  1 day TONAR Annual | 1.25 annually | Receive | 6/18/2032 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000000 | (5278) | 8888 | 3610 |
|  1 day SOFR Annual | 3.64 annually | Receive | 8/15/2035 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | 595 | 2120 | 2715 |
|  1 day SOFR Annual | 3.70 annually | Receive | 8/15/2035 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | (262) | 1560 | 1298 |
|  1 day SOFR Annual | 3.72 annually | Receive | 8/15/2035 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | 857 | 87 | 944 |
|  1 day SOFR Annual | 3.72 annually | Receive | 8/15/2035 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | 489 | 250 | 739 |
|  1 day SOFR Annual | 3.55 annually | Receive | 9/17/2035 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 |  | 3747 | 3747 |
|  1 day SOFR Annual | 3.50 annually | Receive | 12/18/2054 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080000 | 11582 | 108761 | 120343 |
|  1 day REPO_CORRA Semi-Annual | 3.00 semi-annually | Receive | 6/1/2034 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | 191 | 76 | 267 |
|  1 day REPO_CORRA Semi-Annual | 3.00 semi-annually | Receive | 6/1/2034 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | (191) | 724 | 533 |
|  1 day REPO_CORRA Semi-Annual | 3.00 semi-annually | Receive | 6/1/2034 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | 97 | 170 | 267 |
|  1 day REPO_CORRA Semi-Annual | 3.00 semi-annually | Receive | 6/1/2034 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | (9) | 276 | 267 |
|  1 day TONAR Annual | 1.25 annually | Receive | 6/18/2032 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 | (3661) | 5990 | 2329 |
|  1 day ESTR Annual | 2.06 annually | Receive | 10/5/2029 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 |  | 1836 | 1836 |
|  1 day SOFR Annual | 2.62 annually | Receive | 2/15/2048 | USD | 1400000 | 200489 | 138062 | 338551 |
|  |  |  |  |  |  | 2307175 | 1485902 | 3793077 |
|  6 month BBR Semi-Annual | 4.50 semi-annually | Pay | 3/20/2034 | AUD | 900000 | 6230 | (11990) | (5760) |
|  6 month EURIBOR Semi-Annual | 2.75 annually | Pay | 3/18/2036 | EUR | 1450000 | (6597) | (24054) | (30651) |
|  6 month EURIBOR Semi-Annual | 2.75 annually | Pay | 3/18/2036 | EUR | 1450000 | (3745) | (26906) | (30651) |
|  6 month BBR Semi-Annual | 4.50 semi-annually | Pay | 9/20/2033 | AUD | 1400000 | 10557 | (17115) | (6558) |
|  6 month BBR Semi-Annual | 4.00 semi-annually | Pay | 3/19/2035 | AUD | 900000 | (860) | (31663) | (32523) |
|  6 month EURIBOR Semi-Annual | 2.61 annually | Pay | 3/24/2035 | EUR | 80000 |  | (731) | (731) |
|  6 month EURIBOR Semi-Annual | 2.75 annually | Pay | 3/18/2036 | EUR | 1450000 | (4741) | (25910) | (30651) |
|  6 month EURIBOR Semi-Annual | 2.35 annually | Receive | 4/29/2030 | EUR | 200000 |  | (1249) | (1249) |
|  6 month EURIBOR Semi-Annual | 1.00 annually | Pay | 5/18/2027 | EUR | 2200000 | (49647) | 16885 | (32762) |
|  6 month BBR Semi-Annual | 4.50 semi-annually | Pay | 9/18/2034 | AUD | 800000 | 3663 | (10203) | (6540) |
|  6 month BBR Semi-Annual | 4.50 semi-annually | Pay | 9/18/2034 | AUD | 500000 | 1848 | (5936) | (4088) |
|  6 month BBR Semi-Annual | 4.50 semi-annually | Pay | 9/18/2034 | AUD | 100000 | 292 | (1110) | (818) |
|  6 month EURIBOR Semi-Annual | 2.75 annually | Pay | 3/18/2036 | EUR | 1450000 | (6451) | (24200) | (30651) |
|  1 day CDI At Termination | 13.93 at termination | Pay | 1/4/2027 | BRL | 1370785 | 52 | (1203) | (1151) |
|  1 day CDI At Termination | 13.93 at termination | Pay | 1/4/2027 | BRL | 6128216 |  | (5147) | (5147) |
|  1 day CDI At Termination | 13.32 at termination | Pay | 1/2/2029 | BRL | 317531 |  | (240) | (240) |
|  1 day CDI At Termination | 13.93 at termination | Pay | 1/4/2027 | BRL | 806363 |  | (681) | (681) |
|  1 day CDI At Termination | 13.29 at termination | Pay | 1/2/2029 | BRL | 699208 | (49) | (611) | (660) |
|  1 day CDI At Termination | 14.01 at termination | Pay | 1/4/2027 | BRL | 483738 |  | (287) | (287) |
|  1 day CDI At Termination | 13.35 at termination | Pay | 1/2/2029 | BRL | 444505 |  | (229) | (229) |
|  1 day CDI At Termination | 11.41 at termination | Pay | 1/4/2027 | BRL | 12015295 |  | (114749) | (114749) |
|  1 day CDI At Termination | 13.29 at termination | Pay | 1/2/2029 | BRL | 2542573 |  | (2400) | (2400) |
|  1 day SOFR Annual | 3.75 annually | Receive | 5/15/2032 | USD | 191000 | 345 | (2388) | (2043) |
|  1 day SONIA Annual | 4.50 annually | Receive | 3/18/2056 | GBP | 200000 | (3877) | 2304 | (1573) |
|  1 day SOFR Annual | 3.67 annually | Receive | 5/31/2028 | USD | 1500000 |  | (7094) | (7094) |
|  1 day REPO_CORRA Semi-Annual | 3.50 semi-annually | Receive | 6/1/2032 | CAD | 450000 | (7133) | (4537) | (11670) |
|  1 day REPO_CORRA Semi-Annual | 3.50 semi-annually | Receive | 6/1/2032 | CAD | 250000 | (4101) | (2382) | (6483) |
|  1 day SOFR Annual | 3.73 annually | Receive | 10/31/2030 | USD | 300000 |  | (3838) | (3838) |
|  1 day SOFR Annual | 3.74 annually | Receive | 8/15/2033 | USD | 630000 |  | (3866) | (3866) |
|  1 day REPO_CORRA Semi-Annual | 3.50 semi-annually | Receive | 6/1/2032 | CAD | 300000 | (6376) | (1404) | (7780) |
|  1 day REPO_CORRA Semi-Annual | 3.00 semi-annually | Receive | 6/1/2033 | CAD | 100000 | 302 | (417) | (115) |
|  1 day SOFR Annual | 3.74 annually | Receive | 10/31/2030 | USD | 500000 |  | (6567) | (6567) |
|  1 day SOFR Annual | 3.73 annually | Receive | 10/31/2030 | USD | 400000 |  | (5027) | (5027) |
|  1 day SOFR Annual | 3.72 annually | Receive | 10/31/2030 | USD | 200000 |  | (2468) | (2468) |
|  1 day SOFR Annual | 3.91 annually | Receive | 3/12/2035 | USD | 200000 |  | (2095) | (2095) |
|  1 day REPO_CORRA Semi-Annual | 3.50 semi-annually | Receive | 6/1/2032 | CAD | 1700000 | (30295) | (13791) | (44086) |
|  1 day SOFR Annual | 3.75 annually | Receive | 8/15/2033 | USD | 800000 |  | (5354) | (5354) |
|  1 day SOFR Annual | 3.72 annually | Receive | 8/15/2033 | USD | 1300000 |  | (5401) | (5401) |
|  1 day SOFR Annual | 3.75 annually | Receive | 5/15/2032 | USD | 120000 | (39) | (1245) | (1284) |
|  1 day SOFR Annual | 3.75 annually | Receive | 5/15/2032 | USD | 181000 | 354 | (2290) | (1936) |
|  1 day SOFR Annual | 3.75 annually | Receive | 5/15/2032 | USD | 120000 | (366) | (918) | (1284) |
|  1 day SOFR Annual | 3.75 annually | Receive | 5/15/2032 | USD | 120000 | (584) | (700) | (1284) |
|  1 day SOFR Annual | 3.75 annually | Receive | 6/20/2034 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400000 | 212629 | (226727) | (14098) |
|  1 day SOFR Annual | 4.10 annually | Receive | 2/18/2035 | USD | 700000 |  | (18743) | (18743) |

---

See Notes to Financial Statements.

1130

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate Index<sup>(1)</sup>** | **Fixed Rate** | **Pay/<br>Receive<br>Floating<br>Rate** | **Maturity**<br>**Date** | **Notional**<br>**Amount** | **Notional**<br>**Amount** | **Upfront<br>(Payments)**<br>**Receipts**<br>**($)** | **Unrealized<br>Appreciation<br>(Depreciation)**<br>**($)** | **Value ($)** |
|  1 day SOFR Annual | 3.81 annually | Receive | 5/31/2028 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 |  | (13227) | (13227) |
|  1 day SOFR Annual | 3.75 annually | Receive | 5/15/2032 | USD | 120000 | (632) | (652) | (1284) |
|  1 day SOFR Annual | 3.93 annually | Receive | 3/24/2035 | USD | 200000 |  | (2530) | (2530) |
|  1 day SOFR Annual | 3.93 annually | Receive | 3/24/2035 | USD | 200000 |  | (2530) | (2530) |
|  1 day SOFR Annual | 3.91 annually | Receive | 3/4/2035 | USD | 200000 |  | (2128) | (2128) |
|  1 day SOFR Annual | 3.75 annually | Receive | 8/15/2033 | USD | 700000 |  | (4745) | (4745) |
|  1 day SOFR Annual | 3.75 annually | Receive | 5/15/2032 | USD | 120000 | (172) | (1112) | (1284) |
|  1 day SOFR Annual | 3.75 annually | Receive | 5/15/2032 | USD | 181000 | 631 | (2567) | (1936) |
|  1 day SOFR Annual | 3.75 annually | Receive | 5/15/2032 | USD | 140000 | (118) | (1380) | (1498) |
|  1 day SOFR Annual | 3.75 annually | Receive | 5/15/2032 | USD | 120000 | (599) | (685) | (1284) |
|  1 day REPO_CORRA Semi-Annual | 3.00 semi-annually | Receive | 6/1/2033 | CAD | 200000 | 671 | (902) | (231) |
|  |  |  |  |  |  | 111192 | (637135) | (525943) |
|  Total Centrally Cleared Interest rate swap contracts outstanding | Total Centrally Cleared Interest rate swap contracts outstanding | Total Centrally Cleared Interest rate swap contracts outstanding | Total Centrally Cleared Interest rate swap contracts outstanding | Total Centrally Cleared Interest rate swap contracts outstanding | Total Centrally Cleared Interest rate swap contracts outstanding | 2418367 | 848767 | 3267134 |

---

(1) Value of floating rate index at December 31, 2025 was as follows:

---

| | |
|:---|:---|
| **Floating Rate Index** | **Value** |
|  1 day CDI BRL | 2.23% |
|  1 day ESTR EUR | 1.92% |
|  1 day REPO_CORRA CAD | 1.15% |
|  1 day SOFR USD | 3.87% |
|  1 day SONIA GBP | 3.73% |
|  1 day TONAR JPY | 0.72% |
|  6 month BBR AUD | 4.12% |
|  6 month EURIBOR EUR | 2.11% |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1**<br>**Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2**<br>**Significant Other**<br>**Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3**<br>**Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Asset-Backed Securities** | $— | $28306384 | $— | $28306384 |
|  **Centrally Cleared Credit Default Swaps** |  | 21216 |  | 21216 |
|  **Centrally Cleared Interest Rate Swaps** |  | 1520312 |  | 1520312 |
|  **Collateralized Mortgage Obligations** |  | 5902252 |  | 5902252 |
|  **Commercial Mortgage-Backed Securities** |  | 11548276 |  | 11548276 |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services |  | 929581 |  | 929581 |
|  Consumer Discretionary |  | 5559476 |  | 5559476 |
|  Consumer Staples |  | 1471095 |  | 1471095 |
|  Energy |  | 885418 |  | 885418 |
|  Financials |  | 29339613 |  | 29339613 |
|  Health Care |  | 600625 |  | 600625 |

---

See Notes to Financial Statements.

1131

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1**<br>**Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2**<br>**Significant Other**<br>**Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3**<br>**Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  Industrials | $— | $1335382 | $— | $1335382 |
|  Information Technology |  | 6174957 |  | 6174957 |
|  Materials |  | 1332654 |  | 1332654 |
|  Real Estate |  | 10275118 |  | 10275118 |
|  Utilities |  | 18314852 |  | 18314852 |
|  **Foreign Government Securities** |  | 15102497 |  | 15102497 |
|  **Forward Currency Contracts** |  | 133516 |  | 133516 |
|  **Futures** | 154187 |  |  | 154187 |
|  **Mortgage-Backed Securities** |  | 109074717 |  | 109074717 |
|  **Municipal Bonds** |  | 2705802 |  | 2705802 |
|  **Options Purchased** |  |  |  |  |
|  Put Options Purchased |  | 9093 |  | 9093 |
|  **OTC Credit Default Swaps** |  | 53644 |  | 53644 |
|  **Short-Term Investments** |  |  |  |  |
|  Commercial Papers |  | 1397649 |  | 1397649 |
|  Foreign Government Treasury Bills |  | 317307 |  | 317307 |
|  U.S. Government Agency Securities |  | 6629250 |  | 6629250 |
|  U.S. Treasury Obligations |  | 9695833 |  | 9695833 |
|  **Supranational** |  | 1880545 |  | 1880545 |
|  **U.S. Treasury Obligations** |  | 45406877 |  | 45406877 |
|  **Total Assets** | $**154187** | $**315923941** | $**—** | $**316078128** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Centrally Cleared Interest Rate Swaps** | $— | $(671545) | $— | $(671545) |
|  **Forward Currency Contracts** |  | (433814) |  | (433814) |
|  **Futures** | (81010) |  |  | (81010) |
|  **Options Written** |  |  |  |  |
|  **Call Options Written** | (1531) |  |  | (1531) |
|  Put Options Written | (2594) | (2550) |  | (5144) |
|  Swaptions Written |  | (379) |  | (379) |
|  **Total Liabilities** | $**(85135)** | $**(1108288)** | $**—** | $**(1193423)** |
|  **Total** | $**69052** | $**314815653** | $**—** | $**314884705** |

---

See Notes to Financial Statements.

1132

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Interest rate contracts | Due from broker for futures variation margin, Net assets - Unrealized appreciation | $1674499 |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts - Receivables | 142609 |
|  Credit contracts | Market value on OTC swap contracts & Variation Margin on Centrally Cleared Swaps - Receivables | 74860 |
|  **Total** |  | $1891968 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Due to broker for futures variation margin, Net assets - Unrealized depreciation | $(757059) |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts - Payables | (436364) |
|  **Total** |  | $(1193423) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

\*\* Includes cumulative appreciation/depreciation of centrally cleared swap contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Options<br>Purchased(1)** | **Options<br>Written** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Swaps** | **Total** |
|  Interest rate contracts | $(143220) | $356660 | $1237180 | $— | $556371 | $2006991 |
|  Foreign exchange contracts | (49012) |  |  | (147251) |  | (196263) |
|  Credit contracts |  | 3838 |  |  | 180757 | 184595 |
|  **Total** | $(192232) | $360498 | $1237180 | $(147251) | $737128 | $1995323 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Options<br>Purchased(2)** | **Options<br>Written** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Swaps** | **Total** |
|  Interest rate contracts | $30472 | $(13805) | $230656 | $— | $(5975) | $241348 |
|  Foreign exchange contracts | (1636) | 1091 |  | (626370) |  | (626915) |
|  Credit contracts |  |  |  |  | (6227) | (6227) |
|  **Total** | $28836 | $(12714) | $230656 | $(626370) | $(12202) | $(391794) |

---

(1) Included in Realized gain (loss) on investment transactions in the Statement of Operations.

(2) Included in Change in unrealized appreciation (depreciation) on investment transactions in the Statement of Operations.

^ The Portfolio held forward foreign currency contracts, futures contracts, option contracts and swaps contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

See Notes to Financial Statements.

1133

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | |
|:---|:---|
| **Average Balances of Outstanding Derivative Financial Instruments** | |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $58343000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 7252000 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13282000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 36786000 |
|  Options |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | $20000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | 6000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of swaption contracts purchased | 70000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of swaption contracts written | 72000 |
|  Credit index swaps |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — sell protection | $12334000 |
|  Credit default swaps |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — sell protection | $3500000 |
|  Interest rate swaps |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — pays fixed rate | $3016000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — receives fixed rate | 12532000 |
|  Overnight index swaps |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — pays fixed rate | $45988000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — pays floating rate | 2416000 |

---

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Bank of America | $35555 | $(35555) | $— | $— |
|  Barclays Bank plc | 67300 | (9327) | (57973) |  |
|  Citibank NA | 8805 | (8805) |  |  |
|  Goldman Sachs Bank USA | 7971 | (7971) |  |  |
|  HSBC Bank plc | 18036 | (18036) |  |  |
|  JPMorgan Chase Bank | 32504 | (32504) |  |  |
|  Morgan Stanley | 26082 | (132) |  | 25950 |
|  **Total** | $196253 | $(112330) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57973) | $25950 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  Bank of America | $118909 | $(35555) | $(71923) | $11431 |
|  Barclays Bank plc | 9327 | (9327) |  |  |
|  Citibank NA | 64867 | (8805) |  | 56062 |
|  Goldman Sachs Bank USA | 14955 | (7971) |  | 6984 |
|  HSBC Bank plc | 171986 | (18036) |  | 153950 |
|  JPMorgan Chase Bank | 56567 | (32504) |  | 24063 |
|  Morgan Stanley | 132 | (132) |  |  |
|  **Total** | $436743 | $(112330) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71923) | $252490 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

See Notes to Financial Statements.

1134

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

#### Sale-Buyback Transactions:
The average amount of borrowings while outstanding for 11 days during the year ended December 31, 2025, was approximately $2,787,000 at a weighted average interest rate of 4.16%.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $985562838 |
|  Long-term U.S. government debt securities | 27791209 |
|  | $1013354047 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $1001613628 |
|  Long-term U.S. government debt securities | 30744652 |
|  | $1032358280 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $5827231 |
|  Aggregate gross unrealized depreciation | (21460835) |
|  Net unrealized depreciation | $(15633604) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $333266024 |

---

See Notes to Financial Statements.

1135

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#### EQ ADVISORS TRUST
EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $325,501,441) | $314195253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 778789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $505,486) | 507805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 995000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for swaps | 2303000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for forward settling transactions | 55921856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1961638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1707166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation Margin on Centrally Cleared Swaps | 209237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market value on OTC swap contracts (Premiums paid $108,927) | 162570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 133516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 101234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 96120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 379075143 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for forward settling transactions | 113627977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 1687323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 518136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 433814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of cash collateral on forward settling transactions | 278000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of cash collateral on forward foreign currency contracts | 160000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 67568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable - Class IB | 55364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 19886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written, at value (Premiums received $12,694) | 7054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 94901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 116950023 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $262125120 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $295998385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (33873265) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $262125120 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $262,125,120 / 27,533,613 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.52 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest (net of $3,103 foreign withholding tax) | $11765989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 1984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 11767973 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1278909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class IB | 639455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 231643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 99681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 97700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 25376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 8678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 3566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 46830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 2431838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (509687) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1922151 |
|  **NET INVESTMENT INCOME (LOSS)** | 9845822 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (383360) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1237180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (147251) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 50589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 737128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 360498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | (82406) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1772378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 10042310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 230656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (626370) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 52642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (12714) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (12202) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 9674322 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 11446700 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $21292522 |

---

See Notes to Financial Statements.

1136

------

#### EQ ADVISORS TRUST
EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $9845822 | $10341553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1772378 | (2119278) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 9674322 | (3209005) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 21292522 | 5013270 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (10825512) | (11071896) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (62817) |  |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,041,663 and 3,141,200 shares, respectively ] | 29057461 | 29657235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 1,150,263 and 1,201,048 shares, respectively ] | 10888329 | 11071896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (4686656) and (4176984) shares, respectively ] | (44468121) | (39352846) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (4522331) | 1376285 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 5881862 | (4682341) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 256243258 | 260925599 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $262125120 | $256243258 |

---

See Notes to Financial Statements.

1137

------

#### EQ ADVISORS TRUST
EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $9.14 | $9.36 | $9.10 | $10.94 | $11.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.37 | 0.38 | 0.34 | 0.23 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.42 | (0.19) | 0.17 | (1.75) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.79 | 0.19 | 0.51 | (1.52) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.41) | (0.41) | (0.25) | (0.32) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.41) | (0.41) | (0.25) | (0.32) | (0.22) |
|  Net asset value, end of year | $9.52 | $9.14 | $9.36 | $9.10 | $10.94 |
|  Total return | 8.70 | 2.01% | 5.63% | (13.99)% | (1.44)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256243 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260926 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260380 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325791 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(g) | 0.75 | 0.78 %(k) | 0.87 %(m) | 0.77 %(n) | 0.75 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(g) | 0.95 | 0.98% | 1.07% | 0.96% | 0.92% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 3.85 | 4.01% | 3.72% | 2.34% | 1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 3.65 | 3.81% | 3.52% | 2.15% | 1.30% |
|  Portfolio turnover rate ^ | 330 | 383% | 364% | 364% | 307% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*#* *Percent shown is less than 0.05%.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of 0.00%, 0.03%, 0.12% and 0.02% for the years ended December 31, 2025, 2024, 2023 and 2022, respectively.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.75% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.78% for Class IB.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.87% for Class IB.* 

*(n)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.77% for Class IB.* 

See Notes to Financial Statements.

1138

------

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |  |
|  **Asset-Backed Securities (23.5%)** | **Asset-Backed Securities (23.5%)** |  |
|  522 Funding CLO Ltd., | 522 Funding CLO Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-6A A1R2<br> 5.060%, 10/23/34 (l)§ | $1800000 | $1801040 |
|  American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1 A<br> 3.700%, 10/1/26 | 570870 | 566388 |
|  Anchorage Capital CLO 21 Ltd., | Anchorage Capital CLO 21 Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-21A AR<br> 4.934%, 10/20/34 (l)§ | 1200000 | 1200152 |
|  Anchorage Credit Funding 19 Ltd., | Anchorage Credit Funding 19 Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-19A A<br> 5.036%, 10/25/40§ | 2000000 | 1998596 |
|  Apidos CLO XXXV, | Apidos CLO XXXV, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-35A A<br> 5.196%, 4/20/34 (l)§ | 500000 | 500395 |
|  Ares LIX CLO Ltd., | Ares LIX CLO Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A A<br> 5.150%, 4/25/34 (l)§ | 3200000 | 3202253 |
|  Ares LX CLO Ltd., | Ares LX CLO Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-60A AR<br> 5.064%, 7/18/34 (l)§ | 400000 | 400039 |
|  Ares XXVII CLO Ltd., | Ares XXVII CLO Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2A AR3<br> 5.009%, 10/28/34 (l)§ | 3200000 | 3201030 |
|  ARI Fleet Lease Trust, | ARI Fleet Lease Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B A2<br> 5.540%, 4/15/33§ | 728902 | 733995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B A2<br> 4.590%, 3/15/34§ | 1000000 | 1007267 |
|  Atlas Senior Loan Fund XVI Ltd., | Atlas Senior Loan Fund XVI Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A AR<br> 5.019%, 1/20/34 (l)§ | 3500000 | 3498310 |
|  Atlas Senior Loan Fund XVII Ltd., | Atlas Senior Loan Fund XVII Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-17A AR<br> 4.944%, 10/20/34 (l)§ | 350000 | 349500 |
|  Bain Capital Credit CLO Ltd., | Bain Capital Credit CLO Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A ARR<br> 4.900%, 10/21/34 (l)§ | 500000 | 499200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A ARR<br> 5.124%, 7/19/34 (l)§ | 3200000 | 3202787 |
|  BofA Auto Trust, | BofA Auto Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2B<br> 4.468%, 11/22/27 (l)§ | 1975629 | 1977029 |
|  Capital One Prime Auto Receivables Trust, | Capital One Prime Auto Receivables Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2 A3<br> 5.820%, 6/15/28 | 1572482 | 1590621 |
|  CarMax Auto Owner Trust, | CarMax Auto Owner Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A3<br> 4.920%, 10/16/28 | 1789682 | 1803679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2 A2A<br> 5.650%, 5/17/27 | 22452 | 22467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 A2A<br> 4.590%, 7/17/28 | 5164748 | 5181698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3 A2B<br> 4.354%, 8/15/28 (l) | 2000000 | 2000987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4 A2B<br> 4.394%, 3/15/29 (l) | 2000000 | 2001789 |
|  CarVal CLO I Ltd., | CarVal CLO I Ltd., | CarVal CLO I Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A AR<br> 5.124%, 7/16/31 (l)§ | 2218026 | 2219674 |
|  CarVal CLO III Ltd., | CarVal CLO III Ltd., | CarVal CLO III Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A AR2<br> 4.874%, 7/20/32 (l)§ | 2228710 | 2228895 |
|  Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P4 A2<br> 4.620%, 2/10/28 | 346294 | 346559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P4 A2<br> 4.190%, 3/12/29 | 6000000 | 6012114 |
|  Cedar Funding VI CLO Ltd., | Cedar Funding VI CLO Ltd., | Cedar Funding VI CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-6A AR3<br> 4.974%, 4/20/34 (l)§ | 1200000 | 1199069 |
|  Chase Auto Owner Trust, | Chase Auto Owner Trust, | Chase Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2<br> 4.400%, 7/25/28§ | 2923176 | 2931869 |
|  Chesapeake Funding II LLC, | Chesapeake Funding II LLC, | Chesapeake Funding II LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A2<br> 4.754%, 5/15/36 (l)§ | 1027995 | 1027991 |
|  Citibank Credit Card Issuance Trust, | Citibank Credit Card Issuance Trust, | Citibank Credit Card Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A6 A6<br> 4.635%, 5/14/29 (l) | 4000000 | 4033614 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AMC2 A3A<br> 4.006%, 1/25/37 (l) | 27426 | 19938 |
|  Citizens Auto Receivables Trust, | Citizens Auto Receivables Trust, | Citizens Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1 A3<br> 5.840%, 1/18/28§ | 536535 | 540195 |
|  CQS US CLO Ltd., | CQS US CLO Ltd., | CQS US CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A AR<br> 5.084%, 1/20/35 (l)§ | 1000000 | 1000334 |
|  Dllad LLC, | Dllad LLC, | Dllad LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A2<br> 5.500%, 8/20/27§ | 753440 | 757338 |
|  Elevation CLO Ltd., | Elevation CLO Ltd., | Elevation CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A A1R2<br> 5.158%, 1/25/35 (l)§ | 3000000 | 2994297 |
|  Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3 A2<br> 5.310%, 4/20/27§ | 220415 | 221249 |
|  Ford Credit Auto Lease Trust, | Ford Credit Auto Lease Trust, | Ford Credit Auto Lease Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A A2B<br> 4.394%, 8/15/27 (l) | 2091691 | 2092237 |
|  Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B A2A<br> 5.400%, 4/15/27 | 1187477 | 1189051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C A2A<br> 4.320%, 8/15/27 | 2452400 | 2454912 |
|  GM Financial Automobile Leasing Trust, | GM Financial Automobile Leasing Trust, | GM Financial Automobile Leasing Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3 A2A<br> 4.290%, 1/20/27 | 1026597 | 1027006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 A2A<br> 4.550%, 7/20/27 | 2752269 | 2760997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3 A2B<br> 4.268%, 10/20/27 (l) | 1200000 | 1199720 |
|  GM Financial Consumer Automobile Receivables Trust, | GM Financial Consumer Automobile Receivables Trust, | GM Financial Consumer Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4 A4<br> 4.880%, 8/16/28 | 1000000 | 1005727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4 A2A<br>4.530%, 10/18/27 | 974122 | 975271 |
|  GMF Floorplan Owner Revolving Trust, | GMF Floorplan Owner Revolving Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1 A1<br>5.340%, 6/15/28§ | 4000000 | 4025182 |
|  GSAA Home Equity Trust, | GSAA Home Equity Trust, |  |

---

See Notes to Financial Statements.

1139

------

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-6 A4<br>4.446%, 5/25/47 (l) | $63615 | $42552 |
|  Guggenheim CLO Ltd., | Guggenheim CLO Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A A1R<br>5.055%, 1/15/35 (l)§ | 350000 | 349992 |
|  Hertz Vehicle Financing III LLC, | Hertz Vehicle Financing III LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A<br>5.490%, 6/25/27§ | 2900000 | 2909733 |
|  Hyundai Auto Lease Securitization Trust, | Hyundai Auto Lease Securitization Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A A2B<br>4.384%, 6/15/27 (l)§ | 2981914 | 2982105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C A2B<br>4.374%, 1/18/28 (l)§ | 4000000 | 4000720 |
|  Hyundai Auto Receivables Trust, | Hyundai Auto Receivables Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C A2B<br>4.384%, 9/15/27 (l) | 1248530 | 1248960 |
|  Jamestown CLO XVI Ltd., | Jamestown CLO XVI Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A AR<br>4.978%, 7/25/34 (l)§ | 1400000 | 1399381 |
|  Jamestown CLO XVIII Ltd., | Jamestown CLO XVIII Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-18A A1R<br>5.128%, 7/25/35 (l)§ | 3200000 | 3195168 |
|  KKR CLO 16 Ltd., | KKR CLO 16 Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 16 A1R3<br>4.988%, 10/20/34 (l)§ | 1100000 | 1100539 |
|  KKR CLO 41 Ltd., | KKR CLO 41 Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-41A A1<br>5.235%, 4/15/35 (l)§ | 1800000 | 1800504 |
|  LCM 31 Ltd., | LCM 31 Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 31A AR<br>5.164%, 7/20/34 (l)§ | 1600000 | 1600451 |
|  M&T Bank Auto Receivables Trust, | M&T Bank Auto Receivables Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2B<br>4.484%, 5/15/28 (l)§ | 993629 | 994409 |
|  Madison Park Funding XLVI Ltd., | Madison Park Funding XLVI Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-46A ARR<br>4.905%, 10/15/34 (l)§ | 700000 | 699173 |
|  Massachusetts Educational Financing Authority, | Massachusetts Educational Financing Authority, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-1 A1<br>5.525%, 4/25/38 (l) | 24414 | 24082 |
|  Master Credit Card Trust II, | Master Credit Card Trust II, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A<br>4.693%, 1/21/28 (l)§ | 5000000 | 4998633 |
|  Mercedes-Benz Auto Lease Trust, | Mercedes-Benz Auto Lease Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B A2A<br>4.570%, 12/15/26 | 394332 | 394518 |
|  Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DA A<br>1.690%, 5/15/69§ | 562800 | 535791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GA A<br>1.170%, 9/16/69§ | 466320 | 437905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IA A1B<br>4.865%, 4/15/69 (l)§ | 1853273 | 1842585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FA A<br>1.110%, 2/18/70§ | 5694621 | 5085651 |
|  Navient Refinance Loan Trust, | Navient Refinance Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C A<br>4.800%, 10/15/55§ | 1842199 | 1842543 |
|  Navient Student Loan Trust, | Navient Student Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-5A A<br>4.789%, 7/26/66 (l)§ | 1555791 | 1561821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BA A1B<br>5.684%, 3/15/72 (l)§ | 665888 | 671785 |
|  Nelnet Student Loan Trust, | Nelnet Student Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-3 A5<br>4.459%, 12/24/35 (l) | 619945 | 615149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-5A A<br>4.619%, 1/25/37 (l)§ | 432708 | 428619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A A<br>4.789%, 9/25/65 (l)§ | 1845076 | 1841427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A A<br>4.889%, 6/27/67 (l)§ | 422736 | 421593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CA A1B<br>5.268%, 6/22/65 (l)§ | 860088 | 864933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DA A1A<br>4.650%, 8/20/54§ | 1700000 | 1701576 |
|  Northwoods Capital XII-B Ltd., | Northwoods Capital XII-B Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-12BA AR<br>4.913%, 6/15/31 (l)§ | 1808956 | 1806884 |
|  Pagaya AI Debt Grantor Trust, | Pagaya AI Debt Grantor Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6 A1<br>4.248%, 9/15/26§ | 5628049 | 5630221 |
|  PenFed Auto Receivables Owner Trust, | PenFed Auto Receivables Owner Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A A3<br>4.030%, 7/15/30§ | 400000 | 400850 |
|  PHEAA Student Loan Trust, | PHEAA Student Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2A A<br>4.939%, 11/25/65 (l)§ | 738354 | 738354 |
|  Porsche Innovative Lease Owner Trust, | Porsche Innovative Lease Owner Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A2A<br>4.470%, 12/21/26§ | 263422 | 263487 |
|  Regatta XVI Funding Ltd., | Regatta XVI Funding Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A A1R<br>5.105%, 1/15/33 (l)§ | 3459897 | 3465377 |
|  Romark CLO V Ltd., | Romark CLO V Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5A AR<br>5.095%, 1/15/35 (l)§ | 3900000 | 3902980 |
|  SBA Tower Trust (REIT), | SBA Tower Trust (REIT), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.831%, 10/15/29§ | 1500000 | 1506042 |
|  Sculptor CLO XXVII Ltd., | Sculptor CLO XXVII Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 27A A1R<br>4.944%, 7/20/34 (l)§ | 2300000 | 2298977 |
|  SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A3<br>5.470%, 10/20/28§ | 321053 | 323091 |
|  Silver Rock CLO II Ltd., | Silver Rock CLO II Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A AR<br>4.924%, 1/20/35 (l)§ | 1100000 | 1098738 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-1 A<br>4.389%, 3/25/25 (h)(l) | 888091 | 844445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-3 A<br>4.639%, 12/27/38 (l) | 2734028 | 2720986 |
|  SMB Private Education Loan Trust, | SMB Private Education Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-PTA A2A<br>1.600%, 9/15/54§ | 586618 | 555421 |
|  SoFi Consumer Loan Program Trust, | SoFi Consumer Loan Program Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3 A<br>4.470%, 8/15/34§ | 759338 | 761637 |
|  Stellantis Financial Underwritten Enhanced Lease Trust, | Stellantis Financial Underwritten Enhanced Lease Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BA A2<br>4.310%, 5/22/28§ | 4000000 | 4013028 |

---

See Notes to Financial Statements.

1140

------

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Symphony CLO XXII Ltd., | Symphony CLO XXII Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-22A A1AR<br>5.064%, 4/18/33 (l)§ | 670457 | $670282 |
|  Synchrony Card Issuance Trust, | Synchrony Card Issuance Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A1 A<br>4.780%, 2/15/31 | 1500000 | 1527275 |
|  Tesla Sustainable Energy Trust, | Tesla Sustainable Energy Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A2<br>5.080%, 6/21/50§ | 1188728 | 1193533 |
|  THL Credit Wind River CLO Ltd., | THL Credit Wind River CLO Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3A AR2<br>5.105%, 4/15/35 (l)§ | 4000000 | 4003364 |
|  Toyota Auto Receivables Owner Trust, | Toyota Auto Receivables Owner Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-D A2B<br>4.374%, 8/16/27 (l) | 824439 | 824684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B A2B<br>4.524%, 3/15/28 (l) | 3304709 | 3310062 |
|  Toyota Lease Owner Trust, | Toyota Lease Owner Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A A2B<br>4.328%, 7/20/27 (l)§ | 4591800 | 4593438 |
|  Trillium Credit Card Trust II, | Trillium Credit Card Trust II, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A<br>4.251%, 9/26/30 (l)§ | 2600000 | 2608459 |
|  Trinitas CLO XVII Ltd., | Trinitas CLO XVII Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-17A AR<br>5.034%, 10/20/34 (l)§ | 3500000 | 3499118 |
|  Trinitas CLO XX Ltd., | Trinitas CLO XX Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-20A A1R<br>4.924%, 7/20/35 (l)§ | 1200000 | 1197658 |
|  United States Small Business Administration, | United States Small Business Administration, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-20G 1<br>5.870%, 7/1/28 | 125860 | 127064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-20H 1<br>6.020%, 8/1/28 | 118010 | 120008 |
|  Verdelite Static CLO Ltd., | Verdelite Static CLO Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A<br>5.014%, 7/20/32 (l)§ | 1459925 | 1458598 |
|  Verizon Master Trust, | Verizon Master Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-6 A1B<br>4.588%, 8/20/30 (l) | 4000000 | 4019139 |
|  Voya CLO Ltd., | Voya CLO Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A AR<br>5.084%, 7/20/32 (l)§ | 2766834 | 2768500 |
|  Wind River CLO Ltd., | Wind River CLO Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1KRA A1R3<br>4.965%, 10/15/34 (l)§ | 298390 | 298394 |
|  World Omni Auto Receivables Trust, | World Omni Auto Receivables Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C A2A<br>4.780%, 1/18/28 | 175736 | 175937 |
|  World Omni Automobile Lease Securitization Trust, | World Omni Automobile Lease Securitization Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A2B<br>4.414%, 2/16/27 (l) | 132464 | 132474 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  | 187453264 |
|  **Collateralized Mortgage Obligations (18.4%)** | **Collateralized Mortgage Obligations (18.4%)** |  |
|  Alternative Loan Trust, | Alternative Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-61 2A1<br>4.406%, 12/25/35 (l) | 4378 | 4166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-62 2A1<br>5.029%, 12/25/35 (l) | 17125 | 14892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA22 A1<br>4.166%, 2/25/47 (l) | 81070 | 76240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA7 A1A<br>4.206%, 5/25/47 (l) | 19108 | 17760 |
|  American Home Mortgage Assets Trust, | American Home Mortgage Assets Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1 2A1<br>4.036%, 5/25/46 (l) | 983041 | 883424 |
|  Arroyo Mortgage Trust, | Arroyo Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1R A1<br>1.175%, 10/25/48 (l)§ | 361526 | 327345 |
|  BCAP LLC Trust, | BCAP LLC Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AA2 A1<br>4.186%, 1/25/37 (l) | 110701 | 104442 |
|  Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-7 22A1<br>4.791%, 9/25/35 (l) | 253624 | 134809 |
|  Bear Stearns ARM Trust, | Bear Stearns ARM Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-3 3A2<br>6.504%, 5/25/33 (l) | 4137 | 3937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-8 2A1<br>5.734%, 1/25/34 (l) | 448 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-8 4A1<br>6.214%, 1/25/34 (l) | 1811 | 1800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-10 15A1<br>6.582%, 1/25/35 (l) | 6196 | 6162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-10 21A1<br>5.477%, 1/25/35 (l) | 120570 | 116999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3 1A1<br>4.203%, 5/25/47 (l) | 463276 | 416284 |
|  CHL Mortgage Pass-Through Trust, | CHL Mortgage Pass-Through Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-25 A11<br>5.500%, 11/25/35 | 53455 | 24073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-3 1A2<br>4.426%, 4/25/35 (l) | 30059 | 29002 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11 A1A<br>6.490%, 5/25/35 (l) | 236 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11 A2A<br>6.480%, 10/25/35 (l) | 20309 | 20775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-12 2A1<br>4.646%, 8/25/35 (l)§ | 22420 | 21875 |
|  Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-6 A1<br>5.750%, 9/25/35 (l) | 1120 | 1141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-6 A2<br>6.190%, 9/25/35 (l) | 2519 | 2518 |
|  Credit Suisse First Boston Mortgage Securities Corp., | Credit Suisse First Boston Mortgage Securities Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-P1A A<br>4.868%, 3/25/32 (l)§ | 161 | 156 |
|  Deutsche Alt-B Securities Mortgage Loan Trust, | Deutsche Alt-B Securities Mortgage Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AB4 A1B1<br>3.946%, 10/25/36 (l) | 328 | 274 |
|  FHLMC, | FHLMC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2142 Z<br>6.500%, 4/15/29 | 453 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2411 FJ<br>4.448%, 12/15/29 (l) | 135 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3222 FN<br>4.498%, 9/15/36 (l) | 4545 | 4510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3241 FM<br>4.478%, 11/15/36 (l) | 2727 | 2704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3245 NF<br>4.578%, 11/15/36 (l) | 92533 | 91944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 330 F4<br>4.673%, 10/15/37 STRIPS (l) | 1085884 | 1072875 |

---

See Notes to Financial Statements.

1141

------

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 343 F4<br>4.673%, 10/15/37 STRIPS (l) | $325962 | $319458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3807 FM<br>4.598%, 2/15/41 (l) | 115914 | 115314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3850 FC<br>4.518%, 4/15/41 (l) | 99992 | 99212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3898 TF<br>4.598%, 7/15/39 (l) | 9008 | 8963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3927 FH<br>4.548%, 9/15/41 (l) | 117519 | 116582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 413 F25<br>5.024%, 5/25/54 (l) | 3332780 | 3343691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4283 JF<br>4.498%, 12/15/43 (l) | 946254 | 936304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4367 GF<br>4.673%, 3/15/37 (l) | 785173 | 775573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4615 AF<br>4.673%, 10/15/38 (l) | 267050 | 263515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4678 AF<br>4.723%, 12/15/42 (l) | 1243494 | 1228519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4774 BF<br>4.398%, 2/15/48 (l) | 1406463 | 1370265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4779 WF<br>4.673%, 7/15/44 (l) | 1180232 | 1157027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4875 F<br>4.548%, 4/15/49 (l) | 818398 | 803158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4906 WF<br>4.723%, 12/15/38 (l) | 607884 | 600144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4913 FC<br>4.743%, 6/15/44 (l) | 981876 | 970273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4948 E<br>2.500%, 10/25/48 | 336432 | 310951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5115 EM<br>1.000%, 9/15/44 | 4049450 | 3635653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5484 FA<br>5.074%, 12/25/54 (l) | 1519496 | 1524718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5493 FK<br>5.024%, 1/25/55 (l) | 2119946 | 2127067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5513 MF<br>4.814%, 11/25/54 (l) | 13625941 | 13679687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5517 VF<br>4.824%, 3/25/55 (l) | 4592376 | 4611378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5528 FA<br>4.744%, 4/25/55 (l) | 5269819 | 5284443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5548 AF<br>4.874%, 6/25/55 (l) | 3076274 | 3094854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5549 CF<br>4.874%, 10/25/52 (l) | 3598586 | 3620834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5549 FA<br>5.124%, 6/25/55 (l) | 4919265 | 4946031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5557 FM<br>4.974%, 7/25/55 (l) | 727585 | 730039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5560 FB<br>4.874%, 6/25/55 (l) | 708012 | 712288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5564 PF<br>5.074%, 8/25/55 (l) | 1570019 | 1577344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5565 FA<br>5.024%, 8/25/55 (l) | 1134481 | 1138971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5565 FB<br>4.824%, 8/25/55 (l) | 590737 | 592822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5580 FP<br>4.824%, 9/25/55 (l) | 494792 | 497489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5584 DF<br>4.774%, 10/25/55 (l) | 481040 | 482855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5593 FB<br>4.774%, 11/25/55 (l) | 784075 | 787296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5601 F<br>4.774%, 11/25/55 (l) | 888590 | 892155 |
|  FHLMC Structured Pass-Through Certificates, | FHLMC Structured Pass-Through Certificates, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T-57 1A1<br>6.500%, 7/25/43 | 1618 | 1689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T-62 1A1<br>5.229%, 10/25/44 (l) | 77288 | 71286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T-63 1A1<br>5.229%, 2/25/45 (l) | 100762 | 98232 |
|  First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AA1 A1<br>5.695%, 6/25/34 (l) | 10810 | 10790 |
|  First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR3 2A1<br>5.998%, 8/25/35 (l) | 16824 | 11099 |
|  FNMA, | FNMA, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-W8 3F2<br>4.339%, 5/25/42 (l) | 4934 | 4917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-38 F<br>4.289%, 5/25/35 (l) | 7330 | 7267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-118 A2<br>4.246%, 12/25/36 (l) | 32526 | 31951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5 3A2<br>6.309%, 5/25/35 (l) | 10655 | 10915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-109 GF<br>4.669%, 12/25/37 (l) | 244711 | 244902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-84 FN<br>4.489%, 8/25/37 (l) | 93443 | 92982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-74 AF<br>4.529%, 7/25/37 (l) | 73183 | 72945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-42 FA<br>4.723%, 7/25/44 (l) | 297397 | 292044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-86 PA<br>2.000%, 12/25/44 | 139252 | 124654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-64 KF<br>4.673%, 9/25/45 (l) | 868693 | 853910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-11 AF<br>4.823%, 3/25/46 (l) | 981358 | 976638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-84 DF<br>4.743%, 11/25/46 (l) | 272740 | 267515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-97 CF<br>4.743%, 12/25/56 (l) | 648887 | 636545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-108 AF<br>4.289%, 1/25/48 (l) | 631047 | 621927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-41 FD<br>4.489%, 8/25/59 (l) | 619459 | 612198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-53 FA<br>4.723%, 9/25/49 (l) | 1100444 | 1076148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-60 WF<br>4.723%, 10/25/59 (l) | 559590 | 554384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-9 FA<br>4.723%, 3/25/49 (l) | 197108 | 195551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-22 FA<br>4.389%, 4/25/50 (l) | 2687371 | 2623980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-103 FC<br>5.024%, 1/25/55 (l) | 3337387 | 3347944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-38 FA<br>5.009%, 1/25/51 (l) | 2747690 | 2751108 |

---

See Notes to Financial Statements.

1142

------

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-90 FB<br>5.124%, 11/25/53 (l) | $2389109 | $2400045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-95 KF<br>4.974%, 12/25/54 (l) | 1289732 | 1293430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-12 EF<br>4.784%, 3/25/55 (l) | 438298 | 439767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-12 FG<br>4.824%, 3/25/55 (l) | 634581 | 637462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-16 FM<br>4.824%, 1/25/55 (l) | 405470 | 407190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-18 FM<br>4.774%, 9/25/54 (l) | 6629056 | 6650177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4 FB<br>5.074%, 12/25/53 (l) | 748298 | 750883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-40 FP<br>4.874%, 10/25/54 (l) | 2277937 | 2291132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-54 FM<br>4.974%, 7/25/55 (l) | 456095 | 457643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6 FA<br>5.124%, 2/25/55 (l) | 723485 | 726761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-88 KF<br>4.924%, 9/25/55 (l) | 595717 | 597886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-95 F<br>4.774%, 12/25/53 (l) | 924363 | 925710 |
|  GCAT Trust, | GCAT Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM3 A1<br>1.091%, 5/25/66 (l)§ | 954690 | 842092 |
|  GNMA, | GNMA, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-H08 FC<br>4.684%, 4/20/62 (l) | 154326 | 154509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-H12 FA<br>4.664%, 4/20/62 (l) | 192093 | 191086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-H12 FB<br>5.164%, 2/20/62 (l) | 219743 | 221438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-H13 FT<br>4.110%, 5/20/63 (l) | 58601 | 58485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H04 FA<br>4.764%, 12/20/64 (l) | 368273 | 368838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H32 FA<br>4.864%, 12/20/65 (l) | 869097 | 871708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H14 FA<br>4.914%, 6/20/66 (l) | 455748 | 457374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H17 FK<br>4.964%, 7/20/66 (l) | 141847 | 142479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H20 PT<br>7.132%, 9/20/66 (l) | 722117 | 741587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H07 FG<br>4.574%, 2/20/67 (l) | 989981 | 989627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H08 FM<br>5.174%, 3/20/67 (l) | 2963396 | 2979796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H18 FC<br>4.464%, 8/20/65 (l) | 223191 | 222726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-54 KF<br>4.407%, 5/20/44 (l) | 944307 | 927965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-90 F<br>4.298%, 7/20/49 (l) | 1085051 | 1062864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-17 EU<br>2.500%, 10/20/49 | 184157 | 165454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-63 PF<br>4.248%, 4/20/50 (l) | 3950916 | 3850573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-122 FA<br>3.000%, 7/20/51 (l) | 9449055 | 8287141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H09 FG<br>5.418%, 6/20/71 (l) | 1235619 | 1265797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H26 DF<br>4.218%, 9/20/73 (l) | 2462781 | 2450729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-13 FA<br>4.868%, 1/20/54 (l) | 120296 | 120809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-100 FA<br>5.068%, 6/20/55 (l) | 473890 | 475873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-118 FA<br>5.068%, 7/20/55 (l) | 488554 | 490771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-89 PF<br>4.868%, 5/20/55 (l) | 487720 | 490569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-98 GF<br>4.818%, 6/20/55 (l) | 2545717 | 2556645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H18 FL<br>4.618%, 8/20/75 (l) | 2966539 | 2992067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H20 FA<br>4.688%, 9/20/75 (l) | 300913 | 301446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H22 F<br>4.698%, 10/20/75 (l) | 299261 | 300229 |
|  GreenPoint Mortgage Funding Trust, | GreenPoint Mortgage Funding Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5 1A1<br>4.386%, 11/25/45 (l) | 5534 | 5328 |
|  GS Mortgage-Backed Securities Corp. Trust, | GS Mortgage-Backed Securities Corp. Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL1 A1<br>1.750%, 12/25/60 (l)§ | 3060512 | 2875771 |
|  GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR2 A9<br>4.724%, 2/25/52 (l)§ | 1783392 | 1653191 |
|  GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR6 2A1<br>4.951%, 9/25/35 (l) | 4696 | 4497 |
|  HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2 2A1A<br>4.286%, 5/19/35 (l) | 3679 | 3585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1 2A1A<br>4.326%, 3/19/36 (l) | 31115 | 29144 |
|  IndyMac INDX Mortgage Loan Trust, | IndyMac INDX Mortgage Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR11 2A<br>4.373%, 12/25/34 (l) | 16151 | 15263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR14 1A1A<br>0.346%, 11/25/46 (l)(r) | 1803 |  |
|  JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12 A11<br>4.922%, 2/25/52 (l)§ | 688495 | 638277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-9 A11<br>5.224%, 2/25/55 (l)§ | 1098207 | 1100215 |
|  MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-13 3A7<br>5.633%, 11/21/34 (l) | 5095 | 5059 |
|  MASTR Alternative Loan Trust, | MASTR Alternative Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-5 6A1<br>6.000%, 8/25/33 | 99943 | 101635 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Certificates, | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2001-TBC1 A1<br>4.565%, 11/15/31 (l) | 1918 | 1865 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-3 5A<br>4.346%, 11/25/35 (l) | 6827 | 6580 |
|  MFA Trust, | MFA Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NQM2 A1<br>1.381%, 4/25/65 (l)§ | 279363 | 274139 |

---

See Notes to Financial Statements.

1143

------

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  MRFC Mortgage Pass-Through Trust, | MRFC Mortgage Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2000-TBC3 A1<br>4.305%, 12/15/30 (l) | 611 | $| 599 |
|  New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQ2R A1<br>0.941%, 10/25/58 (l)§ | 571462 |  | 549255 |
|  OBX Trust, | OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM5 A1<br>5.988%, 1/25/64(e)§ | 785508 |  | 792241 |
|  RALI Trust, | RALI Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-QO1 A1<br>4.146%, 8/25/35 (l) | 6726 |  | 4631 |
|  Reperforming Loan REMIC Trust, | Reperforming Loan REMIC Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-R2 1AF1<br>4.186%, 6/25/35 (l)§ | 4004 |  | 3891 |
|  Sequoia Mortgage Trust, | Sequoia Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 10 2A1<br>4.608%, 10/20/27 (l) | 14 |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-4 2A1<br>4.548%, 7/20/33 (l) | 128764 |  | 129301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2 A2<br>4.978%, 3/20/35 (l) | 64020 |  | 60112 |
|  Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3 A1<br>1.486%, 4/25/65 (l)§ | 135862 |  | 133082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 A1<br>0.943%, 5/25/65 (l)§ | 1288251 |  | 1224977 |
|  Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-1 4A2<br>6.298%, 2/25/34 (l) | 5114 |  | 4942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-19 2A1<br>5.429%, 1/25/35 (l) | 6061 |  | 5629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-17 3A1<br>4.473%, 8/25/35 (l) | 16836 |  | 14538 |
|  Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR5 1A1<br>4.506%, 10/19/34 (l) | 5041 |  | 4883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5 A1<br>4.346%, 7/19/35 (l) | 15352 |  | 14929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5 A2<br>4.346%, 7/19/35 (l) | 6469 |  | 6458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR4 2A1<br>4.226%, 6/25/36 (l) | 2295 |  | 2287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR5 1A1<br>4.266%, 5/25/36 (l) | 250840 |  | 177568 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3 A1<br>3.750%, 5/25/58 (l)§ | 532503 |  | 524718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY2 A1<br>4.846%, 5/25/58 (l)§ | 269702 |  | 274619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY3 A1A<br>4.846%, 10/25/59 (l)§ | 270530 |  | 270728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A1<br>2.710%, 1/25/60 (l)§ | 1137253 |  | 1099410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ2 A1A<br>2.250%, 12/25/61 (l)§ | 261000 |  | 254814 |
|  Verus Securitization Trust, | Verus Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1 A1<br>5.850%, 12/25/67(e)§ | 245908 |  | 245137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5 A1<br>6.476%, 6/25/68(e)§ | 448283 |  | 449868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A1<br>5.712%, 1/25/69(e)§ | 902086 |  | 906475 |
|  WaMu Mortgage Pass-Through Certificates Trust, | WaMu Mortgage Pass-Through Certificates Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-AR17 1A<br>5.229%, 11/25/42 (l) | 697 |  | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-AR2 A<br>4.171%, 2/27/34 (l) | 314 |  | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-AR1 A5<br>5.778%, 3/25/33 (l) | 64110 |  | 63538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR1 A<br>6.166%, 3/25/34 (l) | 89210 |  | 90589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR13 A1A1<br>4.426%, 10/25/45 (l) | 14028 |  | 13638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR15 A1A1<br>4.366%, 11/25/45 (l) | 6276 |  | 5933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR15 2A<br>5.529%, 11/25/46 (l) | 8576 |  | 7745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR3 A1A<br>5.029%, 2/25/46 (l) | 10488 |  | 9709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR7 3A<br>5.077%, 7/25/46 (l) | 39683 |  | 36771 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** |  |  | 146987083 |
|  **Commercial Mortgage-Backed Securities (0.6%)** | **Commercial Mortgage-Backed Securities (0.6%)** | **Commercial Mortgage-Backed Securities (0.6%)** | **Commercial Mortgage-Backed Securities (0.6%)** |
|  Beast Mortgage Trust, | Beast Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1818 A<br>4.915%, 3/15/36 (l)§ | 1100000 |  | 934341 |
|  BWAY Mortgage Trust, | BWAY Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1450 A<br>5.115%, 9/15/36 (l)§ | 2500000 |  | 2454621 |
|  CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C8 ASB<br>3.367%, 6/15/50 | 465767 |  | 464077 |
|  JP Morgan Chase Commercial Mortgage Securities Trust, | JP Morgan Chase Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FL12 A<br>5.248%, 12/15/31 (l)§ | 275649 |  | 272123 |
|  Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C33 ASB<br>3.401%, 5/15/50 | 745016 |  | 742421 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Securities** |  |  | 4867583 |
|  **Corporate Bonds (45.6%)** | **Corporate Bonds (45.6%)** |  |  |
|  **Communication Services (0.5%)** | **Communication Services (0.5%)** |  |  |
|  ***Media (0.5%)*** | ***Media (0.5%)*** |  |  |
|  Cox Communications, Inc. | Cox Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 9/15/26 § | 3800000 |  | 3779910 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  |  | 3779910 |
|  **Consumer Discretionary (4.9%)** | **Consumer Discretionary (4.9%)** |  |  |
|  ***Automobiles (3.2%)*** | ***Automobiles (3.2%)*** |  |  |
|  BMW US Capital LLC | BMW US Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.78%),<br>4.555%, 3/19/27 (k)§ | 4403000 |  | 4420273 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.92%),<br>4.683%, 3/21/28 (k)§ | 800000 |  | 803707 |
|  Hyundai Capital America | Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 6/15/26 § | 1000000 |  | 988380 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.50%),<br>5.305%, 1/8/27 (k)(m) | 2000000 |  | 2015634 |

---

See Notes to Financial Statements.

1144

------

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.99%),<br>4.752%, 3/25/27 (k)§ | $| 2800000 | $| 2805908 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.04%),<br>4.813%, 6/24/27 (k)§ |  | 1000000 |  | 1001492 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.67%),<br>4.364%, 1/9/26 (k)§ |  | 5100000 |  | 5100000 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/9/26§ |  | 1100000 |  | 1090881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 9/16/26§ |  | 4000000 |  | 3897120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 9/16/26(m) |  | 1000000 |  | 974280 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.06%),<br>4.849%, 8/14/26 (k)§ |  | 1392000 |  | 1396257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 9/12/26§ |  | 1000000 |  | 1010364 |
|  |  |  |  | 25504296 |
|  ***Diversified Consumer Services (0.3%)*** | ***Diversified Consumer Services (0.3%)*** | ***Diversified Consumer Services (0.3%)*** |  |  |
|  Cornell University | Cornell University | Cornell University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>4.169%, 6/15/30 |  | 2200000 |  | 2208706 |
|  ***Hotels, Restaurants & Leisure (1.4%)*** | ***Hotels, Restaurants & Leisure (1.4%)*** | ***Hotels, Restaurants & Leisure (1.4%)*** |  |  |
|  Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/15/26 |  | 2401000 |  | 2402732 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 8/18/26 |  | 1400000 |  | 1391932 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 8/31/26 § |  | 300000 |  | 300618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/1/28 § |  | 7300000 |  | 7430015 |
|  |  |  |  | 11525297 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  |  | 39238299 |
|  **Consumer Staples (1.8%)** | **Consumer Staples (1.8%)** | **Consumer Staples (1.8%)** |  |  |
|  ***Beverages (0.8%)*** | ***Beverages (0.8%)*** | ***Beverages (0.8%)*** |  |  |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 12/6/26 |  | 2700000 |  | 2693727 |
|  Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 9/15/26 |  | 700000 |  | 692322 |
|  Molson Coors Beverage Co. | Molson Coors Beverage Co. | Molson Coors Beverage Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/15/26 |  | 3000000 |  | 2983195 |
|  |  |  |  | 6369244 |
|  ***Food Products (1.0%)*** | ***Food Products (1.0%)*** | ***Food Products (1.0%)*** |  |  |
|  Campbell's Co. (The) | Campbell's Co. (The) | Campbell's Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 3/20/26 |  | 5200000 |  | 5210454 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/26 |  | 3100000 |  | 3086393 |
|  |  |  |  | 8296847 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  |  | 14666091 |
|  **Energy (1.5%)** | **Energy (1.5%)** | **Energy (1.5%)** |  |  |
|  ***Oil, Gas & Consumable Fuels (1.5%)*** | ***Oil, Gas & Consumable Fuels (1.5%)*** | ***Oil, Gas & Consumable Fuels (1.5%)*** |  |  |
|  Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 12/1/26 |  | 2000000 |  | 1984767 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 1/15/26 |  | 725000 |  | 725097 |
|  MPLX LP | MPLX LP | MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 3/1/26 |  | 3000000 |  | 2987988 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/24/27 |  | 1200000 |  | 1204158 |
|  Plains All American Pipeline LP | Plains All American Pipeline LP | Plains All American Pipeline LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/15/26 |  | 1950000 |  | 1955889 |
|  Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 6/30/26 |  | 441000 |  | 441522 |
|  Spectra Energy Partners LP | Spectra Energy Partners LP | Spectra Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 10/15/26 |  | 1400000 |  | 1392970 |
|  Williams Cos., Inc. (The) | Williams Cos., Inc. (The) | Williams Cos., Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 3/2/26 |  | 1500000 |  | 1503303 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  |  | 12195694 |
|  **Financials (20.7%)** | **Financials (20.7%)** | **Financials (20.7%)** | **Financials (20.7%)** | **Financials (20.7%)** |
|  ***Banks (7.7%)*** | ***Banks (7.7%)*** | ***Banks (7.7%)*** | ***Banks (7.7%)*** | ***Banks (7.7%)*** |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.542%, 6/16/27 (k)(m) |  | 200000 |  | 197550 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.78%),<br>5.555%, 9/18/27 (k)§ |  | 1000000 |  | 1008405 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.00%),<br>4.781%, 12/3/28 (k)§ |  | 500000 |  | 500761 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%),<br>5.080%, 1/20/27 (k) |  | 645000 |  | 645256 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.97%),<br>4.870%, 7/22/27 (k) |  | 1100000 |  | 1102959 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.35%),<br>5.226%, 9/15/27 (k) |  | 2100000 |  | 2112553 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.88%),<br>4.658%, 9/10/27 (k) |  | 1400000 |  | 1403563 |
|  Bank of Nova Scotia (The) | Bank of Nova Scotia (The) | Bank of Nova Scotia (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.55%),<br>4.317%, 3/2/26 (k) |  | 300000 |  | 300143 |
|  Barclays plc | Barclays plc | Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 1/12/26 |  | 1700000 |  | 1700117 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.21%),<br>5.829%, 5/9/27 (k) |  | 2700000 |  | 2714743 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.49%),<br>5.267%, 3/12/28 (k) |  | 1400000 |  | 1413394 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.00%),<br>1.323%, 1/13/27 (k)§ |  | 1000000 |  | 999038 |
|  BPCE SA | BPCE SA | BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.203%, 1/18/27§ |  | 425000 |  | 430117 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.10%),<br>5.975%, 1/18/27 (k)§ |  | 800000 |  | 800395 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.72%),<br>4.513%, 1/13/28 (k) |  | 400000 |  | 400148 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.80%),<br>4.569%, 9/8/28 (k) |  | 3000000 |  | 3002298 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%),<br>1.122%, 1/28/27 (k) |  | 1000000 |  | 997707 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.62%),<br>4.393%, 8/28/26 (k) |  | 7000000 |  | 7012991 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%),<br>5.086%, 7/5/26 (k)§ |  | 400000 |  | 401954 |

---

See Notes to Financial Statements.

1145

------

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.89%),<br>1.247%, 1/26/27 (k)§ | $| 500000 | $| 498971 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.87%),<br>4.648%, 3/11/27 (k)§ |  | 905000 |  | 908577 |
|  HSBC Holdings plc | HSBC Holdings plc | HSBC Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.57%),<br>5.249%, 8/14/27 (k) |  | 900000 |  | 905454 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.57%),<br>5.887%, 8/14/27 (k) |  | 1300000 |  | 1313522 |
|  HSBC USA, Inc. | HSBC USA, Inc. | HSBC USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.96%),<br>4.741%, 3/4/27 (k) |  | 1000000 |  | 1005275 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 0.70%), 1.040%, 2/4/27 (k) |  | 500000 |  | 498611 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%),<br>4.529%, 9/22/27 (k) |  | 2400000 |  | 2402671 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.20%),<br>4.999%, 1/23/28 (k) |  | 5000000 |  | 5022521 |
|  Lloyds Banking Group plc | Lloyds Banking Group plc | Lloyds Banking Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.06%),<br>4.734%, 11/26/28 (k) |  | 1600000 |  | 1604552 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.69%),<br>4.477%, 10/15/27 (k) |  | 5000000 |  | 5009136 |
|  Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%),<br>4.677%, 7/6/28 (k) |  | 1000000 |  | 1001625 |
|  NatWest Markets plc | NatWest Markets plc | NatWest Markets plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.76%),<br>4.521%, 9/29/26 (k)(m) |  | 500000 |  | 501050 |
|  PNC Bank NA | PNC Bank NA | PNC Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.73%),<br>4.520%, 7/21/28 (k) |  | 4100000 |  | 4101631 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.72%),<br>4.510%, 10/18/27 (k) |  | 700000 |  | 700707 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.86%),<br>4.650%, 10/18/28 (k) |  | 300000 |  | 301165 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.23%),<br>6.124%, 5/31/27 (k) |  | 1000000 |  | 1007264 |
|  Standard Chartered plc | Standard Chartered plc | Standard Chartered plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 4/12/26 (m) |  | 1500000 |  | 1498821 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.43%),<br>5.122%, 1/13/26 (k) |  | 3805000 |  | 3806653 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.78%),<br>4.578%, 1/24/28 (k) |  | 2000000 |  | 2001683 |
|  |  |  |  | 61233981 |
|  ***Capital Markets (1.3%)*** | ***Capital Markets (1.3%)*** | ***Capital Markets (1.3%)*** |  |  |
|  Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.68%),<br>4.449%, 6/9/28 (k) |  | 1272000 |  | 1273739 |
|  Deutsche Bank AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 1/13/26 |  | 500000 |  | 499984 |
|  Goldman Sachs Group, Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.80%),<br>1.431%, 3/9/27 (k) |  | 1000000 |  | 994890 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.81%),<br>4.579%, 3/9/27 (k) |  | 300000 |  | 300202 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3<br>Month + 2.01%), 5.871%, 10/28/27 (k) |  | 1000000 |  | 1011059 |
|  Morgan Stanley |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.30%),<br>5.050%, 1/28/27 (k) |  | 1600000 |  | 1601238 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.88%),<br>1.593%, 5/4/27 (k) |  | 400000 |  | 396527 |
|  Nomura Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.709%, 1/9/26 |  | 1700000 |  | 1700510 |
|  UBS Group AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 1.364%, 1/30/27 (k)§ |  | 1000000 |  | 997800 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.98%), 1.305%, 2/2/27 (k)§ |  | 1700000 |  | 1695703 |
|  |  |  |  | 10471652 |
|  ***Consumer Finance (3.4%)*** | ***Consumer Finance (3.4%)*** | ***Consumer Finance (3.4%)*** | ***Consumer Finance (3.4%)*** | ***Consumer Finance (3.4%)*** |
|  AerCap Ireland Capital DAC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 10/29/26 |  | 5300000 |  | 5231109 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Honda Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.73%),<br>4.499%, 3/8/27 (k) |  | 1900000 |  | 1904721 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.87%),<br>4.675%, 7/9/27 (k) |  | 4100000 |  | 4119248 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.73%),<br>4.509%, 8/13/27 (k) |  | 2000000 |  | 2003689 |
|  Avolon Holdings Funding Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/21/26§ |  | 601000 |  | 598272 |
|  Ford Motor Credit Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.389%, 1/8/26 |  | 725000 |  | 723695 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.95%),<br>6.719%, 3/6/26 (k) |  | 500000 |  | 501310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 3/6/26 |  | 300000 |  | 300321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.542%, 8/1/26 |  | 760000 |  | 758009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 11/5/26 |  | 4900000 |  | 4895533 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.45%),<br>5.243%, 11/5/26 (k) |  | 200000 |  | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 3/5/27 |  | 1000000 |  | 1011690 |
|  General Motors Financial Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 4/6/26 |  | 506000 |  | 507703 |
|  Toyota Motor Credit Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%),<br>4.562%, 8/7/26 (k) |  | 4765000 |  | 4780242 |
|  |  |  |  | 27535542 |
|  ***Financial Services (1.0%)*** | ***Financial Services (1.0%)*** | ***Financial Services (1.0%)*** | ***Financial Services (1.0%)*** | ***Financial Services (1.0%)*** |
|  Citigroup Global Markets Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.48%),<br>4.350%, 1/20/26 (k) |  | 7000000 |  | 7001400 |
|  Global Payments, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 1/15/27 |  | 1000000 |  | 979962 |
|  |  |  |  | 7981362 |

---

See Notes to Financial Statements.

1146

------

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Insurance (7.3%)*** | ***Insurance (7.3%)*** | ***Insurance (7.3%)*** |
|  Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.75%),<br>4.552%, 7/16/26 (k)§ | $2800000 | $2803886 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.83%),<br>4.626%, 1/7/27 (k)§ | 2000000 | 2003050 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.21%),<br>4.972%, 3/25/27 (k)§ | 6000000 | 6036535 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.00%),<br>4.775%, 9/18/28 (k)§ | 800000 | 802589 |
|  F&G Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 6/30/26 § | 120000 | 118533 |
|  GA Global Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 1/15/26 § | 2900000 | 2896972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1/6/27 § | 3000000 | 2944263 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 4/10/26 § | 1400000 | 1405321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 1/13/27 § | 3000000 | 3020770 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.95%),<br>4.727%, 9/12/28 (k)§ | 1200000 | 1200732 |
|  New York Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.55%),<br>4.328%, 6/11/27 (k)§ | 11000000 | 11021860 |
|  Pacific Life Global Funding II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.62%),<br>4.401%, 6/4/26 (k)§ | 13000000 | 13017550 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.48%),<br>4.263%, 2/4/27 (k)§ | 5000000 | 5005380 |
|  Reliance Standard Life Global Funding II | Reliance Standard Life Global Funding II |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.512%, 9/28/26§ | 5490000 | 5375264 |
|  RGA Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/30/26 § | 500000 | 490499 |
|  |  | 58143204 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 165365741 |
|  **Health Care (0.5%)** | **Health Care (0.5%)** |  |
|  ***Health Care Providers & Services (0.4%)*** | ***Health Care Providers & Services (0.4%)*** | ***Health Care Providers & Services (0.4%)*** |
|  Cigna Group (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 3/15/26 | 500000 | 497505 |
|  HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/15/26 | 500000 | 500091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/15/27 | 1606000 | 1609384 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.87%),<br>4.642%, 3/1/28 (k) | 800000 | 802840 |
|  |  | 3409820 |
|  ***Pharmaceuticals (0.1%)*** | ***Pharmaceuticals (0.1%)*** | ***Pharmaceuticals (0.1%)*** |
|  Shire Acquisitions Investments Ireland DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 9/23/26 | 900000 | 894457 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 4304277 |
|  **Industrials (4.3%)** | **Industrials (4.3%)** |  |
|  ***Aerospace & Defense (1.1%)*** | ***Aerospace & Defense (1.1%)*** | ***Aerospace & Defense (1.1%)*** |
|  Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.196%, 2/4/26 | 7940000 | 7925046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/15/26 | 500000 | 495665 |
|  General Electric Co. | General Electric Co. | General Electric Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 0.64%), 4.542%, 5/5/26 (k) | 516000 | 516612 |
|  |  | 8937323 |
|  ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** |
|  Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 5/24/26 § | 1900000 | 1908612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 11/15/26 § | 700000 | 695235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 4/1/27 § | 300000 | 299966 |
|  |  | 2903813 |
|  ***Machinery (1.1%)*** | ***Machinery (1.1%)*** | ***Machinery (1.1%)*** |
|  CNH Industrial Capital LLC | CNH Industrial Capital LLC | CNH Industrial Capital LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 7/15/26 | 8100000 | 7976593 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 11/15/26 | 940000 | 934762 |
|  |  | 8911355 |
|  ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** |
|  Southwest Airlines Co. | Southwest Airlines Co. | Southwest Airlines Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/15/26 | 1000000 | 990977 |
|  ***Professional Services (0.0%)†*** | ***Professional Services (0.0%)†*** | ***Professional Services (0.0%)†*** |
|  TR Finance LLC | TR Finance LLC | TR Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 5/15/26 | 100000 | 99687 |
|  ***Trading Companies & Distributors (1.6%)*** | ***Trading Companies & Distributors (1.6%)*** | ***Trading Companies & Distributors (1.6%)*** |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 6/25/26 | 5216000 | 5243084 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/15/26 | 3000000 | 3000639 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 9/20/26§ | 4125000 | 4057338 |
|  GATX Corp. | GATX Corp. | GATX Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 9/15/26 | 200000 | 199024 |
|  |  | 12500085 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 34343240 |
|  **Information Technology (2.7%)** | **Information Technology (2.7%)** |  |
|  ***Electronic Equipment, Instruments & Components (0.9%)*** | ***Electronic Equipment, Instruments & Components (0.9%)*** | ***Electronic Equipment, Instruments & Components (0.9%)*** |
|  Amphenol Corp. | Amphenol Corp. | Amphenol Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.53%),<br>4.311%, 11/15/27 (k) | 1300000 | 1302773 |
|  Flex Ltd. | Flex Ltd. | Flex Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 2/1/26 | 5600000 | 5587792 |
|  |  | 6890565 |
|  ***IT Services (0.4%)*** | ***IT Services (0.4%)*** | ***IT Services (0.4%)*** |
|  CGI, Inc. | CGI, Inc. | CGI, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 9/14/26 | 2800000 | 2750485 |
|  Kyndryl Holdings, Inc. | Kyndryl Holdings, Inc. | Kyndryl Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 10/15/26 | 654000 | 643295 |
|  |  | 3393780 |
|  ***Semiconductors & Semiconductor Equipment (0.3%)*** | ***Semiconductors & Semiconductor Equipment (0.3%)*** | ***Semiconductors & Semiconductor Equipment (0.3%)*** |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 4/15/26 | 576000 | 572168 |
|  NXP BV | NXP BV | NXP BV |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 3/1/26 | 600000 | 599832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/18/26 | 1200000 | 1198560 |
|  |  | 2370560 |

---

See Notes to Financial Statements.

1147

------

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Software (0.9%)*** | ***Software (0.9%)*** | ***Software (0.9%)*** |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 7/15/26 | $5000000 | $4959680 |
|  VMware LLC | VMware LLC | VMware LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 8/15/26 | 2500000 | 2459615 |
|  |  | 7419295 |
|  ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** |
|  Dell International LLC | Dell International LLC | Dell International LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 10/1/26 | 1100000 | 1104832 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | 21179032 |
|  **Materials (1.3%)** | **Materials (1.3%)** |  |
|  ***Containers & Packaging (1.0%)*** | ***Containers & Packaging (1.0%)*** | ***Containers & Packaging (1.0%)*** |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.570%, 1/15/26 | 2900000 | 2896955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 7/15/26 § | 5109000 | 5104092 |
|  |  | 8001047 |
|  ***Metals & Mining (0.3%)*** | ***Metals & Mining (0.3%)*** | ***Metals & Mining (0.3%)*** |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.75%), 4.558%, 10/1/26 (k)§ | 2400000 | 2400190 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 10401237 |
|  **Real Estate (2.5%)** | **Real Estate (2.5%)** |  |
|  ***Specialized REITs (2.5%)*** | ***Specialized REITs (2.5%)*** | ***Specialized REITs (2.5%)*** |
|  American Tower Corp. (REIT) | American Tower Corp. (REIT) | American Tower Corp. (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 2/15/26 | 1000000 | 999969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%, 4/15/26 | 3434000 | 3410095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 9/15/26 | 3800000 | 3733566 |
|  Crown Castle, Inc. (REIT) | Crown Castle, Inc. (REIT) | Crown Castle, Inc. (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.050%, 7/15/26 | 8300000 | 8167724 |
|  CubeSmart LP (REIT) | CubeSmart LP (REIT) | CubeSmart LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 9/1/26 | 1100000 | 1092475 |
|  Weyerhaeuser Co. (REIT) | Weyerhaeuser Co. (REIT) | Weyerhaeuser Co. (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/15/26 | 1030000 | 1033154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.350%, 7/1/26 | 1232000 | 1250015 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 19686998 |
|  **Utilities (4.9%)** | **Utilities (4.9%)** |  |
|  ***Electric Utilities (3.5%)*** | ***Electric Utilities (3.5%)*** | ***Electric Utilities (3.5%)*** |
|  Emera US Finance LP | Emera US Finance LP | Emera US Finance LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 6/15/26 | 300000 | 299243 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/15/26 | 693000 | 694565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U<br>1.400%, 8/15/26 | 4400000 | 4325514 |
|  FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/30/26 § | 3200000 | 3206598 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.76%), 4.556%, 1/29/26 (k) | 5000000 | 5002202 |
|  Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 1/1/26 | 4000000 | 3999989 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 6/1/26 | 1300000 | 1302818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 9/6/26 | 1200000 | 1202759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20C<br>1.200%, 2/1/26 | 2600000 | 2593348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D<br>4.700%, 6/1/27 | 2800000 | 2820991 |
|  Virginia Electric and Power Co. | Virginia Electric and Power Co. | Virginia Electric and Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 1/15/26 | 2696000 | 2694742 |
|  |  | 28142769 |
|  ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** |
|  Brooklyn Union Gas Co. (The) | Brooklyn Union Gas Co. (The) | Brooklyn Union Gas Co. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.407%, 3/10/26 § | 600000 | 599061 |
|  ***Multi-Utilities (1.3%)*** | ***Multi-Utilities (1.3%)*** | ***Multi-Utilities (1.3%)*** |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 1/15/26 | 2500000 | 2499476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 1/15/27 | 150000 | 148590 |
|  CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 6/1/26 | 8000000 | 7913299 |
|  |  | 10561365 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 39303195 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  | 364463714 |
|  **Foreign Government Securities (0.9%)** | **Foreign Government Securities (0.9%)** |  |
|  Kommunalbanken A/S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.40%), 4.071%, 3/3/28 (k)§ | 7350000 | 7361617 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** |  | 7361617 |
|  **Mortgage-Backed Securities (0.2%)** | **Mortgage-Backed Securities (0.2%)** |  |
|  FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.329%, 1/1/34 (l) | 1275 | 1301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.301%, 11/1/35 (l) | 3695 | 3824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.395%, 7/1/36 (l) | 81418 | 83302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.195%, 9/1/36 (l) | 26143 | 26759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.181%, 10/1/36 (l) | 28248 | 29018 |
|  FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.346%, 11/1/34 (l) | 29523 | 30254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 1/1/35 (l) | 1153 | 1179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.943%, 7/1/35 (l) | 1554 | 1580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.478%, 12/1/35 (l) | 12134 | 12521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.824%, 3/1/36 (l) | 13897 | 14396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.277%, 3/1/44 (l) | 38425 | 38227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.277%, 7/1/44 (l) | 330 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.277%, 10/1/44 (l) | 2717 | 2703 |
|  FNMA UMBS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/26 | 1345920 | 1337961 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** |  | 1583353 |
|  **Municipal Bonds (0.2%)** | **Municipal Bonds (0.2%)** |  |
|  University of Tulane, Series 2007C, NATL-RE | University of Tulane, Series 2007C, NATL-RE | University of Tulane, Series 2007C, NATL-RE |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 0.30%), 4.413%, 2/15/36 (k) | 1880000 | 1754332 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds** | 1754332 |
|  **U.S. Government Agency Securities (5.9%)** | **U.S. Government Agency Securities (5.9%)** |  |
|  FHLB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 3/23/26 | 17550000 | 17445033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.020%, 2/24/27 | 30000000 | 29162769 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** |  | 46607802 |

---

See Notes to Financial Statements.

1148

------

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **U.S. Treasury Obligations (0.4%)** | **U.S. Treasury Obligations (0.4%)** |  |
|  U.S. Treasury Inflation Linked Notes | U.S. Treasury Inflation Linked Notes | U.S. Treasury Inflation Linked Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 4/15/29 TIPS | $3168597 | $3237771 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | 3237771 |
|  **Total Long-Term Debt Securities (95.7%)**<br> *(Cost $771,020,709)* | **Total Long-Term Debt Securities (95.7%)**<br> *(Cost $771,020,709)* | 764316519 |
|  SHORT-TERM INVESTMENTS: |  |  |
|  **Commercial Paper (2.0%)** | **Commercial Paper (2.0%)** |  |
|  Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07%, 1/15/26 (n)(p)§ | 2600000 | 2595597 |
|  AMETEK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 1/12/26 (n)(p)§ | 1600000 | 1597957 |
|  HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 1/7/26 (n)(p)§ | 1200000 | 1199069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01%, 1/13/26 (n)(p)§ | 700000 | 698987 |
|  Jabil, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 1/14/26 (n)(p)§ | 8000000 | 7986357 |
|  Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 1/5/26 (n)(p)§ | 800000 | 799553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04%, 1/6/26 (n)(p)§ | 1000000 | 999328 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Paper** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Paper** | 15876848 |
|  **U.S. Government Agency Securities (0.9%)** | **U.S. Government Agency Securities (0.9%)** |  |
|  FHLB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 2/25/26 (o)(p) | 1700000 | 1690934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 3/20/26 (o)(p) | 2900000 | 2877943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 6/24/26 (o)(p) | 3000000 | 2949542 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** |  | 7518419 |
|  **Total Short-Term Investments (2.9%)**<br> *(Cost $23,396,378)* | **Total Short-Term Investments (2.9%)**<br> *(Cost $23,396,378)* | 23395267 |
|  **Total Investments in Securities (98.6%)**<br> *(Cost $794,417,087)* | **Total Investments in Securities (98.6%)**<br> *(Cost $794,417,087)* | 787711786 |
|  **Other Assets Less Liabilities (1.4%)** | **Other Assets Less Liabilities (1.4%)** | 11084421 |
|  **Net Assets (100%)** |  | $798796207 |

---

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2025, the market value of these securities amounted to $295,682,194 or 37.0% of net assets.*  |

---

*(e)* *Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of December 31, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(h)* *Defaulted security. A security is classified as defaulted if the issuer files for bankruptcy or fails to make a scheduled interest or principal payment within the grace period set forth in the security's governing documents.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of December 31, 2025.* 

*(l)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of December 31, 2025.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $5,187,335 or 0.6% of net assets.* 

*(n)* *Section 4(2) Commercial Paper. Private placement for non-current transactions. Notes are usually sold to accredited investors without the intent to freely re-sell their holding.* 

*(o)* *Discount Note Security. Effective rate calculated as of December 31, 2025.* 

*(p)* *Yield to maturity.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

---

| | | |
|:---|:---|:---|
| *Glossary:* | *Glossary:* | *Glossary:* |
| *ARM* | *—* | *Adjustable Rate Mortgage* |
| *CME* | *—* | *Chicago Mercantile Exchange* |
| *CLO* | *—* | *Collateralized Loan Obligation* |
| *FHLB* | *—* | *Federal Home Loan Bank* |
| *FHLMC* | *—* | *Federal Home Loan Mortgage Corp.* |
| *FNMA* | *—* | *Federal National Mortgage Association* |
| *GNMA* | *—* | *Government National Mortgage Association* |
| *NATL-RE* | *—* | *Insured by National Public Finance Guarantee Corp.* |
| *REIT* | *—* | *Real Estate Investment Trust* |
| *REMIC* | *—* | *Real Estate Mortgage Investment Conduit* |
| *SOFR* | *—* | *Secured Overnight Financing Rate* |
| *STRIPS* | *—* | *Separate Trading of Registered Interest and Principal Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.* |
| *TIPS* | *—* | *Treasury Inflation Protected Security* |
| *UMBS* | *—* | *Uniform Mortgage-Backed Securities* |
| *USD* | *—* | *United States Dollar* |

---

See Notes to Financial Statements.

1149

------

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number<br>of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount**<br>**($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  U.S. Treasury 5 Year Note | 986 | 3/2026 | USD | 107774423 | (205260) |
|  3 Month SOFR | 270 | 3/2028 | USD | 65302875 | (64077) |
|  |  |  |  |  | (269337) |
|  **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
|  U.S. Treasury 2 Year Note | (1465) | 3/2026 | USD | (305875976) | (125990) |
|  U.S. Treasury 10 Year Note | (2) | 3/2026 | USD | (224875) | 388 |
|  U.S. Treasury 10 Year Ultra Note | (158) | 3/2026 | USD | (18172469) | 12471 |
|  U.S. Treasury Ultra Bond | (99) | 3/2026 | USD | (11682000) | 115179 |
|  |  |  |  |  | 2048 |
|  |  |  |  |  | (267289) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Asset-Backed Securities** | $— | $187453264 | $— | $187453264 |
|  **Collateralized Mortgage Obligations** |  | 146987083 | — (a) | 146987083 |
|  **Commercial Mortgage-Backed Securities** |  | 4867583 |  | 4867583 |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services |  | 3779910 |  | 3779910 |
|  Consumer Discretionary |  | 39238299 |  | 39238299 |
|  Consumer Staples |  | 14666091 |  | 14666091 |
|  Energy |  | 12195694 |  | 12195694 |
|  Financials |  | 165365741 |  | 165365741 |
|  Health Care |  | 4304277 |  | 4304277 |
|  Industrials |  | 34343240 |  | 34343240 |
|  Information Technology |  | 21179032 |  | 21179032 |
|  Materials |  | 10401237 |  | 10401237 |
|  Real Estate |  | 19686998 |  | 19686998 |
|  Utilities |  | 39303195 |  | 39303195 |
|  **Foreign Government Securities** |  | 7361617 |  | 7361617 |
|  **Futures** | 128038 |  |  | 128038 |
|  **Mortgage-Backed Securities** |  | 1583353 |  | 1583353 |
|  **Municipal Bonds** |  | 1754332 |  | 1754332 |

---

See Notes to Financial Statements.

1150

------

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Short-Term Investments** |  |  |  |  |
|  Commercial Paper | $— | $15876848 | $— | $15876848 |
|  U.S. Government Agency Securities |  | 7518419 |  | 7518419 |
|  **U.S. Government Agency Securities** |  | 46607802 |  | 46607802 |
|  **U.S. Treasury Obligations** |  | 3237771 |  | 3237771 |
|  **Total Assets** | $**128038** | $**787711786** | $**—** | $**787839824** |
|  **Liabilities:** |  |  |  |  |
|  **Futures** | $(395327) | $— | $— | $(395327) |
|  **Total Liabilities** | $**(395327)** | $**—** | $**—** | $**(395327)** |
|  **Total** | $**(267289)** | $**787711786** | $**—** | $**787444497** |

---

(a) Value is zero.

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Interest rate contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $128038 |
|  **Total** |  | $128038 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(395327) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(395327 |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Interest rate contracts | $524806 | $524806 |
|  **Total** | $524806 | $524806 |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Interest rate contracts | $(753493) | $(753493) |
|  **Total** | $(753493) | $(753493) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
| **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $195925000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 345793000 |

---

See Notes to Financial Statements.

1151

------

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

#### Sale-Buyback Transactions:
The average amount of borrowings while outstanding for 56 days during the year ended December 31, 2025, was approximately $10,169,000 at a weighted average interest rate of 4.46%.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $391701077.0 |
|  Long-term U.S. government debt securities | 22820975.0 |
|  | $414522052.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $382812393.0 |
|  Long-term U.S. government debt securities | 30454362.0 |
|  | $413266755.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $2305253 |
|  Aggregate gross unrealized depreciation | (14509130) |
|  Net unrealized depreciation | $(12203877) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $799648374 |

---

See Notes to Financial Statements.

1152

------

#### EQ ADVISORS TRUST
EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value<br>(Cost $794,417,087) | $787711786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 4751493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 2521000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 4225552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 445447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 128876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 112758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 799900354 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 337936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 282502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 60823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 43140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 379746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1104147 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $798796207 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $815905649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (17109442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $798796207 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $202,878,752 / 20,556,664 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.87 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $595,917,455 / 60,475,746 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.85 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $38492791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 6082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 38498873 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4012995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 729145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 525076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 107487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 67500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 61951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 54208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 27400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 63016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 5648778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (712723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 4936055 |
|  **NET INVESTMENT INCOME (LOSS)** | 33562818 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 144048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 524806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 668855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 3169407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (753493) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2415914 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 3084769 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $36647587 |

---

See Notes to Financial Statements.

1153

------

#### EQ ADVISORS TRUST
EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $33562818 | $38242592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 668855 | 1039846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2415914 | 8559068 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 36647587 | 47841506 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (8268318) | (9181589) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (25644938) | (29370535) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (33913256) | (38552124) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (9414) | (19046) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (29197) | (60924) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total tax return of capital | (38611) | (79970) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 635,005 shares, respectively ] |  | 6238369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (4131893) shares,<br>respectively ] |  | (41367095) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (465926) shares, respectively ] |  | (4593171) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (39721897) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 4,879,048 and 4,242,195 shares, respectively ] | 48824503 | 42685982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 4,124,483 shares, respectively ] |  | 41367095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 840,379 and 936,556 shares, respectively ] | 8277732 | 9200635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (5955239) and (3971391) shares, respectively ] | (59921393) | (39842703) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (2819158) | 53411009 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 6,733,235 and 5,210,334 shares, respectively ] | 67815719 | 52175104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 2,611,814 and 3,000,927 shares, respectively ] | 25674135 | 29431459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (11842360) and (8127401) shares, respectively ] | (118620894) | (81546935) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (25131040) | 59628 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (27950198) | 13748740 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (25254478) | 22958152 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 824050685 | 801092533 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $798796207 | $824050685 |

---

See Notes to Financial Statements.

1154

------

#### EQ ADVISORS TRUST
EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $9.85 | $9.74 | $9.61 | $9.81 | $9.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.40 | 0.45 | 0.37 | 0.12 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.04 | 0.12 | 0.16 | (0.18) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.44 | 0.57 | 0.53 | (0.06) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.42) | (0.46) | (0.40) | (0.13) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.42) | (0.46) | (0.40) | (0.14) | (0.04) |
|  Net asset value, end of year | $9.87 | $9.85 | $9.74 | $9.61 | $9.81 |
|  Total return | 4.47 | 5.89 | 5.56% | (0.57)% | (0.49)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $202879 | $204787 | $150658 | $137509 | $132699 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(g) | 0.80 | 0.81 | 0.88% | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(g) | 0.89 | 0.90 | 0.97% | 0.88% | 0.86% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 3.98 | 4.48 | 3.78% | 1.27% | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 3.89 | 4.39 | 3.69% | 1.20% | 0.07% |
|  Portfolio turnover rate ^ | 65 | 77 | 63% | 24% | 116% |
| **Class K** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $9.83 | $9.73 | $9.59 | $9.80 | $9.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.42 | 0.47 | 0.40 | 0.14 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.04 | 0.12 | 0.17 | (0.18) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.46 | 0.59 | 0.57 | (0.04) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.44) | (0.49) | (0.43) | (0.16) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.44) | (0.49) | (0.43) | (0.17) | (0.06) |
|  Net asset value, end of year | $9.85 | $9.83 | $9.73 | $9.59 | $9.80 |
|  Total return | 4.73 | 6.05 | 5.94% | (0.43)% | (0.16)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $595917 | $619264 | $611887 | $627542 | $782046 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(g) | 0.55 | 0.56 | 0.63% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(g) | 0.64 | 0.65 | 0.72% | 0.63% | 0.61% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 4.23 | 4.74 | 4.02% | 1.45% | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 4.14 | 4.65 | 3.93% | 1.38% | 0.31% |
|  Portfolio turnover rate ^ | 65 | 77 | 63% | 24% | 116% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*#* *Per share amount is less than $0.005.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of 0.01%, 0.02%, 0.09%, and 0.01% for the years ended December 31, 2025, 2024, 2023, and 2022, respectively.* 

See Notes to Financial Statements.

1155

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Asset-Backed Securities (2.2%)** | **Asset-Backed Securities (2.2%)** | **Asset-Backed Securities (2.2%)** |
|  AB Issuer LLC, | AB Issuer LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A2<br>3.734%, 7/30/51§ | $324890 | $308066 |
|  ACM Auto Trust, | ACM Auto Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A<br>6.060%, 2/20/29§ | 38164 | 38170 |
|  ACREC Ltd., | ACREC Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL1 A<br>4.999%, 10/16/36 (l)§ | 146636 | 146521 |
|  Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-X1 A<br>5.080%, 4/15/30§ | 57671 | 57767 |
|  Air Canada Pass-Through Trust, | Air Canada Pass-Through Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1 AA<br>3.300%, 1/15/30§ | 384960 | 363247 |
|  American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 AA<br>3.150%, 2/15/32 | 491097 | 460422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A<br>2.875%, 7/11/34 | 671304 | 611211 |
|  American Credit Acceptance Receivables Trust, | American Credit Acceptance Receivables Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 B<br>4.850%, 5/14/29§ | 259000 | 260618 |
|  Arbor Realty Commercial Real Estate Notes Ltd., | Arbor Realty Commercial Real Estate Notes Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL1 A<br>5.434%, 1/15/37 (l)§ | 323155 | 323155 |
|  Arivo Acceptance Auto Loan Receivables Trust, | Arivo Acceptance Auto Loan Receivables Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2<br>4.920%, 5/15/29§ | 137000 | 136992 |
|  Atlas Senior Loan Fund XV Ltd., | Atlas Senior Loan Fund XV Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-15A A1R<br>5.080%, 10/23/32 (l)§ | 398398 | 398727 |
|  Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A A<br>5.440%, 2/22/28§ | 185000 | 187255 |
|  Bain Capital Credit CLO Ltd., | Bain Capital Credit CLO Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A ARR<br>4.900%, 10/21/34 (l)§ | 500000 | 499200 |
|  BlueMountain Fuji Eur CLO V DAC, | BlueMountain Fuji Eur CLO V DAC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5A A<br>2.919%, 1/15/33 (l)§ | 482441 | 566450 |
|  Brex Commercial Charge Card Master Trust, | Brex Commercial Charge Card Master Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A1<br>6.050%, 7/15/27§ | $165000 | 165141 |
|  BRSP Ltd., | BRSP Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL1 A<br> 4.996%, 8/19/38 (l)§ | 291991 | 291633 |
|  Canyon Capital CLO Ltd., | Canyon Capital CLO Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A AR2<br>4.915%, 10/15/34 (l)§ | 600000 | 598677 |
|  Capital Four US CLO II Ltd., | Capital Four US CLO II Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A AR<br>5.784%, 1/20/37 (l)§ | 500000 | 500240 |
|  Carlyle Global Market Strategies CLO Ltd., | Carlyle Global Market Strategies CLO Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3A ARRR<br>4.974%, 7/20/34 (l)§ | 500000 | 500129 |
|  CarVal CLO III Ltd., | CarVal CLO III Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A AR2<br>4.874%, 7/20/32 (l)§ | 557177 | 557224 |
|  Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N3 C<br>1.020%, 6/12/28 | 11608 | 11189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-P4 D<br>2.610%, 9/11/28 | 169000 | 162369 |
|  College Ave Student Loans LLC, | College Ave Student Loans LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C A2<br>2.320%, 7/26/55§ | 121098 | 110775 |
|  CVS Pass-Through Trust, | CVS Pass-Through Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.789%, 1/10/26§ | 3238 | 3238 |
|  Dext ABS LLC, | Dext ABS LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1 A2<br>5.990%, 3/15/32§ | 57223 | 57493 |
|  Diamond Issuer LLC, | Diamond Issuer LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A<br>2.305%, 11/20/51§ | 325933 | 312807 |
|  Dryden 54 Senior Loan Fund, | Dryden 54 Senior Loan Fund, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-54A AR<br>5.034%, 10/19/29 (l)§ | 68977 | 68981 |
|  Elevation CLO Ltd., | Elevation CLO Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-16A A1AR<br>4.988%, 7/25/34 (l)§ | 600000 | 600097 |
|  Equify ABS LLC, | Equify ABS LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A<br>5.430%, 4/18/33§ | 70496 | 70610 |
|  FIGRE Trust, | FIGRE Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE7 A<br>5.150%, 11/25/55 (l)§ | 272067 | 271915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE8 A<br>5.206%, 11/25/55 (l)§ | 273459 | 273584 |
|  First Investors Auto Owner Trust, | First Investors Auto Owner Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A C<br>1.470%, 11/15/27§ | 94380 | 94029 |
|  Ford Credit Auto Lease Trust, | Ford Credit Auto Lease Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A4<br>5.050%, 6/15/27 | 500000 | 502145 |
|  Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 D<br>2.310%, 10/17/33§ | 245000 | 243269 |
|  GCI Funding I LLC, | GCI Funding I LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A<br>2.380%, 6/18/46§ | 100715 | 94567 |
|  Go Mortgage LLC, | Go Mortgage LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.435%, 8/15/26 (l) | 176000 | 174413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.638%, 8/15/26 (l) | 12000 | 11730 |
|  GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A3<br>5.320%, 3/25/60§ | 400000 | 405701 |
|  Greywolf CLO III Ltd., | Greywolf CLO III Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3RA A1R2<br>5.087%, 4/22/33 (l)§ | 522792 | 523095 |
|  Harvest CLO XXII DAC, | Harvest CLO XXII DAC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 22A AR<br>2.859%, 1/15/32 (l)§ | 550276 | 646059 |
|  Hyundai Auto Lease Securitization Trust, | Hyundai Auto Lease Securitization Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A3<br>5.020%, 3/15/27§ | $294234 | 294905 |
|  JetBlue Pass-Through Trust, | JetBlue Pass-Through Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A<br>4.000%, 11/15/32 | 605534 | 570948 |
|  JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES7 A1A<br>5.055%, 4/25/56 (e)§ | 257198 | 257731 |

---

See Notes to Financial Statements.

1156

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE3 A1<br>5.268%, 3/20/56 (l)§ | $| 261659 | $262147 |
|  Lendbuzz Securitization Trust, | Lendbuzz Securitization Trust, | Lendbuzz Securitization Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A2<br>6.920%, 8/15/28§ |  | 98009 | 99086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A A2<br>7.090%, 10/16/28§ |  | 43841 | 44438 |
|  Lendmark Funding Trust, | Lendmark Funding Trust, | Lendmark Funding Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A<br>1.900%, 11/20/31§ |  | 800000 | 779152 |
|  Madison Park Funding XLVI Ltd., | Madison Park Funding XLVI Ltd., | Madison Park Funding XLVI Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-46A ARR<br>4.905%, 10/15/34 (l)§ |  | 600000 | 599291 |
|  Mariner Finance Issuance Trust, | Mariner Finance Issuance Trust, | Mariner Finance Issuance Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA A<br>1.860%, 3/20/36§ |  | 800000 | 787591 |
|  MMAF Equipment Finance LLC, | MMAF Equipment Finance LLC, | MMAF Equipment Finance LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A2<br>5.200%, 9/13/27§ |  | 146093 | 146504 |
|  MVW LLC, | MVW LLC, | MVW LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A B<br>1.830%, 5/20/39§ |  | 43602 | 41414 |
|  Navesink CLO 2 Ltd., | Navesink CLO 2 Ltd., | Navesink CLO 2 Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A1<br>5.175%, 4/15/36 (l)§ |  | 500000 | 500000 |
|  Neighborly Issuer, | Neighborly Issuer, | Neighborly Issuer, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A2<br>3.695%, 1/30/52§ |  | 228113 | 215556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A2<br>7.308%, 1/30/53§ |  | 243125 | 245881 |
|  Nelnet Student Loan Trust, | Nelnet Student Loan Trust, | Nelnet Student Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BA B<br>2.680%, 4/20/62§ |  | 100000 | 89478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA B<br>2.530%, 4/20/62§ |  | 147147 | 130426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA B<br>2.900%, 4/20/62§ |  | 132000 | 118783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-AA AFL<br>6.118%, 2/20/41 (l)§ |  | 231933 | 238836 |
|  Neuberger Berman Loan Advisers CLO 42 Ltd., | Neuberger Berman Loan Advisers CLO 42 Ltd., | Neuberger Berman Loan Advisers CLO 42 Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-42A AR<br>4.844%, 7/16/36 (l)§ |  | 469642 | 469598 |
|  NMEF Funding LLC, | NMEF Funding LLC, | NMEF Funding LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A2<br>5.150%, 12/15/31§ |  | 108904 | 109586 |
|  OCCU Auto Receivables Trust, | OCCU Auto Receivables Trust, | OCCU Auto Receivables Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2<br>4.820%, 4/17/28§ |  | 170365 | 170617 |
|  OCP CLO Ltd., | OCP CLO Ltd., | OCP CLO Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-34A A1<br>5.265%, 10/15/37 (l)§ |  | 250000 | 250520 |
|  Oportun Funding Trust, | Oportun Funding Trust, | Oportun Funding Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3 A<br>5.260%, 8/15/29§ |  | 17349 | 17350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 A<br>4.960%, 8/16/32§ |  | 32778 | 32794 |
|  Oportun Issuance Trust, | Oportun Issuance Trust, | Oportun Issuance Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2 A<br>5.860%, 2/9/32§ |  | 4318 | 4318 |
|  Pagaya AI Debt Grantor Trust, | Pagaya AI Debt Grantor Trust, | Pagaya AI Debt Grantor Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5 A<br>6.278%, 10/15/31§ |  | 37827 | 38075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-9 B<br>5.306%, 3/15/32§ |  | 167003 | 167531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5 A<br>4.865%, 3/15/33 (l)§ |  | 154468 | 154880 |
|  Pagaya AI Debt Trust, | Pagaya AI Debt Trust, | Pagaya AI Debt Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2 A<br>6.319%, 8/15/31§ |  | 31774 | 31921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3 A<br>6.258%, 10/15/31§ |  | 116419 | 117107 |
|  Prestige Auto Receivables Trust, | Prestige Auto Receivables Trust, | Prestige Auto Receivables Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2<br>4.870%, 12/15/27§ |  | 149652 | 149844 |
|  Ready Capital Mortgage Financing LLC, | Ready Capital Mortgage Financing LLC, | Ready Capital Mortgage Financing LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL7 A<br>5.046%, 11/25/36 (l)§ |  | 87415 | 87394 |
|  Research-Driven Pagaya Motor Asset Trust, | Research-Driven Pagaya Motor Asset Trust, | Research-Driven Pagaya Motor Asset Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4A A2<br>5.124%, 4/25/34§ |  | 275313 | 276401 |
|  Research-Driven Pagaya Motor Trust, | Research-Driven Pagaya Motor Trust, | Research-Driven Pagaya Motor Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A<br>7.090%, 6/25/32§ |  | 45508 | 45713 |
|  SoFi Consumer Loan Program Trust, | SoFi Consumer Loan Program Trust, | SoFi Consumer Loan Program Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4 A<br>4.240%, 8/25/35§ |  | 154041 | 154138 |
|  STWD Ltd., | STWD Ltd., | STWD Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL3 A<br>5.334%, 11/15/38 (l)§ |  | 290062 | 289168 |
|  Sunrun Demeter Issuer LLC, | Sunrun Demeter Issuer LLC, | Sunrun Demeter Issuer LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A A<br>2.270%, 1/30/57§ |  | 632654 | 578234 |
|  Symphony CLO XXXII Ltd., | Symphony CLO XXXII Ltd., | Symphony CLO XXXII Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-32A AR<br>5.196%, 10/23/35 (l)§ |  | 700000 | 700094 |
|  Tesla Auto Lease Trust, | Tesla Auto Lease Trust, | Tesla Auto Lease Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A3<br>5.300%, 6/21/27§ |  | 51776 | 51961 |
|  Tricolor Auto Securitization Trust, | Tricolor Auto Securitization Trust, | Tricolor Auto Securitization Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A<br>6.360%, 12/15/27§ |  | 20863 | 20150 |
|  United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A<br>5.875%, 10/15/27 |  | 306052 | 312963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1 A<br>5.800%, 1/15/36 |  | 279891 | 292305 |
|  United States Small Business Administration, | United States Small Business Administration, | United States Small Business Administration, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-20G<br>1 5.870%, 7/1/28 |  | 29720 | 30004 |
|  Venture 32 CLO Ltd., | Venture 32 CLO Ltd., | Venture 32 CLO Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-32A A1<br>5.246%, 7/18/31 (l)§ |  | 183479 | 183727 |
|  Voya CLO Ltd., | Voya CLO Ltd., | Voya CLO Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A AR<br>5.084%, 7/20/32 (l)§ |  | 345854 | 346062 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** | 22113533 |
|  **Collateralized Mortgage Obligations (1.9%)** | **Collateralized Mortgage Obligations (1.9%)** | **Collateralized Mortgage Obligations (1.9%)** |  |
|  Adjustable Rate Mortgage Trust, | Adjustable Rate Mortgage Trust, | Adjustable Rate Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-5 2A1<br>5.404%, 9/25/35 (l) |  | 23403 | 20374 |
|  Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-80CB 1A1<br>6.000%, 2/25/36 |  | 227614 | 198182 |

---

See Notes to Financial Statements.

1157

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-J12 2A1<br>4.386%, 8/25/35 (l) | $349408 | $178258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA22 A1<br>4.166%, 2/25/47 (l) | 59227 | 55698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA6 1A2<br>4.266%, 7/25/46 (l) | 23123 | 21351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-14T2 A1<br>6.000%, 7/25/37 | 370707 | 189553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OH1 A1D<br>4.056%, 4/25/47 (l) | 34994 | 31292 |
|  AREIT Trust, | AREIT Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CRE6 A<br>5.187%, 1/20/37 (l)§ | 240082 | 239637 |
|  Banc of America Funding Trust, | Banc of America Funding Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-A 1A3<br>6.619%, 9/20/34 (l) | 3558 | 3626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-H 4A2<br>4.654%, 9/20/46 (l) | 63462 | 57318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J 4A1<br>4.787%, 1/20/47 (l) | 3430 | 2966 |
|  Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-7 22A1<br>4.791%, 9/25/35 (l) | 81572 | 43358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4 21A1<br>4.559%, 8/25/36 (l) | 33766 | 20480 |
|  Bear Stearns ARM Trust, | Bear Stearns ARM Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-9 2A1<br>5.613%, 2/25/34 (l) | 11806 | 11108 |
|  Bear Stearns Mortgage Funding Trust, | Bear Stearns Mortgage Funding Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR5 1A1<br>4.006%, 12/25/46 (l) | 260222 | 232910 |
|  Bear Stearns Structured Products, Inc. Trust, | Bear Stearns Structured Products, Inc. Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-R6 1A1<br>5.000%, 1/26/36 (l) | 24974 | 17401 |
|  Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL2 A1<br>3.250%, 3/25/63 (l)§ | 423787 | 383606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-7 A11<br>5.174%, 6/25/55 (l)§ | 337228 | 338186 |
|  Chase Mortgage Finance Corp., | Chase Mortgage Finance Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CL1 M3<br>5.946%, 4/25/47 (l)§ | 31570 | 32068 |
|  CHL Mortgage Pass-Through Trust, | CHL Mortgage Pass-Through Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11 3A1<br>3.647%, 4/25/35 (l) | 43354 | 30523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2 1A1<br>4.486%, 3/25/35 (l) | 21089 | 19563 |
|  CIM Trust, | CIM Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-I2 A1<br>6.639%, 12/25/67 (e)§ | 311796 | 313111 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-3 2A2A<br>5.395%, 8/25/35 (l) | 2481 | 2362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-7 5A2<br>5.500%, 12/25/35§ | 266678 | 126737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A11<br>5.224%, 7/25/54 (l)§ | 298816 | 300220 |
|  Connecticut Avenue Securities, | Connecticut Avenue Securities, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R01 1A1<br>4.824%, 1/25/45 (l)§ | 244490 | 244491 |
|  Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01 1M2<br>5.424%, 10/25/41 (l)§ | 243579 | 244564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R03 1M2<br>5.524%, 12/25/41 (l)§ | 122411 | 123082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02 2M1<br>5.074%, 1/25/42 (l)§ | 4011 | 4009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R01 1M1<br>6.274%, 12/25/42 (l)§ | 143650 | 146505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02 1M1<br>6.174%, 1/25/43 (l)§ | 85100 | 86765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R04 1M1<br>6.174%, 5/25/43 (l)§ | 160373 | 163389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R05 1M1<br>5.774%, 6/25/43 (l)§ | 119219 | 120155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05 2M1<br>4.874%, 7/25/44 (l)§ | 19630 | 19618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R02 1A1<br>4.874%, 2/25/45 (l)§ | 72667 | 72779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R03 2M1<br>5.474%, 3/25/45 (l)§ | 148078 | 148260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R05 2M1<br>5.074%, 7/25/45 (l)§ | 231278 | 231579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R06 1A1<br>4.774%, 9/25/45 (l)§ | 88776 | 88836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R06 1M1<br>4.824%, 9/25/45 (l)§ | 116545 | 116607 |
|  CSMC Mortgage-Backed Trust, | CSMC Mortgage-Backed Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-6 1A8<br>6.000%, 7/25/36 | 383169 | 166420 |
|  EMF-NL Prime BV, | EMF-NL Prime BV, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-APRX A2<br>2.816%, 4/17/41 (l)(m) | 17805 | 20865 |
|  Eurohome UK Mortgages plc, | Eurohome UK Mortgages plc, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A<br>3.999%, 6/15/44 (l)(m) | 47244 | 63546 |
|  Eurosail-UK plc, | Eurosail-UK plc, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4X A3<br>4.799%, 6/13/45 (l)(m) | 167035 | 224757 |
|  FHLMC, | FHLMC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4790 F<br>4.288%, 10/15/43 (l) | $182920 | 179175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4989 FA<br>4.673%, 8/15/40 (l) | 149057 | 146595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4989 FB<br>4.673%, 10/15/40 (l) | 108815 | 106962 |
|  FHLMC STACR REMIC Trust, | FHLMC STACR REMIC Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA5 M2<br>5.524%, 1/25/34 (l)§ | 29600 | 29683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA7 M2<br>5.674%, 11/25/41 (l)§ | 405614 | 408636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA4 M1B<br>7.224%, 5/25/42 (l)§ | 227990 | 235258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA5 M1B<br>8.374%, 6/25/42 (l)§ | 406679 | 427787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA7 M1A<br>6.374%, 3/25/52 (l)§ | 87661 | 88532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DNA1 M1A<br>5.965%, 3/25/43 (l)§ | 90415 | 91530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DNA2 M1A<br>5.965%, 4/25/43 (l)§ | 194321 | 197011 |

---

See Notes to Financial Statements.

1158

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HQA1 M1A<br>5.874%, 5/25/43 (l)§ | $243417 | $245347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HQA2 M1A<br>5.874%, 6/25/43 (l)§ | 40442 | 40506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HQA2 M1<br>5.074%, 8/25/44 (l)§ | 146380 | 146496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DNA3 A1<br>4.824%, 9/25/45 (l)§ | 248049 | 248116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DNA4 M1<br>4.974%, 10/25/45 (l)§ | 208661 | 208824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HQA1 A1<br>4.824%, 2/25/45 (l)§ | 139347 | 139257 |
|  FNMA, | FNMA, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-123 LF<br>4.369%, 11/25/42 (l) | 63934 | 63528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-83 FA<br>4.974%, 10/25/55 (l) | 392219 | 393560 |
|  GNMA, | GNMA, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H20 FB<br>4.714%, 8/20/65 (l) | 99544 | 99637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H11 F<br>4.914%, 5/20/66 (l) | 116037 | 116472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H15 FA<br>4.914%, 7/20/66 (l) | 92669 | 93017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H10 FB<br>5.592%, 4/20/67 (l) | 391348 | 395989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-H02 FN<br>4.418%, 1/20/72 (l) | 263041 | 260644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-H26 DF<br>4.938%, 12/20/72 (l) | 301133 | 305054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H01 FA<br>4.718%, 1/20/73 (l) | 390292 | 391666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H02 FA<br>4.818%, 1/20/73 (l) | 290683 | 292987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H02 FB<br>4.818%, 1/20/73 (l) | 687760 | 691180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H28 F<br>4.968%, 12/20/73 (l) | 486704 | 492208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H28 GF<br>4.818%, 12/20/73 (l) | 905815 | 913683 |
|  Go Mortgage LLC, | Go Mortgage LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.433%, 8/15/26 (l) | 35412 | 35297 |
|  GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-8F 4A1<br>6.000%, 11/25/35 | 344350 | 112518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR6 2A1<br>4.951%, 9/25/35 (l) | 21575 | 20659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR2 2A1<br>4.151%, 4/25/36 (l) | 56163 | 33085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR1 2A1<br>4.147%, 3/25/47 (l) | 146236 | 76811 |
|  HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-13 A<br>4.026%, 11/19/46 (l) | 31884 | 24891 |
|  Impac Secured Assets CMN Owner Trust, | Impac Secured Assets CMN Owner Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-1 5A1<br>4.116%, 7/25/35 (l) | 126999 | 79821 |
|  IndyMac INDX Mortgage Loan Trust, | IndyMac INDX Mortgage Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR11 A3<br>3.662%, 8/25/35 (l) | 236185 | 173815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR39 A1<br>4.206%, 2/25/37 (l) | 362222 | 329503 |
|  JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A3 6A1<br>4.951%, 8/25/34 (l) | 10087 | 10085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A1 3A3<br>5.191%, 7/25/35 (l) | 18509 | 17759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-S3 1A90<br>7.000%, 8/25/37 | 46292 | 21859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VIS1 A1<br>5.990%, 7/25/64 (l)§ | 379714 | 383160 |
|  Ludgate Funding plc, | Ludgate Funding plc, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A2A<br>4.040%, 1/1/61 (l)(m) | 330529 | 435743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-W1X A1<br>4.480%, 1/1/61 (l)(m) | 38931 | 52066 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-A1 3A<br>5.630%, 12/25/32 (l) | $5112 | 5024 |
|  MortgageIT Mortgage Loan Trust, | MortgageIT Mortgage Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1 1A1<br>4.306%, 4/25/36 (l) | 119902 | 115605 |
|  OBX Trust, | OBX Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HYB2 A1<br>3.695%, 4/25/53 (l)§ | 353366 | 350416 |
|  PRKCM Trust, | PRKCM Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AFC2 A1<br>5.335%, 8/25/57 (l)§ | 317047 | 316764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-AFC3 A1<br>6.584%, 9/25/58 (e)(l)§ | 278844 | 280379 |
|  PRPM Trust, | PRPM Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3 A1<br>6.221%, 11/25/68 (e)§ | 322310 | 325447 |
|  RALI Trust, | RALI Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-QO2 A1<br>5.389%, 9/25/45 (l) | 148951 | 129251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QA6 A1<br>4.226%, 7/25/36 (l) | 287224 | 268728 |
|  Reperforming Loan REMIC Trust, | Reperforming Loan REMIC Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-R1 AF1<br>4.186%, 1/25/36 (l)§ | 71840 | 68172 |
|  Residential Asset Securitization Trust, | Residential Asset Securitization Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A15 5A1<br>5.750%, 2/25/36 | 13319 | 4640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A12 A1<br>6.250%, 11/25/36 | 167589 | 58048 |
|  Sequoia Mortgage Trust, | Sequoia Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 10 2A1<br>4.608%, 10/20/27 (l) | 43 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-4 2A1<br>4.548%, 7/20/33 (l) | 4710 | 4730 |
|  Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5 A1<br>4.346%, 7/19/35 (l) | 33012 | 32101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR3 11A1<br>4.266%, 4/25/36 (l) | 107995 | 99066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR6 1A3<br>4.226%, 7/25/46 (l) | 495566 | 402670 |
|  Towd Point Mortgage Funding plc, | Towd Point Mortgage Funding plc, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GR6A A1<br>4.677%, 7/20/53 (l)§ | 336062 | 453401 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1 A1<br>3.750%, 7/25/62 (l)§ | $320183 | 307908 |

---

See Notes to Financial Statements.

1159

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5 A1A<br>4.606%, 10/25/64 (l)§ | $| 490320 | $| 492509 |
|  UWM Mortgage Trust, | UWM Mortgage Trust, | UWM Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV3 A9<br>5.000%, 11/25/51 (l)§ |  | 605440 |  | 565672 |
|  Verus Securitization Trust, | Verus Securitization Trust, | Verus Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1 A1<br>5.850%, 12/25/67 (e)§ |  | 307385 |  | 306421 |
|  WaMu Mortgage Pass-Through Certificates Trust, | WaMu Mortgage Pass-Through Certificates Trust, | WaMu Mortgage Pass-Through Certificates Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR14 1A4<br>4.002%, 11/25/36 (l) |  | 214142 |  | 192794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR9 1A<br>5.029%, 8/25/46 (l) |  | 55028 |  | 51051 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized<br>Mortgage Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized<br>Mortgage Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized<br>Mortgage Obligations** |  | 19243366 |
|  **Commercial Mortgage-Backed Securities (0.8%)** | **Commercial Mortgage-Backed Securities (0.8%)** | **Commercial Mortgage-Backed Securities (0.8%)** | **Commercial Mortgage-Backed Securities (0.8%)** | **Commercial Mortgage-Backed Securities (0.8%)** |
|  ALA Trust, | ALA Trust, | ALA Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-OANA A<br>5.494%, 6/15/40 (l)§ |  | 193002 |  | 193725 |
|  BANK, | BANK, | BANK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK40 A4<br>3.390%, 3/15/64 (l) |  | 700000 |  | 655167 |
|  Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B9 A5<br>4.016%, 3/15/52 |  | 800000 |  | 787788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B33 A5<br>3.458%, 3/15/55 |  | 800000 |  | 745043 |
|  BFLD Trust, | BFLD Trust, | BFLD Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EYP A<br>5.015%, 10/15/35 (l)§ |  | 800000 |  | 636371 |
|  BHMS Commercial Mortgage Trust, | BHMS Commercial Mortgage Trust, | BHMS Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ATLS A<br>5.600%, 8/15/42 (l)§ |  | 151000 |  | 151378 |
|  BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-IMC E<br>5.946%, 4/15/34 (l)§ |  | 133619 |  | 131374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-XL2 A<br>4.553%, 10/15/38 (l)§ |  | 122783 |  | 122169 |
|  Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-CR5 E<br>4.541%, 12/10/45 (l)§ |  | 151235 |  | 141773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR1 ASB<br>2.972%, 10/10/49 |  | 240097 |  | 239470 |
|  DOLP Trust, | DOLP Trust, | DOLP Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYC A<br>2.956%, 5/10/41§ |  | 1000000 |  | 899374 |
|  EQUS Mortgage Trust, | EQUS Mortgage Trust, | EQUS Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-EQAZ A<br>4.770%, 10/15/38 (l)§ |  | 476902 |  | 476314 |
|  JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C22 XA<br>0.404%, 9/15/47 IO (l) |  | 320442 |  | 75 |
|  Natixis Commercial Mortgage Securities Trust, | Natixis Commercial Mortgage Securities Trust, | Natixis Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-MILE A<br>5.330%, 7/15/36 (l)§ |  | 144306 |  | 137925 |
|  New Orleans Hotel Trust, | New Orleans Hotel Trust, | New Orleans Hotel Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HNLA A<br>4.787%, 4/15/32 (l)§ |  | 500000 |  | 499202 |
|  NYO Commercial Mortgage Trust, | NYO Commercial Mortgage Trust, | NYO Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1290 A<br>4.960%, 11/15/38 (l)§ |  | 800000 |  | 798548 |
|  SFO Commercial Mortgage Trust, | SFO Commercial Mortgage Trust, | SFO Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-555 A<br>5.014%, 5/15/38 (l)§ |  | 800000 |  | 797612 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS6 C<br>4.343%, 11/15/49 (l) |  | 275000 |  | 268139 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-<br>Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-<br>Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-<br>Backed Securities** |  | 7681447 |
|  **Corporate Bonds (11.7%)** | **Corporate Bonds (11.7%)** | **Corporate Bonds (11.7%)** |  |  |
|  **Communication Services (0.4%)** | **Communication Services (0.4%)** | **Communication Services (0.4%)** |  |  |
|  ***Diversified Telecommunication Services (0.1%)*** | ***Diversified Telecommunication Services (0.1%)*** | ***Diversified Telecommunication Services (0.1%)*** | ***Diversified Telecommunication Services (0.1%)*** | ***Diversified Telecommunication Services (0.1%)*** |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 3/1/29 |  | 800000 |  | 803586 |
|  NBN Co. Ltd. | NBN Co. Ltd. | NBN Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/1/29§ |  | 500000 |  | 500521 |
|  |  |  |  | 1304107 |
|  ***Interactive Media & Services (0.1%)*** | ***Interactive Media & Services (0.1%)*** | ***Interactive Media & Services (0.1%)*** |  |  |
|  Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 11/15/35 |  | 42000 |  | 42095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 11/15/55 |  | 75000 |  | 73712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 11/15/75 |  | 75000 |  | 73822 |
|  Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/15/45 |  | 102000 |  | 99189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 11/15/65 |  | 105000 |  | 100294 |
|  |  |  |  | 389112 |
|  ***Media (0.1%)*** | ***Media (0.1%)*** | ***Media (0.1%)*** |  |  |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1/15/29 |  | 907000 |  | 848598 |
|  Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 6/15/33§ |  | 88000 |  | 88731 |
|  Paramount Global | Paramount Global | Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 1/15/27 |  | 100000 |  | 98382 |
|  Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/42 |  | 290000 |  | 223634 |
|  |  |  |  | 1259345 |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** |
|  Telefonica Europe BV | Telefonica Europe BV | Telefonica Europe BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 9/15/30 |  | 100000 |  | 114730 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 1/15/29 |  | 575000 |  | 586967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/15/30 |  | 563000 |  | 553115 |
|  |  |  |  | 1254812 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 4207376 |
|  **Consumer Discretionary (1.0%)** | **Consumer Discretionary (1.0%)** | **Consumer Discretionary (1.0%)** |  |  |
|  ***Automobiles (0.6%)*** | ***Automobiles (0.6%)*** | ***Automobiles (0.6%)*** |  |  |
|  BMW US Capital LLC | BMW US Capital LLC | BMW US Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 3/19/27§ |  | 283000 |  | 285359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/21/28§ |  | 200000 |  | 202359 |
|  Honda Motor Co. Ltd. | Honda Motor Co. Ltd. | Honda Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.436%, 7/8/28 |  | 275000 |  | 277474 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 6/26/26§ |  | 500000 |  | 503584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 9/17/26§ |  | 800000 |  | 785537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 9/21/26§ |  | 200000 |  | 202362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 1/8/27§ |  | 368000 |  | 371712 |

---

See Notes to Financial Statements.

1160

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.275%, 6/24/27§ | $| 63000 | $63955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 9/21/28§ |  | 158000 | 165151 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 11/15/27§ |  | 400000 | 406946 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 3/9/28§ |  | 800000 | 756584 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810%, 9/17/30§ |  | 800000 | 751448 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 9/11/27§ |  | 200000 | 200669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 3/27/28§ |  | 600000 | 608584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 9/12/28§ |  | 300000 | 308884 |
|  |  |  | 5890608 |
|  ***Broadline Retail (0.0%)†*** | ***Broadline Retail (0.0%)†*** | ***Broadline Retail (0.0%)†*** |  |
|  Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 11/20/28 (x) |  | 278000 | 279005 |
|  ***Hotels, Restaurants & Leisure (0.3%)*** | ***Hotels, Restaurants & Leisure (0.3%)*** | ***Hotels, Restaurants & Leisure (0.3%)*** |  |
|  Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 12/1/29 |  | 900000 | 875720 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 6/15/28 |  | 76000 | 77877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 8/15/29 |  | 500000 | 521634 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 7/15/27 |  | 275000 | 275992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/15/30 |  | 500000 | 510504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 2/8/27 |  | 301000 | 303567 |
|  |  |  | 2565294 |
|  ***Household Durables (0.0%)†*** | ***Household Durables (0.0%)†*** | ***Household Durables (0.0%)†*** |  |
|  DR Horton, Inc. | DR Horton, Inc. | DR Horton, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 10/15/30 (x) |  | 75000 | 76519 |
|  Sekisui House US, Inc. | Sekisui House US, Inc. | Sekisui House US, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/15/43 |  | 162000 | 151391 |
|  |  |  | 227910 |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** |  |
|  Hasbro, Inc. | Hasbro, Inc. | Hasbro, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 5/14/34 |  | 76000 | 80651 |
|  ***Specialty Retail (0.1%)*** | ***Specialty Retail (0.1%)*** | ***Specialty Retail (0.1%)*** |  |
|  AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 1/15/29 |  | 60000 | 60165 |
|  Ross Stores, Inc. | Ross Stores, Inc. | Ross Stores, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 4/15/27 |  | 355000 | 356283 |
|  |  |  | 416448 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** | 9459916 |
|  **Consumer Staples (0.4%)** | **Consumer Staples (0.4%)** | **Consumer Staples (0.4%)** |  |
|  ***Food Products (0.2%)*** | ***Food Products (0.2%)*** | ***Food Products (0.2%)*** |  |
|  Cargill, Inc. | Cargill, Inc. | Cargill, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/23/30§ |  | 131000 | 130484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 10/11/32§ |  | 144000 | 149624 |
|  General Mills, Inc. | General Mills, Inc. | General Mills, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 1/30/27 |  | 583000 | 587304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 1/30/30 |  | 203000 | 207556 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/1/30§ |  | 400000 | 408934 |
|  Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 3/15/34 |  | 99000 | 104503 |
|  |  |  | 1588405 |
|  ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** |  |
|  Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 5/6/30 (x) |  | 310000 | 298111 |
|  BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.343%, 8/2/30 |  | 500000 | 540744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 10/19/32 |  | 21000 | 24549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/22/33 |  | 76000 | 75562 |
|  Imperial Brands Finance plc | Imperial Brands Finance plc | Imperial Brands Finance plc |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/26/26§ |  | 400000 | 398252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 7/27/27§ |  | 300000 | 308564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 7/1/34§ |  | 297000 | 310345 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 11/17/29 |  | 34000 | 35745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 2/15/33 |  | 309000 | 323358 |
|  |  |  | 2315230 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** | 3903635 |
|  **Energy (0.9%)** | **Energy (0.9%)** | **Energy (0.9%)** |  |
|  ***Energy Equipment & Services (0.0%)†*** | ***Energy Equipment & Services (0.0%)†*** | ***Energy Equipment & Services (0.0%)†*** |  |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 6/15/30 (m) |  | 100613 | 98861 |
|  ***Oil, Gas & Consumable Fuels (0.9%)*** | ***Oil, Gas & Consumable Fuels (0.9%)*** | ***Oil, Gas & Consumable Fuels (0.9%)*** |  |
|  Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/11/29§ |  | 200000 | 200920 |
|  BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.017%, 11/17/27 |  | 177000 | 180593 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/15/29 |  | 400000 | 409630 |
|  Cenovus Energy, Inc. | Cenovus Energy, Inc. | Cenovus Energy, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 3/20/31 |  | 70000 | 69719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 3/20/36 |  | 69000 | 68899 |
|  Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 1/31/32 |  | 400000 | 368008 |
|  Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 1/15/31§ |  | 116000 | 119026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 4/1/32§ |  | 279000 | 243008 |
|  Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 7/15/41 |  | 210000 | 203836 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 12/1/28 |  | 200000 | 210177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 9/1/34 |  | 297000 | 305231 |
|  Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.363%, 6/30/31§ |  | 400000 | 368913 |
|  Korea National Oil Corp. | Korea National Oil Corp. | Korea National Oil Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 4/3/29§ |  | 500000 | 510585 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 8/1/29 |  | 93000 | 95272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 1/1/32 |  | 300000 | 306421 |
|  Oleoducto Central SA | Oleoducto Central SA | Oleoducto Central SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/14/27§ |  | 232000 | 228376 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 11/1/26 |  | 500000 | 505914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 9/1/30§ |  | 500000 | 535394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 1/15/31 |  | 44000 | 47144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 11/15/32 |  | 25000 | 26709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 9/1/33 |  | 10000 | 10638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 10/15/35 |  | 170000 | 171750 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 2/7/33 |  | 200000 | 231194 |
|  Plains All American Pipeline LP | Plains All American Pipeline LP | Plains All American Pipeline LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 9/15/34 |  | 298000 | 308171 |

---

See Notes to Financial Statements.

1161

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Santos Finance Ltd. | Santos Finance Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 11/13/35§ | $300000 | $298883 |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 7/17/34§ | 500000 | 513375 |
|  South Bow USA Infrastructure<br>Holdings LLC | South Bow USA Infrastructure<br>Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.026%, 10/1/29 | 500000 | 506954 |
|  Suncor Energy, Inc. | Suncor Energy, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800%, 5/15/38 | 130000 | 142448 |
|  Targa Resources Corp. | Targa Resources Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 1/15/29 | 164000 | 164375 |
|  Var Energi ASA | Var Energi ASA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 1/15/28§ | 356000 | 375933 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/29§ | 200000 | 187750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/1/33§ | 200000 | 171504 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 6/1/28§ | 300000 | 303150 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 1/15/34 (x)§ | 115000 | 117757 |
|  Williams Cos., Inc. (The) | Williams Cos., Inc. (The) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 11/15/29 | 137000 | 139473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/30/30 | 135000 | 136433 |
|  |  | 8783563 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** | 8882424 |
|  **Financials (5.2%)** | **Financials (5.2%)** |  |
|  ***Banks (2.8%)*** | ***Banks (2.8%)*** |  |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.30%), 7.883%, 11/15/34 (k) | 200000 | 232469 |
|  Banco Espirito Santo SA | Banco Espirito Santo SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/21/19 (h)(m) | 1700000 | 503456 |
|  Banco Santander SA | Banco Santander SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 2/23/28 | $200000 | 198471 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity<br>1 Year + 1.25%), 5.552%, 3/14/28 (k) | 400000 | 406485 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity<br>1 Year + 2.00%), 4.175%, 3/24/28 (k) | 200000 | 199989 |
|  Bank of America Corp. | Bank of America Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.77%), 3.705%, 4/24/28 (k) | 300000 | 298681 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%),<br>4.376%, 4/27/28 (k) | 682000 | 684449 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.99%),<br>6.204%, 11/10/28 (k) | 600000 | 623223 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.57%),<br>5.819%, 9/15/29 (k) | 600000 | 625941 |
|  Bank of America NA | Bank of America NA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.02%), 4.797%, 8/18/26 (k) | 400000 | 401380 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.07%), 4.848%, 2/16/28 (k)§ | 500000 | 503557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.591%, 10/16/28§ | 273000 | 275994 |
|  Barclays plc | Barclays plc |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.98%), 6.224%, 5/9/34 (k) | 314000 | 337800 |
|  BNP Paribas SA | BNP Paribas SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%), 1.904%, 9/30/28 (k)§ | 800000 | 769655 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.59%), 5.497%, 5/20/30 (k)§ | 698000 | 721879 |
|  BPCE SA | BPCE SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.281%, 5/30/29§ | 300000 | 309076 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.27%), 6.714%, 10/19/29 (k)§ | 400000 | 424132 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.79%), 6.508%, 1/18/35 (k)§ | 298000 | 316134 |
|  CaixaBank SA | CaixaBank SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.26%), 6.037%, 6/15/35 (k)§ | 302000 | 321827 |
|  Capital One NA | Capital One NA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (USD SOFR Spread-Adjusted ICE Swap Rate 5 Year + 1.73%),<br>5.974%, 8/9/28 (k)(x) | 250000 | 259250 |
|  Citibank NA | Citibank NA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.59%), 4.386%, 4/30/26 (k) | 300000 | 300245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.488%, 12/4/26 | 700000 | 709348 |
|  Citigroup, Inc. | Citigroup, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%), 3.070%, 2/24/28 (k) | 500000 | 494318 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.36%), 5.174%, 2/13/30 (k) | 100000 | 102617 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%), 4.542%, 9/19/30 (k) | 302000 | 304205 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 6.625%, 2/15/31 (k)(y) | 88000 | 89320 |
|  Commonwealth Bank of Australia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.316%, 3/13/26 | 400000 | 401051 |
|  Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/5/26 | 400000 | 403992 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.40%), 5.564%, 2/28/29 (k)§ | 314000 | 323071 |
|  Credit Agricole SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.86%), 6.316%, 10/3/29 (k)§ | 500000 | 526463 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.67%), 6.251%, 1/10/35 (k)§ | 250000 | 265215 |
|  Danske Bank A/S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 4.298%, 4/1/28 (k)§ | 359000 | 359641 |
|  Federation des Caisses Desjardins du Quebec |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 8/23/27§ | 267000 | 269574 |
|  HSBC Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.35%), 7.390%, 11/3/28 (k) | 694000 | 733659 |

---

See Notes to Financial Statements.

1162

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 5.130%, 3/3/31 (k) | $| 300000 | $307486 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.19%), 2.804%, 5/24/32 (k) |  | 201000 | 183939 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200%, 11/28/33§ |  | 290000 | 331244 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.33%), 6.070%, 10/22/27 (k) |  | 400000 | 406335 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.20%), 4.999%, 1/23/28 (k) |  | 500000 | 502252 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.89%), 2.182%, 6/1/28 (k) |  | 400000 | 390133 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.45%), 5.299%, 7/24/29 (k) |  | 500000 | 514979 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%), 2.963%, 1/25/33 (k) |  | 436000 | 399918 |
|  KBC Group NV | KBC Group NV | KBC Group NV |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.07%), 4.932%, 10/16/30 (k)§ |  | 295000 | 300321 |
|  Lloyds Banking Group plc | Lloyds Banking Group plc | Lloyds Banking Group plc |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.38%), 5.462%, 1/5/28 (k) |  | 241000 | 244175 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 4.976%, 8/11/33 (k) |  | 300000 | 304829 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.12%), 5.376%, 5/26/30 (k) |  | 296000 | 305699 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 5.382%, 7/10/30 (k) |  | 500000 | 517043 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.08%), 4.983%, 1/14/28 (k) |  | 500000 | 502700 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.87%), 5.504%, 5/26/28 (k) |  | 300000 | 305968 |
|  NatWest Group plc | NatWest Group plc | NatWest Group plc |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 5.583%, 3/1/28 (k) |  | 500000 | 508726 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.35%), 3.032%, 11/28/35 (k) |  | 297000 | 273117 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/1/53 | DKK | 2 |  |
|  Norinchukin Bank (The) | Norinchukin Bank (The) | Norinchukin Bank (The) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.094%, 10/16/29§ | $| 500000 | 509892 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%), 2.490%, 1/6/28 (k) |  | 350000 | 343832 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.36%), 6.499%, 3/9/29 (k) |  | 100000 | 104227 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%), 5.473%, 3/20/29 (k) |  | 14000 | 14303 |
|  Santander UK Group Holdings plc | Santander UK Group Holdings plc | Santander UK Group Holdings plc |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.60%), 6.534%, 1/10/29 (k) |  | 400000 | 417638 |
|  Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/3/30§ |  | 277000 | 277818 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 6.447%, 1/12/27 (k)§ |  | 300000 | 300157 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.519%, 1/19/28 (k)§ |  | 300000 | 303714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.889%, 6/9/32§ |  | 300000 | 271132 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.95%), 6.691%, 1/10/34 (k)§ |  | 500000 | 544639 |
|  Standard Chartered plc | Standard Chartered plc | Standard Chartered plc |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.301%, 1/9/29§ |  | 500000 | 519490 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.316%, 7/9/29 |  | 751000 | 776956 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 9/10/27§ |  | 298000 | 300566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/9/28§ |  | 300000 | 308963 |
|  Toronto-Dominion Bank (The) | Toronto-Dominion Bank (The) | Toronto-Dominion Bank (The) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.109%, 10/13/28 |  | 300000 | 300564 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.50%), 5.146%, 9/10/34 (k) |  | 104000 | 105414 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.43%), 3.196%, 6/17/27 (k) |  | 500000 | 497988 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%), 5.574%, 7/25/29 (k) |  | 500000 | 517570 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.79%), 6.303%, 10/23/29 (k) |  | 100000 | 105665 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.50%), 3.350%, 3/2/33 (k) |  | 462000 | 431321 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.78%), 5.499%, 1/23/35 (k) |  | 9000 | 9398 |
|  Series BB | Series BB | Series BB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.900%, 3/15/26 (k)(y) |  | 114000 | 113334 |
|  Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.07%), 4.848%, 12/11/26 (k) |  | 400000 | 402790 |
|  |  |  | 27472802 |
|  ***Capital Markets (1.0%)*** | ***Capital Markets (1.0%)*** | ***Capital Markets (1.0%)*** |  |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 4/2/30 |  | 400000 | 413930 |
|  Carlyle Finance Subsidiary LLC | Carlyle Finance Subsidiary LLC | Carlyle Finance Subsidiary LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/19/29§ |  | 800000 | 777729 |

---

See Notes to Financial Statements.

1163

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Charles Schwab Corp. (The)<br>Series I | Charles Schwab Corp. (The)<br>Series I |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.17%), 4.000%, 6/1/26 (k)(y) | $326000 | $323148 |
|  Deutsche Bank AG | Deutsche Bank AG |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.52%), 7.146%, 7/13/27 (k) | 159000 | 161380 |
|  Goldman Sachs Bank USA | Goldman Sachs Bank USA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%), 4.545%, 3/18/27 (k) | 500000 | 500167 |
|  Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 2.01%), 5.871%, 10/28/27 (k) | 700000 | 707741 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 4.937%, 4/23/28 (k) | 148000 | 149723 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.27%), 5.727%, 4/25/30 (k) | 300000 | 313503 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%), 2.650%, 10/21/32 (k) | 11000 | 9924 |
|  Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 12/1/28 | 200000 | 200500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 3/15/31 | 100000 | 100004 |
|  Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/14/28 (m) | 294000 | 290525 |
|  Morgan Stanley | Morgan Stanley |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 5.123%, 2/1/29 (k) | 400000 | 408294 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.63%), 5.449%, 7/20/29 (k) | 500000 | 515982 |
| &nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.04%), 3.790%, 3/21/30 (k) | 400000 | 480619 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%), 2.239%, 7/21/32 (k) | $89000 | 78976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%), 4.133%, 10/18/29 (k) | 117000 | 116851 |
|  Nasdaq, Inc. | Nasdaq, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 6/28/28 | 188000 | 193967 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.709%, 1/9/26 (x) | 868000 | 868260 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%), 5.296%, 7/2/27 (k) | 500000 | 503602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.842%, 1/18/28 | 200000 | 206531 |
|  S&P Global, Inc. | S&P Global, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 8/1/28 | 16000 | 16295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/1/29 | 71000 | 71371 |
|  Stifel Financial Corp. | Stifel Financial Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/15/30 | 900000 | 877831 |
|  UBS Group AG | UBS Group AG |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 5.711%, 1/12/27 (k)§ | 700000 | 700261 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 6.327%, 12/22/27 (k)§ | 300000 | 305971 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.06%), 4.398%, 9/23/31 (k)§ | 280000 | 278685 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 4.844%, 11/6/33 (k)§ | 400000 | 400784 |
|  |  | 9972554 |
|  ***Consumer Finance (0.5%)*** | ***Consumer Finance (0.5%)*** |  |
|  AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 10/29/26 | 700000 | 690901 |
|  AGFC Capital Trust I | AGFC Capital Trust I |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 2.01%),<br>5.916%, 1/15/67 (k)§ | 1070000 | 706200 |
|  Ally Financial, Inc. | Ally Financial, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 11/2/28 | 800000 | 753667 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.96%), 5.737%, 5/15/29 (k) | 35000 | 35720 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.26%), 6.992%, 6/13/29 (k) | 176000 | 185529 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.73%), 5.543%, 1/17/31 (k) | 436000 | 445553 |
|  American Express Co. | American Express Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.00%), 5.098%, 2/16/28 (k) | 298000 | 301493 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 3/1/29§ | 500000 | 517425 |
|  Capital One Financial Corp. | Capital One Financial Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.08%), 5.468%, 2/1/29 (k) | 75000 | 77002 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.86%), 6.377%, 6/8/34 (k) | 211000 | 228592 |
|  Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 10/16/26 | 300000 | 301335 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 3/8/34 | 299000 | 305007 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 4/10/28 | 27000 | 25993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 7/15/29 | 106000 | 109908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 10/6/29 | 57000 | 57883 |
|  Synchrony Financial | Synchrony Financial |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.68%), 5.450%, 3/6/31 (k) | 91000 | 93354 |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 8/9/29 | 500000 | 508486 |
|  |  | 5344048 |
|  ***Financial Services (0.3%)*** | ***Financial Services (0.3%)*** |  |
|  Essent Group Ltd. | Essent Group Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/1/29 | 500000 | 521852 |
|  Fiserv, Inc. | Fiserv, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/1/29 | 409000 | 396998 |
|  Global Payments, Inc. | Global Payments, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/28 | 53000 | 53061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/15/30 | 74000 | 74070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 11/15/32 | 77000 | 77043 |
|  Jyske Realkredit A/S Series CCE | Jyske Realkredit A/S Series CCE |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/1/53 | 2 |  |
|  Lseg US Fin Corp. | Lseg US Fin Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/28/27§ | $500000 | 505301 |
|  Mastercard, Inc. | Mastercard, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 1/15/35 | 213000 | 212912 |
|  National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 6/15/29 | 200000 | 206625 |
|  Nationwide Building Society | Nationwide Building Society |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%), 6.557%, 10/18/27 (k)§ | 400000 | 407455 |

---

See Notes to Financial Statements.

1164

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 2.972%, 2/16/28 (k)§ | $| 385000 | $380169 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.65%), 5.537%, 7/14/36 (k)§ |  | 274000 | 283176 |
|  |  |  | 3118662 |
|  ***Insurance (0.6%)*** | ***Insurance (0.6%)*** | ***Insurance (0.6%)*** |  |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.349%, 7/9/27§ |  | 500000 | 508330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.033%, 7/17/30§ |  | 360000 | 362969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.322%, 11/13/31§ |  | 600000 | 609433 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 9/19/28§ |  | 400000 | 417397 |
|  Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 3/15/30 |  | 200000 | 203912 |
|  MassMutual Global Funding II | MassMutual Global Funding II | MassMutual Global Funding II |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/10/26§ |  | 600000 | 600569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 12/7/27§ |  | 500000 | 509972 |
|  MetLife Capital Trust IV | MetLife Capital Trust IV | MetLife Capital Trust IV |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 12/15/37§ |  | 192000 | 211440 |
|  Mutual of Omaha Cos. Global Funding | Mutual of Omaha Cos. Global Funding | Mutual of Omaha Cos. Global Funding |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 4/9/27§ |  | 500000 | 507219 |
|  Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/28/29§ |  | 500000 | 504999 |
|  Pricoa Global Funding I | Pricoa Global Funding I | Pricoa Global Funding I |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 8/27/27§ |  | 500000 | 504350 |
|  Principal Life Global Funding II | Principal Life Global Funding II | Principal Life Global Funding II |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/16/26§ |  | 800000 | 786665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 1/25/29§ |  | 204000 | 208879 |
|  Swiss Re Finance Luxembourg SA | Swiss Re Finance Luxembourg SA | Swiss Re Finance Luxembourg SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 5.000%, 4/2/49 (k)(m) |  | 200000 | 201367 |
|  |  |  | 6137501 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** | 52045567 |
|  **Health Care (0.3%)** | **Health Care (0.3%)** | **Health Care (0.3%)** |  |
|  ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** |  |
|  Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 12/15/35 |  | 160000 | 162242 |
|  ***Health Care Providers & Services (0.2%)*** | ***Health Care Providers & Services (0.2%)*** | ***Health Care Providers & Services (0.2%)*** |  |
|  Centene Corp. | Centene Corp. | Centene Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/15/29 |  | 400000 | 388072 |
|  Cigna Group (The) | Cigna Group (The) | Cigna Group (The) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/15/28 |  | 165000 | 166339 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 3/25/28 |  | 12000 | 12044 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/15/26 |  | 47000 | 47009 |
|  Ochsner LSU Health System of North Louisiana Series 2021 | Ochsner LSU Health System of North Louisiana Series 2021 | Ochsner LSU Health System of North Louisiana Series 2021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.510%, 5/15/31 |  | 240000 | 205424 |
|  Quest Diagnostics, Inc. | Quest Diagnostics, Inc. | Quest Diagnostics, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/15/29 |  | 500000 | 508271 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/15/29 |  | 600000 | 603731 |
|  |  |  | 1930890 |
|  ***Pharmaceuticals (0.1%)*** | ***Pharmaceuticals (0.1%)*** | ***Pharmaceuticals (0.1%)*** |  |
|  Bayer US Finance LLC | Bayer US Finance LLC | Bayer US Finance LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 11/21/26§ |  | 200000 | 202966 |
|  Novartis Capital Corp. | Novartis Capital Corp. | Novartis Capital Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 11/5/28 |  | 280000 | 280831 |
|  Roche Holdings, Inc. | Roche Holdings, Inc. | Roche Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.203%, 9/9/29§ |  | 298000 | 299726 |
|  Takeda US Financing, Inc. | Takeda US Financing, Inc. | Takeda US Financing, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 7/7/35 |  | 275000 | 280091 |
|  |  |  | 1063614 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** | 3156746 |
|  **Industrials (0.8%)** | **Industrials (0.8%)** | **Industrials (0.8%)** |  |
|  ***Aerospace & Defense (0.2%)*** | ***Aerospace & Defense (0.2%)*** | ***Aerospace & Defense (0.2%)*** |  |
|  Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.196%, 2/4/26 |  | 400000 | 399246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.298%, 5/1/29 |  | 100000 | 106123 |
|  General Electric Co. | General Electric Co. | General Electric Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 1/29/36 |  | 113000 | 114772 |
|  HEICO Corp. | HEICO Corp. | HEICO Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 8/1/28 |  | 300000 | 308145 |
|  Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.043%, 8/16/28 |  | 800000 | 756702 |
|  Rolls-Royce plc | Rolls-Royce plc | Rolls-Royce plc |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 10/15/27§ |  | 500000 | 512723 |
|  |  |  | 2197711 |
|  ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** |  |
|  GXO Logistics, Inc. | GXO Logistics, Inc. | GXO Logistics, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 5/6/29 |  | 400000 | 421397 |
|  ***Building Products (0.0%)†*** | ***Building Products (0.0%)†*** | ***Building Products (0.0%)†*** |  |
|  Amrize Finance US LLC | Amrize Finance US LLC | Amrize Finance US LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 4/7/30 |  | 300000 | 306919 |
|  ***Commercial Services & Supplies (0.0%)†*** | ***Commercial Services & Supplies (0.0%)†*** | ***Commercial Services & Supplies (0.0%)†*** |  |
|  Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 7/15/30 |  | 283000 | 289635 |
|  ***Electrical Equipment (0.0%)†*** | ***Electrical Equipment (0.0%)†*** | ***Electrical Equipment (0.0%)†*** |  |
|  LG Energy Solution Ltd. | LG Energy Solution Ltd. | LG Energy Solution Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 4/2/30§ |  | 282000 | 289123 |
|  ***Ground Transportation (0.1%)*** | ***Ground Transportation (0.1%)*** | ***Ground Transportation (0.1%)*** |  |
|  ENA Master Trust | ENA Master Trust | ENA Master Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/19/48§ |  | 206000 | 158511 |
|  ERAC USA Finance LLC | ERAC USA Finance LLC | ERAC USA Finance LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 5/1/28§ |  | 90000 | 91157 |
|  Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 4/5/36§ |  | 152946 | 148174 |
|  Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 3/30/29§ |  | 500000 | 514100 |
|  Ryder System, Inc. | Ryder System, Inc. | Ryder System, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 3/15/29 |  | 237000 | 245139 |
|  |  |  | 1157081 |
|  ***Machinery (0.1%)*** | ***Machinery (0.1%)*** | ***Machinery (0.1%)*** |  |
|  Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/14/26§ |  | 800000 | 785114 |
|  Flowserve Corp. | Flowserve Corp. | Flowserve Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 1/15/32 |  | 202000 | 180702 |
|  Parker-Hannifin Corp. | Parker-Hannifin Corp. | Parker-Hannifin Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/14/29 |  | 121000 | 117690 |
|  |  |  | 1083506 |

---

See Notes to Financial Statements.

1165

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** |  |  |
|  AS Mileage Plan IP Ltd. | AS Mileage Plan IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.021%, 10/20/29§ | $41000 | $| 41333 |
|  Southwest Airlines Co. | Southwest Airlines Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/15/28 | 81000 |  | 81197 |
|  |  |  | 122530 |
|  ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** |  |  |
|  Equifax, Inc. | Equifax, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 9/15/29 | 500000 |  | 507980 |
|  ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** |  |  |
|  Aircastle Ltd. | Aircastle Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/15/26 | 5000 |  | 5001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 2/15/29§ | 64000 |  | 66590 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 9/20/26§ | 62000 |  | 60983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 4/14/27§ | 20000 |  | 20106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/27§ | 23000 |  | 22629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 10/25/28§ | 500000 |  | 529969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 7/15/29§ | 400000 |  | 409441 |
|  TTX Co. | TTX Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 9/25/26§ | 300000 |  | 302752 |
|  |  |  | 1417471 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 7793353 |
|  **Information Technology (0.7%)** | **Information Technology (0.7%)** |  |  |
|  ***Communications Equipment (0.0%)†*** | ***Communications Equipment (0.0%)†*** |  |  |
|  Cisco Systems, Inc. | Cisco Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/24/30 | 283000 |  | 290478 |
|  ***Electronic Equipment, Instruments & Components (0.1%)*** | ***Electronic Equipment, Instruments & Components (0.1%)*** | ***Electronic Equipment, Instruments & Components (0.1%)*** | ***Electronic Equipment, Instruments & Components (0.1%)*** |
|  Arrow Electronics, Inc. | Arrow Electronics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 8/21/29 | 500000 |  | 511572 |
|  CDW LLC | CDW LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 3/1/30 | 500000 |  | 508855 |
|  |  |  | 1020427 |
|  ***IT Services (0.3%)*** | ***IT Services (0.3%)*** |  |  |
|  Beignet Investor LLC | Beignet Investor LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.581%, 5/30/49§ | 2200000 |  | 2321000 |
|  International Business Machines Corp. | International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/6/26 | 251000 |  | 251117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 7/27/52 | 264000 |  | 232380 |
|  |  |  | 2804497 |
|  ***Semiconductors & Semiconductor Equipment (0.1%)*** | ***Semiconductors & Semiconductor Equipment (0.1%)*** | ***Semiconductors & Semiconductor Equipment (0.1%)*** | ***Semiconductors & Semiconductor Equipment (0.1%)*** |
|  Applied Materials, Inc. | Applied Materials, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/15/31 | 281000 |  | 279505 |
|  Broadcom, Inc. | Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 7/12/27 | 113000 |  | 114961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 2/15/28 | 46000 |  | 46146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 7/12/29 | 200000 |  | 205933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.926%, 5/15/37§ | 144000 |  | 141811 |
|  Foundry JV Holdco LLC | Foundry JV Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 1/25/30§ | 266000 |  | 278370 |
|  |  |  | 1066726 |
|  ***Software (0.1%)*** | ***Software (0.1%)*** |  |  |
|  Oracle Corp. | Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/6/28 | 200000 |  | 199440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 9/27/29 | 500000 |  | 490020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 5/6/30 | 200000 |  | 197606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 8/3/35 | 236000 |  | 231362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 9/26/35 | 98000 |  | 94164 |
|  |  |  | 1212592 |
|  ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** |
|  Apple, Inc. | Apple, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 8/8/62 | 202000 |  | 158999 |
|  Dell International LLC | Dell International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/1/35 | 227000 |  | 233662 |
|  Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 9/25/27 | 123000 |  | 123647 |
|  |  |  | 516308 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 6911028 |
|  **Materials (0.3%)** | **Materials (0.3%)** |  |  |
|  ***Chemicals (0.1%)*** | ***Chemicals (0.1%)*** |  |  |
|  Kraton Corp. | Kraton Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/15/27§ | 500000 |  | 507255 |
|  LYB International Finance III LLC | LYB International Finance III LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 5/15/35 | 46000 |  | 47229 |
|  |  |  | 554484 |
|  ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** |  |  |
|  Berry Global, Inc. | Berry Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.570%, 1/15/26 | 800000 |  | 799160 |
|  WestRock MWV LLC | WestRock MWV LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.950%, 2/15/31 | 400000 |  | 457378 |
|  WRKCo., Inc. | WRKCo., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/28 | 280000 |  | 279140 |
|  |  |  | 1535678 |
|  ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** |  |  |
|  Freeport Indonesia PT | Freeport Indonesia PT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.763%, 4/14/27§ | 215000 |  | 215537 |
|  Glencore Funding LLC | Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.338%, 4/4/27§ | 81000 |  | 82254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.907%, 4/1/28§ | 102000 |  | 103711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.186%, 4/1/30§ | 45000 |  | 46197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/6/33§ | 67000 |  | 74070 |
|  |  |  | 521769 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 2611931 |
|  **Real Estate (0.5%)** | **Real Estate (0.5%)** |  |  |
|  ***Diversified REITs (0.1%)*** | ***Diversified REITs (0.1%)*** |  |  |
|  Equinix Europe 2<br>Financing Corp. LLC (REIT) | Equinix Europe 2<br>Financing Corp. LLC (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 11/15/30 | 300000 |  | 300579 |
|  GLP Capital LP (REIT) | GLP Capital LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/15/31 | 66000 |  | 63163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 1/15/32 | 176000 |  | 159236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 2/15/33 | 441000 |  | 442420 |
|  |  |  | 965398 |
|  ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** |  |  |
|  Omega Healthcare Investors, Inc. (REIT) | Omega Healthcare Investors, Inc. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 2/1/31 | 700000 |  | 654037 |
|  ***Office REITs (0.1%)*** | ***Office REITs (0.1%)*** |  |  |
|  COPT Defense Properties LP (REIT) | COPT Defense Properties LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 3/15/26 | 700000 |  | 697427 |

---

See Notes to Financial Statements.

1166

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  ***Specialized REITs (0.2%)*** | ***Specialized REITs (0.2%)*** |  |  |
|  American Tower Corp. (REIT) | American Tower Corp. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 3/15/27 | $80000 | $| 79592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 11/15/28 | 700000 |  | 730549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 2/15/29 | 114000 |  | 117124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 6/15/30 | 54000 |  | 49005 |
|  Crown Castle, Inc. (REIT) | Crown Castle, Inc. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 6/15/26 | 800000 |  | 798797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 6/1/29 | 68000 |  | 70570 |
|  EPR Properties (REIT) | EPR Properties (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 11/15/31 | 800000 |  | 740596 |
|  |  |  | 2586233 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 4903095 |
|  **Utilities (1.2%)** | **Utilities (1.2%)** |  |  |
|  ***Electric Utilities (0.8%)*** | ***Electric Utilities (0.8%)*** |  |  |
|  Arizona Public Service Co. | Arizona Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 12/15/31 | 400000 |  | 350920 |
|  Avangrid, Inc. | Avangrid, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 6/1/29 | 900000 |  | 887567 |
|  CenterPoint Energy Houston Electric LLC<br>Series AQ | CenterPoint Energy Houston Electric LLC<br>Series AQ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 8/15/35 | 80000 |  | 80239 |
|  Comision Federal de Electricidad | Comision Federal de Electricidad |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.688%, 5/15/29§ | 222000 |  | 219469 |
|  Duke Energy Carolinas NC Storm Funding LLC Series A-2 | Duke Energy Carolinas NC Storm Funding LLC Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.617%, 7/1/43 | 154000 |  | 123639 |
|  Edison International | Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 3/15/30 | 300000 |  | 313134 |
|  Emera US Finance LP | Emera US Finance LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.639%, 6/15/31 | 300000 |  | 270854 |
|  Enel Finance International NV | Enel Finance International NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 9/30/28§ | 279000 |  | 278376 |
|  Eversource Energy | Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/1/27 | 500000 |  | 504231 |
|  Florida Power & Light Co. | Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 6/15/34 | 97000 |  | 101605 |
|  IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/1/30 | 700000 |  | 684586 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.830%, 6/12/30 | 500000 |  | 367221 |
|  Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.647%, 10/3/30§ | $275000 |  | 276469 |
|  NRG Energy, Inc. | NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.734%, 10/15/30§ | 51000 |  | 50987 |
|  Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 1/1/26 | 600000 |  | 599998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/1/26 | 600000 |  | 598559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 5/15/29 | 200000 |  | 206357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 10/15/32 | 400000 |  | 402236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 6/15/33 | 100000 |  | 108015 |
|  Public Service Co. of Colorado | Public Service Co. of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 9/15/35 | 277000 |  | 280631 |
|  Southern California Edison Co. | Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 6/1/29 | 500000 |  | 511012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/1/48 | 100000 |  | 75825 |
|  Swepco Storm Recovery Funding LLC | Swepco Storm Recovery Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.880%, 9/1/39 | 386760 |  | 388888 |
|  Terraform Global Operating LP | Terraform Global Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 3/1/26§ | 8000 |  | 7920 |
|  Virginia Electric and Power Co.<br>Series C |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 9/15/35 | 237000 |  | 235915 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 12/30/26§ | 6000 |  | 6039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 10/15/28§ | 6000 |  | 5999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 10/15/33§ | 232000 |  | 258279 |
|  |  |  | 8194970 |
|  ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** |  |  |
|  National Fuel Gas Co. | National Fuel Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/1/31 | 700000 |  | 638416 |
|  ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** |
|  Alexander Funding Trust II | Alexander Funding Trust II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.467%, 7/31/28§ | 121000 |  | 128851 |
|  FIEMEX Energia - Banco Actinver<br>SA Institucion de<br>Banca Multiple | FIEMEX Energia - Banco Actinver<br>SA Institucion de<br>Banca Multiple |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 1/31/41§ | 238712 |  | 250767 |
|  |  |  | 379618 |
|  ***Multi-Utilities (0.3%)*** | ***Multi-Utilities (0.3%)*** |  |  |
|  Abu Dhabi National Energy Co. PJSC | Abu Dhabi National Energy Co. PJSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/9/31§ | 500000 |  | 499250 |
|  Ameren Corp. | Ameren Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/15/29 | 500000 |  | 511356 |
|  Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 4/1/36 | 229000 |  | 248121 |
|  DTE Energy Co. | DTE Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 3/1/29 | 500000 |  | 512421 |
|  National Grid plc | National Grid plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.602%, 6/12/28 | 300000 |  | 309534 |
|  Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 4/1/29 | 500000 |  | 513936 |
|  WEC Energy Group, Inc. | WEC Energy Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 10/15/27 | 600000 |  | 573447 |
|  |  |  | 3168065 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 12381069 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  | 116256140 |
|  **Foreign Government Securities (1.1%)** | **Foreign Government Securities (1.1%)** |  |  |
|  Baiterek National Managing Holding JSC | Baiterek National Managing Holding JSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 5/8/28§ | 200000 |  | 202568 |
|  Canada Government Bond | Canada Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 12/1/34 | 344000 |  | 248760 |
|  Commonwealth of Australia | Commonwealth of Australia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 6/21/35 (m) | 800000 |  | 453713 |
|  Federative Republic of Brazil | Federative Republic of Brazil |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 3/15/34 | $500000 |  | 505125 |
|  Japan Government Bond | Japan Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/20/44 | 100000000 |  | 554914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 12/20/54 | 80000000 |  | 409581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 6/20/55 | 40000000 |  | 228277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 9/20/55 | 20000000 |  | 123640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 3/20/64 | 44000000 |  | 204135 |
|  Japan International Cooperation Agency | Japan International Cooperation Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/27/27 | $900000 |  | 886276 |
|  Kingdom of Saudi Arabia | Kingdom of Saudi Arabia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 1/16/30§ | 500000 |  | 509845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/18/53§ | 500000 |  | 445708 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 3/20/34 (m) | 400000 |  | 206795 |

---

See Notes to Financial Statements.

1167

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/20/37 (m) | AUD | 100000 | $62711 |
|  Province of Ontario | Province of Ontario | Province of Ontario |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 12/2/34 | CAD | 56000 | 40959 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/22/35 (m) | AUD | 100000 | 62474 |
|  Republic of Colombia | Republic of Colombia | Republic of Colombia |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 4/15/31 | $| 235000 | 203862 |
|  Republic of Panama | Republic of Panama | Republic of Panama |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 4/1/29 |  | 190000 | 216245 |
|  Republic of Peru | Republic of Peru | Republic of Peru |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 8/12/31 (m) | PEN | 1041000 | 343798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 8/12/32§ |  | 2300000 | 737902 |
|  Republic of South Africa | Republic of South Africa | Republic of South Africa |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.100%, 11/19/36§ | $| 400000 | 429176 |
|  Romania Government Bond | Romania Government Bond | Romania Government Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 9/16/30§ |  | 256000 | 263700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 4/14/33 (m) | EUR | 800000 | 762155 |
|  State of Israel Government Bond | State of Israel Government Bond | State of Israel Government Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/12/34 | $| 500000 | 518495 |
|  State of Kuwait | State of Kuwait | State of Kuwait |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.016%, 10/9/28§ |  | 200000 | 199996 |
|  State of Qatar | State of Qatar | State of Qatar |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.103%, 4/23/48§ |  | 800000 | 787336 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 9/15/33 (m) | AUD | 200000 | 109105 |
|  U.K. Treasury Bonds | U.K. Treasury Bonds | U.K. Treasury Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/31/54 (m) | GBP | 955000 | 1128428 |
|  United Mexican States | United Mexican States | United Mexican States |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 3/22/33 | $| 281000 | 278395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 5/13/37 |  | 400000 | 427000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** | 11551074 |
|  **Mortgage-Backed Securities (11.6%)** | **Mortgage-Backed Securities (11.6%)** | **Mortgage-Backed Securities (11.6%)** |  |
|  FHLMC | FHLMC | FHLMC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.170%, 4/1/28 |  | 300000 | 301997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.236%, 11/1/31 (l) |  | 614 | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/1/35 |  | 16839 | 17452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/1/35 |  | 11574 | 11998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/1/44 |  | 115236 | 112892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/1/46 |  | 177909 | 174411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/1/48 |  | 116114 | 115741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/1/48 |  | 186678 | 186020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/1/48 |  | 64486 | 65859 |
|  FHLMC UMBS | FHLMC UMBS | FHLMC UMBS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/1/49 |  | 226100 | 212457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/1/49 |  | 219474 | 206231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/49 |  | 81994 | 77047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 6/1/51 |  | 172146 | 140513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/52 |  | 885432 | 725220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/52 |  | 566848 | 508339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/1/52 |  | 1012298 | 870302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/1/52 |  | 617447 | 548313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/1/52 |  | 87070 | 87471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/1/53 |  | 51382 | 50434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/1/53 |  | 355534 | 356553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/1/53 |  | 656421 | 658097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/53 |  | 279200 | 273697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/1/53 |  | 824325 | 807564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/1/53 |  | 161607 | 164486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/1/54 |  | 3479307 | 3407131 |
|  FNMA | FNMA | FNMA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.920%, 1/1/28 (l) |  | 555 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.239%, 3/1/33 (l) |  | 4192 | 4097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.468%, 1/1/36 (l) |  | 11227 | 11558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.460%, 2/1/37 (l) |  | 36382 | 37300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.143%, 12/1/40 (l) |  | 549 | 555 |
|  FNMA UMBS | FNMA UMBS | FNMA UMBS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/1/30 |  | 2052 | 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/1/31 |  | 116383 | 112890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/1/31 |  | 168359 | 163092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/1/31 |  | 71074 | 68796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/1/32 |  | 175462 | 170505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/1/32 |  | 7177 | 6923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/1/33 |  | 14244 | 14710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/1/33 |  | 13575 | 14023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/1/34 |  | 7740 | 8004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 5/1/34 |  | 5465 | 5653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/1/34 |  | 22872 | 23699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/1/35 |  | 83601 | 86566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/1/35 |  | 3830 | 3847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/1/35 |  | 6755 | 6887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/1/36 |  | 6979 | 7115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/1/39 |  | 20236 | 20647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/1/40 |  | 69941 | 68556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/1/41 |  | 11037 | 11043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/41 |  | 987 | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/1/42 |  | 45671 | 43826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/42 |  | 499814 | 479204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/43 |  | 84439 | 80820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/43 |  | 295518 | 282808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/43 |  | 270597 | 263570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/1/45 |  | 25530 | 23315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/1/48 |  | 428141 | 403244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/1/48 |  | 210729 | 209803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/1/49 |  | 231713 | 217731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/49 |  | 189457 | 178026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/51 |  | 1594481 | 1413958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 7/1/51 |  | 953938 | 776858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/1/51 |  | 1332743 | 1084097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/1/52 |  | 284274 | 244570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/1/52 |  | 679065 | 608973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/1/52 |  | 621465 | 534666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/52 |  | 849721 | 762014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/52 |  | 177530 | 164266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/1/52 |  | 619251 | 531920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/1/52 |  | 853798 | 733588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/1/53 |  | 51717 | 50762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/1/53 |  | 660304 | 662196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/1/53 |  | 403399 | 397566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/1/53 |  | 475037 | 476138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/1/53 |  | 408791 | 409963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/1/54 |  | 1624626 | 1591593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/1/54 |  | 167363 | 170057 |
|  FNMA/FHLMC UMBS, 30 Year, Single Family | FNMA/FHLMC UMBS, 30 Year, Single Family | FNMA/FHLMC UMBS, 30 Year, Single Family |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/25/56 TBA |  | 20707000 | 19658708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/25/56 TBA |  | 3001685 | 2996057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/25/56 TBA |  | 2738786 | 2778156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/25/56 TBA |  | 1473964 | 1513462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 1/25/56 TBA |  | 234639 | 243823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/25/56 TBA |  | 12800000 | 11319000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/25/56 TBA |  | 9100000 | 8387641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/25/56 TBA |  | 400000 | 390406 |

---

See Notes to Financial Statements.

1168

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/25/56 TBA | $| 8598315 | $8574468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/25/56 TBA |  | 22200000 | 22498313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/25/56 TBA |  | 4620000 | 4741275 |
|  GNMA | GNMA | GNMA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 7/20/27 (l) |  | 103 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/43 |  | 102573 | 94266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/15/45 |  | 80867 | 73270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/20/46 |  | 101881 | 93090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/15/49 |  | 68139 | 62661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/15/50 |  | 14357 | 13203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/15/50 |  | 126040 | 115908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/20/53 |  | 516696 | 524800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/20/54 |  | 29512 | 26903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/20/54 |  | 995357 | 907208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/20/55 |  | 188230 | 171546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/15/56 TBA |  | 1002723 | 977498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/15/56 TBA |  | 1875000 | 1871485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/15/56 TBA |  | 496000 | 500960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/15/56 TBA |  | 2969544 | 3026383 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** | 115286994 |
|  **Municipal Bonds (0.2%)** | **Municipal Bonds (0.2%)** | **Municipal Bonds (0.2%)** |  |
|  Louisiana Local Government Environmental Facilities & Community Development<br>Authority Systems, Series 2023 | Louisiana Local Government Environmental Facilities & Community Development<br>Authority Systems, Series 2023 | Louisiana Local Government Environmental Facilities & Community Development<br>Authority Systems, Series 2023 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.198%, 12/1/39 |  | 500000 | 515366 |
|  Sales Tax Securitization Corp. | Sales Tax Securitization Corp. | Sales Tax Securitization Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.007%, 1/1/33 |  | 800000 | 730476 |
|  State Board of Administration<br>Finance Corp. | State Board of Administration<br>Finance Corp. | State Board of Administration<br>Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.705%, 7/1/27 |  | 288000 | 279383 |
|  Texas Natural Gas Securitization<br>Finance Corp., Revenue Bonds,<br>Series 2023 | Texas Natural Gas Securitization<br>Finance Corp., Revenue Bonds,<br>Series 2023 | Texas Natural Gas Securitization<br>Finance Corp., Revenue Bonds,<br>Series 2023 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.169%, 4/1/41 |  | 400000 | 407940 |
|  University of California | University of California | University of California |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.071%, 5/15/51 |  | 335000 | 227281 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds** | 2160446 |
|  **U.S. Government Agency Securities (41.6%)** | **U.S. Government Agency Securities (41.6%)** | **U.S. Government Agency Securities (41.6%)** |  |
|  FFCB | FFCB | FFCB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/5/26 |  | 8000000 | 8014126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 6/23/26 |  | 20000000 | 20064984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/6/26 |  | 10000000 | 10036557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 7/17/26 |  | 3010000 | 3026537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/20/27 |  | 30063000 | 30466262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 4/30/29 |  | 5957000 | 6174408 |
|  FHLB | FHLB | FHLB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/17/26 |  | 500000 | 504460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/15/27 |  | 12530000 | 12609856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/4/27 |  | 25510000 | 25478138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/30/28 |  | 615000 | 622552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/16/28 |  | 12910000 | 12832993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 12/8/28 |  | 25290000 | 26097431 |
|  FHLMC | FHLMC | FHLMC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 10/28/26 |  | 3000000 | 2932514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 9/15/29 |  | 39000000 | 43227904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 3/15/31 |  | 2510000 | 2862627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/15/32 |  | 47700000 | 53964241 |
|  FNMA | FNMA | FNMA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 9/24/26 |  | 25816000 | 25499800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 5/15/29 |  | 25664000 | 27836794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 5/15/30 |  | 10000000 | 11434974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 8/5/30 |  | 30000000 | 26432109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 11/15/30 |  | 14000000 | 15795916 |
|  Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/15/28 |  | 20000000 | 20158738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 5/1/30 |  | 13000000 | 14752424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 9/15/31 |  | 6700000 | 5872484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 7/15/33 |  | 7658000 | 7978868 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** | 414677697 |
|  **U.S. Treasury Obligations (35.7%)** | **U.S. Treasury Obligations (35.7%)** | **U.S. Treasury Obligations (35.7%)** |  |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/39 |  | 200000 | 196302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/15/39 |  | 200000 | 197785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/40 |  | 200000 | 202687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/40 |  | 7700000 | 5015828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/41 |  | 2100000 | 1471969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 8/15/41 |  | 463600 | 314017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/15/41 |  | 94000 | 84996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/15/41 |  | 422500 | 296014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 2/15/42 |  | 238900 | 176487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/42 |  | 1010500 | 815821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/15/42 |  | 2570500 | 2151589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/42 |  | 1220400 | 1122577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/15/43 |  | 274500 | 247822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/15/43 |  | 700000 | 630109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/15/43 |  | 363600 | 314969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/15/43 |  | 1080100 | 1035377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 11/15/43 |  | 421000 | 370217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/15/43 |  | 1008700 | 1012167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 2/15/44 |  | 1055000 | 908948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/15/44 |  | 94500 | 91754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/15/44 |  | 500000 | 414062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 5/15/44 |  | 991200 | 976642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 8/15/44 |  | 3877600 | 3080874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/15/44 |  | 483700 | 375548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/45 |  | 2700000 | 2033212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 8/15/45 |  | 2208000 | 2237661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/47 |  | 1800000 | 1356703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 8/15/47 |  | 100000 | 71717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/15/48 |  | 800000 | 597625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/15/48 |  | 200000 | 148703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/15/48 |  | 400000 | 317813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/15/49 |  | 300000 | 221953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/49 |  | 200000 | 144098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/49 |  | 2000000 | 1260004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 11/15/49 |  | 400000 | 258125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/15/50 |  | 1100000 | 647842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 8/15/50 |  | 300000 | 148189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 11/15/50 |  | 1300000 | 685723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/51 |  | 3191500 | 1791529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/51 |  | 1230000 | 778552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/15/51 |  | 1865700 | 1073814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 11/15/51 |  | 625000 | 347168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/52 |  | 571800 | 401312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/15/53 |  | 291200 | 236596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 8/15/53 |  | 558200 | 496250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/15/54 |  | 804100 | 730234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/54 |  | 214100 | 202826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 8/15/55 |  | 25000 | 24688 |

---

See Notes to Financial Statements.

1169

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  U.S. Treasury Inflation Linked Bonds | U.S. Treasury Inflation Linked Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 2/15/45 TIPS | $553088 | $404117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 2/15/46 TIPS | 137418 | 103830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 2/15/47 TIPS | 134886 | 97506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 2/15/49 TIPS | 129395 | 93367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 2/15/50 TIPS | 379941 | 219173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 2/15/51 TIPS | 1250630 | 677087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 2/15/52 TIPS | 233932 | 123981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/53 TIPS | 219074 | 171240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/15/54 TIPS | 265233 | 239043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 2/15/55 TIPS | 206374 | 196356 |
|  U.S. Treasury Inflation Linked Notes | U.S. Treasury Inflation Linked Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 4/15/28 TIPS | 8467134 | 8435468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 7/15/29 TIPS | 1911417 | 1842954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 7/15/30 TIPS | 244338 | 230825 |
|  U.S. Treasury Notes | U.S. Treasury Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/30/27 | 1767800 | 1780726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/15/27 | 31412800 | 31724823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/27 | 1473800 | 1484973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/28 | 3202000 | 3293428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/28 | 3557600 | 3684869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/28 | 22324900 | 22839616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/28 | 22719900 | 22857464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/31/29 | 7988300 | 8093116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/28/29 | 596700 | 609048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/30/29 | 1323000 | 1366459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/31/29 | 6357400 | 6543652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/30/29 | 777800 | 794897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 7/31/29 | 9142800 | 8848599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/31/29 | 6959300 | 7053593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 8/15/29 | 10294600 | 9615800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/31/29 | 5301100 | 5373967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 5/15/30 | 13581200 | 11928113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/31/30 | 6480000 | 6462788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 8/31/30 | 5749600 | 5855647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/30 | 6353000 | 6607120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/30 | 9099800 | 9113308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/31/31 | 6154500 | 6231431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/28/31 | 12231400 | 12524763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/30/31 | 2774900 | 2840804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/31/32 | 360000 | 359607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/33 | 28581600 | 29564164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/15/34 | 23190300 | 23163576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/34 | 13259500 | 13574406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/34 | 3990900 | 3937283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/15/34 | 9793700 | 9916133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/35 | 5965000 | 6203140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/35 | 4605900 | 4653403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/15/35 (z) | 11576000 | 11684056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/35 | 4306200 | 4253046 |
|  U.S. Treasury STRIPS Bonds | U.S. Treasury STRIPS Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 8/15/40 STRIPS | 300000 | 149042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 5/15/41 STRIPS | 100000 | 47552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 8/15/41 STRIPS | 200000 | 93694 |
|  **Total U.S. Treasury Obligations** | **Total U.S. Treasury Obligations** | 355679951 |
|  **Total Long-Term Debt Securities (106.8%)**<br> *(Cost $1,071,257,901)* | **Total Long-Term Debt Securities (106.8%)**<br> *(Cost $1,071,257,901)* | 1064650648 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Foreign Government Treasury Bills (0.0%)†** | **Foreign Government Treasury Bills (0.0%)†** |  |
|  Federative Republic of Brazil | Federative Republic of Brazil |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 4/1/26 (p) | 1800000 | 317307 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Investment Companies (0.1%)** | **Investment Companies (0.1%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 789443 | 789443 |
|  | **Principal<br>Amount** | **Value <br>(Note 1)** |
|  **U.S. Treasury Obligations (0.2%)** | **U.S. Treasury Obligations (0.2%)** |  |
|  U.S. Treasury Bills | U.S. Treasury Bills |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 1/2/26(p) | $2017400 | 2017400 |
|  **Total Short-Term Investments (0.3%)**<br> *(Cost $3,130,304)* | **Total Short-Term Investments (0.3%)**<br> *(Cost $3,130,304)* | 3124150 |
|  **Total Investments in Securities (107.1%)**<br> *(Cost $1,074,388,205)* | **Total Investments in Securities (107.1%)**<br> *(Cost $1,074,388,205)* | 1067774798 |
|  **Other Assets Less Liabilities (-7.1%)** | **Other Assets Less Liabilities (-7.1%)** | (71190626) |
|  **Net Assets (100%)** |  | $996584172 |

---

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2025, the market value of these securities amounted to $80,077,969 or 8.0% of net assets.*  |

---

*(e)* *Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of December 31, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(h)* *Defaulted security. A security is classified as defaulted if the issuer files for bankruptcy or fails to make a scheduled interest or principal payment within the grace period set forth in the security's governing documents.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of December 31, 2025.* 

*(l)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of December 31, 2025.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $5,020,365 or 0.5% of net assets.* 

*(p)* *Yield to maturity.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(y)* *Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of December 31, 2025.* 

*(z)* *All or a portion of the Security is held as a Sale-Buyback position. See Note 1* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $770,308. This was collateralized by cash of $789,443 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

See Notes to Financial Statements.

1170

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| Glossary: | Glossary: | Glossary: |
| *ARM* | *—* | *Adjustable Rate Mortgage* |
| *AUD* | *—* | *Australian Dollar* |
| *BRL* | *—* | *Brazilian Real* |
| *CAD* | *—* | *Canadian Dollar* |
| *CME* | *—* | *Chicago Mercantile Exchange* |
| *CLO* | *—* | *Collateralized Loan Obligation* |
| *DKK* | *—* | *Denmark Krone* |
| *EUR* | *—* | *European Currency Unit* |
| *EURIBOR* | *—* | *Euro Interbank Offered Rate* |
| *FFCB* | *—* | *Federal Farm Credit Bank* |
| *FHLB* | *—* | *Federal Home Loan Bank* |
| *FHLMC* | *—* | *Federal Home Loan Mortgage Corp.* |
| *FNMA* | *—* | *Federal National Mortgage Association* |
| *GBP* | *—* | *British Pound* |
| *GNMA* | *—* | *Government National Mortgage Association* |
| *ICE* | *—* | *Intercontinental Exchange* |
| *IO* | *—* | *Interest Only* |
| *JPY* | *—* | *Japanese Yen* |
| *MXN* | *—* | *Mexican Peso* |
| *MYR* | *—* | *Malaysian Ringgit* |
| *NZD* | *—* | *New Zealand Dollar* |
| *OAT* | *—* | *Obligations Assimilables du Trésor* |
| *PEN* | *—* | *Peruvian Sol* |
| *REIT* | *—* | *Real Estate Investment Trust* |
| *REMIC* | *—* | *Real Estate Mortgage Investment Conduit* |
| *SOFR* | *—* | *Secured Overnight Financing Rate* |
| *STACR* | *—* | *Structured Agency Credit Risk* |
| *STRIPS* | *—* | *Separate Trading of Registered Interest and Principal Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.* |
| *TBA* | *—* | *To Be Announced; Security is subject to delayed delivery* |
| *TIPS* | *—* | *Treasury Inflation Protected Security* |
| *TWD* | *—* | *New Taiwan Dollar* |
| *UMBS* | *—* | *Uniform Mortgage-Backed Securities* |
| *USD* | *—* | *United States Dollar* |

---

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Australia 10 Year Bond | 42 | 3/2026 | AUD | 3068696 | 314 |
|  Canada 10 Year Bond | 2 | 3/2026 | CAD | 176183 | (1594) |
|  Euro-Bund | 4 | 3/2026 | EUR | 599681 | (8205) |
|  Euro-OAT | 21 | 3/2026 | EUR | 2976065 | (9144) |
|  Long Gilt | 15 | 3/2026 | GBP | 1847433 | 12620 |
|  U.S. Treasury 5 Year Note | 108 | 3/2026 | USD | 11804906 | (4730) |
|  U.S. Treasury 10 Year Note | 182 | 3/2026 | USD | 20463625 | (51436) |
|  U.S. Treasury Ultra Bond | 39 | 3/2026 | USD | 4602000 | (114538) |
|  |  |  |  |  | (176713) |
|  **Short Contracts** |  |  |  |  |  |
|  Euro-BTP | (4) | 3/2026 | EUR | (564942) | 1958 |
|  U.S. Treasury 2 Year Note | (30) | 3/2026 | USD | (6263672) | (3208) |
|  U.S. Treasury 10 Year Ultra Note | (141) | 3/2026 | USD | (16217203) | 39894 |
|  U.S. Treasury Long Bond | (44) | 3/2026 | USD | (5086125) | 26064 |
|  U.S. Treasury Ultra Bond | (21) | 3/2026 | USD | (2478000) | 38524 |
|  |  |  |  |  | 103232 |
|  |  |  |  |  | (73481) |

---

See Notes to Financial Statements.

1171

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Forward Foreign Currency Contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  EUR | 342000 | USD | 398640 | JPMorgan Chase Bank | 1/14/2026 | 3452 |
|  NZD | 740000 | USD | 424968 | Goldman Sachs Bank USA | 1/14/2026 | 1247 |
|  USD | 89218 | JPY | 13800000 | Barclays Bank plc | 1/14/2026 | 1045 |
|  USD | 1287891 | JPY | 200349720 | JPMorgan Chase Bank | 1/14/2026 | 7778 |
|  USD | 134130 | TWD | 4090294 | Bank of America<sup>\*\*</sup> | 1/22/2026 | 3793 |
|  USD | 169622 | TWD | 5182289 | JPMorgan Chase Bank<sup>\*\*</sup> | 1/22/2026 | 4489 |
|  MXN | 16035626 | USD | 863467 | Deutsche Bank AG | 1/29/2026 | 24915 |
|  USD | 4726 | BRL | 26001 | Goldman Sachs Bank USA<sup>\*\*</sup> | 3/3/2026 | 42 |
|  MXN | 78 | USD | 4 | JPMorgan Chase Bank | 3/9/2026 |  |
|  USD | 179828 | BRL | 1000000 | Goldman Sachs Bank USA<sup>\*\*</sup> | 4/2/2026 | 1122 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 47883 |
|  NZD | 1101000 | USD | 637345 | JPMorgan Chase Bank | 1/14/2026 | (3205) |
|  USD | 453926 | AUD | 684000 | Barclays Bank plc | 1/14/2026 | (2572) |
|  USD | 1477380 | AUD | 2258271 | JPMorgan Chase Bank | 1/14/2026 | (29780) |
|  USD | 642944 | CAD | 896377 | Bank of America | 1/14/2026 | (10405) |
|  USD | 132963 | DKK | 856829 | Barclays Bank plc | 1/14/2026 | (1923) |
|  USD | 3359219 | EUR | 2893279 | Barclays Bank plc | 1/14/2026 | (42428) |
|  USD | 2765010 | GBP | 2100114 | Bank of America | 1/14/2026 | (65813) |
|  USD | 78306 | JPY | 12300000 | Bank of America | 1/14/2026 | (284) |
|  USD | 263780 | MYR | 1082946 | Barclays Bank plc<sup>\*\*</sup> | 1/22/2026 | (3215) |
|  USD | 25457 | MYR | 104452 | Goldman Sachs Bank USA<sup>\*\*</sup> | 1/22/2026 | (295) |
|  BRL | 4769427 | USD | 860767 | Goldman Sachs Bank USA<sup>\*\*</sup> | 3/3/2026 | (1589) |
|  USD | 4036 | MXN | 74528 | JPMorgan Chase Bank | 3/18/2026 | (73) |
|  USD | 1027966 | PEN | 3465274 | Bank of America<sup>\*\*</sup> | 3/18/2026 | (220) |
|  USD | 138863 | BRL | 800000 | Goldman Sachs Bank USA<sup>\*\*</sup> | 4/2/2026 | (4102) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (165904) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (118021) |

---

*\*\** *Non-deliverable forward.* 

*#* *Amount represents less than $0.50.* 

See Notes to Financial Statements.

1172

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Asset-Backed Securities** | $— | $22113533 | $— | $22113533 |
|  **Collateralized Mortgage Obligations** |  | 19243366 |  | 19243366 |
|  **Commercial Mortgage-Backed Securities** |  | 7681447 |  | 7681447 |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services |  | 4207376 |  | 4207376 |
|  Consumer Discretionary |  | 9459916 |  | 9459916 |
|  Consumer Staples |  | 3903635 |  | 3903635 |
|  Energy |  | 8882424 |  | 8882424 |
|  Financials |  | 52045567 |  | 52045567 |
|  Health Care |  | 3156746 |  | 3156746 |
|  Industrials |  | 7793353 |  | 7793353 |
|  Information Technology |  | 6911028 |  | 6911028 |
|  Materials |  | 2611931 |  | 2611931 |
|  Real Estate |  | 4903095 |  | 4903095 |
|  Utilities |  | 12381069 |  | 12381069 |
|  **Foreign Government Securities** |  | 11551074 |  | 11551074 |
|  **Forward Currency Contracts** |  | 47883 |  | 47883 |
|  **Futures** | 119374 |  |  | 119374 |
|  **Mortgage-Backed Securities** |  | 115286994 |  | 115286994 |
|  **Municipal Bonds** |  | 2160446 |  | 2160446 |
|  **Short-Term Investments** |  |  |  |  |
|  Foreign Government Treasury Bills |  | 317307 |  | 317307 |
|  Investment Companies | 789443 |  |  | 789443 |
|  U.S. Treasury Obligations |  | 2017400 |  | 2017400 |
|  U.S. Government Agency Securities |  | 414677697 |  | 414677697 |
|  U.S. Treasury Obligations |  | 355679951 |  | 355679951 |
|  **Total Assets** | $**908817** | $**1067033238** | $**—** | $**1067942055** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(165904) | $— | $(165904) |
|  **Futures** | (192855) |  |  | (192855) |
|  **Total Liabilities** | $**(192855)** | $**(165904)** | $**—** | $**(358759)** |
|  **Total** | $**715962** | $**1066867334** | $**—** | $**1067583296** |

---

See Notes to Financial Statements.

1173

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EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Interest rate contracts | Due from broker for futures variation margin, Net assets - Unrealized appreciation | $119374 |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts - Receivables | 47883 |
|  **Total** |  | $167257 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Due to broker for futures variation margin, Net assets - Unrealized depreciation | $(192855) |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts - Payables | (165904) |
|  **Total** |  | $(358759) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $506267 | $— | $506267 |
|  Foreign exchange contracts |  | (656992) | (656992) |
|  **Total** | $506267 | $(656992) | $(150725) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $(131442) | $— | $(131442) |
|  Foreign exchange contracts |  | (393297) | (393297) |
|  **Total** | $(131442) | $(393297) | $(524739) |

---

^ The Portfolio held forward foreign currency contracts and futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** |  |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $47059000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 24609000 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $7105000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 22376000 |

---

See Notes to Financial Statements.

1174

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EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Bank of America | $3793 | $(3793) | $— | $— |
|  Barclays Bank plc | 1045 | (1045) |  |  |
|  Deutsche Bank AG | 24915 |  |  | 24915 |
|  Goldman Sachs Bank USA | 2411 | (2411) |  |  |
|  JPMorgan Chase Bank | 15719 | (15719) |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47883 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22968) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24915 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  Bank of America | $76722 | $(3793) | $— | $72929 |
|  Barclays Bank plc | 50138 | (1045) |  | 49093 |
|  Goldman Sachs Bank USA | 5986 | (2411) |  | 3575 |
|  JPMorgan Chase Bank | 33058 | (15719) |  | 17339 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165904 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22968) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142936 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

#### Sale-Buyback Transactions:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Borrowing<br>Rate** | **Borrowing<br>Date** | **Maturity<br>Date** | **Amount<br>Borrowed**<br>**(1)** | **Payable for<br>Sale-Buyback<br>Transactions**<br>**(2)** |
|  BNP Paribas | 3.92% | 12/18/2025 | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2018750) | $(2018526) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2018526) |

---

*(1)* *The average amount of borrowings while outstanding for 173 days during the year ended December 31, 2025, was approximately $4,858,000 at a weighted average interest rate of 4.38%.* 

*(2)* *Payable for sale-buyback transactions includes $(224) of deferred price drop on sale-buyback transactions.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and<br>Continuous** | **Up to 30 Days** | **30 -90 Days** | **Greater than<br>90 Days** | **Total** |
|  **Sale-Buyback** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | $— | $(2018526) | $— | $— | $(2018526) |
|  **Total Borrowings** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2018526) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2018526) |
|  **Gross amount of recognized liabilities for sale-buybacks** |  |  |  |  | $(2018526) |

---

See Notes to Financial Statements.

1175

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#### EQ ADVISORS TRUST
EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary by counterparty of sale-buyback transactions and collateral (received)/pledged as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Payable for**<br>**Sale-Buyback<br>Transactions** | **Collateral<br>Pledged<br>(Sale-buyback<br>positions)** | **Cash Collateral<br>(Received)/<br>Pledged** | **Net<br>Exposure (3)** |
|  BNP Paribas | $(2018526) | $2018669 | $— | $143 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2018526) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018669 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 |

---

*(3)* *Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default.* 

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $1596719022 |
|  Long-term U.S. government debt securities | 354022282 |
|  | $1950741304 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $1760770185 |
|  Long-term U.S. government debt securities | 350478830 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2111249015 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $8442076 |
|  Aggregate gross unrealized depreciation | (21418298) |
|  Net unrealized depreciation | $(12976222) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080559518 |

---

See Notes to Financial Statements.

1176

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EQ/QUALITY BOND PLUS PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $1,074,388,205) | $1067774798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 11075786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $386,841) | 390412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 644000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for forward settling transactions | 59812302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 9971488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 9273940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 530480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 47883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 45128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 4725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1159571094 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for forward settling transactions | 148956839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 9641447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback financing transactions | 2018526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 789443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 390345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 326397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of cash collateral on forward settling transactions | 279000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 165904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable - Class IB | 117857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 104707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable - Class IA | 15597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 179315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 162986922 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $996584172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1117350221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (120766049) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $996584172 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $73,638,797 / 9,422,360 shares outstanding (unlimited amount authorized: $0.01 par value) | $7.82 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $554,053,956 / 71,233,415 shares outstanding (unlimited amount authorized: $0.01 par value) | $7.78 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $368,891,419 / 47,205,476 shares outstanding (unlimited amount authorized: $0.01 par value) | $7.81 |

---

*(x)* *Includes value of securities on loan of $770,308.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $43718467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 5221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 8216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 43731904 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4225280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class IB | 1425063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1339111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class IA | 333402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 207300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 118991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 101272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 69720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 36901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 67912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 7924952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Voluntary waiver from investment manager | (35918) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 7889034 |
|  **NET INVESTMENT INCOME (LOSS)** | 35842870 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 1795960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 506267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (656992) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 298738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | (129781) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1814192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 29405689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (131442) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (393297) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 31019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 28911969 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 30726161 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $66569031 |

---

See Notes to Financial Statements.

1177

------

#### EQ ADVISORS TRUST
EQ/QUALITY BOND PLUS PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $35842870 | $35743250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1814192 | (13668064) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 28911969 | (439314) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 66569031 | 21635872 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (2547149) | (4115911) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (19154285) | (18085951) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (13366070) | (12717026) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (35067504) | (34918888) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (15711) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (118141) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (82440) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total tax return of capital | (216292) |  |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,523,372 and 704,275 shares, respectively ] | 19892883 | 5494566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 329,185 and 538,083 shares, respectively ] | 2562860 | 4115911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (11127043) and (1315041) shares, respectively ] | (89437139) | (10212680) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (66981396) | (602203) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 4,565,622 and 5,078,894 shares, respectively ] | 35758566 | 39195217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 2,485,855 and 2,375,289 shares, respectively ] | 19272426 | 18085951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (13425715) and (10682543) shares, respectively ] | (104865165) | (82788928) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (49834173) | (25507760) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 4,888,231 and 3,678,784 shares, respectively ] | 38430111 | 28419711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 1,727,964 and 1,662,910 shares, respectively ] | 13448510 | 12717026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (9957942) and (8125548) shares, respectively ] | (78085514) | (63474988) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (26206893) | (22338251) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (143022462) | (48448214) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (111737227) | (61731230) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1108321399 | 1170052629 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $996584172 | $1108321399 |

---

See Notes to Financial Statements.

1178

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#### EQ ADVISORS TRUST
EQ/QUALITY BOND PLUS PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IA** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IA** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $7.62 | $7.72 | $7.57 | $8.55 | $8.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.26 | 0.23 | 0.17 | 0.09 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.22 | (0.09) | 0.15 | (0.96) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.48 | 0.14 | 0.32 | (0.87) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.28) | (0.24) | (0.17) | (0.05) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.06) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.28) | (0.24) | (0.17) | (0.11) | (0.13) |
|  Net asset value, end of year | $7.82 | $7.62 | $7.72 | $7.57 | $8.55 |
|  Total return | 6.29 | 1.79% | 4.19% | (10.18)% | (2.05)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $73639 | $134811 | $137173 | $136665 | $166921 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.82 | 0.85 %(g) | 0.86 %(g) | 0.80% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.83 | 0.85 %(g) | 0.86 %(g) | 0.80% | 0.79% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 3.25 | 3.02% | 2.19% | 1.18% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 3.25 | 3.02% | 2.19% | 1.18% | 0.75% |
|  Portfolio turnover rate^ | 170 | 182% | 159% | 142% | 111% |
| **Class IB** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $7.58 | $7.69 | $7.53 | $8.51 | $8.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.25 | 0.23 | 0.17 | 0.09 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.23 | (0.10) | 0.16 | (0.96) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.48 | 0.13 | 0.33 | (0.87) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.28) | (0.24) | (0.17) | (0.05) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.06) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.28) | (0.24) | (0.17) | (0.11) | (0.13) |
|  Net asset value, end of year | $7.78 | $7.58 | $7.69 | $7.53 | $8.51 |
|  Total return | 6.32 | 1.67% | 4.35% | (10.23)% | (2.18)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $554054 | $588494 | $621248 | $645969 | $839764 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.82 | 0.85 %(g) | 0.86 %(g) | 0.80% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.82 | 0.85 %(g) | 0.86 %(g) | 0.80% | 0.79% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 3.26 | 3.02% | 2.19% | 1.18% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 3.25 | 3.02% | 2.19% | 1.18% | 0.75% |
|  Portfolio turnover rate^ | 170 | 182% | 159% | 142% | 111% |

---

See Notes to Financial Statements.

1179

------

EQ/QUALITY BOND PLUS PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class K** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $7.62 | $7.72 | $7.57 | $8.55 | $8.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.28 | 0.25 | 0.19 | 0.11 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.21 | (0.09) | 0.15 | (0.96) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.49 | 0.16 | 0.34 | (0.85) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.30) | (0.26) | (0.19) | (0.07) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.06) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.30) | (0.26) | (0.19) | (0.13) | (0.15) |
|  Net asset value, end of year | $7.81 | $7.62 | $7.72 | $7.57 | $8.55 |
|  Total return | 6.41 | 2.04% | 4.45% | (9.95)% | (1.83)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $368891 | $385017 | $411632 | $414158 | $495632 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.57 | 0.60 %(g) | 0.61 %(g) | 0.55% | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.57 | 0.60 %(g) | 0.61 %(g) | 0.55% | 0.54% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 3.51 | 3.27% | 2.44% | 1.44% | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 3.50 | 3.27% | 2.44% | 1.44% | 0.98% |
|  Portfolio turnover rate^ | 170 | 182% | 159% | 142% | 111% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of 0.01%, 0.04% and 0.05% for the years ended December 31, 2025, 2024 and 2023, respectively for each class.* 

*(i)* *Includes voluntary waiver from investment manager of less than 0.005%.* 

See Notes to Financial Statements.

1180

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EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: |  |  |
|  **Communication Services (2.7%)** | **Communication Services (2.7%)** |  |
|  ***Diversified Telecommunication Services (0.5%)*** | ***Diversified Telecommunication Services (0.5%)*** | ***Diversified Telecommunication Services (0.5%)*** |
|  Anterix, Inc.\* | 8800 | $192104 |
|  ATN International, Inc. | 9130 | 208164 |
|  Bandwidth, Inc., Class A\* | 19880 | 307146 |
|  Cogent Communications Holdings, Inc. | 23425 | 505043 |
|  Globalstar, Inc.\* | 26680 | 1628547 |
|  IDT Corp., Class B | 10100 | 517221 |
|  Liberty Latin America Ltd., Class A\* | 27400 | 202486 |
|  Liberty Latin America Ltd., Class C\* | 56199 | 419245 |
|  Lumen Technologies, Inc.\* | 520340 | 4043042 |
|  Shenandoah Telecommunications Co. | 26948 | 311519 |
|  Uniti Group, Inc. | 76839 | 538641 |
|  |  | 8873158 |
|  ***Entertainment (0.5%)*** |  |  |
|  AMC Entertainment Holdings, Inc., Class A (x)\* | 243160 | 379330 |
|  Atlanta Braves Holdings, Inc., Class A (x)\* | 8220 | 349268 |
|  Atlanta Braves Holdings, Inc., Class C\* | 28170 | 1111306 |
|  Cinemark Holdings, Inc. | 62100 | 1443204 |
|  Eventbrite, Inc., Class A\* | 36900 | 164205 |
|  Golden Matrix Group, Inc. (x)\* | 4990 | 3996 |
|  IMAX Corp.\* | 27100 | 1001616 |
|  Lionsgate Studios Corp.\* | 93836 | 856723 |
|  Madison Square Garden Entertainment Corp., Class A\* | 23096 | 1244643 |
|  Marcus Corp. (The) | 15640 | 242576 |
|  Playstudios, Inc.\* | 26630 | 17349 |
|  Reservoir Media, Inc.\* | 7050 | 53369 |
|  Sphere Entertainment Co.\* | 14716 | 1399197 |
|  Starz Entertainment Corp. | 6255 | 73184 |
|  Vivid Seats, Inc., Class A\* | 1675 | 12077 |
|  |  | 8352043 |
|  ***Interactive Media & Services (0.5%)*** | ***Interactive Media & Services (0.5%)*** | ***Interactive Media & Services (0.5%)*** |
|  Angi, Inc., Class A\* | 24200 | 312906 |
|  Arena Group Holdings, Inc. (The)\* | 2500 | 10000 |
|  Bumble, Inc., Class A\* | 52880 | 188782 |
|  Cargurus, Inc., Class A\* | 41800 | 1603030 |
|  Cars.com, Inc.\* | 41400 | 505080 |
|  EverQuote, Inc., Class A\* | 15130 | 408510 |
|  fuboTV, Inc.\* | 69640 | 175493 |
|  Getty Images Holdings, Inc. (x)\* | 31440 | 42130 |
|  Grindr, Inc.\* | 15230 | 206214 |
|  MediaAlpha, Inc., Class A\* | 17270 | 223646 |
|  Nextdoor Holdings, Inc.\* | 82810 | 173901 |
|  QuinStreet, Inc.\* | 27250 | 391582 |
|  Rumble, Inc. (x)\* | 44000 | 278080 |
|  Shutterstock, Inc. | 18170 | 347047 |
|  Teads Holding Co. (x)\* | 19040 | 13402 |
|  Travelzoo\* | 1000 | 7120 |
|  TripAdvisor, Inc.\* | 65000 | 946400 |
|  TrueCar, Inc.\* | 52690 | 119079 |
|  Webtoon Entertainment, Inc. (x)\* | 5300 | 69059 |
|  Yelp, Inc., Class A\* | 36620 | 1112882 |
|  Ziff Davis, Inc.\* | 25318 | 889928 |
|  ZipRecruiter, Inc., Class A\* | 52000 | 202800 |
|  |  | 8227071 |
|  ***Media (1.0%)*** |  |  |
|  Advantage Solutions, Inc.\* | 65950 | 58036 |
|  AMC Networks, Inc., Class A\* | 27330 | 260182 |
|  Boston Omaha Corp., Class A (x)\* | 12940 | 160068 |
|  Cable One, Inc. | 3170 | 357735 |
|  EchoStar Corp., Class A (x)\* | 72665 | 7898685 |
|  Emerald Holding, Inc. | 8150 | 36430 |
|  Entravision Communications Corp., Class A | 60360 | 176855 |
|  EW Scripps Co. (The), Class A\* | 56722 | 226321 |
|  Gambling.com Group Ltd.\* | 14130 | 77150 |
|  Gray Media, Inc. | 27400 | 132616 |
|  Ibotta, Inc., Class A\* | 4880 | 110922 |
|  iHeartMedia, Inc., Class A\* | 93120 | 387379 |
|  John Wiley & Sons, Inc., Class A | 23040 | 705715 |
|  Magnite, Inc.\* | 59383 | 963786 |
|  National CineMedia, Inc. | 9640 | 37500 |
|  Newsmax, Inc., Class B (x)\* | 17700 | 136821 |
|  Optimum Communications, Inc., Class A\* | 146100 | 241065 |
|  PubMatic, Inc., Class A\* | 21000 | 186270 |
|  Scholastic Corp. | 12060 | 357338 |
|  Sinclair, Inc. | 25390 | 388467 |
|  Stagwell, Inc., Class A (x)\* | 57810 | 282691 |
|  TechTarget, Inc.\* | 20700 | 111780 |
|  TEGNA, Inc. | 83740 | 1625393 |
|  Thryv Holdings, Inc.\* | 16580 | 100309 |
|  USA TODAY Co., Inc.\* | 108089 | 556658 |
|  |  | 15576172 |
|  ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** |  |
|  Gogo, Inc.\* | 38300 | 178478 |
|  Spok Holdings, Inc. | 11120 | 146673 |
|  Telephone and Data Systems, Inc. | 52500 | 2152500 |
|  |  | 2477651 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 43506095 |
|  **Consumer Discretionary (8.8%)** | **Consumer Discretionary (8.8%)** | **Consumer Discretionary (8.8%)** |
|  ***Automobile Components (1.1%)*** | ***Automobile Components (1.1%)*** | ***Automobile Components (1.1%)*** |
|  Adient plc\* | 49900 | 956583 |
|  American Axle & Manufacturing Holdings, Inc.\* | 62675 | 401747 |
|  Cooper-Standard Holdings, Inc.\* | 5600 | 183848 |
|  Dana, Inc. | 58255 | 1384139 |
|  Dorman Products, Inc.\* | 15510 | 1910677 |
|  Fox Factory Holding Corp.\* | 22600 | 386686 |
|  Garrett Motion, Inc. | 86660 | 1510484 |
|  Gentherm, Inc.\* | 16900 | 614653 |
|  Goodyear Tire & Rubber Co. (The)\* | 164623 | 1442097 |
|  Holley, Inc.\* | 32320 | 133482 |

---

See Notes to Financial Statements.

1181

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  LCI Industries | 13470 | $1634450 |
|  Motorcar Parts of America, Inc.\* | 2060 | 25420 |
|  Patrick Industries, Inc. | 16957 | 1838648 |
|  Phinia, Inc. | 20150 | 1263203 |
|  Solid Power, Inc. (x)\* | 82400 | 350200 |
|  Standard Motor Products, Inc. | 12900 | 475365 |
|  Strattec Security Corp.\* | 630 | 47968 |
|  Visteon Corp. | 16100 | 1531110 |
|  XPEL, Inc. (m)\* | 12080 | 602913 |
|  |  | 16693673 |
|  ***Automobiles (0.0%)†*** |  |  |
|  Livewire Group, Inc. (x)\* | 52850 | 233597 |
|  Winnebago Industries, Inc. | 9506 | 385183 |
|  |  | 618780 |
|  ***Broadline Retail (0.1%)*** |  |  |
|  Groupon, Inc.\* | 13940 | 245484 |
|  Kohl's Corp. | 61000 | 1245010 |
|  Savers Value Village, Inc.\* | 26260 | 245268 |
|  |  | 1735762 |
|  ***Distributors (0.1%)*** |  |  |
|  GigaCloud Technology, Inc., Class A\* | 13180 | 517710 |
|  Gold.com, Inc. | 13010 | 442991 |
|  Weyco Group, Inc. | 1070 | 32731 |
|  |  | 993432 |
|  ***Diversified Consumer Services (1.1%)*** | ***Diversified Consumer Services (1.1%)*** |  |
|  Adtalem Global Education, Inc.\* | 20640 | 2135621 |
|  American Public Education, Inc.\* | 9760 | 368928 |
|  Carriage Services, Inc., Class A | 8530 | 360819 |
|  Coursera, Inc.\* | 70150 | 516304 |
|  Driven Brands Holdings, Inc.\* | 33650 | 498693 |
|  European Wax Center, Inc., Class A\* | 41370 | 148932 |
|  Frontdoor, Inc.\* | 41700 | 2405673 |
|  Graham Holdings Co., Class B | 1730 | 1900578 |
|  KinderCare Learning Cos., Inc.\* | 19500 | 84240 |
|  Laureate Education, Inc.\* | 70400 | 2370368 |
|  Lincoln Educational Services Corp.\* | 16540 | 399441 |
|  Matthews International Corp., Class A | 18459 | 482149 |
|  Mister Car Wash, Inc.\* | 52590 | 292400 |
|  Nerdy, Inc.\* | 91970 | 95649 |
|  OneSpaWorld Holdings Ltd. | 56420 | 1170151 |
|  Perdoceo Education Corp. | 38800 | 1138004 |
|  Strategic Education, Inc. | 12764 | 1023673 |
|  Stride, Inc.\* | 23284 | 1511830 |
|  Udemy, Inc.\* | 53700 | 314145 |
|  Universal Technical Institute, Inc.\* | 21150 | 552649 |
|  Zspace, Inc.\* | 1900 | 895 |
|  |  | 17771142 |
|  ***Hotels, Restaurants & Leisure (1.7%)*** | ***Hotels, Restaurants & Leisure (1.7%)*** |  |
|  Accel Entertainment, Inc., Class A\* | 22190 | 253188 |
|  Bally's Corp. (x)\* | 3000 | 49560 |
|  Biglari Holdings, Inc., Class B\* | 931 | 309492 |
|  BJ's Restaurants, Inc.\* | 12134 | 478080 |
|  Bloomin' Brands, Inc. | 46890 | 289311 |
|  Brightstar Lottery plc | 51310 | 794279 |
|  Brinker International, Inc.\* | 24210 | 3474619 |
|  Cheesecake Factory, Inc. (The) (x) | 25821 | 1303444 |
|  Cracker Barrel Old Country Store, Inc. (x) | 13801 | 350545 |
|  Dave & Buster's Entertainment, Inc.\* | 410 | 6646 |
|  Denny's Corp.\* | 52550 | 326861 |
|  Dine Brands Global, Inc. (x) | 6351 | 204121 |
|  El Pollo Loco Holdings, Inc.\* | 20130 | 210560 |
|  First Watch Restaurant Group, Inc.\* | 29950 | 451646 |
|  Genius Sports Ltd.\* | 123800 | 1364276 |
|  Global Business Travel Group I\* | 70480 | 539172 |
|  Golden Entertainment, Inc. | 10620 | 288758 |
|  Hilton Grand Vacations, Inc.\* | 34200 | 1530450 |
|  Inspired Entertainment, Inc.\* | 7190 | 67298 |
|  Jack in the Box, Inc. | 10549 | 199903 |
|  Krispy Kreme, Inc. (x) | 43321 | 174150 |
|  Kura Sushi USA, Inc., Class A (x)\* | 5660 | 296188 |
|  Life Time Group Holdings, Inc.\* | 82450 | 2191521 |
|  Lindblad Expeditions Holdings, Inc.\* | 22420 | 323296 |
|  Marriott Vacations Worldwide Corp. | 17900 | 1032651 |
|  Monarch Casino & Resort, Inc. | 6700 | 641190 |
|  Nathan's Famous, Inc. | 880 | 82342 |
|  Papa John's International, Inc. | 18742 | 721380 |
|  Portillo's, Inc., Class A\* | 22690 | 103013 |
|  Pursuit Attractions and Hospitality, Inc.\* | 9504 | 320095 |
|  RCI Hospitality Holdings, Inc. (x) | 4740 | 113002 |
|  Red Rock Resorts, Inc., Class A | 27200 | 1685040 |
|  Rush Street Interactive, Inc.\* | 49620 | 964117 |
|  Sabre Corp.\* | 188520 | 256387 |
|  Serve Robotics, Inc. (x)\* | 34100 | 353958 |
|  Shake Shack, Inc., Class A\* | 21700 | 1761389 |
|  Six Flags Entertainment Corp.\* | 51637 | 792112 |
|  Super Group SGHC Ltd. | 84680 | 1011926 |
|  Sweetgreen, Inc., Class A\* | 52321 | 353690 |
|  Target Hospitality Corp.\* | 23200 | 185832 |
|  United Parks & Resorts, Inc.\* | 20800 | 755040 |
|  Xponential Fitness, Inc., Class A\* | 29470 | 242538 |
|  |  | 26853066 |
|  ***Household Durables (1.6%)*** |  |  |
|  Bassett Furniture Industries, Inc. | 1400 | 23464 |
|  Beazer Homes USA, Inc.\* | 16030 | 324928 |
|  Cavco Industries, Inc.\* | 4330 | 2557904 |
|  Century Communities, Inc. | 15100 | 896185 |
|  Champion Homes, Inc.\* | 30800 | 2602600 |
|  Cricut, Inc., Class A | 35770 | 177061 |
|  Dream Finders Homes, Inc., Class A\* | 9360 | 160056 |
|  Ethan Allen Interiors, Inc. | 6654 | 151977 |
|  Flexsteel Industries, Inc. | 1430 | 56471 |
|  Green Brick Partners, Inc.\* | 17660 | 1106576 |
|  Hamilton Beach Brands Holding Co., Class A | 2240 | 36848 |
|  Helen of Troy Ltd.\* | 4098 | 87083 |
|  Hovnanian Enterprises, Inc., Class A\* | 2140 | 208736 |

---

See Notes to Financial Statements.

1182

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Installed Building Products, Inc. (x) | 12100 | $| 3138619 |
|  KB Home | 34230 |  | 1930914 |
|  La-Z-Boy, Inc. | 21459 |  | 799777 |
|  Legacy Housing Corp.\* | 7690 |  | 150109 |
|  Leggett & Platt, Inc. | 74500 |  | 819500 |
|  LGI Homes, Inc.\* | 13000 |  | 558480 |
|  Lovesac Co. (The)\* | 10810 |  | 159447 |
|  M/I Homes, Inc.\* | 14550 |  | 1861672 |
|  Meritage Homes Corp. | 39318 |  | 2587124 |
|  Sonos, Inc.\* | 65753 |  | 1154623 |
|  Taylor Morrison Home Corp., Class A\* | 51720 |  | 3044756 |
|  Traeger, Inc.\* | 34610 |  | 37379 |
|  Tri Pointe Homes, Inc.\* | 51461 |  | 1619478 |
|  |  |  | 26251767 |
|  ***Leisure Products (0.4%)*** |  |  |  |
|  Acushnet Holdings Corp. | 15600 |  | 1245192 |
|  American Outdoor Brands, Inc.\* | 600 |  | 4638 |
|  Clarus Corp. | 28454 |  | 95321 |
|  Escalade, Inc. | 670 |  | 9038 |
|  Funko, Inc., Class A\* | 28710 |  | 97614 |
|  JAKKS Pacific, Inc. | 5190 |  | 87607 |
|  Johnson Outdoors, Inc., Class A | 5110 |  | 216920 |
|  Latham Group, Inc.\* | 37290 |  | 236792 |
|  Malibu Boats, Inc., Class A\* | 9600 |  | 270816 |
|  Marine Products Corp. | 5930 |  | 51947 |
|  MasterCraft Boat Holdings, Inc.\* | 9930 |  | 187776 |
|  Peloton Interactive, Inc., Class A\* | 216020 |  | 1330683 |
|  Polaris, Inc. | 29800 |  | 1884850 |
|  Smith & Wesson Brands, Inc. | 22035 |  | 217485 |
|  Sturm Ruger & Co., Inc. | 10700 |  | 349355 |
|  Topgolf Callaway Brands Corp.\* | 52753 |  | 615628 |
|  |  |  | 6901662 |
|  ***Specialty Retail (2.2%)*** |  |  |  |
|  1-800-Flowers.com, Inc., Class A (x)\* | 16270 |  | 63941 |
|  Abercrombie & Fitch Co., Class A\* | 25450 |  | 3203391 |
|  Academy Sports & Outdoors, Inc. | 33600 |  | 1678656 |
|  Advance Auto Parts, Inc. | 33500 |  | 1316550 |
|  American Eagle Outfitters, Inc. | 86040 |  | 2268875 |
|  America's Car-Mart, Inc.\* | 3340 |  | 84368 |
|  Arhaus, Inc., Class A\* | 28770 |  | 322512 |
|  Arko Corp. (x) | 41750 |  | 189545 |
|  Asbury Automotive Group, Inc.\* | 10932 |  | 2542018 |
|  BARK, Inc. (x)\* | 21290 |  | 12827 |
|  Bed Bath & Beyond, Inc.\* | 23300 |  | 127218 |
|  Boot Barn Holdings, Inc.\* | 17220 |  | 3038813 |
|  Buckle, Inc. (The) | 16339 |  | 872829 |
|  Build-A-Bear Workshop, Inc. | 7130 |  | 436855 |
|  Caleres, Inc. | 6163 |  | 75004 |
|  Camping World Holdings, Inc., Class A | 30790 |  | 299587 |
|  Citi Trends, Inc.\* | 1580 |  | 65665 |
|  Designer Brands, Inc., Class A (x) | 23750 |  | 176462 |
|  EVgo, Inc., Class A\* | 5860 |  | 17053 |
|  Genesco, Inc.\* | 9167 |  | 227067 |
|  Group 1 Automotive, Inc. | 6407 |  | 2519873 |
|  Haverty Furniture Cos., Inc. | 7570 |  | 176835 |
|  J Jill, Inc. | 7840 |  | 107565 |
|  Lands' End, Inc.\* | 8260 |  | 119935 |
|  MarineMax, Inc.\* | 8300 |  | 201109 |
|  Monro, Inc. | 17704 |  | 354788 |
|  National Vision Holdings, Inc.\* | 44892 |  | 1159111 |
|  OneWater Marine, Inc., Class A\* | 3170 |  | 34299 |
|  Outdoor Holding Co.\* | 31590 |  | 54019 |
|  Petco Health & Wellness Co., Inc., Class A\* | 54130 |  | 152105 |
|  RealReal, Inc. (The)\* | 54980 |  | 867584 |
|  Revolve Group, Inc., Class A\* | 18600 |  | 561534 |
|  Sally Beauty Holdings, Inc.\* | 68800 |  | 981088 |
|  Shoe Carnival, Inc. | 7100 |  | 119848 |
|  Signet Jewelers Ltd. | 23370 |  | 1936906 |
|  Sleep Number Corp.\* | 16770 |  | 141874 |
|  Sonic Automotive, Inc., Class A | 7845 |  | 485292 |
|  Stitch Fix, Inc., Class A\* | 74480 |  | 391020 |
|  ThredUp, Inc., Class A\* | 50840 |  | 324868 |
|  Torrid Holdings, Inc. (x)\* | 13490 |  | 13199 |
|  Upbound Group, Inc. | 34203 |  | 600605 |
|  Urban Outfitters, Inc.\* | 33560 |  | 2525726 |
|  Victoria's Secret & Co.\* | 37770 |  | 2046001 |
|  Warby Parker, Inc., Class A\* | 54890 |  | 1196053 |
|  Winmark Corp. | 1500 |  | 607410 |
|  Zumiez, Inc.\* | 7820 |  | 203711 |
|  |  |  | 34901594 |
|  ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** |
|  Capri Holdings Ltd.\* | 65000 |  | 1586000 |
|  Carter's, Inc. | 19900 |  | 645357 |
|  Ermenegildo Zegna NV (x) | 34500 |  | 353625 |
|  Figs, Inc., Class A\* | 37000 |  | 420320 |
|  G-III Apparel Group Ltd. | 24300 |  | 703728 |
|  Kontoor Brands, Inc. | 29940 |  | 1829035 |
|  Lakeland Industries, Inc. (x) | 5800 |  | 51272 |
|  Movado Group, Inc. | 9850 |  | 203107 |
|  Oxford Industries, Inc. | 1900 |  | 64980 |
|  Rocky Brands, Inc. | 2170 |  | 63646 |
|  Steven Madden Ltd. | 39530 |  | 1646029 |
|  Superior Group of Cos., Inc. | 3030 |  | 29330 |
|  Wolverine World Wide, Inc. | 45080 |  | 818202 |
|  |  |  | 8414631 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 141135509 |
|  **Consumer Staples (1.8%)** | **Consumer Staples (1.8%)** | **Consumer Staples (1.8%)** | **Consumer Staples (1.8%)** |
|  ***Beverages (0.1%)*** | ***Beverages (0.1%)*** | ***Beverages (0.1%)*** | ***Beverages (0.1%)*** |
|  MGP Ingredients, Inc. | 11270 |  | 273861 |
|  National Beverage Corp.\* | 10840 |  | 345688 |
|  Vita Coco Co., Inc. (The)\* | 25990 |  | 1377730 |
|  Zevia PBC, Class A\* | 28820 |  | 66862 |
|  |  |  | 2064141 |
|  ***Consumer Staples Distribution & Retail (0.4%)*** | ***Consumer Staples Distribution & Retail (0.4%)*** | ***Consumer Staples Distribution & Retail (0.4%)*** | ***Consumer Staples Distribution & Retail (0.4%)*** |
|  Andersons, Inc. (The) | 16309 |  | 867149 |
|  Chefs' Warehouse, Inc. (The)\* | 18830 |  | 1173674 |
|  Grocery Outlet Holding Corp.\* | 52900 |  | 534290 |
|  HF Foods Group, Inc.\* | 22420 |  | 48203 |
|  Ingles Markets, Inc., Class A | 7600 |  | 520980 |
|  Natural Grocers by Vitamin Cottage, Inc. | 10850 |  | 271792 |
|  PriceSmart, Inc. | 13622 |  | 1671011 |

---

See Notes to Financial Statements.

1183

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  United Natural Foods, Inc.\* | 31888 | $| 1073669 |
|  Village Super Market, Inc., Class A | 7010 |  | 248119 |
|  Weis Markets, Inc. | 8451 |  | 541625 |
|  |  |  | 6950512 |
|  ***Food Products (0.7%)*** | ***Food Products (0.7%)*** | ***Food Products (0.7%)*** | ***Food Products (0.7%)*** |
|  Alico, Inc. | 4020 |  | 146248 |
|  B&G Foods, Inc. (x) | 41590 |  | 178837 |
|  Beyond Meat, Inc. (x)\* | 37910 |  | 31086 |
|  BRC, Inc., Class A (x)\* | 59650 |  | 66211 |
|  Calavo Growers, Inc. | 8040 |  | 174870 |
|  Cal-Maine Foods, Inc. | 25664 |  | 2042084 |
|  Dole plc | 38210 |  | 572768 |
|  Forafric Global plc (x)\* | 880 |  | 9706 |
|  Fresh Del Monte Produce, Inc. | 18604 |  | 662861 |
|  Hain Celestial Group, Inc. (The)\* | 100190 |  | 107203 |
|  J & J Snack Foods Corp. | 8703 |  | 786490 |
|  John B Sanfilippo & Son, Inc. | 4740 |  | 334644 |
|  Lifeway Foods, Inc.\* | 4110 |  | 99585 |
|  Limoneira Co. | 3350 |  | 42294 |
|  Mama's Creations, Inc.\* | 16950 |  | 228656 |
|  Marzetti Co. (The) | 10837 |  | 1781820 |
|  Mission Produce, Inc.\* | 19870 |  | 230492 |
|  Seneca Foods Corp., Class A\* | 4460 |  | 493410 |
|  Simply Good Foods Co. (The)\* | 52430 |  | 1052794 |
|  SunOpta, Inc.\* | 75190 |  | 285722 |
|  Tootsie Roll Industries, Inc. | 9800 |  | 358974 |
|  TreeHouse Foods, Inc.\* | 27000 |  | 636930 |
|  Utz Brands, Inc. | 38520 |  | 399838 |
|  Vital Farms, Inc.\* | 17910 |  | 572045 |
|  Westrock Coffee Co. (x)\* | 11040 |  | 44933 |
|  |  |  | 11340501 |
|  ***Household Products (0.3%)*** | ***Household Products (0.3%)*** | ***Household Products (0.3%)*** | ***Household Products (0.3%)*** |
|  Central Garden & Pet Co.\* | 4470 |  | 143711 |
|  Central Garden & Pet Co., Class A\* | 31201 |  | 910757 |
|  Energizer Holdings, Inc. | 24580 |  | 488896 |
|  Oil-Dri Corp. of America | 3560 |  | 174227 |
|  Spectrum Brands Holdings, Inc. | 14300 |  | 844844 |
|  WD-40 Co. | 7647 |  | 1505694 |
|  |  |  | 4068129 |
|  ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** |
|  Beauty Health Co. (The) (x)\* | 59000 |  | 82010 |
|  Edgewell Personal Care Co. | 30300 |  | 516615 |
|  FitLife Brands, Inc.\* | 200 |  | 3254 |
|  Herbalife Ltd.\* | 49900 |  | 643211 |
|  Honest Co., Inc. (The) (x)\* | 45320 |  | 116926 |
|  Interparfums, Inc. | 10210 |  | 866114 |
|  Lifevantage Corp. (x) | 1000 |  | 6160 |
|  Medifast, Inc. (x)\* | 17500 |  | 186900 |
|  Nature's Sunshine Products, Inc.\* | 5260 |  | 113511 |
|  Nu Skin Enterprises, Inc., Class A | 25800 |  | 248196 |
|  Olaplex Holdings, Inc.\* | 74330 |  | 99602 |
|  USANA Health Sciences, Inc.\* | 7870 |  | 154488 |
|  Waldencast plc, Class A (x)\* | 7200 |  | 13536 |
|  |  |  | 3050523 |
|  ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** |
|  Ispire Technology, Inc. (x)\* | 3030 |  | 8484 |
|  Turning Point Brands, Inc. | 7750 |  | 840100 |
|  Universal Corp. | 14253 |  | 751846 |
|  |  |  | 1600430 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 29074236 |
|  **Energy (4.8%)** | **Energy (4.8%)** | **Energy (4.8%)** | **Energy (4.8%)** |
|  ***Energy Equipment & Services (1.8%)*** | ***Energy Equipment & Services (1.8%)*** | ***Energy Equipment & Services (1.8%)*** | ***Energy Equipment & Services (1.8%)*** |
|  Archrock, Inc. | 91800 |  | 2388636 |
|  Atlas Energy Solutions, Inc. (x) | 38150 |  | 359373 |
|  Borr Drilling Ltd. | 133130 |  | 536514 |
|  Bristow Group, Inc., Class A\* | 12686 |  | 464561 |
|  Cactus, Inc., Class A | 38270 |  | 1748174 |
|  Core Laboratories, Inc. | 25050 |  | 401552 |
|  DMC Global, Inc.\* | 19750 |  | 132127 |
|  Energy Services of America Corp. | 4700 |  | 38399 |
|  Expro Group Holdings NV\* | 59349 |  | 792309 |
|  Flowco Holdings, Inc., Class A | 9000 |  | 168660 |
|  Forum Energy Technologies, Inc.\* | 2230 |  | 82399 |
|  Helix Energy Solutions Group, Inc.\* | 79900 |  | 500973 |
|  Helmerich & Payne, Inc. | 54700 |  | 1568796 |
|  Innovex International, Inc.\* | 21800 |  | 476766 |
|  Kodiak Gas Services, Inc. | 46060 |  | 1722644 |
|  Liberty Energy, Inc., Class A | 91360 |  | 1686506 |
|  Mammoth Energy Services, Inc.\* | 6190 |  | 11451 |
|  Nabors Industries Ltd.\* | 5160 |  | 280188 |
|  National Energy Services Reunited Corp.\* | 33300 |  | 521478 |
|  Natural Gas Services Group, Inc. | 2360 |  | 79414 |
|  Noble Corp. plc | 75905 |  | 2143557 |
|  Oceaneering International, Inc.\* | 55500 |  | 1333665 |
|  Oil States International, Inc.\* | 34500 |  | 233565 |
|  Patterson-UTI Energy, Inc. | 168705 |  | 1030788 |
|  ProFrac Holding Corp., Class A (x)\* | 49100 |  | 190999 |
|  ProPetro Holding Corp.\* | 45500 |  | 432705 |
|  Ranger Energy Services, Inc., Class A | 6850 |  | 95763 |
|  RPC, Inc. | 37300 |  | 202912 |
|  SEACOR Marine Holdings, Inc.\* | 8440 |  | 50809 |
|  Seadrill Ltd.\* | 31290 |  | 1082634 |
|  Select Water Solutions, Inc., Class A | 51240 |  | 539045 |
|  Solaris Energy Infrastructure, Inc., Class A | 20390 |  | 937328 |
|  TETRA Technologies, Inc.\* | 79550 |  | 745383 |
|  Tidewater, Inc.\* | 27390 |  | 1383469 |
|  Transocean Ltd.\* | 506680 |  | 2092588 |
|  Valaris Ltd.\* | 35250 |  | 1776600 |
|  |  |  | 28232730 |
|  ***Oil, Gas & Consumable Fuels (3.0%)*** | ***Oil, Gas & Consumable Fuels (3.0%)*** | ***Oil, Gas & Consumable Fuels (3.0%)*** | ***Oil, Gas & Consumable Fuels (3.0%)*** |
|  Ardmore Shipping Corp. | 22420 |  | 237428 |
|  BKV Corp.\* | 9500 |  | 257925 |
|  California Resources Corp. | 40022 |  | 1789384 |
|  Calumet, Inc.\* | 38500 |  | 764995 |
|  Centrus Energy Corp., Class A\* | 9160 |  | 2223682 |
|  Clean Energy Fuels Corp.\* | 90259 |  | 189544 |
|  CNX Resources Corp.\* | 70450 |  | 2590446 |
|  Comstock Resources, Inc.\* | 47600 |  | 1103368 |
|  Core Natural Resources, Inc. | 29774 |  | 2635297 |

---

See Notes to Financial Statements.

1184

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Crescent Energy Co., Class A | 119775 | $| 1004912 |
|  CVR Energy, Inc.\* | 19190 |  | 488194 |
|  Delek US Holdings, Inc. | 33827 |  | 1003309 |
|  DHT Holdings, Inc. | 75800 |  | 925518 |
|  Diversified Energy Co. | 26390 |  | 382127 |
|  Dorian LPG Ltd. | 21738 |  | 529103 |
|  Empire Petroleum Corp. (x)\* | 4443 |  | 13507 |
|  Encore Energy Corp. (x)\* | 87390 |  | 216727 |
|  Energy Fuels, Inc. (x)\* | 124600 |  | 1811684 |
|  Epsilon Energy Ltd. | 5800 |  | 26912 |
|  Evolution Petroleum Corp. | 14740 |  | 52180 |
|  Excelerate Energy, Inc., Class A | 11010 |  | 308830 |
|  FLEX LNG Ltd. | 14400 |  | 359280 |
|  FutureFuel Corp. | 41290 |  | 131715 |
|  Golar LNG Ltd. | 55400 |  | 2061434 |
|  Granite Ridge Resources, Inc. | 28290 |  | 132963 |
|  Green Plains, Inc.\* | 35780 |  | 350644 |
|  Gulfport Energy Corp.\* | 8480 |  | 1763755 |
|  HighPeak Energy, Inc. (x) | 26350 |  | 124899 |
|  Infinity Natural Resources, Inc., Class A\* | 4800 |  | 70704 |
|  International Seaways, Inc. | 22684 |  | 1101308 |
|  Jura Energy Corp.\* | 690 |  | 12 |
|  Kinetik Holdings, Inc., Class A | 24760 |  | 892598 |
|  Kolibri Global Energy, Inc.\* | 5500 |  | 21615 |
|  Kosmos Energy Ltd.\* | 262740 |  | 238410 |
|  Magnolia Oil & Gas Corp., Class A | 104180 |  | 2280500 |
|  Murphy Oil Corp. | 69800 |  | 2181250 |
|  NACCO Industries, Inc., Class A | 2040 |  | 100042 |
|  Navigator Holdings Ltd. | 4300 |  | 74476 |
|  New Fortress Energy, Inc. (x)\* | 105400 |  | 120156 |
|  NextDecade Corp.\* | 64930 |  | 342181 |
|  NextNRG, Inc. (x)\* | 3500 |  | 5075 |
|  Nordic American Tankers Ltd. (x) | 131701 |  | 453051 |
|  Northern Oil & Gas, Inc. (x) | 55710 |  | 1196094 |
|  OPAL Fuels, Inc., Class A\* | 5100 |  | 12010 |
|  Par Pacific Holdings, Inc.\* | 29560 |  | 1038738 |
|  PBF Energy, Inc., Class A | 44950 |  | 1219044 |
|  Peabody Energy Corp. | 71880 |  | 2134836 |
|  Prairie Operating Co. (x)\* | 29600 |  | 50024 |
|  PrimeEnergy Resources Corp. (x)\* | 1520 |  | 259920 |
|  REX American Resources Corp.\* | 19800 |  | 639936 |
|  Riley Exploration Permian, Inc. | 7320 |  | 193248 |
|  Sable Offshore Corp. (x)\* | 38240 |  | 344925 |
|  SandRidge Energy, Inc. | 17900 |  | 258297 |
|  Scorpio Tankers, Inc. | 25930 |  | 1318022 |
|  SFL Corp. Ltd. | 61865 |  | 483166 |
|  SM Energy Co. | 60610 |  | 1133407 |
|  Talos Energy, Inc.\* | 74430 |  | 820219 |
|  Teekay Corp. Ltd. | 27180 |  | 245435 |
|  Teekay Tankers Ltd., Class A | 12850 |  | 686447 |
|  Uranium Energy Corp.\* | 260380 |  | 3041238 |
|  VAALCO Energy, Inc. | 72790 |  | 264956 |
|  Verde Clean Fuels, Inc. (x)\* | 460 |  | 948 |
|  Vitesse Energy, Inc. (x) | 13700 |  | 263862 |
|  W&T Offshore, Inc. (x) | 146744 |  | 239193 |
|  World Kinect Corp. | 27840 |  | 652291 |
|  |  |  | 47857396 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 76090126 |
|  **Financials (17.6%)** | **Financials (17.6%)** | **Financials (17.6%)** | **Financials (17.6%)** |
|  ***Banks (9.8%)*** | ***Banks (9.8%)*** | ***Banks (9.8%)*** | ***Banks (9.8%)*** |
|  1st Source Corp. | 13442 |  | 839991 |
|  ACNB Corp. | 3470 |  | 167774 |
|  Amalgamated Financial Corp. | 13690 |  | 438491 |
|  Amerant Bancorp, Inc., Class A | 20310 |  | 396248 |
|  Ameris Bancorp | 37094 |  | 2754971 |
|  Ames National Corp. | 1700 |  | 39032 |
|  Arrow Financial Corp. | 10431 |  | 327533 |
|  Associated Banc-Corp. | 92210 |  | 2375330 |
|  Atlantic Union Bankshares Corp. | 79697 |  | 2813304 |
|  Axos Financial, Inc.\* | 29070 |  | 2504671 |
|  Banc of California, Inc. | 73407 |  | 1416021 |
|  BancFirst Corp. | 11170 |  | 1184243 |
|  Bancorp, Inc. (The)\* | 24390 |  | 1646813 |
|  Bank First Corp. | 4990 |  | 607882 |
|  Bank of Hawaii Corp. | 20960 |  | 1433035 |
|  Bank of Marin Bancorp | 13370 |  | 347754 |
|  Bank of NT Butterfield & Son Ltd. (The) | 22970 |  | 1144365 |
|  Bank7 Corp. | 2400 |  | 98352 |
|  BankFinancial Corp. | 260 |  | 3120 |
|  BankUnited, Inc. | 43400 |  | 1934338 |
|  Bankwell Financial Group, Inc. | 1800 |  | 82476 |
|  Banner Corp. | 17800 |  | 1115348 |
|  Bar Harbor Bankshares | 8656 |  | 268769 |
|  BayCom Corp. | 5530 |  | 162582 |
|  BCB Bancorp, Inc. | 8440 |  | 68111 |
|  Beacon Financial Corp. | 43267 |  | 1140951 |
|  Blue Foundry Bancorp\* | 12470 |  | 155002 |
|  Blue Ridge Bankshares, Inc. | 2520 |  | 10760 |
|  Bridgewater Bancshares, Inc.\* | 15470 |  | 271189 |
|  Burke & Herbert Financial Services Corp. | 10381 |  | 646840 |
|  Business First Bancshares, Inc. | 19920 |  | 520709 |
|  BV Financial, Inc.\* | 460 |  | 8344 |
|  Byline Bancorp, Inc. | 23690 |  | 690563 |
|  C&F Financial Corp. | 570 |  | 41376 |
|  Cadence Bank | 102310 |  | 4382960 |
|  California Bancorp | 4770 |  | 89056 |
|  Camden National Corp. | 14000 |  | 607320 |
|  Capital Bancorp, Inc. | 4590 |  | 129300 |
|  Capital City Bank Group, Inc. | 6860 |  | 292030 |
|  Capitol Federal Financial, Inc. | 78900 |  | 537309 |
|  Carter Bankshares, Inc.\* | 15060 |  | 296080 |
|  Cathay General Bancorp | 39097 |  | 1891904 |
|  CB Financial Services, Inc. | 160 |  | 5578 |
|  Central Pacific Financial Corp. | 15110 |  | 470828 |
|  CF Bankshares, Inc. | 110 |  | 2744 |
|  Chain Bridge Bancorp, Inc., Class A\* | 180 |  | 6235 |
|  Chemung Financial Corp. | 1110 |  | 61938 |
|  ChoiceOne Financial Services, Inc. | 3210 |  | 94759 |
|  Citizens & Northern Corp. | 9212 |  | 185806 |
|  Citizens Community Bancorp, Inc. | 270 |  | 4811 |
|  Citizens Financial Services, Inc. | 1423 |  | 81139 |
|  City Holding Co. | 8550 |  | 1019160 |
|  Civista Bancshares, Inc. | 5340 |  | 118655 |
|  CNB Financial Corp. | 12923 |  | 338195 |
|  Coastal Financial Corp.\* | 6880 |  | 788379 |

---

See Notes to Financial Statements.

1185

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Colony Bankcorp, Inc. | 6780 | $120820 |
|  Columbia Financial, Inc.\* | 21030 | 326806 |
|  Community Financial System, Inc. | 28302 | 1625667 |
|  Community Trust Bancorp, Inc. | 11915 | 673197 |
|  Community West Bancshares | 3890 | 87525 |
|  ConnectOne Bancorp, Inc. | 24998 | 655448 |
|  Customers Bancorp, Inc.\* | 16630 | 1215986 |
|  CVB Financial Corp. | 76087 | 1415218 |
|  Dime Community Bancshares, Inc. | 28652 | 862139 |
|  Eagle Bancorp Montana, Inc. | 470 | 9353 |
|  Eagle Bancorp, Inc. | 15450 | 330939 |
|  Eagle Financial Services, Inc. | 890 | 35418 |
|  Eastern Bankshares, Inc. | 130460 | 2404378 |
|  ECB Bancorp, Inc.\* | 200 | 3478 |
|  Enterprise Financial Services Corp. | 19447 | 1050138 |
|  Equity Bancshares, Inc., Class A | 8680 | 387562 |
|  Esquire Financial Holdings, Inc. | 3590 | 366431 |
|  Farmers & Merchants Bancorp, Inc. | 6560 | 162163 |
|  Farmers National Banc Corp. | 17900 | 238428 |
|  FB Bancorp, Inc.\* | 3150 | 40478 |
|  FB Financial Corp. | 23606 | 1317215 |
|  Fidelity D&D Bancorp, Inc. | 860 | 37436 |
|  Financial Institutions, Inc. | 10860 | 338506 |
|  Finward Bancorp | 80 | 2815 |
|  Finwise Bancorp\* | 1050 | 18837 |
|  First Bancorp (Nasdaq Stock Exchange) | 20550 | 1043734 |
|  First Bancorp (New York Stock Exchange) | 84120 | 1743808 |
|  First Bancorp, Inc. (The) | 7109 | 187962 |
|  First Bank | 5140 | 84604 |
|  First Busey Corp. | 54751 | 1302526 |
|  First Business Financial Services, Inc. | 2820 | 153126 |
|  First Capital, Inc. | 70 | 4144 |
|  First Commonwealth Financial Corp. | 50733 | 855358 |
|  First Community Bankshares, Inc. | 7920 | 267142 |
|  First Community Corp. | 1150 | 34097 |
|  First Financial Bancorp | 54043 | 1352156 |
|  First Financial Bankshares, Inc. | 73748 | 2202853 |
|  First Financial Corp. | 6050 | 365541 |
|  First Foundation, Inc.\* | 53840 | 331654 |
|  First Internet Bancorp | 2880 | 60106 |
|  First Interstate BancSystem, Inc., Class A | 49216 | 1702874 |
|  First Merchants Corp. | 32747 | 1227358 |
|  First Mid Bancshares, Inc. | 10490 | 409110 |
|  First National Corp. | 1090 | 27512 |
|  First Savings Financial Group, Inc. | 840 | 26762 |
|  First United Corp. | 970 | 36317 |
|  First Western Financial, Inc.\* | 3480 | 93299 |
|  Firstsun Capital Bancorp\* | 840 | 31613 |
|  Five Star Bancorp | 7540 | 269781 |
|  Flagstar Bank NA | 169823 | 2138072 |
|  Flushing Financial Corp. | 24562 | 372606 |
|  Franklin Financial Services Corp. | 770 | 38654 |
|  FS Bancorp, Inc. | 1320 | 54344 |
|  Fulton Financial Corp. | 100340 | 1939572 |
|  FVCBankcorp, Inc. | 5435 | 75601 |
|  GBank Financial Holdings, Inc. (x)\* | 1250 | 42363 |
|  German American Bancorp, Inc. | 20270 | 794179 |
|  Glacier Bancorp, Inc. | 69958 | 3081650 |
|  Great Southern Bancorp, Inc. | 4510 | 277636 |
|  Greene County Bancorp, Inc. | 6660 | 148052 |
|  Hancock Whitney Corp. | 49287 | 3138596 |
|  Hanmi Financial Corp. | 14880 | 402206 |
|  Hanover Bancorp, Inc. | 130 | 3004 |
|  Hawthorn Bancshares, Inc. | 790 | 27555 |
|  HBT Financial, Inc. | 8800 | 227480 |
|  Heritage Commerce Corp. | 30500 | 366305 |
|  Heritage Financial Corp. | 26162 | 618731 |
|  Hilltop Holdings, Inc. | 25900 | 879046 |
|  Hingham Institution For Savings (The) (x) | 770 | 218649 |
|  Home Bancorp, Inc. | 6110 | 353158 |
|  Home BancShares, Inc. | 100831 | 2801085 |
|  HomeTrust Bancshares, Inc. | 8790 | 377443 |
|  Hope Bancorp, Inc. | 74114 | 812289 |
|  Horizon Bancorp, Inc. | 22540 | 382278 |
|  Independent Bank Corp. | 12440 | 404673 |
|  Independent Bank Corp./MA | 26083 | 1906146 |
|  International Bancshares Corp. | 31590 | 2098840 |
|  Investar Holding Corp. | 2660 | 71075 |
|  John Marshall Bancorp, Inc. | 4570 | 91354 |
|  Kearny Financial Corp. | 47881 | 354798 |
|  Lakeland Financial Corp. | 13900 | 793134 |
|  Landmark Bancorp, Inc. (x) | 177 | 4636 |
|  LCNB Corp. | 2400 | 39336 |
|  LINKBANCORP, Inc. | 3700 | 30562 |
|  Live Oak Bancshares, Inc. | 17600 | 604560 |
|  MainStreet Bancshares, Inc. | 260 | 5294 |
|  Mechanics Bancorp | 28780 | 421051 |
|  Mercantile Bank Corp. | 13520 | 650312 |
|  Meridian Corp. | 420 | 7384 |
|  Metrocity Bankshares, Inc. | 18110 | 480639 |
|  Metropolitan Bank Holding Corp. | 5930 | 452815 |
|  Mid Penn Bancorp, Inc. | 17170 | 532613 |
|  Middlefield Banc Corp. | 1020 | 35231 |
|  Midland States Bancorp, Inc. | 14740 | 312046 |
|  MidWestOne Financial Group, Inc. | 9230 | 355355 |
|  MVB Financial Corp. | 6050 | 156272 |
|  National Bank Holdings Corp., Class A | 23100 | 878031 |
|  National Bankshares, Inc. | 1500 | 50295 |
|  NB Bancorp, Inc. | 23630 | 468347 |
|  NBT Bancorp, Inc. | 28622 | 1188385 |
|  Nicolet Bankshares, Inc. | 7540 | 914602 |
|  Northeast Bank | 3630 | 377266 |
|  Northeast Community Bancorp, Inc. | 4450 | 100614 |
|  Northfield Bancorp, Inc. | 26443 | 302243 |
|  Northpointe Bancshares, Inc. | 3320 | 55710 |
|  Northrim Bancorp, Inc. | 9600 | 255456 |
|  Northwest Bancshares, Inc. | 79173 | 950076 |
|  Norwood Financial Corp. | 1550 | 43477 |
|  Oak Valley Bancorp | 1480 | 44489 |
|  OceanFirst Financial Corp. | 33679 | 604538 |
|  OFG Bancorp | 24000 | 983520 |
|  Ohio Valley Banc Corp. | 460 | 18391 |

---

See Notes to Financial Statements.

1186

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Old National Bancorp | 191062 | $| 4262593 |
|  Old Second Bancorp, Inc. | 34550 |  | 673725 |
|  OP Bancorp | 2430 |  | 34312 |
|  Orange County Bancorp, Inc. | 2390 |  | 68234 |
|  Origin Bancorp, Inc. | 15590 |  | 586340 |
|  Orrstown Financial Services, Inc. | 10360 |  | 366951 |
|  Park National Corp. | 9448 |  | 1437797 |
|  Parke Bancorp, Inc. | 3220 |  | 80629 |
|  Pathward Financial, Inc. | 13950 |  | 990450 |
|  Patriot National Bancorp, Inc. (x)\* | 12780 |  | 23260 |
|  PCB Bancorp | 5130 |  | 111064 |
|  Peapack-Gladstone Financial Corp. | 9800 |  | 272930 |
|  Peoples Bancorp of North Carolina, Inc. | 830 |  | 30046 |
|  Peoples Bancorp, Inc. | 17308 |  | 519759 |
|  Peoples Financial Services Corp. | 4640 |  | 226014 |
|  Pioneer Bancorp, Inc.\* | 2070 |  | 27904 |
|  Plumas Bancorp | 960 |  | 42902 |
|  Ponce Financial Group, Inc.\* | 4390 |  | 71777 |
|  Preferred Bank | 6900 |  | 651567 |
|  Primis Financial Corp. | 15980 |  | 222282 |
|  Princeton Bancorp, Inc. | 1100 |  | 38159 |
|  Provident Financial Services, Inc. | 67543 |  | 1333974 |
|  QCR Holdings, Inc. | 8850 |  | 737205 |
|  RBB Bancorp | 10280 |  | 212179 |
|  Red River Bancshares, Inc. | 2350 |  | 167860 |
|  Renasant Corp. | 56101 |  | 1975877 |
|  Republic Bancorp, Inc., Class A | 4860 |  | 335291 |
|  Rhinebeck Bancorp, Inc.\* | 240 |  | 2885 |
|  Richmond Mutual Bancorp, Inc. | 580 |  | 8143 |
|  Riverview Bancorp, Inc. | 1310 |  | 6576 |
|  S&T Bancorp, Inc. | 21157 |  | 832528 |
|  SB Financial Group, Inc. | 260 |  | 5790 |
|  Seacoast Banking Corp. of Florida | 45019 |  | 1414497 |
|  ServisFirst Bancshares, Inc. | 29930 |  | 2148675 |
|  Shore Bancshares, Inc. | 13875 |  | 245310 |
|  Sierra Bancorp | 10346 |  | 338107 |
|  Simmons First National Corp., Class A | 78689 |  | 1483288 |
|  SmartFinancial, Inc. | 6930 |  | 256341 |
|  Sound Financial Bancorp, Inc. | 60 |  | 2618 |
|  South Plains Financial, Inc. | 7230 |  | 280524 |
|  Southern First Bancshares, Inc.\* | 5260 |  | 270995 |
|  Southern Missouri Bancorp, Inc. | 5880 |  | 347626 |
|  Southside Bancshares, Inc. | 16189 |  | 491984 |
|  SR Bancorp, Inc. (x) | 710 |  | 11175 |
|  Stellar Bancorp, Inc. | 24904 |  | 770530 |
|  Sterling Bancorp, Inc. (r)\* | 4450 |  |  |
|  Stock Yards Bancorp, Inc. | 14850 |  | 964507 |
|  Texas Capital Bancshares, Inc.\* | 24700 |  | 2236338 |
|  Third Coast Bancshares, Inc.\* | 5560 |  | 211336 |
|  Timberland Bancorp, Inc. | 1200 |  | 42960 |
|  Tompkins Financial Corp. | 8400 |  | 609168 |
|  Towne Bank | 43921 |  | 1465644 |
|  TriCo Bancshares | 15372 |  | 728172 |
|  Triumph Financial, Inc.\* | 12300 |  | 770349 |
|  TrustCo Bank Corp. | 8880 |  | 367010 |
|  Trustmark Corp. | 30620 |  | 1192649 |
|  UMB Financial Corp. | 40623 |  | 4673270 |
|  Union Bankshares, Inc. | 100 |  | 2373 |
|  United Bankshares, Inc. | 79134 |  | 3038746 |
|  United Community Banks, Inc. | 73130 |  | 2283119 |
|  United Security Bancshares | 270 |  | 2719 |
|  Unity Bancorp, Inc. | 3830 |  | 198088 |
|  Univest Financial Corp. | 21515 |  | 704401 |
|  USCB Financial Holdings, Inc. | 4420 |  | 81416 |
|  Valley National Bancorp | 264576 |  | 3090248 |
|  Virginia National Bankshares Corp. | 1250 |  | 49813 |
|  WaFd, Inc. | 44467 |  | 1424278 |
|  Washington Trust Bancorp, Inc. | 9420 |  | 278361 |
|  WesBanco, Inc. | 52923 |  | 1759161 |
|  West Bancorp, Inc. | 11260 |  | 249859 |
|  Westamerica Bancorp | 14274 |  | 682725 |
|  Western New England Bancorp, Inc. | 3050 |  | 38491 |
|  WSFS Financial Corp. | 29515 |  | 1630409 |
|  |  |  | 156408695 |
|  ***Capital Markets (1.8%)*** | ***Capital Markets (1.8%)*** | ***Capital Markets (1.8%)*** | ***Capital Markets (1.8%)*** |
|  Acadian Asset Management, Inc. | 16700 |  | 784900 |
|  AlTi Global, Inc. (x)\* | 15560 |  | 72198 |
|  Artisan Partners Asset Management, Inc., Class A | 31090 |  | 1266607 |
|  Bakkt Holdings, Inc., Class A (x)\* | 3800 |  | 38152 |
|  BGC Group, Inc., Class A | 196690 |  | 1756442 |
|  Cohen & Steers, Inc. | 14629 |  | 918409 |
|  Diamond Hill Investment Group, Inc. | 1913 |  | 324253 |
|  DigitalBridge Group, Inc. | 96600 |  | 1481844 |
|  Donnelley Financial Solutions, Inc.\* | 15900 |  | 742371 |
|  Forge Global Holdings, Inc.\* | 6372 |  | 283936 |
|  GCM Grosvenor, Inc., Class A | 22180 |  | 251078 |
|  Marex Group plc | 30000 |  | 1150800 |
|  MarketWise, Inc. | 1547 |  | 23236 |
|  Miami International Holdings, Inc.\* | 12800 |  | 568064 |
|  Moelis & Co., Class A | 41500 |  | 2852710 |
|  Open Lending Corp.\* | 143900 |  | 223045 |
|  P10, Inc., Class A | 30360 |  | 297832 |
|  Patria Investments Ltd., Class A | 29050 |  | 461604 |
|  Perella Weinberg Partners, Class A | 27020 |  | 467446 |
|  Piper Sandler Cos. | 9880 |  | 3356335 |
|  PJT Partners, Inc., Class A | 12900 |  | 2156880 |
|  Siebert Financial Corp.\* | 1700 |  | 5967 |
|  Silvercrest Asset Management Group, Inc., Class A | 4840 |  | 73520 |
|  StepStone Group, Inc., Class A | 38090 |  | 2444235 |
|  StoneX Group, Inc.\* | 25270 |  | 2403935 |
|  Value Line, Inc. | 1350 |  | 51880 |
|  Victory Capital Holdings, Inc., Class A | 23100 |  | 1457379 |
|  Virtus Investment Partners, Inc. | 4078 |  | 665326 |
|  Webull Corp.\* | 148900 |  | 1156953 |
|  Westwood Holdings Group, Inc. | 400 |  | 6884 |
|  WisdomTree, Inc. (x) | 72380 |  | 882312 |
|  |  |  | 28626533 |
|  Consumer Finance (1.0%) | Consumer Finance (1.0%) | Consumer Finance (1.0%) | Consumer Finance (1.0%) |
|  Atlanticus Holdings Corp.\* | 4360 |  | 291902 |

---

See Notes to Financial Statements.

1187

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Bread Financial Holdings, Inc. | 23430 | $| 1734523 |
|  Consumer Portfolio Services, Inc.\* | 4210 |  | 39279 |
|  Dave, Inc.\* | 5200 |  | 1151332 |
|  Encore Capital Group, Inc.\* | 15700 |  | 853295 |
|  Enova International, Inc.\* | 13193 |  | 2073940 |
|  FirstCash Holdings, Inc. | 21275 |  | 3390810 |
|  Green Dot Corp., Class A\* | 23400 |  | 299754 |
|  LendingClub Corp.\* | 60630 |  | 1148332 |
|  LendingTree, Inc.\* | 5850 |  | 310576 |
|  Medallion Financial Corp. | 2480 |  | 25519 |
|  Navient Corp. | 41980 |  | 545740 |
|  Nelnet, Inc., Class A | 5449 |  | 724499 |
|  NerdWallet, Inc., Class A\* | 15010 |  | 203385 |
|  Oportun Financial Corp.\* | 4000 |  | 21160 |
|  OppFi, Inc. | 14870 |  | 155540 |
|  PRA Group, Inc.\* | 29048 |  | 513859 |
|  PROG Holdings, Inc. | 24740 |  | 729583 |
|  Regional Management Corp. | 6580 |  | 254975 |
|  Upstart Holdings, Inc. (x)\* | 47020 |  | 2056185 |
|  Vroom, Inc.\* | 400 |  | 7952 |
|  World Acceptance Corp.\* | 1881 |  | 264074 |
|  |  |  | 16796214 |
|  ***Financial Services (2.1%)*** | ***Financial Services (2.1%)*** | ***Financial Services (2.1%)*** | ***Financial Services (2.1%)*** |
|  Acacia Research Corp.\* | 17090 |  | 63917 |
|  Alerus Financial Corp. | 7240 |  | 163045 |
|  Banco Latinoamericano de Comercio Exterior SA, Class E | 15381 |  | 685993 |
|  Burford Capital Ltd. | 112530 |  | 1003768 |
|  Cannae Holdings, Inc. | 35390 |  | 556685 |
|  Cantaloupe, Inc.\* | 24220 |  | 257216 |
|  Cass Information Systems, Inc. | 7078 |  | 293879 |
|  Compass Diversified Holdings | 37420 |  | 179616 |
|  Enact Holdings, Inc. | 16060 |  | 636618 |
|  Essent Group Ltd. | 51710 |  | 3361667 |
|  Evertec, Inc. | 38100 |  | 1108329 |
|  Federal Agricultural Mortgage Corp., Class C | 4850 |  | 851514 |
|  Flywire Corp.\* | 67814 |  | 960246 |
|  HA Sustainable Infrastructure Capital, Inc. | 68110 |  | 2140697 |
|  International Money Express, Inc.\* | 22240 |  | 341606 |
|  Jackson Financial, Inc., Class A | 36610 |  | 3904456 |
|  Marqeta, Inc., Class A\* | 261860 |  | 1243835 |
|  Merchants Bancorp | 14510 |  | 494211 |
|  NCR Atleos Corp.\* | 40520 |  | 1544217 |
|  NewtekOne, Inc. | 11960 |  | 135746 |
|  NMI Holdings, Inc., Class A\* | 43400 |  | 1770286 |
|  Onity Group, Inc.\* | 1100 |  | 50369 |
|  Pagseguro Digital Ltd., Class A | 106100 |  | 1022804 |
|  Payoneer Global, Inc.\* | 159060 |  | 893917 |
|  Paysafe Ltd. (x)\* | 16649 |  | 134690 |
|  Paysign, Inc.\* | 3800 |  | 19570 |
|  PennyMac Financial Services, Inc. | 16390 |  | 2160858 |
|  Priority Technology Holdings, Inc.\* | 3150 |  | 17167 |
|  Radian Group, Inc. | 73900 |  | 2659661 |
|  Remitly Global, Inc.\* | 81452 |  | 1124038 |
|  Repay Holdings Corp., Class A\* | 43900 |  | 160235 |
|  Sezzle, Inc. (x)\* | 9660 |  | 613169 |
|  StoneCo Ltd., Class A\* | 135530 |  | 2004489 |
|  SWK Holdings Corp. | 820 |  | 14104 |
|  Velocity Financial, Inc.\* | 2670 |  | 55429 |
|  Walker & Dunlop, Inc. | 18045 |  | 1085407 |
|  Waterstone Financial, Inc. | 14720 |  | 243616 |
|  |  |  | 33957070 |
|  ***Insurance (2.0%)*** | ***Insurance (2.0%)*** | ***Insurance (2.0%)*** | ***Insurance (2.0%)*** |
|  American Coastal Insurance Corp. | 18280 |  | 230876 |
|  AMERISAFE, Inc. | 11000 |  | 422510 |
|  Baldwin Insurance Group, Inc. (The), Class A (x)\* | 36980 |  | 888629 |
|  Bowhead Specialty Holdings, Inc.\* | 8700 |  | 248298 |
|  Citizens, Inc., Class A (x)\* | 7300 |  | 35259 |
|  CNO Financial Group, Inc. | 54601 |  | 2318905 |
|  Crawford & Co., Class A | 9720 |  | 109350 |
|  Donegal Group, Inc., Class A | 13044 |  | 260619 |
|  eHealth, Inc.\* | 7500 |  | 34500 |
|  Employers Holdings, Inc. | 13611 |  | 587587 |
|  F&G Annuities & Life, Inc. | 14820 |  | 457197 |
|  Fidelis Insurance Holdings Ltd. | 32400 |  | 634068 |
|  Genworth Financial, Inc., Class A\* | 234410 |  | 2116722 |
|  GoHealth, Inc., Class A\* | 2570 |  | 5526 |
|  Goosehead Insurance, Inc., Class A | 13310 |  | 980282 |
|  Greenlight Capital Re Ltd., Class A\* | 18493 |  | 269628 |
|  Hamilton Insurance Group Ltd., Class B\* | 22030 |  | 614637 |
|  HCI Group, Inc. | 5900 |  | 1130971 |
|  Heritage Insurance Holdings, Inc.\* | 13420 |  | 392669 |
|  Hippo Holdings, Inc.\* | 13001 |  | 391070 |
|  Horace Mann Educators Corp. | 23137 |  | 1068467 |
|  Investors Title Co. | 1850 |  | 461834 |
|  James River Group Holdings, Inc. | 28190 |  | 179288 |
|  Kestrel Group Ltd. (x) | 1310 |  | 13414 |
|  Kingstone Cos., Inc. | 5900 |  | 99297 |
|  Kingsway Financial Services, Inc.\* | 7090 |  | 95361 |
|  Lemonade, Inc.\* | 33050 |  | 2352499 |
|  MBIA, Inc.\* | 45620 |  | 326639 |
|  Mercury General Corp. | 13500 |  | 1269810 |
|  NI Holdings, Inc.\* | 2350 |  | 31255 |
|  Octave Specialty Group, Inc.\* | 18100 |  | 140818 |
|  Oscar Health, Inc., Class A\* | 109190 |  | 1569060 |
|  Palomar Holdings, Inc.\* | 14110 |  | 1901464 |
|  ProAssurance Corp.\* | 29900 |  | 722384 |
|  Root, Inc., Class A\* | 6370 |  | 460105 |
|  Safety Insurance Group, Inc. | 8375 |  | 652496 |
|  Selective Insurance Group, Inc. | 32162 |  | 2690995 |
|  Selectquote, Inc.\* | 96697 |  | 136343 |
|  SiriusPoint Ltd.\* | 55380 |  | 1212268 |
|  Skyward Specialty Insurance Group, Inc.\* | 20860 |  | 1066155 |
|  Stewart Information Services Corp. | 15197 |  | 1067741 |
|  Tiptree, Inc., Class A | 13910 |  | 254136 |
|  Trupanion, Inc.\* | 19900 |  | 743663 |
|  United Fire Group, Inc. | 10044 |  | 365099 |

---

See Notes to Financial Statements.

1188

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Universal Insurance Holdings, Inc. | 14290 | $| 483002 |
|  |  |  | 31492896 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.9%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.9%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.9%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.9%)*** |
|  ACRES Commercial Realty Corp. (REIT)\* | 900 |  | 19206 |
|  Adamas Trust, Inc. (REIT) | 44550 |  | 325215 |
|  Advanced Flower Capital, Inc. (REIT) | 17350 |  | 49447 |
|  Angel Oak Mortgage REIT, Inc. (REIT) | 8770 |  | 75510 |
|  Apollo Commercial Real Estate Finance, Inc. (REIT) | 86507 |  | 837388 |
|  Arbor Realty Trust, Inc. (REIT) (x) | 101860 |  | 790434 |
|  Ares Commercial Real Estate Corp. (REIT) (x) | 28460 |  | 136039 |
|  ARMOUR Residential REIT, Inc. (REIT) (x) | 61600 |  | 1089704 |
|  Blackstone Mortgage Trust, Inc. (REIT), Class A | 97510 |  | 1865366 |
|  BrightSpire Capital, Inc. (REIT), Class A | 102580 |  | 574448 |
|  Chicago Atlantic Real Estate Finance, Inc. (REIT) | 9550 |  | 117083 |
|  Chimera Investment Corp. (REIT) | 39423 |  | 490028 |
|  Claros Mortgage Trust, Inc. (REIT)\* | 46400 |  | 141984 |
|  Dynex Capital, Inc. (REIT) | 80100 |  | 1122201 |
|  Ellington Financial, Inc. (REIT) | 51610 |  | 700864 |
|  Franklin BSP Realty Trust, Inc. (REIT) | 42443 |  | 425703 |
|  Invesco Mortgage Capital, Inc. (REIT) (x) | 31679 |  | 266420 |
|  KKR Real Estate Finance Trust, Inc. (REIT) | 17300 |  | 142206 |
|  Ladder Capital Corp. (REIT) | 65148 |  | 715976 |
|  MFA Financial, Inc. (REIT) | 65875 |  | 613296 |
|  Nexpoint Real Estate Finance, Inc. (REIT) | 7310 |  | 102925 |
|  Orchid Island Capital, Inc. (REIT) (x) | 83609 |  | 601985 |
|  PennyMac Mortgage Investment Trust (REIT) | 50745 |  | 636850 |
|  Ready Capital Corp. (REIT) (x) | 85589 |  | 186584 |
|  Redwood Trust, Inc. (REIT) | 97471 |  | 539015 |
|  Rithm Property Trust, Inc. (REIT) | 717 |  | 11882 |
|  Seven Hills Realty Trust (REIT) | 2360 |  | 21004 |
|  Sunrise Realty Trust, Inc. (REIT) | 7616 |  | 71819 |
|  TPG Mortgage Investment Trust, Inc. (REIT) | 4230 |  | 36040 |
|  TPG RE Finance Trust, Inc. (REIT) | 23230 |  | 200010 |
|  Two Harbors Investment Corp. (REIT) | 67000 |  | 703500 |
|  |  |  | 13610132 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 280891540 |
|  **Health Care (18.6%)** | **Health Care (18.6%)** | **Health Care (18.6%)** | **Health Care (18.6%)** |
|  ***Biotechnology (9.3%)*** | ***Biotechnology (9.3%)*** | ***Biotechnology (9.3%)*** | ***Biotechnology (9.3%)*** |
|  4D Molecular Therapeutics, Inc.\* | 32690 |  | 245175 |
|  Abeona Therapeutics, Inc.\* | 8960 |  | 47219 |
|  Absci Corp. (x)\* | 96450 |  | 336610 |
|  ACADIA Pharmaceuticals, Inc.\* | 69530 |  | 1857146 |
|  Actuate Therapeutics, Inc.\* | 940 |  | 5753 |
|  ADC Therapeutics SA\* | 16530 |  | 58351 |
|  ADMA Biologics, Inc.\* | 130250 |  | 2375760 |
|  Agios Pharmaceuticals, Inc.\* | 32000 |  | 871040 |
|  Akebia Therapeutics, Inc.\* | 139670 |  | 224869 |
|  Aldeyra Therapeutics, Inc.\* | 34100 |  | 176638 |
|  Alector, Inc.\* | 49570 |  | 77329 |
|  Alkermes plc\* | 94840 |  | 2653623 |
|  Allogene Therapeutics, Inc.\* | 140441 |  | 192404 |
|  Altimmune, Inc.\* | 43300 |  | 156313 |
|  Amicus Therapeutics, Inc.\* | 164780 |  | 2346467 |
|  AnaptysBio, Inc.\* | 14000 |  | 678720 |
|  Anavex Life Sciences Corp. (x)\* | 45920 |  | 163475 |
|  Anika Therapeutics, Inc.\* | 11700 |  | 112437 |
|  Annexon, Inc.\* | 81310 |  | 408176 |
|  Apogee Therapeutics, Inc.\* | 22120 |  | 1669618 |
|  Arbutus Biopharma Corp.\* | 79900 |  | 384319 |
|  Arcellx, Inc.\* | 18670 |  | 1217284 |
|  Arcturus Therapeutics Holdings, Inc. (x)\* | 17120 |  | 104946 |
|  Arcus Biosciences, Inc.\* | 42870 |  | 1021592 |
|  Arcutis Biotherapeutics, Inc.\* | 59660 |  | 1732526 |
|  Ardelyx, Inc.\* | 158280 |  | 922772 |
|  ArriVent Biopharma, Inc. (x)\* | 15680 |  | 315482 |
|  Arrowhead Pharmaceuticals, Inc.\* | 73090 |  | 4852445 |
|  ARS Pharmaceuticals, Inc. (x)\* | 27230 |  | 317229 |
|  Astria Therapeutics, Inc.\* | 30600 |  | 400554 |
|  aTyr Pharma, Inc.\* | 27600 |  | 21614 |
|  Aura Biosciences, Inc.\* | 20350 |  | 110908 |
|  Aurinia Pharmaceuticals, Inc.\* | 67600 |  | 1078220 |
|  Avidity Biosciences, Inc.\* | 63100 |  | 4551403 |
|  Avita Medical, Inc. (x)\* | 11520 |  | 39744 |
|  Beam Therapeutics, Inc.\* | 50600 |  | 1402632 |
|  Benitec Biopharma, Inc.\* | 1040 |  | 14009 |
|  Bicara Therapeutics, Inc.\* | 21580 |  | 363191 |
|  BioCryst Pharmaceuticals, Inc.\* | 139430 |  | 1087554 |
|  Biohaven Ltd.\* | 47120 |  | 531985 |
|  Bridgebio Pharma, Inc.\* | 87361 |  | 6682243 |
|  Bright Minds Biosciences, Inc.\* | 190 |  | 14828 |
|  Candel Therapeutics, Inc. (x)\* | 34890 |  | 197129 |
|  Capricor Therapeutics, Inc.\* | 20980 |  | 605483 |
|  Cardiff Oncology, Inc. (x)\* | 30180 |  | 84806 |
|  CareDx, Inc.\* | 25150 |  | 473826 |
|  Cartesian Therapeutics, Inc. (x)\* | 5808 |  | 41876 |
|  Catalyst Pharmaceuticals, Inc.\* | 59820 |  | 1396199 |
|  Celcuity, Inc.\* | 17530 |  | 1748442 |
|  Celldex Therapeutics, Inc.\* | 36270 |  | 985093 |
|  CG oncology, Inc.\* | 26390 |  | 1095713 |
|  Cidara Therapeutics, Inc.\* | 10690 |  | 2361314 |
|  Cogent Biosciences, Inc.\* | 75780 |  | 2691706 |
|  Coherus Oncology, Inc. (x)\* | 119670 |  | 169931 |
|  Compass Therapeutics, Inc.\* | 40780 |  | 218989 |
|  Corvus Pharmaceuticals, Inc.\* | 8560 |  | 65912 |
|  CRISPR Therapeutics AG (x)\* | 46240 |  | 2424826 |
|  Cullinan Therapeutics, Inc.\* | 24240 |  | 250884 |
|  Cytokinetics, Inc.\* | 62730 |  | 3985864 |
|  Day One Biopharmaceuticals, Inc.\* | 33500 |  | 312220 |

---

See Notes to Financial Statements.

1189

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Denali Therapeutics, Inc.\* | 69810 | $1152563 |
|  Design Therapeutics, Inc.\* | 30680 | 287778 |
|  DiaMedica Therapeutics, Inc. (x)\* | 1340 | 10666 |
|  Dianthus Therapeutics, Inc.\* | 13420 | 553038 |
|  Disc Medicine, Inc.\* | 12510 | 993419 |
|  Dynavax Technologies Corp.\* | 69210 | 1064450 |
|  Dyne Therapeutics, Inc.\* | 67470 | 1319713 |
|  Editas Medicine, Inc.\* | 83680 | 171544 |
|  Eledon Pharmaceuticals, Inc.\* | 2330 | 3518 |
|  Emergent BioSolutions, Inc.\* | 28440 | 351518 |
|  Enanta Pharmaceuticals, Inc.\* | 21930 | 345836 |
|  Entrada Therapeutics, Inc.\* | 13440 | 138163 |
|  Erasca, Inc.\* | 119880 | 445954 |
|  Fate Therapeutics, Inc.\* | 88970 | 87422 |
|  Fennec Pharmaceuticals, Inc.\* | 5340 | 41118 |
|  Foghorn Therapeutics, Inc.\* | 16070 | 86778 |
|  Geron Corp.\* | 84431 | 111449 |
|  Gossamer Bio, Inc.\* | 104750 | 324725 |
|  GRAIL, Inc.\* | 19170 | 1640760 |
|  Greenwich Lifesciences, Inc. (x)\* | 740 | 15547 |
|  Gyre Therapeutics, Inc. (x)\* | 10260 | 72436 |
|  Heron Therapeutics, Inc.\* | 106560 | 138528 |
|  Humacyte, Inc. (x)\* | 90790 | 87204 |
|  Ideaya Biosciences, Inc.\* | 46320 | 1601282 |
|  ImmunityBio, Inc. (x)\* | 128510 | 254450 |
|  Immunome, Inc. (x)\* | 51070 | 1096984 |
|  Immunovant, Inc.\* | 38170 | 970281 |
|  Inhibikase Therapeutics, Inc.\* | 1440 | 2952 |
|  Inhibrx Biosciences, Inc.\* | 4940 | 390260 |
|  Inmune Bio, Inc. (x)\* | 12290 | 19172 |
|  Intellia Therapeutics, Inc. (x)\* | 54100 | 486359 |
|  Iovance Biotherapeutics, Inc. (x)\* | 133910 | 365574 |
|  Ironwood Pharmaceuticals, Inc., Class A\* | 96380 | 324801 |
|  Jade Biosciences, Inc. | 25227 | 389253 |
|  Janux Therapeutics, Inc.\* | 22000 | 303600 |
|  KalVista Pharmaceuticals, Inc. (x)\* | 23890 | 385823 |
|  Keros Therapeutics, Inc.\* | 16550 | 336958 |
|  Kodiak Sciences, Inc.\* | 17840 | 498806 |
|  Korro Bio, Inc. (x)\* | 4760 | 38128 |
|  Krystal Biotech, Inc.\* | 13930 | 3434302 |
|  Kura Oncology, Inc.\* | 37730 | 392015 |
|  Kymera Therapeutics, Inc.\* | 30760 | 2393436 |
|  Larimar Therapeutics, Inc.\* | 39900 | 152019 |
|  Lexeo Therapeutics, Inc.\* | 34390 | 341493 |
|  Madrigal Pharmaceuticals, Inc.\* | 9850 | 5736049 |
|  MannKind Corp.\* | 148910 | 844320 |
|  MeiraGTx Holdings plc\* | 31450 | 250028 |
|  MiMedx Group, Inc.\* | 64300 | 435311 |
|  Mineralys Therapeutics, Inc.\* | 25510 | 925758 |
|  Mirum Pharmaceuticals, Inc.\* | 22030 | 1740150 |
|  Monopar Therapeutics, Inc.\* | 1030 | 67259 |
|  Monte Rosa Therapeutics, Inc.\* | 36220 | 567930 |
|  Myriad Genetics, Inc.\* | 46890 | 288374 |
|  Neurogene, Inc. (x)\* | 6640 | 136784 |
|  Nkarta, Inc.\* | 48500 | 89725 |
|  Novavax, Inc. (x)\* | 79330 | 533098 |
|  Nurix Therapeutics, Inc.\* | 54640 | 1036521 |
|  Nuvalent, Inc., Class A\* | 27290 | 2745101 |
|  Nuvectis Pharma, Inc.\* | 980 | 7399 |
|  Olema Pharmaceuticals, Inc.\* | 32460 | 811500 |
|  Organogenesis Holdings, Inc., Class A\* | 71090 | 368246 |
|  ORIC Pharmaceuticals, Inc.\* | 34790 | 284582 |
|  Oruka Therapeutics, Inc.\* | 21030 | 637419 |
|  Palvella Therapeutics, Inc. (x)\* | 3940 | 412400 |
|  PDL BioPharma, Inc. (r)\* | 111727 |  |
|  Perspective Therapeutics, Inc.\* | 43500 | 119625 |
|  Praxis Precision Medicines, Inc.\* | 12280 | 3619407 |
|  Precigen, Inc.\* | 139660 | 583779 |
|  Prime Medicine, Inc. (x)\* | 85930 | 298177 |
|  Protagonist Therapeutics, Inc.\* | 31730 | 2771298 |
|  Protalix BioTherapeutics, Inc.\* | 5860 | 10548 |
|  Protara Therapeutics, Inc.\* | 2510 | 13378 |
|  Prothena Corp. plc\* | 41240 | 393842 |
|  PTC Therapeutics, Inc.\* | 42370 | 3218425 |
|  Puma Biotechnology, Inc.\* | 6900 | 41055 |
|  Recursion Pharmaceuticals, Inc., Class A (x)\* | 189701 | 775877 |
|  REGENXBIO, Inc.\* | 34730 | 500112 |
|  Relay Therapeutics, Inc.\* | 66980 | 566651 |
|  Replimune Group, Inc.\* | 36980 | 359446 |
|  Rezolute, Inc.\* | 8070 | 19045 |
|  Rhythm Pharmaceuticals, Inc.\* | 30580 | 3273283 |
|  Rigel Pharmaceuticals, Inc.\* | 9604 | 411339 |
|  Rocket Pharmaceuticals, Inc.\* | 90140 | 316391 |
|  Sana Biotechnology, Inc.\* | 100550 | 409238 |
|  Savara, Inc.\* | 67280 | 405698 |
|  Scholar Rock Holding Corp.\* | 42530 | 1873447 |
|  SELLAS Life Sciences Group, Inc. (x)\* | 24980 | 94175 |
|  Sionna Therapeutics, Inc.\* | 8750 | 359975 |
|  Soleno Therapeutics, Inc.\* | 22450 | 1039435 |
|  Solid Biosciences, Inc.\* | 46880 | 264403 |
|  Spyre Therapeutics, Inc.\* | 37560 | 1230466 |
|  Stoke Therapeutics, Inc.\* | 22610 | 717641 |
|  Syndax Pharmaceuticals, Inc.\* | 44110 | 926751 |
|  Tango Therapeutics, Inc. (x)\* | 71630 | 634642 |
|  Taysha Gene Therapies, Inc.\* | 99710 | 548405 |
|  Tectonic Therapeutic, Inc. (x)\* | 1720 | 35879 |
|  Tevogen Bio Holdings, Inc.\* | 19190 | 6354 |
|  TG Therapeutics, Inc.\* | 81140 | 2418783 |
|  Tonix Pharmaceuticals Holding Corp.\* | 7710 | 120430 |
|  Travere Therapeutics, Inc.\* | 49250 | 1881842 |
|  TriSalus Life Sciences, Inc. (x)\* | 580 | 4048 |
|  TuHURA Biosciences, Inc.\* | 2570 | 1945 |
|  Twist Bioscience Corp.\* | 30922 | 980846 |
|  Tyra Biosciences, Inc.\* | 17650 | 464019 |
|  Upstream Bio, Inc. (x)\* | 17890 | 485714 |
|  UroGen Pharma Ltd.\* | 18000 | 421560 |
|  Vanda Pharmaceuticals, Inc.\* | 47550 | 419391 |
|  Vaxcyte, Inc.\* | 66892 | 3086397 |
|  Vera Therapeutics, Inc., Class A\* | 28750 | 1455900 |
|  Veracyte, Inc.\* | 47090 | 1982489 |
|  Verastem, Inc.\* | 50220 | 387698 |
|  Vericel Corp.\* | 25460 | 916815 |
|  Vir Biotechnology, Inc.\* | 44720 | 269662 |
|  Viridian Therapeutics, Inc.\* | 43560 | 1355587 |
|  Voyager Therapeutics, Inc.\* | 25910 | 101826 |
|  Xencor, Inc.\* | 32400 | 496044 |
|  Xenon Pharmaceuticals, Inc.\* | 42450 | 1902609 |

---

See Notes to Financial Statements.

1190

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  XOMA Royalty Corp.\* | 1780 | $| 47330 |
|  Zenas Biopharma, Inc.\* | 8830 |  | 320617 |
|  Zymeworks, Inc.\* | 24460 |  | 644032 |
|  |  |  | 148478616 |
|  ***Health Care Equipment & Supplies (2.7%)*** | ***Health Care Equipment & Supplies (2.7%)*** | ***Health Care Equipment & Supplies (2.7%)*** | ***Health Care Equipment & Supplies (2.7%)*** |
|  Accuray, Inc.\* | 26910 |  | 22190 |
|  Acme United Corp. (x) | 560 |  | 22574 |
|  Alphatec Holdings, Inc.\* | 64800 |  | 1363392 |
|  AngioDynamics, Inc.\* | 25360 |  | 325622 |
|  Anteris Technologies Global Corp.\* | 2300 |  | 11477 |
|  Artivion, Inc.\* | 22538 |  | 1027958 |
|  AtriCure, Inc.\* | 27900 |  | 1103724 |
|  Avanos Medical, Inc.\* | 21400 |  | 240322 |
|  Axogen, Inc.\* | 30540 |  | 999574 |
|  Beta Bionics, Inc.\* | 21200 |  | 645964 |
|  Bioventus, Inc., Class A\* | 8930 |  | 66439 |
|  Butterfly Network, Inc., Class A\* | 106800 |  | 405840 |
|  Ceribell, Inc.\* | 3100 |  | 67983 |
|  Cerus Corp.\* | 106950 |  | 220317 |
|  ClearPoint Neuro, Inc.\* | 3200 |  | 43776 |
|  CONMED Corp. | 21187 |  | 860192 |
|  CVRx, Inc.\* | 6080 |  | 43168 |
|  Delcath Systems, Inc.\* | 5300 |  | 53530 |
|  Electromed, Inc.\* | 1900 |  | 55328 |
|  Embecta Corp. | 28900 |  | 343332 |
|  Enovis Corp.\* | 31900 |  | 849816 |
|  Glaukos Corp.\* | 31282 |  | 3532051 |
|  Haemonetics Corp.\* | 28180 |  | 2258627 |
|  ICU Medical, Inc.\* | 13540 |  | 1931752 |
|  Inogen, Inc.\* | 23240 |  | 156173 |
|  Integer Holdings Corp.\* | 19288 |  | 1512758 |
|  Integra LifeSciences Holdings Corp.\* | 38490 |  | 478046 |
|  iRadimed Corp. | 4900 |  | 476672 |
|  iRhythm Technologies, Inc.\* | 17560 |  | 3115846 |
|  Kestra Medical Technologies Ltd. (x)\* | 2800 |  | 74256 |
|  KORU Medical Systems, Inc.\* | 1800 |  | 10458 |
|  Lantheus Holdings, Inc.\* | 37500 |  | 2495625 |
|  LeMaitre Vascular, Inc. | 11390 |  | 923729 |
|  LENSAR, Inc.\* | 2700 |  | 31401 |
|  LivaNova plc\* | 30630 |  | 1884664 |
|  Lucid Diagnostics, Inc.\* | 11100 |  | 12099 |
|  Merit Medical Systems, Inc.\* | 34637 |  | 3052905 |
|  Myomo, Inc. (x)\* | 6000 |  | 5460 |
|  Neogen Corp.\* | 122523 |  | 856436 |
|  Neuronetics, Inc. (x)\* | 16800 |  | 23184 |
|  NeuroPace, Inc.\* | 4170 |  | 64385 |
|  Novocure Ltd.\* | 59800 |  | 773214 |
|  Omnicell, Inc.\* | 24955 |  | 1130461 |
|  OraSure Technologies, Inc.\* | 70386 |  | 170334 |
|  Orthofix Medical, Inc.\* | 23334 |  | 353743 |
|  OrthoPediatrics Corp.\* | 7550 |  | 134088 |
|  Outset Medical, Inc.\* | 4000 |  | 14840 |
|  PROCEPT BioRobotics Corp.\* | 29340 |  | 923036 |
|  Pro-Dex, Inc.\* | 1400 |  | 53872 |
|  Pulmonx Corp.\* | 22890 |  | 50587 |
|  Pulse Biosciences, Inc. (x)\* | 8510 |  | 116842 |
|  QuidelOrtho Corp.\* | 37900 |  | 1082424 |
|  RxSight, Inc.\* | 19100 |  | 199022 |
|  Sanara Medtech, Inc.\* | 1510 |  | 35259 |
|  SANUWAVE Health, Inc.\* | 1100 |  | 32824 |
|  Semler Scientific, Inc.\* | 6800 |  | 103972 |
|  SI-BONE, Inc.\* | 20900 |  | 412148 |
|  Sight Sciences, Inc.\* | 20890 |  | 165658 |
|  STAAR Surgical Co.\* | 30780 |  | 710710 |
|  Stereotaxis, Inc.\* | 8390 |  | 19297 |
|  Tactile Systems Technology, Inc.\* | 22400 |  | 649600 |
|  Tandem Diabetes Care, Inc.\* | 36370 |  | 799413 |
|  TransMedics Group, Inc.\* | 18030 |  | 2193349 |
|  Treace Medical Concepts, Inc.\* | 35250 |  | 86363 |
|  UFP Technologies, Inc.\* | 3990 |  | 885900 |
|  Utah Medical Products, Inc. | 2750 |  | 153890 |
|  Varex Imaging Corp.\* | 20500 |  | 238825 |
|  |  |  | 43158716 |
|  ***Health Care Providers & Services (3.2%)*** | ***Health Care Providers & Services (3.2%)*** | ***Health Care Providers & Services (3.2%)*** | ***Health Care Providers & Services (3.2%)*** |
|  AdaptHealth Corp., Class A\* | 57167 |  | 569383 |
|  Addus HomeCare Corp.\* | 9700 |  | 1041683 |
|  agilon health, Inc.\* | 173240 |  | 119310 |
|  AirSculpt Technologies, Inc. (x)\* | 30810 |  | 61004 |
|  Alignment Healthcare, Inc.\* | 92450 |  | 1825888 |
|  AMN Healthcare Services, Inc.\* | 22500 |  | 354600 |
|  Ardent Health, Inc.\* | 6200 |  | 54746 |
|  Astrana Health, Inc.\* | 23200 |  | 575592 |
|  Aveanna Healthcare Holdings, Inc.\* | 44370 |  | 362503 |
|  BrightSpring Health Services, Inc.\* | 60660 |  | 2271717 |
|  Brookdale Senior Living, Inc.\* | 128300 |  | 1384357 |
|  Castle Biosciences, Inc.\* | 13450 |  | 523205 |
|  Clover Health Investments Corp., Class A (x)\* | 225600 |  | 530160 |
|  Community Health Systems, Inc.\* | 68700 |  | 214344 |
|  Concentra Group Holdings Parent, Inc. | 60388 |  | 1188436 |
|  CorVel Corp.\* | 16300 |  | 1103021 |
|  Cross Country Healthcare, Inc.\* | 19715 |  | 159692 |
|  DocGo, Inc.\* | 66590 |  | 58453 |
|  Enhabit, Inc.\* | 23430 |  | 216025 |
|  Ensign Group, Inc. (The) | 31170 |  | 5429814 |
|  Fulgent Genetics, Inc.\* | 10500 |  | 275835 |
|  GeneDx Holdings Corp., Class A\* | 10450 |  | 1359127 |
|  Guardant Health, Inc.\* | 66270 |  | 6768818 |
|  Guardian Pharmacy Services, Inc., Class A\* | 7900 |  | 237711 |
|  HealthEquity, Inc.\* | 47540 |  | 4355139 |
|  Hims & Hers Health, Inc. (x)\* | 111870 |  | 3632419 |
|  Innovage Holding Corp.\* | 25970 |  | 134784 |
|  Joint Corp. (The) (x)\* | 13680 |  | 119290 |
|  LifeStance Health Group, Inc.\* | 81300 |  | 572352 |
|  Nano-X Imaging Ltd. (x)\* | 43610 |  | 122108 |
|  National HealthCare Corp. | 7300 |  | 1000757 |
|  National Research Corp. | 9725 |  | 182538 |
|  NeoGenomics, Inc.\* | 80540 |  | 947150 |
|  Oncology Institute, Inc. (The)\* | 42600 |  | 151656 |
|  OPKO Health, Inc.\* | 196300 |  | 247338 |
|  Option Care Health, Inc.\* | 85025 |  | 2708896 |
|  Owens & Minor, Inc.\* | 37000 |  | 103600 |
|  PACS Group, Inc.\* | 21970 |  | 843428 |

---

See Notes to Financial Statements.

1191

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Pediatrix Medical Group, Inc.\* | 48100 | $| 1028859 |
|  Pennant Group, Inc. (The)\* | 17110 |  | 481646 |
|  Privia Health Group, Inc.\* | 59176 |  | 1403063 |
|  Progyny, Inc.\* | 47420 |  | 1217746 |
|  RadNet, Inc.\* | 37130 |  | 2649225 |
|  SBC Medical Group Holdings, Inc. (x)\* | 2800 |  | 12068 |
|  Select Medical Holdings Corp. | 59703 |  | 886590 |
|  Sonida Senior Living, Inc.\* | 1860 |  | 60655 |
|  Strata Critical Medical, Inc.\* | 41740 |  | 200769 |
|  Surgery Partners, Inc.\* | 43130 |  | 666359 |
|  Talkspace, Inc.\* | 57980 |  | 210467 |
|  US Physical Therapy, Inc. | 9887 |  | 772076 |
|  Viemed Healthcare, Inc.\* | 4260 |  | 31652 |
|  |  |  | 51428054 |
|  ***Health Care Technology (0.3%)*** | ***Health Care Technology (0.3%)*** | ***Health Care Technology (0.3%)*** | ***Health Care Technology (0.3%)*** |
|  Claritev Corp. (x)\* | 3200 |  | 136800 |
|  Definitive Healthcare Corp., Class A\* | 62260 |  | 178686 |
|  Evolent Health, Inc., Class A\* | 62650 |  | 250600 |
|  Health Catalyst, Inc.\* | 40640 |  | 97130 |
|  HealthStream, Inc. | 13000 |  | 299910 |
|  HeartFlow, Inc. (x)\* | 5700 |  | 166155 |
|  LifeMD, Inc. (x)\* | 28730 |  | 97969 |
|  OptimizeRx Corp.\* | 27900 |  | 342054 |
|  Phreesia, Inc.\* | 30800 |  | 521136 |
|  Schrodinger, Inc.\* | 28835 |  | 515570 |
|  Simulations Plus, Inc.\* | 11300 |  | 205999 |
|  Teladoc Health, Inc.\* | 95600 |  | 669200 |
|  TruBridge, Inc.\* | 1100 |  | 24277 |
|  Waystar Holding Corp.\* | 60110 |  | 1968602 |
|  |  |  | 5474088 |
|  ***Life Sciences Tools & Services (0.5%)*** | ***Life Sciences Tools & Services (0.5%)*** | ***Life Sciences Tools & Services (0.5%)*** | ***Life Sciences Tools & Services (0.5%)*** |
|  10X Genomics, Inc., Class A\* | 59000 |  | 962290 |
|  Adaptive Biotechnologies Corp.\* | 83500 |  | 1356040 |
|  Alpha Teknova, Inc.\* | 2500 |  | 9500 |
|  Azenta, Inc.\* | 22800 |  | 758328 |
|  BioLife Solutions, Inc.\* | 17850 |  | 431613 |
|  Codexis, Inc.\* | 65790 |  | 107238 |
|  CryoPort, Inc.\* | 27870 |  | 267552 |
|  Cytek Biosciences, Inc.\* | 100875 |  | 509419 |
|  Fortrea Holdings, Inc.\* | 49800 |  | 859050 |
|  Ginkgo Bioworks Holdings, Inc., Class A (x)\* | 10530 |  | 87504 |
|  Lifecore Biomedical, Inc.\* | 6090 |  | 49816 |
|  Maravai LifeSciences Holdings, Inc., Class A\* | 78730 |  | 255873 |
|  MaxCyte, Inc.\* | 60760 |  | 94178 |
|  Mesa Laboratories, Inc. | 2400 |  | 188400 |
|  Niagen Bioscience, Inc.\* | 29150 |  | 185394 |
|  OmniAb, Inc.\* | 73958 |  | 136822 |
|  Pacific Biosciences of California, Inc. (x)\* | 227310 |  | 425070 |
|  Personalis, Inc.\* | 10400 |  | 82784 |
|  Quanterix Corp.\* | 27200 |  | 172992 |
|  Quantum-Si, Inc.\* | 136320 |  | 149952 |
|  Standard BioTools, Inc.\* | 169430 |  | 216870 |
|  |  |  | 7306685 |
|  ***Pharmaceuticals (2.6%)*** | ***Pharmaceuticals (2.6%)*** | ***Pharmaceuticals (2.6%)*** | ***Pharmaceuticals (2.6%)*** |
|  Aardvark Therapeutics, Inc. (x)\* | 500 |  | 6562 |
|  Aclaris Therapeutics, Inc.\* | 7600 |  | 22876 |
|  Alumis, Inc.\* | 40512 |  | 395397 |
|  Amneal Pharmaceuticals, Inc.\* | 93066 |  | 1172632 |
|  Amphastar Pharmaceuticals, Inc.\* | 20500 |  | 548990 |
|  Amylyx Pharmaceuticals, Inc.\* | 39000 |  | 471120 |
|  ANI Pharmaceuticals, Inc.\* | 10380 |  | 819397 |
|  Aquestive Therapeutics, Inc.\* | 53980 |  | 348711 |
|  Arvinas, Inc.\* | 36080 |  | 427909 |
|  Atea Pharmaceuticals, Inc.\* | 69590 |  | 248436 |
|  Avadel Pharmaceuticals plc (ADR)\* | 51900 |  | 1118445 |
|  Axsome Therapeutics, Inc.\* | 22330 |  | 4078351 |
|  BioAge Labs, Inc.\* | 4000 |  | 52920 |
|  Biote Corp., Class A\* | 5300 |  | 13780 |
|  Collegium Pharmaceutical, Inc.\* | 21600 |  | 1000080 |
|  CorMedix, Inc.\* | 35910 |  | 417633 |
|  Crinetics Pharmaceuticals, Inc.\* | 48110 |  | 2239521 |
|  Edgewise Therapeutics, Inc.\* | 40770 |  | 1011708 |
|  Enliven Therapeutics, Inc.\* | 19770 |  | 304458 |
|  Esperion Therapeutics, Inc.\* | 162730 |  | 602101 |
|  Eton Pharmaceuticals, Inc.\* | 4800 |  | 81168 |
|  Evolus, Inc.\* | 33100 |  | 220115 |
|  EyePoint, Inc.\* | 41160 |  | 751993 |
|  Fulcrum Therapeutics, Inc.\* | 13160 |  | 148840 |
|  Harmony Biosciences Holdings, Inc.\* | 24420 |  | 913796 |
|  Harrow, Inc. (x)\* | 15170 |  | 743330 |
|  Indivior plc\* | 67800 |  | 2432664 |
|  Innoviva, Inc.\* | 31200 |  | 623688 |
|  Journey Medical Corp. (x)\* | 1100 |  | 8481 |
|  LENZ Therapeutics, Inc. (x)\* | 7798 |  | 124768 |
|  Ligand Pharmaceuticals, Inc.\* | 10526 |  | 1990151 |
|  Liquidia Corp.\* | 37000 |  | 1276130 |
|  Maze Therapeutics, Inc.\* | 11700 |  | 484731 |
|  MBX Biosciences, Inc.\* | 15500 |  | 488870 |
|  MediWound Ltd. (x)\* | 2150 |  | 39689 |
|  Mind Medicine MindMed, Inc. (x)\* | 40430 |  | 541358 |
|  Nuvation Bio, Inc.\* | 117730 |  | 1054861 |
|  Ocular Therapeutix, Inc.\* | 101480 |  | 1231967 |
|  Omeros Corp.\* | 38990 |  | 669653 |
|  Pacira BioSciences, Inc.\* | 22400 |  | 579712 |
|  Phathom Pharmaceuticals, Inc.\* | 25980 |  | 431008 |
|  Phibro Animal Health Corp., Class A | 14740 |  | 550686 |
|  Prestige Consumer Healthcare, Inc.\* | 30000 |  | 1850700 |
|  Rapport Therapeutics, Inc.\* | 15550 |  | 471787 |
|  Septerna, Inc.\* | 9400 |  | 262072 |
|  SIGA Technologies, Inc. | 32920 |  | 201141 |
|  Supernus Pharmaceuticals, Inc.\* | 26600 |  | 1322020 |
|  Tarsus Pharmaceuticals, Inc.\* | 20660 |  | 1691641 |
|  Terns Pharmaceuticals, Inc.\* | 45820 |  | 1851128 |
|  Theravance Biopharma, Inc.\* | 34900 |  | 652979 |
|  Third Harmonic Bio, Inc. (r)\* | 13110 |  |  |
|  Trevi Therapeutics, Inc.\* | 67600 |  | 846352 |
|  Tvardi Therapeutics, Inc.\* | 800 |  | 3440 |
|  WaVe Life Sciences Ltd.\* | 63060 |  | 1072020 |
|  Xeris Biopharma Holdings, Inc.\* | 77120 |  | 605392 |
|  Zevra Therapeutics, Inc.\* | 45430 |  | 407053 |
|  |  |  | 41926411 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 297772570 |

---

See Notes to Financial Statements.

1192

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Industrials (17.1%)** | **Industrials (17.1%)** | **Industrials (17.1%)** |
|  ***Aerospace & Defense (1.9%)*** | ***Aerospace & Defense (1.9%)*** | ***Aerospace & Defense (1.9%)*** |
|  AAR Corp.\* | 21342 | $1766904 |
|  AeroVironment, Inc.\* | 20632 | 4990674 |
|  AerSale Corp.\* | 30850 | 219343 |
|  Archer Aviation, Inc., Class A\* | 344100 | 2587632 |
|  Astronics Corp.\* | 16910 | 917198 |
|  Byrna Technologies, Inc.\* | 10120 | 169915 |
|  Cadre Holdings, Inc. | 14620 | 597081 |
|  Ducommun, Inc.\* | 7620 | 724891 |
|  Eve Holding, Inc.\* | 31400 | 125286 |
|  Firefly Aerospace, Inc. (x)\* | 15950 | 356802 |
|  Intuitive Machines, Inc. (x)\* | 61140 | 992302 |
|  Kratos Defense & Security Solutions, Inc.\* | 92560 | 7026230 |
|  Mercury Systems, Inc.\* | 30780 | 2247248 |
|  Moog, Inc., Class A | 15433 | 3758707 |
|  National Presto Industries, Inc. | 2410 | 257292 |
|  Park Aerospace Corp. | 12892 | 275115 |
|  Redwire Corp. (x)\* | 30160 | 229216 |
|  Satellogic, Inc., Class A\* | 13460 | 25170 |
|  V2X, Inc.\* | 12600 | 687330 |
|  VSE Corp. | 12530 | 2164808 |
|  |  | 30119144 |
|  ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** |
|  Forward Air Corp.\* | 17240 | 431000 |
|  Hub Group, Inc., Class A | 32006 | 1363776 |
|  Radiant Logistics, Inc.\* | 21130 | 133753 |
|  |  | 1928529 |
|  ***Building Products (1.4%)*** | ***Building Products (1.4%)*** | ***Building Products (1.4%)*** |
|  American Woodmark Corp.\* | 9600 | 517440 |
|  Apogee Enterprises, Inc. | 11160 | 406336 |
|  AZZ, Inc. | 16486 | 1766970 |
|  CSW Industrials, Inc. | 8170 | 2398140 |
|  Gibraltar Industries, Inc.\* | 18300 | 904752 |
|  Griffon Corp. | 21063 | 1551290 |
|  Insteel Industries, Inc. | 7920 | 250826 |
|  Janus International Group, Inc.\* | 79670 | 521042 |
|  JELD-WEN Holding, Inc.\* | 58906 | 144909 |
|  Masterbrand, Inc. (x)\* | 69310 | 765182 |
|  Modine Manufacturing Co.\* | 28190 | 3763647 |
|  Quanex Building Products Corp. | 25027 | 384915 |
|  Resideo Technologies, Inc.\* | 70440 | 2473853 |
|  Tecnoglass, Inc. | 12620 | 635038 |
|  UFP Industries, Inc. | 30602 | 2786312 |
|  Zurn Elkay Water Solutions Corp. | 84030 | 3906555 |
|  |  | 23177207 |
|  ***Commercial Services & Supplies (1.4%)*** | ***Commercial Services & Supplies (1.4%)*** | ***Commercial Services & Supplies (1.4%)*** |
|  ABM Industries, Inc. | 29662 | 1254703 |
|  ACCO Brands Corp. | 45576 | 169998 |
|  ACV Auctions, Inc., Class A\* | 93850 | 752677 |
|  BrightView Holdings, Inc.\* | 39180 | 496411 |
|  Brink's Co. (The) | 22560 | 2633429 |
|  Casella Waste Systems, Inc., Class A\* | 34350 | 3364239 |
|  Cimpress plc\* | 10000 | 665900 |
|  CompX International, Inc. | 780 | 18151 |
|  CoreCivic, Inc.\* | 60290 | 1152142 |
|  Deluxe Corp. | 28261 | 631068 |
|  Ennis, Inc. | 17666 | 318165 |
|  Enviri Corp.\* | 46800 | 838656 |
|  GEO Group, Inc. (The)\* | 76420 | 1231890 |
|  Healthcare Services Group, Inc.\* | 39869 | 762295 |
|  HNI Corp. | 34732 | 1460133 |
|  Interface, Inc., Class A | 29998 | 837544 |
|  Liquidity Services, Inc.\* | 11790 | 357355 |
|  MillerKnoll, Inc. | 41589 | 760247 |
|  Mobile Infrastructure Corp., Class A\* | 1310 | 3340 |
|  Montrose Environmental Group, Inc.\* | 14920 | 370464 |
|  NL Industries, Inc. | 7775 | 42529 |
|  OPENLANE, Inc.\* | 57130 | 1701331 |
|  Perma-Fix Environmental Services, Inc.\* | 3970 | 49982 |
|  Pitney Bowes, Inc. | 92900 | 981953 |
|  Quad/Graphics, Inc. | 10480 | 65710 |
|  UniFirst Corp. | 6965 | 1343548 |
|  Vestis Corp. | 64470 | 430015 |
|  Virco Mfg. Corp. | 7340 | 46903 |
|  |  | 22740778 |
|  ***Construction & Engineering (2.4%)*** | ***Construction & Engineering (2.4%)*** | ***Construction & Engineering (2.4%)*** |
|  Ameresco, Inc., Class A\* | 17510 | 512868 |
|  Arcosa, Inc. | 27700 | 2945064 |
|  Argan, Inc. | 7450 | 2334234 |
|  Bowman Consulting Group Ltd., Class A\* | 6620 | 218593 |
|  Centuri Holdings, Inc.\* | 42720 | 1078680 |
|  Concrete Pumping Holdings, Inc. | 10730 | 71998 |
|  Construction Partners, Inc., Class A\* | 26230 | 2847267 |
|  Dycom Industries, Inc.\* | 15276 | 5161760 |
|  Fluor Corp.\* | 87840 | 3481099 |
|  Granite Construction, Inc. | 23215 | 2677850 |
|  Great Lakes Dredge & Dock Corp.\* | 31400 | 411968 |
|  IES Holdings, Inc.\* | 5050 | 1964551 |
|  Legence Corp., Class A\* | 20210 | 869838 |
|  Limbach Holdings, Inc.\* | 5740 | 446859 |
|  Matrix Service Co.\* | 8800 | 102960 |
|  MYR Group, Inc.\* | 8540 | 1865990 |
|  NWPX Infrastructure, Inc.\* | 3410 | 213091 |
|  Orion Group Holdings, Inc.\* | 11440 | 113714 |
|  Primoris Services Corp. | 30250 | 3755235 |
|  Southland Holdings, Inc.\* | 2720 | 9030 |
|  Sterling Infrastructure, Inc.\* | 15920 | 4875182 |
|  Tutor Perini Corp. | 24285 | 1627581 |
|  |  | 37585412 |
|  ***Electrical Equipment (2.4%)*** | ***Electrical Equipment (2.4%)*** | ***Electrical Equipment (2.4%)*** |
|  Allient, Inc. | 6520 | 350450 |
|  American Superconductor Corp.\* | 19170 | 551712 |
|  Amprius Technologies, Inc.\* | 81620 | 643982 |
|  Array Technologies, Inc.\* | 78200 | 721004 |
|  Atkore, Inc. | 19920 | 1259940 |
|  Bloom Energy Corp., Class A\* | 119300 | 10365977 |
|  EnerSys | 19629 | 2880556 |
|  Enovix Corp. (x)\* | 83470 | 610166 |

---

See Notes to Financial Statements.

1193

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Eos Energy Enterprises, Inc. (x)\* | 168400 | $| 1929864 |
|  Fluence Energy, Inc., Class A\* | 31690 |  | 626828 |
|  Hyliion Holdings Corp.\* | 100820 |  | 185509 |
|  KULR Technology Group, Inc. (x)\* | 28900 |  | 85544 |
|  LSI Industries, Inc. | 14320 |  | 262342 |
|  NANO Nuclear Energy, Inc. (x)\* | 21800 |  | 523418 |
|  Net Power, Inc. (x)\* | 77960 |  | 177749 |
|  Nextpower, Inc., Class A\* | 80262 |  | 6991623 |
|  NuScale Power Corp., Class A (x)\* | 70820 |  | 1003519 |
|  Plug Power, Inc. (x)\* | 614080 |  | 1209737 |
|  Powell Industries, Inc. | 4960 |  | 1581149 |
|  Power Solutions International, Inc.\* | 3700 |  | 211418 |
|  Preformed Line Products Co. | 2590 |  | 535379 |
|  Shoals Technologies Group, Inc., Class A\* | 85950 |  | 730575 |
|  SKYX Platforms Corp. (x)\* | 15000 |  | 32550 |
|  SunPower, Inc. (x)\* | 29200 |  | 45844 |
|  Sunrun, Inc.\* | 122760 |  | 2258784 |
|  T1 Energy, Inc.\* | 72760 |  | 486037 |
|  Thermon Group Holdings, Inc.\* | 17300 |  | 642868 |
|  Vicor Corp.\* | 11860 |  | 1299856 |
|  |  |  | 38204380 |
|  ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** |
|  ArcBest Corp. | 12730 |  | 944439 |
|  Covenant Logistics Group, Inc., Class A | 9580 |  | 211143 |
|  FTAI Infrastructure, Inc. (x) | 52920 |  | 243961 |
|  Heartland Express, Inc. | 24655 |  | 222634 |
|  Hertz Global Holdings, Inc. (x)\* | 67450 |  | 346693 |
|  Marten Transport Ltd. | 33074 |  | 376382 |
|  PAMT Corp.\* | 3010 |  | 36361 |
|  Proficient Auto Logistics, Inc. (x)\* | 7100 |  | 68444 |
|  RXO, Inc.\* | 87500 |  | 1106000 |
|  Universal Logistics Holdings, Inc. (x) | 6700 |  | 101773 |
|  Werner Enterprises, Inc. | 35366 |  | 1061334 |
|  |  |  | 4719164 |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** |
|  Brookfield Business Corp., Class A | 13900 |  | 498732 |
|  ***Machinery (3.8%)*** | ***Machinery (3.8%)*** | ***Machinery (3.8%)*** | ***Machinery (3.8%)*** |
|  3D Systems Corp.\* | 121500 |  | 215055 |
|  Aebi Schmidt Holding AG | 16122 |  | 203943 |
|  AirJoule Technologies Corp.\* | 4500 |  | 17730 |
|  Alamo Group, Inc. | 5500 |  | 923285 |
|  Albany International Corp., Class A | 16491 |  | 836094 |
|  Alliance Laundry Holdings, Inc.\* | 23900 |  | 486365 |
|  Astec Industries, Inc. | 10643 |  | 461055 |
|  Atmus Filtration Technologies, Inc. | 44995 |  | 2335690 |
|  Blue Bird Corp.\* | 18050 |  | 848350 |
|  CECO Environmental Corp.\* | 15880 |  | 950418 |
|  Chart Industries, Inc.\* | 25271 |  | 5211638 |
|  Columbus McKinnon Corp. | 12990 |  | 224078 |
|  Douglas Dynamics, Inc. | 9560 |  | 312134 |
|  Eastern Co. (The) | 750 |  | 14768 |
|  Energy Recovery, Inc.\* | 29060 |  | 392019 |
|  Enerpac Tool Group Corp., Class A | 32713 |  | 1250945 |
|  Enpro, Inc. | 11014 |  | 2358428 |
|  ESCO Technologies, Inc. | 14652 |  | 2862854 |
|  Federal Signal Corp. | 31700 |  | 3442303 |
|  Franklin Electric Co., Inc. | 21122 |  | 2017785 |
|  Gencor Industries, Inc.\* | 2010 |  | 26050 |
|  Gorman-Rupp Co. (The) | 12247 |  | 584794 |
|  Graham Corp.\* | 3690 |  | 237009 |
|  Greenbrier Cos., Inc. (The) | 16400 |  | 766536 |
|  Helios Technologies, Inc. | 21150 |  | 1131313 |
|  Hillenbrand, Inc. | 41738 |  | 1323929 |
|  Hillman Solutions Corp.\* | 110370 |  | 955804 |
|  Hyster-Yale, Inc. | 6280 |  | 186579 |
|  JBT Marel Corp. | 29217 |  | 4402125 |
|  Kadant, Inc. | 6300 |  | 1795626 |
|  Kennametal, Inc. | 45000 |  | 1278450 |
|  L B Foster Co., Class A\* | 1140 |  | 30723 |
|  Lindsay Corp. | 6175 |  | 727847 |
|  Luxfer Holdings plc | 13070 |  | 176837 |
|  Manitowoc Co., Inc. (The)\* | 16215 |  | 194418 |
|  Mayville Engineering Co., Inc.\* | 9090 |  | 170165 |
|  Microvast Holdings, Inc.\* | 64500 |  | 180600 |
|  Miller Industries, Inc. | 8260 |  | 308676 |
|  Mueller Water Products, Inc., Class A | 90093 |  | 2146015 |
|  Omega Flex, Inc. | 5470 |  | 161037 |
|  Park-Ohio Holdings Corp. | 2120 |  | 44393 |
|  Proto Labs, Inc.\* | 10900 |  | 551431 |
|  REV Group, Inc. | 23540 |  | 1431467 |
|  Richtech Robotics, Inc., Class B (x)\* | 38342 |  | 123845 |
|  SPX Technologies, Inc.\* | 26280 |  | 5257577 |
|  Standex International Corp. | 6519 |  | 1416448 |
|  Tennant Co. | 11331 |  | 835095 |
|  Terex Corp. | 36100 |  | 1927018 |
|  Titan International, Inc.\* | 26300 |  | 205929 |
|  Trinity Industries, Inc. | 45100 |  | 1192444 |
|  Wabash National Corp. | 24300 |  | 210195 |
|  Watts Water Technologies, Inc., Class A | 15389 |  | 4247672 |
|  Worthington Enterprises, Inc. | 16140 |  | 832340 |
|  |  |  | 60425324 |
|  ***Marine Transportation (0.2%)*** | ***Marine Transportation (0.2%)*** | ***Marine Transportation (0.2%)*** | ***Marine Transportation (0.2%)*** |
|  Costamare Bulkers Holdings Ltd.\* | 5360 |  | 82598 |
|  Costamare, Inc. | 26800 |  | 423172 |
|  Genco Shipping & Trading Ltd. | 22610 |  | 416702 |
|  Himalaya Shipping Ltd. (x) | 4460 |  | 40586 |
|  Matson, Inc. | 15970 |  | 1973094 |
|  Pangaea Logistics Solutions Ltd. | 12490 |  | 85931 |
|  Safe Bulkers, Inc. | 35690 |  | 172026 |
|  |  |  | 3194109 |
|  ***Passenger Airlines (0.5%)*** | ***Passenger Airlines (0.5%)*** | ***Passenger Airlines (0.5%)*** | ***Passenger Airlines (0.5%)*** |
|  Allegiant Travel Co.\* | 7677 |  | 654618 |
|  Frontier Group Holdings, Inc.\* | 94430 |  | 444765 |
|  JetBlue Airways Corp.\* | 109160 |  | 496678 |
|  Joby Aviation, Inc.\* | 257920 |  | 3404544 |
|  SkyWest, Inc.\* | 21670 |  | 2175885 |

---

See Notes to Financial Statements.

1194

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Sun Country Airlines Holdings, Inc.\* | 28750 | $| 413712 |
|  |  |  | 7590202 |
|  ***Professional Services (1.7%)*** | ***Professional Services (1.7%)*** | ***Professional Services (1.7%)*** | ***Professional Services (1.7%)*** |
|  Alight, Inc., Class A | 69450 |  | 135427 |
|  Asure Software, Inc.\* | 6240 |  | 58781 |
|  Barrett Business Services, Inc. | 13920 |  | 504043 |
|  BlackSky Technology, Inc., Class A (x)\* | 20894 |  | 391763 |
|  CBIZ, Inc.\* | 27600 |  | 1392420 |
|  Conduent, Inc.\* | 82700 |  | 158784 |
|  CRA International, Inc. | 3700 |  | 742571 |
|  CSG Systems International, Inc. | 18465 |  | 1416081 |
|  Exponent, Inc. | 29492 |  | 2048514 |
|  First Advantage Corp.\* | 44300 |  | 643679 |
|  Forrester Research, Inc.\* | 10200 |  | 82824 |
|  Franklin Covey Co.\* | 5950 |  | 99841 |
|  HireQuest, Inc. | 590 |  | 6201 |
|  Huron Consulting Group, Inc.\* | 9694 |  | 1676190 |
|  IBEX Holdings Ltd.\* | 5230 |  | 199681 |
|  ICF International, Inc. | 10500 |  | 895650 |
|  Innodata, Inc.\* | 16610 |  | 846280 |
|  Insperity, Inc. | 18774 |  | 726929 |
|  Kelly Services, Inc., Class A | 15234 |  | 134059 |
|  Kforce, Inc. | 9700 |  | 299924 |
|  Korn Ferry | 27912 |  | 1842750 |
|  Legalzoom.com, Inc.\* | 71540 |  | 710392 |
|  Maximus, Inc. | 30458 |  | 2629135 |
|  Mistras Group, Inc.\* | 5280 |  | 66792 |
|  Planet Labs PBC\* | 129890 |  | 2561431 |
|  RCM Technologies, Inc.\* | 400 |  | 8178 |
|  Resolute Holdings Management, Inc. (x)\* | 1727 |  | 356505 |
|  Resources Connection, Inc. | 26425 |  | 133182 |
|  Skillsoft Corp. (x)\* | 600 |  | 5580 |
|  Spire Global, Inc. (x)\* | 13300 |  | 99750 |
|  TIC Solutions, Inc.\* | 108825 |  | 1100221 |
|  TriNet Group, Inc. | 16879 |  | 998055 |
|  TrueBlue, Inc.\* | 21675 |  | 98621 |
|  TTEC Holdings, Inc.\* | 24585 |  | 88506 |
|  Upwork, Inc.\* | 68340 |  | 1354499 |
|  Verra Mobility Corp., Class A\* | 93510 |  | 2095559 |
|  Willdan Group, Inc.\* | 7020 |  | 727693 |
|  |  |  | 27336491 |
|  ***Trading Companies & Distributors (1.0%)*** | ***Trading Companies & Distributors (1.0%)*** | ***Trading Companies & Distributors (1.0%)*** | ***Trading Companies & Distributors (1.0%)*** |
|  Alta Equipment Group, Inc. | 21630 |  | 99498 |
|  BlueLinx Holdings, Inc.\* | 4700 |  | 288721 |
|  Boise Cascade Co. | 21240 |  | 1563264 |
|  Custom Truck One Source, Inc.\* | 42900 |  | 247104 |
|  Distribution Solutions Group, Inc.\* | 5996 |  | 164230 |
|  DNOW, Inc.\* | 100286 |  | 1328790 |
|  DXP Enterprises, Inc.\* | 6610 |  | 725712 |
|  EVI Industries, Inc. | 1030 |  | 25379 |
|  GATX Corp. | 18140 |  | 3076544 |
|  Global Industrial Co. | 7701 |  | 225023 |
|  Herc Holdings, Inc. | 16120 |  | 2391886 |
|  Hudson Technologies, Inc.\* | 20720 |  | 141932 |
|  Karat Packaging, Inc. | 3340 |  | 75384 |
|  McGrath RentCorp | 13545 |  | 1421277 |
|  NPK International, Inc.\* | 57902 |  | 690192 |
|  Rush Enterprises, Inc., Class A | 32455 |  | 1750623 |
|  Rush Enterprises, Inc., Class B | 7239 |  | 407266 |
|  Titan Machinery, Inc.\* | 13050 |  | 196272 |
|  Transcat, Inc.\* | 6290 |  | 356832 |
|  Willis Lease Finance Corp. | 1160 |  | 157342 |
|  Xometry, Inc., Class A (x)\* | 23320 |  | 1386840 |
|  |  |  | 16720111 |
|  ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** |
|  Sky Harbour Group Corp.\* | 8340 |  | 74810 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 274314393 |
|  **Information Technology (14.6%)** | **Information Technology (14.6%)** | **Information Technology (14.6%)** | **Information Technology (14.6%)** |
|  ***Communications Equipment (0.9%)*** | ***Communications Equipment (0.9%)*** | ***Communications Equipment (0.9%)*** | ***Communications Equipment (0.9%)*** |
|  ADTRAN Holdings, Inc.\* | 36306 |  | 315499 |
|  Applied Optoelectronics, Inc.\* | 30030 |  | 1046846 |
|  Aviat Networks, Inc.\* | 7250 |  | 155005 |
|  BK Technologies Corp.\* | 1870 |  | 139483 |
|  Calix, Inc.\* | 33140 |  | 1754100 |
|  Clearfield, Inc.\* | 7810 |  | 227662 |
|  CommScope Holding Co., Inc.\* | 118340 |  | 2145504 |
|  Digi International, Inc.\* | 17900 |  | 774891 |
|  Extreme Networks, Inc.\* | 67200 |  | 1118880 |
|  Harmonic, Inc.\* | 58839 |  | 581918 |
|  Inseego Corp. (x)\* | 1270 |  | 13043 |
|  NETGEAR, Inc.\* | 16829 |  | 412815 |
|  NetScout Systems, Inc.\* | 40854 |  | 1105509 |
|  Ribbon Communications, Inc.\* | 68838 |  | 198254 |
|  Viasat, Inc.\* | 68140 |  | 2348104 |
|  Viavi Solutions, Inc.\* | 115200 |  | 2052864 |
|  |  |  | 14390377 |
|  ***Electronic Equipment, Instruments & Components (3.4%)*** | ***Electronic Equipment, Instruments & Components (3.4%)*** | ***Electronic Equipment, Instruments & Components (3.4%)*** | ***Electronic Equipment, Instruments & Components (3.4%)*** |
|  908 Devices, Inc.\* | 34350 |  | 180337 |
|  Advanced Energy Industries, Inc. | 19683 |  | 4121030 |
|  Aeva Technologies, Inc. (x)\* | 17075 |  | 226756 |
|  Arlo Technologies, Inc.\* | 55590 |  | 777704 |
|  Badger Meter, Inc. | 16590 |  | 2893462 |
|  Bel Fuse, Inc., Class A | 690 |  | 104742 |
|  Bel Fuse, Inc., Class B | 5630 |  | 955017 |
|  Belden, Inc. | 22035 |  | 2568179 |
|  Benchmark Electronics, Inc. | 18918 |  | 808934 |
|  Climb Global Solutions, Inc. | 2350 |  | 241556 |
|  CTS Corp. | 18100 |  | 775947 |
|  Daktronics, Inc.\* | 14230 |  | 281327 |
|  ePlus, Inc. | 14700 |  | 1289190 |
|  Evolv Technologies Holdings, Inc.\* | 73530 |  | 526475 |
|  Fabrinet\* | 19500 |  | 8877960 |
|  Frequency Electronics, Inc.\* | 4100 |  | 220744 |
|  Insight Enterprises, Inc.\* | 15843 |  | 1290729 |
|  Itron, Inc.\* | 25790 |  | 2394859 |
|  Kimball Electronics, Inc.\* | 12540 |  | 348863 |
|  Knowles Corp.\* | 51000 |  | 1092930 |
|  Methode Electronics, Inc. | 23900 |  | 158696 |
|  MicroVision, Inc. (x)\* | 228740 |  | 189419 |
|  Mirion Technologies, Inc., Class A\* | 130750 |  | 3062165 |
|  M-Tron Industries, Inc.\* | 700 |  | 37254 |

---

See Notes to Financial Statements.

1195

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Napco Security Technologies, Inc. | 17760 | $| 740592 |
|  Neonode, Inc.\* | 5200 |  | 9048 |
|  nLight, Inc.\* | 25300 |  | 949003 |
|  Novanta, Inc.\* | 19540 |  | 2325065 |
|  OSI Systems, Inc.\* | 8468 |  | 2159848 |
|  Ouster, Inc.\* | 24450 |  | 529098 |
|  PC Connection, Inc. | 8730 |  | 504245 |
|  Plexus Corp.\* | 14495 |  | 2130765 |
|  Powerfleet, Inc.\* | 51830 |  | 275736 |
|  Red Cat Holdings, Inc. (x)\* | 41800 |  | 331474 |
|  Richardson Electronics Ltd. | 6550 |  | 71264 |
|  Rogers Corp.\* | 10484 |  | 960020 |
|  Sanmina Corp.\* | 28500 |  | 4276995 |
|  ScanSource, Inc.\* | 13229 |  | 516725 |
|  TTM Technologies, Inc.\* | 56601 |  | 3905469 |
|  Vishay Intertechnology, Inc. | 77000 |  | 1115730 |
|  Vishay Precision Group, Inc.\* | 8200 |  | 315700 |
|  Vuzix Corp. (x)\* | 18900 |  | 71442 |
|  |  |  | 54612494 |
|  ***IT Services (0.6%)*** | ***IT Services (0.6%)*** | ***IT Services (0.6%)*** | ***IT Services (0.6%)*** |
|  Applied Digital Corp. (x)\* | 129690 |  | 3179999 |
|  ASGN, Inc.\* | 25500 |  | 1228335 |
|  Backblaze, Inc., Class A\* | 14210 |  | 66219 |
|  BigBear.ai Holdings, Inc. (x)\* | 236500 |  | 1277100 |
|  Commerce.com, Inc.\* | 42660 |  | 175759 |
|  Crexendo, Inc.\* | 1700 |  | 10999 |
|  CSP, Inc. | 400 |  | 5000 |
|  DigitalOcean Holdings, Inc.\* | 38500 |  | 1852620 |
|  Fastly, Inc., Class A\* | 65300 |  | 664754 |
|  Grid Dynamics Holdings, Inc.\* | 31340 |  | 283000 |
|  Hackett Group, Inc. (The) | 12259 |  | 240644 |
|  Information Services Group, Inc. | 20810 |  | 120282 |
|  Rackspace Technology, Inc. (x)\* | 140870 |  | 136771 |
|  TSS, Inc. (x)\* | 12600 |  | 89082 |
|  Tucows, Inc., Class A\* | 7770 |  | 174203 |
|  Unisys Corp.\* | 53274 |  | 147036 |
|  VTEX, Class A\* | 17700 |  | 66552 |
|  Whitefiber, Inc.\* | 9900 |  | 156420 |
|  |  |  | 9874775 |
|  ***Semiconductors & Semiconductor Equipment (3.4%)*** | ***Semiconductors & Semiconductor Equipment (3.4%)*** | ***Semiconductors & Semiconductor Equipment (3.4%)*** | ***Semiconductors & Semiconductor Equipment (3.4%)*** |
|  ACM Research, Inc., Class A\* | 24200 |  | 954690 |
|  Aehr Test Systems\* | 23660 |  | 477696 |
|  Aeluma, Inc.\* | 9400 |  | 161398 |
|  Alpha & Omega Semiconductor Ltd.\* | 13030 |  | 258124 |
|  Ambarella, Inc.\* | 21080 |  | 1493307 |
|  Atomera, Inc. (x)\* | 10100 |  | 22321 |
|  Axcelis Technologies, Inc.\* | 18300 |  | 1470222 |
|  CEVA, Inc.\* | 11500 |  | 247480 |
|  Cohu, Inc.\* | 22731 |  | 528950 |
|  Credo Technology Group Holding Ltd.\* | 83654 |  | 12036974 |
|  Diodes, Inc.\* | 24298 |  | 1198863 |
|  FormFactor, Inc.\* | 43481 |  | 2425370 |
|  Ichor Holdings Ltd.\* | 12180 |  | 224477 |
|  Impinj, Inc.\* | 14480 |  | 2519665 |
|  indie Semiconductor, Inc., Class A (x)\* | 80550 |  | 284342 |
|  Kopin Corp. (x)\* | 21000 |  | 49140 |
|  Kulicke & Soffa Industries, Inc. | 31800 |  | 1448808 |
|  MaxLinear, Inc., Class A\* | 41993 |  | 731938 |
|  Navitas Semiconductor Corp., Class A\* | 98820 |  | 705575 |
|  NVE Corp. | 3140 |  | 186296 |
|  PDF Solutions, Inc.\* | 15880 |  | 453057 |
|  Penguin Solutions, Inc.\* | 24800 |  | 485088 |
|  Photronics, Inc.\* | 30800 |  | 985600 |
|  Power Integrations, Inc. | 32548 |  | 1156756 |
|  Rambus, Inc.\* | 57630 |  | 5295621 |
|  Rigetti Computing, Inc.\* | 177460 |  | 3930739 |
|  Semtech Corp.\* | 48756 |  | 3592830 |
|  Silicon Laboratories, Inc.\* | 17670 |  | 2309469 |
|  SiTime Corp.\* | 11840 |  | 4181770 |
|  SkyWater Technology, Inc.\* | 15050 |  | 273308 |
|  Synaptics, Inc.\* | 23507 |  | 1739988 |
|  Ultra Clean Holdings, Inc.\* | 28080 |  | 711266 |
|  Veeco Instruments, Inc.\* | 31216 |  | 892153 |
|  |  |  | 53433281 |
|  ***Software (5.6%)*** | ***Software (5.6%)*** | ***Software (5.6%)*** | ***Software (5.6%)*** |
|  8x8, Inc.\* | 101080 |  | 199128 |
|  A10 Networks, Inc. | 35110 |  | 621096 |
|  ACI Worldwide, Inc.\* | 57936 |  | 2769920 |
|  Adeia, Inc. | 59283 |  | 1022632 |
|  Agilysys, Inc.\* | 14420 |  | 1713673 |
|  Airship AI Holdings, Inc. (x)\* | 41710 |  | 120542 |
|  Alarm.com Holdings, Inc.\* | 26300 |  | 1341826 |
|  Alkami Technology, Inc.\* | 38120 |  | 879428 |
|  Amplitude, Inc., Class A\* | 59550 |  | 689589 |
|  Appian Corp., Class A\* | 20000 |  | 708400 |
|  Arteris, Inc.\* | 4940 |  | 76570 |
|  Asana, Inc., Class A\* | 52200 |  | 715662 |
|  AudioEye, Inc.\* | 7720 |  | 77123 |
|  AvePoint, Inc.\* | 74280 |  | 1031749 |
|  Bit Digital, Inc.\* | 122600 |  | 231714 |
|  Bitdeer Technologies Group, Class A (x)\* | 50200 |  | 562742 |
|  Blackbaud, Inc.\* | 18297 |  | 1158566 |
|  BlackLine, Inc.\* | 26910 |  | 1487854 |
|  Blend Labs, Inc., Class A\* | 129660 |  | 394166 |
|  Box, Inc., Class A\* | 79090 |  | 2365582 |
|  Braze, Inc., Class A\* | 42686 |  | 1463703 |
|  C3.ai, Inc., Class A (x)\* | 67660 |  | 912057 |
|  Cerence, Inc.\* | 28550 |  | 305199 |
|  Chaince Digital Holdings, Inc. (x)\* | 7600 |  | 37772 |
|  Cipher Mining, Inc. (x)\* | 177010 |  | 2612668 |
|  Cleanspark, Inc.\* | 151850 |  | 1536722 |
|  Clear Secure, Inc., Class A | 44540 |  | 1562463 |
|  Clearwater Analytics Holdings, Inc., Class A\* | 152228 |  | 3671739 |
|  Commvault Systems, Inc.\* | 24774 |  | 3105669 |
|  Consensus Cloud Solutions, Inc.\* | 10739 |  | 234325 |
|  Core Scientific, Inc.\* | 154260 |  | 2246026 |
|  CS Disco, Inc.\* | 35790 |  | 277730 |
|  Daily Journal Corp. (x)\* | 700 |  | 341124 |
|  Digimarc Corp. (x)\* | 12310 |  | 80754 |
|  Digital Turbine, Inc.\* | 97570 |  | 487850 |
|  Domo, Inc., Class B\* | 26660 |  | 224744 |
|  D-Wave Quantum, Inc.\* | 182552 |  | 4773735 |
|  eGain Corp.\* | 8070 |  | 83040 |
|  EverCommerce, Inc. (x)\* | 19800 |  | 239778 |

---

See Notes to Financial Statements.

1196

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Expensify, Inc., Class A\* | 5100 | $| 7701 |
|  Five9, Inc.\* | 42700 |  | 856135 |
|  Freshworks, Inc., Class A\* | 114490 |  | 1402502 |
|  Hut 8 Corp.\* | 52930 |  | 2431604 |
|  I3 Verticals, Inc., Class A\* | 10990 |  | 276838 |
|  Intapp, Inc.\* | 29386 |  | 1346467 |
|  InterDigital, Inc. | 13475 |  | 4290170 |
|  Jamf Holding Corp.\* | 45580 |  | 592996 |
|  Kaltura, Inc.\* | 23780 |  | 38999 |
|  Life360, Inc. (x)\* | 9000 |  | 577260 |
|  LiveRamp Holdings, Inc.\* | 37985 |  | 1115619 |
|  MARA Holdings, Inc. (x)\* | 187648 |  | 1685079 |
|  Mitek Systems, Inc.\* | 21600 |  | 227880 |
|  N-able, Inc.\* | 34400 |  | 257312 |
|  NCR Voyix Corp.\* | 81710 |  | 833442 |
|  NextNav, Inc. (x)\* | 51730 |  | 860787 |
|  ON24, Inc.\* | 30580 |  | 243417 |
|  OneSpan, Inc. | 15320 |  | 196709 |
|  Ooma, Inc.\* | 15400 |  | 180642 |
|  Pagaya Technologies Ltd., Class A\* | 22690 |  | 474221 |
|  PagerDuty, Inc.\* | 48240 |  | 632426 |
|  PAR Technology Corp.\* | 22430 |  | 813760 |
|  Porch Group, Inc.\* | 43430 |  | 396516 |
|  Progress Software Corp.\* | 23597 |  | 1013727 |
|  Q2 Holdings, Inc.\* | 34750 |  | 2507560 |
|  Qualys, Inc.\* | 18650 |  | 2478585 |
|  Rapid7, Inc.\* | 34760 |  | 528352 |
|  Red Violet, Inc. | 6280 |  | 357646 |
|  ReposiTrak, Inc. (x) | 3370 |  | 41687 |
|  Rezolve AI plc\* | 75300 |  | 193521 |
|  Rimini Street, Inc.\* | 42080 |  | 163270 |
|  Riot Platforms, Inc. (x)\* | 185720 |  | 2353072 |
|  SEMrush Holdings, Inc., Class A\* | 18210 |  | 216517 |
|  Silvaco Group, Inc.\* | 1900 |  | 7695 |
|  SoundHound AI, Inc., Class A (x)\* | 204730 |  | 2041158 |
|  SoundThinking, Inc.\* | 9650 |  | 77490 |
|  Sprinklr, Inc., Class A\* | 75930 |  | 590735 |
|  Sprout Social, Inc., Class A\* | 25970 |  | 292682 |
|  SPS Commerce, Inc.\* | 20900 |  | 1862817 |
|  Synchronoss Technologies, Inc.\* | 700 |  | 5992 |
|  Telos Corp.\* | 29060 |  | 148206 |
|  Tenable Holdings, Inc.\* | 66220 |  | 1558157 |
|  Terawulf, Inc. (x)\* | 165440 |  | 1900906 |
|  Varonis Systems, Inc.\* | 61920 |  | 2030976 |
|  Vertex, Inc., Class A\* | 36380 |  | 726509 |
|  Viant Technology, Inc., Class A\* | 13140 |  | 158206 |
|  Weave Communications, Inc.\* | 23800 |  | 180642 |
|  WM Technology, Inc.\* | 22350 |  | 18441 |
|  Workiva, Inc., Class A\* | 28600 |  | 2466750 |
|  Xperi, Inc.\* | 23283 |  | 136438 |
|  Yext, Inc.\* | 63000 |  | 507780 |
|  Zeta Global Holdings Corp., Class A\* | 99450 |  | 2023808 |
|  |  |  | 88692867 |
|  ***Technology Hardware, Storage & Peripherals (0.7%)*** | ***Technology Hardware, Storage & Peripherals (0.7%)*** | ***Technology Hardware, Storage & Peripherals (0.7%)*** | ***Technology Hardware, Storage & Peripherals (0.7%)*** |
|  CompoSecure, Inc., Class A\* | 24560 |  | 473517 |
|  Corsair Gaming, Inc.\* | 19700 |  | 117018 |
|  CPI Card Group, Inc.\* | 3660 |  | 53729 |
|  Diebold Nixdorf, Inc.\* | 14190 |  | 963359 |
|  Eastman Kodak Co.\* | 30460 |  | 257691 |
|  Immersion Corp. | 25820 |  | 175576 |
|  IonQ, Inc. (x)\* | 184579 |  | 8282060 |
|  Quantum Computing, Inc. (x)\* | 109930 |  | 1127882 |
|  Turtle Beach Corp.\* | 13320 |  | 186879 |
|  Xerox Holdings Corp. (x) | 57700 |  | 136749 |
|  |  |  | 11774460 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 232778254 |
|  **Materials (4.4%)** | **Materials (4.4%)** | **Materials (4.4%)** | **Materials (4.4%)** |
|  ***Chemicals (1.5%)*** | ***Chemicals (1.5%)*** | ***Chemicals (1.5%)*** | ***Chemicals (1.5%)*** |
|  AdvanSix, Inc. | 13500 |  | 233550 |
|  American Vanguard Corp.\* | 21460 |  | 81977 |
|  Arq, Inc.\* | 6240 |  | 20405 |
|  Aspen Aerogels, Inc.\* | 43450 |  | 122964 |
|  Avient Corp. | 48500 |  | 1515140 |
|  Balchem Corp. | 18225 |  | 2794986 |
|  Cabot Corp. | 29230 |  | 1937364 |
|  Chemours Co. (The) | 84180 |  | 992482 |
|  Core Molding Technologies, Inc.\* | 2880 |  | 57744 |
|  Ecovyst, Inc.\* | 65350 |  | 635856 |
|  Flotek Industries, Inc.\* | 13830 |  | 238291 |
|  Hawkins, Inc. | 10100 |  | 1434806 |
|  HB Fuller Co. | 30739 |  | 1827741 |
|  Ingevity Corp.\* | 19600 |  | 1159928 |
|  Innospec, Inc. | 13700 |  | 1048598 |
|  Intrepid Potash, Inc.\* | 10110 |  | 280350 |
|  Koppers Holdings, Inc. | 10793 |  | 292275 |
|  Kronos Worldwide, Inc. | 23840 |  | 105373 |
|  LSB Industries, Inc.\* | 33430 |  | 284155 |
|  Mativ Holdings, Inc. | 33027 |  | 401278 |
|  Minerals Technologies, Inc. | 18040 |  | 1099538 |
|  Orion SA | 33900 |  | 178992 |
|  Perimeter Solutions, Inc.\* | 81070 |  | 2231857 |
|  PureCycle Technologies, Inc. (x)\* | 72570 |  | 623376 |
|  Quaker Chemical Corp. | 7500 |  | 1029825 |
|  Rayonier Advanced Materials, Inc.\* | 39560 |  | 233008 |
|  Sensient Technologies Corp. | 21305 |  | 2001605 |
|  Solesence, Inc.\* | 2120 |  | 3381 |
|  Stepan Co. | 11388 |  | 539336 |
|  Trinseo plc (x) | 2920 |  | 1451 |
|  Tronox Holdings plc | 24890 |  | 103791 |
|  Valhi, Inc. | 2320 |  | 27956 |
|  |  |  | 23539379 |
|  ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** |
|  Knife River Corp.\* | 34180 |  | 2404563 |
|  Smith-Midland Corp.\* | 1170 |  | 42518 |
|  Titan America SA (x) | 9100 |  | 149968 |
|  United States Lime & Minerals, Inc. | 5770 |  | 690900 |
|  |  |  | 3287949 |
|  ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** |
|  Ardagh Metal Packaging SA | 81150 |  | 332715 |
|  Greif, Inc., Class A | 14800 |  | 1001960 |
|  Greif, Inc., Class B | 3000 |  | 224070 |
|  Myers Industries, Inc. | 13300 |  | 248976 |
|  O-I Glass, Inc.\* | 91000 |  | 1343160 |
|  Ranpak Holdings Corp., Class A\* | 28520 |  | 154293 |
|  TriMas Corp. | 16900 |  | 599105 |
|  |  |  | 3904279 |

---

See Notes to Financial Statements.

1197

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Metals & Mining (2.4%)*** | ***Metals & Mining (2.4%)*** | ***Metals & Mining (2.4%)*** |
|  Alpha Metallurgical Resources, Inc.\* | 5830 | $1165300 |
|  American Battery Technology Co.\* | 60800 | 203072 |
|  Ascent Industries Co.\* | 900 | 14571 |
|  Caledonia Mining Corp. plc | 8780 | 229773 |
|  Century Aluminum Co.\* | 37550 | 1471209 |
|  Coeur Mining, Inc.\* | 349287 | 6227787 |
|  Commercial Metals Co. | 64990 | 4498608 |
|  Compass Minerals International, Inc.\* | 19500 | 382980 |
|  Constellium SE\* | 74830 | 1410546 |
|  Contango ORE, Inc. (x)\* | 7040 | 185926 |
|  Critical Metals Corp. (x)\* | 46060 | 319656 |
|  Dakota Gold Corp.\* | 34760 | 197437 |
|  Ferroglobe plc | 67200 | 311808 |
|  Friedman Industries, Inc. | 300 | 6147 |
|  Hecla Mining Co. | 346749 | 6654113 |
|  Idaho Strategic Resources, Inc.\* | 7800 | 314340 |
|  Ivanhoe Electric, Inc.\* | 58140 | 929077 |
|  Kaiser Aluminum Corp. | 8791 | 1009734 |
|  Lifezone Metals Ltd.\* | 5090 | 21734 |
|  Materion Corp. | 11545 | 1435274 |
|  Metallus, Inc.\* | 23300 | 399828 |
|  NioCorp Developments Ltd.\* | 43900 | 232670 |
|  Novagold Resources, Inc.\* | 165200 | 1539664 |
|  Olympic Steel, Inc. | 6980 | 298639 |
|  Perpetua Resources Corp.\* | 46350 | 1122134 |
|  Ramaco Resources, Inc., Class A\* | 15991 | 287838 |
|  Ryerson Holding Corp. | 12570 | 316261 |
|  SSR Mining, Inc.\* | 113970 | 2498223 |
|  SunCoke Energy, Inc. | 42510 | 306072 |
|  Tredegar Corp.\* | 14409 | 103457 |
|  United States Antimony Corp.\* | 37900 | 190258 |
|  US Gold Corp. (x)\* | 4200 | 81522 |
|  US Goldmining, Inc.\* | 300 | 2646 |
|  USA Rare Earth, Inc.\* | 48000 | 571200 |
|  Vox Royalty Corp. | 9800 | 46452 |
|  Warrior Met Coal, Inc. | 27880 | 2458180 |
|  Worthington Steel, Inc. | 20580 | 712480 |
|  |  | 38156616 |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** |
|  Clearwater Paper Corp.\* | 10168 | 176923 |
|  Magnera Corp.\* | 17000 | 257380 |
|  Sylvamo Corp. | 18180 | 875367 |
|  |  | 1309670 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 70197893 |
|  **Real Estate (5.6%)** | **Real Estate (5.6%)** | **Real Estate (5.6%)** |
|  ***Diversified REITs (0.5%)*** | ***Diversified REITs (0.5%)*** | ***Diversified REITs (0.5%)*** |
|  Alexander & Baldwin, Inc. (REIT) | 42386 | 874847 |
|  Alpine Income Property Trust, Inc. (REIT) | 8340 | 139445 |
|  American Assets Trust, Inc. (REIT) | 24318 | 460340 |
|  Armada Hoffler Properties, Inc. (REIT) | 33800 | 223756 |
|  Broadstone Net Lease, Inc. (REIT) | 100460 | 1744990 |
|  CTO Realty Growth, Inc. (REIT) | 13118 | 241502 |
|  Essential Properties Realty Trust, Inc. (REIT) | 111030 | 3293150 |
|  Gladstone Commercial Corp. (REIT) | 38800 | 413996 |
|  Global Net Lease, Inc. (REIT) | 112759 | 969727 |
|  Modiv Industrial, Inc. (REIT), Class C (x) | 1700 | 24463 |
|  NexPoint Diversified Real Estate Trust (REIT) | 26708 | 102292 |
|  |  | 8488508 |
|  ***Health Care REITs (1.0%)*** | ***Health Care REITs (1.0%)*** | ***Health Care REITs (1.0%)*** |
|  American Healthcare REIT, Inc. (REIT) | 88984 | 4187587 |
|  CareTrust REIT, Inc. (REIT) | 122673 | 4435856 |
|  Community Healthcare Trust, Inc. (REIT) | 12500 | 205250 |
|  Diversified Healthcare Trust (REIT) | 122460 | 593931 |
|  Global Medical REIT, Inc. (REIT) | 7680 | 259123 |
|  LTC Properties, Inc. (REIT) | 28369 | 975326 |
|  National Health Investors, Inc. (REIT) | 26028 | 1987758 |
|  Sabra Health Care REIT, Inc. (REIT) | 129963 | 2461499 |
|  Sila Realty Trust, Inc. (REIT) | 31100 | 724941 |
|  Strawberry Fields REIT, Inc. (REIT) | 2250 | 29475 |
|  Universal Health Realty Income Trust (REIT) | 6050 | 237221 |
|  |  | 16097967 |
|  ***Hotel & Resort REITs (0.6%)*** | ***Hotel & Resort REITs (0.6%)*** | ***Hotel & Resort REITs (0.6%)*** |
|  Apple Hospitality REIT, Inc. (REIT) | 128030 | 1517155 |
|  Braemar Hotels & Resorts, Inc. (REIT) | 62510 | 179404 |
|  Chatham Lodging Trust (REIT) | 22650 | 154247 |
|  DiamondRock Hospitality Co. (REIT) | 115998 | 1039342 |
|  Pebblebrook Hotel Trust (REIT) | 61712 | 698580 |
|  RLJ Lodging Trust (REIT) | 74476 | 554846 |
|  Ryman Hospitality Properties, Inc. (REIT) | 32934 | 3116215 |
|  Service Properties Trust (REIT) | 95200 | 175168 |
|  Summit Hotel Properties, Inc. (REIT) | 53600 | 261032 |
|  Sunstone Hotel Investors, Inc. (REIT) | 103038 | 921160 |
|  Xenia Hotels & Resorts, Inc. (REIT) | 42200 | 596708 |
|  |  | 9213857 |
|  ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** |
|  Industrial Logistics Properties Trust (REIT) | 24560 | 136062 |
|  Innovative Industrial Properties, Inc. (REIT) | 15830 | 749709 |
|  LXP Industrial Trust (REIT) | 32647 | 1618638 |
|  One Liberty Properties, Inc. (REIT) | 11303 | 229338 |
|  Plymouth Industrial REIT, Inc. (REIT) | 24420 | 534310 |
|  Terreno Realty Corp. (REIT) | 51850 | 3044113 |
|  |  | 6312170 |

---

See Notes to Financial Statements.

1198

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Office REITs (0.5%)*** | ***Office REITs (0.5%)*** | ***Office REITs (0.5%)*** |
|  Brandywine Realty Trust (REIT) | 52000 | $151840 |
|  City Office REIT, Inc. (REIT) | 41040 | 286869 |
|  COPT Defense Properties (REIT) | 59410 | 1651598 |
|  Douglas Emmett, Inc. (REIT) | 62270 | 684347 |
|  Easterly Government Properties, Inc. (REIT), Class A | 25888 | 548567 |
|  Empire State Realty Trust, Inc. (REIT), Class A | 74300 | 484436 |
|  Franklin Street Properties Corp. (REIT) | 31040 | 29358 |
|  Hudson Pacific Properties, Inc. (REIT)\* | 12804 | 138667 |
|  JBG SMITH Properties (REIT) | 24870 | 423039 |
|  NET Lease Office Properties (REIT) | 6030 | 155514 |
|  Peakstone Realty Trust (REIT) | 16550 | 237492 |
|  Piedmont Realty Trust, Inc. (REIT) | 72000 | 600480 |
|  Postal Realty Trust, Inc. (REIT), Class A | 13380 | 215953 |
|  SL Green Realty Corp. (REIT) | 38670 | 1773793 |
|  |  | 7381953 |
|  ***Real Estate Management & Development (0.7%)*** | ***Real Estate Management & Development (0.7%)*** | ***Real Estate Management & Development (0.7%)*** |
|  American Realty Investors, Inc.\* | 610 | 9797 |
|  Anywhere Real Estate, Inc.\* | 56050 | 793668 |
|  Compass, Inc., Class A\* | 254750 | 2692708 |
|  Cushman & Wakefield Ltd.\* | 126696 | 2051208 |
|  Douglas Elliman, Inc.\* | 2900 | 6873 |
|  eXp World Holdings, Inc. (x) | 45480 | 411594 |
|  Forestar Group, Inc.\* | 12763 | 314353 |
|  FRP Holdings, Inc.\* | 7820 | 178218 |
|  Kennedy-Wilson Holdings, Inc. | 70024 | 677132 |
|  Marcus & Millichap, Inc. | 16000 | 436640 |
|  Maui Land & Pineapple Co., Inc.\* | 1740 | 29476 |
|  Newmark Group, Inc., Class A | 84624 | 1467380 |
|  RE/MAX Holdings, Inc., Class A\* | 23290 | 176771 |
|  Real Brokerage, Inc. (The)\* | 68170 | 248821 |
|  RMR Group, Inc. (The), Class A | 11696 | 174270 |
|  Seaport Entertainment Group, Inc.\* | 900 | 17793 |
|  St Joe Co. (The) | 21300 | 1264581 |
|  Stratus Properties, Inc.\* | 3180 | 76892 |
|  Tejon Ranch Co.\* | 12042 | 189902 |
|  Transcontinental Realty Investors, Inc.\* | 1010 | 59206 |
|  |  | 11277283 |
|  ***Residential REITs (0.4%)*** | ***Residential REITs (0.4%)*** | ***Residential REITs (0.4%)*** |
|  Apartment Investment and Management Co. (REIT), Class A | 77400 | 459756 |
|  BRT Apartments Corp. (REIT) | 11410 | 167727 |
|  Centerspace (REIT) | 9149 | 610421 |
|  Clipper Realty, Inc. (REIT) | 14820 | 56612 |
|  Elme Communities (REIT) | 42317 | 736316 |
|  Independence Realty Trust, Inc. (REIT) | 130047 | 2273222 |
|  NexPoint Residential Trust, Inc. (REIT) | 10760 | 323876 |
|  UMH Properties, Inc. (REIT) | 39770 | 632741 |
|  Veris Residential, Inc. (REIT) | 51400 | 764832 |
|  |  | 6025503 |
|  ***Retail REITs (1.1%)*** | ***Retail REITs (1.1%)*** | ***Retail REITs (1.1%)*** |
|  Acadia Realty Trust (REIT) | 73783 | 1515503 |
|  Alexander's, Inc. (REIT) | 715 | 155827 |
|  CBL & Associates Properties, Inc. (REIT) | 13400 | 495800 |
|  Curbline Properties Corp. (REIT) | 58600 | 1360106 |
|  FrontView REIT, Inc. (REIT) | 7900 | 116604 |
|  Getty Realty Corp. (REIT) | 26575 | 727358 |
|  InvenTrust Properties Corp. (REIT) | 42530 | 1199771 |
|  Kite Realty Group Trust (REIT) | 123422 | 2958425 |
|  Macerich Co. (The) (REIT) | 141990 | 2621135 |
|  NETSTREIT Corp. (REIT) (x) | 41410 | 730473 |
|  Phillips Edison & Co., Inc. (REIT) | 68960 | 2452907 |
|  Saul Centers, Inc. (REIT) | 7150 | 225440 |
|  SITE Centers Corp. (REIT) | 29300 | 188106 |
|  Tanger, Inc. (REIT) | 61730 | 2059930 |
|  Urban Edge Properties (REIT) | 63500 | 1218565 |
|  Whitestone REIT (REIT) | 25200 | 350028 |
|  |  | 18375978 |
|  ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** |
|  Farmland Partners, Inc. (REIT) | 20500 | 198645 |
|  Four Corners Property Trust, Inc. (REIT) | 57720 | 1331023 |
|  Gladstone Land Corp. (REIT) | 23500 | 215025 |
|  Outfront Media, Inc. (REIT) | 76807 | 1851049 |
|  PotlatchDeltic Corp. (REIT) | 42809 | 1702942 |
|  Safehold, Inc. (REIT) | 33057 | 452550 |
|  Smartstop Self Storage REIT, Inc. (REIT) | 15800 | 488852 |
|  |  | 6240086 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 89413305 |
|  **Utilities (3.0%)** | **Utilities (3.0%)** | **Utilities (3.0%)** |
|  ***Electric Utilities (0.9%)*** | ***Electric Utilities (0.9%)*** | ***Electric Utilities (0.9%)*** |
|  Genie Energy Ltd., Class B | 10690 | 147308 |
|  Hawaiian Electric Industries, Inc.\* | 90890 | 1117947 |
|  MGE Energy, Inc. | 20279 | 1590279 |
|  Oklo, Inc., Class A\* | 57400 | 4119024 |
|  Otter Tail Corp. | 22925 | 1852569 |
|  Portland General Electric Co. | 61682 | 2960119 |
|  TXNM Energy, Inc. | 54971 | 3236693 |
|  |  | 15023939 |
|  ***Gas Utilities (1.0%)*** | ***Gas Utilities (1.0%)*** | ***Gas Utilities (1.0%)*** |
|  Brookfield Infrastructure Corp., Class A | 65209 | 2960489 |
|  Chesapeake Utilities Corp. | 14000 | 1746640 |
|  New Jersey Resources Corp. | 57662 | 2659372 |
|  Northwest Natural Holding Co. | 21292 | 995188 |
|  ONE Gas, Inc. | 32840 | 2536890 |
|  RGC Resources, Inc. | 2410 | 51333 |
|  Southwest Gas Holdings, Inc. | 36196 | 2896404 |
|  Spire, Inc. | 30382 | 2512591 |
|  |  | 16358907 |

---

See Notes to Financial Statements.

1199

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Independent Power and Renewable Electricity Producers (0.3%)*** | ***Independent Power and Renewable Electricity Producers (0.3%)*** | ***Independent Power and Renewable Electricity Producers (0.3%)*** |
|  Hallador Energy Co.\* | 14810 | $281982 |
|  Montauk Renewables, Inc.\* | 45680 | 76286 |
|  Ormat Technologies, Inc. | 34110 | 3768132 |
|  |  | 4126400 |
|  ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** |
|  Avista Corp. | 48889 | 1884182 |
|  Black Hills Corp. | 38529 | 2674683 |
|  Northwestern Energy Group, Inc. | 34768 | 2243927 |
|  Unitil Corp. | 8100 | 392364 |
|  |  | 7195156 |
|  ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** |
|  American States Water Co. | 21158 | 1533532 |
|  Cadiz, Inc.\* | 33730 | 189225 |
|  California Water Service Group | 31440 | 1362295 |
|  Consolidated Water Co. Ltd. | 9050 | 319375 |
|  Global Water Resources, Inc. | 7670 | 64811 |
|  H2O America | 18170 | 890148 |
|  Middlesex Water Co. | 11300 | 569746 |
|  Pure Cycle Corp.\* | 13280 | 145947 |
|  York Water Co. (The) | 6190 | 197090 |
|  |  | 5272169 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 47976571 |
|  **Total Common Stocks (99.0%)**<br> *(Cost $1,035,947,434)* |  | 1583150492 |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Biotechnology (0.0%)†*** |  |  |
|  89bio, Inc., CVR (r)\* | 61550 | 15695 |
|  Aduro Biotech, Inc., CVR (r)\* | 10614 |  |
|  Akero Therapeutics, Inc., CVR (r)\* | 39050 | 19037 |
|  Cartesian Therapeutics, Inc. \* | 11360 | 1534 |
|  Chinook Therapeutics, Inc., CVR \* | 35960 | 7192 |
|  Metsera, Inc., CVR (r)(x)\* | 27845 | 102330 |
|  Sanofi Aatd, Inc., CVR (r)\* | 19600 | 9518 |
|  |  | 155306 |
|  ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** |
|  Paragon 28, Inc., CVR (r)\* | 33030 | 2230 |
|  ***Life Sciences Tools & Services (0.0%)*** | ***Life Sciences Tools & Services (0.0%)*** | ***Life Sciences Tools & Services (0.0%)*** |
|  OmniAb, Inc., expiring 11/1/27 (r)\* | 7376 |  |
|  ***Pharmaceuticals (0.0%)†*** | ***Pharmaceuticals (0.0%)†*** | ***Pharmaceuticals (0.0%)†*** |
|  Rain Oncology, Inc., CVR (r)(x)\* | 21290 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 158334 |
|  **Materials (0.0%)†** | **Materials (0.0%)†** | **Materials (0.0%)†** |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Resolute Forest Products, Inc., CVR\* | 23700 | 35550 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 35550 |
|  **Total Rights (0.0%)†**<br> *(Cost $176,382)* |  | 193884 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (2.3%)** |  |  |
|  Allspring Government Money Market Fund, Select Shares 3.72% (7 day yield) (xx) | 10000000 | 10000000 |
|  Dreyfus Treasury Obligations Cash Management Fund 3.65% (7 day yield) (xx) | 1000000 | 1000000 |
|  Goldman Sachs Financial Square Government Fund 3.67% (7 day yield) (xx) | 2000000 | 2000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 9478054 | 9478054 |
|  Morgan Stanley Institutional Liquidity Fund - Government Portfolio 3.69% (7 day yield) (xx) | 15000000 | 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 37478054 |
|  **Total Short-Term Investments (2.3%)**<br> *(Cost $37,478,054)* | **Total Short-Term Investments (2.3%)**<br> *(Cost $37,478,054)* | 37478054 |
|  **Total Investments in Securities (101.3%)**<br> *(Cost $1,073,601,870)* | **Total Investments in Securities (101.3%)**<br> *(Cost $1,073,601,870)* | 1620822430 |
|  **Other Assets Less Liabilities (-1.3%)** | **Other Assets Less Liabilities (-1.3%)** | (21191474) |
|  **Net Assets (100%)** |  | $1599630956 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $602,913 or 0.0% of net assets.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $63,318,987. This was collateralized by $28,584,387 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/15/26 – 8/15/55 and by cash of $37,479,506 of which $37,478,054 was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

1200

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Russell 2000 E-Mini Index | 112 | 3/2026 | USD | 13988800 | (478054) |
|  |  |  |  |  | (478054) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $43506095 | $— | $— | $43506095 |
|  Consumer Discretionary | 141135509 |  |  | 141135509 |
|  Consumer Staples | 29074236 |  |  | 29074236 |
|  Energy | 76090126 |  |  | 76090126 |
|  Financials | 280891540 |  | — (a) | 280891540 |
|  Health Care | 297772570 |  | — (a) | 297772570 |
|  Industrials | 274314393 |  |  | 274314393 |
|  Information Technology | 232778254 |  |  | 232778254 |
|  Materials | 70197893 |  |  | 70197893 |
|  Real Estate | 89413305 |  |  | 89413305 |
|  Utilities | 47976571 |  |  | 47976571 |
|  **Rights** |  |  |  |  |
|  Health Care |  | 8726 | 149608 | 158334 |
|  Materials |  | 35550 |  | 35550 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 37478054 |  |  | 37478054 |
|  **Total Assets** | $**1620628546** | $**44276** | $**149608** | $**1620822430** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(478054) | $— | $— | $(478054) |
|  **Total Liabilities** | $**(478054)** | $**—** | $**—** | $**(478054)** |
|  **Total** | $**1620150492** | $**44276** | $**149608** | $**1620344376** |

---

(a) Value is zero.

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(478054) |
|  **Total** |  | $(478054) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

See Notes to Financial Statements.

1201

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $1228429 | $1228429 |
|  **Total** | $1228429 | $1228429 |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(213616) | $(213616) |
|  **Total** | $(213616) | $(213616) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $12020000 |

---

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $185978493.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $239455288.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $732483827 |
|  Aggregate gross unrealized depreciation | (190432427) |
|  Net unrealized appreciation | $542051400 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $1078292976 |

---

See Notes to Financial Statements.

1202

------

EQ/SMALL COMPANY INDEX PORTFOLIO

**STATEMENT OF ASSETS AND LIABILITIES**

**December 31, 2025**

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $1,073,601,870) | $1620822430.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 14337006.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 1210190.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1523619.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 808463.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 475845.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 70830.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 5738.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1639254121.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 37478054.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1131863.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 345453.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable - Class IB | 323511.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 124083.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 110310.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 109891.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 39623165.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1599630956.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1045118205.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 554512751.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1599630956.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,498,265,170 / 120,973,428 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.39 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $101,365,786 / 8,188,513 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.38 |

---

*(x)* *Includes value of securities on loan of $63,318,987.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

**STATEMENT OF OPERATIONS**

**For the Year Ended December 31, 2025**

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $39,571 foreign withholding tax) | $17219243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 540034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 1048678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 18807955 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3695624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class IB | 3459776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1337687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 112326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 94800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 83925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 50245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 257423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 9091806 |
|  **NET INVESTMENT INCOME (LOSS)** | 9716149 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 65437937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1228429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 66666366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 105922912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (213616) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 105709296 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 172375662 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $182091811 |

---

See Notes to Financial Statements.

1203

------

EQ/SMALL COMPANY INDEX PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $9716149 | $10936830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 66666366 | 95253482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 105709296 | 46802322 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 182091811 | 152992634 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (61051211) | (100879434) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (4357522) | (7179321) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (65408733) | (108058755) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 297,627 shares, respectively ] |  | 3313480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (10716152) shares, respectively ] |  | (118849797) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (710884) shares, respectively ] |  | (7857288) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (123393605) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 9,965,073 and 9,203,858 shares, respectively ] | 114015380 | 106639754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 10,704,114 shares, respectively ] |  | 118849797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 4,797,511 and 8,373,877 shares, respectively ] | 61051211 | 100879434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (14976387) and (13754944) shares, respectively ] | (174872788) | (160745764) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 193803 | 165623221 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 653,166 and 1,606,318 shares, respectively ] | 7482695 | 18218077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 342,643 and 596,440 shares, respectively ] | 4357522 | 7179321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1220019) and (1430526) shares, respectively ] | (13895049) | (16549768) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (2054832) | 8847630 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (1861029) | 51077246 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 114822049 | 96011125 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1484808907 | 1388797782 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1599630956 | $1484808907 |

---

See Notes to Financial Statements.

1204

------

#### EQ ADVISORS TRUST
EQ/SMALL COMPANY INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $11.46 | $11.07 | $9.90 | $12.92 | $12.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.07 | 0.09 | 0.11 | 0.09 | 0.07 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.38 | 1.19 | 1.54 | (2.64) | 1.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.45 | 1.28 | 1.65 | (2.55) | 1.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.10) | (0.15) | (0.12) | (0.10) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.42) | (0.74) | (0.36) | (0.37) | (1.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.52) | (0.89) | (0.48) | (0.47) | (1.53) |
|  Net asset value, end of year | $12.39 | $11.46 | $11.07 | $9.90 | $12.92 |
|  Total return | 12.57% | 11.19% | 16.72% | (19.80)% | 15.10% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $1498265 | $1388496 | $1181160 | $1019651 | $1276432 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.63% | 0.63% | 0.64% | 0.63% | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.63% | 0.63% | 0.64% | 0.63% | 0.62% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.64% | 0.75% | 1.06% | 0.84% | 0.49 %(bb) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.64% | 0.75% | 1.06% | 0.84% | 0.49 %(bb) |
|  Portfolio turnover rate^ | 13% | 16% | 13% | 15% | 16% |
| **Class K** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $11.45 | $11.06 | $9.89 | $12.90 | $12.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.10 | 0.12 | 0.14 | 0.12 | 0.10 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.38 | 1.19 | 1.54 | (2.63) | 1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.48 | 1.31 | 1.68 | (2.51) | 1.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.13) | (0.18) | (0.15) | (0.13) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.42) | (0.74) | (0.36) | (0.37) | (1.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.55) | (0.92) | (0.51) | (0.50) | (1.56) |
|  Net asset value, end of year | $12.38 | $11.45 | $11.06 | $9.89 | $12.90 |
|  Total return | 12.82% | 11.45% | 17.00% | (19.55)% | 15.30% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $101366 | $96313 | $84529 | $75824 | $96112 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.38% | 0.38% | 0.39% | 0.38% | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.38% | 0.38% | 0.39% | 0.38% | 0.37% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.89% | 1.00% | 1.30% | 1.09% | 0.73 %(bb) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.89% | 1.00% | 1.30% | 1.09% | 0.73 %(bb) |
|  Portfolio turnover rate^ | 13% | 16% | 13% | 15% | 16% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.06 and $0.09 for Class IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.08% lower.* 

See Notes to Financial Statements.

1205

------

EQ/T. ROWE PRICE HEALTH SCIENCES PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br>**(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Health Care (99.6%)** | **Health Care (99.6%)** | **Health Care (99.6%)** |
|  ***Biotechnology (42.7%)*** | ***Biotechnology (42.7%)*** | ***Biotechnology (42.7%)*** |
|  AbbVie, Inc. | 21619 | $4939725 |
|  Abivax SA (ADR)\* | 6424 | 866308 |
|  Agios Pharmaceuticals, Inc.\* | 6591 | 179407 |
|  Alkermes plc\* | 6993 | 195664 |
|  Allogene Therapeutics, Inc.\* | 61082 | 83682 |
|  Alnylam Pharmaceuticals, Inc.\* | 10339 | 4111303 |
|  Annexon, Inc.\* | 15220 | 76404 |
|  Apogee Therapeutics, Inc.\* | 10280 | 775934 |
|  Arcellx, Inc.\* | 6892 | 449358 |
|  Arcutis Biotherapeutics, Inc.\* | 9100 | 264264 |
|  Argenx SE (ADR)\* | 8243 | 6931951 |
|  Arrowhead Pharmaceuticals, Inc.\* | 5500 | 365145 |
|  Ascendis Pharma A/S (ADR)\* | 10716 | 2285080 |
|  Aura Biosciences, Inc.\* | 7297 | 39769 |
|  Beam Therapeutics, Inc.\* | 18732 | 519251 |
|  BeOne Medicines Ltd., Class H\* | 100155 | 2307399 |
|  BeOne Medicines Ltd. (ADR)\* | 1395 | 423815 |
|  Bicara Therapeutics, Inc.\* | 15942 | 268304 |
|  Bicycle Therapeutics plc (ADR)\* | 20819 | 147398 |
|  Biohaven Ltd.\* | 15940 | 179963 |
|  BridgeBio Oncology Therapeutics, Inc., Class A (x) \* | 9880 | 123698 |
|  Bridgebio Pharma, Inc.\* | 13646 | 1043783 |
|  Cabaletta Bio, Inc.\* | 1400 | 3066 |
|  Caris Life Sciences, Inc.\* | 15949 | 430304 |
|  Celcuity, Inc.\* | 9145 | 912122 |
|  Celldex Therapeutics, Inc.\* | 7903 | 214645 |
|  Centessa Pharmaceuticals plc (ADR)\* | 35885 | 897484 |
|  CG oncology, Inc.\* | 16489 | 684623 |
|  Climb Bio, Inc.\* | 25000 | 100000 |
|  Cogent Biosciences, Inc.\* | 5312 | 188682 |
|  Crescent Biopharma, Inc.\* | 4414 | 52350 |
|  Cytokinetics, Inc.\* | 13755 | 873993 |
|  Denali Therapeutics, Inc.\* | 18897 | 311989 |
|  Dianthus Therapeutics, Inc.\* | 3296 | 135828 |
|  Disc Medicine, Inc.\* | 6780 | 538400 |
|  Entrada Therapeutics, Inc.\* | 6665 | 68516 |
|  Evommune, Inc.\* | 4008 | 68617 |
|  Generation Bio Co.\* | 3013 | 17114 |
|  Gilead Sciences, Inc. | 31809 | 3904237 |
|  Ideaya Biosciences, Inc.\* | 5975 | 206556 |
|  Immatics NV (x) \* | 10100 | 106050 |
|  Immuneering Corp., Class A (x) \* | 12686 | 83474 |
|  Immunocore Holdings plc (ADR) (x) \* | 13711 | 475909 |
|  Immunome, Inc.\* | 36112 | 775686 |
|  Immunovant, Inc.\* | 7607 | 193370 |
|  Incyte Corp.\* | 9018 | 890708 |
|  Insmed, Inc.\* | 19342 | 3366282 |
|  Ionis Pharmaceuticals, Inc.\* | 15999 | 1265681 |
|  Iovance Biotherapeutics, Inc. (x) \* | 21291 | 58124 |
|  Janux Therapeutics, Inc.\* | 3130 | 43194 |
|  Kodiak Sciences, Inc.\* | 12109 | 338568 |
|  Krystal Biotech, Inc.\* | 4998 | 1232207 |
|  Kymera Therapeutics, Inc.\* | 19231 | 1496364 |
|  Kyverna Therapeutics, Inc. (x) \* | 22961 | 215833 |
|  Madrigal Pharmaceuticals, Inc.\* | 1075 | 626015 |
|  Mirum Pharmaceuticals, Inc.\* | 2400 | 189576 |
|  Monopar Therapeutics, Inc.\* | 271 | 17696 |
|  Monte Rosa Therapeutics, Inc. (x) \* | 21716 | 340507 |
|  MoonLake Immunotherapeutics, Class A\* | 14057 | 185271 |
|  Natera, Inc.\* | 8617 | 1974069 |
|  Neurocrine Biosciences, Inc.\* | 3772 | 534983 |
|  Newamsterdam Pharma Co. NV (x) \* | 1400 | 49112 |
|  Nurix Therapeutics, Inc.\* | 22100 | 419237 |
|  Nuvalent, Inc., Class A\* | 8690 | 874127 |
|  Olema Pharmaceuticals, Inc.\* | 12900 | 322500 |
|  ORIC Pharmaceuticals, Inc. (x) \* | 16500 | 134970 |
|  Oruka Therapeutics, Inc. (x) \* | 6852 | 207684 |
|  Palisade Bio, Inc.\* | 19516 | 45863 |
|  Praxis Precision Medicines, Inc.\* | 3788 | 1116475 |
|  Prelude Therapeutics, Inc.\* | 10946 | 31743 |
|  Protagonist Therapeutics, Inc.\* | 15097 | 1318572 |
|  Regeneron Pharmaceuticals, Inc. | 5940 | 4584908 |
|  Relay Therapeutics, Inc.\* | 23726 | 200722 |
|  Replimune Group, Inc.\* | 30311 | 294623 |
|  Revolution Medicines, Inc.\* | 21874 | 1742264 |
|  Rhythm Pharmaceuticals, Inc.\* | 5179 | 554360 |
|  Rocket Pharmaceuticals, Inc.\* | 16956 | 59516 |
|  Roivant Sciences Ltd.\* | 51827 | 1124646 |
|  Sana Biotechnology, Inc. (x) \* | 7500 | 30525 |
|  Scholar Rock Holding Corp.\* | 26556 | 1169792 |
|  Sensorion SA (x) \* | 125889 | 49857 |
|  Shattuck Labs, Inc.\* | 25198 | 91973 |
|  Sionna Therapeutics, Inc. (x) \* | 6595 | 271318 |
|  Soleno Therapeutics, Inc.\* | 2599 | 120334 |
|  Spyre Therapeutics, Inc. (x) \* | 15347 | 502768 |
|  Summit Therapeutics, Inc. (x) \* | 77000 | 1346730 |
|  Ultragenyx Pharmaceutical, Inc.\* | 8683 | 199709 |
|  uniQure NV\* | 3077 | 73633 |
|  United Therapeutics Corp.\* | 3548 | 1728763 |
|  UroGen Pharma Ltd. (x) \* | 8300 | 194386 |
|  Vaxcyte, Inc.\* | 8330 | 384346 |
|  Vera Therapeutics, Inc., Class A\* | 30455 | 1542241 |
|  Vertex Pharmaceuticals, Inc.\* | 6666 | 3022098 |
|  Viridian Therapeutics, Inc.\* | 10400 | 323648 |
|  Voyager Therapeutics, Inc.\* | 14167 | 55676 |
|  Xencor, Inc.\* | 10842 | 165991 |
|  Xenon Pharmaceuticals, Inc.\* | 2100 | 94122 |
|  Zai Lab Ltd. (ADR)\* | 9523 | 167986 |
|  |  | 75212916 |
|  ***Health Care Equipment & Supplies (13.3%)*** | ***Health Care Equipment & Supplies (13.3%)*** | ***Health Care Equipment & Supplies (13.3%)*** |
|  Beta Bionics, Inc.\* | 5921 | 180413 |
|  Boston Scientific Corp.\* | 30371 | 2895875 |
|  Edwards Lifesciences Corp.\* | 8888 | 757702 |
|  IDEXX Laboratories, Inc.\* | 2040 | 1380121 |
|  Inspire Medical Systems, Inc.\* | 2200 | 202906 |
|  Intuitive Surgical, Inc.\* | 14055 | 7960190 |
|  Kestra Medical Technologies Ltd. (x) \* | 12124 | 321528 |
|  Medline, Inc., Class A\* | 5551 | 233142 |
|  Orchestra BioMed Holdings, Inc.\* | 9046 | 37541 |
|  Penumbra, Inc.\* | 8067 | 2508111 |
|  PROCEPT BioRobotics Corp.\* | 6732 | 211789 |
|  Saluda Medical, Inc. (CRDI)\* | 57441 | 54625 |
|  Sonova Holding AG (Registered) | 1526 | 398983 |
|  Stryker Corp. | 17823 | 6264250 |
|  |  | 23407176 |

---

See Notes to Financial Statements.

1206

------

EQ/T. ROWE PRICE HEALTH SCIENCES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br>**(Note 1)** |
|  ***Health Care Providers & Services (12.5%)*** | ***Health Care Providers & Services (12.5%)*** | ***Health Care Providers & Services (12.5%)*** |
|  Alignment Healthcare, Inc.\* | 24676 | $487351 |
|  Billiontoone, Inc., Class A\* | 2158 | 176611 |
|  BrightSpring Health Services, Inc. (x) \* | 39013 | 1461037 |
|  Cardinal Health, Inc. | 5141 | 1056475 |
|  Cencora, Inc. | 3339 | 1127747 |
|  Centene Corp.\* | 9500 | 390925 |
|  Cigna Group (The) | 5242 | 1442755 |
|  CVS Health Corp. | 19905 | 1579661 |
|  Elevance Health, Inc. | 4613 | 1617087 |
|  Encompass Health Corp. | 2705 | 287109 |
|  GeneDx Holdings Corp., Class A\* | 1947 | 253227 |
|  Guardant Health, Inc.\* | 16770 | 1712888 |
|  HCA Healthcare, Inc. | 3595 | 1678362 |
|  Hims & Hers Health, Inc. (x) \* | 1700 | 55199 |
|  McKesson Corp. | 500 | 410145 |
|  Molina Healthcare, Inc.\* | 1720 | 298489 |
|  RadNet, Inc.\* | 2800 | 199780 |
|  Tenet Healthcare Corp.\* | 8956 | 1779736 |
|  UnitedHealth Group, Inc. | 17780 | 5869356 |
|  |  | 21883940 |
|  ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** |
|  HeartFlow, Inc. (x) \* | 5331 | 155399 |
|  ***Life Sciences Tools & Services (8.9%)*** | ***Life Sciences Tools & Services (8.9%)*** |  |
|  Bio-Rad Laboratories, Inc., Class A\* | 815 | 246937 |
|  Bio-Techne Corp. | 6300 | 370503 |
|  Danaher Corp. | 21274 | 4870044 |
|  Ginkgo Bioworks Holdings, Inc.,<br>Class A\* | 1346 | 11185 |
|  IQVIA Holdings, Inc.\* | 2731 | 615595 |
|  Repligen Corp.\* | 3200 | 524352 |
|  Revvity, Inc. | 4892 | 473301 |
|  Sartorius AG (Preference)(q) | 1757 | 510425 |
|  Thermo Fisher Scientific, Inc. | 13109 | 7596010 |
|  Waters Corp.\* | 1300 | 493779 |
|  |  | 15712131 |
|  ***Pharmaceuticals (22.1%)*** | ***Pharmaceuticals (22.1%)*** | ***Pharmaceuticals (22.1%)*** |
|  AstraZeneca plc (ADR) | 54975 | 5053852 |
|  Atai Beckley NV (x) \* | 5900 | 24131 |
|  Axsome Therapeutics, Inc.\* | 4319 | 788822 |
|  Chugai Pharmaceutical Co. Ltd. | 16800 | 884081 |
|  Crinetics Pharmaceuticals, Inc.\* | 18513 | 861780 |
|  Elanco Animal Health, Inc. (x) \* | 6600 | 149358 |
|  Eli Lilly & Co. | 20327 | 21845020 |
|  LENZ Therapeutics, Inc. (x) \* | 2800 | 44800 |
|  MBX Biosciences, Inc. (x) \* | 11041 | 348233 |
|  MediWound Ltd. (x) \* | 1946 | 35923 |
|  Merck & Co., Inc. | 31238 | 3288112 |
|  Novo Nordisk A/S (ADR) | 20500 | 1043040 |
|  Nuvation Bio, Inc. (x) \* | 29500 | 264320 |
|  Pharvaris NV\* | 13553 | 376096 |
|  Rapport Therapeutics, Inc.\* | 11059 | 335530 |
|  Royalty Pharma plc, Class A | 12325 | 476238 |
|  Structure Therapeutics, Inc. (ADR)\* | 16491 | 1146949 |
|  Tarsus Pharmaceuticals, Inc.\* | 6188 | 506674 |
|  Terns Pharmaceuticals, Inc.\* | 7222 | 291769 |
|  Teva Pharmaceutical Industries Ltd. (ADR)\* | 11700 | 365157 |
|  UCB SA | 239 | 67016 |
|  WaVe Life Sciences Ltd.\* | 27455 | 466735 |
|  Zoetis, Inc. | 2200 | 276804 |
|  |  | 38940440 |
|  **Total Common Stocks (99.6%)**<br> *(Cost $107,080,955)* |  | 175312002 |
|  | **Number of**<br> **Warrants** | **Value**<br>**(Note 1)** |
|  WARRANTS: | WARRANTS: | WARRANTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** |
|  Revolution Medicines, Inc., expiring 12/17/26\* | 3127 | 2939 |
|  ***Health Care Providers & Services (0.0%)†*** | ***Health Care Providers & Services (0.0%)†*** | ***Health Care Providers & Services (0.0%)†*** |
|  GeneDx Holdings Corp., expiring 7/22/26\* | 3332 | 158 |
|  ***Life Sciences Tools & Services (0.0%)*** | ***Life Sciences Tools & Services (0.0%)*** | ***Life Sciences Tools & Services (0.0%)*** |
|  SomaLogic, Inc., expiring 8/31/26 (r)\* | 1418 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 3097 |
|  **Total Warrants (0.0%)†**<br> *(Cost $—)* |  | 3097 |
|  | **Number of<br>Shares** | **Value**<br>**(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.7%)** | **Investment Companies (0.7%)** | **Investment Companies (0.7%)** |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 1226970 | 1226970 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Short-Term<br>Investments (0.7%)**<br> *(Cost $1,226,970)* | &nbsp;&nbsp;&nbsp;&nbsp; **Total Short-Term<br>Investments (0.7%)**<br> *(Cost $1,226,970)* | 1226970 |
|  **Total Investments in Securities (100.3%)**<br> *(Cost $108,307,925)* | **Total Investments in Securities (100.3%)**<br> *(Cost $108,307,925)* | 176542069 |
|  **Other Assets Less Liabilities (-0.3%)** | **Other Assets Less Liabilities (-0.3%)** | (473918) |
|  **Net Assets (100%)** |  | $176068151 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $4,554,427. This was collateralized by $3,411,874 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/15/26 – 8/15/55 and by cash of $1,226,970 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt*

See Notes to Financial Statements.

1207

------

EQ/T. ROWE PRICE HEALTH SCIENCES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1**<br> **Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2**<br> **Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3**<br> **Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Health Care | $171039616 | $4272386 | $— | $175312002 |
|  Short-Term Investments |  |  |  |  |
|  Investment Companies | 1226970 |  |  | 1226970 |
|  **Warrants** |  |  |  |  |
|  Health Care | 3097 |  | — (a) | 3097 |
|  **Total Assets** | $**172269683** | $**4272386** | $**—** | $**176542069** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**–** |
|  **Total** | $**172269683** | $**4272386** | $**—** | $**176542069** |

---

(a) Value is zero.

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108859655 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $126607652 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $75046516 |
|  Aggregate gross unrealized depreciation | (7736487) |
|  Net unrealized appreciation | $67310029 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109232040 |

---

For the period ended December 31, 2025, the Portfolio incurred approximately $31 as brokerage commissions with Bernstein Institutional Services LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

1208

------

EQ/T. ROWE PRICE HEALTH SCIENCES PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $108,307,925) | $176542069.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 738396.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $576) | 598.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 285157.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 84015.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 33253.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 3240.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1006.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 177687734.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 1226970.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 120972.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 117022.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 53912.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable - Class IB | 37746.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 13558.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 49403.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1619583.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $176068151.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $105124155.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 70943996.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $176068151.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $176,068,151 / 2,634,283 shares outstanding (unlimited amount authorized: $0.01 par value) | $66.84 |

---

*(x)* *Includes value of securities on loan of $4,554,427.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $22,863 foreign withholding tax) | $1054378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 60534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 65094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 1180006 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1530996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class IB | 402893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 145843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 65674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 29500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 21419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 5516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 2205729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (270963) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1934766 |
|  **NET INVESTMENT INCOME (LOSS)** | (754760) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 5968710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 8425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5977135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 23987770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 23988715 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 29965850 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $29211090 |

---

See Notes to Financial Statements.

1209

------

#### EQ ADVISORS TRUST
EQ/T. ROWE PRICE HEALTH SCIENCES PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(754760) | $(903439) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5977135 | 11180935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 23988715 | (6125032) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 29211090 | 4152464 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (2918870) | (9183870) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 262,131 and 269,231 shares, respectively ] | 15100833 | 17045956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 46,043 and 156,323 shares, respectively ] | 2918870 | 9183870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (554607) and (637294) shares, respectively ] | (32558672) | (40437851) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (14538969) | (14208025) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 11753251 | (19239431) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 164314900 | 183554331 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $176068151 | $164314900 |

---

See Notes to Financial Statements.

1210

------

#### EQ ADVISORS TRUST
EQ/T. ROWE PRICE HEALTH SCIENCES PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $57.04 | $59.36 | $58.52 | $69.08 | $65.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.27) | (0.31) | (0.23) | (0.24) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 11.16 | 1.35 | 2.53 | (9.03) | 6.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 10.89 | 1.04 | 2.30 | (9.27) | 6.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.09) | (3.36) | (1.46) | (1.29) | (2.57) |
|  Net asset value, end of year | $66.84 | $57.04 | $59.36 | $58.52 | $69.08 |
|  Total return | 19.21% | 1.58% | 3.97% | (13.38)% | 9.51% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $176068 | $164315 | $183554 | $194013 | $238956 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.20 %(j) | 1.20 %(j) | 1.20 %(j) | 1.20 %(j) | 1.20 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.37% | 1.37% | 1.37% | 1.36% | 1.35% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.47)% | (0.49)% | (0.40)% | (0.41)% | (0.56)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.64)% | (0.66)% | (0.57)% | (0.57)% | (0.71)% |
|  Portfolio turnover rate^ | 67% | 42% | 43% | 23% | 31% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB.* 

See Notes to Financial Statements.

1211

------

EQ/VALUE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (5.8%)** | **Communication Services (5.8%)** | **Communication Services (5.8%)** |
|  ***Diversified Telecommunication Services (1.9%)*** | ***Diversified Telecommunication Services (1.9%)*** | ***Diversified Telecommunication Services (1.9%)*** |
|  Verizon Communications, Inc. | 726945 | $29608470 |
|  ***Interactive Media & Services (3.9%)*** | ***Interactive Media & Services (3.9%)*** | ***Interactive Media & Services (3.9%)*** |
|  Alphabet, Inc., Class C | 186781 | 58611878 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 88220348 |
|  **Consumer Discretionary (6.8%)** | **Consumer Discretionary (6.8%)** | **Consumer Discretionary (6.8%)** |
|  ***Household Durables (4.9%)*** | ***Household Durables (4.9%)*** | ***Household Durables (4.9%)*** |
|  Lennar Corp., Class A | 309030 | 31768284 |
|  Sony Group Corp. (ADR) | 1637107 | 41909939 |
|  |  | 73678223 |
|  ***Specialty Retail (1.9%)*** | ***Specialty Retail (1.9%)*** | ***Specialty Retail (1.9%)*** |
|  Lowe's Cos., Inc. | 120668 | 29100295 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 102778518 |
|  **Consumer Staples (4.5%)** | **Consumer Staples (4.5%)** | **Consumer Staples (4.5%)** |
|  ***Beverages (2.0%)*** | ***Beverages (2.0%)*** | ***Beverages (2.0%)*** |
|  Coca-Cola Co. (The) | 442600 | 30942166 |
|  ***Food Products (0.9%)*** | ***Food Products (0.9%)*** | ***Food Products (0.9%)*** |
|  McCormick & Co., Inc. (Non-Voting) | 197999 | 13485712 |
|  ***Household Products (1.6%)*** | ***Household Products (1.6%)*** | ***Household Products (1.6%)*** |
|  Procter & Gamble Co. (The) | 172946 | 24784891 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 69212769 |
|  **Energy (3.7%)** | **Energy (3.7%)** | **Energy (3.7%)** |
|  ***Oil, Gas & Consumable Fuels (3.7%)*** | ***Oil, Gas & Consumable Fuels (3.7%)*** | ***Oil, Gas & Consumable Fuels (3.7%)*** |
|  Coterra Energy, Inc. | 1048745 | 27602968 |
|  TotalEnergies SE (New York Stock Exchange) (x) | 436597 | 28562176 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 56165144 |
|  **Financials (21.6%)** | **Financials (21.6%)** | **Financials (21.6%)** |
|  ***Banks (10.8%)*** | ***Banks (10.8%)*** | ***Banks (10.8%)*** |
|  Cullen/Frost Bankers, Inc. | 178297 | 22577749 |
|  Mitsubishi UFJ Financial Group, Inc. (ADR) (x) | 2174013 | 34479846 |
|  PNC Financial Services Group, Inc. (The) | 153456 | 32030871 |
|  US Bancorp | 713045 | 38048081 |
|  Wells Fargo & Co. | 391744 | 36510541 |
|  |  | 163647088 |
|  ***Capital Markets (4.7%)*** | ***Capital Markets (4.7%)*** | ***Capital Markets (4.7%)*** |
|  Ameriprise Financial, Inc. | 83477 | 40932112 |
|  Blackstone, Inc. | 197124 | 30384693 |
|  |  | 71316805 |
|  ***Consumer Finance (3.9%)*** | ***Consumer Finance (3.9%)*** | ***Consumer Finance (3.9%)*** |
|  Capital One Financial Corp. | 244499 | 59256778 |
|  ***Insurance (2.2%)*** | ***Insurance (2.2%)*** | ***Insurance (2.2%)*** |
|  American International Group, Inc. | 401560 | 34353458 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 328574129 |
|  **Health Care (9.5%)** | **Health Care (9.5%)** | **Health Care (9.5%)** |
|  ***Biotechnology (2.5%)*** | ***Biotechnology (2.5%)*** | ***Biotechnology (2.5%)*** |
|  Amgen, Inc. | 115651 | 37853729 |
|  ***Health Care Equipment & Supplies (3.3%)*** | ***Health Care Equipment & Supplies (3.3%)*** | ***Health Care Equipment & Supplies (3.3%)*** |
|  Alcon AG(x) | 332581 | 26210709 |
|  Medtronic plc | 243466 | 23387344 |
|  |  | 49598053 |
|  ***Life Sciences Tools & Services (2.0%)*** | ***Life Sciences Tools & Services (2.0%)*** | ***Life Sciences Tools & Services (2.0%)*** |
|  Danaher Corp. | 133109 | 30471312 |
|  ***Pharmaceuticals (1.7%)*** | ***Pharmaceuticals (1.7%)*** | ***Pharmaceuticals (1.7%)*** |
|  Merck & Co., Inc. | 254369 | 26774881 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 144697975 |
|  **Industrials (11.4%)** | **Industrials (11.4%)** | **Industrials (11.4%)** |
|  ***Aerospace & Defense (2.2%)*** | ***Aerospace & Defense (2.2%)*** | ***Aerospace & Defense (2.2%)*** |
|  General Dynamics Corp. | 98741 | 33242145 |
|  ***Ground Transportation (2.0%)*** | ***Ground Transportation (2.0%)*** | ***Ground Transportation (2.0%)*** |
|  Uber Technologies, Inc.\* | 379240 | 30987700 |
|  ***Machinery (7.2%)*** | ***Machinery (7.2%)*** | ***Machinery (7.2%)*** |
|  Oshkosh Corp. | 185594 | 23316175 |
|  Parker-Hannifin Corp. | 97595 | 85782101 |
|  |  | 109098276 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 173328121 |
|  **Information Technology (14.4%)** | **Information Technology (14.4%)** | **Information Technology (14.4%)** |
|  ***Electronic Equipment, Instruments & Components (2.1%)*** | ***Electronic Equipment, Instruments & Components (2.1%)*** | ***Electronic Equipment, Instruments & Components (2.1%)*** |
|  Teledyne Technologies, Inc.\* | 60963 | 31135633 |
|  ***Semiconductors & Semiconductor Equipment (4.3%)*** | ***Semiconductors & Semiconductor Equipment (4.3%)*** | ***Semiconductors & Semiconductor Equipment (4.3%)*** |
|  Microchip Technology, Inc. | 446178 | 28430462 |
|  QUALCOMM, Inc. | 218100 | 37306005 |
|  |  | 65736467 |
|  ***Software (8.0%)*** | ***Software (8.0%)*** | ***Software (8.0%)*** |
|  Adobe, Inc.\* | 82165 | 28756928 |
|  Microsoft Corp. | 124460 | 60191345 |
|  Synopsys, Inc.\* | 69477 | 32634737 |
|  |  | 121583010 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 218455110 |
|  **Materials (12.1%)** | **Materials (12.1%)** | **Materials (12.1%)** |
|  ***Chemicals (9.2%)*** | ***Chemicals (9.2%)*** | ***Chemicals (9.2%)*** |
|  Air Products and Chemicals, Inc. | 104019 | 25694773 |
|  Corteva, Inc. | 719035 | 48196916 |
|  Ecolab, Inc. | 140620 | 36915563 |
|  RPM International, Inc. | 272304 | 28319616 |
|  |  | 139126868 |
|  ***Construction Materials (2.9%)*** | ***Construction Materials (2.9%)*** | ***Construction Materials (2.9%)*** |
|  Martin Marietta Materials, Inc. | 70956 | 44181463 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 183308331 |
|  **Real Estate (1.3%)** | **Real Estate (1.3%)** | **Real Estate (1.3%)** |
|  ***Residential REITs (1.3%)*** | ***Residential REITs (1.3%)*** | ***Residential REITs (1.3%)*** |
|  Equity LifeStyle Properties, Inc. (REIT) | 315863 | 19144456 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 19144456 |
|  **Utilities (6.3%)** | **Utilities (6.3%)** | **Utilities (6.3%)** |
|  ***Electric Utilities (2.0%)*** | ***Electric Utilities (2.0%)*** | ***Electric Utilities (2.0%)*** |
|  Xcel Energy, Inc. | 416034 | 30728271 |
|  ***Gas Utilities (2.4%)*** | ***Gas Utilities (2.4%)*** | ***Gas Utilities (2.4%)*** |
|  Atmos Energy Corp. | 219690 | 36826635 |

---

See Notes to Financial Statements.

1212

------

EQ/VALUE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Water Utilities (1.9%)*** | ***Water Utilities (1.9%)*** | ***Water Utilities (1.9%)*** |
|  American Water Works Co., Inc. | 219441 | $28637051 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 96191957 |
|  **Total Common Stocks (97.4%)**<br> *(Cost $1,095,168,288)* |  | 1480076858 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |
|  **Investment Companies (0.3%)** | **Investment Companies (0.3%)** |  |
|  Allspring Government Money Market Fund, Select Shares 3.72% (7 day yield) (xx) | 1000000 | 1000000 |
|  Goldman Sachs Financial Square Government Fund 3.67% (7 day yield) (xx) | 1000000 | 1000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 2225694 | 2225694 |
|  Morgan Stanley Institutional Liquidity Fund – Government Portfolio 3.69% (7 day yield) (xx) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | 5225694 |
|  **Total Short-Term<br>Investments (0.3%)**<br> *(Cost $5,225,694)* |  | 5225694 |
|  **Total Investments in<br>Securities (97.7%)**<br> *(Cost $1,100,393,982)* |  | 1485302552 |
|  **Other Assets Less Liabilities (2.3%)** |  | 34538844 |
|  **Net Assets (100%)** |  | $1519841396 |

---

*\** *Non-income producing.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $23,947,399. This was collateralized by $19,359,187 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/29/26 – 8/15/55 and by cash of $5,225,694 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*REIT* *— Real Estate Investment Trust* 

See Notes to Financial Statements.

1213

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EQ/VALUE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $88220348 | $— | $— | $88220348 |
|  Consumer Discretionary | 102778518 |  |  | 102778518 |
|  Consumer Staples | 69212769 |  |  | 69212769 |
|  Energy | 56165144 |  |  | 56165144 |
|  Financials | 328574129 |  |  | 328574129 |
|  Health Care | 144697975 |  |  | 144697975 |
|  Industrials | 173328121 |  |  | 173328121 |
|  Information Technology | 218455110 |  |  | 218455110 |
|  Materials | 183308331 |  |  | 183308331 |
|  Real Estate | 19144456 |  |  | 19144456 |
|  Utilities | 96191957 |  |  | 96191957 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 5225694 |  |  | 5225694 |
|  **Total Assets** | $**1485302552** | $**—** | $**—** | $**1485302552** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**1485302552** | $**—** | $**—** | $**1485302552** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2025.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $185310853.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $339621760.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $414822615 |
|  Aggregate gross unrealized depreciation | (31677502) |
|  Net unrealized appreciation | $383145113 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102157439 |

---

See Notes to Financial Statements.

1214

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EQ/VALUE EQUITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $1,100,393,982) | $1485302552.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 37375016.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 2570073.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1915037.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 123608.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 16255.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 6391.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1527308932.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 5225694.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 713270.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 664929.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 375820.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 268711.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 116576.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 423.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 102113.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 7467536.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1519841396.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1137394496.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 382446900.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1519841396.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,258,847,244 / 52,300,973 shares outstanding (unlimited amount authorized: $0.01 par value) | $24.07 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $260,994,152 / 10,880,134 shares outstanding (unlimited amount authorized: $0.01 par value) | $23.99 |

---

*(x)* *Includes value of securities on loan of $23,947,399.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $502,978 foreign withholding tax) | $29025510.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 958016.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 298975.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 30282501.0 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 8320289.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 3112089.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1370674.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 111619.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 87297.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 60649.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 52551.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 35135.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 13150303.0 |
|  **NET INVESTMENT INCOME (LOSS)** | 17132198.0 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 35081963.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 107703603.0 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 142785566.0 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $159917764.0 |

---

See Notes to Financial Statements.

1215

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#### EQ ADVISORS TRUST
EQ/VALUE EQUITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $17132198 | $14327542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 35081963 | 63616353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 107703603 | 36405854 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 159917764 | 114349749 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (48506097) | (58189806) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (10716678) | (13634863) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (59222775) | (71824669) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 45,972 shares, respectively ] |  | 1035156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (5508760) shares, respectively ] |  | (127832717) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (536019) shares, respectively ] |  | (12176031) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (138973592) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,095,849 and 937,547 shares, respectively ] | 25790843 | 21947487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 5,485,491 shares, respectively ] |  | 127832717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,996,529 and 2,483,536 shares, respectively ] | 48506097 | 58189806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (5743835) and (5695557) shares, respectively ] | (135620443) | (134141473) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (61323503) | 73828537 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 822,299 and 156,036 shares, respectively ] | 17865753 | 3678377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 442,715 and 583,984 shares, respectively ] | 10716678 | 13634863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2607550) and (3536781) shares, respectively ] | (61250414) | (81337673) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (32667983) | (64024433) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (93991486) | (129169488) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 6703503 | (86644408) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1513137893 | 1599782301 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1519841396 | $1513137893 |

---

See Notes to Financial Statements.

1216

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#### EQ ADVISORS TRUST
EQ/VALUE EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $22.54 | $22.01 | $18.65 | $22.71 | $22.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.26 | 0.20 | 0.23 | 0.19 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.23 | 1.43 | 3.41 | (3.62) | 5.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.49 | 1.63 | 3.64 | (3.43) | 5.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.36) | (0.23) | (0.24) | (0.21) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.60) | (0.87) | (0.04) | (0.42) | (4.66) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.96) | (1.10) | (0.28) | (0.63) | (4.83) |
|  Net asset value, end of year | $24.07 | $22.54 | $22.01 | $18.65 | $22.71 |
|  Total return | 11.01% | 7.24% | 19.52% | (15.11)% | 25.38% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $1258847 | $1238582 | $1138830 | $1015421 | $1260851 |
|  Ratio of expenses to average net assets (f) | 0.91% | 0.92% | 0.92% | 0.91% | 0.91% |
|  Ratio of net investment income (loss) to average net assets (f) | 1.09% | 0.85% | 1.15% | 0.95% | 0.68% |
|  Portfolio turnover rate^ | 12% | 11% | 7% | 15% | 106% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $22.46 | $21.94 | $18.58 | $22.63 | $21.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.31 | 0.26 | 0.28 | 0.24 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.23 | 1.42 | 3.41 | (3.61) | 5.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.54 | 1.68 | 3.69 | (3.37) | 5.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.41) | (0.29) | (0.29) | (0.26) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.60) | (0.87) | (0.04) | (0.42) | (4.66) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.01) | (1.16) | (0.33) | (0.68) | (4.89) |
|  Net asset value, end of year | $23.99 | $22.46 | $21.94 | $18.58 | $22.63 |
|  Total return | 11.31% | 7.48% | 19.87% | (14.86)% | 25.68% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $260994 | $274556 | $329477 | $319580 | $410047 |
|  Ratio of expenses to average net assets (f) | 0.66% | 0.67% | 0.67% | 0.66% | 0.66% |
|  Ratio of net investment income (loss) to average net assets (f) | 1.34% | 1.10% | 1.40% | 1.20% | 0.93% |
|  Portfolio turnover rate^ | 12% | 11% | 7% | 15% | 106% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

1217

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EQ/WELLINGTON ENERGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value <br>(Note 1)** |
|  COMMON STOCKS: |  |  |
|  **Energy (87.1%)** |  |  |
|  ***Energy Equipment & Services (4.3%)*** | ***Energy Equipment & Services (4.3%)*** |  |
|  SLB Ltd. | 78853 | $3026378 |
|  Tenaris SA | 70091 | 1359944 |
|  Tenaris SA (ADR)(x) | 40884 | 1571990 |
|  |  | 5958312 |
|  ***Oil, Gas & Consumable Fuels (82.8%)*** | ***Oil, Gas & Consumable Fuels (82.8%)*** |  |
|  Antero Resources Corp.\* | 28278 | 974460 |
|  ARC Resources Ltd.(x) | 152122 | 2853915 |
|  BP plc (ADR) | 50883 | 1767167 |
|  Cameco Corp. | 17809 | 1629345 |
|  Canadian Natural Resources Ltd. | 51605 | 1746829 |
|  Cenovus Energy, Inc. | 97682 | 1652779 |
|  Chevron Corp. | 77099 | 11750659 |
|  ConocoPhillips | 31264 | 2926623 |
|  Coterra Energy, Inc. | 239837 | 6312510 |
|  Diamondback Energy, Inc. | 43470 | 6534845 |
|  Enbridge, Inc. | 43845 | 2098095 |
|  EOG Resources, Inc. | 30025 | 3152925 |
|  EQT Corp. | 71048 | 3808173 |
|  Equinor ASA | 156525 | 3680201 |
|  Equinor ASA (ADR) | 26156 | 618066 |
|  Expand Energy Corp. | 32583 | 3595860 |
|  Exxon Mobil Corp. | 78889 | 9493502 |
|  LUKOIL PJSC (ADR)(r)\* | 41176 |  |
|  Marathon Petroleum Corp. | 41592 | 6764107 |
|  ONEOK, Inc. | 56777 | 4173110 |
|  Petroleo Brasileiro SA – Petrobras | 377880 | 2242558 |
|  Phillips 66 | 16435 | 2120772 |
|  Shell plc | 356842 | 13179542 |
|  Shell plc (ADR) | 16004 | 1175974 |
|  Targa Resources Corp. | 27457 | 5065817 |
|  TotalEnergies SE (New York Stock Exchange)(x) | 46127 | 3017628 |
|  TotalEnergies SE (Paris Stock Exchange) | 98191 | 6414756 |
|  Williams Cos., Inc. (The) | 103876 | 6243986 |
|  |  | 114994204 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 120952516 |
|  **Utilities (11.6%)** |  |  |
|  ***Electric Utilities (5.1%)*** |  |  |
|  American Electric Power Co., Inc. | 13130 | 1514020 |
|  Enel SpA | 92903 | 969188 |
|  Kansai Electric Power Co., Inc. (The) | 8627 | 135210 |
|  NextEra Energy, Inc. | 21426 | 1720079 |
|  Southern Co. (The) | 12505 | 1090436 |
|  SSE plc | 55763 | 1637862 |
|  |  | 7066795 |
|  ***Multi-Utilities (6.5%)*** |  |  |
|  Dominion Energy, Inc. | 20550 | 1204024 |
|  E.ON SE | 52499 | 994861 |
|  Engie SA | 73761 | 1942587 |
|  National Grid plc | 80185 | 1233795 |
|  Sempra | 28413 | 2508584 |
|  WEC Energy Group, Inc. | 10679 | 1126207 |
|  |  | 9010058 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 16076853 |
|  **Total Common Stocks (98.7%)**<br> *(Cost 101,825,912)* |  | 137029369 |
|  SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (1.8%)** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 2529717 | $2529717 |
|  **Total Short-Term<br>Investments (1.8%)**<br> *(Cost $2,529,717)* |  | 2529717 |
|  **Total Investments in<br>Securities (100.5%)**<br> *(Cost $104,355,629)* |  | 139559086 |
|  **Other Assets Less Liabilities (-0.5%)** |  | (669716) |
|  **Net Assets (100%)** |  | $138889370 |

---

*\** *Non-income producing.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $6,285,785. This was collateralized by $4,053,505 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 1/15/26 – 5/15/54 and by cash of $2,529,717 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

See Notes to Financial Statements.

1218

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EQ/WELLINGTON ENERGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3 <br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Energy | $94075515 | $26877001 | $— (a) | $120952516 |
|  Utilities | 9163350 | 6913503 |  | 16076853 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 2529717 |  |  | 2529717 |
|  **Total Assets** | $**105768582** | $**33790504** | $**—** | $**139559086** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**105768582** | $**33790504** | $**—** | $**139559086** |

---

(a) Value is zero.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $22462370.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $26421198.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $39765576 |
|  Aggregate gross unrealized depreciation | (4740685) |
|  Net unrealized appreciation | $35024891 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $104534195 |

---

See Notes to Financial Statements.

1219

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EQ/WELLINGTON ENERGY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $104,355,629) | $139559086.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1697556.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $4,280) | 4404.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 307986.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 56228.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1326.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1795.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 141628381.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 2529717.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 76581.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 40594.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 29521.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 10604.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 51994.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2739011.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $138889370.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $135022198.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 3867172.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $138889370.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $138,889,370 / 30,521,326 shares outstanding (unlimited amount authorized: $0.01 par value) | $4.55 |

---

*(x)* *Includes value of securities on loan of $6,285,785.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $293,687 foreign withholding tax) | $5049705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 48579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 13279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 5111563 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1153751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 339337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 122898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 80522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 41500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 19540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 15269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1777429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (161762) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1615667 |
|  **NET INVESTMENT INCOME (LOSS)** | 3495896 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 3283442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 21398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3304840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 8933805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 3113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 8936918 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 12241758 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $15737654 |

---

See Notes to Financial Statements.

1220

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#### EQ ADVISORS TRUST
EQ/WELLINGTON ENERGY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3495896 | $3587065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3304840 | 12726223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 8936918 | (7278827) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 15737654 | 9034461 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (3491136) | (3586026) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (103538) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 6,807,581 and 7,181,430 shares, respectively ] | 29826521 | 30755731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 762,257 and 871,648 shares, respectively ] | 3491136 | 3689564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (8380153) and (10367098) shares, respectively ] | (36893225) | (44556188) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (3575568) | (10110893) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 8670950 | (4765996) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 130218420 | 134984416 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $138889370 | $130218420 |

---

See Notes to Financial Statements.

1221

------

#### EQ ADVISORS TRUST
EQ/WELLINGTON ENERGY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $4.16 | $4.01 | $3.91 | $3.07 | $2.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.11 | 0.11 | 0.13 | 0.16 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.40 | 0.16 | 0.10 | 0.84 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.51 | 0.27 | 0.23 | 1.00 | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.12) | (0.12) | (0.13) | (0.16) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  |  |  |  |
|  Net asset value, end of year | $4.55 | $4.16 | $4.01 | $3.91 | $3.07 |
|  Total return | 12.17% | 6.72 | 5.99% | 32.53% | 35.48% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138889 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130218 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134984 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146937 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89838 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.19 %(j) | 1.19 | 1.19 %(j) | 1.19 %(j) | 1.19 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.31% | 1.30 | 1.31% | 1.29% | 1.33% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 2.57% | 2.61 | 3.23% | 4.41% | 3.41% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 2.46% | 2.50 | 3.12% | 4.31% | 3.26% |
|  Portfolio turnover rate^ | 17% | 41 | 21% | 17% | 16% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.19% for Class IB.* 

See Notes to Financial Statements.

1222

------

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (8.1%)** | **Communication Services (8.1%)** | **Communication Services (8.1%)** |
|  ***Diversified Telecommunication Services (0.0%)†*** | ***Diversified Telecommunication Services (0.0%)†*** | ***Diversified Telecommunication Services (0.0%)†*** |
|  AST SpaceMobile, Inc., Class A(x)\* | 2700 | $196101 |
|  Cogent Communications Holdings, Inc. | 600 | 12936 |
|  GCI Liberty, Inc., Class C\* | 100 | 3721 |
|  Globalstar, Inc.\* | 753 | 45963 |
|  IDT Corp., Class B | 300 | 15363 |
|  Lumen Technologies, Inc.\* | 11200 | 87024 |
|  |  | 361108 |
|  ***Entertainment (1.1%)*** | ***Entertainment (1.1%)*** | ***Entertainment (1.1%)*** |
|  Atlanta Braves Holdings, Inc., Class C\* | 600 | 23670 |
|  Cinemark Holdings, Inc. | 1200 | 27888 |
|  IMAX Corp.\* | 600 | 22176 |
|  Liberty Media Corp.-Liberty Formula One, Class C\* | 1000 | 98510 |
|  Live Nation Entertainment, Inc.\* | 2200 | 313500 |
|  Madison Square Garden Entertainment Corp., Class A\* | 500 | 26945 |
|  Netflix, Inc.\* | 181617 | 17028410 |
|  ROBLOX Corp., Class A\* | 8200 | 664446 |
|  Roku, Inc.\* | 200 | 21698 |
|  Spotify Technology SA\* | 2000 | 1161420 |
|  Take-Two Interactive Software, Inc.\* | 900 | 230427 |
|  TKO Group Holdings, Inc., Class A | 400 | 83600 |
|  |  | 19702690 |
|  ***Interactive Media & Services (7.0%)*** | ***Interactive Media & Services (7.0%)*** | ***Interactive Media & Services (7.0%)*** |
|  Alphabet, Inc., Class A | 200133 | 62641629 |
|  Alphabet, Inc., Class C | 38975 | 12230355 |
|  Cargurus, Inc., Class A\* | 1200 | 46020 |
|  fuboTV, Inc.\* | 5100 | 12852 |
|  Grindr, Inc.\* | 1100 | 14894 |
|  Meta Platforms, Inc., Class A | 69003 | 45548190 |
|  Pinterest, Inc., Class A\* | 4500 | 116505 |
|  Reddit, Inc., Class A\* | 44200 | 10160254 |
|  TripAdvisor, Inc.\* | 1200 | 17472 |
|  Trump Media & Technology Group Corp.(x)\* | 1300 | 17212 |
|  Yelp, Inc., Class A\* | 1100 | 33429 |
|  |  | 130838812 |
|  ***Media (0.0%)†*** | ***Media (0.0%)†*** | ***Media (0.0%)†*** |
|  DoubleVerify Holdings, Inc.\* | 2000 | 22880 |
|  John Wiley & Sons, Inc., Class A | 500 | 15315 |
|  Liberty Broadband Corp., Class C\* | 500 | 24300 |
|  Magnite, Inc.\* | 1900 | 30837 |
|  Trade Desk, Inc. (The), Class A\* | 6400 | 242944 |
|  |  | 336276 |
|  ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** |
|  Gogo, Inc.\* | 1300 | 6058 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 151244944 |
|  **Consumer Discretionary (7.6%)** | **Consumer Discretionary (7.6%)** | **Consumer Discretionary (7.6%)** |
|  ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** |
|  Dorman Products, Inc.\* | 400 | 49276 |
|  LCI Industries | 200 | 24268 |
|  Patrick Industries, Inc. | 300 | 32529 |
|  |  | 106073 |
|  ***Automobiles (1.4%)*** | ***Automobiles (1.4%)*** | ***Automobiles (1.4%)*** |
|  Tesla, Inc.\* | 58270 | 26205185 |
|  ***Broadline Retail (3.2%)*** | ***Broadline Retail (3.2%)*** | ***Broadline Retail (3.2%)*** |
|  Amazon.com, Inc.\* | 232493 | 53664034 |
|  Coupang, Inc., Class A\* | 98936 | 2333900 |
|  Etsy, Inc.\* | 1000 | 55440 |
|  MercadoLibre, Inc.\* | 1753 | 3530998 |
|  |  | 59584372 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  Pool Corp. | 112 | 25620 |
|  ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** |
|  Adtalem Global Education, Inc.\* | 500 | 51735 |
|  Bright Horizons Family Solutions, Inc.\* | 200 | 20280 |
|  Coursera, Inc.\* | 2000 | 14720 |
|  Duolingo, Inc., Class A\* | 500 | 87750 |
|  Frontdoor, Inc.\* | 1100 | 63459 |
|  Grand Canyon Education, Inc.\* | 100 | 16631 |
|  H&R Block, Inc. | 700 | 30506 |
|  Laureate Education, Inc.\* | 900 | 30303 |
|  McGraw Hill, Inc.\* | 1600 | 26400 |
|  OneSpaWorld Holdings Ltd. | 1300 | 26962 |
|  Stride, Inc.\* | 600 | 38958 |
|  |  | 407704 |
|  ***Hotels, Restaurants & Leisure (1.7%)*** | ***Hotels, Restaurants & Leisure (1.7%)*** | ***Hotels, Restaurants & Leisure (1.7%)*** |
|  Airbnb, Inc., Class A\* | 5600 | 760032 |
|  Booking Holdings, Inc. | 1179 | 6313934 |
|  Brinker International, Inc.\* | 600 | 86112 |
|  Carnival Corp.\* | 5200 | 158808 |
|  Cava Group, Inc.\* | 1700 | 99773 |
|  Cheesecake Factory, Inc. (The)(x) | 400 | 20192 |
|  Chipotle Mexican Grill, Inc.\* | 75593 | 2796941 |
|  Churchill Downs, Inc. | 900 | 102402 |
|  Darden Restaurants, Inc. | 1500 | 276030 |
|  Domino's Pizza, Inc. | 108 | 45016 |
|  DoorDash, Inc., Class A\* | 16291 | 3689586 |
|  DraftKings, Inc., Class A\* | 6300 | 217098 |
|  Dutch Bros, Inc., Class A\* | 189700 | 11613434 |
|  Expedia Group, Inc. | 1600 | 453296 |
|  Flutter Entertainment plc, Class DI\* | 1700 | 365568 |
|  Genius Sports Ltd.\* | 2900 | 31958 |
|  Hilton Grand Vacations, Inc.\* | 500 | 22375 |
|  Hilton Worldwide Holdings, Inc. | 3000 | 861750 |
|  Las Vegas Sands Corp. | 4100 | 266869 |
|  Life Time Group Holdings, Inc.\* | 1800 | 47844 |
|  Marriott International, Inc., Class A | 2300 | 713552 |
|  McDonald's Corp. | 568 | 173598 |
|  Norwegian Cruise Line Holdings Ltd.\* | 6300 | 140616 |

---

See Notes to Financial Statements.

1223

------

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Planet Fitness, Inc., Class A\* | 1300 | $| 141011 |
|  Red Rock Resorts, Inc., Class A | 400 |  | 24780 |
|  Restaurant Brands International, Inc. | 2700 |  | 184221 |
|  Royal Caribbean Cruises Ltd. | 3400 |  | 948328 |
|  Rush Street Interactive, Inc.\* | 1300 |  | 25259 |
|  Shake Shack, Inc., Class A\* | 500 |  | 40585 |
|  Starbucks Corp. | 1953 |  | 164462 |
|  Super Group SGHC Ltd. | 2100 |  | 25095 |
|  Texas Roadhouse, Inc., Class A | 900 |  | 149400 |
|  Vail Resorts, Inc. | 300 |  | 39840 |
|  Viking Holdings Ltd.\* | 2300 |  | 164243 |
|  Wingstop, Inc. | 400 |  | 95396 |
|  Wyndham Hotels & Resorts, Inc. | 900 |  | 68004 |
|  Yum! Brands, Inc. | 1300 |  | 196664 |
|  |  |  | 31524072 |
|  ***Household Durables (0.0%)†*** | ***Household Durables (0.0%)†*** | ***Household Durables (0.0%)†*** | ***Household Durables (0.0%)†*** |
|  Cavco Industries, Inc.\* | 100 |  | 59074 |
|  Champion Homes, Inc.\* | 700 |  | 59150 |
|  Green Brick Partners, Inc.\* | 600 |  | 37596 |
|  Installed Building Products, Inc.(x) | 300 |  | 77817 |
|  Somnigroup International, Inc. | 2700 |  | 241056 |
|  Sonos, Inc.\* | 1500 |  | 26340 |
|  |  |  | 501033 |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** |
|  Acushnet Holdings Corp. | 600 |  | 47892 |
|  ***Specialty Retail (1.2%)*** | ***Specialty Retail (1.2%)*** | ***Specialty Retail (1.2%)*** | ***Specialty Retail (1.2%)*** |
|  Abercrombie & Fitch Co., Class A\* | 600 |  | 75522 |
|  Boot Barn Holdings, Inc.\* | 400 |  | 70588 |
|  Buckle, Inc. (The) | 800 |  | 42736 |
|  Build-A-Bear Workshop, Inc. | 400 |  | 24508 |
|  Burlington Stores, Inc.\* | 900 |  | 259965 |
|  Camping World Holdings, Inc., Class A | 1200 |  | 11676 |
|  Carvana Co.\* | 23200 |  | 9790864 |
|  Chewy, Inc., Class A\* | 2800 |  | 92540 |
|  Floor & Decor Holdings, Inc., Class A\* | 500 |  | 30445 |
|  Group 1 Automotive, Inc. | 100 |  | 39330 |
|  Home Depot, Inc. (The) | 10074 |  | 3466464 |
|  Murphy USA, Inc. | 200 |  | 80704 |
|  O'Reilly Automotive, Inc.\* | 71230 |  | 6496888 |
|  Petco Health & Wellness Co., Inc., Class A\* | 7100 |  | 19951 |
|  Revolve Group, Inc., Class A\* | 1800 |  | 54342 |
|  RH\* | 100 |  | 17915 |
|  Ross Stores, Inc. | 874 |  | 157442 |
|  Sonic Automotive, Inc., Class A | 300 |  | 18558 |
|  ThredUp, Inc., Class A\* | 2900 |  | 18531 |
|  TJX Cos., Inc. (The) | 7386 |  | 1134564 |
|  Tractor Supply Co. | 7040 |  | 352070 |
|  Ulta Beauty, Inc.\* | 104 |  | 62921 |
|  Upbound Group, Inc. | 900 |  | 15804 |
|  Urban Outfitters, Inc.\* | 300 |  | 22578 |
|  Valvoline, Inc.\* | 1500 |  | 43590 |
|  Victoria's Secret & Co.\* | 400 |  | 21668 |
|  Warby Parker, Inc., Class A\* | 1300 |  | 28327 |
|  Wayfair, Inc., Class A\* | 400 |  | 40164 |
|  Williams-Sonoma, Inc. | 200 |  | 35718 |
|  |  |  | 22526373 |
|  ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** |
|  Deckers Outdoor Corp.\* | 2100 |  | 217707 |
|  Kontoor Brands, Inc. | 400 |  | 24436 |
|  Lululemon Athletica, Inc.\* | 800 |  | 166248 |
|  On Holding AG, Class A\* | 3000 |  | 139440 |
|  Ralph Lauren Corp. | 100 |  | 35361 |
|  Tapestry, Inc. | 2500 |  | 319425 |
|  Wolverine World Wide, Inc. | 1100 |  | 19965 |
|  |  |  | 922582 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 141850906 |
|  **Consumer Staples (0.5%)** | **Consumer Staples (0.5%)** | **Consumer Staples (0.5%)** | **Consumer Staples (0.5%)** |
|  ***Beverages (0.2%)*** | ***Beverages (0.2%)*** | ***Beverages (0.2%)*** | ***Beverages (0.2%)*** |
|  Celsius Holdings, Inc.\* | 2200 |  | 100628 |
|  Coca-Cola Co. (The) | 25196 |  | 1761453 |
|  Monster Beverage Corp.\* | 9246 |  | 708891 |
|  National Beverage Corp.\* | 800 |  | 25512 |
|  PepsiCo, Inc. | 2518 |  | 361383 |
|  Vita Coco Co., Inc. (The)\* | 600 |  | 31806 |
|  |  |  | 2989673 |
|  ***Consumer Staples Distribution & Retail (0.3%)*** | ***Consumer Staples Distribution & Retail (0.3%)*** | ***Consumer Staples Distribution & Retail (0.3%)*** | ***Consumer Staples Distribution & Retail (0.3%)*** |
|  BJ's Wholesale Club Holdings, Inc.\* | 300 |  | 27009 |
|  Chefs' Warehouse, Inc. (The)\* | 500 |  | 31165 |
|  Costco Wholesale Corp. | 5926 |  | 5110227 |
|  Performance Food Group Co.\* | 300 |  | 26976 |
|  PriceSmart, Inc. | 300 |  | 36801 |
|  Sprouts Farmers Market, Inc.\* | 1300 |  | 103571 |
|  Sysco Corp. | 3366 |  | 248040 |
|  Walmart, Inc. | 5800 |  | 646178 |
|  |  |  | 6229967 |
|  ***Food Products (0.0%)†*** | ***Food Products (0.0%)†*** | ***Food Products (0.0%)†*** | ***Food Products (0.0%)†*** |
|  Cal-Maine Foods, Inc. | 600 |  | 47742 |
|  Darling Ingredients, Inc.\* | 600 |  | 21600 |
|  Freshpet, Inc.\* | 300 |  | 18279 |
|  Hershey Co. (The) | 238 |  | 43311 |
|  J & J Snack Foods Corp. | 200 |  | 18074 |
|  Marzetti Co. (The) | 200 |  | 32884 |
|  Simply Good Foods Co. (The)\* | 1200 |  | 24096 |
|  Tootsie Roll Industries, Inc. | 500 |  | 18315 |
|  Vital Farms, Inc.\* | 500 |  | 15970 |
|  |  |  | 240271 |
|  ***Household Products (0.0%)†*** | ***Household Products (0.0%)†*** | ***Household Products (0.0%)†*** | ***Household Products (0.0%)†*** |
|  Colgate-Palmolive Co. | 5100 |  | 403002 |
|  Energizer Holdings, Inc. | 900 |  | 17901 |
|  Kimberly-Clark Corp. | 1700 |  | 171513 |
|  WD-40 Co. | 100 |  | 19690 |
|  |  |  | 612106 |
|  ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** |
|  Herbalife Ltd.\* | 2400 |  | 30936 |
|  Interparfums, Inc. | 300 |  | 25449 |
|  |  |  | 56385 |
|  ***Tobacco (0.0%)†*** | ***Tobacco (0.0%)†*** | ***Tobacco (0.0%)†*** | ***Tobacco (0.0%)†*** |
|  Turning Point Brands, Inc. | 300 |  | 32520 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 10160922 |

---

See Notes to Financial Statements.

1224

------

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Energy (0.1%)** | **Energy (0.1%)** | **Energy (0.1%)** |
|  ***Energy Equipment & Services (0.0%)†*** | ***Energy Equipment & Services (0.0%)†*** | ***Energy Equipment & Services (0.0%)†*** |
|  Archrock, Inc. | 2200 | $57244 |
|  Atlas Energy Solutions, Inc.(x) | 1500 | 14130 |
|  Cactus, Inc., Class A | 900 | 41112 |
|  Kodiak Gas Services, Inc. | 1100 | 41140 |
|  Oceaneering International, Inc.\* | 1100 | 26433 |
|  Seadrill Ltd.\* | 700 | 24220 |
|  SLB Ltd. | 1567 | 60142 |
|  Solaris Energy Infrastructure, Inc., Class A | 600 | 27582 |
|  Tidewater, Inc.\* | 600 | 30306 |
|  |  | 322309 |
|  ***Oil, Gas & Consumable Fuels (0.1%)*** | ***Oil, Gas & Consumable Fuels (0.1%)*** | ***Oil, Gas & Consumable Fuels (0.1%)*** |
|  Centrus Energy Corp., Class A(x)\* | 200 | 48552 |
|  Cheniere Energy, Inc. | 1300 | 252707 |
|  Comstock Resources, Inc.\* | 900 | 20862 |
|  CVR Energy, Inc.\* | 700 | 17808 |
|  Delek US Holdings, Inc. | 800 | 23728 |
|  Gulfport Energy Corp.\* | 200 | 41598 |
|  HF Sinclair Corp. | 500 | 23040 |
|  Magnolia Oil & Gas Corp., Class A | 900 | 19701 |
|  NextDecade Corp.(x)\* | 1800 | 9486 |
|  Phillips 66 | 400 | 51616 |
|  Sable Offshore Corp.(x)\* | 900 | 8118 |
|  Targa Resources Corp. | 2800 | 516600 |
|  Texas Pacific Land Corp. | 900 | 258498 |
|  Uranium Energy Corp.\* | 5400 | 63072 |
|  Williams Cos., Inc. (The) | 900 | 54099 |
|  |  | 1409485 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 1731794 |
|  **Financials (5.8%)** | **Financials (5.8%)** | **Financials (5.8%)** |
|  ***Banks (0.5%)*** | ***Banks (0.5%)*** | ***Banks (0.5%)*** |
|  Axos Financial, Inc.\* | 200 | 17232 |
|  BancFirst Corp. | 300 | 31806 |
|  Bancorp, Inc. (The)\* | 700 | 47264 |
|  Bank of America Corp. | 126650 | 6965750 |
|  Bank of Hawaii Corp. | 400 | 27348 |
|  Citigroup, Inc. | 4200 | 490098 |
|  Community Financial System, Inc. | 400 | 22976 |
|  First Bancorp | 2100 | 43533 |
|  First Financial Bankshares, Inc. | 1800 | 53766 |
|  Glacier Bancorp, Inc. | 500 | 22025 |
|  International Bancshares Corp. | 300 | 19932 |
|  NU Holdings Ltd., Class A\* | 44400 | 743256 |
|  Old National Bancorp | 900 | 20079 |
|  Pathward Financial, Inc. | 300 | 21300 |
|  Pinnacle Financial Partners, Inc. | 200 | 19082 |
|  Popular, Inc. | 200 | 24904 |
|  ServisFirst Bancshares, Inc. | 700 | 50253 |
|  Stock Yards Bancorp, Inc. | 300 | 19485 |
|  Texas Capital Bancshares, Inc.\* | 200 | 18108 |
|  Triumph Financial, Inc.\* | 400 | 25052 |
|  UMB Financial Corp. | 200 | 23008 |
|  WesBanco, Inc. | 700 | 23268 |
|  Western Alliance Bancorp | 300 | 25221 |
|  |  | 8754746 |
|  ***Capital Markets (0.7%)*** | ***Capital Markets (0.7%)*** | ***Capital Markets (0.7%)*** |
|  Acadian Asset Management, Inc. | 400 | 18800 |
|  Ameriprise Financial, Inc. | 1100 | 539374 |
|  Ares Management Corp., Class A | 7085 | 1145149 |
|  Bank of New York Mellon Corp. (The) | 700 | 81263 |
|  BGC Group, Inc., Class A | 4800 | 42864 |
|  Blackstone, Inc. | 9900 | 1525986 |
|  Blue Owl Capital, Inc., Class A(x) | 9400 | 140436 |
|  Brookfield Asset Management Ltd., Class A | 1800 | 94302 |
|  Charles Schwab Corp. (The) | 2100 | 209811 |
|  Coinbase Global, Inc., Class A\* | 300 | 67842 |
|  Donnelley Financial Solutions, Inc.\* | 400 | 18676 |
|  FactSet Research Systems, Inc. | 76 | 22054 |
|  Freedom Holding Corp.(x)\* | 200 | 24336 |
|  Goldman Sachs Group, Inc. (The) | 200 | 175800 |
|  Hamilton Lane, Inc., Class A | 300 | 40293 |
|  Houlihan Lokey, Inc., Class A | 300 | 52257 |
|  Interactive Brokers Group, Inc., Class A | 400 | 25724 |
|  Jefferies Financial Group, Inc. | 700 | 43379 |
|  KKR & Co., Inc. | 29160 | 3717317 |
|  Lazard, Inc. | 400 | 19424 |
|  LPL Financial Holdings, Inc. | 1100 | 392887 |
|  Moelis & Co., Class A | 1000 | 68740 |
|  Moody's Corp. | 2097 | 1071252 |
|  Morningstar, Inc. | 200 | 43462 |
|  MSCI, Inc. | 469 | 269079 |
|  Piper Sandler Cos. | 200 | 67942 |
|  PJT Partners, Inc., Class A | 300 | 50160 |
|  Robinhood Markets, Inc., Class A\* | 1400 | 158340 |
|  StepStone Group, Inc., Class A | 1000 | 64170 |
|  StoneX Group, Inc.\* | 600 | 57078 |
|  TPG, Inc., Class A | 1600 | 102144 |
|  Tradeweb Markets, Inc., Class A | 25090 | 2698179 |
|  Victory Capital Holdings, Inc., Class A | 600 | 37854 |
|  WisdomTree, Inc.(x) | 1700 | 20723 |
|  XP, Inc., Class A | 1200 | 19644 |
|  |  | 13126741 |
|  ***Consumer Finance (0.0%)†*** | ***Consumer Finance (0.0%)†*** | ***Consumer Finance (0.0%)†*** |
|  Ally Financial, Inc. | 1000 | 45290 |
|  American Express Co. | 2320 | 858284 |
|  Dave, Inc.\* | 100 | 22141 |
|  Enova International, Inc.\* | 300 | 47160 |
|  FirstCash Holdings, Inc. | 500 | 79690 |
|  SLM Corp. | 600 | 16236 |
|  SoFi Technologies, Inc.\* | 2600 | 68068 |
|  Upstart Holdings, Inc.(x)\* | 1200 | 52476 |
|  |  | 1189345 |
|  ***Financial Services (4.5%)*** | ***Financial Services (4.5%)*** | ***Financial Services (4.5%)*** |
|  Adyen NV (ADR)\* | 134900 | 2154353 |
|  Affirm Holdings, Inc., Class A\* | 129500 | 9638685 |
|  Apollo Global Management, Inc. | 3800 | 550088 |
|  Block, Inc., Class A\* | 129113 | 8403965 |
|  Burford Capital Ltd. | 1800 | 16056 |
|  Cantaloupe, Inc.\* | 2400 | 25488 |
|  Cass Information Systems, Inc. | 500 | 20760 |
|  Corpay, Inc.\* | 906 | 272643 |
|  Evertec, Inc. | 1000 | 29090 |

---

See Notes to Financial Statements.

1225

------

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Federal Agricultural Mortgage Corp., Class C | 100 | $| 17557 |
|  Fiserv, Inc.\* | 2100 |  | 141057 |
|  Flywire Corp.\* | 1800 |  | 25488 |
|  Marqeta, Inc., Class A\* | 4000 |  | 19000 |
|  Mastercard, Inc., Class A | 28931 |  | 16516129 |
|  NCR Atleos Corp.\* | 1200 |  | 45732 |
|  Payoneer Global, Inc.\* | 4000 |  | 22480 |
|  Paysign, Inc.\* | 3100 |  | 15965 |
|  Priority Technology Holdings, Inc.\* | 3200 |  | 17440 |
|  Remitly Global, Inc.\* | 2000 |  | 27600 |
|  Rocket Cos., Inc., Class A | 374978 |  | 7259574 |
|  Sezzle, Inc.(x)\* | 200 |  | 12695 |
|  Shift4 Payments, Inc., Class A(x)\* | 900 |  | 56673 |
|  StoneCo Ltd., Class A\* | 4300 |  | 63597 |
|  Toast, Inc., Class A\* | 371100 |  | 13177761 |
|  UWM Holdings Corp., Class A | 5700 |  | 24966 |
|  Visa, Inc., Class A | 72724 |  | 25505034 |
|  |  |  | 84059876 |
|  ***Insurance (0.1%)*** | ***Insurance (0.1%)*** | ***Insurance (0.1%)*** | ***Insurance (0.1%)*** |
|  Aon plc, Class A | 2600 |  | 917488 |
|  Arthur J Gallagher & Co. | 200 |  | 51758 |
|  Aspen Insurance Holdings Ltd., Class A(x)\* | 600 |  | 22260 |
|  Baldwin Insurance Group, Inc. (The), Class A\* | 900 |  | 21627 |
|  Brown & Brown, Inc. | 400 |  | 31880 |
|  Everest Group Ltd. | 100 |  | 33935 |
|  F&G Annuities & Life, Inc. | 1000 |  | 30850 |
|  Goosehead Insurance, Inc., Class A | 300 |  | 22095 |
|  HCI Group, Inc. | 100 |  | 19169 |
|  Kinsale Capital Group, Inc. | 300 |  | 117336 |
|  Lemonade, Inc.\* | 600 |  | 42708 |
|  Marsh & McLennan Cos., Inc. | 800 |  | 148416 |
|  Oscar Health, Inc., Class A\* | 2600 |  | 37362 |
|  Palomar Holdings, Inc.\* | 400 |  | 53904 |
|  Progressive Corp. (The) | 400 |  | 91088 |
|  RLI Corp. | 400 |  | 25592 |
|  Ryan Specialty Holdings, Inc., Class A | 1400 |  | 72282 |
|  Selective Insurance Group, Inc. | 700 |  | 58569 |
|  SiriusPoint Ltd.\* | 1100 |  | 24079 |
|  Skyward Specialty Insurance Group, Inc.\* | 500 |  | 25555 |
|  Trupanion, Inc.\* | 800 |  | 29896 |
|  |  |  | 1877849 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** |
|  Apollo Commercial Real Estate Finance, Inc. (REIT) | 2100 |  | 20328 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 109028885 |
|  **Health Care (7.2%)** | **Health Care (7.2%)** | **Health Care (7.2%)** | **Health Care (7.2%)** |
|  ***Biotechnology (2.7%)*** | ***Biotechnology (2.7%)*** | ***Biotechnology (2.7%)*** | ***Biotechnology (2.7%)*** |
|  AbbVie, Inc. | 41009 |  | 9370147 |
|  ACADIA Pharmaceuticals, Inc.\* | 2200 |  | 58762 |
|  ADMA Biologics, Inc.\* | 3000 |  | 54720 |
|  Alkermes plc\* | 2200 |  | 61556 |
|  Alnylam Pharmaceuticals, Inc.\* | 33000 |  | 13122450 |
|  Amgen, Inc. | 5320 |  | 1741289 |
|  Amicus Therapeutics, Inc.\* | 4200 |  | 59808 |
|  Apellis Pharmaceuticals, Inc.\* | 1700 |  | 42704 |
|  Apogee Therapeutics, Inc.\* | 500 |  | 37740 |
|  Arcellx, Inc.\* | 600 |  | 39120 |
|  Arcutis Biotherapeutics, Inc.\* | 2200 |  | 63888 |
|  Ardelyx, Inc.\* | 3500 |  | 20405 |
|  Argenx SE (ADR)\* | 3276 |  | 2754952 |
|  Arrowhead Pharmaceuticals, Inc.\* | 1600 |  | 106224 |
|  ARS Pharmaceuticals, Inc.(x)\* | 1100 |  | 12815 |
|  Ascendis Pharma A/S (ADR)\* | 62910 |  | 13414928 |
|  Aurinia Pharmaceuticals, Inc.\* | 1700 |  | 27115 |
|  Avidity Biosciences, Inc.\* | 1500 |  | 108195 |
|  Beam Therapeutics, Inc.\* | 1300 |  | 36036 |
|  BioCryst Pharmaceuticals, Inc.\* | 2800 |  | 21840 |
|  Biohaven Ltd.\* | 1000 |  | 11290 |
|  Bridgebio Pharma, Inc.\* | 2100 |  | 160629 |
|  Caris Life Sciences, Inc.\* | 700 |  | 18886 |
|  Catalyst Pharmaceuticals, Inc.\* | 1900 |  | 44346 |
|  Celcuity, Inc.\* | 400 |  | 39896 |
|  CG oncology, Inc.\* | 800 |  | 33216 |
|  Cogent Biosciences, Inc.\* | 1700 |  | 60384 |
|  Cytokinetics, Inc.\* | 400 |  | 25416 |
|  Denali Therapeutics, Inc.\* | 1300 |  | 21463 |
|  Disc Medicine, Inc.\* | 400 |  | 31764 |
|  Dyne Therapeutics, Inc.\* | 1400 |  | 27384 |
|  Exelixis, Inc.\* | 3200 |  | 140256 |
|  Geron Corp.\* | 10400 |  | 13728 |
|  Gilead Sciences, Inc. | 4500 |  | 552330 |
|  Halozyme Therapeutics, Inc.\* | 1700 |  | 114410 |
|  ImmunityBio, Inc.(x)\* | 8500 |  | 16830 |
|  Immunome, Inc.\* | 1200 |  | 25776 |
|  Immunovant, Inc.\* | 1500 |  | 38130 |
|  Incyte Corp.\* | 592 |  | 58472 |
|  Insmed, Inc.\* | 2600 |  | 452504 |
|  Ionis Pharmaceuticals, Inc.\* | 2000 |  | 158220 |
|  Ironwood Pharmaceuticals, Inc., Class A\* | 8500 |  | 28645 |
|  Krystal Biotech, Inc.\* | 300 |  | 73962 |
|  Kymera Therapeutics, Inc.\* | 900 |  | 70029 |
|  Legend Biotech Corp. (ADR)\* | 75830 |  | 1648544 |
|  Madrigal Pharmaceuticals, Inc.\* | 200 |  | 116468 |
|  MannKind Corp.\* | 4300 |  | 24381 |
|  Mineralys Therapeutics, Inc.\* | 600 |  | 21774 |
|  Mirum Pharmaceuticals, Inc.\* | 800 |  | 63192 |
|  Natera, Inc.\* | 15823 |  | 3624891 |
|  Neurocrine Biosciences, Inc.\* | 1146 |  | 162537 |
|  Novavax, Inc.(x)\* | 2200 |  | 14784 |
|  Nuvalent, Inc., Class A\* | 700 |  | 70413 |
|  Protagonist Therapeutics, Inc.\* | 1000 |  | 87340 |
|  PTC Therapeutics, Inc.\* | 800 |  | 60768 |
|  Recursion Pharmaceuticals, Inc., Class A(x)\* | 5500 |  | 22495 |
|  Rhythm Pharmaceuticals, Inc.\* | 700 |  | 74928 |
|  Sarepta Therapeutics, Inc.\* | 1700 |  | 36584 |
|  Scholar Rock Holding Corp.\* | 1100 |  | 48455 |
|  Soleno Therapeutics, Inc.\* | 500 |  | 23150 |
|  Summit Therapeutics, Inc.\* | 2300 |  | 40227 |
|  TG Therapeutics, Inc.\* | 1900 |  | 56639 |
|  Travere Therapeutics, Inc.\* | 1200 |  | 45852 |
|  Twist Bioscience Corp.\* | 800 |  | 25376 |
|  Ultragenyx Pharmaceutical, Inc.\* | 1200 |  | 27600 |
|  Vera Therapeutics, Inc., Class A\* | 800 |  | 40512 |

---

See Notes to Financial Statements.

1226

------

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Veracyte, Inc.\* | 1000 | $| 42100 |
|  Vericel Corp.\* | 700 |  | 25207 |
|  Vertex Pharmaceuticals, Inc.\* | 3444 |  | 1561372 |
|  Viking Therapeutics, Inc.\* | 700 |  | 24626 |
|  Viridian Therapeutics, Inc.\* | 1100 |  | 34232 |
|  Xenon Pharmaceuticals, Inc.\* | 1000 |  | 44820 |
|  |  |  | 51441927 |
|  ***Health Care Equipment & Supplies (0.9%)*** | ***Health Care Equipment & Supplies (0.9%)*** | ***Health Care Equipment & Supplies (0.9%)*** | ***Health Care Equipment & Supplies (0.9%)*** |
|  Alphatec Holdings, Inc.\* | 2000 |  | 42080 |
|  Artivion, Inc.\* | 700 |  | 31927 |
|  AtriCure, Inc.\* | 700 |  | 27692 |
|  Boston Scientific Corp.\* | 3400 |  | 324190 |
|  Dexcom, Inc.\* | 5200 |  | 345124 |
|  Glaukos Corp.\* | 700 |  | 79037 |
|  Haemonetics Corp.\* | 700 |  | 56105 |
|  ICU Medical, Inc.\* | 200 |  | 28534 |
|  IDEXX Laboratories, Inc.\* | 1100 |  | 744183 |
|  Inspire Medical Systems, Inc.\* | 500 |  | 46115 |
|  Insulet Corp.\* | 976 |  | 277418 |
|  Integer Holdings Corp.\* | 500 |  | 39215 |
|  Intuitive Surgical, Inc.\* | 17510 |  | 9916964 |
|  iRhythm Technologies, Inc.\* | 500 |  | 88720 |
|  Lantheus Holdings, Inc.\* | 900 |  | 59895 |
|  LeMaitre Vascular, Inc. | 400 |  | 32440 |
|  Masimo Corp.\* | 600 |  | 78036 |
|  Merit Medical Systems, Inc.\* | 800 |  | 70512 |
|  Novocure Ltd.\* | 1800 |  | 23274 |
|  Penumbra, Inc.\* | 500 |  | 155455 |
|  PROCEPT BioRobotics Corp.\* | 600 |  | 18876 |
|  Pulse Biosciences, Inc.(x)\* | 1300 |  | 17849 |
|  QuidelOrtho Corp.\* | 800 |  | 22848 |
|  ResMed, Inc. | 500 |  | 120435 |
|  STAAR Surgical Co.\* | 1400 |  | 32326 |
|  Stryker Corp. | 12622 |  | 4436254 |
|  Tandem Diabetes Care, Inc.\* | 1400 |  | 30772 |
|  TransMedics Group, Inc.\* | 500 |  | 60825 |
|  UFP Technologies, Inc.\* | 100 |  | 22203 |
|  |  |  | 17229304 |
|  ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** |
|  agilon health, Inc.\* | 4800 |  | 3306 |
|  Alignment Healthcare, Inc.\* | 1700 |  | 33575 |
|  Ardent Health, Inc.\* | 1700 |  | 15011 |
|  Astrana Health, Inc.\* | 900 |  | 22329 |
|  BrightSpring Health Services, Inc.\* | 1500 |  | 56175 |
|  Brookdale Senior Living, Inc.\* | 2700 |  | 29133 |
|  Cardinal Health, Inc. | 1600 |  | 328800 |
|  Cencora, Inc. | 2400 |  | 810600 |
|  Cigna Group (The) | 6039 |  | 1662114 |
|  Concentra Group Holdings Parent, Inc. | 2000 |  | 39360 |
|  CorVel Corp.\* | 300 |  | 20301 |
|  DaVita, Inc.\* | 500 |  | 56805 |
|  Ensign Group, Inc. (The) | 800 |  | 139360 |
|  GeneDx Holdings Corp., Class A\* | 300 |  | 39018 |
|  Guardant Health, Inc.\* | 1600 |  | 163424 |
|  HCA Healthcare, Inc. | 500 |  | 233430 |
|  HealthEquity, Inc.\* | 1300 |  | 119093 |
|  Hims & Hers Health, Inc.(x)\* | 2600 |  | 84422 |
|  McKesson Corp. | 1543 |  | 1265707 |
|  Molina Healthcare, Inc.\* | 400 |  | 69416 |
|  Option Care Health, Inc.\* | 2200 |  | 70092 |
|  PACS Group, Inc.\* | 600 |  | 23034 |
|  Privia Health Group, Inc.\* | 1900 |  | 45049 |
|  Progyny, Inc.\* | 900 |  | 23112 |
|  RadNet, Inc.\* | 900 |  | 64215 |
|  UnitedHealth Group, Inc. | 24111 |  | 7959282 |
|  |  |  | 13376163 |
|  ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** |
|  Doximity, Inc., Class A\* | 2100 |  | 92988 |
|  Phreesia, Inc.\* | 800 |  | 13536 |
|  Teladoc Health, Inc.\* | 2600 |  | 18200 |
|  Veeva Systems, Inc., Class A\* | 1600 |  | 357168 |
|  Waystar Holding Corp.\* | 1400 |  | 45850 |
|  |  |  | 527742 |
|  ***Life Sciences Tools & Services (0.3%)*** | ***Life Sciences Tools & Services (0.3%)*** | ***Life Sciences Tools & Services (0.3%)*** | ***Life Sciences Tools & Services (0.3%)*** |
|  10X Genomics, Inc., Class A\* | 2400 |  | 39144 |
|  Adaptive Biotechnologies Corp.\* | 2100 |  | 34104 |
|  Danaher Corp. | 23144 |  | 5298125 |
|  Medpace Holdings, Inc.\* | 300 |  | 168495 |
|  Repligen Corp.\* | 100 |  | 16386 |
|  Tempus AI, Inc., Class A\* | 1300 |  | 76765 |
|  Waters Corp.\* | 400 |  | 151932 |
|  |  |  | 5784951 |
|  ***Pharmaceuticals (2.6%)*** | ***Pharmaceuticals (2.6%)*** | ***Pharmaceuticals (2.6%)*** | ***Pharmaceuticals (2.6%)*** |
|  Amneal Pharmaceuticals, Inc.\* | 2300 |  | 28980 |
|  ANI Pharmaceuticals, Inc.\* | 300 |  | 23682 |
|  Avadel Pharmaceuticals plc (ADR)\* | 1400 |  | 30170 |
|  Axsome Therapeutics, Inc.\* | 500 |  | 91320 |
|  Bristol-Myers Squibb Co. | 5600 |  | 302064 |
|  Corcept Therapeutics, Inc.\* | 1300 |  | 45240 |
|  Crinetics Pharmaceuticals, Inc.\* | 1200 |  | 55860 |
|  Edgewise Therapeutics, Inc.\* | 1300 |  | 32259 |
|  Eli Lilly & Co. | 43037 |  | 46251003 |
|  Harmony Biosciences Holdings, Inc.\* | 1100 |  | 41162 |
|  Harrow, Inc.(x)\* | 500 |  | 24500 |
|  Indivior plc\* | 1400 |  | 50232 |
|  Innoviva, Inc.\* | 1032 |  | 20630 |
|  Ligand Pharmaceuticals, Inc.\* | 200 |  | 37814 |
|  Liquidia Corp.\* | 900 |  | 31041 |
|  Ocular Therapeutix, Inc.\* | 1900 |  | 23066 |
|  Prestige Consumer Healthcare, Inc.\* | 300 |  | 18507 |
|  Supernus Pharmaceuticals, Inc.\* | 600 |  | 29820 |
|  Tarsus Pharmaceuticals, Inc.\* | 500 |  | 40940 |
|  Zoetis, Inc. | 4747 |  | 597268 |
|  |  |  | 47775558 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 136135645 |
|  **Industrials (3.9%)** | **Industrials (3.9%)** | **Industrials (3.9%)** | **Industrials (3.9%)** |
|  ***Aerospace & Defense (1.7%)*** | ***Aerospace & Defense (1.7%)*** | ***Aerospace & Defense (1.7%)*** | ***Aerospace & Defense (1.7%)*** |
|  AAR Corp.\* | 200 |  | 16558 |
|  AeroVironment, Inc.\* | 500 |  | 120945 |
|  Archer Aviation, Inc., Class A\* | 7200 |  | 54144 |
|  Axon Enterprise, Inc.\* | 14535 |  | 8254863 |
|  Boeing Co. (The)\* | 14692 |  | 3189927 |
|  BWX Technologies, Inc. | 300 |  | 51852 |
|  Carpenter Technology Corp. | 100 |  | 31484 |

---

See Notes to Financial Statements.

1227

------

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  GE Aerospace | 13800 | $| 4250814 |
|  HEICO Corp. | 600 |  | 194154 |
|  HEICO Corp., Class A | 1020 |  | 257479 |
|  Howmet Aerospace, Inc. | 71665 |  | 14692758 |
|  Karman Holdings, Inc.\* | 700 |  | 51219 |
|  Kratos Defense & Security Solutions, Inc.\* | 2400 |  | 182184 |
|  Leonardo DRS, Inc. | 400 |  | 13636 |
|  Loar Holdings, Inc.\* | 500 |  | 34000 |
|  Lockheed Martin Corp. | 730 |  | 353079 |
|  Mercury Systems, Inc.\* | 400 |  | 29204 |
|  Moog, Inc., Class A | 400 |  | 97420 |
|  Redwire Corp.(x)\* | 1100 |  | 8360 |
|  Rocket Lab Corp.\* | 5500 |  | 383680 |
|  StandardAero, Inc.\* | 1300 |  | 37284 |
|  TransDigm Group, Inc. | 100 |  | 132985 |
|  VSE Corp. | 200 |  | 34554 |
|  |  |  | 32472583 |
|  ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** |
|  AAON, Inc. | 973 |  | 74191 |
|  Armstrong World Industries, Inc. | 200 |  | 38220 |
|  AZZ, Inc. | 400 |  | 42872 |
|  Carlisle Cos., Inc. | 100 |  | 31986 |
|  CSW Industrials, Inc. | 200 |  | 58706 |
|  Griffon Corp. | 600 |  | 44190 |
|  Lennox International, Inc. | 400 |  | 194232 |
|  Modine Manufacturing Co.\* | 700 |  | 93457 |
|  Trane Technologies plc | 3000 |  | 1167600 |
|  Zurn Elkay Water Solutions Corp. | 2100 |  | 97629 |
|  |  |  | 1843083 |
|  ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** |
|  ACV Auctions, Inc., Class A\* | 2000 |  | 16040 |
|  Brink's Co. (The) | 600 |  | 70038 |
|  Casella Waste Systems, Inc., Class A\* | 800 |  | 78352 |
|  Cintas Corp. | 4588 |  | 862865 |
|  Copart, Inc.\* | 10920 |  | 427518 |
|  GEO Group, Inc. (The)\* | 1800 |  | 29016 |
|  HNI Corp. | 700 |  | 29428 |
|  Pitney Bowes, Inc. | 1900 |  | 20083 |
|  RB Global, Inc. | 200 |  | 20574 |
|  Rollins, Inc. | 4000 |  | 240080 |
|  Tetra Tech, Inc. | 1005 |  | 33708 |
|  Veralto Corp. | 1300 |  | 129714 |
|  Waste Management, Inc. | 4900 |  | 1076579 |
|  |  |  | 3033995 |
|  ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** |
|  Argan, Inc. | 200 |  | 62664 |
|  Centuri Holdings, Inc.\* | 1000 |  | 25250 |
|  Comfort Systems USA, Inc. | 500 |  | 466645 |
|  Construction Partners, Inc., Class A\* | 800 |  | 86840 |
|  Dycom Industries, Inc.\* | 400 |  | 135160 |
|  EMCOR Group, Inc. | 200 |  | 122358 |
|  Granite Construction, Inc. | 500 |  | 57675 |
|  IES Holdings, Inc.\* | 100 |  | 38902 |
|  MasTec, Inc.\* | 200 |  | 43474 |
|  MYR Group, Inc.\* | 200 |  | 43700 |
|  Primoris Services Corp. | 700 |  | 86898 |
|  Quanta Services, Inc. | 1500 |  | 633090 |
|  Sterling Infrastructure, Inc.\* | 400 |  | 122492 |
|  |  |  | 1925148 |
|  ***Electrical Equipment (1.2%)*** | ***Electrical Equipment (1.2%)*** | ***Electrical Equipment (1.2%)*** | ***Electrical Equipment (1.2%)*** |
|  American Superconductor Corp.\* | 500 |  | 14390 |
|  AMETEK, Inc. | 24180 |  | 4964396 |
|  Bloom Energy Corp., Class A\* | 2700 |  | 234603 |
|  EnerSys | 200 |  | 29350 |
|  Enovix Corp.(x)\* | 2300 |  | 16813 |
|  Eos Energy Enterprises, Inc.(x)\* | 3600 |  | 41256 |
|  Fluence Energy, Inc., Class A\* | 2200 |  | 43516 |
|  GE Vernova, Inc. | 10556 |  | 6899085 |
|  Nextpower, Inc., Class A\* | 1500 |  | 130665 |
|  NuScale Power Corp., Class A(x)\* | 1500 |  | 21255 |
|  Powell Industries, Inc. | 100 |  | 31878 |
|  Power Solutions International, Inc.\* | 300 |  | 17142 |
|  Rockwell Automation, Inc. | 134 |  | 52135 |
|  Vertiv Holdings Co., Class A | 62780 |  | 10170988 |
|  Vicor Corp.\* | 400 |  | 43840 |
|  |  |  | 22711312 |
|  ***Ground Transportation (0.1%)*** | ***Ground Transportation (0.1%)*** | ***Ground Transportation (0.1%)*** | ***Ground Transportation (0.1%)*** |
|  Avis Budget Group, Inc.(x)\* | 100 |  | 12832 |
|  Old Dominion Freight Line, Inc. | 100 |  | 15680 |
|  RXO, Inc.\* | 1800 |  | 22752 |
|  Uber Technologies, Inc.\* | 26700 |  | 2181657 |
|  U-Haul Holding Co. | 700 |  | 32718 |
|  Union Pacific Corp. | 700 |  | 161924 |
|  XPO, Inc.\* | 300 |  | 40773 |
|  |  |  | 2468336 |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** |
|  3M Co. | 1200 |  | 192120 |
|  ***Machinery (0.2%)*** | ***Machinery (0.2%)*** | ***Machinery (0.2%)*** | ***Machinery (0.2%)*** |
|  Alamo Group, Inc. | 100 |  | 16787 |
|  Albany International Corp., Class A | 500 |  | 25350 |
|  Atmus Filtration Technologies, Inc. | 1100 |  | 57101 |
|  Blue Bird Corp.\* | 400 |  | 18800 |
|  Caterpillar, Inc. | 719 |  | 411894 |
|  CECO Environmental Corp.\* | 400 |  | 23940 |
|  Chart Industries, Inc.\* | 600 |  | 123738 |
|  Enerpac Tool Group Corp., Class A | 900 |  | 34416 |
|  Enpro, Inc. | 100 |  | 21413 |
|  ESCO Technologies, Inc. | 400 |  | 78156 |
|  Federal Signal Corp. | 800 |  | 86872 |
|  Franklin Electric Co., Inc. | 600 |  | 57318 |
|  Illinois Tool Works, Inc. | 1304 |  | 321175 |
|  Ingersoll Rand, Inc. | 21683 |  | 1717727 |
|  JBT Marel Corp. | 300 |  | 45201 |
|  Kadant, Inc. | 200 |  | 57004 |
|  Mueller Water Products, Inc., Class A | 2100 |  | 50022 |
|  RBC Bearings, Inc.\* | 100 |  | 44843 |
|  REV Group, Inc. | 700 |  | 42567 |
|  SPX Technologies, Inc.\* | 700 |  | 140042 |
|  Standex International Corp. | 100 |  | 21728 |
|  Watts Water Technologies, Inc., Class A | 400 |  | 110408 |
|  Worthington Enterprises, Inc. | 300 |  | 15471 |
|  |  |  | 3521973 |

---

See Notes to Financial Statements.

1228

------

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** |
|  Alaska Air Group, Inc.\* | 400 | $20120 |
|  American Airlines Group, Inc.\* | 1700 | 26061 |
|  Joby Aviation, Inc.\* | 6100 | 80520 |
|  Southwest Airlines Co. | 700 | 28931 |
|  |  | 155632 |
|  ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** |
|  Automatic Data Processing, Inc. | 4987 | 1282806 |
|  Booz Allen Hamilton Holding Corp. | 1700 | 143412 |
|  Broadridge Financial Solutions, Inc. | 1400 | 312438 |
|  CBIZ, Inc.\* | 600 | 30270 |
|  CSG Systems International, Inc. | 400 | 30676 |
|  Equifax, Inc. | 4629 | 1004400 |
|  ExlService Holdings, Inc.\* | 2100 | 89124 |
|  Exponent, Inc. | 700 | 48622 |
|  First Advantage Corp.\* | 1200 | 17436 |
|  Huron Consulting Group, Inc.\* | 300 | 51873 |
|  Innodata, Inc.\* | 400 | 20380 |
|  Insperity, Inc. | 500 | 19360 |
|  Korn Ferry | 300 | 19806 |
|  Legalzoom.com, Inc.\* | 2000 | 19860 |
|  Maximus, Inc. | 800 | 69056 |
|  Paychex, Inc. | 1373 | 154023 |
|  Paycom Software, Inc. | 400 | 63744 |
|  Paylocity Holding Corp.\* | 600 | 91500 |
|  Planet Labs PBC\* | 3200 | 63104 |
|  TIC Solutions, Inc.\* | 1700 | 17187 |
|  TriNet Group, Inc. | 400 | 23652 |
|  Upwork, Inc.\* | 1700 | 33694 |
|  Verisk Analytics, Inc. | 1168 | 261270 |
|  Verra Mobility Corp., Class A\* | 2200 | 49302 |
|  |  | 3916995 |
|  ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** |
|  Core & Main, Inc., Class A\* | 1500 | 77955 |
|  Fastenal Co. | 12508 | 501946 |
|  Ferguson Enterprises, Inc. | 200 | 44526 |
|  FTAI Aviation Ltd. | 1400 | 275590 |
|  Herc Holdings, Inc. | 451 | 66920 |
|  McGrath RentCorp | 300 | 31479 |
|  Rush Enterprises, Inc., Class A | 400 | 21576 |
|  SiteOne Landscape Supply, Inc.\* | 300 | 37368 |
|  W.W. Grainger, Inc. | 507 | 511588 |
|  Xometry, Inc., Class A(x)\* | 600 | 35682 |
|  |  | 1604630 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 73845807 |
|  **Information Technology (39.2%)** | **Information Technology (39.2%)** | **Information Technology (39.2%)** |
|  ***Communications Equipment (2.3%)*** | ***Communications Equipment (2.3%)*** | ***Communications Equipment (2.3%)*** |
|  Arista Networks, Inc.\* | 54272 | 7111260 |
|  Calix, Inc.\* | 1100 | 58223 |
|  Ciena Corp.\* | 63000 | 14733810 |
|  CommScope Holding Co., Inc.\* | 1500 | 27195 |
|  Extreme Networks, Inc.\* | 1800 | 29970 |
|  Lumentum Holdings, Inc.\* | 54600 | 20125014 |
|  Motorola Solutions, Inc. | 900 | 344988 |
|  Ubiquiti, Inc. | 100 | 55335 |
|  Viavi Solutions, Inc.\* | 2900 | 51678 |
|  |  | 42537473 |
|  ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** |
|  Advanced Energy Industries, Inc. | 600 | 125622 |
|  Aeva Technologies, Inc.(x)\* | 700 | 9296 |
|  Amphenol Corp., Class A | 77541 | 10478891 |
|  Arlo Technologies, Inc.\* | 1300 | 18187 |
|  Badger Meter, Inc. | 400 | 69764 |
|  Belden, Inc. | 500 | 58275 |
|  CDW Corp. | 100 | 13620 |
|  CTS Corp. | 500 | 21435 |
|  Fabrinet\* | 5190 | 2362903 |
|  Insight Enterprises, Inc.\* | 100 | 8147 |
|  Itron, Inc.\* | 300 | 27858 |
|  Jabil, Inc. | 1000 | 228020 |
|  Mirion Technologies, Inc., Class A\* | 3100 | 72602 |
|  Napco Security Technologies, Inc. | 500 | 20850 |
|  Novanta, Inc.\* | 300 | 35697 |
|  OSI Systems, Inc.\* | 200 | 51012 |
|  Ouster, Inc.\* | 700 | 15148 |
|  Plexus Corp.\* | 300 | 44100 |
|  Sanmina Corp.\* | 300 | 45021 |
|  |  | 13706448 |
|  ***IT Services (3.0%)*** | ***IT Services (3.0%)*** | ***IT Services (3.0%)*** |
|  Applied Digital Corp.(x)\* | 2300 | 56396 |
|  Cloudflare, Inc., Class A\* | 82900 | 16343735 |
|  DigitalOcean Holdings, Inc.\* | 1100 | 52932 |
|  Gartner, Inc.\* | 1011 | 255055 |
|  GoDaddy, Inc., Class A\* | 1700 | 210936 |
|  Kyndryl Holdings, Inc.\* | 500 | 13280 |
|  MongoDB, Inc.\* | 57860 | 24283263 |
|  Okta, Inc.\* | 1000 | 86470 |
|  Shopify, Inc., Class A\* | 14375 | 2313944 |
|  Snowflake, Inc., Class A\* | 61975 | 13594836 |
|  Twilio, Inc., Class A\* | 300 | 42672 |
|  |  | 57253519 |
|  ***Semiconductors & Semiconductor Equipment (13.8%)*** | ***Semiconductors & Semiconductor Equipment (13.8%)*** | ***Semiconductors & Semiconductor Equipment (13.8%)*** |
|  Advanced Micro Devices, Inc.\* | 25588 | 5479926 |
|  Ambarella, Inc.\* | 500 | 35420 |
|  Applied Materials, Inc. | 3010 | 773540 |
|  Astera Labs, Inc.\* | 97500 | 16220100 |
|  Axcelis Technologies, Inc.\* | 300 | 24102 |
|  Broadcom, Inc. | 162851 | 56362731 |
|  Credo Technology Group Holding Ltd.\* | 2100 | 302169 |
|  Enphase Energy, Inc.\* | 1800 | 57690 |
|  Entegris, Inc. | 37836 | 3187683 |
|  FormFactor, Inc.\* | 1000 | 55780 |
|  Impinj, Inc.\* | 400 | 69604 |
|  KLA Corp. | 1700 | 2065636 |
|  Kulicke & Soffa Industries, Inc. | 500 | 22780 |
|  Lam Research Corp. | 16700 | 2858706 |
|  Lattice Semiconductor Corp.\* | 37579 | 2765063 |
|  MACOM Technology Solutions Holdings, Inc.\* | 200 | 34256 |
|  Marvell Technology, Inc. | 183190 | 15567486 |
|  Monolithic Power Systems, Inc. | 14000 | 12689040 |
|  NVIDIA Corp. | 712757 | 132929181 |
|  Onto Innovation, Inc.\* | 200 | 31572 |
|  Power Integrations, Inc. | 800 | 28432 |
|  QUALCOMM, Inc. | 3265 | 558478 |
|  Rambus, Inc.\* | 1500 | 137835 |

---

See Notes to Financial Statements.

1229

------

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Rigetti Computing, Inc.\* | 4500 | $| 99675 |
|  Semtech Corp.\* | 1200 |  | 88428 |
|  Silicon Laboratories, Inc.\* | 400 |  | 52280 |
|  SiTime Corp.\* | 300 |  | 105957 |
|  Synaptics, Inc.\* | 300 |  | 22206 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 15020 |  | 4564428 |
|  Texas Instruments, Inc. | 4981 |  | 864154 |
|  Tower Semiconductor Ltd.\* | 13538 |  | 1589632 |
|  |  |  | 259643970 |
|  ***Software (14.2%)*** | ***Software (14.2%)*** | ***Software (14.2%)*** | ***Software (14.2%)*** |
|  ACI Worldwide, Inc.\* | 1400 |  | 66934 |
|  Adeia, Inc. | 1400 |  | 24150 |
|  Adobe, Inc.\* | 5552 |  | 1943144 |
|  Agilysys, Inc.\* | 300 |  | 35652 |
|  Alarm.com Holdings, Inc.\* | 700 |  | 35714 |
|  Appfolio, Inc., Class A\* | 300 |  | 69795 |
|  AppLovin Corp., Class A\* | 29940 |  | 20174171 |
|  Asana, Inc., Class A\* | 1500 |  | 20565 |
|  Atlassian Corp., Class A\* | 2300 |  | 372922 |
|  Autodesk, Inc.\* | 2797 |  | 827940 |
|  AvePoint, Inc.\* | 2500 |  | 34725 |
|  Bentley Systems, Inc., Class B | 2100 |  | 80146 |
|  Bitdeer Technologies Group, Class A(x)\* | 1500 |  | 16815 |
|  Blackbaud, Inc.\* | 600 |  | 37992 |
|  BlackLine, Inc.\* | 800 |  | 44232 |
|  Box, Inc., Class A\* | 1900 |  | 56829 |
|  Braze, Inc., Class A\* | 1000 |  | 34290 |
|  C3.ai, Inc., Class A(x)\* | 1739 |  | 23442 |
|  Cadence Design Systems, Inc.\* | 3605 |  | 1126851 |
|  Circle Internet Group, Inc., Class A\* | 200 |  | 15860 |
|  Clear Secure, Inc., Class A | 1400 |  | 49112 |
|  Clearwater Analytics Holdings, Inc., Class A\* | 3300 |  | 79596 |
|  Commvault Systems, Inc.\* | 600 |  | 75216 |
|  Confluent, Inc., Class A\* | 3500 |  | 105840 |
|  Core Scientific, Inc.\* | 3300 |  | 48048 |
|  Crowdstrike Holdings, Inc., Class A\* | 34062 |  | 15966903 |
|  Datadog, Inc., Class A\* | 107153 |  | 14571736 |
|  Docusign, Inc.\* | 2200 |  | 150480 |
|  Dropbox, Inc., Class A\* | 700 |  | 19460 |
|  D-Wave Quantum, Inc.\* | 4300 |  | 112445 |
|  Dynatrace, Inc.\* | 4242 |  | 183848 |
|  Elastic NV\* | 1300 |  | 98072 |
|  Fair Isaac Corp.\* | 300 |  | 507186 |
|  Fortinet, Inc.\* | 8492 |  | 674350 |
|  Freshworks, Inc., Class A\* | 2800 |  | 34300 |
|  Gen Digital, Inc. | 800 |  | 21752 |
|  Gitlab, Inc., Class A\* | 1900 |  | 71307 |
|  Guidewire Software, Inc.\* | 1200 |  | 241212 |
|  HubSpot, Inc.\* | 12979 |  | 5208473 |
|  Intapp, Inc.\* | 700 |  | 32074 |
|  InterDigital, Inc. | 400 |  | 127352 |
|  Intuit, Inc. | 16313 |  | 10806057 |
|  Life360, Inc.\* | 300 |  | 19242 |
|  LiveRamp Holdings, Inc.\* | 900 |  | 26433 |
|  Manhattan Associates, Inc.\* | 900 |  | 155979 |
|  Microsoft Corp.# | 224492 |  | 108568821 |
|  Nutanix, Inc., Class A\* | 900 |  | 46521 |
|  OneSpan, Inc. | 1452 |  | 18644 |
|  Oracle Corp. | 45249 |  | 8819483 |
|  Pagaya Technologies Ltd., Class A\* | 600 |  | 12540 |
|  Palantir Technologies, Inc., Class A\* | 84900 |  | 15090975 |
|  Palo Alto Networks, Inc.\* | 29640 |  | 5459688 |
|  Pegasystems, Inc. | 400 |  | 23888 |
|  Porch Group, Inc.\* | 1200 |  | 10956 |
|  Procore Technologies, Inc.\* | 1600 |  | 116384 |
|  Progress Software Corp.\* | 700 |  | 30072 |
|  PTC, Inc.\* | 200 |  | 34842 |
|  Q2 Holdings, Inc.\* | 800 |  | 57728 |
|  Qualys, Inc.\* | 500 |  | 66450 |
|  Rezolve AI plc\* | 3300 |  | 8481 |
|  RingCentral, Inc., Class A\* | 1100 |  | 31768 |
|  Rubrik, Inc., Class A\* | 126100 |  | 9644128 |
|  Salesforce, Inc. | 13570 |  | 3594829 |
|  Samsara, Inc., Class A\* | 203900 |  | 7228255 |
|  SentinelOne, Inc., Class A\* | 2800 |  | 42000 |
|  ServiceNow, Inc.\* | 174670 |  | 26757697 |
|  SoundHound AI, Inc., Class A(x)\* | 4600 |  | 45862 |
|  SPS Commerce, Inc.\* | 500 |  | 44565 |
|  Strategy, Inc.\* | 250 |  | 37988 |
|  Synopsys, Inc.\* | 9660 |  | 4537495 |
|  Tenable Holdings, Inc.\* | 1600 |  | 37648 |
|  Terawulf, Inc.(x)\* | 3900 |  | 44811 |
|  Tyler Technologies, Inc.\* | 446 |  | 202462 |
|  Varonis Systems, Inc.\* | 1500 |  | 49200 |
|  Vertex, Inc., Class A\* | 1000 |  | 19970 |
|  Workday, Inc., Class A\* | 2848 |  | 611693 |
|  Workiva, Inc., Class A\* | 700 |  | 60375 |
|  Zeta Global Holdings Corp., Class A\* | 2400 |  | 48840 |
|  Zscaler, Inc.\* | 1400 |  | 314888 |
|  |  |  | 266148589 |
|  ***Technology Hardware, Storage & Peripherals (5.2%)*** | ***Technology Hardware, Storage & Peripherals (5.2%)*** | ***Technology Hardware, Storage & Peripherals (5.2%)*** | ***Technology Hardware, Storage & Peripherals (5.2%)*** |
|  Apple, Inc.# | 354038 |  | 96248771 |
|  CompoSecure, Inc., Class A\* | 1100 |  | 21208 |
|  Dell Technologies, Inc., Class C | 600 |  | 75528 |
|  Diebold Nixdorf, Inc.\* | 400 |  | 27156 |
|  IonQ, Inc.(x)\* | 4400 |  | 197428 |
|  NetApp, Inc. | 1100 |  | 117799 |
|  Pure Storage, Inc., Class A\* | 3500 |  | 234535 |
|  Quantum Computing, Inc.\* | 2600 |  | 26676 |
|  Super Micro Computer, Inc.\* | 3200 |  | 93664 |
|  |  |  | 97042765 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 736332764 |
|  **Materials (0.1%)** | **Materials (0.1%)** | **Materials (0.1%)** | **Materials (0.1%)** |
|  ***Chemicals (0.1%)*** | ***Chemicals (0.1%)*** | ***Chemicals (0.1%)*** | ***Chemicals (0.1%)*** |
|  Balchem Corp. | 400 |  | 61344 |
|  Cabot Corp. | 700 |  | 46396 |
|  Chemours Co. (The) | 2000 |  | 23580 |
|  Ecolab, Inc. | 840 |  | 220517 |
|  Hawkins, Inc. | 300 |  | 42618 |
|  Ingevity Corp.\* | 500 |  | 29590 |
|  PureCycle Technologies, Inc.(x)\* | 1700 |  | 14603 |

---

See Notes to Financial Statements.

1230

------

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Sensient Technologies Corp. | 500 | $| 46975 |
|  Sherwin-Williams Co. (The) | 2818 |  | 913117 |
|  |  |  | 1398740 |
|  ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** |
|  Eagle Materials, Inc. | 100 |  | 20668 |
|  James Hardie Industries plc (ADR)\* | 1447 |  | 30025 |
|  Knife River Corp.\* | 800 |  | 56280 |
|  |  |  | 106973 |
|  ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** |
|  Alpha Metallurgical Resources, Inc.\* | 200 |  | 39976 |
|  Anglogold Ashanti plc | 800 |  | 68224 |
|  Century Aluminum Co.\* | 1000 |  | 39180 |
|  Coeur Mining, Inc.\* | 4200 |  | 74886 |
|  Constellium SE\* | 1500 |  | 28275 |
|  Hecla Mining Co. | 2000 |  | 38380 |
|  Materion Corp. | 200 |  | 24864 |
|  Novagold Resources, Inc.\* | 3900 |  | 36348 |
|  Perpetua Resources Corp.\* | 1300 |  | 31473 |
|  Steel Dynamics, Inc. | 200 |  | 33890 |
|  |  |  | 415496 |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Sylvamo Corp. | 100 |  | 4815 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 1926024 |
|  **Real Estate (0.1%)** | **Real Estate (0.1%)** | **Real Estate (0.1%)** | **Real Estate (0.1%)** |
|  ***Health Care REITs (0.0%)†*** | ***Health Care REITs (0.0%)†*** | ***Health Care REITs (0.0%)†*** | ***Health Care REITs (0.0%)†*** |
|  American Healthcare REIT, Inc. (REIT) | 700 |  | 32942 |
|  CareTrust REIT, Inc. (REIT) | 700 |  | 25312 |
|  |  |  | 58254 |
|  ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** |
|  DiamondRock Hospitality Co. (REIT) | 2700 |  | 24192 |
|  Ryman Hospitality Properties, Inc. (REIT) | 800 |  | 75696 |
|  |  |  | 99888 |
|  ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** |
|  CBRE Group, Inc., Class A\* | 500 |  | 80395 |
|  Compass, Inc., Class A\* | 5900 |  | 62363 |
|  CoStar Group, Inc.\* | 700 |  | 47068 |
|  eXp World Holdings, Inc.(x) | 2100 |  | 19005 |
|  Jones Lang LaSalle, Inc.\* | 100 |  | 33647 |
|  St Joe Co. (The) | 500 |  | 29685 |
|  |  |  | 272163 |
|  ***Residential REITs (0.0%)†*** | ***Residential REITs (0.0%)†*** | ***Residential REITs (0.0%)†*** | ***Residential REITs (0.0%)†*** |
|  Sun Communities, Inc. (REIT) | 300 |  | 37173 |
|  UDR, Inc. (REIT) | 500 |  | 18340 |
|  UMH Properties, Inc. (REIT) | 1200 |  | 19092 |
|  |  |  | 74605 |
|  ***Retail REITs (0.0%)†*** | ***Retail REITs (0.0%)†*** | ***Retail REITs (0.0%)†*** | ***Retail REITs (0.0%)†*** |
|  Phillips Edison & Co., Inc. (REIT) | 1100 |  | 39127 |
|  Simon Property Group, Inc. (REIT) | 1062 |  | 196587 |
|  Tanger, Inc. (REIT) | 500 |  | 16685 |
|  |  |  | 252399 |
|  ***Specialized REITs (0.1%)*** | ***Specialized REITs (0.1%)*** | ***Specialized REITs (0.1%)*** | ***Specialized REITs (0.1%)*** |
|  American Tower Corp. (REIT) | 6167 |  | 1082740 |
|  Lamar Advertising Co. (REIT), Class A | 1200 |  | 151896 |
|  Outfront Media, Inc. (REIT) | 1800 |  | 43380 |
|  Public Storage (REIT) | 300 |  | 77850 |
|  |  |  | 1355866 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 2113175 |
|  **Utilities (0.1%)** | **Utilities (0.1%)** | **Utilities (0.1%)** | **Utilities (0.1%)** |
|  ***Electric Utilities (0.0%)†*** | ***Electric Utilities (0.0%)†*** | ***Electric Utilities (0.0%)†*** | ***Electric Utilities (0.0%)†*** |
|  MGE Energy, Inc. | 400 |  | 31368 |
|  NRG Energy, Inc. | 2500 |  | 398100 |
|  Oklo, Inc., Class A(x)\* | 300 |  | 21528 |
|  |  |  | 450996 |
|  ***Independent Power and Renewable Electricity<br>Producers (0.1%)*** | ***Independent Power and Renewable Electricity<br>Producers (0.1%)*** | ***Independent Power and Renewable Electricity<br>Producers (0.1%)*** | ***Independent Power and Renewable Electricity<br>Producers (0.1%)*** |
|  Hallador Energy Co.\* | 1200 |  | 22848 |
|  Vistra Corp. | 4500 |  | 725985 |
|  |  |  | 748833 |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** |
|  American States Water Co. | 300 |  | 21744 |
|  Middlesex Water Co. | 400 |  | 20168 |
|  |  |  | 41912 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 1241741 |
|  **Total Common Stocks (72.7%)**<br> *(Cost $610,300,746)* | **Total Common Stocks (72.7%)**<br> *(Cost $610,300,746)* |  | 1365612607 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (7.3%)** | **Equity (7.3%)** | **Equity (7.3%)** | **Equity (7.3%)** |
|  iShares Russell 1000 Growth ETF | 72375 |  | 34255088 |
|  Vanguard Growth ETF | 140266 |  | 68430171 |
|  Vanguard Russell 1000 Growth ETF | 281274 |  | 34245109 |
|  **Total Exchange Traded Funds (7.3%)**<br> *(Cost $72,090,177)* | **Total Exchange Traded Funds (7.3%)**<br> *(Cost $72,090,177)* |  | 136930368 |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: | RIGHTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** |
|  89bio, Inc., CVR (r)\* | 1500 |  | 382 |
|  Akero Therapeutics, Inc., CVR (r)\* | 800 |  | 390 |
|  Metsera, Inc., CVR(r)(x)\* | 500 |  | 1838 |
|  |  |  | 2610 |
|  ***Life Sciences Tools & Services (0.0%)*** | ***Life Sciences Tools & Services (0.0%)*** | ***Life Sciences Tools & Services (0.0%)*** | ***Life Sciences Tools & Services (0.0%)*** |
|  OmniAb, Inc., expiring 11/1/27(r)(x)\* | 690 |  |  |
|  **Total Rights (0.0%)†**<br> *(Cost $2,610)* |  |  | 2610 |

---

See Notes to Financial Statements.

1231

------

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (19.0%)** | **Investment Companies (19.0%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 765014 | $765014 |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92%<br>(7 day yield) | 356831824 | 356974556 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 357739570 |
|  **Total Short-Term Investments (19.0%)**<br> *(Cost $357,699,452)* | **Total Short-Term Investments (19.0%)**<br> *(Cost $357,699,452)* | 357739570 |
|  **Total Investments in Securities (99.0%)**<br> *(Cost $1,040,092,985)* | **Total Investments in Securities (99.0%)**<br> *(Cost $1,040,092,985)* | 1860285155 |
|  **Other Assets Less Liabilities (1.0%)** | **Other Assets Less Liabilities (1.0%)** | 19295622 |
|  **Net Assets (100%)** |  | $1879580777 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $48,118,304.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $1,202,567. This was collateralized by $506,879 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/15/26 – 8/15/55 and by cash of $765,014 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Russell 1000 Growth E-Mini Index | 1469 | 3/2026 | USD | 352831765 | 946374 |
|  Russell 2000 E-Mini Index | 101 | 3/2026 | USD | 12614900 | (215607) |
|  |  |  |  |  | 730767 |

---

See Notes to Financial Statements.

1232

------

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical**<br> **Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $151244944 | $— | $— | $151244944 |
|  Consumer Discretionary | 141850906 |  |  | 141850906 |
|  Consumer Staples | 10160922 |  |  | 10160922 |
|  Energy | 1731794 |  |  | 1731794 |
|  Financials | 109028885 |  |  | 109028885 |
|  Health Care | 136135645 |  |  | 136135645 |
|  Industrials | 73845807 |  |  | 73845807 |
|  Information Technology | 736332764 |  |  | 736332764 |
|  Materials | 1926024 |  |  | 1926024 |
|  Real Estate | 2113175 |  |  | 2113175 |
|  Utilities | 1241741 |  |  | 1241741 |
|  **Exchange Traded Funds** | 136930368 |  |  | 136930368 |
|  **Futures** | 946374 |  |  | 946374 |
|  **Rights** |  |  |  |  |
|  Health Care |  |  | 2610 | 2610 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 357739570 |  |  | 357739570 |
|  **Total Assets** | $**1861228919** | $**—** | $**2610** | $**1861231529** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(215607) | $— | $— | $(215607) |
|  **Total Liabilities** | $**(215607)** | $**—** | $**—** | $**(215607)** |
|  **Total** | $**1861013312** | $**—** | $**2610** | $**1861015922** |

---

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $946374 |
|  **Total** |  | $946374 |
|  | **Liability Derivatives** |  |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | (215607) |
|  **Total** |  | $(215607) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

See Notes to Financial Statements.

1233

------

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $26342568 | $26342568 |
|  **Total** | $26342568 | $26342568 |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $14184625 | $14184625 |
|  **Total** | $14184625 | $14184625 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $342891000 |

---

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $1708991042.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $1867098249.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $819671754 |
|  Aggregate gross unrealized depreciation | (16673858) |
|  Net unrealized appreciation | $802997896 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $1058018026 |

---

For the period ended December 31, 2025, the Portfolio incurred approximately $2,277 as brokerage commissions with Bernstein Institutional Services, LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

1234

------

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $1,040,092,985) | $1860285155.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 24949840.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1375666.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 159446.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1138.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 6911.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1886778156.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 2861196.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1972197.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 892276.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 765014.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 354138.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 198438.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 43656.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 110464.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 7197379.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1879580777.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1070998181.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 808582596.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1879580777.0 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $1,661,148,766 / 22,182,044 shares outstanding (unlimited amount authorized: $0.01 par value) | $74.89 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $205,069,073 / 2,874,359 shares outstanding (unlimited amount authorized: $0.01 par value) | $71.34 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $13,362,938 / 176,895 shares outstanding (unlimited amount authorized: $0.01 par value) | $75.54 |

---

*(x)* *Includes value of securities on loan of $1,202,567.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $30,593 foreign withholding tax) | $20312770.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 943252.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 36079.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 21292101.0 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 10000877.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 3969882.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 2235273.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 476379.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 190500.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 121568.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 101687.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 60195.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 44795.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 17201156.0 |
|  **NET INVESTMENT INCOME (LOSS)** | 4090945.0 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 199931921.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 26342568.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 226274489.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 27939783.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 14184625.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 42124408.0 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 268398897.0 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $272489842.0 |

---

See Notes to Financial Statements.

1235

------

#### EQ ADVISORS TRUST
MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4090945 | $6044315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 226274489 | 293346972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 42124408 | 144856902 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 272489842 | 444248189 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (268442505) | (212897570) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (34334341) | (25838658) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (2142069) | (1607898) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (304918915) | (240344126) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 172,656 and 210,823 shares, respectively ] | 13552362 | 16020980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 3,478,862 and 2,691,577 shares, respectively ] | 268442505 | 212897570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2292712) and (2278008) shares, respectively ] | (181015714) | (174604575) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | 100979153 | 54313975 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 281,259 and 223,513 shares, respectively ] | 21586502 | 16495798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 466,585 and 340,020 shares, respectively ] | 34334341 | 25838658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (435164) and (285206) shares, respectively ] | (33012200) | (21100088) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 22908643 | 21234368 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 20,955 and 12,916 shares, respectively ] | 1507504 | 986449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 27,544 and 20,183 shares, respectively ] | 2142069 | 1607898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (26546) and (53420) shares, respectively ] | (2088433) | (4050131) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 1561140 | (1455784) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 125448936 | 74092559 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 93019863 | 277996622 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1786560914 | 1508564292 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1879580777 | $1786560914 |

---

See Notes to Financial Statements.

1236

------

#### EQ ADVISORS TRUST
MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IA** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $76.22 | $66.81 | $49.50 | $84.48 | $84.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations†:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.18 | 0.28 | 0.23 | (0.10) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 12.26 | 20.52 | 18.69 | (26.58) | 17.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 12.44 | 20.80 | 18.92 | (26.68) | 17.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.18) | (0.32) | (0.23) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (13.59) | (11.07) | (1.38) | (8.30) | (17.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (13.77) | (11.39) | (1.61) | (8.30) | (17.12) |
|  Net asset value, end of year | $74.89 | $76.22 | $66.81 | $49.50 | $84.48 |
|  Total return | 16.32% | 30.85% | 38.30% | (32.15)% | 20.49% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $1661149 | $1587212 | $1349545 | $1067542 | $1698352 |
|  Ratio of expenses to average net assets (f) | 0.96% | 0.97% | 0.98% | 0.97% | 0.95% |
|  Ratio of net investment income (loss) to average net assets (f) | 0.23% | 0.36% | 0.39% | (0.16)% | (0.35)% |
|  Portfolio turnover rate^ | 118% | 103% | 81% | 83 %(h) | 74% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $73.18 | $64.48 | $47.82 | $82.00 | $82.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations†:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.17 | 0.27 | 0.22 | (0.10) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 11.76 | 19.82 | 18.05 | (25.78) | 16.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 11.93 | 20.09 | 18.27 | (25.88) | 16.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.18) | (0.32) | (0.23) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (13.59) | (11.07) | (1.38) | (8.30) | (17.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (13.77) | (11.39) | (1.61) | (8.30) | (17.12) |
|  Net asset value, end of year | $71.34 | $73.18 | $64.48 | $47.82 | $82.00 |
|  Total return | 16.30% | 30.87% | 38.29% | (32.15)% | 20.49% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $205069 | $187454 | $147241 | $108682 | $161968 |
|  Ratio of expenses to average net assets (f) | 0.96% | 0.97% | 0.98% | 0.97% | 0.95% |
|  Ratio of net investment income (loss) to average net assets (f) | 0.23% | 0.36% | 0.39% | (0.15)% | (0.35)% |
|  Portfolio turnover rate^ | 118% | 103% | 81% | 83 %(h) | 74% |

---

See Notes to Financial Statements.

1237

------

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $76.77 | $67.20 | $49.77 | $84.66 | $84.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations†:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.38 | 0.47 | 0.38 | 0.07 | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 12.36 | 20.68 | 18.81 | (26.66) | 17.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 12.74 | 21.15 | 19.19 | (26.59) | 17.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.38) | (0.51) | (0.38) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (13.59) | (11.07) | (1.38) | (8.30) | (17.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (13.97) | (11.58) | (1.76) | (8.30) | (17.12) |
|  Net asset value, end of year | $75.54 | $76.77 | $67.20 | $49.77 | $84.66 |
|  Total return | 16.60% | 31.19% | 38.63% | (31.98)% | 20.79% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $13363 | $11894 | $11778 | $9247 | $13336 |
|  Ratio of expenses to average net assets (f) | 0.71% | 0.72% | 0.73% | 0.72% | 0.70% |
|  Ratio of net investment income (loss) to average net assets (f) | 0.48% | 0.61% | 0.63% | 0.10% | (0.10)% |
|  Portfolio turnover rate^ | 118% | 103% | 81% | 83 %(h) | 74% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*†* *The amount shown for a share outstanding throughout the period may not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(h)* *The portfolio turnover rate calculation includes purchases and sales made as a result of the replacement of the sub-adviser.* 

See Notes to Financial Statements.

1238

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: |  |  |
|  **Asset-Backed Securities (9.7%)** |  |  |
|  37 Capital CLO II, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A1R<br> 5.195%, 7/15/34 (l)§ | $600000 | $600523 |
|  AASET Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A A<br> 5.522%, 2/16/50§ | 240929 | 242522 |
|  AASET Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A A<br> 3.351%, 1/16/40§ | 160238 | 159116 |
|  ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE1 A2C<br> 4.186%, 1/25/37 (l) | 1061715 | 649985 |
|  ACRES LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL3 A<br> 5.353%, 8/18/40 (l)§ | 270000 | 270338 |
|  Affirm Asset Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-X2 A<br> 4.450%, 10/15/30§ | 189382 | 189594 |
|  Aligned Data Centers Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A B<br> 2.482%, 8/15/46§ | 500000 | 491272 |
|  American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-2 AA<br> 3.600%, 9/22/27 | 54991 | 54097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 A<br> 3.500%, 2/15/32 | 350784 | 320919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A<br> 2.875%, 7/11/34 | 671304 | 611211 |
|  American Credit Acceptance Receivables Trust, | American Credit Acceptance Receivables Trust, | American Credit Acceptance Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4 C<br> 4.910%, 8/12/31§ | 350000 | 351876 |
|  AMMC CLO 27 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-27A A1R<br> 4.964%, 1/20/37 (l)§ | 250000 | 249097 |
|  AMSR Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR1 B<br> 4.290%, 7/17/41 (e)§ | 1145000 | 1134420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR1 C<br> 4.290%, 7/17/41 (e)§ | 1026000 | 1005774 |
|  Arbor Realty Commercial Real Estate Notes LLC, | Arbor Realty Commercial Real Estate Notes LLC, | Arbor Realty Commercial Real Estate Notes LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL1 A<br> 5.088%, 1/20/43 (l)§ | 410000 | 409502 |
|  Arbor Realty Commercial Real Estate Notes Ltd., | Arbor Realty Commercial Real Estate Notes Ltd., | Arbor Realty Commercial Real Estate Notes Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL4 A<br> 5.215%, 11/15/36 (l)§ | 105025 | 105026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL1 A<br> 5.434%, 1/15/37 (l)§ | 96947 | 96947 |
|  Arbour CLO VI DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 6A AR<br> 3.214%, 11/15/37 (l)§ | 600000 | 706131 |
|  Ares Loan Funding III Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ALF3A A1R<br> 5.128%, 7/25/36 (l)§ | $615000 | 615526 |
|  Ares LX CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-60A AR<br> 5.064%, 7/18/34 (l)§ | 250000 | 250024 |
|  Ares XLIV CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-44A CRR<br> 6.655%, 4/15/34 (l)§ | 250000 | 250673 |
|  Atlas Senior Loan Fund XV Ltd., | Atlas Senior Loan Fund XV Ltd., | Atlas Senior Loan Fund XV Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-15A A1R<br> 5.080%, 10/23/32 (l)§ | 398398 | 398727 |
|  Atlas Senior Loan Fund XVIII Ltd., | Atlas Senior Loan Fund XVIII Ltd., | Atlas Senior Loan Fund XVIII Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-18A A1R<br> 4.994%, 1/18/35 (l)§ | 500000 | 499383 |
|  Bain Capital Credit CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A ARR<br> 5.124%, 7/19/34 (l)§ | 600000 | 600523 |
|  BBAM US CLO I Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A AR<br> 5.105%, 3/30/38 (l)§ | 250000 | 249271 |
|  Bbam US CLO V Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5A A1<br> 5.356%, 7/25/38 (l)§ | 250000 | 250527 |
|  BDS LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FL13 A<br> 5.307%, 9/19/39 (l)§ | 250000 | 250625 |
|  Birch Grove CLO 7 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-7A A1R<br> 5.144%, 10/20/38 (l)§ | 250000 | 250141 |
|  Birch Grove CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 19A A1RR<br> 5.472%, 7/17/37 (l)§ | 600000 | 602100 |
|  Blackbird Capital II Aircraft Lease Ltd., | Blackbird Capital II Aircraft Lease Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A B<br> 3.446%, 7/15/46§ | 477620 | 459030 |
|  BlueMountain CLO XXII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-22A A1<br> 5.246%, 7/15/31 (l)§ | 61828 | 61855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-22A B<br> 5.666%, 7/15/31 (l)§ | 250000 | 250369 |
|  BNPP AM Euro CLO DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A AR<br> 2.626%, 4/15/31 (l)§ | 245459 | 286679 |
|  Bridge Street CLO I Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A A1R<br> 5.434%, 7/20/37 (l)§ | $1000000 | 1002623 |
|  Bridge Street CLO IV Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A<br> 5.484%, 4/20/37 (l)§ | 500000 | 500918 |
|  Bryant Park Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A A1<br> 5.305%, 10/15/37 (l)§ | 250000 | 250308 |
|  BSPRT Issuer Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL8 A<br> 5.484%, 2/15/37 (l)§ | 40721 | 40655 |
|  BXMT Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL5 A<br> 5.373%, 10/18/42 (l)§ | 100000 | 100007 |
|  Canyon Capital CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A B1<br> 5.916%, 4/15/34 (l)§ | 250000 | 250181 |
|  Carlyle US CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A AR2<br> 5.374%, 7/20/37 (l)§ | 500000 | 501277 |
|  CarVal CLO IX-C Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A B<br> 5.984%, 4/20/37 (l)§ | 1000000 | 1002053 |
|  CIFC Funding 2019-V Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-5A BR2<br> 5.739%, 10/15/38 (l)§ | 250000 | 251152 |

---

See Notes to Financial Statements.

1239

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  CIFC Funding 2021-IV Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A AR<br> 5.220%, 7/23/37 (l)§ | $250000 | $250697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A BR<br> 5.510%, 7/23/37 (l)§ | 250000 | 250713 |
|  Consolidated Communications LLC, | Consolidated Communications LLC, | Consolidated Communications LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4A B<br> 5.766%, 12/20/55§ | 199000 | 200154 |
|  CSAB Mortgage-Backed Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 1A1A<br> 5.898%, 5/25/37 (l) | 4568632 | 1011120 |
|  CVC Cordatus Loan Fund XXI DAC, | CVC Cordatus Loan Fund XXI DAC, | CVC Cordatus Loan Fund XXI DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21A A1E<br> 2.995%, 9/22/34 (l)§ | 500000 | 587143 |
|  DataBank Issuer, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A2<br> 2.060%, 2/27/51§ | $900000 | 896110 |
|  DB Master Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2I<br> 4.891%, 8/20/55§ | 81000 | 81199 |
|  Delta Air Lines Pass-Through Trust, | Delta Air Lines Pass-Through Trust, | Delta Air Lines Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 AA<br> 2.000%, 6/10/28 | 33557 | 32247 |
|  Diameter Capital CLO 13 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-13A A1<br> 4.964%, 1/20/39 (l)§ | 290000 | 290000 |
|  Domino's Pizza Master Issuer LLC, | Domino's Pizza Master Issuer LLC, | Domino's Pizza Master Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A A2<br> 3.668%, 10/25/49§ | 480000 | 463271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2II<br> 5.217%, 7/25/55§ | 225000 | 227717 |
|  Dryden 113 CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-113A AR3<br> 4.995%, 10/15/37 (l)§ | 250000 | 250195 |
|  Dryden 41 Senior Loan Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-41A AR<br> 5.136%, 4/15/31 (l)§ | 20260 | 20260 |
|  Dryden 76 CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-76A A1R2<br> 5.275%, 10/15/37 (l)§ | 380000 | 381021 |
|  Empower CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A1R<br> 5.274%, 10/20/37 (l)§ | 500000 | 501230 |
|  Flatiron CLO 25 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A<br> 5.232%, 10/17/37 (l)§ | 250000 | 250425 |
|  Foundation Finance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A<br> 4.950%, 4/15/50§ | 88125 | 89114 |
|  FS Rialto, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL2 A<br> 5.069%, 5/16/38 (l)§ | 110730 | 110754 |
|  Galaxy XXII CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-22A ARRR<br> 5.134%, 4/16/34 (l)§ | 250000 | 250003 |
|  Golub Capital Partners CLO 44M Ltd., | Golub Capital Partners CLO 44M Ltd., | Golub Capital Partners CLO 44M Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-44A A1R<br> 5.440%, 10/21/38 (l)§ | 250000 | 250489 |
|  Golub Capital Partners CLO 53B Ltd., | Golub Capital Partners CLO 53B Ltd., | Golub Capital Partners CLO 53B Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-53A AR<br> 4.864%, 7/20/34 (l)§ | 250000 | 249751 |
|  GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3CS A<br> 2.100%, 5/20/48§ | 494853 | 403939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5CS B<br> 2.560%, 10/20/48§ | 330027 | 193226 |
|  GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2<br> 5.120%, 3/25/60§ | 158742 | 159496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A A3<br> 4.520%, 12/27/60§ | 350000 | 350287 |
|  Greystone Commercial Real Estate Notes Ltd., | Greystone Commercial Real Estate Notes Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL3 A<br> 4.885%, 7/15/39 (l)§ | 19742 | 19730 |
|  Greywolf CLO III Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3RA A1R2<br> 5.087%, 4/22/33 (l)§ | 522792 | 523095 |
|  GSAA Home Equity Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5 2A1<br> 3.986%, 3/25/36 (l) | 9612 | 3027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-10 A2A<br> 6.500%, 11/25/37 | 2021246 | 760239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-8 A2<br> 4.546%, 8/25/37 (l) | 9612 | 9553 |
|  GT Loan Financing I Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A AR2<br> 5.077%, 4/28/39 (l)§ | 250000 | 250050 |
|  Harvest CLO XXV DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 25A AR<br> 2.960%, 10/21/34 (l)§ | 500000 | 586163 |
|  Hertz Vehicle Financing III LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A C<br> 2.520%, 12/27/27§ | $375000 | 368056 |
|  Home Partners of America Trust, | Home Partners of America Trust, | Home Partners of America Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 D<br> 2.477%, 9/17/41§ | 542639 | 498279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 F<br> 3.325%, 9/17/41§ | 462672 | 427311 |
|  Horizon Aircraft Finance IV Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A<br> 5.375%, 9/15/49§ | 328125 | 331637 |
|  HSI Asset Securitization Corp. Trust, | HSI Asset Securitization Corp. Trust, | HSI Asset Securitization Corp. Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE1 1A1<br> 4.126%, 10/25/36 (l) | 6859021 | 1933622 |
|  Huntington Bank Auto Credit-Linked Notes, | Huntington Bank Auto Credit-Linked Notes, | Huntington Bank Auto Credit-Linked Notes, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 B2<br> 5.118%, 9/20/33 (l)§ | 198215 | 198556 |
|  Hyundai Auto Lease Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A3<br> 5.020%, 3/15/27§ | 294234 | 294905 |
|  ICG US CLO I Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A AR<br> 5.264%, 7/18/38 (l)§ | 500000 | 501633 |
|  Invesco Euro CLO VI DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 6A D<br> 5.059%, 7/15/34 (l)§ | 250000 | 285133 |
|  Jamestown CLO XVIII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-18A A1R<br> 5.128%, 7/25/35 (l)§ | $600000 | 599094 |
|  JP Morgan Mortgage Acquisition Trust, | JP Morgan Mortgage Acquisition Trust, | JP Morgan Mortgage Acquisition Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-RM1 A5<br> 4.326%, 8/25/36 (l) | 3849968 | 1740968 |

---

See Notes to Financial Statements.

1240

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  KREF Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL2 A<br> 4.920%, 2/15/39 (l)§ | $111863 | $111598 |
|  Labrador Aviation Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A A1<br> 4.300%, 1/15/42§ | 654645 | 655510 |
|  LCM 31 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 31A AR<br> 5.164%, 7/20/34 (l)§ | 600000 | 600169 |
|  Lendmark Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A<br> 1.900%, 11/20/31§ | 700000 | 681758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A A<br> 4.510%, 5/21/35§ | 199000 | 198878 |
|  LMRE 2025 SFR1 Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR1 A<br> 4.500%, 12/17/42§ | 100000 | 98002 |
|  Lmrk Issuer Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A<br> 5.520%, 9/15/55§ | 400000 | 403599 |
|  LoanCore Issuer Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CRE7 A<br> 5.493%, 1/17/37 (l)§ | 28909 | 28873 |
|  Long Beach Mortgage Loan Trust, | Long Beach Mortgage Loan Trust, | Long Beach Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-9 2A2<br> 4.066%, 10/25/36 (l) | 2475045 | 763408 |
|  Madison Park Funding LXXI Ltd., | Madison Park Funding LXXI Ltd., | Madison Park Funding LXXI Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-71A A1<br> 5.000%, 4/23/38 (l)§ | 350000 | 349743 |
|  Madison Park Funding XLVI Ltd., | Madison Park Funding XLVI Ltd., | Madison Park Funding XLVI Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-46A ARR<br> 4.905%, 10/15/34 (l)§ | 600000 | 599291 |
|  Madison Park Funding XXXV Ltd., | Madison Park Funding XXXV Ltd., | Madison Park Funding XXXV Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-35A CR<br> 6.046%, 4/20/32 (l)§ | 250000 | 250568 |
|  Magnetite XL Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-40A A1<br> 5.355%, 7/15/37 (l)§ | 500000 | 501171 |
|  Marble Point CLO XVII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A AR<br> 5.324%, 7/20/37 (l)§ | 500000 | 500137 |
|  Mariner Finance Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA A<br> 1.860%, 3/20/36§ | 700000 | 689142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AA A<br> 5.130%, 9/22/36§ | 100000 | 101375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BA A<br> 4.910%, 11/20/38§ | 250000 | 253368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BA A<br> 4.590%, 11/22/38§ | 198000 | 198597 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE4 A1<br> 4.166%, 7/25/37 (l) | 2375253 | 1365892 |
|  MF1 LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL9 A<br> 5.881%, 6/19/37 (l)§ | 82734 | 82760 |
|  MF1 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL7 A<br> 4.929%, 10/16/36 (l)§ | 49147 | 49117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL8 A<br> 5.081%, 2/19/37 (l)§ | 58438 | 58422 |
|  MF1 Multifamily Housing Mortgage Loan Trust, | MF1 Multifamily Housing Mortgage Loan Trust, | MF1 Multifamily Housing Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FL15 A<br> 5.422%, 8/18/41 (l)§ | $250000 | $250468 |
|  Milford Park CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A AR<br> 5.044%, 1/20/38 (l)§ | 380000 | 379427 |
|  Morgan Stanley IXIS Real Estate Capital Trust, | Morgan Stanley IXIS Real Estate Capital Trust, | Morgan Stanley IXIS Real Estate Capital Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1 A3<br> 4.146%, 7/25/36 (l) | 3212887 | 1204801 |
|  Mosaic Solar Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A<br> 2.640%, 1/20/53§ | 443297 | 378189 |
|  Navesink CLO 2 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A1<br> 5.175%, 4/15/36 (l)§ | 500000 | 500000 |
|  Navient Private Education Loan Trust, | Navient Private Education Loan Trust, | Navient Private Education Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-BA A3<br> 5.315%, 7/16/40 (l)§ | 174333 | 174517 |
|  Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-DA A2A<br> 4.000%, 12/15/59§ | 18313 | 18215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CA A2<br> 3.130%, 2/15/68§ | 21437 | 21186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FA A2<br> 2.600%, 8/15/68§ | 55903 | 54155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A<br> 5.660%, 10/15/72§ | 67830 | 69517 |
|  Navient Refinance Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B A<br> 4.720%, 9/15/55§ | 94394 | 94659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C A<br> 4.800%, 10/15/55§ | 96958 | 96976 |
|  Nelnet Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AA A1B<br> 5.084%, 3/15/57 (l)§ | 90271 | 89933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BA A1B<br> 5.334%, 5/17/55 (l)§ | 140357 | 141288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CA A1B<br> 5.268%, 6/22/65 (l)§ | 140481 | 141272 |
|  Neuberger Berman Loan Advisers CLO 36R Ltd., | Neuberger Berman Loan Advisers CLO 36R Ltd., | Neuberger Berman Loan Advisers CLO 36R Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-36RA A<br> 5.552%, 7/20/39 (l)§ | 250000 | 250236 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust, | Nomura Home Equity Loan, Inc. Home Equity Loan Trust, | Nomura Home Equity Loan, Inc. Home Equity Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 2A1A<br> 4.166%, 2/25/37 (l) | 867709 | 791530 |
|  OCP CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-13A AR2<br> 5.210%, 11/26/37 (l)§ | 500000 | 501220 |
|  Octagon Investment Partners 18-R Ltd., | Octagon Investment Partners 18-R Ltd., | Octagon Investment Partners 18-R Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A A1A<br> 5.115%, 4/16/31 (l)§ | 16776 | 16776 |
|  OHA Loan Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A A1R2<br> 5.344%, 7/20/37 (l)§ | 250000 | 250796 |
|  OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A A<br> 1.750%, 9/14/35§ | 126652 | 124709 |
|  Orion CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A1R<br> 5.129%, 10/25/38 (l)§ | 250000 | 250244 |

---

See Notes to Financial Statements.

1241

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Owl Rock CLO III Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3A AR<br> 5.734%, 4/20/36 (l)§ | $250000 | $250566 |
|  Palmer Square CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A A1R<br> 5.195%, 10/15/38 (l)§ | 250000 | 250567 |
|  Palmer Square Loan Funding Ltd., | Palmer Square Loan Funding Ltd., | Palmer Square Loan Funding Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A A1<br> 4.660%, 1/15/34 (l)§ | 250000 | 249815 |
|  Park Blue CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-9A A1<br> 5.431%, 10/20/38 (l)§ | 510000 | 510590 |
|  Planet Fitness Master Issuer LLC, | Planet Fitness Master Issuer LLC, | Planet Fitness Master Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2II<br> 5.649%, 12/6/55§ | 293000 | 293540 |
|  Pret LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NPL6 A1<br> 5.926%, 10/25/54 (e)§ | 654121 | 654484 |
|  Progress Residential Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR5 F<br> 3.158%, 7/17/38§ | 2000000 | 1975850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR4 A<br> 4.300%, 8/17/42§ | 1000000 | 990133 |
|  Providus CLO II DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2A ARR<br> 3.169%, 10/15/38 (l)§ | 500000 | 588154 |
|  QTS Issuer ABS II LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2<br> 5.044%, 10/5/55§ | $74000 | 73625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A B<br> 5.778%, 10/5/55§ | 500000 | 494835 |
|  RASC Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-EMX1 A13<br> 4.246%, 1/25/37 (l) | 226208 | 253601 |
|  Ready Capital Mortgage Financing LLC, | Ready Capital Mortgage Financing LLC, | Ready Capital Mortgage Financing LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL7 A<br> 5.046%, 11/25/36 (l)§ | 76488 | 76470 |
|  Regatta VI Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A A1R3<br> 5.206%, 10/20/38 (l)§ | 250000 | 250025 |
|  Regatta XI Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A BR<br> 5.632%, 7/17/37 (l)§ | 360000 | 360978 |
|  Regatta XVIII Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A1R<br> 5.065%, 4/15/38 (l)§ | 175526 | 175190 |
|  Regional Management Issuance Trust, | Regional Management Issuance Trust, | Regional Management Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1 A<br> 3.070%, 3/15/32§ | 33404 | 33361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 A<br> 4.590%, 11/16/37§ | 197000 | 197203 |
|  Republic Finance Issuance Trust, | Republic Finance Issuance Trust, | Republic Finance Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A A<br> 4.590%, 11/20/34§ | 196000 | 195812 |
|  Retained Vantage Data Centers Issuer LLC, | Retained Vantage Data Centers Issuer LLC, | Retained Vantage Data Centers Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2A<br> 5.091%, 8/15/50§ | 73000 | 72388 |
|  Sagard-Halseypoint CLO 10 Ltd., | Sagard-Halseypoint CLO 10 Ltd., | Sagard-Halseypoint CLO 10 Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-10A A1<br> 5.230%, 10/20/38 (l)§ | 250000 | 250302 |
|  Scalelogix Abs Us Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A B<br> 6.158%, 7/25/55§ | 400000 | 401884 |
|  Scholar Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-A A<br> 4.630%, 1/30/45 (l)§ | 63097 | 62259 |
|  Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FR4 A2B<br> 4.186%, 8/25/36 (l) | 2108309 | 660776 |
|  Signal Peak CLO 14 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-14A A<br> 5.157%, 1/22/38 (l)§ | 250000 | 250427 |
|  Silver Point CLO 5 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5A A1<br> 5.284%, 10/20/37 (l)§ | 250000 | 250469 |
|  Silver Point CLO 7 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-7A A1<br> 5.265%, 1/15/38 (l)§ | 250000 | 250561 |
|  Sixth Street CLO XIV Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A A1R2<br> 5.020%, 1/20/38 (l)§ | 720000 | 718571 |
|  SLM Private Education Loan Trust, | SLM Private Education Loan Trust, | SLM Private Education Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-C A5<br> 8.615%, 10/15/41 (l)§ | 129544 | 135459 |
|  SMB Private Education Loan Trust, | SMB Private Education Loan Trust, | SMB Private Education Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-B B<br> 3.500%, 12/17/40§ | 8987 | 8981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-PTA A2A<br> 1.600%, 9/15/54§ | 76260 | 72205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A C<br> 2.990%, 1/15/53§ | 135805 | 120379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A D1<br> 3.860%, 1/15/53§ | 33876 | 31099 |
|  SoFi Consumer Loan Program Trust, | SoFi Consumer Loan Program Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 C<br> 5.420%, 2/27/34§ | 375000 | 380409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3 A<br> 4.470%, 8/15/34§ | 170851 | 171368 |
|  Sound Point CLO XXI Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A A1AR<br> 5.158%, 10/26/31 (l)§ | 189554 | 189568 |
|  Sounds Point CLO IV-R Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-3RA A<br> 5.296%, 4/18/31 (l)§ | 154837 | 154978 |
|  Soundview Home Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1 2A1<br> 5.907%, 2/25/37 (l) | 4226912 | 802350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OPT5 2A2<br> 4.796%, 10/25/37 (l) | 2669439 | 2080468 |
|  STAR Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1 G<br> 7.050%, 4/17/38 (l)§ | 2000000 | 1996401 |
|  Stellantis Financial Underwritten Enhanced Lease Trust, | Stellantis Financial Underwritten Enhanced Lease Trust, | Stellantis Financial Underwritten Enhanced Lease Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CA B<br> 4.250%, 12/20/29§ | 125000 | 125088 |
|  STWD Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL2 A<br> 5.049%, 4/18/38 (l)§ | 150832 | 150840 |
|  Subway Funding LLC, |  |  |

---

See Notes to Financial Statements.

1242

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A2II<br> 6.268%, 7/30/54§ | $| 61380 | $| 62701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A A23<br> 5.914%, 7/30/54§ |  | 198000 |  | 197173 |
|  Summit Issuer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2<br> 5.208%, 11/20/55§ |  | 64000 |  | 64303 |
|  Sunrun Demeter Issuer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A A<br> 2.270%, 1/30/57§ |  | 553572 |  | 505955 |
|  Symphony CLO 38 Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-38A BR<br> 5.815%, 7/24/38 (l)§ |  | 250000 |  | 251369 |
|  Symphony CLO XV Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-15A AR3<br> 5.223%, 1/17/32 (l)§ |  | 82546 |  | 82569 |
|  Taco Bell Funding LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A23<br> 2.542%, 8/25/51§ |  | 491250 |  | 431630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2I<br> 4.821%, 8/25/55§ |  | 73000 |  | 72558 |
|  TIAA CLO IV Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A A1AR<br> 5.010%, 1/20/32 (l)§ |  | 186749 |  | 186775 |
|  TIF Funding II LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A<br> 1.650%, 2/20/46§ |  | 391354 |  | 357353 |
|  T-Mobile US Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A<br> 5.050%, 9/20/29§ |  | 400000 |  | 402457 |
|  Trestles CLO IV Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A AR1<br> 5.071%, 10/30/38 (l)§ |  | 500000 |  | 500346 |
|  Trestles CLO VI Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-6A A1R<br> 5.038%, 4/25/38 (l)§ |  | 250000 |  | 249393 |
|  Tricon Residential Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1 E1<br> 2.794%, 7/17/38§ |  | 1300000 |  | 1283810 |
|  Trinitas CLO XXX Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-30A A1<br> 5.230%, 10/23/37 (l)§ |  | 400000 |  | 400988 |
|  TRTX Issuer Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL5 A<br> 5.386%, 2/15/39 (l)§ |  | 171755 |  | 171683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL6 A<br> 5.271%, 9/18/42 (l)§ |  | 190000 |  | 190416 |
|  Turkish Airlines Pass-Through Trust, | Turkish Airlines Pass-Through Trust, | Turkish Airlines Pass-Through Trust, | Turkish Airlines Pass-Through Trust, | Turkish Airlines Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1 A<br> 4.200%, 3/15/27§ |  | 186133 |  | 182025 |
|  Union Pacific Railroad Co. Pass-Through Trust, | Union Pacific Railroad Co. Pass-Through Trust, | Union Pacific Railroad Co. Pass-Through Trust, | Union Pacific Railroad Co. Pass-Through Trust, | Union Pacific Railroad Co. Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1<br> 3.227%, 5/14/26 |  | 54079 |  | 53895 |
|  United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 AA<br> 4.150%, 8/25/31 |  | 317230 |  | 311122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2 AA<br> 2.700%, 5/1/32 |  | 146273 |  | 133992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A<br> 5.875%, 10/15/27 |  | 319655 |  | 326873 |
|  United States Small Business Administration, | United States Small Business Administration, | United States Small Business Administration, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-20G 1<br> 5.870%, 7/1/28 |  | 16900 |  | 17061 |
|  Upstart Securitization Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A<br> 5.330%, 11/20/34§ |  | 112225 |  | 112266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 B<br> 5.620%, 6/20/35§ |  | 350000 |  | 352446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3 B<br> 5.020%, 9/20/35§ |  | 350000 |  | 349109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4 A2<br> 4.560%, 11/20/35§ |  | 350000 |  | 350581 |
|  UPX HIL Issuer Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 A<br> 5.160%, 1/25/47§ |  | 170139 |  | 171626 |
|  USQ Rail III LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A<br> 4.990%, 9/28/54§ |  | 289815 |  | 290085 |
|  Valley Stream Park CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A ARR<br>5.074%, 1/20/37 (l)§ |  | 250000 |  | 249915 |
|  VCAT LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL1 A1<br>5.877%, 1/25/55 (e)§ |  | 516670 |  | 523001 |
|  Verdelite Static CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A<br>5.014%, 7/20/32 (l)§ |  | 417122 |  | 416742 |
|  Vibrant CLO XR Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-10RA A1<br>5.584%, 4/20/36 (l)§ |  | 500000 |  | 501432 |
|  VOLT C LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL9 A1<br>5.992%, 5/25/51 (e)§ |  | 133493 |  | 133497 |
|  Voya CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-3A A3R4<br>5.334%, 10/20/31 (l)§ |  | 250000 |  | 250226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A1R<br>4.958%, 1/20/39 (l)§ |  | 500000 |  | 500328 |
|  Warwick Capital CLO 4 Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4A A1<br>5.284%, 7/20/37 (l)§ |  | 500000 |  | 501522 |
|  Wellington Management CLO 4 Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4A A<br>5.034%, 4/18/38 (l)§ |  | 350000 |  | 348935 |
|  Whitebox CLO II Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A A1R2<br>5.245%, 10/24/37 (l)§ |  | 520000 |  | 521178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A BR2<br>5.615%, 10/24/37 (l)§ |  | 310000 |  | 310634 |
|  Wireless PropCo Funding LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A B<br>4.300%, 6/25/55§ |  | 209000 |  | 200408 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  | 77978488 |
|  **Collateralized Mortgage Obligations (10.7%)** | **Collateralized Mortgage Obligations (10.7%)** | **Collateralized Mortgage Obligations (10.7%)** | **Collateralized Mortgage Obligations (10.7%)** | **Collateralized Mortgage Obligations (10.7%)** |
|  Alternative Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-J14 A3<br>5.500%, 12/25/35 |  | 1949863 |  | 1147451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA22 A1<br>4.166%, 2/25/47 (l) |  | 19759 |  | 18582 |

---

See Notes to Financial Statements.

1243

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA6 1A2<br>4.266%, 7/25/46 (l) | $13119 | $12114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OH1 A1D<br>4.056%, 4/25/47 (l) | 19899 | 17794 |
|  American Home Mortgage Investment Trust, | American Home Mortgage Investment Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3 11A1<br>4.206%, 12/25/46 (l) | 414592 | 355658 |
|  Angel Oak Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 A1<br>5.637%, 2/25/70 (e)§ | 198033 | 199862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-8 A1<br>5.410%, 7/25/70 (e)§ | 81418 | 82049 |
|  Barclays Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM1 A1<br>4.550%, 7/25/52 (e)§ | 108517 | 108063 |
|  Bear Stearns ALT-A Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4 31A1<br>4.544%, 7/25/36 (l) | 822915 | 468093 |
|  Bear Stearns ARM Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-8 11A2<br>6.232%, 11/25/34 (l) | 60923 | 57982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-1 2A1<br>4.783%, 3/25/35 (l) | 66973 | 61476 |
|  BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2 A1<br>5.678%, 11/25/64 (e)§ | 234181 | 236467 |
|  Chase Home Lending Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL2 A1<br>3.250%, 3/25/63 (l)§ | 423787 | 383606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-7 A11<br>5.174%, 6/25/55 (l)§ | 337228 | 338186 |
|  Chase Mortgage Finance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-S3 1A12<br>6.000%, 5/25/37 | 1529884 | 622863 |
|  CHL Mortgage Pass-Through Trust, | CHL Mortgage Pass-Through Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-17 1A6<br>5.500%, 9/25/35 | 201706 | 200867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-24 A1<br>5.500%, 11/25/35 | 264866 | 131690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-9 A10<br>6.000%, 5/25/36 | 2617826 | 1161478 |
|  CIM Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-I1 A1<br>5.655%, 10/25/69 (e)§ | 151584 | 153356 |
|  Citigroup Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A11<br>5.224%, 7/25/54 (l)§ | 298816 | 300220 |
|  COLT Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5 A1<br>1.726%, 11/26/66 (l)§ | 51087 | 46508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-7 A1<br>5.470%, 6/25/70 (e)§ | 155155 | 156705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-8 A1<br>5.480%, 8/25/70 (e)§ | 383472 | 386862 |
|  Cross Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H1 A1<br>5.735%, 2/25/70 (l)§ | 239440 | 241804 |
|  Deutsche Alt-A Securities Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR3 2A5<br>4.246%, 6/25/37 (l) | 431591 | 386680 |
|  Ellington Financial Mortgage Trust, | Ellington Financial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV1 A1<br>5.626%, 3/25/70 (e)§ | 266009 | 268632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV2 A1<br>5.387%, 5/26/70 (e)§ | 318604 | 321048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV3 A1<br>5.444%, 7/25/70 (e)§ | 162854 | 164295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM3 A1<br>5.494%, 8/25/70 (e)§ | 184847 | 186397 |
|  Eurohome UK Mortgages plc, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A<br>3.999%, 6/15/44 (l)(m) | 24567 | 33044 |
|  EuroMASTR plc, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1V A2<br>4.049%, 6/15/40 (l)(m) | 86235 | 113645 |
|  Eurosail-UK plc, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4X A3<br>4.799%, 6/13/45 (l)(m) | 121480 | 163459 |
|  FHLMC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2708 ZD<br>5.500%, 11/15/33 | $386734 | 404168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 375 C1<br>2.500%, 1/25/51 IO | 4385358 | 669510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4438 B<br>3.000%, 10/15/43 | 84896 | 83265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4790 F<br>4.288%, 10/15/43 (l) | 182920 | 179175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4989 FA<br>4.673%, 8/15/40 (l) | 119245 | 117276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4989 FB<br>4.673%, 10/15/40 (l) | 81612 | 80221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5004 LS<br>2.161%, 7/25/50 IO (l) | 2648970 | 320549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5025 GB<br>1.500%, 10/25/50 | 6499000 | 4298943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5028 TZ<br>2.000%, 10/25/50 | 6731940 | 3846506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5140 WZ<br>2.500%, 9/25/51 | 6064181 | 3897790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5468 QF<br>5.174%, 5/25/54 (l) | 529940 | 531538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5468 WF<br>4.974%, 11/25/54 (l) | 83766 | 83942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5471 FM<br>5.274%, 11/25/54 (l) | 539396 | 543574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5478 FD<br>5.274%, 2/25/54 (l) | 48847 | 49226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5482 FB<br>5.374%, 12/25/54 (l) | 83087 | 83907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5500 DF<br>5.224%, 10/25/54 (l) | 60029 | 60471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5502 EF<br>5.274%, 2/25/55 (l) | 52329 | 52769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5503 FB<br>5.224%, 2/25/55 (l) | 71240 | 71785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5508 FE<br>5.474%, 2/25/55 (l) | 70589 | 71344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5508 FG<br>5.274%, 2/25/55 (l) | 1758499 | 1771881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5543 FH<br>5.374%, 6/25/55 (l) | 70459 | 71170 |

---

See Notes to Financial Statements.

1244

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5563 FA<br>5.224%, 8/25/55 (l) | $141952 | $143091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5574 FB<br>5.224%, 9/25/55 (l) | 57102 | 57554 |
|  First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FA3 A8<br>6.000%, 6/25/37 | 639351 | 190219 |
|  FNMA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-86 NF<br>4.539%, 9/25/41 (l) | 51116 | 50937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-11 A<br>3.000%, 5/25/34 | 135039 | 133530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-77 S<br>0.276%, 11/25/50 IO (l) | 6313470 | 284013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-67 IG<br>3.000%, 10/25/51 IO | 1565310 | 255624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-95 LZ<br>3.000%, 1/25/52 | 5630957 | 3930731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-35 FC<br>4.974%, 8/25/53 (l) | 95416 | 95683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-68 FB<br>4.924%, 1/25/54 (l) | 100862 | 101118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-32<br>2.500%, 4/25/51 IO | 2980161 | 448624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-63 FH<br>4.974%, 9/25/54 (l) | 71913 | 72115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-88 FC<br>5.274%, 12/25/54 (l) | 55929 | 56351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-96 FA<br>5.274%, 12/25/54 (l) | 106276 | 107106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 FX<br>5.224%, 2/25/55 (l) | 71529 | 72042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-13 FB<br>5.174%, 3/25/55 (l) | 80666 | 81173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 FG<br>5.324%, 2/25/55 (l) | 133366 | 134583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-35 FJ<br>5.474%, 5/25/55 (l) | 182757 | 184777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-63 DF<br>5.274%, 8/25/55 (l) | 40776 | 41152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-9 FG<br>5.224%, 3/25/55 (l) | 39555 | 39833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 426 C57<br>3.000%, 3/25/52 IO | 3510226 | 594772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 427 C28<br>2.500%, 10/25/50 IO | 6118457 | 989999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 437 C8<br>2.500%, 6/25/52 IO | 3967699 | 615959 |
|  GCAT Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-NQM3 M1<br>3.450%, 11/25/59 (l)§ | 500000 | 471743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-INV2 A5<br>3.000%, 4/25/52 (l)§ | 472547 | 414734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM4 A1<br>5.529%, 6/25/70 (e)§ | 371177 | 374547 |
|  GNMA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-74 LF<br>4.248%, 6/20/42 (l) | 431197 | 425462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-116 LS<br>2.302%, 8/20/43 IO (l) | 623880 | 69053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-26 MS<br>2.402%, 2/20/43 IO (l) | 596105 | 67411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-20 TS<br>2.252%, 2/20/44 IO (l) | 571140 | 60437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H15 FC<br>4.694%, 6/20/65 (l) | 85468 | 85520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H16 FM<br>4.714%, 7/20/65 (l) | 91998 | 92079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H18 FB<br>4.714%, 7/20/65 (l) | 47433 | 47471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H19 FK<br>4.714%, 8/20/65 (l) | 111246 | 111313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H20 FB<br>4.714%, 8/20/65 (l) | 62215 | 62273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H20 FC<br>4.734%, 8/20/65 (l) | 282815 | 283140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H22 FC<br>4.714%, 9/20/65 (l) | 151056 | 151195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H29 FA<br>4.814%, 10/20/65 (l) | 130 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H11 F<br>4.914%, 5/20/66 (l) | 72523 | 72795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H14 FA<br>4.914%, 6/20/66 (l) | 56969 | 57172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H15 FA<br>4.914%, 7/20/66 (l) | 55601 | 55810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H23 F<br>4.864%, 10/20/66 (l) | 56724 | 56892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-129 IW<br>2.500%, 9/20/50 IO | 4362426 | 650409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-173 MI<br>2.500%, 11/20/50 IO | 4384248 | 627025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-185 MI<br>2.500%, 12/20/50 IO | 4488300 | 659514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16 KI<br>2.500%, 1/20/51 IO | 3982159 | 588393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-160 TI<br>3.000%, 9/20/51 IO | 4227854 | 719979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-165 ID<br>3.000%, 9/20/51 IO | 2526110 | 412709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-223 EZ<br>3.000%, 12/20/51 | 5097065 | 3859267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-30 KI<br>3.000%, 2/20/51 IO | 3595744 | 584812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-57 IA<br>2.500%, 12/20/50 IO | 3704378 | 519841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-58 IY<br>3.000%, 2/20/51 IO | 84787 | 14159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-78 IP<br>3.000%, 5/20/51 IO | 93284 | 15641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-81 IM<br>3.500%, 5/20/51 IO | 3702298 | 705423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-83 PI<br>3.000%, 5/20/51 IO | 77798 | 13044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-97 LI<br>3.000%, 8/20/50 IO | 140030 | 23588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-112 AI<br>2.500%, 10/20/50 IO | 2966432 | 459870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-174 AZ<br>3.500%, 5/20/51 | 5138331 | 4436308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-218 IB<br>3.000%, 7/20/50 IO | 2643845 | 439407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-78<br>3.000%, 8/20/51 IO | 64956 | 10886 |

---

See Notes to Financial Statements.

1245

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-85 IK<br>3.000%, 5/20/51 IO | $66435 | $11215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-H02 FN<br>4.418%, 1/20/72 (l) | 263041 | 260644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-H22 EF<br>4.668%, 10/20/72 (l) | 133873 | 134168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-H25 FA<br>5.058%, 11/20/72 (l) | 489403 | 497961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-H26 DF<br>4.938%, 12/20/72 (l) | 301133 | 305054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-19<br>2.500%, 2/20/51 IO | 4087375 | 577335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H01 FA<br>4.718%, 1/20/73 (l) | 390292 | 391666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H02 FA<br>4.818%, 1/20/73 (l) | 290683 | 292987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H02 FB<br>4.818%, 1/20/73 (l) | 982515 | 987399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H03 FA<br>4.788%, 2/20/73 (l) | 192916 | 194197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H28 F<br>4.968%, 12/20/73 (l) | 389363 | 393766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H28 GF<br>4.818%, 12/20/73 (l) | 805169 | 812163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-9 FE<br>5.168%, 1/20/55 (l) | 69166 | 69467 |
|  GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM1 A4<br>4.000%, 5/25/62 (l)§ | 64351 | 60313 |
|  GSR Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR6 2A1<br>4.951%, 9/25/35 (l) | 13038 | 12485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR2 2A1<br>4.151%, 4/25/36 (l) | 31943 | 18817 |
|  HarborView Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-10 3A1A<br>4.625%, 1/19/35 (l) | 100154 | 90439 |
|  HOMES Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1 M1<br>6.520%, 1/25/70 (l)§ | 300000 | 304557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2 A1<br>5.425%, 2/25/70 (e)§ | 585907 | 589779 |
|  Household Capital RMBS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 A<br>5.390%, 7/21/87 (l)(m) | 39436 | 26273 |
|  Impac CMB Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A A<br>4.346%, 5/25/37 (l)§ | $20085 | 19725 |
|  IndyMac INDX Mortgage Loan Trust, | IndyMac INDX Mortgage Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FLX1 A4<br>4.386%, 2/25/37 (l) | 773144 | 508854 |
|  JP Morgan Alternative Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-R2 A1<br>5.141%, 11/25/36 (l)§ | 1010563 | 504472 |
|  JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-S3 1A2<br>5.750%, 1/25/36 | 660225 | 287480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A3 6A1<br>4.951%, 8/25/34 (l) | 5737 | 5736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A1 3A3<br>5.191%, 7/25/35 (l) | 11337 | 10877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-7 A3<br>2.500%, 11/25/51 (l)§ | 491195 | 412656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV5 A2A<br>2.500%, 12/25/51 (l)§ | 1002949 | 843887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7 A3A<br>2.500%, 2/25/52 (l)§ | 503975 | 456213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7 A4A<br>2.500%, 2/25/52 (l)§ | 257000 | 177575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7 A5A<br>2.500%, 2/25/52 (l)§ | 115479 | 95757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VIS1 A1<br>5.990%, 7/25/64 (l)§ | 379714 | 383160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM3 A1<br>5.495%, 11/25/65 (l)§ | 366990 | 370119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM5 A1LC<br>5.019%, 5/25/65 (e)§ | 25000 | 24990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VIS1 M1<br>6.412%, 8/25/55 (l)§ | 287000 | 291098 |
|  Lehman Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 1A2<br>5.750%, 2/25/37 | 618395 | 628542 |
|  Ludgate Funding plc, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A2A<br>4.040%, 1/1/61 (l)(m) | 50851 | 67037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-W1X A1<br>4.480%, 1/1/61 (l)(m) | 103815 | 138843 |
|  MASTR Alternative Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2 5A1<br>6.500%, 12/25/34 | $29425 | 29733 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-A1 3A<br>5.630%, 12/25/32 (l) | 2908 | 2857 |
|  Morgan Stanley Residential Mortgage Loan Trust, | Morgan Stanley Residential Mortgage Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DSC2 A1<br>5.443%, 7/25/70 (l)§ | 162294 | 163886 |
|  Mortgage Loan Resecuritization Trust, | Mortgage Loan Resecuritization Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-RS1 A85<br>4.327%, 4/16/36 (l)§ | 103033 | 101287 |
|  MortgageIT Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-4 A1<br>4.406%, 10/25/35 (l) | 34972 | 35091 |
|  New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1A A1<br>3.750%, 5/28/52 (l)§ | 133883 | 129653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL1 A1<br>3.500%, 12/25/57 (l)§ | 179251 | 175162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1 A1<br>5.643%, 1/25/65 (e)§ | 167052 | 169288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM4 A1<br>5.350%, 7/25/65 (l)§ | 370019 | 372985 |
|  Nomura Asset Acceptance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.515%, 1/25/36 (l) | 2976892 | 831571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AP1 A5<br>6.059%, 1/25/36 (e) | 2237906 | 624126 |
|  OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM3 A1<br>5.648%, 12/1/64 (e)§ | 138080 | 139448 |

---

See Notes to Financial Statements.

1246

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  PRKCM Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AFC2 A1<br>5.335%, 8/25/57 (l)§ | $| 100821 | $| 100731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-AFC3 A1<br>6.584%, 9/25/58 (e)(l)§ |  | 223075 |  | 224303 |
|  PRPM LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-7 A1<br>5.870%, 11/25/29 (e)§ |  | 2744755 |  | 2746161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4 A1<br>6.179%, 6/25/30 (e)§ |  | 925019 |  | 926773 |
|  PRPM Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1 A1<br>5.802%, 11/25/69 (e)§ |  | 196201 |  | 197849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1 M1A<br>6.645%, 11/25/69 (l)§ |  | 193000 |  | 196184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2 A1<br>5.688%, 4/25/70 (e)§ |  | 513882 |  | 517879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM3 A1<br>5.606%, 5/25/70 (l)§ |  | 154093 |  | 155195 |
|  RALI Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QO3 A1<br>4.266%, 4/25/46 (l) |  | 3614261 |  | 889094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QS6 A29<br>6.000%, 4/25/37 |  | 869706 |  | 733554 |
|  Reperforming Loan REMIC Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-R2 1AF1<br>4.186%, 6/25/35 (l)§ |  | 14417 |  | 14012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-R1 AF1<br>4.186%, 1/25/36 (l)§ |  | 41052 |  | 38956 |
|  Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A12 A2<br>6.250%, 11/25/36 |  | 2895786 |  | 1003026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A9CB A7<br>6.000%, 9/25/36 |  | 3846533 |  | 1099102 |
|  Resloc UK plc, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1X A3B<br>4.009%, 12/15/43 (l)(m) | GBP | 53762 |  | 71682 |
|  RFMSI Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-S10 1A1<br>6.000%, 10/25/36 | $| 305666 |  | 249285 |
|  Sequoia Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 10 2A1<br>4.608%, 10/20/27 (l) |  | 25 |  | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-4 2A1<br>4.548%, 7/20/33 (l) |  | 2679 |  | 2690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 6 A<br>4.486%, 4/19/27 (l) |  | 9243 |  | 9163 |
|  SG Residential Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 B1<br>4.038%, 12/25/61 (l)§ |  | 1700000 |  | 1305667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 A1<br>5.098%, 12/25/65 (l)§ |  | 100000 |  | 100138 |
|  Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 M1<br>2.878%, 2/25/50 (l)§ |  | 2500000 |  | 2239237 |
|  Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-4 2A<br>5.093%, 4/25/34 (l) |  | 57974 |  | 57653 |
|  Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5 A1<br>4.346%, 7/19/35 (l) |  | 14702 |  | 14296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR6 1A3<br>4.226%, 7/25/46 (l) |  | 437264 |  | 355297 |
|  Towd Point Mortgage Funding plc, | Towd Point Mortgage Funding plc, | Towd Point Mortgage Funding plc, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GR6A A1<br>4.677%, 7/20/53 (l)§ | GBP | 336062 |  | 453401 |
|  Towd Point Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 M1<br>3.750%, 3/25/58 (l)§ | $| 1500000 |  | 1315867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1 A1<br>3.750%, 7/25/62 (l)§ |  | 256146 |  | 246326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5 A1A<br>4.606%, 10/25/64 (l)§ |  | 490320 |  | 492509 |
|  Uropa Securities plc, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A3A<br>4.076%, 10/10/40 (l)(m) | GBP | 151250 |  | 203064 |
|  UWM Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV2 A9<br>5.000%, 9/25/51 (l)§ | $| 595444 |  | 553070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV3 A9<br>5.000%, 11/25/51 (l)§ |  | 529760 |  | 494963 |
|  Verus Securitization Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6 B1<br>4.047%, 10/25/66 (l)§ |  | 1000000 |  | 809298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-8 A1<br>2.824%, 11/25/66 (l)§ |  | 54838 |  | 50903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1 A1<br>5.850%, 12/25/67 (e)§ |  | 307385 |  | 306422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-9 M1<br>6.198%, 11/25/69 (l)§ |  | 800000 |  | 808435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-12 A1LC<br>5.110%, 12/25/70 (e)§ |  | 100000 |  | 100196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5 A1<br>5.427%, 6/25/70 (e)§ |  | 90718 |  | 91452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6 A1<br>5.417%, 7/25/70 (e)§ |  | 202956 |  | 204681 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** |  | 85607716 |
|  **Commercial Mortgage-Backed Securities (6.5%)** | **Commercial Mortgage-Backed Securities (6.5%)** | **Commercial Mortgage-Backed Securities (6.5%)** | **Commercial Mortgage-Backed Securities (6.5%)** | **Commercial Mortgage-Backed Securities (6.5%)** |
|  1211 Avenue of the Americas Trust, | 1211 Avenue of the Americas Trust, | 1211 Avenue of the Americas Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1211 C<br>4.142%, 8/10/35 (l)§ |  | 100000 |  | 93941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1211 D<br>4.142%, 8/10/35 (l)§ |  | 100000 |  | 90955 |
|  1345 Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AOA A<br>5.350%, 6/15/42 (l)§ |  | 28000 |  | 28087 |
|  20 Times Square Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS B<br>3.100%, 5/15/35 (l)§ |  | 200000 |  | 188823 |
|  245 Park Avenue Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-245P XA<br>0.149%, 6/5/37 IO (l)§ |  | 1000000 |  | 2166 |
|  280 Park Avenue Mortgage Trust, | 280 Park Avenue Mortgage Trust, | 280 Park Avenue Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-280P A<br>4.930%, 9/15/34 (l)§ |  | 190000 |  | 189364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-280P D<br>5.614%, 9/15/34 (l)§ |  | 200000 |  | 198051 |
|  Alen Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ACEN A<br>5.015%, 4/15/34 (l)§ |  | 13000 |  | 12355 |

---

See Notes to Financial Statements.

1247

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Arbor Multifamily Mortgage Securities Trust, | Arbor Multifamily Mortgage Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-MF1 D<br>1.750%, 5/15/53§ | $100000 | $85347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-MF1 E<br>1.750%, 5/15/53§ | 100000 | 82494 |
|  AREIT Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CRE9 A<br>5.437%, 5/17/41 (l)§ | 184089 | 184089 |
|  ARES Commercial Mortgage Trust, | ARES Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-IND A<br>5.442%, 7/15/41 (l)§ | 104000 | 104129 |
|  Ashford Hospitality Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-ASHF D<br>6.023%, 4/15/35 (l)§ | 16000 | 15818 |
|  Atrium Hotel Portfolio Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-ATRM D<br>5.998%, 12/15/36 (l)§ | 190000 | 180500 |
|  BAMLL Commercial Mortgage Securities Trust, | BAMLL Commercial Mortgage Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-JACX A<br>4.915%, 9/15/38 (l)§ | 800000 | 770765 |
|  BAMLL Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BHP A<br>6.100%, 8/15/39 (l)§ | 130000 | 130514 |
|  BANK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK6 XA<br>0.762%, 7/15/60 IO (l) | 2600730 | 20854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN10 XA<br>0.684%, 2/15/61 IO (l) | 3417600 | 42676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19 AS<br>3.446%, 8/15/61 | 249000 | 228675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20 AS<br>3.243%, 9/15/62 (l) | 310000 | 280095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20 XB<br>0.363%, 9/15/62 IO (l) | 530000 | 6401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25 AS<br>2.841%, 1/15/63 | 22000 | 20217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN30 XB<br>0.717%, 12/15/53 IO (l) | 5331000 | 158767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN33 XB<br>0.481%, 5/15/64 IO (l) | 4550000 | 108651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN35 C<br>2.902%, 6/15/64 (l) | 19000 | 15704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK40 A4<br>3.390%, 3/15/64 (l) | 600000 | 561572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BNK47 A5<br>5.716%, 6/15/57 | 651425 | 691748 |
|  Bank of America Merrill Lynch Commercial Mortgage Trust, | Bank of America Merrill Lynch Commercial Mortgage Trust, | Bank of America Merrill Lynch Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB10 C<br>4.874%, 7/15/49 (l) | 250000 | 246542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK3 XB<br>0.589%, 2/15/50 IO (l) | 1000000 | 4932 |
|  BANK5, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5YR10 B<br>6.140%, 10/15/57 (l) | 284000 | 292391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5YR8 XA<br>0.900%, 8/15/57 IO (l) | 6235547 | 171748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5YR15 AS<br>5.762%, 7/15/58 | 180000 | 186472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5YR16 AS<br>5.751%, 8/15/63 (l) | 393000 | 406924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5YR17 AS<br>5.626%, 11/15/58 (l) | 296000 | 306746 |
|  BBCCRE Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GTP A<br>3.966%, 8/10/33§ | $900000 | 841726 |
|  BBCMS Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C1 B<br>4.089%, 2/15/50 | 100000 | 95557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL A<br>4.670%, 3/15/37 (l)§ | 45000 | 42543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C7 AS<br>2.444%, 4/15/53 | 186000 | 162446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C9 XA<br>1.553%, 2/15/54 IO (l) | 2544874 | 151244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C29 A3<br>5.208%, 9/15/57 | 240000 | 246717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C36 A3<br>5.517%, 8/15/58 | 268000 | 279604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C36 AS<br>5.835%, 8/15/58 (l) | 256000 | 265805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C37 AS<br>5.382%, 9/15/58 (l) | 297000 | 303056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C38 AS<br>5.476%, 11/15/58 | 298000 | 306352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C35 A5<br>5.586%, 7/15/58 (l) | 53000 | 55874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C35 AS<br>5.843%, 7/15/58 (l) | 15000 | 15705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C35 D<br>4.500%, 7/15/58§ | 14000 | 10647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C39 A5<br>5.297%, 12/15/58 | 300000 | 309752 |
|  BBCMS Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-SRCH A1<br>3.312%, 8/10/35§ | 27274 | 26905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-SRCH XA<br>0.827%, 8/10/35 IO (l)§ | 837764 | 7689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C10 XA<br>1.207%, 7/15/54 IO (l) | 3299447 | 160145 |
|  Benchmark Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B9 A5<br>4.016%, 3/15/52 | 700000 | 689315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B9 XA<br>1.005%, 3/15/52 IO (l) | 900029 | 22589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B16 XA<br>0.910%, 2/15/53 IO (l) | 3799122 | 110547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B17 XB<br>0.497%, 3/15/53 IO (l) | 1000000 | 18174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B21 A5<br>1.978%, 12/17/53 | 18000 | 15926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IG3 XA<br>0.690%, 9/15/48 IO (l)§ | 5530277 | 59546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B23 XA<br>1.255%, 2/15/54 IO (l) | 977751 | 45667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B24 XA<br>1.129%, 3/15/54 IO (l) | 1144355 | 44206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25 A5<br>2.577%, 4/15/54 | 160000 | 143682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B27 XA<br>1.232%, 7/15/54 IO (l) | 3558492 | 166995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V10 A3<br>5.277%, 9/15/57 | 250000 | 257233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V6 A3<br>5.926%, 3/15/57 | 298000 | 311199 |

---

See Notes to Financial Statements.

1248

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V8 A1<br>5.514%, 7/15/57 | $180250 | $183505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V9 A3<br>5.602%, 8/15/57 | 241000 | 250250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V15 AS<br>6.175%, 6/15/58 | 256000 | 268718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V16 A3<br>5.439%, 8/15/58 (l) | 180000 | 187064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V17 AM<br>5.425%, 9/15/58 (l) | 395000 | 403813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V18 AS<br>5.593%, 10/15/58 | 298000 | 306933 |
|  BFLD Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VICT A<br>5.640%, 7/15/41 (l)§ | 36000 | 36158 |
|  BFLD Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EYP A<br>5.015%, 10/15/35 (l)§ | 700000 | 556825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST A<br>5.300%, 6/15/42 (l)§ | 103000 | 103000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FPM A<br>5.011%, 10/10/40 (l)§ | 200000 | 201630 |
|  BMO Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C5 XA<br>0.721%, 6/15/56 IO (l) | 382969 | 15235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C7 AS<br>5.888%, 11/15/57 (l) | 443000 | 455373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C10 AS<br>5.947%, 5/15/58 (l) | 295000 | 306354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C12 AS<br>5.557%, 10/15/58 | 297000 | 304161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C9 AS<br>6.165%, 4/15/58 (l) | 295000 | 309233 |
|  BOCA Commercial Mortgage Trust, | BOCA Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BOCA A<br>5.450%, 12/15/42 (l)§ | 180000 | 180225 |
|  BPR Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY A<br>4.915%, 9/15/38 (l)§ | 180000 | 179887 |
|  BRCK Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-830B A<br>4.956%, 12/10/42 (l)§ | 100000 | 99963 |
|  BSTN Commercial Mortgage Trust, | BSTN Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HUB A<br>4.899%, 4/13/41 (l)§ | 150000 | 150775 |
|  BWAY Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1515 A2<br>3.454%, 3/10/33§ | 94461 | 89482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1515 C<br>3.446%, 3/10/33§ | 100000 | 92315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1450 A<br>5.115%, 9/15/36 (l)§ | 700000 | 687294 |
|  BWAY Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1535 A<br>6.309%, 5/5/42 (l)§ | 10000 | 10376 |
|  BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-VIV3 B<br>3.544%, 3/9/44 (l)§ | 120000 | 113193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-XL2 A<br>4.553%, 10/15/38 (l)§ | 122783 | 122169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-XL2 D<br>5.261%, 10/15/38 (l)§ | 182000 | 181090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AHP A<br>4.740%, 1/17/39 (l)§ | 600000 | 597761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIRC A<br>5.441%, 8/15/41 (l)§ | 190984 | 191222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BRBK A<br>6.614%, 10/15/41 (l)§ | 96000 | 96239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-KING A<br>5.291%, 5/15/34 (l)§ | 98701 | 98701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MDHS A<br>5.391%, 5/15/41 (l)§ | 160737 | 160987 |
|  BX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11 E<br>3.944%, 12/9/41 (l)§ | 200000 | 184607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VIEW D<br>6.764%, 6/15/36 (l)§ | 120000 | 119953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-VAMF B<br>5.030%, 1/15/39 (l)§ | 17000 | 16989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PALM A<br>5.291%, 6/15/37 (l)§ | 90000 | 90056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT4 A<br>5.242%, 6/15/41 (l)§ | 200000 | 199876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ARIA A<br>5.031%, 12/13/42 (l)§ | 155000 | 156088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LUNR A<br>5.250%, 6/15/40 (l)§ | 10652 | 10665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VLT6 A<br>5.193%, 3/15/42 (l)§ | 220000 | 219726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VOLT A<br>5.450%, 12/15/44 (l)§ | 100000 | 99875 |
|  BXP Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CC D<br>3.552%, 8/13/37 (l)§ | 30000 | 25284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GM A<br>3.379%, 6/13/39§ | 190000 | 187690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GM B<br>3.425%, 6/13/39 (l)§ | 140000 | 137977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GM D<br>3.425%, 6/13/39 (l)§ | 80000 | 78342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-601L D<br>2.775%, 1/15/44 (l)§ | 102000 | 83481 |
|  Cassia SRL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A<br>4.554%, 5/22/34 (l)§ | 235633 | 277604 |
|  CD Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD3 A4<br>3.631%, 2/10/50 | $10000 | 9753 |
|  CENT Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CITY A<br>4.920%, 7/10/40 (l)§ | 177000 | 178916 |
|  CFCRE Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C4 XA<br>1.441%, 5/10/58 IO (l) | 209857 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C4 XB<br>0.690%, 5/10/58 IO (l) | 110000 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C8 B<br>4.199%, 6/15/50 (l) | 37000 | 35917 |
|  Citigroup Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-420K D<br>3.312%, 11/10/42 (l)§ | 150000 | 133849 |

---

See Notes to Financial Statements.

1249

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-420K X<br>0.801%, 11/10/42 IO (l)§ | $1000000 | $33271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-555 A<br>2.647%, 12/10/41§ | 140000 | 127621 |
|  COAST Commercial Mortgage Trust, | COAST Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2HTL A<br>6.341%, 8/15/36 (l)§ | 108000 | 107934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2HTL D<br>8.189%, 8/15/36 (l)§ | 100000 | 99877 |
|  Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-DC1 XA<br>0.565%, 2/10/48 IO (l) | 234351 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR1 ASB<br>2.972%, 10/10/49 | 160065 | 159647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-COR3 XD<br>1.750%, 5/10/51 IO (l)§ | 50000 | 1727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WCL1 A<br>5.591%, 6/15/41 (l)§ | 90000 | 89664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WCL1 B<br>6.340%, 6/15/41 (l)§ | 27000 | 26899 |
|  CONE Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DFW1 A<br>5.392%, 8/15/41 (l)§ | 30000 | 29953 |
|  CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C1 XA<br>0.170%, 4/15/50 IO (l) | 217551 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C5 C<br>4.399%, 11/15/48 (l) | 8374 | 8309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10 XB<br>0.233%, 11/15/50 IO (l) | 1000000 | 4513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14 C<br>4.877%, 11/15/51 (l) | 250000 | 230129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12 C<br>4.722%, 8/15/51 (l) | 58000 | 53979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16 XA<br>1.532%, 6/15/52 IO (l) | 936731 | 39492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17 XA<br>1.309%, 9/15/52 IO (l) | 4431651 | 163854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17 XB<br>0.525%, 9/15/52 IO (l) | 1000000 | 17067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C18 D<br>2.500%, 12/15/52§ | 170000 | 141927 |
|  CSMC Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-TIME A<br>3.646%, 11/13/39§ | 100000 | 95625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ADV A<br>5.265%, 7/15/38 (l)§ | 800000 | 710411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B33 A1<br>3.053%, 10/10/43§ | 85095 | 80103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B33 A2<br>3.167%, 10/10/43§ | 190000 | 169841 |
|  DBGS Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1735 X<br>0.291%, 4/10/37 IO (l)§ | 1365000 | 12133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SBL A<br>5.633%, 8/15/34 (l)§ | 11000 | 11000 |
|  DBJPM Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C1 A4<br>3.276%, 5/10/49 | 20000 | 19942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C6 XD<br>1.000%, 6/10/50 IO (l) | 300000 | 3674 |
|  DGWD Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INFL A<br>5.350%, 8/15/35 (l)§ | 114000 | 114155 |
|  DK Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LXP A<br>5.327%, 8/15/37 (l)§ | 34000 | 34043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LXP D<br>6.625%, 8/15/37 (l)§ | 11000 | 11027 |
|  DOLP Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYC A<br>2.956%, 5/10/41§ | 1000000 | 899374 |
|  ELM Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ELM A10<br>5.801%, 6/10/39 (l)§ | 44000 | 44260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ELM A15<br>5.801%, 6/10/39 (l)§ | 44000 | 44260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ELM XP10<br>0.234%, 6/10/39 IO (l)§ | 1000000 | 963 |
|  EQT Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EXTR A<br>5.331%, 7/5/41 (l)§ | 18000 | 18387 |
|  EQUS Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-EQAZ A<br>4.770%, 10/15/38 (l)§ | 397418 | 396928 |
|  FHLMC Multiclass Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P015 A1<br>4.296%, 11/25/32 (l) | 14083 | 14066 |
|  FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K120 X1<br>1.027%, 10/25/30 IO (l) | 2404661 | 95152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K121 X1<br>1.014%, 10/25/30 IO (l) | 116057 | 4514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KJ48 A2<br>5.028%, 10/25/31 | 25000 | 25769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KL05 X1P<br>0.892%, 6/25/29 IO (l) | 662000 | 19075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KL06 XFX<br>1.357%, 12/25/29 IO (l) | 166829 | 6312 |
|  FNMA ACES, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M32 X2<br>1.118%, 10/25/29 IO (l) | 17725648 | 485043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M13 X1<br>1.129%, 6/25/31 IO (l) | 15767640 | 491274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M15 X1<br>1.449%, 9/25/31 IO (l) | 2982769 | 162428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-M4 A1X<br>2.457%, 5/25/30 (l) | 1234533 | 1189136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-M1 A2<br>4.700%, 1/25/35 (l) | 4864000 | 4910926 |
|  GNMA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-30<br>0.533%, 9/16/53 IO (l) | 32292 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-96<br>0.769%, 12/16/57 IO (l) | 29067 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-143<br>0.967%, 10/16/63 IO (l) | 6860082 | 442561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-20<br>1.145%, 8/16/62 IO (l) | 4873792 | 353976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-208<br>0.757%, 6/16/64 IO (l) | 8111190 | 413561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-22<br>0.969%, 5/16/63 IO (l) | 6027628 | 383080 |

---

See Notes to Financial Statements.

1250

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-52<br>0.722%, 4/16/63 IO (l) | $6129558 | $303804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-71<br>0.864%, 10/16/62 IO (l) | 6826719 | 420230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-13<br>0.826%, 1/16/63 IO (l) | 16092827 | 992770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-21<br>0.785%, 10/16/63 IO (l) | 16103151 | 992474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-49<br>0.756%, 3/16/64 IO (l) | 7899113 | 410541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-67<br>0.897%, 8/16/63 IO (l) | 13295970 | 991116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-118 BA<br>3.750%, 5/16/65 (l) | 14660 | 13344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-50 AC<br>3.250%, 9/16/63 (l) | 11417 | 10184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-126 AD<br>5.000%, 5/16/65 | 102626 | 101386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-128 AD<br>5.000%, 10/16/56 | 93547 | 93708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-128 AG<br>4.750%, 7/16/66 | 93664 | 92268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-129 AB<br>4.750%, 9/16/54 | 29836 | 29463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-130 AL<br>4.750%, 8/16/56 | 29847 | 29478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-88 AT<br>5.000%, 6/16/58 | 23632 | 23742 |
|  Grace Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GRCE D<br>2.680%, 12/10/40 (l)§ | 142000 | 124410 |
|  Great Wolf Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WLF2 A<br>5.441%, 5/15/41 (l)§ | 76000 | 76213 |
|  GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GPTX A<br>2.856%, 5/10/34§ | 84854 | 73507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TWR D<br>5.648%, 7/15/31 (l)§ | 110000 | 15400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FUN A<br>5.841%, 3/15/28 (l)§ | 100000 | 100372 |
|  GS Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS3 XA<br>1.159%, 10/10/49 IO (l) | 254752 | 633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS7 XA<br>1.023%, 8/10/50 IO (l) | 2239987 | 23313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GSA1 XA<br>0.800%, 11/10/52 IO (l) | 1132409 | 27557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45 XA<br>0.613%, 2/13/53 IO (l) | 3075885 | 61450 |
|  HILT Commercial Mortgage Trust, | HILT Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ORL D<br>6.939%, 5/15/37 (l)§ | 100000 | 100498 |
|  HLTN Commercial Mortgage Trust, | HLTN Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DPLO A<br>5.392%, 6/15/41 (l)§ | 24000 | 24045 |
|  ILPT Commercial Mortgage Trust, | ILPT Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LPF2 A<br>5.292%, 7/13/42 (l)§ | 115000 | 117112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LPF2 D<br>6.508%, 7/13/42 (l)§ | 200000 | 203187 |
|  JP Morgan Chase Commercial Mortgage Securities Trust, | JP Morgan Chase Commercial Mortgage Securities Trust, | JP Morgan Chase Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP3 B<br>3.397%, 8/15/49 (l) | 331000 | 311235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP3 XC<br>0.750%, 8/15/49 IO (l)§ | 240000 | 959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AON A<br>4.128%, 7/5/31§ | 23000 | 20151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-PHH A<br>5.007%, 6/15/35 (l)§ | 106599 | 87478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC A<br>4.915%, 4/15/38 (l)§ | 8659 | 8657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC D<br>5.815%, 4/15/38 (l)§ | 90000 | 90000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DATA A<br>3.916%, 6/10/42 (l)§ | 600000 | 557465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-OPO D<br>3.450%, 1/5/39 (l)§ | 100000 | 79966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BHR5 A<br>5.444%, 3/15/40 (l)§ | 26069 | 26101 |
|  JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C25 XA<br>0.411%, 11/15/47 IO (l) | 476238 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C32 XA<br>0.988%, 11/15/48 IO (l) | 466610 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C33 D1<br>4.292%, 12/15/48 (l)§ | 100000 | 92113 |
|  JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP6 C<br>3.696%, 7/15/50 (l) | 350000 | 313719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR5 A3<br>3.123%, 6/13/52 | 20000 | 19337 |
|  JPMDB Commercial Mortgage Securities Trust, | JPMDB Commercial Mortgage Securities Trust, | JPMDB Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C2 XA<br>1.480%, 6/15/49 IO (l) | 861907 | 2767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C4 XC<br>0.750%, 12/15/49 IO (l)§ | 1800000 | 8051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-COR7 XA<br>1.638%, 5/13/53 IO (l) | 2236009 | 100994 |
|  JW Commercial Mortgage Trust, | JW Commercial Mortgage Trust, | JW Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MRCO A<br>5.371%, 6/15/39 (l)§ | 32000 | 32050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MRCO D<br>6.939%, 6/15/39 (l)§ | 24000 | 24060 |
|  KREST Commercial Mortgage Securities Trust, | KREST Commercial Mortgage Securities Trust, | KREST Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CHIP A<br>2.558%, 11/5/44§ | 700000 | 556850 |
|  KSL Trust, | KSL Trust, | KSL Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.643%, 6/15/30 (l)§ | 13000 | 12970 |
|  Ladder Capital Commercial Mortgage Trust, | Ladder Capital Commercial Mortgage Trust, | Ladder Capital Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GCP XA<br>1.130%, 2/15/36 IO (l)§ | 868999 | 17407 |
|  LCCM Trust, | LCCM Trust, | LCCM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-LC26 C<br>4.706%, 7/12/50§ | 300000 | 284105 |
|  LoanCore Issuer LLC, | LoanCore Issuer LLC, | LoanCore Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE8 A<br>5.121%, 8/17/42 (l)§ | 280000 | 280000 |
|  LSTAR Commercial Mortgage Trust, | LSTAR Commercial Mortgage Trust, | LSTAR Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-5 X<br>0.869%, 3/10/50 IO (l)§ | 2034240 | 8982 |

---

See Notes to Financial Statements.

1251

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  MAD Commercial Mortgage Trust, | MAD Commercial Mortgage Trust, | MAD Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-11MD C<br>5.631%, 10/15/42 (l)§ | $150000 | $151446 |
|  MCR Mortgage Trust, | MCR Mortgage Trust, | MCR Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-TWA A<br>5.924%, 6/12/39§ | 33000 | 33492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-TWA XA<br>0.920%, 6/12/39 IO§ | 178000 | 1458 |
|  MIRA Trust, | MIRA Trust, | MIRA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MILE A<br>6.755%, 6/10/38§ | 100000 | 103879 |
|  Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31 ASB<br>2.952%, 11/15/49 | 4674 | 4666 |
|  Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H1 B<br>4.075%, 6/15/50 | 198000 | 193477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H1 XD<br>2.137%, 6/15/50 IO (l)§ | 300000 | 7541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-MP A<br>4.276%, 7/11/40 (l)§ | 219000 | 203534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H6 XB<br>0.709%, 6/15/52 IO (l) | 1000000 | 22332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L2 XA<br>0.991%, 3/15/52 IO (l) | 2626134 | 68536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L3 XA<br>0.603%, 11/15/52 IO (l) | 4168212 | 85847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-L4 B<br>3.082%, 2/15/53 | 207000 | 187817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NSTB A<br>3.900%, 9/24/57 (l)§ | 224660 | 223911 |
|  MSWF Commercial Mortgage Trust, | MSWF Commercial Mortgage Trust, | MSWF Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2 XA<br>0.907%, 12/15/56 IO (l) | 997460 | 56012 |
|  Natixis Commercial Mortgage Securities Trust, | Natixis Commercial Mortgage Securities Trust, | Natixis Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-SOX A<br>4.404%, 6/17/38§ | 100000 | 96564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-APPL A<br>4.965%, 8/15/38 (l)§ | 649721 | 631331 |
|  NCMF Trust, | NCMF Trust, | NCMF Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MFS A<br>4.883%, 6/10/33 (l)§ | 67000 | 67327 |
|  New Orleans Hotel Trust, | New Orleans Hotel Trust, | New Orleans Hotel Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HNLA A<br>4.787%, 4/15/32 (l)§ | 400000 | 399362 |
|  NJ Trust, | NJ Trust, | NJ Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-WBRK A<br>5.867%, 3/5/35 (l)§ | 188000 | 195076 |
|  NRTH Commercial Mortgage Trust, | NRTH Commercial Mortgage Trust, | NRTH Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PARK A<br>5.143%, 10/15/40 (l)§ | 100000 | 100094 |
|  NYC Trust, | NYC Trust, | NYC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-77C A<br>4.790%, 1/10/38 (l)§ | 120000 | 120615 |
|  NYO Commercial Mortgage Trust, | NYO Commercial Mortgage Trust, | NYO Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1290 A<br>4.960%, 11/15/38 (l)§ | 1100000 | 1098003 |
|  Olympic Tower Mortgage Trust, | Olympic Tower Mortgage Trust, | Olympic Tower Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-OT XA<br>0.379%, 5/10/39 IO (l)§ | 1000000 | 3590 |
|  One Market Plaza Trust, | One Market Plaza Trust, | One Market Plaza Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1MKT XCP<br>0.000%, 2/10/32 IO (l)§ | 830825 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1MKT XNCP<br>0.090%, 2/10/32 IO (l)§ | 166165 | 48 |
|  ONE Mortgage Trust, | ONE Mortgage Trust, | ONE Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK A<br>4.564%, 3/15/36 (l)§ | 600000 | 597494 |
|  PENN Commercial Mortgage Trust, | PENN Commercial Mortgage Trust, | PENN Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P11 A<br>5.344%, 8/10/42 (l)§ | 12000 | 12304 |
|  PGA Trust, | PGA Trust, | PGA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RSR2 A<br>5.641%, 6/15/39 (l)§ | 114000 | 113964 |
|  ROCK Trust, | ROCK Trust, | ROCK Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR A<br>5.388%, 11/13/41§ | 140000 | 143596 |
|  SCG Commercial Mortgage Trust, | SCG Commercial Mortgage Trust, | SCG Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FLWR A<br>5.000%, 8/15/42 (l)§ | 183000 | 183114 |
|  SFO Commercial Mortgage Trust, | SFO Commercial Mortgage Trust, | SFO Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-555 B<br>5.364%, 5/15/38 (l)§ | 180000 | 179117 |
|  SG Commercial Mortgage Securities Trust, | SG Commercial Mortgage Securities Trust, | SG Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-PREZ D<br>3.477%, 9/15/39 (l)§ | 30000 | 26267 |
|  SREIT Trust, | SREIT Trust, | SREIT Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFP D<br>5.443%, 11/15/38 (l)§ | 307855 | 307666 |
|  UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C7 A4<br>3.679%, 12/15/50 | 140000 | 138881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C13 XA<br>0.782%, 10/15/51 IO (l) | 7513088 | 128296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C8 C<br>4.682%, 2/15/51 (l) | 226000 | 210996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17 XA<br>1.436%, 10/15/52 IO (l) | 907580 | 38835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C18 XA<br>0.977%, 12/15/52 IO (l) | 907772 | 27784 |
|  VEGAS Trust, | VEGAS Trust, | VEGAS Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-TI A<br>5.518%, 11/10/39§ | 100000 | 101594 |
|  Velocity Commercial Capital Loan Trust, | Velocity Commercial Capital Loan Trust, | Velocity Commercial Capital Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 A<br>3.760%, 3/25/49 (l)§ | 182303 | 178801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-6 A<br>5.810%, 12/25/54 (l)§ | 830659 | 833465 |
|  VNDO Trust, | VNDO Trust, | VNDO Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-350P D<br>3.903%, 1/10/35 (l)§ | 100000 | 98551 |
|  VRTX Trust, | VRTX Trust, | VRTX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HQ A<br>4.926%, 8/5/42 (l)§ | 100000 | 100506 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27 C<br>3.894%, 2/15/48 | 90954 | 81182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC20 C<br>4.056%, 4/15/50 (l) | 51464 | 50166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-NXS2 XA<br>0.788%, 7/15/58 IO (l) | 182722 |  |

---

See Notes to Financial Statements.

1252

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK1 XD<br>1.212%, 8/15/49 IO (l)§ | $| 1000000 | $| 4029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C33 XA<br>1.447%, 3/15/59 IO (l) |  | 379978 |  | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C34 A3FL<br>4.890%, 6/15/49 (l)§ |  | 19914 |  | 19911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38 XA<br>0.900%, 7/15/50 IO (l) |  | 2140331 |  | 17832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C39 XA<br>1.068%, 9/15/50 IO (l) |  | 2062874 |  | 28405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1745 A<br>3.749%, 6/15/36 (l)§ |  | 600000 |  | 563632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C46 B<br>4.633%, 8/15/51 |  | 24000 |  | 22959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49 B<br>4.546%, 3/15/52 |  | 90000 |  | 88299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C50 B<br>4.192%, 5/15/52 |  | 150000 |  | 140013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C50 XA<br>1.403%, 5/15/52 IO (l) |  | 805370 |  | 27267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C55 AS<br>2.937%, 2/15/53 |  | 207000 |  | 191369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C55 XA<br>1.267%, 2/15/53 IO (l) |  | 3851786 |  | 168576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C56 XA<br>1.264%, 6/15/53 IO (l) |  | 3004031 |  | 123483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59 XA<br>1.483%, 4/15/54 IO (l) |  | 2922254 |  | 163317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT D<br>7.365%, 5/15/31 (l)§ |  | 110000 |  | 110192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C2 AS<br>6.145%, 11/15/57 (l) |  | 315000 |  | 330465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BPRC B<br>6.215%, 7/15/43§ |  | 47000 |  | 48123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BPRC C<br>6.432%, 7/15/43§ |  | 30000 |  | 30602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BPRC D<br>7.082%, 7/15/43§ |  | 10000 |  | 10249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BPRC X<br>0.091%, 7/15/43 IO (l)§ |  | 369000 |  | 3090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C3 AS<br>6.390%, 1/15/58 (l) |  | 295000 |  | 311842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C6 AS<br>5.582%, 10/15/58 (l) |  | 297000 |  | 306112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C7 AS<br>5.503%, 12/15/58 |  | 298000 |  | 306269 |
|  WEST Trust, | WEST Trust, | WEST Trust, | WEST Trust, | WEST Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROSE A<br>5.275%, 4/10/35 (l)§ |  | 18000 |  | 18283 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Securities** |  | 52495413 |
|  **Corporate Bonds (26.9%)** |  |  |  |  |
|  **Communication Services (1.4%)** | **Communication Services (1.4%)** | **Communication Services (1.4%)** | **Communication Services (1.4%)** | **Communication Services (1.4%)** |
|  ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** |
|  AT&T, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 2/15/27 |  | 100000 |  | 99774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 3/1/27 |  | 150000 |  | 150300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 2/15/28 |  | 120000 |  | 120007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 2/15/30 |  | 130000 |  | 130194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 2/15/34 |  | 329000 |  | 341395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/15/53 |  | 54000 |  | 36262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 8/15/56 |  | 137000 |  | 137965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 12/1/57 |  | 164000 |  | 112835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 9/15/59 |  | 260000 |  | 171861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 6/1/60 |  | 54000 |  | 37190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/1/61 |  | 93000 |  | 59425 |
|  Bell Canada |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 2/15/34 |  | 100000 |  | 101750 |
|  NBN Co. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/1/29§ |  | 500000 |  | 500522 |
|  Verizon Communications, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/16/27 |  | 112000 |  | 112295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 3/22/28 |  | 60000 |  | 57621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.329%, 9/21/28 |  | 118000 |  | 118939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 9/18/30 |  | 55000 |  | 48477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 3/21/31 |  | 597000 |  | 544454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.355%, 3/15/32 |  | 225000 |  | 198161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.401%, 7/2/37§ |  | 112000 |  | 113059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/30/55 |  | 114000 |  | 112870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/30/65 |  | 114000 |  | 112803 |
|  |  |  |  | 3418159 |
|  ***Entertainment (0.1%)*** |  |  |  |  |
|  Netflix, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 8/15/34 (x) |  | 40000 |  | 40968 |
|  Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 3/28/28 |  | 50000 |  | 50944 |
|  Walt Disney Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 3/22/30 |  | 250000 |  | 247796 |
|  Warnermedia Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.755%, 3/15/27 |  | 375000 |  | 371250 |
|  |  |  |  | 710958 |
|  ***Interactive Media & Services (0.2%)*** | ***Interactive Media & Services (0.2%)*** | ***Interactive Media & Services (0.2%)*** | ***Interactive Media & Services (0.2%)*** | ***Interactive Media & Services (0.2%)*** |
|  Alphabet, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 11/15/30 |  | 289000 |  | 290033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/15/32 |  | 100000 |  | 100379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 11/15/35 |  | 60000 |  | 60136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 11/15/75 |  | 238000 |  | 234261 |
|  Meta Platforms, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 5/15/28 |  | 100000 |  | 101811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 11/15/30 |  | 40000 |  | 40120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 8/15/34 |  | 55000 |  | 55533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/15/35 |  | 150000 |  | 149983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 8/15/62 |  | 223000 |  | 180571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 8/15/64 |  | 11000 |  | 10215 |
|  |  |  |  | 1223042 |
|  ***Media (0.4%)*** |  |  |  |  |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.650%, 2/1/34 |  | 15000 |  | 15814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550%, 6/1/34 |  | 310000 |  | 326077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.384%, 10/23/35 |  | 118000 |  | 121704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/42 |  | 56000 |  | 38885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 4/1/48 |  | 279000 |  | 240085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/1/50 |  | 48000 |  | 36164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 4/1/51 |  | 189000 |  | 119319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 6/1/52 |  | 14000 |  | 9057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 4/1/53 |  | 14000 |  | 11101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 4/1/61 |  | 1258000 |  | 751907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 12/1/61 |  | 112000 |  | 73190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 6/30/62 |  | 45000 |  | 27094 |

---

See Notes to Financial Statements.

1253

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Comcast Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 10/15/28 | $245000 | $| 246083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 2/1/30 | 200000 |  | 188783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 1/15/31 | 16000 |  | 14271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/15/32 | 20000 |  | 21065 |
|  Cox Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 8/15/27§ | 400000 |  | 395309 |
|  Fox Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.709%, 1/25/29 | 100000 |  | 101195 |
|  Paramount Global |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 10/4/26 (e) | 42000 |  | 41789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 1/15/27 | 112000 |  | 110188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 1/15/31 | 200000 |  | 191921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 4/1/44 | 15000 |  | 11291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 8/15/44 | 11000 |  | 7873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 1/15/45 | 12000 |  | 8266 |
|  WPP Finance 2013 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 6/9/31 (m) | 200000 |  | 231832 |
|  |  |  | 3340263 |
|  ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** |
|  America Movil SAB de CV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/20/33 | $100000 |  | 101515 |
|  Rogers Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 3/15/27 | 65000 |  | 64351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 2/15/34 | 100000 |  | 100838 |
|  T-Mobile USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/15/27 | 200000 |  | 199308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 1/15/29 | 475000 |  | 484886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 4/15/29 | 113000 |  | 110067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/15/30 | 1120000 |  | 1100334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 5/15/32 | 166000 |  | 170755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 1/15/33 | 146000 |  | 150898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 4/15/34 | 150000 |  | 153373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 11/15/60 | 82000 |  | 54521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 9/15/62 | 136000 |  | 133994 |
|  |  |  | 2824840 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 11517262 |
|  **Consumer Discretionary (1.1%)** | **Consumer Discretionary (1.1%)** |  |  |
|  ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** |
|  Magna International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/21/33 | 100000 |  | 104833 |
|  ***Automobiles (0.5%)*** | ***Automobiles (0.5%)*** | ***Automobiles (0.5%)*** | ***Automobiles (0.5%)*** |
|  Ford Motor Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 2/12/32 | 200000 |  | 176426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 8/19/32 | 200000 |  | 206010 |
|  General Motors Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 4/15/28 | 16000 |  | 16384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 4/15/35 | 150000 |  | 159138 |
|  Hyundai Capital America |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/30/26§ | 300000 |  | 300782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 9/21/26§ | 200000 |  | 202362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 1/8/27§ | 300000 |  | 303026 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/30/28§ | 500000 |  | 508043 |
|  Nissan Motor Co. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.201%, 9/17/28 (m) | 400000 |  | 460671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810%, 9/17/30§ | $700000 |  | 657517 |
|  Toyota Motor Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.123%, 7/13/33 | 150000 |  | 155951 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 9/12/28§ | 400000 |  | 411845 |
|  |  |  | 3558155 |
|  ***Broadline Retail (0.2%)*** | ***Broadline Retail (0.2%)*** | ***Broadline Retail (0.2%)*** | ***Broadline Retail (0.2%)*** |
|  Alibaba Group Holding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/9/31 | 100000 |  | 90685 |
|  Amazon.com, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 4/13/27 | 100000 |  | 99482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 8/22/27 | 50000 |  | 49627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 5/12/28 | 50000 |  | 47555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 6/3/30 | 85000 |  | 76668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 5/12/31 | 50000 |  | 45032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 4/13/32 | 100000 |  | 97095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 11/20/35 (x) | 340000 |  | 338413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 4/13/52 | 171000 |  | 133821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 11/20/65 | 130000 |  | 126178 |
|  eBay, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 11/6/35 | 100000 |  | 99962 |
|  Prosus NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.193%, 1/19/32 (m) | 200000 |  | 191688 |
|  |  |  | 1396206 |
|  ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** |
|  Wand NewCo 3, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 1/30/32§ | 300000 |  | 316947 |
|  ***Hotels, Restaurants & Leisure (0.3%)*** | ***Hotels, Restaurants & Leisure (0.3%)*** | ***Hotels, Restaurants & Leisure (0.3%)*** | ***Hotels, Restaurants & Leisure (0.3%)*** |
|  Choice Hotels International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 12/1/29 | 600000 |  | 583813 |
|  Expedia Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 8/1/27 | 63000 |  | 63397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 2/15/30 | 372000 |  | 356869 |
|  Hyatt Hotels Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 1/30/27 | 30000 |  | 30444 |
|  Las Vegas Sands Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 8/15/29 | 400000 |  | 417308 |
|  Marriott International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/15/27 | 55000 |  | 55936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/15/30 | 400000 |  | 408403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/1/34 | 31000 |  | 30148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/15/30 | 25000 |  | 25379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series X |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/15/28 | 25000 |  | 25017 |
|  McDonald's Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 9/1/29 | 40000 |  | 38157 |
|  Royal Caribbean Cruises Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 1/15/36 | 50000 |  | 50290 |
|  Starbucks Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 8/15/29 | 100000 |  | 98237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/14/32 (x) | 20000 |  | 18442 |
|  |  |  | 2201840 |
|  ***Household Durables (0.0%)†*** |  |  |  |
|  DR Horton, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/15/35 | 25000 |  | 26037 |
|  Leggett & Platt, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/15/27 (x) | 25000 |  | 24553 |
|  Lennar Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/29/27 | 100000 |  | 100789 |
|  Mohawk Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/15/30 | 25000 |  | 24248 |
|  |  |  | 175627 |

---

See Notes to Financial Statements.

1254

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  ***Leisure Products (0.0%)†*** |  |  |  |
|  Hasbro, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/15/27 | $15000 | $| 14849 |
|  ***Specialty Retail (0.1%)*** |  |  |  |
|  AutoZone, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/1/28 | 70000 |  | 70605 |
|  Home Depot, Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 3/15/28 | 65000 |  | 61229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 6/15/29 | 30000 |  | 29012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 6/25/29 | 45000 |  | 46152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 9/15/31 | 85000 |  | 74719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/15/32 | 45000 |  | 42436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 9/15/35 | 40000 |  | 39692 |
|  Lowe's Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 4/5/29 | 200000 |  | 197464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/15/33 | 40000 |  | 40906 |
|  O'Reilly Automotive, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 6/1/28 | 50000 |  | 50355 |
|  Tractor Supply Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 5/15/33 | 5000 |  | 5168 |
|  |  |  | 657738 |
|  ***Textiles, Apparel & Luxury Goods (0.0%)†*** | ***Textiles, Apparel & Luxury Goods (0.0%)†*** | ***Textiles, Apparel & Luxury Goods (0.0%)†*** | ***Textiles, Apparel & Luxury Goods (0.0%)†*** |
|  Ralph Lauren Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 6/15/30 | 15000 |  | 14259 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 8440454 |
|  **Consumer Staples (0.9%)** |  |  |  |
|  ***Beverages (0.2%)*** |  |  |  |
|  Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 1/23/29 | 250000 |  | 255041 |
|  Coca-Cola Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 5/25/27 | 50000 |  | 49489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/5/31 | 65000 |  | 58953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 8/14/34 | 55000 |  | 56151 |
|  Constellation Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 5/9/27 | 100000 |  | 100372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 1/15/29 | 375000 |  | 381214 |
|  Diageo Capital plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 10/24/29 | 200000 |  | 187949 |
|  Heineken NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.505%, 5/3/34 (m) | 150000 |  | 174995 |
|  Keurig Dr Pepper, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 4/15/29 | $100000 |  | 98818 |
|  PepsiCo, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/15/27 | 100000 |  | 99027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 3/19/30 | 200000 |  | 189954 |
|  |  |  | 1651963 |
|  ***Consumer Staples Distribution & Retail (0.1%)*** | ***Consumer Staples Distribution & Retail (0.1%)*** | ***Consumer Staples Distribution & Retail (0.1%)*** | ***Consumer Staples Distribution & Retail (0.1%)*** |
|  Costco Wholesale Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%, 4/20/30 (x) | 200000 |  | 181294 |
|  Kroger Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/15/29 | 25000 |  | 25322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/15/34 | 45000 |  | 45280 |
|  Sysco Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 7/15/27 | 50000 |  | 49465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 9/23/30 | 35000 |  | 36094 |
|  Target Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 4/15/29 | 100000 |  | 98186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/32 (x) | 50000 |  | 50577 |
|  Walmart, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 7/8/29 | 200000 |  | 196940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 9/24/29 | 3000 |  | 2847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 9/22/31 | 15000 |  | 13342 |
|  |  |  | 699347 |
|  ***Food Products (0.2%)*** |  |  |  |
|  Bunge Ltd. Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 5/14/31 | 25000 |  | 22947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 8/4/35 | 50000 |  | 50820 |
|  Campbell's Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 3/15/28 | 25000 |  | 24996 |
|  Conagra Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 11/1/28 | 225000 |  | 227472 |
|  General Mills, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 4/17/28 | 215000 |  | 215604 |
|  Hormel Foods Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 6/3/28 | 70000 |  | 66531 |
|  J M Smucker Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 3/15/30 | 15000 |  | 13928 |
|  Mars, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/1/30§ | 400000 |  | 408934 |
|  Mondelez International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/13/30 | 200000 |  | 188454 |
|  Unilever Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 5/5/27 | 100000 |  | 98953 |
|  |  |  | 1318639 |
|  ***Household Products (0.0%)†*** |  |  |  |
|  Clorox Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 5/15/30 | 15000 |  | 13516 |
|  Kimberly-Clark Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 11/1/28 | 10000 |  | 10027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 4/25/29 | 50000 |  | 48782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/2/31 | 25000 |  | 22484 |
|  Procter & Gamble Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 10/29/30 | 50000 |  | 44057 |
|  |  |  | 138866 |
|  ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** |  |  |
|  Estee Lauder Cos., Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 3/15/31 (x) | 45000 |  | 40081 |
|  Haleon US Capital LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/24/27 | 250000 |  | 248032 |
|  |  |  | 288113 |
|  ***Tobacco (0.4%)*** |  |  |  |
|  Altria Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 2/14/29 | 40000 |  | 40669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 2/6/35 | 25000 |  | 25989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 8/6/35 | 75000 |  | 75945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/9/42 | 67000 |  | 55807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/2/43 | 192000 |  | 164100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/16/46 | 193000 |  | 145218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200%, 2/14/59 | 10000 |  | 9988 |
|  BAT Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.557%, 8/15/27 | 100000 |  | 99224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.259%, 3/25/28 | 225000 |  | 216525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.742%, 3/16/32 | 499000 |  | 503709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/22/33 | 90000 |  | 89481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.079%, 8/2/43 | 76000 |  | 85347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540%, 8/15/47 | 25000 |  | 20758 |

---

See Notes to Financial Statements.

1255

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 3/16/52 | $135000 | $| 127628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 8/15/55 | 228000 |  | 235846 |
|  BAT International Finance plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.931%, 2/2/29 | 400000 |  | 419463 |
|  Imperial Brands Finance plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/26/26§ | 400000 |  | 398252 |
|  Philip Morris International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 2/15/33 | 200000 |  | 209293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 2/13/34 | 100000 |  | 103389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 10/29/35 | 30000 |  | 29340 |
|  |  |  | 3055971 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 7152899 |
|  **Energy (3.1%)** |  |  |  |
|  ***Energy Equipment & Services (0.0%)†*** | ***Energy Equipment & Services (0.0%)†*** | ***Energy Equipment & Services (0.0%)†*** | ***Energy Equipment & Services (0.0%)†*** |
|  Baker Hughes Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.337%, 12/15/27 | 100000 |  | 98941 |
|  FORESEA Holding SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 6/15/30 (m) | 32553 |  | 31986 |
|  |  |  | 130927 |
|  ***Oil, Gas & Consumable Fuels (3.1%)*** | ***Oil, Gas & Consumable Fuels (3.1%)*** | ***Oil, Gas & Consumable Fuels (3.1%)*** | ***Oil, Gas & Consumable Fuels (3.1%)*** |
|  Adnoc Murban Rsc Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/11/29§ | 200000 |  | 200920 |
|  Antero Resources Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 3/1/30§ | 808000 |  | 818100 |
|  APA Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/15/30 | 74000 |  | 72687 |
|  Boardwalk Pipelines LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 5/3/29 | 20000 |  | 20224 |
|  BP Capital Markets America, Inc. | BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.588%, 4/14/27 | 100000 |  | 99665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.234%, 11/6/28 | 200000 |  | 201314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.227%, 11/17/34 | 191000 |  | 197169 |
|  BP Capital Markets plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.279%, 9/19/27 | 50000 |  | 49598 |
|  Cameron LNG LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.402%, 1/15/38§ | 333000 |  | 289523 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/15/29 | 400000 |  | 409630 |
|  Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/30/27 | 71000 |  | 71700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 11/15/29 | 669000 |  | 653222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.742%, 12/31/39 | 183000 |  | 156112 |
|  Cheniere Energy Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 1/31/32 | 400000 |  | 368008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 6/30/33 | 50000 |  | 53050 |
|  Cheniere Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 10/15/28 | 200000 |  | 199832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 4/15/34 | 1125000 |  | 1166524 |
|  Chevron USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.819%, 4/15/32 | 100000 |  | 102770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/15/32 | 100000 |  | 101035 |
|  ConocoPhillips Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 4/15/29 | 200000 |  | 217546 |
|  Coterra Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/15/29 | 100000 |  | 100239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 2/15/35 | 400000 |  | 405400 |
|  Diamondback Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 12/1/26 | 673000 |  | 667874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 4/18/27 | 75000 |  | 76074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/1/29 | 1021000 |  | 990476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 3/24/31 | 250000 |  | 233491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 4/18/34 | 40000 |  | 40944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 3/15/52 | 300000 |  | 234097 |
|  Enbridge, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 7/15/27 | 50000 |  | 49752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 4/5/34 | 150000 |  | 156231 |
|  Energy Transfer LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 2/15/28 | 25000 |  | 25676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 12/1/28 | 200000 |  | 210177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/15/30 | 100000 |  | 97368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 5/15/34 | 150000 |  | 154150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/15/50 | 700000 |  | 586752 |
|  Enterprise Products Operating LLC | Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 1/31/30 | 30000 |  | 28521 |
|  EOG Resources, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 4/15/30 | 200000 |  | 201005 |
|  EQT Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 7/1/27 | 113000 |  | 115440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 10/1/27 | 407000 |  | 404936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 4/1/28 | 365000 |  | 376390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/15/29 | 174000 |  | 174131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/15/29 | 515000 |  | 521738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 4/1/29 | 273000 |  | 282355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 2/1/30 (e) | 180000 |  | 195559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 6/1/30 | 1530000 |  | 1680411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 1/15/31 | 737000 |  | 741835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/15/31§ | 892000 |  | 838112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 2/1/34 | 109000 |  | 113893 |
|  Equinor ASA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/10/28 | 100000 |  | 99742 |
|  Expand Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 2/1/29 | 186000 |  | 186112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 3/15/30 | 394000 |  | 399269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/1/32 | 294000 |  | 289736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 1/15/35 | 740000 |  | 765909 |
|  Flex Intermediate Holdco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.363%, 6/30/31§ | 400000 |  | 368913 |
|  Greensaif Pipelines Bidco Sarl |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.853%, 2/23/36 (m) | 201000 |  | 209830 |
|  HF Sinclair Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 1/15/35 | 50000 |  | 52201 |
|  Korea National Oil Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 4/3/29§ | 400000 |  | 408468 |
|  Marathon Petroleum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 4/1/28 | 15000 |  | 14912 |
|  MPLX LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/28 | 200000 |  | 199594 |
|  NGPL PipeCo LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 7/15/31§ | 10000 |  | 9195 |
|  Occidental Petroleum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 8/1/29 | 125000 |  | 128054 |
|  ONEOK, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 3/15/29 | 50000 |  | 50140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/1/30 | 15000 |  | 14283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 9/1/30§ | 400000 |  | 428315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 10/15/35 | 100000 |  | 101030 |
|  Origin Energy Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 9/17/29 (m) | 201000 |  | 216924 |
|  Ovintiv, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 5/15/28 | $35000 |  | 36042 |

---

See Notes to Financial Statements.

1256

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 2/7/33 | $200000 | $231194 |
|  Pioneer Natural Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 8/15/30 | 50000 | 45279 |
|  Raizen Fuels Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/8/32§ | 207000 | 173984 |
|  Repsol E&P Capital Markets US LLC | Repsol E&P Capital Markets US LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.805%, 9/16/28§ | 200000 | 201788 |
|  Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/15/27 | 321000 | 323062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 3/15/28 | 200000 | 200038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/15/30 | 593000 | 595732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 9/15/37 | 230456 | 242882 |
|  Saudi Arabian Oil Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 7/17/34§ | 400000 | 410700 |
|  Shell Finance US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 11/7/29 | 50000 | 47200 |
|  South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.911%, 9/1/27 | 21000 | 21173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.026%, 10/1/29 | 400000 | 405563 |
|  Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 3/1/29 | 616000 | 648571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 3/15/33 | 509000 | 543533 |
|  TotalEnergies Capital International SA | TotalEnergies Capital International SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.455%, 2/19/29 | 100000 | 98529 |
|  TotalEnergies Capital SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.724%, 9/10/34 | 50000 | 50397 |
|  TransCanada PipeLines Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/28 | 100000 | 100111 |
|  Valero Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/29 | 65000 | 64512 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/29§ | 200000 | 187750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/1/33§ | 100000 | 85752 |
|  Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 6/1/28§ | 300000 | 303150 |
|  Viper Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 8/1/30 | 55000 | 55572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 8/1/35 | 50000 | 50917 |
|  Western Midstream Operating LP | Western Midstream Operating LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 4/1/33 | 20000 | 21151 |
|  Williams Cos., Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 3/15/31 | 65000 | 59359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 8/15/32 | 11000 | 11025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/15/34 | 100000 | 101701 |
|  |  | 24410950 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 24541877 |
|  **Financials (10.2%)** |  |  |
|  ***Banks (6.0%)*** |  |  |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.30%),<br>7.883%, 11/15/34 (k) | 100000 | 116234 |
|  Banco de Sabadell SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual<br>1 Year + 1.60%),<br>4.000%, 1/15/30 (k)(m) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | 605328 |
|  Banco Espirito Santo SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/21/19 (h)(m) | 900000 | 266535 |
|  Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%),<br>5.552%, 3/14/28 (k) | $400000 | 406485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.588%, 8/8/28 | 200000 | 207285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.607%, 11/7/28 | 200000 | 213359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.749%, 12/3/30 | 200000 | 181434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.439%, 7/15/31 | 100000 | 105200 |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.96%),<br>1.734%, 7/22/27 (k) | 76000 | 75017 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.77%), 3.705%, 4/24/28 (k) | 215000 | 214055 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%),<br>4.376%, 4/27/28 (k) | 550000 | 551975 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.30%), 3.419%, 12/20/28 (k) | 527000 | 520982 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%),<br>4.623%, 5/9/29 (k) | 10000 | 10133 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.06%),<br>2.087%, 6/14/29 (k) | 100000 | 95382 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.57%), 4.271%, 7/23/29 (k) | 50000 | 50210 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.57%),<br>5.819%, 9/15/29 (k) | 500000 | 521617 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.47%), 3.974%, 2/7/30 (k) | 400000 | 397537 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%),<br>2.687%, 4/22/32 (k) | 262000 | 240412 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%),<br>2.572%, 10/20/32 (k) | 216000 | 194863 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.33%),<br>2.972%, 2/4/33 (k) | 248000 | 226897 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.83%),<br>4.571%, 4/27/33 (k) | 258000 | 257600 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.16%),<br>5.015%, 7/22/33 (k) | 55000 | 56125 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.84%),<br>5.872%, 9/15/34 (k) | 200000 | 213549 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.65%),<br>5.468%, 1/23/35 (k) | 40000 | 41714 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.31%),<br>5.511%, 1/24/36 (k) | 75000 | 78265 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.70%),<br>5.744%, 2/12/36 (k) | 70000 | 72943 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%),<br>3.846%, 3/8/37 (k) | 200000 | 188462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FIX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.00%),<br>5.162%, 1/24/31 (k) | 217000 | 223992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%),<br>2.651%, 3/11/32 (k) | 100000 | 91804 |
|  Bank of America NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.02%),<br>4.797%, 8/18/26 (k) | 400000 | 401381 |

---

See Notes to Financial Statements.

1257

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.08%), 4.350%, 9/22/31 (k) | $150000 | $149812 |
|  Bank of Nova Scotia (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/12/28 | 100000 | 103041 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.09%),<br>4.338%, 9/15/31 (k) | 100000 | 99690 |
|  Banque Federative du Credit Mutuel SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.896%, 7/13/26§ | 300000 | 302880 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.07%), 4.848%, 2/16/28 (k)§ | 400000 | 402846 |
|  Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.49%),<br>5.267%, 3/12/28 (k) | 200000 | 201913 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.49%),<br>5.674%, 3/12/28 (k) | 250000 | 254523 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.30%),<br>7.385%, 11/2/28 (k) | 300000 | 316895 |
| &nbsp;&nbsp;&nbsp;&nbsp; (GBP Swap Semi<br>1 Year + 2.55%),<br>7.090%, 11/6/29 (k)(m) | 500000 | 717183 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.50%),<br>7.437%, 11/2/33 (k) | $550000 | 629163 |
|  BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%),<br>1.904%, 9/30/28 (k)§ | 700000 | 673448 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.59%),<br>5.497%, 5/20/30 (k)§ | 400000 | 413685 |
|  BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.281%, 5/30/29§ | 250000 | 257563 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.27%),<br>6.714%, 10/19/29 (k)§ | 400000 | 424132 |
|  Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.17%), 4.580%, 9/8/31 (k) | 150000 | 150865 |
|  Citibank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.488%, 12/4/26 | 600000 | 608013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.803%, 9/29/28 | 200000 | 209774 |
|  Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 9/29/27 | 200000 | 201323 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%),<br>3.070%, 2/24/28 (k) | 400000 | 395455 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%),<br>4.643%, 5/7/28 (k) | 225000 | 226689 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.65%), 3.668%, 7/24/28 (k) | 125000 | 124253 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.36%),<br>5.174%, 2/13/30 (k) | 244000 | 250386 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.60%), 3.980%, 3/20/30 (k) | 150000 | 148669 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%),<br>4.542%, 9/19/30 (k) | 290000 | 292118 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%),<br>2.976%, 11/5/30 (k) | 50000 | 47611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 12/11/30 (r) | 227000 | 227000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.15%),<br>2.666%, 1/29/31 (k) | 79000 | 73971 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.17%),<br>4.503%, 9/11/31 (k) | 105000 | 105174 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%),<br>2.520%, 11/3/32 (k) | 177000 | 158445 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.35%),<br>3.057%, 1/25/33 (k) | 203000 | 185889 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.94%),<br>3.785%, 3/17/33 (k) | 384000 | 366107 |
| &nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.60%), 4.112%, 9/22/33 (k)(m) | 189000 | 229395 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.34%),<br>6.270%, 11/17/33 (k) | $250000 | 272086 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.45%),<br>5.449%, 6/11/35 (k) | 400000 | 414213 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.83%),<br>6.020%, 1/24/36 (k) | 65000 | 68145 |
| &nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.58%), 4.113%, 4/29/36 (k) | 129000 | 153879 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.49%),<br>5.174%, 9/11/36 (k) | $231000 | 233405 |
|  Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/30/30 | 30000 | 28689 |
|  Comerica, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/1/29 | 50000 | 49537 |
|  Commonwealth Bank of Australia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.316%, 3/13/26 | 400000 | 401051 |
|  Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/5/26 | 300000 | 302994 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.12%),<br>5.447%, 3/5/30 (k)§ | 400000 | 413719 |
|  Credit Agricole SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.86%),<br>6.316%, 10/3/29 (k)§ | 400000 | 421170 |
| &nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.10%), 3.750%, 1/23/31 (k)(m) | 200000 | 239609 |
|  Danske Bank A/S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.40%),<br>5.705%, 3/1/30 (k)§ | $400000 | 415737 |
|  Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.36%),<br>4.055%, 4/25/28 (k) | 60000 | 59933 |
|  HSBC Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.35%),<br>7.390%, 11/3/28 (k) | 700000 | 740001 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.46%),<br>5.546%, 3/4/30 (k) | 100000 | 103688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 3/31/30 | 400000 | 409789 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.19%),<br>2.804%, 5/24/32 (k) | 200000 | 183024 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.39%),<br>6.254%, 3/9/34 (k) | 800000 | 870991 |

---

See Notes to Financial Statements.

1258

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.90%),<br>5.874%, 11/18/35 (k) | $200000 | $208634 |
|  Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.05%),<br>5.023%, 5/17/33 (k) | 35000 | 35424 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.17%),<br>2.487%, 8/15/36 (k) | 100000 | 86577 |
|  ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.44%),<br>5.335%, 3/19/30 (k) | 200000 | 206300 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.23%), 5.066%, 3/25/31 (k) | 500000 | 512538 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 10/1/26 | 715000 | 710097 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.33%),<br>6.070%, 10/22/27 (k) | 690000 | 700928 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.20%),<br>4.999%, 1/23/28 (k) | 200000 | 200901 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.60%), 3.782%, 2/1/28 (k) | 125000 | 124712 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.64%), 3.540%, 5/1/28 (k) | 75000 | 74597 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.89%),<br>2.182%, 6/1/28 (k) | 700000 | 682733 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.93%),<br>4.979%, 7/22/28 (k) | 36000 | 36495 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.86%),<br>4.505%, 10/22/28 (k) | 396000 | 399899 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.02%),<br>2.069%, 6/1/29 (k) | 55000 | 52508 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.45%),<br>5.299%, 7/24/29 (k) | 455000 | 468631 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.31%),<br>5.012%, 1/23/30 (k)(x) | 40000 | 41006 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.16%),<br>5.581%, 4/22/30 (k) | 402000 | 419644 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.13%),<br>4.995%, 7/22/30 (k) | 880000 | 903127 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.51%), 2.739%, 10/15/30 (k) | 200000 | 189751 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.04%),<br>4.603%, 10/22/30 (k) | 400000 | 405651 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.04%),<br>2.522%, 4/22/31 (k) | 261000 | 243255 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.44%),<br>5.103%, 4/22/31 (k) | 133000 | 137380 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 2.52%), 2.956%, 5/13/31 (k) | 200000 | 188593 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.25%), 2.580%, 4/22/32 (k) | 75000 | 68579 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%),<br>2.545%, 11/8/32 (k) | 65000 | 58626 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%),<br>2.963%, 1/25/33 (k) | 100000 | 91724 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.80%),<br>4.586%, 4/26/33 (k) | 85000 | 85354 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.08%),<br>4.912%, 7/25/33 (k) | 10000 | 10177 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.81%),<br>6.254%, 10/23/34 (k) | 40000 | 43944 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%),<br>4.946%, 10/22/35 (k) | 40000 | 40417 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%),<br>5.502%, 1/24/36 (k) | 396000 | 415050 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.19%),<br>4.810%, 10/22/36 (k) | 70000 | 69627 |
|  KBC Group NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%),<br>5.796%, 1/19/29 (k)§ | 200000 | 206532 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.07%),<br>4.932%, 10/16/30 (k)§ | 400000 | 407214 |
|  KeyBank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/26/33 | 250000 | 252463 |
|  KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 2.42%), 6.401%, 3/6/35 (k) | 250000 | 271701 |
|  Korea Development Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/15/29 | 200000 | 203014 |
|  Kreditanstalt fuer Wiederaufbau |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/20/27 | 180000 | 178659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 4/3/28 | 90000 | 88692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/15/28 | 100000 | 100718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/15/28 | 60000 | 60418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/29 | 100000 | 100840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/18/30 | 100000 | 103461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 9/30/30 | 105000 | 91465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 7/15/33 | 200000 | 201234 |
|  Landwirtschaftliche Rentenbank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 9/3/30 | 100000 | 87678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 37 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/15/27 | 50000 | 49018 |
|  Lloyds Banking Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.06%), 4.734%, 11/26/28 (k) | 200000 | 200569 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%),<br>5.087%, 11/26/28 (k) | 200000 | 203653 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%),<br>5.679%, 1/5/35 (k) | 200000 | 210773 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.97%),<br>4.943%, 11/4/36 (k) | 100000 | 99073 |
|  M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.85%),<br>5.053%, 1/27/34 (k) | 125000 | 125759 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.741%, 3/7/29 | 100000 | 99195 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.63%),<br>5.441%, 2/22/34 (k) | 200000 | 209148 |

---

See Notes to Financial Statements.

1259

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Mizuho Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.018%, 3/5/28 | $200000 | $200169 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%),<br>3.261%, 5/22/30 (k) | 700000 | 677094 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.90%),<br>5.748%, 7/6/34 (k) | 200000 | 210563 |
|  Morgan Stanley Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.08%),<br>4.983%, 1/14/28 (k) | 400000 | 402160 |
|  National Securities Clearing Corp. | National Securities Clearing Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/30/28§ | 400000 | 409431 |
|  NatWest Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%),<br>5.583%, 3/1/28 (k) | 400000 | 406981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.076%, 1/27/30 | 200000 | 204372 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%),<br>5.778%, 3/1/35 (k) | 50000 | 52925 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/1/53 | 2 |  |
|  Norinchukin Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.094%, 10/16/29§ | $400000 | 407914 |
|  Oesterreichische Kontrollbank AG | Oesterreichische Kontrollbank AG |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 3/1/28 | 75000 | 75980 |
|  PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.98%),<br>2.307%, 4/23/32 (k) | 65000 | 58656 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.93%),<br>5.068%, 1/24/34 (k) | 200000 | 204862 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.60%),<br>5.401%, 7/23/35 (k) | 40000 | 41443 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.39%),<br>5.575%, 1/29/36 (k) | 15000 | 15632 |
|  Regions Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.06%),<br>5.502%, 9/6/35 (k)(x) | 25000 | 25752 |
|  Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 1/19/27 | 400000 | 404398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.240%, 8/3/27 | 150000 | 150994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 1/12/28 | 325000 | 331242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/1/33 | 250000 | 256966 |
|  Santander Holdings USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.88%),<br>5.741%, 3/20/31 (k) | 95000 | 97763 |
|  Santander UK Group Holdings plc | Santander UK Group Holdings plc |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%),<br>2.469%, 1/11/28 (k) | 200000 | 196470 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.60%),<br>6.534%, 1/10/29 (k) | 700000 | 730867 |
|  Shinhan Bank Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/23/29§ | 500000 | 492365 |
|  Societe Generale SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.55%),<br>6.446%, 1/10/29 (k)§ | 300000 | 312014 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.95%),<br>6.691%, 1/10/34 (k)§ | 500000 | 544639 |
|  Standard Chartered plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.301%, 1/9/29§ | 600000 | 623388 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.364%, 7/12/27 | 100000 | 99204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.352%, 10/18/27 | 100000 | 99030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.520%, 1/13/28 | 200000 | 205968 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.50%),<br>5.246%, 7/8/36 (k) | 100000 | 102537 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 3/7/27§ | 400000 | 405758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/9/28§ | 300000 | 308963 |
|  Toronto-Dominion Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.109%, 10/13/28 | 450000 | 450845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 3/10/32 | 200000 | 186401 |
|  Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.44%),<br>4.873%, 1/26/29 (k) | 40000 | 40626 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.62%),<br>5.435%, 1/24/30 (k) | 110000 | 113808 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.85%),<br>5.122%, 1/26/34 (k) | 150000 | 152955 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.92%),<br>5.711%, 1/24/35 (k) | 200000 | 210696 |
|  UniCredit SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/5/34 (m) | 237000 | 284740 |
|  US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.23%),<br>4.653%, 2/1/29 (k) | $50000 | 50601 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.02%),<br>5.775%, 6/12/29 (k) | 100000 | 103990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 7/22/30 | 200000 | 176731 |
|  Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.43%), 3.196%, 6/17/27 (k) | 400000 | 398391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 7/22/27 | 100000 | 100441 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.07%),<br>5.707%, 4/22/28 (k) | 288000 | 293971 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.57%), 3.584%, 5/22/28 (k) | 75000 | 74499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 1/24/29 | 200000 | 200452 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.79%),<br>6.303%, 10/23/29 (k) | 175000 | 184914 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.50%),<br>5.198%, 1/23/30 (k) | 55000 | 56610 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%),<br>5.244%, 1/24/31 (k) | 189000 | 195670 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.26%), 2.572%, 2/11/31 (k) | 435000 | 406501 |
| &nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.22%), 3.900%, 7/22/32 (k)(m) | 200000 | 240242 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.50%),<br>3.350%, 3/2/33 (k) | $780000 | 728203 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.10%),<br>4.897%, 7/25/33 (k) | 48000 | 48774 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.02%),<br>5.389%, 4/24/34 (k) | 281000 | 292338 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.38%),<br>5.211%, 12/3/35 (k) | 40000 | 40919 |

---

See Notes to Financial Statements.

1260

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%),<br>5.605%, 4/23/36 (k) | $65000 | $68249 |
|  Wells Fargo Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 8/7/26 | 200000 | 201525 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.07%),<br>4.848%, 12/11/26 (k) | 400000 | 402790 |
|  Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 4/16/29 | 200000 | 206599 |
|  |  | 47689483 |
|  ***Capital Markets (2.1%)*** |  |  |
|  Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 6/15/27 | 100000 | 97854 |
|  Ares Strategic Income Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 1/15/31§ | 100000 | 98143 |
|  Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.15%),<br>3.992%, 6/13/28 (k) | 50000 | 50039 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.09%),<br>4.975%, 3/14/30 (k) | 50000 | 51438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 1/25/29 | 50000 | 47149 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%),<br>4.967%, 4/26/34 (k) | 125000 | 127272 |
|  BGC Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 4/2/30 | 400000 | 413930 |
|  BlackRock, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/30/29 | 15000 | 14682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/25/33 | 65000 | 66426 |
|  Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/22/34 | 50000 | 50361 |
|  Blue Owl Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 6/11/28 | 25000 | 23579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 3/15/29 | 26000 | 26235 |
|  Blue Owl Credit Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 9/23/26 | 73000 | 72174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.950%, 6/13/28 | 100000 | 105715 |
|  Brookfield Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 1/25/28 | 50000 | 49872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.724%, 4/15/31 | 80000 | 73138 |
|  Carlyle Finance Subsidiary LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/19/29§ | 600000 | 583297 |
|  Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 4/1/27 | 30000 | 29812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 5/13/31 | 50000 | 45238 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.01%),<br>6.136%, 8/24/34 (k) | 200000 | 218004 |
|  Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.59%),<br>5.706%, 2/8/28 (k) | 150000 | 152285 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.18%),<br>6.720%, 1/18/29 (k) | 150000 | 156921 |
|  FactSet Research Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 3/1/32 | 36000 | 33452 |
|  FS KKR Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 10/12/28 | 50000 | 46111 |
|  Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.82%),<br>1.542%, 9/10/27 (k) | 10000 | 9828 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%),<br>1.948%, 10/21/27 (k) | 200000 | 196493 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 2.01%), 5.871%, 10/28/27 (k) | 600000 | 606635 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%),<br>4.937%, 4/23/28 (k) | 630000 | 637334 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.77%), 3.691%, 6/5/28 (k) | 65000 | 64665 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.56%), 4.223%, 5/1/29 (k) | 288000 | 288606 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.90%),<br>4.153%, 10/21/29 (k) | 250000 | 249987 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.77%),<br>6.484%, 10/24/29 (k) | 200000 | 211916 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.27%),<br>5.727%, 4/25/30 (k) | 500000 | 522504 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%),<br>5.049%, 7/23/30 (k) | 370000 | 379318 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%),<br>4.692%, 10/23/30 (k) | 35000 | 35480 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.08%),<br>5.207%, 1/28/31 (k) | 166000 | 171458 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%),<br>5.218%, 4/23/31 (k) | 156000 | 161158 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.06%),<br>4.369%, 10/21/31 (k) | 90000 | 89761 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.09%),<br>1.992%, 1/27/32 (k) | 231000 | 204725 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%),<br>2.383%, 7/21/32 (k) | 105000 | 94052 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%),<br>2.650%, 10/21/32 (k) | 60000 | 54134 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.41%),<br>3.102%, 2/24/33 (k) | 12000 | 11053 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.95%),<br>6.561%, 10/24/34 (k) | 100000 | 111503 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%),<br>5.016%, 10/23/35 (k) | 80000 | 80376 |
|  Intercontinental Exchange, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 12/1/28 | 200000 | 200499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 3/15/31 | 200000 | 200008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/15/31 | 30000 | 31411 |
|  Jefferies Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 10/15/31 | 100000 | 88570 |
|  Lehman Brothers Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 1/24/13 (h) | 5000000 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 12/30/16 (h) | 10200000 | 4845 |
|  LPL Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 3/15/30 | 500000 | 511915 |
|  Moody's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/19/31 | 100000 | 88752 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 7/27/26(x) | 147000 | 146309 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.88%),<br>1.593%, 5/4/27 (k) | 49000 | 48575 |
| &nbsp;&nbsp;&nbsp;&nbsp; + 1.34%), 3.591%, 7/22/28 (k) | 100000 | 99308 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.40%), 3.772%, 1/24/29 (k) | 25000 | 24837 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%),<br>5.123%, 2/1/29 (k) | 400000 | 408294 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.38%),<br>4.994%, 4/12/29 (k) | 126000 | 128443 |

---

See Notes to Financial Statements.

1261

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.63%),<br>5.449%, 7/20/29 (k) | $515000 | $531461 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.83%),<br>6.407%, 11/1/29 (k) | 44000 | 46635 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.45%),<br>5.173%, 1/16/30 (k) | 50000 | 51334 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.89%), 4.431%, 1/23/30 (k) | 150000 | 150811 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%),<br>5.656%, 4/18/30 (k) | 65000 | 67769 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%),<br>5.042%, 7/19/30 (k) | 637000 | 653260 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.10%),<br>4.654%, 10/18/30 (k) | 200000 | 202334 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%),<br>5.230%, 1/15/31 (k) | 115000 | 118589 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%),<br>2.699%, 1/22/31 (k) | 367000 | 344303 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.03%),<br>1.794%, 2/13/32 (k) | 541000 | 475244 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%),<br>2.239%, 7/21/32 (k) | 230000 | 204097 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.20%),<br>2.511%, 10/20/32 (k) | 75000 | 67322 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%),<br>2.943%, 1/21/33 (k) | 75000 | 68425 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.56%),<br>6.342%, 10/18/33 (k) | 95000 | 104163 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.87%),<br>5.250%, 4/21/34 (k) | 145000 | 149343 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%),<br>5.466%, 1/18/35 (k) | 150000 | 155993 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%),<br>5.320%, 7/19/35 (k) | 400000 | 411614 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%),<br>5.587%, 1/18/36 (k) | 65000 | 67956 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.76%),<br>5.664%, 4/17/36 (k) | 55000 | 57776 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.36%),<br>2.484%, 9/16/36 (k) | 150000 | 131742 |
| &nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.12%), 3.749%, 11/7/36 (k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384000 | 443682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%),<br>4.133%, 10/18/29 (k) | $645000 | 644177 |
|  Nasdaq, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 6/28/28 | 126000 | 129999 |
|  Nomura Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.709%, 1/9/26 | 500000 | 500150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.783%, 7/3/34 | 200000 | 211097 |
|  Northern Trust Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/10/27 | 35000 | 35116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 5/3/29 | 25000 | 24375 |
|  S&P Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/15/30 | 25000 | 21944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 9/15/33 | 65000 | 68229 |
|  UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%),<br>5.711%, 1/12/27 (k)§ | 300000 | 300112 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%),<br>6.327%, 12/22/27 (k)§ | 400000 | 407961 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.20%),<br>5.959%, 1/12/34 (k)§ | 400000 | 426170 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.77%),<br>5.699%, 2/8/35 (k)§ | 500000 | 525092 |
|  |  | 16595654 |
|  ***Consumer Finance (1.0%)*** |  |  |
|  AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 10/29/26 | 800000 | 789601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 9/10/34 | 165000 | 164769 |
|  Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 11/2/28 | 700000 | 659458 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.96%), 5.737%, 5/15/29 (k) | 35000 | 35720 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.73%), 5.543%, 1/17/31 (k) | 400000 | 408765 |
|  American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 5/3/27 | 265000 | 263370 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.93%),<br>5.043%, 7/26/28 (k) | 15000 | 15245 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%),<br>4.918%, 7/20/33 (k) | 25000 | 25440 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.32%), 5.442%, 1/30/36 (k) | 15000 | 15601 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.24%),<br>4.804%, 10/24/36 (k) | 100000 | 98778 |
|  American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/24/28 | 10000 | 9578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 3/5/35 | 200000 | 202768 |
|  Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 3/1/29§ | 400000 | 413940 |
|  Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 2/9/27 | 40000 | 40022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 1/31/28 | 200000 | 198876 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%),<br>5.700%, 2/1/30 (k) | 200000 | 207953 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.04%),<br>6.183%, 1/30/36 (k) | 106000 | 110813 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.63%),<br>5.197%, 9/11/36 (k) | 55000 | 54695 |
|  Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100%, 9/14/27 | 50000 | 47933 |
|  Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 3/5/27 | 400000 | 404676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.798%, 11/7/28 | 403000 | 422118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 3/8/29 | 100000 | 102000 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 4/6/26 | 60000 | 60202 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.35%), 5.131%, 5/8/27 (k) | 400000 | 401582 |

---

See Notes to Financial Statements.

1262

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 6/23/28 | $100000 | $103619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 10/27/28 | 20000 | 20043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 4/6/29 | 50000 | 49895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 6/21/30 | 50000 | 48180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 2/8/31 | 30000 | 31583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 6/18/31 | 30000 | 31271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 9/6/34 | 132000 | 134054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 1/7/35 | 25000 | 26044 |
|  John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 4/18/29 | 200000 | 196210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 9/8/31 | 55000 | 55443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 6/7/32 | 10000 | 9800 |
|  Kaspi.KZ JSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 3/26/30 (m) | 203000 | 206936 |
|  Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 12/1/27 | 52000 | 51799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/19/29 | 105000 | 106394 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.40%),<br>5.019%, 7/29/29 (k) | 65000 | 65545 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 2.13%), 5.935%, 8/2/30 (k) | 402000 | 418744 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.68%),<br>5.450%, 3/6/31 (k) | 298000 | 305709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 10/28/31 | 219000 | 196473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 2/2/33 | 66000 | 71035 |
|  Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 1/11/27 | 100000 | 99367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 1/12/28 | 65000 | 65979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 4/6/28 | 100000 | 95908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 8/9/29 | 400000 | 406789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 3/21/31 | 100000 | 103802 |
|  Volkswagen Leasing GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/11/31 (m) | 120000 | 144861 |
|  |  | 8199386 |
|  ***Financial Services (0.4%)*** |  |  |
|  AT&T Reign II Multi-Property Lease-Backed Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.088%, 12/15/44§ | $220000 | 222325 |
|  Block Financial LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/15/28 | 10000 | 9531 |
|  Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/1/31 | 190000 | 178110 |
|  Corebridge Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 4/5/32 | 200000 | 190055 |
|  Essent Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/1/29 | 400000 | 417482 |
|  Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/1/29 | 245000 | 237810 |
|  Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 8/15/29 | 100000 | 95192 |
|  Jyske Realkredit A/S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CCE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/1/53 | 1 |  |
|  Lseg US Fin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/28/27§ | $400000 | 404241 |
|  Mastercard, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/18/31 | 100000 | 88737 |
|  National Rural Utilities<br>Cooperative Finance Corp. | National Rural Utilities<br>Cooperative Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/15/28 | 15000 | 15261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/15/34 | 200000 | 203572 |
|  Nationwide Building Society |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%),<br>6.557%, 10/18/27 (k)§ | 400000 | 407455 |
|  Nexi SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 4/30/29 (m) | 400000 | 450102 |
|  NTT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.171%, 7/16/32§ | $200000 | 205152 |
|  ORIX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 9/10/29 | 50000 | 50694 |
|  PayPal Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 6/1/27 | 20000 | 20027 |
|  Realkredit Danmark A/S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 23S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/1/53 (m) | 1 |  |
|  Visa, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 8/15/27 | $45000 | 43037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 4/15/30 | 65000 | 60236 |
|  |  | 3299019 |
|  ***Insurance (0.7%)*** |  |  |
|  American International Group, Inc. | American International Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 5/7/35 | 20000 | 20846 |
|  Aon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/15/28 | 25000 | 25283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 8/23/31 | 100000 | 88240 |
|  Aon North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/1/29 | 450000 | 463093 |
|  Arthur J Gallagher & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/15/32 | 400000 | 409335 |
|  Assurant, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 1/15/32 | 50000 | 44353 |
|  Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.349%, 7/9/27§ | 400000 | 406664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.322%, 11/13/31§ | 500000 | 507860 |
|  Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 3/15/27 | 50000 | 49257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 10/15/30 | 40000 | 35630 |
|  Brighthouse Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 6/22/27 | 50000 | 49397 |
|  Brown & Brown, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 3/17/32 | 35000 | 33789 |
|  Chubb INA Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 8/15/35 | 100000 | 100604 |
|  CNA Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 8/15/30 | 20000 | 17986 |
|  Fairfax Financial Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/29/30 | 25000 | 25080 |
|  Globe Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 8/15/30 | 50000 | 45229 |
|  Kemper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 9/30/30 | 25000 | 22390 |
|  Lincoln National Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 3/1/32 | 50000 | 46354 |
|  Markel Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/27 | 25000 | 24804 |
|  Marsh & McLennan Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/15/29 | 10000 | 10107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 3/15/30 | 220000 | 224303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 9/15/33 | 100000 | 105004 |

---

See Notes to Financial Statements.

1263

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  MassMutual Global Funding II |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.98%),<br>4.784%, 7/10/26 (k)§ | $400000 | $| 401368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 3/27/28§ | 200000 |  | 202003 |
|  MetLife, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 3/23/30 | 200000 |  | 204240 |
|  Mutual of Omaha Cos. Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 4/9/27§ | 400000 |  | 405775 |
|  Pacific Life Global Funding II |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/18/28§ | 300000 |  | 310741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/28/29§ | 400000 |  | 403999 |
|  Pricoa Global Funding I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 8/27/27§ | 400000 |  | 403480 |
|  Principal Financial Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 5/15/29 | 10000 |  | 9836 |
|  Protective Life Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.209%, 4/14/26§ | 300000 |  | 300845 |
|  Prudential Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/47 | 70000 |  | 69111 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%),<br>5.125%, 3/1/52 (k) | 200000 |  | 198000 |
|  Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 5/15/29 | 10000 |  | 9876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 6/15/30 (x) | 20000 |  | 18953 |
|  RenaissanceRe Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 4/15/29 | 50000 |  | 48820 |
|  |  |  | 5742655 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 81526197 |
|  **Health Care (1.5%)** |  |  |  |
|  ***Biotechnology (0.2%)*** |  |  |  |
|  AbbVie, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/15/27 | 65000 |  | 65669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/15/29 | 60000 |  | 61432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 3/15/34 | 75000 |  | 77230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 3/15/35 | 100000 |  | 98597 |
|  Amgen, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/2/28 | 50000 |  | 51178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 2/21/30 | 200000 |  | 186775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/2/33 | 195000 |  | 201862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.770%, 9/1/53 | 12000 |  | 7136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 2/22/62 | 46000 |  | 36026 |
|  Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 9/15/30 | 900000 |  | 802559 |
|  |  |  | 1588464 |
|  ***Health Care Equipment & Supplies (0.1%)*** | ***Health Care Equipment & Supplies (0.1%)*** | ***Health Care Equipment & Supplies (0.1%)*** | ***Health Care Equipment & Supplies (0.1%)*** |
|  Baxter International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.915%, 2/1/27 | 100000 |  | 97597 |
|  Becton Dickinson & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 6/6/27 | 33000 |  | 32847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.693%, 2/13/28 | 40000 |  | 40539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.823%, 5/20/30 | 35000 |  | 33010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.669%, 6/6/47 | 12000 |  | 10448 |
|  GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 6/15/35 | 50000 |  | 51986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 12/15/35 | 15000 |  | 14991 |
|  Stryker Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 6/15/30 | 200000 |  | 181682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 9/11/32 | 100000 |  | 117540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/11/36 | 200000 |  | 230868 |
|  Zimmer Biomet Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/19/35 | $25000 |  | 25944 |
|  |  |  | 837452 |
|  ***Health Care Providers & Services (0.8%)*** | ***Health Care Providers & Services (0.8%)*** | ***Health Care Providers & Services (0.8%)*** | ***Health Care Providers & Services (0.8%)*** |
|  Cardinal Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.410%, 6/15/27 | 75000 |  | 74386 |
|  Cencora, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 12/15/27 | 50000 |  | 49566 |
|  Centene Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/15/29 | 700000 |  | 679126 |
|  Cigna Group (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/15/28 | 340000 |  | 342759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/15/29 | 450000 |  | 462074 |
|  CommonSpirit Health |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.318%, 12/1/34 | 600000 |  | 612575 |
|  CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 8/21/27 | 65000 |  | 62162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 3/25/28 | 55000 |  | 55202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/30/29 | 20000 |  | 20413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 8/15/29 | 200000 |  | 192907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 7/20/45 | 54000 |  | 48867 |
|  Elevance Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 12/1/27 | 200000 |  | 199136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 3/15/51 | 23000 |  | 16488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 6/15/54 | 34000 |  | 33117 |
|  HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/15/27 | 20000 |  | 20042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 3/15/27 | 455000 |  | 450116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 6/1/28 | 92000 |  | 94217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 6/15/29 | 208000 |  | 207381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 4/1/31 | 431000 |  | 449840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 7/15/31 | 100000 |  | 89605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/15/32 | 200000 |  | 189167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 3/1/35 | 204000 |  | 214159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/15/51 | 97000 |  | 66013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 6/1/53 | 10000 |  | 9823 |
|  Humana, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 2/3/27 | 25000 |  | 24234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 3/23/29 | 20000 |  | 19637 |
|  McKesson Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 7/15/33 | 150000 |  | 155082 |
|  Quest Diagnostics, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/15/29 | 400000 |  | 406617 |
|  UnitedHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 1/15/27 | 50000 |  | 49796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 10/15/27 | 100000 |  | 98534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 2/15/28 | 35000 |  | 35954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/15/29 | 600000 |  | 603731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 4/15/29 | 30000 |  | 30599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 6/15/35 | 65000 |  | 67303 |
|  Universal Health Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 10/15/34 (x) | 35000 |  | 34391 |
|  |  |  | 6165019 |

---

See Notes to Financial Statements.

1264

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Life Sciences Tools & Services (0.0%)†*** | ***Life Sciences Tools & Services (0.0%)†*** | ***Life Sciences Tools & Services (0.0%)†*** |
|  Agilent Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 3/12/31 | $11000 | $9953 |
|  Revvity, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 9/15/29 | 15000 | 14442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 9/15/31 | 35000 | 30853 |
|  Thermo Fisher Scientific, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 11/21/27 | 20000 | 20361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 10/15/28 | 35000 | 33017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.794%, 10/7/35 | 70000 | 70290 |
|  |  | 178916 |
|  ***Pharmaceuticals (0.4%)*** |  |  |
|  Astrazeneca Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 2/26/29 | 65000 | 66733 |
|  AstraZeneca plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 6/12/27 | 75000 | 74393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 8/6/30 | 200000 | 177633 |
|  Bayer US Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 11/21/26§ | 300000 | 304449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 11/21/33§ | 100000 | 108275 |
|  Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 2/22/29 | 45000 | 46286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 7/26/29 | 62000 | 60838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 2/1/31 | 100000 | 106966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 2/22/34 | 100000 | 104164 |
|  Eli Lilly & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/15/29 | 13000 | 12812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 2/9/34 | 100000 | 101516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 8/14/34 | 70000 | 70246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 2/12/35 | 50000 | 51719 |
|  Johnson & Johnson |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/1/35 | 100000 | 104316 |
|  Merck & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 3/7/29 | 100000 | 98379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 9/15/35 | 65000 | 66074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 12/4/35 | 30000 | 29938 |
|  Novartis Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 9/18/34 | 50000 | 48894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 11/5/35 | 100000 | 99155 |
|  Pfizer Investment Enterprises Pte. Ltd. | Pfizer Investment Enterprises Pte. Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 5/19/28 | 200000 | 202739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/19/33 | 190000 | 192073 |
|  Pfizer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 9/15/28 | 25000 | 24945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 8/18/31 | 108000 | 95267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/15/35 | 50000 | 50252 |
|  Roche Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.790%, 3/8/29§ | 400000 | 410079 |
|  Sanofi SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 6/19/28 | 25000 | 24953 |
|  Takeda Pharmaceutical Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 3/31/30 | 200000 | 182625 |
|  Viatris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 6/22/30 | 200000 | 182759 |
|  Zoetis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/12/27 | 50000 | 49239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 5/15/30 | 50000 | 45747 |
|  |  | 3193464 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 11963315 |
|  **Industrials (1.4%)** |  |  |
|  ***Aerospace & Defense (0.7%)*** |  |  |
|  Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.196%, 2/4/26 | 400000 | 399247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 2/1/27 | 475000 | 467958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.040%, 5/1/27 | 100000 | 101018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 11/1/28 | 425000 | 416388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 5/1/30 | 100000 | 102743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.930%, 5/1/60 | 315000 | 308725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.008%, 5/1/64 | 65000 | 73587 |
|  Embraer Netherlands Finance BV | Embraer Netherlands Finance BV |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.980%, 2/11/35 | 65000 | 68828 |
|  General Dynamics Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 4/1/30 | 200000 | 196490 |
|  HEICO Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 8/1/28 | 300000 | 308145 |
|  Howmet Aerospace, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 10/15/31 | 400000 | 410913 |
|  Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.043%, 8/16/28 | 700000 | 662114 |
|  L3Harris Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/1/31 | 136000 | 141314 |
|  Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 5/15/28 | 35000 | 35436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/15/34 | 100000 | 101383 |
|  Northrop Grumman Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.030%, 10/15/47 | 45000 | 36052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 3/15/53 | 70000 | 63245 |
|  Rolls-Royce plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 10/15/27§ | 500000 | 512723 |
|  RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 5/4/27 | 100000 | 98873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/16/28 | 200000 | 200544 |
|  Spirit AeroSystems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 6/15/28 | 500000 | 500000 |
|  Textron, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/30 | 22000 | 20803 |
|  |  | 5226529 |
|  ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** |
|  GXO Logistics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 5/6/29 | 400000 | 421397 |
|  United Parcel Service, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 5/22/34 | 40000 | 41540 |
|  |  | 462937 |
|  ***Building Products (0.1%)*** |  |  |
|  Carrier Global Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.722%, 2/15/30 | 250000 | 235172 |
|  CRH America Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/9/35 | 50000 | 52124 |
|  Fortune Brands Innovations, Inc. | Fortune Brands Innovations, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 9/15/29 | 50000 | 48089 |
|  Johnson Controls International plc | Johnson Controls International plc |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/16/31 | 30000 | 26418 |
|  Masco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/1/30 | 25000 | 22307 |
|  Owens Corning |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 8/15/29 | 100000 | 99039 |
|  |  | 483149 |

---

See Notes to Financial Statements.

1265

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Commercial Services & Supplies (0.0%)†*** | ***Commercial Services & Supplies (0.0%)†*** | ***Commercial Services & Supplies (0.0%)†*** |
|  Cintas Corp. No. 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 4/1/27 | $100000 | $99760 |
|  RELX Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/20/32 | 20000 | 20288 |
|  Republic Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/15/27 | 15000 | 14892 |
|  Waste Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 11/15/27 | 50000 | 49395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 4/15/32 | 50000 | 49564 |
|  |  | 233899 |
|  ***Electrical Equipment (0.0%)†*** |  |  |
|  Emerson Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 10/15/27 | 25000 | 24167 |
|  Regal Rexnord Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 4/15/33 | 125000 | 134390 |
|  |  | 158557 |
|  ***Ground Transportation (0.1%)*** | ***Ground Transportation (0.1%)*** | ***Ground Transportation (0.1%)*** |
|  Canadian National Railway Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 9/18/34 (x) | 20000 | 19596 |
|  Canadian Pacific Railway Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 3/5/30 (x) | 20000 | 18377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 3/30/35 (x) | 100000 | 102885 |
|  Norfolk Southern Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 8/1/28 | 25000 | 24875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 5/15/31 | 25000 | 22661 |
|  Penske Truck Leasing Co. LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 3/30/29§ | 400000 | 411279 |
|  Ryder System, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 9/1/29 | 100000 | 102173 |
|  Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 9/15/35 | 15000 | 14897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 9/15/54 | 23000 | 21811 |
|  Union Pacific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/20/31 | 10000 | 9170 |
|  |  | 747724 |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** |
|  3M Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 10/15/27 | 75000 | 73690 |
|  Honeywell International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 9/1/29 | 150000 | 154193 |
|  |  | 227883 |
|  ***Machinery (0.1%)*** |  |  |
|  Caterpillar, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 5/15/35 | 100000 | 103925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/9/50 | 35000 | 24969 |
|  CNH Industrial Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/8/27 | 147000 | 147812 |
|  Cummins, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 5/9/35 | 50000 | 51829 |
|  Daimler Truck Finance North America LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/15/27§ | 400000 | 403387 |
|  Deere Funding Canada Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 10/9/30 | 100000 | 100075 |
|  Ingersoll Rand, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 8/14/33 | 250000 | 264952 |
|  Parker-Hannifin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 3/1/27 | 100000 | 99270 |
|  Westinghouse Air Brake Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.611%, 3/11/34 | 15000 | 15766 |
|  |  | 1211985 |
|  ***Passenger Airlines (0.0%)†*** |  |  |
|  Southwest Airlines Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/15/27 | 50000 | 50650 |
|  ***Professional Services (0.1%)*** |  |  |
|  Automatic Data Processing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 5/15/28 | 20000 | 19102 |
|  Broadridge Financial Solutions, Inc. | Broadridge Financial Solutions, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 5/1/31 | 100000 | 90912 |
|  Equifax, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 6/1/28 | 100000 | 102101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 9/15/29 | 400000 | 406384 |
|  Verisk Analytics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/15/29 | 25000 | 24937 |
|  |  | 643436 |
|  ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** |
|  Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 2/1/28 | 100000 | 101808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/1/30 | 50000 | 46844 |
|  Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/27§ | 700000 | 688704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 7/15/29§ | 200000 | 204720 |
|  GATX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 6/15/35 | 55000 | 56510 |
|  IMCD NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 9/18/28 (m) | 293000 | 358613 |
|  |  | 1457199 |
|  ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** |
|  DP World Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850%, 7/2/37 (m) | $180000 | 203569 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 11107517 |
|  **Information Technology (2.1%)** | **Information Technology (2.1%)** | **Information Technology (2.1%)** |
|  ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** |
|  Cisco Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 2/26/29 | 25000 | 25660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 2/26/34 | 100000 | 102958 |
|  Juniper Networks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/10/30 | 8000 | 7065 |
|  Motorola Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 2/23/28 | 50000 | 50537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 5/24/31 | 60000 | 54916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 8/15/35 | 237000 | 246318 |
|  |  | 487454 |
|  ***Electronic Equipment, Instruments & Components (0.1%)*** | ***Electronic Equipment, Instruments & Components (0.1%)*** | ***Electronic Equipment, Instruments & Components (0.1%)*** |
|  Allegion US Holding Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 10/1/27 | 50000 | 49526 |
|  Amphenol Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 9/15/31 | 60000 | 53579 |
|  Arrow Electronics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 8/21/29 | 400000 | 409257 |
|  CDW LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 3/1/30 | 400000 | 407084 |

---

See Notes to Financial Statements.

1266

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Jabil, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 1/12/28 (x) | $| 100000 | $| 99796 |
|  Keysight Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 4/6/27 |  | 75000 |  | 75379 |
|  |  |  |  | 1094621 |
|  ***IT Services (0.5%)*** |  |  |  |  |
|  Beignet Investor LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.581%, 5/30/49§ |  | 2782000 |  | 2935010 |
|  Booz Allen Hamilton, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 8/4/33 |  | 10000 |  | 10408 |
|  Gartner, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 10/1/30§ |  | 497000 |  | 471448 |
|  IBM International Capital Pte. Ltd. | IBM International Capital Pte. Ltd. | IBM International Capital Pte. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 2/5/34 |  | 100000 |  | 101110 |
|  International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/15/29 |  | 200000 |  | 196018 |
|  |  |  |  | 3713994 |
|  ***Semiconductors & Semiconductor Equipment (0.6%)*** | ***Semiconductors & Semiconductor Equipment (0.6%)*** | ***Semiconductors & Semiconductor Equipment (0.6%)*** | ***Semiconductors & Semiconductor Equipment (0.6%)*** | ***Semiconductors & Semiconductor Equipment (0.6%)*** |
|  Analog Devices, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 6/15/27 |  | 25000 |  | 24837 |
|  Applied Materials, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 6/1/30 |  | 30000 |  | 27148 |
|  Broadcom, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.110%, 9/15/28 |  | 106000 |  | 106306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 4/15/29 |  | 100000 |  | 101729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 7/12/29 |  | 220000 |  | 226526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 10/15/30 |  | 35000 |  | 34985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 11/15/31 |  | 296000 |  | 307146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 2/15/32 |  | 51000 |  | 51214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 4/15/32 |  | 76000 |  | 78862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 11/15/32 (x) |  | 90000 |  | 88738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419%, 4/15/33 |  | 273000 |  | 252594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.469%, 4/15/34 |  | 100000 |  | 91311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 10/15/34 |  | 83000 |  | 83177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.137%, 11/15/35§ |  | 234000 |  | 201739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187%, 11/15/36§ |  | 300000 |  | 254558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.926%, 5/15/37§ |  | 654000 |  | 644057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 2/15/38 |  | 85000 |  | 83457 |
|  Foundry JV Holdco LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 1/25/32§ |  | 400000 |  | 428773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 1/25/35§ |  | 200000 |  | 211960 |
|  Intel Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/5/27 |  | 100000 |  | 99486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 11/15/29 |  | 20000 |  | 18647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 2/10/30 |  | 400000 |  | 409976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 8/5/32 |  | 100000 |  | 96311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 2/10/33 |  | 200000 |  | 204054 |
|  Lam Research Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/29 |  | 30000 |  | 30154 |
|  NVIDIA Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 6/15/31 |  | 50000 |  | 45011 |
|  NXP BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/18/26 |  | 700000 |  | 699160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 6/1/27 |  | 40000 |  | 40180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/11/31 |  | 95000 |  | 85918 |
|  QUALCOMM, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/20/27 |  | 75000 |  | 74612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 5/20/30 |  | 100000 |  | 92179 |
|  Texas Instruments, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 9/4/29 |  | 30000 |  | 28244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 3/14/33 |  | 50000 |  | 51612 |
|  |  |  |  | 5274661 |
|  ***Software (0.7%)*** |  |  |  |  |
|  Adobe, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 1/17/35 |  | 100000 |  | 105395 |
|  AppLovin Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/1/29 |  | 491000 |  | 502347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 12/1/31 |  | 210000 |  | 217631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/1/34 |  | 150000 |  | 154295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 12/1/54 |  | 151000 |  | 149911 |
|  Microsoft Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 2/6/27 |  | 100000 |  | 99640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 6/15/27 |  | 10000 |  | 9973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 9/15/30 |  | 35000 |  | 31409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.921%, 3/17/52 |  | 183000 |  | 120384 |
|  Open Text Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.900%, 12/1/27§ |  | 700000 |  | 727538 |
|  Oracle Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 3/25/28 |  | 70000 |  | 66643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/6/28 |  | 35000 |  | 34902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 9/27/29 |  | 400000 |  | 392016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 11/9/29 |  | 300000 |  | 313244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 9/26/30 |  | 500000 |  | 488954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 3/25/31 |  | 250000 |  | 224219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 9/27/34 |  | 50000 |  | 46332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 8/3/35 |  | 100000 |  | 98035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 9/26/35 |  | 45000 |  | 43238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/55 |  | 314000 |  | 216576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 9/26/55 |  | 369000 |  | 326619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 3/25/61 |  | 11000 |  | 7068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 9/27/64 |  | 147000 |  | 117223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 8/3/65 |  | 10000 |  | 8846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 9/26/65 |  | 19000 |  | 16812 |
|  Roper Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 2/15/31 |  | 200000 |  | 175512 |
|  Salesforce, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 7/15/28 |  | 35000 |  | 33140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 7/15/31 |  | 40000 |  | 35544 |
|  Synopsys, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/1/32 |  | 500000 |  | 510519 |
|  VMware LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 8/21/27 |  | 100000 |  | 99988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 8/15/28 |  | 25000 |  | 23636 |
|  |  |  |  | 5397589 |
|  ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** |
|  Apple, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 2/9/27 |  | 50000 |  | 49830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 9/12/27 |  | 150000 |  | 148224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 5/11/30 |  | 90000 |  | 81941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 2/8/31 |  | 100000 |  | 89091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/12/35 |  | 50000 |  | 51267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 2/8/51 |  | 84000 |  | 52133 |
|  Dell International LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 2/15/29 |  | 60000 |  | 59881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/15/31 |  | 204000 |  | 203739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/1/35 |  | 100000 |  | 102935 |

---

See Notes to Financial Statements.

1267

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Hewlett Packard Enterprise Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 7/1/28 | $50000 | $| 51219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 10/15/30 | 100000 |  | 99654 |
|  HP, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 4/25/35 (x) | 35000 |  | 36976 |
|  Western Digital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 2/1/29 | 30000 |  | 28651 |
|  |  |  | 1055541 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 17023860 |
|  **Materials (0.6%)** |  |  |  |
|  ***Chemicals (0.2%)*** |  |  |  |
|  Air Products and Chemicals, Inc. | Air Products and Chemicals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 2/8/29 | 50000 |  | 50890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/3/33 | 50000 |  | 51005 |
|  Brenntag Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 10/2/31 (m) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 |  | 348227 |
|  Dow Chemical Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 2/15/34 | $100000 |  | 99411 |
|  Ecolab, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 2/1/27 | 100000 |  | 97708 |
|  Kraton Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/15/27§ | 400000 |  | 405804 |
|  LYB International Finance III LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 5/15/33 | 200000 |  | 202995 |
|  PPG Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 8/15/29 | 100000 |  | 95542 |
|  RPM International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 3/1/29 | 25000 |  | 25280 |
|  Sherwin-Williams Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 6/1/27 | 75000 |  | 74421 |
|  Westlake Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 6/15/30 | 30000 |  | 28607 |
|  |  |  | 1479890 |
|  ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** |
|  Martin Marietta Materials, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 7/15/31 | 25000 |  | 22569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/15/30 | 35000 |  | 32590 |
|  |  |  | 55159 |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** |
|  Amcor Finance USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 5/26/33 | 15000 |  | 15687 |
|  Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.690%, 5/25/31 (x) | 35000 |  | 31997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/17/35 | 20000 |  | 20701 |
|  Avery Dennison Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 3/15/33 | 50000 |  | 53025 |
|  Berry Global, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 1/15/27 | 11000 |  | 10722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 6/15/31 | 110000 |  | 115965 |
|  Packaging Corp. of America |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 12/15/27 | 35000 |  | 34657 |
|  Sonoco Products Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/1/34 | 30000 |  | 29751 |
|  WestRock MWV LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.950%, 2/15/31 | 400000 |  | 457378 |
|  WRKCo., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/28 | 50000 |  | 49846 |
|  |  |  | 819729 |
|  ***Metals & Mining (0.3%)*** |  |  |  |
|  Anglo American Capital plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 6/15/29 (m) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222000 |  | 266556 |
|  Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.440%, 1/26/36 (m) | $200000 |  | 216255 |
|  Freeport-McMoRan, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 8/1/30 | 200000 |  | 201541 |
|  Glencore Capital Finance DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.668%, 10/6/32 (m) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 |  | 233374 |
|  Glencore Funding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.186%, 4/1/30§ | $108000 |  | 110871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 4/27/31§ | 99000 |  | 91309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 9/23/31§ | 11000 |  | 9908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/6/33§ | 9000 |  | 9950 |
|  Kinross Gold Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/15/33 | 100000 |  | 109287 |
|  Nucor Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 5/23/27 | 50000 |  | 50319 |
|  Reliance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 8/15/30 | 600000 |  | 543215 |
|  Rio Tinto Finance USA plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/14/35 | 35000 |  | 36139 |
|  Vale Overseas Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 7/8/30 | 100000 |  | 96038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 6/12/33 | 100000 |  | 106989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 6/28/54 | 77000 |  | 78578 |
|  |  |  | 2160329 |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Suzano Austria GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 1/15/31 | 100000 |  | 94260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 1/15/32 | 74000 |  | 66012 |
|  |  |  | 160272 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 4675379 |
|  **Real Estate (0.7%)** |  |  |  |
|  ***Diversified REITs (0.0%)†*** |  |  |  |
|  Digital Realty Trust LP (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 1/15/28 | 50000 |  | 51391 |
|  GLP Capital LP (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 6/1/28 | 10000 |  | 10254 |
|  Simon Property Group LP (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 1/15/27 | 100000 |  | 97395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 6/15/27 | 75000 |  | 74485 |
|  WP Carey, Inc. (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 7/15/29 | 50000 |  | 49240 |
|  |  |  | 282765 |
|  ***Health Care REITs (0.0%)†*** |  |  |  |
|  Healthpeak OP LLC (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 12/1/28 | 65000 |  | 61464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 12/15/32 | 10000 |  | 10262 |
|  Sabra Health Care LP (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 10/15/29 | 25000 |  | 24467 |
|  Welltower OP LLC (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 1/15/29 | 30000 |  | 28246 |
|  |  |  | 124439 |
|  ***Hotel & Resort REITs (0.0%)†*** |  |  |  |
|  Host Hotels & Resorts LP (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/15/28 | 10000 |  | 10006 |

---

See Notes to Financial Statements.

1268

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  ***Industrial REITs (0.1%)*** |  |  |  |  |
|  Goodman US Finance Six LLC (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 10/7/34§ | $| 400000 | $| 401797 |
|  Prologis LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1/15/32 |  | 50000 |  | 44259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 1/15/33 |  | 100000 |  | 100966 |
|  |  |  |  | 547022 |
|  ***Office REITs (0.1%)*** |  |  |  |  |
|  Boston Properties LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 4/1/32 |  | 100000 |  | 87091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 1/15/34 |  | 100000 |  | 107718 |
|  Brandywine Operating Partnership LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 11/15/27 |  | 300000 |  | 292791 |
|  COPT Defense Properties LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 3/15/26 |  | 600000 |  | 597794 |
|  Piedmont Operating Partnership LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 8/15/30 |  | 25000 |  | 22959 |
|  |  |  |  | 1108353 |
|  ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** |
|  CBRE Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/1/29 |  | 400000 |  | 414187 |
|  ***Residential REITs (0.1%)*** |  |  |  |  |
|  American Homes 4 Rent LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 4/15/32 |  | 35000 |  | 32991 |
|  AvalonBay Communities, Inc. (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 12/1/28 |  | 50000 |  | 47237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 6/1/29 |  | 15000 |  | 14608 |
|  Camden Property Trust (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 10/15/28 |  | 10000 |  | 10037 |
|  Essex Portfolio LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/1/29 |  | 25000 |  | 24788 |
|  Invitation Homes Operating Partnership LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 11/15/28 |  | 15000 |  | 14258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 8/15/33 |  | 200000 |  | 207235 |
|  Mid-America Apartments LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/15/29 |  | 50000 |  | 49703 |
|  Store Capital LLC (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 12/1/31 |  | 50000 |  | 44131 |
|  UDR, Inc. (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/15/28 |  | 100000 |  | 98733 |
|  |  |  |  | 543721 |
|  ***Retail REITs (0.0%)†*** |  |  |  |  |
|  Agree LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 6/15/28 |  | 15000 |  | 14294 |
|  Kimco Realty OP LLC (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 3/1/28 |  | 50000 |  | 47968 |
|  Realty Income Corp. (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 3/15/28 |  | 50000 |  | 47999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 3/15/30 |  | 30000 |  | 30820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 10/13/32 |  | 100000 |  | 105961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 7/15/33 |  | 100000 |  | 101611 |
|  Regency Centers LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 9/15/29 |  | 25000 |  | 23931 |
|  |  |  |  | 372584 |
|  ***Specialized REITs (0.3%)*** |  |  |  |  |
|  American Tower Corp. (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 11/15/28 |  | 300000 |  | 313093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 9/15/31 |  | 20000 |  | 17791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 3/15/33 |  | 200000 |  | 210319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 3/15/35 |  | 50000 |  | 51253 |
|  Crown Castle, Inc. (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 6/15/26 |  | 500000 |  | 499248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 3/15/27 |  | 30000 |  | 29569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 9/1/27 |  | 50000 |  | 49612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/11/28 |  | 55000 |  | 55900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 4/1/31 |  | 300000 |  | 264758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/15/31 |  | 100000 |  | 89393 |
|  EPR Properties (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 11/15/31 |  | 700000 |  | 648022 |
|  Equinix, Inc. (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 7/15/27 |  | 20000 |  | 19326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 11/18/29 |  | 25000 |  | 24002 |
|  Extra Space Storage LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/15/27 |  | 25000 |  | 24911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/1/30 |  | 100000 |  | 104068 |
|  Public Storage Operating Co. (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 1/15/29 |  | 100000 |  | 103345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.385%, 5/1/29 |  | 15000 |  | 14674 |
|  |  |  |  | 2519284 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  |  | 5922361 |
|  **Utilities (3.9%)** |  |  |  |  |
|  ***Electric Utilities (3.2%)*** |  |  |  |  |
|  AEP Texas, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 5/15/32 |  | 234000 |  | 235000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 5/15/34 (x) |  | 75000 |  | 78219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 7/1/30 (x) |  | 119000 |  | 108315 |
|  AEP Transmission Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 6/15/35 |  | 51000 |  | 52630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 9/15/49 |  | 173000 |  | 117085 |
|  Alabama Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 5/15/38 |  | 22000 |  | 23903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20-A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 9/15/30 |  | 50000 |  | 44368 |
|  American Electric Power Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 11/13/27 |  | 25000 |  | 24641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 1/15/29 |  | 65000 |  | 66961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 3/1/30 |  | 25000 |  | 23105 |
|  Appalachian Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 4/1/31 |  | 700000 |  | 640494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Y |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/1/49 |  | 7000 |  | 5749 |
|  Arizona Public Service Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 12/15/31 |  | 400000 |  | 350920 |
|  Baltimore Gas & Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/15/47 |  | 46000 |  | 35053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 9/15/49 |  | 14000 |  | 9454 |

---

See Notes to Financial Statements.

1269

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  CenterPoint Energy Houston Electric LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 3/1/35 | $6000 | $6069 |
|  Dominion Energy South Carolina, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 1/15/35 | 55000 | 56958 |
|  DTE Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 4/1/28 | 65000 | 62288 |
|  Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 8/15/29 | 25000 | 23659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 4/15/31 | 50000 | 45994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 12/1/47 | 151000 | 114344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/15/48 | 27000 | 21365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 8/15/49 | 79000 | 53944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 4/15/51 | 217000 | 153418 |
|  Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 6/15/29 | 30000 | 29275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/1/31 | 124000 | 147498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 6/15/31 | $25000 | 22770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 8/15/47 | 39000 | 29997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/15/51 | 29000 | 20180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/15/52 | 151000 | 133445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 6/15/54 | 414000 | 410113 |
|  Duke Energy Florida LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 6/15/30 | 70000 | 63026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 10/1/46 | 14000 | 10201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/15/51 | 54000 | 34918 |
|  Duke Energy Ohio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 6/1/30 | 388000 | 355451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 3/15/54 | 22000 | 21483 |
|  Duke Energy Progress LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 3/15/29 | 70000 | 68937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 3/15/35 | 45000 | 45813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 10/15/46 | 161000 | 122647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/15/50 | 333000 | 195108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 3/15/53 | 169000 | 161351 |
|  Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 11/15/29 | 600000 | 638937 |
|  Enel Finance International NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/12/31 (e)§ | 600000 | 539436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/15/32§ | 600000 | 609837 |
|  Entergy Louisiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 3/15/34 | 100000 | 104146 |
|  EPH Financing International A/S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.651%, 11/13/28 (m) | 400000 | 505792 |
|  Eurogrid GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.598%, 2/1/29 (m) | 300000 | 359266 |
|  Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/1/34 | $100000 | 102864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 1/15/28 | 150000 | 147290 |
|  Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 4/15/30 | 200000 | 197989 |
|  FirstEnergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 3/1/30 | 307000 | 285997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 7/15/27 (e) | 1057000 | 1053014 |
|  FirstEnergy Pennsylvania Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 3/15/28§ | 500000 | 490033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 4/1/28§ | 200000 | 204319 |
|  FirstEnergy Transmission LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 1/15/33§ | 157000 | 156700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/15/35 | 488000 | 488025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 4/1/49§ | 278000 | 235871 |
|  Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 4/1/28 | 300000 | 307491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 5/15/33 | 100000 | 101938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 10/1/49 | 120000 | 81782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 12/4/51 | 84000 | 53492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 3/15/65 | 40000 | 40691 |
|  Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.004%, 2/23/27 | 400000 | 405257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 3/15/31 | 54000 | 55361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 5/15/32 | 413000 | 418942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 3/15/51 | 12000 | 8181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 1/30/50 | 128000 | 95380 |
|  Indiana Michigan Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 5/15/28 | 25000 | 24957 |
|  IPALCO Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/1/30 | 600000 | 586788 |
|  ITC Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 11/15/27 | 25000 | 24716 |
|  Jersey Central Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 1/15/31§ | 100000 | 99454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WI\* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 1/15/35 | 32000 | 32365 |
|  Johnsonville Aeroderivative Combustion Turbine Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.078%, 10/1/54 | 4938 | 4727 |
|  MidAmerican Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 4/15/29 | 100000 | 98873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 4/15/50 | 80000 | 54084 |
|  Minejesa Capital BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/10/37 (m) | 216000 | 214110 |
|  MVM Energetika Zrt. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 3/13/31 (m) | 200000 | 211000 |
|  NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 5/1/27 | 25000 | 24863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 7/15/27 | 100000 | 101036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.685%, 9/1/27 | 70000 | 70811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 11/1/29 | 600000 | 570553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/15/34 | 100000 | 102934 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.46%), 6.750%, 6/15/54 (k) | 100000 | 106625 |
|  NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 6/15/29§ | 132000 | 131214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 3/15/33§ | 591000 | 653152 |
|  Ohio Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 12/15/29§ | 13000 | 13290 |

---

See Notes to Financial Statements.

1270

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Ohio Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series P |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 4/1/30 | $124000 | $| 115718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 1/15/31 | 312000 |  | 273941 |
|  Oklahoma Gas & Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/1/30 | 200000 |  | 191858 |
|  Oncor Electric Delivery Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 11/15/28 | 25000 |  | 24828 |
|  Pacific Gas and Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 1/1/26 | 150000 |  | 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/1/26 | 500000 |  | 498799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 5/15/29 | 270000 |  | 278581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/1/31 | 900000 |  | 837905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 10/15/32 | 100000 |  | 100559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 6/15/33 | 879000 |  | 949449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/40 | 35000 |  | 30489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/15/42 (e) | 13000 |  | 9832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/15/44 | 41000 |  | 34604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 7/1/50 | 191000 |  | 161551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 8/1/50 | 673000 |  | 453688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/1/52 | 12000 |  | 10465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 1/15/53 | 161000 |  | 171185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 10/1/54 | 43000 |  | 41230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 3/1/55 | 76000 |  | 75300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 10/15/55 | 223000 |  | 219417 |
|  PacifiCorp |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 2/15/29 | 400000 |  | 408691 |
|  PECO Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 3/15/51 | 65000 |  | 42120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 9/15/51 | 53000 |  | 33119 |
|  Pinnacle West Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 5/15/30 | 429000 |  | 441469 |
|  PPL Capital Funding, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 9/1/34 | 6000 |  | 6144 |
|  Public Service Electric & Gas Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 5/15/29 | 100000 |  | 97412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 3/1/35 | 45000 |  | 45975 |
|  Southern California Edison Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 3/1/28 | 600000 |  | 612224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 8/1/29 | 40000 |  | 37892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/1/30 | 33000 |  | 29911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 6/1/31 | 50000 |  | 44866 |
|  Southern Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.113%, 8/1/27 (e) | 100000 |  | 101539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 10/15/32 | 415000 |  | 439667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 4/30/30 | 600000 |  | 585478 |
|  Swepco Storm Recovery Funding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.880%, 9/1/39 | 386760 |  | 388888 |
|  System Energy Resources, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 12/15/34 | 444000 |  | 447119 |
|  Union Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/15/30 | 250000 |  | 238176 |
|  Virginia Electric and Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 11/15/31 | 100000 |  | 88912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 8/15/34 | 40000 |  | 40520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 9/15/35 | 100000 |  | 99542 |
|  Virginia Power Fuel Securitization LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.088%, 5/1/27 | 192391 |  | 193446 |
|  Vistra Operations Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 10/15/30§ | 40000 |  | 39966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 4/15/34§ | 474000 |  | 497082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 12/30/34§ | 590000 |  | 607251 |
|  Wisconsin Power & Light Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 10/15/27 | 75000 |  | 73787 |
|  Xcel Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 8/15/33 | 250000 |  | 258181 |
|  |  |  | 25568508 |
|  ***Gas Utilities (0.3%)*** | ***Gas Utilities (0.3%)*** | ***Gas Utilities (0.3%)*** | ***Gas Utilities (0.3%)*** |
|  Atmos Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 10/15/32 | 30000 |  | 31739 |
|  CenterPoint Energy Resources Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/1/28 | 50000 |  | 51256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 7/1/32 | 15000 |  | 14834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 7/1/34 | 50000 |  | 51583 |
|  EP Infrastructure A/S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/27/33 (m) | 272000 |  | 315457 |
|  National Fuel Gas Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 9/15/27 | $50000 |  | 49774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/1/31 | 700000 |  | 638416 |
|  ONE Gas, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 4/1/29 | 25000 |  | 25728 |
|  Piedmont Natural Gas Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/15/31 | 91000 |  | 82963 |
|  Southern California Gas Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 4/15/27 | 700000 |  | 692015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XX |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 2/1/30 | 200000 |  | 188399 |
|  |  |  | 2142164 |
|  ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** |
|  AES Corp. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 6/1/28 | 100000 |  | 102268 |
|  Constellation Energy Generation LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 3/1/28 | 330000 |  | 340465 |
|  |  |  | 442733 |
|  ***Multi-Utilities (0.4%)*** |  |  |  |
|  Abu Dhabi National Energy Co. PJSC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/9/31§ | 400000 |  | 399400 |
|  Ameren Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/15/29 | 400000 |  | 409085 |
|  Consolidated Edison Co. of New York, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/27 | 25000 |  | 24691 |
|  Consumers Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 3/1/28 | 50000 |  | 50786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 5/15/35 | 92000 |  | 93514 |
|  Dominion Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 3/15/35 | 8000 |  | 8203 |

---

See Notes to Financial Statements.

1271

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.51%), 7.000%, 6/1/54 (k) | $57000 | $| 61631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/31 | 45000 |  | 40087 |
|  DTE Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 3/1/29 | 400000 |  | 409936 |
|  National Grid plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.602%, 6/12/28 | 300000 |  | 309534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.418%, 1/11/34 | 100000 |  | 103261 |
|  NiSource, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.490%, 5/15/27 | 12000 |  | 11921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 6/30/33 | 7000 |  | 7260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 4/1/34 | 100000 |  | 103019 |
|  Public Service Enterprise Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 4/1/29 | 400000 |  | 411149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 10/15/33 | 200000 |  | 215292 |
|  San Diego Gas & Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series RRR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 6/1/47 | 9000 |  | 6878 |
|  WEC Energy Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 10/15/27 | 500000 |  | 477872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 12/15/28 | 100000 |  | 95046 |
|  |  |  | 3238565 |
|  ***Water Utilities (0.0%)†*** |  |  |  |
|  American Water Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 6/1/31 | 100000 |  | 90213 |
|  Essential Utilities, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.704%, 4/15/30 | 200000 |  | 187709 |
|  |  |  | 277922 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 31669892 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  |  | 215541013 |
|  **Foreign Government Securities (2.1%)** | **Foreign Government Securities (2.1%)** | **Foreign Government Securities (2.1%)** | **Foreign Government Securities (2.1%)** |
|  Bonos de la Tesoreria |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 8/12/32 | 1200000 |  | 384992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.300%, 8/12/33 (m) | 300000 |  | 101851 |
|  Canada Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/18/30 | $100000 |  | 101047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 12/1/34 | 272000 |  | 196694 |
|  Commonwealth of Australia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 6/21/35 (m) | 800000 |  | 453713 |
|  Export Development Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/14/28 | $150000 |  | 150874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 6/5/34 | 60000 |  | 62627 |
|  Export-Import Bank of Korea |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 9/22/30 | 200000 |  | 197858 |
|  Federative Republic of Brazil |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 3/15/34 | 400000 |  | 404100 |
|  Japan Bank for International Cooperation |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/31/28 | 200000 |  | 198530 |
|  Japan Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/20/44 | 100000000 |  | 554914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 12/20/54 | 70000000 |  | 358384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 6/20/55 | 40000000 |  | 228277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 9/20/55 | 28800000 |  | 178041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 3/20/64 | 44000000 |  | 204135 |
|  Japan International Cooperation Agency |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/27/27 | $600000 |  | 590850 |
|  Kingdom of Saudi Arabia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/4/28 (m) | 500000 |  | 495940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 1/16/30§ | 400000 |  | 407876 |
|  New South Wales Treasury Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 3/20/34 (m) | 400000 |  | 206795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/20/37 (m) | 100000 |  | 62711 |
|  Oriental Republic of Uruguay |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/27/27 | $74909 |  | 75396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 6/18/50 | 77594 |  | 73287 |
|  Province of Alberta |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 7/22/30 | 250000 |  | 223515 |
|  Province of British Columbia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 8/27/30 (x) | 60000 |  | 60028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 7/6/33 | 150000 |  | 149150 |
|  Province of Manitoba |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 5/31/34 | 60000 |  | 61914 |
|  Province of Ontario |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 5/19/27 | 250000 |  | 248043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 10/14/31 (x) | 100000 |  | 88600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 4/24/34 (x) | 100000 |  | 104839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 12/2/34 | 28000 |  | 20480 |
|  Province of Quebec |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/12/27 | $50000 |  | 49432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 4/13/28 | 100000 |  | 99866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/3/29 | 250000 |  | 255771 |
|  Queensland Treasury Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/22/35 (m) | 100000 |  | 62474 |
|  Republic of Indonesia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 2/14/30 | $200000 |  | 189200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 1/15/35 (x) | 100000 |  | 106125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 3/12/51 | 200000 |  | 133812 |
|  Republic of Korea |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 10/15/31 | 200000 |  | 178474 |
|  Republic of Panama |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.298%, 1/19/33 | 200000 |  | 175696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/1/56 | 200000 |  | 149800 |
|  Republic of Peru |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.783%, 1/23/31 | 70000 |  | 64785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 8/12/31 (m) | 641000 |  | 211695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 8/12/32§ | 1300000 |  | 417075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 1/15/34 | $200000 |  | 174000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850%, 8/12/35 (m) | 474000 |  | 152063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.600%, 8/12/39 (m) | 382000 |  | 124023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 3/10/51 | $117000 |  | 82192 |
|  Republic of Philippines |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.457%, 5/5/30 | 200000 |  | 186375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 5/14/34 | 100000 |  | 104500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 7/6/46 | 200000 |  | 143500 |
|  Republic of Poland |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/16/27 | 25000 |  | 25722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/18/29 | 200000 |  | 203832 |
|  Republic of Serbia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 9/23/28§ | 700000 |  | 766289 |
|  Republic of South Africa |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.100%, 11/19/36§ | $400000 |  | 429176 |

---

See Notes to Financial Statements.

1272

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Romania Government Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 4/14/33 (m) | EUR | 800000 | $| 762155 |
|  State of Israel Government Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/12/34 | $| 400000 |  | 414796 |
|  State of Kuwait |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.016%, 10/9/28§ |  | 200000 |  | 199996 |
|  State of Qatar |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.103%, 4/23/48§ |  | 500000 |  | 492085 |
|  Titulos de Tesoreria |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/9/36 | COP | 2250300000 |  | 379009 |
|  Treasury Corp. of Victoria |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 9/15/33 (m) | AUD | 200000 |  | 109105 |
|  U.K. Treasury Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/31/54 (m) | GBP | 855000 |  | 1010268 |
|  United Mexican States |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 1/11/28 | $| 200000 |  | 198400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/7/29 |  | 200000 |  | 203000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/16/30 |  | 200000 |  | 188800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/12/34 |  | 254000 |  | 219710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 2/9/35 |  | 159000 |  | 166351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 5/13/37 |  | 938000 |  | 1001315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/31/50 (x) |  | 400000 |  | 302600 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** |  | 16778928 |
|  **Mortgage-Backed Securities (27.4%)** | **Mortgage-Backed Securities (27.4%)** | **Mortgage-Backed Securities (27.4%)** | **Mortgage-Backed Securities (27.4%)** | **Mortgage-Backed Securities (27.4%)** |
|  FHLMC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/1/27 |  | 1383 |  | 1369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.170%, 4/1/28 |  | 300000 |  | 301998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/1/28 |  | 912 |  | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/1/29 |  | 3605 |  | 3558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 1/1/30 |  | 4794 |  | 4728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/1/30 |  | 4780 |  | 4676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/1/30 |  | 12437 |  | 12160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/1/30 |  | 9041 |  | 8905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/30 |  | 18193 |  | 17928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/1/30 |  | 4513 |  | 4410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/1/30 |  | 10013 |  | 9867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/1/30 |  | 15197 |  | 14844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/30 |  | 2802 |  | 2759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/1/30 |  | 19515 |  | 19055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/1/31 |  | 19565 |  | 19084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/31 |  | 337 |  | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.236%, 11/1/31 (l) |  | 343 |  | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/1/32 |  | 1682 |  | 1644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/1/32 |  | 2380 |  | 2325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/32 |  | 1621 |  | 1583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/1/35 |  | 2755 |  | 2857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/1/39 |  | 6219 |  | 6250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/1/39 |  | 2825 |  | 2835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 8/1/40 |  | 2950 |  | 2893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/1/40 |  | 7093 |  | 6980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/41 |  | 147 |  | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/1/41 |  | 13113 |  | 13150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 6/1/41 |  | 12050 |  | 12531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/1/41 |  | 26939 |  | 27527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/42 |  | 25563 |  | 24563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 8/1/42 |  | 19383 |  | 18622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/1/42 |  | 1135 |  | 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/43 |  | 17643 |  | 16315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/1/43 |  | 11420 |  | 10907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/1/43 |  | 2813 |  | 2702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/1/43 |  | 22011 |  | 22009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/1/43 |  | 4547 |  | 4545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/1/43 |  | 17075 |  | 17107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/44 |  | 6233 |  | 5977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/44 |  | 13397 |  | 13113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/1/44 |  | 4512 |  | 4327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/1/44 |  | 3303 |  | 3229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 1/1/45 |  | 874575 |  | 800488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/1/45 |  | 465976 |  | 425506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/1/45 |  | 2199 |  | 2099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/1/45 |  | 15391 |  | 15035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/1/45 |  | 6201 |  | 6061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/46 |  | 105483 |  | 96637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/47 |  | 23655 |  | 22439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/1/47 |  | 40754 |  | 40929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/1/47 |  | 15254 |  | 15277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/47 |  | 53607 |  | 53677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/1/47 |  | 32662 |  | 30972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/1/47 |  | 27654 |  | 26224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/48 |  | 10107 |  | 9573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/48 |  | 129245 |  | 129436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/1/48 |  | 227240 |  | 227321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/1/48 |  | 5854 |  | 5980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/1/49 |  | 24836 |  | 24803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/50 |  | 1090026 |  | 960143 |
|  FHLMC UMBS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/34 |  | 24891 |  | 24550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/1/35 |  | 86637 |  | 85548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/1/35 |  | 42555 |  | 39770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/1/36 |  | 86488 |  | 80802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/1/36 |  | 72211 |  | 67215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/36 |  | 17024 |  | 15831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 4/1/36 |  | 186089 |  | 169599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 5/1/36 |  | 37530 |  | 34199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 5/1/36 |  | 101028 |  | 94386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/37 |  | 252882 |  | 235394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 4/1/37 |  | 32053 |  | 29805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/1/37 |  | 3495 |  | 3315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/38 |  | 66920 |  | 64049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/1/41 |  | 1704281 |  | 1537422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/42 |  | 52397 |  | 45770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/1/45 |  | 203499 |  | 199339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/1/45 |  | 201118 |  | 196988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/46 |  | 88673 |  | 84681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/1/46 |  | 29325 |  | 27664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/1/47 |  | 43713 |  | 42459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/48 |  | 19314 |  | 18106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/48 |  | 146057 |  | 142458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/1/48 |  | 4135 |  | 4015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 8/1/48 |  | 39114 |  | 38127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/1/49 |  | 39647 |  | 39361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/1/49 |  | 4579 |  | 4437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/50 |  | 21890 |  | 20569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/1/50 |  | 66848 |  | 64555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/1/50 |  | 56599 |  | 53148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/1/50 |  | 71212 |  | 68681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/1/50 |  | 35669 |  | 30810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/1/50 |  | 9983 |  | 9034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/1/50 |  | 74071 |  | 71497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 8/1/50 |  | 65777 |  | 51217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/1/50 |  | 20444 |  | 16879 |

---

See Notes to Financial Statements.

1273

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/1/50 | $3250276 | $2812569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/50 | 880423 | 794186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/1/50 | 55013 | 44990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/1/50 | 268567 | 243867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/1/50 | 166505 | 129650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/1/50 | 38110 | 31512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/1/51 | 272704 | 237428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/51 | 405115 | 330926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 4/1/51 | 143426 | 118685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 5/1/51 | 69340 | 57335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/1/51 | 803734 | 695800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/51 | 1352322 | 1208090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 7/1/51 | 263027 | 218065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/1/51 | 84436 | 76090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/1/51 | 94263 | 77629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/1/51 | 267359 | 218397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/1/51 | 83938 | 75327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/1/51 | 698805 | 604591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/1/51 | 192291 | 158762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/1/51 | 338026 | 291977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/1/52 | 1032705 | 853237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/1/52 | 878338 | 756503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/1/52 | 27664 | 22555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/1/52 | 62313 | 56251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/52 | 2773729 | 2494365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/1/52 | 25693 | 24748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/1/52 | 2993 | 3025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/52 | 76546 | 75228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/1/52 | 47262 | 47959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/52 | 77209 | 69312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 8/1/52 | 651857 | 622982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/1/52 | 21654 | 21261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/1/52 | 111348 | 112252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/1/52 | 33780 | 33919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/52 | 172859 | 165040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/1/52 | 13225 | 13358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/1/52 | 26422 | 27458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/1/53 | 74596 | 76373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/1/53 | 62517 | 64513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/1/53 | 275069 | 277576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/1/53 | 37820 | 39012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/1/53 | 101758 | 104525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 3/1/53 | 20328 | 20969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 4/1/53 | 36246 | 37689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/1/53 | 414483 | 416059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 5/1/53 | 224853 | 230891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/1/53 | 304463 | 305335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 8/1/53 | 19504 | 19870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/1/53 | 186980 | 187539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 11/1/53 | 35714 | 37499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/1/53 | 215746 | 224066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 4/1/54 | 3519944 | 3671063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 5/1/54 | 72172 | 74595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 6/1/54 | 114782 | 118634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 9/1/54 | 340335 | 351652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/1/54 | 246403 | 252024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/1/55 | 697006 | 711163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 4/1/55 | 92724 | 95757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 5/1/55 | 197962 | 204437 |
|  FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.920%, 1/1/28 (l) | 316 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.790%, 1/1/29 | 2334000 | 2411816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.810%, 6/1/31 | 62000 | 64949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.630%, 4/1/32 | 2519000 | 2277457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 7/1/32 | 4934970 | 4665153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.239%, 3/1/33 (l) | 2384 | 2330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.468%, 1/1/36 (l) | 6385 | 6573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 7/1/39 | 4882 | 5086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.143%, 12/1/40 (l) | 312 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/1/41 | 3134 | 3066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/1/44 | 215233 | 203187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/1/45 | 372701 | 351843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/45 | 263353 | 234854 |
|  FNMA UMBS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/1/27 | 1928 | 1907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/1/28 | 780 | 769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/1/28 | 2685 | 2645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/29 | 3627 | 3607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/29 | 5649 | 5577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/1/29 | 6631 | 6544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/29 | 6401 | 6317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/1/29 | 6177 | 6093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/1/29 | 3657 | 3604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 1/1/30 | 31530 | 31077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/1/30 | 1483 | 1454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/30 | 7256 | 7148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/1/30 | 3615 | 3535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/30 | 5934 | 5846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/1/30 | 1717 | 1677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/1/30 | 3063 | 3017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/1/30 | 7198 | 7027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/1/30 | 14930 | 14689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/1/30 | 19311 | 18869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/30 | 30131 | 29645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 8/1/30 | 4936 | 4897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/1/30 | 12113 | 11810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/1/30 | 14182 | 13951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/1/30 | 22914 | 22336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/1/31 | 1385 | 1366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/31 | 2197 | 2158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 6/1/31 | 7731 | 7516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/1/31 | 5279 | 5121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/1/31 | 645 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/31 | 32018 | 31456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 8/1/31 | 2158 | 2160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/1/31 | 5326 | 5233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/1/31 | 2247 | 2154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/1/31 | 43223 | 41893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/1/31 | 30388 | 29134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/1/31 | 18677 | 18101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/1/31 | 3277 | 3138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/1/32 | 1306 | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/32 | 22540 | 21572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/1/32 | 5756 | 5566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/32 | 53861 | 53333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/1/32 | 39581 | 39206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/32 | 11006 | 10768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/1/32 | 31598 | 30584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/1/32 | 8407 | 8258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/1/33 | 48653 | 47445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/33 | 11466 | 11528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/1/34 | 7195 | 7509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 5/1/34 | 32881 | 34012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 8/1/34 | 4063 | 4248 |

---

See Notes to Financial Statements.

1274

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/1/34 | $557494 | $538312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/1/34 | 415692 | 407737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/1/35 | 269968 | 262547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/1/35 | 35034 | 35690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/1/35 | 16674 | 17239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 4/1/35 | 63516 | 66218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/35 | 42278 | 41064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/1/35 | 2146 | 2184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/1/35 | 85207 | 81287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/1/35 | 293740 | 280039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/35 | 38861 | 37721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/1/35 | 11661 | 12066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/1/36 | 19049 | 18832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/1/36 | 20404 | 18992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 3/1/36 | 20517 | 18716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/36 | 42518 | 39536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 4/1/36 | 34338 | 32080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 5/1/36 | 33901 | 30924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 5/1/36 | 236500 | 220950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/1/36 | 21140 | 20501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 6/1/36 | 118502 | 107985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 7/1/36 | 39174 | 36463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/1/36 | 1451 | 1385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/1/36 | 18288 | 17011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/1/36 | 15365 | 14653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 12/1/36 | 78681 | 71673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/36 | 25224 | 24055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/1/37 | 17489 | 16268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/1/37 | 34461 | 31435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/1/37 | 124174 | 115405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/37 | 83427 | 77576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 4/1/37 | 54709 | 50787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/1/38 | 3142 | 3319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 3/1/38 | 1398 | 1476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 5/1/38 | 3617 | 3821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/1/38 | 1086 | 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/1/38 | 1704 | 1799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/1/39 | 7826 | 8133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/39 | 82432 | 82647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 9/1/39 | 12722 | 13226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/1/39 | 11208 | 11664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/1/40 | 1118 | 1163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 5/1/40 | 28967 | 30926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/40 | 8115 | 8132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/1/40 | 13421 | 13193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/1/40 | 73183 | 64085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/1/40 | 224043 | 219551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/1/41 | 2356 | 2451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/1/41 | 723 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/41 | 1268 | 1269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/1/41 | 40958 | 41798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/1/41 | 962 | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/1/41 | 6961 | 6971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/1/41 | 2720 | 2723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 11/1/41 | 1186952 | 1001608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 12/1/41 | 603142 | 508593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/42 | 12190 | 11689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/1/42 | 22857 | 22365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/1/42 | 356721 | 311735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/42 | 406970 | 355424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 4/1/42 | 47878 | 41825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/42 | 5258 | 5031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/1/42 | 539 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/1/42 | 25669 | 25058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/1/42 | 1299 | 1242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/1/42 | 1952 | 1864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/1/42 | 174556 | 152753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/1/42 | 4743 | 4751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/1/42 | 8925 | 8947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/43 | 87445 | 80580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/43 | 50070 | 46112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/1/43 | 39709 | 36683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/43 | 19772 | 18317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/1/43 | 12028 | 12008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/1/43 | 55405 | 55374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/1/43 | 10270 | 10261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/1/43 | 70571 | 72013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/1/44 | 7904 | 7893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/1/44 | 81347 | 81300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/1/44 | 754371 | 694323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/1/44 | 2499620 | 2550392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/1/45 | 124614 | 119119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/45 | 25145 | 25231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/1/45 | 41786 | 41928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/1/45 | 18186 | 18166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/46 | 8583 | 7873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/46 | 75715 | 75684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/46 | 1165 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/1/46 | 20266 | 18578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/1/46 | 1829 | 1674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/46 | 6611 | 6227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/1/46 | 12041 | 11665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/46 | 909592 | 825599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/1/47 | 749296 | 652839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/1/47 | 39706 | 36340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/1/47 | 690030 | 658558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/47 | 913464 | 828598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/1/47 | 25174 | 23781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/1/47 | 43262 | 41806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 8/1/47 | 21751 | 21134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/1/47 | 1601 | 1547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/47 | 19282 | 18627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/1/47 | 5783 | 5781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/47 | 31806 | 29827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/1/47 | 50376 | 50353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/1/47 | 32009 | 30018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/48 | 51133 | 48074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/1/48 | 19105 | 18456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/1/48 | 46219 | 46189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/1/48 | 14467 | 13563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/48 | 105592 | 98990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/48 | 5515 | 5239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/48 | 2846 | 2746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/1/48 | 18073 | 18157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/1/48 | 3474 | 3352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/1/48 | 333175 | 332942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/1/48 | 532834 | 499518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/1/48 | 2369 | 2285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/1/48 | 2339 | 2253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/48 | 357412 | 355149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 8/1/48 | 31446 | 30456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/1/48 | 39946 | 39920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/1/48 | 2924 | 2982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/1/48 | 15165 | 14607 |

---

See Notes to Financial Statements.

1275

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/1/48 | $9472 | $9659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/48 | 6643 | 6399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/1/48 | 29729 | 29654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/1/49 | 62042 | 60361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/1/49 | 116706 | 116412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/1/49 | 230580 | 231224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/1/49 | 28451 | 29012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/1/49 | 76425 | 71671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/1/49 | 63480 | 61125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/1/49 | 7812 | 7758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/1/50 | 26961 | 25918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/1/50 | 25671 | 24718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/1/50 | 58178 | 55874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/1/50 | 764204 | 662013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/1/50 | 2985782 | 2441824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/1/50 | 445382 | 384986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/50 | 157181 | 141595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/1/50 | 122614 | 100275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/1/50 | 83010 | 80106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/1/50 | 172786 | 134541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/1/50 | 166590 | 136239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/1/50 | 1139516 | 984992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 11/1/50 | 150729 | 117366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/1/50 | 22039 | 18023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/1/50 | 139152 | 121109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/1/50 | 137127 | 113221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/1/51 | 159973 | 130777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/51 | 337993 | 316015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/1/51 | 196549 | 189450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/1/51 | 208605 | 170403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 3/1/51 | 203815 | 158192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/51 | 107058 | 88416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/1/51 | 92326 | 88900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 4/1/51 | 172458 | 142463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/51 | 1679694 | 1503170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/1/51 | 1148555 | 936184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/1/51 | 1955935 | 1686119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/1/51 | 1295161 | 1207300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/1/51 | 673886 | 552704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/1/51 | 524838 | 449279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/1/51 | 192754 | 172798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/1/51 | 317784 | 261442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/51 | 82151 | 73800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/1/51 | 3232370 | 3033293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/1/52 | 139246 | 115442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/1/52 | 1055190 | 913116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/1/52 | 682014 | 558263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/1/52 | 213823 | 185368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/52 | 501663 | 412893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/52 | 176458 | 158410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 4/1/52 | 956203 | 790058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/52 | 42331 | 38068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/52 | 34428 | 33139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/1/52 | 67693 | 60706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/1/52 | 73833 | 70978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/52 | 11939 | 11734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/1/52 | 100738 | 102073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/1/52 | 3235908 | 3180226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/52 | 73819 | 71103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/1/52 | 181480 | 173157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/1/53 | 161487 | 162466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/1/53 | 114087 | 116789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/1/53 | 85956 | 88700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/1/53 | 139212 | 139815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/1/53 | 815401 | 818192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 4/1/53 | 50038 | 52030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/1/53 | 413444 | 407364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/1/53 | 2925375 | 2929507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 5/1/53 | 368336 | 377301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 5/1/53 | 164855 | 170994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 5/1/53 | 26520 | 27739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 6/1/53 | 84557 | 86803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/1/53 | 504964 | 509008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 7/1/53 | 134465 | 139651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 8/1/53 | 254348 | 259355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 8/1/53 | 271262 | 279986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 8/1/53 | 149683 | 156982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 9/1/53 | 30845 | 32367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/1/53 | 83372 | 87486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 2/1/54 | 174854 | 182935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/1/54 | 1865264 | 1917021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 3/1/54 | 115507 | 119366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 6/1/54 | 175636 | 182357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 8/1/54 | 3237499 | 3338478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 8/1/54 | 129347 | 134963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 8/1/55 | 82803 | 85440 |
|  FNMA/FHLMC UMBS, 15 Year, Single Family |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/25/41 TBA | 68000 | 67118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/25/41 TBA | 413000 | 413420 |
|  FNMA/FHLMC UMBS, 30 Year, Single Family |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/25/56 TBA | 505000 | 467046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/25/56 TBA | 178000 | 168989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/25/56 TBA | 9913534 | 10056041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/25/56 TBA | 4435455 | 4554311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 1/25/56 TBA | 691000 | 718046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/25/56 TBA | 13700000 | 12114868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/25/56 TBA | 27398000 | 25253252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/25/56 TBA | 16600000 | 15750546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/25/56 TBA | 16700000 | 16299461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/25/56 TBA | 18400000 | 18647250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/25/56 TBA | 5570000 | 5716212 |
|  GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 7/20/27 (l) | 59 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/15/33 | 255 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/15/38 | 2007 | 2047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/20/39 | 805 | 788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/15/39 | 6048 | 6162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/20/39 | 1940 | 1898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/20/39 | 2070 | 2112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/20/39 | 821 | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/20/40 | 994 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/20/40 | 820 | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/20/40 | 68 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/20/40 | 10497 | 10244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/20/40 | 32305 | 31517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/15/40 | 7734 | 7894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/20/40 | 12957 | 12644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/20/41 | 11162 | 10890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/41 | 8532 | 8292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/20/41 | 4815 | 4818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/15/42 | 6671 | 6311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/15/42 | 62107 | 62192 |

---

See Notes to Financial Statements.

1276

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/20/42 | $5662 | $5774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/15/43 | 9481 | 8945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/20/43 | 22937 | 21719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/20/44 | 72230 | 68206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/20/44 | 779 | 795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/20/44 | 351 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/20/45 | 153048 | 139529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/15/45 | 17365 | 15940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/20/45 | 14503 | 13638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/15/45 | 80867 | 73270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 8/20/45 | 194563 | 188093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/20/46 | 287454 | 268532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/20/46 | 13569 | 12676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/20/46 | 168384 | 157300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/20/46 | 58380 | 54537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/20/46 | 200145 | 186971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/20/46 | 31054 | 28716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/20/47 | 2891 | 2792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/20/47 | 27446 | 26505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/20/47 | 31428 | 30311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/20/47 | 15498 | 14947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/20/48 | 13127 | 12997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/20/49 | 2819 | 2864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/20/49 | 123998 | 125980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/20/49 | 54695 | 54342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/20/49 | 103214 | 104863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/20/49 | 31788 | 32345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/15/49 | 5923 | 5447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/20/49 | 29222 | 29807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/15/50 | 82292 | 75625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/20/50 | 19920 | 19766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/20/50 | 10094 | 9701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/20/50 | 433706 | 359823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/20/50 | 73885 | 61298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/20/51 | 926411 | 768159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/20/51 | 75252 | 62386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/20/51 | 1544024 | 1334433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/20/51 | 1886903 | 1630768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/20/51 | 461875 | 415961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/20/51 | 1421879 | 1229313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/20/51 | 557251 | 502030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/20/51 | 216963 | 187444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/20/51 | 149797 | 129416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/20/51 | 150202 | 135224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/20/52 | 345732 | 298747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/20/52 | 308502 | 284386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 6/20/52 | 268544 | 232133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/20/52 | 171243 | 148038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/20/52 | 29845 | 25878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/20/52 | 249069 | 237435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/20/53 | 95973 | 83148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/20/54 | 958751 | 873993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/20/55 | 341313 | 311060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/15/56 TBA | 446000 | 369553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/15/56 TBA | 253000 | 218450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 1/15/56 TBA | 236000 | 212363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/15/56 TBA | 217000 | 204963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/15/56 TBA | 759000 | 739906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/15/56 TBA | 1268000 | 1265623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/15/56 TBA | 1470000 | 1484700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/15/56 TBA | 2625000 | 2675244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 2/15/56 TBA | 380000 | 392350 |
|  **Total Mortgage-Backed<br>Securities** | **Total Mortgage-Backed<br>Securities** | 220012933 |
|  **Municipal Bonds (0.3%)** |  |  |
|  American Municipal Power, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.084%, 2/15/50 | 55000 | 69150 |
|  City of New York Municipal Water Finance Authority, Water & Sewer System, Revenue Bonds, Series BB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.882%, 6/15/44 | 60000 | 60982 |
|  City of San Antonio, Electric & Gas Systems, Revenue Bonds, Series 2010A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.808%, 2/1/41 | 60000 | 61873 |
|  Georgia Municipal Electric Authority, Revenue Bonds, Series 2010A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.637%, 4/1/57 | 42000 | 45421 |
|  Los Angeles Community College District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600%, 8/1/42 | 25000 | 27090 |
|  Louisiana Local Government Environmental Facilities & Community Development Authority Systems, Series 2023 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.198%, 12/1/39 | 500000 | 515366 |
|  Metropolitan Transportation Authority, Revenue Bonds, Series 2010E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.814%, 11/15/40 | 25000 | 27901 |
|  New Jersey Turnpike Authority, Revenue Bonds, Series 2009F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.414%, 1/1/40 | 75000 | 89891 |
|  New York & New Jersey Port Authority, Consolidated Bonds, Series 181 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.960%, 8/1/46 | 40000 | 37283 |
|  New York State Dormitory Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.389%, 3/15/40 | 45000 | 45359 |
|  Sales Tax Securitization Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.057%, 1/1/34 | 600000 | 539509 |
|  San Francisco Bay Area Toll Authority, Subordinate Toll Bridge, Revenue Bonds, Series 2010-S1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.043%, 4/1/50 | 60000 | 68511 |
|  State of California Federally Taxable General Obligation Refunding Bonds Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 4/1/38 | 100000 | 101830 |
|  State of California, Various Purposes, General Obligation Bonds, Series 2009 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.550%, 4/1/39 | 130000 | 157765 |

---

See Notes to Financial Statements.

1277

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  State of Illinois, General Obligation Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 6/1/33 | $| 235588 | $| 241447 |
|  State of Texas |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.517%, 4/1/39 |  | 74985 |  | 76843 |
|  Texas Natural Gas Securitization Finance Corp., Revenue Bonds, Series 2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.169%, 4/1/41 |  | 300000 |  | 305955 |
|  University of California, General Revenue Bonds, Series 2012-AD |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.858%, 5/15/12 |  | 57000 |  | 47301 |
|  **Total Municipal Bonds** |  |  |  | 2519477 |
|  **Supranational (0.6%)** |  |  |  |  |
|  African Development Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/18/30 (x) |  | 100000 |  | 100969 |
|  Asian Development Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 1/12/27 |  | 50000 |  | 49480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/20/27 |  | 350000 |  | 342262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 1/24/30 |  | 200000 |  | 186079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/28/32 |  | 160000 |  | 158924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/12/33 |  | 85000 |  | 84901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/14/33 |  | 100000 |  | 98952 |
|  Asian Infrastructure Investment Bank (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/15/28 |  | 70000 |  | 70073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/16/30 |  | 100000 |  | 102956 |
|  Corp. Andina de Fomento |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/22/30 |  | 60000 |  | 62093 |
|  Council of Europe Development Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 1/26/28 |  | 25000 |  | 25004 |
|  European Investment Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/19/27 |  | 100000 |  | 100902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/16/28 |  | 125000 |  | 127970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/15/29 |  | 70000 |  | 70800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 3/15/29 |  | 53000 |  | 50015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 6/15/29 |  | 167000 |  | 173027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 10/9/29 |  | 55000 |  | 51150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/14/30 |  | 100000 |  | 103010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 9/23/30 |  | 100000 |  | 87127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/15/30 |  | 65000 |  | 65271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/13/34 |  | 71000 |  | 71124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/12/35 |  | 55000 |  | 56883 |
|  Inter-American Development Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/15/29 |  | 200000 |  | 202959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/18/29 |  | 50000 |  | 47762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/17/31 |  | 200000 |  | 197412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/17/34 |  | 100000 |  | 101682 |
|  Inter-American Investment Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/15/28 |  | 50000 |  | 50412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/14/29 |  | 100000 |  | 101519 |
|  International Bank for Reconstruction & Development |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 6/15/27 |  | 200000 |  | 198818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 11/24/27 |  | 95000 |  | 90159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 8/1/28 |  | 80000 |  | 82051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 9/13/28 |  | 200000 |  | 187455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/20/30 |  | 100000 |  | 101531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/25/30 |  | 180000 |  | 181808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 8/26/30 |  | 170000 |  | 148301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/28/30 (x) |  | 70000 |  | 69208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 11/3/31 |  | 238000 |  | 210103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/27/35 |  | 100000 |  | 101222 |
|  International Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 7/2/29 |  | 80000 |  | 81595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 8/27/30 |  | 100000 |  | 87151 |
|  Nordic Investment Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/14/28 |  | 200000 |  | 203220 |
|  **Total Supranational** |  |  |  | 4683340 |
|  **U.S. Government Agency Securities (0.7%)** | **U.S. Government Agency Securities (0.7%)** | **U.S. Government Agency Securities (0.7%)** | **U.S. Government Agency Securities (0.7%)** | **U.S. Government Agency Securities (0.7%)** |
|  FFCB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.040%, 1/25/29 |  | 250000 |  | 231839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.380%, 1/14/31 |  | 250000 |  | 222270 |
|  FHLB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/10/27 |  | 250000 |  | 251409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 4/9/27 (x) |  | 180000 |  | 182862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/4/27 |  | 200000 |  | 201057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/9/27 (x) |  | 175000 |  | 175045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/4/27 |  | 210000 |  | 209738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/30/28 |  | 100000 |  | 101228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/16/28 |  | 250000 |  | 248509 |
|  FHLMC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 10/28/26 |  | 2600000 |  | 2541512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 2/11/28 |  | 250000 |  | 250101 |
|  FNMA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 10/8/27 |  | 250000 |  | 238386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 8/5/30 |  | 500000 |  | 440535 |
|  Tennessee Valley Authority |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/15/28 |  | 38000 |  | 38302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/1/30 |  | 65000 |  | 65191 |
|  **Total U.S. Government Agency Securities** |  |  |  | 5397984 |
|  **U.S. Treasury Obligations (26.7%)** | **U.S. Treasury Obligations (26.7%)** | **U.S. Treasury Obligations (26.7%)** | **U.S. Treasury Obligations (26.7%)** | **U.S. Treasury Obligations (26.7%)** |
|  U.S. Treasury Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/39 |  | 102000 |  | 100114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/15/39 |  | 126000 |  | 126571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/15/39 |  | 160000 |  | 158228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/40 |  | 405000 |  | 410441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 5/15/40 |  | 581000 |  | 370267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 8/15/40 |  | 581000 |  | 366034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/40 |  | 405000 |  | 376130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/40 |  | 2035000 |  | 1325612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/15/40 |  | 405000 |  | 392027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/41 |  | 4319000 |  | 4220473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/42 |  | 387000 |  | 312442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/15/42 |  | 800000 |  | 669625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/42 |  | 701000 |  | 644811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 2/15/43 |  | 601000 |  | 487843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/43 |  | 1900000 |  | 1480209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/15/43 |  | 2143900 |  | 1857153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/15/43 |  | 1802000 |  | 1727386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 11/15/43 |  | 1843900 |  | 1621480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/15/43 |  | 169000 |  | 169581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 2/15/44 |  | 1300000 |  | 1120031 |

---

See Notes to Financial Statements.

1278

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/15/44 | $1200000 | $993750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 8/15/44 | 1029500 | 817970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 8/15/44 | 108200 | 99677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/15/44 | 1000000 | 776406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/15/45 | 1341000 | 953158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/45 | 1800000 | 1355475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 8/15/45 | 2163000 | 2192056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/47 | 285900 | 215490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 11/15/47# | 1438200 | 1028313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/15/48 | 900000 | 672328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/15/49# | 2049600 | 1516384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/49 | 200000 | 144098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/49 | 1675000 | 1055254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 11/15/49 | 200000 | 129062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/15/50 | 800000 | 471158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 8/15/50 | 300000 | 148189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 11/15/50 | 8772300 | 4627207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/51 | 1817000 | 1019962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/51 | 278700 | 176408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/15/51 | 1125000 | 647500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 11/15/51 | 502000 | 278845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/15/52 | 7000 | 4267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/52 | 116000 | 81413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/15/52 | 501400 | 360695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/15/53 | 3000 | 2437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/54 | 24000 | 22736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/55 | 307000 | 297023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/15/55 | 257000 | 253667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 8/15/55 | 150000 | 148125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/55 | 1336000 | 1292371 |
|  U.S. Treasury Inflation Linked Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 2/15/45 TIPS | 414816 | 303088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 2/15/46 TIPS | 137418 | 103831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 2/15/47 TIPS | 134886 | 97506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 2/15/49 TIPS | 129395 | 93367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 2/15/50 TIPS | 379941 | 219173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 2/15/51 TIPS | 625315 | 338543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 2/15/52 TIPS | 116966 | 61990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/53 TIPS | 219074 | 171240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/15/54 TIPS | 445591 | 401592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 2/15/55 TIPS | 361155 | 343623 |
|  U.S. Treasury Inflation Linked Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 4/15/28 TIPS | 7707263 | 7678439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 10/15/29 TIPS | 1084460 | 1096135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 4/15/30 TIPS | 4293924 | 4318658 |
|  U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/15/26 | 1457000 | 1459598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/15/26 | 454000 | 456324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 7/31/26 | 743200 | 730704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 10/15/26 | 13000 | 13104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/15/26 | 1118000 | 1103197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/15/27 | 743200 | 746758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/31/27 | 71000 | 69481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/31/27 | 1000000 | 1006420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/15/27 | 2275000 | 2243367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/15/27 | 27000 | 27175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/28/27 | 1000000 | 1006866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 3/15/27 | 743200 | 749499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 3/31/27 | 1000000 | 965433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/31/27 | 1000000 | 1004423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/30/27 | 1031000 | 1034309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/27 | 950000 | 935662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/31/27 | 1091000 | 1096738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/15/27 | 850000 | 863630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 6/30/27 | 750000 | 717687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/30/27 | 580000 | 578098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 6/30/27 | 1500000 | 1506040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 7/31/27 | 816000 | 820878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/27 | 656500 | 643820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/15/27 | 500000 | 502178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 8/31/27 | 1000000 | 952232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/31/27 | 1000000 | 1002323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 9/15/27 | 750000 | 748768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 9/30/27 | 281500 | 266858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/30/27 | 1000000 | 1000408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 9/30/27 | 2585000 | 2612968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/15/27 | 850000 | 855857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/27 | 406000 | 410561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/27 | 4710000 | 4605870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/27 | 1000000 | 1011634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 11/30/27 | 875000 | 829305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/30/27 | 907000 | 913632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/15/27 | 761000 | 768559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 12/31/27 | 800000 | 756343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/27 | 850000 | 856444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/15/28 | 2259000 | 2292863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/31/28 | 1100000 | 1100340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 2/15/28 | 3110000 | 3063484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/15/28 | 750000 | 761680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/29/28 | 2117000 | 2139365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/15/28 | 1145000 | 1154533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 3/31/28 | 767000 | 730133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/31/28 | 750000 | 752174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/15/28 | 1417000 | 1424783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/30/28 | 500000 | 500010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/28 | 1010000 | 995842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/15/28 | 1000000 | 1005782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 5/31/28 | 603000 | 571873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/31/28 | 650000 | 651858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/15/28 | 627000 | 632608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 6/30/28 | 500000 | 473342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/30/28 | 2000000 | 2023870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 7/15/28 | 600000 | 605308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 7/31/28 | 1000000 | 1015184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/28 | 3020000 | 2972282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/15/28 | 500000 | 501444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 8/31/28 | 356000 | 334507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/31/28 | 2261000 | 2309450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 9/15/28 | 250000 | 249076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 9/30/28 | 1089700 | 1025257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/28 | 250000 | 257139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/28 | 3590000 | 3550899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/15/28 | 500000 | 499644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/28 | 500000 | 511528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/28 | 1517100 | 1526286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/31/29 | 1000000 | 1013121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 2/15/29 | 1850000 | 1799269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/28/29 | 1016000 | 1037025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 3/31/29 | 25100 | 24197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/31/29 | 257000 | 261418 |

---

See Notes to Financial Statements.

1279

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 4/30/29 | $534000 | $| 522402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/30/29 | 850000 |  | 877922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/29 | 3300000 |  | 3175226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/31/29 | 718000 |  | 739035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/30/29 | 904400 |  | 894552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/30/29 | 500000 |  | 498023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/31/29 | 500000 |  | 506873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/29 | 750000 |  | 763301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 11/15/29 | 530000 |  | 495219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/30/29 | 500000 |  | 504492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/30/29 | 750000 |  | 763418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/29 | 600000 |  | 605443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/31/30 | 615000 |  | 611877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/30 | 1851000 |  | 1701268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/28/30 | 3676000 |  | 3725682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/31/30 | 500000 |  | 499414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/31/30 | 250000 |  | 253398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/30/30 | 750000 |  | 745254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/30/30 | 250000 |  | 252153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 5/15/30 | 1575000 |  | 1383293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/31/30 | 1581000 |  | 1586025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/31/30 | 1000000 |  | 1013515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 6/30/30 | 400000 |  | 401312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/30/30 | 850000 |  | 857106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 7/31/30 | 700000 |  | 705742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/31/30 | 601000 |  | 609092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 8/15/30 | 1500000 |  | 1306289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/31/30 | 500000 |  | 498672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/30/30 | 275000 |  | 274184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/30 | 250000 |  | 260000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 10/31/30 | 250000 |  | 249180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/30 | 1553800 |  | 1633796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 11/15/30 | 1900000 |  | 1662500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/30/30 | 850000 |  | 842297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/30 | 517000 |  | 532348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/30 | 1250000 |  | 1251855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/31/31 | 750000 |  | 759375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 2/15/31 | 2400000 |  | 2114813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/28/31 | 500000 |  | 511992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/31/31 | 750000 |  | 763535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/30/31 | 250000 |  | 260491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/15/31 | 1500000 |  | 1345078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 5/31/31 | 500000 |  | 521056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/30/31 | 1169200 |  | 1196968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 7/31/31 | 750000 |  | 763148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/15/31 | 2000000 |  | 1744531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/31/31 | 300000 |  | 299320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/30/31 | 892000 |  | 884221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/31 | 3000 |  | 3050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/31 | 1500000 |  | 1308047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/30/31 | 602000 |  | 611830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/31/31 | 508900 |  | 527308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/32 | 1700000 |  | 1518341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/29/32 | 51000 |  | 51791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/31/32 | 263000 |  | 266960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/30/32 | 50000 |  | 50399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/32 | 1660900 |  | 1568216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 5/31/32 | 637000 |  | 646283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/30/32 | 500000 |  | 503620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/31/32 | 748000 |  | 753070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 8/15/32 | 2539000 |  | 2370240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/31/32 | 550000 |  | 549399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/30/32 | 500000 |  | 499219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 10/31/32 | 250000 |  | 247639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/32 | 846000 |  | 856936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 11/30/32 | 601000 |  | 595006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/32 | 500000 |  | 498516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/15/33 | 750000 |  | 730023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/15/33 | 1500000 |  | 1444572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/33 | 1300000 |  | 1291462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/33 | 1500000 |  | 1551566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/15/34 | 2383000 |  | 2380254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/34 | 1757000 |  | 1798728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/34 | 1450000 |  | 1430519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/15/34 | 1981000 |  | 2005765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/35 | 2355000 |  | 2449018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/35 | 6800000 |  | 6870132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/15/35 | 1643000 |  | 1658337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/35 | 608000 |  | 600495 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  | 214589219 |
|  **Total Long-Term Debt Securities (111.6%)**<br> *(Cost $950,879,239)* | **Total Long-Term Debt Securities (111.6%)**<br> *(Cost $950,879,239)* |  | 895604511 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Commercial Paper (0.1%)** | **Commercial Paper (0.1%)** | **Commercial Paper (0.1%)** | **Commercial Paper (0.1%)** |
|  Crown Castle, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 1/20/26 (n)(p)§ | 500000 |  | 498835 |
|  HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 1/7/26 (n)(p)§ | 250000 |  | 249806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01%, 1/13/26 (n)(p)§ | 250000 |  | 249638 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Paper** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Paper** |  | 998279 |
|  **Foreign Government Treasury Bills (0.4%)** | **Foreign Government Treasury Bills (0.4%)** | **Foreign Government Treasury Bills (0.4%)** | **Foreign Government Treasury Bills (0.4%)** |
|  Federative Republic of Brazil |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 4/1/26 (p) | 18600000 |  | 3278843 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  **Investment Companies (0.2%)** |  |  |  |
|  BlackRock Liquidity FedFund, Institutional Shares 3.65% (7 day yield) (xx) | 800000 |  | 800000 |
|  Dreyfus Treasury Obligations Cash Management Fund 3.65% (7 day yield) (xx) | 500000 |  | 500000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 224595 |  | 224595 |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92%<br>(7 day yield) | 273057 |  | 273166 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | 1797761 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  **U.S. Government Agency Securities (0.5%)** | **U.S. Government Agency Securities (0.5%)** | **U.S. Government Agency Securities (0.5%)** | **U.S. Government Agency Securities (0.5%)** |
|  FHLB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 4/8/26 (o)(p) | $900000 |  | 891465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 4/15/26 (o)(p) | 2200000 |  | 2177641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 6/5/26 (o)(p) | 750000 |  | 738733 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** |  | 3807839 |

---

See Notes to Financial Statements.

1280

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **U.S. Treasury Obligations (0.6%)** | **U.S. Treasury Obligations (0.6%)** |  |
|  U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59%, 1/8/26 (p) | $100000 | $99942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 1/13/26 (p) | 100000 | 99894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 1/22/26 (p) | 1600000 | 1596843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 1/29/26 (p) | 2000000 | 1994717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31%, 2/3/26 (p)(v) | 300000 | 299064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 2/5/26 (p)(v) | 500000 | 498328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/2/26 (p) | 400000 | 396450 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | 4985238 |
|  **Total Short-Term Investments (1.8%)**<br> *(Cost $14,936,539)* | **Total Short-Term Investments (1.8%)**<br> *(Cost $14,936,539)* | 14867960 |
|  **Total Investments Before Securities Sold Short (113.4%)**<br> *(Cost $965,815,778)* | **Total Investments Before Securities Sold Short (113.4%)**<br> *(Cost $965,815,778)* | 910472471 |
|  SECURITIES SOLD SHORT: | SECURITIES SOLD SHORT: |  |
|  ***Mortgage-Backed Securities (-0.4%)*** | ***Mortgage-Backed Securities (-0.4%)*** |  |
|  FNMA/FHLMC UMBS, 15 Year, Single Family | FNMA/FHLMC UMBS, 15 Year, Single Family |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/25/41 TBA | (271000) | (245170) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/25/41 TBA | (457000) | (423082) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/25/41 TBA | (22000) | (20817) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 1/25/41 TBA | (54000) | (51988) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/25/41 TBA | (53000) | (51543) |
|  FNMA/FHLMC UMBS, 30 Year, Single Family | FNMA/FHLMC UMBS, 30 Year, Single Family |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/25/56 TBA | (655000) | (529936) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/25/56 TBA | (192500) | (162903) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 1/25/56 TBA | (271000) | (239814) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/25/56 TBA | (749000) | (731621) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/25/56 TBA | (453000) | (452150) |
|  GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/15/56 TBA | (29000) | (26395) |
|  **Total Securities Sold Short (-0.4%)**<br> *(Proceeds Received $2,934,263)* | **Total Securities Sold Short (-0.4%)**<br> *(Proceeds Received $2,934,263)* | (2935419) |
|  **Total Investments after Securities<br>Sold Short (113.0%)**<br> *(Cost $962,881,515)* | **Total Investments after Securities<br>Sold Short (113.0%)**<br> *(Cost $962,881,515)* | 907537052 |
|  **Other Assets Less Liabilities (-13.0%)** | **Other Assets Less Liabilities (-13.0%)** | (104734418) |
|  **Net Assets (100%)** |  | $802802634 |

---

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2025, the market value of these securities amounted to $153,096,879 or 19.1% of net assets.*  |

---

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $549,254.* 

*(e)* *Step Bond – Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of December 31, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(h)* *Defaulted security. A security is classified as defaulted if the issuer files for bankruptcy or fails to make a scheduled interest or principal payment within the grace period set forth in the security's governing documents.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of December 31, 2025.* 

*(l)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of December 31, 2025.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $12,704,916 or 1.6% of net assets.* 

*(n)* *Section 4(2) Commercial Paper. Private placement for non-current transactions. Notes are usually sold to accredited investors without the intent to freely re-sell their holding.* 

*(o)* *Discount Note Security. Effective rate calculated as of December 31, 2025.* 

*(p)* *Yield to maturity.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(v)* *All, or a portion of security held by broker as collateral for forward foreign currency contracts, with a total collateral value of $71,762.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $1,493,570. This was collateralized by cash of $1,524,595 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

See Notes to Financial Statements.

1281

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

*Glossary:* 

*ARM* *— Adjustable Rate Mortgage* 

*AUD* *— Australian Dollar* 

*BRL* *— Brazilian Real* 

*CAD* *— Canadian Dollar* 

*CME* *— Chicago Mercantile Exchange* 

*CLO* *— Collateralized Loan Obligation* 

*COP* *— Colombian Peso* 

*DKK* *— Denmark Krone* 

*EUR* *— European Currency Unit* 

*EURIBOR* *— Euro Interbank Offered Rate* 

*FFCB* *— Federal Farm Credit Bank* 

*FHLB* *— Federal Home Loan Bank* 

*FHLMC* *— Federal Home Loan Mortgage Corp.* 

*FNMA* *— Federal National Mortgage Association* 

*GBP* *— British Pound* 

*GNMA* *— Government National Mortgage Association* 

*IO* *— Interest Only* 

*JPY* *— Japanese Yen* 

*MXN* *— Mexican Peso* 

*MYR* *— Malaysian Ringgit* 

*NZD* *— New Zealand Dollar* 

*OAT* *— Obligations Assimilables du Trésor* 

*PEN* *— Peruvian Sol* 

*REIT* *— Real Estate Investment Trust* 

*REMIC* *— Real Estate Mortgage Investment Conduit* 

*SOFR* *— Secured Overnight Financing Rate* 

*TBA —* *To Be Announced; Security is subject to delayed delivery* 

*TIPS* *— Treasury Inflation Protected Security* 

*TWD* *— New Taiwan Dollar* 

*UMBS* *— Uniform Mortgage-Backed Securities* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount**<br>**($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** |  |  |  |  |  |
|  30 Day Federal Funds | 20 | 2/2026 | USD | 8034393 | (759) |
|  Australia 10 Year Bond | 36 | 3/2026 | AUD | 2630311 | 1860 |
|  Australia 3 Year Bond | 31 | 3/2026 | AUD | 2172132 | (1492) |
|  Canada 10 Year Bond | 5 | 3/2026 | CAD | 440458 | (3985) |
|  Euro-Bund | 4 | 3/2026 | EUR | 599681 | (590) |
|  Euro-OAT | 13 | 3/2026 | EUR | 1842326 | (5675) |
|  Long Gilt | 14 | 3/2026 | GBP | 1724271 | 10247 |
|  U.S. Treasury 2 Year Note | 111 | 3/2026 | USD | 23175586 | 8453 |
|  U.S. Treasury 5 Year Note | 154 | 3/2026 | USD | 16832922 | (21248) |
|  U.S. Treasury 10 Year Note | 102 | 3/2026 | USD | 11468625 | (23899) |
|  U.S. Treasury Long Bond | 15 | 3/2026 | USD | 1733906 | (7521) |
|  U.S. Treasury Ultra Bond | 15 | 3/2026 | USD | 1770000 | (37889) |
|  3 Month SOFR | 82 | 3/2027 | USD | 19862450 | 7549 |
|  |  |  |  |  | (74949) |
|  **Short Contracts** |  |  |  |  |  |
|  30 Day Federal Funds | (15) | 1/2026 | USD | (6023607) | (1954) |
|  Euro-Bobl | (16) | 3/2026 | EUR | (2184180) | 2315 |
|  Euro-BTP | (11) | 3/2026 | EUR | (1553591) | 5385 |
|  Euro-Schatz | (18) | 3/2026 | EUR | (2258993) | (554) |
|  U.S. Treasury 10 Year Note | (13) | 3/2026 | USD | (1461688) | (1936) |
|  U.S. Treasury 10 Year Ultra Note | (118) | 3/2026 | USD | (13571844) | 41525 |
|  U.S. Treasury Long Bond | (29) | 3/2026 | USD | (3352219) | 17179 |
|  U.S. Treasury Ultra Bond | (3) | 3/2026 | USD | (354000) | 9683 |
|  |  |  |  |  | 71643 |
|  |  |  |  |  | (3306) |

---

See Notes to Financial Statements.

1282

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Forward Foreign Currency Contracts outstanding as of December 31, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  NZD | 741000 | USD | 425543 | Goldman Sachs Bank USA | 1/14/2026 | 1249 |
|  USD | 40042 | JPY | 6200000 | Barclays Bank plc | 1/14/2026 | 427 |
|  USD | 1172983 | JPY | 182575709 | HSBC Bank plc | 1/14/2026 | 6436 |
|  USD | 112927 | JPY | 17567440 | JPMorgan Chase Bank | 1/14/2026 | 682 |
|  USD | 126673 | TWD | 3862893 | Bank of America<sup>\*\*</sup> | 1/22/2026 | 3582 |
|  USD | 160192 | TWD | 4894183 | JPMorgan Chase Bank<sup>\*\*</sup> | 1/22/2026 | 4239 |
|  USD | 367627 | COP | 1385482000 | HSBC Bank plc<sup>\*\*</sup> | 1/27/2026 | 5341 |
|  MXN | 15496263 | USD | 834424 | Deutsche Bank AG | 1/29/2026 | 24079 |
|  BRL | 815960 | USD | 144579 | Goldman Sachs Bank USA<sup>\*\*</sup> | 2/3/2026 | 3167 |
|  USD | 3744 | BRL | 20595 | Goldman Sachs Bank USA<sup>\*\*</sup> | 3/3/2026 | 34 |
|  MXN | 171 | USD | 9 | JPMorgan Chase Bank | 3/18/2026 |  |
|  USD | 116743 | EUR | 99000 | Deutsche Bank AG | 3/18/2026 | 5 |
|  USD | 1794357 | EUR | 1519000 | Natwest Markets plc | 3/18/2026 | 3191 |
|  USD | 486586 | JPY | 75346000 | HSBC Bank plc | 3/18/2026 | 2568 |
|  USD | 40794 | JPY | 6271000 | Toronto Dominion Bank | 3/18/2026 | 509 |
|  USD | 1996066 | BRL | 11100000 | Goldman Sachs Bank USA<sup>\*\*</sup> | 4/2/2026 | 12430 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | 67939 |
|  BRL | 806880 | USD | 148242 | Goldman Sachs Bank USA<sup>\*\*</sup> | 1/5/2026 | (994) |
|  USD | 144579 | BRL | 809931 | Goldman Sachs Bank USA<sup>\*\*</sup> | 1/5/2026 | (3225) |
|  NZD | 1147000 | USD | 663981 | HSBC Bank plc | 1/14/2026 | (3347) |
|  USD | 152190 | AUD | 231000 | Bank of America | 1/14/2026 | (1978) |
|  USD | 472508 | AUD | 712000 | Barclays Bank plc | 1/14/2026 | (2678) |
|  USD | 1327859 | AUD | 2031266 | JPMorgan Chase Bank | 1/14/2026 | (27800) |
|  USD | 219454 | CAD | 308866 | HSBC Bank plc | 1/14/2026 | (5672) |
|  USD | 122972 | DKK | 792443 | Barclays Bank plc | 1/14/2026 | (1778) |
|  USD | 6237942 | EUR | 5374557 | HSBC Bank plc | 1/14/2026 | (80958) |
|  USD | 3299828 | GBP | 2506325 | Bank of America | 1/14/2026 | (78543) |
|  USD | 78306 | JPY | 12300000 | Bank of America | 1/14/2026 | (284) |
|  USD | 164328 | MYR | 674647 | Barclays Bank plc<sup>\*\*</sup> | 1/22/2026 | (2003) |
|  USD | 15859 | MYR | 65071 | Goldman Sachs Bank USA<sup>\*\*</sup> | 1/22/2026 | (184) |
|  USD | 256121 | PEN | 867123 | JPMorgan Securities, Inc.<sup>\*\*</sup> | 1/27/2026 | (1635) |
|  USD | 3850 | MXN | 71955 | HSBC Bank plc | 2/25/2026 | (127) |
|  BRL | 3777893 | USD | 681819 | Goldman Sachs Bank USA<sup>\*\*</sup> | 3/3/2026 | (1258) |
|  JPY | 66430947 | USD | 429770 | Toronto Dominion Bank | 3/18/2026 | (3022) |
|  USD | 5323 | AUD | 8000 | BNP Paribas | 3/18/2026 | (17) |
|  USD | 9296 | AUD | 14000 | Toronto Dominion Bank | 3/18/2026 | (48) |
|  USD | 3739480 | EUR | 3178000 | Toronto Dominion Bank | 3/18/2026 | (7935) |
|  USD | 49521 | GBP | 37000 | HSBC Bank plc | 3/18/2026 | (344) |
|  USD | 982567 | PEN | 3312233 | Bank of America<sup>\*\*</sup> | 3/18/2026 | (210) |
|  USD | 1302033 | BRL | 7500000 | Goldman Sachs Bank USA<sup>\*\*</sup> | 4/2/2026 | (38261) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | (262301) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | (194362) |

---

*\*\** *Non-deliverable forward.* 

*#* *Amount represents less than $0.50.* 

See Notes to Financial Statements.

1283

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Written Call Options Contracts as of December 31, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Exercise<br>Price** | **Expiration<br>Date** | **Value<br>($)** |
|  U.S. Treasury 10 Year Note | Exchange Traded | 5 | USD (500000) | USD 114.00 | 2/20/2026 | (1172) |
| Written Put Options Contracts as of December 31, 2025 (Note 1): | Written Put Options Contracts as of December 31, 2025 (Note 1): | Written Put Options Contracts as of December 31, 2025 (Note 1): | Written Put Options Contracts as of December 31, 2025 (Note 1): | Written Put Options Contracts as of December 31, 2025 (Note 1): | Written Put Options Contracts as of December 31, 2025 (Note 1): | Written Put Options Contracts as of December 31, 2025 (Note 1): |
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Exercise<br>Price** | **Expiration<br>Date** | **Value<br>($)** |
|  U.S. Treasury 10 Year Note | Exchange Traded | 5 | USD (500000) | USD 111.00 | 2/20/2026 | (1172) |
|  U.S. Treasury 2 Year Note | Exchange Traded | 12 | USD (2400000) | USD 103.75 | 2/20/2026 | (375) |
|  |  |  |  |  |  | (1547) |
|  Total Written Options Contracts (Premiums Received ($5966)) | Total Written Options Contracts (Premiums Received ($5966)) | Total Written Options Contracts (Premiums Received ($5966)) | Total Written Options Contracts (Premiums Received ($5966)) | Total Written Options Contracts (Premiums Received ($5966)) | Total Written Options Contracts (Premiums Received ($5966)) | (2719) |

---

See Notes to Financial Statements.

1284

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Asset-Backed Securities** | $— | $77978488 | $— | $77978488 |
|  **Collateralized Mortgage Obligations** |  | 85607716 |  | 85607716 |
|  **Commercial Mortgage-Backed Securities** |  | 52495413 |  | 52495413 |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services |  | 11517262 |  | 11517262 |
|  Consumer Discretionary |  | 8440454 |  | 8440454 |
|  Consumer Staples |  | 7152899 |  | 7152899 |
|  Energy |  | 24541877 |  | 24541877 |
|  Financials |  | 81299197 | 227000 | 81526197 |
|  Health Care |  | 11963315 |  | 11963315 |
|  Industrials |  | 11107517 |  | 11107517 |
|  Information Technology |  | 17023860 |  | 17023860 |
|  Materials |  | 4675379 |  | 4675379 |
|  Real Estate |  | 5922361 |  | 5922361 |
|  Utilities |  | 31669892 |  | 31669892 |
|  **Foreign Government Securities** |  | 16778928 |  | 16778928 |
|  **Forward Currency Contracts** |  | 67939 |  | 67939 |
|  **Futures** | 104196 |  |  | 104196 |
|  **Mortgage-Backed Securities** |  | 220012933 |  | 220012933 |
|  **Municipal Bonds** |  | 2519477 |  | 2519477 |
|  **Short-Term Investments** |  |  |  |  |
|  Commercial Paper |  | 998279 |  | 998279 |
|  Foreign Government Treasury Bill |  | 3278843 |  | 3278843 |
|  **Investment Companies** | 1797761 |  |  | 1797761 |
|  U.S. Government Agency Securities |  | 3807839 |  | 3807839 |
|  U.S. Treasury Obligations |  | 4985238 |  | 4985238 |
|  **Supranational** |  | 4683340 |  | 4683340 |
|  **U.S. Government Agency Securities** |  | 5397984 |  | 5397984 |
|  **U.S. Treasury Obligations** |  | 214589219 |  | 214589219 |
|  **Total Assets** | $**1901957** | $**908515649** | $**227000** | $**910644606** |
|  **Liabilities:** |  |  |  |  |
|  **Forward Currency Contracts** | $— | $(262301) | $— | $(262301) |
|  **Futures** | (107502) |  |  | (107502) |
|  **Mortgage-Backed Securities** |  | (2935419) |  | (2935419) |
|  **Options Written** |  |  |  |  |
|  Call Options Written | (1172) |  |  | (1172) |
|  Put Options Written | (1547) |  |  | (1547) |
|  **Total Liabilities** | $**(110221)** | $**(3197720)** | $**—** | $**(3307941)** |
|  **Total** | $**1791736** | $**905317929** | $**227000** | $**907336665** |

---

See Notes to Financial Statements.

1285

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

Fair Values of Derivative Instruments as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Interest rate contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $104196 |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | 67939 |
|  **Total** |  | $172135 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(110221) |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | (262301) |
|  **Total** |  | $(372522) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Options<br>Purchased (1)** | **Options<br>Written** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $(145761) | $38826 | $(253364) | $— | $(360299) |
|  Foreign exchange contracts |  |  |  | (1209065) | (1209065) |
|  **Total** | $(145761) | $38826 | $(253364) | $(1209065) | $(1569364) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Options<br>Purchased (2)** | **Options<br>Written** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $55671 | $(12301) | $119272 | $— | $162642 |
|  Foreign exchange contracts |  |  |  | (672400) | (672400) |
|  **Total** | $55671 | $(12301) | $119272 | $(672400) | $(509758) |

---

(1) Included in Realized gain (loss) on investment transactions in the Statement of Operations.

(2) Included in Change in unrealized appreciation (depreciation) on investment transactions in the Statement of Operations.

^ The Portfolio held forward foreign currency contracts, futures contracts and option contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $87097000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 35449000 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $9347000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 33465000 |
|  Options |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | $23000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | 6000 |

---

See Notes to Financial Statements.

1286

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Bank of America | $3582 | $(3582) | $— | $— |
|  Barclays Bank plc | 427 | (427) |  |  |
|  Deutsche Bank AG | 24084 |  |  | 24084 |
|  Goldman Sachs Bank USA | 16880 | (16880) |  |  |
|  HSBC Bank plc | 14345 | (14345) |  |  |
|  JPMorgan Chase Bank | 4921 | (4921) |  |  |
|  Natwest Markets plc | 3191 |  |  | 3191 |
|  Toronto Dominion Bank | 509 | (509) |  |  |
|  **Total** | $67939 | $(40664) | $— | $27275 |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  Bank of America | $81015 | $(3582) | $— | $77433 |
|  Barclays Bank plc | 6459 | (427) |  | 6032 |
|  BNP Paribas | 17 |  |  | 17 |
|  Goldman Sachs Bank USA | 43922 | (16880) |  | 27042 |
|  HSBC Bank plc | 90448 | (14345) | (71762) | 4341 |
|  JPMorgan Chase Bank | 27800 | (4921) |  | 22879 |
|  JPMorgan Securities, Inc. | 1635 |  |  | 1635 |
|  Toronto Dominion Bank | 11005 | (509) |  | 10496 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262301 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40664) | $(71762) | $149875 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

#### Sale-Buyback Transactions:
The average amount of borrowings while outstanding for 292 days during the year ended December 31, 2025, was approximately $17,615,000 at a weighted average interest rate of 4.44%.

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $1991820050 |
|  Long-term U.S. government debt securities | 262620954 |
|  | $2254441004 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $2000660308 |
|  Long-term U.S. government debt securities | 317173188 |
|  | $2317833496 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $9303342 |
|  Aggregate gross unrealized depreciation | (71836469) |
|  Net unrealized depreciation | $(62533127) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $969869792 |

---

See Notes to Financial Statements.

1287

------

#### EQ ADVISORS TRUST
MULTIMANAGER CORE BOND PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $965,815,778) | $910472471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 5716110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $506,190) | 514549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 415000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for forward settling transactions | 98442858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 6217433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 407321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 68702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 67939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 66342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1022393297 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for forward settling transactions | 212810987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short (Proceeds received $2,934,263) | 2935419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 1524595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 641360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 396454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of cash collateral on forward settling transactions | 356000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 273322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 262301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 84391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 45778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written, at value (Premiums received $5,966) | 2719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 257337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 219590663 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $802802634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $948038375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (145235741) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $802802634 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $215,794,762 / 24,573,459 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.78 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $587,007,872 / 67,002,089 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.76 |

---

*(x)* *Includes value of securities on loan of $1,493,570.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest (net of $2,017 foreign withholding tax) | $36301823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 122786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 23103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 36447712 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4409341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1003268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 622912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 533281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 277500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 118590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 54893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 27399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 190911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 7238095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (1259497) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 5978598 |
|  **NET INVESTMENT INCOME (LOSS)** | 30469114 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (3622229) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (253364) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (1209065) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 539457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 38826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | (202573) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (4708948) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 31683999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 119272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (672400) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 33190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (12301) |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | (21779) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 31129981 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 26421033 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $56890147 |

---

See Notes to Financial Statements.

1288

------

#### EQ ADVISORS TRUST
MULTIMANAGER CORE BOND PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $30469114 | $30784206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (4708948) | (6575987) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 31129981 | (5786081) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 56890147 | 18422138 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA |  | (379439) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (7402688) | (7220181) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (21935018) | (23353977) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (29337706) | (30953597) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA |  | (7324) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (93643) | (139368) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (277476) | (450792) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total tax return of capital | (371119) | (597484) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 195,762 shares, respectively ] |  | 1662710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 45,926 shares, respectively ] |  | 386763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (3102461) shares, respectively ] |  | (26416281) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (322989) shares, respectively ] |  | (2734218) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (27101026) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,474,705 and 3,309,899 shares, respectively ] | 21448722 | 28339538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 3,092,946 shares,<br>respectively ] |  | 26416281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 862,670 and 860,241 shares, respectively ] | 7496331 | 7359549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (4472067) and (3393243) shares, respectively ] | (38641654) | (29163625) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (9696601) | 32951743 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 5,711,926 and 6,836,769 shares, respectively ] | 49283556 | 58473441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 2,562,890 and 2,790,844 shares, respectively ] | 22212494 | 23804769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (13151335) and (10334439) shares, respectively ] | (113445756) | (88611593) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (41949706) | (6333383) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (51646307) | (482666) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (24464985) | (13611609) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 827267619 | 840879228 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $802802634 | $827267619 |

---

See Notes to Financial Statements.

1289

------

#### EQ ADVISORS TRUST
MULTIMANAGER CORE BOND PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $8.49 | $8.63 | $8.45 | $9.92 | $10.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.31 | 0.30 | 0.26 | 0.18 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.29 | (0.14) | 0.17 | (1.44) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.60 | 0.16 | 0.43 | (1.26) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.31) | (0.29) | (0.25) | (0.21) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.31) | (0.30) | (0.25) | (0.21) | (0.16) |
|  Net asset value, end of year | $8.78 | $8.49 | $8.63 | $8.45 | $9.92 |
|  Total return | 7.11 | 1.94% | 5.15% | (12.77)% | (1.47)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $215795 | $218300 | $188460 | $243815 | $300420 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.93 | 0.93 %(g) | 0.87 %(g) | 0.85% | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.08 | 1.09 %(g) | 1.02 %(g) | 0.98% | 0.97% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 3.61 | 3.46% | 3.06% | 2.02% | 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 3.45 | 3.30% | 2.91% | 1.89% | 1.30% |
|  Portfolio turnover rate^ | 246 | 281% | 274% | 251% | 246% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $8.47 | $8.61 | $8.44 | $9.90 | $10.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.33 | 0.32 | 0.28 | 0.20 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.29 | (0.13) | 0.16 | (1.43) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.62 | 0.19 | 0.44 | (1.23) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.33) | (0.32) | (0.27) | (0.23) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital  |  | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.33) | (0.33) | (0.27) | (0.23) | (0.18) |
|  Net asset value, end of year | $8.76 | $8.47 | $8.61 | $8.44 | $9.90 |
|  Total return | 7.40 | 2.20% | 5.28% | (12.47)% | (1.15)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $587008 | $608967 | $625027 | $610149 | $764860 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.68 | 0.68 %(g) | 0.62 %(g) | 0.60% | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.83 | 0.84 %(g) | 0.77 %(g) | 0.73% | 0.72% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 3.86 | 3.71% | 3.34% | 2.27% | 1.63% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 3.70 | 3.56% | 3.18% | 2.14% | 1.55% |
|  Portfolio turnover rate^ | 246 | 281% | 274% | 251% | 246% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of 0.08%, 0.08% and 0.02% for the years ended December 31, 2025, 2024 and 2023, respectively for each class.* 

See Notes to Financial Statements.

1290

------

MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  COMMON STOCKS: |  |  |  |
|  **Communication Services (9.8%)** |  |  |  |
|  ***Entertainment (1.1%)*** |  |  |  |
|  Electronic Arts, Inc. | 31190 | $| 6373052 |
|  NetEase, Inc. | 97500 |  | 2688463 |
|  Netflix, Inc.\* | 84109 |  | 7886060 |
|  Playtika Holding Corp. | 1654 |  | 6533 |
|  ROBLOX Corp., Class A\* | 17734 |  | 1436986 |
|  Take-Two Interactive Software, Inc.\* | 4768 |  | 1220751 |
|  Ubisoft Entertainment SA\* | 81185 |  | 614622 |
|  Universal Music Group NV | 54346 |  | 1419773 |
|  Warner Music Group Corp., Class A | 46922 |  | 1439098 |
|  |  |  | 23085338 |
|  ***Interactive Media & Services (8.6%)*** | ***Interactive Media & Services (8.6%)*** |  |  |
|  Alphabet, Inc., Class A | 338033 |  | 105804329 |
|  Alphabet, Inc., Class C | 51695 |  | 16221891 |
|  Autohome, Inc., Class A | 302548 |  | 1671600 |
|  Autohome, Inc. (ADR) | 55628 |  | 1238279 |
|  Baidu, Inc., Class A\* | 65600 |  | 1108407 |
|  Cargurus, Inc., Class A\* | 7738 |  | 296752 |
|  Grindr, Inc.\* | 15168 |  | 205375 |
|  IAC, Inc.\* | 7122 |  | 278470 |
|  LY Corp. | 616100 |  | 1640941 |
|  Match Group, Inc. | 12983 |  | 419221 |
|  Meta Platforms, Inc., Class A | 70828 |  | 46752855 |
|  Pinterest, Inc., Class A\* | 24389 |  | 631431 |
|  Reddit, Inc., Class A\* | 4303 |  | 989131 |
|  Rumble, Inc.(x)\* | 33885 |  | 214153 |
|  Snap, Inc., Class A\* | 57607 |  | 464888 |
|  TripAdvisor, Inc.\* | 54862 |  | 798791 |
|  Trump Media & Technology Group Corp.\* | 18392 |  | 243510 |
|  Trustpilot Group plc(m)\* | 504359 |  | 1117675 |
|  Yelp, Inc., Class A\* | 8333 |  | 253240 |
|  Ziff Davis, Inc.\* | 6897 |  | 242430 |
|  ZoomInfo Technologies, Inc., Class A\* | 28126 |  | 286041 |
|  |  |  | 180879410 |
|  ***Media (0.0%)†*** |  |  |  |
|  WPP plc | 174153 |  | 792280 |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** |
|  SK Telecom Co. Ltd. | 59106 |  | 2195114 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  |  | 206952142 |
|  **Consumer Discretionary (3.5%)** |  |  |  |
|  ***Automobile Components (0.0%)†*** |  |  |  |
|  Mobileye Global, Inc., Class A\* | 28612 |  | 298709 |
|  ***Broadline Retail (2.6%)*** |  |  |  |
|  Alibaba Group Holding Ltd. | 316484 |  | 5806971 |
|  Amazon.com, Inc.\* | 170523 |  | 39360119 |
|  MercadoLibre, Inc.\* | 1961 |  | 3949964 |
|  PDD Holdings, Inc. (ADR)\* | 19512 |  | 2212466 |
|  Vipshop Holdings Ltd. (ADR) | 144105 |  | 2549217 |
|  |  |  | 53878737 |
|  ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** |  |  |
|  Duolingo, Inc., Class A\* | 6988 |  | 1226394 |
|  ***Hotels, Restaurants & Leisure (0.7%)*** | ***Hotels, Restaurants & Leisure (0.7%)*** |  |  |
|  Airbnb, Inc., Class A\* | 43548 |  | 5910334 |
|  Amadeus IT Group SA | 57215 |  | 4225303 |
|  HBX Group International plc\* | 121986 |  | 1075185 |
|  Navan, Inc., Class A\* | 13900 |  | 237412 |
|  Trainline plc(m)\* | 327084 |  | 971728 |
|  Trip.com Group Ltd. | 29624 |  | 2108741 |
|  |  |  | 14528703 |
|  ***Household Durables (0.1%)*** |  |  |  |
|  SharkNinja, Inc.\* | 26577 |  | 2973966 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 72906509 |
|  **Consumer Staples (0.0%)†** |  |  |  |
|  ***Consumer Staples Distribution & Retail (0.0%)†*** | ***Consumer Staples Distribution & Retail (0.0%)†*** | ***Consumer Staples Distribution & Retail (0.0%)†*** | ***Consumer Staples Distribution & Retail (0.0%)†*** |
|  Ocado Group plc(x)\* | 126609 |  | 402764 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 402764 |
|  **Energy (0.3%)** |  |  |  |
|  ***Energy Equipment & Services (0.3%)*** | ***Energy Equipment & Services (0.3%)*** | ***Energy Equipment & Services (0.3%)*** | ***Energy Equipment & Services (0.3%)*** |
|  Baker Hughes Co. | 95150 |  | 4333131 |
|  TGS ASA | 153178 |  | 1392735 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 5725866 |
|  **Financials (1.7%)** |  |  |  |
|  ***Financial Services (1.7%)*** |  |  |  |
|  Adyen NV(m)\* | 4883 |  | 7890440 |
|  Block, Inc., Class A\* | 71565 |  | 4658166 |
|  Fidelity National Information Services, Inc. | 55088 |  | 3661148 |
|  Fiserv, Inc.\* | 35412 |  | 2378624 |
|  Mastercard, Inc., Class A | 8233 |  | 4700055 |
|  Visa, Inc., Class A | 20556 |  | 7209195 |
|  WEX, Inc.\* | 29574 |  | 4405934 |
|  Wise plc, Class A\* | 96012 |  | 1153127 |
|  Worldline SA(m)(x)\* | 258946 |  | 475337 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 36532026 |
|  **Industrials (0.8%)** |  |  |  |
|  ***Aerospace & Defense (0.0%)†*** |  |  |  |
|  Beta Technologies, Inc., Class A\* | 6506 |  | 183534 |
|  ***Electrical Equipment (0.2%)*** |  |  |  |
|  Acuity, Inc. | 7351 |  | 2646654 |
|  Ushio, Inc.(x) | 80800 |  | 1292160 |
|  |  |  | 3938814 |
|  ***Ground Transportation (0.0%)†*** |  |  |  |
|  Full Truck Alliance Co. Ltd. (ADR) | 69137 |  | 741840 |
|  ***Industrial Conglomerates (0.2%)*** |  |  |  |
|  Samsung C&T Corp.\* | 17828 |  | 2964011 |
|  ***Machinery (0.1%)*** |  |  |  |
|  Nabtesco Corp.(x) | 27800 |  | 665184 |
|  Techtronic Industries Co. Ltd. | 114500 |  | 1322619 |
|  THK Co. Ltd.(x) | 34400 |  | 879985 |
|  |  |  | 2867788 |
|  ***Professional Services (0.3%)*** |  |  |  |
|  Concentrix Corp. | 24999 |  | 1039459 |
|  Genpact Ltd. | 35097 |  | 1641838 |
|  Teleperformance SE | 44113 |  | 3205884 |
|  |  |  | 5887181 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 16583168 |

---

See Notes to Financial Statements.

1291

------

MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  **Information Technology (52.9%)** |  |  |  |
|  ***Communications Equipment (2.3%)*** | ***Communications Equipment (2.3%)*** |  |  |
|  ADTRAN Holdings, Inc.\* | 2025 | $| 17597 |
|  Applied Optoelectronics, Inc.\* | 1612 |  | 56194 |
|  Arista Networks, Inc.\* | 101003 |  | 13234423 |
|  Aviat Networks, Inc.\* | 318 |  | 6799 |
|  BK Technologies Corp.\* | 103 |  | 7683 |
|  Calix, Inc.\* | 1634 |  | 86488 |
|  Ciena Corp.\* | 3887 |  | 909053 |
|  Cisco Systems, Inc. | 163697 |  | 12609580 |
|  Clearfield, Inc.\* | 316 |  | 9211 |
|  CommScope Holding Co., Inc.\* | 6091 |  | 110430 |
|  Digi International, Inc.\* | 1021 |  | 44199 |
|  Extreme Networks, Inc.\* | 3631 |  | 60456 |
|  F5, Inc.\* | 1580 |  | 403311 |
|  Harmonic, Inc.\* | 3128 |  | 30936 |
|  Lumentum Holdings, Inc.\* | 1919 |  | 707324 |
|  Motorola Solutions, Inc. | 12066 |  | 4625139 |
|  NETGEAR, Inc.\* | 798 |  | 19575 |
|  NetScout Systems, Inc.\* | 1878 |  | 50819 |
|  Ribbon Communications, Inc.\* | 2532 |  | 7292 |
|  Telefonaktiebolaget LM Ericsson, Class B | 1527992 |  | 15036776 |
|  Viasat, Inc.\* | 3692 |  | 127226 |
|  Viavi Solutions, Inc.\* | 6138 |  | 109379 |
|  |  |  | 48269890 |
|  ***Electronic Equipment, Instruments & Components (2.2%)*** | ***Electronic Equipment, Instruments & Components (2.2%)*** | ***Electronic Equipment, Instruments & Components (2.2%)*** | ***Electronic Equipment, Instruments & Components (2.2%)*** |
|  Advanced Energy Industries, Inc. | 2031 |  | 425230 |
|  Amphenol Corp., Class A | 86467 |  | 11685150 |
|  Arlo Technologies, Inc.\* | 17776 |  | 248686 |
|  Arrow Electronics, Inc.\* | 19233 |  | 2119092 |
|  Avnet, Inc. | 2306 |  | 110873 |
|  Badger Meter, Inc. | 1948 |  | 339751 |
|  Belden, Inc. | 1090 |  | 127040 |
|  Benchmark Electronics, Inc. | 988 |  | 42247 |
|  CDW Corp. | 22611 |  | 3079618 |
|  Celestica, Inc.\* | 3163 |  | 935014 |
|  Cognex Corp. | 10357 |  | 372645 |
|  Coherent Corp.\* | 4274 |  | 788852 |
|  Corning, Inc. | 21431 |  | 1876498 |
|  Crane NXT Co. | 5815 |  | 273712 |
|  CTS Corp. | 811 |  | 34768 |
|  ePlus, Inc. | 725 |  | 63583 |
|  Fabrinet\* | 986 |  | 448906 |
|  Flex Ltd.\* | 142309 |  | 8598310 |
|  Insight Enterprises, Inc.\* | 866 |  | 70553 |
|  IPG Photonics Corp.\* | 697 |  | 49905 |
|  Itron, Inc.\* | 3453 |  | 320646 |
|  Jabil, Inc. | 2951 |  | 672887 |
|  Keysight Technologies, Inc.\* | 5773 |  | 1173016 |
|  Knowles Corp.\* | 2362 |  | 50618 |
|  Littelfuse, Inc. | 682 |  | 172491 |
|  Mirion Technologies, Inc., Class A\* | 15684 |  | 367319 |
|  Murata Manufacturing Co. Ltd. | 138400 |  | 2868018 |
|  Napco Security Technologies, Inc. | 5721 |  | 238566 |
|  nLight, Inc.\* | 5776 |  | 216658 |
|  Novanta, Inc.\* | 2704 |  | 321749 |
|  OSI Systems, Inc.\* | 1212 |  | 309133 |
|  PC Connection, Inc. | 315 |  | 18194 |
|  Plexus Corp.\* | 742 |  | 109074 |
|  Ralliant Corp. | 4079 |  | 207662 |
|  Rogers Corp.\* | 464 |  | 42489 |
|  Sanmina Corp.\* | 1465 |  | 219853 |
|  TD SYNNEX Corp. | 2109 |  | 316835 |
|  TE Connectivity plc | 8124 |  | 1848291 |
|  Teledyne Technologies, Inc.\* | 1702 |  | 869262 |
|  Trimble, Inc.\* | 46423 |  | 3637242 |
|  TTM Technologies, Inc.\* | 2841 |  | 196029 |
|  Vishay Intertechnology, Inc. | 3396 |  | 49208 |
|  Vontier Corp. | 9552 |  | 355143 |
|  Zebra Technologies Corp., Class A\* | 2220 |  | 539060 |
|  |  |  | 46809876 |
|  ***IT Services (4.1%)*** |  |  |  |
|  Accenture plc, Class A | 67223 |  | 18035931 |
|  Akamai Technologies, Inc.\* | 29159 |  | 2544123 |
|  Applied Digital Corp.(x)\* | 6399 |  | 156904 |
|  ASGN, Inc.\* | 1205 |  | 58045 |
|  Capgemini SE | 17950 |  | 3000741 |
|  CGI, Inc. | 5466 |  | 504512 |
|  Cloudflare, Inc., Class A\* | 8602 |  | 1695884 |
|  Cognizant Technology Solutions Corp., Class A | 67860 |  | 5632380 |
|  CoreWeave, Inc., Class A\* | 6200 |  | 443982 |
|  DigitalOcean Holdings, Inc.\* | 1878 |  | 90369 |
|  DXC Technology Co.\* | 113596 |  | 1664181 |
|  EPAM Systems, Inc.\* | 11554 |  | 2367184 |
|  Fastly, Inc., Class A\* | 3810 |  | 38786 |
|  Gartner, Inc.\* | 2083 |  | 525499 |
|  GoDaddy, Inc., Class A\* | 3807 |  | 472373 |
|  Grid Dynamics Holdings, Inc.\* | 1816 |  | 16399 |
|  International Business Machines Corp. | 25610 |  | 7585938 |
|  Kyndryl Holdings, Inc.\* | 6355 |  | 168789 |
|  MongoDB, Inc.\* | 8680 |  | 3642909 |
|  Okta, Inc.\* | 4596 |  | 397416 |
|  Shopify, Inc., Class A\* | 108931 |  | 17534623 |
|  Snowflake, Inc., Class A\* | 57679 |  | 12652465 |
|  Twilio, Inc., Class A\* | 27451 |  | 3904630 |
|  VeriSign, Inc. | 2312 |  | 561700 |
|  Wix.com Ltd.\* | 33402 |  | 3470134 |
|  |  |  | 87165897 |
|  ***Semiconductors & Semiconductor Equipment (22.0%)*** | ***Semiconductors & Semiconductor Equipment (22.0%)*** | ***Semiconductors & Semiconductor Equipment (22.0%)*** | ***Semiconductors & Semiconductor Equipment (22.0%)*** |
|  Advanced Micro Devices, Inc.\* | 145402 |  | 31139292 |
|  Allegro MicroSystems, Inc.\* | 3409 |  | 89929 |
|  Ambarella, Inc.\* | 1108 |  | 78491 |
|  Amkor Technology, Inc. | 3126 |  | 123415 |
|  ams-OSRAM AG\* | 121649 |  | 1205586 |
|  Analog Devices, Inc. | 13644 |  | 3700253 |
|  Applied Materials, Inc. | 22063 |  | 5669970 |
|  ASM International NV | 14118 |  | 8587747 |
|  ASML Holding NV | 11948 |  | 12937644 |
|  ASML Holding NV (Registered) (ADR) | 6598 |  | 7058936 |
|  ASMPT Ltd. | 603900 |  | 6009747 |
|  Astera Labs, Inc.\* | 3583 |  | 596068 |
|  Axcelis Technologies, Inc.\* | 864 |  | 69414 |
|  BE Semiconductor Industries NV | 58781 |  | 9239374 |
|  Broadcom, Inc. | 228658 |  | 79138534 |
|  Cirrus Logic, Inc.\* | 1412 |  | 167322 |
|  Cohu, Inc.\* | 1284 |  | 29879 |
|  Credo Technology Group Holding Ltd.\* | 4153 |  | 597575 |
|  Diodes, Inc.\* | 1277 |  | 63007 |

---

See Notes to Financial Statements.

1292

------

MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  Enphase Energy, Inc.\* | 3595 | $115220 |
|  Entegris, Inc. | 4168 | 351154 |
|  First Solar, Inc.\* | 20161 | 5266658 |
|  FormFactor, Inc.\* | 2121 | 118309 |
|  Impinj, Inc.\* | 712 | 123895 |
|  Intel Corp.\* | 120335 | 4440362 |
|  KLA Corp. | 3628 | 4408310 |
|  Kulicke & Soffa Industries, Inc. | 1434 | 65333 |
|  Lam Research Corp. | 34796 | 5956379 |
|  Lattice Semiconductor Corp.\* | 3764 | 276955 |
|  MACOM Technology Solutions Holdings, Inc.\* | 1761 | 301624 |
|  Marvell Technology, Inc. | 111826 | 9502973 |
|  MaxLinear, Inc., Class A\* | 2251 | 39235 |
|  MediaTek, Inc. | 58000 | 2639678 |
|  Microchip Technology, Inc. | 162841 | 10376229 |
|  Micron Technology, Inc. | 30768 | 8781495 |
|  MKS, Inc. | 50267 | 8032667 |
|  Monolithic Power Systems, Inc. | 3662 | 3319090 |
|  NVIDIA Corp. | 542674 | 101208701 |
|  NXP Semiconductors NV | 44856 | 9736443 |
|  ON Semiconductor Corp.\* | 11244 | 608863 |
|  Photronics, Inc.\* | 1654 | 52928 |
|  Power Integrations, Inc. | 1543 | 54838 |
|  Qnity Electronics, Inc. | 5696 | 465078 |
|  Qorvo, Inc.\* | 54788 | 4630134 |
|  QUALCOMM, Inc. | 29652 | 5071975 |
|  Rambus, Inc.\* | 2959 | 271903 |
|  Renesas Electronics Corp.\* | 154400 | 2109397 |
|  Semtech Corp.\* | 2382 | 175530 |
|  Silergy Corp. | 486000 | 2962047 |
|  Silicon Laboratories, Inc.\* | 903 | 118022 |
|  SiTime Corp.\* | 601 | 212267 |
|  SK hynix, Inc. | 34423 | 15556123 |
|  Skyworks Solutions, Inc. | 75879 | 4811487 |
|  SolarEdge Technologies, Inc.\* | 1633 | 47112 |
|  STMicroelectronics NV | 124874 | 3293113 |
|  SUMCO Corp.(x) | 152500 | 1397073 |
|  Synaptics, Inc.\* | 1060 | 78461 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 1169320 | 57683551 |
|  Teradyne, Inc. | 4374 | 846631 |
|  Texas Instruments, Inc. | 91118 | 15808062 |
|  Tokyo Electron Ltd. | 12600 | 2760674 |
|  Ultra Clean Holdings, Inc.\* | 1247 | 31587 |
|  Ulvac, Inc. | 58500 | 2644152 |
|  Universal Display Corp. | 1216 | 142004 |
|  Veeco Instruments, Inc.\* | 1655 | 47300 |
|  |  | 463443205 |
|  ***Software (16.2%)*** |  |  |
|  A10 Networks, Inc. | 1984 | 35097 |
|  ACI Worldwide, Inc.\* | 2837 | 135637 |
|  Adeia, Inc. | 3007 | 51871 |
|  Adobe, Inc.\* | 30948 | 10831491 |
|  Agilysys, Inc.\* | 698 | 82950 |
|  Alarm.com Holdings, Inc.\* | 1373 | 70050 |
|  Alkami Technology, Inc.\* | 2147 | 49531 |
|  Appfolio, Inc., Class A\* | 629 | 146337 |
|  Appian Corp., Class A\* | 1110 | 39316 |
|  AppLovin Corp., Class A\* | 7443 | 5015242 |
|  Asana, Inc., Class A\* | 2484 | 34056 |
|  Atlassian Corp., Class A\* | 4543 | 736602 |
|  Aurora Innovation, Inc., Class A\* | 31468 | 120837 |
|  Autodesk, Inc.\* | 44641 | 13214182 |
|  AvePoint, Inc.\* | 3788 | 52615 |
|  Bentley Systems, Inc., Class B | 4096 | 156324 |
|  BILL Holdings, Inc.\* | 2521 | 137495 |
|  BitMine Immersion Technologies, Inc.(x) | 7744 | 210250 |
|  Blackbaud, Inc.\* | 1023 | 64776 |
|  BlackBerry Ltd.\* | 14999 | 56846 |
|  BlackLine, Inc.\* | 1430 | 79065 |
|  Box, Inc., Class A\* | 3982 | 119102 |
|  Braze, Inc., Class A\* | 2215 | 75952 |
|  C3.ai, Inc., Class A(x)\* | 3275 | 44147 |
|  Cadence Design Systems, Inc.\* | 7492 | 2341849 |
|  CCC Intelligent Solutions Holdings, Inc.\* | 16294 | 129537 |
|  Cipher Mining, Inc.(x)\* | 8002 | 118110 |
|  Cleanspark, Inc.\* | 7728 | 78207 |
|  Clear Secure, Inc., Class A | 2386 | 83701 |
|  Clearwater Analytics Holdings, Inc., Class A\* | 7917 | 190958 |
|  Commvault Systems, Inc.\* | 1223 | 153315 |
|  Confluent, Inc., Class A\* | 8026 | 242706 |
|  Core Scientific, Inc.\* | 8397 | 122260 |
|  Crowdstrike Holdings, Inc., Class A\* | 6853 | 3212412 |
|  Dassault Systemes SE | 88341 | 2475029 |
|  Datadog, Inc., Class A\* | 8888 | 1208679 |
|  Descartes Systems Group, Inc. (The)\* | 2361 | 206965 |
|  Docusign, Inc.\* | 5556 | 380030 |
|  Dolby Laboratories, Inc., Class A | 1683 | 108082 |
|  Dropbox, Inc., Class A\* | 5089 | 141474 |
|  D-Wave Quantum, Inc.(x)\* | 9310 | 243456 |
|  Dynatrace, Inc.\* | 8290 | 359289 |
|  Elastic NV\* | 52043 | 3926124 |
|  Fair Isaac Corp.\* | 660 | 1115809 |
|  Five9, Inc.\* | 41681 | 835704 |
|  Fortinet, Inc.\* | 17907 | 1421995 |
|  Freshworks, Inc., Class A\* | 5495 | 67314 |
|  Gen Digital, Inc. | 15408 | 418944 |
|  Gitlab, Inc., Class A\* | 3816 | 143214 |
|  Glodon Co. Ltd., Class A | 567000 | 1020708 |
|  Guidewire Software, Inc.\* | 2315 | 465338 |
|  HubSpot, Inc.\* | 1449 | 581484 |
|  Hut 8 Corp.\* | 2583 | 118663 |
|  Intapp, Inc.\* | 1536 | 70380 |
|  InterDigital, Inc. | 710 | 226050 |
|  Intuit, Inc. | 34067 | 22566662 |
|  Jamf Holding Corp.\* | 2301 | 29936 |
|  Kingdee International Software Group Co. Ltd.\* | 1203000 | 2054283 |
|  Klaviyo, Inc., Class A\* | 3393 | 110171 |
|  Lightspeed Commerce, Inc.\* | 3409 | 41181 |
|  LiveRamp Holdings, Inc.\* | 1804 | 52983 |
|  Manhattan Associates, Inc.\* | 1663 | 288215 |
|  MARA Holdings, Inc.(x)\* | 10185 | 91461 |
|  Microsoft Corp. | 217361 | 105120127 |
|  N-able, Inc.\* | 2058 | 15394 |
|  nCino, Inc.\* | 2901 | 74382 |
|  NCR Voyix Corp.\* | 3801 | 38770 |
|  NextNav, Inc.\* | 2416 | 40202 |
|  Nice Ltd. (ADR)\* | 24788 | 2802036 |

---

See Notes to Financial Statements.

1293

------

MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  Nutanix, Inc., Class A\* | 69396 | $3587079 |
|  Onestream, Inc., Class A\* | 2157 | 39646 |
|  Open Text Corp. | 6992 | 227799 |
|  Oracle Corp. | 153842 | 29985344 |
|  PagerDuty, Inc.\* | 67054 | 879078 |
|  Palantir Technologies, Inc., Class A\* | 137014 | 24354238 |
|  Palo Alto Networks, Inc.\* | 18364 | 3382649 |
|  PAR Technology Corp.\* | 1116 | 40488 |
|  Pegasystems, Inc. | 2540 | 151689 |
|  Procore Technologies, Inc.\* | 43478 | 3162590 |
|  Progress Software Corp.\* | 1186 | 50951 |
|  PTC, Inc.\* | 3294 | 573848 |
|  Q2 Holdings, Inc.\* | 1717 | 123899 |
|  Qualys, Inc.\* | 993 | 131970 |
|  Rapid7, Inc.\* | 1585 | 24092 |
|  RingCentral, Inc., Class A\* | 2220 | 64114 |
|  Riot Platforms, Inc.(x)\* | 8869 | 112370 |
|  Roper Technologies, Inc. | 2959 | 1317140 |
|  Rubrik, Inc., Class A\* | 3663 | 280146 |
|  Sage Group plc (The) | 224834 | 3282194 |
|  Salesforce, Inc. | 71314 | 18891792 |
|  Samsara, Inc., Class A\* | 8241 | 292143 |
|  SAP SE (ADR) | 17023 | 4135057 |
|  SEMrush Holdings, Inc., Class A\* | 1229 | 14613 |
|  SentinelOne, Inc., Class A\* | 8752 | 131280 |
|  ServiceNow, Inc.\* | 86285 | 13217999 |
|  SoundHound AI, Inc., Class A(x)\* | 10314 | 102831 |
|  Sprinklr, Inc., Class A\* | 3338 | 25970 |
|  SPS Commerce, Inc.\* | 1043 | 92963 |
|  Strategy, Inc.\* | 7256 | 1102549 |
|  Synopsys, Inc.\* | 44798 | 21042517 |
|  Temenos AG (Registered) | 21006 | 2110943 |
|  Tenable Holdings, Inc.\* | 3330 | 78355 |
|  Teradata Corp.\* | 2599 | 79114 |
|  Terawulf, Inc.(x)\* | 8513 | 97814 |
|  Tyler Technologies, Inc.\* | 1190 | 540200 |
|  UiPath, Inc., Class A\* | 11700 | 191763 |
|  Unity Software, Inc.\* | 9293 | 410472 |
|  Varonis Systems, Inc.\* | 3081 | 101057 |
|  Vertex, Inc., Class A\* | 2020 | 40339 |
|  Workday, Inc., Class A\* | 44973 | 9659301 |
|  Workiva, Inc., Class A\* | 1435 | 123769 |
|  Zeta Global Holdings Corp., Class A\* | 5353 | 108934 |
|  Zoom Communications, Inc., Class A\* | 56883 | 4908434 |
|  Zscaler, Inc.\* | 19997 | 4497725 |
|  |  | 340862618 |
|  ***Technology Hardware, Storage &<br>Peripherals (6.1%)*** | ***Technology Hardware, Storage &<br>Peripherals (6.1%)*** |  |
|  Apple, Inc. | 365901 | 99473846 |
|  CompoSecure, Inc., Class A\* | 10654 | 205409 |
|  Dell Technologies, Inc., Class C | 10025 | 1261947 |
|  Diebold Nixdorf, Inc.\* | 4094 | 277942 |
|  Hewlett Packard Enterprise Co. | 44758 | 1075087 |
|  HP, Inc. | 34678 | 772626 |
|  IonQ, Inc.(x)\* | 12632 | 566798 |
|  NetApp, Inc. | 7381 | 790431 |
|  Pure Storage, Inc., Class A\* | 11633 | 779527 |
|  Quantum Computing, Inc.\* | 23819 | 244383 |
|  Samsung Electronics Co. Ltd. | 92238 | 7677162 |
|  Samsung Electronics Co. Ltd. (Preference)(q) | 172493 | 10680904 |
|  Sandisk Corp.\* | 4741 | 1125419 |
|  Seagate Technology Holdings plc | 6559 | 1806283 |
|  Super Micro Computer, Inc.\* | 20853 | 610367 |
|  Western Digital Corp. | 10724 | 1847423 |
|  |  | 129195554 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 1115747040 |
|  **Real Estate (0.4%)** |  |  |
|  ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** |
|  KE Holdings, Inc., Class A | 572097 | 3050615 |
|  KE Holdings, Inc. (ADR) | 12955 | 204171 |
|  |  | 3254786 |
|  ***Specialized REITs (0.3%)*** |  |  |
|  Crown Castle, Inc. (REIT) | 31245 | 2776743 |
|  Equinix, Inc. (REIT) | 3486 | 2670834 |
|  |  | 5447577 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 8702363 |
|  **Total Common Stocks (69.4%)**<br> *(Cost $835,809,209)* |  | 1463551878 |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |
|  **Equity (30.2%)** |  |  |
|  iShares Expanded Tech Sector ETF(x)‡ | 1694662 | 218882544 |
|  State Street Technology Select Sector SPDR ETF(x) | 1443000 | 207748710 |
|  Vanguard Information Technology ETF | 280300 | 211284534 |
|  **Total Exchange Traded Funds (30.2%)**<br> *(Cost $54,861,834)* |  | 637915788 |
|  SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (0.3%)** |  |  |
|  Goldman Sachs Financial Square Government Fund 3.67% (7 day yield) (xx) | 1000000 | 1000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 3.68% (7 day yield) (xx) | 2744530 | 2744530 |
|  JPMorgan Prime Money Market Fund, IM Shares 3.92% (7 day yield) | 41643 | 41660 |
|  State Street Institutional U.S. Government Money Market Fund, Premier Shares 3.74% (7 day yield) (xx) | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 5786190 |
|  **Total Short-Term Investments (0.3%)**<br> *(Cost $5,786,190)* | **Total Short-Term Investments (0.3%)**<br> *(Cost $5,786,190)* | 5786190 |
|  **Total Investments in Securities (99.9%)**<br> *(Cost $896,457,233)* | **Total Investments in Securities (99.9%)**<br> *(Cost $896,457,233)* | 2107253856 |
|  **Other Assets Less Liabilities (0.1%)** | **Other Assets Less Liabilities (0.1%)** | 1977116 |
|  **Net Assets (100%)** |  | $2109230972 |

---

See Notes to Financial Statements.

1294

------

MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *Affiliated company as defined under the Investment Company Act of 1940.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2025, the market value or fair value, as applicable, of these securities amounted to $10,455,180 or 0.5% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

*(xx)* *At December 31, 2025, the Portfolio had loaned securities with a total value of $8,789,295. This was collateralized by $3,450,645 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.750%, maturing 1/15/26 – 8/15/55 and by cash of $5,744,530 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Investments in companies which were affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2025 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  iShares Expanded Tech Sector ETF (x) | 1694662 | 199343384 | 87110758 | (114088183) | 25099484 | 21417101 | 218882544 | 380897 |  |

---

*(x)* *All or a portion of security is on loan at December 31, 2025.* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $193703267 | $13248875 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $206952142 |
|  Consumer Discretionary | 58718581 | 14187928 |  | 72906509 |
|  Consumer Staples |  | 402764 |  | 402764 |
|  Energy | 4333131 | 1392735 |  | 5725866 |
|  Financials | 27013122 | 9518904 |  | 36532026 |
|  Industrials | 6253325 | 10329843 |  | 16583168 |
|  Information Technology | 936514376 | 179232664 |  | 1115747040 |
|  Real Estate | 5651748 | 3050615 |  | 8702363 |
|  **Exchange Traded Funds** | 637915788 |  |  | 637915788 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 5786190 |  |  | 5786190 |
|  **Total Assets** | $**1875889528** | $**231364328** | $**—** | $**2107253856** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**1875889528** | $**231364328** | $**—** | $**2107253856** |

---

See Notes to Financial Statements.

1295

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MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2025

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $3066 | $3066 |
|  **Total** | $3066 | $3066 |

---

^ The Portfolio held forward foreign currency contracts for hedging.

---

| | |
|:---|:---|
| **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $86000 |

---

Investment security transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $760976073.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $957050593.0 |

---

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1241519403 |
|  Aggregate gross unrealized depreciation | (47031560) |
|  Net unrealized appreciation | $1194487843 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $912766013 |

---

For the period ended December 31, 2025, the Portfolio incurred approximately $560 as brokerage commissions with Bernstein Institutional Services, LLC, and $694 as brokerage commissions with National Financial Services, LLC, affiliated broker/dealers.

See Notes to Financial Statements.

1296

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MULTIMANAGER TECHNOLOGY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $25,978,010) | $218882544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $870,479,223) | 1888371312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 8262455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $9,320) | 9400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1993056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 693552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 487107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 20693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 7158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 2118727277 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 5744530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1523531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 1386166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 441593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 222277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 178208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 9496305 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $2109230972 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $855457881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1253773091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $2109230972 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $2,075,846,130 / 50,617,452 shares outstanding (unlimited amount authorized: $0.01 par value) | $41.01 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $33,384,842 / 708,275 shares outstanding (unlimited amount authorized: $0.01 par value) | $47.14 |

---

*(x)* *Includes value of securities on loan of $8,789,295.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($380,897 of dividend income received from affiliates) (net of $538,489 foreign withholding tax) | $12184682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 368377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 105537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 12658596 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 17487404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 4707530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 2387657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 302300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 135137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 104091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 62825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 50854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 25237798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (1990734) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voluntary waiver from investment manager | (933519) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 22313545 |
|  **NET INVESTMENT INCOME (LOSS)** | (9654949) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($25,099,484 realized gain (loss) from affiliates) | 263696529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 3066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (61889) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 263637706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($21,417,101 of change in unrealized appreciation (depreciation) from affiliates) | 194451008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 4011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 194455019 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)**  | 458092725 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $448437776 |

---

See Notes to Financial Statements.

1297

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#### EQ ADVISORS TRUST
MULTIMANAGER TECHNOLOGY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(9654949) | $(7615987) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 263637706 | 235040579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 194455019 | 184018089 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 448437776 | 411442681 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (225741159) | (213669984) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (3233082) | (3072956) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (228974241) | (216742940) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 143,167 shares, respectively ] |  | 5239210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (1354154) shares, respectively ] |  | (55943388) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (134054) shares, respectively ] |  | (4975061) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (55679239) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 4,414,864 and 3,694,229 shares, respectively ] | 173404554 | 136940842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 1,443,311 shares, respectively ] |  | 55943388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 5,462,486 and 5,661,486 shares, respectively ] | 225741159 | 213669984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (9375005) and (9164610) shares, respectively ] | (367070013) | (339320896) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 32075700 | 67233318 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 376,200 and 213,607 shares, respectively ] | 16870724 | 8728587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 68,206 and 72,114 shares, respectively ] | 3233082 | 3072956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (456699) and (289601) shares, respectively ] | (20611148) | (12060978) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (507342) | (259435) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 31568358 | 11294644 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 251031893 | 205994385 |
|  NET ASSETS: | NET ASSETS: | NET ASSETS: |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1858199079 | 1652204694 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $2109230972 | $1858199079 |

---

See Notes to Financial Statements.

1298

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#### EQ ADVISORS TRUST
MULTIMANAGER TECHNOLOGY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $36.49 | $32.57 | $22.83 | $40.59 | $38.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.20) | (0.16) | (0.09) | (0.16) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 9.61 | 8.77 | 11.37 | (14.80) | 8.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 9.41 | 8.61 | 11.28 | (14.96) | 7.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (4.89) | (4.69) | (1.54) | (2.80) | (5.62) |
|  Net asset value, end of year | $41.01 | $36.49 | $32.57 | $22.83 | $40.59 |
|  Total return | 25.87% | 26.13% | 49.53% | (37.29)% | 20.81% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $2075846 | $1828476 | $1579236 | $1111836 | $1890978 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.17 %(i) | 1.18 %(i) | 1.18% | 1.18% | 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.32% | 1.33% | 1.34% | 1.33% | 1.31% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.51)% | (0.43)% | (0.30)% | (0.54)% | (0.72)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.66)% | (0.58)% | (0.46)% | (0.69)% | (0.84)% |
|  Portfolio turnover rate^ | 40% | 36% | 56% | 67 %(h) | 47% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $41.25 | $36.26 | $25.24 | $44.32 | $41.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.12) | (0.07) | (0.01) | (0.09) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 10.90 | 9.75 | 12.58 | (16.19) | 8.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 10.78 | 9.68 | 12.57 | (16.28) | 8.61 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (4.89) | (4.69) | (1.54) | (2.80) | (5.62) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (4.89) | (4.69) | (1.55) | (2.80) | (5.62) |
|  Net asset value, end of year | $47.14 | $41.25 | $36.26 | $25.24 | $44.32 |
|  Total return | 26.21% | 26.42% | 49.90% | (37.13)% | 21.12% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $33385 | $29723 | $26270 | $17834 | $30726 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.92 %(i) | 0.93 %(i) | 0.93% | 0.93% | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.07% | 1.08% | 1.09% | 1.08% | 1.06% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.26)% | (0.18)% | (0.05)% | (0.29)% | (0.47)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.42)% | (0.33)% | (0.21)% | (0.44)% | (0.59)% |
|  Portfolio turnover rate^ | 40% | 36% | 56% | 67 %(h) | 47% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(h)* *The portfolio turnover rate calculation includes purchases and sales made as a result of the replacement of the sub-adviser.* 

*(i)* *Includes voluntary waiver from investment manager of 0.05% and 0.04% for years ended December 31, 2025 and 2024, respectively.* 

See Notes to Financial Statements.

1299

------

NOTES TO FINANCIAL STATEMENTS

December 31, 2025

Note 1 Organization and Significant Accounting Policies

EQ Advisors Trust (the "Trust") was organized as a Delaware statutory trust on October 31, 1996, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of December 31, 2025, the Trust offered one hundred ten portfolios (each a "Portfolio"). At a meeting held on December 1-2, 2025, the Board of Trustees of the Trust approved the liquidation and termination of EQ/AB Sustainable U.S. Thematic Portfolio, effective on or before April 30, 2026. The investment adviser to each Portfolio is Equitable Investment Management Group, LLC ("EIM" or the "Adviser"), a wholly-owned subsidiary of Equitable Financial Life Insurance Company ("Equitable Financial").

The Adviser and, as applicable, each of the investment sub-advisers (each, a "Sub-Adviser"), subject to the supervision of the Adviser, independently chooses and maintains a portfolio of securities for the Portfolio(s).

Each of the following Portfolios is a type of mutual fund often described as a "fund-of-funds":

• EQ/All Asset Growth Allocation Portfolio pursues its investment objective by investing exclusively in other affiliated mutual funds managed by EIM or an affiliate and unaffiliated exchange-traded funds ("ETFs").

• Each of the EQ/Conservative Allocation Portfolio, EQ/Conservative-Plus Allocation Portfolio, EQ/Moderate Allocation Portfolio, EQ/Moderate-Plus Allocation Portfolio and EQ/Aggressive Allocation Portfolio (each, an "EQ Allocation Portfolio" and together, the "EQ Allocation Portfolios"), the Target 2015 Allocation Portfolio, Target 2025 Allocation Portfolio, Target 2035 Allocation Portfolio, Target 2045 Allocation Portfolio and Target 2055 Allocation Portfolio (each, a "Target Allocation Portfolio" and together, the "Target Allocation Portfolios"), and the EQ/Ultra Conservative Strategy Portfolio, EQ/Conservative Strategy Portfolio, EQ/Conservative Growth Strategy Portfolio, EQ/Balanced Strategy Portfolio, EQ/Moderate Growth Strategy Portfolio, EQ/Growth Strategy Portfolio and EQ/Aggressive Growth Strategy Portfolio (each, a "Strategic Allocation Series Portfolio" and together, the "Strategic Allocation Series Portfolios") pursues its investment objective by investing exclusively in other affiliated mutual funds managed by EIM or an affiliate.

• Each of Equitable Conservative Growth MF/ETF Portfolio, Equitable Growth MF/ETF Portfolio, and Equitable Moderate Growth MF/ETF Portfolio pursues its investment objective by investing exclusively in other affiliated mutual funds managed by EIM or an affiliate and unaffiliated investment companies and ETFs.

• Each of the 1290 VT Moderate Growth Allocation Portfolio and 1290 VT Multi- Alternative Strategies Portfolio (each, an "ETF Portfolio" and together, the "ETF Portfolios") pursues its investment objective by investing exclusively in unaffiliated ETFs.

• EQ/JPMorgan Hedged Equity and Premium Income Portfolio pursues its investment objective by investing in mutual funds and exchange-traded securities of investment companies or investment vehicles managed by J.P. Morgan Investment Management Inc.

For each of the above-referenced fund-of-funds Portfolios, each underlying fund's financial statements are included in the underlying fund's annual report on Form N-CSR, which is filed with the SEC and publicly available through the SEC's EDGAR database (<u>https://www.sec.gov/edgar/searchedgar/companysearch.html</u>).

Each of the ATM Large Cap Managed Volatility Portfolio, ATM Mid Cap Managed Volatility Portfolio, ATM Small Cap Managed Volatility Portfolio, ATM International Managed Volatility Portfolio, EQ/500 Managed Volatility Portfolio, EQ/400 Managed Volatility Portfolio, EQ/2000

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December 31, 2025

Managed Volatility Portfolio and EQ/International Managed Volatility Portfolio (each, a "Tactical Portfolio" and together, the "Tactical Portfolios") and the 1290 VT High Yield Bond Portfolio, 1290 VT Micro Cap Portfolio, 1290 VT Small Cap Value Portfolio, EQ/ClearBridge Select Equity Managed Volatility Portfolio, EQ/Core Plus Bond Portfolio, EQ/Emerging Markets Equity PLUS Portfolio, EQ/ Franklin Small Cap Value Managed Volatility Portfolio, EQ/Global Equity Managed Volatility Portfolio, EQ/International Core Managed Volatility Portfolio, EQ/International Value Managed Volatility Portfolio, EQ/Large Cap Core Managed Volatility Portfolio, EQ/Large Cap Growth Managed Volatility Portfolio, EQ/Large Cap Value Managed Volatility Portfolio, EQ/Mid Cap Value Managed Volatility Portfolio, EQ/Morgan Stanley Small Cap Growth Portfolio, EQ/Quality Bond PLUS Portfolio, Multimanager Aggressive Equity Portfolio, Multimanager Core Bond Portfolio and Multimanager Technology Portfolio may utilize multiple Sub-Advisers (each, a "Multiadviser Portfolio" and together, the "Multiadviser Portfolios"). Each of the Sub-Advisers for a Multiadviser Portfolio independently chooses and maintains a portfolio of securities for the Multiadviser Portfolio and is responsible for investing a specific allocated portion of a Multiadviser Portfolio's assets. Because each Sub-Adviser will invest its allocated portion of the Multiadviser Portfolio independently from the other Sub-Advisers, the same security may be held in different portions of the Multiadviser Portfolio, or may be acquired for one portion of the Multiadviser Portfolio at a time when a Sub-Adviser of another portion deems it appropriate to dispose of the security. Similarly, under some market conditions, one Sub-Adviser may believe that temporary defensive investments in short-term instruments or cash are appropriate for its allocated portion of a Multiadviser Portfolio when another Sub-Adviser believes that continued exposure to the equity or fixed income markets is appropriate for its allocated portion of the Multiadviser Portfolio. Because each Sub-Adviser is responsible for the trading for its own portion of a Multiadviser Portfolio and does not aggregate its transactions with those of the other Sub-Adviser(s), the Multiadviser Portfolio may incur higher brokerage costs, and may have higher portfolio turnover, than would be the case if a single Sub-Adviser were managing the entire Multiadviser Portfolio.

The Trust issues three classes of shares, Class IA, Class IB and Class K, as shown in the respective Portfolio's Statement of Assets and Liabilities. The Class IA and Class IB shares are each subject to distribution fees imposed under distribution plans ("Distribution Plans") adopted pursuant to Rule 12b-1 under the 1940 Act. Under the Trust's multiple class distribution system, all three classes of shares have identical voting, dividend, liquidation and other rights, other than the payment of distribution fees under the applicable Distribution Plan. The Trust's shares are currently sold only to insurance company separate accounts in connection with variable life insurance contracts and variable annuity certificates and contracts issued by Equitable Financial, Equitable Financial Life and Annuity Company and other affiliated or unaffiliated insurance companies, and to the Equitable 401(k) Plan. Shares also may be sold to other tax-qualified retirement plans and to other series of the Trust.

Effective June 21, 2024 (the "Effective Date"), the Class IA shares of each of the following Portfolios were combined with the Class IB shares of the same Portfolio (the "Combination"): EQ/All Asset Growth Allocation Portfolio, EQ/Growth Strategy Portfolio, EQ/Conservative Allocation Portfolio, EQ/Conservative-Plus Allocation Portfolio, EQ/Moderate-Plus Allocation Portfolio, EQ/ Aggressive Allocation Portfolio, 1290 VT Equity Income Portfolio, 1290 VT GAMCO Mergers & Acquisitions Portfolio, 1290 VT GAMCO Small Company Value Portfolio, 1290 VT Socially Responsible Portfolio, EQ/AB Small Cap Growth Portfolio, EQ/Capital Group Research Portfolio, EQ/ ClearBridge Large Cap Growth ESG Portfolio, EQ/ClearBridge Select Equity Managed Volatility Portfolio, EQ/Core Bond Index Portfolio, EQ/Franklin Small Cap Value Managed Volatility Portfolio, EQ/Global Equity Managed Volatility Portfolio, EQ/International Core Managed Volatility Portfolio, EQ/International Value Managed Volatility Portfolio, EQ/Invesco Comstock Portfolio, EQ/Invesco Global Portfolio, EQ/Janus Enterprise Portfolio, EQ/JPMorgan Growth Stock Portfolio, EQ/JPMorgan Value Opportunities Portfolio, EQ/Large Cap Core Managed Volatility Portfolio, EQ/Large Cap Growth Index Portfolio, EQ/Large Cap Growth Managed Volatility Portfolio, EQ/Large Cap Value Index Portfolio, EQ/Large Cap Value Managed Volatility Portfolio, EQ/Loomis Sayles Growth

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December 31, 2025

Portfolio, EQ/MFS International Growth Portfolio, EQ/Mid Cap Index Portfolio, EQ/Mid Cap Value Managed Volatility Portfolio, EQ/PIMCO Ultra Short Bond Portfolio, EQ/Small Company Index Portfolio, EQ/Value Equity Portfolio, Multimanager Core Bond Portfolio and Multimanager Technology Portfolio. Each Combination was effected at the relative net asset value of each share class of the relevant Portfolio. As of the Effective Date, an investor that held Class IA shares of a Portfolio was issued Class IB shares of the same Portfolio having a value equal to the value of the Class IA shares held immediately prior to the Combination. In addition, as of the Effective Date, Class IA shares of each Portfolio listed above are no longer offered. Further information on the impact of the Combination on the Portfolios' financial statements can be found in the Statement of Changes in Net Assets for the Portfolio.

*The investment objectives of each Portfolio are as follows:* 

EQ/All Asset Growth Allocation Portfolio — Seeks long-term capital appreciation and current income.

EQ/Ultra Conservative Strategy Portfolio — Seeks current income.

EQ/Conservative Strategy Portfolio — Seeks a high level of current income.

EQ/Conservative Growth Strategy Portfolio — Seeks current income and growth of capital, with greater emphasis on current income.

EQ/Balanced Strategy Portfolio — Seeks long-term capital appreciation and current income.

EQ/Moderate Growth Strategy Portfolio — Seeks long-term capital appreciation and current income, with a greater emphasis on current income.

EQ/Growth Strategy Portfolio — Seeks long-term capital appreciation and current income, with a greater emphasis on capital appreciation.

EQ/Aggressive Growth Strategy Portfolio — Seeks long-term capital appreciation and current income, with a greater emphasis on capital appreciation.

EQ/Conservative Allocation Portfolio — Seeks to achieve a high level of current income.

EQ/Conservative-Plus Allocation Portfolio — Seeks to achieve current income and growth of capital, with a greater emphasis on current income.

EQ/Moderate Allocation Portfolio — Seeks to achieve long-term capital appreciation and current income.

EQ/Moderate-Plus Allocation Portfolio — Seeks to achieve long-term capital appreciation and current income, with a greater emphasis on capital appreciation.

EQ/Aggressive Allocation Portfolio — Seeks to achieve long-term capital appreciation.

Equitable Conservative Growth MF/ETF Portfolio — Seeks to achieve total return from long-term capital appreciation and income, with greater emphasis on current income.

Equitable Moderate Growth MF/ETF Portfolio — Seeks long-term capital appreciation and current income, with greater emphasis on current income.

Equitable Growth MF/ETF Portfolio — Seeks long-term capital appreciation and current income, with greater emphasis on capital appreciation.

Target 2015 Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income.

Target 2025 Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income.

Target 2035 Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income.

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December 31, 2025

Target 2045 Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income.

Target 2055 Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income.

1290 VT Moderate Growth Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix while managing portfolio volatility.

1290 VT Multi-Alternative Strategies Portfolio — Seeks long-term growth of capital.

1290 VT Convertible Securities Portfolio (sub-advised by SSGA Funds Management, Inc. ("SSGA FM")) — Seeks to achieve a total return before expenses that approximates the total return performance of the Bloomberg U.S. Convertible Liquid Bond Index, including reinvestment of dividends, at a risk level consistent with that of the Bloomberg U.S. Convertible Liquid Bond Index.

1290 VT DoubleLine Opportunistic Bond Portfolio (sub-advised by DoubleLine Capital LP ("DoubleLine")) — Seeks to maximize current income and total return.

1290 VT Equity Income Portfolio (sub-advised by Barrow, Hanley, Mewhinney & Strauss, LLC d/ b/a Barrow Hanley Global Investors) — Seeks a combination of growth and income to achieve an above-average and consistent total return.

1290 VT GAMCO Mergers & Acquisitions Portfolio (sub-advised by GAMCO Asset Management, Inc. ("GAMCO")) — Seeks to achieve capital appreciation.

1290 VT GAMCO Small Company Value Portfolio (sub-advised by GAMCO) — Seeks to maximize capital appreciation.

1290 VT High Yield Bond Portfolio (sub-advised by AXA Investment Managers US Inc. ("AXA IM") and Post Advisory Group, LLC) — Seeks to maximize current income.

1290 VT Micro Cap Portfolio (sub-advised by BlackRock Investment Management, LLC ("BlackRock") and Lord, Abbett & Co. LLC ("Lord Abbett")) — Seeks to achieve long-term growth of capital.

1290 VT Natural Resources Portfolio (sub-advised by AllianceBernstein L.P. ("AB"), an affiliate of EIM) — Seeks to achieve long-term growth of capital.

1290 VT Real Estate Portfolio (sub-advised by AB) — Seeks to provide long-term capital appreciation and current income.

1290 VT Small Cap Value Portfolio (sub-advised by BlackRock and Horizon Kinetics Asset Management LLC) — Seeks to achieve long-term growth of capital.

1290 VT SmartBeta Equity ESG Portfolio, (sub-advised by AXA IM) — Seeks to achieve long- term capital appreciation.

1290 VT Socially Responsible Portfolio (sub-advised by BlackRock) — Seeks to achieve long- term capital appreciation.

ATM Large Cap Managed Volatility Portfolio (sub-advised by AB and BlackRock) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

ATM Mid Cap Managed Volatility Portfolio (sub-advised by AB and BlackRock) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

ATM Small Cap Managed Volatility Portfolio (sub-advised by AB and BlackRock) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

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December 31, 2025

ATM International Managed Volatility Portfolio (sub-advised by AB and BlackRock) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/500 Managed Volatility Portfolio (sub-advised by AB and BlackRock) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/400 Managed Volatility Portfolio (sub-advised by AB and BlackRock) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/2000 Managed Volatility Portfolio (sub-advised by AB and BlackRock) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/International Managed Volatility Portfolio (sub-advised by AB and BlackRock) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/AB Dynamic Aggressive Growth Portfolio (sub-advised by AB) — Seeks to achieve total return from long-term growth of capital and income, with a greater emphasis on growth of capital.

EQ/AB Dynamic Growth Portfolio (sub-advised by AB) — Seeks to achieve total return from long-term growth of capital and income, with a greater emphasis on growth of capital.

EQ/AB Dynamic Moderate Growth Portfolio (sub-advised by AB) — Seeks to achieve total return from long-term growth of capital and income.

EQ/AB Short Duration Government Bond Portfolio (sub-advised by AB) — Seeks to achieve a balance of current income and capital appreciation, consistent with a prudent level of risk.

EQ/AB Small Cap Growth Portfolio (sub-advised by AB) — Seeks to achieve long-term growth of capital.

EQ/AB Sustainable U.S. Thematic Portfolio (sub-advised by AB) — Seeks to achieve long-term growth of capital.

EQ/American Century Mid Cap Value Portfolio (sub-advised by American Century Investment Management, Inc. ("American Century")) — Seeks to achieve long-term capital growth. Income is a secondary objective.

EQ/American Century Moderate Growth Allocation Portfolio (sub-advised by American Century) — Seeks long-term capital appreciation while managing portfolio volatility.

EQ/Capital Group Research Portfolio (sub-advised by Capital International, Inc. ("Capital International")) — Seeks to achieve long-term growth of capital.

EQ/ClearBridge Large Cap Growth ESG Portfolio (sub-advised by ClearBridge Investments, LLC ("ClearBridge")) — Seeks to achieve long-term capital growth.

EQ/ClearBridge Select Equity Managed Volatility Portfolio (sub-advised by BlackRock and ClearBridge) — Seeks to achieve capital appreciation, which may occasionally be short-term, with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/Common Stock Index Portfolio (sub-advised by AB) — Seeks to achieve a total return before expenses that approximates the total return performance of the Russell 3000<sup>®</sup> Index, including reinvestment of dividends, at a risk level consistent with that of the Russell 3000<sup>®</sup> Index.

EQ/Core Bond Index Portfolio (sub-advised by SSGA FM) — Seeks to achieve a total return before expenses that approximates the total return performance of the Bloomberg U.S. Intermediate Government/Credit Bond Index ("Intermediate Government Credit Index"), including reinvestment of dividends, at a risk level consistent with that of the Intermediate Government Credit Index.

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

EQ/Core Plus Bond Portfolio (sub-advised by AXA IM, Brandywine Global Investment Management, LLC and Loomis, Sayles & Company, L.P. ("Loomis Sayles")) — Seeks to achieve high total return through a combination of current income and capital appreciation.

EQ/Emerging Markets Equity PLUS Portfolio (sub-advised by AB and EARNEST Partners, LLC ("EARNEST")) — Seeks to achieve long-term growth of capital.

EQ/Equity 500 Index Portfolio (sub-advised by AB) — Seeks to achieve a total return before expenses that approximates the total return performance of the Standard & Poor's 500<sup>®</sup> Composite Stock Index ("S&P 500<sup>®</sup> Index"), including reinvestment of dividends, at a risk level consistent with that of the S&P 500<sup>®</sup> Index.

EQ/Fidelity Institutional AM<sup>®</sup> Large Cap Portfolio (sub-advised by FIAM LLC ("FIAM")) — Seeks to achieve long-term capital appreciation.

EQ/Franklin Rising Dividends Portfolio (sub-advised by Franklin Advisers, Inc.) — Seeks to achieve long-term capital appreciation. Preservation of capital, while not a goal, is also an important consideration.

EQ/Franklin Small Cap Value Managed Volatility Portfolio (sub-advised by BlackRock and Franklin Mutual Advisers, LLC) — Seeks to achieve long-term total return with an emphasis on risk- adjusted returns and managing volatility in the Portfolio.

EQ/Global Equity Managed Volatility Portfolio (sub-advised by BlackRock, Morgan Stanley Investment Management, Inc. ("MSIM") and Invesco Advisers, Inc. ("Invesco") — Seeks to achieve long-term capital appreciation with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/Goldman Sachs Growth Allocation Portfolio (sub-advised by Goldman Sachs Asset Management, L.P. ("GSAM")) — Seeks to achieve long-term capital appreciation under normal market conditions, while focusing on the preservation of capital in distressed market environments.

EQ/Goldman Sachs Mid Cap Value Portfolio (sub-advised by GSAM) — Seeks to achieve long- term capital appreciation.

EQ/Goldman Sachs Moderate Growth Allocation Portfolio (sub-advised by GSAM) — Seeks to achieve long-term capital appreciation under normal market conditions, while focusing on the preservation of capital in distressed market environments.

EQ/Intermediate Corporate Bond Portfolio (sub-advised by AB) — Seeks to achieve a total return before expenses that approximates the total return performance of the Bloomberg U.S. Credit Corporate 5-10 Year Index ("Corporate Bond Index"), including reinvestment of dividends, at a risk level consistent with that of the Corporate Bond Index.

EQ/Intermediate Government Bond Portfolio (sub-advised by SSGA FM) — Seeks to achieve a total return before expenses that approximates the total return performance of the Bloomberg U.S. Intermediate Government Bond Index ("Intermediate Government Bond Index"), including reinvestment of dividends, at a risk level consistent with that of the Intermediate Government Bond Index.

EQ/International Core Managed Volatility Portfolio (sub-advised by BlackRock, EARNEST, Federated Global Investment Management Corp. and Massachusetts Financial Services Company d/ b/a MFS Investment Management ("MFS")) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/International Equity Index Portfolio (sub-advised by AB) — Seeks to achieve a total return (before expenses) that approximates the total return performance of a composite index comprised of 40% DJ EuroSTOXX 50<sup>®</sup> Index, 25% FTSE 100 Index, 25% TOPIX Index, and 10% S&P/ASX 200 Index, including reinvestment of dividends, at a risk level consistent with that of the composite index.

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December 31, 2025

EQ/International Value Managed Volatility Portfolio (sub-advised by BlackRock and Harris Associates LP) — Seeks to provide current income and long-term growth of income, accompanied by growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/Invesco Comstock Portfolio (sub-advised by Invesco) — Seeks to achieve capital growth and income.

EQ/Invesco Global Portfolio (sub-advised by Invesco) — Seeks to achieve capital appreciation.

EQ/Invesco Global Real Assets Portfolio (sub-advised by Invesco) — Seeks to achieve total return through growth of capital and current income.

EQ/Invesco Moderate Allocation Portfolio (sub-advised by Invesco) — Seeks long-term capital appreciation while managing portfolio volatility.

EQ/Invesco Moderate Growth Allocation Portfolio (sub-advised by Invesco) — Seeks long-term capital appreciation while managing portfolio volatility.

EQ/Janus Enterprise Portfolio (sub-advised by Janus Henderson Investors US LLC) — Seeks to achieve capital growth.

EQ/JPMorgan Growth Allocation Portfolio (sub-advised by J.P. Morgan Investment Management, Inc. ("JPMorgan")) — Seeks to achieve long-term capital appreciation with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/JPMorgan Growth Stock Portfolio (sub-advised by JPMorgan) — Seeks to achieve long- term capital appreciation.

EQ/JPMorgan Hedged Equity and Premium Income Portfolio (formerly, EQ/Franklin Moderate Allocation Portfolio) – Seeks to provide long term capital appreciation and current income. Effective October 27, 2025 the Portfolio was restructured and Franklin Advisers, Inc. was terminated as the sub-adviser to the Portfolio.

EQ/JPMorgan Value Opportunities Portfolio (sub-advised by JPMorgan) — Seeks to achieve long-term capital appreciation.

EQ/Large Cap Core Managed Volatility Portfolio (sub-advised by BlackRock, Capital International, GQG Partners LLC and Vaughan Nelson Investment Management) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/Large Cap Growth Index Portfolio (sub-advised by AB) — Seeks to achieve a total return before expenses that approximates the total return performance of the Russell 1000<sup>®</sup> Growth Index, including reinvestment of dividends, at a risk level consistent with the Russell 1000<sup>®</sup> Growth Index.

EQ/Large Cap Growth Managed Volatility Portfolio (sub-advised by BlackRock, Loomis Sayles, Polen Capital Management, LLC and JPMorgan) — Seeks to provide long-term capital growth with an emphasis on risk-adjusted returns and managing volatility in the Portfolio. Effective September 25, 2025, HS Management Partners, LLC was terminated as a sub-adviser to the Portfolio.

EQ/Large Cap Value Index Portfolio (sub-advised by AB) — Seeks to achieve a total return before expenses that approximates the total return performance of the Russell 1000<sup>®</sup> Value Index, including reinvestment of dividends, at a risk level consistent with that of the Russell 1000<sup>®</sup> Value Index.

EQ/Large Cap Value Managed Volatility Portfolio (sub-advised by AB, Aristotle Capital Management, LLC ("Aristotle Capital") and MFS) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

EQ/Lazard Emerging Markets Equity Portfolio (sub-advised by Lazard Asset Management LLC) — Seeks to achieve long-term capital appreciation.

EQ/Long-Term Bond Portfolio (sub-advised by AB) — Seeks to achieve a total return before expenses that approximates the total return performance of the Bloomberg U.S. Long Government/ Credit Bond Index ("Long Government/Credit Index"), including reinvestment of dividends, at a risk level consistent with that of the Long Government/Credit Index.

EQ/Loomis Sayles Growth Portfolio (sub-advised by Loomis Sayles) — Seeks to achieve capital appreciation.

EQ/MFS International Growth Portfolio (sub-advised by MFS) — Seeks to achieve capital appreciation.

EQ/MFS International Intrinsic Value Portfolio (sub-advised by MFS) — Seeks to achieve capital appreciation.

EQ/MFS Mid Cap Focused Growth Portfolio (sub-advised by MFS) — Seeks to provide growth of capital.

EQ/MFS Technology Portfolio (sub-advised by MFS) — Seeks to achieve capital appreciation.

EQ/MFS Utilities Series Portfolio (sub-advised by MFS) — Seeks to achieve total return.

EQ/Mid Cap Index Portfolio (sub-advised by AB) — Seeks to achieve a total return before expenses that approximates the total return performance of the Standard & Poor's MidCap 400<sup>®</sup> Index ("S&P MidCap 400<sup>®</sup> Index"), including reinvestment of dividends, at a risk level consistent with that of the S&P MidCap 400<sup>®</sup> Index.

EQ/Mid Cap Value Managed Volatility Portfolio (sub-advised by BlackRock, Diamond Hill Capital Management, Inc., and Wellington Management Company, LLP ("Wellington")) — Seeks to achieve long-term capital appreciation with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/Money Market Portfolio (sub-advised by Dreyfus, a division of Mellon Investments Corporation ("Dreyfus")) — Seeks to obtain a high level of current income, preserve its assets and maintain liquidity.

EQ/Morgan Stanley Small Cap Growth Portfolio (sub-advised by BlackRock and MSIM) — Seeks to achieve long-term growth of capital.

EQ/PIMCO Global Real Return Portfolio (sub-advised by Pacific Investment Management Company LLC ("PIMCO")) — Seeks to achieve maximum real return, consistent with preservation of capital and prudent investment management.

EQ/PIMCO Real Return Portfolio (sub-advised by PIMCO) — Seeks to achieve maximum real return, consistent with preservation of capital and prudent investment management.

EQ/PIMCO Total Return ESG Portfolio (sub-advised by PIMCO) — Seeks to achieve maximum total return, consistent with preservation of capital and prudent investment management.

EQ/PIMCO Ultra Short Bond Portfolio (sub-advised by PIMCO) — Seeks to generate a return in excess of traditional money market products while maintaining an emphasis on preservation of capital and liquidity.

EQ/Quality Bond PLUS Portfolio (sub-advised by AB and PIMCO) — Seeks to achieve high current income consistent with moderate risk to capital.

EQ/Small Company Index Portfolio (sub-advised by AB) — Seeks to replicate as closely as possible (before expenses) the total return of the Russell 2000<sup>®</sup> Index.

EQ/T. Rowe Price Health Sciences Portfolio (sub-advised by T. Rowe Price Associates, Inc. ("T. Rowe Price")) — Seeks to achieve long-term capital appreciation.

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

EQ/Value Equity Portfolio (sub-advised by Aristotle Capital) — Seeks to achieve capital appreciation.

EQ/Wellington Energy Portfolio (sub-advised by Wellington) — Seeks to provide capital growth and appreciation.

Multimanager Aggressive Equity Portfolio (sub-advised by AB, 1832 Asset Management U.S. Inc., T. Rowe Price and Westfield Capital Management Company, L.P.) — Seeks to achieve long-term growth of capital.

Multimanager Core Bond Portfolio (sub-advised by BlackRock Financial Management, Inc., DoubleLine, PIMCO and SSGA FM) — Seeks to achieve a balance of high current income and capital appreciation, consistent with a prudent level of risk.

Multimanager Technology Portfolio (sub-advised by AB, FIAM and Wellington) — Seeks to achieve long-term growth of capital.

*The following is a summary of the significant accounting policies of the Trust:* 

The preparation of financial statements in accordance with United States of America generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The Portfolios are investment companies and, accordingly, follow the Investment Company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. GAAP.

Valuation:

Equity securities (including securities issued by ETFs) listed on national securities exchanges are generally valued at the last sale price or official closing price on the date of valuation or, if there is no sale or official closing price, at the latest available bid price. Securities listed on the NASDAQ Stock Market will be valued using the NASDAQ Official Closing Price ("NOCP"). Other unlisted stocks are generally valued at their last sale price or official closing price, or, if there is no such price, at a bid price estimated by a broker.

Corporate and municipal bonds and notes are generally valued on the basis of prices provided by a pricing service. The pricing services may utilize many inputs that are observable in making evaluations which may include, but are not limited to, trading activity for similar securities, issuer details, yields, default rates, credit spreads, quoted prices and any developments related to the specific securities. However, when such prices are not available, such bonds and notes are generally fair valued at a bid price estimated by a broker.

Convertible preferred stocks listed on national securities exchanges are generally valued as of their last sale price or official closing price on the date of valuation or, if there is no sale, at the latest available bid price. Convertible bonds and unlisted convertible preferred stocks are generally valued using prices obtained from a pricing service for such investments or, if a pricing service price is not available, fair valued at bid prices obtained from one or more of the major dealers in such bonds or stocks. Convertible bonds may be matrix-priced based upon the conversion value to the underlying common stocks and market premiums.

Mortgage-backed and asset-backed securities are generally valued at evaluated prices obtained from a pricing service where available, or fair valued at a bid price obtained from one or more of the major dealers in such securities. The pricing service may utilize data such as issuer type, coupon, cash flows, collateral performance, mortgage prepayment projection tables and Adjustable Rate Mortgage evaluations that incorporate index data, periodic and life caps, the next coupon reset date and the convertibility of the bond in making evaluations. If a quoted price is unavailable, an equivalent yield or yield spread quotes may be obtained from a broker and converted to a price.

Options that are traded on an exchange are generally valued at their last sale price or official closing price on the date of valuation or, if there is no sale, at the latest available bid price. Options

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

not traded on an exchange or not actively traded are valued according to fair value methods. The market value of a put or call option will usually reflect, among other factors, the market price of the underlying security.

U.S. Treasury securities and other obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, are generally valued at prices obtained from a bond pricing service where available. The pricing service may utilize data received from active market makers and broker- dealers, yield curves and the spread over comparable U.S. Treasury issues in making evaluations. Debt securities with original or remaining maturities of 60 days or less may be valued at amortized cost.

Foreign securities, including foreign government securities, not traded directly in the U.S., or traded in American Depositary Receipts ("ADR") or similar form, are generally valued at representative quoted prices from the primary exchange in the currency of the country of origin. Foreign currency is converted into U.S. dollar equivalent at current exchange rates.

Investments in shares of open-end investment companies (other than ETFs) held by a Portfolio are generally valued at the net asset value ("NAV") of the shares of such funds as described in the underlying funds' prospectuses.

Futures contracts are generally valued at their last settlement price or, if there is no settlement price, at the latest available bid price.

Forward foreign currency contracts are generally valued by interpolating between the forward and spot currency rates as quoted by a pricing service as of a designated hour on the valuation date. The pricing service may utilize data such as actual trading information and foreign currency rates gathered from leading market makers and foreign currency trading centers throughout the world in making evaluations. Forward foreign currency contracts may be settled with the counterparty in U.S. dollars without the delivery of foreign currency.

Centrally cleared swaps are priced using the value determined by the central counterparty at the end of the day, which price may be provided to the Portfolios by an approved pricing service. With respect to over-the-counter swaps and centrally cleared swaps where the central counterparty price is unavailable, a price provided by an approved pricing service will be used. Central counterparties and approved pricing services may utilize evaluation techniques including fair value pricing models to provide pricing information.

In accordance with Rule 2a-5 under the 1940 Act, the Board of Trustees (the "Board") of the Trust has designated EIM, the investment adviser to the Trust, as the Portfolios' valuation designee (the "Valuation Designee"). As Valuation Designee, EIM, subject to the oversight of the Board, is responsible for determining in good faith the fair value of Portfolio investments for which market quotations are not readily available or are believed by EIM to be unreliable. In these circumstances, a Portfolio may use a fair value estimate made according to methods EIM has approved in the good- faith belief that the resulting valuation will reflect the fair value of the security. EIM's day-to-day responsibilities as Valuation Designee are performed by a valuation committee established by EIM (the "Committee").

Equitable Investment Management, LLC (the "Administrator"), an affiliate of EIM, oversees the calculation of the NAV of the Portfolios and their respective share classes. The Administrator has entered into a sub-administration agreement with JPMorgan Chase Bank, N.A. (the "Sub-Administrator") to assist in performing certain duties, including the calculation of the Portfolios' NAVs.

Due to the inherent uncertainty of the valuation of securities for which market quotations are not readily available, the fair value of such securities may differ significantly from the values that would have been used had a ready market for such securities existed.

1309

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

Various inputs are used in determining the value of each Portfolio's assets or liabilities carried at fair value. These inputs are summarized in three broad levels below:

• Level 1 - quoted prices in active markets for identical assets

• Level 2 - other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 - significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments)

A summary of inputs used to value each Portfolio's assets and liabilities carried at fair value as of December 31, 2025, is included in the Portfolio of Investments for each Portfolio. Changes in valuation techniques may result in transfers in or out of an investment's assigned level.

Transfers into and transfers out of Level 3, if any, are included in the Level 3 reconciliation following the Portfolio of Investments for each Portfolio. Transfers between levels may be due to a decline, or an increase, in market activity (e.g., frequency of trades), which may result in a lack of, or an increase in, available observable market inputs to determine price.

The inputs or methodology used to fair value securities are not necessarily an indication of the risk associated with investing in those securities. An investment's level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement.

The Committee has the ability to meet and review reports based on the valuation techniques used to fair value securities. As part of a review, the Committee would consider obtaining updates from its pricing vendors and Sub-Advisers for fair valued securities. For example, with respect to model driven prices, the Committee could receive reports regarding a review and recalculation of pricing models and related discounts. For those securities which are valued based on broker quotes, the Committee may evaluate variances between existing broker quotes and any alternative broker quotes provided by a Sub-Adviser or other pricing source.

To substantiate unobservable inputs used in a fair valuation, the Committee may perform an independent verification as well as additional research for fair value notifications received from the pricing agents. Among other factors, particular areas of focus may include: description of security, historical pricing, intra-day price movement, last trade information, corporate actions, related securities, any available company news and announcements, any available trade data or other information. The Committee also notes the materiality of holdings and price changes on a Portfolio's NAV.

The Committee reviews and considers changes in value for all fair valued securities that have occurred since the last review.

All securities held in the EQ/Money Market Portfolio are valued at amortized cost provided that certain conditions are met, including that the Board continues to believe that the amortized cost valuation method fairly reflects the market-based NAV per share of the Portfolio. The EQ/Money Market Portfolio seeks to maintain a stable NAV per share of $1.00, but there can be no assurance that it will be able to do so.

Events or circumstances affecting the values of Portfolio securities that occur between the closing of their principal markets and the time the NAV is determined may be reflected in the Trust's calculation of a NAV for each applicable Portfolio when the Committee deems that the particular event or circumstance would materially affect such Portfolio's NAV.

Security Transactions and Investment Income:

Security transactions are accounted for on the date the security is purchased or sold. Security gains and losses are calculated on the identified cost basis. Interest income is recognized on the

1310

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts, and is recorded as such on a Portfolio's Statement of Operations. Inflation adjustments to the face amount of inflation-indexed securities are included in interest income, and the amount characterized as deflation is recorded as an increase to the cost of investments in the Statements of Assets and Liabilities if the security is still held; otherwise it is recorded as an adjustment to realized gain/loss from investment transactions in the Statements of Operations. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. Dividend income and expenses, as applicable, are recorded on the ex-dividend date and are recorded as such on a Portfolio's Statement of Operations, except for certain dividends from foreign securities, which are recorded as soon as the Trust is informed on or after the ex-dividend date.

Foreign income and capital gains may be subject to foreign withholding taxes, a portion of which may be reclaimable, and capital gains taxes at various rates. Under applicable foreign law, a withholding tax may be imposed on interest and dividends paid by a foreign security and capital gains from the sale of a foreign security. Foreign income or capital gains subject to foreign withholding taxes are recorded net of the applicable withholding tax.

As a result of several court rulings in certain European countries, the Portfolios may also file withholding tax reclaims in certain jurisdictions to recover all or a portion of amounts withheld in prior periods that may now be reclaimable. Any payments received on such withholding tax reclaims are included in Other Income in the Statements of Operations and are recorded when the amount is known and there are no significant uncertainties on collectability.

For certain securities, including a real estate investment trust ("REIT"), a Portfolio records distributions received in excess of earnings and profits of such security as a reduction of cost of investments and/or realized gain (referred to as a return of capital). Additionally, a REIT may characterize distributions it pays as long-term capital gains. Such distributions are based on estimates if actual amounts are not available. Actual distributions of income, long-term capital gain and return of capital may differ from the estimated amounts. A Portfolio will recharacterize the estimated amounts of the components of distributions as necessary, once the issuers provide information about the actual composition of the distributions. Any portion of a distribution deemed a return of capital is generally not taxable to a Portfolio.

A Portfolio records as dividend income the amount characterized as ordinary income and records as realized gain the amount characterized by a REIT as long-term capital gain in the Statements of Operations. The amount characterized as return of capital is a reduction to the cost of investments in the Statements of Assets and Liabilities if the security is still held; otherwise, it is recorded as an adjustment to realized gain (losses) from transactions in investment securities in the Statement of Operations. These characterizations are reflected in the accompanying financial statements.

Allocation of Expenses and Income:

Expenses attributable to a single Portfolio or class are charged to that Portfolio or class. Expenses of the Trust not attributable to a single Portfolio or class are charged to each Portfolio or class in proportion to the average net assets of each Portfolio or other appropriate allocation methods.

All income earned and expenses incurred by each Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the daily net assets of such class, except for distribution fees, which are charged on a class-specific basis.

1311

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

Foreign Currency Valuation:

The books and records of the Trust are kept in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at current exchange rates at the following dates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Market value or fair value, as applicable, of investment securities, other assets and liabilities — at the valuation date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Purchases and sales of investment securities, income and expenses — at the date of such transactions.

The Portfolios do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Portfolio's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

Taxes:

Each Portfolio intends to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies ("RICs") and to distribute substantially all of its net investment income and net realized capital gains to shareholders of each Portfolio. Therefore, no federal, state and local income tax provisions are required. Each Portfolio did not pay any significant foreign, federal or state and local income taxes.

The Portfolios recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended December 31, 2025, the Portfolios did not incur any interest or penalties. Each of the tax years in the four-year period ended December 31, 2025 remains subject to examination by the Internal Revenue Service, state and local taxing authorities.

Dividends from net investment income, if any, are declared and distributed at least annually for all Portfolios (EQ/Money Market Portfolio declares and distributes daily and Multimanager Core Bond Portfolio declares and distributes monthly). Dividends from net realized short-term and long-term capital gains are declared and distributed at least annually to the shareholders of a Portfolio to which such gains are attributable. All dividends are reinvested in additional full and fractional shares of the related Portfolios. All distributions are calculated on a tax basis and, as such, the amounts may differ from financial statement investment income and realized gains. The cumulative significant differences related to the tax composition of undistributed ordinary income and long term gains include dividends and distributions payable, if any, as disclosed in the Statement of Assets and

1312

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

Liabilities, late-year capital loss deferrals and capital loss carry forwards, if any, as disclosed below. Differences in distributable earnings on a U.S. GAAP and tax accounting basis primarily relate to the following:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Differences related to:** | **1256 Mark to<br>market contracts** | **Contingent<br>Payment Debt<br>Instruments** | **Conversion<br>transactions** | **Deferral<br>of losses<br>on<br>offsetting<br>positions** | **Investments<br>in passive<br>foreign<br>investment<br>companies** | **Partnership<br>basis<br>adjustments** | **Wash<br>sale loss<br>deferrals** |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/All Asset Growth Allocation |  |  |  |  |  | x |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Moderate-Plus Allocation |  |  | x |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Aggressive Allocation |  |  | x |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1290 VT Multi-Alternative Strategies |  |  |  |  |  | x |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1290 VT Convertible Securities |  | x |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1290 VT Micro Cap |  |  |  |  |  |  | x |
| &nbsp;&nbsp;&nbsp;&nbsp; 1290 VT Natural Resources |  |  |  |  |  |  | x |
| &nbsp;&nbsp;&nbsp;&nbsp; 1290 VT Real Estate |  |  |  |  | x |  | x |
| &nbsp;&nbsp;&nbsp;&nbsp; ATM Large Cap Managed Volatility |  |  |  | x |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ATM Mid Cap Managed Volatility |  |  |  | x |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ATM Small Cap Managed Volatility |  |  |  | x |  |  | x |
| &nbsp;&nbsp;&nbsp;&nbsp; ATM International Managed Volatility |  |  |  | x | x |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/500 Managed Volatility |  |  |  | x |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/400 Managed Volatility |  |  |  | x |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/2000 Managed Volatility |  |  |  | x |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/International Managed Volatility |  |  |  | x | x |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/AB Dynamic Aggressive Growth |  |  |  | x |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/AB Dynamic Growth |  |  |  | x |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/AB Dynamic Moderate Growth |  |  |  | x | x |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/American Century Moderate Growth Allocation |  |  |  |  |  |  | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Capital Group Research |  |  |  |  | x |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/ClearBridge Select Equity Managed Volatility |  |  |  | x |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Core Plus Bond | x |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Emerging Markets Equity PLUS |  |  |  |  | x |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Franklin Small Cap Value Managed Volatility |  |  |  | x |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Global Equity Managed Volatility |  |  |  | x | x |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Goldman Sachs Growth Allocation |  |  |  | x |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Goldman Sachs Moderate Growth Allocation |  |  |  | x |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/International Core Managed Volatility |  |  |  | x | x |  | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/International Equity Index |  |  |  |  | X |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/International Value Managed Volatility |  |  |  | x | x |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Invesco Moderate Allocation |  |  |  | x |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Invesco Moderate Growth Allocation |  |  |  | x |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Large Cap Core Managed Volatility |  |  |  | x |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Large Cap Growth Managed Volatility |  |  |  | x |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Large Cap Value Managed Volatility |  |  |  | x |  |  | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Lazard Emerging Markets Equity |  |  |  |  | x |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/MFS Utilities Series |  |  |  |  | x |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Mid Cap Value Managed Volatility |  |  |  | x |  |  | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Morgan Stanley Small Cap Growth |  |  |  |  |  |  | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/PIMCO Global Real Return | x |  |  | x |  |  | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/PIMCO Real Return |  |  |  |  |  |  | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/PIMCO Total Return ESG |  |  |  |  |  |  | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/PIMCO Ultra Short Bond |  |  |  |  |  |  | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Quality Bond PLUS |  |  |  |  |  |  | x |
| &nbsp;&nbsp;&nbsp;&nbsp; Multimanager Aggressive Equity |  |  |  | x |  |  | x |
| &nbsp;&nbsp;&nbsp;&nbsp; Multimanager Core Bond |  |  |  |  |  |  | x |
| &nbsp;&nbsp;&nbsp;&nbsp; Multimanager Technology |  |  |  |  |  |  | x |

---

1313

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

The tax character of distributions for the years ended December 31, 2025 and December 31, 2024 and the tax composition of undistributed ordinary income and undistributed long-term gains at December 31, 2025 are presented in the following table:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2025** | **As of**<br>**December 31, 2025** | **As of**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2024** |
| **Portfolios:** | **Distributed<br>Ordinary<br>Income** | **Distributed<br>Long Term<br>Gains** | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long Term<br>Gains** | **Distributed<br>Ordinary<br>Income** | **Distributed<br>Long Term<br>Gains** |
|  EQ/All Asset Growth Allocation | $10860221 | $22627262 | $— | $14307682 | $10557393 | $11115276 |
|  EQ/Ultra Conservative Strategy | 56990132 | 24485231 | 74284 | 16399271 | 60661958 | 24705136 |
|  EQ/Conservative Strategy | 16590358 | 14051024 | 61425 | 9801955 | 17295515 | 6118023 |
|  EQ/Conservative Growth Strategy | 27611222 | 56154273 | 315991 | 34025530 | 32782002 | 38326417 |
|  EQ/Balanced Strategy | 71353056 | 195160814 | 439113 | 120935008 | 90405340 | 132422534 |
|  EQ/Moderate Growth Strategy | 105124820 | 404602995 | 1618893 | 239287708 | 146267970 | 310911285 |
|  EQ/Growth Strategy | 83868657 | 388071091 | 619232 | 244384045 | 121324076 | 240362556 |
|  EQ/Aggressive Growth Strategy | 93025004 | 485486337 | 548476 | 338004111 | 137323412 | 184792663 |
|  EQ/Conservative Allocation | 18834374 | 13583124 | 51130 | 8450606 | 20316483 | 12083964 |
|  EQ/Conservative-Plus Allocation | 19446371 | 37223192 | 44980 | 21199539 | 22778493 | 30860665 |
|  EQ/Moderate Allocation | 127131333 | 289043704 | 565552 | 171598195 | 150688325 | 206913175 |
|  EQ/Moderate-Plus Allocation | 133540036 | 511561868 | 1156058 | 307966382 | 181682455 | 373503833 |
|  EQ/Aggressive Allocation | 46977747 | 292235469 | 140732 | 194200299 | 73409150 | 165251164 |
|  Equitable Conservative Growth MF/ETF | 3138064 | 3059721 | 88287 | 500993 | 2601655 | 585070 |
|  Equitable Moderate Growth MF/ETF | 927991 | 693303 | 50496 | 409592 | 519956 |  |
|  Equitable Growth MF/ETF | 646238 | 883066 | 50211 | 602753 | 352437 |  |
|  Target 2015 Allocation | 812071 | 1122623 |  | 165670 | 916190 | 1626539 |
|  Target 2025 Allocation | 4050623 | 9138642 |  | 1889509 | 3678553 | 9592974 |
|  Target 2035 Allocation | 6721018 | 7321056 |  | 4528188 | 5376187 | 5450102 |
|  Target 2045 Allocation | 5345959 | 6899392 | 3058 | 4674155 | 4341260 | 3800105 |
|  Target 2055 Allocation | 2315588 | 3983986 |  | 2930602 | 1767949 | 1386857 |
|  1290 VT Moderate Growth Allocation | 5094817 | 9478532 | 483759 |  | 3501275 | 32631 |
|  1290 VT Multi-Alternative Strategies | 204499 |  | 68606 |  | 222030 |  |
|  1290 VT Convertible Securities | 864322 |  | 50407 |  | 875893 |  |
|  1290 VT DoubleLine Opportunistic Bond | 23809524 |  |  |  | 25295454 |  |
|  1290 VT Equity Income | 10994744 | 34751919 | 68136 | 4170399 | 13753827 | 33250667 |
|  1290 VT GAMCO Mergers & Acquisitions | 7521581 | 2438722 | 654640 | 461924 | 6772010 | 3516721 |
|  1290 VT GAMCO Small Company Value | 26916118 | 225352716 | 367686 | 39807948 | 24971001 | 263329609 |
|  1290 VT High Yield Bond | 17114625 |  |  |  | 15109326 |  |
|  1290 VT Micro Cap | 995698 | 602 |  | 3329988 | 792842 |  |
|  1290 VT Natural Resources | 978676 |  | 25532 |  | 928469 |  |
|  1290 VT Real Estate | 1087250 |  |  |  | 1070018 |  |
|  1290 VT Small Cap Value | 7545916 | 39566794 | 2843801 |  | 7570837 | 24979040 |
|  1290 VT SmartBeta Equity ESG | 3950251 | 28218138 |  | 7215014 | 6122725 | 19019869 |
|  1290 VT Socially Responsible | 999700 | 20097001 |  | 3000608 | 1278188 | 11996209 |
|  ATM Large Cap Managed Volatility | 37874463 | 373765273 |  | 74393987 | 65472390 | 485421684 |
|  ATM Mid Cap Managed Volatility | 5417051 | 16205084 | 423730 | 4915259 | 10137802 | 20742668 |
|  ATM Small Cap Managed Volatility | 19559492 | 32519838 | 2923988 | 6785885 | 23310840 | 68358115 |
|  ATM International Managed Volatility | 26601636 | 58900033 | 2991619 | 13614014 | 35752128 | 23987201 |
|  EQ/500 Managed Volatility | 101634705 | 1060529688 |  | 195904348 | 189330987 | 1188014535 |
|  EQ/400 Managed Volatility | 12687096 | 55877574 | 13172 | 15450467 | 26409851 | 58859309 |
|  EQ/2000 Managed Volatility | 60250398 | 92406326 | 7001588 | 18666190 | 76556313 | 199911921 |
|  EQ/International Managed Volatility | 54406337 | 57919262 | 4999059 | 18076682 | 58276853 | 21195904 |
|  EQ/AB Dynamic Aggressive Growth | 22068721 | 10740498 | 615714 |  | 18609441 | 5172188 |
|  EQ/AB Dynamic Growth | 17249681 | 21278424 | 388262 | 137455 | 14614588 | 5160566 |
|  EQ/AB Dynamic Moderate Growth | 42673904 | 98636892 | 52656 |  | 41911843 | 80283701 |
|  EQ/AB Short Duration Government Bond | 32787364 |  |  |  | 35133908 |  |
|  EQ/AB Small Cap Growth | 28961364 | 155644693 | 7399643 | 14948848 | 54470566 | 131505331 |
|  EQ/AB Sustainable U.S. Thematic | 175052 | 879598 |  | 305792 | 50602 |  |
|  EQ/American Century Mid Cap Value | 22260684 | 29984816 | 2686109 | 1090196 | 22425983 | 22733302 |

---

1314

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2025** | **As of**<br>**December 31, 2025** | **As of**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2024** |
| **Portfolios:** | **Distributed<br>Ordinary<br>Income** | **Distributed<br>Long Term<br>Gains** | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long Term<br>Gains** | **Distributed<br>Ordinary<br>Income** | **Distributed<br>Long Term<br>Gains** |
|  EQ/American Century Moderate Growth Allocation | $3333165 | $292325 | $298254 | $19906 | $4873951 | $1212781 |
|  EQ/Capital Group Research | 11819190 | 48497050 | 3391979 | 11451236 | 11395656 | 72959614 |
|  EQ/ClearBridge Large Cap Growth ESG | 252654 | 48017785 |  | 3499683 | 447184 | 30344601 |
|  EQ/ClearBridge Select Equity Managed Volatility | 1778370 | 3661148 | 23700 | 6012592 | 3049956 |  |
|  EQ/Common Stock Index | 49734434 | 545771451 | 103725 | 146918812 | 59439591 | 480338342 |
|  EQ/Core Bond Index | 156863633 |  |  |  | 141387993 |  |
|  EQ/Core Plus Bond | 38432220 |  |  |  | 38814654 |  |
|  EQ/Emerging Markets Equity PLUS | 2530711 |  | 187633 |  | 2174081 |  |
|  EQ/Equity 500 Index | 94119790 | 304416513 | 611990 | 20536404 | 98891838 | 204858989 |
|  EQ/Fidelity Institutional AM<sup>®</sup> Large Cap | 9060601 | 84590811 | 11021707 | 22667335 | 15263809 | 74955696 |
|  EQ/Franklin Rising Dividends | 2614003 | 13500981 | 366331 | 4378235 | 3362057 | 9604450 |
|  EQ/Franklin Small Cap Value Managed Volatility | 5158319 | 16585460 | 516025 | 2019531 | 9201420 | 16963145 |
|  EQ/Global Equity Managed Volatility | 26722435 | 158630572 | 4567295 | 23752237 | 45869930 | 154715257 |
|  EQ/Goldman Sachs Growth Allocation | 34030783 | 13092910 | 5379560 | 1838734 | 22998909 | 5530501 |
|  EQ/Goldman Sachs Mid Cap Value | 3645130 | 11284254 | 1405886 | 2475742 | 4859402 | 3597987 |
|  EQ/Goldman Sachs Moderate Growth Allocation | 16750261 | 13508237 |  | 8843232 | 19052341 |  |
|  EQ/Intermediate Corporate Bond | 76544301 | 26890307 | 136727 | 4221351 | 105461183 | 844103 |
|  EQ/Intermediate Government Bond | 129446068 |  |  |  | 115320096 |  |
|  EQ/International Core Managed Volatility | 26386722 | 75327485 | 5955796 | 19829271 | 36170970 | 45413402 |
|  EQ/International Equity Index | 71273773 |  |  |  | 51176734 |  |
|  EQ/International Value Managed Volatility | 33872094 | 42526620 | 3106162 | 9040621 | 40266266 | 35671239 |
|  EQ/Invesco Comstock | 5730893 | 23932423 | 97457 | 2214690 | 6287947 | 25007140 |
|  EQ/Invesco Global |  | 66640004 |  | 6650532 |  | 23270139 |
|  EQ/Invesco Global Real Assets | 13741490 |  | 829363 | 1166472 | 5337780 |  |
|  EQ/Invesco Moderate Allocation | 9716636 | 8304731 | 869960 | 4889466 | 7346277 | 4008784 |
|  EQ/Invesco Moderate Growth Allocation | 13806889 | 5280426 | 2522652 | 1779282 | 8634247 |  |
|  EQ/Janus Enterprise | 1595198 | 125311609 |  | 21730854 | 2905936 | 108878470 |
|  EQ/JPMorgan Growth Allocation | 23859313 | 2532246 | 5286003 |  | 32796012 | 13546277 |
|  EQ/JPMorgan Growth Stock | 2547710 | 439249268 |  | 68532147 | 17341601 | 119449181 |
|  EQ/JPMorgan Hedged Equity and Premium Income | 7625960 | 40917407 | 238945 | 7981 | 4869698 |  |
|  EQ/JPMorgan Value Opportunities | 44598968 | 68844578 | 37813243 | 25307704 | 109454744 | 34358388 |
|  EQ/Large Cap Core Managed Volatility | 20690109 | 249808445 | 89113 | 56413242 | 64013088 | 309351561 |
|  EQ/Large Cap Growth Index | 6844842 | 220087343 | 5754825 | 50062884 | 8695130 | 171497873 |
|  EQ/Large Cap Growth Managed Volatility | 14546818 | 636187092 | 114394 | 66398353 | 80879284 | 494218920 |
|  EQ/Large Cap Value Index | 13593963 | 51928757 | 59579 | 246329 | 14024795 | 42329874 |
|  EQ/Large Cap Value Managed Volatility | 59559376 | 281859561 | 3409607 | 42718886 | 102156458 | 304371624 |
|  EQ/Lazard Emerging Markets Equity | 27671378 | 13378638 | 3754512 | 8300463 | 20276550 | 13646208 |
|  EQ/Long-Term Bond | 113850353 |  | 54476 |  | 105585442 |  |
|  EQ/Loomis Sayles Growth |  | 67765318 |  | 592609 | 358478 | 147198174 |
|  EQ/MFS International Growth | 19755873 | 113258085 | 5373112 | 44341659 | 11478685 | 76093429 |
|  EQ/MFS International Intrinsic Value | 20565733 | 68047666 | 201028 | 23478938 | 21807734 | 68134895 |
|  EQ/MFS Mid Cap Focused Growth |  | 66995432 |  | 21140503 |  | 43649504 |
|  EQ/MFS Technology | 8768621 | 102503926 | 2309146 | 32341034 | 19447746 | 88515658 |
|  EQ/MFS Utilities Series | 6454338 | 1800665 | 444154 | 94704 | 3298852 | 2946769 |
|  EQ/Mid Cap Index | 37354799 | 137969596 | 1010925 | 15605857 | 49881357 | 132437185 |
|  EQ/Mid Cap Value Managed Volatility | 28755194 | 94673434 | 1311749 | 20236277 | 50466645 | 150024850 |
|  EQ/Money Market | 96037054 |  | 3580 | 6012 | 108364697 |  |

---

1315

------

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2025** | **As of**<br>**December 31, 2025** | **As of**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2024** |
| **Portfolios:** | **Distributed<br>Ordinary<br>Income** | **Distributed<br>Long Term<br>Gains** | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long Term<br>Gains** | **Distributed<br>Ordinary<br>Income** | **Distributed<br>Long Term<br>Gains** |
|  EQ/Morgan Stanley Small Cap Growth | $1637231 | $— | $— | $— | $260803 | $— |
|  EQ/PIMCO Global Real Return | 1471660 |  |  |  | 595736 |  |
|  EQ/PIMCO Real Return | 1656477 |  |  |  | 5090112 |  |
|  EQ/PIMCO Total Return ESG | 10825512 |  |  |  | 11071896 |  |
|  EQ/PIMCO Ultra Short Bond | 33913256 |  |  |  | 38552124 |  |
|  EQ/Quality Bond PLUS | 35067504 |  |  |  | 34918888 |  |
|  EQ/Small Company Index | 17968166 | 47440567 | 3012606 | 9527774 | 23073557 | 84985198 |
|  EQ/T. Rowe Price Health Sciences |  | 2918870 |  | 3632775 | 503430 | 8680440 |
|  EQ/Value Equity | 23907153 | 35315622 | 589826 |  | 16047408 | 55777261 |
|  EQ/Wellington Energy | 3491136 |  | 16179 |  | 3586026 |  |
|  Multimanager Aggressive Equity | 112754485 | 192164430 | 5716688 | 14723356 | 59850578 | 180493548 |
|  Multimanager Core Bond | 29337706 |  |  |  | 30953597 |  |
|  Multimanager Technology | 53146938 | 175827303 | 14764496 | 44521845 | 57589323 | 159153617 |

---

The following Portfolios had a Return of Capital during the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Portfolios:** | **Return of Capital** |
|  1290 VT DoubleLine Opportunistic Bond | $20953 |
|  1290 VT High Yield Bond | 7721 |
|  1290 VT Real Estate | 38122 |
|  EQ/AB Short Duration Government Bond | 93028 |
|  EQ/Core Bond Index | 156421 |
|  EQ/Core Plus Bond | 199664 |
|  EQ/Intermediate Government Bond | 28239 |
|  EQ/International Equity Index | 134207 |
|  EQ/Morgan Stanley Small Cap Growth | 68171 |
|  EQ/PIMCO Global Real Return | 1091 |
|  EQ/PIMCO Real Return | 988439 |
|  EQ/PIMCO Total Return ESG | 62817 |
|  EQ/PIMCO Ultra Short Bond | 38611 |
|  EQ/Quality Bond PLUS | 216292 |
|  Multimanager Core Bond | 371119 |

---

The following Portfolios had a Return of Capital during the year ended December 31, 2024:

---

| | |
|:---|:---|
| **Portfolios:** | **Return of Capital** |
|  1290 VT DoubleLine Opportunistic Bond | $41185 |
|  1290 VT Micro Cap | 14157 |
|  1290 VT Natural Resources | 734 |
|  1290 VT Real Estate | 56140 |
|  EQ/AB Sustainable U.S. Thematic | 488 |
|  EQ/ClearBridge Select Equity Managed Volatility | 3192 |
|  EQ/Emerging Markets Equity PLUS | 19594 |
|  EQ/Invesco Global Real Assets | 126224 |
|  EQ/PIMCO Real Return | 888724 |
|  EQ/PIMCO Ultra Short Bond | 79970 |
|  EQ/Wellington Energy | 103538 |
|  Multimanager Core Bond | 597484 |

---

1316

------

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

To the extent book and tax differences in shareholder distributions are permanent in nature, such amounts are reclassified within the capital accounts based on their Federal tax basis treatment. Permanent book and tax differences resulted in reclassifications paid in capital and total distributable earning gain (loss) at December 31, 2025 as follows:

---

| | | |
|:---|:---|:---|
| **Portfolios:** | **Paid In<br>Capital** | **Total<br>Distributable<br>Earnings (Loss)** |
|  Equitable Growth MF/ETF | $(383) | $383 |
|  1290 VT DoubleLine Opportunistic Bond | (509) | 509 |
|  1290 VT Micro Cap | (32763) | 32763 |
|  1290 VT Real Estate | (52386) | 52386 |
|  ATM Large Cap Managed Volatility | 5293 | (5293) |
|  EQ/AB Sustainable U.S. Thematic | (1534) | 1534 |
|  EQ/ClearBridge Large Cap Growth ESG | (1838705) | 1838705 |
|  EQ/ClearBridge Select Equity Managed Volatility | (9516) | 9516 |
|  EQ/Emerging Markets Equity PLUS | 658 | (658) |
|  EQ/Invesco Global | (777339) | 777339 |
|  EQ/Invesco Global Real Assets | (102050) | 102050 |
|  EQ/JPMorgan Growth Stock | (5612322) | 5612322 |
|  EQ/Loomis Sayles Growth | (3007440) | 3007440 |
|  EQ/MFS Mid Cap Focused Growth | (3652667) | 3652667 |
|  EQ/MFS Technology | (6376) | 6376 |
|  EQ/PIMCO Global Real Return | (1853748) | 1853748 |
|  EQ/PIMCO Real Return | 91 | (91) |
|  EQ/T. Rowe Price Health Sciences | (784720) | 784720 |
|  Multimanager Core Bond | 867 | (867) |

---

Below are the reclassifications that had a material effect on the following indicated Portfolios:

---

| | | |
|:---|:---|:---|
| **Differences related to:** | **Net<br>operating<br>losses** | **Net<br>operating<br>losses** |
|  EQ/MFS Mid Cap Focused Growth |  | x |
|  EQ/PIMCO Global Real Return |  | x |

---

Net capital and net specified gains/losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Portfolio's next taxable year. For the year ended December 31, 2025, the following Portfolios deferred to January 1, 2026 post-October losses of:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolios:** | **Specified<br>Loss** | **Short-Term<br>Capital Loss<br>(gain)** | **Long-Term<br>Capital Loss<br>(gain)** |
|  Equitable Moderate Growth MF/ETF | $— | $2646 | $— |
|  Equitable Growth MF/ETF |  | 2795 |  |
|  Target 2055 Allocation |  | 356 |  |
|  1290 VT Moderate Growth Allocation |  | 13 |  |
|  1290 VT DoubleLine Opportunistic Bond |  |  | 194894 |
|  1290 VT Equity Income |  | 922478 |  |
|  1290 VT High Yield Bond |  | 102257 | 706573 |
|  1290 VT Micro Cap | 749871 |  |  |
|  1290 VT Natural Resources |  | (7752) | 40398 |
|  1290 VT Real Estate |  | 29786 |  |
|  1290 VT Small Cap Value |  | (6767) | 653089 |
|  1290 VT SmartBeta Equity ESG | 3869 |  |  |
|  ATM Large Cap Managed Volatility |  | 431222 |  |
|  ATM International Managed Volatility | 2287004 |  |  |
|  EQ/500 Managed Volatility |  | 1994675 |  |

---

1317

------

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Portfolios:** | **Specified<br>Loss** | **Short-Term<br>Capital Loss<br>(gain)** | **Long-Term<br>Capital Loss<br>(gain)** |
|  EQ/International Managed Volatility | $3719582 | $— | $— |
|  EQ/AB Dynamic Aggressive Growth | 872624 |  | 25762 |
|  EQ/AB Dynamic Growth | 1173357 |  |  |
|  EQ/AB Dynamic Moderate Growth | 1700984 |  | 199982 |
|  EQ/AB Sustainable U.S. Thematic |  | 35150 |  |
|  EQ/American Century Mid Cap Value | 801882 |  |  |
|  EQ/ClearBridge Select Equity Managed Volatility | 4 | 495874 |  |
|  EQ/Core Bond Index |  | (103687) | 1781896 |
|  EQ/Core Plus Bond | 3827862 |  |  |
|  EQ/Emerging Markets Equity PLUS |  | 25031 |  |
|  EQ/Fidelity Institutional AM<sup>®</sup> Large Cap | 614120 |  |  |
|  EQ/Global Equity Managed Volatility | 1128929 |  |  |
|  EQ/Goldman Sachs Growth Allocation | 119858 |  |  |
|  EQ/Goldman Sachs Moderate Growth Allocation | 133887 |  |  |
|  EQ/International Core Managed Volatility | 1244311 |  |  |
|  EQ/International Equity Index | 4111814 |  | 505869 |
|  EQ/International Value Managed Volatility | 1679994 |  |  |
|  EQ/Invesco Comstock | 293177 |  |  |
|  EQ/Invesco Global | 451306 | 54423 |  |
|  EQ/Janus Enterprise | 438 | 607598 |  |
|  EQ/Large Cap Core Managed Volatility |  | 13511 |  |
|  EQ/Large Cap Growth Managed Volatility |  | 1952378 |  |
|  EQ/Long-Term Bond |  | (226773) | 4924330 |
|  EQ/MFS International Growth | 1321536 |  |  |
|  EQ/MFS International Intrinsic Value | 76804 |  |  |
|  EQ/MFS Mid Cap Focused Growth |  | 179877 |  |
|  EQ/MFS Technology | 7470 |  |  |
|  EQ/Morgan Stanley Small Cap Growth | 1128032 |  | 785460 |
|  EQ/PIMCO Global Real Return | 542957 |  | 143634 |
|  EQ/PIMCO Real Return | 857 | (339367) | 459795 |
|  EQ/PIMCO Total Return ESG | 317468 | 52564 | 100906 |
|  EQ/PIMCO Ultra Short Bond |  | 243106 | 31665 |
|  EQ/Quality Bond PLUS | 144767 |  | 208033 |
|  EQ/Value Equity |  | (476222) | 1764262 |
|  Multimanager Core Bond | 375744 | 1650456 | 633249 |

---

The following Portfolios have an India capital gains tax capital loss carryforward of approximately:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio:** | **INR (as of March 31, 2025)** | **INR (as of March 31, 2025)** | **Converted to USD (as of December 31, 2025)** | **Converted to USD (as of December 31, 2025)** |
|  EQ/Emerging Markets Equity PLUS |  | 10076754 |  | 112114 |

---

The following Portfolios utilized net capital loss carryforwards during 2025 and/or have losses incurred that will be carried forward indefinitely as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Utilized** | **Utilized** | **Losses carried forward** | **Losses carried forward** |
| **Portfolios:** | **Short Term** | **Long Term** | **Short Term** | **Long Term** |
|  1290 VT Multi-Alternative Strategies | $— | $112592 | $73318 | $356040 |
|  1290 VT Convertible Securities |  | 1246008 |  | 1948153 |
|  1290 VT DoubleLine Opportunistic Bond | 68837 |  | 27490617 | 45443525 |
|  1290 VT High Yield Bond |  |  | 2443727 | 21967584 |
|  1290 VT Micro Cap | 7529815 |  |  |  |
|  1290 VT Natural Resources | 13336 |  | 551652 | 4114066 |
|  1290 VT Real Estate |  |  |  | 658142 |

---

1318

------

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Utilized** | **Utilized** | **Losses carried forward** | **Losses carried forward** |
| **Portfolios:** | **Short Term** | **Long Term** | **Short Term** | **Long Term** |
|  EQ/AB Short Duration Government Bond | $529518 | $— | $1598031 | $10683862 |
|  EQ/AB Sustainable U.S. Thematic | 823 | 408887 |  |  |
|  EQ/ClearBridge Select Equity Managed Volatility | 21269771 |  |  |  |
|  EQ/Core Bond Index | 843489 |  | 11257641 | 151314190 |
|  EQ/Core Plus Bond |  |  | 46520073 | 58716060 |
|  EQ/Emerging Markets Equity PLUS |  |  | 678912 | 2758040 |
|  EQ/Goldman Sachs Moderate Growth Allocation | 20499557 |  |  |  |
|  EQ/Intermediate Government Bond | 309835 |  | 31669601 | 270866515 |
|  EQ/Invesco Moderate Growth Allocation |  | 1163885 |  |  |
|  EQ/International Equity Index | 209304 | 14308311 | 200593 | 21873847 |
|  EQ/JPMorgan Hedged Equity and Premium Income | 7966487 | 7773526 |  |  |
|  EQ/Long-Term Bond |  |  | 189399731 | 556653269 |
|  EQ/Morgan Stanley Small Cap Growth | 17652255 | 14414063 | 22462915 | 19084773 |
|  EQ/PIMCO Global Real Return |  |  | 916408 | 1826221 |
|  EQ/PIMCO Real Return |  |  |  | 187241 |
|  EQ/PIMCO Total Return ESG |  |  | 2620636 | 14323068 |
|  EQ/PIMCO Ultra Short Bond |  |  |  | 4362004 |
|  EQ/Quality Bond PLUS | 1879497 |  | 20946951 | 84041058 |
|  EQ/Wellington Energy | 1095505 | 2203942 | 20860764 | 10292910 |
|  Multimanager Core Bond | 3100718 |  | 16736561 | 61616239 |

---

Short Sales:

A "short sale" is the sale by a Portfolio of a security which has been borrowed from a third party on the expectation that the market price will drop. To complete such a transaction, a Portfolio must borrow the security to make delivery to the buyer. The Portfolio then is obligated to replace the security borrowed by purchasing it at the market price at or prior to the time of replacement. The price at such time may be more or less than the price at which the security was sold by a Portfolio. Until the security is replaced, a Portfolio is required to prepay the lender any dividends or interest that accrue during the period of the loan. To borrow the security, a Portfolio also may be required to pay a premium, which would increase the cost of the security sold short. The net proceeds of a short sale will be retained by the Sub-Adviser (or by the Portfolio's custodian), to the extent necessary to meet margin requirements, until the short position is closed out. A Portfolio will incur transaction costs in effecting short sales. The Portfolio will designate the segregation, either on its records or with the Trust's custodian, of the securities sold short. Liabilities for securities sold short are reported at value on the Statement of Assets and Liabilities.

A Portfolio will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date on which the Portfolio replaces the borrowed security. A Portfolio may realize a gain if the security declines in price between those dates. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses a Portfolio may be required to pay in connection with a short sale, which are presented in the Statement of Operations of the Portfolio. There can be no assurance that a Portfolio will be able to close out a short position at any particular time or an acceptable price.

Unfunded Commitments:

Certain Portfolios entered into commitments to buy and sell investments including commitments to buy loan assignments to settle on future dates as part of their normal investment activities. Unfunded commitments may include revolving loan facilities which may obligate the

1319

------

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

Portfolios to provide cash to the borrower on demand. Unfunded commitments are generally traded and priced as part of a related loan assignment. The value of the unfunded portion of the investment is determined using a pro-rata allocation, based on its par value relative to the par value of the entire investment. The unrealized appreciation/depreciation from unfunded commitments is reported on the Statements of Assets and Liabilities. Credit risk exists on these commitments to the extent of any difference between the sales price and current value of the underlying securities sold. Market risk exists on these commitments to buy to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. The Portfolios may receive an ongoing commitment fee based on the undrawn portion of the underlying loan facility, which is recorded as a component of interest income on the Statements of Operations.

Private Investments in Public Equity (PIPEs):

A Portfolio may invest in securities issued in private investments in public equity transactions, commonly referred to as "PIPEs." A PIPE investment involves the sale of equity securities, or securities convertible into equity securities, in a private placement transaction by an issuer that already has outstanding, publicly traded equity securities of the same class. Shares acquired in PIPEs are commonly sold at a discount to the current market value per share of the issuer's publicly traded securities. Securities acquired in PIPEs generally are not registered with the SEC until after a certain period of time from the date the private sale is completed, which may be months and perhaps longer. PIPEs may contain provisions that require the issuer to pay penalties to the holder if the securities are not registered within a specified period. Until the public registration process is completed, securities acquired in PIPEs are restricted and, like investments in other types of restricted securities, may be illiquid. Any number of factors may prevent or delay a proposed registration. Prior to or in the absence of registration, it may be possible for securities acquired in PIPEs to be resold in transactions exempt from registration under the Securities Act of 1933, as amended. There is no guarantee, however, that an active trading market for such securities will exist at the time of disposition, and the lack of such a market could hurt the market value of a Portfolio's investments. Even if the securities acquired in PIPEs become registered, or a Portfolio is able to sell the securities through an exempt transaction, a Portfolio may not be able to sell all the securities it holds on short notice and the sale could impact the market price of the securities.

Special Purpose Acquisition Companies (SPACs):

A Portfolio may invest in a SPAC, a publicly traded company that raises investment capital in the form of a blind pool via an IPO for the purpose of acquiring an existing company. Until an acquisition is completed, a SPAC generally invests the proceeds of its IPO (less a portion retained to cover expenses), which are held in trust, in U.S. government securities, money market securities and cash. If a SPAC does not complete an acquisition within a specified period of time after going public, the SPAC is dissolved, at which point the invested funds are returned to the SPAC's shareholders (less certain permitted expenses) and any rights or warrants issued by the SPAC expire worthless. Because SPACs and similar entities are in essence blank check companies without an operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. In addition, the securities issued by a SPAC, which are typically traded in the over-the counter market, may be considered illiquid and/or be subject to restrictions on resale.

Accounting for Derivative Instruments:

Following is a description of how and why the Portfolios use derivative instruments, the type of derivatives utilized by the Portfolios during the reporting period, as well as the primary underlying risk exposures related to each instrument type. Derivatives accounted for as hedging instruments must be disclosed separately from those that do not qualify for hedge accounting. Even though the Portfolios may use derivatives in an attempt to achieve an economic hedge, the Portfolios' derivatives are not accounted for as hedging instruments because the Portfolios account for their derivatives at fair value and record any changes in fair value in current period earnings in the

1320

------

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

Statements of Operations. All open derivative positions at period end are reflected on each respective Portfolio's Portfolio of Investments. The volume of derivative activity, based on month-end notional amounts during the period is also noted in each respective Portfolio's Portfolio of Investments. Portfolio securities are reserved and/or pledged with the custodian as collateral for current or potential derivative holdings as necessary throughout the year.

Options:

Certain Portfolios may write (sell) covered options as a hedge to provide protection against adverse movements in the price of securities in the Portfolio or to enhance investment performance. Certain Portfolios purchase and sell exchange traded options on foreign currencies. When a Portfolio writes an option, an amount equal to the premium received by the Portfolio is recorded as a liability and is subsequently adjusted on a daily basis to the current market price of the option written. Premiums received from writing options that expire unexercised are recognized as gains on the expiration date. Premiums received from writing options that are exercised or are cancelled in closing purchase transactions are offset against the cost of any securities purchased or added to the proceeds or netted against the amount paid on the transaction to determine the realized gain or loss. In writing options, a Portfolio must assume that the option may be exercised at any time prior to the expiration of its obligation as a writer, and that in such circumstances the net proceeds of the sale (or cost of) purchase of the underlying securities and currencies pursuant to the call or put option may be substantially below or above the prevailing market price. A Portfolio also has the additional risk of not being able to enter into a closing purchase transaction if a liquid secondary market does not exist and bears the risk of unfavorable changes in the price of the financial instruments underlying the options.

Certain Portfolios may purchase put options on securities to increase the Portfolio's total investment return or to protect its holdings against a substantial decline in market value or fair value, as applicable. The purchase of put options on securities will enable a Portfolio to preserve, at least partially, unrealized gains in an appreciated security in its portfolio without actually selling the security. In addition, the Portfolios will continue to receive interest or dividend income on the security. The Portfolios may also purchase call options on securities to protect against substantial increases in prices of securities that Portfolios intend to purchase pending their ability to invest in an orderly manner in those securities. The Portfolios may sell put or call options they have previously purchased, which could result in a net gain or loss depending on whether the amount received on the sale is more or less than the premium and other transaction costs paid on the put or call option which was bought.

Futures Contracts, Options on Futures Contracts, and Foreign Currency Contracts:

The futures contracts used by the Portfolios are agreements to buy or sell a financial instrument for a set price in the future. Options on futures contracts used by the Portfolios are rights to buy or sell a futures contract for a set price in the future. Certain Portfolios buy or sell futures contracts for the purpose of protecting their Portfolio securities against future changes in interest rates and indices which might adversely affect the value of the Portfolios' securities or the price of securities that they intend to purchase at a later date. Initial margin deposits are made upon entering into futures contracts and can be in cash, certain money market instruments, treasury securities or other liquid, high grade debt securities. During the period the futures contracts are open, changes in the market price of the contracts are recognized as unrealized gains or losses by "marking-to-market" at the end of each trading day. Variation margin payments on futures contracts are received or made, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the proceeds from or cost of the closing transactions and the Portfolio's basis in the contract. The Portfolios enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, a Portfolio's credit risk is limited to failure of the exchange or board of trade.

During the year ended December 31, 2025, certain Portfolios held forward foreign currency contracts to either gain exposure to certain currencies or enter into an economic hedge against

1321

------

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

changes in the values of securities held in the Portfolio that do not qualify for hedge accounting under Accounting Standards Codification ("ASC") 815. The Statement of Operations for each Portfolio reflects realized gains or losses, if any, on forward foreign currency contracts and change in unrealized appreciation or depreciation, if any, on forward foreign currency contacts. Further information on the impact of these positions on the Portfolios' financial statements can be found in the Statement of Operations and Portfolio of Investments for each Portfolio.

The Portfolios may be exposed to foreign currency risks associated with Portfolio investments. Certain Portfolios may purchase foreign currency on a spot (or cash) basis. In addition, certain Portfolios enter into contracts to purchase or sell foreign currencies at a future date ("forward contracts"). A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Daily fluctuations in the value of such contracts are recognized as unrealized appreciation or depreciation by "marking-to-market". The gain or loss arising from the difference between the original contracts and the closing of such contracts is included in realized gains or losses from forward foreign currency contracts in the Statements of Operations of the Portfolios. The Portfolios may engage in these forward contracts to protect against uncertainty in the level of future rates in connection with the purchase and sale of Portfolio securities ("transaction hedging") and to protect the value of specific portfolio positions ("position hedging"). The Portfolios also buy forward foreign currency contracts to gain exposure to currencies.

Swap Agreements:

Changes in market value or fair value, as applicable, if any, are reflected as a component of net changes in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate ("variation margin") on the Statements of Assets and Liabilities. Over- the-counter ("OTC") swap payments received or made at the beginning of the measurement period are reflected as such on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront premiums are recorded as realized gains or losses on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Total return swap agreements involve commitments where cash flows are exchanged based on the price of an underlying reference and based on a fixed or variable rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific reference asset, which may include an underlying equity, index, or bond, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference less a financing rate, if any. As a receiver, the Portfolio would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Portfolio would owe payments on any net positive total return, and would receive payment in the event of a negative total return. In connection with total return swap agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Interest rate swaps involve the exchange between two parties of payments calculated by reference to specified interest rates (e.g., an exchange of floating rate payments for fixed rate payments). The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index exceeds a predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling such interest rate cap. The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling such interest rate floor. Caps and floors may be less liquid than swaps. In addition, the value of interest rate transactions will fluctuate based on changes in interest rates.

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December 31, 2025

Credit default swap agreements involve greater risks than if a Portfolio had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk. A Portfolio will enter into credit default swap agreements only with counterparties that meet certain standards of creditworthiness. A buyer generally also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront or periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller. A Portfolio's obligations under a credit default swap agreement will be accrued daily (offset against any amounts owing to the Portfolio). In connection with credit default swaps in which a Portfolio is the buyer, the Portfolio will segregate or "earmark" cash or assets determined to be liquid, or enter into certain offsetting positions, with a value at least equal to the Portfolio's exposure (any accrued but unpaid net amounts owed by the Portfolio to any counterparty), on a marked-to-market basis. In connection with credit default swaps in which a Portfolio is the seller, the Portfolio will segregate or "earmark" cash or assets determined to be liquid, or enter into offsetting positions, with a value at least equal to the full notional amount of the swap (minus any amounts owed to the Portfolio). Such segregation or "earmarking" is intended to ensure that the Portfolio has assets available to satisfy its obligations with respect to the transaction and limit any potential leveraging of the Portfolio. Such segregation or "earmarking" will not limit the Portfolio's exposure to loss. To the extent that credit default swaps are entered into for hedging purposes or are covered as described above, the Adviser believes such obligations do not constitute "senior securities" under the 1940 Act and, accordingly, will not treat them as being subject to the Portfolio's senior security and borrowing restrictions.

An option on a swap agreement, also called a "swaption," is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market- based "premium." A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate, or index. A payer swaption gives the owner the right to pay the total return of a specified asset, reference rate, or index. A purchaser of a swaption risks losing only the amount of the premium they have paid should they decide to let the option expire, whereas the seller of a swaption is subject to the risk that they will become obligated if the option is exercised. Swaptions also include options that allow an existing swap to be terminated or extended by one of the counterparties.

A Portfolio may use inflation-linked swaps to provide inflation protection within its portfolio. These are agreements between counterparties to exchange interest payments based on interest rates over the life of the swap. One cash flow stream will typically be a floating rate payment based upon the Consumer Price Index while the other is a pre-determined fixed interest rate. The use of swaps exposes the Portfolio to interest rate risk. Swaptions are marked-to-market daily based upon values from third party vendors.

Forward Settling Transactions:

Certain Portfolios may make contracts to purchase or sell securities for a fixed price at a future date beyond customary settlement time ("forward settling transactions"). Portfolios will designate the segregation, on their records, of cash or other liquid securities in an amount sufficient to meet the purchase price, or may enter into offsetting contracts for the forward sale of other securities they own.

These commitments are reported at market value or fair value, as applicable, in the financial statements. Forward settling transactions may be considered securities in themselves and involve a risk of loss if the value of the security to be purchased declines or if the value of the security to be sold increases prior to the settlement date, which is a risk in addition to the risk of decline in the value of the Portfolio's other assets. Where such purchases or sales are made through dealers, a Portfolio relies on the dealer to consummate the sale. The dealer's failure to do so may result in the loss to a Portfolio of an advantageous yield or price. Market risk exists on these commitments to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. However, during the commitment period, these investments earn no interest or dividends.

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December 31, 2025

Certain Portfolios may enter into to-be-announced purchase or sale commitments ("TBA transactions"), pursuant to which it agrees to purchase or sell, respectively, mortgage backed securities for a fixed unit price, with payment and delivery at a scheduled future date beyond the customary settlement period for such securities. With TBA transactions, the particular securities to be received or delivered by a Portfolio are not identified at the trade date; however, the securities must meet specified terms, including issuer, rate, and mortgage term, and be within industry-accepted "good delivery" standards. Portfolios may enter into TBA transactions with the intention of taking possession of or relinquishing the underlying securities, may elect to extend the settlement by "rolling" the transaction, and/or may use TBA transactions to gain or reduce interim exposure to underlying securities. Until settlement, the Portfolio maintains liquid assets sufficient to settle its commitment to purchase a TBA or, in the case of a sale commitment, the Portfolio maintains an entitlement to the security to be sold.

Each of the EQ/PIMCO Global Real Return Portfolio, EQ/PIMCO Real Return Portfolio, EQ/PIMCO Ultra Short Bond Portfolio, EQ/Quality Bond PLUS Portfolio and Multimanager Core Bond Portfolio entered into financing transactions referred to as "sale-buybacks" during the year ended December 31, 2025. A sale-buyback transaction consists of a sale of a security by a Portfolio to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. The Portfolio is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed upon proceeds for securities to be repurchased by the Portfolio are reflected as a liability on the Portfolio's Statement of Assets and Liabilities. The Portfolio will recognize net income represented by the price differential between the price received for the transferred security and the agreed upon repurchase price. This is commonly referred to as the "price drop." A price drop consists of: (i) the foregone interest and inflationary income adjustments, if any, the Portfolio would have otherwise received had the security not been sold; and (ii) the negotiated financing terms between the Portfolio and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Portfolio's Statement of Operations. Interest payments based upon negotiated financing terms made by the Portfolio to counterparties are recorded as a component of interest expense on the Portfolio's Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio.

The EQ/PIMCO Real Return Portfolio regularly enters into quarterly purchase and sale transactions where the purchase transactions occur on a forward settling basis, with the trade date preceding the fiscal quarter-end, and the settlement date occurring shortly after the fiscal quarter-end. These forward settling securities transactions are expected to physically settle within 35 days of the trade date. Because the purchase transactions occur on a forward settling basis, the Portfolio's assets will be temporarily increased when these purchases are effected and before the settlement date. The payable amount for these forward settling transactions as of the end of the fiscal period is shown in the Portfolio's Statement of Assets and Liabilities under "Liabilities — Payable for Securities Purchased." The transactions are entered into on a regular basis to allow the Portfolio to meet certain asset diversification rules that apply to insurance-dedicated funds under the Internal Revenue Code and to do so in a manner that is consistent with the Portfolio's investment program.

Master Netting Arrangements and Collateral:

International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Sub-Advisers on behalf of the Portfolios with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add

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December 31, 2025

counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third- party custodian. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Portfolio of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA transactions, delayed-delivery or sale-buybacks by and between the Sub-Advisers on behalf of the Portfolios and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged and/or received, and the net exposure by counterparty as of period end is disclosed in the Portfolio of Investments.

ISDA Master Agreements and Master Forward Agreements are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Under most ISDA Master Agreements and Master Forward Agreements, collateral is routinely pledged if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant master agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 (on a per counterparty basis) depending on the counterparty and the type of master agreement.

Collateral on OTC derivatives, forward settling transactions and centrally cleared derivatives may be in the form of cash or debt securities issued by the U.S. government or related agencies or foreign governments. Cash pledged as collateral by a Portfolio is reflected as cash held as collateral at the broker in the accompanying financial statements and generally is restricted from withdrawal by the Portfolio; securities pledged as collateral by a Portfolio are so noted in the accompanying Portfolio of Investments; both remain in the Portfolio's assets. Securities received as collateral by counterparties are not included in the Portfolio's assets because the Portfolio does not obtain effective control over those securities. The obligation to return cash collateral received from counterparties is included as a liability in the accompanying financial statements. Collateral posted or received by the Portfolio may be held in a segregated account at the respective counterparty or Portfolio's custodian.

Cash and Statement of Cash Flows:

In accordance with U.S. GAAP, the Portfolios consider cash which is not readily investable or available for withdrawal, such as initial margin pledged for derivatives, to be restricted cash for the purposes of reporting in the Statement of Cash Flows.

Due to the volume of sale-buyback transactions during the year ended December 31, 2025, the EQ/PIMCO Global Real Return Portfolio and EQ/PIMCO Real Return Portfolio are presenting a Statement of Cash Flows. The Statement of Cash Flows, as applicable, has been prepared using the indirect method which requires increase (decrease) in net assets resulting from operations to be adjusted to reconcile to net cash flows from operating activities.

Repurchase Agreements:

During the year ended December 31, 2025, the EQ/Money Market Portfolio entered into repurchase agreements through an account at JPMorgan Chase Bank, N.A. ("JPMorgan"), the Portfolio's custodian, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by U.S. Treasury or federal agency obligations. In a repurchase agreement, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For a repurchase agreement, JPMorgan takes possession of the collateral pledged for investments in such repurchase agreement. The underlying collateral is valued daily on a mark-to-market basis to ensure that the

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December 31, 2025

value is equal to or greater than the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Portfolio may be delayed or limited.

Repurchase agreements outstanding at period end, if any, including the underlying debt obligation (collateral) assigned to each agreement, are included within the Portfolio's Portfolio of Investments.

Securities Lending:

During the year ended December 31, 2025, certain Portfolios entered into securities lending transactions. To generate additional income, a Portfolio may lend its portfolio securities, up to 30% of the market value of the Portfolio's total assets, to brokers, dealers, and other financial institutions.

JPMorgan serves as securities lending agent for the securities lending program of the Trust. Securities lending transactions are considered to be overnight and continuous and can be terminated by a Portfolio or the borrower at any time.

The Portfolios' securities lending policies and procedures require that the borrower (i) deliver collateral consisting of cash or U.S. Government securities, equal to at least 102% of the value of the portfolio securities loaned with respect to each new loan of U.S. securities, and equal to at least 105% of the value of the portfolio securities loaned with respect to each new loan of non-U.S. securities; and, for loans of U.S. Treasury securities, collateral equal to the lesser of 102% of the loaned securities' current market value or 100% of the loaned securities' par value; (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. Cash collateral received is permitted to be invested in short-term, highly liquid investments, such as government money market funds and repurchase agreements, and shown in the Portfolio of Investments and included in calculating the Portfolio's total assets. The Trust currently limits reinvestment of cash collateral under the program to investment in government money market funds. U.S. Government securities received as collateral, if any, are held in safekeeping by JPMorgan and cannot be sold or repledged by the Portfolio and accordingly are not reflected in the Portfolio's total assets. For additional information on the non-cash collateral received, please refer to note (xx) in the Portfolio of Investments. Certain of the securities on loan may have been sold prior to the close of the reporting period and are included in Receivables for Securities Sold on the Statements of Assets and Liabilities.

The Portfolios receive payments from the lending agent equivalent to any dividends and/or interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. Securities lending income includes any fees charged to borrowers less expenses associated with the loan. Income from the securities lending program is recorded when earned from the lending agent and reflected in the Statements of Operations under "Securities lending (net)." The Portfolios may invest cash collateral in government money market funds or repurchase agreements as indicated on the Portfolio of Investments, and record a liability in the Statements of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Such liabilities, if any, are reflected in the Statements of Assets and Liabilities under "Payable for return of collateral on securities loaned". The Portfolios do not have the right to vote on securities while they are on loan. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans are made, however, only to borrowers deemed by the lending agent to be of good standing and creditworthy and approved by EIM. Loans are subject to termination by a Portfolio or the borrower at any time, and, therefore, are not considered to be illiquid investments. The lending agent receives a percentage of the total earnings of a Portfolio derived from the lending of the Portfolio's securities.

The Securities Lending Agreement between the Trust and JPMorgan provides that in the event of a default by a borrower with respect to any loan, a Portfolio may terminate the loan and

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December 31, 2025

JPMorgan will exercise any and all remedies provided under the applicable borrower agreement to make the Portfolio whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting borrower against the purchase cost of the replacement securities. If, despite such efforts by JPMorgan to exercise these remedies, the Portfolio sustains losses as a result of a borrower's default, JPMorgan indemnifies the Portfolio by purchasing replacement securities at JPMorgan's expense, or paying the Portfolio an amount equal to the market value of the replacement securities, subject to certain limitations which are set forth in detail in the Securities Lending Agreement between the Portfolio and JPMorgan.

At December 31, 2025, the Securities Lending Agreement does not permit a Portfolio to enforce a netting arrangement.

Market, Credit and Other Risks:

A Portfolio's investments in financial instruments expose the Portfolio to various risks such as, but not limited to, market, interest rate, foreign currency, foreign securities, forward settling transactions, equity, and credit risks.

The market values of a Portfolio's investments may decline due to factors that are specifically related to a particular company or issuer, such as poor management decisions, reduced demand for the issuer's goods or services, and competitive pressures, as well as general market conditions, such as real or perceived adverse economic or political conditions, changes in the general outlook for corporate earnings, inflation rates and/or investor expectations concerning such rates, changes in interest rates or currency rates, recessions or adverse investor sentiment generally. The market values of a Portfolio's investments may also decline due to factors that affect a particular sector or industry, such as the imposition (or threat) of tariffs; labor shortages or increased production costs and competitive conditions within the sector or industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Even when securities markets perform well, there is no assurance that the investments held by a Portfolio will increase in value along with the broader market. World markets, or those in a particular region, may all react in similar fashion to important economic, political or other developments. Events such as environmental, natural or man-made disasters or other catastrophes, public health crises (such as epidemics and pandemics), social unrest, supply chain disruptions, bank failures, widespread and prolonged power outages, and cybersecurity incidents, and governments' reactions (or failure to react) to such events, could cause uncertainty in the markets and may adversely affect the performance of the global economy. Geopolitical and other events, including acts of terrorism, tensions, war or other open conflicts between nations, or political or economic dysfunction within nations that are global economic powers or major producers of oil or other commodities, may lead to overall instability in world economies and markets generally and have led, and may in the future lead, to increased market volatility and may have adverse long-term effects. Impacts from climate change may include significant risks to global financial assets and economic growth. Furthermore, impacts from the rapid development and increasingly widespread use of artificial intelligence technologies, including by market participants, may include significant risks to global financial markets.

Changes in government or central bank policies, changes to regulations involving the securities markets, and political, diplomatic and other events within the United States and abroad may affect investor and consumer confidence and may increase uncertainty in or impair the operation of the U.S. or other security markets, perhaps suddenly and to a significant degree. High public debt and deficits in the United States and other countries creates ongoing systemic and market risks and policymaking uncertainty, and may negatively affect economic conditions and the values of markets, sectors, or companies in which a Portfolio invests.

Changes in interest rates may affect the yield, liquidity and value of investments in debt securities or other income-producing securities. Changes in interest rates also may affect the value of other securities. When interest rates rise, the value of a Portfolio's debt securities generally

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December 31, 2025

declines. Conversely, when interest rates decline, the value of a Portfolio's debt securities generally rises. Typically, the longer the maturity (i.e., the term of a debt security) or duration (i.e., a measure of the sensitivity of a debt security to changes in market interest rates, based on the entire cash flow associated with the security) of a debt security, the greater the effect a change in interest rates could have on the security's price. Thus, the sensitivity of a Portfolio's debt securities to interest rate risk will increase the greater the duration of those securities. Changes in government or central bank monetary policy may have a substantial and immediate impact on interest rates, which could result in losses to a Portfolio. It is difficult to predict accurately the timing, frequency, magnitude or direction of interest rate changes, and the evaluation of macro-economic and other conditions or events could cause a change in approach in the future. Fixed- income and related markets may continue to experience heightened levels of interest rate volatility. Inflation risk is the uncertainty over the future real value (after inflation) of an investment. A Portfolio's investments may not keep pace with inflation, and the value of an investment in a Portfolio may be eroded over time by inflation. Changes in government or central bank policies, including changes in federal tax policy or changes in the implementation of specific policy goals, could negatively affect the value and liquidity of a Portfolio's investments and cause it to lose money.

If a Portfolio invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in financial derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Portfolio, or, in the case of hedging positions, that the Portfolio's base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, a Portfolio's investments in foreign currency denominated securities may reduce the Portfolio's returns. The Portfolios are subject to off-balance sheet risk to the extent of the value of the contracts for purchase of foreign currency and in an unlimited amount for sales of foreign currency.

Foreign (non-U.S.) securities in this report are classified by the country of risk of a holding. Investments in foreign securities, including depositary receipts, involve risks not associated with, or more prevalent than those that may be associated with, investments in U.S. securities. Foreign markets may be less liquid, more volatile and subject to less government supervision and regulation than U.S. markets. Differences between U.S. and foreign legal, political and economic systems, regulatory regimes and market practices, as well as changes in international trading patterns, also may adversely impact security values, and it may take more time to clear and settle trades involving foreign securities. In addition, securities issued by U.S. entities with substantial foreign operations or holdings can involve risks relating to conditions in foreign countries.

Tensions, wars, or other open conflicts between nations, such as between Russia and Ukraine, in the Middle East, and in eastern Asia, the resulting responses by the United States and other countries, and the potential for wider conflict have had, and could continue to have, severe adverse effects on regional and global economies and could further increase volatility and uncertainty in the financial markets. The extent and duration of ongoing hostilities or military actions and the repercussions of such actions are impossible to predict. These events have resulted in, and could continue to result in, significant market disruptions, including in certain industries or sectors such as the oil and natural gas markets, and may further strain global supply chains and negatively affect inflation and global growth. The resulting adverse market conditions could be prolonged. These and any related events could significantly impact a Portfolio's performance and the value of an investment in a Portfolio, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries or regions directly affected. In addition, the Chinese government is involved in a longstanding dispute with Taiwan that has included threats of invasion. If China were to attempt unification of Taiwan by coercion or force, economies, markets and individual securities may be severely affected both regionally and globally.

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December 31, 2025

Forward settling transactions and forward foreign currency contracts involve elements of both market and credit risk in excess of the amounts reflected in the Statements of Assets and Liabilities. They are executed directly with the counterparty and not through an exchange and can be terminated only by agreement of both parties to such contracts. With respect to such transactions there is no daily margin settlement. There is also the risk that the security will not be issued or that the other party to the transaction will not meet its obligations. If this occurs, a Portfolio may lose both the investment opportunity for its assets if set aside to pay for the security and any gain in the security. The use of forward settling transactions may result in market risk to the Portfolios that is greater than if the Portfolios had engaged solely in transactions that settle in the customary time.

The use of futures contracts involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Should interest rates or indices move unexpectedly, the Portfolio may not achieve the anticipated benefits of the futures contracts and may incur a loss. Use of long futures contracts subjects the Portfolios to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects the Portfolios to unlimited risk of loss.

Equity securities and equity related investments generally have greater market price volatility than fixed income securities, although under certain market conditions fixed income securities may have comparable or greater price volatility. In addition, common stock prices may be particularly sensitive to rising interest rates, which increase borrowing costs and the costs of capital.

A Portfolio will be exposed to credit risk with respect to the parties with whom it trades and will also bear the risk of settlement default. A Portfolio is subject to the risk that the issuer or guarantor of a fixed income security, or the counterparty to a transaction, is unable or unwilling, or is perceived as unable or unwilling, to make timely interest or principal payments or otherwise honor its obligations, which may cause the Portfolio's holding to lose value. The downgrade of a security's credit rating may decrease its value. Lower credit quality also may lead to greater volatility in the price of a security and may negatively affect a security's liquidity. The credit quality of a security can deteriorate suddenly and rapidly.

Certain Portfolios may invest in below investment grade high-yield securities (commonly known as "junk bonds"). These securities are considered to be high risk investments. Securities rated below investment grade are speculative in nature, involve greater risk of default by the issuing entity and may be subject to greater market fluctuations than higher rated fixed income securities because such securities are generally unsecured and subordinated to other creditors' claims. The retail secondary market for these "junk bonds" may be less liquid than that of higher rated securities and adverse economic conditions could make it difficult to sell certain securities or could result in lower prices than those used in calculating a Portfolio's NAV.

A Portfolio that invests in affiliated mutual funds, unaffiliated mutual funds and ETFs indirectly pays a portion of the expenses incurred by the underlying funds and ETFs. As a result, the cost of investing in the Portfolio may be higher than the cost of investing in a Portfolio that invests directly in individual securities and financial instruments. The Portfolio also is subject to certain risks related to the underlying funds' and ETFs' investments in securities and financial instruments (such as fixed income securities, including high yield, asset-backed and mortgage-related securities, equity securities, foreign and emerging markets securities, commodities and real estate securities) and the ability of the Portfolio to meet its investment objective will directly depend on the ability of the underlying funds or ETFs to meet their investment objectives. With respect to a Portfolio's investments in index-based ETFs, there is also the risk that an ETF's performance may not match that of the index it seeks to track. It is also possible that an active trading market for an ETF may not develop or be maintained, in which case the liquidity and value of a Portfolio's investments in the ETF could be substantially and adversely affected. The extent to which the investment performance and risks associated with a Portfolio correlate to those of a particular underlying fund or ETF will depend upon the extent to which the Portfolio's assets are allocated from time to time for investment in the underlying fund or ETF, which will vary.

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Offsetting Assets and Liabilities:

The Portfolios may be subject to various netting arrangements with select counterparties ("Master Agreements"). Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. As the Master Agreements are specific to unique operations of different asset types, they allow a Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statements of Assets and Liabilities generally show derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Segment Reporting:

In accordance with FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures ("ASU 2023-07"), the Trust's chief operating decision maker ("CODM") has determined that each Portfolio represents a single operating segment. A senior executive team comprised of the Trust's President and Chief Operating Officer serves as the CODM. The CODM's decision is based on the fact that each Portfolio has a single investment strategy that is disclosed in the Portfolio's prospectus; each Portfolio's performance is assessed, and resources are allocated, at the Portfolio level; and each Portfolio's operating results are reviewed for the Portfolio as a whole. For each Portfolio, the financial information reviewed by the CODM is consistent with the Portfolio's Financial Statements included herein.

Recent Accounting Pronouncement:

In December 2023, FASB issued Accounting Standards Update ("ASU") 2023-09 ("ASU 2023-09") Improvements to Income Tax Disclosures, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Portfolio's net assets or results of operation.

Note 2 Management of the Trust

The Trust, on behalf of each Portfolio, has entered into an investment advisory agreement (the "Advisory Agreement") with EIM which provides that the Adviser is responsible for (i) providing a continuous investment program for the Portfolios; (ii) monitoring the implementation of the investment program for each Portfolio; (iii) assessing the investment objectives and policies, composition, investment style and investment process for each Portfolio; (iv) effecting transactions for each Portfolio and selecting brokers or dealers to execute such transactions; (v) developing and evaluating strategic initiatives with respect to the Portfolios; (vi) making recommendations to the Board regarding the investment programs of the Portfolios, including any changes to the investment objectives and policies of a Portfolio; (vii) coordinating and/or implementing strategic initiatives approved by the Board; and (viii) preparing and providing reports to the Board on the impact of such strategic initiatives. The Advisory Agreement also permits the Adviser, subject to the direction and control of the Board, to delegate any of its duties with respect to one or more Portfolios to a Sub-Adviser. Under the Advisory Agreement, the Adviser has, with respect to each sub-advised Portfolio, (i) overall supervisory responsibility for the general management and investment of a Portfolio's assets; (ii) full discretion to select new or additional Sub-Advisers for a Portfolio; (iii) full discretion to enter into and materially modify existing sub-advisory agreements ("Sub-Advisory Agreements") with Sub-Advisers; and (iv) full discretion to terminate and replace any Sub-Adviser. In connection with the Adviser's responsibilities under the Advisory Agreement, the Adviser will oversee the performance of delegated functions by each Sub-Adviser, assess each Portfolio's investment focus, and furnish the Board with periodic reports concerning the performance of delegated responsibilities by the Sub-Adviser.

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

For its services under the Advisory Agreement, the Adviser is entitled to receive an annual fee as a percentage of average daily net assets, for each of the following Portfolios, calculated daily and payable monthly as follows:

---

| | |
|:---|:---|
| **Portfolios:** | **Management Fee** |
|  EQ/All Asset Growth Allocation | 0.100% of average daily net assets |
|  Target 2015 Allocation | 0.100% of average daily net assets |
|  Target 2025 Allocation | 0.100% of average daily net assets |
|  Target 2035 Allocation | 0.100% of average daily net assets |
|  Target 2045 Allocation | 0.100% of average daily net assets |
|  Target 2055 Allocation | 0.100% of average daily net assets |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolios:** | **First<br>$750 Million** | **Next<br>$750 Million** | **Next<br>$1 Billion** | **Next<br>$2.5 Billion** | **Thereafter** |
|  1290 VT DoubleLine Opportunistic Bond | 0.600% | 0.575% | 0.550% | 0.530% | 0.520% |
|  1290 VT Equity Income | 0.750 | 0.700 | 0.675 | 0.650 | 0.625 |
|  1290 VT GAMCO Mergers & Acquisitions | 0.900 | 0.850 | 0.825 | 0.800 | 0.775 |
|  1290 VT GAMCO Small Company Value | 0.750 | 0.700 | 0.675 | 0.650 | 0.625 |
|  1290 VT High Yield Bond | 0.600 | 0.580 | 0.560 | 0.540 | 0.530 |
|  1290 VT Micro Cap | 0.850 | 0.800 | 0.775 | 0.750 | 0.725 |
|  1290 VT Moderate Growth Allocation | 0.700 | 0.650 | 0.625 | 0.600 | 0.575 |
|  1290 VT Small Cap Value | 0.800 | 0.750 | 0.725 | 0.700 | 0.675 |
|  1290 VT SmartBeta Equity ESG | 0.700 | 0.650 | 0.625 | 0.600 | 0.575 |
|  EQ/AB Dynamic Aggressive Growth | 0.750 | 0.700 | 0.675 | 0.650 | 0.625 |
|  EQ/AB Dynamic Growth | 0.750 | 0.700 | 0.675 | 0.650 | 0.625 |
|  EQ/AB Dynamic Moderate Growth | 0.750 | 0.700 | 0.675 | 0.650 | 0.625 |
|  EQ/AB Sustainable U.S. Thematic | 0.650 | 0.600 | 0.575 | 0.550 | 0.525 |
|  EQ/AB Short Duration Government Bond | 0.450 | 0.430 | 0.410 | 0.390 | 0.380 |
|  EQ/AB Small Cap Growth | 0.550 | 0.500 | 0.475 | 0.450 | 0.425 |
|  EQ/American Century Mid Cap Value | 0.900 | 0.850 | 0.825 | 0.800 | 0.775 |
|  EQ/American Century Moderate Growth Allocation | 0.800 | 0.750 | 0.725 | 0.700 | 0.675 |
|  EQ/Capital Group Research | 0.650 | 0.600 | 0.575 | 0.550 | 0.525 |
|  EQ/ClearBridge Large Cap Growth ESG | 0.650 | 0.600 | 0.575 | 0.550 | 0.525 |
|  EQ/Core Plus Bond | 0.600 | 0.580 | 0.560 | 0.540 | 0.530 |
|  EQ/Emerging Markets Equity PLUS | 0.700 | 0.650 | 0.625 | 0.600 | 0.575 |
|  EQ/Fidelity Institutional AM<sup>®</sup> Large Cap | 0.540 | 0.500 | 0.475 | 0.450 | 0.425 |
|  EQ/Franklin Rising Dividends | 0.600 | 0.550 | 0.510 | 0.490 | 0.475 |
|  EQ/Goldman Sachs Growth Allocation | 0.800 | 0.750 | 0.725 | 0.700 | 0.675 |
|  EQ/Goldman Sachs Mid Cap Value | 0.770 | 0.750 | 0.725 | 0.680 | 0.670 |
|  EQ/Goldman Sachs Moderate Growth Allocation | 0.800 | 0.750 | 0.725 | 0.700 | 0.675 |
|  EQ/Invesco Comstock | 0.650 | 0.600 | 0.575 | 0.550 | 0.525 |
|  EQ/Invesco Global | 0.850 | 0.800 | 0.775 | 0.750 | 0.725 |
|  EQ/Invesco Global Real Assets | 0.735 | 0.700 | 0.675 | 0.650 | 0.625 |
|  EQ/Invesco Moderate Allocation | 0.800 | 0.750 | 0.725 | 0.700 | 0.675 |
|  EQ/Invesco Moderate Growth Allocation | 0.800 | 0.750 | 0.725 | 0.700 | 0.675 |
|  EQ/Janus Enterprise | 0.700 | 0.650 | 0.625 | 0.600 | 0.575 |
|  EQ/JPMorgan Growth Allocation | 0.800 | 0.750 | 0.725 | 0.700 | 0.675 |
|  EQ/JPMorgan Growth Stock | 0.750 | 0.700 | 0.675 | 0.650 | 0.625 |
|  EQ/JPMorgan Hedged Equity and Premium Income | 0.700 | 0.650 | 0.625 | 0.600 | 0.575 |

---

1331

------

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolios:** | **First<br>$750 Million** | **Next<br>$750 Million** | **Next<br>$1 Billion** | **Next<br>$2.5 Billion** | **Thereafter** |
|  EQ/JPMorgan Value Opportunities | 0.600% | 0.550% | 0.525% | 0.500% | 0.475% |
|  EQ/Lazard Emerging Markets Equity | 1.000 | 0.950 | 0.925 | 0.900 | 0.875 |
|  EQ/Loomis Sayles Growth | 0.750 | 0.700 | 0.675 | 0.650 | 0.625 |
|  EQ/MFS International Growth | 0.850 | 0.800 | 0.775 | 0.750 | 0.725 |
|  EQ/MFS International Intrinsic Value | 0.860 | 0.820 | 0.700 | 0.700 | 0.700 |
|  EQ/MFS Mid Cap Focused Growth | 0.850 | 0.800 | 0.775 | 0.750 | 0.725 |
|  EQ/MFS Technology | 0.750 | 0.700 | 0.675 | 0.650 | 0.625 |
|  EQ/MFS Utilities Series | 0.730 | 0.700 | 0.670 | 0.650 | 0.625 |
|  EQ/Money Market | 0.350 | 0.325 | 0.280 | 0.270 | 0.250 |
|  EQ/Morgan Stanley Small Cap Growth | 0.800 | 0.750 | 0.725 | 0.700 | 0.675 |
|  EQ/PIMCO Global Real Return | 0.600 | 0.575 | 0.550 | 0.530 | 0.520 |
|  EQ/PIMCO Real Return | 0.500 | 0.475 | 0.450 | 0.430 | 0.420 |
|  EQ/PIMCO Total Return ESG | 0.500 | 0.475 | 0.450 | 0.430 | 0.420 |
|  EQ/PIMCO Ultra Short Bond | 0.500 | 0.475 | 0.450 | 0.430 | 0.420 |
|  EQ/Quality Bond PLUS | 0.400 | 0.380 | 0.360 | 0.340 | 0.330 |
|  EQ/T. Rowe Price Health Sciences | 0.950 | 0.900 | 0.875 | 0.850 | 0.825 |
|  EQ/Value Equity | 0.560 | 0.540 | 0.520 | 0.500 | 0.475 |
|  EQ/Wellington Energy | 0.850 | 0.800 | 0.775 | 0.750 | 0.725 |
|  Multimanager Aggressive Equity | 0.580 | 0.550 | 0.525 | 0.500 | 0.475 |
|  Multimanager Core Bond | 0.550 | 0.530 | 0.510 | 0.490 | 0.480 |
|  Multimanager Technology | 0.950 | 0.900 | 0.875 | 0.850 | 0.825 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolios:** | **First<br>$750 Million** | **Next<br>$750 Million** | **Next<br>$1 Billion** | **Next<br>$2.5 Billion** | **Next<br>$2.5 Billion** | **Thereafter** |
|  EQ/ClearBridge Select Equity Managed Volatility | 0.700% | 0.665% | 0.635% | 0.610% | 0.560% | 0.540% |
|  EQ/Franklin Small Cap Value Managed Volatility | 0.700 | 0.665 | 0.635 | 0.610 | 0.560 | 0.540 |
|  EQ/Global Equity Managed Volatility | 0.740 | 0.720 | 0.690 | 0.665 | 0.615 | 0.590 |
|  EQ/International Core Managed Volatility | 0.600 | 0.575 | 0.550 | 0.525 | 0.475 | 0.450 |
|  EQ/International Value Managed Volatility | 0.600 | 0.575 | 0.550 | 0.525 | 0.475 | 0.450 |
|  EQ/Large Cap Core Managed Volatility | 0.500 | 0.475 | 0.450 | 0.425 | 0.375 | 0.350 |
|  EQ/Large Cap Growth Managed Volatility | 0.500 | 0.475 | 0.450 | 0.425 | 0.375 | 0.350 |
|  EQ/Large Cap Value Managed Volatility | 0.500 | 0.475 | 0.450 | 0.425 | 0.375 | 0.350 |
|  EQ/Mid Cap Value Managed Volatility | 0.550 | 0.525 | 0.500 | 0.475 | 0.425 | 0.400 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolios:** | **First<br>$2 Billion** | **Next<br>$2 Billion** | **Next<br>$2 Billion** | **Next<br>$6 Billion** | **Next<br>$2 Billion** | **Thereafter** |
|  ATM International Managed Volatility\* | 0.450% | 0.425% | 0.400% | 0.350% | 0.325% | 0.300% |
|  ATM Large Cap Managed Volatility\* | 0.450 | 0.425 | 0.400 | 0.350 | 0.325 | 0.300 |
|  ATM Mid Cap Managed Volatility\* | 0.450 | 0.425 | 0.400 | 0.350 | 0.325 | 0.300 |

---

1332

------

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolios:** | **First<br>$2 Billion** | **Next<br>$2 Billion** | **Next<br>$2 Billion** | **Next<br>$6 Billion** | **Next<br>$2 Billion** | **Thereafter** |
|  ATM Small Cap Managed Volatility\* | 0.450% | 0.425% | 0.400% | 0.350% | 0.325% | 0.300% |
|  EQ/500 Managed Volatility\* | 0.450 | 0.425 | 0.400 | 0.350 | 0.325 | 0.300 |
|  EQ/400 Managed Volatility\* | 0.450 | 0.425 | 0.400 | 0.350 | 0.325 | 0.300 |
|  EQ/2000 Managed Volatility\* | 0.450 | 0.425 | 0.400 | 0.350 | 0.325 | 0.300 |
|  EQ/lnternational Managed Volatility\* | 0.450 | 0.425 | 0.400 | 0.350 | 0.325 | 0.300 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolios:** | **First<br>$1 Billion** | **Next<br>$1 Billion** | **Next<br>$3 Billion** | **Next<br>$4 Billion** | **Next<br>$3 Billion** | **Thereafter** |
|  EQ/Aggressive Allocation | 0.100% | 0.0925% | 0.0900% | 0.0875% | 0.0825% | 0.0800% |
|  EQ/Aggressive Growth Strategy | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0825 | 0.0800 |
|  EQ/Balanced Strategy | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0825 | 0.0800 |
|  EQ/Conservative Allocation | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0825 | 0.0800 |
|  EQ/Conservative Growth Strategy | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0825 | 0.0800 |
|  EQ/Conservative-Plus Allocation | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0825 | 0.0800 |
|  EQ/Conservative Strategy | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0825 | 0.0800 |
|  EQ/Growth Strategy | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0825 | 0.0800 |
|  EQ/Moderate Allocation | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0825 | 0.0800 |
|  EQ/Moderate Growth Strategy | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0825 | 0.0800 |
|  EQ/Moderate-Plus Allocation | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0825 | 0.0800 |
|  EQ/Ultra Conservative Strategy | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0825 | 0.0800 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolios:** | **First<br>$2 Billion** | **Next<br>$4 Billion** | **Thereafter** |
|  1290 VT Multi-Alternative Strategies | 0.500% | 0.450% | 0.425% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolios:** | **First<br>$2 Billion** | **Next<br>$4 Billion** | **Next<br>$2 Billion** | **Next<br>$2 Billion** | **Thereafter** |
|  1290 VT Convertible Securities\* | 0.500% | 0.450% | 0.425% | 0.400% | 0.375% |
|  1290 VT Natural Resources\* | 0.500 | 0.450 | 0.425 | 0.400 | 0.375 |
|  1290 VT Real Estate\* | 0.500 | 0.450 | 0.425 | 0.400 | 0.375 |
|  1290 VT Socially Responsible\* | 0.500 | 0.450 | 0.425 | 0.400 | 0.375 |
|  EQ/Common Stock Index\* | 0.350 | 0.300 | 0.275 | 0.250 | 0.225 |
|  EQ/Equity 500 Index\* | 0.250 | 0.200 | 0.175 | 0.150 | 0.125 |
|  EQ/International Equity Index\* | 0.400 | 0.350 | 0.325 | 0.300 | 0.275 |
|  EQ/Large Cap Growth Index\* | 0.350 | 0.300 | 0.275 | 0.250 | 0.225 |
|  EQ/Large Cap Value Index\* | 0.350 | 0.300 | 0.275 | 0.250 | 0.225 |
|  EQ/Mid Cap Index\* | 0.350 | 0.300 | 0.275 | 0.250 | 0.225 |
|  EQ/Small Company Index\* | 0.250 | 0.200 | 0.175 | 0.150 | 0.125 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolios:** | **First<br>$2 Billion** | **Next<br>$4 Billion** | **Next<br>$2 Billion** | **Thereafter** |
|  EQ/Core Bond Index | 0.350% | 0.300% | 0.275% | 0.250% |
|  EQ/Intermediate Corporate Bond | 0.350 | 0.300 | 0.275 | 0.250 |
|  EQ/Intermediate Government Bond | 0.350 | 0.300 | 0.275 | 0.250 |
|  EQ/Long-Term Bond | 0.350 | 0.300 | 0.275 | 0.250 |

---

1333

------

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolios:** | **First<br>$2 Billion** | **Next<br>$2 Billion** | **Next<br>$2 Billion** | **Next<br>$3 Billion** | **Thereafter** |
|  Equitable Conservative Growth MF/ETF | 0.1500% | 0.1425% | 0.1400% | 0.1375% | 0.1350% |
|  Equitable Growth MF/ETF | 0.1500 | 0.1425 | 0.1400 | 0.1375 | 0.1350 |
|  Equitable Moderate Growth MF/ETF | 0.1500 | 0.1425 | 0.1400 | 0.1375 | 0.1350 |

---

\* The fee rate was implemented by the Adviser on a voluntary basis during the period January 1, 2025, through April 30, 2025.

For each Portfolio listed in the table below, the following contractual fee rate was in effect from January 1, 2025, through April 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolios:** | **First<br>$2 Billion** | **Next<br>$2 Billion** | **Next<br>$2 Billion** | **Next<br>$3 Billion** | **Next<br>$3 Billion** | **Thereafter** |
|  ATM International Managed Volatility | 0.450% | 0.425% | 0.400% | 0.375% | 0.350% | 0.325% |
|  ATM Large Cap Managed Volatility | 0.450 | 0.425 | 0.400 | 0.375 | 0.350 | 0.325 |
|  ATM Mid Cap Managed Volatility | 0.450 | 0.425 | 0.400 | 0.375 | 0.350 | 0.325 |
|  ATM Small Cap Managed Volatility | 0.450 | 0.425 | 0.400 | 0.375 | 0.350 | 0.325 |
|  EQ/500 Managed Volatility | 0.450 | 0.425 | 0.400 | 0.375 | 0.350 | 0.325 |
|  EQ/400 Managed Volatility | 0.450 | 0.425 | 0.400 | 0.375 | 0.350 | 0.325 |
|  EQ/2000 Managed Volatility | 0.450 | 0.425 | 0.400 | 0.375 | 0.350 | 0.325 |
|  EQ/International Managed Volatility | 0.450 | 0.425 | 0.400 | 0.375 | 0.350 | 0.325 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolios:** | **First<br>$2 Billion** | **Next<br>$4 Billion** | **Next<br>$2 Billion** | **Thereafter** |
|  1290 VT Convertible Securities | 0.500% | 0.450% | 0.425% | 0.400% |
|  1290 VT Natural Resources | 0.500 | 0.450 | 0.425 | 0.400 |
|  1290 VT Real Estate | 0.500 | 0.450 | 0.425 | 0.400 |
|  1290 VT Socially Responsible | 0.500 | 0.450 | 0.425 | 0.400 |
|  EQ/Common Stock Index | 0.350 | 0.300 | 0.275 | 0.250 |
|  EQ/Equity 500 Index | 0.250 | 0.200 | 0.175 | 0.150 |
|  EQ/International Equity Index | 0.400 | 0.350 | 0.325 | 0.300 |
|  EQ/Large Cap Growth Index | 0.350 | 0.300 | 0.275 | 0.250 |
|  EQ/Large Cap Value Index | 0.350 | 0.300 | 0.275 | 0.250 |
|  EQ/Mid Cap Index | 0.350 | 0.300 | 0.275 | 0.250 |
|  EQ/Small Company Index | 0.250 | 0.200 | 0.175 | 0.150 |

---

Prior to October 27, 2025, the EQ/JPMorgan Hedged Equity and Premium Income Portfolio's (formerly, EQ/Franklin Moderate Allocation Portfolio) advisory fee rate was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolio:** | **First<br>$750 Million** | **Next<br>$750 Million** | **Next<br>$1 Billion** | **Next<br>$2.5 Billion** | **Thereafter** |
|  EQ/JPMorgan Hedged Equity and Premium Income | 0.800% | 0.750% | 0.725% | 0.700% | 0.675% |

---

On behalf of the Trust, the Adviser has entered into Sub-Advisory Agreements with each of the Sub-Advisers with respect to the Trust's Portfolios (except the EQ/All Asset Growth Allocation Portfolio, Equitable Conservative Growth MF/ETF Portfolio, Equitable Moderate Growth MF/ETF Portfolio, Equitable Growth MF/ETF Portfolio, EQ/JPMorgan Hedged Equity and Premium Income Portfolio, ETF Portfolios, EQ Allocation Portfolios, Target Allocation Portfolios, and Strategic Allocation Series Portfolios). Each of the Sub-Advisory Agreements obligates the Sub-Advisers for the respective Portfolios to: (i) continuously furnish investment programs for the Portfolios; (ii) place

1334

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

all orders for the purchase and sale of investments for the Portfolios with brokers or dealers selected by the Adviser or the respective Sub-Advisers; and (iii) perform certain limited related administrative functions in connection therewith. The Adviser pays the Sub-Advisers' fees.

Indemnification of Trustees and Officers:

Under the Trust's organizational documents, the Trust's officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with vendors and others that may provide for general indemnifications. A Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio. However, based on experience, the Trust and management expect the risk of loss to be remote.

Compensation of Officers:

Each officer of the Trust is an employee of Equitable Financial, EIM and/or Equitable Distributors, LLC ("Equitable Distributors" or the "Distributor"). No officer of the Trust, other than the Chief Compliance Officer, receives compensation paid by the Trust. During the year ended December 31, 2025, the two trusts in the fund complex reimbursed EIM for $280,000 of the Chief Compliance Officer's compensation, including $277,565 reimbursed by the Trust.

Note 3 Administrative Fees

Equitable Investment Management, LLC (the "Administrator"), an affiliate of EIM, serves as Administrator to the Trust. The Administrator provides the Trust with necessary administrative, fund accounting, and compliance services. In addition, the Administrator has access to the office space, equipment, personnel and facilities required to provide such services to the Trust. The Administrator may carry out its responsibilities either directly or through sub-contracting with third party providers. For these services, the Trust pays the Administrator monthly fees, as follows:

Each of the 1290 VT Moderate Growth Allocation Portfolio, EQ/AB Dynamic Aggressive Growth Portfolio, EQ/AB Dynamic Growth Portfolio, EQ/AB Dynamic Moderate Growth Portfolio, EQ/AB Small Cap Growth Portfolio, EQ/American Century Moderate Growth Allocation Portfolio, EQ/ Goldman Sachs Growth Allocation Portfolio, EQ/Goldman Sachs Moderate Growth Allocation Portfolio, EQ/Invesco Moderate Allocation Portfolio, EQ/Invesco Moderate Growth Allocation Portfolio, EQ/JPMorgan Growth Allocation Portfolio, EQ/JPMorgan Hedged Equity and Premium Income Portfolio, the Tactical Portfolios, the Multiadviser Portfolios, EQ/All Asset Growth Allocation Portfolio, Equitable Conservative Growth MF/ETF Portfolio, Equitable Growth MF/ETF Portfolio, Equitable Moderate Growth MF/ETF Portfolio, the Strategic Allocation Series Portfolios, the EQ Allocation Portfolios, the Target Allocation Portfolios, and EQ/Core Plus Bond Portfolio pays a proportionate share of a contractual asset-based administration fee based on the aggregate average daily net assets of the above mentioned Portfolios ("Administration Group 1"), as follows:

0.140% on the first $60 billion

0.110% on the next $20 billion

0.0775% on the next $20 billion

0.0750% on the next $20 billion

0.0725% on net assets thereafter

The asset-based administration fee is calculated and billed monthly, and each Portfolio in Administration Group 1 is subject to a minimum annual fee of $32,500.

The contractual asset-based administration fee schedule for Administration Group 1 set forth above went into effect on May 1, 2025, but was implemented by the Administrator on a voluntary basis during the period January 1, 2025, through April 30, 2025. Prior to May 1, 2025, the contractual asset-based administration fee schedule for Administration Group 1 was as follows:

0.140% on the first $60 billion

1335

------

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

0.110% on the next $20 billion

0.0875% on the next $20 billion

0.0775% on the next $20 billion

0.0750% on the next $20 billion

0.0725% on net assets thereafter

Each of the other Portfolios ("Administration Group 2") pays a proportionate share of a contractual asset-based administration fee based on the aggregate average daily net assets of Administration Group 2 as follows:

0.100% on the first $30 billion

0.0975% on the next $10 billion

0.0900% on the next $5 billion

0.0775% on the next $10 billion

0.0750% on the next $30 billion

0.0725% on net assets thereafter

The asset-based administration fee is calculated and billed monthly, and each Portfolio in Administration Group 2 is subject to a minimum annual fee of $30,000.

The asset-based contractual administration fee schedule for Administration Group 2 set forth above went into effect on May 1, 2025, but was implemented by the Administrator on a voluntary basis during the period January 1, 2025, through April 30, 2025. Prior to May 1, 2025, the contractual asset-based administration fee schedule for Administration Group 2 was as follows:

0.100% on the first $30 billion

0.0975% on the next $10 billion

0.0950% on the next $5 billion

0.0775% on the next $10 billion

0.0750% on the next $30 billion

0.0725% on net assets thereafter

Pursuant to a sub-administration arrangement with the Administrator and EIM, the Sub-Administrator assists the Administrator in providing the Trust with certain administrative services, including portfolio compliance and portfolio accounting support services, subject to the supervision of the Administrator. The Administrator pays the Sub-Administrator a fee for these services.

Note 4 Custody Fees

The Trust has entered into a custody agreement (the "Custody Agreement") with JPMorgan Chase Bank, N.A. (in this capacity, the "Custodian"). The Custody Agreement provides for an annual fee based on the amount of assets under custody plus transaction charges. The Custodian serves as custodian of the Trust's Portfolio securities and other assets. Under the terms of the Custody Agreement between the Trust and the Custodian, the Custodian maintains and deposits in each Portfolio's account, cash, securities and other assets of the Portfolio. The Custodian is also required, upon the order of the Trust, to deliver securities held by the Custodian, and to make payments for securities purchased by the Trust. The Custodian has also entered into sub-custodian agreements with a number of foreign banks and clearing agencies, pursuant to which portfolio securities purchased outside the United States are maintained in the custody of these entities. As of December 31, 2025, certain of the Portfolios maintain significant cash balances with the Custodian or its affiliates. These balances are presented as cash on each Portfolio's Statement of Assets and Liabilities.

Note 5 Distribution Plans

The Trust, on behalf of each Portfolio, has entered into distribution agreements with Equitable Distributors, LLC, an indirect wholly-owned subsidiary of Equitable Financial and an affiliate of

1336

------

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

EIM, pursuant to which the Distributor serves as the principal underwriter of the Class IA, Class IB and Class K shares of the Trust. The Trust has adopted in the manner prescribed under Rule 12b-1 under the 1940 Act a plan of distribution pertaining to each of Class IA and Class IB shares of the Trust ("Distribution Plans"). The Distribution Plans provide that the Distributor will be entitled to receive a maximum distribution fee at the annual rate of 0.25% of the average daily net assets attributable to the Trust's Class IA and Class IB shares for which it provides service.

Note 6 Expense Limitation

EIM and the Administrator have contractually agreed to limit the expenses of certain Portfolios (exclusive of certain items noted below) through April 30, 2027 (unless the Board consents to an earlier revision or termination of this arrangement) ("Expense Limitation Agreement"). Pursuant to the Expense Limitation Agreement, EIM has agreed to waive its and its affiliates' management, administrative and other fees and, if necessary, make payments to a Portfolio to limit the expenses of each Portfolio listed below so that the total annual operating expenses of each Portfolio (exclusive of taxes, interest, brokerage commissions, dividend and interest expenses on securities sold short, capitalized expenses, acquired fund fees and expenses (except as noted in the table below), and extraordinary expenses not incurred in the ordinary course of such Portfolio's business) do not exceed the following annual rates:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** |  |
| **Portfolios:** | **Class IA+** |  | **Class IB<sup>+</sup>** |  | **Class K** |  |
|  EQ/All Asset Growth Allocation | N/A |  | 1.25 | %\* | 1.00 | %\* |
|  EQ/Ultra Conservative Strategy | N/A |  | 0.95 | \* | N/A |  |
|  EQ/Conservative Strategy | N/A |  | 0.95 | \* | N/A |  |
|  EQ/Conservative Growth Strategy | N/A |  | 1.00 | \* | N/A |  |
|  EQ/Balanced Strategy | N/A |  | 1.05 | \* | N/A |  |
|  EQ/Moderate Growth Strategy | N/A |  | 1.10 | \* | N/A |  |
|  EQ/Growth Strategy | N/A |  | 1.10 | \* | N/A |  |
|  EQ/Aggressive Growth Strategy | N/A |  | 1.15 | \* | N/A |  |
|  EQ/Conservative Allocation | N/A |  | 1.00 | \* | 0.75 | \* |
|  EQ/Conservative-Plus Allocation | N/A |  | 1.10 | \* | 0.85 | \* |
|  EQ/Moderate Allocation | 1.15 | %\* | 1.15 | \* | 0.90 | \* |
|  EQ/Moderate-Plus Allocation | N/A |  | 1.20 | \* | 0.95 | \* |
|  EQ/Aggressive Allocation | N/A |  | 1.25 | \* | 1.00 | \* |
|  Equitable Conservative Growth MF/ETF | N/A |  | 1.10 | \* | 0.85 | \* |
|  Equitable Moderate Growth MF/ETF | N/A |  | 1.10 | \* | 0.85 | \* |
|  Equitable Growth MF/ETF | N/A |  | 1.15 | \* | 0.90 | \* |
|  Target 2015 Allocation | N/A |  | 1.10 | \* | 0.85 | \* |
|  Target 2025 Allocation | N/A |  | 1.10 | \* | 0.85 | \* |
|  Target 2035 Allocation | N/A |  | 1.10 | \* | 0.85 | \* |
|  Target 2045 Allocation | N/A |  | 1.10 | \* | 0.85 | \* |
|  Target 2055 Allocation | N/A |  | 1.10 | \* | 0.85 | \* |
|  1290 VT Moderate Growth Allocation | N/A |  | 1.10 | \* | N/A |  |
|  1290 VT Multi-Alternative Strategies | N/A |  | 1.10 |  | 0.85 |  |
|  1290 VT Convertible Securities | N/A |  | 0.90 |  | 0.65 |  |
|  1290 VT DoubleLine Opportunistic Bond | N/A |  | 0.90 |  | 0.65 |  |
|  1290 VT Equity Income | N/A |  | 0.95 |  | 0.70 |  |
|  1290 VT GAMCO Mergers & Acquisitions | N/A |  | 1.25 |  | 1.00 |  |
|  1290 VT GAMCO Small Company Value | N/A |  | 1.07 |  | 0.82 |  |
|  1290 VT High Yield Bond | N/A |  | 1.00 |  | 0.75 |  |
|  1290 VT Micro Cap | N/A |  | 1.15 |  | 0.90 |  |
|  1290 VT Natural Resources | N/A |  | 0.90 | \* | 0.65 | \* |

---

1337

------

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** |
| **Portfolios:** | **Class IA+** | **Class IB<sup>+</sup>** | **Class K** |
|  1290 VT Real Estate | N/A | 0.90% | 0.65% |
|  1290 VT Small Cap Value | N/A | 1.15 | 0.90 |
|  1290 VT SmartBeta Equity ESG | N/A | 1.10 | 0.85 |
|  1290 VT Socially Responsible | N/A | 1.15 | 0.90 |
|  ATM Large Cap Managed Volatility | N/A | N/A | 0.60 |
|  ATM Mid Cap Managed Volatility | N/A | N/A | 0.60 |
|  ATM Small Cap Managed Volatility | N/A | N/A | 0.60 |
|  ATM International Managed Volatility | N/A | N/A | 0.65 |
|  EQ/500 Managed Volatility | N/A | 0.85 | 0.60 |
|  EQ/400 Managed Volatility | N/A | 0.85 | 0.60 |
|  EQ/2000 Managed Volatility | N/A | 0.85 | 0.60 |
|  EQ/International Managed Volatility | N/A | 0.90 | 0.65 |
|  EQ/AB Dynamic Aggressive Growth | N/A | 1.15 \* | N/A |
|  EQ/AB Dynamic Growth | N/A | 1.15 \* | N/A |
|  EQ/AB Dynamic Moderate Growth | N/A | 1.15 \* | N/A |
|  EQ/AB Short Duration Government Bond | 0.77% | 0.77 | 0.52 |
|  EQ/AB Small Cap Growth | N/A | 1.00 | 0.75 |
|  EQ/AB Sustainable U.S. Thematic | N/A | 1.00 | 0.75 |
|  EQ/American Century Mid Cap Value | N/A | 1.00 \* | 0.75 \* |
|  EQ/American Century Moderate Growth Allocation | N/A | 1.15 \* | N/A |
|  EQ/Capital Group Research\*\* | N/A | 0.95 | 0.70 |
|  EQ/ClearBridge Large Cap Growth ESG | N/A | 1.00 | 0.75 |
|  EQ/Clearbridge Select Equity Managed Volatility | N/A | 1.05 | 0.80 |
|  EQ/Common Stock Index | 0.67 | 0.67 | 0.42 |
|  EQ/Core Bond Index | N/A | 0.62 | 0.37 |
|  EQ/Core Plus Bond | 0.93 \* | 0.93 \* | 0.68 \* |
|  EQ/Emerging Markets Equity PLUS | N/A | 1.20 | 0.95 |
|  EQ/Equity 500 Index\*\* | 0.5375 | 0.5375 | 0.2875 |
|  EQ/Fidelity Institutional AM<sup>®</sup> Large Cap | N/A | 0.87 \* | 0.62 \* |
|  EQ/Franklin Rising Dividends | N/A | 0.87 \* | 0.62 \* |
|  EQ/Franklin Small Cap Value Managed Volatility | N/A | 1.05 | 0.80 |
|  EQ/Global Equity Managed Volatility | N/A | 1.10 | 0.85 |
|  EQ/Goldman Sachs Growth Allocation | N/A | 1.15 \* | N/A |
|  EQ/Goldman Sachs Mid Cap Value | N/A | 1.09 \* | 0.84 \* |
|  EQ/Goldman Sachs Moderate Growth Allocation | N/A | 1.15 \* | N/A |
|  EQ/Intermediate Corporate Bond | N/A | 0.65 | 0.40 |
|  EQ/Intermediate Government Bond | 0.62 | 0.62 | 0.37 |
|  EQ/International Core Managed Volatility | N/A | 1.05 | 0.80 |
|  EQ/International Equity Index | 0.72 \* | 0.72 \* | 0.47 \* |
|  EQ/International Value Managed Volatility | N/A | 1.05 | 0.80 |
|  EQ/Invesco Comstock | N/A | 1.00 | 0.75 |
|  EQ/Invesco Global | N/A | 1.10 | 0.85 |
|  EQ/Invesco Global Real Assets | N/A | 1.20 \* | 0.95 \* |
|  EQ/Invesco Moderate Allocation | N/A | 1.15 \* | N/A |
|  EQ/Invesco Moderate Growth Allocation | N/A | 1.15 \* | N/A |
|  EQ/Janus Enterprise | N/A | 1.05 | 0.80 |
|  EQ/JPMorgan Growth Allocation | N/A | 1.15 \* | N/A |
|  EQ/JPMorgan Growth Stock | N/A | 0.96 | 0.71 |
|  EQ/JPMorgan Hedged Equity and Premium Income | N/A | 1.15 \* | N/A |
|  EQ/JPMorgan Value Opportunities | N/A | 1.00 | 0.75 |
|  EQ/Large Cap Core Managed Volatility | N/A | 0.90 | 0.65 |
|  EQ/Large Cap Growth Index | N/A | 0.73 | 0.48 |
|  EQ/Large Cap Growth Managed Volatility | N/A | 0.90 | 0.65 |

---

1338

------

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** |
| **Portfolios:** | **Class IA+** | **Class IB<sup>+</sup>** | **Class K** |
|  EQ/Large Cap Value Index | N/A | 0.75% | 0.50% |
|  EQ/Large Cap Value Managed Volatility | N/A | 0.90 | 0.65 |
|  EQ/Lazard Emerging Markets Equity | N/A | 1.35 \* | 1.10 \* |
|  EQ/Long-Term Bond | N/A | 0.65 | 0.40 |
|  EQ/Loomis Sayles Growth | N/A | 1.05 | 0.80 |
|  EQ/MFS International Growth | N/A | 1.10 | 0.85 |
|  EQ/MFS International Intrinsic Value | N/A | 1.15 \* | 0.90 \* |
|  EQ/MFS Mid Cap Focused Growth | N/A | 1.10 \* | 0.85 \* |
|  EQ/MFS Technology | N/A | 1.14 \* | 0.89 \* |
|  EQ/MFS Utilities Series | N/A | 1.05 \* | 0.80 \* |
|  EQ/Mid Cap Index\*\* | N/A | 0.64 | 0.39 |
|  EQ/Mid Cap Value Managed Volatility | N/A | 1.00 | 0.75 |
|  EQ/Morgan Stanley Small Cap Growth | N/A | 1.15 | 0.90 |
|  EQ/PIMCO Global Real Return | N/A | 0.85 | 0.60 |
|  EQ/PIMCO Real Return | N/A | 0.75 \* | 0.50 \* |
|  EQ/PIMCO Total Return ESG | N/A | 0.75 \* | 0.50 \* |
|  EQ/PIMCO Ultra Short Bond | N/A | 0.79 | 0.54 |
|  EQ/Quality Bond PLUS | 0.85% | 0.85 | 0.60 |
|  EQ/Small Company Index | N/A | 0.64 | 0.39 |
|  EQ/T. Rowe Price Health Sciences | N/A | 1.20 \* | 0.95 \* |
|  EQ/Value Equity | N/A | 0.95 | 0.70 |
|  EQ/Wellington Energy | N/A | 1.19 \* | 0.94 \* |
|  Multimanager Aggressive Equity | 1.00 | 1.00 | 0.75 |
|  Multimanager Core Bond | N/A | 0.85 | 0.60 |
|  Multimanager Technology\*\* | N/A | 1.17 | 0.92 |

---

\* For purposes of calculating the maximum annual operating expense limit, acquired fund fees and expenses are included in annual operating expenses.

\*\* The maximum annual operating expense limit was in effect by EIM and the Administrator on a voluntary basis during the period January 1, 2025, through April 30, 2025.

---

| | |
|:---|:---|
| + | Includes amounts payable pursuant to Rule 12b-1 under the 1940 Act.  |

---

N/A This class of shares of the Portfolio either is not registered or is registered but not currently offered for sale.

For each Portfolio listed in the table below, the following maximum annual operating expense limits were implemented by EIM and the Administrator on a voluntary basis beginning on October 1, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** |
| **Portfolios:** | **Class IA<sup>+</sup>** | **Class IB<sup>+</sup>** | **Class K** |
|  EQ/AB Short Duration Government Bond  | 0.765% | 0.765% | 0.515% |
|  EQ/Aggressive Allocation  | N/A | 1.15 \* | 0.90 \* |
|  EQ/Common Stock Index  | 0.6675 | 0.6675 | 0.4175 |
|  EQ/Core Bond Index  | N/A | 0.615 | 0.365 |
|  EQ/Equity 500 Index  | 0.53 | 0.53 | 0.28 |
|  EQ/Global Equity Managed Volatility  | N/A | 1.075 | 0.825 |
|  EQ/Intermediate Corporate Bond  | N/A | 0.64 | 0.39 |
|  EQ/Intermediate Government Bond  | 0.615 | 0.615 | 0.365 |
|  EQ/Long-Term Bond  | N/A | 0.64 | 0.39 |
|  EQ/Loomis Sayles Growth  | N/A | 1.03 | 0.78 |
|  EQ/Moderate Allocation  | 1.08 \* | 1.08 \* | 0.83 \* |
|  EQ/Moderate-Plus Allocation  | N/A | 1.11 \* | 0.86 \* |
|  EQ/Quality Bond PLUS  | 0.80 | 0.80 | 0.55 |

---

---

| | |
|:---|:---|
| + | Includes amounts payable pursuant to Rule 12b-1 under the 1940 Act.  |

---

\* For purposes of calculating the maximum annual operating expense limit, acquired fund fees and expenses are included in annual operating expenses.

1339

------

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

N/A This class of shares of the Portfolio either is not registered or is registered but not currently offered for sale.

Voluntary waivers may be discontinued at any time.

For each Portfolio listed in the table below, the following maximum annual operating expense limits were in effect by EIM and the Administrator on a voluntary basis from January 1, 2025 through April 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** |
| **Portfolios:** | **Class IA<sup>+</sup>** | **Class IB<sup>+</sup>** | **Class K** |
|  EQ/Core Bond Index | N/A | 0.63% | 0.38% |
|  EQ/Intermediate Government Bond | 0.63% | 0.63 | 0.38 |

---

---

| | |
|:---|:---|
| + | Includes amounts payable pursuant to Rule 12b-1 under the 1940 Act.  |

---

N/A This class of shares of the Portfolio either is not registered or is registered but not currently offered for sale.

For each Portfolio listed in the table below, the following maximum annual operating expense limits were in effect on a contractual basis from January 1, 2025 through April 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** |
| **Portfolios:** | **Class IA<sup>+</sup>** | **Class IB<sup>+</sup>** | **Class K** |
|  EQ/Capital Group Research | N/A | 0.97% | 0.72% |
|  EQ/Core Bond Index | N/A | 0.64 | 0.39 |
|  EQ/Equity 500 Index | 0.54% | 0.54 | 0.29 |
|  EQ/Intermediate Government Bond | 0.64 | 0.64 | 0.39 |
|  EQ/Mid Cap Index | N/A | 0.65 | 0.40 |
|  Multimanager Technology | N/A | 1.18 | 0.93 |

---

---

| | |
|:---|:---|
| + | Includes amounts payable pursuant to Rule 12b-1 under the 1940 Act.  |

---

N/A This class of shares of the Portfolio either is not registered or is registered but not currently offered for sale.

Each Portfolio may at a later date reimburse to EIM the amount of any such waivers or payments provided that the waivers or payments are reimbursed within three years of the waivers or payments being recorded and the Portfolio's expense ratio, after the reimbursement is taken into account, does not exceed the Portfolio's expense cap at the time of the waiver or the Portfolio's expense cap at the time of the reimbursement, whichever is lower. Consequently, no reimbursement by a Portfolio will be made unless the Portfolio's total annual expense ratio is less than the respective percentages stated above for the respective period. Any reimbursement will be based on the earliest fees waived or payments made by EIM.

Reimbursements during the period are presented as Recoupment Fees in the Statement of Operations. During the year ended December 31, 2025, the following Portfolios incurred Recoupment Fees and as of December 31, 2025, no commitment or contingent liability is expected:

---

| | |
|:---|:---|
| **Portfolios:** | **Recoupment<br>Fees** |
|  EQ/Ultra Conservative Strategy | $54712 |
|  EQ/Conservative Strategy | 12585 |
|  EQ/Conservative-Plus Allocation | 23767 |
|  Target 2055 Allocation | 45776 |
|  ATM Small Cap Managed Volatility | 4051 |
|  ATM International Managed Volatility | 43583 |
|  EQ/400 Managed Volatility | 365 |
|  EQ/Common Stock Index | 160084 |
|  EQ/Equity 500 Index | 30180 |
|  | $375103 |

---

1340

------

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

At December 31, 2025, under the Expense Limitation Agreement, the amount eligible for potential recoupment from each Portfolio, and its respective expiration year, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolios:** | **2026** | **2027** | **2028** | **Total Eligible<br>For<br>Recoupment** |
|  EQ/Conservative Allocation | $529999 | $404872 | $332238 | $1267109 |
|  Equitable Conservative Growth MF/ETF | 44445 | 29588 | 38645 | 112678 |
|  Equitable Moderate Growth MF/ETF | 107927 | 94032 | 105669 | 307628 |
|  Equitable Growth MF/ETF | 107980 | 91043 | 109086 | 308109 |
|  Target 2015 Allocation | 146337 | 122385 | 143238 | 411960 |
|  Target 2025 Allocation | 63508 | 18851 | 39788 | 122147 |
|  Target 2055 Allocation | 17483 | 3651 |  | 21134 |
|  1290 VT Moderate Growth Allocation | 128511 | 175986 | 173036 | 477533 |
|  1290 VT Multi-Alternative Strategies | 83038 | 64547 | 69562 | 217147 |
|  1290 VT Convertible Securities | 95633 | 102387 | 98711 | 296731 |
|  1290 VT DoubleLine Opportunistic Bond | 497837 | 505305 | 488893 | 1492035 |
|  1290 VT Equity Income | 897493 | 891803 | 824901 | 2614197 |
|  1290 VT GAMCO Mergers & Acquisitions | 135419 | 147844 | 130027 | 413290 |
|  1290 VT High Yield Bond | 157785 | 176603 | 223868 | 558256 |
|  1290 VT Micro Cap | 301809 | 362688 | 307285 | 971782 |
|  1290 VT Natural Resources | 147444 | 204065 | 217583 | 569092 |
|  1290 VT Real Estate | 127389 | 185735 | 178069 | 491193 |
|  1290 VT Small Cap Value | 534046 | 366917 | 427436 | 1328399 |
|  1290 VT SmartBeta Equity ESG | 54093 | 10952 | 3384 | 68429 |
|  ATM Mid Cap Managed Volatility | 111145 | 163347 | 129965 | 404457 |
|  ATM Small Cap Managed Volatility | 128884 | 154635 | 121708 | 405227 |
|  EQ/400 Managed Volatility | 89617 | 75232 | 72977 | 237826 |
|  EQ/AB Dynamic Aggressive Growth | 249011 | 333489 | 322306 | 904806 |
|  EQ/AB Dynamic Growth | 190011 | 185364 | 140146 | 515521 |
|  EQ/AB Short Duration Government Bond | 463826 | 455834 | 328262 | 1247922 |
|  EQ/AB Sustainable U.S. Thematic | 108295 | 103954 | 112100 | 324349 |
|  EQ/American Century Mid Cap Value | 1718089 | 1761667 | 1749549 | 5229305 |
|  EQ/American Century Moderate Growth Allocation | 169431 | 206311 | 223292 | 599034 |
|  EQ/Capital Group Research | 311520 | 250141 | 313581 | 875242 |
|  EQ/ClearBridge Large Cap Growth ESG | 126637 | 125534 | 117076 | 369247 |
|  EQ/ClearBridge Select Equity Managed Volatility | 423537 | 446619 | 440716 | 1310872 |
|  EQ/Common Stock Index | 805326 | 631265 | 308405 | 1744996 |
|  EQ/Core Bond Index | 2129127 | 1766073 | 1309537 | 5204737 |
|  EQ/Core Plus Bond | 1168418 | 856817 | 857426 | 2882661 |
|  EQ/Emerging Markets Equity PLUS | 217993 | 242388 | 227010 | 687391 |
|  EQ/Equity 500 Index | 2295005 | 1277479 | 331265 | 3903749 |
|  EQ/Fidelity Institutional AM<sup>®</sup> Large Cap | 411720 | 382489 | 331325 | 1125534 |
|  EQ/Franklin Rising Dividends | 371450 | 392924 | 383793 | 1148167 |
|  EQ/Franklin Small Cap Value Managed Volatility | 311448 | 334166 | 322789 | 968403 |
|  EQ/Global Equity Managed Volatility | 1205699 | 1232874 | 856992 | 3295565 |
|  EQ/Goldman Sachs Growth Allocation | 391463 | 578280 | 716554 | 1686297 |
|  EQ/Goldman Sachs Mid Cap Value | 148722 | 148848 | 152057 | 449627 |
|  EQ/Goldman Sachs Moderate Growth Allocation | 512358 | 541308 | 536944 | 1590610 |
|  EQ/Intermediate Corporate Bond | 367558 | 1065006 | 743451 | 2176015 |
|  EQ/Intermediate Government Bond | 2105296 | 1563109 | 1120373 | 4788778 |
|  EQ/International Equity Index | 900929 | 1230117 | 1478887 | 3609933 |
|  EQ/Invesco Comstock | 132555 | 126431 | 120270 | 379256 |
|  EQ/Invesco Global | 473199 | 717706 | 720854 | 1911759 |
|  EQ/Invesco Moderate Allocation | 317021 | 326904 | 323493 | 967418 |
|  EQ/Invesco Moderate Growth Allocation | 284914 | 373599 | 389349 | 1047862 |
|  EQ/JPMorgan Growth Allocation | 570374 | 801481 | 739956 | 2111811 |

---

1341

------

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolios:** | **2026** | **2027** | **2028** | **Total Eligible<br>For<br>Recoupment** |
|  EQ/JPMorgan Growth Stock | $1972475 | $2762762 | $2800284 | $7535521 |
|  EQ/JPMorgan Hedged Equity and Premium Income | 260099 | 293782 | 786027 | 1339908 |
|  EQ/Lazard Emerging Markets Equity | 516557 | 577668 | 565438 | 1659663 |
|  EQ/Long-Term Bond | 1364236 | 1401005 | 1005958 | 3771199 |
|  EQ/Loomis Sayles Growth | 559553 | 561674 | 399114 | 1520341 |
|  EQ/MFS International Growth | 1588900 | 1615789 | 1706155 | 4910844 |
|  EQ/MFS International Intrinsic Value | 930535 | 913376 | 952821 | 2796732 |
|  EQ/MFS Mid Cap Focused Growth | 558830 | 646860 | 676177 | 1881867 |
|  EQ/MFS Utilities Series | 231540 | 218070 | 223263 | 672873 |
|  EQ/Mid Cap Index | 1280351 | 1045191 | 1000737 | 3326279 |
|  EQ/Morgan Stanley Small Cap Growth | 351688 | 350387 | 377093 | 1079168 |
|  EQ/PIMCO Global Real Return | 323385 | 302936 | 315378 | 941699 |
|  EQ/PIMCO Real Return | 282364 | 281277 | 282819 | 846460 |
|  EQ/PIMCO Total Return ESG | 520250 | 520632 | 509687 | 1550569 |
|  EQ/PIMCO Ultra Short Bond | 731008 | 734163 | 712723 | 2177894 |
|  EQ/T. Rowe Price Health Sciences | 309399 | 318576 | 270963 | 898938 |
|  EQ/Wellington Energy | 161925 | 157066 | 161762 | 480753 |
|  Multimanager Core Bond | 1276853 | 1319547 | 1259497 | 3855897 |
|  Multimanager Technology | 2299166 | 2000549 | 1990734 | 6290449 |

---

During the year ended December 31, 2025, EIM and the Administrator voluntarily waived fees for certain Portfolios. These amounts are included in voluntary waiver from investment adviser on the Statement of Operations for each Portfolio and are not eligible for recoupment.

---

| | |
|:---|:---|
| Note 7 | Percentage of Ownership by Affiliates  |

---

The following table shows the percentage of ownership of the net assets of the Portfolios listed held by Equitable Financial at December 31, 2025:

---

| | |
|:---|:---|
| **Portfolios:** | **Percentage of<br>Ownership** |
|  Equitable Moderate Growth MF/ETF | 33% |
|  Equitable Growth MF/ETF | 35 |
|  1290 VT Multi-Alternative Strategies | 63 |
|  1290 VT Convertible Securities | 33 |
|  EQ/AB Sustainable U.S. Thematic | 99 |

---

Shares of the Trust are offered to separate accounts of insurance companies in connection with the Contracts and may be offered to tax-qualified retirement plans and other qualified investors. Equitable Financial may be deemed to be a control person with respect to the Trust by virtue of its record ownership of the Trust's shares as of December 31, 2025. Shareholders owning more than 25% of the outstanding shares of a Portfolio may be able to determine the outcome of most issues that are submitted to shareholders for a vote.

Shares of certain Portfolios may be held as underlying investments by EQ/All Asset Growth Allocation Portfolio, the Strategic Allocation Series Portfolios, EQ Allocation Portfolios, and Target Allocation Portfolios. The following tables show the percentage of ownership of the net assets of the Portfolios listed held by EQ/All Asset Growth Allocation Portfolio, the Strategic Allocation Series Portfolios, EQ Allocation Portfolios, and Target Allocation Portfolios at December 31, 2025.

---

| | |
|:---|:---|
| **Portfolios:** | **EQ/All<br>Asset<br>Growth<br>Allocation** |
|  1290 VT Convertible Securities | 23.89% |
|  1290 VT DoubleLine Opportunistic Bond | 1.85 |

---

1342

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

---

| | |
|:---|:---|
| **Portfolios:** | **EQ/All<br>Asset<br>Growth<br>Allocation** |
|  1290 VT Equity Income | 2.06% |
|  1290 VT GAMCO Mergers & Acquisitions | 14.91 |
|  1290 VT GAMCO Small Company Value | 0.77 |
|  1290 VT High Yield Bond | 3.18 |
|  1290 VT Natural Resources | 19.91 |
|  1290 VT Real Estate | 44.59 |
|  1290 VT SmartBeta Equity ESG | 3.17 |
|  EQ/AB Small Cap Growth | 1.73 |
|  EQ/Core Plus Bond | 2.53 |
|  EQ/Emerging Markets Equity PLUS | 7.41 |
|  EQ/Intermediate Government Bond | 0.12 |
|  EQ/International Equity Index | 0.57 |
|  EQ/Invesco Comstock | 5.26 |
|  EQ/Janus Enterprise | 0.32 |
|  EQ/JPMorgan Growth Stock | 0.63 |
|  EQ/JPMorgan Value Opportunities | 1.40 |
|  EQ/Loomis Sayles Growth | 2.09 |
|  EQ/MFS International Growth | 2.51 |
|  EQ/PIMCO Global Real Return | 16.89 |
|  EQ/PIMCO Ultra Short Bond | 1.11 |
|  EQ/Value Equity | 1.12 |
|  Multimanager Core Bond | 1.03 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolios:** | **EQ/Ultra<br>Conservative<br>Strategy** | **EQ/<br>Conservative<br>Strategy** | **EQ/<br>Conservative<br>Growth<br>Strategy** | **EQ/<br>Balanced<br>Strategy** | **EQ/<br>Moderate<br>Growth<br>Strategy** | **EQ/<br>Growth<br>Strategy** | **EQ/<br>Aggressive<br>Growth<br>Strategy** |
|  EQ/500 Managed Volatility | 1.33% | 0.80% | 3.17% | 11.45% | 22.56% | 23.93% | 33.69% |
|  EQ/400 Managed Volatility | 1.19 | 0.73 | 2.28 | 7.86 | 15.21 | 14.74 | 19.86 |
|  EQ/2000 Managed Volatility | 1.15 | 0.70 | 2.91 | 10.51 | 20.64 | 22.00 | 30.85 |
|  EQ/International Managed Volatility | 1.33 | 0.80 | 3.16 | 11.38 | 22.36 | 23.57 | 32.81 |
|  EQ/AB Short Duration Government Bond |  | 4.34 | 6.88 | 14.41 | 14.79 | 10.64 | 8.08 |
|  EQ/Core Bond Index |  | 3.31 | 4.72 | 11.16 | 14.68 | 9.68 | 7.77 |
|  EQ/Intermediate Corporate Bond | 11.57 | 5.78 | 8.10 | 19.08 | 25.16 | 16.61 | 13.31 |
|  EQ/Intermediate Government Bond | 29.03 | 2.14 | 2.94 | 6.97 | 9.17 | 6.05 | 4.84 |
|  EQ/Long-Term Bond | 9.03 | 2.20 | 4.32 | 11.86 | 16.49 | 11.91 | 10.09 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolios:** | **EQ/<br>Conservative<br>Allocation** | **EQ/<br>Conservative-<br>Plus<br>Allocation** | **EQ/<br>Moderate<br>Allocation** | **EQ/<br>Moderate-<br>Plus<br>Allocation** | **EQ/<br>Aggressive<br>Allocation** |
|  1290 VT DoubleLine Opportunistic Bond | 6.85% | 6.44% | 36.84% | 28.35% | 4.22% |
|  1290 VT Equity Income | 0.53 | 1.26 | 10.74 | 22.07 | 15.21 |
|  1290 VT GAMCO Small Company Value | 0.04 | 0.10 | 1.14 | 2.65 | 2.10 |

---

1343

------

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolios:** | **EQ/<br>Conservative<br>Allocation** | **EQ/<br>Conservative-<br>Plus<br>Allocation** | **EQ/<br>Moderate<br>Allocation** | **EQ/<br>Moderate-<br>Plus<br>Allocation** | **EQ/<br>Aggressive<br>Allocation** |
|  1290 VT High Yield Bond | 2.33% | 2.14% | 12.21% | 9.34% | 1.42% |
|  1290 VT Micro Cap | 0.96 | 2.39 | 21.89 | 45.75 | 22.96 |
|  1290 VT Small Cap Value |  | 0.84 | 9.03 | 16.17 | 8.98 |
|  ATM Large Cap Managed Volatility | 1.47 | 3.12 | 23.63 | 42.63 | 29.11 |
|  ATM Mid Cap Managed Volatility | 3.94 | 6.50 | 33.58 | 38.50 | 17.41 |
|  ATM Small Cap Managed Volatility | 0.46 | 2.04 | 21.59 | 50.04 | 25.91 |
|  ATM International Managed Volatility | 0.71 | 2.37 | 25.70 | 43.59 | 27.62 |
|  EQ/AB Small Cap Growth | 0.13 | 0.48 | 5.32 | 11.21 | 6.06 |
|  EQ/American Century Mid Cap Value | 0.35 | 0.44 | 3.26 | 3.81 | 2.00 |
|  EQ/ClearBridge Select Equity Managed Volatility | 0.94 | 2.03 | 15.99 | 26.91 | 17.76 |
|  EQ/Core Bond Index | 1.92 | 1.68 | 9.18 | 6.48 | 0.91 |
|  EQ/Core Plus Bond | 3.79 | 3.57 | 20.43 | 15.73 | 2.34 |
|  EQ/Franklin Small Cap Value Managed Volatility |  | 0.80 | 12.10 | 28.35 | 16.83 |
|  EQ/Global Equity Managed Volatility | 0.18 | 0.59 | 6.47 | 11.29 | 7.46 |
|  EQ/Intermediate Government Bond | 2.90 | 2.51 | 13.84 | 9.94 | 1.39 |
|  EQ/International Core Managed Volatility | 0.17 | 0.56 | 6.18 | 10.66 | 6.12 |
|  EQ/International Equity Index | 0.05 | 0.07 | 0.47 | 0.46 | 0.34 |
|  EQ/International Value Managed Volatility | 0.30 | 1.00 | 10.86 | 18.73 | 10.07 |
|  EQ/Janus Enterprise | 0.31 | 0.53 | 2.74 | 3.13 | 1.12 |
|  EQ/JPMorgan Growth Stock | 0.13 | 0.26 | 1.82 | 2.86 | 1.56 |
|  EQ/JPMorgan Value Opportunities | 0.19 | 0.45 | 3.85 | 7.91 | 5.47 |
|  EQ/Large Cap Core Managed Volatility | 0.38 | 0.82 | 6.33 | 11.49 | 7.76 |
|  EQ/Large Cap Value Managed Volatility | 0.08 | 0.20 | 1.71 | 3.51 | 2.45 |
|  EQ/Long-Term Bond | 1.43 | 1.98 | 13.92 | 13.19 | 2.24 |
|  EQ/Loomis Sayles Growth | 0.42 | 0.84 | 5.84 | 9.04 | 5.70 |
|  EQ/MFS International Growth | 0.17 | 0.71 | 8.25 | 14.37 | 9.62 |
|  EQ/Morgan Stanley Small Cap Growth | 0.34 | 1.15 | 12.83 | 26.78 | 14.26 |
|  EQ/PIMCO Ultra Short Bond | 6.89 | 5.54 | 30.31 | 22.74 | 3.31 |
|  EQ/Quality Bond PLUS | 2.87 | 2.64 | 15.40 | 11.85 | 1.78 |
|  EQ/Value Equity | 0.15 | 0.37 | 3.11 | 6.39 | 4.45 |
|  Multimanager Core Bond | 5.96 | 5.51 | 31.85 | 24.49 | 3.67 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolios:** | **Target<br>2015<br>Allocation** | **Target<br>2025<br>Allocation** | **Target<br>2035<br>Allocation** | **Target<br>2045<br>Allocation** | **Target<br>2055<br>Allocation** |
|  1290 VT High Yield Bond | 0.53% | 2.34% | 3.57% | 2.04% | 0.76% |
|  EQ/American Century Mid Cap Value | 0.04 | 0.45 | 0.65 | 0.82 | 0.35 |
|  EQ/Core Bond Index | 0.04 | 0.13 | 0.19 | 0.15 | 0.03 |
|  EQ/Core Plus Bond | 0.39 | 1.61 | 2.02 | 1.24 | 0.34 |
|  EQ/Emerging Markets Equity PLUS | 0.27 | 4.15 | 12.46 | 13.43 | 8.05 |
|  EQ/Equity 500 Index | 0.02 | 0.25 | 0.78 | 0.86 | 0.55 |
|  EQ/International Equity Index | 0.03 | 0.51 | 1.55 | 1.71 | 1.11 |
|  EQ/Janus Enterprise | 0.02 | 0.24 | 0.43 | 0.33 | 0.13 |
|  EQ/Long-Term Bond | 0.05 | 0.25 | 0.40 | 0.28 | 0.09 |
|  EQ/MFS International Growth | 0.03 | 0.42 | 1.25 | 1.34 | 0.99 |
|  EQ/PIMCO Ultra Short Bond | 0.43 | 1.53 | 1.60 | 0.91 | 0.20 |
|  EQ/Quality Bond PLUS | 0.17 | 0.67 | 0.90 | 0.56 | 0.15 |
|  EQ/Small Company Index | 0.01 | 0.42 | 1.61 | 1.78 | 1.22 |
|  EQ/Value Equity | 0.02 | 0.14 | 0.44 | 0.54 | 0.44 |
|  Multimanager Aggressive Equity | 0.01 | 0.11 | 0.22 | 0.19 | 0.17 |

---

1344

------

NOTES TO FINANCIAL STATEMENTS (Concluded)

December 31, 2025

The Portfolios are permitted to purchase or sell securities from or to certain affiliated entities under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any such securities transactions comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the independent current market price. The 17a-7 transactions which are material to the Portfolios are reflected in the Portfolio of Investments.

Note 8 Subsequent Events

The Adviser evaluated subsequent events from December 31, 2025, the date of these financial statements, through the date these financial statements were issued. There are no subsequent events that require recognition or disclosure in the financial statements.

1345

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#### Report of Independent Registered Public Accounting Firm
To the Board of Trustees of EQ Advisors Trust and Shareholders of each of the one hundred ten funds listed in the table below

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of each of the funds listed in the table below (constituting EQ Advisors Trust, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations, of changes in net assets and, for the funds indicated in the table below, of cash flows, for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of December 31, 2025, the results of each of their operations, the changes in each of their net assets and, for the funds indicated in the table below, each of their cash flows, for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;EQ/All Asset Growth Allocation Portfolio (1) | EQ/Franklin Small Cap Value Managed Volatility Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Ultra Conservative Strategy Portfolio (1) | EQ/Global Equity Managed Volatility Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Conservative Strategy Portfolio (1) | EQ/Goldman Sachs Growth Allocation Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Conservative Growth Strategy Portfolio (1) | EQ/Goldman Sachs Mid Cap Value Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Balanced Strategy Portfolio (1) | EQ/Goldman Sachs Moderate Growth Allocation Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Moderate Growth Strategy Portfolio (1) | EQ/Intermediate Corporate Bond Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Growth Strategy Portfolio (1) | EQ/Intermediate Government Bond Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Aggressive Growth Strategy Portfolio (1) | EQ/International Core Managed Volatility Portfolio (1) |
| &nbsp;&nbsp;&nbsp;Equitable Conservative Growth MF/ETF Portfolio (1) | EQ/International Equity Index Portfolio (1) |
| &nbsp;&nbsp;&nbsp;Equitable Moderate Growth MF/ETF Portfolio (1) | EQ/International Value Managed Volatility Portfolio (1) |
| &nbsp;&nbsp;&nbsp;Equitable Growth MF/ETF Portfolio (1) | EQ/Invesco Comstock Portfolio (1) |
| &nbsp;&nbsp;&nbsp;1290 VT Moderate Growth Allocation Portfolio (1) | EQ/Invesco Global Portfolio (1) |
| &nbsp;&nbsp;&nbsp;1290 VT Multi-Alternative Strategies Portfolio (1) | EQ/Invesco Global Real Assets Portfolio (1) |
| &nbsp;&nbsp;&nbsp;1290 VT Convertible Securities Portfolio (1) | EQ/Invesco Moderate Allocation Portfolio (1) |
| &nbsp;&nbsp;&nbsp;1290 VT DoubleLine Opportunistic Bond Portfolio (1) | EQ/Invesco Moderate Growth Allocation Portfolio (1) |
| &nbsp;&nbsp;&nbsp;1290 VT Equity Income Portfolio (1) | EQ/Janus Enterprise Portfolio (1) |
| &nbsp;&nbsp;&nbsp;1290 VT GAMCO Mergers & Acquisitions Portfolio (1) | EQ/JPMorgan Growth Allocation Portfolio (1) |
| &nbsp;&nbsp;&nbsp;1290 VT GAMCO Small Company Value Portfolio (1) | EQ/JPMorgan Growth Stock Portfolio (1) |
| &nbsp;&nbsp;&nbsp;1290 VT High Yield Bond Portfolio (1) | EQ/JPMorgan Value Opportunities Portfolio (1) |
| &nbsp;&nbsp;&nbsp;1290 VT Micro Cap Portfolio (1) | EQ/Large Cap Core Managed Volatility Portfolio (1) |
| &nbsp;&nbsp;&nbsp;1290 VT Natural Resources Portfolio (1) | EQ/Large Cap Growth Index Portfolio (1) |
| &nbsp;&nbsp;&nbsp;1290 VT Real Estate Portfolio (1) | EQ/Large Cap Growth Managed Volatility Portfolio (1) |
| &nbsp;&nbsp;&nbsp;1290 VT Small Cap Value Portfolio (1) | EQ/Large Cap Value Index Portfolio (1) |
| &nbsp;&nbsp;&nbsp;1290 VT SmartBeta Equity ESG Portfolio (1) | EQ/Large Cap Value Managed Volatility Portfolio (1) |
| &nbsp;&nbsp;&nbsp;1290 VT Socially Responsible Portfolio (1) | EQ/Lazard Emerging Markets Equity Portfolio (1) |
| &nbsp;&nbsp;&nbsp;ATM Large Cap Managed Volatility Portfolio (1) | EQ/Long-Term Bond Portfolio (1) |
| &nbsp;&nbsp;&nbsp;ATM Mid Cap Managed Volatility Portfolio (1) | EQ/Loomis Sayles Growth Portfolio (1) |
| &nbsp;&nbsp;&nbsp;ATM Small Cap Managed Volatility Portfolio (1) | EQ/MFS International Growth Portfolio (1) |
| &nbsp;&nbsp;&nbsp;ATM International Managed Volatility Portfolio (1) | EQ/MFS International Intrinsic Value Portfolio (1) |

---

1346

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---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;EQ/500 Managed Volatility Portfolio (1) | EQ/MFS Mid Cap Focused Growth Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/400 Managed Volatility Portfolio (1) | EQ/MFS Technology Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/2000 Managed Volatility Portfolio (1) | EQ/MFS Utilities Series Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/International Managed Volatility Portfolio (1) | EQ/Mid Cap Index Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/AB Dynamic Aggressive Growth Portfolio (1) | EQ/Mid Cap Value Managed Volatility Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/AB Dynamic Growth Portfolio (1) | EQ/Moderate Allocation Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/AB Dynamic Moderate Growth Portfolio (1) | EQ/Moderate-Plus Allocation Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/AB Short Duration Government Bond Portfolio (1) | EQ/Money Market Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/AB Small Cap Growth Portfolio (1) | EQ/Morgan Stanley Small Cap Growth Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/AB Sustainable U.S. Thematic Portfolio (1) | EQ/PIMCO Global Real Return Portfolio (2) |
| &nbsp;&nbsp;&nbsp;EQ/Aggressive Allocation Portfolio (1) | EQ/PIMCO Real Return Portfolio (2) |
| &nbsp;&nbsp;&nbsp;EQ/American Century Mid Cap Value Portfolio (1) | EQ/PIMCO Total Return ESG Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/American Century Moderate Growth Allocation Portfolio (1) | EQ/PIMCO Ultra Short Bond Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Capital Group Research Portfolio (1) | EQ/Quality Bond PLUS Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/ClearBridge Large Cap Growth ESG Portfolio (1) | EQ/Small Company Index Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/ClearBridge Select Equity Managed Volatility Portfolio (1) | EQ/T. Rowe Price Health Sciences Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Common Stock Index Portfolio (1) | EQ/Value Equity Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Conservative Allocation Portfolio (1) | EQ/Wellington Energy Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Conservative-Plus Allocation Portfolio (1) | Multimanager Aggressive Equity Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Core Bond Index Portfolio (1) | Multimanager Core Bond Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Core Plus Bond Portfolio (1) | Multimanager Technology Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Emerging Markets Equity PLUS Portfolio (1) | Target 2015 Allocation Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Equity 500 Index Portfolio (1) | Target 2025 Allocation Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Fidelity Institutional AM Large Cap Portfolio (1) | Target 2035 Allocation Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/JPMorgan Hedged Equity and Premium Income Portfolio (1) | Target 2045 Allocation Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Franklin Rising Dividends Portfolio (1) | Target 2055 Allocation Portfolio (1) |

---

(1) Statement of operations for the year ended December 31, 2025 and statement of changes in net assets for the years ended December 31, 2025 and 2024

(2) Statement of operations and statement of cash flows for the year ended December 31, 2025, and statement of changes in net assets for the years ended December 31, 2025 and 2024

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures

1347

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included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agents, agent banks, issuers of private securities and brokers; when replies were not received from brokers and transfer agents, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

February 19, 2026

We have served as the auditor of one or more investment companies in the Equitable Investment Management advised mutual fund complex since 1997.

1348

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#### Federal Income Tax Information (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolios:** | **70% Dividend<br>Received<br>Reduction** | **Foreign<br>Taxes** | **Foreign<br>Source Income** | **Long Term<br>Capital Gain** |
|  EQ/All Asset Growth Allocation | 23.33% | $142878 | $1338009 | $22627262 |
|  EQ/Ultra Conservative Strategy | 2.92 | 52034 | 749050 | 24485231 |
|  EQ/Conservative Strategy | 6.05 | 30839 | 443939 | 14051024 |
|  EQ/Conservative Growth Strategy | 13.90 | 120421 | 1733502 | 56154274 |
|  EQ/Balanced Strategy | 19.38 | 434454 | 6254113 | 195160814 |
|  EQ/Moderate Growth Strategy | 25.60 | 850753 | 12246881 | 404602995 |
|  EQ/Growth Strategy | 33.92 | 890805 | 12823433 | 388071091 |
|  EQ/Aggressive Growth Strategy | 42.78 | 1238356 | 17826558 | 485486337 |
|  EQ/Conservative Allocation | 5.16 | 33627 | 415941 | 13583124 |
|  EQ/Conservative-Plus Allocation | 11.22 | 112264 | 1340433 | 37223193 |
|  EQ/Moderate Allocation | 13.72 | 1220544 | 14438012 | 289043704 |
|  EQ/Moderate-Plus Allocation | 24.24 | 2068820 | 24342369 | 511561868 |
|  EQ/Aggressive Allocation | 44.21 | 1270359 | 14722504 | 292235469 |
|  Equitable Conservative Growth MF/ETF | 10.01 |  |  | 3059721 |
|  Equitable Moderate Growth MF/ETF | 24.31 |  |  | 693303 |
|  Equitable Growth MF/ETF | 46.22 |  |  | 883066 |
|  Target 2015 Allocation | 3.95 | 3054 | 37370 | 1122623 |
|  Target 2025 Allocation | 11.70 | 47251 | 579516 | 9138642 |
|  Target 2035 Allocation | 20.20 | 142174 | 1752827 | 7321057 |
|  Target 2045 Allocation | 28.13 | 154875 | 1922187 | 6899392 |
|  Target 2055 Allocation | 41.33 | 101313 | 1249895 | 3983986 |
|  1290 VT Moderate Growth Allocation | 18.44 |  |  | 9478532 |
|  1290 VT Multi-Alternative Strategies | 4.35 |  |  |  |
|  1290 VT Convertible Securities | 0.00 |  |  |  |
|  1290 VT DoubleLine Opportunistic Bond | 0.00 |  |  |  |
|  1290 VT Equity Income | 83.57 |  |  | 34751919 |
|  1290 VT GAMCO Mergers & Acquisitions | 39.08 |  |  | 2438721 |
|  1290 VT GAMCO Small Company Value | 100.00 |  |  | 225352716 |
|  1290 VT High Yield Bond | 0.00 |  |  |  |
|  1290 VT Micro Cap | 76.98 |  |  | 602 |
|  1290 VT Natural Resources | 46.30 | 36441 | 753726 |  |
|  1290 VT Real Estate | 0.00 |  |  |  |
|  1290 VT Small Cap Value | 44.52 |  |  | 39566794 |
|  1290 VT SmartBeta Equity ESG | 85.08 |  |  | 28218138 |
|  1290 VT Socially Responsible | 100.00 |  |  | 20097001 |
|  ATM Large Cap Managed Volatility | 79.93 |  |  | 373765273 |
|  ATM Mid Cap Managed Volatility | 55.44 |  |  | 16205084 |
|  ATM Small Cap Managed Volatility | 38.27 |  |  | 32519838 |
|  ATM International Managed Volatility | 0.00 | 2457913 | 34342283 | 58900033 |
|  EQ/500 Managed Volatility | 88.21 |  |  | 1060529688 |
|  EQ/400 Managed Volatility | 70.32 |  |  | 55877574 |
|  EQ/2000 Managed Volatility | 44.09 |  |  | 92406326 |
|  EQ/International Managed Volatility | 0.00 | 4061588 | 54015687 | 57919262 |
|  EQ/AB Dynamic Aggressive Growth | 18.49 |  |  | 10740498 |
|  EQ/AB Dynamic Growth | 29.35 |  |  | 21278424 |
|  EQ/AB Dynamic Moderate Growth | 17.27 |  |  | 98636892 |
|  EQ/AB Short Duration Government Bond | 0.00 |  |  |  |
|  EQ/AB Small Cap Growth | 29.81 |  |  | 155644693 |
|  EQ/AB Sustainable U.S. Thematic | 71.40 |  |  | 879598 |
|  EQ/American Century Mid Cap Value | 46.77 |  |  | 29984816 |
|  EQ/American Century Moderate Growth Allocation | 13.64 |  |  | 292325 |
|  EQ/Capital Group Research | 45.49 |  |  | 48497050 |
|  EQ/ClearBridge Large Cap Growth ESG | 100.00 |  |  | 48017785 |
|  EQ/ClearBridge Select Equity Managed Volatility | 100.00 |  |  | 3661148 |

---

1349

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolios:** | **70% Dividend<br>Received<br>Reduction** | **Foreign<br>Taxes** | **Foreign<br>Source Income** | **Long Term<br>Capital Gain** |
|  EQ/Common Stock Index | 100.00% | $— | $— | $545771451 |
|  EQ/Core Bond Index | 0.00 |  |  |  |
|  EQ/Core Plus Bond | 0.00 |  |  |  |
|  EQ/Emerging Markets Equity PLUS | 0.68 | 391878 | 3472709 |  |
|  EQ/Equity 500 Index | 100.00 |  |  | 304416513 |
|  EQ/Fidelity Institutional AM<sup>®</sup> Large Cap | 60.01 |  |  | 84590811 |
|  EQ/Franklin Rising Dividends | 100.00 |  |  | 13500981 |
|  EQ/Franklin Small Cap Value Managed Volatility | 47.60 |  |  | 16585460 |
|  EQ/Global Equity Managed Volatility | 21.54 |  |  | 158630571 |
|  EQ/Goldman Sachs Growth Allocation | 5.64 |  |  | 13092910 |
|  EQ/Goldman Sachs Mid Cap Value | 55.82 |  |  | 11284254 |
|  EQ/Goldman Sachs Moderate Growth Allocation | 16.46 |  |  | 13508237 |
|  EQ/Intermediate Corporate Bond | 0.00 |  |  | 26890307 |
|  EQ/Intermediate Government Bond | 0.00 |  |  |  |
|  EQ/International Core Managed Volatility | 0.00 | 2288232 | 27870631 | 75327485 |
|  EQ/International Equity Index | 0.00 | 3965128 | 59259118 |  |
|  EQ/International Value Managed Volatility | 0.00 | 2198849 | 30202711 | 42526620 |
|  EQ/Invesco Comstock | 97.12 |  |  | 23932423 |
|  EQ/Invesco Global | 0.00 |  |  | 66640004 |
|  EQ/Invesco Global Real Assets | 9.16 |  |  |  |
|  EQ/Invesco Moderate Allocation | 13.20 |  |  | 8304731 |
|  EQ/Invesco Moderate Growth Allocation | 10.36 |  |  | 5280426 |
|  EQ/Janus Enterprise | 100.00 |  |  | 125311609 |
|  EQ/JPMorgan Growth Allocation | 6.46 |  |  | 2532246 |
|  EQ/JPMorgan Growth Stock | 62.32 |  |  | 439249268 |
|  EQ/JPMorgan Hedged Equity and Premium Income | 18.83 |  |  | 40917407 |
|  EQ/JPMorgan Value Opportunities | 23.90 |  |  | 68844578 |
|  EQ/Large Cap Core Managed Volatility | 84.39 |  |  | 249808445 |
|  EQ/Large Cap Growth Index | 100.00 |  |  | 220087343 |
|  EQ/Large Cap Growth Managed Volatility | 52.67 |  |  | 636187092 |
|  EQ/Large Cap Value Index | 100.00 |  |  | 51928757 |
|  EQ/Large Cap Value Managed Volatility | 91.90 |  |  | 281859561 |
|  EQ/Lazard Emerging Markets Equity | 0.00 | 2000297 | 22983185 | 13378638 |
|  EQ/Long-Term Bond | 0.00 |  |  |  |
|  EQ/Loomis Sayles Growth | 0.00 |  |  | 67765318 |
|  EQ/MFS International Growth | 0.60 | 3099529 | 27812096 | 113258085 |
|  EQ/MFS International Intrinsic Value | 3.00 | 2999336 | 33345630 | 68047666 |
|  EQ/MFS Mid Cap Focused Growth | 0.00 |  |  | 66995432 |
|  EQ/MFS Technology | 15.43 |  |  | 102503926 |
|  EQ/MFS Utilities Series | 87.21 |  |  | 1800665 |
|  EQ/Mid Cap Index | 79.46 |  |  | 137969596 |
|  EQ/Mid Cap Value Managed Volatility | 66.36 |  |  | 94673434 |
|  EQ/Money Market | 0.00 |  |  |  |
|  EQ/Morgan Stanley Small Cap Growth | 62.20 |  |  |  |
|  EQ/PIMCO Global Real Return | 0.00 |  |  |  |
|  EQ/PIMCO Real Return | 0.00 |  |  |  |
|  EQ/PIMCO Total Return ESG | 0.00 |  |  |  |
|  EQ/PIMCO Ultra Short Bond | 0.00 |  |  |  |
|  EQ/Quality Bond PLUS | 0.00 |  |  |  |
|  EQ/Small Company Index | 66.53 |  |  | 47440567 |
|  EQ/T. Rowe Price Health Sciences | 0.00 |  |  | 2918870 |
|  EQ/Value Equity | 100.00 |  |  | 35315622 |
|  EQ/Wellington Energy | 70.74 |  |  |  |
|  Multimanager Aggressive Equity | 6.39 |  |  | 192164430 |
|  Multimanager Core Bond | 0.00 |  |  |  |
|  Multimanager Technology | 11.97 |  |  | 175827303 |

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#### Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)

Note: This is not applicable for any Portfolio included in this document.

#### Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)

Note: This is not applicable for any Portfolio included in this document.

#### Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
(Unaudited)

Note: This information is disclosed as part of the financial statements for each Portfolio as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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#### Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

#### APPROVALS OF INVESTMENT ADVISORY AND INVESTMENT SUB-ADVISORY AGREEMENTS

#### DURING THE SIX-MONTH PERIOD ENDED DECEMBER 31, 2025 (UNAUDITED)
At an in-person meeting held on July 22-23, 2025, the Board of Trustees (the "Board") of EQ Advisors Trust (the "Trust"), including those Trustees who are not parties to any Agreement (as defined below) or "interested persons" (as that term is defined in the Investment Company Act of 1940, as amended) of such parties or the Trust (the "Independent Trustees"), considered and unanimously approved the renewal of the Investment Advisory Agreement (the "Advisory Agreement") between the Trust and Equitable Investment Management Group, LLC ("EIM" or the "Adviser") and, as applicable, the renewal of the Investment Sub-Advisory Agreement(s) (each, a "Sub-Advisory Agreement" and together with the Advisory Agreement, the "Agreements") between the Adviser and each investment sub-adviser (each, a "Sub-Adviser" and together, the "Sub-Advisers"), as shown in the table below with respect to each series of the Trust (each, a "Portfolio" and together, the "Portfolios") listed below, for an additional one-year term. As noted below, the Board considered, and made a decision with respect to, each Agreement for each Portfolio separately.

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| | |
|:---|:---|
| **Portfolios** | **Agreement(s) Renewed by the Trust's Board<br>with respect to the Portfolios** |
|  EQ/Aggressive Growth Strategy Portfolio<br> EQ/Balanced Strategy Portfolio<br> EQ/Conservative Growth Strategy Portfolio<br> EQ/Conservative Strategy Portfolio<br> EQ/Growth Strategy Portfolio<br> EQ/Moderate Growth Strategy Portfolio<br> EQ/Ultra Conservative Strategy Portfolio<br> (collectively, the "Strategic Allocation Portfolios")<br>EQ/Aggressive Allocation Portfolio<br> EQ/Conservative Allocation Portfolio<br> EQ/Conservative-Plus Allocation Portfolio<br> EQ/Moderate Allocation Portfolio<br> EQ/Moderate-Plus Allocation Portfolio<br> (collectively, the "EQ Allocation Portfolios")<br>Target 2015 Allocation Portfolio<br> Target 2025 Allocation Portfolio<br> Target 2035 Allocation Portfolio<br> Target 2045 Allocation Portfolio<br> Target 2055 Allocation Portfolio<br> (collectively, the "Target Allocation Portfolios")<br>Equitable Conservative Growth MF/ETF Portfolio<br> Equitable Growth MF/ETF Portfolio<br> Equitable Moderate Growth MF/ETF Portfolio<br> (collectively, the "MF/ETF Portfolios")<br>1290 VT Moderate Growth Allocation Portfolio<br> 1290 VT Multi-Alternative Strategies Portfolio<br> 1290 VT SmartBeta Equity ESG Portfolio<sup>1</sup> EQ/All Asset Growth Allocation Portfolio | Advisory Agreement with EIM |
|  1290 VT Convertible Securities Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with SSGA Funds Management, Inc. ("SSGA") |
|  1290 VT DoubleLine Opportunistic Bond Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with DoubleLine Capital LP ("DoubleLine") |

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| | |
|:---|:---|
| **Portfolios** | **Agreement(s) Renewed by the Trust's Board<br>with respect to the Portfolios** |
|  1290 VT Equity Income Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with Barrow, Hanley, Mewhinney & Strauss, LLC |
|  1290 VT GAMCO Mergers & Acquisitions Portfolio<br> 1290 VT GAMCO Small Company Value Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with GAMCO Asset Management, Inc. ("GAMCO") |
|  1290 VT High Yield Bond Portfolio<sup>1</sup> | Advisory Agreement with EIM<br> Sub-Advisory Agreement with Post Advisory Group, LLC |
|  1290 VT Micro Cap Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with BlackRock Investment Management, LLC ("BlackRock")<br> Sub-Advisory Agreement with Lord, Abbett & Co. LLC |
|  1290 VT Natural Resources Portfolio<br> 1290 VT Real Estate Portfolio<br> EQ/AB Dynamic Aggressive Growth Portfolio<br> EQ/AB Dynamic Growth Portfolio<br> EQ/AB Dynamic Moderate Growth Portfolio<br> EQ/AB Short Duration Government Bond Portfolio<br> EQ/AB Small Cap Growth Portfolio<br> EQ/AB Sustainable U.S. Thematic Portfolio<br> EQ/Common Stock Index Portfolio<br> EQ/Equity 500 Index Portfolio<br> EQ/Intermediate Corporate Bond Portfolio<br> EQ/International Equity Index Portfolio<br> EQ/Large Cap Growth Index Portfolio<br> EQ/Large Cap Value Index Portfolio<br> EQ/Long-Term Bond Portfolio<br> EQ/Mid Cap Index Portfolio<br> EQ/Small Company Index Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with AllianceBernstein, L.P. ("AllianceBernstein") |
|  1290 VT Small Cap Value Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with BlackRock<br> Sub-Advisory Agreement with Horizon Kinetics Asset Management LLC |
|  1290 VT Socially Responsible Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with BlackRock |
|  ATM International Managed Volatility Portfolio<br> ATM Large Cap Managed Volatility Portfolio<br> ATM Mid Cap Managed Volatility Portfolio<br> ATM Small Cap Managed Volatility Portfolio<br> EQ/400 Managed Volatility Portfolio<br> EQ/500 Managed Volatility Portfolio<br> EQ/2000 Managed Volatility Portfolio<br> EQ/International Managed Volatility Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with AllianceBernstein<br> Sub-Advisory Agreement with BlackRock |
|  EQ/American Century Mid Cap Value Portfolio<br> EQ/American Century Moderate Growth Allocation Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with American Century Investment Management Inc. ("American Century") |
|  EQ/Capital Group Research Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with Capital International, Inc. ("Capital International") |

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| | |
|:---|:---|
| **Portfolios** | **Agreement(s) Renewed by the Trust's Board<br>with respect to the Portfolios** |
|  EQ/ClearBridge Large Cap Growth ESG Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with ClearBridge Investments, LLC ("ClearBridge") |
|  EQ/ClearBridge Select Equity Managed Volatility Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with BlackRock<br> Sub-Advisory Agreement with ClearBridge |
|  EQ/Core Bond Index Portfolio<br> EQ/Intermediate Government Bond Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with SSGA |
|  EQ/Core Plus Bond Portfolio<sup>1</sup> | Advisory Agreement with EIM<br> Sub-Advisory Agreement with Brandywine Global Investment Management LLC ("Brandywine Global")<br> Sub-Advisory Agreement with Loomis, Sayles & Co., L.P. ("Loomis Sayles") |
|  EQ/Emerging Markets Equity PLUS Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with AllianceBernstein<br> Sub-Advisory Agreement with EARNEST Partners, LLC ("EARNEST") |
|  EQ/Fidelity Institutional AM<sup>®</sup> Large Cap Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with FIAM, LLC ("FIAM") |
|  EQ/Franklin Moderate Allocation Portfolio<sup>2</sup> EQ/Franklin Rising Dividends Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with Franklin Advisers, Inc. ("Franklin Advisers") |
|  EQ/Franklin Small Cap Value Managed Volatility Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with BlackRock<br> Sub-Advisory Agreement with Franklin Mutual Advisers, LLC |
|  EQ/Global Equity Managed Volatility Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with BlackRock<br> Sub-Advisory Agreement with Invesco Advisers, Inc. ("Invesco")<br> Sub-Advisory Agreement with Morgan Stanley Investment Management, Inc. ("Morgan Stanley")<sup>3</sup> |
|  EQ/Goldman Sachs Growth Allocation Portfolio<br> EQ/Goldman Sachs Mid Cap Value Portfolio<br> EQ/Goldman Sachs Moderate Growth Allocation Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with Goldman Sachs Asset Management, L.P. |
|  EQ/International Core Managed Volatility Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with BlackRock<br> Sub-Advisory Agreement with EARNEST<br> Sub-Advisory Agreement with Federated Global Investment Management Corp.<br> Sub-Advisory Agreement with Massachusetts Financial Services Company (dba MFS Investment Management) ("MFS Investment Management") |
|  EQ/International Value Managed Volatility Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with BlackRock<br> Sub-Advisory Agreement with Harris Associates L.P. |
|  EQ/Invesco Comstock Portfolio<br> EQ/Invesco Global Portfolio<br> EQ/Invesco Global Real Assets Portfolio<sup>4</sup> EQ/Invesco Moderate Allocation Portfolio<br> EQ/Invesco Moderate Growth Allocation Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with Invesco |

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| | |
|:---|:---|
| **Portfolios** | **Agreement(s) Renewed by the Trust's Board<br>with respect to the Portfolios** |
|  EQ/Janus Enterprise Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with Janus Henderson Investors US LLC |
|  EQ/JPMorgan Growth Allocation Portfolio<br> EQ/JPMorgan Growth Stock Portfolio<br> EQ/JPMorgan Value Opportunities Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with J. P. Morgan Investment Management Inc. ("JPMorgan") |
|  EQ/Large Cap Core Managed Volatility Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with BlackRock<br> Sub-Advisory Agreement with Capital International<br> Sub-Advisory Agreement with GQG Partners LLC<br> Sub-Advisory Agreement with Vaughan Nelson Investment Management |
|  EQ/Large Cap Growth Managed Volatility Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with BlackRock<br> Sub-Advisory Agreement with HS Management Partners, LLC<br> Sub-Advisory Agreement with JPMorgan<br> Sub-Advisory Agreement with Loomis Sayles<br> Sub-Advisory Agreement with Polen Capital Management, LLC |
|  EQ/Large Cap Value Managed Volatility Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with AllianceBernstein<br> Sub-Advisory Agreement with Aristotle Capital Management, LLC ("Aristotle")<br> Sub-Advisory Agreement with MFS Investment Management |
|  EQ/Lazard Emerging Markets Equity Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with Lazard Asset Management LLC |
|  EQ/Loomis Sayles Growth Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with Loomis Sayles |
|  EQ/MFS International Growth Portfolio<br> EQ/MFS International Intrinsic Value Portfolio<br> EQ/MFS Mid Cap Focused Growth Portfolio<br> EQ/MFS Technology Portfolio<br> EQ/MFS Utilities Series Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with MFS Investment Management |
|  EQ/Mid Cap Value Managed Volatility Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with BlackRock<br> Sub-Advisory Agreement with Diamond Hill Capital Management, Inc.<br> Sub-Advisory Agreement with Wellington Management Company, LLP ("Wellington") |
|  EQ/Money Market Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with Dreyfus, a division of Mellon Investments Corporation  |
|  EQ/Morgan Stanley Small Cap Growth Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with BlackRock<br> Sub-Advisory Agreement with Morgan Stanley |
|  EQ/PIMCO Global Real Return Portfolio<br> EQ/PIMCO Real Return Portfolio<br> EQ/PIMCO Total Return ESG Portfolio<br> EQ/PIMCO Ultra Short Bond Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with Pacific Investment Management Company LLC ("PIMCO") |

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| | |
|:---|:---|
| **Portfolios** | **Agreement(s) Renewed by the Trust's Board<br>with respect to the Portfolios** |
|  EQ/Quality Bond PLUS Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with AllianceBernstein<br> Sub-Advisory Agreement with PIMCO |
|  EQ/T. Rowe Price Health Sciences Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with T. Rowe Price Associates, Inc. ("T. Rowe Price") |
|  EQ/Value Equity Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with Aristotle |
|  EQ/Wellington Energy Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with Wellington |
|  Multimanager Aggressive Equity Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with 1832 Asset Management U.S. Inc.<br> Sub-Advisory Agreement with AllianceBernstein<br> Sub-Advisory Agreement with T. Rowe Price<br> Sub-Advisory Agreement with Westfield Capital Management Company, L.P. |
|  Multimanager Core Bond Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with BlackRock Financial Management, Inc. ("BFM")<sup>5</sup> Sub-Advisory Agreement with DoubleLine<br> Sub-Advisory Agreement with PIMCO<br> Sub-Advisory Agreement with SSGA |
|  Multimanager Technology Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with AllianceBernstein<br> Sub-Advisory Agreement with FIAM<sup>5</sup> Sub-Advisory Agreement with Wellington |

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<sup>1</sup> The Board noted that it had approved a new investment sub-advisory agreement between the Adviser and AXA Investment Managers US Inc. with respect to the Portfolio at its June 2-3, 2025 meeting. A discussion of the process followed by the Board in its approval of the new investment sub-advisory agreement, including the information reviewed, certain material factors considered, and certain related conclusions reached, was provided in the Trust's Form N-CSR for the period ended June 30, 2025. 

<sup>2</sup> Effective on or about October 27, 2025, in connection with the restructuring of the Portfolio from a sub-advised fund to a fund-of-funds managed by the Adviser (described below), the Portfolio's name changed to "EQ/JPMorgan Hedged Equity and Premium Income Portfolio" and the Sub-Advisory Agreement between the Adviser and Franklin Advisers was terminated. A discussion of the process followed by the Board in its approval of an amendment to the Advisory Agreement with respect to the Portfolio in connection with the restructuring, including the information reviewed, certain material factors considered, and certain related conclusions reached, is provided elsewhere in this Form N-CSR. 

<sup>3</sup> In connection with its consideration and approval of the renewal of the Sub-Advisory Agreement between the Adviser and Morgan Stanley with respect to the EQ/Global Equity Managed Volatility Portfolio, the Board also considered and unanimously approved the renewal of an investment sub-sub-advisory agreement between Morgan Stanley and its affiliate Morgan Stanley Investment Management Company ("MSIM Co."), pursuant to which MSIM Co. provides certain services to the Portfolio. 

<sup>4</sup> In connection with its consideration and approval of the renewal of the Sub-Advisory Agreement between the Adviser and Invesco with respect to the EQ/Invesco Global Real Assets Portfolio, the Board also considered and unanimously approved the renewal of an investment sub-sub-advisory agreement between Invesco and its affiliate Invesco Asset Management Limited ("IAML"), pursuant to which IAML provides certain services to the Portfolio. 

<sup>5</sup> In connection with its consideration and approval of the renewal of the Sub-Advisory Agreement between the Adviser and BFM with respect to the Multimanager Core Bond Portfolio, the Board also considered and unanimously approved the renewal of investment sub-sub-advisory agreements between BFM and its affiliates BlackRock International Limited ("BIL") and BlackRock (Singapore) Limited ("BSL"), pursuant to which BIL and BSL provide certain services to the Portfolio. 

<sup>6</sup> In connection with its consideration and approval of the renewal of the Sub-Advisory Agreement between the Adviser and FIAM with respect to the Multimanager Technology Portfolio, the Board also considered and unanimously approved the renewal of investment sub-sub-advisory agreements between FIAM and FIL Investment Advisors ("FIA") and between FIA and its affiliate FIL Investment Advisors (UK) Limited ("FIA UK"), pursuant to which FIA and FIA UK provide certain services to the Portfolio. 

In reaching its decision to renew the Agreement(s) with respect to each Portfolio, the Board considered the overall fairness of the Agreement and whether the Agreement was in the best interests of the Portfolio and its investors. The Board further considered all factors it deemed relevant with respect to each Portfolio, including:

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(1) the nature, quality and extent of the overall services provided to the Portfolio by the Adviser, the relevant Sub-Adviser(s) and, where applicable, their respective affiliates, including the investment performance of the Portfolio (and, where applicable, each allocated portion of the Portfolio advised by a different Sub-Adviser); (2) the level of the Portfolio's advisory fee and, where applicable, sub-advisory fee(s), and the Portfolio's expense ratios relative to those of peer funds; (3) the costs of the services provided by, and the profits realized by, the Adviser and its affiliates from their relationships with the Portfolio; (4) the anticipated effect of growth and size on the Portfolio's performance and expenses, including any potential economies of scale and whether any such economies of scale are equitably shared with investors; and (5) "fall-out" benefits that may accrue to the Adviser, the relevant Sub-Adviser(s) and their respective affiliates (that is, indirect benefits that they would not receive but for their relationships with the Portfolio). The Board also considered other factors, including conditions and trends prevailing generally in the economy, the securities markets, and the mutual fund industry.

In connection with its deliberations, the Board took into account a broad range of information (both written and oral) provided to the Board, including its various committees, throughout the year, as well as information provided specifically in connection with the annual renewal process. The Trustees also recognized that the contractual arrangements for the Portfolios have been reviewed by the Trustees and discussed with the Adviser in prior years and that the Trustees' conclusions may take into account conclusions reached during their consideration of these same arrangements in prior years. The Board is assisted by counsel for the Trust, and the Independent Trustees are also separately assisted by independent legal counsel, throughout the year, as well as during the annual renewal process.

Information provided and discussed throughout the year included investment performance reports and related financial and general market outlook information for each Portfolio, as well as periodic reports on, among other matters, brokerage allocation and execution; pricing and valuation of portfolio securities; legal and compliance matters; shareholder and other services and support provided to the Portfolios by the Adviser, the relevant Sub-Adviser(s) and their respective affiliates, as well as other third-party providers; actual and potential conflicts of interest that could impact the business operations and relationships of the Adviser and the Trust or affect the Adviser's recommendations about Sub-Advisers; sales and marketing activity; risk management; and overall market and regulatory developments. In addition, the sub-groups of the Board's Investment Committee, composed of Independent Trustees, met individually with, and engaged in extensive discussions along with management representatives with, Sub-Advisers during presentations made at regularly scheduled Investment Committee meetings during the year. The meetings, discussions and presentations throughout the year also provide a means for the Board to evaluate and consider the level, breadth and quality of services provided by the Adviser, the Sub-Advisers and, where applicable, their respective affiliates, and how such services have changed over time in light of new or modified regulatory requirements, changes to market conditions or other factors.

Information provided and discussed specifically in connection with the annual renewal process included a report prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund industry data, as well as additional substantial material prepared by management. Broadridge provided its report to the Independent Trustees and included in its report comparative fee, expense and investment performance information for each Portfolio. The materials provided by Broadridge in connection with the July 2025 annual renewal process reflected certain enhancements to the presentation and format of the materials provided by Broadridge in connection with the July 2024 annual renewal process. The enhancements were based on a review of the materials undertaken by the Adviser, in consultation with fund counsel, and the Independent Trustees, in consultation with their independent legal counsel, intended to ensure that the Independent Trustees continue to receive comparative fee, expense, and investment performance information in a format that facilitates and enhances their review of the Portfolios' investment advisory and sub-advisory arrangements. The additional material prepared by management generally included Portfolio-by-Portfolio information showing, among other information, each Portfolio's average net assets; advisory fees and, where applicable, sub-advisory fees; expense ratios; expense limitation arrangements; investment performance (in addition to the performance information prepared by Broadridge); and profitability information, including information regarding the profitability of the Adviser's operations on a Portfolio-by-Portfolio basis, as well as on an overall Trust basis. In addition, for each Portfolio, the Adviser and, where applicable, the relevant Sub-Adviser(s) provided separate materials describing the Portfolio's investment performance over various time periods and the services provided and the fees charged with respect to the Portfolio and discussing whether the Portfolio had performed as expected over time and other matters.

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The annual renewal process extends over at least two regular meetings of the Board in June and July (although the Independent Trustees believe that, in fact, the process extends year-round, and the Independent Trustees receive information on an ongoing basis) to ensure that the Adviser and the Sub-Advisers have time to respond to any questions the Independent Trustees may have on their initial review of the materials and that the Independent Trustees have time to consider those responses. The Independent Trustees were assisted by independent legal counsel prior to and during the meeting at which the Board approved the renewal of the Agreements and during their deliberations regarding the Agreements and received from legal counsel materials outlining, among other things, their fiduciary duties and the legal standards applicable to their consideration of the proposed renewal of the Agreements. The Independent Trustees also held a conference call in advance of the meeting at which the Board approved the renewal of the Agreements to review the information provided and communicated follow-up questions for management to address at the renewal meeting. The Independent Trustees also met in executive sessions with their independent legal counsel during the meeting to discuss the Agreements and the information provided and consider their responsibilities under applicable law. When invited, management representatives attended portions of the executive sessions to review and discuss matters relating to the Agreements and to provide additional information requested by the Independent Trustees. At the meeting and during the portions of the executive sessions attended by management, the Independent Trustees and management engaged in extensive discussions and negotiations regarding the Agreements. As a result of these extensive discussions and negotiations, the Adviser agreed to implement lower, voluntary expense limitations for certain of the Portfolios, as noted below. In addition, the Independent Trustees requested and reviewed information and met during the year to discuss information relevant to their annual consideration of the Agreements.

The Board also noted that the Trust is an affiliated investment company of 1290 Funds, which is managed by Equitable Investment Management, LLC ("EIM LLC"), an affiliate of the Adviser, and that all of the Board members also currently serve on the Board of Trustees of 1290 Funds. The Board noted that the Adviser served as the investment adviser to 1290 Funds prior to January 1, 2023. The Board also noted that certain of the Sub-Advisers currently serve as investment sub-advisers for one or more series of 1290 Funds (such Sub-Advisers together, the "EQ Sub-Advisers").<sup>1</sup> The Trustees took into account information relating to the Adviser, EIM LLC and the EQ Sub-Advisers provided to the Trustees, in their capacities as Trustees of 1290 Funds, at prior meetings of the Board of Trustees of 1290 Funds, and the Trustees noted their experience and familiarity with the Adviser, EIM LLC, the EQ Sub-Advisers, and the series of 1290 Funds gained from their service on the Boards of Trustees of 1290 Funds and the Trust.

Although the Board approved the renewal of the Agreements for all of the Portfolios at the same Board meeting, the Board considered each Portfolio and each relevant Agreement separately and, in doing so, noted the respective roles of the Adviser and, as applicable, the relevant Sub-Adviser(s) in providing services to the Portfolio. The Board's decision to renew the relevant Agreement(s) with respect to each Portfolio was not based on a single identified factor, but rather reflected the comprehensive consideration of all the information provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the annual renewal process. Each Trustee may have attributed different levels of importance to the various factors and information considered in connection with the renewal process and may have placed different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. With respect to each Sub-Advisory Agreement, the Board also took into account the Adviser's recommendation to approve the renewal of the Sub-Advisory Agreement. In approving the renewal of the relevant Agreement(s) with respect to each Portfolio, each Trustee, including the Independent Trustees, after considering all factors and information they deemed relevant, reached a determination, with the assistance of Independent Trustees' counsel and fund counsel and through the exercise of their own business judgment, that the advisory fee and, where applicable, sub-advisory fee(s) were fair and reasonable and that the renewal of the Agreement(s) was in the best interests of the applicable Portfolio and its investors. Although the Board gave attention to all information provided, the following discusses some of the primary factors and information it deemed relevant to its decision to renew the Agreements.

#### Nature, Quality and Extent of Services
The Board evaluated the nature, quality and extent of the overall services provided to each Portfolio and its investors by the Adviser, the relevant Sub-Adviser(s) and, where applicable, their respective affiliates. In addition to

<sup>1</sup> The EQ Sub-Advisers are American Century, Brandywine Global, GAMCO, and Loomis Sayles.

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the investment performance and fee and expense information discussed below, the Board considered the Adviser's and each relevant Sub-Adviser's responsibilities with respect to each Portfolio and the Adviser's and each relevant Sub-Adviser's experience in serving as an investment adviser for the Portfolio(s) and for funds and accounts similar to the Portfolio(s) each advises, including, as applicable, series (or allocated portion(s) of series) of 1290 Funds.

With respect to the Adviser, the Board considered that the Adviser is responsible for, among other things, developing investment strategies for the Portfolios (and the portions thereof); researching, selecting and hiring Sub-Advisers, conducting ongoing due diligence on and monitoring Sub-Advisers, and, when necessary or advisable, terminating or replacing Sub-Advisers; allocating and rebalancing Portfolio assets among Sub-Advisers; overseeing the selection of investments for the Portfolios (or the portions thereof) that the Sub-Advisers sub-advise; making investment decisions for the Portfolios (or the portions thereof) that it manages directly; managing the tactical volatility management strategy for certain of the Portfolios that employ such a strategy; monitoring and evaluating the investment performance of the Portfolios (or the portions thereof); monitoring the investment operations and composition of the Portfolios (or the portions thereof) and, in connection therewith, monitoring compliance with the Portfolios' investment objectives, policies and restrictions, as well as the Portfolios' compliance with applicable law and the Trust's compliance policies and procedures; monitoring brokerage selection, commission and other trading costs, quality of execution, and other brokerage matters; coordinating and managing the flow of information and communications relating to the Portfolios among the Sub-Advisers and other applicable parties; coordinating responses to regulatory agency inquiries relating to the operations of the Trust and coordinating litigation matters involving the Adviser and the Trust; and implementing Board directives as they relate to the Portfolios. The Board also considered information regarding the Adviser's process for selecting and monitoring the Sub-Advisers and the other service providers to the Portfolios and its process for making investment decisions for the Portfolios (or the portions thereof) that it manages directly, as well as information regarding the qualifications and experience of, and resources available to, the Adviser's personnel who perform those functions with respect to the Portfolios. In addition, the Board considered the quality of the Adviser's communications with the Board and the Adviser's responsiveness to Board inquiries and requests made from time to time with respect to the Portfolios. The Board further considered that the Adviser also provides the Trust with personnel, including Trust officers, in connection with carrying out its responsibilities and is responsible for coordinating the development of new initiatives and evaluating the impact of proposed products and services on the Trust and its assets. The Board also considered that the Adviser assumes significant entrepreneurial risk in sponsoring new Portfolios or recommending and implementing changes (for example, investment objective, strategy or policy changes) to existing Portfolios and that the Adviser also bears and assumes significant ongoing risks, including investment, operational, cybersecurity, enterprise, litigation, regulatory and compliance risks, with respect to all Portfolios. The Board considered that the Adviser's responsibilities with respect to all Portfolios include daily monitoring of investment, operational, cybersecurity, enterprise, litigation, regulatory and compliance risks as they relate to the Portfolios. The Board also considered periodic reports provided to the Board regarding the Adviser's ongoing risk monitoring and risk management activities. The Board also noted that the Portfolios operate in an increasingly complex regulatory environment.

With respect to the Sub-Advisers, the Board considered that each Sub-Adviser, subject to the oversight of the Adviser, is responsible for making investment decisions for the Portfolio(s) (or the portion(s) thereof) that it sub-advises; placing with brokers or dealers orders for the purchase and sale of investments for the Portfolio(s) (or the portion(s) thereof) that it sub-advises; and performing certain related administrative functions. The Board also reviewed information regarding each Sub-Adviser's process for selecting investments for the Portfolio(s) (or the portion(s) thereof) that it sub-advises, as well as information regarding the qualifications and experience of the Sub-Adviser's portfolio managers who provide services to the Portfolio(s) that it sub-advises, as well as information on staffing levels and succession planning. The Board also considered information regarding each Sub-Adviser's policies for executing portfolio transactions for the Portfolio(s) (or the portion(s) thereof) that it sub-advises and, where applicable, information regarding a Sub-Adviser's policies for obtaining research from brokers and dealers.

In addition, the Board considered the allocation of Portfolio brokerage, including allocations to broker-dealers affiliated with the Adviser or a Sub-Adviser. The Board also considered the Sub-Advisers' use of "soft" commission dollars to pay for research services, as applicable, and noted that the Adviser does not engage in "soft dollar" transactions. In this regard, the Board also considered the Adviser's and each Sub-Adviser's trading experience and received information regarding how the Adviser and each Sub-Adviser seek to achieve "best execution" on behalf of a Portfolio (or portion thereof), including a report by an independent portfolio trading analytical firm and reports from the Trust's Chief Compliance Officer regarding the monitoring of execution quality.

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The Board also considered the Trust's Chief Compliance Officer's evaluation of the Adviser's and each Sub-Adviser's compliance programs, policies and procedures, including those relating to cybersecurity and business continuity, and any compliance matters involving the Adviser and any applicable Sub-Adviser that had been brought to the Board's attention during the year. In addition, the Board considered whether there were any pending lawsuits, enforcement proceedings or regulatory investigations involving the Adviser and the Sub-Advisers and received information regarding the Adviser's and each Sub-Adviser's financial condition and history of operations and potential conflicts of interest in managing the Portfolios. The Board also considered information as to the overall amount of assets sub-advised by each Sub-Adviser and noted the largest Sub-Adviser relationships, both in terms of aggregate net assets sub-advised and, for smaller Sub-Advisers, in terms of net assets sub-advised as a percentage of the Sub-Adviser's total assets under management. In addition to periodic reports throughout the year, the Independent Trustees received information about business relationships that the Adviser and/or its affiliates, including Equitable Financial Life Insurance Company, have with the Sub-Advisers and/or their affiliates in addition to the relationships involving the Portfolios. In this regard, the Board also received materials regarding the practices, policies and procedures (as well as periodic enhancements thereto) adopted by the Adviser and the Trust to identify and mitigate actual and potential conflicts of interest, including conflicts that may arise in connection with those additional business relationships.

The Board also considered periodic reports provided to the Board regarding the services provided by the Adviser, the Sub-Advisers and, where applicable, their affiliates. The Board also considered actions taken by the Adviser and the Sub-Advisers in response to market conditions and other developments over the past year and considered the overall performance of the Adviser and the Sub-Advisers in this context. The Board also considered information about the Adviser's and each Sub-Adviser's ability to continue to provide the same scope and quality of services to its respective Portfolio(s). The Board noted that, at the Independent Trustees' request, the Adviser had continued to provide the Board with regular updates on market volatility, the operation of the Trust and the Portfolios, developments related to the Adviser's business, and the Adviser's ongoing oversight and enhanced monitoring of the Portfolios' Sub-Advisers, in light of a variety of market, economic and other factors, as well as changing regulatory requirements. The Independent Trustees also requested and received information about the Adviser's, the Sub-Advisers', and other key service providers' use of artificial intelligence ("AI") technologies in providing services to the Portfolios, as well as the Adviser's oversight and monitoring of these activities. The Board also noted that, at the Independent Trustees' request, the Adviser had continued to provide the Board with periodically updated assets under management and Portfolio average net assets information, as well as updated investment performance information, including the impact of volatility management strategies on the performance of the Portfolios that pursue volatility management strategies either directly or through investments in underlying portfolios (as defined below) that pursue such strategies.

The Board also considered strategic and other actions taken by the Adviser in response to recent events within the mutual fund industry, including actions taken in response to legal and regulatory developments, including U.S. Securities and Exchange Commission rulemaking and other actions affecting the mutual fund industry. The Board also requested and received throughout the past year information from the Adviser and various service providers on various topics impacting mutual funds generally, including pricing and valuation of portfolio securities; liquidity and derivatives risk management; the use of AI in the asset management industry; cybersecurity; trustee independence; and mutual fund board governance "best practices". The Board noted that certain of these topics may present significant ongoing challenges for mutual funds and result in an increase in the responsibilities and costs of mutual fund service providers, including the Adviser. The Board also noted the increasing complexity of the financial markets.

The Board also considered the benefits to investors from participation in a Portfolio sponsored by the Adviser, including the benefits of investing in a fund that is part of a large fund complex that offers a wide range of portfolios, sub-advisers and investment styles. The Board likewise considered that investors have chosen to invest in mutual funds sponsored by the Adviser. In addition, the Board considered the nature, quality and extent of the administrative, investor servicing and distribution services that the Adviser and its affiliates provide to the Portfolios and their shareholders. The Board also noted that, throughout the past year, the Adviser and its affiliates had continued or undertaken strategic and other actions and initiatives intended to enhance various aspects of the Trust's and the Board's operations and investors' experience with the mutual funds sponsored by the Adviser. In this regard, the Board also noted that the Adviser continually reviews the overall line-up of investment options and conducts in-depth analysis of its entire fund complex to provide recommendations to the Board to streamline and strengthen the fund complex's line-up. The Board recognized that certain of these strategic and other actions and

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initiatives may also have a positive impact on the profitability and financial position of the Adviser and its affiliates. The Board also noted the intense competition among the broad range of financial institutions and other providers within the financial services industry.

For purposes of evaluating the nature, quality and extent of the overall services provided to each Portfolio, the Board also considered discussions with the Adviser and, where applicable, the relevant Sub-Adviser(s) about Portfolio investment performance that occur at Board and Investment Committee meetings throughout the year. In this regard, the Board noted that, as part of regularly scheduled Portfolio reviews and other detailed reports to the Board on Portfolio performance, the Board periodically received and considered information regarding each Portfolio's performance over various time periods on both an absolute basis and relative to the performance of a recognized securities market index ("benchmark") and/or a custom blended index developed by the Adviser that comprises multiple recognized indexes ("blended benchmark"), and one or more peer groups of other mutual funds deemed by Broadridge to be comparable to the Portfolio (each, a "peer group"). The performance information generally included, among other information, annual total returns, average annual total returns, cumulative returns and/or rolling period total returns. The Board also reviewed information about performance attribution (including factors that contributed to, or detracted from, Portfolio performance) and reviewed performance in relation to certain measures of the degree of investment risk undertaken by the portfolio managers. The Board also considered the Adviser's effectiveness in monitoring the performance of the Sub-Advisers, and the Adviser's responses to performance issues when identified. The Board also considered certain information, reflected in Appendix A, provided to the Board regarding each Portfolio's performance relative to the performance of a benchmark and/or a blended benchmark and one or more peer groups for the one-, three-, five- and ten-year periods, as applicable, ended March 31, 2025. The Board noted that this information supplemented other performance information provided to the Board throughout the year and in connection with the annual renewal process. The Board also considered information, provided to the Board by Broadridge, regarding each Portfolio's performance over various time periods relative to the performance of a benchmark and/or a blended benchmark and Broadridge's "performance universe" consisting of a peer group of funds. Broadridge also provided, and the Board considered, comparisons to (i) managed volatility Broadridge peer groups for the Portfolios that pursue volatility management strategies either directly or through investments in underlying portfolios (as defined below) that pursue such strategies, and (ii) Broadridge peer groups for the active equity Portfolios that invest according to certain ESG or social criteria. The Board also noted that, at the Independent Trustees' request, the Adviser had provided the Board with updated performance information for all of the Portfolios for periods ended June 30, 2025, as well as market commentary, in connection with the annual renewal process.

The Board received a description of, and factored into its evaluation of each Portfolio's performance the limitations inherent in, Broadridge's methodology for developing and constructing peer groups and determining, from year to year, which mutual funds should be included in which peer groups, among other things. In this regard, the Board also noted that Broadridge's methodology may result in a Portfolio's being included in one peer group one year and in a different peer group the next, and in similar Portfolios being included in different peer groups. The Board also noted that the number of mutual funds included in a peer group may be relatively small and may differ significantly from peer group to peer group and from year to year and that the constituent mutual funds included in a peer group also may differ from year to year, which, among other factors, can limit the relevance of the comparisons. While recognizing these inherent limitations, the Board believed the independent analysis conducted by Broadridge provided a useful measure of comparative performance. The Board noted that while the Adviser requested that the Board be provided certain supplemental peer group performance information, Broadridge's selection of peer funds, and its identification of a peer group, for each Portfolio for purposes of performance comparisons followed Broadridge's independent and proprietary methodology.

In evaluating the Portfolios' performance, the Board generally considered longer-term performance over a full market cycle (typically five years or longer, if applicable) to be more important than short-term performance and generally placed greater emphasis on investment results relative to benchmarks consistent with each Portfolio's objective. The Board also took into account factors including general market conditions (including the amount of volatility in the market over the past year, and the concentrated market environment largely driven by the dominance of a small number of "mega cap" companies often called the "Magnificent Seven"); interest rate and inflation levels and credit conditions; the "style" in which the Portfolios are managed, as applicable, and whether that style is in or out of favor in the market; the relative sizes of the Portfolios; issuer-specific information; and fund cash flows. In this regard, the Board also noted how selecting different time periods for performance calculations

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(for example, whether a one-year period is from December to December or March to March) can produce significantly different results in terms of a Portfolio's returns and peer ranking on a relative basis, particularly during periods of market volatility. The Board also recognized that market and economic conditions may significantly impact a Portfolio's performance, particularly over shorter periods, and such performance may be more reflective of such market or economic conditions and not necessarily reflective of management skill. The Board further acknowledged that longer-term performance could be impacted by even one period of significant outperformance or underperformance. The Board also considered that variations in performance among a Portfolio's operating classes reflect variations in class expenses, which result in lower performance for higher expense classes.

The following paragraphs, in which the Portfolios are grouped by investment strategy (for example, allocation strategies, "passive" strategies, "pactive" strategies, and active strategies), provide additional information that the Board considered in evaluating the performance of each Portfolio.

<u>Allocation Portfolios</u>

With respect to the performance of the Strategic Allocation Portfolios, the EQ Allocation Portfolios, the Target Allocation Portfolios, the MF/ETF Portfolios, and the 1290 VT Moderate Growth Allocation and EQ/All Asset Growth Allocation Portfolios, the Board considered that each Portfolio operates as a fund-of-funds managed by the Adviser and invests in securities of other mutual funds and/or exchange-traded securities of other investment companies or investment vehicles (referred to collectively as "underlying portfolios") and recognized, therefore, that each Portfolio's performance is based, in part, on the total returns of the underlying portfolios in which it invests. The Board also considered that each Portfolio allocates its assets between equity and fixed income investments (and, in the case of the EQ/All Asset Growth Allocation Portfolio, alternative investments) through its investments in underlying portfolios. The Board noted that the underlying portfolios in which each Portfolio other than the 1290 VT Moderate Growth Allocation Portfolio may invest include series of the Trust and/or 1290 Funds.

In evaluating the performance of the Equitable Conservative Growth MF/ETF Portfolio, the Board also noted that, in August 2022, the Portfolio had changed from a sub-advised fund to a fund-of-funds managed by the Adviser, and had changed its investment objective, policies and strategy, fee and expense structure, performance benchmark, and name. Therefore, the Board focused on the Portfolio's performance since that time.

The Board also noted that the Equitable Growth MF/ETF and Equitable Moderate Growth MF/ETF Portfolios had only a short operating history on which to evaluate performance.

With respect to the performance of the EQ/AB Dynamic Aggressive Growth, EQ/AB Dynamic Growth, EQ/AB Dynamic Moderate Growth, EQ/American Century Moderate Growth Allocation, EQ/Franklin Moderate Allocation, EQ/Goldman Sachs Growth Allocation, EQ/Goldman Sachs Moderate Growth Allocation, EQ/Invesco Moderate Allocation, EQ/Invesco Moderate Growth Allocation and EQ/JPMorgan Growth Allocation Portfolios, the Board considered that each Portfolio allocates its assets between equity and fixed income investments and is advised by a single Sub-Adviser.

The Board further considered that certain of the underlying portfolios in which each of the Strategic Allocation Portfolios and the EQ Allocation Portfolios invests may employ a tactical volatility management strategy that is intended to reduce the volatility associated with investing in equity securities in an effort to produce more favorable risk-adjusted returns over extended market cycles. The Board also noted that the funds in a Portfolio's peer group may employ volatility management strategies different from those employed by underlying portfolios in which the Portfolio invests.

The Board further considered that, in connection with the Portfolio's investment strategy, each of the 1290 VT Moderate Growth Allocation, EQ/AB Dynamic Aggressive Growth, EQ/AB Dynamic Growth, EQ/AB Dynamic Moderate Growth, EQ/American Century Moderate Growth Allocation, EQ/Franklin Moderate Allocation, EQ/Goldman Sachs Growth Allocation, EQ/Goldman Sachs Moderate Growth Allocation, EQ/Invesco Moderate Allocation, EQ/Invesco Moderate Growth Allocation and EQ/JPMorgan Growth Allocation Portfolios may employ distinct volatility management techniques. The Board also noted that the funds in a Portfolio's peer group may employ volatility management strategies different from those employed by the Portfolio.

The Board also factored into its evaluation of a Portfolio's performance the limitations inherent in comparing the performance of asset allocation funds, such as the Portfolios, which may invest in equity and fixed income (and, as applicable, alternative) investments, to the performance of a benchmark that consists entirely of equity or fixed income securities and to the performance of a peer group that includes funds that may allocate their assets

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between equity and fixed income investments in different percentages over time than the Portfolio and among other asset classes. In this respect, the Board noted that, for each Portfolio other than a Target Allocation Portfolio, the Adviser had developed and implemented a custom blended benchmark that has weighted levels of exposure to equity and fixed income (and, as applicable, alternative) securities. The Board considered each such Portfolio's blended benchmark in evaluating the Portfolio's performance. The Board also factored into its evaluation of each Target Allocation Portfolio's performance that, although the Portfolio's benchmark may correspond to a particular target retirement date, it may have levels of exposure to equity and debt securities that vary from the Portfolio's asset allocation over time.

In evaluating the performance of the EQ/Franklin Moderate Allocation Portfolio, the Board also noted that, at the July 22-23, 2025 meeting, the Adviser had proposed, and the Board had approved, certain changes with respect to the Portfolio, including: (i) a change in the Portfolio's name to "EQ/JPMorgan Hedged Equity and Premium Income Portfolio" and corresponding changes to the Portfolio's investment objective and principal investment strategy; (ii) the termination of Franklin Advisers as sub-adviser to the Portfolio; and (iii) an amendment to the Advisory Agreement between the Trust and the Adviser with respect to the Portfolio to reflect a decrease in the investment advisory fee rate. The Board further noted that, in accordance with the changes, effective on or about October 27, 2025, the Portfolio would be restructured from a fund that allocates its assets between equity and fixed income investments and is advised by a single Sub-Adviser to a fund-of-funds managed by the Adviser.

The Board and the Adviser discussed the performance of each Portfolio, including whether each Portfolio had performed as expected over time. The Board and the Adviser also discussed, where applicable, the reasons for a Portfolio's underperformance for certain periods relative to its peer group and/or benchmark and/or blended benchmark, as applicable, and efforts to improve the Portfolio's performance. Where applicable, the Board also considered, with respect to each sub-advised Portfolio, steps that the Adviser and the relevant Sub-Adviser had taken to address a Portfolio's performance, including any changes to the portfolio managers advising a Portfolio and any changes to the investment strategies of a Portfolio, including, for certain Sub-Advisers, enhancements to their volatility management model, and the performance results of the Portfolio since the date of such changes. Where applicable, the Board also considered, with respect to each fund-of-funds Portfolio, steps that the Adviser had taken to address a Portfolio's performance, including any changes to the investment strategies of a Portfolio or to the underlying portfolios in which a Portfolio invests, and the performance results of the Portfolio since the date of such changes. In this regard, the Board noted that performance, especially short-term performance, is only one of the factors that it deems relevant to its consideration of a Portfolio's Agreement(s) and that, after considering all relevant factors, it can reach a decision to renew an Agreement notwithstanding a Portfolio's relative underperformance.

Based on its review and the explanations provided by the Adviser and, where applicable, the relevant Sub-Adviser regarding the performance of each Portfolio, the Board determined, with respect to each Portfolio, that the Portfolio and its investors would benefit from the Adviser's and, where applicable, the relevant Sub-Adviser's continued management of the Portfolio.<sup>2</sup>

<u>"Passive" with Managed Volatility Portfolios</u>

With respect to the performance of the ATM International Managed Volatility, ATM Large Cap Managed Volatility, ATM Mid Cap Managed Volatility, ATM Small Cap Managed Volatility, EQ/400 Managed Volatility, EQ/500 Managed Volatility, EQ/2000 Managed Volatility and EQ/International Managed Volatility Portfolios, the Board considered that each Portfolio follows an investment strategy under which the Portfolio is normally divided into two portions, one of which uses an indexing (or "passive") strategy to seek to track the performance (before fees and expenses) of the Portfolio's benchmark, and the other of which seeks to tactically manage equity exposure in the Portfolio based on the level of volatility in the market. The Board further considered that each Portfolio's tactical volatility management strategy is intended to reduce the volatility associated with investing in equity securities in an effort to produce more favorable risk-adjusted returns over extended market cycles. The Board also noted that each Portfolio employs an active, daily volatility monitoring and management process, which distinguishes it from traditional passive management strategies. The Board also noted that the funds in a Portfolio's peer group may employ volatility management strategies different from those employed by the Portfolio and that a Portfolio's managed volatility peer group may include funds with passive management strategies as well as funds with active management strategies. The Board also noted that each Portfolio may invest in exchange-traded securities of other investment companies or investment vehicles ("ETFs").

<sup>2</sup> The Board noted that the Sub-Advisory Agreement between the Adviser and Franklin Advisers with respect to the EQ/Franklin Moderate Allocation Portfolio would remain in effect only until the Portfolio's restructuring.

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The Board and the Adviser discussed the performance of each Portfolio, including whether each Portfolio had performed as expected over time. The Board and the Adviser also discussed, where applicable, the reasons for a Portfolio's underperformance for certain periods relative to its peer group and/or benchmark, as applicable, and efforts to improve the Portfolio's performance. Where applicable, the Board also considered steps that the Adviser and the Sub-Adviser(s) had taken to address a Portfolio's performance, including any changes to the investment strategies of a Portfolio, and the performance results of the Portfolio since the date of such changes. In this regard, the Board noted that performance, especially short-term performance, is only one of the factors that it deems relevant to its consideration of a Portfolio's Agreements and that, after considering all relevant factors, it can reach a decision to renew an Agreement notwithstanding a Portfolio's relative underperformance.

Based on its review and the explanations provided by the Adviser and the relevant Sub-Adviser(s) regarding the performance of each Portfolio, the Board determined, with respect to each Portfolio, that the Portfolio and its investors would benefit from the Adviser's and each Sub-Adviser's continued management of the Portfolio.

<u>"Passive" without Managed Volatility Portfolios</u> 

With respect to the performance of the 1290 VT Natural Resources and 1290 VT Real Estate Portfolios, the Board considered that each Portfolio seeks to track the performance (before fees and expenses) of its benchmark. With respect to the performance of the 1290 VT Socially Responsible Portfolio, the Board considered that the Portfolio seeks to track the investment results of a benchmark consisting of a universe of securities that have positive ESG characteristics. With respect to the performance of the 1290 VT Convertible Securities, EQ/Common Stock Index, EQ/Core Bond Index, EQ/Equity 500 Index, EQ/Intermediate Corporate Bond, EQ/Intermediate Government Bond, EQ/International Equity Index, EQ/Large Cap Growth Index, EQ/Large Cap Value Index, EQ/Long-Term Bond, EQ/Mid Cap Index and EQ/Small Company Index Portfolios, the Board considered that each Portfolio seeks to achieve a total return (before fees and expenses) that approximates the total return performance of its benchmark. The Board noted that each Portfolio uses an indexing (or "passive") strategy. The Board also noted that each Portfolio's performance was expected to vary from (and generally was expected to be lower than) that of its benchmark due to fees, management of cash flows, transaction costs, valuation and other factors, which affect the Portfolio but not the benchmark.

The Board also took into account that peer groups in which Broadridge placed certain Portfolios for comparison purposes include only funds with passive management strategies, whereas peer groups in which Broadridge placed other Portfolios for comparison purposes include funds with passive management strategies as well as funds with active management strategies.

In evaluating the performance of the 1290 VT Convertible Securities Portfolio, the Board also noted that, in June 2021, the Portfolio had converted from an investment strategy under which the Portfolio's assets normally were allocated between two portions, one of which was actively managed and the other of which was invested in passively managed ETFs, to an entirely passive management strategy; the Portfolio had replaced its Sub-Adviser; and the Portfolio had changed its investment objective, performance benchmark, and fee and expense structure. Therefore, the Board focused on the Portfolio's performance since that time.

In evaluating the performance of the 1290 VT Socially Responsible Portfolio, the Board also took into account that the Portfolio is a specialty portfolio that offers a unique investment strategy and enhances the range of investment options available to investors.

The Board also noted that the EQ/Intermediate Corporate Bond and EQ/Long-Term Bond Portfolios had only a short operating history on which to evaluate performance.

The Board and the Adviser discussed the performance of each Portfolio, including whether each Portfolio had performed as expected over time, and the extent to which each Portfolio had achieved its objective, as described above. In this connection, the Board also considered information on the correlation and tracking error between each Portfolio and its respective benchmark over various time periods, as well as the Adviser's and the relevant Sub-Adviser's views and explanations of this information.

Based on its review and the explanations provided by the Adviser and the relevant Sub-Adviser regarding the performance of each Portfolio, the Board determined, with respect to each Portfolio, that the Portfolio and its investors would benefit from the Adviser's and the Sub-Adviser's continued management of the Portfolio.

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<u>"Pactive" with Managed Volatility Portfolios</u> 

With respect to the performance of the EQ/ClearBridge Select Equity Managed Volatility, EQ/Franklin Small Cap Value Managed Volatility, EQ/Global Equity Managed Volatility, EQ/International Core Managed Volatility, EQ/International Value Managed Volatility, EQ/Large Cap Core Managed Volatility, EQ/Large Cap Growth Managed Volatility, EQ/Large Cap Value Managed Volatility and EQ/Mid Cap Value Managed Volatility Portfolios, the Board considered that each Portfolio follows an investment strategy under which the Portfolio's assets normally are allocated among multiple Sub-Advisers, each of which manages its portion of the Portfolio using a different but complementary investment strategy. The Board also noted that each of the EQ/International Core Managed Volatility, EQ/International Value Managed Volatility, EQ/Large Cap Core Managed Volatility, EQ/Large Cap Growth Managed Volatility, EQ/Large Cap Value Managed Volatility and EQ/Mid Cap Value Managed Volatility Portfolios may invest in ETFs.

The Board noted that each Portfolio uses a combination of active and passive (or "pactive") investment strategies. The Board also considered that, in connection with the pactive investment strategy, each Portfolio may employ various volatility management techniques, including the use of futures and options to manage equity exposure. The Board further considered that each Portfolio's volatility management strategy is intended to reduce the volatility associated with investing in equity securities in an effort to produce more favorable risk-adjusted returns over extended market cycles. The Board also noted that the funds in a Portfolio's peer group may or may not employ an investment strategy similar to the Portfolio's that includes active, passive and (in the case of certain Portfolios) ETF components, and that the funds in a Portfolio's peer group may employ volatility management strategies different from those employed by the Portfolio.

For each of the EQ/Large Cap Core Managed Volatility, EQ/Large Cap Growth Managed Volatility and EQ/Large Cap Value Managed Volatility Portfolios, the Board also noted that, within the past five years, the Adviser had replaced a Sub-Adviser managing a portion of the Portfolio and, therefore, the Board considered the recent Sub-Adviser change in reviewing the Portfolio's performance.

In addition, the Board considered the performance of the allocated portions of each Portfolio managed by different Sub-Advisers and whether the performance of the portions allocated to each of the Sub-Advisers met the Board's expectations as to the compatibility of the Sub-Advisers' different investment strategies and styles and the contributions of each to the overall Portfolio strategy and performance. The Board noted that the Sub-Advisers that pursue active investment strategies on behalf of the "pactive" Portfolios may pursue more aggressive investment strategies that are designed to be complementary to the associated index strategies, and that these Sub-Advisers may invest a greater percentage of their allocated portions in particular issuers and industries; as a result, these active investment strategies tend to exhibit more performance volatility from year to year.

The Board and the Adviser discussed the performance of each Portfolio and each allocated portion thereof, including whether each Portfolio and allocated portion had performed as expected over time. The Board and the Adviser also discussed, where applicable, the reasons for a Portfolio's or an allocated portion's underperformance for certain periods relative to its peer group and/or benchmark, as applicable, and efforts to improve the Portfolio's or allocated portion's performance. Where applicable, the Board also considered steps that the Adviser and the Sub-Advisers had taken to address a Portfolio's or an allocated portion's performance, including any changes or additions to the Sub-Advisers or portfolio managers advising a Portfolio and any changes to the investment strategies of a Portfolio, and the performance results of the Portfolio or allocated portion since the date of such changes. In this regard, the Board noted that performance, especially short-term performance, is only one of the factors that it deems relevant to its consideration of a Portfolio's Agreements and that, after considering all relevant factors, it can reach a decision to renew an Agreement notwithstanding a Portfolio's relative underperformance.

Based on its review and the explanations provided by the Adviser and the relevant Sub-Advisers regarding the performance of each Portfolio, the Board determined, with respect to each Portfolio, that the Portfolio and its investors would benefit from the Adviser's and each Sub-Adviser's continued management of the Portfolio.

<u>"Pactive" without Managed Volatility Portfolios</u> 

With respect to the performance of the 1290 VT High Yield Bond Portfolio, the Board considered that the Portfolio follows an investment strategy under which the Portfolio's assets normally are allocated between two portions, one of which is actively managed and the other of which is invested in ETFs that are passively managed.

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With respect to the performance of the 1290 VT Micro Cap, 1290 VT Small Cap Value, EQ/Emerging Markets Equity PLUS, EQ/Morgan Stanley Small Cap Growth and EQ/Quality Bond PLUS Portfolios, the Board considered that each Portfolio follows an investment strategy under which the Portfolio's assets normally are allocated among multiple Sub-Advisers, each of which manages its portion of the Portfolio using a different but complementary investment strategy, whereby one portion is actively managed and the other portion seeks to track the performance of a particular index. With respect to the performance of the EQ/AB Small Cap Growth Portfolio, the Board considered that the Portfolio follows an investment strategy under which the Portfolio's assets normally are allocated between two portions, one of which is actively managed and the other of which seeks to track the performance of a particular index. With respect to the performance of the Multimanager Aggressive Equity, Multimanager Core Bond, and Multimanager Technology Portfolios, the Board considered that each Portfolio follows an investment strategy under which the Portfolio's assets normally are allocated among multiple Sub-Advisers, each of which manages its portion of the Portfolio using a different but complementary investment strategy, whereby one portion of a Portfolio seeks to track the performance of a particular index, one portion of the Multimanager Technology Portfolio may invest in ETFs, and one or more other portions of a Portfolio are actively managed.

The Board noted that each Portfolio uses a combination of active and passive (or "pactive") investment strategies. The Board also noted that the funds in a Portfolio's peer group may or may not employ an investment strategy similar to the Portfolio's that includes active, passive and (in the case of certain Portfolios) ETF components.

For the Multimanager Technology Portfolio, the Board also noted that the Adviser had added a Sub-Adviser in February 2023 and, therefore, the Board considered the recent Sub-Adviser addition in reviewing the Portfolio's performance.

In addition, the Board considered the performance of the allocated portions of each Portfolio managed by different Sub-Advisers and whether the performance of the portions allocated to each of the Sub-Advisers met the Board's expectations as to the compatibility of the Sub-Advisers' different investment strategies and styles and the contributions of each to the overall Portfolio strategy and performance. The Board noted that the Sub-Advisers that pursue active investment strategies on behalf of the "pactive" Portfolios may pursue more aggressive investment strategies that are designed to be complementary to the associated index strategies, and that these Sub-Advisers may invest a greater percentage of their allocated portions in particular issuers and industries; as a result, these active investment strategies tend to exhibit more performance volatility from year to year.

The Board and the Adviser discussed the performance of each Portfolio and each allocated portion thereof, including whether each Portfolio and allocated portion had performed as expected over time. The Board and the Adviser also discussed, where applicable, the reasons for a Portfolio's or an allocated portion's underperformance for certain periods relative to its peer group and/or benchmark, as applicable, and efforts to improve the Portfolio's or allocated portion's performance. Where applicable, the Board also considered steps that the Adviser and the Sub-Advisers had taken to address a Portfolio's or an allocated portion's performance, including any changes or additions to the Sub-Advisers or portfolio managers advising a Portfolio and any changes to the investment strategies of a Portfolio, and the performance results of the Portfolio or allocated portion since the date of such changes. In this regard, the Board noted that performance, especially short-term performance, is only one of the factors that it deems relevant to its consideration of a Portfolio's Agreements and that, after considering all relevant factors, it can reach a decision to renew an Agreement notwithstanding a Portfolio's relative underperformance.

Based on its review and the explanations provided by the Adviser and the relevant Sub-Advisers regarding the performance of each Portfolio, the Board determined, with respect to each Portfolio, that the Portfolio and its investors would benefit from the Adviser's and each Sub-Adviser's continued management of the Portfolio.

<u>Active Portfolios</u> 

With respect to the performance of the 1290 VT DoubleLine Opportunistic Bond, 1290 VT Equity Income, 1290 VT GAMCO Mergers & Acquisitions, 1290 VT GAMCO Small Company Value, 1290 VT SmartBeta Equity ESG, EQ/AB Short Duration Government Bond, EQ/AB Sustainable U.S. Thematic, EQ/American Century Mid Cap Value, EQ/Capital Group Research, EQ/ClearBridge Large Cap Growth ESG, EQ/Fidelity Institutional AM<sup>®</sup> Large Cap, EQ/Franklin Rising Dividends, EQ/Goldman Sachs Mid Cap Value, EQ/Invesco Comstock, EQ/Invesco Global, EQ/Invesco Global Real Assets, EQ/Janus Enterprise, EQ/JPMorgan Growth Stock, EQ/JPMorgan Value

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Opportunities, EQ/Lazard Emerging Markets Equity, EQ/Loomis Sayles Growth, EQ/MFS International Growth, EQ/MFS International Intrinsic Value, EQ/MFS Mid Cap Focused Growth, EQ/MFS Technology, EQ/MFS Utilities Series, EQ/Money Market, EQ/PIMCO Global Real Return, EQ/PIMCO Real Return, EQ/PIMCO Total Return ESG, EQ/PIMCO Ultra Short Bond, EQ/T. Rowe Price Health Sciences, EQ/Value Equity and EQ/Wellington Energy Portfolios, the Board considered that each Portfolio is actively managed and advised by a single Sub-Adviser. With respect to the performance of the EQ/Core Plus Bond Portfolio, the Board considered that the Portfolio is actively managed and advised by multiple Sub-Advisers.

With respect to the performance of the 1290 VT Multi-Alternative Strategies Portfolio, the Board considered that the Portfolio operates as a fund-of-funds managed by the Adviser and invests in ETFs (referred to as "underlying portfolios") and recognized, therefore, that the Portfolio's performance is based, in part, on the total returns of the underlying portfolios in which it invests.

In evaluating the performance of the 1290 VT GAMCO Mergers & Acquisitions Portfolio, the Board also took into account that the Portfolio is a specialty portfolio that offers a unique investment strategy and enhances the range of investment options available to investors and that the peer group in which the Portfolio was placed for comparison purposes includes a wider range of fund types.

The Board also noted that the EQ/AB Sustainable U.S. Thematic Portfolio integrates ESG considerations into its portfolio construction process and had only a short operating history on which to evaluate performance.

In evaluating the performance of the EQ/ClearBridge Large Cap Growth ESG Portfolio, the Board also noted that, prior to March 2022, the Portfolio did not integrate ESG considerations into its portfolio construction process to the same extent.

In evaluating the performance of the EQ/Core Plus Bond Portfolio, the Board also noted that, in May 2020, the Portfolio had changed from a fund-of-funds managed by the Adviser to a fund that invests directly in securities and other instruments and is actively managed by multiple Sub-Advisers, and had implemented a new investment strategy and changed its investment objective, performance benchmark, and fee and expense structure. Therefore, the Board focused on the Portfolio's performance since that time. In addition, the Board considered the performance of the portions of the Portfolio managed by different Sub-Advisers and whether the performance of the portions managed by each of the Sub-Advisers met the Board's expectations as to the compatibility of the Sub-Advisers' investment strategies and styles and the contributions of each to the overall Portfolio strategy and performance.

In evaluating the performance of the EQ/Invesco Global Real Assets Portfolio, the Board also noted that the Portfolio had modified its investment strategy in May 2021 and changed its benchmark in June 2021 and, therefore, the Board focused on the Portfolio's performance since that time.

In evaluating the performance of the EQ/JPMorgan Growth Stock Portfolio, the Board also noted that the Portfolio had replaced its Sub-Adviser and modified its investment strategy in July 2023 and, therefore, the Board focused on the Portfolio's performance since that time.

In evaluating the performance of the EQ/PIMCO Total Return ESG Portfolio, the Board also noted that, prior to March 2022, the Portfolio did not integrate ESG considerations into its portfolio construction process.

In evaluating the performance of the EQ/Value Equity Portfolio, the Board also noted that the Portfolio had replaced its Sub-Adviser, modified its investment strategy, and changed its fee structure in February 2021 and, therefore, the Board focused on the Portfolio's performance since that time.

The Board and the Adviser discussed the performance of each Portfolio, including whether each Portfolio (or allocated portion thereof) had performed as expected over time. The Board and the Adviser also discussed, where applicable, the reasons for a Portfolio's (or an allocated portion's) underperformance for certain periods relative to its peer group and/or benchmark, as applicable, and efforts to improve the Portfolio's (or allocated portion's) performance. Where applicable, the Board also considered, with respect to each sub-advised Portfolio, steps that the Adviser and the Sub-Adviser(s) had taken to address a Portfolio's (or an allocated portion's) performance, including any changes to the Sub-Adviser(s) or portfolio managers advising a Portfolio and any changes to the investment strategies of a Portfolio, and the performance results of the Portfolio (or allocated portion) since the date of such changes. The Board also considered, with respect to the fund-of-funds Portfolio, steps that the Adviser had taken to address the Portfolio's performance, including any changes to the investment strategies of the Portfolio or to the underlying portfolios in which the Portfolio invests, and the performance results of the

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Portfolio since the date of such changes. In this regard, the Board noted that performance, especially short-term performance, is only one of the factors that it deems relevant to its consideration of a Portfolio's Agreement(s) and that, after considering all relevant factors, it can reach a decision to renew an Agreement notwithstanding a Portfolio's relative underperformance.

Based on its review and the explanations provided by the Adviser and, where applicable, the relevant Sub-Adviser(s) regarding the performance of each Portfolio, the Board determined, with respect to each Portfolio, that the Portfolio and its investors would benefit from the Adviser's and, where applicable, the (or each) relevant Sub-Adviser's continued management of the Portfolio.

<u>All Portfolios</u> 

Based on its review, the Board determined, with respect to each Portfolio, that the nature, quality and extent of the overall services provided by the Adviser, the relevant Sub-Adviser(s) and, where applicable, their respective affiliates were appropriate for the Portfolio in light of its investment objective(s) and, thus, supported a decision to approve the renewal of the Agreement(s).

#### Fees and Expenses
The Board considered each Portfolio's advisory fee and, where applicable, sub-advisory fee(s) in light of the nature, quality and extent of the overall services provided by the Adviser and, where applicable, the relevant Sub-Adviser(s). The Board also reviewed comparative fee and expense information for each Portfolio provided to the Board by Broadridge. The information provided by Broadridge included an analysis of how each Portfolio's contractual advisory fee, actual advisory fee, other expense components, and total expense ratio compared with those of peer groups of other mutual funds selected by Broadridge as constituting an appropriate expense comparison for the Portfolio (typically, both a smaller expense "group" of funds selected for similarity in terms of asset size as well as other factors, and a broader expense "universe" consisting of a larger group of funds more broadly comparable to the Portfolio) (a Portfolio's "Broadridge category"). For each Portfolio, Broadridge provided information on the Portfolio's contractual advisory fee in comparison with the contractual advisory fee that would have been charged by other funds within a Broadridge category assuming the other funds were similar in size to the Portfolio, as well as information on the Portfolio's actual advisory fee and total expense ratio in comparison with those of other funds within a Broadridge category. The advisory fee analysis includes within such fee any separate administrative fee paid by a fund, including the administrative fee a Portfolio paid to EIM LLC, an affiliate of the Adviser, in its capacity as administrator for the Portfolio. The contractual advisory fee analysis does not take into account any fee reimbursements or waivers, whereas the actual advisory fee analysis does take into account any advisory (including any administrative) fee reimbursements or waivers that benefit a fund. The total expense ratio represents a fund's total net operating expenses and takes into account any expense reimbursements or fee waivers that benefit a fund. Broadridge provided, and the Board considered, total expense ratio comparisons including and excluding any 12b-1 or non-12b-1 service fees and, as applicable, including fees and expenses of any underlying funds in which a fund invests. Broadridge also provided, and the Board considered, comparisons to managed volatility Broadridge categories for the Portfolios that pursue volatility management strategies either directly or through investments in underlying portfolios that pursue such strategies.

The Broadridge expense data was derived in part from fund financial statements available to Broadridge as of the date of its analysis. For each Portfolio, the Broadridge expense data was based upon information taken from the Portfolio's audited financial statements for the period ended December 31, 2024, which reflect historical asset levels that may be quite different from those currently existing, particularly in a period of market volatility. Broadridge provided expense data for Class IB shares of each Portfolio other than the ATM International Managed Volatility, ATM Large Cap Managed Volatility, ATM Mid Cap Managed Volatility and ATM Small Cap Managed Volatility Portfolios (the "ATM Portfolios"). The Board reviewed the expense data for Class IB shares as a proxy for all of a Portfolio's operational share classes. In this regard, the Board noted that the expenses for a Portfolio's Class IB shares are generally equal to the expenses for a Portfolio's Class IA shares (as applicable) and higher than the expenses for a Portfolio's Class K shares (as applicable) and that the expense comparisons may differ for different share classes. For the ATM Portfolios, Broadridge provided expense data for Class K shares, the ATM Portfolios' only operational share class.

The Board received a description of, and factored into its evaluation of each Portfolio's fees and expenses the limitations inherent in, Broadridge's methodology for developing and constructing Broadridge categories and for determining, from year to year, which mutual funds should be included in which Broadridge categories, among

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other things. In this regard, the Board also noted that Broadridge's methodology may result in a Portfolio's being included in one peer group one year and in a different peer group the next, and in similar Portfolios being included in different peer groups. The Board recognized these inherent limitations and, taking into account commentary and supporting data presented by management, also recognized that comparisons between a Portfolio and other mutual funds in a Broadridge category may not be as relevant in certain circumstances, given that in some cases a Portfolio may exhibit notable differences (for example, in its objective(s), management techniques, relative size, and operating structure) when compared to other mutual funds in a Broadridge category. The Board also noted that the number of mutual funds included in a Broadridge category may be relatively small and may differ significantly from category to category and from year to year and that the constituent mutual funds included in a Broadridge category (as well as their respective advisory/administrative fees and total expense ratios) also may differ from year to year, which can limit the relevance of the comparisons. The Board noted that it generally considered the more-narrow expense "group" comparisons to be more important in the first instance than the broader expense "universe" comparisons, but took into account the broader expense universe comparisons as well, including, among other circumstances, when the number of mutual funds in the more-narrow expense group was small or other aspects of the Portfolio differed appreciably from those of the mutual funds in the more-narrow expense group. For uniformity, the Portfolio-specific contractual advisory fee and total expense ratio comparisons provided below are relative to the broader expense universe. The Board also noted that there is no standard definition of advisory and administrative services, meaning that different mutual funds may receive different services, rendering fee and expense comparisons more difficult. Nonetheless, the Board believed that the independent analysis conducted by Broadridge assisted the Board in evaluating the reasonableness of each Portfolio's advisory fee and total expense ratio. The Board also considered that the full effects of certain fee and expense changes that the Adviser had agreed to implement during 2024 were not reflected in the Broadridge expense data, but that all current fees and expenses of each Portfolio are disclosed as required in Portfolio offering documents.

The Board noted that the Broadridge expense groups and universes for the Portfolios excluded ETFs because ETFs have a different structure from open-end funds like the Portfolios and shares of ETFs are accessed differently by investors. The Board also noted that the Broadridge expense groups and universes for the actively managed Portfolios (other than in certain cases where Portfolios employ volatility management strategies) excluded passive, or index, funds because passive funds pursue their investment strategies differently from the actively managed Portfolios. The Board noted that, in each case, the excluded funds could have lower advisory fees and total expenses, and that including these funds in Broadridge expense groups and universes would have the effect of lowering the averages and medians of the expense measurements in the Broadridge expense groups and universes. The Board also noted that, as with performance peer groups, Broadridge's selection of peer funds, and its identification of a peer group, for each Portfolio for purposes of fee and expense comparisons followed Broadridge's independent and proprietary methodology.

In addition, with respect to each sub-advised Portfolio, the Board further considered the relative levels of the sub-advisory fee(s) paid by the Adviser to the relevant Sub-Adviser(s) and the advisory fee retained by the Adviser in light of, among other factors, the nature and extent of responsibilities retained and risks assumed by the Adviser and not delegated to or assumed by the relevant Sub-Adviser(s), and the information prepared by management regarding the level of profits realized by the Adviser and its affiliates in connection with the operation of the Portfolio. The Board also considered the sub-advisory fee paid to each Sub-Adviser in light of fees charged by the Sub-Adviser to funds advised or sub-advised by the Sub-Adviser that follow investment strategies similar to those of the Portfolio (if any) and, where applicable, the rationale for differences in the Portfolio's sub-advisory fee and the fees charged to those other funds.

Portfolio-specific contractual advisory fee and total expense ratio comparisons are provided in the following paragraphs, in which the Portfolios are grouped by investment strategy (for example, allocation strategies, "passive" strategies, "pactive" strategies, and active strategies). The total expense ratio comparisons exclude any 12b-1 or non-12b-1 service fees. For funds-of-funds Portfolios and certain other Portfolios as noted below, the total expense ratio comparisons include fees and expenses of any underlying funds in which a fund invests.

<u>Allocation Portfolios</u> 

The Board considered that the contractual advisory fee for each of the EQ/AB Dynamic Moderate Growth, EQ/Aggressive Allocation, EQ/Aggressive Growth Strategy, EQ/All Asset Growth Allocation, EQ/Balanced Strategy, EQ/Conservative Allocation, EQ/Conservative Growth Strategy, EQ/Conservative-Plus Allocation, EQ/Conservative

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Strategy, EQ/Moderate Allocation, EQ/Moderate Growth Strategy, EQ/Ultra Conservative Strategy and Target 2015 Allocation Portfolios was at or below the median for the Portfolio's respective Broadridge category. The Board also considered that the total expense ratio for the Class IB shares of each of the EQ/AB Dynamic Moderate Growth, EQ/All Asset Growth Allocation, EQ/Balanced Strategy, EQ/Conservative Strategy and EQ/Ultra Conservative Strategy Portfolios was at or below the median for the Portfolio's respective Broadridge category, the total expense ratio for the Class IB shares of each of the EQ/Aggressive Growth Strategy, EQ/Conservative Allocation, EQ/Conservative Growth Strategy and EQ/Moderate Growth Strategy Portfolios was above (but within five basis points of) the median for the Portfolio's respective Broadridge category, and the total expense ratio for the Class IB shares of each of the EQ/Aggressive Allocation, EQ/Conservative-Plus Allocation, EQ/Moderate Allocation and Target 2015 Allocation Portfolios was above the median for the Portfolio's respective Broadridge category. For each Portfolio, the total expense ratio included the fees and expenses of underlying portfolios in which the Portfolio may invest.

The Board considered that the contractual advisory fee for each of the EQ/AB Dynamic Aggressive Growth, EQ/AB Dynamic Growth, EQ/Growth Strategy, EQ/Moderate-Plus Allocation, Equitable Conservative Growth MF/ETF, Equitable Moderate Growth MF/ETF, Target 2025 Allocation, Target 2035 Allocation, Target 2045 Allocation and Target 2055 Allocation Portfolios was above (but within five basis points of) the median for the Portfolio's respective Broadridge category. The Board also considered that the total expense ratio for the Class IB shares of the EQ/AB Dynamic Growth Portfolio was at the median for the Portfolio's Broadridge category, the total expense ratio for the Class IB shares of each of the EQ/AB Dynamic Aggressive Growth and EQ/Growth Strategy Portfolios was above (but within five basis points of) the median for the Portfolio's respective Broadridge category, and the total expense ratio for the Class IB shares of each of the EQ/Moderate-Plus Allocation, Equitable Conservative Growth MF/ETF, Equitable Moderate Growth MF/ETF, Target 2025 Allocation, Target 2035 Allocation, Target 2045 Allocation and Target 2055 Allocation Portfolios was above the median for the Portfolio's respective Broadridge category. For each Portfolio, the total expense ratio included the fees and expenses of the underlying portfolios in which the Portfolio may invest.

The Board considered that the contractual advisory fee for each of the 1290 VT Moderate Growth Allocation, EQ/American Century Moderate Growth Allocation, EQ/Franklin Moderate Allocation, EQ/Goldman Sachs Growth Allocation, EQ/Goldman Sachs Moderate Growth Allocation, EQ/Invesco Moderate Allocation, EQ/Invesco Moderate Growth Allocation, EQ/JPMorgan Growth Allocation and Equitable Growth MF/ETF Portfolios was above the median for the Portfolio's respective Broadridge category. The Board also considered that the total expense ratio for the Class IB shares of each of the EQ/American Century Moderate Growth Allocation, EQ/Franklin Moderate Allocation, EQ/Goldman Sachs Moderate Growth Allocation, EQ/Invesco Moderate Allocation, EQ/Invesco Moderate Growth Allocation and EQ/JPMorgan Growth Allocation Portfolios was at or below the median for the Portfolio's respective Broadridge category, the total expense ratio for the Class IB shares of the EQ/Goldman Sachs Growth Allocation Portfolio was above (but within five basis points of) the median for the Portfolio's Broadridge category, and the total expense ratio for the Class IB shares of each of the 1290 VT Moderate Growth Allocation and Equitable Growth MF/ETF Portfolios was above the median for the Portfolio's respective Broadridge category. For each Portfolio, the total expense ratio included the fees and expenses of underlying portfolios in which the Portfolio may invest.

With respect to each of the Strategic Allocation Portfolios, the EQ Allocation Portfolios, the Target Allocation Portfolios, the MF/ETF Portfolios, and the 1290 VT Moderate Growth Allocation and EQ/All Asset Growth Allocation Portfolios, the Board also considered each Portfolio's advisory fee rate relative to the advisory fee rates of other portfolios managed by the Adviser that, like the Portfolio, are structured as funds-of-funds, and noted that differences in the level of the fees reflected differences between a Portfolio and other funds-of-funds managed by the Adviser.

With respect to the 1290 VT Moderate Growth Allocation, EQ/AB Dynamic Aggressive Growth, EQ/AB Dynamic Growth, EQ/AB Dynamic Moderate Growth, EQ/American Century Moderate Growth Allocation, EQ/Franklin Moderate Allocation, EQ/Goldman Sachs Growth Allocation, EQ/Goldman Sachs Moderate Growth Allocation, EQ/Invesco Moderate Allocation, EQ/Invesco Moderate Growth Allocation and EQ/JPMorgan Growth Allocation Portfolios, the Board also noted that the funds in a Portfolio's Broadridge category may employ volatility management strategies different from those employed by the Portfolio.

The Board further considered that the advisory fee rate schedule for each Portfolio other than the Target Allocation Portfolios and the EQ/All Asset Growth Allocation Portfolio includes breakpoints that reduce the fee rate

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as a Portfolio's assets increase above certain levels. The Board also considered that the administrative fee rate schedule for each Portfolio (a) aggregates the assets managed by the Adviser in these Portfolios and several other Portfolios in the Trust, which is expected to reduce the likelihood that a Portfolio's administrative fee would increase in the future if the Portfolio's assets decline over time, and (b) includes breakpoints that reduce the fee rate as aggregate Portfolio assets increase above certain levels. The Board noted that any such reduction in a Portfolio's effective advisory and/or administrative fee would result in corresponding reductions in the Portfolio's total expense ratios. In addition, the Board considered that the Adviser had contractually agreed to waive all or a portion of its and its affiliates' advisory, administrative and other fees and, if necessary, make payments to a Portfolio so that each Portfolio's total expense ratios (excluding certain items noted in "Economies of Scale" below) do not exceed certain levels as set forth in the Portfolio's prospectus. In this regard, the Board also noted that each Portfolio's expense limitation arrangement includes the fees and expenses of underlying portfolios in which the Portfolio invests and, thus, such fees and expenses would not cause the Portfolio's annual operating expenses to exceed its expense limitation. The Board also noted that, as a result of the expense limitation arrangements, the actual advisory fee for each Portfolio (except the Strategic Allocation Portfolios and the EQ/AB Dynamic Moderate Growth, EQ/Aggressive Allocation, EQ/All Asset Growth Allocation, EQ/Conservative-Plus Allocation, EQ/Moderate Allocation, EQ/Moderate-Plus Allocation, Target 2035 Allocation and Target 2045 Allocation Portfolios) was lower than the Portfolio's contractual advisory fee.

The Board also considered that, as funds-of-funds that indirectly bear the expenses charged by the underlying portfolios in which they invest, the Strategic Allocation Portfolios, the EQ Allocation Portfolios, the Target Allocation Portfolios, the MF/ETF Portfolios, and the 1290 VT Moderate Growth Allocation and EQ/All Asset Growth Allocation Portfolios would benefit from any breakpoints in the advisory and administrative fee rate schedules for the underlying portfolios, in particular the underlying portfolios managed by the Adviser or EIM LLC.

The Board also considered that, after extensive discussions and negotiations with the Adviser, the Adviser had agreed, effective October 1, 2025, to implement lower, voluntary expense limitations with respect to the EQ/Aggressive Allocation, EQ/Moderate Allocation and EQ/Moderate-Plus Allocation Portfolios. The Board also considered that the Adviser would present for the Board's approval at its September 2025 meeting a proposal to make each of these voluntary expense limitations contractual effective May 1, 2026.

Based on its review, the Board determined, with respect to each Portfolio, that the Adviser's advisory fee and, where applicable, the Sub-Adviser's sub-advisory fee are fair and reasonable.

As noted above, with respect to the EQ/Franklin Moderate Allocation Portfolio, the Board also noted that, at the July 22-23, 2025 meeting, the Adviser had proposed, and the Board had approved, certain changes with respect to the Portfolio, including an amendment to the Advisory Agreement between the Trust and the Adviser with respect to the Portfolio to reflect a decrease in the investment advisory fee rate, effective on or about October 27, 2025, in connection with the Portfolio's restructuring from a fund that allocates its assets between equity and fixed income investments and is advised by a single Sub-Adviser to a fund-of-funds managed by the Adviser.

<u>Passive with Managed Volatility Portfolios</u> 

The Board considered that the contractual advisory fee for each of the ATM International Managed Volatility, ATM Large Cap Managed Volatility, ATM Mid Cap Managed Volatility, ATM Small Cap Managed Volatility, EQ/400 Managed Volatility, EQ/500 Managed Volatility, EQ/2000 Managed Volatility and EQ/International Managed Volatility Portfolios was below the median for the Portfolio's respective Broadridge category. The Board also considered that the total expense ratio for the Class K or Class IB shares (as applicable) of each of the Portfolios was below the median for the Portfolio's respective Broadridge category. The Board also noted that each Portfolio employs an active, daily volatility monitoring and management process, which distinguishes it from traditional passive management strategies. The Board also noted that the funds in a Portfolio's managed volatility Broadridge category may employ volatility management strategies different from those employed by the Portfolio and that a Portfolio's managed volatility Broadridge category may include funds with passive management strategies as well as funds with active management strategies.

The Board further considered that the advisory fee rate schedule for each Portfolio includes breakpoints that reduce the fee rate as a Portfolio's assets increase above certain levels. The Board also considered that the administrative fee rate schedule for each Portfolio (a) aggregates the assets managed by the Adviser in these Portfolios and several other Portfolios in the Trust, which is expected to reduce the likelihood that a Portfolio's

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administrative fee would increase in the future if the Portfolio's assets decline over time, and (b) includes breakpoints that reduce the fee rate as aggregate Portfolio assets increase above certain levels. The Board noted that any such reduction in a Portfolio's effective advisory and/or administrative fee would result in corresponding reductions in the Portfolio's total expense ratios. In addition, the Board considered that the Adviser had contractually agreed to waive all or a portion of its and its affiliates' advisory, administrative and other fees and, if necessary, make payments to a Portfolio so that each Portfolio's total expense ratios (excluding certain items noted in "Economies of Scale" below) do not exceed certain levels as set forth in the Portfolio's prospectus. The Board also noted that, as a result of the expense limitation arrangements, the actual advisory fee for each of the ATM Mid Cap Managed Volatility, ATM Small Cap Managed Volatility and EQ/400 Managed Volatility Portfolios was lower than the Portfolio's contractual advisory fee.

Based on its review, the Board determined, with respect to each Portfolio, that the Adviser's advisory fee and the Sub-Advisers' sub-advisory fees are fair and reasonable.

<u>Passive without Managed Volatility Portfolios</u> 

The Board considered that the contractual advisory fee for each of the 1290 VT Convertible Securities, 1290 VT Natural Resources, 1290 VT Real Estate, 1290 VT Socially Responsible, EQ/Common Stock Index, EQ/Large Cap Growth Index, EQ/Large Cap Value Index and EQ/Small Company Index Portfolios was at or below the median for the Portfolio's respective Broadridge category. The Board also considered that the total expense ratio for the Class IB shares of each of the 1290 VT Convertible Securities, 1290 VT Natural Resources, 1290 VT Real Estate, 1290 VT Socially Responsible, EQ/Common Stock Index and EQ/Small Company Index Portfolios was at or below the median for the Portfolio's respective Broadridge category, the total expense ratio for the Class IB shares of the EQ/Large Cap Growth Index Portfolio was above (but within five basis points of) the median for the Portfolio's Broadridge category, and the total expense ratio for the Class IB shares of the EQ/Large Cap Value Index Portfolio was above the median for the Portfolio's Broadridge category.

The Board considered that the contractual advisory fee for each of the EQ/Core Bond Index, EQ/Equity 500 Index, EQ/Intermediate Corporate Bond, EQ/Intermediate Government Bond, EQ/International Equity Index, EQ/Long-Term Bond and EQ/Mid Cap Index Portfolios was above the median for the Portfolio's respective Broadridge category. The Board also considered that the total expense ratio for the Class IB shares of each of the EQ/Equity 500 Index, EQ/Intermediate Government Bond, EQ/International Equity Index and EQ/Mid Cap Index Portfolios was above (but within five basis points of) the median for the Portfolio's respective Broadridge category, and the total expense ratio for the Class IB shares of each of the EQ/Core Bond Index, EQ/Intermediate Corporate Bond and EQ/Long-Term Bond Portfolios was above the median for the Portfolio's respective Broadridge category.

The Board also took into account that peer groups in which certain Portfolios were placed for comparison purposes include only funds with passive management strategies, whereas peer groups in which other Portfolios were placed for comparison purposes include funds with passive management strategies as well as funds with active management strategies.

The Board further considered that the advisory fee rate schedule for each Portfolio includes breakpoints that reduce the fee rate as a Portfolio's assets increase above certain levels. The Board also considered that the administrative fee rate schedule for each Portfolio (a) aggregates the assets managed by the Adviser in these Portfolios and several other Portfolios in the Trust, which is expected to reduce the likelihood that a Portfolio's administrative fee would increase in the future if the Portfolio's assets decline over time, and (b) includes breakpoints that reduce the fee rate as aggregate Portfolio assets increase above certain levels. The Board noted that any such reduction in a Portfolio's effective advisory and/or administrative fee would result in corresponding reductions in the Portfolio's total expense ratios. In addition, the Board considered that the Adviser had contractually agreed to waive all or a portion of its and its affiliates' advisory, administrative and other fees and, if necessary, make payments to a Portfolio so that each Portfolio's total expense ratios (excluding certain items noted in "Economies of Scale" below) do not exceed certain levels as set forth in the Portfolio's prospectus. In this regard, the Board also noted that the expense limitation arrangement for each of the 1290 VT Natural Resources and EQ/International Equity Index Portfolios includes the fees and expenses of underlying portfolios in which the Portfolio may invest and, thus, such fees and expenses, if any, would not cause the Portfolio's annual operating expenses to exceed its expense limitation. The Board also noted that, as a result of the expense limitation arrangements, the actual advisory fee for each of the 1290 VT Convertible Securities, 1290 VT Natural Resources, 1290 VT Real Estate, EQ/Common Stock Index, EQ/Core Bond Index, EQ/Equity 500 Index, EQ/Intermediate Corporate Bond, EQ/Intermediate Government Bond, EQ/International Equity Index, EQ/Long-Term Bond and EQ/Mid Cap Index Portfolios was lower than the Portfolio's contractual advisory fee.

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The Board also considered that, after extensive discussions and negotiations with the Adviser, the Adviser had agreed, effective October 1, 2025, to implement lower, voluntary expense limitations with respect to the EQ/Common Stock Index, EQ/Core Bond Index, EQ/Equity 500 Index, EQ/Intermediate Corporate Bond, EQ/Intermediate Government Bond and EQ/Long-Term Bond Portfolios. The Board also considered that the Adviser would present for the Board's approval at its September 2025 meeting a proposal to make each of these voluntary expense limitations contractual effective May 1, 2026.

Based on its review, the Board determined, with respect to each Portfolio, that the Adviser's advisory fee and the Sub-Adviser's sub-advisory fee are fair and reasonable.

<u>Pactive with Managed Volatility Portfolios</u> 

The Board considered that the contractual advisory fee for each of the EQ/International Core Managed Volatility, EQ/Large Cap Core Managed Volatility, EQ/Large Cap Growth Managed Volatility and EQ/Mid Cap Value Managed Volatility Portfolios was at or below the median for the Portfolio's respective Broadridge category. The Board also considered that the total expense ratio for the Class IB shares of each of these Portfolios was below the median for the Portfolio's respective Broadridge category.

The Board considered that the contractual advisory fee for each of the EQ/Franklin Small Cap Value Managed Volatility, EQ/International Value Managed Volatility and EQ/Large Cap Value Managed Volatility Portfolios was above (but within five basis points of) the median for the Portfolio's respective Broadridge category. The Board also considered that the total expense ratio for the Class IB shares of each of these Portfolios was below the median for the Portfolio's respective Broadridge category.

The Board considered that the contractual advisory fee for each of the EQ/ClearBridge Select Equity Managed Volatility and EQ/Global Equity Managed Volatility Portfolios was above the median for the Portfolio's respective Broadridge category. The Board also considered that the total expense ratio for the Class IB shares of each of these Portfolios was above the median for the Portfolio's respective Broadridge category.

The Board also noted that the funds in a Portfolio's Broadridge category may or may not employ an investment strategy similar to the Portfolio's that includes active, passive and (in the case of certain Portfolios) ETF components, and that the funds in a Portfolio's managed volatility Broadridge category may employ volatility management strategies different from those employed by the Portfolio.

The Board further considered that the advisory fee rate schedule for each Portfolio includes breakpoints that reduce the fee rate as a Portfolio's assets increase above certain levels. The Board also considered that the administrative fee rate schedule for each Portfolio (a) aggregates the assets managed by the Adviser in these Portfolios and several other Portfolios in the Trust, which is expected to reduce the likelihood that a Portfolio's administrative fee would increase in the future if the Portfolio's assets decline over time, and (b) includes breakpoints that reduce the fee rate as aggregate Portfolio assets increase above certain levels. The Board noted that any such reduction in a Portfolio's effective advisory and/or administrative fee would result in corresponding reductions in the Portfolio's total expense ratios. In addition, the Board considered that the Adviser had contractually agreed to waive all or a portion of its and its affiliates' advisory, administrative and other fees and, if necessary, make payments to a Portfolio so that each Portfolio's total expense ratios (excluding certain items noted in "Economies of Scale" below) do not exceed certain levels as set forth in the Portfolio's prospectus. The Board also noted that, as a result of the expense limitation arrangements, the actual advisory fee for each of the EQ/ClearBridge Select Equity Managed Volatility, EQ/Franklin Small Cap Value Managed Volatility and EQ/Global Equity Managed Volatility Portfolios was lower than the Portfolio's contractual advisory fee.

The Board also considered that, after extensive discussions and negotiations with the Adviser, the Adviser had agreed, effective October 1, 2025, to implement a lower, voluntary expense limitation with respect to the EQ/Global Equity Managed Volatility Portfolio. The Board also considered that the Adviser would present for the Board's approval at its September 2025 meeting a proposal to make the voluntary expense limitation contractual effective May 1, 2026.

Based on its review, the Board determined, with respect to each Portfolio, that the Adviser's advisory fee and the Sub-Advisers' sub-advisory fees are fair and reasonable.

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<u>Pactive without Managed Volatility Portfolios</u> 

The Board considered that the contractual advisory fee for each of the EQ/AB Small Cap Growth and EQ/Emerging Markets Equity PLUS Portfolios was below the median for the Portfolio's respective Broadridge category. The Board also considered that the total expense ratio for the Class IB shares of each of these Portfolios was below the median for the Portfolio's respective Broadridge category.

The Board considered that the contractual advisory fee for each of the EQ/Quality Bond PLUS and Multimanager Aggressive Equity Portfolios was above (but within five basis points of) the median for the Portfolio's respective Broadridge category. The Board also considered that the total expense ratio for the Class IB shares of each of these Portfolio was above (but within five basis points of) the median for the Portfolio's respective Broadridge category.

The Board considered that the contractual advisory fee for each of the 1290 VT High Yield Bond, 1290 VT Micro Cap, 1290 VT Small Cap Value, EQ/Morgan Stanley Small Cap Growth, Multimanager Core Bond and Multimanager Technology Portfolios was above the median for the Portfolio's respective Broadridge category. The Board also considered that the total expense ratio for the Class IB shares of the Multimanager Technology Portfolio was below the median for the Portfolio's Broadridge category, the total expense ratio for the Class IB shares of each of the 1290 VT High Yield Bond, 1290 VT Micro Cap, 1290 VT Small Cap Value and Multimanager Core Bond Portfolios was above (but within five basis points of) the median for the Portfolio's respective Broadridge category, and the total expense ratio for the Class IB shares of the EQ/Morgan Stanley Small Cap Growth Portfolio was above the median for the Portfolio's Broadridge category.

The Board also noted that the funds in a Portfolio's Broadridge category may or may not employ an investment strategy similar to the Portfolio's that includes active, passive and (in the case of certain Portfolios) ETF components.

The Board further considered that the advisory fee rate schedule for each Portfolio includes breakpoints that reduce the fee rate as a Portfolio's assets increase above certain levels. The Board also considered that the administrative fee rate schedule for each Portfolio (a) aggregates the assets managed by the Adviser in these Portfolios and several other Portfolios in the Trust, which is expected to reduce the likelihood that a Portfolio's administrative fee would increase in the future if the Portfolio's assets decline over time, and (b) includes breakpoints that reduce the fee rate as aggregate Portfolio assets increase above certain levels. The Board noted that any such reduction in a Portfolio's effective advisory and/or administrative fee would result in corresponding reductions in the Portfolio's total expense ratios. In addition, the Board considered that the Adviser had contractually agreed to waive all or a portion of its and its affiliates' advisory, administrative and other fees and, if necessary, make payments to a Portfolio so that each Portfolio's total expense ratios (excluding certain items noted in "Economies of Scale" below) do not exceed certain levels as set forth in the Portfolio's prospectus. The Board also noted that, as a result of the expense limitation arrangements, the actual advisory fee for each Portfolio (except the EQ/AB Small Cap Growth, EQ/Quality Bond PLUS and Multimanager Aggressive Equity Portfolios) was lower than the Portfolio's contractual advisory fee.

The Board also considered that, after extensive discussions and negotiations with the Adviser, the Adviser had agreed, effective October 1, 2025, to implement a lower, voluntary expense limitation with respect to the EQ/Quality Bond PLUS Portfolio. The Board also considered that the Adviser would present for the Board's approval at its September 2025 meeting a proposal to make the voluntary expense limitation contractual effective May 1, 2026.

Based on its review, the Board determined, with respect to each Portfolio, that the Adviser's advisory fee and the Sub-Advisers' sub-advisory fees are fair and reasonable.

<u>Active Portfolios</u> 

The Board considered that the contractual advisory fee for each of the 1290 VT GAMCO Mergers & Acquisitions, 1290 VT SmartBeta Equity ESG, EQ/Fidelity Institutional AM<sup>®</sup> Large Cap and EQ/MFS Technology Portfolios was at or below the median for the Portfolio's respective Broadridge category. The Board also considered that the total expense ratio for the Class IB shares of each of these Portfolios was below the median for the Portfolio's respective Broadridge category.

The Board considered that the contractual advisory fee for each of the 1290 VT GAMCO Small Company Value, EQ/Franklin Rising Dividends, EQ/JPMorgan Value Opportunities, EQ/Janus Enterprise and EQ/Value Equity

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Portfolios was above (but within five basis points of) the median for the Portfolio's respective Broadridge category. The Board also considered that the total expense ratio for the Class IB shares of each of these Portfolios was below the median for the Portfolio's respective Broadridge category.

The Board considered that the contractual advisory fee for each of the 1290 VT DoubleLine Opportunistic Bond, 1290 VT Equity Income, 1290 VT Multi-Alternative Strategies, EQ/AB Short Duration Government Bond, EQ/AB Sustainable U.S. Thematic, EQ/American Century Mid Cap Value, EQ/Capital Group Research, EQ/ClearBridge Large Cap Growth ESG, EQ/Core Plus Bond, EQ/Goldman Sachs Mid Cap Value, EQ/Invesco Comstock, EQ/Invesco Global, EQ/Invesco Global Real Assets, EQ/JPMorgan Growth Stock, EQ/Lazard Emerging Markets Equity, EQ/Loomis Sayles Growth, EQ/MFS International Growth, EQ/MFS International Intrinsic Value, EQ/MFS Mid Cap Focused Growth, EQ/MFS Utilities Series, EQ/Money Market, EQ/PIMCO Global Real Return, EQ/PIMCO Real Return, EQ/PIMCO Total Return ESG, EQ/PIMCO Ultra Short Bond, EQ/T. Rowe Price Health Sciences and EQ/Wellington Energy Portfolios was above the median for the Portfolio's respective Broadridge category. The Board also considered that the total expense ratio for the Class IB shares of each of the EQ/AB Short Duration Government Bond, EQ/American Century Mid Cap Value, EQ/Invesco Global Real Assets, EQ/JPMorgan Growth Stock, EQ/Lazard Emerging Markets Equity, EQ/PIMCO Real Return, EQ/PIMCO Total Return ESG and EQ/Wellington Energy Portfolios was at or below the median for the Portfolio's respective Broadridge category, the total expense ratio for the Class IB shares of each of the 1290 VT Equity Income, EQ/Capital Group Research, EQ/Goldman Sachs Mid Cap Value, EQ/Invesco Comstock, EQ/MFS International Growth, EQ/MFS Utilities Series, EQ/Money Market and EQ/T. Rowe Price Health Sciences Portfolios was above (but within five basis points of) the median for the Portfolio's respective Broadridge category, and the total expense ratio for the Class IB shares of each of the 1290 VT DoubleLine Opportunistic Bond, 1290 VT Multi-Alternative Strategies, EQ/AB Sustainable U.S. Thematic, EQ/ClearBridge Large Cap Growth ESG, EQ/Core Plus Bond, EQ/Invesco Global, EQ/Loomis Sayles Growth, EQ/MFS International Intrinsic Value, EQ/MFS Mid Cap Focused Growth, EQ/PIMCO Global Real Return and EQ/PIMCO Ultra Short Bond Portfolios was above the median for the Portfolio's respective Broadridge category.

With respect to the 1290 VT Multi-Alternative Strategies Portfolio, the Board also considered the Portfolio's advisory fee rate relative to the advisory fee rates of other portfolios managed by the Adviser that, like the Portfolio, are structured as funds-of-funds, and noted that differences in the level of the fees reflected differences between the Portfolio and other funds-of-funds managed by the Adviser.

The Board further considered that the advisory fee rate schedule for each Portfolio includes breakpoints that reduce the fee rate as a Portfolio's assets increase above certain levels. The Board also considered that the administrative fee rate schedule for each Portfolio (a) aggregates the assets managed by the Adviser in these Portfolios and several other Portfolios in the Trust, which is expected to reduce the likelihood that a Portfolio's administrative fee would increase in the future if the Portfolio's assets decline over time, and (b) includes breakpoints that reduce the fee rate as aggregate Portfolio assets increase above certain levels. The Board noted that any such reduction in a Portfolio's effective advisory and/or administrative fee would result in corresponding reductions in the Portfolio's total expense ratios. In addition, the Board considered that, for each Portfolio (except the EQ/Money Market Portfolio), the Adviser had contractually agreed to waive all or a portion of its and its affiliates' advisory, administrative and other fees and, if necessary, make payments to a Portfolio so that each Portfolio's total expense ratios (excluding certain items noted in "Economies of Scale" below) do not exceed certain levels as set forth in the Portfolio's prospectus. In this regard, the Board also noted that the expense limitation arrangement for each of the EQ/American Century Mid Cap Value, EQ/Core Plus Bond, EQ/Fidelity Institutional AM<sup>®</sup> Large Cap, EQ/Franklin Rising Dividends, EQ/Goldman Sachs Mid Cap Value, EQ/Invesco Global Real Assets, EQ/Lazard Emerging Markets Equity, EQ/MFS International Intrinsic Value, EQ/MFS Mid Cap Focused Growth, EQ/MFS Technology, EQ/MFS Utilities Series, EQ/PIMCO Real Return, EQ/PIMCO Total Return ESG, EQ/T. Rowe Price Health Sciences and EQ/Wellington Energy Portfolios includes the fees and expenses of underlying portfolios in which the Portfolio may invest and, thus, such fees and expenses, if any, would not cause the Portfolio's annual operating expenses to exceed its expense limitation. The Board noted that, as a result of the expense limitation arrangements, the actual advisory fee for each Portfolio (except the 1290 VT GAMCO Small Company Value, 1290 VT SmartBeta Equity ESG, EQ/Invesco Global Real Assets, EQ/Janus Enterprise, EQ/JPMorgan Value Opportunities, EQ/MFS Technology, EQ/Money Market and EQ/Value Equity Portfolios) was lower than the Portfolio's contractual advisory fee.

The Board also considered that, after extensive discussions and negotiations with the Adviser, the Adviser had agreed, effective October 1, 2025, to implement lower, voluntary expense limitations with respect to the EQ/AB

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Short Duration Government Bond and EQ/Loomis Sayles Growth Portfolios. The Board also considered that the Adviser would present for the Board's approval at its September 2025 meeting a proposal to make each of these voluntary expense limitations contractual effective May 1, 2026.

Based on its review, the Board determined, with respect to each Portfolio, that the Adviser's advisory fee and, where applicable, the/each Sub-Adviser's sub-advisory fee are fair and reasonable.

#### Profitability and Costs
The Board also considered the level of profits realized by the Adviser and its affiliates in connection with the operation of each Portfolio. In this respect, the Board reviewed profitability information setting forth the overall profitability of the Trust to the Adviser and its affiliates, as well as the Adviser's and its affiliates' profits (if any) in providing management and other services to each of the individual Portfolios during the 12-month period ended December 31, 2024, which was the most recent fiscal year for the Adviser. The Board also considered a year-over-year comparison of profitability information for the one-year periods ended December 31, 2024, 2023, and 2022.

In reviewing the Adviser's profitability analysis, attention was given to the methodology the Adviser followed in determining and allocating costs to each Portfolio. The Board recognized that there is no uniform methodology within the asset management industry regarding the allocation of firm-wide or complex-wide expenses for determining profitability for this purpose; cost allocation methodologies are inherently subjective; and various cost allocation methodologies may each be reasonable while producing different results. In this regard, the Board noted that the Adviser's cost allocation methodology was consistent with the cost allocation methodology followed in the profitability report presentation for the Portfolios during the July 2024 annual renewal process. The Board also noted that, in consultation with and through independent legal counsel, the Board's Audit Committee has engaged an outside consultant to conduct periodic assessments of the cost allocation methodology, including adjustments to the methodology, as part of the Board's review of the Adviser's profitability analysis in connection with the annual renewal process. In addition to the annual profitability report presentation and extensive discussions with management, the Board took into account the series of assessments and noted that, following each such assessment, the consultant found that the Adviser's overall cost allocation methodology was reasonable in all material respects and generally consistent with observed industry practices. The Board also took into account management's ongoing costs and expenditures in providing and improving services for the Portfolios, as well as the need to meet additional regulatory and compliance requirements resulting from changes in rules and other regulations and to adapt to other challenges impacting the mutual fund industry. In addition, the Board considered information prepared by management and from third-party sources comparing the profitability of the Adviser on an overall basis to the profitability of other publicly held asset managers (including asset managers similar to the Adviser) over various time periods, including information about profitability trends over time.

In addition, with respect to the sub-advised Portfolios, the Board noted that the Board and the Adviser generally are aware of the fees charged by the Sub-Advisers to other clients (this information having been provided to the Board and the Adviser by the Sub-Advisers in conjunction with the proposed renewal of the Sub-Advisory Agreements) and that the Adviser believes that the fees agreed upon with the Sub-Advisers are reasonable in light of the nature, quality and extent of the investment sub-advisory services provided. The Board acknowledged that each Sub-Adviser's fee is paid by the Adviser and not the sub-advised Portfolio and that the Adviser is incentivized to negotiate a favorable fee. The Board also noted that many responsibilities related to the advisory function are retained by the Adviser. The Adviser further advised the Board that it does not regard Sub-Adviser profitability as meaningful to its evaluation of the Sub-Advisory Agreements. The Board acknowledged the Adviser's view of Sub-Adviser profitability, noting the Board's findings as to the reasonableness of the sub-advisory fees and that the fees paid to the Sub-Advisers are the product of negotiations with the Adviser and reflect levels of profitability acceptable to the Adviser and the Sub-Advisers based on the particular circumstances for each of them. The Board also noted that, with respect to AllianceBernstein, which is an affiliate of the Adviser, the Adviser provides additional information regarding the entity's impact on the Adviser's profitability. The Board also noted that the sub-advisory fees paid by the Adviser to AllianceBernstein are considered as possible fall-out benefits.

Based on its consideration of the factors above, the Board determined that the level of profits realized by the Adviser and its affiliates from providing services to each Portfolio was not excessive in view of the nature, quality and extent of the services provided and the risks assumed.

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#### Economies of Scale
The Board also considered whether economies of scale or efficiencies are realized by the Adviser as a Portfolio grows larger, the extent to which this is reflected in the level of advisory and administrative fees charged, and whether there is potential for realization of any further economies of scale or efficiencies. While recognizing that any precise determination is inherently subject to assumptions and subjective assessments, the Board considered that any realized economies of scale or efficiencies may be shared with portfolios and their shareholders in a variety of ways, including: (i) breakpoints in the advisory fee or other fees so that a portfolio's effective fee rate declines as the portfolio grows in size, (ii) subsidizing a portfolio's expenses by waiving all or a portion of the advisory fee or other fees or making payments to the portfolio so that the portfolio's total expense ratio does not exceed certain levels, (iii) setting the advisory fee or other fees so that a portfolio is priced to scale, which assumes that the portfolio has sufficient assets from inception to operate at a competitive fee rate without any fee waiver or expense reimbursement from the manager, and (iv) reinvestment in, and enhancements to, the services that the manager and its affiliates provide to a portfolio and its shareholders. The Board noted that the advisory fee rate schedules for all Portfolios other than the EQ/All Asset Growth Allocation Portfolio and the Target Allocation Portfolios include breakpoints that reduce the fee rate as Portfolio assets increase above certain levels and considered whether such breakpoints are set at appropriate asset levels. The Board also noted that the administrative fee rate schedules for all of the Portfolios aggregate the assets managed by the Adviser in a Portfolio and several other Portfolios in the Trust and include breakpoints that reduce the fee rate as aggregate Portfolio assets increase above certain levels and considered whether such breakpoints are set at appropriate asset levels. The Board also noted that the Adviser was subsidizing certain Portfolios' expenses by waiving all or a portion of its and its affiliates' advisory, administrative and other fees and, if necessary, making payments to the Portfolios so that each such Portfolio's total expense ratios (exclusive of taxes, interest, brokerage commissions, dividend and interest expenses on securities sold short, capitalized expenses, fees and expenses of underlying portfolios in which the Portfolio invests (unless otherwise noted above), and extraordinary expenses not incurred in the ordinary course of the Portfolio's business) do not exceed certain contractual levels as set forth in the Portfolio's prospectus. The Board recognized that expense limitation arrangements can have an effect similar to breakpoints in sharing economies of scale with shareholders and can provide protection from an increase in expenses if a Portfolio's assets decline. In this connection, the Board also considered that, after extensive discussions and negotiations with the Adviser, the Adviser had agreed, effective October 1, 2025, to implement lower, voluntary expense limitations for certain of the Portfolios, as noted above. In addition, the Board considered that the Adviser shares any realized economies of scale with the Portfolios in other ways, which may include setting a Portfolio's fees so that they are priced to scale. The Board considered that the effect of this pricing strategy is that the Adviser could lose money in the early stages of a Portfolio's operation (and bears the risk that the Portfolio will never become profitable), while the Portfolio's shareholders receive the benefit of economies of scale that the Adviser expects the Portfolio will achieve as it grows. The Board further considered that the Adviser shares any realized economies of scale with the Portfolios through reinvestment in, and enhancements to, the services that the Adviser and its affiliates provide to the Portfolios and their shareholders, such as hiring additional personnel, providing additional resources in areas relating to management and administration of the Portfolios, and the ongoing development of the Adviser's infrastructure and information technology to support the Portfolios through, among other things, cybersecurity, business continuity planning, and risk management. The Board also noted that the Adviser can share economies of scale with Portfolios by maintaining existing expense structures in the face of a rising cost environment.

In addition, the Board noted that the sub-advisory fee schedules for certain Sub-Advisers aggregate the assets managed by a Sub-Adviser in a Portfolio and in one or more other mutual funds for which the Sub-Adviser serves as investment sub-adviser and the Adviser or EIM LLC serves as investment adviser. The Board also noted that the sub-advisory fee schedules for certain Sub-Advisers include breakpoints that reduce the sub-advisory fee rate as applicable Portfolio assets under the Sub-Adviser's management increase above certain levels. In this regard, the Board acknowledged that, at some levels, the breakpoints in a sub-advisory fee schedule may result in savings to the Adviser and not to investors. The Board also noted that the aggregation of assets may result in the affected Portfolio(s) reaching a breakpoint sooner than if the sub-advisory fee schedule did not aggregate assets, which also has the potential to benefit the Adviser. With respect to sub-advisory fees that do not include breakpoints, the Board considered the Sub-Advisers' explanations that the sub-advisory fees are priced at a competitive level.

Based on its consideration of the factors above, the Board determined that there was a reasonable sharing of any realized economies of scale or efficiencies under the advisory, administrative and, as applicable, sub-advisory fee schedules at the present time.

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#### "Fall-Out" and Other Benefits
The Board also considered the extent to which fall-out benefits may accrue to the Adviser and its affiliates. In this connection, the Board considered several possible fall-out benefits and other types of benefits, including the following. The Board noted that EIM LLC, an affiliate of the Adviser, serves as the administrator for the Portfolios and receives compensation for acting in this capacity. In addition, the Board recognized that AllianceBernstein, also an affiliate of the Adviser, serves as Sub-Adviser to certain of the Portfolios and receives sub-advisory fees that are paid by the Adviser out of the fees that it earns from those Portfolios. The Board also recognized that Equitable Distributors, LLC, also an affiliate of the Adviser, serves as the underwriter for the Trust and receives from the Portfolios payments pursuant to Rule 12b-1 plans with respect to their Class IA and Class IB shares to compensate it for providing shareholder services and selling activities, which could lead to growth in the Trust's assets and corresponding benefits from such growth, including economies of scale. Further, the Board considered that Sanford C. Bernstein & Co., LLC, a registered broker-dealer, is an affiliate of the Adviser and may, from time to time, receive brokerage commissions from the Portfolios in connection with the purchase and sale of portfolio securities; provided, however, that those transactions, among other things, are consistent with seeking best execution. The Board also recognized that the EQ/All Asset Growth Allocation Portfolio, the Strategic Allocation Portfolios, the MF/ETF Portfolios, the EQ Allocation Portfolios, and the Target Allocation Portfolios invest in other (underlying) portfolios managed by the Adviser or EIM LLC, and in certain cases advised by an affiliated Sub-Adviser, and that these underlying portfolios pay advisory fees to the Adviser or EIM LLC (who may in certain cases pay sub-advisory fees to an affiliated Sub-Adviser) and also pay administrative fees and distribution fees to the Adviser's administrative services and distribution affiliates. The Board also noted the aforementioned business relationships that the Adviser and/or its affiliates, including Equitable Financial Life Insurance Company, have with the Sub-Advisers and/or their affiliates in addition to the relationships involving the Portfolios. The Board also noted that the Adviser's affiliated insurance companies, as depositors of the insurance company separate accounts investing in the Portfolios, receive certain significant tax benefits associated with such investments, including a dividend received deduction (which is a tax deduction received by a corporation, such as an insurance company, on the dividends paid to it by companies in which it has an ownership stake, such as the Portfolios whose shares are held by insurance company separate accounts), a foreign tax credit (which is a tax credit received by a shareholder for foreign income taxes paid by a Portfolio to a foreign country), and tax benefits associated with Portfolios making elections pursuant to Section 382 of the Internal Revenue Code (which limits a corporation's use of its existing loss carryforwards following an ownership change of the corporation absent certain elections by entities that it is deemed to control, such as the Portfolios, to increase the limitations with respect to their use of their own loss carryforwards), as well as other potential benefits. The Board also considered that the Portfolios are offered as investment options through variable insurance contracts offered and sold by the Adviser's affiliated insurance companies and that the performance of each Portfolio may impact, positively or negatively, each insurance company's ability to hedge the risks associated with guarantees that each insurance company may provide as the issuer of such contracts. The Board also noted that the Adviser's affiliated insurance companies and Equitable Distributors, LLC receive compensation, which may include sales charges, separate account fees and charges, and other variable contract fees and charges, from the sale and administration of these variable insurance contracts. The Board also considered that certain Portfolios are subject to certain investment controls that are designed to reduce volatility for investors and that may benefit both investors and the Adviser and its affiliates (including by making it easier for the insurance companies to hedge their risks under the guarantees). Based on its review, the Board determined that any fall-out benefits and other types of benefits that may accrue to the Adviser are fair and reasonable.

The Board also considered possible fall-out benefits and other types of benefits that may accrue to a Sub-Adviser, including the following. The Board considered that a Sub-Adviser, through its position as a Sub-Adviser to its respective Portfolio(s), may engage in "soft dollar" transactions. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers who may, from time to time, receive brokerage commissions from a Portfolio in connection with the purchase and sale of portfolio securities; provided, however, that those transactions, among other things, are consistent with seeking best execution. In cases where a Sub-Adviser's affiliate executed a substantial portion of its respective Portfolio's trades, the Board also considered the Sub-Adviser's trading experience and discussed with the Adviser its monitoring of the Sub-Adviser's brokerage selection, commission and other trading costs, and quality of execution. The Board also noted that certain Sub-Advisers currently serve as investment sub-advisers for other funds advised by the Adviser or EIM LLC and receive sub-advisory fees with respect to those funds. The Board also recognized that a Sub-Adviser and its affiliates may sell, and earn sales commissions and/or other compensation with respect to, insurance products

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issued by the Adviser's affiliated insurance companies and that the proceeds of those sales may be invested in a Portfolio. The Board also recognized that a Sub-Adviser and its affiliates may sell, and earn sales commissions and/or other compensation with respect to, other investment products issued by the Adviser or its affiliates. In addition, the Board noted that a Sub-Adviser may benefit from greater exposure in the marketplace with respect to the Sub-Adviser's investment process and from expanding its level of assets under management, and a Sub-Adviser may derive benefits from its association with the Adviser. Based on its review, the Board determined that any fall-out benefits and other types of benefits that may accrue to the Sub-Advisers are fair and reasonable.

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#### Appendix A
The Board noted that the following information regarding each Portfolio's performance relative to the performance of a benchmark and/or a blended benchmark and a peer group for the one-, three-, five- and ten-year periods, as applicable, and since inception periods ended March 31, 2025, supplemented other performance information (including performance based on rolling time periods) provided to the Board throughout the year and in connection with the annual renewal process. The performance results may differ from the performance results for more recent periods, including those shown in the Portfolios' annual shareholder reports for the period ended December 31, 2025. The performance results do not reflect any fees and expenses associated with variable life insurance contracts and variable annuity certificates and contracts, which would reduce the performance results.

#### EQ Advisors Trust Investment Performance (%)

#### For Periods ended March 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  **Large Cap Value** |  |  |  |  |
|  **1290 VT Equity Income - IB** | **9.51** | **7.32** | **16.77** | **8.02** |
|  Lipper Equity Income Funds | 7.84 | 6.70 | 15.58 | 8.72 |
|  Russell 1000 Index | 7.82 | 8.65 | 18.47 | 12.18 |
|  Russell 1000 Value Index | 7.18 | 6.64 | 16.15 | 8.79 |
|  **EQ/Franklin Rising Dividends - IB** | **1.56** | **5.14** | **15.18** |  |
|  Lipper Equity Income Funds | 7.84 | 6.70 | 15.58 |  |
|  S&P 500 Index | 8.25 | 9.06 | 18.59 |  |
|  **EQ/Invesco Comstock - IB** | **8.07** | **8.52** | **20.91** | **9.57** |
|  Lipper Multi-Cap Value Funds | 5.88 | 6.83 | 17.14 | 8.70 |
|  Russell 1000 Index | 7.82 | 8.65 | 18.47 | 12.18 |
|  Russell 1000 Value Index | 7.18 | 6.64 | 16.15 | 8.79 |
|  **EQ/JPMorgan Value Opportunities - IB** | **6.76** | **6.21** | **20.74** | **10.17** |
|  Lipper Multi-Cap Value Funds | 5.88 | 6.83 | 17.14 | 8.70 |
|  Russell 1000 Index | 7.82 | 8.65 | 18.47 | 12.18 |
|  Russell 1000 Value Index | 7.18 | 6.64 | 16.15 | 8.79 |
|  **EQ/Large Cap Value Index - IB** | **6.43** | **5.88** | **15.35** | **8.06** |
|  Lipper Multi-Cap Value Funds | 5.88 | 6.83 | 17.14 | 8.70 |
|  Russell 1000 Index | 7.82 | 8.65 | 18.47 | 12.18 |
|  Russell 1000 Value Index | 7.18 | 6.64 | 16.15 | 8.79 |
|  **EQ/Large Cap Value Managed Volatility - IB** | **5.21** | **6.03** | **13.81** | **8.09** |
|  Lipper Multi-Cap Value Funds | 5.88 | 6.83 | 17.14 | 8.70 |
|  Lipper Multi-Cap Managed Volatility Funds | 7.12 | 5.97 | 13.35 | 8.55 |
|  Russell 1000 Index | 7.82 | 8.65 | 18.47 | 12.18 |
|  Russell 1000 Value Index | 7.18 | 6.64 | 16.15 | 8.79 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  **EQ/Value Equity - IB** | **0.47** | **5.67** | **14.42** | **6.46** |
|  Lipper Multi-Cap Core Funds | 4.88 | 7.31 | 16.77 | 10.14 |
|  Russell 1000 Index | 7.82 | 8.65 | 18.47 | 12.18 |
|  Russell 1000 Value Index | 7.18 | 6.64 | 16.15 | 8.79 |
|  **Large Cap Blend** |  |  |  |  |
|  **EQ/AB Sustainable U.S. Thematic - IB** | **(4.50)** | **2.10** |  |  |
|  Lipper Multi-Cap Core Funds | 4.88 | 7.31 |  |  |
|  S&P 500 Index | 8.25 | 9.06 |  |  |
|  **EQ/ClearBridge Select Equity Managed Volatility - IB** | **4.02** | **5.09** | **15.74** | **10.15** |
|  Lipper Multi-Cap Growth Funds | 4.39 | 5.62 | 14.56 | 10.94 |
|  Lipper Multi-Cap Managed Volatility Funds | 7.12 | 5.97 | 13.35 | 8.55 |
|  S&P 500 Index | 8.25 | 9.06 | 18.59 | 12.50 |
|  **EQ/Capital Group Research - IB** | **11.29** | **9.82** | **18.26** | **12.07** |
|  Lipper Multi-Cap Core Funds | 4.88 | 7.31 | 16.77 | 10.14 |
|  S&P 500 Index | 8.25 | 9.06 | 18.59 | 12.50 |
|  **EQ/Common Stock Index - IB** | **6.63** | **7.67** | **17.46** | **11.12** |
|  Lipper Multi-Cap Core Funds | 4.88 | 7.31 | 16.77 | 10.14 |
|  Russell 3000 Index | 7.22 | 8.22 | 18.18 | 11.80 |
|  **EQ/Equity 500 Index - IB** | **7.67** | **8.47** | **17.93** | **11.85** |
|  Lipper S&P 500 Index Funds | 7.86 | 8.65 | 18.15 | 12.09 |
|  S&P 500 Index | 8.25 | 9.06 | 18.59 | 12.50 |
|  **EQ/Fidelity Institutional AM<sup>®</sup> Large Cap - IB** | **4.76** | **8.51** | **19.09** |  |
|  Lipper Large-Cap Core Funds | 5.61 | 7.74 | 16.68 |  |
|  S&P 500 Index | 8.25 | 9.06 | 18.59 |  |
|  **EQ/Large Cap Core Managed Volatility - IB** | **5.87** | **7.76** | **16.05** | **11.07** |
|  Lipper Large-Cap Core Funds | 5.61 | 7.74 | 16.68 | 11.03 |
|  Lipper Large-Cap Managed Volatility Funds | 5.46 | 6.60 | 13.19 | 8.69 |
|  S&P 500 Index | 8.25 | 9.06 | 18.59 | 12.50 |
|  **Large Cap Growth** |  |  |  |  |
|  **1290 VT Socially Responsible - IB** | **1.87** | **6.37** | **16.57** | **11.07** |
|  Lipper Large-Cap Core Funds | 5.61 | 7.74 | 16.68 | 11.03 |
|  Russell 1000 Index | 7.82 | 8.65 | 18.47 | 12.18 |
|  MSCI KLD 400 Social Index | 2.78 | 7.30 | 17.66 | 12.12 |
|  Russell 1000 Growth Index | 7.72 | 10.09 | 20.08 | 15.12 |

---

1381

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  **EQ/ClearBridge Large Cap Growth ESG - IB** | **3.69** | **9.50** | **16.82** | **11.70** |
|  Lipper Large-Cap Growth Funds | 5.18 | 8.48 | 17.01 | 13.12 |
|  Russell 1000 Index | 7.82 | 8.65 | 18.47 | 12.18 |
|  Russell 1000 Growth Index | 7.72 | 10.09 | 20.08 | 15.12 |
|  **EQ/JPMorgan Growth Stock - IB** | **6.06** | **8.45** | **15.08** | **12.04** |
|  Lipper Large-Cap Growth Funds | 5.18 | 8.48 | 17.01 | 13.12 |
|  Russell 1000 Index | 7.82 | 8.65 | 18.47 | 12.18 |
|  Russell 1000 Growth Index | 7.72 | 10.09 | 20.08 | 15.12 |
|  **EQ/Large Cap Growth Index - IB** | **6.98** | **9.31** | **19.23** | **14.28** |
|  Lipper Large-Cap Growth Funds | 5.18 | 8.48 | 17.01 | 13.12 |
|  Russell 1000 Index | 7.82 | 8.65 | 18.47 | 12.18 |
|  Russell 1000 Growth Index | 7.72 | 10.09 | 20.08 | 15.12 |
|  **EQ/Large Cap Growth Managed Volatility - IB** | **6.24** | **8.16** | **15.91** | **12.83** |
|  Lipper Large-Cap Growth Funds | 5.18 | 8.48 | 17.01 | 13.12 |
|  Lipper Large-Cap Managed Volatility Funds | 5.46 | 6.60 | 13.19 | 8.69 |
|  Russell 1000 Index | 7.82 | 8.65 | 18.47 | 12.18 |
|  Russell 1000 Growth Index | 7.72 | 10.09 | 20.08 | 15.12 |
|  **EQ/Loomis Sayles Growth - IB** | **8.88** | **11.59** | **16.97** | **14.12** |
|  Lipper Large-Cap Growth Funds | 5.18 | 8.48 | 17.01 | 13.12 |
|  Russell 1000 Index | 7.82 | 8.65 | 18.47 | 12.18 |
|  Russell 3000 Growth Index | 7.12 | 9.61 | 19.55 | 14.54 |
|  **Multimanager Aggressive Equity - IB** | **3.95** | **6.68** | **16.36** | **12.58** |
|  Lipper Large-Cap Growth Funds | 5.18 | 8.48 | 17.01 | 13.12 |
|  Russell 3000 Index | 7.22 | 8.22 | 18.18 | 11.80 |
|  Russell 3000 Growth Index | 7.12 | 9.61 | 19.55 | 14.54 |
|  **Small/Mid Cap Value** |  |  |  |  |
|  **1290 VT GAMCO Small Company Value - IB** | **(1.17)** | **6.46** | **17.81** | **7.95** |
|  Lipper Small-Cap Core Funds | (3.51) | 1.56 | 15.06 | 6.41 |
|  Russell 3000 Index | 7.22 | 8.22 | 18.18 | 11.80 |
|  Russell 2000 Value Index | (3.12) | 0.05 | 15.31 | 6.07 |
|  **1290 VT Small Cap Value - IB** | **12.88** | **7.78** | **22.08** | **8.89** |
|  Lipper Small-Cap Core Funds | (3.51) | 1.56 | 15.06 | 6.41 |
|  Russell 3000 Index | 7.22 | 8.22 | 18.18 | 11.80 |
|  Russell 2000 Value Index | (3.12) | 0.05 | 15.31 | 6.07 |
|  **EQ/American Century Mid Cap Value - IB** | **5.43** | **4.04** | **14.68** |  |
|  Lipper Mid-Cap Value Funds | 2.92 | 4.92 | 16.74 |  |
|  Russell 1000 Index | 7.82 | 8.65 | 18.47 |  |
|  Russell Midcap Value Index | 2.27 | 3.78 | 16.70 |  |

---

1382

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  **EQ/Franklin Small Cap Value Managed Volatility - IB** | **(2.79)** | **0.72** | **12.13** | **6.11** |
|  Lipper Small-Cap Core Funds | (3.51) | 1.56 | 15.06 | 6.41 |
|  Lipper Small-Cap Managed Volatility Funds | (1.15) | 1.46 | 13.91 | 6.28 |
|  Russell 3000 Index | 7.22 | 8.22 | 18.18 | 11.80 |
|  Russell 2000 Value Index | (3.12) | 0.05 | 15.31 | 6.07 |
|  **EQ/Goldman Sachs Mid Cap Value - IB** | **(0.57)** | **3.47** | **16.61** |  |
|  Lipper Mid-Cap Core Funds | (0.62) | 3.87 | 16.18 |  |
|  Russell 1000 Index | 7.82 | 8.65 | 18.47 |  |
|  Russell Midcap Value Index | 2.27 | 3.78 | 16.70 |  |
|  **EQ/Mid Cap Value Managed Volatility - IB** | **(0.01)** | **2.31** | **13.61** | **6.52** |
|  Lipper Mid-Cap Core Funds | (0.62) | 3.87 | 16.18 | 7.46 |
|  Lipper Mid-Cap Managed Volatility Funds | (0.16) | 4.10 | 12.86 | 7.02 |
|  Russell 1000 Index | 7.82 | 8.65 | 18.47 | 12.18 |
|  Russell Midcap Value Index | 2.27 | 3.78 | 16.70 | 7.62 |
|  **Small/Mid Cap Blend** |  |  |  |  |
|  **1290 VT Micro Cap - IB** | **(4.98)** | **(2.75)** | **13.04** | **7.47** |
|  Lipper Small-Cap Growth Funds | (5.98) | (0.67) | 10.86 | 7.06 |
|  Russell 3000 Index | 7.22 | 8.22 | 18.18 | 11.80 |
|  Russell Microcap Index | (7.01) | (3.49) | 12.01 | 4.80 |
|  **EQ/Mid Cap Index - IB** | **(3.27)** | **3.79** | **16.14** | **7.72** |
|  Lipper S&P Midcap 400 Index Funds | (3.22) | 3.89 | 16.33 | 7.86 |
|  Russell 1000 Index | 7.82 | 8.65 | 18.47 | 12.18 |
|  S&P MidCap 400 Index | (2.71) | 4.42 | 16.91 | 8.43 |
|  **EQ/Small Company Index - IB** | **(4.31)** | **0.55** | **13.39** | **6.13** |
|  Lipper Small-Cap Core Funds | (3.51) | 1.56 | 15.06 | 6.41 |
|  Russell 3000 Index | 7.22 | 8.22 | 18.18 | 11.80 |
|  Russell 2000 Index | (4.01) | 0.52 | 13.27 | 6.30 |
|  **Small/Mid Cap Growth** |  |  |  |  |
|  **EQ/AB Small Cap Growth - IB** | **(7.28)** | **(0.74)** | **11.31** | **7.00** |
|  Lipper Small-Cap Growth Funds | (5.98) | (0.67) | 10.86 | 7.06 |
|  Russell 3000 Index | 7.22 | 8.22 | 18.18 | 11.80 |
|  Russell 2000 Growth Index | (4.86) | 0.78 | 10.78 | 6.14 |
|  **EQ/Janus Enterprise - IB** | **0.82** | **4.63** | **14.75** | **8.34** |
|  Lipper Mid-Cap Growth Funds | (2.08) | 1.97 | 12.34 | 8.87 |
|  Russell 1000 Index | 7.82 | 8.65 | 18.47 | 12.18 |
|  Russell Midcap Growth Index | 3.57 | 6.16 | 14.86 | 10.14 |

---

1383

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  **EQ/MFS Mid Cap Focused Growth - IB** | **1.49** | **5.98** | **12.97** |  |
|  Lipper Multi-Cap Growth Funds | 4.39 | 5.62 | 14.56 |  |
|  Russell 1000 Index | 7.82 | 8.65 | 18.47 |  |
|  Russell Midcap Growth Index | 3.57 | 6.16 | 14.86 |  |
|  **EQ/Morgan Stanley Small Cap Growth - IB** | **3.87** | **0.20** | **15.75** | **9.78** |
|  Lipper Small-Cap Growth Funds | (5.98) | (0.67) | 10.86 | 7.06 |
|  Russell 3000 Index | 7.22 | 8.22 | 18.18 | 11.80 |
|  Russell 2000 Growth Index | (4.86) | 0.78 | 10.78 | 6.14 |
|  **Specialty** |  |  |  |  |
|  **1290 VT Convertible Securities - IB** | **6.66** | **1.65** | **9.55** | **6.61** |
|  Lipper Specialty/Miscellaneous Funds | 6.89 | 3.71 | 13.73 | 7.58 |
|  Bloomberg U.S. Aggregate Bond Index | 4.88 | 0.52 | (0.40) | 1.46 |
|  Bloomberg U.S. Convertible Liquid Bond Index | 7.19 | 2.23 | 12.78 | 9.26 |
|  **1290 VT GAMCO Mergers and Acquisitions - IB** | **9.76** | **5.46** | **9.23** | **4.12** |
|  Lipper Specialty/Miscellaneous Funds | 6.89 | 3.71 | 13.73 | 7.58 |
|  S&P 500 Index | 8.25 | 9.06 | 18.59 | 12.50 |
|  S&P Long-Only Merger Arbitrage Index | 4.11 | 2.48 | 3.80 | 3.55 |
|  **1290 VT Multi-Alternative Strategies - IB** | **6.48** | **1.25** | **4.87** |  |
|  Lipper Alternative Other Funds | 5.01 | 3.42 | 7.61 |  |
|  Bloomberg U.S. Aggregate Bond Index | 4.88 | 0.52 | (0.40) |  |
|  ICE BofA U.S. 3-Month Treasury Bill Index | 5.00 | 4.26 | 2.57 |  |
|  **1290 VT Natural Resources - IB** | **(0.84)** | **2.78** | **20.11** | **5.15** |
|  Lipper Natural Resources Funds | 1.60 | 4.19 | 24.49 | 3.53 |
|  MSCI World (Net) Index | 7.04 | 7.58 | 16.13 | 9.50 |
|  MSCI World Commodity Producers (Net) Index | (0.62) | 2.78 | 20.77 | 5.62 |
|  **1290 VT Real Estate - IB** | **3.88** | **(4.22)** | **6.09** | **1.83** |
|  Lipper Global Real Estate Funds | 2.29 | (3.87) | 6.67 | 2.36 |
|  MSCI World (Net) Index | 7.04 | 7.58 | 16.13 | 9.50 |
|  FTSE EPRA/NAREIT Developed Index | 4.99 | (3.29) | 7.25 | 2.96 |
|  **EQ/Invesco Global Real Assets - IB** | **9.23** | **1.43** | **9.52** |  |
|  Lipper Global Real Estate Funds | 2.29 | (3.87) | 6.67 |  |
|  MSCI World (Net) Index | 7.04 | 7.58 | 16.13 |  |
|  S&P Real Assets Equity (Net) Index | 9.01 | 0.11 | 10.82 |  |
|  **EQ/MFS Technology - IB** | **3.53** | **10.35** | **16.88** |  |
|  Lipper Science & Technology Funds | 2.74 | 8.58 | 17.47 |  |
|  S&P 500 Index | 8.25 | 9.06 | 18.59 |  |
|  S&P North American Technology Sector Index | 4.53 | 12.17 | 21.42 |  |

---

1384

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  **EQ/MFS Utilities Series - IB** | **13.58** | **2.20** | **10.01** |  |
|  Lipper Utility Funds | 20.52 | 5.47 | 11.57 |  |
|  S&P 500 Index | 8.25 | 9.06 | 18.59 |  |
|  MSCI ACWI Utilities (Net) Index | 17.39 | 4.09 | 8.93 |  |
|  **EQ/T. Rowe Price Health Sciences - IB** | **(6.86)** | **0.05** | **7.86** |  |
|  Lipper Health/Biotechnology Funds | (3.32) | 1.36 | 8.80 |  |
|  Russell 3000 Index | 7.22 | 8.22 | 18.18 |  |
|  Russell 3000 Health Care Index | (0.96) | 2.84 | 11.02 |  |
|  S&P 500 Index | 8.25 | 9.06 | 18.59 |  |
|  **EQ/Wellington Energy - IB** | **7.07** | **11.43** | **24.51** |  |
|  Lipper Natural Resources Funds | 1.60 | 4.19 | 24.49 |  |
|  MSCI World (Net) Index | 7.04 | 7.58 | 16.13 |  |
|  MSCI ACWI Energy (Net) Index | 1.45 | 8.57 | 21.85 |  |
|  **Multimanager Technology - IB** | **1.99** | **6.24** | **17.18** | **15.92** |
|  Lipper Science & Technology Funds | 2.74 | 8.58 | 17.47 | 14.49 |
|  Russell 1000 Index | 7.82 | 8.65 | 18.47 | 12.18 |
|  S&P North American Technology Sector Index | 4.53 | 12.17 | 21.42 | 19.07 |
|  **International/Global Stocks 1290 VT SmartBeta Equity ESG - IB** | **9.17** | **7.25** | **14.38** | **9.27** |
|  Lipper Global Large-Cap Core Funds | 5.09 | 6.24 | 13.58 | 8.28 |
|  MSCI World (Net) Index | 7.04 | 7.58 | 16.13 | 9.50 |
|  **EQ/Emerging Markets Equity PLUS - IB** | **6.42** | **1.05** | **8.51** | **2.80** |
|  Lipper Emerging Markets Funds | 6.78 | 1.77 | 7.94 | 3.57 |
|  MSCI Emerging Markets (Gross Dividends) Index | 8.65 | 1.91 | 8.38 | 4.11 |
|  **EQ/Global Equity Managed Volatility - IB** | **3.98** | **5.67** | **12.04** | **6.97** |
|  Lipper Global Large-Cap Core Funds | 5.09 | 6.24 | 13.58 | 8.28 |
|  Lipper Global Multi- & Large-Cap Managed Volatility Funds | 9.83 | 7.30 | 12.36 | 7.09 |
|  MSCI ACWI (Net) Index | 7.15 | 6.91 | 15.18 | 8.84 |
|  **EQ/International Core Managed Volatility - IB** | **5.09** | **6.09** | **11.21** | **4.84** |
|  Lipper International Large-Cap Core Funds | 5.39 | 6.17 | 11.66 | 5.18 |
|  Lipper International Multi- & Large-Cap Managed Volatility Funds | 7.77 | 5.70 | 10.10 | 4.34 |
|  MSCI EAFE Index | 4.88 | 6.05 | 11.77 | 5.40 |
|  **EQ/International Equity Index - IB** | **5.25** | **8.11** | **12.74** | **5.16** |
|  Lipper International Large-Cap Core Funds | 5.39 | 6.17 | 11.66 | 5.18 |
|  MSCI EAFE Index | 4.88 | 6.05 | 11.77 | 5.40 |
|  40% EuroSTOXX50/25% FTSE 100/25% TOPIX/10% S&P ASX 200 | 5.75 | 8.42 | 13.55 | 5.89 |

---

1385

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  **EQ/International Value Managed Volatility - IB** | **3.87** | **6.52** | **12.04** | **4.17** |
|  Lipper International Large-Cap Value Funds | 10.55 | 8.67 | 14.24 | 5.13 |
|  Lipper International Multi- & Large-Cap Managed Volatility Funds | 7.77 | 5.70 | 10.10 | 4.34 |
|  MSCI EAFE Index | 4.88 | 6.05 | 11.77 | 5.40 |
|  40% EuroSTOXX50/25% FTSE 100/25% TOPIX/10% S&P ASX 200 | 5.75 | 8.42 | 13.55 | 5.89 |
|  **EQ/Invesco Global - IB** | **(1.63)** | **5.76** | **13.13** | **7.95** |
|  Lipper Global Large-Cap Growth Funds | 2.00 | 6.54 | 13.74 | 8.68 |
|  MSCI ACWI (Net) Index | 7.15 | 6.91 | 15.18 | 8.84 |
|  MSCI ACWI Growth (Net) Index | 5.70 | 6.83 | 15.36 | 10.62 |
|  **EQ/Lazard Emerging Markets Equity - IB** | **11.06** | **7.08** | **11.96** |  |
|  Lipper Emerging Markets Funds | 6.78 | 1.77 | 7.94 |  |
|  MSCI Emerging Markets (Net Dividends) Index | 8.09 | 1.44 | 7.94 |  |
|  **EQ/MFS International Growth - IB** | **7.70** | **6.08** | **11.21** | **7.42** |
|  Lipper International Large-Cap Growth Funds | 1.53 | 2.85 | 9.14 | 4.99 |
|  MSCI ACWI ex USA (Net) Index | 6.09 | 4.48 | 10.92 | 4.98 |
|  MSCI ACWI ex USA Growth (Net) Index | 1.15 | 1.75 | 8.11 | 5.06 |
|  **EQ/MFS International Intrinsic Value - IB** | **7.94** | **6.05** | **9.68** |  |
|  Lipper International Multi-Cap Growth Funds | 1.29 | 3.46 | 9.15 |  |
|  MSCI EAFE Index | 4.88 | 6.05 | 11.77 |  |
|  MSCI EAFE Value (Net) Index | 12.85 | 9.69 | 14.77 |  |
|  **Investment Grade Bonds** |  |  |  |  |
|  **1290 VT DoubleLine Opportunistic Bond - IB** | **5.13** | **0.79** | **1.11** |  |
|  Lipper Core Plus Bond Funds | 5.01 | 0.37 | 0.51 |  |
|  Bloomberg U.S. Aggregate Bond Index | 4.88 | 0.52 | (0.40) |  |
|  **EQ/AB Short Duration Government Bond - IB** | **4.86** | **3.15** | **1.75** | **1.21** |
|  Lipper Short Investment Grade Debt Funds | 5.70 | 3.37 | 2.37 | 1.82 |
|  Bloomberg U.S. Aggregate Bond Index | 4.88 | 0.52 | (0.40) | 1.46 |
|  ICE BofA 1-year U.S. Treasury Note Index | 5.17 | 3.55 | 1.96 | 1.77 |
|  **EQ/Core Bond Index - IB** | **4.98** | **1.57** | **0.27** | **1.21** |
|  Lipper Core Bond Funds | 4.90 | 0.45 | 0.06 | 1.49 |
|  Bloomberg U.S. Aggregate Bond Index | 4.88 | 0.52 | (0.40) | 1.46 |
|  Bloomberg U.S. Intermediate Government/Credit Bond Index | 5.65 | 2.18 | 0.86 | 1.81 |
|  **EQ/Core Plus Bond - IB** | **3.48** | **(1.12)** | **1.00** | **1.43** |
|  Lipper Core Plus Bond Funds | 5.01 | 0.37 | 0.51 | 1.68 |
|  Bloomberg U.S. Aggregate Bond Index | 4.88 | 0.52 | (0.40) | 1.46 |

---

1386

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  **EQ/Intermediate Corporate Bond - IB** | **5.77** |  |  |  |
|  Lipper Core Plus Bond Funds | 5.01 |  |  |  |
|  Bloomberg U.S. Aggregate Bond Index | 4.88 |  |  |  |
|  Bloomberg U.S. Credit Corporate 5-10 Year Index | 6.24 |  |  |  |
|  **EQ/Intermediate Government Bond - IB** | **4.65** | **1.41** | **(0.33)** | **0.74** |
|  Lipper Intermediate U.S. Government Funds | 4.82 | 0.41 | (0.63) | 0.97 |
|  Bloomberg U.S. Aggregate Bond Index | 4.88 | 0.52 | (0.40) | 1.46 |
|  Bloomberg U.S. Intermediate Government Bond Index | 5.35 | 1.79 | (0.03) | 1.36 |
|  **EQ/Long-Term Bond - IB** | **0.80** | **(5.17)** |  |  |
|  Lipper General Bond Funds | 5.60 | 1.35 |  |  |
|  Bloomberg U.S. Aggregate Bond Index | 4.88 | 0.52 |  |  |
|  Bloomberg U.S. Long Government/Credit Bond Index | 1.72 | (4.51) |  |  |
|  **EQ/PIMCO Global Real Return - IB** | **2.15** | **(2.94)** | **0.48** | **1.70** |
|  Lipper Inflation Protected Bond Funds | 5.39 | (0.44) | 2.24 | 2.03 |
|  Bloomberg Global Aggregate Index | 3.05 | (1.63) | (1.38) | 0.61 |
|  Bloomberg World Government Inflation-Linked Bond Index | 2.03 | (3.13) | 0.31 | 1.99 |
|  **EQ/PIMCO Real Return - IB** | **6.51** | **0.01** | **2.73** |  |
|  Lipper Inflation Protected Bond Funds | 5.39 | (0.44) | 2.24 |  |
|  Bloomberg U.S. Aggregate Bond Index | 4.88 | 0.52 | (0.40) |  |
|  Bloomberg U.S. Treasury Inflation-Linked Bond Index | 6.17 | 0.06 | 2.36 |  |
|  **EQ/PIMCO Total Return ESG - IB** | **5.48** | **0.52** | **0.06** |  |
|  Lipper Core Plus Bond Funds | 5.01 | 0.37 | 0.51 |  |
|  Bloomberg U.S. Aggregate Bond Index | 4.88 | 0.52 | (0.40) |  |
|  **EQ/PIMCO Ultra Short Bond - IB** | **5.13** | **4.33** | **3.01** | **1.95** |
|  Lipper Ultra-Short Obligations Funds | 4.92 | 3.87 | 2.27 | 1.56 |
|  Bloomberg U.S. Aggregate Bond Index | 4.88 | 0.52 | (0.40) | 1.46 |
|  ICE BofA U.S. 3-Month Treasury Bill Index | 5.00 | 4.26 | 2.57 | 1.88 |
|  **EQ/Quality Bond PLUS - IB** | **4.63** | **0.80** | **(0.53)** | **0.82** |
|  Lipper Core Bond Funds | 4.90 | 0.45 | 0.06 | 1.49 |
|  Bloomberg U.S. Aggregate Bond Index | 4.88 | 0.52 | (0.40) | 1.46 |
|  Bloomberg U.S. Intermediate Government Bond Index | 5.35 | 1.79 | (0.03) | 1.36 |
|  **Multimanager Core Bond - IB** | **4.90** | **0.47** | **(0.11)** | **1.12** |
|  Lipper Core Bond Funds | 4.90 | 0.45 | 0.06 | 1.49 |
|  Bloomberg U.S. Aggregate Bond Index | 4.88 | 0.52 | (0.40) | 1.46 |
|  **High Yield 1290 VT High Yield Bond - IB** | **6.82** | **4.43** | **6.14** | **4.16** |
|  Lipper High Yield Funds | 6.59 | 4.44 | 6.65 | 4.31 |
|  ICE BofA U.S. High Yield Index | 7.68 | 4.91 | 7.26 | 4.94 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  **Money Market** |  |  |  |  |
|  **EQ/Money Market - IB** | **4.39** | **4.54** | **3.71** | **2.25** |
|  Lipper U.S. Government Money Market Funds | 4.59 | 4.75 | 3.90 | 2.33 |
|  ICE BofA U.S. 3-Month Treasury Bill Index | 5.00 | 5.14 | 4.26 | 2.57 |
|  **EQ Tactical Manager Portfolios** |  |  |  |  |
|  **EQ/2000 Managed Volatility - IB** | **(4.74)** | **(0.74)** | **10.47** | **5.30** |
|  Lipper Small-Cap Core Funds | (3.51) | 1.56 | 15.06 | 6.41 |
|  Lipper Small-Cap Managed Volatility Funds | (1.15) | 1.46 | 13.91 | 6.28 |
|  Russell 3000 Index | 7.22 | 8.22 | 18.18 | 11.80 |
|  Russell 2000 Index | (4.01) | 0.52 | 13.27 | 6.30 |
|  **EQ/400 Managed Volatility - IB** | **(3.70)** | **3.07** | **13.57** | **7.26** |
|  Lipper Small-Cap Core Funds | (3.51) | 1.56 | 15.06 | 6.41 |
|  Lipper Small-Cap Managed Volatility Funds | (1.15) | 1.46 | 13.91 | 6.28 |
|  Russell 1000 Index | 7.82 | 8.65 | 18.47 | 12.18 |
|  S&P MidCap 400 Index | (2.71) | 4.42 | 16.91 | 8.43 |
|  **EQ/500 Managed Volatility - IB** | **7.25** | **7.78** | **15.83** | **11.18** |
|  Lipper Large-Cap Core Funds | 5.61 | 7.74 | 16.68 | 11.03 |
|  Lipper Large-Cap Managed Volatility Funds | 5.46 | 6.60 | 13.19 | 8.69 |
|  S&P 500 Index | 8.25 | 9.06 | 18.59 | 12.50 |
|  **EQ/International Managed Volatility - IB** | **4.09** | **5.72** | **10.41** | **4.46** |
|  Lipper International Large-Cap Core Funds | 5.39 | 6.17 | 11.66 | 5.18 |
|  Lipper International Multi- & Large-Cap Managed Volatility Funds | 7.77 | 5.70 | 10.10 | 4.34 |
|  MSCI EAFE Index | 4.88 | 6.05 | 11.77 | 5.40 |
|  **ATM International Managed Volatility - K** | **4.36** | **6.03** | **10.53** | **4.65** |
|  Lipper International Large-Cap Core Funds | 5.39 | 6.17 | 11.66 | 5.18 |
|  Lipper International Multi- & Large-Cap Managed Volatility Funds | 7.77 | 5.70 | 10.10 | 4.34 |
|  MSCI EAFE Index | 4.88 | 6.05 | 11.77 | 5.40 |
|  **ATM Large Cap Managed Volatility - K** | **7.46** | **7.88** | **15.35** | **11.26** |
|  Lipper Large-Cap Core Funds | 5.61 | 7.74 | 16.68 | 11.03 |
|  Lipper Large-Cap Managed Volatility Funds | 5.46 | 6.60 | 13.19 | 8.69 |
|  S&P 500 Index | 8.25 | 9.06 | 18.59 | 12.50 |
|  **ATM Mid Cap Managed Volatility - K** | **(3.47)** | **3.14** | **12.91** | **7.39** |
|  Lipper Small-Cap Core Funds | (3.51) | 1.56 | 15.06 | 6.41 |
|  Lipper Small-Cap Managed Volatility Funds | (1.15) | 1.46 | 13.91 | 6.28 |
|  Russell 1000 Index | 7.82 | 8.65 | 18.47 | 12.18 |
|  S&P MidCap 400 Index | (2.71) | 4.42 | 16.91 | 8.43 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  **ATM Small Cap Managed Volatility - K** | **(4.38)** | **(0.52)** | **10.04** | **5.46** |
|  Lipper Small-Cap Core Funds | (3.51) | 1.56 | 15.06 | 6.41 |
|  Lipper Small-Cap Managed Volatility Funds | (1.15) | 1.46 | 13.91 | 6.28 |
|  Russell 3000 Index | 7.22 | 8.22 | 18.18 | 11.80 |
|  Russell 2000 Index | (4.01) | 0.52 | 13.27 | 6.30 |
|  **EQ Allocation Portfolios** |  |  |  |  |
|  **EQ/All Asset Growth Allocation - IB** | **6.64** | **4.55** | **10.74** | **5.99** |
|  Lipper Alternative Other Funds | 5.01 | 3.42 | 7.61 | 4.18 |
|  EQ/All Asset Growth Allocation Index | 4.70 | 4.76 | 9.60 | 5.93 |
|  **EQ/Conservative Allocation - IB** | **4.11** | **1.66** | **2.46** | **2.34** |
|  Lipper Mixed-Asset Target Allocation Conservative Funds | 5.17 | 2.53 | 5.00 | 3.77 |
|  Lipper Mixed-Asset Target Allocation Conservative Managed Volatility Funds | 4.72 | 2.12 | 3.79 | 3.10 |
|  EQ/Conservative Allocation Index | 4.84 | 2.40 | 2.81 | 2.83 |
|  **EQ/Conservative-Plus Allocation - IB** | **3.86** | **2.41** | **5.11** | **3.80** |
|  Lipper Mixed-Asset Target Allocation Conservative Funds | 5.17 | 2.53 | 5.00 | 3.77 |
|  Lipper Mixed-Asset Target Allocation Conservative Managed Volatility Funds | 4.72 | 2.12 | 3.79 | 3.10 |
|  EQ/Conservative-Plus Allocation Index | 4.56 | 3.37 | 5.98 | 4.49 |
|  **EQ/Moderate Allocation - IB** | **3.79** | **2.82** | **6.39** | **4.45** |
|  Lipper Mixed-Asset Target Allocation Moderate Funds | 4.83 | 3.75 | 7.99 | 5.45 |
|  Lipper Mixed-Asset Target Allocation Moderate Managed Volatility Funds | 4.29 | 3.14 | 5.97 | 4.24 |
|  EQ/Moderate Allocation Index | 4.39 | 3.79 | 7.43 | 5.14 |
|  **EQ/Moderate-Plus Allocation - IB** | **3.57** | **3.72** | **9.28** | **5.98** |
|  Lipper Mixed-Asset Target Allocation Growth Funds | 5.13 | 4.70 | 10.22 | 6.55 |
|  Lipper Mixed-Asset Target Allocation Growth Managed Volatility Funds | 4.41 | 4.04 | 7.56 | 4.94 |
|  EQ/Moderate-Plus Allocation Index | 4.14 | 4.79 | 10.72 | 6.73 |
|  **EQ/Aggressive Allocation - IB** | **3.64** | **4.79** | **12.12** | **7.46** |
|  Lipper Mixed-Asset Target Allocation Aggressive Growth Funds | 4.48 | 5.03 | 12.75 | 7.51 |
|  Lipper Mixed-Asset Target Allocation Growth & Aggressive Growth Managed Volatility Funds | 4.37 | 4.08 | 7.82 | 5.13 |
|  EQ/Aggressive Allocation Index | 4.24 | 6.02 | 14.21 | 8.43 |
|  **EQ/Ultra Conservative Strategy - IB** | **3.98** | **1.89** | **1.07** | **1.47** |
|  Lipper Mixed-Asset Target Allocation Conservative Funds | 5.17 | 2.53 | 5.00 | 3.77 |
|  Lipper Mixed-Asset Target Allocation Conservative Managed Volatility Funds | 4.72 | 2.12 | 3.79 | 3.10 |
|  Ultra Conservative Strategy Index | 5.31 | 2.38 | 1.65 | 2.31 |
|  **EQ/Conservative Strategy - IB** | **4.26** | **1.95** | **2.34** | **2.30** |
|  Lipper Mixed-Asset Target Allocation Conservative Funds | 5.17 | 2.53 | 5.00 | 3.77 |
|  Lipper Mixed-Asset Target Allocation Conservative Managed Volatility Funds | 4.72 | 2.12 | 3.79 | 3.10 |
|  EQ/Conservative Strategy Index | 4.79 | 2.35 | 2.86 | 2.90 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  **EQ/Conservative Growth Strategy - IB** | **3.98** | **2.68** | **5.09** | **3.92** |
|  Lipper Mixed-Asset Target Allocation Conservative Funds | 5.17 | 2.53 | 5.00 | 3.77 |
|  Lipper Mixed-Asset Target Allocation Conservative Managed Volatility Funds | 4.72 | 2.12 | 3.79 | 3.10 |
|  EQ/Conservative Growth Strategy Index | 4.42 | 3.27 | 6.06 | 4.57 |
|  **EQ/Balanced Strategy - IB** | **3.84** | **3.09** | **6.49** | **4.73** |
|  Lipper Mixed-Asset Target Allocation Moderate Funds | 4.83 | 3.75 | 7.99 | 5.45 |
|  Lipper Mixed-Asset Target Allocation Moderate Managed Volatility Funds | 4.29 | 3.14 | 5.97 | 4.24 |
|  EQ/Balanced Strategy Index | 4.50 | 3.88 | 7.80 | 5.55 |
|  **EQ/Moderate Growth Strategy - IB** | **3.77** | **3.52** | **7.94** | **5.55** |
|  Lipper Mixed-Asset Target Allocation Moderate Funds | 4.83 | 3.75 | 7.99 | 5.45 |
|  Lipper Mixed-Asset Target Allocation Moderate Managed Volatility Funds | 4.29 | 3.14 | 5.97 | 4.24 |
|  EQ/Moderate Growth Strategy Index | 4.32 | 4.36 | 9.47 | 6.36 |
|  **EQ/Growth Strategy - IB** | **3.76** | **3.95** | **9.38** | **6.36** |
|  Lipper Mixed-Asset Target Allocation Growth Funds | 5.13 | 4.70 | 10.22 | 6.55 |
|  Lipper Mixed-Asset Target Allocation Growth Managed Volatility Funds | 4.41 | 4.04 | 7.56 | 4.94 |
|  EQ/Growth Strategy Index | 4.15 | 4.85 | 11.15 | 7.17 |
|  **EQ/Aggressive Growth Strategy - IB** | **3.69** | **4.39** | **10.81** | **7.15** |
|  Lipper Mixed-Asset Target Allocation Aggressive Growth Funds | 4.48 | 5.03 | 12.75 | 7.51 |
|  Lipper Mixed-Asset Target Allocation Growth & Aggressive Growth Managed Volatility Funds | 4.37 | 4.08 | 7.82 | 5.13 |
|  EQ/Aggressive Growth Strategy Index | 4.24 | 5.51 | 12.98 | 8.13 |
|  **Equitable Conservative Growth MF/ETF - IB** | **4.13** | **2.72** | **7.65** | **5.08** |
|  Lipper Mixed-Asset Target Allocation Moderate Funds | 4.83 | 3.75 | 7.99 | 5.45 |
|  40% MSCI ACWI (Net) Index/60% Bloomberg U.S. Aggregate Bond Index | 5.84 | 3.19 | 5.77 | 4.58 |
|  **Equitable Moderate Growth MF/ETF - IB** | **4.62** | **2.99** |  |  |
|  Lipper Mixed-Asset Target Allocation Moderate Funds | 4.83 | 3.75 |  |  |
|  60% MSCI ACWI (Net) Index/40% Bloomberg U.S. Aggregate Bond Index | 6.30 | 4.47 |  |  |
|  **Equitable Growth MF/ETF - IB** | **5.10** | **4.17** |  |  |
|  Lipper Mixed-Asset Target Allocation Aggressive Growth Funds | 4.48 | 5.03 |  |  |
|  80% MSCI ACWI (Net) Index/20% Bloomberg U.S. Aggregate Bond Index | 6.73 | 5.71 |  |  |
|  **Target 2015 Allocation - IB** | **4.23** | **1.75** | **5.42** | **3.87** |
|  Lipper Mixed-Asset Target 2015 Funds | 5.71 | 2.82 | 6.42 | 4.84 |
|  Bloomberg U.S. Aggregate Bond Index | 4.88 | 0.52 | (0.40) | 1.46 |
|  S&P Target Date 2015 Index | 5.81 | 3.67 | 6.87 | 5.03 |
|  **Target 2025 Allocation - IB** | **4.62** | **3.43** | **8.87** | **5.68** |
|  Lipper Mixed-Asset Target 2025 Funds | 5.82 | 3.68 | 8.65 | 5.82 |
|  S&P 500 Index | 8.25 | 9.06 | 18.59 | 12.50 |
|  S&P Target Date 2025 Index | 5.83 | 4.13 | 8.72 | 5.98 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  **Target 2035 Allocation - IB** | **4.72** | **4.55** | **11.25** | **6.85** |
|  Lipper Mixed-Asset Target 2035 Funds | 5.73 | 4.84 | 11.50 | 7.06 |
|  S&P 500 Index | 8.25 | 9.06 | 18.59 | 12.50 |
|  S&P Target Date 2035 Index | 6.01 | 5.21 | 11.74 | 7.33 |
|  **Target 2045 Allocation - IB** | **4.81** | **5.15** | **12.76** | **7.55** |
|  Lipper Mixed-Asset Target 2045 Funds | 6.03 | 5.82 | 13.62 | 7.90 |
|  S&P 500 Index | 8.25 | 9.06 | 18.59 | 12.50 |
|  S&P Target Date 2045 Index | 6.12 | 6.08 | 13.66 | 8.19 |
|  **Target 2055 Allocation - IB** | **4.72** | **5.70** | **14.21** |  |
|  Lipper Mixed-Asset Target 2055 Funds | 5.93 | 6.01 | 14.00 |  |
|  S&P 500 Index | 8.25 | 9.06 | 18.59 |  |
|  S&P Target Date 2055 Index | 6.19 | 6.28 | 14.16 |  |
|  **1290 VT Moderate Growth Allocation - IB** | **5.31** | **4.41** | **8.20** |  |
|  Lipper Mixed-Asset Target Allocation Moderate Funds | 4.83 | 3.75 | 7.99 |  |
|  Lipper Mixed-Asset Target Allocation Moderate Managed Volatility Funds | 4.29 | 3.14 | 5.97 |  |
|  1290 VT Moderate Growth Allocation Index | 6.21 | 5.58 | 10.71 |  |
|  **EQ/AB Dynamic Moderate Growth - IB** | **4.52** | **3.92** | **7.05** | **4.41** |
|  Lipper Mixed-Asset Target Allocation Moderate Funds | 4.83 | 3.75 | 7.99 | 5.45 |
|  Lipper Mixed-Asset Target Allocation Moderate Managed Volatility Funds | 4.29 | 3.14 | 5.97 | 4.24 |
|  EQ/AB Dynamic Moderate Growth Index | 5.76 | 5.39 | 9.72 | 6.62 |
|  **EQ/AB Dynamic Growth - IB** | **4.69** | **4.68** | **8.52** |  |
|  Lipper Mixed-Asset Target Allocation Growth Funds | 5.13 | 4.70 | 10.22 |  |
|  Lipper Mixed-Asset Target Allocation Growth Managed Volatility Funds | 4.41 | 4.04 | 7.56 |  |
|  EQ/AB Dynamic Growth Index | 5.95 | 6.01 | 11.39 |  |
|  **EQ/AB Dynamic Aggressive Growth - IB** | **4.68** | **5.22** | **9.85** |  |
|  Lipper Mixed-Asset Target Allocation Aggressive Growth Funds | 4.48 | 5.03 | 12.75 |  |
|  Lipper Mixed-Asset Target Allocation Growth & Aggressive Growth Managed Volatility Funds | 4.37 | 4.08 | 7.82 |  |
|  EQ/AB Dynamic Aggressive Growth Index | 5.91 | 6.49 | 12.99 |  |
|  **EQ/American Century Moderate Growth Allocation - IB** | **4.17** | **4.16** | **6.49** |  |
|  Lipper Mixed-Asset Target Allocation Moderate Funds | 4.83 | 3.75 | 7.99 |  |
|  Lipper Mixed-Asset Target Allocation Moderate Managed Volatility Funds | 4.29 | 3.14 | 5.97 |  |
|  EQ/American Century Moderate Growth Allocation Index | 6.31 | 5.59 | 10.70 |  |
|  **EQ/Franklin Moderate Allocation - IB** | **4.48** | **3.53** | **4.85** |  |
|  Lipper Mixed-Asset Target Allocation Moderate Funds | 4.83 | 3.75 | 7.99 |  |
|  Lipper Mixed-Asset Target Allocation Moderate Managed Volatility Funds | 4.29 | 3.14 | 5.97 |  |
|  EQ/Franklin Moderate Allocation Index | 4.99 | 4.48 | 7.97 |  |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  **EQ/Goldman Sachs Moderate Growth Allocation - IB** | **3.64** | **3.71** | **5.61** |  |
|  Lipper Mixed-Asset Target Allocation Moderate Funds | 4.83 | 3.75 | 7.99 |  |
|  Lipper Mixed-Asset Target Allocation Moderate Managed Volatility Funds | 4.29 | 3.14 | 5.97 |  |
|  EQ/Goldman Sachs Moderate Growth Allocation Index | 6.57 | 5.32 | 9.13 |  |
|  **EQ/Goldman Sachs Growth Allocation - IB** | **4.06** | **5.38** | **8.42** |  |
|  Lipper Mixed-Asset Target Allocation Growth Funds | 5.13 | 4.70 | 10.22 |  |
|  Lipper Mixed-Asset Target Allocation Growth Managed Volatility Funds | 4.41 | 4.04 | 7.56 |  |
|  EQ/Goldman Sachs Growth Allocation Index | 7.33 | 7.29 | 12.70 |  |
|  **EQ/Invesco Moderate Allocation - IB** | **4.53** | **3.79** | **5.38** |  |
|  Lipper Mixed-Asset Target Allocation Moderate Funds | 4.83 | 3.75 | 7.99 |  |
|  Lipper Mixed-Asset Target Allocation Moderate Managed Volatility Funds | 4.29 | 3.14 | 5.97 |  |
|  EQ/Invesco Moderate Allocation Index | 5.51 | 4.67 | 7.77 |  |
|  **EQ/Invesco Moderate Growth Allocation - IB** | **5.04** | **4.63** | **7.36** |  |
|  Lipper Mixed-Asset Target Allocation Moderate Funds | 4.83 | 3.75 | 7.99 |  |
|  Lipper Mixed-Asset Target Allocation Moderate Managed Volatility Funds | 4.29 | 3.14 | 5.97 |  |
|  EQ/Invesco Moderate Growth Allocation Index | 5.89 | 5.29 | 10.25 |  |
|  **EQ/JPMorgan Growth Allocation - IB** | **4.13** | **4.68** | **8.12** |  |
|  Lipper Mixed-Asset Target Allocation Growth Funds | 5.13 | 4.70 | 10.22 |  |
|  Lipper Mixed-Asset Target Allocation Growth Managed Volatility Funds | 4.41 | 4.04 | 7.56 |  |
|  EQ/JPMorgan Growth Allocation Index | 6.96 | 6.85 | 11.11 |  |

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#### APPROVAL OF AMENDED INVESTMENT ADVISORY AGREEMENT DURING THE SIX-MONTH PERIOD ENDED DECEMBER 31, 2025 (UNAUDITED)
At an in-person meeting held on July 22-23, 2025 (the "July 2025 Meeting"), the Board of Trustees (the "Board") of EQ Advisors Trust (the "Trust"), including those Trustees who are not parties to the Agreement (as defined below) or "interested persons" (as that term is defined in the Investment Company Act of 1940, as amended) of such parties or the Trust (the "Independent Trustees"), considered and unanimously approved an amendment to the current Investment Advisory Agreement (the "Agreement") between Equitable Investment Management Group, LLC ("EIM" or the "Adviser") and the Trust with respect to the EQ/Franklin Moderate Allocation Portfolio (the "Portfolio"), to reflect a revised advisory fee schedule that would lower the effective advisory fee payable by the Portfolio at all asset levels. In connection with its approval of the amended Agreement, the Board also approved the Adviser's proposed restructuring of the Portfolio, involving the termination of the existing sub-adviser and changes to the Portfolio's investment objective, principal investment strategy and related principal risks, name, and performance benchmarks. These changes, which are described in more detail below, collectively are referred to as the "Portfolio Restructuring." The Board reviewed the Adviser's proposal to restructure the Portfolio over the course of multiple meetings commencing in May 2025 and concluding at the July 2025 Meeting. The Portfolio Restructuring became effective on or about October 27, 2025.

At the July 2025 Meeting, the Board considered and unanimously approved the restructuring of the Portfolio as a fund-of-funds managed by the Adviser, as described below. The Board noted that the Portfolio currently seeks long-term capital appreciation while managing portfolio volatility, operates as a sub-advised fund that maintains a target allocation for long-term investments of approximately 55% of its net assets in equity investments and approximately 45% of its net assets in U.S. fixed income investments, and employs a volatility management strategy that seeks to reduce the Portfolio's market risk exposure and overall volatility during periods of expected heightened market volatility. The Board considered that, in connection with the Portfolio Restructuring, the Portfolio would change from a sub-advised fund that seeks to achieve its investment objective by investing directly in equity and fixed income securities and other instruments to a fund-of-funds managed by the Adviser that would seek to achieve its investment objective (revised as indicated below) by investing in other mutual funds and exchange-traded securities of other investment companies or other investment vehicles (collectively, "Underlying Funds") managed by J.P. Morgan Investment Management Inc. ("JPMorgan") that are comprised of equity investments and investments that generate premium income. The Board noted that the restructured Portfolio would pursue its revised investment objective by investing in Underlying Funds that provide exposure to broad U.S. equity markets while hedging overall market exposure and providing incremental income by selling call options through investments in equity-linked notes. The Board noted that JPMorgan would not be serving as a sub-adviser to the restructured Portfolio, but that the restructured Portfolio would have a fund-of-funds investment agreement with the Underlying Funds as required by applicable law. The Board also noted that, in connection with the Portfolio Restructuring, the Adviser would (i) revise the Portfolio's investment objective so that the Portfolio would seek to provide long term capital appreciation and current income, (ii) change the Portfolio's name to "EQ/JPMorgan Hedged Equity and Premium Income Portfolio," and (iii) change the Portfolio's secondary performance benchmarks to the ICE BofA U.S. 3-Month Treasury Bill Index and a composite benchmark of 60% S&P 500<sup>®</sup> Index and 40% ICE BofA U.S. 3-Month Treasury Bill Index. The Board further noted that the Adviser proposed these related changes to reflect the proposed investment mandate of the restructured Portfolio. The Board noted that the proposed Portfolio Restructuring was based on the Adviser's statement that the Portfolio, as currently structured, has failed to attract sufficient interest from investors, has limited prospects for future growth, and would have better prospects for future growth as a restructured, all-equity fund-of-funds that also provides current income (but without the duration or interest rate risk associated with the current Portfolio's fixed income allocation).

The Board noted the Adviser's belief that the revised advisory fee schedule is appropriate given the new investment mandate and the complexity of the investment strategy utilizing covered call option and hedging strategies, the fund-of-funds management services to be provided, and comparisons of the revised advisory fee schedule and the Portfolio's expense ratios with the advisory fee schedules and expense ratios of comparable peer funds. The Board also noted that, other than the revised advisory fee schedule, all the terms of the current Agreement with respect to the Portfolio would remain the same under the amended Agreement with respect to the restructured Portfolio. The Board also noted that it had most recently approved the continuation of the current Agreement with respect to the Portfolio at the same July 2025 Meeting, in connection with the annual renewal of

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the current Agreement.<sup>1</sup> The Board considered that the amended Agreement would become effective on or about October 27, 2025, in connection with the Portfolio Restructuring.

In reaching its decision to approve the amended Agreement with respect to the Portfolio, the Board considered the overall fairness of the Agreement and whether the Agreement was in the best interests of the Portfolio and its investors. The Board further considered all factors it deemed relevant with respect to the Portfolio and the amended Agreement, including: (1) the nature, quality and extent of the overall services to be provided to the Portfolio by the Adviser and its affiliates; (2) comparative performance information; (3) the level of the Portfolio's proposed advisory fee and the Portfolio's expense ratios relative to those of comparable funds; (4) the anticipated costs of the services to be provided by, and the estimated profits to be realized by, the Adviser and its affiliates from their relationships with the Portfolio; (5) the anticipated effect of growth and size on the Portfolio's performance and expenses, including any potential economies of scale and, if so, whether any such economies of scale are equitably shared with investors; and (6) "fall out" benefits that may accrue to the Adviser and its affiliates (that is, indirect benefits that they would not receive but for their relationships with the Portfolio).

In connection with its deliberations, the Board took into account information requested by the Independent Trustees and prepared by the Adviser, including memoranda and other materials addressing the factors set out above, which were provided to the Trustees in connection with the above-referenced multiple meetings. The information provided to the Trustees described, among other things, the Portfolio's investment strategies and risks; the services to be provided by the Adviser, as well as the Adviser's investment personnel and proposed investment advisory fees; expense ratios and expense limitation arrangements; performance information; and other matters. The Board also considered information provided by the Adviser about the Underlying Funds' investment strategies, including their use of hedged equity strategies and covered call option strategies, as well as information provided by the Adviser about its proposed methodology for actively managing the allocation of the restructured Portfolio's assets among the Underlying Funds to achieve and maintain the desired exposures to these underlying strategies. The Board also considered information provided by the Adviser about risk management for the complex derivatives strategies utilized by the Underlying Funds.

The Independent Trustees were assisted by independent legal counsel prior to and during the multiple meetings at which the proposed Portfolio Restructuring was discussed and during their deliberations regarding the amended Agreement and received from legal counsel materials outlining, among other things, their fiduciary duties and the legal standards applicable to their consideration of the Agreement. During the meetings, the Trustees met with senior representatives of the Adviser to discuss the amended Agreement and the information provided. The Independent Trustees also met in executive session with their independent legal counsel during the meetings to discuss the amended Agreement and the information provided and consider their responsibilities under applicable law, and communicated follow-up questions for the Adviser to address at the meetings.

In considering the amended Agreement, the Board members did not identify any particular factor or information that was all-important or controlling, and each Trustee may have given different weights to different factors and, thus, each Trustee may have had a different basis for his or her decision. In approving the amended Agreement, each Trustee, including the Independent Trustees, after considering all factors and information they deemed relevant, reached a determination, with the assistance of Independent Trustees' counsel and fund counsel and through the exercise of their own business judgment, that the proposed advisory fee was fair and reasonable and that the approval of the amended Agreement was in the best interests of the Portfolio and its investors. Although the Board gave attention to all information provided, the following discusses some of the primary factors and information it deemed relevant to its decision to approve the amended Agreement.

#### Nature, Quality and Extent of Services
The Board evaluated the nature, quality and extent of the overall services to be provided to the Portfolio and its investors by the Adviser and its affiliates. In addition to the investment performance and fee and expense information discussed below, the Board considered the Adviser's responsibilities with respect to the Portfolio. The Board also considered the Adviser's experience in serving as the investment adviser for other portfolios of the Trust, including portfolios that are structured as funds-of-funds, and the Adviser's experience overseeing complex hedged equity and covered call option strategies. In considering the proposed Portfolio Restructuring, the Board recognized that the services to be performed by the Adviser in managing the assets of the Portfolio will change as a result of the Portfolio Restructuring. In particular, the Board noted that the Adviser will be responsible for

<sup>1</sup> A discussion of the process followed by the Board in its annual renewal of the current Agreement with respect to the Portfolio is provided elsewhere in this Form N-CSR.

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allocating the Portfolio's assets among various Underlying Funds, rather than selecting and overseeing sub-advisers for the Portfolio. The Board further noted that the Adviser currently is responsible for managing other portfolios of the Trust that operate as funds-of-funds in a manner similar to how the Portfolio will operate after the Portfolio Restructuring, and the Board noted its experience in overseeing the Adviser in that capacity. The Board also noted its familiarity with the members of the Adviser's investment team who would serve as the portfolio managers for the restructured Portfolio.

In addition, the Board considered that the Adviser would be responsible for, among other things, developing the investment strategies for the Portfolio; making investment decisions for the Portfolio; monitoring and evaluating the performance of the Portfolio; monitoring the investment operations and composition of the Portfolio and, in connection therewith, monitoring compliance with the Portfolio's investment objective, policies and restrictions, as well as the Portfolio's compliance with applicable law and the Trust's compliance policies and procedures; placing orders for the purchase or sale of investments for the Portfolio; monitoring brokerage selection, commission and other trading costs, quality of execution, and other brokerage matters; coordinating and managing the flow of information and communications relating to the Portfolio among the applicable parties; coordinating responses to regulatory agency inquiries relating to the operations of the Trust and coordinating litigation matters involving the Adviser and the Trust; and implementing Board directives as they relate to the Portfolio. The Board also considered information regarding the Adviser's process for making investment decisions for the Portfolio, as well as information regarding the qualifications and experience of, and resources available to, the personnel who would perform those functions with respect to the Portfolio. The Board further considered that the Adviser also provides the Trust with personnel, including Trust officers, in connection with carrying out its responsibilities and is responsible for coordinating the development of new initiatives and evaluating the impact of proposed products and services on the Trust and its assets. The Board also considered that the Adviser would assume significant entrepreneurial risk by restructuring the Portfolio and that the Adviser also would bear and assume significant ongoing risks, including investment, operational, enterprise, litigation, regulatory and compliance risks, with respect to the Portfolio. The Board also considered that the Adviser's responsibilities with respect to the Portfolio would include daily monitoring of investment, operational, enterprise, litigation, regulatory and compliance risks as they relate to the Portfolio. The Board also considered information regarding the Adviser's ongoing risk management activities. The Board's conclusion regarding the nature, quality and extent of the overall services to be provided by the Adviser also was based, in part, on periodic reports provided to the Board regarding the services provided by the Adviser to other portfolios of the Trust, including portfolios that are structured as funds-of-funds.

The Board also factored into its review its familiarity with the Adviser's compliance program, policies, and procedures with respect to the Trust. The Board also noted the Trust's Chief Compliance Officer's evaluation of the Adviser's compliance program, policies, and procedures in connection with the Board's annual renewal of the current Agreement with respect to the Portfolio at the July 2025 Meeting. The Board also considered whether there were any pending lawsuits, enforcement proceedings or regulatory investigations involving the Adviser and considered information regarding the Adviser's financial condition and history of operations and potential conflicts of interest in managing the Portfolio. In this regard, the Board also took into account materials regarding the policies and procedures (as well as periodic enhancements thereto) adopted by the Adviser and the Trust to identify and mitigate actual and potential conflicts of interest.

In addition, the Independent Trustees received information about business relationships that the Adviser and/or its affiliates, including Equitable Financial Life Insurance Company, have with JPMorgan and its affiliates. Among other business relationships, the Board considered that, although JPMorgan would not be serving as a sub-adviser to the restructured Portfolio, it currently serves as investment sub-adviser for other portfolios advised by the Adviser. The Board also considered that JPMorgan Chase Bank, N.A. serves as custodian, provides foreign exchange trading and cash management, serves as securities lending agent, and is an approved repurchase agreement counterparty with respect to the Adviser and the Trust. In addition, J.P. Morgan Investor Services Co. serves as sub-administrator for the Trust, providing fund accounting, treasury, compliance, financial reporting, performance reporting and regulatory filings services with respect to the Trust. The Board also recognized that JPMorgan and its affiliates may sell, and earn sales commissions and/or other compensation with respect to, investment products issued by the Adviser or its affiliates. In this regard, the Board also took into account materials regarding the policies and procedures (as well as periodic enhancements thereto) adopted by the Adviser and the Trust to identify and mitigate actual and potential conflicts of interest, including conflicts that may arise in connection with those additional business relationships.

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The Board also considered the benefits to investors from participation in a Portfolio sponsored by the Adviser, including the benefits of investing in a fund that is part of a large fund complex that offers a wide range of portfolios, sub-advisers and investment styles. In addition, the Board considered the nature, quality and extent of the administrative, investor servicing and distribution services that the Adviser's affiliates provide to the Portfolio and its shareholders.

The Board noted that it had reviewed, at the July 2025 Meeting and at prior meetings, information regarding the Portfolio's performance as a sub-advised fund. For purposes of evaluating the nature, quality and extent of the overall services to be provided to the restructured Portfolio, the Board also received and reviewed information regarding the Portfolio's proposed investment objective, policies and anticipated investments. The Board also received and reviewed information regarding the performance of the Portfolio operating as a sub-advised fund relative to the hypothetical performance of the restructured Portfolio and as compared to the restructured Portfolio's applicable performance benchmarks for various periods, as well as information regarding the Adviser's methodology for calculating the hypothetical performance. The Board generally considered longer-term performance to be more important than shorter-term performance. The Board also considered the Adviser's expertise, resources, proposed methodology, and personnel for managing the Portfolio. The Board also considered the Adviser's experience managing other portfolios of the Trust, including portfolios that are allocation funds-of-funds.

Based on its review, the Board determined that the nature, quality and extent of the overall services to be provided by the Adviser were appropriate for the Portfolio in light of its proposed investment objective and, thus, supported a decision to approve the amended Agreement.

#### Fees and Expenses
The Board considered the Portfolio's proposed advisory fee in light of the nature, quality and extent of the overall services to be provided by the Adviser. The Board noted that the advisory fee payable to the Adviser by the Portfolio under the amended Agreement will be lower than the advisory fee payable under the current Agreement in recognition of the different services to be performed by the Adviser in managing the Portfolio as a fund-of-funds. The Board also considered the Portfolio's proposed advisory fee schedule relative to the advisory fee schedules of other portfolios managed by the Adviser, including portfolios that are structured as funds-of-funds, and noted that differences in the level of the fees reflected differences between the restructured Portfolio and other funds-of-funds managed by the Adviser. In this regard, the Board noted that the proposed advisory fee schedule for the restructured Portfolio is comparable to the advisory fee schedule for another fund-of-funds managed by the Adviser that (like the restructured Portfolio) employs a proprietary active risk managed strategy designed to dampen equity market volatility. The Board also considered that the Adviser's proposed use of a proprietary active risk managed strategy designed to dampen equity market volatility introduced additional management complexity, which the Adviser believed also justified the proposed advisory fee level. The Board also considered information provided by the Adviser comparing the proposed advisory fee rate and the expense ratios for the restructured Portfolio to the advisory fee rates and expense ratios for comparable mutual funds, including information compiled by Broadridge Financial Solutions Inc., an independent provider of mutual fund industry data. The Board also noted that, like the current advisory fee schedule, the revised advisory fee schedule includes breakpoints that would reduce the advisory fee rate as the Portfolio's assets increase above certain levels and that any such further reduction in the Portfolio's advisory fee rate could result in a corresponding reduction in the Portfolio's total expense ratio. In addition, the Board considered that the Adviser had contractually agreed to waive all or a portion of its and its affiliates' advisory, administrative and other fees and, if necessary, make payments to the Portfolio so that the Portfolio's net expense ratios do not exceed certain levels as set forth in the Portfolio's prospectus (*i.e.*, the Portfolio's existing expense caps) and that, although the Adviser was not proposing to change the Portfolio's existing expense caps in connection with the Portfolio Restructuring, the Adviser was proposing to continue the existing expense caps for an additional one-year period, through April 30, 2027. In this regard, the Board also noted that the expense limitation arrangement for the Portfolio includes the fees and expenses of the Underlying Funds in which the Portfolio would invest and, thus, such fees and expenses would not cause the Portfolio's annual operating expenses to exceed its existing expense caps. The Board also noted that, to the extent that the Adviser waives fees pursuant to the expense limitation arrangement, the Portfolio's actual advisory fee may be lower than the Portfolio's contractual advisory fee. Based on its review, the Board determined that the Adviser's proposed advisory fee for the Portfolio is fair and reasonable.

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The Board also noted that the Portfolio would incur portfolio transaction costs in connection with the Portfolio Restructuring and that such costs were expected to be reasonable when taking into account the anticipated benefits of the restructuring.

#### Profitability and Costs
The Board noted that it had reviewed, at the July 2025 Meeting, information about the level of profits realized by the Adviser and its affiliates in connection with the operation of the Portfolio as a sub-advised fund. The Board also considered information provided by the Adviser regarding the estimated impact of the proposed Portfolio Restructuring on the Adviser's profitability with respect to the Portfolio. In this regard, the Board noted that the Adviser's proposed changes to the Portfolio's advisory fee schedule are expected to have a negative impact on the Adviser's overall profitability at the Portfolio's current asset levels. Based on its consideration of the information provided, the Board determined that the level of profits expected to be realized by the Adviser and its affiliates from providing services to the Portfolio would not be excessive, in view of the nature, quality and extent of the services provided and the risks assumed.

#### Economies of Scale
The Board also considered whether economies of scale or efficiencies would be realized by the Adviser as the restructured Portfolio grows larger and the extent to which this is reflected in the proposed advisory fee schedule. While recognizing that any precise determination is inherently subject to assumptions and subjective assessments, the Board considered that any economies of scale or efficiencies may be shared with portfolios and their shareholders in a variety of ways, including: (i) breakpoints in the advisory fee or other fees so that a portfolio's effective fee rate declines as the portfolio grows in size, (ii) subsidizing a portfolio's expenses by making payments or waiving all or a portion of the advisory fee or other fees so that the portfolio's total expense ratio does not exceed certain levels, (iii) setting the advisory fee or other fees so that a portfolio is priced to scale, which assumes that the portfolio has sufficient assets from inception to operate at a competitive fee rate without any fee waiver or expense reimbursement from the manager, and (iv) reinvestment in, and enhancements to, the services that a manager and its affiliates provide to a portfolio and its shareholders. The Board noted that the proposed advisory fee schedule for the restructured Portfolio includes breakpoints that would reduce the advisory fee rate as Portfolio assets increase above certain levels. In addition, the Board noted that the Adviser was subsidizing the Portfolio's expenses by waiving all or a portion of its and its affiliates' advisory, administrative and other fees and, if necessary, making payments to the Portfolio so that the Portfolio's net expense ratios do not exceed certain contractual levels as set forth in the Portfolio's prospectus. The Board further considered that the Adviser shares economies of scale or efficiencies with the Portfolio through reinvestment in, and enhancements to, the services that the Adviser and its affiliates provide to the Portfolio and its shareholders, such as hiring additional personnel, providing additional resources in areas relating to management and administration of the Portfolio, and the ongoing development of the Adviser's infrastructure and information technology to support the Portfolio through, among other things, cybersecurity, business continuity planning, and risk management. The Board considered these factors, and the relationship they bear to the revised advisory fee schedule proposed to be charged to the Portfolio by the Adviser, and concluded that there would be a reasonable sharing of benefits from any economies of scale or efficiencies with the restructured Portfolio.

#### Fall-Out and Other Benefits
The Board also considered the extent to which fall-out benefits may accrue to the Adviser and its affiliates. In this connection, the Board considered several possible fall-out benefits and other types of benefits, including the following. The Board noted that Equitable Investment Management, LLC, an affiliate of the Adviser, serves as the administrator for the Portfolio and receives compensation for acting in this capacity. The Board also recognized that Equitable Distributors, LLC, also an affiliate of the Adviser, serves as the underwriter for the Trust and receives from the Portfolio payments pursuant to a Rule 12b-1 plan with respect to its Class IB shares to compensate Equitable Distributors, LLC for providing shareholder services and selling activities, which could lead to growth in the Trust's assets and corresponding benefits from such growth, including economies of scale. The Board also noted that the Adviser's affiliated insurance companies, as depositors of the insurance company separate accounts investing in the Portfolio, receive certain significant tax benefits associated with such investments as well as other potential benefits. The Board also considered that the Portfolio currently is offered as an investment option through variable insurance contracts offered and sold by the Adviser's affiliated insurance companies and that the performance of the Portfolio may impact, positively or negatively, each insurance company's ability to hedge the

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risks associated with guarantees that each insurance company may provide as the issuer of such contracts. The Board also noted that the Adviser's affiliated insurance companies and Equitable Distributors, LLC receive compensation, which may include sales charges, separate account fees and charges, and other variable contract fees and charges, from the sale and administration of these variable insurance contracts. Based on its review, the Board determined that any "fall-out" benefits and other types of benefits that may accrue to the Adviser are fair and reasonable.

The Board also considered possible fall-out benefits and other types of benefits that may accrue to JPMorgan and its affiliates, including the following. The Board noted that, although JPMorgan would not be serving as a sub-adviser to the restructured Portfolio, it currently serves as investment sub-adviser for other portfolios advised by the Adviser and receives sub-advisory fees with respect to those portfolios. In addition, the Board recognized that JPMorgan and its affiliates may sell, and earn sales commissions and/or other compensation with respect to, other investment products issued by the Adviser or its affiliates. The Board also noted the aforementioned business relationships that the Adviser and/or its affiliates, including Equitable Financial Life Insurance Company, have with JPMorgan and its affiliates. Based on its review, the Board determined that any "fall-out" benefits and other types of benefits that may accrue to JPMorgan are fair and reasonable.

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#### APPROVAL OF INVESTMENT SUB-ADVISORY AGREEMENT

#### DURING THE SIX-MONTH PERIOD ENDED DECEMBER 31, 2025 (UNAUDITED)
At an in-person meeting held on September 15-16, 2025 (the "September 2025 Meeting"), the Board of Trustees (the "Board") of EQ Advisors Trust (the "Trust"), including those Trustees who are not parties to the Replacement Agreement (as defined below) or "interested persons" (as that term is defined in the Investment Company Act of 1940, as amended (the "1940 Act")) of such parties or the Trust (the "Independent Trustees"), considered and unanimously approved a new Investment Sub-Advisory Agreement (the "Replacement Agreement") between Equitable Investment Management Group, LLC (the "Adviser"), which serves as the Trust's investment adviser, and Post Advisory Group LLC ("Post" or the "Sub-Adviser") with respect to the 1290 VT High Yield Bond Portfolio (the "Portfolio"), a series of the Trust.

In August 2025, the Sub-Adviser notified the Adviser that it had entered into a strategic partnership with Gateway Credit Advisory Holdings LLC ("Gateway"), pursuant to which Gateway would acquire a majority ownership interest in the Sub-Adviser in a transaction targeted to close in October 2025 (the "Acquisition"). The Board noted that Gateway is a joint venture of Nexus Capital Management LP ("Nexus"), a U.S. private equity firm, and Aranda Principal Strategies, a wholly owned subsidiary of Temasek Holdings Limited, a Singaporean state-owned investment firm ("Temasek"). The Board further noted that, following the closing of the Acquisition, Gateway would be Post's majority owner, with a 68% ownership interest in Post (and, through Gateway, Nexus would have an indirect ownership interest of 48% in Post and Temasek would have an indirect ownership interest of 20% in Post), and Post's senior employees would own the remaining 32% of Post. The Acquisition closed, and the Replacement Agreement went into effect, in early November 2025.

At the time of the September 2025 Meeting, the Sub-Adviser was serving as the investment sub-adviser for an allocated portion of the Portfolio pursuant to an existing Investment Sub-Advisory Agreement between the Adviser and the Sub-Adviser dated July 16, 2020 (the "Existing Agreement"). The Board considered that the Acquisition would be deemed to result in a change of control of the Sub-Adviser under the 1940 Act, which in turn would result in the automatic termination of the Existing Agreement. In anticipation of the change of control of the Sub-Adviser, at the September 2025 Meeting, the Board considered whether it would be in the best interests of the Portfolio and its investors to approve a new Investment Sub-Advisory Agreement between the Adviser and the Sub-Adviser (*i.e.*, the Replacement Agreement) that would replace the Existing Agreement upon the closing of the Acquisition and, thereby, enable the Sub-Adviser to continue to provide uninterrupted investment sub-advisory services for the Portfolio.

In this regard, the Board noted that it had most recently considered and approved the renewal of the Existing Agreement with respect to the Portfolio at a meeting held on July 22-23, 2025 (the "July 2025 Meeting"), in connection with the 2025 annual renewal of the Existing Agreement with respect to the Portfolio. At the July 2025 Meeting, the Board, including the Independent Trustees, on the basis of their business judgment after review of the information provided, concluded that the renewal of the Existing Agreement was in the best interests of the Portfolio and its investors and that the sub-advisory fee rate with respect to the Portfolio as set forth in the Existing Agreement was fair and reasonable. In reaching its decision to approve the renewal of the Existing Agreement, the Board considered the overall fairness of the Existing Agreement and whether the Existing Agreement was in the best interests of the Portfolio and its investors. The Board further considered all factors it deemed relevant with respect to the Portfolio and the Existing Agreement, including: (1) the nature, quality and extent of the overall services provided to the Portfolio by the Sub-Adviser; (2) comparative performance information; (3) the level of the sub-advisory fee; (4) economies of scale that may be realized by the Portfolio; and (5) "fall out" benefits that may accrue to the Sub-Adviser and its affiliates (*i.e.*, indirect benefits that the Sub-Adviser or its affiliates would not receive but for the relationship with the Portfolio). In considering the Existing Agreement, the Board members did not identify any particular factor or information that was all-important or controlling, and each Trustee may have given different weights to different factors and, thus, each Trustee may have had a different basis for his or her decision. The discussion of the process followed by the Board in its annual renewal of the Existing Agreement at the July 2025 Meeting is provided elsewhere in this Form N-CSR.

In determining to approve the Replacement Agreement, the Board considered at its September 2025 Meeting the same factors it reviewed and conclusions it reached, as applicable, in connection with its annual renewal of the Existing Agreement at its July 2025 Meeting, including the Board's general satisfaction with the nature and quality of the services being provided by the Sub-Adviser, and focused its review on the potential impact of the

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Acquisition on these factors and conclusions. In connection with its deliberations at the September 2025 Meeting, the Board requested and evaluated information relating to the potential impact of the change of control on the Portfolio and its investment processes, and on the operations, personnel, organizational structure, and financial and other resources of the Sub-Adviser. In this regard, the Board considered the Sub-Adviser's representations that (i) the resources available for servicing the Portfolio would not diminish after the change of control; (ii) the change of control is not expected to impact the day-to-day portfolio management of the Portfolio or result in any diminution in the services provided to the Portfolio; (iii) the same portfolio managers who are primarily responsible for the securities selection, research and trading for the Portfolio immediately prior to the change of control would continue to manage the Portfolio after the change of control, although the Board recognized that personnel changes may occur in the future in the ordinary course; (iv) the investment processes of the Portfolio are not expected to change as a result of the change of control; (v) the sub-advisory fee to be paid by the Adviser to the Sub-Adviser under the Replacement Agreement would be based on the same fee rate in effect under the Existing Agreement; (vi) the change of control is not expected to have a material impact on the Sub-Adviser's compliance or risk management programs; (vii) the Sub-Adviser's principal business activities would not be affected by the change of control; and (viii) the Sub-Adviser's senior management personnel are not expected to change as a result of the change of control. In this regard, the Board also noted that, except for the effective date and certain clerical updates, the terms of the Replacement Agreement and the terms of the Existing Agreement are substantially identical, including with respect to the fees payable and services provided thereunder. The Board also took into account the Adviser's recommendation to approve the Replacement Agreement with respect to the Portfolio. The Board also noted that the advisory fee paid by the Portfolio to the Adviser would not change as a result of the approval of the Replacement Agreement.

During the September 2025 Meeting, the Trustees met with senior representatives of the Adviser to discuss the Replacement Agreement and the information provided. During the September 2025 meeting of the Board's Investment Committee, the Investment Committee members also had an opportunity to discuss with representatives of Post the terms of the proposed Acquisition and the structure of the firm after the change of control. The representatives of Post also discussed, among other things, the use of outside consultants to assist with internal audit and risk management after the closing of the Acquisition.

The Independent Trustees also met in executive session with their independent legal counsel during the meeting to discuss the Replacement Agreement and the information provided. The Independent Trustees were assisted by independent counsel prior to and during the meeting and during their deliberations regarding the Replacement Agreement and received from legal counsel materials outlining, among other things, their fiduciary duties and the legal standards applicable to their consideration of the Replacement Agreement.

At the September 2025 Meeting, the Board, including a majority of the Independent Trustees, considered and unanimously approved the Replacement Agreement, to take effect upon the closing of the Acquisition. The Board's approval was based on its determination, made in the exercise of its business judgment, that it would be in the best interests of the Portfolio and its investors for the Sub-Adviser to continue to provide uninterrupted investment sub-advisory services for the Portfolio.

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Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

See Item 7.

Item 9: Proxy Disclosures for Open-End Management Investment Companies.

See Item 7.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

See Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

See Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders. <br>

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

Item 16. Controls and Procedures.

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended ("1940 Act")) are effective as of a date within 90 days prior to the filing date of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act.

(b) The registrant's certifying officers are not aware of any change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1) [The Code of Ethics for Senior Officers of the registrant is filed herewith.](d897067dex99codeeth.htm)

(a)(2)(i) [Principal Executive Officer's Section 302 certification attached hereto.](d897067dex99cert.htm)

(a)(2)(ii) [Principal Financial Officer's Section 302 certification attached hereto.](d897067dex99cert1.htm)

(b) [Combined Section 906 certification attached hereto.](d897067dex99906cert.htm)

(101) Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

EQ Advisors Trust

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| | |
|:---|:---|
| By: | /s/ Steven M. Joenk |
| Steven M. Joenk | Steven M. Joenk |
| President and Chief Executive Officer<br> (Principal Executive Officer) | President and Chief Executive Officer<br> (Principal Executive Officer) |
| March 6, 2026 | March 6, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Steven M. Joenk |
| Steven M. Joenk | Steven M. Joenk |
| President and Chief Executive Officer<br> (Principal Executive Officer) | President and Chief Executive Officer<br> (Principal Executive Officer) |
| March 6, 2026 | March 6, 2026 |
| By: | /s/ Brian E. Walsh |
| Brian E. Walsh | Brian E. Walsh |
| Chief Financial Officer and Treasurer<br> (Principal Financial Officer) | Chief Financial Officer and Treasurer<br> (Principal Financial Officer) |
| March 6, 2026 | March 6, 2026 |

---

## Ex-99.Code

Exhibit (a)(1)

**CODE OF ETHICS FOR SENIOR OFFICERS OF** 

**EQ ADVISORS TRUST** 

**1290 FUNDS** 

**(individually a "Trust" and collectively, the "Trusts")** 

**(Effective as of June 10, 2014)** 

This Code of Ethics for Senior Officers ("Code") has been adopted by each of the investment companies for which Equitable Investment Management Group, LLC and Equitable Investment Management, LLC (collectively, "EIM" or "Adviser") acts as investment adviser to effectuate compliance with Section 406 of the Sarbanes-Oxley Act of 2002 and the rules adopted to implement Section 406.

This Code applies to each Trust's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions ("Covered Officers"). A listing of positions corresponding to Covered Officers is attached as Exhibit A.<sup>1</sup> Equitable Investment Management, LLC ("Administrator") serves as administrator to the Trusts and is generally responsible for monitoring, testing and maintaining compliance policies, procedures and other items for the Trusts, and thus assists in monitoring compliance with applicable requirements pursuant to this Code.

1. <u>Purpose of the Code of Ethics for Senior Officers of the Trusts</u> 

This Code sets forth standards and procedures that are reasonably designed to deter wrongdoing and promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a Trust files with, or
submits to, the U.S. Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of this Code to the Code Administrator identified below; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to this Code.

<sup>1</sup> The obligations imposed by this Code on Covered Officers are in addition to any obligations imposed on such persons as Covered Persons under the Code of Ethics adopted by the Trusts pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended, and any other code of conduct (*e.g.*, Equitable Financial's Policy Statement on Ethics) applicable to Covered Officers. This Code does not incorporate by reference any of such other codes and, accordingly, violations of those codes will not be necessarily considered violations of this Code and waivers granted under those codes will not necessarily require a waiver to be granted under this Code. Sanctions imposed under those codes, however, will be considered in determining sanctions under this Code. 

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In general, the principles that govern honest and ethical conduct, including the avoidance of conflicts of interest between personal and professional relationships, reflect, at the minimum, the following: (1) the duty at all times in performing any responsibilities as a Covered Officer to place the interests of the Trusts ahead of personal economic issues; (2) the fundamental standard that Covered Officers should not take inappropriate advantage of their positions; and (3) the duty to assure that a Trust's financial statements are prepared honestly and accurately in accordance with applicable rules, regulations and accounting standards.

2. <u>Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest</u> 

For purposes of this Code, a "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to a Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position in a Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trusts and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended ("Investment Company Act"), and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Trust because of their status as "affiliated persons" of a Trust. The Trusts' and the Adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts also arise from, or as a result of, the contractual relationship between a Trust and the Adviser, of which the Covered Officers are also officers or employees. This Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Trust or for the Adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Adviser and a Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Trust and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Trusts. If addressed in conformity with the provisions of the Investment Company Act and Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by each Trust's Board of Trustees that the Covered Officers also may be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. In reading the prohibitions listed in Section 3 below, Covered Officers should keep in mind that the list is not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Trust.

3. <u>Prohibitions</u> 

A Covered Officer shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his or her position with a Trust for private economic gain to himself or herself, his or her family or
friends or any other person, or in a manner detrimental to the interests of any Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his or her personal influence or personal relationships to influence the preparation and issuance of
financial reports of a Trust whereby the Covered Officer would benefit personally to the detriment of the Trust and its shareholders;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause a Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer
rather than the benefit of the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercise inappropriate influence in connection with his or her official acts on behalf of a Trust that causes a
Trust to violate applicable laws, rules and regulations.

Specifically, a Covered Officer shall not, in connection with carrying out his or her official duties and responsibilities on behalf of a Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) employ any device, scheme or artifice to defraud a Trust or its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) intentionally cause a Trust to make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading in its official documents, filings, financial statements or communications to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon a Trust or its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) engage in any manipulative practice with respect to a Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) use his or her personal influence or personal relationships to influence investment decisions or financial reporting by a Trust whereby the Covered Officer would benefit personally to the detriment of the Trust or its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) intentionally cause a Trust to fail to comply with applicable laws, rules and regulations, including failure to comply with the requirement to provide full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the Commission and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) intentionally mislead or omit to provide material information to a Trust's independent auditors or Board of Trustees or other officers of the Trust or its Adviser in connection with financial reporting matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) fail to notify the Code Administrator promptly if he or she becomes aware of any existing or potential violation of this Code or applicable laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of the Code or applicable laws;<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) serve as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) have any ownership interest in, or any consulting or employment relationship with, any of the Trusts' service providers, other than its Adviser, principal underwriter, administrator or any affiliated person thereof; or

<sup>2</sup> Covered Officers should make clear to officers and other employees that the Covered Officers maintain an "open door" policy that encourages the exchange of information, including the reporting of concerns of the type that this Code is designed to address.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) fail to acknowledge or certify compliance with this Code.

4. <u>Reports of Conflicts of Interest</u> 

If a Covered Officer becomes aware of a conflict of interest or, to the Covered Officer's reasonable belief, the appearance of one, he or she must immediately report the matter to the Code Administrator. Failure to do so is itself a violation of this Code.

Upon receipt of such a report of a conflict, the Code Administrator will take proper steps to determine whether a conflict exists. If the Code Administrator determines that an actual conflict exists, the Code Administrator will take steps to resolve the conflict in the interests of the Trust and its shareholders. If the Code Administrator determines that no conflict exists and informs the Covered Officer of that conclusion, no further action is required.

In lieu of the procedures described above, the Code Administrator may refer the matter to the appropriate Trust's Board of Trustees for resolution.

5. <u>Waivers</u> 

Any Covered Officer may request a waiver of any of the provisions of this Code by submitting a written request for such waiver to the Code Administrator, setting forth the basis of such request and explaining how the waiver would be consistent with the standards of conduct described herein. The Code Administrator shall review such request and make a determination thereon in writing, which shall be binding.

In determining whether to waive any of the provisions of this Code, the Code Administrator shall consider whether the proposed waiver:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) would permit a Covered Officer to engage in activities that are prohibited by Section 3 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is consistent with honest and ethical conduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) will result in a conflict of interest between the Covered Officer's personal and professional relationships.

In lieu of determining whether to grant a waiver, the Code Administrator may refer the matter to the appropriate Trust's Board of Trustees for resolution.

6. <u>Reporting and Accountability</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Covered Officers shall be provided with a copy of the Code and shall, at least annually, certify in writing that they have read and understands the Code and recognize that they are subject thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Covered Officers shall certify annually in writing that they have complied with the requirements of the Code and that they have disclosed or reported any violations of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Code Administrator, with the assistance of the Administrator, shall submit a report to the Board of Trustees of each Trust no less frequently than annually containing: (i) a description of any report of a conflict of interest or apparent conflict of interest and the disposition thereof; (ii) a description of any request for a waiver from the Code and the disposition thereof; (iii) any violation and the sanction imposed; (iv) interpretations issued under the Code by the Code Administrator; and (v) any other significant information arising under the Code, including any proposed amendments thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Code Administrator, with the assistance of Administrator, will arrange for any required disclosure of any waivers granted or any "implicit waivers." An "implicit waiver" is the failure to take action within a reasonable period of time regarding a material departure from a provision of the Code that has been made known to an executive officer of the Trust or EIM or the Code Administrator.

7. <u>Periodic Review</u> 

The Board of Trustees of each Trust shall periodically review, as necessary, the Code and determine whether any amendments are necessary or desirable.

8. <u>Sanctions</u> 

Any violation of this Code shall be subject to the imposition of such sanctions by the Code Administrator as may be deemed appropriate under the circumstances to achieve the purposes of this Code, and taking into account sanctions imposed under any other code of conduct applicable to the Covered Officer, and may include a letter of censure, suspension from employment or termination of employment, in the discretion of the Code Administrator.

9. <u>Administration and Construction</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The administration of this Code shall be the responsibility of the (1) General Counsel of the Adviser or other designated senior legal officer of each Trust's Adviser ("Code Administrator") and (2) Chief Compliance Officer ("CCO") of the Trust, acting under the terms of this Code and the oversight of each Trust's Board of Trustees. Administrator shall provide assistance with this process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The duties of such Code Administrator and the CCO, with the assistance of Administrator, will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Continuous maintenance of a current list of the names of all Covered Officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Furnishing all Covered Officers with a copy of this Code and initially and periodically informing them of their duties and obligations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Maintaining or supervising the maintenance of all records required by the Code, as set forth in Section 10 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Issuing any interpretation of this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Conducting such inspections or investigations as shall reasonably be required to detect and report, with his or her recommendations, any apparent violations of this Code to Equitable and to the Trustees or the affected Trusts or any committee appointed by them to deal with such information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Periodically conducting educational training programs as needed to explain and reinforce the terms of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In rendering decisions and interpretations and in conducting inspections or investigations under the Code, the Code Administrator and CCO may consult at his or her discretion with such persons as he or she determines to be appropriate, including, but not limited to, counsel to a Trust and independent auditors or other consultants, subject to any requirement to seek pre-approval from the appropriate Trust's audit committee for the retention of independent auditors to perform permissible non-audit services.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Trust shall protect, indemnify and hold harmless the Code Administrator and CCO from any liability hereunder or under any applicable law, rule or regulation, for decisions made in good faith based upon his or her reasonable judgement.

10. <u>Required Records</u> 

The Code Administrator, with the assistance of Administrator, shall maintain and cause to be maintained in an easily accessible place the following records for the period required by applicable SEC rules (currently six years following the end of the fiscal year of a Trust in which the applicable event or report occurred):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of any Code that has been in effect during the period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A record of any violation of such Code and of any action taken as a result of such violation during the period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A copy of each annual report made by a Covered Officer during the period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A copy of each report made by the Code Administrator during the period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A list of all Covered Officers who are or have been required to make reports pursuant to this Code during the
period, plus those person(s) who are or were responsible for reviewing these reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A record of any request to waive any requirement of the Code, the decision thereon and the reasons supporting
the decision during the period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) A record of any report of a conflict of interest or appearance of a conflict of interest made during the
period, the decision thereon and the reasons supporting the decision during the period.

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or by the Code, such matters shall not be disclosed to anyone other than the Adviser, each Trust's Board of Trustees, counsel to the Independent Trustees of each Trust, and counsel to each Trust.

11. <u>Amendments and Modifications</u> 

This Code may not be amended or modified except in a written form that is specifically approved by a majority vote of the Independent Trustees of each Trust.

12. <u>Internal Use</u> 

The Code is intended solely for the internal use by each Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

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Adopted by the Board of Trustees: March 16, 2011

Predecessor Procedures of the Investment Manager Adopted: September 17; 2003

Amendment Approved: July 24, 2008

Adopted by the EQ Advisors Trust Board of Trustees March 1, 2011

Predecessor Procedures of the Investment Manager Adopted: September 10, 2003

Amendment Approved: July 9, 2008

Adopted by the 1290 Funds Board of Trustees June 10, 2014

Amended: August 2021

Amended: January 2023

Amended: November 2023

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**Exhibit A** 

**Positions Covered by the Code of Ethics for Senior Officers** 

<u>Each Trust (as appropriate)</u>

Chief Executive Officer

Chief Financial Officer

Treasurer

Assistant Treasurer

Controller

Assistant Controller

## Ex-99.Cert

**Exhibit (a)(2)(i)** 

Section 302 Certifications

I, Steven M. Joenk, certify that:

1. I have reviewed this report on Form N-CSR of EQ Advisors Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 6, 2026 | /s/ Steven M. Joenk |
|  | Steven M. Joenk |
|  | President and Chief Executive Officer<br> (Principal Executive Officer) |

---

## Ex-99.Cert

**Exhibit (a)(2)(ii)** 

I, Brian E. Walsh, certify that:

1. I have reviewed this report on Form N-CSR of EQ Advisors Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 6, 2026 | /s/ Brian E. Walsh |
|  | Brian E. Walsh |
|  | Chief Financial Officer and Treasurer<br> (Principal Financial Officer) |

---

## Exhibit 99.906

**Exhibit (b)** 

Section 906 Certifications

Certifications Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the periodic report on Form N-CSR for the period ended December 31, 2025 (the "Report") for EQ Advisors Trust (the "Registrant"), the undersigned hereby certifies, to the best of his knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: March 6, 2026

---

| |
|:---|
| /s/ Steven M. Joenk |
| Steven M. Joenk |
| President and Chief Executive Officer<br> (Principal Executive Officer) |

---

In connection with the periodic report on Form N-CSR for the period ended December 31, 2025 (the "Report") for EQ Advisors Trust (the "Registrant"), the undersigned hereby certifies, to the best of his knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: March 6, 2026

---

| |
|:---|
| /s/ Brian E. Walsh |
| Brian E. Walsh |
| Chief Financial Officer and Treasurer<br> (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to EQ Advisors Trust and will be retained by EQ Advisors Trust and furnished to the Securities and Exchange Commission or its staff upon request.

These certifications are being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and are not being filed as part of the Report with the Securities and Exchange Commission.